Spanish utility EDP Renováveis posts net profit drop but increases output

5 May 2010

Spanish renewable energy company EDP Renováveis (EDPR) saw a 15 per cent drop in net profit in the first quarter despite increasing its electricity output in Europe by 60 per cent.

EDPR said its decline in net profit to €43m for the first quarter was due to lower wind resources in the US and higher depreciation charges in line with an increase in installed capacity.

It said its electricity output increased by 28 per cent to a total of 3,639GW hours in the quarter, representing a growth of 60 per cent in the European market and a six per cent increase in the US.

The utility said its gross installed capacity had risen by more than 1GW since the first quarter of 2009 to reach 6,259MW by the end of March 2010.

Despite the drop in load factor in the US to 31 per cent, EDPR said it was able to maintain an average load factor of 33 per cent across its network due to a European increase.

Its capex for the period reached €382m, of which €55m corresponds to projects in process, €316m to projects under construction and €11m to projects in the planning stage.

During the quarter, EDPR purchased 520MW in wind power projects in Italy and sold Green Certificates generated by the company’s 120MW Margonin wind farm in Poland.

Meanwhile in the US, it signed a 20-year power purchase agreement to provide 115MW of renewable wind power to the Tennessee Valley Authority to be supplied from the first phase of the Pioneer Prairie Wind Farm located in Iowa.

Copyright © 2010 NewNet

Tags: company results

This story was published on Wednesday, May 5th, 2010 at 6:02 pm and is filed under Europe, Latin America, North America, companies, solar, wind. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Leave a Reply