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EDPR - Key Takeaways from 3Q18 Trading Update

16 Oct 2018

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EDP Renováveis disclosed 3Q18 operating dataEDP Renováveis published today after market close its 3Q18 operating data. EDPR’s 3Q18 results will be published on 7 November, before market opens.

Electricity output fell by 1% y/y in 3Q18: EDPR produced 5.2TWh of energy in 3Q18, down by 1% y/y, reflecting lower load factors (22% in 3Q18 vs. 23% in 3Q17). Operations in Europe (37% of 3Q18’s total output) dropped by 23% y/y in 3Q18, on the back of a weak performance in Spain and Portugal. Output in the Rest of Europe posted a 23% y/y decrease. Clean energy produced in Spain and Portugal fell by 16% y/y and 32% y/y, respectively, due to lower load factors. Production in North America showed a 13% y/y rise in 3Q18, reflecting the higher installed capacity. Electricity generated in 3Q18 included 159GWh from Mexico (vs. 170GWh in 3Q17).

3Q18 blended load factor fell by 1ppt y/y: EDPR achieved a blended load factor of 22% in 3Q18, down by 1ppt y/y. In 3Q18, Spain recorded a 18% load factor, down by 4ppt vs. the 3Q17 level, while in Portugal EDPR recorded a 16% load factor, -8ppt vs. the year ago level. In North America, the load factor improved by 2ppt vs. 3Q17, while in Brazil, the load factor stood at 57%, a 2ppt increase y/y.

Installed capacity reached 11.2GW: by the end of September 2018, the company managed a portfolio of 11.2GW (vs. 11.0GW as of June 2018), spread over 11 countries, of which 48% in Europe (2.5GW in Spain, 1.6GW in RoE and 1.3GW in Portugal), 49% in North America (5.5GW) and 3% in Brazil (0.3GW).

In the last 12 months, EDPR increased its global portfolio by 576MW: from the total capacity of 576MW added over the last 12 months (vs. 616MW capacity added in the 12 months ending 2Q18), 147MW were installed in Europe (68MW net in Spain, 27MW in Portugal, 37MW in Italy and 15MW in France), 127MW in Brazil, and 303MW in North America.

Capacity under construction reached 900MW (vs. 1086MW as of June 2018): as of September 2018, EDPR had 900MW under construction: 598MW in the US (Prairie Queen 199MW, Meadow Lake VI 200MW, and Turtle Creek 199MW projects), 165MW in Europe (76MW in Portugal, 74MW in Italy and 15MW in France), and 137MW in Brazil (Babilonia wind project).

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