EDPR profits dip 32% in first half

Portuguese wind giant EDPR saw its net profits decrease by 32% to €87m ($116.5m) in the first half of 2014 as power prices in Europe dipped.

EDPR also said the €129m net profit it booked in the equivalent six months last year had benefited from the effect of asset sales.

Revenues fell to €693m in January to June 2014 from €732m, a 5% decrease, although its output increased by 6% compared to the same period last year, with 11TWh of power produced.

However, its average selling price for power in this period was 10% lower compared to 2013’s first half at €58 per MWh.

Although prices increased in the US by 5% and in Brazil by 12% compared to 2013, it was offset by Europe, which decreased 16% mainly due to regulatory changes in Spain, said the company.

EDPR – the global number-four wind producer – reported a 7% fall in earnings before interest, tax, depreciation and amortisation (Ebitda) to €506m from €543m in the previous year.

At the end of June, the company has an installed capacity of 4.17GW in Europe, a 6% increase compared to 2013, 3.5GW in North America and 84MW in Brazil, bringing its total portfolio to about 7.8GW, or 8.6GW when its share in other interests are included.

The company also has 449MW under construction in Europe and the US, 419MW of it wind power and 30MW PV.