EDP profit rise helped by wind earnings

PORTUGAL: Portugal's biggest utility, Energias de Portugal (EDP) has posted nine month profits up 6% thanks to higher output from its wind energy projects and earnings from its Brazilian unit.

by Paul Garrett 28 October 2011

EDP...profit rise aided by wind
EDP’s net income rose to €824 million, up from €774 million the previous year. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 5% to €2.8 billion in the first nine months of the year and net debt was €16.6 billion at the end of September, down from €16.9 billion in June, the company said.

The company is investing in wind power and hydropower in Europe, Brazil and the US. However, the utility cut its investment target for 2011-12 to €2.1 billion, down from an earlier forecast of €2.4 billion.

EDP Renovaveis, which owns and operates wind farms in Spain, the USA, Portugal, France, Poland, Romania, Belgium and Brazil, made a gross profit of €689 million over the nine month period, up 17% from €587 million the previous year.

EBITDA was €548.3 million, up from €473 million.

The division’s net debt rose 18% year on year to €3.4 billion as of September 2011, reflecting investment in new wind power capacity.