Higher US prices, resulting from new, more advantageous PPAs and the knock-on effect of the recovery in wholsesale gas prices, outweighed a 2% drop in average European prices.
This drop was largely caused mainly by Spanish regulatory changes to push the overall average selling price up 1% to EUR 64.5/MWh.
A 5% rise in average US selling prices and 13% growth in European electricity generation offset negative developments in Spain to allow EDPR to post positive third-quarter results.
More wind resource in Iberia and 33% more installed capacity in EDPR’s other EU markets was behind the growth in European electricity generation.
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