EDP back in the black

By TPN/Lusa, in News, Business, Economy · 25-02-2021 13:20:00 · 0 Comments

EDP has managed to return to profits in Portugal, after two years of losses, reaching positive results of 92 million Euros in 2020 advanced the company, in a statement to the Portuguese Securities Market Commission (CMVM).

Thus, the "conventional activity of EDP in Portugal, (including conventional generation, distribution networks and energy commercialisation), after two consecutive years of losses in 2018 (-18 million Euros) and in 2019 (-98 million Euros), reached a profit of 92 million Euros in 2020, which represented 11 percent of the net result of the EDP group," reads the same note, which reports the group's 2020 results.

On the other hand, in Portugal, "energy distributed showed a reduction of 3 percent, penalised above all by the fall in consumption in the business segment, in line with the trend observed in Spain and Brazil," the group said.

Among the highlights in the domestic market, EDP recalled, that as part of the asset disposal plan announced in March 2019, "the sale of six hydro plants in Portugal in December 2020 (1,683 megawatts) for €2.2 billion" was concluded.

With this transaction, the company reduced its exposure to hydro risk in northern Portugal, maintaining about 75 percent of its current hydro portfolio in the Iberian Peninsula.

Last year EDP posted profits attributable to shareholders of 801 million Euros, a year on year rise of 56 percent, the company said in a statement to CMVM.

In the same note, the group said that, in turn, the recurring net profit of the "rose 6 percent in 2020 to €901 million, supported by growth in renewable energy production activity, which recorded a 7 percent increase compared to 2019, to 47.3 TWh [terawatt-hours] of wind, hydro and solar production."

However, other non-recurring effects had a negative net impact of €100 million, which brought the result to €801 million, EDP indicated.



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