EDP Renewables (EDPR) has increased its operating portfolio in the first quarter of the year to 12.5 GW, 1.9 GW more than in the same period of the previous year. Of this total, 11.7 GW are fully consolidated and 711 MW are equity consolidated (stakes in projects in Spain, Portugal, USA, as well as offshore projects).
EDPR has added 1,870 MW of wind and solar capacity in the first quarter, of which 1,782 MW have been fully consolidated. By geographies, 652 MW correspond to Europe (including the incorporation of Viesgo's renewables business), 1,025 MW to North America and 105 MW to Brazil. On the other hand, the company has rotated 639 net MW in the period. In addition, as of 31 March, EDPR had 2.9 GW of new capacity under construction: 2,226 MW of onshore wind, 404 MW of solar and 269 MW corresponding to participations in offshore wind projects.
Although EDPR recorded a first quarter load factor of 34% (+0.4 pp), with a significant recovery in Europe and Brazil, the company's financial results have been particularly affected by the impact of the adverse weather events that occurred in the state of Texas in February and whose effects on the electricity system were notified by ERCOT (Electric Reliability Council of Texas).
In addition to this exceptional situation, which meant that millions of users were disconnected from the electricity supply, there were also lower wind resources in the United States during the period, a situation which, however, has been normalised since March.
These events were notably reflected in the group's EBITDA, which at the end of March was 269 million euros (-21% year-on-year) and in EBIT, which stood at 126 million euros (-35% year-on-year). Net profit amounted to 38 million euros, down 39% compared to the first quarter of the previous year.
Revenues amounted to 448 million euros (-8% y-o-y). The impact of MW power (-14 million euros y-o-y, including sales transactions), lower sales prices (-16 million euros y-o-y, excluding sales), currency translation and others (-18 million euros y-o-y) were not offset by slightly higher wind resources overall (+9 million euros y-o-y).