Green power giant EDPR profits halve while shares slump on Trump win
Portuguese wind and solar giant has over 7GW of assets in US, where renewables sector is grappling with prospect of second Trump term
EDPR has seen its nine-month profits halve in its latest results, while its share price has also taken a hit amid Donald Trump’s presidential election win in the US, where almost half the renewables giant’s assets are based.
Its net profits sank to €210m ($226m) for the first nine months of 2024 down from €445m for the same period last year driven by lower gains from asset rotation this time.
EDPR, which is owned by Portuguese utility EDP, did see its revenues increase 5% year-on-year to €1.7bn.
That increase was partially driven by an increase in its electricity generation, which rose 5% on the back of new capacity additions.
That gain was however offset by the average price for its power dropping 4% year-on-year to €59.4/MWh.
Recurring earnings before interest, taxes, depreciation, and amortisation (Ebitda) reached €1.3bn in the first nine months of this year, down from €1.44bn the year before.
In the last 12 months, EDPR has added 3GW of renewables capacity, most of which came online in the final few months of last year.
Its installed capacity has risen 11% to 16.8GW as of September; while its electricity generation hit 26.5TWh.
EDPR’s share price had slid 6.4% today at the time of writing, which, results aside, is likely also driven by its exposure to the US market, where the renewables sector is grappling with the prospect of a second Trump presidency amid his election win.
EDPR’s operating base of more than 7GW of wind and solar is among the biggest renewables fleets in the US.