In This Article:
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Capacity Additions: Increased by 3 gigawatts year on year, with a strong contribution from US solar projects.
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Generation: Increased by 5% year on year to 26.5 terawatt hours.
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Average Selling Price: 59.4 euros per megawatt hour, a 4% reduction year on year.
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Core OpEx per Average Megawatt: Declined by 7% year on year.
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Asset Rotation Proceeds: EUR1.5 billion with an average enterprise value per megawatt of EUR1.5 million.
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EBITDA: EUR1.3 billion, a 7% increase excluding gains, but a 10% decrease including gains year on year.
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Net Profit: EUR210 million, impacted by lower asset rotation gains and growth efforts.
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Net Debt: EUR7.8 billion as of September, an increase of about EUR2 billion since December 2023.
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Electricity Sales: Increased by 1% year on year.
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Financial Results: EUR310 million for the nine months, with a decrease in the third quarter.
Release Date: November 06, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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EDP Renovaveis SA (EDRVF) achieved a record number of megawatt installations, with capacity additions increasing by three gigawatts year on year.
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The company observed a 5% increase in generation during the first nine months, driven by improved wind conditions and new additions in North America.
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Significant efficiency improvements were noted, with core OpEx per average megawatt in operation declining by 7% year on year.
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EDP Renovaveis SA (EDRVF) successfully closed four asset rotation transactions, generating EUR1.5 billion in proceeds.
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The company has secured a diverse and mature pipeline in the US, with significant local manufacturing, reducing exposure to potential import tariffs.
Negative Points
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Generation was lower than expected due to deviations in wind and solar resources, particularly in the third quarter.
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Asset rotation gains were EUR0.2 billion lower year on year, impacting overall financial performance.
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The company's net profit decreased to EUR210 million, compared to EUR467 million in the same period last year.
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There were delays in commissioning new capacity, with some projects moving into the fourth quarter of 2024.
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The Colombian projects faced significant challenges, with little progress in discussions with the government regarding economic conditions.
Q & A Highlights
Q: Could you provide guidance on the full-year generation and EBITDA, considering the lower generation forecast and higher average selling prices? A: We anticipate generation between 35 and 36 terawatt hours, down from the previous 40-terawatt-hour guidance due to lower resources and project delays. While we don't provide specific EBITDA numbers, the lower generation and absence of additional capital gains will impact the EBITDA, likely below the EUR1.9 billion guidance.