EDP ​​Renováveis ​​records losses of 556 million in 2024

After recording profits of 309 million euros in 2023, EDP Renováveis ​​announced this Wednesday losses of 556 million euros in 2024, in a statement sent to the Securities Market Commission.

In terms of recurring net income, the company reports 221 million, with "operational performance not being sufficient to offset lower asset rotation gains compared to 2023 and higher financial results".

Regarding EBITDA (earnings before interest, taxes, depreciation and amortization), the power company says it was impacted by losses in the order of 147 million euros, related to "non-recurring items, mainly arising from a pre-emptive decision by Ocean Winds to record an impairment of 133 million (at EDPR level) in its offshore business in the USA due to the current uncertainty surrounding offshore projects in the USA following the presidential executive orders issued on January 20".

In terms of net income, EDPR says, the total impact of non-recurring items was -777 million euros, explained by the same impairment in offshore in the USA, as well as by the decision not to proceed with the remaining investments required to build the 500 MW wind projects in Colombia, "resulting in a total impact of -590 million between impairment, provisions for guarantees still to be incurred and taxes".

On the positive side, in 2024 EDP Renováveis ​​reached a historic record with a gross increase in installed renewable energy capacity of 3.8 GW. Renewable production increased by 6% to 36.6 TWh, above expectations.

Revenues increased by 4% compared to 2023, despite the lower average selling price of €58.9/MWh, -3% compared to 2023, including the impact of lower market prices in Europe, while in the US stable price dynamics were maintained.

Recurring EBITDA reached 1,684 million in 2024 (compared to 1,845 million in 2023), penalized by lower asset turnover gains of 179 million (compared to 460 million in asset turnover gains in 2023).