EDP Renovaveis Reports Third-Quarter Results; Fair Value Estimate and Outlook Unchanged
EDP Renovaveis reported higher revenue and EBITDA figures year over year for the third quarter. Prices were down approximately 7% over the year, with an average selling price of EUR 60 per megawatt-hour. Although prices were down across the board, the Brazilian market experienced the weakest pricing environment, with a 39% decline. The company attributed the decrease to wind farm additions. Revenue, up 12%, totaled EUR 1.210 billion thanks to higher capacity. Net profits were higher 2% year over...EDP Renovaveis is a renewable energy company based in Spain. Co. is engaged in activities related to the electricity sector, namely the planning, construction, operation and maintenance of electricity generating power stations, especially hydroelectric, mini-hydroelectric, wind, solar, thermal solar, photovoltaic, biomass and waste plants, among others. Co. designs, develops, manages and operates power plants. Co. generates electricity using renewable energy sources mostly wind energy. Co. owns EDP Renewables Europe that operates in several European countries and Horizon Wind Energy, which operates in the United States. Co. is a part of the Energias de Portugal group.
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