EDP Renewables profit falls 32 pct on lower power prices, forex
LISBON, July 30 (Reuters) - EDP Renewables, the wind energy unit of EDP-Energias de Portugal, on Wednesday posted a 32-percent fall in first-half net profit as lower selling prices in Europe and foreign exchange depreciation offset its higher output levels.
The net profit of 87 million euros ($117 million) came largely in line with market expectations, as did earnings before interest, taxes, depreciation and amortisation (EBITDA) that fell 7 percent from a year earlier to 506 million euros.
EDPR's power output rose 6 percent in the period mainly thanks to additions to capacity. But the average price of electricity sold by EDPR fell by 10 percent, to a large extent affected by regulatory changes in neighbouring Spain. Spain has been reducing subsidies to the renewable energy sector.
While output and prices of electricity sold by EDPR's wind parks in Brazil and the United States rose, the bottom-line was affected by the foreign exchange rates, which had a negative impact of 12 million euros.
($1 = 0.7462 Euros) (Reporting By Andrei Khalip)
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