EDPR reported revenue down 7% at €923m in the first six months of 2018, compared with €988m in the same period of last year.
A lower average selling price for power – down 11% to €53.5 a megawatt-hour – the impact of negative foreign exchange translations and the scheduled expiration of specific tax equity structures contributed to the fall.
The drop came despite increased output, which rose 6% to 15,451 gigawatt-hours in the first half of the year, from 14,546GWh in 2017.
EDPR said increased generation resulted from capacity additions and a higher than expected load factor.
Total installed capacity at the company was over 11GW at the end of June, an increase of 616MW on the almost 10.43GW installed at the end of the same period in 2017.
Company earnings also dropped to €686m, down 5% on the €719m posted last year.
Net profit up to the end of June was up 4% on last year at €139m, buoyed by the sale of a stake in the 950MW Moray East offshore wind farm in the first quarter of the year.
EDPR said it currently has almost 1.1GW of new capacity under construction, of which 679MW is in the US, 270MW in Europe and 137MW in Brazil.
Image: EDPR
EDPR revenue slides
By EBS