EDPR has reported a 39% fall in net profits to €38m in the first quarter of 2021.
Earnings before interest and tax (EBIT) was down 35% year-on-year to €126m in the first quarter of this year.
The company said its financial results have been “particularly affected” by the impact of the adverse weather events that occurred in the state of Texas in February and whose effects on the electricity system were notified by Electric Reliability Council of Texas.
In addition to this “exceptional situation”, which meant that millions of users were disconnected from the electricity supply, there were also lower wind resources in the US during the period.
Outside of the US EDPR’s business in Europe and Brazil recorded a solid performance, with a €22m increase in EBITDA in these regions compared to the same period of 2020.
In the first quarter of 2021 EDPR increased its operating portfolio in the first quarter of the year to 12.5GW, 1.9GW more than in the same period of the previous year.
Of this total, 11.7GW is fully consolidated and 711MW is equity consolidated (stakes in projects in Spain, Portugal, USA, as well as offshore projects).
In particular, EDPR added 1870MW of wind and solar capacity in the first quarter, of which 1782MW has been fully consolidated, with 652MW corresponding to Europe (including the incorporation of Viesgo’s renewables business), 1025MW to North America and 105MW to Brazil.
In addition, as of 31 March, EDPR had 2.9GW of new capacity under construction: 2226MW of onshore wind, 404MW of solar and 269MW corresponding to participations in offshore wind projects.