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EDP - Key Takeaways from 3Q18 Trading Update

19 Oct 2018


EDP reported yesterday after market close the provisional operational data for 3Q18. EDP’s 3Q18 results will be released on 8 November after market close. A conference call will be held on 9 November at 11:30 GMT.

Total generation output was flat y/y in 3Q18, in spite of a 73% y/y rise in hydro production. Wind power output fell by 2% y/y, on the back of weaker wind resources (load factor -1 ppt y/y to 22%), as already reported by EDP Renováveis on Tuesday. Hydro production increased by 73% y/y, on the back of higher hydro resources in Iberia (load factor +7 ppt to 15%) and Brazil (+6 ppt to 21%).

Output in the Nuclear unit was little changed y/y. Output in Gas (Iberia) declined by 37% y/y (reaching a 22% load factor in 3Q18, vs. 35% in 3Q17), while output in Coal units fell by 3% y/y in 3Q18. Hydro accounted for 20% of total generation in 3Q18 vs. 12% a year earlier. Coal and Gas (Iberia) accounted for 33% and 11%, respectively, of generation in 3Q18.

Energy Supply in the Iberian Market: Volumes of electricity supplied to liberalised clients in Iberia fell by 5.5% y/y in 3Q18, reflecting a 10.9% y/y decline in volumes in Spain (-1.1% y/y in Portugal). In the gas business, volumes rose by 34.7% y/y in 3Q18 (+44.6% y/y in Spain and -0.4% y/y in Portugal).

Electricity distribution in Iberia: Electricity distributed in 3Q18 rose by 1.5%, reflecting a 1.9% y/y increase in Portugal, largely driven by the residential segment, and a 0.7% y/y decline in Spain.


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