EDP profits 512 million euros. But negative results in Portugal

  • ECO News
  • 20 February 2020

EDP performed "well" in 2019, despite the negative results in Portugal. The group's net results shrank 1%.

After the sharp drop in profits in 2018, when EDP saw its net profit fall 53% to 519 million (the worst result in a decade and a half), largely because of the impact of regulatory measures in Portugal, in 2019 the electric company led by António Mexia managed to recover. The results shrank slightly to 512 million euros.

“2019 was a year of good performance,” said António Mexia, CEO, in a press conference, underlining that the company registered “negative results in Portugal for the second consecutive year.” The losses in Portugal, “for the second consecutive time, were -98 million, impacted by impairments [with coal] in Sines (-94 million); provision for the Fridão project (-59 million) and low water volumes.”

Taking into account the losses in Portugal, the electric company has been reducing its exposure to the national market, seeking to avoid the impact on results. In this sense, the company has already carried out a first sale of assets, included in the strategic plan until 2022 presented by EDP at the beginning of 2019 and which is already 80% completed.

In December, the electric company announced the sale of hydroelectric power assets (six dams on the Douro River) to the consortium led by the French company Engie for 2.2 billion euros.