The company also announced that renewables accounted for 75% of the electricity generated by EDP in the first six months of the year, with wind and solar output up 16%.
Energias de Portugal (EDP) in the first half of the year increased thermal power generation in the Iberian Peninsula by 78%, compared to the same period in 2021, helping offset the fall in hydroelectric generation, the company said in a statement released via the Securities Markets Commission (CMVM).
In the note, which reports estimated data presented by EDP for the first six months of 2022, the company states: “Despite the very weak hydro generation in Iberia in 1H22 (2.8 TWh below expected), total generation in 1H22 increased 6% YoY, on the back of higher renewables globally and the increase in thermal generation in Iberia, following the drought in Iberia and the increase of electricity exports to France.”
As a result, it goes on, “the weak hydro production was compensated by higher thermal generation in Iberia, that increased +78% or +3.2 TWh YoY, and improved energy management performance, on optimization of generation mix and energy sourcing, despite the negative mark-to-market impact from the increase in TTF gas prices over 1H22, particularly in the end of June.
“In Brazil, in 1H22, the improvement in hydro situation resulted in almost zero coal generation,” it adds.
According to the company, renewables accounted for 75% of the electricity generated by EDP in the period, with wind and solar output up 16% as a result of the renewable resource being 2% above the long-term average (after it had in the first half of last year been 5% below the long-term average) and as a result of the higher installed capacity.
Meanwhile, in the supply business in Iberia, “electricity volume sold increased 10% YoY, a slowdown vs. the +16% in 1Q22, reflecting mainly the growth of volumes sold to business clients in Spain,” it goes on. “On Gas, volumes sold decreased 5% YoY.”
Electricity distributed in Portugal was up 3% on a year earlier, “mainly due to the recovery of the industry and services sector”, while in Brazil electricity distribution rose 2%, mainly due to a 2% year-on-year increase in customers, EDP states.
According to the company, at the end of June, it had 3.2 gigawatts of capacity under construction.