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EDP Renováveis, S.A. (0ML1.IL)

IOB - IOB Delayed price. Currency in EUR
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14.38-0.47 (-3.17%)
At close: 05:13PM BST
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  • Reuters

    Portugal's EDP cuts investment plan, still sees 35% rise in 2024 profit

    Portugal's largest utility company, EDP, cut its three-year investment plan on Friday, citing worsening market conditions, but maintained its guidance for more than 35% growth in net profit this year. Updating its strategy, EDP said it would invest 17 billion euros ($18.31 billion) in 2024-26, down from a previously planned 19 billion euros, after an investment cut at its subsidiary EDP Renovaveis, the world's fourth-largest wind energy producer. EDP's Chief Executive Miguel Stilwell de Andrade said the review of the investment plan aimed to "accommodate lower electricity prices and a higher interest rate environment for longer".

  • Reuters

    Portugal's EDP to change its global structure, eyes relevant cost cuts

    Portugal's main power utility EDP has launched an internal restructuring to streamline its worldwide organisation, focus on growth and achieve cost cuts in a challenging market environment, its CEO told Reuters on Wednesday. Miguel Stilwell d'Andrade said "the global context is more difficult than a year ago as energy prices are much lower now, reducing EDP's revenues, and interest rates are expected to remain higher for longer". "We have to act... it will be a deep internal restructuring that will simplify, streamline the organisation and increase efficiency," he said, adding that it was needed to help EDP meet its strategic goals.

  • Reuters

    EDP's 2023 profit rises 40%, misses forecasts due to one-offs

    Portugal's largest utility EDP reported on Thursday a 40% jump in 2023 net profit, driven by higher hydroelectric production in Iberia and more earnings from its Brazilian business, but still missed expectations due to one-off losses. EDP-Energias de Portugal netted 950 million euros ($1.03 billion), while analysts polled by LSEG had expected, on average, a profit of 1.2 billion euros. Profit reported earlier by its wind and solar unit EDP Renovaveis plunged 50% to 309 million euros as revenues fell.