LISBON (Reuters) -Portugal's largest utility EDP-Energias de Portugal swung to a first-quarter loss of 76 million euros ($80 million) from year-ago profit of 180 million, hit by energy market turbulence due to Russia's invasion of Ukraine and a drought at home. EDP said in a statement that skyrocketing energy prices in the Iberian wholesale market and the drought had a 400-million-euro negative impact on its accounts. Chief Executive Miguel Stilwell said that despite a sharp drop in hydro generation, EDP "kept the selling price of electricity to customers at 60 euros per MWh, but had to buy it at 230 euros per MWh" in the Iberian wholesale market MIBEL.
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LISBON (Reuters) -Portugal's largest utility, EDP-Energias de Portugal, on Thursday reported an 18% drop in 2021 net profit to 657 million euros ($747 million) due mainly to one-off costs, including impairments on thermal assets in Iberia. Its recurring net profit rose 6% to 826 million euros, boosted by "a strong performance in renewables globally, the integration of Viesgo in Spain and the growing activity of networks in Brazil," it said in a statement. EDP bought Viesgo in December 2020, more than doubling its presence in Spain's electricity distribution market.