Lisbon, May 8, 2025 (Lusa) - EDP CEO Miguel Stilwell d'Andrade warned on Thursday that continued investment in energy networks and renewables is needed to meet demand in the coming years.
He said the power outage on 28 April showed the need to ensure an electricity system with greater "robustness, reliability and adaptability," and Miguel Stilwell d'Andrade has no doubt that renewables will play an important role in this journey.
"It is very clear to us that renewable energies will play a crucial role in the energy system of the present and the future," he said during a conference call with analysts to present the first quarter results.
"It is the only technology ready to respond immediately to the needs of electrification," he added.
However, he noted that this growth must be accompanied by "greater sophistication of the electricity system".
During the conference,Stilwell d'Andrade stressed that the blackout was an "unprecedented event." He went on to congratulate the teams at E-Redes, the group's electricity distribution company, who were on the ground that day and managed to "restore power quickly."
Looking to the future, he said that one lesson from the event was the need for continued investment in networks, energy storage solutions, and other sources.
The company said today that EDP Renováveis posted profits of €52 million in the first quarter of the year, 24% less than in the same months of 2024.
EBITDA (earnings before interest, taxes, depreciation and amortisation) grew 5% to €476 million.
According to the company, the results were negatively impacted by €13 million in "non-recurring items" related to the accelerated depreciation of the Meadow Lake IV wind project in the United States, which has "an ongoing repowering plan".
Electricity sales increased by 5%, production grew by 10%, and the average selling price fell by 5% compared to the first three months of 2024.
EDP Renováveis, based in Madrid, is a subsidiary and majority-owned by the EDP Group (Energias de Portugal), which operates in renewable energy.
Last year, it posted a net loss of €556 million, attributed to the negative impact of "non-recurring items" amounting to €777 million.
These items are mainly related to the decision not to continue with projects in Colombia and Ocean Wind's (a joint venture with Engie) preventive decision to record an impairment of €133 million in its US business due to regulatory uncertainty surrounding offshore projects.
SCR/ADB // ADB.
Lusa
