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Energias de Portugal: Lower electricity production and quarterly profit

Drastic decline in EDP's net income in Q2 2023 due to lower electricity production and energy sales, despite a recovery in hydroelectric production in the first half of the year.

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Electricity and gas group Energias de Portugal (EDP) announced on Thursday that in the second quarter of 2023 it posted a net profit down 65% year-on-year, to 134 million euros, due to lower electricity production and sales.

EDP records a 19% drop in energy sales and electricity production in 2023

Over this period, EDP’s energy sales fell by 19% to 3.76 billion euros, while electricity production by the group, which operates in Portugal, Spain, Brazil and the United States, fell from 14,474 gigawatts in the second quarter of 2022 to 11,556 gigawatts between April and June of this year.

Quarterly EBITDA also fell by 19% to 1.04 billion euros. For the first half of 2023 as a whole, the company controlled by the China Three Gorges group posted a 43% rise in net profit to 437 million euros, thanks to a 68% recovery in hydroelectric production, after a year 2022 marked by a major drought, EDP boasted in a statement. The Group’s net debt increased by 16% compared with the end of 2022, and stood at 15.3 billion euros at the end of June.

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