Q3 2024 EDP Renovaveis SA Earnings Call Transcript
Key Points
- EDP Renovaveis SA (EDRVF) achieved a record number of megawatt installations, with capacity additions increasing by three gigawatts year on year.
- The company observed a 5% increase in generation during the first nine months, driven by improved wind conditions and new additions in North America.
- Significant efficiency improvements were noted, with core OpEx per average megawatt in operation declining by 7% year on year.
- EDP Renovaveis SA (EDRVF) successfully closed four asset rotation transactions, generating EUR1.5 billion in proceeds.
- The company has secured a diverse and mature pipeline in the US, with significant local manufacturing, reducing exposure to potential import tariffs.
- Generation was lower than expected due to deviations in wind and solar resources, particularly in the third quarter.
- Asset rotation gains were EUR0.2 billion lower year on year, impacting overall financial performance.
- The company's net profit decreased to EUR210 million, compared to EUR467 million in the same period last year.
- There were delays in commissioning new capacity, with some projects moving into the fourth quarter of 2024.
- The Colombian projects faced significant challenges, with little progress in discussions with the government regarding economic conditions.
Good morning, everyone. Thank you for attending EDPR's 9 months, '24 results conference call. Our Group CEO, Miguel Sueldo Andrade, and our Group CFO, Rui Teixeira, will run you through the financial performance over the first nine months of the year, along with a brief execution update. We'll then move to Q&A, and we'll be taking your questions in the conference chat or by phone. So the duration of the call should be around 60 minutes, and I'll give now the floor to our CEO, Miguel Sueldo Andrade.
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Thank you, Miguel. So good morning, everyone. There'll be a lot to talk about for the next hour or so. And it's great to be here. I think it's very timely given yesterday's elections in the US. And I'll be providing some views on that later on and probably also in the Q&A if it comes up. But as always, we'll begin with the short update of our business performance over the first nine months of
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