Portuguese power utility EDP has released its 2018 results. EDP's global installed power capacity rose by 391 MW (+1%) to 27,144 MW in 2018 (of which 41% were wind capacities, 32% hydropower, 14% gas, 11% coal). During 2018, EDP commissioned 625 MW of wind capacity and sold 234 MW of hydropower capacity in Brazil and Portugal. Total power generation increased by 3% (+2.1 TWh) to 72.1 TWh, driven by a 22% rise in renewables generation (+8 TWh of hydropower generation and + 667 GWh of wind generation). In 2018, renewables accounted for 2/3 of EDP's power mix (39% wind, 27% hydropower), while gas accounted for nearly 1/4 (24%). In the Iberian market, the group supplied 30.7 TWh of electricity (-4.9%, including 18.1 TWh in Portugal, i.e. -0.7%) and 18.8 TWh of gas (+0.9%, including 3.6 TWh in Portugal). EDP also distributed 59.6 TWh of electricity (50.3 TWh in Portugal, +2.2%) to 6.9 million supply points in Iberia (6.2 million in Portugal) and 25 TWh (+3.1%) to 3.4 million supply points in Brazil.
According to its strategic plans for 2019-2022, EDP aims to exceed 70% of renewable power generation in 2022 and 90% in 2030. The group plans to add more than 7 GW of capacity under its management between 2018 and 2022 (equity capacity to rise by 17% from 21 to 24.6 GW). 60% of the capacity growth by 2022 (6.7 to 7.9 GW) will be located in North America (4-4.5 GW), with 25% (1.8-2.2 GW) in the EU and 15% (0.9-1.2 GW) in Brazil. In addition, EDP will invest around €12bn over the 2019-2022 period (about €2.9bn/year), including over €7bn in net investments (nearly €5bn for net expansion and €2.5bn for maintenance) and €4bn in asset rotations. The group will continue to optimise its portfolio: on top of the €4bn asset rotations, EDP is considering €2bn in disposals: the group will dispose some of its merchant and thermal assets in the Iberian peninsula. EDP intends to reduce its debt by €2bn by 2022 from €13.5bn recorded at the end of 2018.