The Portuguese power utility EDP has released its 2022 results, posting a net profit of €679m (+3% compared to 2021). Total generation in 2022 rose by 3% to 61.4 TWh, on the back of higher renewables globally and the increase in thermal generation, following the drought in Spain and Portugal and the increase of electricity exports to France.
Wind generation, which accounted for 52% of EDP’s power mix in 2022, rose by 7% to 31.8 TWh, including +9% in North America to 17.9 TWh and +4% in Europe to 11.7 TWh. Hydropower generation (19% of EDP’s total output) declined by 23% to 11.8 TWh, including -38% in Spain and Portugal to 6 TWh and +5% in Brazil to 5.7 TWh. Gas generation in Spain and in Portugal grew by 40% to 9 TWh (15% of total output) and coal generation in Iberia surged by 64% to 6.8 TWh (11% of EDP's power mix); the company stopped coal-fired generation in Brazil (-3.4 TWh). Finally, solar generation rose by 143% to 1.8 TWh.
In 2022, 2.2 GW of wind and solar capacity were added to the portfolio. Wind and solar installed capacity amounted to 14.9 GW in December 2022 (EBITDA and equity). In the supply business, in Spain and Portugal, electricity volume sold increased by 6% to 32.8 TWh, reflecting mainly the growth of volumes sold to business clients in Spain (+12%). Gas volumes sold in Iberia decreased 15% to 7 TWh (17% drop of liberalised sales in Portugal and 14% decrease in sales in Spain). Electricity distributed in 2022 was flat at 58.8 TWh in Spain and Portugal, due to a warmer winter, and increased by 2% in Brasil to 26.5 TWh. Customers connected increased by 1% in Spain and Portugal to 7.8 million and by 3% in Brasil to 3.8 million.
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