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    EDP's electricity production to fall 5% by 2021

    January 20, 2022 - CE Noticias Financieras


      EDP ended the year 2021 with a 5% drop in electricity production. According to forecast operating data for last year, the electric company produced 60.9 terawatts per hour (TWh) last year. Renewable energy represented 75% of the electricity generated by the company in 2021.

      According to the statement sent this Thursday to the Securities and Exchange Commission (CMVM), hydroelectric production was the one that fell the most, with a 19% decrease. The company justifies the drop with the disposal of 1.7 GW of 6 hydroelectric plants in Portugal in December 2020, which contributed with 3.4 TWh of generation in 2020.

      "Excluding this impact, hydro generation in the Iberian Peninsula decreased by 1% in the period, mainly due to weak hydro production" in the last three months of the year. The hydro generation coefficient for this period was 57% below the historical average, the company explains.

      Read Also Electricity production by EDP falls 6% through September. Installed capacity also decreases Throughout the year, the coefficient of hydro generation in Portugal was 7% above the historical average. Brazil, meanwhile, "witnessed a historically dry season," which was only reversed in the last quarter of the year, "which kept the hydro generation utilization factor in line with the year 2020." According to the company, "this improved hydro situation in Brazil resulted in the discontinuation of coal-fired generation, which has not produced since mid-Dec-21."

      However, EDP's coal-fired generation increased 30% in 2021, namely in Brazil (115%) - which offset the 2% decline in the Iberian Peninsula.

      In turn, wind generation increased 5% year-on-year, "mainly driven by Europe and Brazil, as a result of greater installed capacity. The wind utilization factor was 30%, in line with 2020, and 4% below the long-term average GCF (gross capacity factor). Solar production, meanwhile, jumped 176%.

      Read Also Electricity produced by EDP falls 6% in the first half of the year Over the year, EDP added 2.3 GW of gross wind and solar capacity to the portfolio, and ended 2021 with 6% more installed capacity compared to the previous year.

      At year-end, the company had 1.8 GW of capacity under construction. "Following the successful completion of the Asset Rotation businesses in the United States and Portugal, net additions amounted to +1.4 GW."

      When it comes to electricity distribution, this was up 13% in Iberia, up 1% in Portugal and 87% in Spain, thanks to the acquisition of Viesgo in December of the previous year. In Brazil, distribution rose 6%, "as a result of the economic recovery."

      Also read Electricity produced by EDP falls 9% in the first three months Sales reached 28.6 TWh, 71% of which went to commercial customers and 29% to residential customers. Supply increased 2% in the Iberian Peninsula, with the increase being "explained by the growth in volumes sold to industrial clients in Spain", particularly in the fourth quarter.

      In gas, "volumes sold decreased 30% year-on-year, mainly explained by the divestment" of supply activities with residential clients in Spain, in December 2020.

      EDP ended the year with 4.975 million customers, down 1%, or 40 thousand, from the previous year when it had more than five million customers.

      In 2021, the average wholesale price of electricity reached 119.1 euros/MWh. In the fourth quarter, the average spot price reached 211.1 euros/MWh.


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