EXECUTION

ECONOMIC
OPERATIONAL PERFORMANCE

INSTALLED CAPACITY INCREASED 600 MW IN 2017

EDPR CONTINUES TO DELIVER SOLID SELECTIVE GROW

With a top-quality portfolio, EDPR has a strong track record and proven capability to execute superior projects and deliver on targets. The installed asset base of 11.0 GW is not only young, on average 7 years, it is also mostly certified in terms of environmental and health and safety standards. Since 2008, EDPR has more than doubled its installed capacity by adding GW, resulting in a total installed capacity of 11,007 MW (EBITDA + Net Equity). As of year-end 2017, EDPR had installed 5,213 MW in Europe, 5,464 MW in North America and 331 MW in Brazil.

 

2017 INSTALLATIONS CONCENTRATED IN NORTH AMERICA

The largest growth in installed capacity occurred due to the completion of 424 MW in North America. All of the MW had previously secured PPA contracts, thus providing long-term stability and visibility on the revenue stream. In Europe there were 49 MW net added, with 25 MW net installed in Spain (related to the acquisition of a 50% stake in a Spanish wind farm that was previously accounted as equity), 22 MW in France and 3 MW in Portugal. In Brazil 127 MW were added with the installation of the JAU and Aventura wind farms.

 

 

13% INCREASE IN YOY GENERATION


EDPR generated 27.6 TWh during 2017. When adding around 2 TWh produced from our equity projects, enough clean energy was produced to serve 59% of the electricity demand of Portugal.

The 13% year-on-year increase in the electricity output benefited from the capacity additions over the last 12 months along with the higher realized load factor.

EDPR achieved a 31% load factor during 2017 (vs 30% in 2016) benefiting from a strong recovery of the wind resource in the last quarter of the year.

EDPR also achieved a 98% availability, in line with the previous year. The company continues to leverage on its competitive advantages to maximize wind farm output and on its diversified portfolio across different geographies to minimize the wind volatility risk.

PREMIUM PERFORMANCE AND DIVERSIFIED PORTFOLIO DELIVERS BALANCED OUTPUT

EDPR’s operations in North America were the main driver for the electricity production growth in 2017, increasing by +20% YoY to 15.1 TWh and representing 55% of the total output. This performance was driven by EDPR’s unique ability to capture the wind resource available along with the contribution from new additions in the US. EDPR achieved a 35% load factor in North America, an increase of +1pp vs. 2016.

EDPR’s production in Brazil increased by +29% YoY, reaching 861 GWh in 2017, from the positive impact of the latest capacity additions along with higher wind resource (43% load factor vs 35% in 2016; +127 MW).

In Europe, EDPR’s output increased 4% YoY to 11.7 TWh mainly supported by 3% output increase in Spain and 12% in the Rest of Europe, with outstanding wind resource in the last quarter of the year.

EDPR achieved a 27% load factor in Portugal reflecting slightly lower wind resource (-1pp YoY). In Spain, EDPR delivered a load factor of 27% with a solid premium over the Spanish market average load factor (+3pp), from a strong 4Q17 (+8pp YoY) and . In the Rest of Europe EDPR posted higher year-on-year generation (+12%) a 27% load factor (vs 25% in 2016).

PROPELLED BY THE CAPACITY ADDITIONS IN 2017, EDPR MANAGES A PORTFOLIO OF 11.0 GW SPREAD OVER 11 COUNTRIES

By the end of 2017, EDPR had 828 MW of wind onshore under construction. In the US 480 MW were under construction, namely , Meadow Lake VI 200 MW (Indiana) and projects. In Europe 211 MW were under construction (77 MW in Italy, 11 MW in France). In Brazil a total of 137 MW related to Babilonia wind farm were under construction.

As a result of continuous growth effort, EDPR also has a young portfolio with an average operating age of 7 years, with an estimate of over 22 years of useful life remaining to be captured.