EDP-Energias de Portugal (EDP) has announced a decrease in net profit and revenue for the second quarter. The company was affected by lower energy prices, resulting in a net profit of EUR134 million for the quarter, compared to EUR383 million in the same period last year. Revenue also declined from EUR4.66 billion to EUR3.76 billion.
In addition to these financial results, EDP has agreed to sell a renewables portfolio in Poland to Orlen for a total value of EUR490 million, including debt. This move is part of EDP’s asset-rotation program, which aims to achieve EUR7 billion worth of deals between 2023 and 2026.
The renewables, clients, and energy-management division continues to be the primary source of revenue and earnings for EDP during the first half of the year. This division’s performance is consistent with the same period last year.
EDP has also recently sold some assets in Spain, further aligning with its asset-rotation program. The company is actively pursuing other transactions in the Americas and anticipates generating cash inflows of over EUR1.5 billion and gains exceeding EUR300 million from its program in 2023.