EDP (Energias de Portugal) posted net profit of €952 million last year, up 40% on 2022, thanks, among other things, on “the recovery of hydroelectric production in Portugal,” the company has announced in a statement. “EDP’s net profit increased to €952 million in 2023 supported by the recovery of hydro production in Portugal to levels in line with the historical average (after the extreme drought of 2022), the increase in results from Brazil, where EDP now owns 100% of its subsidiary EDP Brasil, as well as gains on renewable asset rotation transactions in Spain, Poland and Brazil,” the company said in its note released via Portugal’s Securities Markets Commission (CMVM). (EDP is Portugal’s largest utility and also the country’s largest company. It is majority owned by China Three Gorges Corporation).
EDP posts 2023 net profit up 40%
