In a statement to the Securities Market Commission (CMVM), EDP noted that average electricity prices in the Iberian Peninsula increased from 39 euros/MWh in the first half of 2024 to 62 euros/MWh in the same period this year.
Hydroelectric production in the Iberian market reached 7.3 TWh in the first half, 1.9 TWh higher than expected, noted EDP, adding that the semester was marked by strong water resources, 41% above the historical average for the period analyzed, compared to 33% in the same period of 2024.
“At the beginning of the year, reservoir levels were at 59%, in line with the historical average, and increased to 87% by the end of June, standing well above the 70% average for the period. This increase reflects the high levels of rainfall recorded during the year’s early months, presenting comfortable reservoir levels to support the drier summer months,” it stated.
Pumped-storage hydroelectric production increased by 13% compared to the same period last year, reaching 1.1 TWh in the first half, driven by hourly price volatility in the Iberian Peninsula electricity market and demand for flexible energy and ancillary services.
Regarding thermal production, it increased (+2.7 TWh compared to the same period last year), driven by combined cycle gas turbines (CCGTs) due to the growing demand for ancillary services following the interruption of electricity supply in the Iberian Peninsula on April 28.
The utility emphasized that after this event, flexible energy sources such as gas were prioritized to enhance the resilience of the electrical system and ensure the security of energy supply.
“The interconnection capacity constraints between Portugal and Spain on April 28 led to an increase in electricity prices in Portugal, resulting in a marginally negative financial impact for EDP,” it noted.
Interconnection conditions were restored starting June 20.
In the past 12 months, EDP added +3.5 GW of wind and solar capacity (of which +3.4 GW at the level of EDPR and the rest related to distributed solar in Europe and Brazil), the company stated, adding that “wind and solar installed capacity reached 20.2 GW (EBITDA + Equity) in June 2025, an increase of 18% or 3 GW compared to the same period last year.”
EDP also reported that in June 2025, the capacity under construction was 2.3 GW, supporting the expectation of additions of about 2 GW in 2025, which are progressing positively and as expected.
Regarding the evolution of EDP’s installed capacity in the first half, the company stated that it was impacted by an asset rotation transaction in Spain completed in the second quarter (83 MW).
Additionally, EDP signed two transactions in North America and Europe and anticipates further transactions will be formalized shortly, in line with the 2 billion euros expected from asset rotation by 2025.
Wind and solar production increased by 13% to 22 TWh (including distributed solar in Europe and Brazil), supported by strong growth in solar installed capacity over the past 12 months, primarily in North America.
Wind production decreased by 1% compared to the first half of 2024, mainly due to below-average wind resources and asset rotation transactions in Europe.
In Brazil, distributed electricity increased by 2% compared to the same period last year, in line with a 2% increase in the number of customers connected to the grid compared to the first half of 2024.
In the Iberian Peninsula, distributed electricity increased by 3% year-on-year, and customers connected to the grid increased by 1% year-on-year.
In June 2025, EDP’s net debt was impacted by the annual dividend payment of 0.20 euros per share for the 2024 fiscal year, executed on May 6.
EDP’s first-half results will be released on July 31.
