EDP-Energias — Earnings Release 2020

Apr 16, 2020

Lisbon, April 16th, 2020

KEY HIGHLIGHTS

• Installed capacity reached 26.5 GW, of which 73% from renewable sources. Over the last 12 months, we added 688 MW of wind capacity, while the execution of our asset rotation strategy resulted in the deconsolidation of 997 MW (491 MW net) in Europe, 137 MW in Brazil and 199 MW in the US, all wind. As of end of Mar-20, we had 964 MW of wind capacity under construction, 85% of which in North America.
• Electricity generation was predominately derived from renewable sources: 79% of total. Electricity generation was broadly stable at 18.3 TWh in 1Q20, as improved hydro resources (+75% YoY but still 9% short of LT average) prompted a higher contribution from hydro (+84% YoY in Iberia) and a 77% YoY decline in Iberian coal plants output. The surge in gas plants production (+71% YoY) reflected its higher competitiveness vs. coal.
• In the supply business in Iberia, electricity sold declined 1% in Portugal and 9% in Spain, broadly in line with distributed volumes. Note that the lockdown period in Portugal began on 2 nd half of March, later than in Spain. In March alone, distributed volumes in Portugal decreased by 1.1%, reflecting a 13% YoY decline in small businesses (BTE) and a 4% YoY increase in smaller consumers (BTN). In Brazil, the decline in volume distributed (- 5.1% YoY) is mostly explained by the reduction in consumption from a large industrial client, while the pandemic crisis was felt later: in the first 10 days of April, volumes declined by 13% in EDP SP and by 11% in EDP ES.

INSTALLED CAPACITY

Capacity under construction | Mar-20 Cogen. & Waste MW Total 964

	Mar-20	Mar-19	D	D %
Wind	10,530	11,194	-663	-6%
North America	5,853	5,472	+382	+7%
Europe	4,346	5,255	-908	-17%
Brazil	331	467	-137	-29%
Hydro	8,785	8,785
Iberia (1)	7,186	7,186
Brazil	1,599	1,599
Solar	145	145
Gas Iberia	3,729	3,729
Coal	3,150	3,150
Iberia (2)	2,430	2,430
Brazil	720	720
Nuclear Spain	156	156
	49	49
	26,544	27,208	-663	-2%

ELECTRICITY GENERATION

Electricity generation | 1Q20 GWh

(1) Includes small-hydro; (2) Reflects revisions in the installed capacity of some plants

	1Q20	1Q19	D	D %
Wind	7,707	8,356	-649	-8%
North America	4,656	4,429	+227	+5%
Europe	2,890	3,614	-723	-20%
Brazil	161	314	-153	-49%
Hydro	6,731	4,053	+2,678	+66%
Iberia(1)	4,922	2,669	+2,253	+84%
Brazil	1,809	1,384	+424	+31%
Solar	54	55	-1	-2%
Gas Iberia	2,253	1,315	+938	+71%
Coal	1,160	3,776	-2,616	-69%
Iberia	683	2,971	-2,288	-77%
Brazil	477	805	-328	-41%
Nuclear Spain	331	332	-1	-0%
Cogen. & Waste	49	82	-32	-40%
Total	18,286	17,969	+316	+2%

(1) Includes small-hydro

LOAD FACTORS

Load factors	1Q20	1Q19
Wind	34%	34%
North America	37%	37%
Europe	30%	32%
Brazil	22%	25%
Hydro
Iberia(1)	31%	17%
Brazil	52%	40%
Solar	17%	15%
Gas Iberia	28%	16%
Coal
Iberia	13%	57%
Brazil	30%	52%
Nuclear Spain	98%	99%
(1) Includes small-hydro

Investor Relations Department Phone: +351 21 001 28 34 Email: ir@edp.com www.edp.com

Lisbon, April 16th, 2020

ENERGY SUPPLY IN THE IBERIAN MARKET

Volumes of electricity supplied in Iberia | 1Q20

Volumes supplied (GWh)		No. of Clients (th)
	1Q20	1Q19	D %	Mar-20	D %
Electricity(1)	17,762	11,156	+59.2%		Mar-19
Iberia	7,528	7,853	-4.1%	5,259	5,252	+0.1%
Portugal	4,707	4,749	-0.9%	4,094	4,101	-0.2%
Spain	2,821	3,104	-9.1%	1,165	1,151	+1.2%
Brazil	10,235	3,303	+210%
Gas(1)	4,268	4,312	-1.0%	1,564	1,556	+0.5%
						-0.0%
						+1.0%
Portugal Spain	1,079 3,189	1,135 3,177	-4.9% +0.4%	658 906	659 897

(1) Last resort supply excluded for Portugal but included for Spain

ELECTRICITY DISTRIBUTION

Iberia				Brazil
Electricity distributed (GWh)	14,952	15,173	-221	-1.5%	Electricity distributed (GWh)
Portugal(1)	12,945	12,945	-1	-0.0%	Final customers
Spain	2,007	2,227	-220	-9.9%	Access customers
Customers connected (th)	6,954	6,899	+55	+0.8%	Customers connected (th)
Portugal(1)	6,285	6,232	+53	+0.9%	EDP São Paulo
Spain	669	667	+2	+0.2%	EDP Espírito Santo

1Q20	1Q19	D	D %	1Q20	1Q19	D	D %
14,952	15,173	-221	-1.5%	6,188	6,523	-334	-5.1%
12,945	12,945	-1	-0.0%	3,477	3,726	-250	-6.7%
2,007	2,227	-220	-9.9%	2,711	2,796	-85	-3.0%
6,954	6,899	+55	+0.8%	3,525	3,454	+72	+2.1%
6,285	6,232	+53	+0.9%	1,937	1,888	+49	+2.6%
669	667	+2	+0.2%	1,588	1,565	+22	+1.4%

(1) Electricity volume that entered the distribution grid

MARKET INDICATORS

			D %
€/MWh	34.9	54.9	-36%
			75%
			43%
			-2%
			-35%
			-31%
			3%
			-13%
			2%
	5.74	4.39	-24%
	1.0 = avg. Year 1.0 = avg. Year 1.0 = avg. Year R\$/MWh %	1Q20 0.91 1.00 0.86 188 103% 1.10 4.93 1.10	1Q19 0.52 0.70 0.88 290 149% 1.14 4.28 1.12

KEY ANNOUNCEMENTS

13-Jan-2020	EDP prices €750 million subordinated green notes at 1.70% coupon
21-Jan-2020	Results of the cash tender offer for outstanding hybrid at 5.375% coupon
12-Feb-2020	EDP concludes €0.3 Bn asset rotation deal for Brazilian wind farm
28-Feb-2020	Fitch affirms EDP at "BBB-" and revises outlook to positive
9-Mar-2020	EDP sells Portuguese tariff deficit for €0.8 billion
7-Apr-2020	EDP issues a €750 million 7-year Green Bond at 1.625%

1Q20 RESULTS RELEASE

EDP's 1Q20 results will be released after Euronext Lisbon market close on May 7 th , 2020. A conference call will be host by EDP's CEO, Mr. António Mexia on the same day, at 17:00 GMT. More information available on www.edp.com.