EDP-Energias — Earnings Release 2021

Apr 15, 2021

Lisbon, April 15th, 2021

KEY HIGHLIGHTS

• Renewables represented 85% of electricity generated by EDP in 1Q21. The weight of electricity produced from renewable energy sources rose by 6 bps YoY, with this rise being mainly explained by the decrease in gas generation (-65% YoY), and also due to a 5% increase in wind generation.
• As of Mar-21, renewables represented 79% of EDP's installed capacity of 23.9 GW (EBITDA GW). Since the 1Q20, there were 1.07 GW of wind and solar net capacity added to the portfolio, of which +247 MW during this quarter (+290 MW including Equity MWs in wind Offshore). Another positive impact to the increase in renewables penetration in EDP's energy mix was the reduction of -2.02 GW in the installed capacity of CO² emitting plants. The disposal of the 2 CCGT plants in Spain (0.8GW) and de shutdown of Sines coal plant (1.2GW), 6 hydro plants in Portugal (1.7 GW) explain the 10% decrease in the overall installed capacity.
• Hydro generation coefficient, in Portugal, was 28% above the historical average, this translated into an increase in the load factor of the Iberian hydro assets from 31% in 1Q20 to 36% in 1Q21. Wind load factors were flat YoY, reflecting the negative impact in US from the Polar Vortex and the Ercot event in February, and the recovery of wind resources in Europe and Brazil.
• Electricity distributed in Portugal declined 1.2% in 1Q21, although in January a record high demand was verified in the low voltage segment, the lockdown still had a negative impact on the rest of the voltage levels. In Spain, the number of clients connected to our electricity distribution networks has more than doubled in 1Q21, reflecting the acquisition of Viesgo in Dec-20. In Brazil, electricity distribution rose 4.4% YoY in 1Q21, this happens as a result of the high temperatures registered in the period and from the increase in number of clients.
• In the supply business, in Iberia, electricity volume sold declined 8.6% in 1Q21, and the number of clients fell 20.5% YoY. The sharp reduction in number of clients is mainly explained by the disposal, in 2020, of our retail energy supply activities, in Spain, resulting on a higher focus on the corporate segment.

INSTALLED CAPACITY

Capacity under construction Mar-21	Other (2)
2,898 MW (1)

(1) Includes equity participations in offshore.

	Mar-21	Mar-20	D	D %
	11,340	10,530	+810	+8%
North America	6,143	5,853	+290	+5%
Europe	4,761	4,346	+415	+10%
Brazil	436	331	+105	+32%
Hydro	7,127	8,785	-1,658	-19%
Iberia (1)	5,527	7,186	-1,658	-23%
Brazil	1,599	1,599
Solar	408	146	+262	+179%
North America	352	90	+262	+290%
Europe	56	56
Gas Iberia	2,886	3,729	-843	-23%
Coal	1,970	3,150	-1,180	-37%
Iberia	1,250	2,430	-1,180	-49%
Brazil	720	720
	198	205	-7	-3%
EBITDA MW	23,928	26,544	-2,616	-10%
Equity MW	1,272	1,111	+161	+15%
EBITDA + Equity MW	25,200	27,655	-2,455	-9%
(1) Includes small-hydro; (2) Nuclear, Cogeneration & Waste.

ELECTRICITY GENERATION

Electricity generation | 1Q21 GWh

	1Q21	1Q20	D	D %
Wind	8,067	7,707	+359	+5%
North America	4,513	4,657	-144	-3%
Europe	3,330	2,890	+440	+15%
Brazil	224	161	+63	+39%
Hydro	6,004	6,734	-729	-11%
Iberia(1)	4,282	4,927	-646	-13%
Brazil	1,723	1,806	-84	-5%
Solar	53	54	-1	-2%
North America	38	38	0	+1%
Europe	14	16	-2	-10%
Gas Iberia	798	2,253	-1,455	-65%
Coal	1,344	1,160	+184	+16%
Iberia	688	683	+5	+1%
Brazil	656	477	+179	+37%
Other (2)	348	380	-32	-9%
Total	16,613	18,289	-1,675	-9%

(1) Includes small-hydro; (2) Nuclear, Cogeneration & Waste.

LOAD FACTORS

			Load factors	1Q21	1Q20
W&S Production deviation vs. exp. LT	Hydro resources deviation vs.		Wind	34%	34%
avg. Gross Capacity Factor 1Q21 vs	historical avg. 1Q21 vs 1Q20		North America	36%	37%
1Q20			Europe	32%	30%
			Brazil	31%	22%
			Hydro
			Iberia(1)	36%	31%
	28%		Brazil	50%	52%
			Solar	20%	17%
			North America	20%	19%
			Europe	22%	13%
-3%			Gas Iberia	13%	28%
			Coal
-6% 1Q21 1Q20		-9%	Iberia	25%	13%
	1Q21	1Q20	Brazil	42%	30%
GCF - Gross Capacity Factor			Other(2)	81%	85%

(1) Includes small-hydro; (2) Nuclear, Cogen. & Waste.

Lisbon, April 15th, 2021

ENERGY SUPPLY

Volumes of electricity supplied in Iberia - Liberalized | 1Q21

ELECTRICITY DISTRIBUTION

Iberia					Brazil
	1Q21	1Q20	D	D %		1Q21	1Q20	D	D %
Electricity distributed (GWh)	15,165	13,806	+1,359	+9.8%	Electricity distributed (GWh)	6,605	6,325	+280	+4.4%
Portugal(1)	11,631	11,775	-144	-1.2%	Final customers	3,549	3,476	+73	+2.1%
Spain	3,535	2,031	+1,503	+74.0%	Access customers	3,056	2,849	+207	+7.3%
Customers connected (th)	7,682	6,954	+728	+10.5%	Customers connected (th)	3,618	3,526	+92	+2.6%
Portugal(1)	6,310	6,285	+25	+0.4%	EDP São Paulo	1,993	1,938	+55	+2.8%
Spain	1,371	669	+703	+105%	EDP Espírito Santo	1,625	1,588	+37	+2.3%
(1) Electricity volume that entered the distribution grid.

MARKET INDICATORS

Iberian market		1Q21	1Q20	D %
Average electricity spot price - Spain	€/MWh	45.2	34.9	+29.7%
Hydro coefficient - Portugal	1.0 = avg. Year	1.28	0.91	41%
Hydro coefficient - Spain	1.0 = avg. Year	1.30	1.00	30%
Wind coefficient - Portugal	1.0 = avg. Year	1.02	0.86	19%
Brazilian market
Average spot price (PLD)	R\$/MWh	173	188	-8%
Generation Scalling Factor (GSF) (1)	%	88%	103%	-15%
Exchange rates
EUR/USD - Average		1.20	1.10	-8%
EUR/BRL - Average		6.60	4.91	-26%
EUR/USD - End of period		1.17	1.10	-7%
EUR/BRL - End of period		6.74	5.70	-15%

(1) Weighted average

KEY ANNOUNCEMENTS

04-Jan-2021	EDP secures PPAs for two solar projects in the U.S. totalling 275 MW
18-Jan-2021	EDP reached na agreement to acquire 85% of a distributed solar platform in the U.S.
25-Jan-2021	EDP prices EUR 750 Million subordinated green notes
27-Jan-2021	EDP is awarded with long-term CfDs for 187 MW at the Spanish and Italian renewable auctions
12-Feb-2021	EDP enters Hungarian market with a 50 MW solar PV project
01-Mar-2021	EDP secures PPA for a 204 MW wind project in the U.S.
03-Mar-2021	Completion of the ABB and approval by EDPR BoD of a capital increase proposal of c.€1.5 Bn
16-Mar-2021	S&P Upgrades EDP to "BBB" with stable outlook
22-Mar-2021	EDP signs Build and Transfer agreement for a 200 MWac solar project in the U.S.
09-Apr-2021	EDP announces Asset Rotation deal of a 405 MW wind portfolio in the US for an EV (100%) of \$0.7bn

1Q21 RESULTS RELEASE

EDP's 1Q21 results will be released after Euronext market close on May 13th , 2021. A conference call will be hosted by EDP's CEO, Mr. Miguel Stilwell d'Andrade and EDP's CFO, Mr. Rui Teixeira, on the same day, at 17:00 GMT. More information will be available on www.edp.com.