Edp Sa S/Adr (EDPFY) Q2 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

and regulated asset base and organic growth in Brazil as well. Additionally, there's a 71 million euros capital gain resulting from the transmission deal closed in the first quarter this year, leading to a total impact of 0.1 billion euros from the network segment to the group's EBITDA. Excluding these capital gains, electricity networks represents an important 30% of total EBITDA. Finally, I would like to highlight here our efforts on efficiency in a growth context. OPEX registered a slight reduction in absolute terms versus the first half last year, reaching $966 million in the first half this year. So very tight cost control, which allowed us to keep OPEX stable against inflation and in a business that is growing. So we move to slide 11. The line EBITDA grew 4%. and improved performance year on year. And this is reflecting 10% growth in installation or in the installed capacity year on year. Better wind resources with renewables index in line with long-term average versus minus 5% or 5% below the average last year. This is supporting naturally a 5% increase in electricity generation. And with a solid average selling price, pretty much flat year on year, supported by the higher prices in US and the hedging strategy that partially offset the decline in electricity prices in Europe. Additionally, the first half this year positively impacted by around 171 million euros of asset rotation gains versus the absence of gains in the first half last year, which were much more back and loaded throughout the year. If we now move to slide 12, going through the EBITDA for generation and supply business, hydro clients and energy management recurring EBITDA broadly resilient with only a 4% drop year on year in a context of a 56% drop year on year of electricity spot prices in Iber...