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EDP Renewables 2013 Annual Report

Generation

NEARLY 2X INCREASE OVER THE LAST 5 YEARS

EDPR generated 19.9 TWh during 2013, enough to cover an entire year of household electricity demand for large metropolitan cities like Madrid, Lisbon, Bucharest, and Houston.

The 8% year over year increase in the electricity output benefited from the capacity additions over the last 12 months and the strong wind resource in Europe throughout 2013.

EDPR achieved a 30% load factor during 2013, which is +0.6pp higher over last year, maintaining its leading position within the wind sector and reflecting the intrinsic quality of the wind farms.

EDPR also achieved a stellar 98% availability. EDPR continues to leverage on its competitive advantages to maximize wind farm output and on its diversified portfolio to mitigate the wind volatility risk.

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PREMIUM PERFORMANCE AND DIVERSIFIED PORTFOLIO DELIVERS BALANCED OUTPUT

EDPR’s operations in Europe were the main driver for the electricity production growth in 2013, increasing by +15% YoY to 9.5 TWh and represented 48% of the total output (45% in 2012). This performance was driven by strong output growth across all European regions. EDPR achieved a 28% load factor in Europe, +2pp vs. 2012, further reflecting the strong wind resource.

Both Spain and Portugal delivered a 29% load factor (vs. 27% in 2012), primarily due to the outstanding performance in the first and fourth quarter of 2013. In Spain, EDPR delivered once again a solid premium over the Spanish market average load factor (+2pp).

The Rest of Europe operations delivered a 25% load factor (24% in 2012) and posted higher year over year generation. Romania increased its production by 226 GWh as new capacity and solid resource contributed to the strong performance. Higher production in Poland was mainly due to a full year of operations for capacity installed in 2012. Italy generated 83 GWh in its first operational year.

In the United States, EDPR’s electricity output increased to 10.1 TWh (+2% YoY), supported by a higher average MW in operation in light of the lower load factor. Events not related to the wind resource resulted in a slightly lower load factor of 32% (33% in 2012); however, excluding this impact the load factor would be in line with the previous year.

In 2013, EDPR’s output in Brazil decreased 1% YoY to 230 GWh, as a result of a lower wind resource during the third quarter, and led to a stable load factor of 31%. The Tramandai wind farm continues to deliver above average load factors.

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CARBON FREE EMISSIONS

The 19.9 TWh of electricity produced has zero carbon emissions, thus contributing to the world’s fight against climate change. Based on each countries’ thermal emission factors, an estimate of 16 million tons of CO2 equivalent emissions were avoided that would have otherwise been emitted by burning fossil fuels to generate the same amount of electricity in the geographies where EDPR is present.

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