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EDP Renewables 2013 Annual Report

United States

REVENUES

Revenues for the period increased 4% to 648 million US Dollars, supported by a 3% increase in the average selling price and a 2% increase in production.

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AVERAGE SELLING PRICE

Average selling prices for wind farms under PPA/hedge contracts increased 2%, to $53/MWh, as a result of the contracted price escalators and the contribution of new PPAs. Selling prices for the production exposed to wholesale electricity prices also went up by 2%, benefiting from the effect driven by the recovery in wholesale gas prices.

OPERATING COSTS AND INCOME

Net Operating Costs decreased 7% to 198 million US Dollars, given the higher other operating income in 2013 versus 2012. The increase in other operating income reflects the 18 million US Dollar restructuring impact of the off-taking volumes of a PPA for 200 MW. A strict control over costs and high efficiency levels resulted in 3% decrease in Opex per MW.

INSTITUTIONAL PARTNERSHIPS AND GOVERNMENT GRANTS

Income from institutional partnerships totalled 166 million US Dollars, in line with the output of projects generating PTCs. The projects that opted for the cash grant benefited from lower depreciation charges, booked in the income statement as amortisation of government grants, totalling 23 million US Dollars.

All in all, EBITDA went up 10% to 450 million US Dollars, leading to an EBITDA margin of 69%.

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