Portugal's EDP cuts investment plan, still sees 35% rise in 2024 profit
Corrects value of capital gains to 300 million euros (not 300 billion euros) in last paragraph
By Sergio Goncalves
LISBON, May 10 (Reuters) -Portugal's largest utility company, EDP EDP.LS, cut its three-year investment plan on Friday, citing worsening market conditions, but maintained its guidance for more than 35% growth in net profit this year.
Updating its strategy, EDP said it would invest 17 billion euros ($18.31 billion) in 2024-26, down from a previously planned 19 billion euros, after an investment cut at its subsidiary EDP Renovaveis, the world's fourth-largest wind energy producer.
EDP's Chief Executive Miguel Stilwell de Andrade said the review of the investment plan aimed to "accommodate lower electricity prices and a higher interest rate environment for longer".
"We'll have selective and disciplined investment criteria, focused on top projects and we'll prioritize returns over volumes," he told analysts.
EDP Renovaveis said on Thursday it will invest three billion euros less than initially planned over the three years, but the capex of the EDP group's remaining businesses will be 1 billion more than predicted, EDP said.
EDP's average annual investment of 5.7 billion euros in 2024-26 is below the 6.3 billion previously forecast, but is almost in line with last year's capex.
Stilwell de Andrade said that, despite "the current more difficult market context", EDP was reiterating the guidance of a profit of around 1.3 billion euros in 2024, compared to 952 million euros last year.
EDP expects its net profit to be between 1.2 and 1.3 billion euros in 2026, but has not disclosed how much it could be in 2025.
Europe will receive 45% of EDP's investment and North America 33%, while 14% will be channelled to the Brazilian unit and 7% to projects in the rest of the world, it said.
The CEO said the investment plan is fully funded and EDP will continue its asset rotation strategy, aiming to achieve revenue of seven billion euros in 2024-26 with the sale of parks generating capital gains of around 300 million euros per year.
($1 = 0.9287 euros)
Reporting by Sergio Goncalves; Editing by Susan Fenton
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