EDP raises 2023 profit forecast to between €1.2 – €1.3 billion

Power giant EDP said today that it expects a profit of between €1.2 billion and €1.3 billion in 2023, €100 million to €200 million more than previously estimated, due to the positive evolution of the market and hydroelectric production. The upward revision of the profit forecast was announced by EDP’s CEO, Miguel Stilwell de Andrade, during a conference call with analysts on the results for the first nine months of the year. Yesterday, EDP reported a profit of €946 million up to September, up 83% year-on-year, thanks in part to the recovery of hydroelectric generation in Portugal.