EDP sees a "virtuous cycle" in Portugal and forecasts record profit

Portugal's electricity system is thriving, with affordable prices and increasing demand, according to EDP's CEO Miguel Stilwell de Andrade. EDP reported profits of €1.191 billion in the first nine months of the year and anticipates record annual profits between €1.4 and €1.5 billion. The electricity price for consumers is significantly lower than the EU average, and structural costs continue to decline. Demand is expected to grow by 3.4% by 2026, driven by electric mobility and large clients. Despite challenges in renewable capacity licensing, EDP's network business is set for €4 billion in investments. Stilwell de Andrade, who will not seek another term, expressed confidence in EDP's future and announced a recruitment process for a new CEO.