Investors
& Analysts`
Briefing
Reuters: EDPR.LS
Spain published the interim regulatory revision for wind energy assetsnd
Bloomberg: EDPR PL
Madrid, February 222017: The Spanish Government published today, in Boletín
Oficial Del Estado, the Order ETU/130/2017 which includes theinterimrevisionof
the parameters to remunerate the renewable energy assets, under the remuneration framework that was approved by the Royal Decree 413/2014 ("RD 413/2014") of June 2014.
According with the Order IET/1045 approved in 2014 the remuneration was structured in order for a standard asset to receive a pre-tax return of 7.4% in the first regulatory period, from 2013 to 2019.Toachievethedefinedpre-taxreturn,thestandardassetreceivesaremunerationtoinvestmentinadditiontotheelectricitymarketprice.
The 3 year interim revision period (2017-2019) of the parameters includes:
Wind profile coefficient: from previous 11.11% to 14.79%
2014-2016 regulatory adjustments: difference between actual market price and forecasted market price and reference caps and floors for the standard production envisaged in Order IET 1045/2014
€/MWh
2017
2018
2019
≥2020
High Cap
49.81
48.30
48.68
60.00
Low Cap
46.33
44.92
45.28
56.00
Central Scenario
42.84
41.54
41.87
52.00
High Floor
39.35
38.16
38.46
48.00
Low Floor
35.87
34.78
35.06
44.00
Market price (€/MWh): forecasted pool prices with defined caps and floors for the standard production, such that:
Rui Antunes, Head of IR Maria Fontes
Pia Domecq
Paloma Bastos-Mendes
Phone +34 902 830 700
Fax +34 914 238 429
ir@edpr.com www.edpr.com
Standard production (MWh):
is exposed to prices fluctuations when the wholesale price is between the "High Floor" and the "Low Cap"
benefits 50% when the wholesale price is between the "High Cap" and "Low Cap" and are 50% protected of the price between "High Floor" and "Low Floor"
isn't exposed to prices fluctuations when the wholesale price is higher than the "High Cap" or below the "Low Floor"
Investors
& Analysts`
Briefing
Reuters: EDPR.LS Bloomberg: EDPR PL
As a consequence of the above, remuneration to investment (see Annex I) for EDP Renováveis ("EDPR") will increase from €158 million per year, in place from 2014 to 2016, to €182 million per year from 2017 to 2019. The €182 million per year includes
€2 million per year from regulatory adjustments already accounted in the 2014-2016 period.
Annex I - Remuneration to InvestmentThe remuneration to investment depends on the entry into service of the asset and is definedbasedonastandardassetforeachyear,suchthat:
Date | Remuneration to Investment (€ thousand/MW) |
0 | |
2004 | 22.8 |
2005 | 33.8 |
2006 | 55.0 |
2007 | 86.7 |
2008 | 119.2 |
2009 | 127.2 |
2010 | 136.1 |
2011 | 120.1 |
2012 | 115.8 |
2013 | 111.9 |
EDP Renováveis, S.A.
Investor Relations DepartmentRui Antunes, Head of IR Maria Fontes
Pia Domecq
Paloma Bastos-Mendes
Phone +34 902 830 700
Fax +34 914 238 429
ir@edpr.com www.edpr.com
EDP Renovaveis SA published this content on 22 February 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 22 February 2017 19:51:02 UTC.
Original documenthttp://www.edpr.com/investors/market-notifications/?id=48599
Public permalinkhttp://www.publicnow.com/view/585EC81CF7E71D7178C8B9085DD0D4C2B359C63A