EDP Renewables expects to pay less for its wind turbines
Wind power producer Energias de Portugal (EDP) Renewables expects to pay less for its wind turbines after 2010.
The company's chief executive Ana Maria Fernandes told Reuters that wind turbine supply is not so much a seller's market as it used to be.
"Although we have our wind turbine needs covered to 2010, we don't have contracts after then and this could be a virtue; producers will be much more flexible with prices in the current environment," Fernandes reportedly said.
"We are attentive to any potential offers from smaller wind farm promoters (who might be forced to sell parks in construction) but we have not received any yet," she said, adding that the credit crisis and economic slowdown are not affecting the company's plans as it is not changing its plans to install an average of 1.4 gigawatts of wind energy per year to reach its target of 10.5 GW in 2012.
EDP's net profit in the January-to-September period rose to 940.1 million euros ($1.21 billion) from 665.2 million euros in the same period of 2007.
The company plans to invest an average of 3 billion euros ($3.87 billion) a year between next year and 2012, focusing on growth in wind power and hydro-electric dams. In its new business plan through 2012, the country's main utility also said it expected average annual growth in earnings before interest, taxes, depreciation and amortisation (EBITDA) of 12 percent in the period between 2007 and 2012.