Outlook 2018-2022 First Half 2018.#RRSSOutlook 2018-2022.

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  • US: NECEC transmission project selected for interconnection between Canada and Massachusetts with commissioning in 2022.
  • Brazil: distribution tariff reviews in Bahía and Río Grande do Norte (May 2018-2023).


Offshore wind:

  • UK: 714 MW East Anglia One, first jackets installed and offshore substation completed.
  • Germany: 486 MW Baltic Eagle awarded, with commissioning in 2023.
  • US: 800 MW Vineyard awarded, with commissioning in 2021/2022.
  • France: 496 MW St. Brieuc tariff confirmed, with commissioning in 2023.

Onshore wind:

  • Brazil: 471 MW Paraiba, with commissioning in 2022.


  • Brazil: 122 MW of Belo Monte commissioned during 1H.
  • Portugal: Tâmega (1,158 MW) works are progressing as planned, for commissioning in 2021 and 2023.

Solar PV:

  • Mexico: 150 MW Santiago and 77 MW Hermosillo installed, ready for commissioning in Q3.
  • Spain: 391 MW Nuñez de Balboa construction announced, with commissioning in 2020.

Generation & Supply

  • UK: 1 million smart meters already installed.
  • Mexico: +10.7% CFE tariff increase in July (vs June) and repowering of Monterrey commissioned in Q2.


After a good first half of the year, we expect a stronger performance during the second semester:

Incremental contribution in second half of 2018 (vs 1H)


  • Annual tariff increases in NY (from May) - US.
  • Tariff increase in Bahía and Río Grande do Norte (from May) - Brazil.


Higher output:

  • New capacity: onshore wind Mexico, hydro Brazil & full load offshore wind Germany.
  • Higher hydro reserves.

Generation & Supply

  • Improved prices - Europe and Mexico.
  • Normalisation of nuclear output.
  • New capacity - Mexico.


  • Further efficiencies.

Reaffirming our 2018 outlook:

EBITDA above EUR 9 Bn and Reported Net Profit, close to EUR 3 Bn, leading to dividend growth in line with results

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