A tough Q1 22 for EDP as earnings fell into negative territory due to hydro production shortage. This resulted in weak CFO combined with intense M&A activities that led net debt to shrink. However, the figures remained better than our expectations thanks to an extensive use of thermal plants and the strong performance of the Brazilian regulated assets. There is no doubt that EDP handled this mini-crisis well, even if this leaves little room for manoeuvre for the rest of the year. Caution is advi ....
