Portugal's impact in overall net results has dropped to only 6%, compared to 19% in the same period last year. It should also be noted that EDP Brasil contributes with 81% growth in local currency. As for EBITDA, regulatory changes implemented in Portugal in the 2nd half of 2017 and the final CMEC adjustment explain a €169m decrease in the first nine months of 2018.
Recurring EBITDA dropped by 6% to €2.428 million, reflecting the negative foreign exchange impact of 6%. Excluding this impact, EBITDA remained stable compared to 9M17, with the following effects:
Net debt increased from €13.9 billion in December 2017 to €14.5 billion in September 2018, while the average cost of debt dropped from 4.1% in 9M2017 to 3.7% in 9M2018.
The impact of renewable energies continues to rise, validating EDP's focus on clean technologies. The generation mix reached 74% in terms of installed renewable capacity (+0.5GW wind and solar). As for production, the impact of renewable energies increased by 11pp in year-on-year terms to 66%, benefiting from the expansion of the portfolio and the restoration of hydraulicity in the Iberian Peninsula.
The number of customer contracts grew by 6,000 over the last 12 months, to a total of 11.4 million, reflecting our commitment to customer satisfaction, service quality, and greater engagement.
See the detailed EDP Group Results.