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    Olly Jeffery

    Vice President and equity analyst at Deutsche Bank

    Olly Jeffery is a Vice President and equity analyst at Deutsche Bank, specializing in coverage of major European energy and utilities companies such as RWE AG, Iberdrola, and EDPR. He has issued over 120 stock ratings, maintaining a success rate of 59% and generating an average return of 4.8% per rating according to TipRanks, with standout calls including a 55.8% return on Iberdrola. Jeffery began his analyst career at Deutsche Bank in 2017 and has since built expertise in sector analysis and targeted stock selection. He holds relevant industry credentials and is recognized for his systematic, data-driven research approach within the European utilities sector.

    Olly Jeffery's questions to EDP ENERGIAS DE PORTUGAL (EDPFY) leadership

    Olly Jeffery's questions to EDP ENERGIAS DE PORTUGAL (EDPFY) leadership • Q1 2025

    Question

    Olly Jeffery of Deutsche Bank requested a breakdown of the flexible generation EBITDA between pump storage and other ancillary services. He also asked if the medium-term guidance for the Hydro Iberia business should be considered higher than the previous €900 million due to structural market changes.

    Answer

    CFO Rui Teixeira acknowledged that flexible generation EBITDA is expected to rise due to structural factors but deferred a specific breakdown for an offline follow-up. He confirmed that the medium-term outlook for the integrated Iberian business is now viewed as being closer to €1 billion, an increase from the prior €900 million guidance, reflecting the enhanced value of hydro and ancillary services.

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    Olly Jeffery's questions to EDP ENERGIAS DE PORTUGAL (EDPFY) leadership • Q1 2025

    Question

    Olly Jeffery of Deutsche Bank asked for a breakdown of the flexible generation EBITDA, seeking to understand the contribution from pump storage versus other ancillary services. He also inquired if the medium-term guidance for the Hydro Iberia and supply business, previously around €900 million, could now be higher due to structural market changes.

    Answer

    CFO Rui Teixeira explained that while a precise breakdown is difficult, they expect flexible generation EBITDA to increase slightly due to structural market factors. Regarding the medium-term outlook for the Iberian integrated business, he confirmed that due to factors like hydro pumping spreads and ancillary services, the company is now looking more towards a €1 billion run-rate, up from the previous €900 million guidance.

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    Olly Jeffery's questions to EDP ENERGIAS DE PORTUGAL (EDPFY) leadership • Q1 2025

    Question

    Olly Jeffery of Deutsche Bank asked for a breakdown of the flexible generation EBITDA, seeking to understand the contribution from pump storage versus other ancillary services this year compared to last. He also inquired if the medium-term guidance for the Hydro Iberia and supply business, previously around €900 million, should now be considered higher due to structural market changes.

    Answer

    CFO Rui Teixeira acknowledged that flexible generation EBITDA is expected to increase due to structural market factors but did not provide a specific breakdown, offering to follow up offline. He confirmed that the medium-term outlook for the segment is now viewed closer to €1 billion rather than €900 million, reflecting the increased value from hydro pumping spreads and ancillary services.

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    Olly Jeffery's questions to EDP ENERGIAS DE PORTUGAL (EDPFY) leadership • Q3 2023

    Question

    Asked for an explanation for the 800-megawatt reduction in the 2023-2024 capacity addition target, beyond the delay of the Colombia project, and whether this signals execution challenges.

    Answer

    The reduction is not due to execution challenges but rather a deliberate decision to manage growth sustainably. The company is dimensioned to build around 4 GW per year, and attempting more in 2024 would not be feasible and would introduce unnecessary risk. Some projects were therefore pushed into 2025.

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    Olly Jeffery's questions to OEZVY leadership

    Olly Jeffery's questions to OEZVY leadership • Q1 2024

    Question

    Inquired about Austrian snowpack levels and their impact on hydro generation, the status of regulatory discussions for Gas Connect Austria's new business model, the mechanics of the regulatory account, actual hedge prices, and the impact of the France-Germany power interconnector.

    Answer

    The company noted strong Q1 hydro generation due to weather but remains uncertain for the full year. Negotiations for Gas Connect Austria are ongoing with potential EBITDA downside. A reduction in the regulatory account would negatively impact IFRS results. Specific hedge prices were provided. Increased interconnection is seen as key to price convergence in Europe, which would likely lower German power prices.

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