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EDP Group

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EDP - Energias de Portugal, S.A.
Company typePublic (Sociedade Anónima)
Euronext Lisbon: EDP
IndustryElectric utility
PredecessorCompanhias Reunidas de Gás e Electricidade
FoundedJune 30, 1976; 48 years ago (1976-06-30)
HeadquartersLisbon,
Portugal
Key people
Luís Amado (Chairman)
Miguel Stilwell de Andrade (CEO)
ProductsElectrical power
natural gas
ServicesElectricity generation and distribution, natural gas distribution
Revenue€15,746 M (2017)[1]
€2,316 M (2017)[1]
€1,113 M (2017)[1]
Total assets€42.075 billion (2017)[2]
Total equity€13.480 billion (2017)[2]
Number of employees
13,211 (2022)
SubsidiariesHC Energía, Naturgás (through HC Energía), EDP - Energias do Brasil, E-Redes (former EDP Distribuição), EDP Comercial, EDP Renováveis (75%), SU Eletricidade
Websitewww.edp.com

EDP - Energias de Portugal (formerly Electricidade de Portugal) is a Portuguese electric utilities company, headquartered in Lisbon. It was founded in 1976 through the merger of 14 nationalised electricity companies.[3]

History

EDP was founded as Electricidade de Portugal, E.P. by the Portuguese government though the Decreto-lei nº 502/76 published on June 30, 1976,[4] merging 14 former energy companies that had been nationalised by 1975 in the aftermath of the regime change in 1974, of which the most significant had been the Companhia Portuguesa de Eletricidade (CPE). In 1991, through Decreto-Lei nº 07/91 of January 8, the Government changed EDP's legal status from a Public Company to a Public Limited Company with exclusively public capital.

In May 1994, after a profound restructuration of EDP, E.P., carried out between 1991 and 1993, under the Tutelary of Mira Amaral, Minister of Industry e Energy of the XII Portuguese Constitutional Government and the Presidency of Joaquim Serrão da Silva Correia, the EDP Group have been constituted with a Holding and 19 companies,[5] six of them responding to the main core business activities: CPPE- Companhia Portuguesa de Produção de Electricidade (electricity production); REN - Rede Eléctrica Nacional (electricity transportation); and four companies of regional electricity distribution: EN - Electricidade do Norte; CENEL - Electricidade do Centro; LTE- Electricidade de Lisboa e Vale do Tejo; and SLE- Electricidade do Sul.

Among the strategic objectives of the EDP Group established in 1994, was the progressive privatization of EDP. In this context the Portuguese state privatised the company in several phases, from 1996 to 2011.

In March 2007, the group made a US$3 billion takeover of Horizon Wind Energy, the Texan-based wind power producer. At the time, it was the largest renewable energy deal to date and made EDP the fourth-largest wind power producer in the world.[6] The firm's renewables operations (including Horizon) are now contained within its majority-owned subsidiary EDP Renováveis, 25% of which was floated on the Lisbon Stock Exchange in 2008.

The company was ranked at position 239 in the 2009 issue of the Forbes Global 2000.

China Three Gorges Corporation, a SOE, won in December 2011 the bidding for the Portuguese government's 21.35% interest in the company.[7][8][9] The transaction is expected to be concluded by April 2012. As of February 2014, just under 45% of the ownership of EDP was controlled by five institutional shareholders.[10] Amongst the others were the Qatar Investment Authority and BlackRock.

In late 2018 EDP's largest shareholder, China Three Gorges Corporation, proposed a hostile takeover of EDP. This was ultimately rejected at the shareholders meeting on April 24, 2019.[11]

In 2020, EDP agreed to buy Viesgo, more than doubling its presence in Spain’s electricity distribution market.[12]

Operations

In 2006 35% of the energy produced by EDP was from renewable energy sources, and, as of the end of 2007, the company announced that 39% of its energy was already emissions-free and that it was aiming for a 75% renewable energy production by 2013.[13]

In November 2019, EDP announced that it had reached a 50/50 Joint Venture agreement with the French gas and power company Engie to merge their fixed and floating offshore wind power activities, primarily targeting markets in Europe, the United States and selected geographies in Asia.[14]

Foundation

The EDP Foundation is a non-profit organization set up and financed by the company as a means to foster the development of cultural, scientific, and educational activities.[15] It is headquartered at Central Tejo, a former CRGE-owned 50 MW coal-powered plant at the Lisbon riverfront, decommissioned in the 1960s. Since 1990 it houses the Electricity Museum, recently incorporated in the broader MAAT – Museum of Art, Architecture, and Technology, which is the main focal point of the foundation's activities.

Carbon intensity

See also: List of European power companies by carbon intensity
Year Production (TWh) Emission (Gt CO2) kg CO2/MWh
2002 39 26.9 690
2003 43 23.25 536
2004 39 23.89 614
2005 42 28.26 677
2006 43 24.48 565
2007 43 23.42 544
2008 40 19.78 500
2009 42 20.01 477

See also

References

  1. ^ a b c "EDP Energias de Portugal SA (EDP.LS)". Reuters. Thomson Reuters. Retrieved 29 January 2019.
  2. ^ a b "EDP.PT Annual Balance Sheet - EDP-Energias de Portugal S.A. - Wall Street Journal". The Wall Street Journal. Dow Jones & Company, Inc. Retrieved 29 January 2019.
  3. ^ "Na pré-história da EDP e da REN, existiam 14 companhias e um país virado para a "hulha branca"". Público. Retrieved 17 June 2019.
  4. ^ "Decreto-lei nº502/76". dre.tretas.org. 30 June 1976. Retrieved 17 June 2019.
  5. ^ EDP - Energia. LEYA. 2016. pp. 153–155. ISBN 9789896603496.
  6. ^ "E-Commerce News: News: Privacy Issue Won't Go Away: Is Profiling Stereotyping?". Archived from the original on 2011-05-17. Retrieved 2007-03-28.
  7. ^ "Portugal sells utility stake to China for $3.5 billion in 1st privatization linked to bailout". The Washington Post. Associated Press. 2011-12-22. Retrieved 2011-12-22.[dead link‍]
  8. ^ "Chinese win EDP tender". The Portugal News. 2011-12-29. Archived from the original on 2012-04-26. Retrieved 2011-12-29.
  9. ^ Wayne Ma; Kowsmann, Patricia (2011-12-23). "China Gets Stake in Portugal's EDP". The Wall Street Journal. (subscription required). Retrieved 2011-12-30.
  10. ^ "EDP: "Shareholder Structure" 20 Feb 2014". Archived from the original on 10 March 2014. Retrieved 22 February 2014.
  11. ^ "OPA/EDP: CMVM extingue procedimentos relativos às ofertas da China Three Gorges". Diário de Notícias. Retrieved 17 June 2019.
  12. ^ Sergio Goncalves (July 29, 2021), Portugal's EDP reports 9% rise in first-half profit Reuters.
  13. ^ "Agência Financeira - EDP quer que 75% da sua energia seja «verde» até 2013". Archived from the original on 2008-03-17. Retrieved 2008-03-06.
  14. ^ "EDP and Engie join forces to create a leading global offshore wind player".
  15. ^ "About us". EDP Foundation. Retrieved 18 June 2019.
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