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EDP Group

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EDP, S.A.
FormerlyEDP - Energias de Portugal, S.A.
Electricidade de Portugal, E.P.
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
António Lobo Xavier (Chairman)
Miguel Stilwell de Andrade (CEO)
ProductsElectrical power
natural gas
ServicesElectricity generation and distribution, natural gas distribution
Revenue€16,202.31 M (2023)[1]
€2,720.46 M (2023)[1]
€952.35 M (2023)[1]
Total assets€56,696.67 M (2023)[2]
Total equity€11,552.64 M (2023)[2]
Number of employees
13,211 (2022)
SubsidiariesEDP Brasil
EDP Comercial
EDP Gás
EDP Renováveis (71.3%)
E-Redes (former EDP Distribuição)
HC Energía
Naturgás (through HC Energía)
SU Eletricidade
Websitewww.edp.com

EDP (formerly EDP - Energias de Portugal and 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

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EDP was founded as Electricidade de Portugal, E.P. by the Portuguese government though the Decreto-lei n.º 502/76 published on 30 Jun 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 n.º 07/91 of 8 January, 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.

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]

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 24 April 2019.[11]

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

On 10 April 2024, the company decided at a general meeting of shareholders to change its name to simply "EDP, S.A.", dropping "Energias de Portugal" from the name.[13] The objective was to "simplify the image" and "adjust the corporate name to an increasingly global company".[14][15]

Operations

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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.[16]

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.[17]

Foundation

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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.[18] 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

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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

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References

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  1. ^ a b c "EDP.LS Income Statement". Reuters. Retrieved 23 June 2024.
  2. ^ a b "EDP.LS Balance Sheet". Reuters. Retrieved 23 June 2024.
  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 17 May 2011. Retrieved 28 March 2007.
  7. ^ "Portugal sells utility stake to China for $3.5 billion in 1st privatization linked to bailout". The Washington Post. Associated Press. 22 December 2011. Retrieved 22 December 2011.[dead link]
  8. ^ "Chinese win EDP tender". The Portugal News. 29 December 2011. Archived from the original on 26 April 2012. Retrieved 29 December 2011.
  9. ^ Wayne Ma; Kowsmann, Patricia (23 December 2011). "China Gets Stake in Portugal's EDP". The Wall Street Journal. (subscription required). Retrieved 30 December 2011.
  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. ^ "EDP's Annual General Shareholders' Meeting Resolutions" (PDF). EDP. 10 April 2024. Archived from the original (PDF) on 23 June 2024. Retrieved 23 June 2024. The change of the Company's corporate name from "EDP - Energias de Portugal, S.A." to "EDP, S.A." was approved at the General Shareholders Meeting held on April 10th, 2024, and is pending registration.
  14. ^ Oliveira, Ana (11 March 2024). "EDP deixa cair o 'Energias de Portugal' do nome" [EDP drops 'Energias de Portugal' from its name]. ECO (in Portuguese). Archived from the original on 27 March 2024. Retrieved 23 June 2024.
  15. ^ Laxmidas, Shrikesh (10 April 2024). "Acionistas da EDP aprovam todos pontos da AG. "Continuaremos com a ambição de sermos parte ativa na mudança de que o planeta precisa", diz CEO" [EDP shareholders approve all points of the General Meeting. "We will continue with the ambition of being an active part of the change that the planet needs", says CEO]. ECO (in Portuguese). Archived from the original on 15 April 2024. Retrieved 23 June 2024.
  16. ^ "Agência Financeira - EDP quer que 75% da sua energia seja «verde» até 2013". Archived from the original on 17 March 2008. Retrieved 6 March 2008.
  17. ^ "EDP and Engie join forces to create a leading global offshore wind player". EDP Group.
  18. ^ "About us". EDP Foundation. Retrieved 18 June 2019.
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