EDP Group explained

EDP, S.A.
Former Name:EDP - Energias de Portugal, S.A.
Electricidade de Portugal, E.P.
Type:Public (Sociedade Anónima)
Predecessor:Companhias Reunidas de Gás e Electricidade
Key People:António Lobo Xavier (Chairman)
Miguel Stilwell de Andrade (CEO)
Industry:Electric utility
Products:Electrical power
natural gas
Services:Electricity generation and distribution, natural gas distribution
Revenue:16,202.31 M (2023)[1]
Operating Income:€2,720.46 M (2023)
Net Income:€952.35 M (2023)
Assets:€56,696.67 M (2023)[2]
Equity:€11,552.64 M (2023)
Num Employees:13,211 (2022)
Subsid:EDP Brasil
EDP Comercial
EDP Gás
EDP Renováveis (71.3%)
E-Redes (former EDP Distribuição)
HC Energía
Naturgás (through HC Energía)
SU Eletricidade
Location:Lisbon
Location Country:Portugal

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

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

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

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

See also: List of European power companies by carbon intensity.

YearProduction (TWh)Emission (Gt CO2)kg CO2/MWh
20023926.9690
20034323.25536
20043923.89614
20054228.26677
20064324.48565
20074323.42544
20084019.78500
20094220.01477

See also

External links

Notes and References

  1. Web site: EDP.LS Income Statement . Reuters . 23 June 2024 . en.
  2. Web site: EDP.LS Balance Sheet . Reuters . 23 June 2024 . en.
  3. News: Na pré-história da EDP e da REN, existiam 14 companhias e um país virado para a "hulha branca" . 17 June 2019 . Público.
  4. Web site: Decreto-lei nº502/76 . dre.tretas.org . 30 June 1976 . 17 June 2019.
  5. Book: EDP - Energia . LEYA . 2016 . 9789896603496 . 153–155.
  6. Web site: E-Commerce News: News: Privacy Issue Won't Go Away: Is Profiling Stereotyping? . 2007-03-28 . 2011-05-17 . https://web.archive.org/web/20110517175530/http://www.ecommercetimes.com/story/9cmRDkJVAbxiP2/EDP-to-Buy-Texas-Wind-Company-in-3B-Deal.xhtml . dead .
  7. News: Portugal sells utility stake to China for $3.5 billion in 1st privatization linked to bailout . Associated Press. The Washington Post. 2011-12-22. 2011-12-22.
  8. News: Chinese win EDP tender. The Portugal News. 2011-12-29. 2011-12-29. https://web.archive.org/web/20120426081301/http://www.theportugalnews.com/cgi-bin/article.pl?id=1145-35. 2012-04-26. dead.
  9. News: China Gets Stake in Portugal's EDP . . Wayne Ma . Patricia . Kowsmann . 2011-12-23 . 2011-12-30 . .
  10. Web site: EDP: "Shareholder Structure" 20 Feb 2014 . 22 February 2014 . https://web.archive.org/web/20140310083115/http://www.edp.pt/en/Investidores/accaoedp/estruturaaccionista/Pages/ShareholderStructure2.aspx . 10 March 2014 . dead .
  11. News: OPA/EDP: CMVM extingue procedimentos relativos às ofertas da China Three Gorges . 17 June 2019 . Diário de Notícias.
  12. Sergio Goncalves (July 29, 2021), Portugal's EDP reports 9% rise in first-half profit Reuters.
  13. Web site: 10 April 2024 . EDP's Annual General Shareholders' Meeting Resolutions . https://web.archive.org/web/20240623023150/https://www.edp.com/sites/default/files/2024-04/20240410%20-%20EDP%27s%20Annual%20General%20Shareholders%27%20Meeting%20Resolutions_EN.pdf . 23 June 2024 . 23 June 2024 . EDP . 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. News: Oliveira . Ana . 11 March 2024 . EDP deixa cair o 'Energias de Portugal' do nome . EDP drops 'Energias de Portugal' from its name . https://web.archive.org/web/20240327092821/https://eco.sapo.pt/2024/03/11/edp-deixa-cair-o-energias-de-portugal-do-nome/ . 27 March 2024 . 23 June 2024 . ECO . Portuguese.
  15. News: 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 . https://web.archive.org/web/20240415230440/https://eco.sapo.pt/2024/04/10/acionistas-da-edp-aprovam-todos-pontos-da-ag-continuaremos-com-a-ambicao-de-sermos-parte-ativa-na-mudanca-de-que-o-planeta-precisa-diz-ceo/ . 15 April 2024 . 23 June 2024 . ECO . Portuguese.
  16. Web site: Agência Financeira - EDP quer que 75% da sua energia seja «verde» até 2013 . 2008-03-06 . dead . https://web.archive.org/web/20080317093030/http://www.agenciafinanceira.iol.pt/noticia.php?id=924585&div_id=1728 . 2008-03-17 .
  17. Web site: EDP and Engie join forces to create a leading global offshore wind player . EDP Group.
  18. Web site: About us . EDP Foundation . 18 June 2019.