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EDP slammed in ‘excessive payments’ report

Published on 09/04/2019

Excessive support payments to the electricity sector amount to €3.4 billion, according to the preliminary report of a parliamentary commission of inquiry.

Of this total, €2.4 billion has been shelled out by consumers to the former state-owned company, EDP.

The preliminary report, drafted by Left Bloc MP, Jorge Costa, will be debated in parliament this week with MPs already aware that EDP received 71% of the total support payment system.

Among the extras collected by EDP, led by António Mexia, is the extension of the concession to use dams, valued at €573 million, plus another €581 million as a straight bung to ease the path to privatisation.

The extension of the Sines power station concession to 2025, noted by the report as ‘an excessive benefit,’ was valued at €951 million.

In addition to EDP, REN and Tejo Energia also are mentioned in the report which will lead to robust debate by MPs.