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    EDP   PTEDP0AM0009

EDP - ENERGIAS DE PORTUGAL, S.A.

(EDP)
  Report
Real-time Euronext Lisbonne  -  11:35 2022-12-02 am EST
4.586 EUR   -1.19%
02:34pEdp Energias De Portugal S A : Appointment of representative of member of the General and Supervisory Board
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02:24pEdp - Energias De Portugal, S.a. Informs : Appointment of representative of member of the General and Supervisory Board
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11/23ENGIE and Google strike power purchase agreement for Scotland's Moray West offshore wind development project
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Portugal rules out energy windfall tax, cites other mechanisms aiding customers

09/14/2022 | 01:01pm EST
Eurozone finance ministers meeting in Brussels

LISBON (Reuters) - Portugal is already transferring hundreds of millions of euros of excess profits made by electricity and gas companies from spiralling energy prices to consumers and sees no immediate need for a windfall tax, its finance minister said on Wednesday.

The European Union's executive outlined plans on Wednesday to raise more than 140 billion euros ($140 billion) to soften the blow to consumers from soaring energy prices by skimming off revenues from electricity generators that do not use expensive gas. The proposals would also make fossil fuel firms share windfall profits, as the bloc grapples with an energy crisis fuelled by Russia's invasion of Ukraine.

Fernando Medina said the recently created "Iberian mechanism", an agreement with the European Union to decouple electricity prices from rising gas prices, already contains a direct transfer of windfalls from non-gas power plants to lower regulated tariffs.

"We are already reducing profits from the electricity sector and transferring them to consumers...and we'll do the same with the gas sector," Medina told a parliamentary committee.

Medina said the 1.4 million households and small businesses that buy natural gas in the liberalized market will soon benefit from the same arrangement, as the government allowed households to move to regulated tariffs and avoid huge price increases from Oct. 1.

He said that the Iberian mechanism between June 15 and Aug. 15 had already lowered tariffs paid by consumers by 150 million euros and predicted savings could reach 500 million euros by year end.

"These 500 million euros won't be on the balance sheets of the companies as unanticipated profits and will be transferred directly to consumers," he said, vowing that neither consumers, nor the state, would pay for the mechanism in the future.

Given the increases already announced by companies in natural gas bills, and assuming all households and small businesses move to regulated tariffs, he also promised savings for consumers of 630 million euros by the end of the year.

Further measures to cut power costs should be have "proportionality, justice and.. be effective", he said.

(Reporting by Sergio Goncalves, Editing by Aislinn Laing and Andrea Ricci)

By Sergio Goncalves


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
EDP - ENERGIAS DE PORTUGAL, S.A. -1.19% 4.586 Real-time Quote.-3.95%
GALP ENERGIA, SGPS, S.A. 2.55% 12.07 Real-time Quote.38.15%
S&P GSCI NATURAL GAS INDEX -6.78% 294.0819 Real-time Quote.80.64%
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Financials
Sales 2022 18 050 M 18 946 M 18 946 M
Net income 2022 858 M 901 M 901 M
Net Debt 2022 14 918 M 15 659 M 15 659 M
P/E ratio 2022 21,1x
Yield 2022 4,17%
Capitalization 18 101 M 19 000 M 19 000 M
EV / Sales 2022 1,83x
EV / Sales 2023 1,88x
Nbr of Employees 12 990
Free-Float 66,0%
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Technical analysis trends EDP - ENERGIAS DE PORTUGAL, S.A.
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Mean consensus BUY
Number of Analysts 21
Last Close Price 4,59 €
Average target price 5,80 €
Spread / Average Target 26,5%
EPS Revisions
Managers and Directors
Miguel Stilwell de Andrade Chief Executive Officer
Rui Manuel Rodrigues Lopes Teixeira Chief Financial Officer
JoŃo LuÝs Ramalho de Carvalho Talone Chairman-Supervisory Board
Rita Sousa Head-Compliance
Fernando Maria Masaveu Herrero Member-Supervisory Board
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