Commission of Inquiry concludes that "political option" for contracts in 1996 gave "income for 20 years" to EDP – O Jornal Económico

Commission of Inquiry concludes that "political option" for contracts in 1996 gave "income for 20 years" to EDP - O Jornal Económico


In 1996, the "political option" of the design of the energy acquisition contracts (CAE) awarded EDP "a 20-year income" to strengthen it financially, concludes the preliminary report of the parliamentary committee of inquiry into excessive revenues.

In the preliminary version of the final report of the parliamentary commission to investigate the payment of excessive rent to electricity producers, which the Lusa agency had access to, one of the final conclusions is that the design of the PPAs in 1996 – by the PS Government led by António Guterres – defines "compensation rates for EDP plants", which were state-owned and were already built, "similar to those defined for investment", which was private and external at the new Pego and Tapada do Outeiro power plants.

"The political option for EDP's attribution to this income for 20 years was for the financial strength of the company and the offer of guarantees of future profitability that would boost the process of its privatization", can be read in the preliminary version of the commission's report, whose reporter is the deputy of BE Jorge Costa.

With the liberalization of the electricity market, it was necessary to cease the PPAs, forcing the creation of the CMEC (Cost of Maintenance of the Contractual Equilibrium), and the Portuguese State assumed the "double condition" of legislator and controlling shareholder of EDP.

"The CMEC, State aid granted as compensation for the termination of the PPAs, aims to maintain high levels of profitability before, which is not in line with the criteria of the European Methodology for the authorization of State aid," he points out.

It was in the "omission of this contradiction between the CMEC regime and the rules of the Treaties" that, in the view of the rapporteur, was based on "authorization by the European Commission of the regime established by Decree Law 240/2004", which created the CMECs.

Another of BE's findings is that "maintaining the contractual equilibrium of the PPAs was not respected at various points in the new legislation", as ERSE had indicated in its opinion prior to the Decree establishing the CMECs.

"In the scope of calculating the final revisability of CMECs, the ERSE counted some of these elements of advantage, amounting to a value of 510 million euros of excessive rents to be corrected," he recalls.

The rapporteur had until Friday to get the draft version of the text to the other Members of the committee, a 198-page report which will now be considered and discussed by Members on Wednesday and Friday.

The commission of inquiry, proposed by the BE, was unanimously approved by the plenary of the Assembly of the Republic on May 11 of last year, having had some suspensions due to the budgetary procedure and parliamentary holidays and its term extended twice.



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