business plan for 2004 - EDP

• EDP closes agreements covering the acquisition of
holdings in natural gas regional distribution
concessionaires
November 27 – EDP has contracted with Galp
Energia, SGPS, S.A., GDP, SGPS, S.A., and GDP
Distribuição, SGPS, S.A., a purchase option on a
holding corresponding to 46.265% of the share capital
of Portgás – Sociedade de Distribuição de Gás, S.A.
(Portgás) and of the respective supplementary, capital
contributions for a maximum period of 18 months and
for a reference price of €86,400,000.
At the same time EDP contracted a purchase option
with CGD, granting the latter a sale option
(enforceable between June 15 and September 15,
2004), on the whole of the share capital of NQF –
Projectos de Telecomunicações e Energia, S.A. (NQF)
and of the respective supplementary capital
contributions for an amount of €64,942,880.57,
including the premium linked to the potential
acquisition of control of Portgás. NQF has indirect
investments of 12.9% and 10.1% of the share capital of
Portgás and Setgás – Sociedade de Produção e
Distribuição de Gás, S.A., respectively.
• ERSE establishes electricity tariff and price
increases for 2004
December 16 – ERSE published the electricity and
other services tariffs and prices for 2004, providing a
2.1% nominal variation of electricity selling prices to
end customers .
>> 2004
• EDP concludes framework agreement aimed at
gaining control of the Natural Gas industry in
Portugal
February 6 – Within the context of Council of
Ministers’ Resolution 68/2003, of May 10, EDP
concluded a framework agreement with ENI, S.p.A.
(ENI), establishing the basis of an agreement between
the parties with regard to bringing together the
natural gas and electricity industries, and also in
respect of the final structure of the share capital of
GDP, SGPS, S.A., 51% of which is expected to be held
by EDP and 49% by ENI.
Implementation of the transaction assumes that the
move by EDP into the natural gas business will be
underpinned by the economic value generated by its
departure from Galp Energia, in which it has a 14.27%
holding. For this reason the transaction is not
expected to require any additional investment by
EDP.
10/11