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"value": "Notes to the Consolidated and Company Financial Statements Conflict situation and geopolitical instability in Eastern Europe - Macroeconomic, Regulatory, Operational, Accounting Impact and relationship with Stakeholders 229 1. Economic activity of EDP Group 232 2. Accounting policies 232 3. Recent accounting standards and interpretations issued 249 4. Critical accounting estimates and judgements in preparing the financial statements 250 5. Financial risk management policies 261 6. Consolidation perimeter 268 7. Revenues and cost of Energy Sales and Services and Other 272 8. Other income 274 9. Supplies and services 275 10. Personnel costs and employee benefits 275 11. Other expenses 276 12. Amortisation and impairment 276 13. Financial income and expenses 277 14. Income tax 278 15. Extraordinary contribution to the energy sector (CESE) 281 16. Property, plant and equipment 282 17. Right-of-use assets 283 18. Intangible assets 284 19. Goodwill 285 20. Investments in subsidiaries (Company basis) 287 21. Investments in joint ventures and associates 288 22. Equity instruments at fair value 293 23. Investment property 294 24. Deferred tax assets and liabilities 295 25. Inventories 298 26. Debtors and other assets from commercial activities 299 27. Other debtors and other assets 302 28. Tax assets 303 29. Cash and cash equivalents 304 30. Share capital and share premium 304 31. Treasury stock 305 32. Reserves and retained earnings 306 33. Non-controlling interests 308 34. Financial debt 308 35. Employee benefits 313 36. Provisions 320 37. Institutional partnerships in North America 324 38. Trade payables and other liabilities from commercial activities 325 39. Other liabilities and other payables 327 40. Tax liabilities 329 41. Non-Current assets and liabilities held for sale 329 42. Derivative financial instruments 330 43. Commitments 338 44. Related parties 341 45. Fair value of financial assets and liabilities 347 46. Relevant or subsequent events 349 47. EDP Branch in Spain 350 48. Environmental matters 351 49. Business combinations 352 50. Investigation process about CMEC and DPH 358 51. Operating segments 360 52. Consolidated and Company Reconciliation of Changes in the responsibilities of Financing activities 366 53. Explanation added for translation 367 Annex I. Companies in the Consolidation Perimeter 368 Conflict situation and geopolitical instability in Eastern Europe - Macroeconomic, Regulatory, Operational, Accounting Impact and relationship with Stakeholders On 24 February 2022, a military conflict was initiated in Ukraine with the invasion of its territory by the Russian troops which has resulted in a humanitarian crisis. Direct and indirect victims, and a significant number of refugees and displaced citizens (UN estimate of over 14 million people by end of December 2022) have been caused by the attacks to Ukrainian localities with several repercussions on the energy, commodities, intermediate goods, customer and service markets. This note identifies actual and potential business, financial, operational, accounting and strategic impacts. Given its geopolitical positioning, the conflict has particular relevance to the continuity of EDP Group's business in Europe, and for possibly more attenuated spill-overs for the operations in North America, Latin America and Asia. The magnitude of geopolitical tensions remains high, with relevant impacts arising from this crisis continuing to be felt, the worsening and/or prolonging of this conflict may increase an even greater increase in risk and negative impacts for EDP Group\u2019s business. Impact on energy markets \u2013 energy crisis The prices of energy markets, particularly in Europe, rose to historically high levels in the 2nd half of 2021. The military conflict has further weakened energy markets and led to a larger sustained increase in energy prices in Europe, since Russia is one the main exporters of natural gas. Taking into account the introduction of regulatory measures to contain the price of gas and electricity all over Europe and, in particular, in Iberia, the pool price has stabilised. The main impacts/risks in terms of energy markets are: \u25cf Prices of commodities: the sanctions and economic boycott of Russia, in an attempt to stop the aggression against Ukraine, have led to a limitation in the supply of natural gas, and an increase in demand from other markets (e.g., US\u2019s LNG market), putting high pressure on prices of raw materials and, consequently, in the final price of energy; and \u25cf Energy dependence/availability of resources/increase in economic protectionism: European energy reliance on Russia has also forced a reflection on viable alternatives to ensure energy independence, reinforcing the problem already felt at various levels (economic, political and now energetic) of regionalization/clustering \u2013 in opposition to globalization. This phenomenon consists in the approximation and dialogue with countries/neighbouring regions with common principles and goals, and an increase in protectionism in relation to other countries, operating autonomously in relation to the rest of the world. EDP continues to take a cautious approach, seeking to undertake a balanced integrated position in energy (especially in Iberia, where it has a Generation and Supply business), and closely monitoring the evolution of the markets. In terms of gas supply, EDP does not have any supply contract in place with Russia and is relatively more protected than other European peers from potential disruptions in the supply chains. The energy transition is also seen as a measure to increase the resilience and energetic independence of the markets, increasing the renewable share in the energy portfolio, reducing dependence on gas supply, with EDP being a player with a leadership role in this area. Regulatory impact In a context of economic uncertainty and energy crisis, the way in which international and governmental institutions in each country accommodate the impacts and try to limit economic consequences for economic agents was object of analysis and discussion. Several measures with significant impact have already been adopted, while others remain under analysis. In particular, to contain energy prices increase, regulatory mechanisms were created in Portugal and Spain by introducing a cap on the value considered for gas, as an electricity production factor (approved on 8 June, with effective date from 15 June 2022 to 31 May 2023). This mechanism implies the payment of compensation amounts to the electricity generators by consumers who will have benefited from the effects of the mechanism. Additionally, several packages of measures leading to energy savings were approved in several European countries, namely Portugal and Spain. Other regulatory mechanisms with an impact on EDP's business were also applied, namely clawback to inframarginal generation in specific countries (eg Spain, Romania). In Portugal, in addition to the partial reduction of the VAT rate applicable to electricity, the constitution of a strategic water reserve was also approved, which aims to ensure that the storage levels of 15 hydro power plants reach more comfortable values. Other mechanisms are being discussed at European level, namely the definition of a maximum cap on revenues from inframarginal power plants, a solidarity contribution tax on the oil & gas and coal sector, intervention in retail prices and liquidity guarantee mechanisms (collateral). Noteworthy is the recent approval of a European Regulation, which contains several of the measures mentioned above and which gives States members some discretion in their adoption or in the adoption of measures with a similar effect. In regulatory terms, the main risks identified are: \u25cf Possible increase in sectorial charges or taxes on energy companies: creation/increase of additional fees and taxes to bridge the gap between energy production and sale prices; and \u25cf Change in market structure: possible changes in market structure (e.g., introduction of a cap on the price of electricity, or decoupling of gas). EDP has been closely monitoring the developments on this topic, positioning itself in the best possible way in the face of the challenges brought about by the aforementioned changes. Financial impact In addition to energy markets, financial market continues to experience times of huge instability and volatility, with a significant negative impact. The main financial risks identified are: \u25cf Inflation: current constraints are not only limited to gas sourcing, with impact in the energy sector, but also to essential raw materials in sectors such as agriculture, transport, among others, leading to a general increase in prices. EDP Group\u2019s business has a high degree of indexation, directly or indirectly, of its revenues to inflation, mitigating this risk; \u25cf Growing interest rates: pressure on interest rates leads to increases in financing costs related with floating rate debt and new fixed rate debt. EDP has focused on increasing the duration of its fixed debt during the year 2022 and on pre-hedging future financing; \u25cf Counterparty default: the huge increase of prices in the energy market raised the exposure to counterparties in long positions. Additionally, the prolongation of the conflict and the increase of sanctions against Russia and the penalizations of several institutions may lead to an increase in the default risk of some counterparties; and \u25cf Liquidity: extremely high initial margins in organized markets due to very high prices and volatility, giving rise to significant cash variations and an increase in collateral requests. EDP has been closely monitoring the evolution of the financial markets and the financial situation of its counterparties, seeking to mitigate exposure to potential financial risks, with a cautious approach in terms of the interest rate combination with a high percentage of fixed rate, a careful choice of its main counterparties favouring high ratings and high levels of liquidity (cash and available credit lines). Operational impact The Russia-Ukraine conflict has been resulted in several operational impacts, direct and indirect, either due to the presence of EDP operations in border regions with Ukraine, or due to the dependence on products and raw materials coming from the region. Several risks with operational impacts were identified, namely: \u25cf Physical assets and operations: the proximity of physical generation assets (EDP Renov\u00e1veis) to the border with Ukraine, namely in Poland, Romania and Hungary, countries with greater risk of suffering damage in the event of a geographic expansion of the military conflict, is noteworthy. There may also be additional constraints, including increases in the maintenance costs of assets due to a rise in the price of resources and raw materials, and/or due to the unavailability of labour coming from the affected countries; \u25cf People's safety: the existence of generation infrastructures close to the conflict region also implies the presence of EDP teams and subcontracted teams, which, even though these are not permanently in these facilities, may expose them to a higher level of risk with the evolution of the conflict; \u25cf Cybersecurity: there continues to be a high number of cyberattacks worldwide, with an increase level of sophistication and a potential impact for EDP, directly or indirectly (for example, through providers of critical IT and OT services), which continues to motivate a reinforcement of safety monitoring and the adoption of complementary measures by EDP; \u25cf Supply chain: there continues to be no relevant direct exposure of EDP to countries in conflict or sanctioned, however, there may be indirect dependence through EDP suppliers of products and raw materials (fuels, but also other resources such as copper, aluminium, nickel, among others), from Russia or Ukraine, or whose transport route crosses/passes in the area of the conflict zone, raising the possibility that the supply chain may be subject to disruptions by different causes and with variable duration. There is also an increase in the costs associated with these goods, both in terms of production, given the shortage of some raw materials, and in terms of transport; and \u25cf Compliance: the application of sanctions to Russia by different countries and organizations, including the EU, continues to require internal monitoring in order to reduce the risk of EDP's non-compliance with such sanctions and manage any previously established partnerships. EDP continues to reinforce the security and contingency mechanisms associated with its employees, as well as its operation and critical assets, including but not limited to the active monitoring of the evolution of the different risk factors identified. Additionally, EDP established local plans and strategies to answer to the possible geographic spread of the conflict, in order to protect people and assets. EDP's operational and investment activities are reliant on local and global supply chains, with an active management of critical supplies being carried out to minimize potential impacts of disruptions in these chains. Accounting impact EDP Group has not applied any different classifications from those normally used in its Consolidated Income Statement, as a result of the conflict above mentioned. To assess possible accounting impacts, the Group reassessed the estimates it considers relevant and which may have been impacted by this fact, in particular those arising from the aforementioned increase in inflation rates and interest rates. The impacts recognised at 31 December 2022, as well as the respective sensitivity analyses, are described throughout the notes to financial statements, namely regarding the impairment tests of non-financial assets (see note 12), provisions for dismantling (see note 36) and employee benefits (see note 35). Strategic impact (macroeconomics and relationship with key stakeholders) Macroeconomic impact The current geopolitical crisis in Eastern Europe includes significant risks for the economy and society, with an associated level of uncertainty about the duration of the conflict and the economic impacts that will outcome. In global macroeconomic, impacts have been felt in terms of increased costs of raw materials, particularly regarding energetic and agricultural, as well as a greater probability of disruption in international supply chains. Additionally, beside causing the escalation of existing geopolitical tensions, contributing to global instability with still uncertain medium-long- term consequences, the proximity of the conflict to the borders of the EU also represents a challenge to the cohesion between the member states. Relationship with stakeholders Since the first moment, EDP Group has assumed the commitment to safeguard the interests of its stakeholders and has been permanently following up the main developments of the military conflict and possible implications for all the stakeholders involved. This monitoring and intervention has been manifested at different levels, of which the following stand out: \u25cf Employees: EDP has been reinforcing its internal communication, raising awareness of possible impacts arising from the conflict, as well as its positioning and measures adopted to manage such outcomes; \u25cf Customers: EDP reinforced its concern with stabilizing energy prices, particularly in the free market, despite the high volatility of costs associated with fuels and other raw materials; \u25cf Communities: EDP has launched a humanitarian aid campaign with its employees, and has combined efforts with institutions presented locally in order to support the most disadvantaged and vulnerable; and \u25cf Shareholders: the Executive Board of Directors has been working closely with the General and Supervisory Board, in order to act in the most suitable manner, protecting the interests of its shareholders. 1. Economic activity of EDP Group EDP - Energias de Portugal, S.A. (hereinafter referred to as EDP), currently with head office in Lisbon, Avenida 24 de Julho 12 and with its shares listed on the Euronext Lisbon stock exchange, results from the transformation of Electricidade de Portugal, E.P., incorporated in 1976 following the nationalization and consequent merger of the main companies in the electricity sector in Portugal. During 1994, as established by Decree- laws 7/91 and 131/94, the EDP Group (EDP Group or Group) was set up following the split of EDP, which led to a number of directly or indirectly wholly owned subsidiaries of EDP. The Group\u2019s businesses are currently focused on the generation, transmission, distribution and supply of electricity and supply of gas. Additionally, the Group also operates in related areas such as engineering, laboratory tests, professional training, energy services and property management. EDP Group operates essentially in the European (Portugal, Spain, France, Poland, Romania, Italy, Belgium, United Kingdom and Greece), American (Brazil, Colombia and North America) and Southeast Asia energy sectors. 2. Accounting policies a) Basis of presentation The accompanying condensed consolidated and company financial statements of EDP - Energias de Portugal, S.A. reflect the results of the company's operations and its subsidiaries (EDP Group or Group) and the Group's interest in its joint ventures and associated companies, for the periods ended on 31 December 2022 and 2021 and EDP S.A.'s Executive Board of Directors approved them on 01 March 2023. The financial statements are presented in thousand Euros, rounded to the nearest thousand. In accordance with Regulation (EC) 1606/2002 of the European Council and Parliament, of 19 July 2002, as transposed into Portuguese legislation through Decree-law 35/2005 of 17 February 2005, with changes updated by the Decree-law 158/2009 of 13 July and Decree-law 98/2015 of 2 June, the company's financial statements and the Group's consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS), as endorsed by the European Union (E.U). IFRS comprise accounting standards issued by the International Accounting Standards Board (IASB) as well as interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) and their predecessor bodies. The EDP Group's consolidated and company financial statements for the years ended 31 December 2022 and 2021 were prepared in accordance with IFRS as adopted by the E.U. and effective since 1 January 2022. The accounting policies used by the Group in preparing the consolidated financial statements described in this note were adopted in accordance. The new standards and interpretations recently issued but not yet effective and that the Group has not yet applied on its consolidated financial statements, are detailed in note 3. The financial statements have been prepared on a going concern basis and under the historical cost convention, modified by the application of the fair value accounting to derivative financial instruments, financial assets at fair value through profit or loss and financial assets at fair value through other comprehensive income. Assets and liabilities that are hedged under hedge accounting are stated at fair value in respect of the hedged risk. Non-current assets and disposal groups held for sale are stated at the lower of carrying amount and fair value less costs to sell. Liabilities for defined benefit plans are recognised at the present value of the obligation net of plan assets fair value. In accordance with IFRS 3 - Business Combinations, if the initial purchase price allocation of assets, liabilities and contingent liabilities acquired is identified as provisional, in the subsequent 12 months after the business combination transaction, the legal acquirer should make the final allocation of the purchase price related to the fair value of the assets, liabilities and contingent liabilities acquired. These adjustments with impact on the amount of goodwill determined and booked in previous periods, originate a restatement of the comparative information, which is reflected on the statement of financial position, with effect from the date of the business combination transaction. Change in the presentation of Social Tariff costs Within the scope of the regulatory changes verified in Spain in 2022, the Group has reassessed the accounting of the costs related to Social Tariff in its income statement. Due to the nature of these costs, it has been concluded that they should be accounted for as \"Other expenses\". In this sense, the costs related to social tariff incurred in 2021 were reclassified from the \u201cCost of energy sales and other\u201d to \u201cOther expenses\u201d (amounting to 72,271 thousand Euros at 31 December 2021). Change in the presentation of green certificates - Inventories During 2022, the Group has reviewed its accounting policy relating to Green Certificates and RECs, based on decisions issued by the European Securities and Markets Authority (ESMA) regarding transactions of a similar nature. According to the analysis carried out, it has been concluded that these Certificates are considered government support in accordance with IAS 20 that must be accounted for under the caption \u201cRevenues and cost of Energy Sales and Services and Other\u201d, with unsold certificates being recognised as inventories in accordance with IAS 2. In this sense, the Group proceeded to reclassify the amounts recognised under \"Intangible assets\" to \"Inventories\" (amounting to 157,532 thousand Euros at 31 December 2021 and 148,668 thousand Euros at 1 January 2021), since it has been concluded that this is the most appropriate presentation and the one that better reflects the nature of these assets, maintaining all other recognition and measurement criteria unchanged. The preparation of financial statements in conformity with IFRS requires the Executive Board of Directors to make judgments, estimates and assumptions that affect the application of the accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and related assumptions are based on historical experience and other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments regarding the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The issues involving a higher degree of judgment or complexity, or where assumptions and estimates are considered to be significant, are presented in note 4 - Critical accounting estimates and judgments in preparing the financial statements. Accounting policies have been applied consistently by all Group companies and in all periods presented in the consolidated and company financial statements. b) Basis of consolidation The accompanying consolidated financial statements reflect the assets, liabilities and results of EDP, S.A. and its subsidiaries (Group or EDP Group) and the equity and results attributable to the Group, through the investments in associates and jointly controlled entities. Controlled entities Investments in subsidiaries where the EDP Group has control are fully consolidated from the date the Group assumes control over their financial and operating activities and/or over their assets and liabilities until the moment that control ceases to exist. An investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee, independently of the percentage of voting rights held. Accumulated losses are attributed to non-controlling interests in the corresponding proportions held, implying that the Group can recognise negative non-controlling interests. On a step acquisition process resulting in the acquisition of control the revaluation of any interest previously held is booked against the income statement when goodwill is calculated. On a partial disposal resulting in loss of control over a subsidiary, any participation retained is revalued at market value on the sale date and the gain or loss resulting from this revaluation is booked against the income statement, as well as any gain or loss resulting from the disposal. Jointly controlled entities EDP Group classifies an arrangement as a joint arrangement when the jointly control is contractually established. Joint control exists only when decisions about the relevant activities require the unanimous consent of the parties that collectively control the arrangement. After determining the existence of joint control, the Group classifies joint arrangements into two types - joint operation or joint venture. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement (i.e. joint operators) have rights to the assets and obligations for the liabilities relating to the arrangement, so the assets and liabilities (and related revenues and expenses) in relation to its interest in the arrangement are recognised and measured in accordance with relevant IFRS applicable. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement (i.e. joint ventures) have rights to the net assets of the arrangement, so these investments are included in the consolidated financial statements under the equity method. The consolidated financial statements include the Group's attributable share of total reserves and profits or losses of joint ventures, included under the equity method. When the Group\u2019s share of losses exceeds its interest in a joint venture, its carrying amount is reduced to zero and recognition of further losses is discontinued, except to the extent that the Group has a legal or contractual obligation to cover such losses on behalf of that entity. Entities over which the Group has significant influence Investments in associates are included in the consolidated financial statements under the equity method from the date the Group acquires significant influence to the date it ceases. Associates are entities over which the Group has significant influence, but not control, over its financial and operating policies. The existence of significant influence by the Group is usually evidenced by one or more of the following: - Representation on the Executive Board of Directors or equivalent governing body of the investee; - Participation in policy-making processes, including participation in decisions about dividends or other distributions; - Existence of material transactions between the Group and the investee; - Interchange of managerial personnel; and - Provision of essential technical information. The consolidated financial statements include the Group's attributable share of total reserves and profits or losses of associates, included under the equity method. When the Group\u2019s share of losses exceeds its interest in an associate, its carrying amount is reduced to zero and recognition of further losses is discontinued, except to the extent that the Group has a legal or constructive obligation to cover such losses on behalf of the associate. Accounting for investments in subsidiaries, joint ventures and associates in the company's financial statements Investments in subsidiaries, joint ventures and associates not classified as held for sale or not included in a disposal group which is classified as held for sale are accounted for at cost in the company's financial statements, and are subject to periodic impairment tests, whenever indication exists that certain financial investment may be impaired. Goodwill Following the transition to International Financial Reporting Standards (IFRS) on 1 January 2004 and as permitted under IFRS 1 - First-time Adoption of International Financial Reporting Standards, the EDP Group decided to maintain the goodwill resulting from business combinations that occurred prior to the transition date, calculated in accordance with the Group's previous accounting policies. Costs directly attributable to the acquisition of a subsidiary are booked directly in the income statement. As from the transition date to IFRS, total positive goodwill arising from acquisitions is recognised as an asset carried at acquisition cost and is not subject to amortisation. Goodwill arising on the acquisition of subsidiaries, joint ventures and associates is defined as the difference between the cost of acquisition and the corresponding share of the fair value of the net assets acquired. The EDP Group has the possibility to book non-controlling interests at fair value or at cost, implying that the full amount of goodwill can be booked in the financial statements, including the portion attributable to the non-controlling interests, against non-controlling interests, if the first option is chosen. Goodwill arising on the acquisition of subsidiaries, joint ventures and associates is defined as the difference between the cost of acquisition and the total or corresponding share of the fair value of the net assets acquired, depending on the option taken. Negative goodwill arising on an acquisition is recognised directly in the income statement in the period when the business combination occurs. The recoverable amount of the goodwill is assessed annually, regardless of the existence of any impairment triggers. Impairment losses are recognised in the income statement. The recoverable amount is determined based on the value in use of the assets, calculated using valuation methodologies supported by discounted cash flow techniques, considering market conditions, the time value of money and the business risks. Goodwill is not adjustable due to changes in the initial estimate of the contingent purchase price and the difference is booked in the income statement. Purchases of non-controlling interests and dilution In acquisitions (dilutions not resulting in a loss of control) of non-controlling interests, the difference between the fair value of the non-controlling interests acquired and the consideration paid, is accounted against reserves. The acquisitions of non-controlling interests through written put options related with investments in subsidiaries held by non-controlling interests, are recorded as a liability for the fair value of the amount payable, against non-controlling interests. The fair value of the liability is determined based on the contractual price which may be fixed or variable. In case of a variable price, the changes in the liability are recognised against the income statement as well as the effect of the financial discount of the liability (unwinding). Investments in foreign operations The financial statements of the foreign subsidiaries, joint ventures and associates of the Group are prepared using their functional currency, defined as the currency of the primary economic environment in which they operate. In the consolidation process, the assets and liabilities of foreign subsidiaries are translated into Euros at the official exchange rate at the balance sheet date. Regarding the investments in foreign operations that are consolidated using the full consolidation method and equity method, the exchange differences between the amount of equity expressed in Euros at the beginning of the period and the amount translated at the official exchange rates at the end of the period, on a consolidated basis, are booked against reserves. Foreign currency goodwill arising on the acquisition of these investments is remeasured at the official exchange rate at the balance sheet date directly against reserves. The income and expenses of foreign subsidiaries are translated into Euros at the approximate exchange rates at the dates of the transactions. Exchange differences from the translation into Euros of the net profit for the period, arising from the differences between the rates used in the income statement and those prevailing at the balance sheet date are recognised in reserves. On disposal of a foreign subsidiary, the related exchange differences previously recognised in reserves, are accounted for in the income statement. Balances and transactions eliminated on consolidation Inter-company balances and transactions, including any unrealised gains and losses on transactions between Group companies, are eliminated in preparing the consolidated financial statements. Unrealised gains and losses arising on transactions with associates and jointly controlled entities are eliminated to the extent of the Group's interest in those entities. Business combinations achieved in stages In a business combination achieved in stages, on the date of obtaining control, the excess of the aggregate of (i) the consideration transferred; (ii) the amount of any non-controlling interest recognised in the acquiree; and (iii) the fair value of the previously held equity interest in the acquired business; over the net of amounts of the identifiable assets acquired and liabilities assumed, is recognised as goodwill. If applicable, the negative difference, after evaluating the consideration transferred, of the amount of any non-controlling interest recognised in the acquiree and the fair value of the previously held equity interest in the acquired business, over the net value of the identifiable assets acquired and liabilities assumed, is recognised in the income statement. The Group recognises the difference between the fair value of the previously held equity interest in the acquired business and the carrying value in consolidated results in Other income. Additionally, the Group reclassifies the deferred amounts in other comprehensive income relating to the previously held equity interest to the income statement or consolidated reserves, according to their nature. c) Foreign currency transactions Foreign currency transactions are translated at the exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currency are translated into Euros at the exchange rates at the balance sheet date. These exchange differences arising on translation are recognised in the income statement as financial results. Foreign currency non-monetary assets and liabilities accounted for at historical cost are translated using the exchange rates at the dates of the transactions. Foreign currency non-monetary assets and liabilities stated at fair value are translated into Euros at the exchange rates at the dates the fair value was determined. d) Derivative financial instruments and hedge accounting Derivative financial instruments are recognised on the trade date at fair value. Subsequently, the fair value of derivative financial instruments is remeasured on a regular basis, being the gains or losses on re-measurement recognised directly in the income statement, except for derivatives designated as cash flow hedging instruments. Recognition, in the income statement, of the resulting gains and losses on re-measurement of hedging derivatives depends on the hedge model used. The fair value of derivative financial instruments corresponds to their market value, if available, or to quotes indicated by external entities through the use of valuation techniques accepted by the market, which are compared in each date of report to fair values available in common financial information platforms, namely Bloomberg and Reuters. Hedge accounting The Group uses financial instruments to hedge interest rate risk, exchange rate risk and price risk resulting from its operational and financing activities. Derivatives not qualified for hedge accounting under IFRS 9 are accounted for as trading instruments. Hedging derivatives are recorded at fair value, being the gains and losses recognised in accordance with the hedge accounting model applied by the Group. Hedge relationship exists when: (i) The hedging relationship consists only of hedging instruments and hedged items that are eligible as per determined in IFRS 9; (ii) At the inception of the hedge there is formal documentation of the hedging relationship and the Group's risk management objective and strategy for the hedge; (iii) There is an economic relationship between the hedged item and the hedging instrument; (iv) The effect of credit risk does not dominate the value changes that result from that economic relationship; and (v) The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the entity actually hedges and the quantity of the hedging instrument that the entity actually uses to hedge that quantity of hedged item. Fair value hedge Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with any changes in the fair value of the hedged assets and liabilities or group of hedged assets and liabilities that are attributable to the hedged risk. For cross currency interest rate swaps, the currency basis spread is excluded from the hedge designation, but considered as a hedging cost in other comprehensive income, in cost of hedging reserve. When the hedging relationship ceases to comply with the requirements for hedge accounting, the accumulated gains or losses concerning the fair value of the risk being hedged are amortised over the residual period to maturity of the hedged item. Cash flow hedge Changes in the fair value of derivatives qualified as cash flow hedges are recognised in reserves. The cumulative gains or losses recognised in reserves are reclassified to the income statement when the hedged item affects the income statement. When a hedging relation of a future transaction is discontinued, if the transaction is still expected to take place, the changes in the fair value of derivative recognised in reserves remain recognised in reserves until the future hedged transaction occurs. When the future transaction is no longer expected to occur, the cumulative gains or losses recognised in reserves are recorded immediately in the income statement. Net investment hedge The net investment hedge model is applied on a consolidated basis to investments in subsidiaries in foreign currencies. This model allows that the exchange differences recognised in the currency translation reserve to be offset by the foreign exchange differences in foreign currency loans or currency derivatives contracted, recognised in Currency translation reserve - Net investment hedge. For cross currency interest rate swaps, the cross currency basis spread and forward points are not designated into the hedge relationship, but deferred as a hedging cost in other comprehensive income, in Currency translation reserve - Net investment hedge - Cost of hedging, and recognized in profit or loss over the period of the hedge. The ineffective portion of the hedging relationship is recognised in the income statement. The accumulated foreign exchange gains and losses regarding the net investment and the related hedging instrument recognised in equity are transferred to the income statement when the foreign currency subsidiary is sold, as part of the gain or loss resulting from the disposal. Effectiveness For a hedge relationship to be classified as such, in accordance with IFRS 9, its effectiveness must be demonstrated. Therefore, the Group performs prospective tests at the inception date and at each balance sheet date, in order to demonstrate its effectiveness, showing that any adjustments to the fair value of the hedged item attributable to the risk being hedged are offset by adjustments to the fair value of the hedging instrument. Any ineffectiveness is recognised in the income statement when it occurs. e) Debtors and Other assets The financial assets are classified based on the business model for managing the financial assets (\"business model test\") and their contractual cash flow characteristics (\"SPPI test\"). EDP Group classifies its financial assets, at the initial recognition, in accordance with the aforementioned requirements introduced by IFRS 9, on the following categories: Financial assets at amortised cost A financial asset is measured at amortised cost if: (i) it is held within a business model whose objective is to hold assets in order to collect its contractual cash flows; and (ii) the contractual cash flows represent solely payments of principal and interest. Financial assets included within this category are initially recognised at fair value and subsequently measured at amortised cost. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the statement of profit or loss. Loans and trade receivables are generally held to collect contractual cash flows and are expected to give rise to cash flows representing solely payments of principal and interest, thus they meet the criteria for amortised cost measurement under IFRS 9. Financial assets measured at fair value through other comprehensive income (FVOCI) A financial asset is measured at fair value through other comprehensive income if (i) the objective of the business model is achieved by both collecting contractual cash flows and selling financial assets; and (ii) the asset\u2019s contractual cash flows represent solely payments of principal and interest. Financial assets included within this category are initially recognised and subsequently measured at fair value, with the changes in the carrying amount booked in other comprehensive income, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses, which are recognised in profit and loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in other comprehensive income is reclassified to profit or loss. Financial assets measured at fair value through profit or loss (FVTPL) Financial assets that do not meet the criteria to be classified under the previously referred categories, are classified at fair value through profit or loss, deemed to be a residual category under IFRS 9. Regardless of the business model assessment, EDP Group can elect to classify a financial asset at fair value through profit or loss if doing so reduces or eliminates a measurement or recognition inconsistency (\u201caccounting mismatch\u201d). Changes in the business model assessment over time Financial assets are not reclassified subsequent to their initial recognition. However, if the Company changes its business model for managing financial assets, it will classify newly originated or newly purchased financial assets under the new business model, but will keep the classification of existing assets under the previous business model. Recognition and derecognition of financial assets Purchases and sales of financial assets are recognised on the trade date, which is the date on which the Group commits to purchase or sell these financial assets. Financial assets are derecognised when: (i) the Group contractual rights to receive their future cash flows have expired, (ii) the Group has transferred substantially the risks and rewards of ownership, or (iii) although retaining some, but not substantially all the risks and rewards of ownership, the Group has transferred control over the assets. Impairment EDP Group recognises an impairment loss based on the Expected Credit Loss (ECL) model, before the objective evidence of a loss event from past actions. This model is the basis for the recognition of impairment losses on held financial assets that are measured at amortised cost or at fair value through other comprehensive income (which includes cash and cash equivalents, trade receivables, loans and debt securities). The impairment methodology applied depends on whether there has been a significant increase in credit risk since initial recognition. If the credit risk on a financial asset does not increase significantly since its initial recognition, EDP Group measures the loss allowance for that financial asset at an amount equal to 12-month expected credit losses. If the credit risk increases significantly since its initial recognition, EDP Group measures the loss allowance for that financial asset at an amount equal to lifetime expected credit losses. Regardless of the above, a significant increase in credit risk is presumed if there is an objective evidence that the financial asset is impaired, including if there is observable data that comes to the attention of the holder of the asset about the following loss events, among others: significant financial difficulty of the issuer or obligor; restructuring of an amount due to the Group in terms that it would not consider otherwise; a breach of contract, such as a default or delinquency in interest or principal payments; or it becoming probable that the borrower will enter bankruptcy or other financial reorganisation. As soon as the loss event occurs in terms of IFRS 9, the impairment allowance would be allocated directly to financial asset affected, that is, the asset\u2019s carrying amount is reduced and the amount of the loss is recognised in profit or loss. If, in a subsequent period, the amount of the impairment loss decreases, the previously recognised impairment loss is reversed in profit or loss, if the decrease can be related objectively to an event occurring after the impairment loss was recognised. Trade receivables, including contract assets EDP Group applies the simplified approach and records lifetime expected losses on all trade receivables and contract assets, including those with a significant financing component. The estimated ECL are calculated based on actual credit loss experience over a period that, per business and type of customers, is considered statistically relevant and representative of the specific characteristics of the underlying credit risk. When applicable, EDP Group estimated the ECL rates separately for corporates and individuals. Considering the particularities of each business, exposures are segmented based on common credit risk characteristics such as credit risk grade, geographic region and/or industry - for corporates; and type of product purchased - for individuals, as applicable. Actual credit loss experience is adjusted by scalar factors to reflect differences between economic conditions during the period over which historical data was collect, current conditions and EDP Group's view of economic conditions over the expected lives of the receivables. Other receivables and financial assets For receivable assets related to regulatory assets, loans, financial entities and State carried at amortised cost and FVOCI, EDP Group performs an analysis based on the general approach. On making its assessment, the company has to make assumptions about risk of default and expected loss rates, which requires judgement. The inputs used for risk assessment and for calculation of the loss allowances for financial assets includes: (i) credit ratings (as far as available) from external credit rating companies such as Standard and Poors, Moody\u2019s and Fitch; (ii) significant changes in the expected performance and behaviour of the borrower, including changes in the payment status of borrowers in the Group and changes in the operating results of the borrower; (iii) public market data, namely on probabilities of default and loss given default expectations; and (iv) macroeconomic information (such as market interest rates or growth rates). Leases \u2013 Lessor perspective A lessor classifies each of its lease as either an operating lease or a finance lease. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underlying asset. A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership of an underlying asset. At the commencement date, a lessor recognises assets held under a finance lease in its statement of financial position and present them as a receivable at an amount equal to the net investment in the lease. A lessor recognises lease payments from operating leases as income on either a straight\u2010line basis or another systematic basis (if that basis is more representative of the pattern in which benefit from the use of the underlying asset is diminished). The assets subject to operating leases are presented in its statement of financial position according to the nature of the underlying asset. f) Trade payables and other liabilities An instrument is classified as a financial liability when there is a contractual obligation for the issuer to liquidate capital and/or interests, through delivering cash or other financial asset, regardless of its legal form. Financial liabilities are recognised at the issuance date (trade date): (i) initially at fair value less transaction costs; and (ii) subsequently at amortised cost, using the effective interest method. All financial liabilities are booked at amortised cost, with the exception of the financial liabilities hedged at fair value hedge, which are stated at fair value on risk component that is being hedged. Derecognition of financial liabilities EDP Group derecognises a financial liability (or a part of a financial liability) from its statement of financial position when, and only when, the obligation specified in the contract is discharged, cancelled or expired. An exchange between an existing borrower and lender of debt instruments with substantially different terms is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, a substantial modification of the terms of an existing financial liability, or a part of it, is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The difference between the carrying amount of a financial liability (or part of a financial liability) extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss. Initial measurement of the lease liabilities As provided by IFRS 16, the lease liabilities on the commencement date are measured by the Group based on the present value of the future payments of that lease contracts, discounted using EDP Group's incremental borrowing rate for each portfolio of leases identified. EDP Group determines the lease term as the non\u2010cancellable period of a lease, together with both: (i) periods covered by an option to extend the lease, if the lessee is reasonably certain to exercise that option; and (ii) periods covered by an option to terminate the lease, if the lessee is reasonably certain not to exercise that option. EDP Group applies the recognition exemption provided by IFRS 16 for the leases which lease term is 12 months or less, or that are for a low-value asset. After the commencement date, the lease liabilities are increased to reflect interest on the liability and reduced to reflect the lease payments made. Remeasurement of the lease liabilities EDP Group remeasures the lease liabilities, and adjusts the corresponding right-of-use assets, by discounting the revised lease payments, using an unchanged discount rate, if either: i) there is a change in future lease payments resulting from a change in an index or a rate used to determine those payments; or ii) there is a change in the amounts expected to be payable under a residual value guarantee. If there is a lease modification that do not qualifies to be accounted as a separate lease, EDP Group remeasures the lease liabilities and adjusts the corresponding right-of-use assets, by discounting the revised lease payments, using a revised discount rate at the effective date of the modification. The variable lease payments that do not depend in an index or a rate are not included in the measurement of the lease liabilities, nor the right-of- use asset. Those payments are recognised as cost in the period in which the event or condition that gives rise to the payments occurs. g) Equity instruments A financial instrument is classified as an equity instrument when there is no contractual obligation at settlement to deliver cash or other financial asset to another entity, regardless of its legal form, and there is a residual interest in the assets of an entity after deducting all its liabilities. Costs directly attributable to the issuance of equity instruments are recognised in equity, as a deduction to the amount issued. Amounts paid or received relating to sales or acquisitions of equity instruments are recognised in equity, net of transaction costs. Distributions related to equity instruments are deducted from equity, as dividends, when declared. Preference shares issued by the Group are considered as an equity instrument when there is no contractual obligation to redeem the shares and dividends are paid at the discretion of the Group. Preference shares issued by subsidiaries, classified as equity instruments and held by third parties, are recognised as non-controlling interests. Equity instruments at fair value EDP Group classifies the equity instruments that are held for trading at fair value to profit or loss. For all other equity instruments, management has the ability to make an irrevocable election on initial recognition, on an instrument-by-instrument basis, to present changes in fair value in other comprehensive income. If this election is made, all fair value changes, excluding dividends that are a return on investment, will be included in other comprehensive income. There is no recycling of amounts from other comprehensive income to profit and loss (for example, on sale of an equity investment) being, at that time, transferred to retained earnings. h) Property, plant and equipment Property, plant and equipment is stated at acquisition cost less accumulated depreciation and impairment losses. On transition to IFRS, on 1 January 2004, the Group decided to consider as deemed cost the revalued amount of Property, plant and equipment in accordance with the Group's previous accounting policy, which was comparable in general terms to the depreciated cost determined in accordance with IFRS. Subsequent costs are recognised as Property, plant and equipment only when it is probable that future economic benefits associated with the item will flow to the Group. Repair and maintenance costs are charged in the income statement as incurred, according to the accrual principle. The Group carries out impairment tests whenever events or circumstances may indicate that the book value of an asset exceeds its recoverable amount, being any impairment recognised in the income statement. The recoverable amount is the higher of fair value less costs to sell and value in use, the latter being calculated by the present value of the estimated future cash flows obtained from continued use of the asset and its sale at the end of its useful life. Land is not depreciated. Depreciation of tangible assets is calculated on a straight-line basis over their estimated useful lives, as follows: Buildings and other constructions 8 to 50 Plant and machinery: - Hydroelectric generation 30 to 75 - Thermoelectric generation 25 to 45 - Renewable generation 30 to 35 - Electricity distribution 10 to 40 - Other plant and machinery 4 to 25 Transport equipment 4 to 25 Office equipment and tools 2 to 16 Other property, plant and equipment 3 to 50 According to IFRS, the estimate of the useful life of assets should be reviewed whenever a change in the expected economic benefits flowing from the assets occurs as well as when the technical use planned for the assets differs from previous estimates. Changes occurring in the depreciation charge for the year are accounted prospectively. Capitalisation of borrowing costs and other directly attributable costs Borrowing costs that are directly attributable to the acquisition or construction of assets are capitalised as part of the cost of these assets. A qualifying asset is an asset that needs a substantial period of time to be ready for its intended use or sale. The amount of interest costs eligible for capitalisation is determined by applying a capitalisation rate to the expenditures on those assets. The capitalisation rate corresponds to the weighted average of the borrowing costs applicable to the outstanding borrowings during the period. The capitalisation of borrowing costs begins when expenditure for the assets is being incurred, borrowing costs have been incurred and activities necessary to prepare all or part of the assets for their intended use or sale are in progress. Capitalisation ceases when substantially all the activities necessary to prepare the qualifying assets for their intended use or sale are completed. Other expenses directly attributable to the acquisition and construction of the assets, such as cost of consumed materials and personnel costs, are also capitalised as part of the cost of the assets. Investment government grants Investment government grants are initially booked as Trade payables and other liabilities from commercial activities - Non-Current only when there is reasonable certainty that the grant will be received and that the Group will fulfil the grant term conditions. Grants that compensate the Group for expenses incurred are booked in the income statement on a linear basis, on the same period in which the expenses are incurred. Grants that compensate the Group for the acquisition of assets are recognised in the income statement over the related assets useful life. Transfers of assets from customers Transfers of assets from customers concession arrangement and out of the scope of IFRIC 12, in accordance with IFRS 15, are related to payments of performance obligations fulfilled over the useful life of the underlying asset. Accordingly, when they are received from the customers, they are booked as liabilities instead of revenue. The assets are recognised by the estimated construction cost and are depreciated over their useful lives. The liabilities are recognised as revenue based on the corresponding useful life of the underlying asset. i) Intangible assets The Group's intangible assets are booked at acquisition cost less accumulated amortisation and impairment losses. The Group performs impairment tests whenever events or circumstances may indicate that the book value of the asset exceeds its recoverable amount, being any impairment recognised in the income statement. The recoverable amount is the higher of fair value less costs to sell and value in use, the latter being calculated by the present value of the estimated future cash flows obtained from continued use of the asset and its sale at the end of its useful life. Acquisition and development of software The costs of purchasing software and the costs incurred by the Group to implement it are capitalised and amortised on a straight-line basis over the expected useful life of the asset. Costs incurred by the Group directly related to the development of software, that are expected to generate economic benefits beyond one year, are recognised as intangible assets. Such costs include employee costs directly associated to the project and are amortised on a straight-line basis over its estimated useful life. Software maintenance costs are charged to the income statement when incurred. Concession rights on distribution of electricity The concession rights on distribution of electricity in Brazil are recorded as intangible assets and amortised on a straight-line basis over the concessions period, not exceeding 30 years. Concession rights to use the public hydric domain Portuguese concession rights to use the public hydric domain are booked as intangible assets and depreciated on a straight-line basis over the concession period, which does not exceed 74 years. EDP Group records as concession rights the financial compensations for the use of public domain assets, whenever these compensations are paid and for all the Group subsidiaries. The accounting policy related to intangible assets assigned to concessions in the scope of IFRIC 12 is described in z), Group concession activities. Concession rights on generation of electricity The concession rights on generation of electricity in Brazil are recorded as intangible assets and amortised on a straight-line basis over the concession period. Industrial property and other rights Industrial property and other rights are amortised on a straight-line basis over the estimated useful life of the assets, not exceeding 6 years. j) Right-of-use assets EDP Group presents the information related to lease contracts in the caption Right-of-use assets, in a separate line in the Statement of Financial Position. These assets are accounted for at cost less accumulated depreciation and impairment losses. The cost of these assets comprises the initial costs and the initial measurement of the lease liabilities, deducted from the prepaid amounts and any incentives received. Depreciation of right-of-use assets is calculated on a straight-line basis over their estimated useful lives, considering the lease contract terms. Remeasurement of right-of-use assets If EDP Group remeasures the lease liability (see f)), the corresponding right-of-use assets shall be adjusted accordingly. k) Investment property The Group classifies as investment property, property held for capital appreciation and/or for rental purposes. Investment property is recognised initially at acquisition or production cost, including directly attributable transaction costs, and is subsequently measured at cost less accumulated depreciation and any impairment losses. Subsequent expenditures on investment property are only added to the cost of the asset when it is probable that additional future economic benefits will arise when compared to initial recognition. Investment property is depreciated on a straight-line basis over the estimated useful life of the assets (between 8 and 50 years). l) Inventories Inventories are measured at the lower of acquisition cost and net realisable value. The cost of inventories includes purchases, conversion and other costs incurred in bringing the inventories to their present location and condition. The net realisable value is the estimated selling price in the ordinary course of business less the estimated selling costs. The cost of inventories is determined by using the weighted average cost method. CO2 Licenses held by the Group for trade purposes are booked as inventories and measured at fair value, at each balance sheet date, against the income statement. The green certificates are considered government support in accordance with IAS 20 that are accounted for under the caption \"Revenues and cost of Energy Sales and Services and Other\", with unsold certificates being recognised as inventories in accordance with IAS 2. m) Employee benefits Pensions Some EDP Group companies grant post-employment benefits to employees under defined benefit and defined contribution plans, namely pension plans that grant complementary retirement benefits for age and early retirement pensions. Defined benefit plans In Portugal, the defined benefit plan is assured by (i) a closed pension fund managed by an external entity, covering responsibilities with benefits that are complementary to those provided under the Social Security System (namely retirement and early retirement pensions); and (ii) by a complementary specific provision, recognised in the statement of financial position. Benefits are generally determined and assigned through the combination of one or more factors, such as age, years of service and the relevant base retribution (pensionable salary). The responsibilities for early retirement are not covered by the fund\u2019s assets, being adequately provisioned through a specific provision. In Spain, the defined benefit plan is partially covered by insurance policies, and complemented by a specific provision, recognised at the balance sheet. Benefits are generally determined and assigned through the combination of one or more factors, such as age, years of service and the relevant base retribution (pensionable salary). In Brazil, EDP S\u00e3o Paulo and EDP Esp\u00edrito Santo have defined benefit plans managed by a closed complementary welfare entity, external to EDP Group, covering responsibilities associated with retirement and early retirement pensions, according to factors such as age, years of service and the relevant base retribution. In the pension plans in Brazil, the surplus amount of the assets fund generally can not be reimbursed to the company, since there are very strict rules on the amount that can be recovered, therefore the asset amount to be recognised is greatly reduced. The Group\u2019s pension liability for each plan is calculated by independent experts annually, for each plan, at the balance sheet date, using the projected unit credit method. The discount rate used in the calculation is determined based on market interest rates of high quality corporate bonds denominated in the currency in which the benefits will be paid and that have similar maturity to the related pension liability. Actuarial gains and losses presented in consolidated statement of comprehensive income comprise: (i) the actuarial gains and losses resulting from increases or decreases in the present value of the defined benefit obligation because of changes in actuarial assumptions and experience adjustments; (ii) the return on plan assets, excluding amounts included in net interest on the net defined benefit liability (asset); and (iii) any change in the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability (asset). The increase in past service costs arising from early retirements (retirements before the normal retirement age) or plan amendments is recognised in the income statement when incurred. The Group recognises as operational results, in the income statement, current and past service costs. Net interest on the net defined benefit liability (asset) is recognised in financial results. The assets of the plan comply with the recognition criteria established by IFRIC 14 - IAS 19 and the minimum funding requirements established by law or by contract. Defined contribution plans Some Group companies in Portugal, Spain and Brazil have defined contribution social benefit plans that complement those granted by the Social Security System, under which they pay an annual contribution to the plans, calculated in accordance with the rules established in each plan. These contributions represent a percentage of the fixed and variable remuneration of the employees included in this plan and are accounted for as cost for the period in which they are due. Other benefits granted - Defined Benefit Type Medical benefits Some EDP Group companies provide medical benefits under which employees and immediate eligible family members have favourable conditions in medical assistance and health care services, namely: - Concerning EDP Group companies in Portugal, through the provision of medical assistance that is complementary to the one provided under the National Health System, provided using infrastructures owned and managed internally; - Concerning EDP Group companies in Spain and Brazil, through the share of costs in eligible medical and health expenses, in an external agreed network. In Portugal, the medical benefit and death benefits plan is assured by (i) a closed fund managed by an external entity, created in December 2016, and (ii) a complementary specific provision, recognised in EDP Group company\u2019s statement of financial position. In Spain, the medical care and death subsidy benefits plan is partially covered by insurance policies, and complemented by a specific provision, booked in EDP Group company\u2019s statement of financial position. In Brazil, the liability is being covered by provisions booked in EDP Group company\u2019s statement of financial position. Measurement and recognition of the medical benefits liabilities are similar to the defined benefit pension plans liabilities, explained above. Other benefits In addition, EDP Group grants other benefits, supporting charges arising from responsibilities for disability benefit\u2019s complements, survival benefits, life insurance, antiquity and retirement benefits, power tariff discounts, among others. These responsibilities are fully covered by a provision. Benefits included in each Plan for Portugal and Brazil are detailed in EDP\u2019s Collective Labor Agreement, published in the Labor Bulletin of 8 October 2014 and in the website of the Plan management entity Enerprev (www.enerprev.com.br), respectively. n) Provisions Provisions are recognised when: (i) the Group has a present legal, contractual or constructive obligation; (ii) it is probable that settlement will be required in the future; and (iii) a reliable estimate of the obligation can be made. Provisions for dismantling and decommissioning in electric power plants The Group accounts for provisions for dismantling and decommissioning of assets at the end of the assets\u2019 useful life when there is a legal, contractual or constructive obligation. Therefore, such provisions have been booked for the electric power plants to cover the cost of restoring the location and land to their original condition. The provisions are calculated at the present amount of the expected future liability and are accounted for as part of the cost of the related property, plant and equipment being depreciated on a straight-line basis over the useful life of those assets. Decommissioning and dismantling provisions are remeasured on an annual basis based on the best estimate of the settlement amount. The unwinding of the discount at each balance sheet date is charged to the income statement. o) Recognition of revenue from contracts with customers EDP Group recognises revenue to depict the transfer of control of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for these goods or services, as provided in the 5 steps methodology introduced by IFRS 15, namely: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to performance obligations; and (v) recognise revenue when (or as) the entity satisfies a performance obligation. Revenue in EDP Group arises essentially from electricity generation and distribution and energy (electricity and gas) supply activities. Revenue related to the sale of energy and access tariffs to energy distribution network is measured at fair value of the consideration received or receivable, net of value added tax, rebates and discounts and after elimination of intra-group sales. Regarding the electricity generation, the transfer of control occurs when the energy is generated and injected into the transport/distribution grids. The electricity generated is sold under free market conditions or through the establishment of medium/long term power purchase agreements. The energy distribution is a regulated activity, which is remunerated through tariffs set by each country Regulatory Body (Entidade Reguladora dos Servi\u00e7os Energ\u00e9ticos (ERSE) in Portugal, Comisi\u00f3n Nacional de Energ\u00eda (CNE) in Spain and Ag\u00eancia Nacional de Energia El\u00e9trica (ANEEL) in Brazil). In Portugal and Spain, revenue arises mainly from the sale of access tariffs, as well as from the recovery, from the commercialisation entities, of the costs related to the global management activity of the system. In Brazil, revenue results from the electricity sales to final consumers, in the regulated market, based on the tariffs determined by ANEEL, which are included the use of the distribution and transport system tariff, among other components. In Portugal and Brazil, these activities are subject to public service concession arrangements (see z)). Following the Directive 13/2018, of 15 December, on tariffs to be in force in 2019, and the premisses of IFRS 15, E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. acts as an agent in the purchase and sale of access to the transmission network (CVART) and therefore, as from this date onwards the associated amounts of costs and revenues are recorded at net value in the caption Revenues and cost of Energy Sales and Services and Other. The energy supply is carried out in regulated and non-regulated markets. In non-regulated market, revenue is recognised based on commercial agreements. In regulated market, revenue is recognised according to the tariffs determined by each country Regulatory Body. For contracts with customers in which the sale of energy and access tariffs are generally expected to be the only performance obligation, EDP Group recognises the revenue at a point in time when control of the asset is transferred to the customer, generally on delivery of the goods. Revenue recognition includes two components: (i) energy sales already invoiced, based on actual consumption readings and/or in estimated consumption based on the historical data of each consumer; and (ii) estimates of energy supplied and not yet invoiced (energy into energy meter). Differences between estimated and actual amounts are recorded in subsequent periods. For pluriannual contracts with customers for energy sales including a termination clause determined based on the estimated consumption and contractual set prices, revenue is recognised based on the \"Input Method\". Under this method, revenue is recognised according to the percentage of the contract execution and the corresponding contractual margin. The margin is reviewed annually, on a contract-by-contract basis, based on the updating of estimated energy supply volumes until the end of the contract. Additionally, it should be noted that, in energy distribution and supply activities, there is a tariff adjustment mechanism through which gains or losses of a certain year are recognised in the period to which they relate and recovered in the future years tariffs \u2013 Tariff Adjustments (see w)). EDP Group recognises the revenue related with services rendered over time in accordance with IFRS 15, given that the customer simultaneously receives and consumes the benefits provided by the Group. EDP Group also sells products and services as a part of an integrated commercial offer (\"bundled\"). In a bundled sale arrangement, the Group accounts the sale of each product and/or service separately if they are distinct, that is, if the product or service is separately identifiable in the context of the integrated offer and the customer benefits from it. The consideration paid is allocated between the goods or services separately identifiable based on their relative stand-alone selling prices. The stand-alone selling price is determined based on EDP Group price lists on goods or services sold separately or, if they are not listed, based on the market valuation approach. In what concerns variable transaction prices, EDP Group only recognises revenue when it is highly probable that there will not be any significant reversal of the recognised revenue, when it becomes certain. EDP Group considers the facts and circumstances when analysing the terms of each contract with customers, applying the requirements that determine the recognition and measurement of revenue in a harmonized manner, when considering contracts with the same characteristics and in similar circumstances. Contract liabilities As provided by IFRS 15, EDP Group presents a contract liability if the Group has an obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. Contract assets As provided by IFRS 15, EDP Group presents a contract asset if the Group has a right to consideration that is conditional on something other than the passage of time. This is common when the Group has transferred goods or services to a customer usually before invoicing and the payment is due, excluding any amounts presented as a Trade receivables (unconditional rights to consideration). Incremental costs of obtaining a contract EDP Group establishes certain contracts with third parties for the promotion (sale) of energy and related services. These third parties act as sales agents and are paid through sales commissions. The Group recognises incremental costs of obtaining contracts with customers as an asset if the entity expects to recover these costs over the respective contracts. The costs incurred by an entity to obtain a contract with a customer are considered as incremental costs whenever it is clear that the entity would not incur these costs if the contract had not been obtained (for example, a sales commission). Therefore, EDP Group understands that the incremental costs to obtain a contract are eligible for capitalisation, accounting for a contract asset under the caption Debtors and other assets of commercial activities - Non-current. This asset shall be recognised in the income statement as amortisation, on a systematic basis that is consistent with the transfer to the customer of the goods or services to which the asset relates. Considering the analysis carried out on the set of goods and services provided by the EDP Group to which these commissions relate, the useful life allocated to them varies between 6 and 8 years. p) Financial results Financial results include interest costs on borrowings, interest income on funds invested, dividend income, foreign exchange gains and losses, realised gains and losses, changes in fair value of derivative financial instruments related to financing activity classified by the Group, within IFRS 9, as held for trading and consequently measured at fair value through profit or loss, and changes in the fair value of hedged risks, when applicable. Interest is recognised in the income statement on an accrual basis. Dividend income is recognised on the date the right to receive is established. Considering the accounting model provided by IFRS 16, the financial results includes the interest expenses (unwinding) calculated on the lease liabilities. q) Income tax Income tax recognised in the income statement includes current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is also recognised in equity. Deferred taxes arising from the revaluation of assets (debt instruments) measured at fair value through other comprehensive income and cash flow hedge derivatives recognised in equity are recognised in the income statement in the period the results that originated the deferred taxes are recognised. Current tax is the tax expected to be paid on the taxable income for the period, using tax rates enacted at the balance sheet date and any adjustment to tax payable in respect of previous years. Deferred taxes are calculated in accordance with the balance sheet liability method, considering temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their respective tax basis, using the tax rates enacted or substantively enacted at the balance sheet date for each jurisdiction and that are expected to be applied when the temporary differences are reversed. Deferred tax liabilities are recognised for all taxable temporary differences except for goodwill not deductible for tax purposes, differences arising on initial recognition of assets and liabilities that affect neither accounting nor taxable profit and differences relating to investments in subsidiaries, to the extent that these will probably not be reversed in the future. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available to absorb deductible temporary differences for taxation purposes. The compensation between deferred tax assets and liabilities is performed at each subsidiary, and therefore the consolidated financial statements reflect in its assets the total of the deferred tax of subsidiaries that have deferred tax assets and in its liabilities the total of the deferred tax of subsidiaries that have deferred tax liabilities. The Group offsets, as established in IAS 12, the deferred tax assets and liabilities if, and only if: (i) the entity has a legally enforceable right to offset current tax assets against current tax liabilities; and (ii) the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in future periods in which deferred tax liabilities or assets are expected to be settled or recovered. When accounting for interest and penalties related to income taxes, EDP Group considers whether a particular amount payable or receivable is, in its nature, a taxable income and, if so, applies IAS 12 to this amount. Otherwise, IAS 37 is applied. Regarding the IFRIC 23 regarding IAS 12 \u2013 Income tax, when there is uncertainty over income tax treatments, EDP Group measures its current or deferred tax asset or liability applying the requirements in IAS 12. Additionally, the Group analyses all the pending litigations or disputes with tax authorities regarding income tax and records contingency and litigation provisions whenever necessary. r) Earnings per share Basic earnings per share are calculated by dividing the consolidated and the company net profit attributable to the equity holders of EDP, S.A. by the weighted average number of ordinary shares outstanding during the period, excluding the average number of shares held by the Group and by EDP, S.A., respectively. For the diluted earnings per share calculation, the weighted average number of ordinary shares outstanding is adjusted to consider conversion of all dilutive potential ordinary shares, such as convertible debt and stock options granted to employees. The dilution effect corresponds to a decrease in earnings per share resulting from the assumption that the convertible instruments are converted or the options granted are exercised. s) Share based payments The stock options remuneration program enables the Group's employees to acquire parent company shares. The exercise price of the options is calculated based on the listed price of the shares at the grant date. The fair value of the options granted, determined at the grant date, is recognised in the income statement against equity during the vesting period, based on their market value calculated at the grant date. In case the option is exercised, the Group acquires shares in the market to grant them to employees. Shareholders of EDP Brasil structured and implemented a Share based Compensation Policy, which began in June 2016. The referred policy comprises two types of programs to be granted to certain employees (incentive and retention programs), being the eligible beneficiaries and assignment requirements subject to the conditions established. t) Non-current assets held for sale and discontinued operations Non-current assets or groups of non-current assets held for sale (groups of assets and related liabilities that include at least one non-current asset) are classified as held for sale when their carrying amounts will be recovered mainly through sale, the assets or groups of assets are available for immediate sale and its sale is highly probable. The Group also classifies as non-current assets held for sale, non-current assets or groups of assets acquired exclusively for its subsequent resale, that are available for immediate sale and its sale is highly probable. Prior to their classification as held for sale, the measurement of all non-current assets and all assets and liabilities included in a disposal group, is adjusted in accordance with the applicable IFRS standards. Subsequently, these assets or disposal groups are measured at the lowest between their carrying amount and fair value less costs to sell. u) Cash and cash equivalents Cash and cash equivalents include balances with maturity of less than three months from the contract date, including cash and deposits in banks. This caption also includes other short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and specific demand deposits in relation to institutional partnerships that are funds required to be held in escrow sufficient to pay the remaining construction related costs of projects in institutional equity partnerships. On a company basis, EDP S.A. classifies as Cash and cash equivalents the current account balances with Group companies formalized through Cash Pooling Agreements (Group's financial system). v) Operating segments The Group presents the operating segments based on internal management information. In accordance with IFRS 8, an operating segment is a Group component: (i) that engages in business activities from which it may earn revenues and incur expenses; (ii) whose operating results are reviewed regularly by the entity's chief operating decision maker in order to make decisions about resources to be allocated to the segment and assess its performance; and (iii) for which discrete financial information is available. w) Tariff adjustments Classification and measurement of regulatory assets, which qualify as financial assets in EDP Group\u2019s financial statements, is analysed based on the business model used in the management of the assets and the characteristics of the contractual cash flows (see e)). In this sense, deviations and tariff deficits exclusively recovered or returned through electricity and gas tariffs, applicable to customers in subsequent periods, are recognised at amortised cost. On the other hand, deviations or deficits that can be recovered, either through electricity rates (receipt of capital and interest) or through sales with recourse to third parties (bilateral contracts or securitization operations) are recognised at fair value through comprehensive income. This classification results from the existing history of sales to third parties and from the management's perspective regarding the existing assets. In regulated activities, the regulator establishes, through the tariff adjustment mechanism, the criteria to recognise gains or losses of one period in future periods. The tariff adjustments accounted for in the EDP Group financial statements represent the difference between the amounts invoiced by Portuguese regulated companies (based on the applicable tariffs published by ERSE in December of the previous year) and the regulated revenue calculated based on actual costs. The assets or liabilities resulting from the tariff adjustments are recovered or returned through the electricity and gas tariffs charged to customers in subsequent periods. Decree-Law 165/2008 of 21 August recognised the unconditional right of the regulated operators of the electric sector to recover the tariff adjustments under a regime identical to the one used for the tariff deficits. Consequently, EDP Group booked under the income statement caption Revenues from energy sales and services and other - Energy and access, the effects resulting from the recognition of tariff adjustments, against Debtors and other assets from commercial activities. According to the referred Decree-Law, the tariff adjustments determined annually, will be recovered by the regulated operators even in case of insolvency or cease of operations. ERSE is the entity responsible to establish the method to ensure that the entity entitled to these rights continues to recover the tariff adjustments until its complete payment. The Decree-Law also allows the transfer of the right to receive the tariff adjustment to third parties, in whole or in part, through future electricity tariffs. Decree-Law 87/2011 of 18 July establishes the unconditional right of regulated operators in the natural gas sector to recover tariff adjustments and related interest expenses, notwithstanding the form of the future payment or situations of insolvency and cessation of operations, and allows the transfer to third parties of the right to receive tariff adjustments. The EDP Group recorded in the income statement, under the caption Revenues from energy sales and services and other - Gas, the effects of the recognition of tariff adjustments of Natural Gas, against Debtors and other assets from commercial activities and Trade payables and other liabilities from commercial activities. x) CO2 Licenses and greenhouse gas emissions The Group holds CO2 Licenses in order to deal with gas emissions resulting from its operational activity and Licenses for trading. The CO2 and gas emissions Licenses held for its own use are booked as intangible assets at the acquisition cost. CO2 licenses consumption is recorded in accordance with the weighted average price of the CO2 and gas emissions Licenses held for consumption in that year. The Licenses held by the Group for trading purposes are booked under Inventories (see l)). y) Statement of Cash Flow The Statement of Cash Flow is presented under the indirect method, by which gross cash flows from operating, financing and investing activities are disclosed. The Group classifies cash flows related to interest and dividends paid as financing activities and interest and dividends received as investing activities. z) Group concession activities in the scope of IFRIC 12 EDP Group applies IFRIC 12 to the public-private concession contracts in which the public entity controls or regulates the services rendered through the utilisation of certain infrastructure as well as the price for such services and also controls any significant residual interest in the infrastructure. The infrastructures allocated to concessions are not recognised by the operator as property, plant and equipment or as financial leases, as the operator does not control the assets. These infrastructures are recognised according to one of the following accounting models, depending on the type of remuneration commitment of the operator assumed by the grantor within the terms of the contract: Financial Asset Model This model is applicable when the operator has an unconditional right to receive certain monetary amounts regardless of the level of use of the infrastructure within the concession and results in a financial asset recognition, booked at amortised cost. Intangible Asset Model This model is applicable when the operator, within the concession, is remunerated on the basis of the level of use of the infrastructure (demand risk) and results in an intangible asset recognition. Mixed Model This model is applicable when the concession includes simultaneously guaranteed remuneration and remuneration based on the level of use of the infrastructure within the concession. Intangible assets within concessions are amortised over their respective useful lives during the concession period. The Group carries out impairment tests to the intangible assets within concessions whenever events or circumstances may indicate that the book value of an asset exceeds its recoverable amount, being any impairment recognised in the income statement. Grants received from customers related to assets within concessions are delivered to the Group on a definitive basis, and, therefore, are not reimbursable. These grants are deducted from the value of the assets allocated to each concession. The concession contracts that currently exist in EDP Group are mainly based in the Intangible Asset Model, namely in the electricity special regime production concessions (PRE) in Portugal and in the Mixed Model, namely in the electricity distribution concessions in Portugal and in Brazil. aa) Institutional partnerships in North America The Group has entered in several partnerships with institutional investors in North America (EDPR NA), through operating agreements with limited liability companies that apportion the cash flows generated by the wind farms between the investors and the Company and allocates the tax benefits, which include Production Tax Credits (PTCs), Investment Tax Credits (ITC) and accelerated depreciation, largely to the investor. The institutional investors purchase their minority partnership interests for an upfront cash payment with an agreed targeted internal rate of return over the period that the tax credits are generated. This anticipated return is computed based on the total anticipated benefit that the institutional investors will receive and includes the value of PTC\u2019s / ITC's, allocated taxable income or loss and cash distributions received. The control and management of these wind farms are a responsibility of EDP Group and they are fully consolidated in these financial statements. The financial instruments held by the institutional investors issued by the partnerships represent compound financial instruments as they contain characteristics of both financial liabilities and equity. The Group has determined that at the funding dates, the fair values of the original proceeds is equal to the fair values of the liabilities at that time and no value was assigned to the equity component. Subsequently, these liabilities are measured at amortized cost. This liability is reduced by the value of tax benefits provided and cash distributions made to the institutional investors during the contracted period. The value of the tax benefits delivered, primarily accelerated depreciation and ITC are recognised as Income from institutional partnerships on a pro-rata basis over the useful life of the underlying projects and, from 1 January 2021 onwards, over the 5-year recapture period, respectively (see note 8). The value of the PTC's delivered are recorded as generated. This liability is increased by an interest accrual that is based on the outstanding liability balance and the targeted internal rate of return agreed. After the flip date, the institutional investor retains a non-significant interest for the duration of the structure. This non-controlling interest is entitled to distributions ranging from 2.5% to 10% and taxable income allocations ranging from 5% to 10%. EDPR NA has an option to purchase the institutional investor\u2019s residual interest at fair market value during a defined period following the flip date. Post flip non-controlling interests is the portion of equity that is ascribed to the institutional investor in the institutional equity partnership at flip date. This amount is reclassified from the total equity attributable to the Parent to non-controlling interests caption in the period in which the flip date takes place. ab) Disposal of assets under Asset Rotation strategy The Asset rotation strategy allows EDP Group to crystallize the value of a project by selling with loss of control, and reinvesting the proceeds in another projects, targeting greater growth. Typically, the developer retain the role of O&M supplier. The gains on disposals under this strategy are recognised in the caption Other income. 3. Recent accounting standards and interpretations issued Standards, amendments and interpretations issued effective for the Group The amendments that have been issued and that are already effective and that the Group has applied on its financial statements, with no significant impacts, are the following: \u25cf IFRS 3 (Amended) - Reference to the Conceptual Framework; \u25cf IAS 16 (Amended) - Proceeds before Intended Use; \u25cf IAS 37 (Amended) - Onerous Contracts \u2013 Cost of Fulfilling a Contract; and \u25cf Annual Improvement Project (2018-2020). Standards, amendments and interpretations issued but not yet effective for the Group The standards, amendments and interpretations issued but not yet effective for the Group (whose effective application date has not yet occurred or, despite their effective dates of application, they have not yet been endorsed by the EU), which impact is being evaluated, are the following: \u25cf IAS 12 (Amended) - Deferred tax related to assets and liabilities arising from a Single Transaction The IASB amended IAS 12 - Income taxes, to clarify the recognition of deferred tax on particular transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. The amendments target the recognition of deferred tax assets and liabilities in respect of: - Right-of-use assets and Lease liabilities; and - Provisions for dismantling and decommissioning and the corresponding amounts recognised as part of the cost of the related asset. Within the adoption of these amendments, effective on 1 January 2023, EDP Group has analysed the potential impacts. As of 31 December 2022, EDP Group has recognised in its Consolidated Statement of Financial Position the net deferred tax assets and liabilities regarding dismantling and lease liabilities for those jurisdictions where those amounts are not deductible until the payment date. Therefore, on 1 January 2023, EDP Group will breakdown these net deferred tax assets and liabilities regarding dismantling and lease liabilities, whenever applicable, being estimated an increase between 223 and 243 million Euros in the captions Deferred tax assets and Deferred tax liabilities. \u25cf IFRS 17 - Insurance Contracts (and amendments related to initial application and comparative information) In preparation of the adoption of IFRS 17, effective as of 1 January 2023, the EDP Group carried out an analysis of the contracts of the subsidiary Energia RE - Sociedade Cativa de Resseguro. From the analysis performed, it was concluded that all contracts are eligible, and thus classified, within the Premium Allocation Approach (simplified model) measurement method provided for in IFRS 17. Thus, no material accounting impacts were determined for the EDP Group resulting from the adoption of IFRS 17, in replacement of IFRS 4. The standards, amendments and interpretations issued but not yet effective for the Group (whose effective application date has not yet occurred or, despite their effective dates of application, they have not yet been endorsed by the EU) for which no significant impact is expected, are the following: \u25cf IAS 1 (Amended) - Classification of Liabilities as Current or Non-current; \u25cf IAS 1 (Amended) - Disclosure of Accounting Policies; \u25cf IAS 8 (Amended) - Definition of Accounting Estimates; and \u25cf IFRS 16 (Amended) - Lease liability in a sale and leaseback. 4. Critical accounting estimates and judgements in preparing the financial statements IFRS requires the use of judgement and the making of estimates in the decision process regarding certain accounting treatments, with impact in total assets, liabilities, equity, costs and income. The actual effects may differ from these estimates and judgements, namely in relation to the effect of actual costs and income. The main accounting estimates and judgements used in applying the accounting policies are discussed in this note in order to improve the understanding of how its application affects the Group\u2019s reported results and disclosures. A broader description of the accounting policies employed by the Group is disclosed in note 2 - Accounting policies. Considering that in many cases there are alternatives to the accounting treatment adopted by EDP Group, the reported results could differ if a different treatment was chosen. The Executive Board of Directors believes that the choices made are appropriate and that the financial statements present fairly the Group operations in all material respects. Financial asset related with infrastructure concession contracts in Portugal The caption \u201cAmounts receivable from concessions - IFRIC 12\u201d, refers to the financial assets receivable by EDP Group companies that operate infrastructures under concession contracts, and arises from the unconditional right to receive this amount regardless of the utilisation level of the infrastructures covered by the concession. In these companies is included E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. as the National Distribution Network (RND) concessionaire, which comprises the medium and high voltage network (MT and HT), and low voltage distribution networks (LT), being these concessions exercised exclusively through public service concession contracts. The RND\u2019s operation, which is part of the HT and MT, is carried out through a public service concessions\u2019 attribution, by the Portuguese State. On the other hand, the right to distribute low voltage electricity is attributed to the Portuguese mainland municipalities. The legislation that establishes the basis of each concession sets up that the ownership or possession of the goods assigned to these concessions revert to the concessionaires at the end of their respective concessions. They also establish that in return for the assets returned to grantors, whether State or municipalities, compensation corresponding to the assets\u2019 book value assigned to the concession, net of amortisations, financial contributions and non-refundable subsidies will be paid. Therefore, the assets\u2019 estimated residual value at the end of each concession constitutes a financial asset, and the remaining fair value component of the concession assets is an intangible asset to be amortised over its useful life. Hence, the end date of each concession is one of the main assumptions to determine the amount of the financial and intangible assets. In May 2017 Law 31/2017 was approved, which lays down the principles and general rules concerning the organisation of public tendering procedures for the awarding, by contract, of the municipal LT concessions\u2019 operation in the Portuguese mainland. This Law foresee the simultaneous launch, in 2019, of public tender procedures for all municipalities that do not opt for direct management of the electricity distribution activity. However, the new Decree-Law 15/22, of January 2022, determined the automatic extension, without the need for further terms, of the current concession contracts for electricity distribution networks in BT, including those that had already reached their term, until the effective entry into operation of a new contractor, following the tenders for the attribution of BT concessions that will be held in the future. On the other hand, there is currently no set date in the legislation for the holding of future tenders for the attribution of BT concessions. In this context, at this date it is not yet possible to predict the end date of the low voltage concession contracts currently in force, so an annual extension of contracts that have already reached the originally planned end date is assumed. Thus, with reference to 31 December 2022, the financial asset and the intangible asset related to the concessions whose contracts have not yet ended were determined based on the respective expiry dates and, for the remaining concessions, the financial asset and the intangible asset are determined assuming the validity of the contracts until 31 December of the year following the year in question. Measurement criteria of the concession financial receivables under IFRIC 12 in Brazil In 2012, the Provisional Measure 579/12 was published in Brazil, meanwhile converted into Law 12.783/13, which determines that the amount of the indemnisation payable to the distribution companies regarding the assets not amortised or depreciated at the end of each concession, should be determined based in the methodology of the Value of Replacement as New (VNR). The indemnisation amount variation is booked against Revenues from energy sales and services and other. This amount corresponds to the difference between the residual value determined based on the value of replacement as new and the residual value determined based on the historical cost. ANEEL reviews the VNR, through the valuation report of the Regulatory Remuneration Base, every three years for EDP Esp\u00edrito Santo and every four years for EDP S\u00e3o Paulo, as established in the concession contracts. Within these periods the distribution companies use their best estimate for the VNR. The use of different assumptions could result in different values of financial assets, with the consequent impact in the Statement of Financial Position (see note 26). Impairment of long term assets and Goodwill Impairment tests are performed whenever there is a trigger that the recoverable amount of property, plant and equipment and intangible assets is less than the corresponding net book value of the assets. On an annual basis, the Group reviews the assumptions used to assess the existence of impairment in goodwill resulting from acquisitions of shares in subsidiaries. The assumptions used are sensitive to changes in macroeconomic indicators and business assumptions used by management. The investments in subsidiaries, on a company basis, and in associates are reviewed when circumstances indicate the existence of impairment. Considering the uncertainties regarding the recoverable amount of property, plant and equipment, intangible assets and goodwill as they are based on the best information available, changes in the assumptions could result in changes on the determination of the amount of impairment and, consequently, in results (see notes 12 and 19). Measurement of the fair value of financial instruments Fair values are based on listed market prices, if available. Otherwise, fair value is determined either by the price of similar recent transactions under market conditions, or determined by external entities, or based on valuation methodologies, supported by discounting future cash flows techniques, considering market conditions, time value, yield curves and volatility factors. These methodologies may require the use of assumptions or judgements in determining fair values. Consequently, the use of different methodologies and different assumptions or judgements in applying a particular model, could generate different financial results from those reported. Classification of financial instruments Financial instruments\u2019 classification as debt or equity requires judgement in the interpretation of contractual clauses and in the evaluation of the existence of a contractual obligation to deliver cash or other financial assets. Review of the useful life of the assets The Group reviews annually the reasonableness of the assets' useful lives that are used to determine the depreciation rates of assets assigned to the activity. When applicable, the Group changes the depreciation charge of the year, prospectively, based on such review. Useful lives of generation assets - Hydro independent generator in Brazil The hydro generation assets in Brazil for independent generators are amortised during their estimated useful lives, considering the existing facts and circumstances at the date of preparation of the financial statements. This includes, among other issues, EDP's best expectations of the useful lives of such assets, which are consistent with the useful lives defined by ANEEL, the respective contractual residual indemnification values at the end of each concession period, as well as related technical and legal opinions. The remaining period of amortisation and the indemnification values at the end of the concessions may be influenced by changes in the regulatory legal framework in Brazil (see note 16). Lease Liabilities The Group recognises right-of-use assets and lease liabilities, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether: i) the contract involves the use of an identified asset; ii) it has the right to obtain substantially all of the economic benefits from the use of the asset throughout the period of use; and iii) it has the right to direct the use of the asset. EDP Group uses judgement on its assessment, namely concerning the termination and extension contract options and the determination of the incremental borrowing rate to be applied for each portfolio of leases identified (see notes 17 and 39). Tariff adjustments Portugal Tariff adjustments in Portugal represent the difference between costs and income of the National Electricity, estimated at the beginning of each period for purposes of calculating the tariff, and the actual costs and income of the System established at the end of each period. The tariff adjustments assets or liabilities are recovered or returned through electricity and gas tariffs to customers in subsequent periods. Decree-Law 237-B/2006 of 19 December, and Decree-Law 165/2008 of 21 August, recognised an unconditional right of the operators of the electricity sector to recover the tariff adjustments and related interest expenses, notwithstanding the form of the future payment or situations of insolvency and cessation of operations. Additionally, the legislation allows the transfer to third parties of the right to receive tariff adjustments. Therefore, under this legislation, regulated companies may provide to third parties, in whole or in part, the right to receive the tariff adjustments through the electricity tariffs. In accordance with the accounting policy in force, the EDP Group books under the caption Revenues from energy sales and services and other - Electricity and network access, the effects of the recognition of tariff adjustments in the electricity sector, against Debtors and other assets from commercial activities and Trade payables and other liabilities from commercial activities. Brazil On 25 November 2014, ANEEL made addendums to the concession contracts with brazilian electric distribution companies to reduce significant uncertainties regarding to the recognition and realization of regulatory assets/liabilities that existed since 2010, when the IFRS were adopted in Brazil. As a consequence, the CPC (\"Comit\u00ea de Pronunciamentos Cont\u00e1beis\") issued on 28 November 2014, the OCPC 08 (Recognition of Certain Assets and Liabilities in Accounting and Financial Reports of Electric Distribution) which determines how to treat these regulatory assets/liabilities in the financial statements. Therefore, on 10 December 2014, EDP Brasil signed the Fourth and Fifth Addendum to the Concession Agreement, where it was established that, in the case of concession termination, the outstanding balances of any failure of payment or reimbursement by the tariff (assets and liabilities), will be considered on the indemnity calculation, based on the regulator pre-established regulations. EDP Group considers, based on the issued legislation (Portugal and Brazil), that the requirements for the recognition of tariff deficits as receivables and payables against the income statement of the period have been satisfied (see notes 7, 26 and 38). Revenue recognition Energy sales revenue is recognised when the monthly energy invoices are issued, based on actual meter readings or estimated consumption based on the historical data of each consumer. Revenue relating to energy to be invoiced, regarding consumption up to the balance sheet date but not measured, is booked based on estimates that take into consideration factors such as consumption in prior periods and analysis relating to the energy balance of the operations. The use of different estimates and assumptions could affect the Group\u2019s revenue and, consequently, its reported results (see note 7). Income taxes The Group is subject to income taxes in several jurisdictions. Certain interpretations and assumptions are required in determining the global amount of income tax. There are several transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. It is the Group's understanding that, in general, the tax treatment follows the accounting treatment, and therefore, no significant tax adjustments have been made to the accounting records arising from the implementation of the new standards. Different interpretations and assumptions could result in a different level of income taxes, current and deferred, recognised in the period (see note 14). Pensions and other employee benefits Determining pension and other employee benefits liabilities requires the use of assumptions, including actuarial projections, estimated rates of return on investments, discount rates and pension and salary growth and other factors that can impact the cost and liability of pension plans, medical plans and other benefits. Changes in the assumptions could materially affect the amounts determined (see note 35). Provisions for dismantling and decommissioning of power generation units EDP considers to exist legal, contractual or constructive obligations to dismantle and decommission property, plant and equipment assets allocated to electricity generation operations. The Group records provisions in accordance with existing obligations to cover the present value of the estimated cost to restore the locations and land where the electricity generation units are located. EDP Group provisions include the calculation of the present value of the expected future liabilities. The use of different assumptions and judgement from those referred could lead to different financial results than those considered (see note 36). Entities included in the consolidation perimeter In order to determine which entities must be included in the consolidation perimeter, EDP Group evaluates whether it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee (\"de facto\" control). This evaluation requires the use of judgement and assumptions in order to conclude whether the Group is in fact exposed to the variability of returns and has the ability to affect those returns through its control over the investee. Other assumptions and judgements could lead to a different consolidation perimeter of the Group, with direct impact on the consolidated financial statements (see note 6). Business combination Under IFRS 3 (Business Combination) in a business combination, the acquirer shall recognise and measure in the consolidated financial statements the assets acquired and liabilities assumed at fair value at the acquisition date. The difference between the purchase price and the fair value of the assets and liabilities acquired leads to the recognition of goodwill or a gain from a purchase at a low price (bargain purchase). The fair value determination of the assets acquired and liabilities assumed is carried out internally or by independent external evaluators, using the discounted cash flows method, using the replacement cost or other fair value determination techniques, which rely on the use of assumptions including macroeconomic indicators such as inflation rates, interest rates, exchange rates, discount rates, sale and purchase prices of energy, cost of raw materials, production estimates and business projections. Consequently, the determination of the fair value and goodwill or gain from a purchase at a low price is subject to numerous assumptions and judgments and therefore changes could result in different impacts on results (see note 49). Fair value measurement of contingent consideration Contingent consideration from a business combination or a sale of a financial investment is measured at fair value at the acquisition date as part of the business combination or at the date of the sale in the event of a sale of a financial investment. This contingent consideration is subsequently remeasured at fair value at each report date. Fair value is based on discounted cash flows. The main assumptions consider the probability of achieving each objective and the discount factor, corresponding to the best estimates of management at each report date. Changes in assumptions could have significant impact on the values of contingent assets and liabilities recognised in the financial statements (see notes 27 and 39). Acquisition of assets out of the scope of IFRS 3 In order to assess whether an acquisition of an asset or a group of assets is a business, the Group identifies the elements in the acquired entity (inputs, processes and outputs), assesses the capability to create outputs (it should have at a minimum, an input and a substantive process to be assessed as a business) and, finally, assesses the capability of market participants to continuing to create outputs (conducting the activities as a business). In the case of an integrated set of activities that is in an early-stage of development and has not started to generate outputs, the Group considers other factors to determine whether it constitutes a business, such as if: (i) planned principal activities have begun; (ii) employees, intellectual property, and other inputs and processes are present; (iii) a plan to produce outputs is being pursued; and/or (iv) access to customers who will purchase the outputs can be obtained. Generally, an early-stage entity that has employees capable of developing an output will be considered a business. Therefore, in application of the above, the Group concludes that IFRS 3 is not applicable when there are no outputs at the acquisition date due to an early-stage of development, and the acquired process(es) cannot be considered substantive. Thus, the acquisition of an asset or a group of assets that does not fulfill the conditions to be considered a business is classified as an acquisition of a company out of scope of IFRS 3. Contractual stability compensation - CMEC The approval in 2004 of the Decree-Law 240/2004, of 27 December, determined the early Power Purchase Agreements (PPA) extinction, and the adoption of a contractual stability compensation (CMEC), which EDP Produ\u00e7\u00e3o entered into after signing the Contractual stability on 27 January 2005, approved by the competent Government member (Order 4672/2005, of 4 March). This mechanism includes three types of compensation: initial compensation, annual adjustment (or revisibility) and final adjustment. The last two types of compensation are relevant for this purpose. i) Contractual stability compensation \u2013 Annual revisibility mechanism During period I (2007/2017) of the contractual stability compensation mechanism, there was a correction on an annual basis, resulting from positive or negative deviations between the estimates made for the initial stability compensation calculation and actual amounts arising from an efficient performance, using the \"Valor\u00e1gua\" model, as established in the Decree-Law 240/2004. Later, Order 4694/2014 was published to define the guidelines of the annual revisibility calculation with respect to the revenues from the ancillary services market, regarding power plants under CMEC. Revisibility amounts for the years 2007 to 2014 were determined and approved by the Member of the Government responsible for the energy sector, and were contested by EDP Produ\u00e7\u00e3o: a) As regards the approval of the 2011 and 2012 revisibilities, the fact that it did not consider the costs incurred with the social tariff in the calculation of the revisibilities; and b) As regards the approval of the 2014 revisibility, the fact that it did not take into account in the calculation of the revisibility the costs incurred with the social tariff and CESE. Regarding the revisibility to the year 2012, the Administrative Court dismissed the special administrative action brought by EDP Produ\u00e7\u00e3o, not recognizing the costs with the financing of the Social Tariff for the determination of the amount of the annual adjustment of the CMEC relating to 2012. EDP Produ\u00e7\u00e3o, not agreeing with the decision, filed, on 9 January 2023, an Appeal, with suspensive effect, to the Southern Central Administrative Court. The annual revisibility of 2015 was approved by the Government member responsible for the energy sector in 20 October 2020 in the amount of 62.7 million Euros, after deducting an amount of 72.9 million Euros related to the alleged overcompensation of CMEC, due to their participation in the ancillary services market, in the period between 2009 and the first quarter of 2014 (see section Ancillary Services). EDP Produ\u00e7\u00e3o challenged the order for ratifying the annual revisibility for the year 2015 on 19 January 2021, as it did not agree with the assumption of overcompensation within the scope of its performance in the system services market, between 2009 and 2014 and, consequently, do not agree with the deduction of the underlying value (72.9 million Euros) in that revisibility. It should also be noted that EDP Produ\u00e7\u00e3o has already contested the imposition of a fine by the Competition Authority on matters of the same scope. The challenge also covered the non- consideration of the Social Tariff and CESE amounts paid by the centrals operating under the CMEC regime and also the non-approval of the annual revisibilities from 2016 to 2017, which still await the respective approval by the Government member responsible for the area of energy. ii) Contractual stability compensation \u2013 Final Adjustment The CMEC\u2019s Final Adjustment is calculated in accordance with number 7 of article 3rd and Annex IV of Decree-Law 240/2004, of 27 December. The State budget for 2017 (Law 42/2016 of 28 December) determined, in its article 170, that the final adjustment amount is determined and based on a study prepared and presented by ERSE. This entity had the technical support of EDP Produ\u00e7\u00e3o and REN (Work Team), legally enforced. Accordingly, the technical group EDP/REN has presented to ERSE its report on the CMEC final adjustment calculation, which was achieved by strictly following the calculation methodology described in Decree-Law 240/2004, of 27 December. This calculation, performed by the technical group EDP/REN was presented to ERSE and comes to a range of amounts between 256.5 and 271 million Euros. At the end of September 2017, ERSE has also presented to the Government its report on the calculation of the CMEC final adjustment, reaching an amount of 154 million Euros, which was provisionally considered in the document of Tariffs and Prices for 2018. In the Financial statements as at 31 December 2017, EDP Group has included its best estimate of the CMEC final adjustment, by recognising an asset in the amount of 256.5 million Euros against deferred income, based on the methodology established for this purpose in Decrew-Law 240/2004, of 27 December, and in the legal opinions obtained in the meantime on this understanding. On 3 May 2018, EDP was notified (through a DGEG\u2019s letter from 25 April 2018) that the CMEC final adjustment had been officially approved, according to ERSE\u2019s proposal, in the amount of 154 million Euros. EDP reflected this reality in its financial statements as of 31 December 2018, recognising a provision by the difference in the final adjustment amounts already recognised in the Group's revenues. On 31 December 2021 EDP maintains the provision in its accounts (see note 36). Considering that the administrative act contained in the Dispatch of approval of the SSE of 25 April 2018 lacks technical, economic and legal basis, and that, in particular, it does not apply the calculation methodology contained in Decree-Law 240/2004, of 27 December, and which would lead to the determination of an amount close to the one determined by the technical group, on 3 September 2018, EDP Produ\u00e7\u00e3o has legally contested it. \"Clawback\" - Portuguese regulatory mechanism to ensure the competitive balance in the wholesale electricity market, in particular Iberian Following some tax changes occurred in Spain, which affected electricity generators operating in this country, Decree-Law 74/2013, of 4 June, was approved in Portugal, which aimed to rebalance the competition between electricity generators operating in Portugal and other players operating in Europe. Pursuant to relate diploma and its regulations, in order to restore such balance, the power plants operating on a market regime situated in Portugal, which were not covered by the PPA or CMEC regime, should pay to the System an amount per MWh produced. The amount payable should consider, on one hand, an estimate of the impact that the off-market events in the European Union (such as the above-mentioned tax changes in Spain) would have in pool prices, and on the other hand, the existence of national extra-market events that affect the competitiveness of electricity generators operating in Portuguese territory. Consequently, a net competition advantage would allegedly arise to generators operating in Portugal. Under this mechanism regulation \u2013 commonly known as clawback \u2013 Social tariff and CESE were determined by Dispatch 11566-A/2015, of 3 October, as off-market events that should be considered as competitive disadvantages of generators operating in Portugal. Dispatch 7557-A/2017, of 25 August, superseded Dispatch 11566-A/2015 (which defined the variables for the computation formula of the amount to be paid by each of the power-generating plants under Decree-Law 74/2013, of 4 June, for each injected MWh) in its entirety. It states that ERSE, after consulting DGEG, should present proposals for a new definition of the variables, as well as reference terms for the new study. Subsequently, the Dispatch 9371/2017, of 24 October, partially nulled the Dispatch 11566-A/2015, in relation to the decisions presented under its numbers 11 and 12 (the deduction of social tariff and CESE costs in the unit price). ERSE was asked to consider in 2018 UGS tariff, the recovery, in benefit of the consumers, of the amounts allegedly unproperly included in previous years\u2019 tariffs (2016 and 2017). Dispatch 9955/2017, of 17 November, defines a new amount for the estimate of the off-market events\u2019 impact in EU, which is -4.75 \u20ac/MWh, with retroactive effects as at August 24. Following these Dispatches, the document of prices and tariffs for 2018 has included a clawback amount of around 90 million Euros to be returned to tariffs, which includes power plants operating under CMEC and estimated generation. Based on its interpretation of the Law, as well as on legal opinions obtained, EDP Produ\u00e7\u00e3o considers that the Decree-Law 74/2013, of 4 of June, aims to re-establish a situation of competition balance between generators operating in Portugal and their peers operating in other European countries, which means to consider as off-market events all the taxes and contributions that fall only over generators located outside of Portugal (particularly in Spain), as well as all the taxes and contributions that fall only over generators located in Portugal. Consequently, in the EDP Produ\u00e7\u00e3o\u2019s understanding, supported by legal opinions, Dispatch 9371/2017 and 9955/2017 have completely distorted the clawback mechanism, having filed its legal action in January 2018. In the Financial statements as at 31 December 2018, EDP Group has included the clawback amount as calculated by EDP Produ\u00e7\u00e3o, regarding the legislation in place in each period, namely Decree-Law 74/2013, of 4 of June, Order 225/2015, Ordinance 9371/2017 and Dispatch 9955/2017. It is important to notice that this mechanism is not applicable to power plants in 2018 still operating under CMEC regime. However, this situation was subsequently changed and disputed by EDP Produ\u00e7\u00e3o, as mentioned below. On 5 October 2018, the Spanish legislature, by the sixth and seventh additional lines on Article 21 of Royal Decree-Law 15/2018, suspended the 7% tax on electricity generation approved in 2012 for a period of six months, from the beginning of October 2018 to the end of March 2019. This tax suspension corresponds to the suspension of the off-market event verified within the European Union, which is considered in the clawback calculation. Following the temporary suspension of the tax on electricity production in Spain: - Order 895/2019 of 23 January, establishing the suspension of the \"Clawback\" was approved for a period of 6 months as from 1 October 2018; - The Tariff and Price Document for 2019, published on 17 December 2018, estimates a Clawback value of \u20ac 4.18/MWh, to be applied after the end of the suspension period (more specifically from 6 April 2019); - ERSE informed EDP Produ\u00e7\u00e3o that any clawback invoicing relating to the referred suspension period should be deleted or cancelled; - The State Budget Law for 2019 provided that \"the Government shall, until the end of the first quarter of 2019, review the regulatory mechanism designed to ensure the balance of competition in the wholesale electricity market in Portugal, provided for under DL 74/2013, of 4 June, adapting it to the new rules of the Iberian Electricity Market, with the aim of creating harmonized regulatory mechanisms that reinforce competition and protect consumers\". On 1 April 2019, the suspension of the tax on the production of electric energy in Spain was terminated, and it became effective again. From that moment, the \"clawback\" invoiced to EDP Produ\u00e7\u00e3o was resumed, based on a value of 4.75\u20ac/MWh. On 9 August 2019, Decree-Law 104/2019 was published, which makes the first amendment to Decree-Law 74/2013, of 4 June, by changing the scope of the clawback mechanism. Previously, \u201celectricity producers under the ordinary regime and other producers not covered by the guaranteed remuneration regime\" were subject to clawback. With the publication of this diploma, the CMEC centrals are now included in the scope of the clawback. Considering that this scope contradicts the Decree Law 240/2004, of 27 of December, EDP Produ\u00e7\u00e3o proceeded to its challenge. The same Decree-Law introduced the possibility to define CIT (corporate income tax) \u2013 advanced payment, and on 26 September 2019 was published the Order 8521/2019, which set the amounts of advanced payment related to the clawback mechanism at 2.71\u20ac/MWh for coal-fired power plants and 4.18\u20ac/MWh for other power plants. In the Tariff and Price Document for 2020, published on 16 December 2019, ERSE considered the unit values defined in Dispatch 8521/2019, correcting only the value applicable to coal to 1.23 \u20ac / MWh, due to the increase in the ISP tax percentage and CO2 addition planned for 2020. EDP Produ\u00e7\u00e3o presented on 10 March of 2020 an action seeking a declaration of nullity or annulment of that administrative act by ERSE. On 27 December 2019, Dispatch 12424-A / 2019 was published, which identifies as national extra-market events to be considered in the Study to be prepared by ERSE until April 2020 (with reference to 2019) under the Clawback mechanism, the taxation of petroleum and energy products used in the production of electricity (ISP), CESE and the Social Electricity Tariff. On 30 June 2020, Dispatch 6740/2020 was published by the Secretary State of Energy (SEAE) which establishes the CIT (corporate income tax) \u2013 advanced payment to be applied in 2020 to electric power producers covered by the \"Clawback\" mechanism. The value of CIT (corporate income tax) \u2013 advanced payment for the year 2020 is set at \u20ac 2.24/MWh for plants that are not subject to extra market internal events, that is, only to some renewable energy producers in the market with the exception of the power generation centers included in the scope of internal extra-market events identified. On 22 October 2020, Dispatch 10177/2020, issued by the SEAE Office, was published, which determines the final compensation of the \u201cClawback\u201d for the year 2019, considering the ISP regime as the only internal off-market event within the National Electrical System (SEN), thus determining a value of \u20ac 2.24 / MWh for hydro, gas and PRE on the market and 0.68\u20ac/MWh for coal power plants. This determination is not consistent with that contained in Dispatch 12424-A/2019, of 27 December, which identifies ISP, CESE and Social Tariff as internal off-market events for 2019. EDP Produ\u00e7\u00e3o challenged Order 10177/2020 on 22 January 2021. On 25 June 2021, the Spanish legislator, within the scope for the adoption of urgent measures regarding energy taxation due to the high prices verified in the MIBEL, published the Royal Decree-Law 12/2021, which, among others, proceeds the suspension of the 7% tax on the production of electricity, approved in 2012, for a period between 1 July and 30 September 2021 (3 months), and with effects on the determination of the \u201cClawback\u201d. Following Royal Decree-Law 17/2021, the Spanish legislator has once again suspended the 7% tax on electricity production for another 3 months, between 1 October and 31 December of 2021. Following the temporary suspension of the tax on the production of electricity in Spain, Dispatch 6398-A/2021, of 29 June, was published, which established the suspension of the \u201cClawback\u201d in the period between 1 July 2021 and 30 September 2021, and Order 9975/2021, of 14 October, which determines the suspension of this mechanism between 1 October and 31 December 2021. On 14 October 2021, Order 9974/2021, of the SEAE Office, was published, which determines the final compensation of the \"Clawback\" for the year 2020, considering as the only extra-market event within the National Electric System the regime of ISP (noting that it is consistent with the Dispatch that approved the final value for the year 2019), resulting in the following \u201cClawback\u201d values: 3.64\u20ac/MWh for hydro plants and Special Regime Production (PRE) in the market; 3.42\u20ac/MWh for CCGTs; and 2.16\u20ac/MWh for coal plants. This determination is not coherent with the goals and rationale underlying the \u201cClawback\u201d mechanism, as it does not admit the Social Tariff and CESE as internal extramarket events. EDP Produ\u00e7\u00e3o challenged Order 9974/2021 on 14 January 2022. The Spanish legislator suspended again the 7% tax on electricity production for another 6 months, through Royal Decree-Ley 29/2021, of 21 December (for the period between 1 January and 31 March 2022) and Royal Decree-Ley 6/2022, of 29 March (for the period between 1 April and 30 June 2022). Following this temporary suspension of the tax on electricity production in Spain, Order 1322/2022 of 1 February was published, which established the suspension of the \u201cClawback\u201d between 1 January and 31 March 2022, and Order 6287/2022, of 19 May, which extended this suspension until 30 June 2022. More recently, the Spanish legislator, due to the maintenance of high prices in the MIBEL resulting, above all, from the Russia-Ukraine conflict, resumed the suspension of the 7% tax on electricity production until the end of 2022, through the Royal Decree-Ley 11/2022, of 25 June, and Order 9838/2022, of 9 August, determined the suspension of the \u201cClawback\u201d for the period between 1 July and 31 December 2022 in Portugal. In the year 2023 the tax on generation in Spain is suspended, in accordance with Royal Decree-Ley 20/2022 of 27 December, so the suspension of the \"Clawback\u201d in Portugal is also expected in the same period. Social Tariff Scheme EDP Group filed a request to the European Commission to assess the compliance of the Social Tariff funding mechanism, fully supported by ordinary regime generators, with the rules and principles of European Union law. On this, since 2011, EDP has already been charged more than 530 million Euros. EDP does not question the existence of the Social Tariff, and agrees with its purpose, but cannot, in light of the current regime, conform with the terms in which the legislator enshrined its method of financing. In fact, in Spain, similar mechanisms for financing the price of electricity were considered not to comply with the legal framework and were therefore subject to modification. The verification request aimed to obtain confirmation on the inadequacy of the current national social tariff financing mechanism and to prompt the review of national legislation on this financing mechanism. The European Commission recognised the discriminatory nature of the financing mechanism for the social tariff in Portugal and informed that it would keep monitoring the evolution of the social tariff in Portugal, particularly in the context of the revision of tariffs for 2023. In the 2023 tariffs, the social tariff discount continues to be attributed to eligible customers and the respective cost is being temporarily borne by the network operators, pending definition of the financing model for this cost. Ancillary Services i) Secondary regulation band service On 3 September 2018 the Autoridade da Concorr\u00eancia (AdC) adopted a Note of Illegality, under which it intended to attribute to EDP Produ\u00e7\u00e3o a behaviour of abuse of a dominant position in the secondary regulation band service. AdC claimed that EDP Produ\u00e7\u00e3o restricted the offer of a segment of the Electricity System (the secondary regulation band or teleregulation service) between January 2009 and December 2013, limiting the capacity offer of its plants under CMEC regime to benefit market power plants, in order to benefit twice, to the detriment of consumers. On 28 November 2018, EDP Produ\u00e7\u00e3o exercised its right to be heard and to defend itself in relation to the wrongful act was imputed and the sanctions it could incur, that is, it responded to the Note of Illegality. On 18 September 2019, AdC informed EDP Produ\u00e7\u00e3o of its decision to condemn, imposing a fine of 48 million Euros, for alleged abuse of dominant position in the secondary regulation band market in mainland Portugal between January 2009 and December 2013. According to AdC, EDP Produ\u00e7\u00e3o would have manipulated its offer of tele-regulation service or secondary regulation band, limiting the capacity offer of its CMEC power plants to offer it through its market power plants, benefiting in two ways: - Highest compensation paid to CMEC plants (annual revisability), as their lower participation in the provision of secondary regulation band service would be below what would be expected (according to competitive market criteria); and - The increase of the market price of the secondary bandwidth service, as a result of the limited supply by CMEC plants, favouring market- based power plants. On 30 October 2019, EDP Produ\u00e7\u00e3o filed an appeal against this decision before the Competition, Regulation and Supervision Court (TCRS), awaiting the AdC's counter-allegations. On 20 May 2020, EDP Produ\u00e7\u00e3o was notified of an order from TCRS, which, among other things, admitted its Appeal of Judicial Contestation, establishing a purely return effect and determining the payment of the fine imposed within 20 days. In this context, EDP Produ\u00e7\u00e3o submitted requests, invoking supervening facts to demonstrate the considerable damage associated with a putative payment of the fine, and arguing defects in the decision that determined the attribution of a merely devolutive effect to the Judicial Challenge Appeal. However, despite EDP Produ\u00e7\u00e3o's well-founded convictions about the possibility of providing a bank guarantee or bond, instead of paying the fine, the TCRS ended up determining the payment of the fine, which occurred on 20 October 2021. The trial started in September 2021 and on 10 August 2022, the TCRS confirmed the AdC's decision, maintaining the fine of 48 million Euros to EDP Produ\u00e7\u00e3o for alleged abuse of dominant position. EDP Produ\u00e7\u00e3o filed an appeal against the aforementioned decision to the Lisbon Court of Appeal on 30 September 2022. The EDP Group considers that EDP Produ\u00e7\u00e3o did not abuse any dominant position, having acted strictly in accordance with the legal framework in force. On 29 September 2021, EDP Produ\u00e7\u00e3o was cited in a class action filed by Associa\u00e7\u00e3o IUS Omnibus based on the alleged abuse of dominant position in the secondary regulation band market between the beginning of 2009 and the end of 2013, requesting, in representation of consumers, a compensation in the amount of 94.8 million euros, as estimated by AdC in the scope of process PRC/2016/05. EDP Produ\u00e7\u00e3o has already presented its defense within the legal deadline established for that purpose. A Order was issued, in which the court decided, among other things, to suspend the proceedings until a final decision is rendered in administrative offense case 309/19.0YUSTR. The appeal filed by EDP Produ\u00e7\u00e3o with the Lisbon Court of Appeal regarding this decision to suspend the proceedings is pending. ii) CMEC's revisibility overcompensation On 20 October 2020, EDP Produ\u00e7\u00e3o became aware, by letter sent by DGEG, of the dispatch of the SEAE regarding the approval of the revisibility for the year 2015, which is deducted in the amount of 72.9 million Euros, relating to the alleged overcompensation. In this respect, the EDP Group has registered a provision in the amount of 72.9 million Euros, and carried out a judicial appeal against the order of SEAE at the Administrative Court of the Lisbon Circle at 19 January 2021. Innovative Features On 9 July 2018, EDP has been notified, within the scope of a stakeholder hearing promoted by the DGEG, to present its opinion on the possibility of DGEG proposing to the Secretary of State for Energy an amount associated with the alleged \"innovative features\" introduced in CMEC regime regarding PPA, to a maximum amount of 357.9 million Euros. According to DGEG, this amount shall be associated with the lack of legal scope for tests on the availability of the CMEC plants (285 million Euros) and the ancillary services, mentioned above (72.9 million Euros). On 26 September 2018, EDP Produ\u00e7\u00e3o was notified of the Order of the SEE of 29 August, which considers as an \"innovative features\" the topic \"procedures for calculating the verified availability coefficient\", quantified at 285 million Euros. This Order refers to the alleged lack of legal forecast of availability tests of CMEC plants. Considering that the Order in question lacks technical, economic and legal basis, on 8 October 2018 EDP Produ\u00e7\u00e3o has submitted an administrative appeal. Subsequently, EDP Produ\u00e7\u00e3o received a letter from ERSE dated 12 November 2018 and became aware of the Order of the SEE of 4 October, which, following the Order of 29 August, declared the annulment of the annual adjustments in the part in which they considered the alleged \"innovative features\" concerning the procedures for calculating the coefficient of availability. In the Tariff and Price Document for 2019, ERSE considered the refund of an amount of 90 million Euros for a portion of the 285 million Euros referred to, expecting that the remaining portion will be paid for a number of years that allow the CMEC to have zero tariff impact by including the 86.5 million Euros in the tariffs of 2020, 86.5 million Euros in tariffs of 2021 and 21.9 million Euros in 2022. Without having received any response to the gracious complaint filed on 1 February 2019, EDP Produ\u00e7\u00e3o challenged in court the Orders of 29 August and 4 October and the Tariff and Price Document for 2019. In the Electricity Tariffs and Prices Document for 2020, approved by ERSE on 16 December 2019, that entity charged again 86.5 million Euros, as it had foreseen the previous year. Although the EDP Group considers that there were no innovative features weighted in CMEC adjustments, this aspect was reflected in these financial statements as of 31 December 2018, by recognising a provision of 285 million Euros. In 2019 EDP made the payment of 92,458 thousand Euros, during 2020 made the payment of 110,963 thousand Euros, during 2021 made the payment of 69,374 thousand Euros and during 2022 made the payment of 12,105 thousand Euros (see note 36) thus using the entirety of this provision on 31 December 2022. Hydro power plants of Frid\u00e3o and Alvito On 17 December 2008, EDP Produ\u00e7\u00e3o and the Portuguese State signed the Contract for the Implementation of the National Program for High Hydroelectric Potential Power Plants (PNBEPH) regarding the Hydro Power Plants of Frid\u00e3o (AHF) and Alvito (AHA), with the payment, by EDP Produ\u00e7\u00e3o of 231,700 thousand Euros. Of this amount, 217,798 thousand Euros relates to the exclusive right to explore the AHF during the concession period. EDP Produ\u00e7\u00e3o followed up on the procedures for the implementation of these projects, having, in the case of the AHF, obtained a Favourable Environmental Impact Declaration and an Environmental Compliance Report of the Execution Project (RECAPE). On 22 October 2013, EDP Produ\u00e7\u00e3o requested to the Minister of the Environment, Land Management and Energy, based on a change of circumstances, to postpone the signing of the concession contract for the AHF. This request was formally rejected on 2 May 2014, and the terms of the concession contract, were subsequently negotiated between EDP Produ\u00e7\u00e3o and the Portuguese Environmental Agency (APA) and a specific date for the respective signature for 30 September 2015, which was revoked by the Government without rescheduling a new date. In 2016, following the beginning of the XXI Constitutional Government, the Government Program provided the reassessment of the PNBEPH. In this context, it was suspended, for three years, the execution of the Contract for the implementation of the AHF, as well as was agreed the annulment of the implementation Contract regarding AHA, through a Memorandum of Understanding signed on 5 December 2016, concluded by an agreement between the Portuguese State and EDP Produ\u00e7\u00e3o on 11 April 2017. On 16 April 2019 EDP Produ\u00e7\u00e3o received, by email, an official letter from the Ministry of the Environment and Energy Transition, dated 11 April 2019, informing the State's conclusion that there is no need for implementation of AHF to meet national targets for energy production from renewable sources and for reducing the emission of Greenhouse Gases, as well as \"that the State does not find any reason to inhibit the construction of the Frid\u00e3o Hydro Power Plant\". Simultaneously, the Minister of the Environment and Energy Transition (MATE) announced at the National Assembly, in a hearing at the Environment, Land-use Planning, Decentralization, Local Power and Housing Committee, that the State's decision was not to build the AHF and that \"the State will always comply with the contract but believes there are no reasons for any repayment of the amount that was given to the State ten years ago\". It acknowledged, however, that there was no agreement with EDP on this matter. EDP Produ\u00e7\u00e3o notified the Portuguese State to clarify that at no time did EDP express its intention to not proceed with the construction of power plants and to return all the investment already made, including the consideration paid on the provisional award, and, as well, to compensate it for other losses and damages resulting from the non-compliance, to be settled in a timely manner. The Group reclassified these Assets under construction to Other debtors and other assets and valued them in accordance with the principles defined in IFRS 9 (see note 27). On 24 January 2020, EDP Produ\u00e7\u00e3o initiated an arbitration process against the State in which it claimed its rights. The arbitration hearing sessions took place during the month of April 2021 and in July 2021 the closing arguments were presented. In July 2022, the competent Arbitration Decision was handed down, obliging the State to refund to EDP Produ\u00e7\u00e3o the aforementioned amount of 217,798 thousand Euros, which concerns the exclusive right to explore the AHF during the concession period. The other requests by EDP Produ\u00e7\u00e3o and the State were dismissed. On 7 October 2022, the Portuguese State filed an appeal against the aforementioned Arbitration decision and EDP Produ\u00e7\u00e3o presented its counter-claims on the 11 November 2022. On the 15 December 2022, the Supreme Administrative Court delivered the Judgment admitting the review appeal filed by the Portuguese State. In view of this decision, EDP filed an appeal with the Constitutional Court. EDP Produ\u00e7\u00e3o submitted, on 13 December 2022, an appeal for the execution of the Arbitration Decision, demanding the payment of the amount in which the Portuguese State was sentenced, in the amount of 217,798 thousand Euros. The appeal was admitted. Sale of real estate by E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. In the 2009-2018 period, E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. (E-REDES) disposed a set of real estate that were unused for the activities of the various electricity distribution concessions, in the amount of approximately 52 million Euros, obtaining a total net value of gains of 33.9 million Euros (35.7 million Euros of gains and 1.7 million Euros of losses). In the regulated accounts sent to ERSE in April 2018, E-REDES identified the amount to be returned into tariffs related to the depreciation of the properties that were sold in the period 2012-2017. ERSE did not consider this amount in the 2019 rates and submitted the topic for further analysis. In the Tariffs for 2020, ERSE recognized the principle of profit sharing with the system and assumed the return into the tariffs of approximately 16.6 million Euros referring to half of the net gains obtained from the sale of real estate by E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. between 2009 and 2018, having mentioned that the position to be taken by the respective grantors of the Concession Contract for the National Distribution Network (RND) and the electricity distribution network concessions in BT may determine the revision of this amount. E-Redes did not question the return to the tariff of half of the capital gains generated with the sale of real estate not allocated to any of the activities included in the RND concession and in the concessions of the municipal low voltage electricity distribution networks, having the respective representative on the ERSE Tariff Board voted in favor of this solution. Subsequent to the publication of the Tariffs for 2020, in 17 December 2019, the Government approved an Order that stipulates that the total value of the gains generated by the sale of real estate by E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. between 2009 and 2018, and which were subject to remuneration for the tariffs, \u201creverts entirely to the grantor\u201d, and should be \u201cfully reflected in the electricity tariffs\u201d. On 17 March 2020, E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. initiated an arbitration process at the Commercial Arbitration Center, in which claims, moreover, (i) the principle of sharing benefits in this case, may not result in the granting ownership of all the gains generated from the sale of real estate; (ii) that the maintenance of the alienated properties would entail costs for the system, so that their alienation proves to be correct; (iii) that, in relation to all E-Redes real estate where no specific technical installations for each voltage level are installed, as is the case, it is not possible to make any distinction between the respective allocation to the RND concession, or to the municipal concessions for low voltage electricity distribution networks. On 15 December 2020, the Regulator published the tariffs for 2021 and it was considered the return to the system of the remaining amount of 16.6 million Euros referring the net gains obtained from the sale of properties in the period between 2009 and 2018, in accordance with the Dispatch sent by MAAC, despite the ongoing arbitration process. On 25 March 2022, the Arbitration Court issued its decision, which, in summary, results in an interpretation of the Concession Agreement, according to which the income resulting from the sale of the aforementioned real estate and which exceeds the global amount of accumulated depreciation must be recognized as income allowed to the concessionaire. In accordance with the interpretation adopted regarding the RND Concession Agreement, the Arbitration Court decided that the amount of 27.9 million Euros, corresponding to the accumulated depreciation of the real estate transferred between 2009 and 2018, by E-REDES, for a total amount of around 52 million Euros. In view of the finality of this arbitration decision, E-REDES recorded in the first half of 2022 an income of 5.3 million Euros, which will be recovered in the 2023 tariffs and which results from the difference between the amount already returned to the tariffs (33.2 million Euros) and the amount that should have been returned in accordance with the arbitration decision (27.9 million Euros). E-Redes acted in a transparent manner and within the framework of regulatory efficiency standards dictated by ERSE itself, as is evident from the values that have always been evidenced in the published Annual Reports and in the Regulated Accounts presented. Sale of the portfolio of Hydroelectric Projects The project for the sale of the portfolio of Hydroelectric Projects located in the Douro basin falls within the scope of EDP's strategic plan for 2019 2022, as presented to the market in March 2019 and reinforced with EDP's Strategic Plan for 2021-2025 presented in February 2021, in particular within the scope of the strategy of portfolio balancing and capital reallocation, as a way to finance new investments, particularly in renewable energy, including in Portugal. The transaction was concluded on 16 December 2020, through the sale of the entire share capital of the company Camirengia Hidroel\u00e9tricos S.A. (\u201cCamirengia\u201d), by its sole shareholder, EDP - Energias de Portugal, S.A. (\"EDP\"), to the company Movhera - Hidroel\u00e9ctricas do Norte, S.A. (previously known as \u00c1guas profundas, S.A., company incorporated in Portugal and therefore resident for tax purposes in Portugal, owned by the consortium formed by GDF International SAS, from ENGIE Group, by 40%, Mirova S.A. by 35% and Predica Prevoyance Dialogue du Credit Agricole, S.A. in 25%). The company Camirengia was incorporated under the simple demerger of EDP - Gest\u00e3o da Produ\u00e7\u00e3o de Energia, S.A. (\"EDP Produ\u00e7\u00e3o\"), under which a complex set of items was carved-out from this company, comprising not only the titles of use of the hydric resources related to the portfolio mentioned above, but also by a multiplicity of assets, liabilities, resources and contractual positions associated and necessary for the development of the exploration activity. From a strictly operational, regulatory, technical and legal point of view, the demerger was the only viable and feasible option to proceed with the detachment of the portfolio, considering its size and complexity. In this sense, EDP followed the only model, the demerger and the subsequent sale of shares, that guaranteed the continuity of operations and the maintenance of all the commitments (including environmental nature and towards the municipalities) necessary for the portfolio normal operation and also to respond to the need of the buyer of acquiring a functional and autonomous company that would ensure the operation of all activity, without disruption, immediately after the sale - which was also required by the regulator. On the other hand, the contractual model used in the implementation of the transaction is fully in line with market standards. After its conclusion, the transaction was subject to media attention, based on the assumption that it constitutes a transfer of concessions and that, therefore, would be subject to Stamp Duty (under paragraph 27.2 of the Stamp Duty General Table). In EDP's view, that assumption is not at all applicable, and Stamp Duty is not due, as the transaction did not entail a transfer of concessions, but rather a demerger followed by the sale of the entire share capital of a company (Camirengia) holding the patrimonial assets assigned to the portfolio, operations that are not subject to Stamp Duty. In this context, on 16 March 2021, the President of the EDP Executive Board of Directors was requested to attend the Environment, Energy and Spatial Planning Commission of the Portuguese Parliament, in order to address the abovementioned transaction, where EDP had the opportunity to clarify all questions addressed by the Members present. In addition, on 1 April 2021, that Commission sent EDP a request for information and questions about the transaction. On 15 April, EDP, committed to contribute to the swift, full and definitive clarification of the questions that were presented, sent to the Portuguese Parliament answers to all the questions raised, and made available all the requested documentation, despite its private and confidential nature, as a testament to the collaborative, transparent and good faith attitude with which EDP has been guiding its relationship with the State and its institutions. In this spirit of collaboration, transparency and good faith in its relationship with the State and its institutions, EDP proactively contacted the Tax Authority, making itself available to clarify the tax aspects of the operation. On 6 July 2021, EDP became aware that DCIAP is investigating the sale of the Douro portfolio, with searches carried out at the premises of EDP and EDP Produ\u00e7\u00e3o. During the diligence, and basing its action on a cooperative posture, all cooperation and assistance was provided to the authorities. EDP scrupulously fulfils all of its obligations, including tax obligations, adopting very strict practices in the technical framework of all issues, having made this transaction under the tax framework applicable, assessing the tax rules in force on the date of the transaction, a framework that was also subject to validation by Opinions requested from reputable tax experts. 5. Financial risk management policies The military conflict between Russia and Ukraine, which began on 24 February 2022, is having several impacts, namely in the financial markets, due to the volatility it entails, the uncertainty it carries, in a time when Central Banks have been announcing and implementing measures such as the end of asset purchase programs and the hike of interest rates moving away from an accommodative monetary policy which has been in place in the last few years. The Group regularly monitors the financial markets evolution and the market variables to which it has exposure, seeking to mitigate that exposure by maintaining a mix of interest rate with a high percentage of fixed rate, maintaining prudent levels of foreign exchange hedging, choosing carefully its main counterparties favoring high ratings and high levels of liquidity (cash and available credit lines). The Group has adjusted its Financial Risk Management Policies incorporating worst case scenarios sufficiently conservative, therefore adequate to the Group profile. However, given that the duration of the conflict and its global impacts are still unknown, the Group continues to monitor the risks, seeking to anticipate and manage possible additional impacts not currently contemplated. Exchange-rate and interest rate risk management Financial risk management The EDP Group\u2019s business is exposed to a variety of financial risks, including the effect of changes in market prices, foreign exchange and interest rates. The Group\u2019s exposure to financial risks arises essentially from its debt portfolio, its investments and from the volatility of commodity prices, resulting in interest and exchange rate exposures as well as commodity market price exposure. The status and evolution of the financial markets are analysed on an on-going basis in accordance with the Group\u2019s risk management policy. The management of financial risks of EDP, S.A. and other EDP Group entities is undertaken centrally by EDP, S.A., in accordance with policies approved by the Executive Board of Directors. The Financial, the Energy Management and the Risk Management Departments identify, evaluate and submit to the Board, for approval, hedging mechanisms appropriate to each exposure. The Executive Board of Directors is responsible for the definition of general risk management principles and the establishment of exposure limits. As for the subsidiaries of EDP Energias do Brasil, the management of the financial risks inherent to the variation of interest rates, exchange rates and commodities is carried out locally, according to the rules set by EDP Energias do Brasil's Management and aligned with the principles/policies set by EDP Group for this geographical area. Exchange-rate risk management EDP Group operates in different geographies, therefore becoming exposed to exchange rate risk in US Dollar (USD), Brazilian Real (BRL), Polish Zloty (PLN), Romanian Leu (RON), Canadian Dollar (CAD), Pound Sterling (GBP), Hungarian Forint (HUF), Colombian Pesos (COP), Singapore Dollar (SGD) and other asian currencies. Currently, these exposures result essentially from investments of EDP Group in wind parks (and solar) in the USA, Poland, Romania, Canada, United Kingdom, Hungary, Colombia and Singapore. The exposure to Brazilian Real results essentially from investments of EDP Group in EDP Energias do Brasil and EDP Renov\u00e1veis Brasil. The majority of these investments were financed with debt contracted in the respective local currency which allows to mitigate the exchange rate risk related to these assets, and such financing is complemented, in certain cases, with derivatives to hedge exchange-rate risk on net investment. The policy implemented by the EDP Group consists of undertaking derivative financial instruments to hedge exchange rate risk with similar terms to those of the hedged asset or liability. The operations are revalued and monitored throughout their useful lives and, periodically, their effectiveness in controlling and hedging the risk that gave rise to them is assessed. Investments in the Brazilian subsidiaries of EDP Energias do Brasil, whose net assets expressed in Brazilian Real expose EDP Group to the exchange rate risk from its conversion to Euros, are monitored through analysis of the evolution of the BRL/EUR exchange rate. In the hedge relationships, the main source of ineffectiveness is the effect of the counterparties\u2019 and the Group\u2019s own credit risk on the fair value of the forward foreign exchange contracts and cross currency interest rate swaps, which is not reflected in the change in the fair value of the hedged cash flows attributable to the change in exchange rates. Sensitivity analysis - exchange rate Regarding the financial instruments that result in an exchange rate risk exposure, a fluctuation of 10% in the EUR/USD exchange rate, as at 31 December 2022 and 2021, would lead to an increase/(decrease) in the EDP Group results and/or equity as follows: Thousand Euros Dec 2022 Profit or loss Equity +10% -10% +10% -10% USD 9,696 -11,851 -65,279 79,785 Thousand Euros Dec 2021 Profit or loss Equity +10% -10% +10% -10% USD -14,282 17,456 -64,579 78,930 This analysis assumes that all other variables, namely interest rates, remain unchanged. Interest rate risk management The aim of the interest rate risk management policies is to manage the impact on financial charges, from contracted debt, related to the exposure to interest rate risk from market fluctuations. In the floating rate financing context, the EDP Group enters, when considered appropriate, into interest rate derivative financial instruments to hedge the cash flows associated with future interest payments, which have the effect of converting floating interest rate loans into fixed interest rate loans. Long-term debt engaged at fixed rates is, when appropriate, converted into floating rate debt through interest rate derivative financial instruments designed to level them to current and expected market conditions. All the operations are undertaken on liabilities in the EDP Group\u2019s debt portfolio and mainly involve perfect hedges, resulting in a high level of correlation between changes in fair value of the hedging instrument and changes in fair value of the interest rate risk or future cash flows. In the hedge relationships, the main source of ineffectiveness is the effect of the counterparty\u2019s and the Group\u2019s own credit risk on the fair value of the interest rate swaps, which is not reflected in the change in the fair value of the hedged cash flows attributable to the change in interest rates. The EDP Group has a portfolio of interest rate derivatives with maturities up to 17 years. The Group\u2019s Financial Department undertakes sensitivity analyses of the fair value of financial instruments to interest rate fluctuations. As at 31 December 2022, after the hedging effect of the derivatives 75% of the Group's liabilities are at fixed rate. During 2022, the EDP Group also entered into forward-starting interest rate swaps, in EUR and USD, in order to pre-hedge its exposure to the risk of interest rates increasing until the expected refinancing date of its outstanding debt, for the next 2 years. Sensitivity analysis - Interest rates (excluding the Brazilian operations) Based on the Group's debt portfolio, except for Brazil, and the related derivative financial instruments used to hedge the related interest rate risk, a 100 basis points change in the reference interest rates at 31 December 2022 and 2021 would lead to an increase/(decrease) in the EDP Group results and/or equity as follows: Thousand Euros Dec 2022 Profit or loss Equity 100 bp increase 100 bp decrease 100 bp Increase 100 bp decrease Cash flow effect: Hedged debt -10,103 10,103 - - Unhedged debt -8,844 8,844 - - Fair value effect: Cash flow hedging derivatives - - 11,268 -11,268 Trading derivatives (accounting perspective) 68 -68 - - -18,879 18,879 11,268 -11,268 Cash flow effect: Hedged debt -18,682 18,682 - - Unhedged debt -2 2 - - Fair value effect: Cash flow hedging derivatives - - 12,848 -12,848 Trading derivatives (accounting perspective) 5,501 -5,501 - - -13,183 13,183 12,848 -12,848 This analysis assumes that all other variables, namely exchange rates, remain unchanged. Brazil - Exchange and interest rate risk management Stress tests and sensitivity analysis are carried out for purposes of risk management in the Brazilian subsidiaries. Through these two tools, the financial impact in different market scenarios is monitored. For sensitivity analysis, the exposure of portfolio of operations is evaluated through 25% and 50% changes in the main risk factors, currency and interest rates, and the scenario with the highest probability of occurrence is presented (25%). The stress test is performed on the fair value of the operations and uses as premise the interest rate curve projections of the Brazilian basic macroeconomic scenario. Brazil - Sensitivity analysis - exchange rate Three Brazilian subsidiaries are mainly exposed to the USD/BRL exchange rate, arising from USD debt for which the exposure is completely offset by cross currency interest rate swaps. Brazil - Sensitivity analysis - Interest rates Based on the portfolio of operations, a 25% change in the interest rates, to which the Brazilian subsidiaries are exposed to, would have an impact to EDP Energias do Brasil Group in the amount of: Thousand Euros Dec 2022 Dec 2021 + 25% - 25% + 25% - 25% Financial instruments \u2013 assets 24,881 -24,499 11,328 -10,913 Financial instruments \u2013 liabilities -105,539 117,991 -110,495 109,851 Derivative financial instruments -2,686 9,352 -7,580 8,137 -83,344 102,844 -106,747 107,075 Counterparty credit risk management EDP Group\u2019s policy in terms of counterparty risk on financial transactions (see note 2 e)) is managed through an analysis of the technical capacity, competitiveness, credit rating and exposure to each counterparty, avoiding significant concentrations of credit risk. Counterparties in derivative financial instruments are institutions with high credit rating so the risk of counterparty default is not considered to be significant. Therefore, guarantees and other collaterals are not typically required for these transactions. EDP Group has documented its financial operations in accordance with international standards. Derivative financial instruments are mainly contracted under ISDA Master Agreements. The amount receivable from customers is mainly generated by operations in Portugal, Spain and Brazil, with a diversified customer base, both geographically and in terms of segments (business clients, private and public sector) and size (Supply companies, Business to Business (B2B) and Business to Consumer (B2C)). EDP is present in several countries and continents, structured in 4 regional hubs: Europe, Asia-Pacific, North America and South America. It has more than 8.5 million customers in the electricity sector and 0.6 million customers in the gas sector, and usually the contractual relationship with the counterparty tends to be long-lasting. The maximum exposure to customer credit risk by counterparty type is detailed as follows: Thousand Euros Dec 2022 Dec 2021 Corporate and private sector: Supply companies 200 81,366 B2B 496,804 443,937 B2C 425,163 354,586 Other Public sector: Debt with payment agreement 556,939 652,790 1,479,106 1,532,679 1,375 4,059 Debt without payment agreement 160,197 202,896 161,572 206,955 1,640,678 1,739,634 Trade receivables by geographical market for the Group EDP, is as follows: Thousand Euros Dec 2022 Portugal Spain Brazil USA Other Group Corporate and private sector 669,995 315,698 374,164 27,248 92,001 1,479,106 Public sector 34,223 112,988 13,909 - 452 161,572 704,218 428,686 388,073 27,248 92,453 1,640,678 Corporate and private sector 860,518 281,042 350,076 22,287 18,756 1,532,679 Public sector 38,780 149,831 18,034 - 310 206,955 899,298 430,873 368,110 22,287 19,066 1,739,634 The amounts receivable from supply companies are concentrated mainly in Portugal, Brazil and EDP Renov\u00e1veis Group, as follows: - In Portugal, these counterparties present a significantly reduced days sales outstanding, about 20 days, and these entities are subject to the sector regulation that establishes collaterals to reduce credit risk. The collateral provided is updated based on the average of the last quarter monthly sales, which reinforces a low risk profile; - In Brazil, it refers mainly to: (i) the amounts from sale of electricity to wholesale dealers and supply companies, (ii) accounts receivable relating to energy traded in the Electric Energy Trading Chamber - CCEE; and (iii) charges for the electricity network access; - In EDPR EU (Europe) & Latin America platform, main customers are utilities and regulated entities in the different countries. Credit risk is not significant due to the limited average collection period for customer balances and the quality of its debtors. Additional counter-party risk comes from the countries with renewables incentives, which it is usually treated as regulatory risk; - In EDPR NA (North America) platform, main customers are regulated utility companies and regional market agents in the US. As it occurs in Europe, credit risk is not significant due to the limited average collection period for customer balances and the quality of the debtors. However, the exposure due to the mark-to-market of long term contracts may be significant; and - In EDPR APAC (Asia-Pacific) platform, the Group\u2019s main customers are Distributed Generation offtakers and regulated entities in the different markets, namely in Singapore and Vietnam. As it occurs in the other platforms, credit risk from trade receivables is not significant due to same reasons. However, counter-party risk comes from countries with renewables incentives through regulated tariffs, which it is usually treated as regulatory risk. Exposure in all markets EDPR operates is managed by a detailed assessment of the counter-party before signing any long term agreement and by a requirement of collaterals when financial soundness of the counterparty deteriorates. Regarding the remaining receivables from companies and individual customers, resulting from the current activity of EDP Group, the credit risk is essentially the result of customers defaults, whose exposure is limited to the supply made until the possible date of supply disruption. A very criterious credit risk analysis made for new costumers, as well as the large number of customers and their diversity in terms of sectors of activity are some of the main factors that mitigate the concentration of counterparty credit risk. Amounts receivable from public sector customers include amounts receivable from renegotiated debt with payment agreements, which, as the counterparty is a public entity and has already recognised the debt through payment protocols, present a lower risk. These amounts also include debt without payment agreements arising from the normal power supply activity similar to that described for the corporate and individual sector. In accordance with accounting policies - note 2 e), impairment losses are determined using the simplified approach precluded in IFRS 9, based on life time expected losses. Regarding third-party receivables generated by the Group\u2019s day-to-day business, the credit risk arises essentially from customers default, whose exposure is limited to the Low Tension Electricity supplied with usual delays in payments. The very criterious credit risk analysis made for new costumers, as well as the large number of customers and their diversity in terms of sectors of activity are some of the main factors that mitigate the concentration of counterparty credit risk. EDP Group believes that the amount that best represents the Group's exposure to credit risk corresponds to the carrying amount of customers and of Contract assets related to energy sales net of the impairment losses recognised. The Group believes that the credit quality of these receivables is adequate and that no significant impaired credits exist that have not been recognised as such and provided for. As at 31 December 2022, in accordance with the methodology for determining impairment losses on amounts receivable from the electric sector, no impairment loss has been booked. The risk levels for amounts receivable from the electric sector have been considered to be the same as the country risk levels for Brazil, Portugal and Spain, which have high credit ratings. The maximum exposure to credit risk of Contract assets related to energy sales and Amounts receivable from the electric sector is as follows: Thousand Euros Dec 2022 Dec 2021 Contract assets related to energy sales: Contract assets receivable from energy sales contracts 1,449,960 1,727,613 Amounts receivable from the electric sector: Amounts receivable from tariff adjustments - Electricity (see note 26) 1,449,960 1,727,613 483,217 860,661 Amounts receivable relating to CMEC (see note 26) 603,475 657,734 Amounts receivable from concessions - IFRIC 12 (see note 26) 1,966,939 1,208,888 3,053,631 2,727,283 4,503,591 4,454,896 Liquidity risk management The EDP Group undertakes management of liquidity risk through the engagement and maintenance of credit lines and financing facilities, with a firm underwriting commitment with international reliable financial institutions, as well as term deposits, allowing immediate access to funds. These credit lines are used to complement and backup national and international commercial paper programmes, allowing the EDP Group\u2019s short-term financing sources to be diversified (see note 34). Considering the military conflict between Russia and Ukraine, the Group assessed the potential impacts on additional liquidity needs, having concluded that the current Liquidity Risk Management Policy remains adequate. The table below shows the contractual undiscounted cash flows and the estimated interests due, computed using the rates available at 31 December 2022: Thousand Euros Dec 2023 Dec 2024 Dec 2025 Dec 2026 Dec 2027 Following years Total Bank loans 618,171 374,238 100,048 72,687 68,154 640,133 1,873,431 Bond loans 1,997,899 2,397,141 1,896,292 2,109,361 1,783,624 2,806,824 12,991,141 Hybrid bond 726,552 - - - - 3,077,200 3,803,752 Commercial paper 870,413 104,685 391,345 51,480 42,784 - 1,460,707 Other loans 4,227 2,627 1,784 2,057 1,826 27,812 40,333 Interest payments (i) 657,305 663,953 482,327 367,345 281,449 602,725 3,055,104 4,874,567 3,542,644 2,871,796 2,602,930 2,177,837 7,154,694 23,224,468 The table below shows the contractual undiscounted cash flows and the estimated interests due, computed using the rates available at 31 December 2021: Thousand Euros Dec 2022 Dec 2023 Dec 2024 Dec 2025 Dec 2026 Following years Total Bank loans 238,385 212,429 116,702 85,009 51,145 578,049 1,281,719 Bond loans 1,227,879 1,777,840 2,221,977 1,774,009 2,040,793 2,262,749 11,305,247 Hybrid bond 48,081 - - - - 3,750,000 3,798,081 Commercial paper 2,769 154,796 47,543 320,060 - - 525,168 Other loans 2,504 1,202 1,011 1,031 1,052 21,836 28,636 Interest payments (i) 404,148 559,603 472,657 292,542 192,802 545,187 2,466,939 1,923,766 2,705,870 2,859,890 2,472,651 2,285,792 7,157,821 19,405,790 (i) The coupons of the hybrid bonds were included taking into consideration the earliest possible call date. Energy market risk management Energy market risk management (excluding the Brazilian operations) In the sphere of its operations in the Iberian market for both electricity and gas, EDP Group purchases fossil fuels to generate electric energy which is sold in organized markets (OMIE and OMIP) as well as to third parties or, in the gas business, sells natural gas to clients either through EDP Group\u2019s trading companies or directly to third parties. As a result, the Group is fully exposed to energy market risks. As a result of its energy management operations, EDP Group has a portfolio of operations related to electricity and gas businesses. The portfolio is managed through the engagement of operations with financial and physical settlement on the forward energy markets. The objective of the operations is to reduce volatility of the financial impact resulting from the managed positions and to benefit from arbitration or positioning within the trading limits approved by the Executive Board of Directors. The financial instruments traded include swaps (electricity, coal and gas) and futures to fix prices. In the hedge relationships, the main source of ineffectiveness is the effect of the counterparty\u2019s and the Group\u2019s own credit risk on the fair value of the derivative financial derivatives, which is not reflected in the change in the fair value of the hedged cash flows attributable to the change in market prices. Energy management activity is subject to a series of variables which are identified and classified based on their common uncertainty characteristics (or risk). Such risks include market price evolution risk (electricity and fuel) with impact in the expected energy volume generated, as well as credit risk of the counterparties. Monitoring the price, volume and credit risks includes their quantification in terms of positions at risk which can be adjusted through market operations. This quantification is made by using specific models that value positions to determine the maximum loss that can be incurred, with a given probability and a determined time frame. Risks are managed in accordance with the strategies defined by the Executive Board of Directors, which are subject to a periodic review based on the evolution of the operations, to change the profile of the positions and adjust them to the established management objectives. Risks are monitored by means of a series of actions involving daily monitoring of the different risk indicators, of the operations grouped in the systems and the prudence limits defined by management area and risk component, as well as regular backtesting and supplementary validation of the models and assumptions used. This monitoring not only ensures the effectiveness of the strategies implemented, but also provides elements to enable initiatives to be taken to correct them, if necessary. The main price and volume risk indicator used is the margin at risk (P@R), which estimates the impact of the variation of the different risk factors (price of electricity and hydrological) on the next 24 month\u2019s margin, P@R corresponding to the difference between an expected margin and a margin of a pessimistic scenario with a probability to occur of 5% (confidence interval of 95%) considering a time frame of 2 months. Both the volumes which are certain and those, which although uncertain, are expected, namely production of the plants and the corresponding consumption of fuel, are considered. The P@R distribution by business segment is as follows: Thousand Euros P@R Distribution by business segment Dec 2022 Dec 2021 Business Electricity Portfolio Trading 50,483 2,391 Electricity Trading + Hedging 342,309 369,883 Gas Hedging 120,588 77,363 Diversification effect -93,380 -17,505 420,000 432,131 Regarding credit risk, the quantification of exposure considers the amount and type of transaction (e.g. swap or forward), the rating of the counterparty risk that depends on the probability of default and the expected value of credit to recover, which varies depending on the guarantees received or the existence of netting agreements. The EDP Group's exposure to credit risk rating is as follows: Dec 2022 Dec 2021 Credit risk rating (S&P) A+ to A- 22.45% 47.53% BBB+ to BBB- 49.88% 34.70% No rating assigned 27.67% 17.77% 100.00% 100.00% Brazil - Energy market risk management Arising from the energy trading activity in Brazil, EDP Trading Comercializa\u00e7\u00e3o e Servi\u00e7os de Energia, S.A. and EDP Smart Energia Lda. are exposed to market price risk associated with future commitments, resulting from bilateral contracts for the purchase and sale of energy. At reporting date, the result of future commitment contracts is determined as the differential, for each maturity term, between the prices of the bilateral contracts for the purchase and sale of energy and their mark-to-market valuation using forward price curves. The result of future commitment contracts presents volatility associated with energy price fluctuation, generating market price risk. The management of market price risk is carried out through the determination and daily monitoring of the risk respecting the limits approved by the Management of EDP Brazil, and framed within the Risk Management Policy of the EDP Group, for the purchase and sale of energy using a methodology established in the Energy Risk Policy. The methodology adopted is a VaR (Value at Risk) with 95% confidence that considers a forward curve of market prices, the exposure of the portfolio (difference between purchase and sell) and the volatility and liquidity observed in the free market for each period. For sensitivity analysis, the exposure of portfolio of operations is evaluated through 25% and 50% changes in the forward curve of market energy prices. Below shows the scenario with the highest probability of occurrence (25%). Thousand Euros Dec 20 22 Dec 2021 + 25% - 25% + 25% - 25% Differences Settlement Price \u2013 PLD -4,251 3,561 -1,795 1,795 Capital management EDP is not an entity subject to regulation in terms of capital or solvency ratios. Therefore, capital management is carried out within the financial risk management process of the entity. Additionally, management describes this aspect of its strategic objectives, policies and processes to manage risks, including the financial risks, in the chapters of the Annual Report of 2022: Part I - 02 Strategic Approach 2.3 Risk Management: Key Risks - Financial; Risk Appetite - Financial; and 2.4.Strategic Guidelines Compliance - Sustainable Financial Leveraging. Part III - Corporate Governance 53 The main types of economic, financial and legal risk - Financial risks. The Group\u2019s goal in managing capital is to safeguard the Group\u2019s capacity to continue operating as a going concern, grow steadily to meet established objectives and maintain an optimum capital structure to reduce equity cost. In conformity with other groups operating in this sector, the Group controls its financing structure based on several control mechanisms and ratios. 6. Consolidation perimeter During the year of 2022, the following changes occurred in the EDP Group consolidation perimeter: Companies acquired: The following acquisitions were classified as asset purchases, out of scope of IFRS 3 \u2013 Business Combinations, due to the substance of these transactions, the type of assets acquired and the very early stage of the projects: Acquiring company Acquired company Acquired % Obs. Central Geradora Fotovoltaica Zebu Ltda. 100% EDP Renov\u00e1veis Brasil, S.A. Solar Barra I to IV, S.A. (4 companies) 100% E\u00f3lica Barra I to XI, S.A. (11 companies) 100% Central Solar Presidente JK I, S.A. 100% Szabadsolar, Kft. 100% Sunglare Capture, Kft. 100% Sunglare Expert, Kft. 100% EDP Renewables Europe, S.L.U. Napenergia, Kft. 100% Aeolos Evias Energiaki, M.A.E. 100% Fravezac, S.R.L. 100% EDP Renewables Germany GmbH 100% Farma Fotowoltaiczna Radziej\u00f3w, Sp. z o.o. 100% Farma Fotowoltaiczna Ujazd, Sp. z o.o. 100% Farma Fotowoltaiczna Warta, Sp. z o.o. 100% EDP Renewables Polska, Sp. z o.o. Farma Fotowoltaiczna Wielkopolska, Sp. z o.o. 100% Farma Fotowoltaiczna Budzyn, Sp. z o.o. 100% Farma Fotowoltaiczna Dobrzyca, Sp. z o.o. 100% Farma Fotowoltaiczna Tomasz\u00f3w, Sp. z o.o. 100% EDP Comercial - Comercializa\u00e7\u00e3o de Energia, S.A. Youco F22-H416 Vorrats-GmbH 100% EDP Renov\u00e1veis, S.A. Parque Solar Fotovoltaico El Copey, S.A.S. E.S.P. 100% Solar Italy I, II and IV, S.r.l. 100% EDP Renewables Italia Holding, S.R.L. Solar Italy I 100% Solar Italy II, S.r.l. 100% Solar Italy IV, S.r.l. 100% Rocio Hive, S.L., Palma Hive, S.L. and Pedregal Hive, S.L. 100% EDP Renovables Espa\u00f1a, S.L.U. Rocio Hive, S.L. 100% Palma Hive, S.L. 100% Pedregal Hive, S.L. 100% DKT Energy Investment Company Ltd (including 12 subsidiaries) 100% Long Dai Phat Investment Company Ltd (including 7 subsidiaries) 100% Dongguan Jiehuang New Energy Technology Co., Ltd. 100% Heze Dechen New Energy Co., Ltd. 100% Hubei Jianghui New Energy Co., Ltd. 100% Qinghe County Xinou Funeng New Energy Technology Co., Ltd. 100% Wuhan Panshuo Energy Technology Co., Ltd. 100% Tianjin Xingrun Energy Development Co., Ltd. 100% Sunseap Group Pte. Ltd. Wuxi Lingzhong New Energy Technology Co., Ltd. 100% Suzhou Xingyi Energy Engineering Co., Ltd. 100% Tianjin Xingsheng Energy Development Co., Ltd. 100% Weihai Deao New Energy Technology Co., Ltd. 100% Zhenjiang Ruichengda New Energy Co., Ltd. 100% Yancheng Qingneng Power Technology Co., Ltd. 100% Thai-Sunseap Co., Ltd. (including 2 subsidiaries) 18% (1) PT Right People Renewable Energy 100% Suzhou Liansong New Energy Technology Co., Ltd. 100% Chongqing Xingzhi New Energy Technology Co., Ltd. 100% 23 companies in North America 100% (1) Sunseap Group Pte. Ltd. acquired a 18% stake in the company Thai Sunseap, in which it already held a 49% stake, increasing the participation in this company to a 67% stake and obtaining control over the company. Additionally, the following companies were acquired in the scope of IFRS 3 \u2013 Business Combinations: \u25cf EDP Energias do Brasil, S.A. acquired 99.99% of Celg Transmiss\u00e3o, later renamed EDP Transmiss\u00e3o Goi\u00e1s S.A., for a value of 2,114 million Brazilian Reais (375 million Euros). With reference to the acquisition date, the book value of net assets in this portfolio amounted to 1,071 million Brazilian Reais (170 million Euros) and the assets purchase price allocation exercise has been carried out in accordance with the external valuation report issued (see notes 18 and 49); \u25cf In the first quarter of 2022, EDP Renov\u00e1veis, S.A. acquired a 91.4% stake in a distributed solar generation portfolio, Sunseap Group Pte. Ltd., located in Southeast Asia, that allows EDP to set up to 10 GW of solar projects, for a value of 659,658 thousand Euros. In addition, during the second quarter of 2022, through a capital increase, EDP Renov\u00e1veis, S.A. increased its stake in the acquired company to 92.28%. In the third quarter of 2022, as a result of the put options agreed between the parties, the remaining stake in Sunseap Group Pte. Ltd. has been recognised and the stake held by EDP Renov\u00e1veis, S.A. in this company increased to 100%. A liability in the amount of 56,442 thousand Euros, corresponding to the options exercise price, has been recognised (see note 39). With reference to the acquisition date, the book value of net assets of this portfolio amounted to 136,085 thousand Euros and the assets purchase price allocation exercise has been carried out in accordance with their fair value valuation (see notes 19 and 49); \u25cf In the third quarter of 2022, Sunseap Group Pte. Ltd. acquired from Xuan Thien Group a 99.99% stake in the companies Xuan Thien Ninh Thuan JSC and Xuan Thien Thuan Bac JSC, which own operating solar PV projects located in Southeast Asia, for an amount of 202,298 thousand Euros, which includes 41,288 thousand Euros recognised as contingent price (see note 39). With reference to the acquisition date, the book value of the net assets of this portfolio amounted to 80,263 thousand Euros and the assets purchase price allocation exercise has been carried out in accordance with their fair value valuation (see notes 19 and 49); \u25cf In the fourth quarter of 2022, EDP Renewables Europe, S.L.U. acquired a 100% stake in Kronos Solar Projects GmbH. and its subsidiaries, a solar generation portfolio with 9,4GW under development located in Germany, Netherlands, France and UK, for an amount of 663,030 thousand Euros. This amount includes 341,996 thousand Euros related to put options and 71,035 thousand Euros corresponding to the payable success fees estimation (see note 39). With reference to the acquisition date, the book value of the net assets of this portfolio amounted to 11,373 thousand Euros (see notes 19 and 49); \u25cf EDP Energia Polska acquired 100% of the companies SOON Energy Polska sp z.o.o. and Zielona-Energia (see note 19); \u25cf Hidroel\u00e9ctrica do Guadiana, S.A. acquired 100% of a company in Portugal; and \u25cf EDP Renov\u00e1veis, S.A., through a North American subsidiary and through several stand-alone transactions, acquired the 100% stake in a distributed solar generation portfolio, which includes 99.3 MW solar operational projects, in 84 companies, for an amount of 132,992 thousand Euros. The assets purchase price allocation exercise, in accordance with their fair value valuation, has been carried out for some of the transactions (see notes 19 and 49). Sale of companies / investments: Sale of companies without loss of control EDP Espa\u00f1a Renovables, S.L.U. Desarrollos Renovables de Teruel, S.L. 49% 100% Sale of companies with loss of control EDP Inova\u00e7\u00e3o, S.A. CEO - Companhia de Energia Oce\u00e2nica, S.A. 47% 52.07% (2) Companies sold Winfan, Sp. z o.o. 100% 100% Lichnowy Windfarm, Sp. z o.o. 100% 100% EDP Renewables Polska, Kowalewo Wind, Sp. z o.o. 100% 100% (3) Sp. z o.o. EWP European Wind Power Krasin, Sp. z o.o. 100% 100% Nowa Energia 1, Sp. z o.o. 100% 100% Farma Wiatrowa Bogoria, Sp. z o.o. 100% 100% EDP Renovables Espa\u00f1a, Parc E\u00f2lic Serra Voltorera, S.L.U. 100% 100% (4) S.L.U. E\u00f3lica La Janda, S.L.U. 100% 100% WinCap, S.R.L. 100% 100% TACA Wind, S.R.L. 100% 100% EDP Renewables Italia San Mauro, S.R.L. 75% 75% Holding, S.R.L. Conza Energia, S.R.L. 100% 100% (5) Lucus Power, S.r.l. 100% 100% Breva Wind, S.r.l. 100% 100% Aria del Vento 100% 100% Aventura Holding, S.A. 100% 100% EDP Renov\u00e1veis Brasil, S.A. Central E\u00f3lica Aventura II to V, S.A. (4 companies) 100% 100% (6) SRMN Holding, S.A. 100% 100% Central E\u00f3lica SRMN I to V, S.A. (5 companies) 100% 100% EDP Energias do Brasil, S.A. Energest, S.A. (\"Usina Hidroel\u00e9trica de Mascarenhas\") 100% 100% (7) EDP International Investments and Services, S.L. Hydro Global Investment Limited 50% 50% (8) EDP Renewables Europe, S.L.U. Moray West Holdings Limited 33% 33% (9) 7 companies in North America 100% 100% (10) (2) Sale with loss of control, maintaining EDP Inova\u00e7\u00e3o, S.A. a 5% financial interest in the company, which is recognised as an Equity Instrument at Fair Value through Other Comprehensive Income. (3) In the second quarter, these shares were sold for 84,983 thousand Euros, generating a gain of 51,982 thousand Euros (see note 8). (4) Sale occurred in the second quarter for an amount of 207,018 thousand Euros. The transaction generated a gain amounting to 42,596 thousand Euros (see notes 8 and 19). (5) In the third quarter, these shares were sold for a net amount of 293,027 thousand Euros (sale proceeds of 432,239 thousand Euros, deducted of loans). This transaction generated a gain of 168,568 thousand Euros (see note 8). (6) Sale occurred in the fourth quarter, with total shares proceeds amounting to 184,778 thousand Euros, generating a gain of 119,085 thousand Euros (see note 8). (7) In the fourth quarter, this investment has been sold for a total amount of 130,086 thousand Euros (707,655 thousand Brazilian Reais) and generated a total gain of 50,647 thousand Euros, which was booked as a gain against reserves, by allocation of exchange differences reserves, in the amount of 60,034 thousand Euros, and as a loss in Other costs in the amount of 9,387 thousand Euros (see note 11). (8) Disposal of joint venture for a total amount of 68 million US Dollars, which converted into Euros and discounted cash flows corresponds to an amount of 58 million Euros as at 31 December 2022, generating a gain of 13,764 thousand Euros (see note 8). (9) Sale of a direct stake held in the joint venture to OW Offshore, S.L., for a total amount of 33,825 thousand Euros (30,000 thousand British Pounds), generating a gain of 16,981 thousand Euros (see note 21). (10) Includes the sale, by EDP Renewables North America LLC, of its 100% stake in the Indiana Crossroads Solar Park project, for the amount of 281,563 thousand Euros (296,500 thousand US Dollars), generating a gain of 15,791 thousand Euros (see note 8). Companies liquidated: Entity holding the stake Liquidated company Previous % Obs. Viesgo Renovables, S.L.U. Northeolic Monte Bu\u00f1o, S.L. 75% Sunseap Group Pte. Ltd. Xuzhou Yiyundian New Energy Technology Co., Ltd. 90.47% Yuzhou Sunseap Energy Technology Co., Ltd. 100% EDP Iberia, S.L. ENAG\u00c1S - S.G.P.S., S.A. 60% Companies merged: EDPR PT - Promo\u00e7\u00e3o e Opera\u00e7\u00e3o, Companies incorporated: EDPR Cross Solutions, S.A. H2 Soto, S.A.U. EDPR Korea, Ltd. H2 Abo\u00f1o, S.A.U. EDPR Sicilia Uno, S.r.l. H2 Los Barrios, S.A.U. EDPR Sicilia Due, S.r.l. ENERGIA I SPE S.A. EDPR Sardegna, S.r.l. ENERGIA SPE II S.A. EDPR Sud Italia, S.r.l. E\u00f3lica da Coutada II, S.A. EDPR Puglia Uno, S.r.l. Central Solar Presidente JK II to XII, S.A. (11 companies) EDPR Puglia Due, S.r.l. Central E\u00f3lica Borborema I to IV, S.A. (4 companies) EDPR Basilicata, S.r.l. Central E\u00f3lica Asas de Zabel\u00ea I to VII, S.A. (7 companies) Fotovoltaica Flutuante do Grande Lago, S.A. Central Solar Zebu II to IX, S.A. (8 companies) Eoles Montjean, S.A.S. Central E\u00f3lica Ita\u00fana I to II, S.A. (2 companies) Central Geradora Fotovoltaica Monte Verde Solar I, S.A. Central E\u00f3lica S\u00e3o Domingos I to III, S.A. (3 companies) Central Geradora Fotovoltaica Monte Verde Solar VI, S.A. Sounding Creek Solar Park GP Ltd. Desarrollos Renovables de la Frontera, S.L. Sounding Creek Solar Park LP Desarrollos Renovables de Allande, S.L.U. Edgeware BESS Project GP Ltd. Energia Solar II SPE LTDA. Edgeware BESS Project LP Qingdao Xingqi Energy Co., Ltd. Hytlantic, S.A. (11) Rongcheng Xingyi New Energy Technology Co., Ltd. Sunseap China Energy (Qingdao) Co., Ltd. 45 companies in North America RL Sunseap Energy Sdn. Bhd. (12) (11) 28.5% held through EDP Renewables SGPS. (12) 49% held through Sunseap Energy (Malaysia) Sdn. Bhd. Acquiring company Merged company Previous % Obs. S.A. Eoliser - Servi\u00e7os de Gest\u00e3o para Parques E\u00f3licos, Lda. 100% EDP Redes Espa\u00f1a, S.L.U. Fresco Redes International, S.L. 75.10% Fresco Redes Investments, S.L.U. 100% Viesgo Distribuci\u00f3n El\u00e9ctrica, S.L. IE2 HoldCo, S.A. 100% Viesgo Holdco, S.A. 100% Other changes: \u25cf EDP Renov\u00e1veis, S.A. acquired 50% of the companies Lomartico Investments, Sp. z o.o., Medsteville Investments, Sp. z o.o. and Ondentille Investments, Sp. z o.o. These acquisitions have been considered as joint ventures in accordance with the terms of the Shareholders' Agreement signed between the parties, which evidence the existence of joint control of the company; \u25cf EDPR France Holding, S.A.S. acquired 51% of the company Centrale Eolienne D'Occey, S.A.S., which has been considered as a joint venture in accordance with the terms of the Shareholders' Agreement signed between the parties, which evidence the existence of joint control of the company; \u25cf In December 2022, EDP Renov\u00e1veis, S.A. acquired an additional 15% stake in the subsidiary OMA Haedori Co., Ltd., now holding 75% in this company; and \u25cf In the last quarter of 2022, an additional 5% stake in the subsidiary Ceprastur, A.I.E. was acquired, whereby the investment in this company increased to 100%. The companies included in the consolidation perimeter of EDP Group as at 31 December 2022 are disclosed in Annex I. 7. Revenues and cost of Energy Sales and Services and Other Revenues from energy sales and services and other are as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Energy and access 19,061,010 13,774,589 7,431,624 4,277,707 Revenue from assets assigned to concessions 813,943 709,052 - - Other 775,811 499,268 1,652,603 924,257 20,650,764 14,982,909 9,084,227 5,201,964 Revenues from energy sales and services and other, by geographical market, for the Group, are as follows: Thousand Euros Dec 2022 Portugal Spain Brazil USA Other Group Energy and access 8,030,223 6,694,555 2,435,584 658,314 1,242,334 19,061,010 Revenue from assets assigned to concessions 265,677 - 548,266 - - 813,943 Other 514,566 44,146 165,388 34,773 16,938 775,811 8,810,466 6,738,701 3,149,238 693,087 1,259,272 20,650,764 Thousand Euros Dec 2021 Portugal Spain Brazil USA Other Group Energy and access 6,406,904 3,869,408 2,436,152 563,951 498,173 13,774,589 Revenue from assets assigned to concessions 252,406 - 456,647 - - 709,052 Other 271,222 99,180 106,989 16,364 5,514 499,268 6,930,532 3,968,588 2,999,788 580,315 503,687 14,982,909 The caption Energy and access in Portugal, on a consolidated basis, includes a net cost of 396,869 thousand Euros (revenue in 31 December 2021: 232,552 thousand Euros) regarding tariff adjustments of the period (see notes 26 and 38). This caption also includes, in Brazil, a net cost of 112,420 thousand Euros (31 December 2021: net revenue of 91,111 thousand Euros) related to recognition of tariff adjustments for the period in Brazil (see note 38). Additionally, the caption Energy and access includes, on a consolidated basis, a positive amount of 45,271 thousand Euros (31 December 2021: positive amount of 51,529 thousand Euros) related to the contractual stability compensation (CMEC) as a result of the power purchase agreements (PPA) termination, including an income of 19,566 thousand Euros related to the CMEC final adjustment (31 December 2021: positive amount of 19,282 thousand Euros), net from the recognised provision due to the final adjustment official approval. The caption Others includes, on a consolidated and individual basis, 523,653 thousand Euros (31 December 2021: 241.605 thousand Euros) and 1,426,709 thousand Euros (31 December 2021: 749.759 thousand Euros), respectively, related to the sale of CO2 licenses. The caption Energy and network access, on a company basis, includes 2,152,785 thousand Euros (31 December 2021: 1,140,333 thousand Euros) related with energy sales under the purchase and sale agreement of evolutive energy between EDP, S.A. and EDP Comercial S.A. The breakdown of Revenues from energy sales and services and other by segment, are as follows (see note 51 - Operating Segments): Thousand Euros Dec 2022 Reported Operating Segments Client Renewables Networks Solutions & Total Other Group Energy Segments Managt. Energy and access 1,823,490 639,547 16,598,015 19,061,052 -42 19,061,010 Revenue from assets assigned to concessions - 813,721 221 813,942 1 813,943 Other 96,104 101,920 565,192 763,216 12,595 775,811 1,919,594 1,555,188 17,163,428 20,638,210 12,554 20,650,764 Thousand Euros Dec 2021 Reported Operating Segments Client Renewables Networks Solutions & Energy Managt. Total Other Segments Group Energy and access 1,286,677 1,343,149 11,144,770 13,774,596 -7 13,774,589 Revenue from assets assigned to concessions - 709,029 24 709,053 -1 709,052 Other 65,089 122,865 294,181 482,135 17,133 499,268 1,351,766 2,175,043 11,438,975 14,965,784 17,125 14,982,909 The segment \"Client Solutions & Energy Management\" includes sales of renewable energy, hydro and wind, carried out by EDP SA's energy management business unit, as part of its intermediation activity. Revenues from energy sales and services and other by segment are considered globally as \"overtime\" and not as \"at a point in time\". Cost of energy sales and other are as follows: Thousand Euros Group Company Dec 2022 Dec 2021* Dec 2022 Dec 2021 Cost of energy 10,438,274 7,544,255 6,028,210 3,299,117 Expenditure with assets assigned to concessions 631,054 589,634 - - Changes in inventories and cost of raw materials and Consumables used Fuel, steam and ashes 609,930 401,558 - - CO2 Licenses 1,203,024 460,639 1,424,142 741,768 Gas and other costs 1,647,431 1,079,661 1,313,895 1,099,048 3,460,385 1,941,858 2,738,037 1,840,816 14,529,713 10,075,747 8,766,247 5,139,933 * Includes restatement originated by changing the classification of the Social Tariff Costs as described in note 2a) As a result of this Contract celebrated between EDP and EDP Produ\u00e7\u00e3o (see note 43), EDP will fully assume the economic risks and benefits associated with the dispatch of electricity production and subsequent placing on the market, ceasing the volatility associated with price and volume variation related to electricity and fuels, inherent to the contractual relationships maintained previously with EDP Produ\u00e7\u00e3o, so with reference to 31 December 2022, and on an individual basis, part of the hedges for the purchase of electricity in the amount of 723,432 thousand Euros was discontinued, since the hedged future transactions will not occur. Cost of electricity includes, on a company basis, includes the cost of 2,203,812 thousand Euros (31 December 2021: 1,167,199 thousand Euros) with the purchase of energy under the agreement for management, purchase and resale of energy signed between EDP, S.A. and EDP Gest\u00e3o da Produ\u00e7\u00e3o de Energia, S.A. The variation in the caption Gas and other costs essentially refers to the rise in the price of gas compared to the same period last year. Under the terms of concession contracts of EDP Group to which IFRIC 12 is applicable, the construction activities are outsourced to external specialised entities. The revenue and the expenditure with the acquisition of these assets are as follows: Thousand Euros Group Dec 2022 Dec 2021 Revenue from assets assigned to concessions 813,943 709,052 Expenditure with assets assigned to concessions Subcontracts and other materials -550,833 -456,112 Personnel costs capitalised (see note 10) -75,779 -75,706 Capitalised borrowing costs (see note 13) -4,442 -57,816 -631,054 -589,634 Revenue from assets assigned to concessions include 548,829 thousand Euros (31 December 2021: 424,545) relative to electricity distribution concessions in Portugal and in Brazil resulting from the application of the mixed model. Additionally, it also includes the revenue related to the asset to be received by EDP Group under the transmission concessions in Brazil (see note 26). The main variations on the captions Revenues and cost of Energy Sales and Services and Other are described in the Part I - Performance mainly in 3.3 - Business area analysis and 3.4 Group's financial analysis. 8. Other income Other income, for the Group, are as follows: Thousand Euros Group Dec 2022 Dec 2021 Income arising from institutional partnerships (see note 37) 233,505 177,205 Gains on disposals - electricity business assets - Asset Rotation 411,372 586,988 Gains from contractual indemnities and insurance companies 71,537 39,956 Other 211,036 219,839 927,450 1,023,988 Income arising from institutional partnerships relates to income arising from production and investment tax credits (PTC/ITC), mostly from accelerated tax depreciation, regarding wind farms and solar plants in North America (see note 37). The caption Gains on disposals - electricity business assets - Asset Rotation corresponds to gains from asset rotation strategy. This strategy aimed at crystallizing the value of a project by selling with loss of control, and reinvesting the proceeds in another projects, targeting greater growth. As at 31 December 2022, the caption includes: i) the gain in the amount of 42,596 thousand Euros resulting from the sale of two companies 100% owned by EDP Renovables Espa\u00f1a, S.L.U (see note 6); ii) a gain of 51,982 thousand Euros, resulting from the sale of six companies fully owned by EDP Renewables Polska, Sp. z o.o. (see note 6); iii) a gain in the amount of 168,568 thousand Euros resulting from the sale of seven companies owned by EDP Renewables Italia Holding S.R.L. (see note 6); iv) a gain of 119,085 thousand Euros, resulting from the sale of eleven companies fully owned by EDP Renov\u00e1veis Brasil S.A. (see note 6); and v) a gain in the amount of 15,791 thousand Euros resulting from the sale of one company owned by EDP Renewables North America LLC (see note 6). The caption Other includes gains on: i) reinsurance activity; ii) gains on the sale of property, plant and equipment; iii) changes in fair value of contingent prices of sales transactions; and iv) gain of 23 million Euros resulting from a favorable decision by the Regional Economic- Administrative Court of the Principality of Asturias in favor of EDP Espa\u00f1a relating to the fee for the use of the public hydric domain called \"Canon hidr\u00e1ulico\". 9. Supplies and services Supplies and services are as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Consumables and communications 34,182 29,114 6,470 6,262 Rents and leases 53,034 37,302 4,969 5,425 Maintenance and repairs 424,092 342,835 27,434 19,192 Specialised works: - Commercial activity 179,800 142,433 21 217 - IT services, legal and advisory fees 165,547 163,980 78,861 79,435 - Other services 88,658 61,439 32,928 28,282 Provided personnel - - 8,573 8,052 Other supplies and services 158,355 111,851 36,073 22,691 1,103,668 888,954 195,329 169,556 10. Personnel costs and employee benefits Personnel costs and employee benefits are as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Personnel costs Board of Directors remuneration 17,379 16,424 5,597 5,758 Employees' remuneration 573,279 488,711 50,617 45,948 Social charges on remuneration 133,603 119,546 12,774 11,457 Performance, assiduity and seniority bonus 131,077 97,710 19,063 18,713 Other costs 31,746 21,350 2,496 1,503 Own work capitalised: - Assigned to concessions (see note 7) -75,779 -75,706 - - - Other (see note 16) -126,948 -93,494 -9,613 -9,360 Employee benefits Pension plans costs 684,357 574,541 80,934 74,019 24,175 20,636 1,656 1,486 Medical plans costs and other benefits (see note 35) 5,647 6,867 11 208 Pension plans past service cost (Curtailment/Plan amendments) (see note 35) 2,243 6,844 - - Other benefits plans past service cost (Curtailment/Plan amendments) (see note 35) 1,053 8,469 - - Other 53,325 49,102 5,495 4,939 86,443 91,918 7,162 6,633 770,800 666,459 88,096 80,652 Pension plans costs include 3,891 thousand Euros (31 December 2021: 5,221 thousand Euros) related to defined benefit plans (see note 35) and 20,284 thousand Euros (31 December 2021: 15,415 thousand Euros) related with defined contribution plans. During the first semester of 2022, EDP Group distributed treasury stocks to employees (736,991 shares) totaling 3,272 thousand Euros. The breakdown by management positions and category of professional staff is as follows: Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Executive Board of Directors 5 5 5 5 Senior management 386 962 68 113 Managers 1,323 865 62 18 Specialists 6,469 5,276 524 463 Support, Operational and Administrative Technicians 5,028 5,128 60 70 13,211 12,236 719 669 Variations compared to December 2021 include the impact resulting from the review of the internal organizational structure, which implied the creation of new segments. 1. Other expenses Other Expenses are as follows: Thousand Euros Group Dec 2022 Dec 2021* Concession rents paid to local authorities and others 286,968 281,209 Direct and indirect taxes 374,965 300,326 Donations 21,570 21,219 Write-off of tangible assets 40,591 31,195 Other 105,630 94,016 829,724 727,965 * Includes restatement originated by changing the classification of the Social Tariff Costs as described in note 2a) The caption Concession rents paid to local authorities and others includes essentially the rents paid to the local authorities under the terms of the low tension electricity distribution concession contracts and rents paid to city councils where the power plants are located. The increase in the caption Direct and indirect taxes essentially results from the new taxes on generation in Spain, as a result of the legislation issued in September 2021 to reduce the impact of the high price of gas on the sale price of generation and the regulatory changes in Spain regard to the Social Tariff in 2022 and in Romania and Poland regarding to Windfall taxes in 2022. The caption \"Write-off\" of tangible fixed assets includes, essentially, the write-off of tangible fixed assets resulting from losses in materials and equipment in Brasil and the abandonment of the renewable projects in Europe and North America. The caption Other includes, essentially: i) losses on the reinsurance activity; and ii) losses on the sale of property, plant and equipment. It also includes, in 2022, a loss of 9,387 thousand Euros related to the sale of the stake in Energest, S.A. (see note 6) and the amount of 5,815 thousand Euros related to changes in the fair value of the contingent prices, related to operations carried out in previous years. 12. Amortisation and impairment Amortisation and impairment are as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Depreciation/impairment of Property, plant and equipment (see note 16) 1,371,272 1,214,239 6,156 5,519 Depreciation/impairment of Right of use asset (see note 17) 113,380 77,640 5,219 5,661 Amortisation/impairment of Intangible assets (see note 18) 514,968 449,362 19,359 16,673 Amortisation/impairment of Investment property (see note 23) 1,999,620 1,741,241 30,734 27,853 289 297 4,225 3,796 Compensation of depreciation Partially-funded property, plant and equipment (see note 38) 1,999,909 1,741,538 34,959 31,649 -28,579 -22,517 - - Amortisation of Incremental costs of obtaining contracts with customers 7,677 7,747 - - Impairment of Goodwill (see note 19) - 4,987 - - 1,979,007 1,731,755 34,959 31,649 During 2022, due to the revision of market assumptions (in mainly, commodity prices and energy sales prices), as well as the entry of renewable energy capacity, the Group carried out a review of its future estimates of value by carrying out impairment tests for some of the production assets. The above impairment tests carried out led to the recording of the following impairments on assets in Portugal: 81,740 thousand Euros in the Lares combined cycle thermoelectric power plant and 43,666 thousand Euros in the Ribatejo combined cycle thermoelectric power plant. Impairments were also recorded in Brazil at the Pec\u00e9m plant (233,125 thousand Euros) and in Colombia at the wind farms of Eolos Energia and Ventos de Norte (54,088 thousand Euros) (see notes 16 and 18). In the scope of impairment tests on these assets, sensitivity analyzes were performed on key variables, namely discount rates. An increase of +0.5% in the discount rate would determine an additional impairment of approximately: 8,579 thousand Euros in Lares, 10,668 thousand Euros in Ribatejo, 7,643 thousand Euros in Pec\u00e9m and 49,776 thousand Euros in Eolos Energia wind farms and Ventos del Norte in Colombia. ditionally, given the changes in market conditions, impairments amounting to 39,305 thousand in the coal-fired power plant in Espanh\u00e3 Abo\u00f1o 2 and 40,976 thousand in the coal-fired power plant in Soto3 were reversed (see note 16). 13. Financial income and expenses Financial income and expenses, for the Group, are as follows: Thousand Euros Group Dec 2022 Dec 2021 Financial income Interest income from bank deposits and other investments 80,689 15,097 Interest from derivative financial instruments 33,600 16,558 Interest income on tariff deficit: - Portugal - Electricity (see note 26) 111 2,733 - Brazil - Electricity (see note 38) 16,664 6,057 Other interest income 65,002 53,476 Derivative financial instruments 223,328 53,936 Foreign exchange gains 353,572 100,746 CMEC: - Interest on the initial CMEC 23,950 27,336 - Financial effect considered in the calculation 7,147 7,198 Other financial income 38,937 81,746 Financial expenses Interest expense on financial debt 843,000 364,883 705,812 523,928 Bonds buyback - 24,248 Capitalised borrowing costs: - Assigned to concessions (see note 7) -4,442 -57,816 - Other (see note 16) -41,405 -33,086 Interest from derivative financial instruments 134,765 33,411 Interest expense on tariff deficit: - Portugal - Electricity (see note 38) 4,484 53 - Brazil - Electricity (see note 38) 16,079 3,989 Other interest expense 40,063 22,435 Derivative financial instruments 259,167 106 Foreign exchange losses 356,958 126,165 CMEC 5,231 7,681 Unwinding of discounted liabilities 140,955 123,248 Unwinding of lease liabilities (see note 39) 46,146 39,511 Net interest on the net pensions plan liability (see note 35) 5,132 3,300 Net interest on the medical liabilities and other benefits (see note 35) 14,985 13,290 Other financial expenses 69,290 45,353 Financial income/(expenses) 1,753,220 875,816 -910,220 -510,933 Capitalised borrowing costs includes the interest capitalised in assets under construction according to Group accounting policy (see note 2 h)). Regarding the rate applicable to borrowing costs related with tangible/intangible assets under construction that is used in the determination of the amount of borrowing costs eligible for capitalisation (see notes 16 and 18), it varies depending on business unit, the country and currency, since EDP Group incorporates in its scope of consolidation a significant number of subsidiaries in several geographies with different currencies. Therefore, for the most representative geographies, the weighted average funding rates, in use in 2022, ranged from 1.22% to 6.66% in Portugal, from 1.05% to 6.79% in Spain and from 0.44% to 7.75% in North America, depending on related assets under construction and related financing. The costs related to the Unwinding liabilities at discounted value refer essentially to: (i) the financial update of the provision for dismantling and decommissioning of production assets in the amount of 6,609 thousand Euros (31 December 2021: 3,753 thousand Euros) (see note 36); (ii) the implied financial return in institutional partnerships of 96,955 thousand Euros (31 December 2021: 79,023 thousand Euros) (see note 37); and (iii) the financial expenses related to the discount of the liability associated to the concessions of Alqueva/Pedr\u00f3g\u00e3o, Investco and Enerpeixe of 20,700 thousand Euros (31 December 2021: 26,256 thousand Euros). The Derivative financial instruments caption includes income and expenses related with financial assets and liabilities measured and fair value through profit and loss, while the remaining captions of financial income and expenses are registered at amortised cost, based on the effective interest rate method. In the third quarter of 2021, under the agreement entered into with Sonatrach with a view to ending commercial relations between the companies, it was agreed a debt cancellation that EDP had with Sonatrach companies in the amount of 79 million of Euros for a payment of 15 million Euros. The impact of this operation is included in the Caption Other Financial Income. Financial income and expenses, for the Company, are as follows: Thousand Euros Company Dec 2022 Dec 2021 Financial income Interest income from loans to subsidiaries and related parties (see note 44) 35,873 37,906 Interest from derivative financial instruments 106,745 81,127 Derivative financial instruments 444,047 164,763 Income from equity investments (see note 44) 1,003,733 1,164,310 Other financial income 60,030 11,210 Financial expenses Interest expense on financial debt 1,650,428 1,459,316 194,411 195,422 Bonds Buyback 17,882 16,525 Interest from derivative financial instruments 119,570 102,457 Derivative financial instruments 425,300 136,176 Unwinding of lease liabilities 5,874 4,949 Impairment on equity investments and shareholders loans (see note 20) 26,630 - Other financial expenses 69,058 19,010 Financial income/(expenses) 858,725 474,539 791,703 984,777 On March 2022, EDP S.A. has bought an amount of 900 million Euros from the issue \"EUR1.500.000.000 Fixed Rate Notes due Dec 2022\", booking a cost related to the transaction of 17,882 thousand Euros. On December 2021, EDP S.A. has bought an amount of 150 million Euros from the issue \"EUR1.000.000.000 Fixed Rate Notes due 2025\", booking a cost related to the transaction of 16,525 thousand Euros. The caption Other financial income includes 14,911 thousand Euros related to nominal interests from bonds issued by EDP Finance B.V., repurchased by EDP S.A. (see notes 27 and 44). The effective interest of these instruments amounts to 1,111 thousand Euros (includes the recognition of premium and transaction costs associated with the buyback transaction by the effective interest rate method). The fluctuation on Other financial income and expenses, on an individual basis, is mainly explained by the impact of the foreign exchange of the American Dollars. 14. Income tax The following note includes an analysis on the reconciliation between the theoretical and the effective income tax rate applicable at an individual level and at the level of the EDP Group, on a consolidated basis. In general terms, this analysis aims to quantify the impact of the income tax, recognised in the income statement, which includes both current and deferred tax. As the EDP Group prepares and discloses its financial statements in accordance with IFRS, an alignment between the accounting of income tax expense or income and the corresponding cash flow is not mandatory. Accordingly, this analysis does not represent the income tax paid or received by the EDP Group for the correspondent reporting period. The overall tax contribution borne by the EDP Group (which includes comments on the contributions paid to the respective states where the Group operates), as well as other relevant information (such as EDP Group's tax footprint, specific taxation over energy sector and procedures to control and manage adverse tax exposures), are disclosed on the annual Integrated Report, available on EDP website (www.edp.com). The general principles concerning EDP Group's mission and tax policy are also addressed in the same report. This document also describes the key principles with respect to transfer pricing policy applicable to the EDP Group, under which the Group's policy is to abide within the international rules, guidelines and best practices applicable in the various geographies where it operates. It should be noted that, as a multinational group, the EDP Group fully complies with the annual obligation of communication and report, which results from the transposition to the Portuguese domestic Law of the disposals of Action 13 of the Base Erosion and Profit Shifting (named Country-by-Country Reporting), as a part of a set of measures adopted by OECED and G20 countries to enhance transparency for tax administrations. Furthermore, this obligation is fulfilled in Portugal by the parent company, within the deadlines foreseen by law. Main features of the tax systems of the countries in which EDP Group operates The statutory corporate income tax rates applicable in the main countries in which EDP Group operates are as follows: Dec 2022 Dec 2021 Europe: Portugal 21% - 31,5% 21% - 31,5% Spain 24% - 25% 24% - 25% Netherlands 25.8% 25% Belgium 25% 25% France 25% 26,5% - 27.5% Italy 24% - 28,8% 24% - 28,8% Poland 19% 19% Romania 16% 16% United Kingdom 19% 19% Asia Singapore 17% 17% Vietnam 20% 20% America: Brazil 34% 34% United States of America 24.91% 24.91% Canada 26.5% 26.5% Mexico 30% 30% EDP Group companies are taxed, whenever possible, on a Group consolidated basis as allowed by the tax legislation of the respective countries. As per the applicable legislation, in general terms, tax periods may be subject to review and reassessment by the various tax authorities during a limited number of years. Statutes of limitation differ from country to country, as follows: Portugal 4 years or, if tax losses or credits have been used, the number of years that such tax losses or credits may be carried forward; Spain 4 years; USA and The Netherlands 3 years; and Brazil 5 years. In the remaining main jurisdictions, the deadline for review and reassessment by the various tax authorities ranges between 3 and 10 years. Tax losses generated in each year are also subject to tax authorities' review and reassessment and may be used to offset yearly taxable income assessed in the subsequent periods, in the main jurisdictions in which EDP is present, as follows: in Portugal 5 years (for tax losses of 2017 to 2019 and 2022, not being considered the years 2020 and 2021 for the purposes of this period); and 12 years (for tax losses of 2014 to 2016, the years 2020 and 2021 are also not considered for the purposes of this count), and a reduction in the annual deduction limit as a percentage of taxable income without term in the Netherlands, Spain, USA and Braziland. From 2023 onwards, in Portugal, there is no longer a time limit for reporting tax losses (including those whose reporting period is in progress on 1 January 2023). Moreover, in the Netherlands the tax losses of a given year may be used to recover current tax of the previous year with limitations. However, the deduction of tax losses in Portugal, Spain, Netherlands, USA and Brazil may be limited to a percentage of the taxable income of each period or is subject to other limitations. EDP Group companies may, in accordance with the law, benefit from certain tax benefits or incentives in specific conditions, namely the Production Tax Credit in North America, which are the dominant form of wind remuneration in this country, and represent an extra source of revenue per unit of electricity, over the first 10 years of the asset\u2019s life. Wind facilities that qualify for the application of the Production Tax Credits prior to 1 January 2017, benefit from 100% of the credit ($25/MWh in 2020 and in 2021, being adjusted to inflation in subsequent years). The credit amount is reduced by 20% for wind facilities qualifying in 2017, 40% in 2018 and 60% in 2019. Additional legislation in 2020 and 2021 extended the aforementioned regime to wind facilities, with start of construction in 2020 or 2021, attributing 60% of the tax credit amount. Additionally, EDP Group companies benefit from the Investment Tax Credit which avails solar projects to a credit based upon its capital expenditures. This credit amount equates to 26% for projects that start construction before 2022 and 22% for projects starting construction in 2023 as long as these projects go into service by 2025. Relevant events for EDP Group with impact in 2022 During the course of 2021 and 2022 several European countries enacted the so called windfall taxes. In what concerns to EDP Group, as of 31 December 2022, these taxes mainly impact Romania, Poland and Italy. In this context, governments in Romania and Poland have recently introduced emergency clawback mechanisms to restrict the revenues earned by renewable energy producers and other market participants. In Romania, a 100% tax is applied on revenues over 450 RON/MWh as well as a withholding tax on behalf of offtakers. In Poland, the clawback mechanism consists in a 100% tax on revenues above 345 PLN/MWh for wind projects under Green Certificate (GC) scheme and the corresponding strike price for projects under CfD scheme. Lastly, during 2022 was approved in Italy a retroactive increase of the windfall tax to 50% (previously set at 25%) that applied in 2022 to the portion of total income determined for corporate income tax purposes that exceeds by, at least, 10% of the average total income determined for corporate income tax purposes earned in the periods between 2018 and 2021 by producers and sellers of electricity, natural gas and petrol products. The amount of this extraordinary contribution shall not exceed 25% of the equity value of the assets at the end of 2021. The European Union Council Regulation 2022/1854 of 6 October 2022 consubstantiated on a European Union wide emergency intervention to address high energy prices. While EDP Group fully acknowledges that the existing emergency situation required for extraordinary measures, the Group also considers that (i) the principle of not taxing unrealized extra-profits should always prevail and (ii) the compatibility with existing, legitimately implemented, risk management strategies, needs to be ensured. These requirements are necessary to avoid harming producers that do not actually benefit from the current high electricity prices, due to having hedged, individually or at Group level, their revenues, against fluctuations in the wholesale electricity market. These financial hedges follow the Group\u2019s established low risk strategy to secure long term revenues and to remove electricity prices volatility on the Group\u2019s earnings. EDP will pursue all legal actions at its disposal in order to challenge the legality of these measures. Corporate income tax provision Income tax expense is as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Current tax -374,432 -191,433 22,068 38,028 Deferred tax -24,058 -70,459 35,602 20,456 -398,490 -261,892 57,670 58,484 Reconciliation between the theoretical and the effective income tax expense The effective income tax rate is as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Profit before tax and CESE 1,619,773 1,419,852 790,895 765,586 Income tax expense -398,490 -261,892 57,670 58,484 Effective income tax rate 24.6% 18.4% -7.3% -7.6% The difference between the theoretical and the effective income tax expense results from the application of the law provisions, in the various countries where EDP operates, in the determination of the taxable base, as demonstrated below. The reconciliation between the theoretical and the effective income tax expense for the Group, in December 2022 and 2021, is as follows: Thousand Euros Dec 2022 Dec 2021 Profit before income tax and CESE 1,619,773 1,419,852 Theoretical income tax rate * 29.5% 29.5% Theoretical income tax expense 477,833 418,856 Different tax rates (includes state surcharge) and CIT rate changes 5,212 -74,081 Tax losses and tax credits -97,364 14,579 Dividends -22,179 -15,327 Tax benefits -16,520 -21,686 Differences between accounting and fiscal provisions/depreciations 80,891 11,062 Accounting/fiscal differences on the recognition/derecognition of assets 7,634 -69,764 Taxable differences attributable to non-controlling interests -18,870 -16,576 Other adjustments and changes in estimates -18,147 14,829 Effective income tax expense as per the Consolidated Income Statement 398,490 261,892 * Average tax rate considering the different tax rates applicable to EDP Group companies in Portugal. The caption Differences between accounting and fiscal provisions/depreciations includes, essentially, 52,099 thousand Euros related to the permanent tax difference generated in the record of the impairment cost of Porto do Pec\u00e9m Gera\u00e7\u00e3o de Energia, S.A. and 35,732 thousand Euros related to Windfall taxes in Europe. The caption Accounting/fiscal differences on the recognition/derecognition of assets mainly includes the impacts inherent to transactions of production and energy supply business assets, in the several geographies in which the Group operates as a result of its business activity (see note 6). The caption Different tax rates (includes state surcharge) and CIT rate changes mainly refer to the difference between the tax rates applicable in the countries in which the EDP Group operates as compared to the tax rate used as reference for the theoretical income tax expense calculation. The caption Taxable differences attributable to non-controlling interests (North America) include the effect inherent in the attribution of taxable income to non-controllable interests in EDPR Group in the USA, as determined by the tax legislation of that geography. The reconciliation between the theoretical and the effective income tax expense for the Company, in 2022 and 2021, is as follows: Thousand Euros Dec 2022 Dec 2021 Profit before income tax 790,895 765,586 Nominal income tax rate 21% 22,5%* Theoretical income tax expense 166,088 172,257 Tax losses and tax credits -11,329 26,461 Dividends -209,151 -261,970 Accounting/fiscal temporary differences on the recognition / derecognition of assets -9,780 - Other adjustments and changes in estimates 6,502 4,768 Effective income tax expense as per the Company Income Statement -57,670 -58,484 * Statutory Corporate Income Tax rate applicable in Portugal (21%) and municipal surcharge (1.5%), 15. Extraordinary contribution to the energy sector (CESE) Law 83-C/2013, of the State Budget 2014 (\"Lei do Or\u00e7amento de Estado 2014\"), approved by the Portuguese Government on 31 December 2013, introduced CESE, with the objective of financing mechanisms that promote the energy sector systemic sustainability, through the establishment of a fund which aims to contribute for the reduction of tariff debt and to finance social and environmental policies in the energy sector. This contribution focuses generally on the economic operators that develop the following activities: (i) generation, transmission or distribution of electricity; (ii) transportation, distribution, storage or wholesale supply of natural gas; and (iii) refining, treatment, storage, transportation, distribution and wholesale supply of crude oil and oil products. CESE is calculated based on the companies\u2019 net assets as at 1 January, which comply, cumulatively, to: (i) property, plant and equipment; (ii) intangible assets, except industrial property elements; and (iii) financial assets assigned to concessions or licensed activities. In the case of regulated activities, CESE focuses on the value of regulated assets if it is higher than the value of those assets. The general rate is 0.85%. However, in case of natural gas combined cycle power plants with an annual utilization equivalent of installed capacity equal or higher to 1,500 hours and lower than 3,000 hours, is expected a reduced rate of 0.565%. Nevertheless, this rate could be 0.285% in case the annual utilization of installed capacity is lower than 1,500 hours. The CESE system has been successively extended and is now valid for 2022 through Law n\u00ba 99/2021 of 31 December. EDP has paid 558,205 thousand Euros relating to CESE so far. 16. Property, plant and equipment This caption is as follows, for the Group: Thousand Euros Land and natural resources Buildings and other construct. Plant and machinery Other tangible assets Assets under construct. Total Gross Amount 76,453 378,107 36,861,822 595,029 2,678,691 40,590,102 Accumulated depreciation and impairment losses - 171,331 18,796,511 449,112 73,907 19,490,861 Carrying Amount at 31 December 2021 76,453 206,776 18,065,311 145,917 2,604,784 21,099,241 Gross Amount 99,913 419,111 38,768,166 637,055 5,196,425 45,120,670 Accumulated depreciation and impairment losses - 188,634 20,101,125 490,341 123,763 20,903,863 Carrying Amount at 31 December 2022 99,913 230,477 18,667,041 146,714 5,072,662 24,216,807 Balance as at 1 January 2021 74,057 200,711 17,259,186 137,422 2,718,918 20,390,294 Additions 2,371 770 336,875 22,113 2,492,713 2,854,842 Depreciation and impairment (see note 12) - -8,614 -1,161,118 -43,739 -768 -1,214,239 Disposals/Write-offs -57 -148 -19,174 -1,551 -19,627 -40,557 Transfers -133 12,741 1,964,656 29,709 -2,412,161 -405,188 Exchange Difference 1,354 1,234 603,249 681 115,499 722,017 Perimeter Variations and Other -1,139 82 -918,363 1,282 -289,790 -1,207,928 Balance as at 31 December 2021 76,453 206,776 18,065,311 145,917 2,604,784 21,099,241 Additions 18,600 782 92,344 19,789 3,680,440 3,811,955 Depreciation and impairment (see note 12) - -9,825 -1,260,191 -47,168 -54,088 -1,371,272 Disposals/Write-offs -113 -346 -4,208 -2,359 -36,154 -43,180 Transfers 581 15,136 982,055 26,260 -1,033,230 -9,198 Exchange Difference 4,387 13,362 608,658 984 5,103 632,494 Perimeter Variations and Other 5 4,592 183,072 3,291 -94,193 96,767 Balance as at 31 December 2022 99,913 230,477 18,667,041 146,714 5,072,662 24,216,807 This caption is as follows, for the Company: Thousand Euros Land and natural resources Buildings and other construct. Plant and machinery Other tangible assets Assets under construct. Total Gross Amount 4,581 28,586 724 88,197 9,900 131,988 Accumulated depreciation and impairment losses - 26,728 341 67,863 - 94,932 Carrying Amount at 31 December 2021 4,581 1,858 383 20,334 9,900 37,056 Gross Amount 4,581 35,968 991 91,350 9,591 142,481 Accumulated depreciation and impairment losses - 26,920 392 71,621 - 98,933 Carrying Amount at 31 December 2022 4,581 9,048 599 19,729 9,591 43,548 Balance as at 1 January 2021 4,581 1,914 145 18,352 2,966 27,958 Additions - 7 243 5,785 8,944 14,979 Depreciation and impairment (see note 12) - -68 -18 -5,440 7 -5,519 Disposals/Write-offs - - - -362 - -362 Transfers - 5 13 1,999 -2,017 - Balance as at 31 December 2021 4,581 1,858 383 20,334 9,900 37,056 Additions - - 266 2,966 10,124 13,356 Depreciation and impairment (see note 12) - -192 -51 -5,913 - -6,156 Disposals/Write-offs - - - -708 - -708 Transfers - 7,382 1 3,050 -10,433 - Balance as at 31 December 2022 4,581 9,048 599 19,729 9,591 43,548 Gross amount of Assets under construction are as follows: Thousand Euros Dec 2022 Dec 2021 Wind and solar farms in North America 2,589,575 1,079,633 Wind and solar farms in Europe 1,072,644 824,808 Wind and solar farms in South America 1,098,165 509,951 Hydric Portugal 43,745 43,123 Other assets under construction 392,296 221,176 5,196,425 2,678,691 The capitalised costs for Property, plant and equipment for the period, except Land and natural resources, are as follows: Thousand Euros Dec 2022 Dec 2021 Subcontracts and other materials 3,540,948 2,625,744 Purchase price allocation 74,213 70,622 Dismantling and decommissioning costs (see note 36) 9,841 29,525 Personnel costs (see note 10) 126,948 93,494 Borrowing costs (see note 13) 41,405 33,086 3,793,355 2,852,471 Additions mainly include the investment in wind and solar farms in North America, South America and Europe. Depreciation and impairment includes impairment in combined cycle thermoelectric plants in Portugal in the amount of 125,406 thousand Euros, impairment at the coal-fired power plant in Brazil in the amount of 218,665 thousand Euros and impairments in Colombia in the amount of 54,088 thousand Euros. Additionally, it reflects the reversal of impairments in Spain in the amount of 80,281 thousand Euros (see note 12). Transfers include the transfer of some Europe onshore wind assets to non-current assets held for sale (see note 41). The movement in Exchange differences in the period results mainly from the appreciation of US Dollar and Brazilian Real, against the Euro. Perimeter Variations and Other mainly reflect: (i) the impact of the acquisitions of solar distributed generation portfolios in Southeast Asia, including the effect of the assets purchase price allocation exercise, in the amount of 718,762 thousand Euros (see notes 6 and 49); (ii) the increase of 70,779 thousand Euros related with the acquisition of a solar distributed generation portfolio in North America (see notes 6 and 49); (iii) the impact of the sale of onshore wind portfolios in Brazil, Poland and Italy and of solar energy assets in North Amercia in the amount of 626,156 thousand Euros (see note 6); and (iv) the decrease of 94,026 thousand Euros due to the revision of the provision for dismantling and decommissioning of electricity power plants estimation (see note 36). 17. Right-of-use assets This caption is as follows, for the Group: Thousand Euros Land and natural resources Buildings and other construct. Plant Other tangible assets Total Gross amount 746,422 261,627 167,316 10 117 1,185,482 Accumulated depreciation and impairment losses 77,730 64,317 30,552 5,854 178,453 Carrying Amount at 31 December 2021 668,692 197,310 136,764 4,263 1,007,029 Gross amount 1,100,839 281,251 216,509 13,698 1,612,297 Accumulated depreciation and impairment losses 116,678 88,379 79,114 7,856 292,027 Carrying Amount at 31 December 2022 984,161 192,872 137,395 5,842 1,320,270 Balance as at 1 January 2021 674,340 204,998 146,034 4,821 1,030,193 Additions (see note 39) 136,730 15,787 1,079 2,609 156,205 Depreciation and impairment (see note 12) -28,877 -24,042 -22,004 -2,717 -77,640 Disposals/Write-offs -210 -480 -1 -446 -1,137 Transfers -12,328 -32 -13 - -12,373 Exchange Difference 40,446 1,055 10,894 5 52,400 Perimeter Variations -141,409 24 775 -9 -140,619 Balance as at 31 December 2021 668,692 197,310 136,764 4,263 1,007,029 Additions 322,561 18,900 40,288 4,646 386,395 Depreciation and impairment (see note 12) -36,683 -25,339 -48,552 -2,806 -113,380 Disposals/Write-offs -1,250 -100 - -184 -1,534 Exchange Difference 23,807 2,132 10,611 -2 36,548 Perimeter Variations 7,034 -31 -1,716 -75 5,212 Balance as at 31 December 2022 984,161 192,872 137,395 5,842 1,320,270 This caption is as follows, for the Company: Thousand Euros Buildings and other construct. Other tangible assets Total Gross amount 117,334 676 118,010 Accumulated depreciation and impairment losses 15,993 387 16,380 Carrying Amount at 31 December 2021 101,341 289 101,630 Gross amount 117,433 594 118,027 Accumulated depreciation and impairment losses 20,878 304 21,182 Carrying Amount at 31 December 2022 96,555 290 96,845 Balance as at 1 January 2021 106,603 308 106,911 Additions 199 181 380 Depreciation and impairment (see note 12) -5,461 -200 -5,661 Balance as at 31 December 2021 101,341 289 101,630 Additions 311 223 534 Depreciation and impairment (see note 12) -4,997 -222 -5,219 Disposals/Write-offs -100 - -100 Balance as at 31 December 2022 96,555 290 96,845 Additions include, essentially, new lease contracts registered, under IFRS16, in North America and Europe. Perimeter Variations include an increase of 39.000 thousand Euros related with the acquisition of a solar distributed generation portfolio in Southeast Asia (see notes 6 and 49), a decrease of 9,705 thousand Euros due to the sale of an operating wind portfolio located in Italy and a decrease of 24,346 thousand Euros due to the sale of a solar portfolio in North America (see note 6). 18. Intangible assets This caption is as follows, for the Group: Thousand Euros Concession rights CO2 Licenses Other intangibles Intangible assets in progress Total Gross amount 12,375,147 213,938 2,161,821 203,996 14,954,902 Accumulated amortisation and impairment losses 9,444,968 - 752,441 - 10,197,409 Carrying Amount at 31 December 2021* 2,930,179 213,938 1,409,380 203,996 4,757,493 Gross amount 12,799,654 25,551 2,491,561 235,380 15,552,146 Accumulated amortisation and impairment losses 9,723,336 - 844,808 - 10,568,144 Carrying Amount at 31 December 2022 3,076,318 25,551 1,646,753 235,380 4,984,002 Balance as at 1 January 2021* 3,064,184 198,555 1,416,986 169,842 4,849,567 Additions* 972 417,398 6,562 121,711 546,643 Amortisation and impairment (see note 12) -362,813 - -86,549 - -449,362 Disposals/Write-offs -4,828 -402,015 -1,282 -519 -408,644 Transfers 205,084 - 71,648 -79,476 197,256 Exchange Difference* 4,195 - 4,538 340 9,073 Perimeter Variations 23,385 - -2,523 -7,902 12,960 Balance as at 31 December 2021* 2,930,179 213,938 1,409,380 203,996 4,757,493 Additions 2,555 467,690 6,456 147,119 623,820 Amortisation and impairment (see note 12) -411,600 - -103,368 - -514,968 Disposals/Write-offs -6,970 -656,077 -47 -1,316 -664,410 Transfers 313,069 - 133,062 -139,971 306,160 Exchange Difference 41,489 - 2,550 1,945 45,984 Perimeter Variations and Other 207,596 - 198,720 23,607 429,923 Balance as at 31 December 2022 3,076,318 25,551 1,646,753 235,380 4,984,002 * Includes restatement originated by the change in the classification of Green Certificates as described in note 2a). This caption is as follows, for the Company: Thousand Euros Other intangibles Intangible assets in progress Total Gross amount 203,204 69,009 272,213 Accumulated amortisation and impairment losses 139,553 - 139,553 Carrying Amount at 31 December 2021 63,651 69,009 132,660 Gross amount 244,000 65,598 309,598 Accumulated amortisation and impairment losses 158,903 - 158,903 Carrying Amount at 31 December 2022 85,097 65,598 150,695 Balance as at 1 January 2021 60,811 54,412 115,223 Additions 112 33,998 34,110 Amortisation and impairment (see note 12) -16,673 - -16,673 Transfers 19,401 -19,401 - Balance as at 31 December 2021 63,651 69,009 132,660 Additions 741 36,700 37,441 Amortisation and impairment (see note 12) -19,359 - -19,359 Disposals/Write-offs -47 - -47 Transfers 40,111 -40,111 - Balance as at 31 December 2022 85,097 65,598 150,695 Additions of CO2 Licenses includes 242,910 thousand Euros referring to CO2 Licenses granted free of charge to EDP Group power plants operating in Portugal and Spain and 224,779 thousand Euros of licenses purchased in the market for own consumption. Disposals/Write-offs essentially includes the delivery in April 2022 of the 2021 consumption licenses. Additions of Intangible assets in progress essentially include the implementation and development of information systems projects. Amortisation and impairment includes impairment at the coal-fired power plant in Brazil in the amount of 14,460 thousand Euros (see note 12). Transfers essentially refer to the intangible assets assigned to concessions that became operational, in the amount of 306,160 thousand Euros (see note 26). Regarding Concession rights, the Perimeter Variations and Other mainly include the recognition of a concession right arising from the acquisition of EDP Goi\u00e1s. The amount recognized results from the assets purchase price allocation exercise, in accordance with the external valuation report issued (see notes 6 and 49). Additionally, Perimeter Variations and Other reflect the effect of the purchase price allocation exercise of distributed solar generation portfolio assets acquired in Southeast Asia and North America, in the amounts of 198,771 thousand Euros and 20,667 thousand Euros, respectively (see notes 6 and 49). The capitalised costs of the period related to construction of intangible assets are included in own work capitalised in notes 7, 10 and 13. 19. Goodwill Goodwill for the Group, resulting from the difference between the acquisition price and the fair value of the net assets acquired, at the acquisition date, is organized by segment, and is as follows: Thousand Euros Renewab. Networks Client Solutions & Energy Manag. Total Balance as at 1 January 2021 1,651,582 673,834 10,548 2,335,964 Increases 4,462 - 6,688 11,150 Decreases -15,160 - - -15,160 Impairment (see note 12) - - -4,987 -4,987 Exchange differences 52,412 - 7 52,419 Balance as at 31 December 2021 1,693,296 673,834 12,256 2,379,386 Increases 1,072,359 - 20,790 1,093,149 Decreases -52,478 - - -52,478 Exchange differences 49,065 - 106 49,171 Balance as at 31 December 2022 2,762,242 673,834 33,152 3,469,228 Renewables EDP Renov\u00e1veis, S.A. acquired a 100% stake in a distributed solar generation portfolio, Sunseap Group Pte. Ltd., located in Southeast Asia, for an amount of 659,658 thousand Euros. This transaction has been framed within the scope of IFRS 3 - Business combinations and that has implied the recognition of goodwill in the consolidated financial statements in the amount of 363,485 thousand Euros (see notes 6 and 49). In the third quarter of 2022, Sunseap Group Pte. Ltd. acquired 99,99% of the companies Xuan Thien Ninh Thuan JSC and Xuan Thien Thuan Bac JSC, for an amount of 202,298 thousand Euros. This transaction has been framed within the scope of IFRS 3 - Business combinations and the purchase price allocation exercise carried out resulted in goodwill recognition in the amount of 21,236 thousand Euros (see notes 6 and 49). EDP Renov\u00e1veis, S.A. acquired, through a North American subsidiary, a 100% stake in a distributed solar generation portfolio, for an amount of 132,992 thousand Euros. This transaction has been framed within the scope of IFRS 3 \u2013 Business combinations and that has implied the recognition of goodwill in the consolidated financial statements in the amount of 28,965 thousand Euros (see notes 6 and 49). In the fourth quarter of 2022, EDP Renewables Europe, S.L.U. acquired a 100% stake in a solar generation portfolio, Kronos Solar Projects GmbH. and its subsidiaries, for an amount of 663,030 thousand Euros. This business combination has resulted in the recognition of goodwill in the amount of 651,657 thousand Euros, in accordance with IFRS 3 requirements (see notes 6 and 49). The decreases include the impact of 51,761 thousand Euros resulting from the sale of an onshore wind portfolio in Spain (see note 6). Client Solutions & Energy Management The increase in goodwill is related with the acquisition of the companies SOON Energy Polska sp z.o.o. and Zielona-Energia (see note 6). Goodwill impairment test analysis \u2013 EDP Group The recoverable amount of the goodwill in subsidiaries is assessed annually, as at 30 September, independently of the existence of any indicators of impairment. The recoverable amount is determined based on the value in use of the assets, calculated using valuation methodologies supported by discounted cash flow techniques, considering market conditions, the time value of money and the business risks. Any impairment losses are recognised in the income statement for the period. EDP Group segments based on which the Group monitors its activity are as follows (see note 51): \u2022 Renewables - corresponds to the activity of producing electricity through renewable energy sources, with emphasis on hydro, wind and solar; \u2022 Networks - corresponds to the electricity distribution and transmission activity, including regulated energy retailers; \u2022 Client Solutions and Energy Management - includes the following activities: production of electricity using non-renewable energy sources, with emphasis on coal and gas; commercialization of electricity and gas and energy solutions services to customers; and the intermediation business responsible for managing the purchase and sale of energy in the Iberian and Brazilian markets, as well as for the respective hedging operations; For the purposes of these tests, the EDP Group has defined a set of assumptions to determine the recoverable amount of the main investments by each cash generating unit, being presented by aggregation in each business units after the impairment tests carried out at each subgroup/cash generating unit. Goodwill impairment test analysis \u2013 Renewables Segment The future cash flows are based on the useful life of wind farms, solar and hydro assets. This projection also considers long-term energy sales contracts and long-term energy price estimates, for assets with market exposure. The main assumptions on which impairment tests are based are as follows: - Regarding the production of wind and solar energy, the \u201cnet capacity factors\u201d used for each cash-generating unit consider: (i) the installed capacity and the forecast resulting from the studies on the occurrence of wind in the long term; and (ii) that regulatory mechanisms in almost all geographies determine the production and priority of energy dispatch whenever weather conditions permit; - Regarding hydro production, the \u201cnet capacity factors\u201d used for each cash-generating unit consider: (i) the installed capacity and the forecast for hydraulic production; and (ii) that the regulatory mechanisms in each geography; - Energy remuneration: the approved or contracted remunerations were considered in the event of long-term energy sales contracts for the total or partial useful life of the assets or remunerations determined by the regulatory framework in force in each geography. In the remaining cases, the long-term market price curves projected by the Group were used based on past experience and internal models built on the basis of external information sources; - Operating costs: the land and maintenance contracts in force were used. The other operating costs were projected consistently based on the experience acquired, on the Budget approved for the next year and taking into account internal analysis models; - Terminal value: considered as a 15% of the initial investment in each wind farm, considering inflation; and - Discount rate: the discount rates used are post-tax, reflect EDP Group\u2019s best estimate of the risks specific to each CGU and range as follows: 2022 2021 Europe (EUR) 3.7% - 4.8% 2.9% - 4.0% North America (USD) 5.7% - 7.1% 4.8% - 6.7% Brazil (BRL) 7.9% - 9.6% 7.6% - 9.3% Impairment tests were performed taking into account the regulatory changes in each country known at the end 2022. The impairment tests carried out on Goodwill did not lead to any impairment registration. Goodwill impairment test analysis \u2013 Grids Segment The cash flow projection assumes the extent of the concessions related to the electricity distribution business in Brazil. In the case of the concession in Spain, it is perpetual. These cash flows are estimated considering the volume of production and expected consumption, installed capacity, the evolution forecast of the tariff and the energy purchase / sale agreements. The discount rates after taxes used in the networks segment for the purposes of impairment tests ranged between 3.8% (Spain) and 8.5% (Brazil in BRL) (2021: between 3.2% and 7.4% respectively). The main assumptions used to project cash flows are as follows: - Investment costs: the best available estimates of the investments to be made were used to ensure regular use of current assets, as well as those resulting from legislative changes; - Regarding operating costs, the projections made considered the current operating costs projected based on the historical experience acquired, in the Budget approved for the next year and taking into account internal models of analysis; - The most recent remuneration rates proposed by ANEEL and CNMC (\"Comisi\u00f3n Nacional de los Mercados y la Competencia\") were considered, applying the updating mechanisms as provided for in the regulation; - The projections for the electricity distribution businesses are based on long-term estimates of the various assumptions considered in the analysis; - The terminal value of the distribution assets corresponds to the present value of the net assets at the end of the concession (\"Net Regulatory Asset Base\u201d). Sensitivity analyzes were carried out on the results of the impairment tests carried out, namely at discount rates. The results of the sensitivity analyzes carried out conclude that an increase of 50 basis points in the different discount rates, does not determine the existence of signs of impairment in \"goodwill\" or concession rights. 20. Investments in subsidiaries (Company basis) This caption is as follows: Thousand Euros Company Dec 2022 Dec 2021 Acquisition cost 16,450,564 16,076,429 Effect of equity method (transition to IFRS) Equity investments in subsidiaries Impairment losses on equity investments in subsidiaries -785,593 -785,593 15,664,971 15,290,836 -237,572 -225,472 15,427,399 15,065,364 On the date of transition to IFRS, EDP, S.A. ceased to apply the equity method of accounting to its investments in its separate financial statements, having considered this method in the determination of the deemed cost at transition date. Investments in subsidiaries are as follows: Thousand Euros Company Dec 2022 Dec 2021 Net amount Net amount Equity investments in subsidiaries: EDP Renov\u00e1veis, S.A. 4,154,431 4,154,431 EDP Gest\u00e3o de Produ\u00e7\u00e3o de Energia, S.A. 4,470,776 4,470,776 EDP Espa\u00f1a, S.A.U. 2,105,002 2,105,002 E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. de Energia, S.A. 1,991,145 1,691,145 EDP International Investments and Services, S.L. 1,488,181 1,488,181 EDP Servicios Financieros Espa\u00f1a, S.A.U. 482,695 482,695 EDP Comercial - Comercializa\u00e7\u00e3o de Energia, S.A. 344,444 344,444 SU Eletricidade, S.A. 259,818 243,407 Other 130,907 85,283 15,427,399 15,065,364 The remaining variation in the caption Investments in subsidiaries results from capital increases carried out in some subsidiaries. In the context of impairment tests carried out at EDP Group, the financial investments held by EDP, S.A. in subsidiaries are reviewed, based on the higher of the value in use and the fair value less costs related to the sale. The main assumptions considered in the valuation models of the main financial holdings in Portugal of EDP, S.A. are as follows: - The discount rates used reflect the best estimate regarding the specific risks associated to each subsidiary activity within a range between 3.7% and 5.8% (2021: between 3.2% and 5.1%); - For the activities subject to regulation, the remunerations currently in force and/or approved were considered, applying the updating mechanisms as provided for in the regulation, and incorporates the expectation of renewal of the concessions currently in force and the best estimate of CAPEX and the future regulatory framework; - Fuel prices (brent, gas, coal and CO2 licenses) and electricity prices forecast were defined considering market expectations for future prices and the application of internal models for building price curves, taking into account the regulatory framework in force and the best expectation regarding its future evolution. Regarding fuel prices, the prices and clauses established in long-term supply contracts, including gas purchase contracts, were also considered. Production assets were valued from a portfolio management perspective, without prejudice to an individual analysis as to recoverability, based on the estimate of the evolution of the market share; - The production estimates were based on an average hydrological year over the projection period for the hydroelectric plants, the estimated evolution of demand, market share projections and current installed and under construction capacity, as well as the best estimate of the plants to be decommission in the projection period; - Additionally, other system costs are considered, such as: ISP and CO2 addition fee, CESE and other income; - The operating costs considered were based on extrapolations from current operating costs based on the knowledge acquired in each activity. The impairment tests led to the recording of an impairment on EDP GEM Portugal, S.A., for the amount of 12,100 thousand Euros in the equity participation and 14,530 thousand Euros in shareholders loans (see note 13). There were no additional impairments, beside the one already The assumptions used in the valuation models of EDP S.A.'s financial holdings in other geographies, as well as the respective sensitivity analyses are described in note 19. 21. Investments in joint ventures and associates This caption is as follows: Thousand Euros Group Dec 2022 Dec 2021 Investments in joint ventures 1,333,871 1,140,454 Investments in associates 271,872 209,991 1,605,743 1,350,445 As at 31 December 2022, for the Group, this caption includes goodwill in investments in joint ventures of 8,047 thousand Euros (31 December 2021: 8,047 thousand Euros) and goodwill in investments in associates of 28,131 thousand Euros (31 December 2021: 27,647 thousand Euros). The movement in Investments in joint ventures and associates, for the Group, is as follows: Thousand Euros Group Group Dec 2022 Dec 2021 Balance at the beginning of the period 1,350,445 940,362 Acquisitions/Entries 25,058 36,753 Increases/Decreases of share capital -929 456,186 Disposals -49,276 -10,224 Share of profit for the period and capital gains from disposals 208,587 80,086 Dividends -74,311 -50,077 Exchange differences 69,381 46,675 Cash flow hedging reserve 41,811 -5,376 Transfer to Assets held for sale (see note 41) 56,496 -149,182 Other -21,519 5,242 Balance at the end of the period 1,605,743 1,350,445 The caption Joint ventures and associates in the Consolidated Income Statement includes a positive amount of 208,473 thousand Euros from result of these investments, a gain of 16,981 thousand Euros from the sale of the stake that EDP Renewables Europe, S.L.U had in Moray West Holdings Limited and a gain of 13,764 thousand Euros from the sale of Hydro Global Investment Limited (see note 6). The positive amount from the caption Transfer to Non Current Assets held for sale mainly results from: i) the reverse of the investments classified as held for sale in 2021 for the Companhia Energ\u00e9tica do Jari - CEJA and for Empresa Energia Cachoeira Caldeir\u00e3o S.A., for the amount of 104,010 thousand Euros and 45,188 thousand Euros, respectively, because the selling negotiations were not successful; and ii) for the reclassification to assets held for sale of EDP \u00c1sia - Investimento e Consultadoria, Lda., for the amount of 92,702 thousand Euros (see note 41). The movement in Exchange differences in the period results mainly from the appreciation of US Dollar and Brazilian Real, against the Euro. The following table resumes the companies' financial information of joint ventures whose investment is included under the equity method in the Group consolidated accounts, as at 31 December 2022: Thousand Euros Energ\u00e9tica JARI CEJA Goldfinger Vento II Energia S\u00e3o Manoel Energia Cachoeira Caldeir\u00e3o Flat Rock Windpower Sol V Riverstart Companies' financial information of joint ventures Non-Current Assets 267,048 322,496 625,331 218,361 196,543 324,297 Current Assets 56,874 -2,069 50,799 29,420 12,882 4,415 Cash and cash equivalents 44,304 58 21,175 18,592 10,400 - Total Equity 184,141 211,917 313,436 99,263 203,387 194,623 Long term Financial debt 69,213 - 321,694 125,407 - - Non-Current Liabilities 96,356 98,885 334,568 132,353 4,391 125,503 Short term Financial debt 9,594 47 17,483 13,114 - 58 Current Liabilities 43,425 9,625 28,126 16,165 1,647 8,586 Revenues 57,941 17,172 76,870 30,101 20,238 17,751 Property plant and equipment and intangibles amortization/impairment -9,288 -10,039 -21,079 -8,041 -14,719 -9,473 Other financial expenses -9,486 -3,432 -38,118 -15,842 -60 -3,630 Income tax expense -822 - 4,125 419 - - Net profit for the period 31,244 20,039 -8,035 -1,421 -6,653 20,389 Amounts proportionally attributed to EDP Group Net assets 118,301 93,349 104,481 49,872 111,047 39,001 Goodwill - - - - - - Dividends paid 10,412 5,858 - - 1,012 1,217 Thousand Euros Portfolio Vento XX Goldfinger Vento OW Offshore, S.L. Portfolio Vento XVII Portfolio Vento XIX Other Companies' financial information of joint ventures Non-Current Assets 632,136 211,527 2,635,181 539,395 489,003 295,583 Current Assets 7,830 221 457,761 11,673 18,917 50,820 Cash and cash equivalents 201 - 237,416 - - 24,203 Total Equity 24,236 153,491 1,079,549 202,561 101,026 285,251 Long term Financial debt - - 493,044 - - 16,211 Non-Current Liabilities 597,474 54,690 987,607 340,973 398,228 25,114 Short term Financial debt 517 448 4,918 219 38 319 Current Liabilities 18,256 3,567 1,025,786 7,534 8,666 36,038 Revenues 39,529 12,484 46,200 46,946 22,271 - 66,209 Property plant and equipment and intangibles amortization/impairment -23,872 -10,556 -8,466 -25,529 -20,377 -9,346 Other financial expenses -20,218 -1,724 -121,882 -17,905 -17,990 -1,169 Income tax expense - - 7,298 - - -5,345 Net profit for the period 27,652 11,192 257,040 33,995 16,866 35,192 Amounts proportionally attributed to EDP Group Net assets 34,035 68,989 490,929 62,510 40,986 120,371 Goodwill - - 5,352 - - 2,695 Dividends paid 4,186 3,677 - 4,311 2,290 16,404 The following table resumes the companies' financial information of joint ventures whose investment is included under the equity method in the Group consolidated accounts, as at 31 December 2021: Thousand Euros Goldfinger Vento Goldfinger Vento II Energia S\u00e3o Manoel Flat Rock Windpower II Flat Rock Windpower Hydro Global Investment Companies' financial information of joint ventures Non-Current Assets 209,580 313,792 570,694 81,368 198,882 266,899 Current Assets 554 1,685 34,461 1,893 5,205 89,958 Cash and cash equivalents -47 870 14,864 1,704 4,282 75,491 Total Equity 141,812 194,044 287,008 80,735 197,721 101,327 Long term Financial debt - - 282,747 - - 229,312 Non-Current Liabilities 65,228 112,157 294,927 1,554 4,080 233,356 Short term Financial debt 98 101 13,747 - - - Current Liabilities 3,094 9,276 23,220 972 2,287 22,175 Revenues 11,063 10,657 58,805 3,723 9,711 - Property plant and equipment and intangibles amortization/impairment -9,212 -7,372 -20,449 -5,117 -13,097 -181 Other financial expenses -1,708 -3,202 -31,130 -24 -53 -11,308 Income tax expense - - 6,426 - - 574 Net profit for the period 9,187 12,931 -12,514 -6,184 -14,667 -11,889 Amounts proportionally attributed to EDP Group Net assets 63,217 84,775 95,671 40,367 102,608 40,336 Goodwill - - - - - - Dividends paid 3,270 4,539 - - 9,809 - Thousand Euros Portfolio Vento XX EDP Asia Group OW Offshore, S.L. Portfolio Vento XVII Portfolio Vento XIX Other Companies' financial information of joint ventures Non-Current Assets 644,158 132,238 1,187,928 525,211 477,624 350,117 Current Assets 16,121 - 266,754 5,453 13,913 34,392 Cash and cash equivalents 9,429 - 82,639 -159 -86 14,281 Total Equity 215,942 132,238 713,524 177,215 133,497 118,385 Long term Financial debt - - 50,037 - - - Non-Current Liabilities 415,353 - 650,372 344,720 351,971 148,605 Short term Financial debt 456 - 3,720 - - 3,864 Current Liabilities 28,983 - 90,786 8,729 6,068 117,519 Revenues 30,600 - 10,040 34,952 22,019 41,133 Property plant and equipment and intangibles amortization/impairment -15,714 - -4,532 -19,352 -16,498 -3,109 Other financial expenses -26,102 - -69,164 -14,259 -17,347 -83 Income tax expense - - 1,080 - - -548 Net profit for the period 534,542 21,561 34,813 20,545 13,463 39,725 Amounts proportionally attributed to EDP Group Net assets 67,457 87,723 358,986 57,919 47,447 93,948 Goodwill - - 5,352 - - 2,695 Dividends paid - 6,758 - 3,885 3,118 4,278 The following table resumes the companies' financial information of associates whose investment is included in the Group consolidated accounts under the equity method, as at 31 December 2022: Thousand Euros Parque Celesc E\u00f3lico Belmonte Parque E\u00f3lico Madero Principle Power Inc. Other Companies' financial information of associates Non-Current Assets 508,509 18,250 41,120 19,739 42,816 Current Assets 49,500 7,440 32,020 11,966 89,694 Total Equity 520,225 15,136 51,374 19,393 37,390 Non-Current Liabilities 4,128 1,934 3,852 6,805 40,811 Current Liabilities 33,656 8,620 17,914 5,507 54,309 Revenues 81,335 12,469 30,477 11,592 83,672 Net profit for the period 80,367 6,863 17,973 -6,813 37,890 Amounts proportionally attributed to EDP Group Net assets 152,758 6,251 21,577 7,148 84,139 Goodwill - 1,726 - 5,144 21,261 Dividends paid 8,951 360 3,262 - 12,371 Other include companies with Financial Statements as of 31 December 2022, with the exception of companies that have no activity or are in liquidation process. Additionally, Celesc is based on the Financial Statements disclosed to the market with reference to 30 September 2022. The following table resumes the companies' financial information of associates whose investment is included in the Group consolidated accounts under the equity method, as at 31 December 2021: Thousand Euros Parque Celesc E\u00f3lico Belmonte Parque E\u00f3lico Madero Principle Power Inc. Other Companies' financial information of associates Non-Current Assets 382,241 17,817 44,111 17,311 49,127 Current Assets 18,870 5,054 24,124 15,510 60,128 Total Equity 389,778 9,512 41,178 23,723 34,795 Non-Current Liabilities 861 9,302 8,066 5,375 41,363 Current Liabilities 10,471 4,057 18,991 3,722 33,098 Revenues 12,544 3,914 16,656 6,910 71,851 Net profit for the period 74,460 1,278 7,766 -7,891 18,725 Amounts proportionally attributed to EDP Group Net assets 110,668 4,568 17,290 8,425 69,040 Goodwill - 1,726 - 5,083 20,838 Dividends paid 8,924 - - - 5,496 The column \"Others\" include companies with financial statements as of 31 December 2021, with the exception of companies that have no activity or are in liquidation process. Additionally, Celesc is based on the Financial Statements disclosed to the market with reference to 30 September 2021. As at 31 December 2022, the significant companies' financial information of joint ventures and associates presents the following reconciliation of net assets proportionally attributed to EDP Group: Thousand Euros Equity % EM Fair Value Goodwill Adjustments Other Net Assets Empresa de Energia S\u00e3o Manoel S.A. 313,436 33.33% - - - 104,481 Energ\u00e9tica JARI - CEJA 184,141 50.00% 26,528 - -298 118,301 Flat Rock Windpower LLC 203,387 50.00% - - 9,354 111,047 Energia Cachoeira Caldeir\u00e3o 99,263 50.00% 241 - - 49,872 Goldfinger Vento 153,491 50.00% -7,756 - - 68,989 OW Offshore, S.L. 1,079,549 50.00% -49,265 5,352 -4,935 490,929 Portfolio Vento XVII 202,561 20.00% 21,998 - - 62,510 Portfolio Vento XIX 101,026 20.00% 20,781 - - 40,986 Portfolio Vento XX 24,236 20.00% 29,188 - - 34,035 Sol V - Riverstart 194,623 20.00% 76 - - 39,001 Goldfinger Vento II 211,917 50.00% -12,610 - - 93,349 Centrais el\u00e9ctricas de Santa Catarina, S.A. - Celesc 520,225 29.90% - - -2,772 152,758 Parque E\u00f3lico de Belmonte, S.A. 15,136 29.90% - 1,726 - 6,251 Parque E\u00f3lico Sierra del Madero S.A. 51,374 42.00% - - - 21,577 Principle Power, Inc. 19,393 25.41% - 5,144 -2,924 7,148 As at 31 December 2021, the significant companies' financial information of joint ventures and associates presents the following reconciliation of net assets proportionally attributed to EDP Group: Thousand Euros Equity % EM Fair Value Adjustments Goodwill Other Net Assets Empresa de Energia S\u00e3o Manoel S.A. 287,008 33.33% - - - 95,671 Flat Rock Windpower II LLC 80,735 50.00% - - - 40,367 Flat Rock Windpower LLC 197,721 50.00% - - 3,748 102,608 Hydro Global Investment, Ltda 101,327 50.00% - - -10,327 40,336 EDP ASIA - Investimento e Consultadoria, Lda 132,238 50.00% 21,604 - - 87,723 OW Offshore, S.L. 713,524 50.00% - 5,352 -3,128 358,986 Portf\u00f3lio Vento XVII 177,215 20.00% 22,476 - - 57,919 Portf\u00f3lio Vento XIX 133,497 20.00% 20,748 - - 47,447 Portfolio Vento XX 215,942 20.00% 24,269 - - 67,457 Goldfinger Vento 141,812 50.00% -7,689 - - 63,217 Goldfinger Vento II 194,044 50.00% -12,247 - - 84,775 Centrais el\u00e9ctricas de Santa Catarina, S.A. - Celesc 389,778 29.90% - - -5,862 110,668 Parque E\u00f3lico de Belmonte, S.A. 9,512 29.90% - 1,726 - 4,568 Parque E\u00f3lico Sierra del Madero S.A. 41,178 42.00% - - - 17,290 Principle Power, Inc. 23,723 25.93% - 5,083 -2,810 8,425 As at 31 December 2022 and 2021, commitments and contingent liabilities assumed by the Group in respect of its joint ventures and associates, including its share of commitments assumed jointly with other investors, are disclosed by maturity as follows: Thousand Euros Capital outstanding by maturity Dec 2022 Dec 2021 Less than 1 year 315,451 250,656 From 1 to 3 years 15,109 7,560 From 3 to 5 years 3,635 2,376 More than 5 years 55,228 50,376 389,423 310,968 Commitments and contingent liabilities in respect of joint ventures and associates include EDPR commitments to provide funding to Offshore projects and to the construction of solar farms facilities in USA, and to commitments assumed by EDP Brasil related to its joint ventures operating obligations. 22. Equity instruments at fair value As at 31 December 2022, the movements in Equity Instruments measured at Fair Value are as follows: Thousand Euros Group Dec 2022 Dec 2021 Equity Instruments at Fair Value through Other Comprehensive Income (OCI) 139,270 126,827 Equity Instruments at Fair Value through Results (PL) 77,148 63,115 216,418 189,942 Under IFRS 13 (see note 45), equity instruments at fair value are classified into three levels of fair value: level 1 includes essentially financial investments that are indexed to quoted market prices; level 2 includes the fund of stocks and bonds held by Energia RE; and level 3 covers all other equity instruments at fair value. As at 31 December 2022, there are no equity instruments at fair value within level 1. As at 31 December 2022, this caption is analysed as follows: Thousand Euros Other Comprehensive Income Mercer and Dunas Other (Energ. RE portfolio) EDA Electricid. dos A\u00e7ores, S.A. Results Feedzai - Consult. e Inov. Tecn., S.A. Other Total Balance as at 1 January 2021 89,821 27,290 15,286 46,814 5,537 184,748 Acquisitions - 1,137 - - 3,438 4,575 Disposals - -436 - -8,207 - -8,643 Change in fair value 5,990 2,851 769 - -526 9,084 Other variations - 174 - - 4 178 Balance as at 31 December 2021 95,811 31,016 16,055 38,607 8,453 189,942 Acquisitions - 25,591 - - 6,903 32,494 Disposals - -3,747 - - - -3,747 Change in fair value (see note 32) -12,749 248 494 - 6,588 -5,419 Other variations - 3,100 - - 48 3,148 Balance as at 31 December 2022 83,062 56,208 16,549 38,607 21,992 216,418 As at 31 December 2022, the fair value reserve of equity instruments measured at fair value through other comprehensive income attributable to the Group is as follows: Thousand Euros Dec 2022 Dec 2021 Mercer Funds -3,852 8,897 Defined Crowd Corporation 5,001 6,339 Other 6,581 5,817 7,730 21,053 In equity instruments measured at fair value through profit stands out: i) Feedzai - Consultadoria e Inova\u00e7\u00e3o Tecnol\u00f3gica, S.A., the fair value of 38,607 thousand Euros was determined according to the last transaction on the market; 2) EDA - Electricidade dos A\u00e7ores, S.A., the fair value of 16,549 thousand Euros was determined according to the Dividend Discounted model. The sensitivity analysis, considering a reduction or increase of 50bp in the discounted rate, determines a fair value of 18,8 million Euros and 14,8 million Euros, respectively. During 2022 an increase in the fair value of the Equity Instruments through Profit and Losses, in the amount of 7,082 thousand Euros, was booked against Profit or Loss (see notes 13 and 45). 23. Investment property The caption is detailed as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Cost 52,601 55,125 150,665 130,851 Accumulated depreciation and impairment losses -25,307 -34,457 -33,388 -29,151 Carrying amount 27,294 20,668 117,277 101,700 The investment properties are mainly lands and buildings held to obtain rents or for capital appreciation and are not materially relevant. On a consolidated basis, Accumulated depreciation and impairment losses in 2022 includes 289 thousand Euros related to charges of the period (see note 12). On an individual basis, Accumulated depreciation and impairment losses in 2022 includes 4,225 thousand Euros related to charges of the period (see note 12). The variation in the caption Cost relates with the transfer of property, plant and equipment and right-of-use assets to investment property of 19,814 thousand Euros (see notes 16 and 17). The impairment tests carried out of Investment Properties are based on assessments using current market practices: the comparative method, in cases where there is an active and comparable market, the income method, through discounted cash flows depending on the property income and the cost method, which considers the market value of the land and the construction costs. 24. Deferred tax assets and liabilities EDP Group records the tax effect resulting from temporary differences between the assets and liabilities determined on an accounting basis and on a tax basis. As at 31 December 2022, on a consolidated basis, the movements by nature of Deferred Tax Assets and Liabilities are as follows: Deferred Tax Assets Thousand Euros Balance at 1 January Mov. Results Mov. Reserves Perimeter variations, exchange differences and others Balance at 31 December Tax losses and tax credits 1,205,963 64,229 3,244 87,139 1,360,575 Provisions for social benefits, bad debts and other risks 634,198 -66,601 -87,838 11,733 491,492 Financial instruments 841,687 -23,469 83,794 -104,646 797,366 Property plant and equipment and intangible assets 353,664 -41,758 - 25,811 337,717 Financial and equity instruments at fair value 1,953 209 -2,931 263 -506 Tariff adjustments and tariff deficit 14,370 -16,025 - 1,655 - Allocation of fair value to assets and liabilities acquired 32,445 -36,552 84,915 -1,128 79,680 Fiscal revaluations 265,678 -44,410 - 163 221,431 Use of public property (Brazil) 27,308 1,517 - 3,200 32,025 Other temporary differences 74,041 29,145 -387 9,120 111,919 Assets/liabilities compensation of deferred taxes -1,942,215 -70,484 3,400 361,892 -1,647,407 1,509,092 -204,199 84,197 395,202 1,784,292 Deferred Tax Liabilities Thousand Euros Balance at 1 January Mov. Results Mov. Reserves Perimeter variations, exchange differences and others Balance at 31 December Provisions for social benefits, bad debts and other risks 19,598 -243 -3,179 468 16,644 Financial instruments 609,846 -182,186 -64,755 -64,482 298,423 Property plant and equipment and intangible assets 374,109 37,784 - 103,217 515,110 Reinvested gains 3,705 -30 - -1 3,674 Financial and equity instruments at fair value 7,248 - 14 1,585 8,847 Tariff adjustments and tariff deficit 16,078 -15,518 - - 560 Allocation of fair value to assets and liabilities acquired 1,112,469 -16,738 - 64,159 1,159,890 Fiscal revaluations 52,589 -2,903 - 3,032 52,718 Deferred income relating to CMEC 184,665 -706 - - 183,959 Gains from institutional partnerships in wind farms 383,910 33,154 -92 23,292 440,264 Use of public property (Brazil) 6,919 107 - 820 7,846 Fair value of financial assets (Brazil) 69,235 23,971 - 7,401 100,607 Other temporary differences 90,922 13,651 -244 -871 103,458 Assets/liabilities compensation of deferred taxes -1,942,215 -70,484 3,400 361,892 -1,647,407 989,078 -180,141 -64,856 500,512 1,244,593 As at a 31 December 2021, on a consolidated basis, the movement by nature of Net Deferred Tax Assets and Liabilities are as follows: Net Deferred Tax Assets Thousand Euros Balance at 1 January Mov. Results Mov. Reserves Perimeter variations, exchange differences and others Balance at 31 December * Tax losses and tax credits 1,023,712 138,686 - 43,565 1,205,963 Provisions for social benefits, bad debts and other risks 722,690 -47,751 -17,360 -23,381 634,198 Financial instruments 95,417 -40,724 780,528 6,466 841,687 Property plant and equipment and intangible assets 412,651 -59,693 - 706 353,664 Financial and equity instruments at fair value 2,868 800 -1,889 174 1,953 Tariff adjustments and tariff deficit 37,988 -24,576 - 958 14,370 Allocation of fair value to assets and liabilities acquired 159,529 52,666 - -179,750 32,445 Fiscal revaluations 304,712 -39,034 - - 265,678 Use of public property (Brazil) 23,658 3,376 - 274 27,308 Other temporary differences 87,541 -13,806 -661 967 74,041 Assets/liabilities compensation of deferred taxes -1,664,163 -24,228 4,468 -258,292 -1,942,215 1,206,603 -54,284 765,086 -408,313 1,509,092 Net Deferred Tax Liabilities Thousand Euros Balance at 1 January Mov. Results Mov. Reserves Perimeter variations, exchange differences and others Balance at 31 December * Provisions for social benefits, bad debts and other risks 14,413 3,699 1,494 -8 19,598 Financial instruments 100,911 48,260 456,924 3,751 609,846 Property plant and equipment and intangible assets 366,868 -7,126 - 14,367 374,109 Reinvested gains 3,735 -30 - - 3,705 Financial and equity instruments at fair value 8,959 -1,711 - - 7,248 Tariff adjustments and tariff deficit 149,690 -134,161 -353 902 16,078 Allocation of fair value to assets and liabilities acquired 1,184,420 96,140 2,406 -170,497 1,112,469 Fiscal revaluations 54,737 -2,148 - - 52,589 Deferred income relating to CMEC 187,558 -2,893 - - 184,665 Gains from institutional partnerships in wind farms 344,092 10,580 55 29,183 383,910 Use of public property (Brazil) 7,737 -887 - 69 6,919 Fair value of financial assets (Brazil) 47,643 20,889 - 703 69,235 Other temporary differences 64,642 9,791 - 16,489 90,922 Assets/liabilities compensation of deferred taxes -1,664,163 -24,228 4,468 -258,292 -1,942,215 871,242 16,175 464,994 -363,333 989,078 On a Company basis, EDP, S.A. records the tax effect arising from temporary differences between the assets and liabilities determined on an accounting basis and on a tax basis. As at 31 December 2022, on a Company basis, the movements by nature of Deferred Tax Assets and Liabilities are as follows: Deferred Tax Assets Thousand Euros Balance at 1 January Mov. Results Mov. Reserves Others Balance at 31 December Tax losses and tax credits 163,078 39,563 - -43,290 159,351 Provisions for social benefits, bad debts and other risks 8,125 -381 -616 430 7,558 Financial instruments 225,545 - 54,871 - 280,416 Property plant and equipment 2,025 -136 - - 1,889 Other temporary differences 246 -50 - 2,749 2,945 Assets/liabilities compensation of deferred taxes -361,801 224,402 - - -137,399 37,218 263,398 54,255 -40,111 314,760 Deferred Tax Liabilities Thousand Euros Balance at 1 January Mov. Results Mov. Reserves Others Balance at 31 December Financial instruments 350,009 - -230,191 - 119,818 Allocation of fair value to assets and liabilities acquired 3,546 - - 2,395 5,941 Fiscal revaluations 179 -16 - - 163 Other temporary differences 8,067 3,410 - - 11,477 Assets/liabilities compensation of deferred taxes -361,801 224,402 - - -137,399 - 227,796 -230,191 2,395 - As at a 31 December 2021, on a Company basis, the movement by nature of Net Deferred Tax Assets and Liabilities are as follows: Net Deferred Tax Assets Thousand Euros Balance at 1 January Mov. Results Mov. Reserves Others Balance at 31 December Tax losses and tax credits 139,397 19,879 - 3,802 163,078 Provisions for social benefits, bad debts and other risks 7,817 471 -143 -20 8,125 Financial instruments 28,596 - 196,949 - 225,545 Property plant and equipment 3,965 -1,940 - - 2,025 Other temporary differences 3,273 -3,069 - 42 246 Assets/liabilities compensation of deferred taxes -59,422 -302,379 - - -361,801 123,626 -287,038 196,806 3,824 37,218 Net Deferred Tax Liabilities Thousand Euros Balance at 1 January Mov. Results Mov. Reserves Others Balance at 31 December Financial instruments 47,681 - 302,328 - 350,009 Allocation of fair value to assets and liabilities acquired 3,546 - - - 3,546 Fiscal revaluations 185 -6 - - 179 Other temporary differences 8,010 -5,109 - 5,166 8,067 Assets/liabilities compensation of deferred taxes -59,422 -302,379 - - -361,801 - -307,494 302,328 5,166 - Taxes recorded against reserves are as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Financial instruments and fair value 233,936 317,598 285,062 -105,379 Actuarial gains and losses -88,828 -16,483 -616 -143 Financial instruments and equity instruments at fair value OCI 3,856 -1,271 - - Others 89 248 - - 149,053 300,092 284,446 -105,522 The Group tax losses carried forward are analysed as follows: Thousand Euros Group Dec 2022 Dec 2021 Expiry date: 2022 - 1,344 2023 2,983 10,430 2024 3,245 23,704 2025 8,793 8,155 2026 19,640 531,520 2027 62,870 7,007 2028 a 2040 2,345,321 2,422,283 Without expiry date 3,356,636 1,923,698 5,799,488 4,928,141 Of the total of EDP Group\u2019s tax losses available to carry forward as at 31 December 2022, the amount of 677,374 thousand Euros does not have deferred tax asset, in accordance with the applicable accounting standards since, at the present date, there is still not sufficient visibility about the future period in which such tax losses will be used. 25. Inventories This caption is as follows: Thousand Euros Group Dec 2022 Dec 2021* Merchandise 402,133 188,665 Finished, intermediate products and sub-products 37,284 42,890 Raw and subsidiary materials and consumables (coal and other fuels) 260,952 109,246 Nuclear fuel 14,446 14,764 CO2 licenses 30,875 79,960 Green certificates 172,658 157,532 Other 337,952 140,324 1,256,300 733,381 * Includes restatement originated by changing the classification of the Green Certificates as described in note 2a) The variation of the caption Inventories is essentially explained by the increase in the quantity of stocks of gas, coal and photovoltaic solar panels and the rise of gas prices. The movements in the portfolio of CO2 Licenses held for trading and classified as inventories are as follows: CO2 (Ton) Group Dec 2022 Dec 2021 CO2 Licenses held for trading on 1 January 1,000,000 1,772,000 Licenses negotiated in the market 832,010 4,521,185 Emission Licenses transferred from trading portfolio to intangibles -1,449,798 -3,521,185 CO2 Licenses sold - -1,772,000 CO2 Licenses held for trading on 31 December 382,212 1,000,000 CO2 Licenses for trading on 31 December (in thousand Euros) 30,875 79,960 Fair value corresponds to the spot price (closing price) at the end of December in each period. 26. Debtors and other assets from commercial activities At Group level, Debtors and other assets from commercial activities are as follows: Thousand Euros Non-Current Current Dec 2022 Dec 2021 Dec 2022 Dec 2021 Assets measured at amortised cost: Amounts receivable from tariff adjustments - Electricity - Portugal 441,035 7,328 13,825 62,755 Amounts receivable from tariff adjustments - Electricity - Brazil (see note 38) 12,883 124,604 14,310 101,928 Debtors for other goods and services - - 67,521 39,134 Amounts receivable relating to CMEC 353,619 432,293 249,856 225,441 Amounts receivable from concessions - IFRIC 12 846,875 275,782 1,120,064 933,106 Other assets measured at amortised cost 214,071 118,955 318,137 404,138 Impairment losses on other assets measured at amortised cost Trade receivables at amortised cost: Trade receivables -82 -71 -3,024 -2,370 1,868,401 958,891 1,780,689 1,764,132 108,415 32,856 1,797,683 1,939,214 Impairment losses on trade receivables Assets measured at fair value through other comprehensive income: Amounts receivable from tariff adjustments - Electricity - Portugal -8,810 -3,225 -259,025 -232,100 99,605 29,631 1,538,658 1,707,114 23 483 1,141 563,563 Assets measured at fair value through profit or loss: Amounts receivable from concessions - IFRIC 12 1,012,104 693,785 - - Contract assets: Contract assets receivable from energy sales contracts 4 617 1,452,371 1,729,885 Contract assets receivable from concessions - IFRIC 12 Other assets: Incremental costs of obtaining contracts with customers 729,520 921,412 - - 729,524 922,029 1,452,371 1,729,885 32,219 34,130 7,677 - Other assets from commercial activities 30,250 29,557 107,684 163,310 62,469 63,687 115,361 163,310 3,772,126 2,668,506 4,888,220 5,928,004 At Company level, Debtors and other assets from commercial activities are as follows: Thousand Euros Current Dec 2022 Dec 2021 Assets measured at amortised cost: Debtors for other goods and services 50,959 38,753 Other assets measured at amortised cost 1,119,557 252,319 Impairment losses on other assets measured at amortised cost Trade receivables at amortised cost: Trade receivables - -2 1,170,516 291,070 465,630 897,757 Impairment losses on trade receivables Contract assets: Contract assets receivable from energy sales contracts -210 -226 465,420 897,531 461,937 850,819 Other assets: Other assets from commercial activities 15,919 8,516 2,113,792 2,047,936 The movement for the period in Amounts receivable from tariff adjustments - Electricity - Portugal (Non-current and Current) is as follows: Thousand Euros Non-Current Current Balance as at 31 December 2021 7,811 626,318 Receipts through the electricity tariff - -65,848 Securitization of tariff deficit - -558,000 Tariff adjustment of the period (see note 7) 127,855 - Tariff adjustment of 2021 and 2022 - 4,600 Financial expenses (see note 13) 3 108 Transfer to/from tariff adjustment payable (see note 38) 502,119 -188,942 Transfer from Non-Current to Current -196,730 196,730 Balance as at 31 December 2022 441,058 14,966 The tariff deficit securitization results from 4 individual transactions carried out during the first quarter of 2022, by SU Eletricidade, S.A., in the total amount of Euro 558 million of the 2021 tariff deficit. This tariff deficit results from the 5-year deferral of the recovery of the 2021 overcost related with the acquisition of energy from special regime generators (including adjustments for 2019 and 2020). In this sale transaction of assets, SU Eletricidade, S.A., gave in fully and without recourse, the right to receive such amounts and interest. The sale price amounted to 562 million Euros. The tariff adjustment for the period in the amount of 127,855 thousand Euros, mainly related to the amount to be recovered related to the Purchase and Sale of Electricity for Customers Supply of SU Eletricidade, includes 188,942 thousand Euros to be recovered through 2023 tariffs, according to the provisional amount provided by the regulatory entity (see note 38) that has been reclassified to the caption Trade payables and other liabilities from commercial activities. Additionally, the tariff adjustment for the period in the amount of 524,724 thousand Euros presented in the caption Trade payables and other liabilities from commercial activities (see note 38) includes the component of Purchase and Sale of PRE energy of SU Eletricidade in the amount of 525,109 thousand Euros (961,734 thousand Euros to be returned through the 2023 tariffs and 443,776 thousand Euros that has been reclassified to the caption Debtors and other assets from commercial activities, according to the provisional amount provided by the regulatory entity). As at 31 December 2022, the caption Assets measured at fair value through other comprehensive income includes the amount of the tariff deficit classified and measured at fair value through other comprehensive income. According to IFRS 13, the tariff deficit fair value is classified as level 2 (see note 45). The following table provides details for the caption Amounts receivable from tariff adjustments - Electricity - Portugal, by nature and year of establishment, as well as presents the amounts of tariff deficit that have been sold during the period ended 31 December 2022: Thousand Euros Deficit Tariff adj. Sales Total Year: 2016 - 1,449 - 1,449 2019 438 - - 438 2020 45 26,073 - 26,118 2021 558,681 44,262 -558,000 44,943 2022 - 383,076 - 383,076 559,164 454,860 -558,000 456,024 The caption Amounts receivable relating to CMEC is detailed as follows: Thousand Euros Non-Current Current Initial CMEC 241,029 51,381 Final adjustment 112,590 94,072 Revisibility 2014 - 2017 * - 104,403 353,619 249,856 * The revisibility calculation for 2016 to 2017 is still waiting the official approval. The movement of the period in the captions Amounts receivable from concessions - IFRIC 12 and Contract assets receivable from concessions - IFRIC 12 is as follows: Amounts Contract Thousand Euros receivable assets Balance as at 31 December 2021 1,902,673 921,412 Investments of the period - 624,732 Transfer to intangible assets (see note 18) - -306,160 Transfer between Amounts receivable and Contract assets 752,020 -752,020 Exchange differences 91,747 107,624 Perimeter variations and others 232,603 133,932 Balance as at 31 December 2022 2,979,043 729,520 The Perimeter variations and others in the caption Amounts receivable from concessions - IFRIC 12 includes the impact of the acquisition of EDP Goi\u00e1s in the amount of 205,376 thousand Euros (see notes 6 and 49). The movements in Impairment losses on trade receivables and other assets measured at amortised cost are as follows: Thousand Euros Trade receivables Other assets Non- Current Non- Current current current Balance as at 1 January 2021 8,771 253,067 2,894 1,406 Charge of the period 42 100,955 - 1,317 Reversal of impairment losses -615 -65,424 -1,688 -1,759 Charge-off -5,005 -40,432 -1,206 -2 Exchange differences 32 938 - 1 Perimeter variations/Other regularisations - -17,004 71 1,407 Balance as at 31 December 2021 3,225 232,100 71 2,370 Charge of the period 5,391 92,779 5 1,965 Reversal of impairment losses - -38,853 - -1,088 Charge-off - -21,505 - -213 Exchange differences 194 11,001 8 -13 Perimeter variations/Other regularisations - -16,497 -2 3 Balance as at 31 December 2022 8,810 259,025 82 3,024 The geographical market Trade receivables' breakdown and the credit risk analysis are disclosed in note 5, under the Counterparty credit risk management. As at 31 December 2022 and 2021, on a company basis, trade receivables are from Portugal geographical market. Contract assets receivable from energy sales contracts - Current include contract assets relating to energy delivered and not yet invoiced, amounts receivable from REN regarding the CMEC Revisibility of 2016 and 2017 which are awaiting approval, and accruals from UNGE's energy management business. The impairment losses on Trade receivables includes impairment losses related to Contract assets receivable from energy sales contracts. 27. Other debtors and other assets Other debtors and other assets are as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Debtors and other assets - Non-Current Assets measured at amortised cost: Loans to subsidiaries - - 1,141,944 1,703,778 Loans to related parties 186,885 173,267 90 90 Guarantees rendered to third parties 133,931 102,766 - - Other financial assets at amortised cost (i) 1,751 8,002 256,650 512,042 Assets measured at fair value through profit or loss: Derivative financial instruments (see note 42) 1,035,814 712,710 1,590,973 1,439,961 Contingent price 50,873 155,216 - - Other assets: Excess of the pension fund financing (see note 35) 92,694 13,268 410 42 Other debtors and sundry operations 422,562 675,918 90,078 89,654 Debtors and other assets - Current Assets measured at amortised cost: Loans to subsidiaries 1,924,510 1,841,147 3,080,145 3,745,567 - - 538,550 968,218 Loans to related parties 354,484 100,261 3,490 - Guarantees rendered to third parties 992,370 640,380 720,465 466,453 Subsidiary companies - - 229,858 249,800 Other financial assets at amortised cost (i) 7,386 16,171 260,639 280,060 Assets measured at fair value through profit or loss: Derivative financial instruments (see note 42) 1,539,884 1,640,616 2,449,615 3,852,144 Other financial investments measured at fair value 346 1,858 - - Contingent price 108,636 4,004 - - Other assets: Other debtors and sundry operations 368,689 407,565 23 - 3,371,795 2,810,855 4,202,640 5,816,675 5,296,305 4,652,002 7,282,785 9,562,242 Loans to subsidiaries - Non-Current and Current, for the Company, mainly includes 1,579,546 thousand Euros (31 December 2021: 1,503,659 thousand Euros) of loans granted to E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. (see note 44). For the Loans to subsidiaries, EDP S.A. performs an analysis to evaluate impairment based on the general approach. The company uses several inputs on making its assessment of the credit risk related to these assets, such as the analysis of the historical possible delays and/or impairment losses indications, companies rating (when applicable) and market and macroeconomic data that may change the probability of default and the expectation of delays in the receivable amounts. According to the analysis performed, as per 31 December 2022, impairment was recognized on granted loans to EDP GEM Portugal, S.A. (see note 20). The variation of the caption Loans to related parties - Current, on a consolidated basis, is mainly due to new loans granted to OW FS Offshore, S.A. in the amount of 319,246 thousand Euros, being the total amount of loans granted 326,814 thousand Euros at 31 December 2022. The variation in the item Guarantees rendered to third parties is essentially explained by the significant increase in electricity and gas prices, which originated the need to reinforce collateral/collateral usually requested for transactions in these markets. (i) Other financial assets at amortised cost On a consolidated basis, this caption mainly includes securities issued by Tagus - Sociedade de Titulariza\u00e7\u00e3o de Cr\u00e9ditos, SA, in the context of the transmission of the right to receive tariff adjustments (deviations and deficits) from the National Electric System for credit securitisation companies, acquired by SU Eletricidade, S.A. The detail of the balances arising from these operations is as follows: Thousand Euros Issue date Class R Notes Liquidity Notes Senior Notes Total Overcost from special regime production 2017 Dec 2017 112 - - 112 Overcost from special regime production 2018 Jun 2018 159 32 1,381 1,572 Overcost from special regime production 2019 Jun 2019 313 174 6,168 6,655 584 206 7,549 8,339 On a company basis, this caption includes the bonds issued by EDP Finance B.V. reacquired on market by EDP S.A. On November 2020, EDP S.A. has bought an amount of 53,357 thousand Euros of a private bond placement, issued by EDP Finance B.V. On 1 July 2021, EDP S.A. has bought an amount of 647,040 thousand Euros of nominal debt, related with four bonds issued by EDP Finance B.V. in a market operation, in the total amount of 675,544 thousand Euros. This amount includes a premium and transaction costs amounting to 22,901 thousand Euros and accrued interest as at the acquisition date. During 2022, EDP Finance B.V. repaid, at maturity, in the first quarter an issue of 858 million Euros, of which EDP S.A. had already reacquired 142,141 thousand Euros and in the fourth quarter an issue of 93 million Euros, of which EDP S.A. had already reacquired 53,357 thousand Euros. The detail of these bonds is as follows: Nominal value Acquired Fair Maturity Interest in Currency in Currency Value Issuer date Currency rate '000 '000 '000 EDP Finance B.V. 23 Mar 2023 EUR 2.38% 488,832 111,168 111,172 EDP Finance B.V. 29 Sep 2023 EUR 1.88% 462,465 137,535 136,337 EDP Finance B.V. 12 Feb 2024 EUR 1.13% 743,804 256,196 249,986 The variation of the caption Contingent prices mainly results from the reclassification from Non-Current to Current of the fair value of the contingent consideration in connection with the sale in 2018 and 2020 of a stake in the companies \u00c9oliennes en Mer Dieppe - Le Tr\u00e9port, S.A.S and \u00c9oliennes en Mer \u00celes d'Yeu et de Noirmoutier, SAS to Sumitomo Corporation and to OW Offshore S.L. The caption Other debtors and sundry operations - Non Current includes the financial consideration paid in advance in 2009 for the exploitation of the hydro power plants of Frid\u00e3o and other amounts invested in such hydro power plant (see note 4) and the amount receivable from the sale of its 50% stake in Hydro Global Investment Limited to China International Water & Electric Corporation in December 2022 (see notes 6 and 44). The variation of the caption Other debtors and sundry operations - Current is mainly: i) due to the receivable amount for the sale of the companies E\u00f3lica do Sincelo, S.A. and E\u00f3lica da Linha, S.A. in 2021, corresponding to 355,996 thousand Euros; ii) the reclassification of the amount of 377,148 thousand Euros, previously recorded under Other debtors and sundry operations- Non-Current, which corresponds to amounts receivable due to sale transactions of companies Rosewater Wind Farm LLC in 2020 and Indiana Crossroads Wind Farm LLC in 2021; and iii) the amount to be received of 178,269 thousand Euros for the sale of several wind farms in Brasil in 2022. 28. Tax assets Current tax assets are as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Non-Current: Special taxes Brazil 109,902 173,846 - - Current: Income tax 188,981 132,109 44,305 48,893 Value added tax (VAT) 516,010 295,789 149,058 44,659 Special taxes Brazil 87,004 93,624 - - Other taxes 22,303 30,320 877 874 814,298 551,842 194,240 94,426 924,200 725,688 194,240 94,426 The Special taxes Brazil caption relates to the following taxes: CSLL (Social Contribution on net profits), PIS (Social integration programme) and COFINS (Social Security Financing Contribution). The increase in the income tax caption corresponds, mainly, to the amount related with the tax paid in the past for the sale of certain companies which Directors and legal experts have estimated recoverable. 29. Cash and cash equivalents Cash and cash equivalents are as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Cash 636 288 38 29 Bank deposits Current deposits 3,553,609 2,572,979 1,445,638 1,177,071 Term deposits 1,331,823 458,386 450,000 - Specific demand deposits in relation to institutional partnerships 1,633 314 - - Operations pending cash settlement Current deposits 4,887,065 3,031,679 1,895,638 1,177,071 - - 600,000 140,000 Other operations Other short term investments 12,504 205,623 - 200,178 Group Financial System (see note 44) - - 1,649,398 973,175 Held for sale operations: Cash and cash equivalents reclassified as held for sale (see note 41) 4,900,205 3,237,590 4,145,074 2,490,453 - -15,181 - - 4,900,205 3,222,409 4,145,074 2,490,453 Specific demand deposits in relation to institutional partnerships corresponds to funds required to be held in escrow sufficient to pay the remaining construction related costs of projects in institutional equity partnerships (see note 37), which are described in EDP Group accounting policies. As at 31 December 2022, on a company basis, the caption Operations pending cash settlement represents commercial paper issued by EDP S.A. in the amount of 600,000 thousand Euros (31 December 2021: 140.000 thousand Euros), acquired by EDP Finance B.V., which settlement date occurred on 3 January 2023. 30. Share capital and share premium EDP, S.A. was incorporated as a State-owned company and started its privatisation process in 1997. The second and third phases of the privatisation process were carried out in 1998, the fourth phase in 2000, the fifth phase consisting of a capital increase in 2004 and a sixth phase in 2005. In December 2007, the State issued bonds convertible into shares of EDP, S.A. under the seventh phase of the privatisation process. On 11 May 2012, regarding EDP's eighth privatisation phase, the Portuguese State sold to China Three Gorges (Europe), S.A. (former - CWEI (Europe), S.A.), the ownership of 780,633,782 shares representing 21.35% of the share capital and the voting rights of EDP, S.A. On 21 February 2013, Parp\u00fablica \u2013 Participa\u00e7\u00f5es P\u00fablicas (SGPS) S.A. (Parp\u00fablica) notified EDP that, on 19 February 2013, it sold 151,517,000 shares, which correspond to 4.14% of EDP's share capital. As a result of these last two transactions, Parp\u00fablica no longer has a qualified shareholding position in EDP share capital. On 29 September 2017, China Three Gorges (Europe), S.A. acquired 70,143,242 shares representing around 1.92% of EDP's share capital and voting rights. After this acquisition, an off-market transaction, CTG Europe became the holder of 850,777,024 shares. On 11 August 2020, EDP made a capital increase by issuing 309,143,297 ordinary, book-entry and nominative shares, with a unit face value of 1 Euro, with a unit subscription price of 3.30 Euros, offered to subscription of its shareholders, in the exercise of the respective preemptive rights. The new ordinary shares will be fungible with existing ordinary shares and will entitle their holders to the same rights as those of pre-existing shares. As such, the current share capital of EDP is now of 3,965,681,012 Euros, represented by 3,965,681,012 ordinary, registered, book-entry shares with nominal value 1,00 Euro each. EDP - Energias de Portugal S.A. shareholder structure as at 31 December 2022 is as follows: No. of Shares % Capital % Voting China Three Gorges Corporation 835,980,316 21.08% 21.08% Oppidum Capital, S.L. 285,414,883 7.20% 7.20% BlackRock, Inc. 285,319,442 7.19% 7.19% Canada Pension Plan Investment Board 234,718,462 5.92% 5.92% EDP (Treasury Stock) 18,616,167 0.47% Remaining Shareholders 2,305,631,742 58.14% 3,965,681,012 100.00% Share capital and Share premium are as follows: Thousand Euros Group and Company Share Share capital premium Balance as at 1 January 3,965,681 1,196,522 Movements during the period - - Balance as at 31 December 3,965,681 1,196,522 The earnings per share (EPS) attributable to the equity holders of EDP are as follows: Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Net profit attributable to the equity holders of EDP (in Euros) 679,000,835 656,716,781 848,564,985 824,069,863 Net profit from continuing operations attributable to the equity holders of EDP (in Euros) 679,000,835 656,716,781 848,564,985 824,069,863 Weighted average number of ordinary shares outstanding 3,946,840,015 3,946,530,875 3,946,840,015 3,946,530,875 Weighted average number of diluted ordinary shares outstanding 3,946,840,015 3,946,530,875 3,946,840,015 3,946,530,875 Basic earnings per share attributable to equity holders of EDP (in Euros) 0.17 0.17 0.21 0.21 Diluted earnings per share attributable to equity holders of EDP (in Euros) 0.17 0.17 0.21 0.21 Basic earnings per share from continuing operations (in Euros) 0.17 0.17 0.21 0.21 Diluted earnings per share from continuing operations (in Euros) 0.17 0.17 0.21 0.21 EDP Group calculates basic and diluted earnings per share attributable to equity holders of EDP using the weighted average number of ordinary shares outstanding during the period, net of changes in treasury stock during the period. Basic earnings per share and diluted earnings per share are equal because there are no dilution factors. The average number of shares is determined as follows: Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Ordinary shares issued at the beginning of the period 3,965,681,012 3,965,681,012 3,965,681,012 3,965,681,012 Effect of shares issued during the period - - - - Average number of realised shares Effect of treasury stock 3,965,681,012 3,965,681,012 3,965,681,012 3,965,681,012 -18,840,997 -19,150,137 -18,840,997 -19,150,137 Average number and diluted average number of shares during the period 3,946,840,015 3,946,530,875 3,946,840,015 3,946,530,875 31. Treasury stock This caption is as follows: Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Book value of EDP, S.A.'s treasury stock (thousand Euros) 51,288 52,660 51,288 52,660 Number of shares 18,616,167 19,103,158 18,616,167 19,103,158 Market value per share (in Euros) 4.656 4.832 4.656 4.832 Market value of EDP, S.A.'s treasury stock (thousand Euros) 86,677 92,306 86,677 92,306 Shares' transactions occurred between 1 January and 31 December 2022: EDP, S.A. Volume acquired (number of shares) 250,000 Average purchase price (in Euros) 3.927 Total purchases (thousand Euros) 982 Volume sold (number of shares) i) -736,991 Average selling price (in Euros) 4.441 Total sales (thousand Euros) i) 3,273 Final position (number of shares) 18,616,167 Highest market price (in Euros) 4.441 Lowest market price (in Euros) 3,927 Average market price (in Euros) 4.311 i) Includes the distribution of treasury stocks to employees (see note 10). The treasury stock held by EDP, S.A. is within the limits established by the Company's articles of association and by the \"C\u00f3digo das Sociedades Comerciais\" (Portuguese Commercial Companies Code). Treasury stock is recognised at acquisition cost. 32. Reserves and retained earnings This caption is as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Legal reserve 793,136 782,932 793,136 782,932 Fair value reserve (cash flow hedge) -1,962,818 -1,063,338 -764,676 553,245 Tax effect of fair value reserve (cash flow hedge) 467,716 282,478 160,543 -124,519 Fair value reserve of assets measured at fair value through other comprehensive income 15,847 21,405 - - Tax effect of the fair value reserve of assets measured at fair value through other comprehensive income -187 -4,043 - - Currency translation reserve - Exchange differences arising on consolidation 33,795 -391,219 - - Currency translation reserve - Net investment hedge -860,381 -595,305 - - Currency translation reserve - Net investment hedge - Cost of hedging -62,340 -42,953 - - Treasury stock reserve (EDP, S.A.) 51,288 52,660 51,288 52,660 Other reserves and retained earnings 4,617,477 4,513,932 2,083,548 2,015,173 3,093,533 3,556,549 2,323,839 3,279,491 Legal reserve In accordance with article no. 295 of \"C\u00f3digo das Sociedades Comerciais\" (Portuguese Commercial Companies Code) and EDP, S.A.'s articles of association, the legal reserve must be increased by a minimum of 5% of the annual profit until it reaches 20% of the company\u2019s share capital. This reserve can only be used to cover losses or to increase share capital. Fair value reserve (cash flow hedge) This reserve includes the effective portion of the cumulative net change in the fair value of the cash flow hedging financial derivative instruments. The variation in the caption Fair value reserve (cash flow hedge) reflects, essentially, the impact of the price increase of the indexes associated with electricity and gas, which reflect the current evolution on the market. The reconciliation of the fair value reserve is included in Note 42. Fair value reserve (financial assets at fair value through other comprehensive income) The changes in this consolidated caption for the period are as follows: Thousand Euros Fair Value Reserve Balance Dec 2021 Increases Decreases Perimeter variations Balance Dec 2022 Defined Crowd Corporation (see note 22) 6,339 - -1,338 - 5,001 Mercer and Dunas Funds (Energia RE portfolio) (see note 22) 8,897 - -12,749 - -3,852 SU Eletricidade, S.A. tariff deficit (see note 26) 352 - - - 352 E\u00f3licas P\u00e1ramo de Poza (associate portfolio) - 7,761 - - 7,761 Other (see note 22) 5,817 4,162 -3,398 4 6,585 21,405 11,923 -17,485 4 15,847 Currency translation reserve - Exchange differences arising on consolidation Exchange differences arising on consolidation corresponds to the amounts resulting from changes in the value of net assets of subsidiaries, joint ventures and associated companies resulting from changes in exchange rates. The exchange rates used in the preparation of the financial statements are as follows: Currency Exchange rates Dec 2 022 Dec 2021 Close Average Close Average US Dollar USD 1.067 1.053 1.133 1.183 Brazilian Real BRL 5.639 5.440 6.310 6.378 Macao Pataca MOP 8.566 8.492 9.098 9.469 Canadian Dollar CAD 1.444 1.369 1.439 1.483 Singapure Dollar SGD 1.430 1.451 1.528 1.589 Polish Zloty PLN 4.690 4.688 4.599 4.567 Romanian Leu RON 4.947 4.931 4.948 4.921 Pound Sterling GBP 0.887 0.853 0.840 0.860 Mexican Peso MXN 20.781 21.198 23.275 23.985 Colombian Peso COP 5,133.686 4,470.960 4,527.375 4,425.924 Chinese Yuan CNY 7.358 7.211 7.195 7.628 Korean Won KRW 1,344.090 1,358.073 1,346.380 1,354.057 Japanese Yen JPY 140.660 138.027 130.380 129.877 Australian Dollar AUD 1.579 1.516 1.561 1.575 Indonesian Rupiah IDR 16,474.654 15,625.767 16,100.420 16,914.316 Malaysian Ringgit MYR 4.692 4.629 4.718 4.900 Philippine Peso PHP 58.272 57.313 57.763 58.273 Thai Bath THB 36.648 36.869 37.653 37.809 Vietnamese Dong VND 25,182.430 24,601.278 25,851.600 27,078.746 Hungarian Forint HUF 400.870 391.286 369.190 358.516 The movement for the period in Exchange differences arising on consolidation is mainly due to the effect of the appreciation of the US Dollar and the Brazilian Real against the Euro. Currency translation reserve - Net investment hedge and Cost of hedging The changes in these captions, net of income tax, for the period are as follows: Net Cost of Thousand Euros investment hedging hedge Balance as at 31 December 2021 -595,305 -42,953 Changes in fair value -261,854 -19,387 Transfer to income statement resulting from the sale of a foreign currency subsidiary -3,222 - Balance as at 31 December 2022 -860,381 -62,340 The caption Net investment hedge corresponds to the amounts resulting from the application of hedge accounting to investments in subsidiaries in foreign currencies, mainly in EDPR North America subsidiaries, through financial derivative instruments (see note 42) and debt in foreign currency. The caption Cost of hedging corresponds to the amounts determined in accordance with accounting policies (see note 2 d)). Treasury stock reserve (EDP, S.A.) In accordance with the article 324\u00ba of \"C\u00f3digo das Sociedades Comerciais\" (Portuguese Commercial Companies Code), EDP, S.A. has created an unavailable reserve with an amount equal to the book value amount of treasury stock held in the company statements. Dividends On 06 April 2022, the Shareholders General Meeting of EDP, S.A. approved the dividends distribution to shareholders of the net profit for the year 2021 in the amount of 753,479 thousand Euros, corresponding to a dividend of 0.19 Euros per share (including the treasury stock dividend). This distribution occurred on 28 April 2022. 3. Non-controlling interests This caption is as follows: Thousand Euros Group Dec 2022 Dec 2021 Non-controlling interests in income statement 490,748 447,929 Non-controlling interests in equity and reserves 4,460,411 4,206,827 4,951,159 4,654,756 The movement by subgroup of the non-controlling interests item is analysed as follows: Thousand Euros EDP Renov\u00e1veis Group EDP Brasil Group Other Total Balance as at 31 December 2021 3,553,310 979,334 122,112 4,654,756 Results 362,018 83,921 44,809 490,748 Dividends -84,428 -117,616 - -202,044 Currency Exchange differences 72,587 94,305 -62 166,830 Capital Increases/Decreases -98,356 -47,228 -14 -145,598 Changes in the fair value reserve (cash flow hedge) -92,381 -78 - -92,459 Perimeter variations and Others 44,387 34,752 -213 78,926 Balance as at 31 December 2022 3,757,137 1,027,390 166,632 4,951,159 The summarised financial information for subsidiaries with material non-controlling interests, namely EDP Brasil and EDP Renov\u00e1veis, as at 31 December 2022, is disclosed in the Annex I. 34. Financial debt This caption is as follows: Thousand Euros Gr oup Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Debt and borrowings - Non-current Bank loans: - EDP, S.A 3,333 - 3,333 - - EDP Finance B.V. ** -13,566 -6,796 - - - EDP Brasil Group 284,657 210,050 - - - EDP Renov\u00e1veis Group 936,595 813,616 - - - Others 370 1,305 - - Non-convertible bond loans: - EDP S.A. 1,211,389 1,018,175 3,333 - 1,294,988 743,874 2,694,988 5,143,874 - EDP Finance B.V. 8,244,657 7,047,836 - - - EDP Brasil Group 1,389,029 1,115,680 - - - EDP Espa\u00f1a Group Hybrid bonds: - EDP S.A. - 1,051,954 - - 10,928,674 9,959,344 2,694,988 5,143,874 3,044,554 3,717,072 3,044,554 3,717,072 Commercial paper: - EDP S.A. 3,044,554 3,717,072 3,044,554 3,717,072 - 220,732 - 220,732 - EDP Finance B.V. 339,865 198,658 - - - EDP Brasil Group 250,429 103,009 - - Other loans 590,294 522,399 - 220,732 36,108 26,132 - - Accrued interest 15,811,019 15,243,122 5,742,875 9,081,678 31,482 5,511 - - Other liabilities: - Fair value of the issued debt hedged risk -59,897 50,955 11,195 - Collateral Deposits - Non-current * Total Debt and Borrowings 15,782,604 15,299,588 5,754,070 9,081,678 -23,765 -23,397 - - 15,758,839 15,276,191 5,754,070 9,081,678 * Deposits constituted as collateral for financial guarantee. ** Deferred discount of origination fees on celebrated RCF, which are currently not used. Thousand Euros Gr oup Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Debt and borrowings - Current Bank loans: - EDP, S.A 1,667 - 1,667 - - EDP Finance B.V. 216 - - - - EDP Brasil Group 153,853 120,154 - - - EDP Renov\u00e1veis Group Non-convertible bond loans: - EDP S.A. 432,012 103,093 - - 587,748 223,247 1,667 - 500,000 - 3,500,000 900,000 - EDP Finance B.V. 1,100,288 942,554 - - - EDP Brasil Group Hybrid bonds: - EDP, S.A. 212,976 82,792 - - 1,813,264 1,025,346 3,500,000 900,000 672,800 - 672,800 - Commercial paper: - EDP S.A 672,800 - 672,800 - - - 1,690,000 620,000 - EDP Finance B.V. 750,475 - - - - EDP Brasil Group 117,029 - - - Other loans - Group Financial System (see note 44) 867,504 - 1,690,000 620,000 - - 2,195,726 2,348,605 - Other 3,804 1,395 - - Accrued interest 3,804 1,395 2,195,726 2,348,605 258,232 242,653 97,380 84,016 Other liabilities: - Fair value of the issued debt hedged risk 36,517 25,707 32,059 - Collateral Deposits - Current * Total Debt and Borrowings 4,239,869 1,518,348 8,189,632 3,952,621 -29,336 -26,678 - - 4,210,533 1,491,670 8,189,632 3,952,621 * Deposits constituted as collateral for financial guarantee. Non-current Commercial Paper refers to three Commercial Paper programs with firm underwriting commitment for a period of over one year, in the total amount of 363,000 thousand US Dollars and 1,412,000 thousand Brazilian Real. Main events of the period: On 25 February, the extraordinary resolutions regarding IE2 Holdco, S.A.U.'s consent solicitation relating to the \u201c\u20ac500,000,000 2.375 per cent. Notes due 27 November 2023\u201d and \u201c\u20ac550,000,000 2.875 per cent. Notes due 1 June 2026\u201d were passed, which resulted in (i) EDP S.A. replacing IE2 Holdco S.A.U as issuer of the Notes, (ii) the cancellation of Viesgo Holdco, S.A.U guarantee, and (iii) certain other terms and conditions of the Notes being amended to bring them in line with the current issuances of EDP SA under its EMTN Programme. On 14 March, EDP issued a green bond of 1,250 million Euros with final maturity in September 2029, under the EMTN bond program. On 4 August, EDP signed a five-year revolving credit facility (\u2018RCF\u2019), with options to extend for 2 additional years (subject to Lenders\u2019 agreement), in the amount of 3.650 million, which can be drawn in Euros and US Dollars. It is EDP's first sustainability-linked loan and includes two ESG KPIs: reduction of scope 1 and 2 greenhouse gas emissions and an increase in the percentage of installed capacity from renewable sources within EDP Group. On 19 September, Porto de Pec\u00e9m Gera\u00e7\u00e3o de Energia issued its first commercial paper issuance of 1,500 million Brazilian Real, with maturity in July 2027. On 11 October, EDP issued, under the EMTN bond program, two green bonds of 500 million Euros and 500 million US Dollars, maturing in March 2030 and October 2027, respectively. The nominal value of outstanding Bond loans placed with external counterparties, as at 31 December 2022, is as follows: Issuer Issue date Interest rate Type of hedge Conditions/ Redemp. Nominal Value in Million Currency Thousand Euros Group Company Hybrids by EDP S.A. EDP S.A. (iv) Jan-19 Fixed rate EUR 4.496% (v) n.a. Apr-79 1,000 EUR 1,000,000 1,000,000 EDP S.A. (vi) Jan-20 Fixed rate EUR 1.7% (vii) n.a. Jul-80 750 EUR 750,000 750,000 EDP S.A. (viii) Jan-21 Fixed Rate EUR 1.875% (v) n.a. Aug-81 750 EUR 750,000 750,000 EDP S.A. (ix) Sep-21 Fixed Rate EUR 1.5% (v) n.a. Mar-82 750 EUR 750,000 750,000 EDP S.A. (x) Sep-21 Fixed Rate EUR 1.875% (xi) n.a. Mar-82 500 EUR 500,000 500,000 3,750,000 3,750,000 Issued under a Standalone Prospectus EDP S.A. Nov-15 Fixed rate EUR 2,375% n.a. Nov-23 500 EUR 500,000 500,000 EDP S.A. Jun-16 Fixed rate EUR 2,875% n.a. Jun-26 400 EUR 400,000 400,000 EDP S.A. Jul-16 Fixed rate EUR 2,875% n.a. Jun-26 150 EUR 150,000 150,000 1,050,000 1,050,000 Issued under the Euro Medium Term Notes program (EMTN) EDP Finance B.V.(i) Nov-08 Fixed rate GBP 8.625% Fair Value (i) Jan-24 325 GBP 410,314 - EDP Finance B.V. Nov-08 Zero coupon EUR (iii) n.a. Nov-23 160 EUR 160,000 - EDP Finance B.V.(i) Apr-15 Fixed rate EUR 2% Fair Value (i) Apr-25 750 EUR 750,000 - EDP Finance B.V.(ii) Mar-16 Fixed rate EUR 2.375% n.a. Mar-23 489 EUR 488,832 - EDP Finance B.V.(i)(ii) Aug-16 Fixed rate EUR 1.125% Net Invest. (i) Feb-24 744 EUR 743,804 - EDP Finance B.V.(ii) Jan-17 Fixed rate EUR 1.875% n.a. Sep-23 462 EUR 462,465 - EDP Finance B.V. Jun-17 Fixed rate USD 3.625% Net Invest. Jul-24 1000 USD 937,559 - EDP Finance B.V. Nov-17 Fixed rate EUR 1.5% Net Invest.(i)(xii) Nov-27 500 EUR 500,000 - EDP Finance B.V. Jun-18 Fixed rate EUR 1.625% n.a. Jan-26 750 EUR 750,000 - EDP Finance B.V. Oct-18 Fixed rate EUR 1.875% n.a. Oct-25 600 EUR 600,000 - EDP Finance B.V. Sep-19 Fixed rate EUR 0.375% Net Invest.(i)(xii) Sep-26 600 EUR 600,000 - EDP S.A. Apr-20 Fixed rate EUR 1.625% n.a. Apr-27 750 EUR 750,000 750,000 EDP Finance B.V. Sep-20 Fixed rate USD 1.71% Net Invest. Jan-28 850 USD 796,925 - EDP Finance B.V. Mar-22 Fixed rate EUR 1.875% Net Invest.(i)(xii) Sep-29 1.250 EUR 1,250,000 - EDP Finance B.V. Oct-22 Fixed rate EUR 3.875% Net Invest. (i) Mar-30 500 EUR 500,000 - EDP Finance B.V. Oct-22 Fixed rate USD 6.3% Net Invest. Oct-27 500 USD 468,779 - 10,168,678 750,000 (i) These issues by EDP Finance B.V. are associated with interest rate swaps and/or currency swaps; (ii) Consolidated nominal value after the repurchase of securities by EDP - Energias de Portugal, S.A.; (iii) These issues correspond to private placements; (iv) There is a call option exercisable at par by EDP at January 2024 and subsequently, on each interest payment date. Part of this issue was repurchased in January 2023 (see note 46); (v) Fixed rate in the first 5,25 years, subsequently updated every 5 years; (vi) There is a call option exercisable at par by EDP at April 2025 and July 2025 and subsequently, on each interest payment date; (vii) Fixed rate in the first 5,5 years, subsequently updated every 5 years; (viii) There is a call option exercisable at par by EDP from May 2026 until August 2026 and subsequently, on each interest payment date; (ix) There is a call option exercisable at par by EDP from December 2026 until March 2027 and subsequently, on each interest payment date; (x) There is a call option exercisable at par by EDP from June 2029 until September 2029 and subsequently, on each interest payment date; (xi) Fixed rate in the first 7.75 years, subsequently updated every 5 years; (xii) These issues by EDP Finance B.V. are partially associated with interest rate and currency swaps. Issuer Issue date Interest rate Type of hedge Conditions/ Redemp. Nominal Value in Million Currency Thousand Euros Group Company Issued by the EDP Energias do Brasil Group in the Brazilian domestic market Energias do Brasil Sep-15 IPCA + 8.7608% n.a. Sep-24 45 BRL 7,948 - EDP Esp\u00edrito Santo Aug-18 IPCA + 5.91% n.a. Jul-25 242 BRL 42,955 - EDP S\u00e3o Paulo Aug-18 IPCA + 5.91% n.a. Aug-25 331 BRL 58,781 - EDP Transmiss\u00e3o Oct-18 IPCA + 6.72% n.a. Oct-28 1,518 BRL 269,128 - Enerpeixe Dec-18 112.48% CDI n.a. Nov-23 255 BRL 45,224 - EDP Esp\u00edrito Santo Apr-19 106.9% CDI n.a. Mar-24 300 BRL 53,205 - EDP S\u00e3o Paulo Apr-19 107.5% CDI n.a. Mar-24 200 BRL 35,470 - EDP Transmiss\u00e3o Aug-19 IPCA + 4.45% n.a. Jul-39 1,087 BRL 192,699 - EDP S\u00e3o Paulo Feb-21 IPCA + 3.91% n.a. Jan-26 796 BRL 141,119 - EDP Esp\u00edrito Santo Feb-21 IPCA + 3.26% n.a. Jul-25 576 BRL 102,083 - Enerpeixe Mar-21 CDI + 1.75% n.a. Mar-26 275 BRL 48,771 - Lajeado Energia Jun-21 CDI + 1.05% n.a. Jun-24 150 BRL 26,602 - EDP S\u00e3o Paulo Aug-21 CDI + 1.25% n.a. Jul-26 350 BRL 62,072 - EDP Esp\u00edrito Santo Aug-21 CDI + 1.25% n.a. Jul-25 400 BRL 70,939 - EDP Transmiss\u00e3o Nov-21 CDI + 1,10% n.a. Nov-23 525 BRL 93,108 - EDP S\u00e3o Paulo Dec-21 CDI + 1,38% n.a. Dec-26 450 BRL 79,807 - PCH Leopoldina Jan-22 CDI + 1.52% n.a. Jan-24 700 BRL 124,144 - Lajeado Energia May-22 CDI + 1.45% n.a. May-25 200 BRL 35,469 - EDP S\u00e3o Paulo Jun-22 CDI + 1.20% n.a. May-27 450 BRL 79,807 - EDP Esp\u00edrito Santo Jun-22 CDI + 1.20% n.a. May-27 270 BRL 47,884 - 1,617,215 16,585,893 - 5,550,000 Some of the loans contracted by the EDP Group, mainly debt issued under the EMTN, include some usual clauses in this type of operations, namely, \"change-of-control\", \"negative pledge\", \"pari-passu\" and \"cross-default\" clauses, each one only applicable under a restricted set of circumstances. The Group has project finance loans with the usual guarantees for such loans, namely pledges or promissory pledges over shares, bank accounts and assets relating to the projects. As at 31 December 2022, these loans amounted to 1,097,179 thousand Euros (31 December 2021: 843,778 thousand Euros) included in financial debt caption. At 31 December 2022, the Group confirms the fulfillment of all the covenants of the Project Finance Portfolio under the Facilities Agreements. Additionally, there are 16,111 thousand Euros of other loans that are guaranteed by EDPR (31 December 2021: 17,329 thousand Euros). EDP Group has several credit facilities it uses for liquidity management. EDP Group has short-term credit facilities of 255 million Euros, indexed to Euribor for the agreed period of use with spread conditions agreed in advance, all with a firm underwriting commitment. Regarding medium- term credit facilities with a firm underwriting commitment, EDP Group has two Revolving Credit Facilities, namely (i) 3,650 million Euros that mature in 2027, totally available as at 31 December 2022; and (ii) 2,240 million Euros, of which 2,095 million Euros mature in 2025 while the remaining amount matures in 2023, totally available as at 31 December 2022. As at 31 December 2022, future debt and interest payments and origination fees, by type of loan and currency, are as follows: Thousand Euros Dec 2023 Dec 2024 Dec 2025 Dec 2026 Dec 2027 Following years Total Bank loans: Euro 304,500 26,891 13,422 - - 370 345,183 Brazilian Real 168,190 82,457 26,388 17,296 19,698 200,924 514,953 US Dollar 55,812 220,377 21,825 22,727 23,410 219,554 563,705 Other 89,669 44,513 38,413 32,664 25,046 219,285 449,590 Bond loans: Euro 618,171 374,238 100,048 72,687 68,154 640,133 1,873,431 1,717,074 1,121,289 1,350,000 1,900,000 1,250,000 1,750,000 9,088,363 Brazilian Real 252,648 338,293 546,292 209,361 64,845 259,899 1,671,338 US Dollar Hybrid Bonds: Euro 28,177 937,559 - - 468,779 796,925 2,231,440 1,997,899 2,397,141 1,896,292 2,109,361 1,783,624 2,806,824 12,991,141 726,552 - - - - 3,077,200 3,803,752 Commercial paper: Euro 726,552 - - - - 3,077,200 3,803,752 645,000 - - - - - 645,000 Brazilian Real 117,029 104,685 51,480 51,480 42,784 - 367,458 US Dollar 108,384 - 339,865 - - - 448,249 Other loans: Euro 870,413 104,685 391,345 51,480 42,784 - 1,460,707 1,582 1,011 1,031 1,304 1,073 10,955 16,956 Brazilian Real 1,339 - - - - 11,364 12,703 Other 1,306 1,616 753 753 753 5,493 10,674 Fair Value: 4,227 2,627 1,784 2,057 1,826 27,812 40,333 36,517 -17,838 -36,045 - - -6,014 -23,380 Origination Fees: -13,910 -16,833 -4,266 -4,642 -5,540 -78,320 -123,511 4,239,869 2,844,020 2,349,158 2,230,943 1,890,848 6,467,635 20,022,473 As at 31 December 2021, future debt and interest payments and origination fees, by type of loan and currency, are as follows: Thousand Euros Dec 2022 Dec 2023 Dec 2024 Dec 2025 Dec 2026 Following years Total Bank loans: Euro 31,420 31,096 25,224 12,292 324 445 100,801 Brazilian Real 115,418 146,825 51,194 42,088 24,321 203,512 583,358 US Dollar 65,853 18,037 20,274 20,614 21,479 233,449 379,706 Other 25,694 16,471 20,010 10,015 5,021 140,643 217,854 Bond loans: Euro 238,385 212,429 116,702 85,009 51,145 578,049 1,281,719 1,060,831 1,611,297 1,150,773 1,350,000 1,900,000 1,250,000 8,322,901 Brazilian Real 120,986 166,543 191,470 409,168 140,793 222,959 1,251,919 US Dollar 20,355 - 882,924 - - 750,486 1,653,765 Hybrid Bond: Euro 1,202,172 1,777,840 2,225,167 1,759,168 2,040,793 2,223,445 11,228,585 48,081 - - - - 3,750,000 3,798,081 Commercial paper: Brazilian Real 48,081 - - - - 3,750,000 3,798,081 - 55,467 47,543 - - - 103,010 US Dollar 2,769 99,329 - 320,060 - - 422,158 Other loans: Euro 2,769 154,796 47,543 320,060 - - 525,168 2,095 1,202 1,011 1,031 1,052 12,037 18,428 Brazilian Real 409 - - - - 9,799 10,208 Fair Value: 2,504 1,202 1,011 1,031 1,052 21,836 28,636 25,707 - -3,190 14,841 - 39,304 76,662 Origination Fees: -1,270 -23,491 -10,250 -8,164 -5,982 -71,758 -120,915 1,518,348 2,122,776 2,376,983 2,171,945 2,087,008 6,540,876 16,817,936 In accordance with the Group's accounting policies, the financial liabilities whose risks are being hedged by derivative financial instruments and that comply with hedge accounting requirements of IFRS 9, are accounted at fair value. The financial liabilities are booked at amortised cost. 35. Employee benefits Employee benefits are as follows: Thousand Euros Non-Current Current Dec 2022 Dec 2021 Dec 2022 Dec 2021 Provisions for pension liabilities 254,005 379,689 92,192 107,212 Provisions for medical liabilities and other benefits 390,294 560,577 34,575 72,322 644,299 940,266 126,767 179,534 The movement in Provisions for employee benefits liabilities for EDP Group is as follows: Thousand Euros Pensions Medical and Other Dec 2022 Dec 2021 Dec 2022 Dec 2021 Balance at the beginning of the period 486,901 629,608 632,899 712,696 Charge for the period 9,023 8,521 20,632 20,157 Past service cost (Curtailment/Plan amendments) 2,243 6,844 1,053 8,469 Actuarial (gains)/losses -114,692 460 -170,852 -53,502 Charge-off -112,802 -122,565 -38,595 -65,621 Fund contributions (see note 44) -6,188 - -34,560 -11,520 Surplus pension funding (see note 27) 76,082 -16,342 3,344 - Transfers, reclassifications and exchange differences 5,630 -19,625 10,948 22,220 Balance at the end of the period 346,197 486,901 424,869 632,899 The breakdown of actuarial gains and losses is as follows: Thousand Euros Pensions Medical and Other Dec 2022 Dec 2021 Dec 2022 Dec 2021 Actuarial gains and losses arising from: - changes in demographic assumptions 935 15,778 - 8,705 - changes in financial assumptions -178,265 -23,233 -220,306 -18,539 - experience adjustments -6,152 76,553 7,259 -5,019 Actuarial gains and losses arising from return on plan assets 64,462 -69,872 42,195 -38,649 Actuarial gains and losses of asset ceiling 4,328 1,234 - - -114,692 460 -170,852 -53,502 The components of the consolidated net cost of the pension plans recognised during the period are as follows: Thousand Euros Dec 2022 Portugal Spain Brazil Group Current service cost (see note 10) 3,870 181 -160 3,891 Past service cost (Curtailment/Plan amendments) (see note 10) 2,243 - - 2,243 Operational component 6,113 181 -160 6,134 Net interest on the net pensions plan liability (see note 13) 869 59 4,204 5,132 Financial component 869 59 4,204 5,132 6,982 240 4,044 11,266 Thousand Euros Dec 2021 Portugal Spain Brazil Group Current service cost (see note 10) 5,569 - -348 5,221 Past service cost (Curtailment/Plan amendments) (see note 10) 6,844 - - 6,844 Operational component 12,413 - -348 12,065 Net interest on the net pensions plan liability (see note 13) 563 1 2,736 3,300 Financial component 563 1 2,736 3,300 12,976 1 2,388 15,365 The components of the consolidated net cost of the medical and other benefits plans recognised during the period are as follows: Thousand Euros Dec 2022 Portugal Spain Brazil Group Current service cost (see note 10) 2,964 2,363 320 5,647 Past service cost (Curtailment/Plan amendments) (see note 10) 65 988 - 1,053 Operational component 3,029 3,351 320 6,700 Net interest on the net medical liabilities and other benefits (see note 13) 2,748 2,985 9,252 14,985 Financial component 2,748 2,985 9,252 14,985 5,777 6,336 9,572 21,685 Thousand Euros Dec 2021 Portugal Spain Brazil Group Current service cost (see note 10) 4,482 1,995 390 6,867 Past service cost (Curtailment/Plan amendments) (see note 10) 200 8,269 - 8,469 Operational component 4,682 10,264 390 15,336 Net interest on the net medical liabilities and other benefits (see note 13) 2,298 3,429 7,563 13,290 Financial component 2,298 3,429 7,563 13,290 6,980 13,693 7,953 28,626 In accordance with accounting policies - note 2 m), the EDP Group opted, upon transition to IFRS, to charge to reserves, the total amount of the deferred actuarial losses existing at that date, for the several employee benefits plans. The impact in reserves at 31 December 2004 amounted to 1,162,000 thousand Euros. In the following periods, actuarial gains and losses were recognised directly in reserves. As at 31 December 2022 gains of 285,544 thousand Euros (31 December 2021: gains of 53,042 thousand Euros). The weighted average duration of the defined benefit liabilities in Portugal is 10 years. Assumptions used to determine EDP Group liabilities related to employee benefits The following financial and actuarial assumptions used in the calculation of the liability for employees defined benefit plans, were updated considering the evolutions occurred in the financial markets during 2022 and 2021: Dec 2022 Dec 2021 Portugal Spain Brazil Portugal Spain Brazil Assumptions Discount rate 3.84% - 3.89% 3.30% 9.86% - 9.95% 0.70% - 0.90% 0.82% 7.57% - 8.77% Salary increase rate 5.35% (b) 2.00% 4.30% 2.30% (f) not applicable 4.05% Pension increase rate 4.30% (c) not applicable 3.50% 1.00% (g) not applicable 3.25% Social Security salary appreciation 4.30% (c) not applicable not applicable 1.70% not applicable not applicable Inflation rate 2.30% 2.00% 3.50% 1.70% 0.57% 3.25% Annual increase rate of medical service costs 2.30% 2.00% 9.71% (d) 1.70% 1.56% 9.45% (h) Estimated administrative expenses per beneficiary per year (Euros) 313\u20ac/year (e) not applicable not applicable 282 \u20ac/year (i) not applicable not applicable Mortality table TV99/01 (all population) PERM/F- 2000P AT-2000 / RP-2000 Geracional TV99/01 (all population) PERM/F- 2000P AT-2000 / RP-2000 Geracional Disability table 50%EKV 80 not applicable TASA 1927 / Wyatt 1985 Class 1 50%EKV 80 not applicable Muller / TASA 1927 Expected % of eligible employees accepting early retirement (a) 35% not applicable not applicable 35% not applicable not applicable (a) Employees entitled to early retirement, as stated in the Collective Labour Agreement: 37 years of service with at least 61 years of age or 40 years of service at any age; (b) 5.35% for 2023 and 2.55% for the remaining years; (c) 4.30% for 2023 and 2.30% for the remaining years; (d) 9.71% in the first year, decreasing linearly to 5.57% in 2031; (e) Increase according to the annual increase rate of medical service costs after 2023; (f) 2.30% for 2022 and 1.95% for the remaining years; (g) 1.00% for 2022 and 1.70% for the remaining years; (h) 9.45% in the first year, decreasing linearly to 5.32% in 2030; (i) Increase of 0.34% for 2023 and increase according to inflation after that date. The discount rates used for the EDP Group pension plan were selected based on an analysis of the rates of return available on the date for the high quality corporate bonds. Bonds with maturities and ratings considered appropriate were selected considering the amount and the periods that the benefits are expected to be paid. As at 31 December 2022 the amount of future benefits expected to be paid, related to the activity in Portugal, Spain and Brazil, is as follows: Thousand Euros Years Pensions Medical and Other Benefits Portugal Spain Brazil Total Portugal Spain Brazil Total 2023 144,614 1,233 19,178 165,025 34,904 21,242 7,633 63,779 2024 119,813 311 19,737 139,861 34,213 31,385 7,987 73,585 2025 100,249 222 20,350 120,821 34,390 11,762 8,394 54,546 2026 84,874 145 20,916 105,935 34,625 9,640 8,784 53,049 2027 and Following 347,283 167 137,723 485,173 208,444 130,821 60,712 399,977 In 2022, the benefits paid by the funds in Portugal amounted 76,654 thousand Euros (31 December 2021: 77,590 thousand Euros) and in Brazil amounted to 18,931 thousand Euros (31 December 2021: 13,850 thousand Euros). The contributions made to the Pension funds in Brazil amounted to 6,188 thousand Euros (31 December 2021: 1,640 thousand Euros), which were fully paid in cash. Following the decision and implementation of the autonomisation of the Medical Plan and Death Subsidy Plan in Portugal, EDP Group has made contributions of 34,560 thousand Euros in 2022 (31 December 2021: 11,520 thousand Euros). In the following years, until the end of 2027 and in the scenario where the liabilities associated with the mentioned plans are not 100% financed, the Group estimates to make additional contributions in the approximate total amount of 104 million Euros, in line with the financing plan approved by Insurance and Pension Funds Supervisory Authority (ASF) (see note 44). The Pension Plans in Portugal, Spain and Brazil are subject to several risks, in which are included the risk of changes in market rates (which impacts the discount rate and the fixed rate of return rate on assets), the risk of changes on the expected lifetime of plan participants, the risk of changes on the pension increase rate and the risk of changes on the social security pension increase, to which are made the following sensitivity analysis for the liabilities at the end of the period: Thousand Euros Portugal Spain Brazil Increase Decrease Increase Decrease Increase Decrease Discount rate (0.5% movement) -29,617 31,790 -108 103 -10,168 11,032 Mortality (increase of 1 year in expected lifetime of plan participants) 32,265 - 3,820 The solvency level of the fund for the financing of pension plan liabilities in Portugal may vary not only from the risks described above, but also from the performance of the different classes of assets that comprise it. Considering the nature of the defined benefit of the plan and despite the fund's low risk profile (mostly composed of fixed income assets), the joint materialization of adverse risks (including those above referred) may lead to the need for additional contributions to the fund. The medical care and other benefits Plans in Portugal, Spain and Brazil are subject to several risks, in which are included the risk of changes in market rates (which impacts the discount rate and the fixed rate of return rate on assets), the risk of changes in the health care costs and the risk of changes on the expected lifetime of plan participants, to which are made the following sensitivity analysis for the liabilities at the end of the period: Health care cost trend (0.5% movement) -14,989 -11,080 - - - - Mortality (increase of 1 year in expected lifetime of plan participants) 11,678 - 7,716 The level of solvency of the fund for the financing of post-employment medical care liabilities in Portugal may vary not only from the risks described above, but also from the performance of the different classes of assets that comprise it. Considering the nature of the defined benefit of the plan and despite the fund's low risk profile (mostly composed of fixed income assets), the joint materialization of adverse risks (including those above referred) may lead to changes in the financing plan approved by ASF. Composition of the assets portfolio funds The assets of the pension funds, medical care and death subsidy in Portugal are as follows: Thousand Euros Fund assets by nature Liquidity Bonds Shares Property Other Total 31 December 2022 13,897 436,910 434,470 200,977 76,523 1,162,777 31 December 2021 15,571 481,123 542,016 198,724 71,473 1,308,907 % Fund assets by nature Liquidity Bonds Shares Property Other Total 31 December 2022 1.20% 37.58% 37.36% 17.28% 6.58% 100.00% 31 December 2021 1.19% 36.76% 41.41% 15.18% 5.46% 100.00% The portfolio of shares and bonds have a quoted market price in an active market. Properties included in the fund, that are being used by the Group amount to 178,866 thousand Euros as at 31 December 2022 (31 December 2021: 180,950 thousand Euros). Bonds includes 3,534 thousand Euros (31 December 2021: 4,919 thousand Euros) relating to bonds issued by EDP Finance B.V. and EDP, S.A. The real return rate on assets of the pension Fund in 2022 was negative in 7.84% (2021: positive in 9.40%). The assets of the pension fund in Brazil are as follows: Thousand Euros Fund assets by nature Liquidity Bonds Shares Property Other Total 31 December 2022 - 225,706 10,098 394 999 237,197 31 December 2021 - 180,448 10,277 672 5,956 197,353 % Fund assets by nature Liquidity Bonds Shares Property Other Total 31 December 2022 - 95.16% 4.25% 0.18% 0.41% 100.00% 31 December 2021 - 91.43% 5.21% 0.34% 3.02% 100.00% The portfolio of shares and bonds have a quoted market price in an active market. The number of participants covered by the pension plans and similar obligations is as follows: 2022 2021 Portugal Spain Brazil Portugal Spain Brazil Retirees and pensioners 17,379 660 1,509 18,022 809 1,484 Active workers 2,080 51 413 2,260 75 432 19,459 711 1,922 20,282 884 1,916 The liability for retirement pensions and related coverage for the Group is as follows: Thousand Euros Dec 2022 Portugal Spain Brazil Group Liability at the end of the period 933,961 2,198 232,048 1,168,207 Plan assets at the end of the period -716,587 - -237,197 -953,784 Surplus pension funding (see note 27) 89,349 - - 89,349 Asset ceiling - - 42,425 42,425 Provision at the end of the period 306,723 2,198 37,276 346,197 Thousand Euros Dec 2021 Portugal Spain Brazil Group Liability at the end of the period 1,266,282 3,814 207,893 1,477,989 Plan assets at the end of the period -838,755 - -197,353 -1,036,108 Surplus pension funding (see note 27) 13,267 - - 13,267 Asset ceiling - - 31,753 31,753 Provision at the end of the period 440,794 3,814 42,293 486,901 The evolution of the present value of the plan liability and fair value of the plan assets of the related Funds is as follows: Thousand Euros 2022 2021 2020 2019 2018 Liability at the end of the period 1,168,207 1,477,989 1,588,058 1,719,435 1,784,521 Plan assets at the end of the period -953,784 -1,036,108 -1,016,216 -1,195,046 -1,136,581 Surplus pension funding 89,349 13,267 29,610 55,506 59,840 Asset ceiling 42,425 31,753 28,156 50,895 51,596 Provision at the end of the period 346,197 486,901 629,608 630,790 759,376 The experience adjustments (effects of the differences between the previous actuarial assumptions and what has really occurred) for the Pension Funds in Portugal and Brazil are as follows: Thousand Euros 2022 2021 2020 2019 2018 Portugal Experience adjustments for the Plan liabilities -22,796 55,794 61,193 -46,993 -91,575 Experience adjustments for the Plan assets 71,073 -79,211 -6,662 60,914 -37,567 Brazil Experience adjustments for the Plan liabilities 16,644 20,759 34,478 -4,974 -6,090 Experience adjustments for the Plan assets -7,471 9,339 13,554 41,036 8,182 The past service liability of the pension plans for the Group is as follows: Thousand Euros Dec 2022 Portugal Spain Brazil Group Liability at the beginning of the period 1,266,282 3,814 207,893 1,477,989 Current service cost 3,870 181 -160 3,891 Net interest on the pensions plan liability 6,083 59 23,659 29,801 Benefits paid -165,959 -2,716 -19,367 -188,042 Past service cost (Curtailment/Plan amendments) (see note 10) 2,243 - - 2,243 Actuarial (gains)/losses -178,507 860 -5,835 -183,482 Transfers, reclassifications and exchange differences -51 - 25,858 25,807 Liability at the end of the period 933,961 2,198 232,048 1,168,207 Thousand Euros Dec 2021 Portugal Spain Brazil Group Liability at the beginning of the period 1,353,388 23,945 210,725 1,588,058 Current service cost 5,569 - -348 5,221 Net interest on the pensions plan liability 3,729 1 17,381 21,111 Benefits paid -178,260 -71 -15,834 -194,165 Past service cost (Curtailment/Plan amendments) 6,844 - - 6,844 Actuarial (gains)/losses 75,137 -12 -6,027 69,098 Transfers, reclassifications and exchange differences -125 -20,049 1,996 -18,178 Liability at the end of the period 1,266,282 3,814 207,893 1,477,989 The evolution of the consolidated assets of the Pension Funds is as follows: Thousand Euros Dec 2022 Portugal Brazil Group Assets value at the beginning of the period 838,755 197,353 1,036,108 Group contribution - 6,188 6,188 Plan participants contributions - 239 239 Benefits paid -56,309 -18,931 -75,240 Interest on the pensions plan assets 5,214 19,455 24,669 Actuarial gains/(losses) -71,073 6,611 -64,462 Transfers, reclassifications and exchange differences - 26,282 26,282 Assets value at the end of the period 716,587 237,197 953,784 Dec 2021 Thousand Euros Portugal Brazil Group Assets value at the beginning of the period 814,128 202,088 1,016,216 Group contribution - 1,640 1,640 Plan participants contributions - 211 211 Benefits paid -57,750 -13,850 -71,600 Interest on the pensions plan assets 3,166 14,645 17,811 Actuarial gains/(losses) 79,211 -9,339 69,872 Transfers, reclassifications and exchange differences - 1,958 1,958 Assets value at the end of the period 838,755 197,353 1,036,108 The caption Asset ceiling refers to the unrecognised assets in the respective accounting periods. The reconciliation between the opening balance and the closing balance is as follows: Thousand Euros Group Dec 2022 Dec 2021 Asset ceiling at the beginning of the period 31,753 28,156 Effect of changes in restricted net assets of benefits to the asset ceiling 4,328 1,234 Exchange differences 6,344 2,363 Asset ceiling at the end of the period 42,425 31,753 The number of participants covered by the medical and other benefits plans is as follows: 2022 2021 Portugal Spain Brazil Portugal Spain Brazil Retirees and pensioners 17,379 2,887 2,755 17,563 3,015 2,819 Active workers 5,733 1,102 845 5,663 466 937 23,112 3,989 3,600 23,226 3,481 3,756 The provision for medical liabilities and other benefits and related coverage for the Group is as follows: Thousand Euros Dec 2022 Portugal Spain Brazil Group Liability at the end of the period 597,628 169,226 100,861 867,715 Plan assets at the end of the period -446,190 - - -446,190 Surplus pension funding 3,344 - - 3,344 Provision at the end of the period 154,782 169,226 100,861 424,869 Thousand Euros Dec 2021 Portugal Spain Brazil Group Liability at the end of the period 806,641 203,978 92,432 1,103,051 Plan assets at the end of the period -470,152 - - -470,152 Provision at the end of the period 336,489 203,978 92,432 632,899 The evolution of the present value of the liability for Medical care and other benefits for the Group is as follows: Thousand Euros 2022 2021 2020 2019 2018 Liability at the end of the period 867,715 1,103,051 1,149,769 1,107,444 923,880 Plan assets at the end of the period -446,190 -470,152 -437,073 -426,565 -275,954 Surplus pension funding 3,344 - - - - Provision at the end of the period 424,869 632,899 712,696 680,879 647,926 The experience adjustments (effects of the differences between the previous actuarial assumptions and what really occurred) for the medical and other benefits Liabilities in Portugal and Brazil and for the Plan Assets in Portugal are as follows: Thousand Euros 2022 2021 2020 2019 2018 Portugal Experience adjustments for the Plan liabilities 3,622 -5,051 11,979 3,214 -1,265 Experience adjustments for the Plan assets 42,195 -38,649 -4,723 22,187 -11,869 Brazil Experience adjustments for the Medical Plan liabilities 3,637 32 -20,086 -1,937 37,773 The past service liability of medical and other benefits plans for the Group is as follows: Thousand Euros Dec 2022 Portugal Spain Brazil Group Liability at the beginning of the period 806,641 203,978 92,432 1,103,051 Current service cost 2,964 2,363 320 5,647 Net interest on the net medical liabilities and other benefits 6,766 2,985 9,252 19,003 Benefits paid -31,954 -18,659 -8,327 -58,940 Past service cost (Curtailment/Plan amendments) (see note 10) 65 988 - 1,053 Actuarial (gains)/losses -186,844 -22,212 -3,991 -213,047 Transfers, reclassifications and exchange differences -10 -217 11,175 10,948 Liability at the end of the period 597,628 169,226 100,861 867,715 Thousand Euros Dec 2021 Portugal Spain Brazil Group Liability at the beginning of the period 833,506 212,451 103,812 1,149,769 Current service cost 4,482 1,995 390 6,867 Net interest on the net medical liabilities and other benefits 5,047 3,429 7,563 16,039 Benefits paid -32,989 -45,974 -6,497 -85,460 Past service cost (Curtailment/Plan amendments) (see note 10) 200 8,269 - 8,469 Actuarial (gains)/losses -3,605 606 -11,854 -14,853 Transfers, reclassifications and exchange differences - 23,202 -982 22,220 Liability at the end of the period 806,641 203,978 92,432 1,103,051 The evolution of the consolidated assets of the Medical care and Other subsidies in Portugal is as follows: Thousand Euros Dec 2022 Dec 2021 Assets value at the beginning of the period 470,152 437,073 Group contribution 34,560 11,520 Benefits paid -20,345 -19,839 Interest on the pensions plan assets 4,018 2,749 Actuarial gains/(losses) -42,195 38,649 Assets value at the end of the period 446,190 470,152 36. Provisions Provisions are as follows: Thousand Euros Non-Current Current Dec 2022 Dec 2021 Dec 2022 Dec 2021 Provision for legal and labour matters and other contingencies 123,230 98,351 2,510 3,067 Provision for customer guarantees under current operation - - 2,092 57,233 Provision for dismantling and decommissioning 498,694 560,007 8,500 8,615 Provision for other liabilities and charges 300,135 318,230 38,183 41,404 922,059 976,588 51,285 110,319 With reference to 31 December 2022, the movement by nature of the Provisions item at the EDP Group level is presented as follows: Guarantees customers Legal, in the Dismantling labour and context of Other risks other current Decommi- Thousand Euros matters activity ssioning and charges Total Balance as at 1 January 2021 100,316 21,691 566,170 566,082 1,254,259 Perimeter variations -1,647 - -18,748 -651 -21,046 Charge for the period 14,758 - - 58,871 73,629 Reversals -9,430 - - -3,689 -13,119 Charge-off for the period -14,293 - -20,023 -46,464 -80,780 Unwinding 13,749 - 3,753 1,771 19,273 Increase of the responsibility - - 29,525 - 29,525 Onerous contracts - 35,542 - - 35,542 Innovative Features Charge-off - - - -69,374 -69,374 Overcompensation revisability CMEC - - - -72,900 -72,900 CMEC - - - 15,014 15,014 \"Lesividad\" - - - -47,233 -47,233 Ancillary services charge-off - - - -48,000 -48,000 Exchange differences and other -1,061 - 14,921 6,262 20,122 Reclassification to Liabilities Held for Sale -974 - -6,976 -55 -8,005 Balance as at 31 December 2021 101,418 57,233 568,622 359,634 1,086,907 Perimeter variations (see note 6) -154 - 13,581 1,859 15,286 Charge for the period 18,993 1,247 - 23,672 43,912 Reversals -12,919 -3 - -16,451 -29,373 Charge-off for the period -14,576 -309 -11,132 -14,262 -40,279 Unwinding (see note 13) 16,455 - 6,609 1,581 24,645 Increase of the responsibility (see note 16) - - 9,841 - 9,841 Assumptions update (see note 16) - - -94,026 - -94,026 Onerous contracts - -56,147 - - -56,147 Innovative Features Charge-off (see note 4) - - - -12,205 -12,205 \"Lesividad\" Charge-off - - - -45,695 -45,695 CMEC - - - 14,823 14,823 Exchange differences and other 16,523 71 13,699 25,362 55,655 Balance as at 31 December 2022 125,740 2,092 507,194 338,318 973,344 EDP and its subsidiaries' Board of Directors, based on the information provided by its legal advisors and on the analysis of pending lawsuits, have recognised provisions to cover the losses estimated as probable, related with litigations in progress. Provision for legal and labour matters and other contingencies includes provisions for litigation in progress and other labour contingencies, which are related essentially with: i) Requests for the refund of tariff increases paid by industrial consumers of the brazilian subsidiaries EDP S\u00e3o Paulo and EDP Esp\u00edrito Santo in the amount of 17,181 thousand Euros (31 December 2021: 12,324 thousand Euros). These requests result from the application of Administrative Orders DNAEE no. 38 of 27 February 1986 and no. 45 of 4 March 1986 - Plano Cruzado, effective from March to November 1986; ii) The remaining legal litigations correspond mainly to indemnities for damages allegedly suffered in consequence of interruption of electricity supply, power accidents and fires. Provisions for customer guarantees under current operations include essentially provisions for commercial losses. Provisions for dismantling and decommissioning includes : (i) 42,525 thousand Euros of the dismantling Trillo nuclear power plant; (ii) 264,762 thousand Euros of the dismantling of wind and solar farms (replacement of sites and land in its original state), mainly, in Europe (110,441 thousand Euros), North America (140,723 thousand Euros), Asia-Pacific (10,913 thousand Euros) and Brazil (2,679 thousand Euros); and (iii) 197,876 thousand Euros of the dismantling and environmental requalification of thermal electro-producing centers in Spain (132,445 thousand Euros) and Portugal (65,431 thousand Euros). These provisions were calculated based on the present value of future liabilities and recorded against an increase in the respective tangible fixed assets, which are amortized over the average useful life of these assets. The calculation of these provisions was based on the following discount and inflation rates: Europe North America Brazil Asia-Pacific Discount Rate [2.24% - 8.75%] [4.02% - 4.42%] [12.40% - 12.50%] [3.50% - 7.67%] Inflation Rate [1.90% - 3.88%] [2.07% - 3.51%] [3.45% - 3.59%] [1.40% - 3.90%] Provision for other liabilities and charges The BOE 223/2017 published during the third quarter of 2017 opened the hearing process of the Order of the Minister of Energy, Tourism and Digital Agenda of 13 September, introducing \"lesividad\" declaration procedure for the public interest Order IET/980/2016, of 10 June, which established the remuneration of electricity distribution companies until 2016. Thus, the remuneration that has been determined has allegedly been higher than that due for the year 2016. Until the \"lesividad\" procedure is finitely resolved, the remuneration of the distribution activity for the years 2016, 2017, 2018 and 2019 is considered provisional. With reference to 31 December 2020, EDP Espa\u00f1a recorded an accumulated provision of 93,105 thousand Euros corresponding to the potential effect of \"lesividad\" for the financial years 2016, 2017, 2018, 2019 and 2020. Since 2016, EDP Espa\u00f1a, like other companies in the sector, have been in place with legal proceedings to resolve the \u201clesividad\u201d procedure. At the same time, companies initiated processes to determine the real value of assets subject to remuneration and proceeded with the reformulation and deposit of their annual accounts from 2014 to 2020, ending this process during 2021. Although no new liquidation or a new regulation has been issued, the companies consider that, in accordance with the order 481/2020 of the Supreme Court, the reformulated and deposited annual accounts must be considered for the calculation of the remuneration. Thus, in 2021, EDP Espa\u00f1a updated the provision for the \u201clesividad\u201d procedure for the years 2016 to 2020, reversing it by approximately 47 million Euros. On 1 June 2022, order TED/490/2022, of 31 May, was published in BOE 130/2022, which executes the judgment of the Federal Supreme Court in relation to the declaration of \"lesividad\" to the public interest of the Order IET/980/2016, of 10 June. The remuneration approved by the Ministry of Ecological Transition and the Demographic Challenge in the referred Order did not take into account the accounts reformulated by the distribution companies, resulting in a notable decrease in their remuneration compared to the expected and accounted values corresponding to a correct execution of the sentence. Subsequently, the \"Comisi\u00f3n Nacional de los Mercados y la Competencia\" (CNMC) settled the payment obligations arising from the \"lesividad\" referring to the years 2016, 2017, 2018, 2019, 2020 and 2022 in the Provisional Agreement 5/2022 (partially corresponding to the year 2022) approved by the CNMC on 14 July 2022 and those corresponding to the 2021 financial year in the \u201c2021 Definitive Settlement of regulated activities in the electricity sector\u201d, approved by the CNMC on 4 November 2022. The distribution companies of the EDP Group filed lawsuits against order TED/490/2022 and against the Final Settlement of 2021, in order to obtain the collection of amounts due from a correct execution of the judgment. Before the publication of order TED/490/2022, the provisions corresponding to the expected impact of the execution of the sentence amounted to approximately 47 million Euros. After its publication, the existing provisions were used for this purpose, with the Group recording a receivable in assets, awaiting the decision of the respective lawsuits filed against order TED/490/2022, corresponding to approximately 63 million Euros for the period from 2016 to 2021, and an amount of around 9 million Euros for the period of 2022. On 3 May 2018, it has come to EDP\u2019s knowledge (through a DGEG\u2019s letter) that the CMEC final adjustment had been officially approved, according to ERSE\u2019s proposal, in the amount of 154 million Euros. EDP reflected this reality in its financial statements as of 31 December 2018, recognising a provision by the difference in the final adjustment amounts already recognised in the Group's revenues. On 31 December 2022 EDP maintains the provision in its accounts (see note 4). On 26 September 2018, DGEG notified EDP about a dispatch issued by the Secretary of State for Energy (SSE) on 29 August 2018, which quantifies at 285 million Euros the alleged overcompensation of EDP related to the calculation of the real availability factor of the plants under the CMEC regime. EDP reflected this in the financial statements as at 31 December 2018, through a provision of the same amount. During 2022, EDP made payments of 12,205 thousand Euros, the amount that was still registered, settling the provision as at 31 December 2022 (see note 4). In their ordinary course of business, EDP Group subsidiaries are involved in several litigations and contingencies (of possible risk) of administrative, civil, tax, labour and other natures. These legal, arbitration or other actions, involve customers, suppliers, employees and administrative authorities. In EDP Group and its legal advisors' opinion, the risk of a loss in these actions is not probable, and the outcome will not affect on a material way its consolidated financial position. The processes whose losses were considered as possible, do not require the recognition of provisions and are periodically reassessed. The detail of possible contingencies is analised as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Administrative and Civil 325,437 255,406 336 330 Fiscal 773,643 656,768 13,321 9,541 Other 125,107 114,305 2,791 2,811 1,224,187 1,026,479 16,448 12,682 The events and possible contingencies more relevant in Portugal, are as follows: i) On 29 July 2016, the Portuguese Competition Authority (AdC) has notified EDP S.A. and EDP Comercial, S.A. with a notice for alleged violation of competition laws, regarding the process of the commercial campaign done in partnership with Modelo Continente, designated as \"Plano EDP Continente\". This was an occasional campaign, limited to two years, which was one of several campaigns usually performed by several other market agents. On 5 May 2017, EDP S.A. and EDP Comercial, S.A. received AdC final decision which applied a fee of 2,900 thousand Euros to EDP S.A. and 25,800 thousand Euros to EDP Comercial. EDP Group is convinced that this campaign has brought real benefits to consumers and competition in markets and that no transgression has been committed. The companies filed their appeal on 19 June 2017 to TCRS. By this court was determined a court hearing that EDP and EDP Comercial would provide security in the amount of 50% of the fine imposed on them by the AdC, and on 19 June 2020, EDP and EDP Comercial provided surety bond and surety in the amounts of 1,450 thousand Euros and 12,900 thousand Euros, respectively. On 30 September 2020, a judgment was issued by the TCRS, which maintained the conviction of the two companies of the EDP Group, as well as Sonae Group's Companies, having also reduced fines by 10%. Fines were determined at 2,610 thousand Euros and 23,220 thousand Euros for EDP and EDP Comercial, respectively. On 30 October 2020, EDP and EDP Comercial appealed the condemnatory sentence handed down by the TCRS, to the Lisbon Court of Appeal. On 6 April 2021, the parties were notified of the judgment handed down by the Court of Appeal of Lisbon, through which it decreed the suspension of the proceedings and the preliminary referral of the case to the Court of Justice of the European Union, under the foreseen mechanism Article 267(b) of the Treaty on the Functioning of the European Union. The case was filed at the Registry of the Court of Justice on 26 May 2021, with written observations having been submitted by the parties on the questions referred by the Lisbon Court of Appeal. The oral trial hearing at the Court of Justice of the European Union took place on 9 November 2022, pending the presentation of conclusions by the Advocate General, which will be followed by the delivery of judgment; ii) On 3 September 2018, the Portuguese Competition Authority (AdC) notified EDP Produ\u00e7\u00e3o with a Statement of Objections, under which EDP Produ\u00e7\u00e3o is accused of abuse of a dominant position in the secondary regulation band market (a part of the ancillary services market). AdC claims that EDP Produ\u00e7\u00e3o has deliberately limited the participation of CMEC plants in the secondary regulation market between 2009 and 2014, benefitting its non-CMEC power plants. The alleged benefit, to the detriment of consumers, would be twofold: receiving higher compensation under CMEC annual adjustment regime; profiting from higher market prices in said market. AdC has estimated that the alleged practice of EDP Produ\u00e7\u00e3o has generated damages to the national electricity system and to consumers of around 140 million Euros. AdC pointed out that the adoption of a Statement of Objections did not determine the result of the investigation, which began in September 2016 and is still in course. On 28 November 2018, EDP Produ\u00e7\u00e3o presented to AdC its facts about the accusation. On 18 September 2019, AdC has notified EDP Produ\u00e7\u00e3o of an alleged infraction to competition rules. This contingency was estimated with a value of 48 million Euros and its graduation was assessed as possible. On 30 October 2019, EDP Produ\u00e7\u00e3o presented an appeal against this decision to the TCRS. On 20 May 2020, EDP Produ\u00e7\u00e3o was notified of a decision by the TCRS, which, among other things, admitted its Judicial Challenge Appeal, establishing a purely return effect and determining the payment of the fine imposed within 20 days. In this regard, EDP Produ\u00e7\u00e3o submitted requests, invoking supervening facts for the demonstration of considerable damage, and arguing defects in the decision that determined the attribution of a mere devolution effect to the Judicial Challenge Appeal. On 16 July 2020, EDP was notified of an order which implied the existence of substantial losses if the fine was paid in advance. Thus, the payment order was therefore suspended. However, on 12 October 2020, EDP Produ\u00e7\u00e3o was notified of the appeal filed by the Public Prosecutor's Office, at the Lisbon Court of Appeal, against the TCRS order of 16 July 2020, and considered the existence of considerable damage in the early payment of the fine and suspended the payment order. On 18 November 2020, EDP Produ\u00e7\u00e3o was notified of a decision by the Lisbon Court of Appeal, granting the appeal presented by the Public Prosecutor and, consequently, revoking the order of TCRS of 16 July 2020. EDP Produ\u00e7\u00e3o appealed this judgment to the Constitutional Court on 30 November 2020. On 22 February 2021, EDP Produ\u00e7\u00e3o was notified of the decision of the Constitutional Court in the sense of not knowing the object of the appeal. The case was returned to the TCRS to establish the effect of the appeal filed, to determine whether EDP Produ\u00e7\u00e3o must pay a fine or provide a guarantee. By order of the same day, the TCRS has scheduled the trial hearing for 27 September, 7, 11 and 25 October, 4, 8, 18, 22 November and 2 and 6 December 2021. On 16 September 2021, the TCRS issued an order that demanded the payment of the fine. Despite having lodged an appeal against this order, on 20 October 2021 EDP Produ\u00e7\u00e3o paid the amount under appeal, and is waiting for a decision on the appeals submitted. The trial hearing, which began in October 2021, continued with several inquiries until the end of March 2022, with closing arguments taking place on 6 July 2022. On 10 August 2022, the TCRS delivered a judgement, through which it confirmed the conviction of EDP Produ\u00e7\u00e3o and the imposition of a fine of 48 million Euros, which had already been paid. On 30 September 2022, EDP Produ\u00e7\u00e3o filed an appeal against the aforementioned decision to the Lisbon Court of Appeal. This was followed by the filing of counter-claims by the AdC and the Public Prosecutor's Office, pending further developments. iii) On 19 July 2021, Celulose Beira Industrial, SA (CELBI), submitted to SU Eletricidade, SA a constitutional request of an Arbitral Tribunal, regarding a conviction of a payment of the energy produced by it under special production in cogeneration, and its interest, since April 2020 (date on which, in accordance with the law and the understanding of DGEG and followed by SU Eletricidade, CELBI has moved to the transitional remuneration scheme provided for in DL No. 23/2010 and Ordinance No. 140/2012), and throughout the term of operation of its Cogeneration Center (which it estimates to be at least 25 years), i.e. at least until 24 March 2035 (supporting this understanding in the fact that the 2002 Remuneration Scheme does not establish any period); or, in the alternative, until 24 March 2030 (claiming that you are entitled to be remunerated under the 2002 Remuneration Scheme for a further 120 months (10 years) from March 2020); or, in the alternative, until November 2020 (claiming that the transition to the 2012 Remuneration Scheme should only take place six months after the effective knowledge of the communication sent by the SRB); or, in the alternative, until August 2020 (in the alternative claiming that the transition from CELBI's remuneration scheme would operate from the beginning of the month following the date of the audit report certifying primary energy savings, which means the transition would operate from August 2020 because the audit report is from July 2020). The overall value of the application amounts to 6,839 thousand Euros and has been classified as possible risk. In October 2021, SU Eletricidade filed a challenge. In February 2022, Procedural Decision no. 1 was delivered, under which the Arbitration Court considered itself competent to adjudicate the dispute between the parties, which was challenged by SU Eletricidade through annulment action filed in March 2022, which is pending at the Central Administrative Court, the pleadings phase has elapsed. In April 2022, the preparatory hearing was held, which was intended in particular to discuss previous questions raised as well as to the fixing of the list of the facts not at issue and the themes of the evidence. In June 2022, the parties filed a joint application alleging supervening facts. The trial hearing took place on 13, 14 and 15 September 2022 and, on 5 of December 2022, the parties presented their final written allegations. On 30 January 2023, the parties were notified of the arbitration judgment, which partially upheld one of the requests made by CELBI (corresponding to 11.75% of them), and SU Eletricidade is currently assessing and considering the respective terms and the possible effects. The possible contingencies more relevant in Brazil, are as follows: i) Investco is involved in a legal action of a civil nature mostly related with indemnity claims resulting from the filling of the hydroelectric reservoir, in the amount of 23,365 thousand Euros (31 December 2021: 17,297 thousand Euros); ii) There is a public civil action filed against EDP S\u00e3o Paulo and EDP Esp\u00edrito Santo by ADIC \u2013 Associa\u00e7\u00e3o de Defesa dos Interesses Colectivos, claiming a compensation arising from a tariff readjustment on part A from 43 concessionaires. The estimated value attributable to EDP S\u00e3o Paulo and EDP Espirito Santo amounts to 74,402 thousand Euros (31 December 2021: 55,031 thousand Euros); iii) EDP S\u00e3o Paulo is a party to a lawsuit related to the COFINS (Contribution for social security financing) from 1993 to 1995 in joinder with AES Eletropaulo, where is discussed the application of the tax amnesty introduced by the Provisional Measures paragraphs 1858-6 and 1858-8, granted to taxpayers who did not collect COFINS, considering it improper. In the trial of 2nd Instance, was partially confirmed the right to amnesty, and applied the Decree-Law 1,025/69, which established the payment of procedural costs in favour of the National Treasury. From this decision, an appeal was presented, which holds trial. The updated amount as at 31 December 2022 is 14,058 thousand Euros (31 December 2021: 12,267 thousand Euros); iv) EDP S\u00e3o Paulo and EDP Esp\u00edrito Santo have administrative and judicial actions regarding tax compensations not ratified by the Brazilian Federal Revenue Bureau, which: (i) are protected by judicially recognised credits (IRPJ - Corporate tax income and CSLL - Social Contribution on net profits) and (ii) that result from tax contributions in 2001 of IRPJ, CSLL, PIS (Social integration programme) and COFINS considered to be excessive as a consequence of the application of \"Parecer COSIT 26/2002\" (Extraordinary Tariff Adjustment - RTE) published by the Brazilian Tax Authorities. According to this opinion, the amounts resulting from tariffs updated under RTE should be recognised and taxed only as of 2002. During 2021 there was a reduction in the amount due to the success obtained in one of the administrative proceedings, cancelling the debt collection. As at 31 December 2022, the updated values amount to 19,736 thousand Euros (31 December 2021: 17,007 thousand Euros); v) Lajeado has a judicial tax action initiated by the Brazilian Tax Authorities in 2014 aimed at collecting tax contributions (IRPJ and CSLL) resulting from the disallowance of expenses regarding goodwill arising from a business combination (acquisition). As at 31 December 2022, this contingency amounts to 27,388 thousand Euros (31 December 2021: 23,030 thousand Euros); vi) Porto do Pec\u00e9m was the subject of tax execution procedure in the amount of 17,673 thousand Euros, resulting from alleged non-taxation under IRPJ and CSLL of financial income and exchange variations related to previous periods (31 December 2021: 14,850 thousand Euros); and vii) Following a period of drought in the State of Cear\u00e1, the local government, through Decree 32,044 of 16 September 2016, introduced an extraordinary rate called the Emergency Water Charge (EHE) over the actual water consumption of thermoelectric power plants, and in particular the Porto do Pec\u00e9m. On 13 October 2016, the Porto do Pec\u00e9m submitted an administrative request to ANEEL for the purpose of transferring this additional cost to the Unit Variable Cost (CVU), in order to restore the economic-financial balance of the contract (CCEAR). ANEEL, through Order 3,293 of 16 December 2016, denied the request of the Porto do Pec\u00e9m, which initiated proceedings against ANEEL. As at 31 December 2022, the lawsuit is estimated in an amount of 31,214 thousand Euros (31 December 2021: 23,087 thousand euros). During 2020 there was a revision of assumptions used to calculate the contingency which previously was considering the estimative of the value of EHE to be paid following the historical average. The new calculation is based on the claim effective risk considering the transference of CVU. Finally, even if EDP Group classifies its risk as remote, it is important to identify the following litigation: i) On 27 October 2009 and 5 January 2010, the EDP Group received two tax settlements regarding 2005 and 2006 taxable income for the EDP tax Group, which included an adjustment of 591 million Euros regarding its subsidiary, EDP Internacional SGPS, related to the tax treatment considered by the EDP Group in relation to a capital loss generated with the liquidation of a subsidiary, whose main assets consisted of investments in operating subsidiaries in Brazil, namely EDP Esp\u00edrito Santo and Enersul. As at 31 December 2022, the amount of this tax contingency amounts to 315 million Euros (31 December 2021: 307 million Euros). Considering the analysis made, the technical advice received and a favourable binding opinion obtained from the tax authorities in relation to the nature of the transaction occurred in the year of the assessment, the EDP Group considers as remote the risk associated with this matter. Under this analysis, the capital loss is tax deductible for income tax purposes as established in article 75 no. 2 of the Corporate Income Tax Code (\"C\u00f3digo do IRC\") based on the wording of the law in force at that date (existing article 81). Given the above, and considering that the EDP Group\u2019s tax procedures comply with applicable Portuguese tax legislation at the date of the events, the Group is currently using all available legal means to contest these additional settlements. Thus, following the implied rejection of the hierarchical appeal, EDP presented a judicial claim, on 6 June 2012. In November 2018, EDP Group was notified with a decision in favour. The Treasury filed an appeal on that decision. 37. Institutional partnerships in North America The caption Institutional partnerships in North America is as follows: Thousand Euros Group Dec 2022 Dec 2021 Deferred income related to benefits provided 798,363 731,573 Liabilities arising from institutional partnerships 1,413,799 1,528,168 2,212,162 2,259,741 Subsidiaries in North America recognises under this caption the receipts of institutional investors associated with wind and solar projects. This liability is reduced by the amount of tax benefits provided and payments made to the institutional investors during the period. The amount of tax benefits provided is booked as a non-current deferred income, and recognised over a five year period (see note 8). Additionally, this liability is increased by the estimated interest based on the liability outstanding and the expected rate of return of the institutional investors (see note 13). The movements in Institutional partnerships in North America are as follows: Thousand Euros Group Dec 2022 Dec 2021 Balance at the beginning of the period 2,259,741 1,933,542 Proceeds received from institutional investors 53,714 779,825 Cash paid for deferred transaction costs -2,172 -4,131 Cash paid to institutional investors -128,927 -83,530 Other Income (see note 8) -233,505 -177,205 Unwinding (see note 13) 96,955 79,023 Perimeter variations (see note 6) 24,892 - Loss of control of companies with Institutional Partnerships -420,522 Exchange differences 144,123 168,318 Other -2,659 -15,579 Balance at the end of the period 2,212,162 2,259,741 During 2022, EDPR NA, has secured and received proceeds amounting to 53,714 thousand Euros related to institutional equity financing in exchange for an interest in onshore wind projects. Under these partnerships, EDP Group provides operating guarantees to institutional investors in wind and solar projects, which are typical of this type of structure. As at 31 December 2022, the liabilities associated with these guarantees are not expected to exceed the amounts already recognized under the caption Liabilities arising from institutional partnerships. 38. Trade payables and other liabilities from commercial activities At Group level, Trade payables and other liabilities from commercial activities are as follows: Thousand Euros Non-Current Current Dec 2022 Dec 2021 Dec 2022 Dec 2021 Contract liabilities: Energy sales contracts - North America 4,238 4,959 - - Deferred income \u2013 CMEC 24,950 80,566 55,616 61,915 Amounts received from the Fund for systemic sustainability of the energy sector - - 630,053 125,777 Other liabilities: Investment government grants 29,188 85,525 685,669 187,692 327,118 321,870 - - Customer contract obligations 443,517 457,414 - - Amounts payable for tariff adjustments - Electricity - Portugal - 115,941 958,357 1,071,548 Amounts payable for tariff adjustments - Electricity - Brazil 20,767 237,135 184,381 99,365 Amounts payable - securitisations - - 89,027 121,050 Amounts payable - CMEC - - 228,247 215,973 Amounts payable for concessions 211,056 201,820 - - Property, plant and equipment suppliers 202,861 189,124 2,549,047 1,481,620 Suppliers - - 1,256,420 1,006,643 Accrued costs related with commercial activities - - 984,040 1,386,103 Holiday pay, bonus and other charges with employees - - 225,599 173,039 CO2 emission Licenses - - 707,920 300,541 Other creditors and sundry operations 177,947 198,096 536,263 276,437 1,383,266 1,721,400 7,719,301 6,132,319 1,412,454 1,806,925 8,404,970 6,320,011 At Company level, Trade payables and other liabilities from commercial activities are as follows: Thousand Euros Current Dec 2022 Dec 2021 Other liabilities: Suppliers 1,291,273 1,161,903 Accrued costs related with commercial activities 503,498 990,091 Property, plant and equipment suppliers 2,701 506 Holiday pay, bonus and other charges with employees 39,298 34,145 Other creditors and sundry operations 233,728 6,017 2,070,498 2,192,662 At the moment of EDPR NA acquisition, the contracts signed between this subsidiary and its customers, determined under the terms of the Purchase Price Allocation, were valued through discounted cash flow models and market assumptions at 190,400 thousand US Dollars, being booked as a non-current liability under Energy sales contract - North America, and amortised over the useful life of the contracts in Other operating income - Other. The caption Deferred income - CMEC is detailed as follows: Initial CMEC -22,887 27,419 Final adjustment 47,837 28,197 24,950 55,616 The Amounts received from the Fund for Systemic Sustainability of the Energy Sector refer to amounts transferred to SU Eletricidade, S.A. related mainly to amounts from the Environmental Fund and to CESE amounts and are intended to reduce 2023 networks access tariffs. Investment government grants are amortised through the recognition of a revenue in the income statement over the useful life of the related assets, which amounts to 28,579 thousand Euros as at 31 December 2022 (see note 12). The movement for the period in Amounts payable for tariff adjustments - Electricity - Portugal (Non-current and Current) is as follows: Thousand Euros Non-Current Current Balance at the beginning of the period 115,941 1,071,548 Payment through the electricity tariff - -1,071,517 Tariff adjustment of the period (see note 7) 524,724 - Interest expense (see note 13) 1,319 3,165 Transfer to/from tariff adjustment payable (see note 26) 502,119 -188,942 Transfer from Non-Current to Current -1,144,103 1,144,103 Balance at the end of the period - 958,357 The captions Amounts payable and Amounts Receivable for tariff adjustments - Electricity - Brazil, refer to tariff adjustments recognised in EDP S\u00e3o Paulo - Distribui\u00e7\u00e3o de Energia S.A. and EDP Esp\u00edrito Santo - Distribui\u00e7\u00e3o de Energia S.A. Thousand Euros Non-current Current Dec 2022 Dec 2021 Dec 2022 Dec 2021 Amounts payable for tariff adjustments - Electricity - Brazil 20,767 237,135 184,381 99,365 Amounts receivable from tariff adjustments - Electricity - Brazil (see note 26) -12,883 -124,604 -14,310 -101,928 7,884 112,531 170,071 -2,563 The movement for the period in Amounts payable and Amounts Receivable for tariff adjustments - Electricity - Brazil (Non-current and Current) is as follows: Thousand Euros Dec 2022 Balance at the beginning of the period 109,968 Tariff adjustment of the period (see note 7) 112,420 Payment/Receipt through the electricity tariff -54,940 Interest expense/income (see note 13) -585 Effect of exchange differences of the Brazilian Real against the Euro 11,092 Balance at the end of the period 177,955 The movement includes the recognition of 97,327 thousand Euros (548,788 thousand Brazilian Real) of the refund and a negative amount of 16,523 thousand Euros (93,169 thousand Brazilian Real) of unwinding over the amount resulting from the non-inclusion, in 2019, of the amounts of VAT borne in the basis of calculation of PIS and COFINS (1,756,597 thousand Brazilian Real as at 31 December 2019, of which 934,368 thousand Brazilian Real were returned, between 2020 and December 2022, through the electricity tariff, with an unwinding of 147,792 thousand Brazilian Real). In the energy distribution activity, the subsidiaries of EDP Group in Portugal and Spain recover the deficits and tariff adjustment assets through the tariffs charged to their customers. The caption Amounts payable - securitizations includes the amounts payable to entities that have acquired the right to receive these assets in securitisation or direct sales operations in Portugal. The caption Amounts payable - CMEC refers to amounts received by E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A., through the tariff, regarding the CMEC Revisibility of 2016 and 2017, which delivery to REN is awaiting approval. The caption Amounts payable for concessions includes the concession rights for the operation of the hydric domain of Alqueva and Pedr\u00f3g\u00e3o transferred by EDIA in the amount of 125,154 thousand Euros (31 December 2021: 128,467 thousand Euros) and the financial compensation for the use of the public domain related to concession agreements of Investco, S.A. and Enerpeixe, S.A. in Brazil in the amount of 85,903 thousand Euros (31 December 2021: 73,353 thousand Euros). The caption Property, plant and equipment suppliers - Current and Non-current includes amounts payable arising from assets and projects acquisitions in the amount of 332,727 thousand Euros (31 December 2021: 284,521 thousand Euros) and the amounts due related with the construction of windfarms and solar parks in North America in the amount of 1,409,674 thousand Euros (31 December 2021: 969,660 thousand Euros), in Europe in the amount of 466,270 thousand Euros (31 December 2021: 219,780 thousand Euros) and in South America in the amount of 375,583 thousand Euros (31 December 2021: 48,838 thousand Euros). The caption CO2 emission licenses includes the CO2 licenses consumptions during 2022 in Portugal and Spain, in the amount of 149,733 thousand Euros and 558,187 thousand Euros, respectively (31 December 2021: 54,722 thousand Euros and 245,819 thousand Euros). The variation that occurred includes the consumption of 2022 and the return, in 2022, of the licenses related to 2021 consumptions, which are delivered by April of the year following their consumption to the regulatory authorities. The caption Other creditors and sundry operations - Current and Non-current includes, essentially, the amount payable to Mibel for daily energy transactions, amounts referring to the adjustments of the pool's price estimate in accordance with the regulatory mechanism for the renewable generation sector in Spain and amounts payable related to the reinsurance activity. 39. Other liabilities and other payables Other liabilities and other payables are as follows: Thousand Euros Gr oup Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Other liabilities and other payables - Non-Current Liabilities measured at amortised cost: Loans from non-controlling interests 659,367 430,001 - - Lease Liabilities 1,252,000 951,751 139,728 143,737 Liabilities measured at fair value through profit or loss: Derivative financial instruments (see note 42) 2,701,116 1,523,949 2,013,300 1,618,247 Amounts payable and contingent prices for acquisitions/sales 152,614 126,484 30,134 62,014 Other Liabilities: Other creditors and sundry operations 394,399 7,790 - - Other liabilities and other payables - Current Liabilities measured at amortised cost: Loans from non-controlling interests 5,159,496 3,039,975 2,183,162 1,823,998 17,582 42,754 - - Dividends attributed to related companies 77,182 68,124 - - Group companies - - 3,857 3,630 Lease Liabilities 135,792 97,697 12,603 12,617 Liabilities measured at fair value through profit or loss: Derivative financial instruments (see note 42) 3,052,590 2,417,295 3,192,332 3,168,309 Amounts payable and contingent prices for acquisitions/sales 274,974 139,396 32,325 51,335 Other Liabilities: Other creditors and sundry operations 42,773 15,835 152,185 194,561 3,600,893 2,781,101 3,393,302 3,430,452 8,760,389 5,821,076 5,576,464 5,254,450 The caption Loans from non-controlling interests Non-Current and Current mainly includes: Thousand Euros Dec 2022 Dec 2021 ACE Portugal (CTG Group) Fixed rate of 3.75% 20,713 25,760 ACE Poland (CTG Group) Fixed rate of a range between 2.95% / 7.23% 41,026 74,086 ACE Italy (CTG Group) Fixed rate of 4.5% 31,954 43,868 CITIC CWEI Renewables (CTG Group) Fixed rate of 5.5% 38 13,590 Macquarie Super Core Infrastructure Fund SD Holdings S.\u00c0.R.L. Fixed rate of a range between 0.40% / 2.73% 572,124 302,622 665,855 459,926 The variation of the caption Amounts payable and contingent prices for acquisitions/sales results essentially from the recognition of the costs actually incurred in the construction of the respective wind farms, as provided for in the context of the operation to sell projects in North America in 2021, recognition of contingent pricing arising from the sale of the solar project in North America, the recognition of contingent prices due to the acquisition of Xuan Thien Group by Sunseap Group Pte. Ltd. and the acquisition of Kronos by EDP Renewables Europe, S.L.U. (see note 6) (see note 6). The movements in Lease Liabilities - Non Current and Current are as follows: Thousand Euros Dec 2022 Balance at the beginning of the period 1,049,448 Charge for the period 386,378 Unwinding of lease liabilities (see note 13) 46,146 Lease payments (principal and interests) -133,696 Exchange differences 38,978 Perimeter variations and other regularisations 538 Balance at the end of the period 1,387,792 Perimeter variations and other regularisations mainly include the increase resulting from the acquisition of a solar distributed generation portfolio in Southeast Asia and the reduction resulting from Indiana Crossroads Solar Park project in North America sale (see note 6). The nominal value of Lease Liabilities, by maturity, is as follows: Thousand Euros Dec 2022 Capital outstanding by maturity Total Less than 5 year From 5 to 10 years From 10 to 15 years More than 15 years Lease Liabilities 2,195,080 614,008 434,761 419,515 726,796 The caption Lease Liabilities, on a Company basis, includes lease contracts with EDP Pension and Medical and Death Subsidy Funds regarding the building units of Porto headquarters acquired by EDP Pension Fund in December 2015 and the Lisbon headquarters building given as an in- kind contribution to EDP Medical and Death Subsidy Fund in September 2017. These contracts were celebrated for a period of 25 years (see note 44). The variation in the caption Other creditors and sundry operations, Non-Current and Current, results essentially from the recognition of the fair value of the options agreed between the parties regarding the acquisition of the Sunseap Group (56,442 thousand Euros) and the Kronos Group (341,996 thousand Euros ) (see note 6). 40. Tax liabilities Tax liabilities are as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Non Current Special tax Brazil 179,250 124,362 - - Current Income tax 163,784 100,533 28,913 38,971 Withholding tax 85,207 48,203 1,322 1,486 Value Added Tax (VAT) 558,718 244,938 3,097 2,666 Special taxes Brazil 50,510 83,148 - - Other taxes 142,883 105,864 1,370 1,232 1,001,102 582,686 34,702 44,355 1,180,352 707,048 34,702 44,355 The Special taxes Brazil caption relates to the following taxes: CSLL (Social Contribution on net profits), PIS (Social integration programme) and COFINS (Social Security Financing Contribution). 41. Non-Current assets and liabilities held for sale The criteria for classifying assets and liabilities as held for sale, as well as their presentation in EDP Group\u2019s consolidated financial statements, are described in the Group's accounting policies (see note 2 t)). This caption is as follows: Thousand Euros Group Dec 2022 Dec 2021 Assets held for sale Electricity generation assets - Offshore wind - 25,111 Electricity generation assets - Onshore wind (Spain and Poland) - 455,813 Electricity generation assets - Hydro Brazil - 219,867 Electricity generation assets - Joint Ventures 92,702 - Electricity generation assets - Onshore wind - other 9,198 - Liabilities held for sale Electricity generation assets - Onshore wind (Spain and Poland) 101,900 700,791 - 62,345 Electricity generation assets - Hydro Brazil - 25,720 - 88,065 101,900 612,726 The assets and liabilities associated with Moray West Holdings Limited were classified as non-current assets and liabilities held for sale under the sale plan that the EDPR Group has entered into in the past. During the fourth quarter of 2022, EDPR Group announced the closing of this transaction (see note 6). During the Year of 2021, EDPR Group, as part of its asset rotation program, started the process of selling onshore wind portfolios in Europe (Spain and Poland). Assets and liabilities associated with these portfolios were presented in non-current assets and liabilities held for sale. During the second quarter of 2022, EDPR Group announced the closing of these transactions (see note 6). During the last quarter of 2021, the EDP Brasil Group started a structured process for the sale of three hydro assets: Companhia Energ\u00e9tica do Jari \u2013 CEJA, Empresa de Energia Cachoeira Caldeir\u00e3o S.A. and Energest S.A. Assets and liabilities associated with this portfolio was presented in non-current assets and liabilities held for sale. The negotiations with potential investors in the selling of Companhia Energ\u00e9tica do Jari \u2013 CEJA and Empresa de Energia Cachoeira Caldeir\u00e3o S.A. were not successful, so these assets are no longer presented as held for sale in the third quarter of 2022. In August 2022 EDPB has entered into a sale agreement with VH GSEO UK Holdings Limited, a subsidiary of Victory Hill Global Sustainable Energy Opportunities, for the total disposal of Energest S.A., the owner of Mascarenhas Hydro Power Plant. During the fourth quarter of 2022, EDPB announced the closing of this transaction (see note 6). During the second quarter of 2022, EDPR Group, as part of its asset rotation program, started the process of selling an onshore wind portfolio in Italy. Assets and liabilities associated with these portfolios were presented in non-current assets and liabilities held for sale. During the third quarter of 2022, EDPR Group announced the closing of this transaction (see note 6). During the second quarter of 2022, EDP Group started the process of selling Hydro Global. The asset associated with this investment was presented in non-current assets held for sale. During the fourth quarter of 2022, EDP Group announced the closing of this transaction (see note 6). During the third quarter of 2022, EDPR Group, as part of its asset rotation program, started the process of selling an onshore wind portfolio in Brazil. Assets and liabilities associated with this portfolio were presented in non-current assets and liabilities held for sale. In January 2023, the EDPR Group concluded the sale of this portfolio, and the conditions precedent of the transaction were verified on 31 December 2022 and such its assets and liabilities were derecognized on that date (see notes 6 and 46). During the fourth quarter of 2022, EDP Group started the process of selling an electricity production joint ventures. The asset associated with this investment was presented in non-current assets held for sale. As at 31 December 2022 the following reclassifications were made to held for sale: Thousand Euros Other Segments Joint Ventures Renewables Onshore wind Total Assets Property, plant and equipment (see note 16) - -9,198 -9,198 Investments in joint ventures and associates (see note 21) -92,702 - -92,702 Assets Held for Sale 92,702 9,198 101,900 - - - These reclassifications were made only for financial statement presentation purposes, without impact on the measurement of these assets and liabilities, as it is expected that the fair value less costs to sell is higher than its book value, in accordance with IFRS 5. 42. Derivative financial instruments In accordance with IFRS 9, the Group classifies derivative financial instruments as fair value hedge of a recognised asset or liability (Fair value hedge), as cash flow hedge of recognised liabilities and highly probable future transactions (Cash flow hedge), as net investment hedge in foreign operations (Net investment hedge), or as held for trading, if or when they are not eligible for hedge accounting. The fair value of the derivative financial instruments in EDP Group is as follows: Thousand Euros Dec 2022 Dec 2021 Assets Liabilities Assets Liabilities Net Investment hedge Cross-currency interest rate swaps 36,986 -211,081 13,917 -64,452 Currency forwards 25,726 -84,063 2,898 -30,313 Fair value hedge Interest rate swaps 479 -34,407 39,022 - Cross-currency interest rate swaps 26,007 -47,711 48,263 -7,829 Cash flow hedge Interest rate swaps 114,670 -1,611 748 -9,142 Swaps related to gas commodity 557,885 -2,279,446 858,421 -1,904,607 Electricity swaps 306,998 -1,262,063 171,230 -645,611 Currency forwards (includes commodities forwards) 71,295 -37,437 84,135 -1,578 Trading Interest rate swaps 14,474 -10,625 515 -6,875 Cross-currency interest rate swaps 11,382 -48,289 8,959 -2,094 Commodity swaps and forwards 1,277,258 -1,680,641 1,061,750 -1,189,754 Currency forwards 81,990 -33,173 12,596 -8,616 CO2 forwards 2,196 -12,116 9,605 -32,981 Currency forwards associated to commodities 48,352 -11,043 41,267 -8,474 Commodity options - - - -28,918 2,575,698 -5,753,706 2,353,326 -3,941,244 As at 31 December 2022, EDP Group holds contracts for the purchase and sale of commodities traded on futures exchange market, namely Chicago Mercantile Exchange, Intercontinental Exchange, European Energy Exchange and OMIP, whose fair value of the contracted operations is settled on a daily basis, and therefore it is not included in the Statement of Financial Position. The notional of these futures contracts amounts to 4,264,301 thousand Euros with maturities ranged between 2023 and 2031 (31 December 2021: 2,971,782 thousand Euros), and the fair value held in EDP Group results and cash flow hedge reserves related to these operations are a negative amount of 102,517 thousand Euros and a positive amount of 280,621 thousand Euros, respectively (31 December 2021: negative amount of 129,223 thousand Euros and positive amount of 295,538 thousand Euros). The management of financial risk of EDP, S.A. and other EDP Group companies, is carried out centrally by EDP, S.A. (note 5). On this basis, EDP, S.A. negotiates derivative financial instruments with external entities to hedge its own individual business risks, as well as for other companies of the Group, performing for these entities\u2019 as an intermediate in their contracting. The fair value of the derivative financial instruments at Company level is as follows: Thousand Euros Dec 2 022 Dec 2021 Assets Liabilities Assets Liabilities Cash flow hedge Interest rate swaps 92,527 -57,498 - - Swaps related to gas commodity -187,698 -1,260,430 107,577 -934,872 Electricity swaps 438,952 -142,417 593,502 -82,172 Currency forwards (includes commodities forwards) 60,352 8,382 61,439 -219 Trading Interest rate swaps 36,637 -35,203 38,271 -43,221 Cross-currency interest rate swaps 165,562 -217,572 107,185 -87,542 Commodity swaps 3,143,029 -3,186,752 4,215,967 -3,465,075 Currency forwards 189,713 -189,713 36,494 -31,827 Commodity forwards 33,618 -92,557 59,877 -73,180 Currency forwards associated to commodities 67,896 -31,872 42,875 -10,591 Commodity options - - 28,918 -57,857 4,040,588 -5,205,632 5,292,105 -4,786,556 During the application of hedge accounting with pre-existing derivatives, the value of the Currency forwards associated to commodities has a positive value that corresponds to the variation in the fair value of the instruments since the date of designation, while the contracts as a whole they represent a liability; The asset value of Swaps related to gas commodities has a negative value that corresponds to the change in the fair value of the instruments since the designation date, while the contracts as a whole represent an asset. The fair value of derivative financial instruments is booked in Other debtors and other assets (see note 27) and Other liabilities and other payables (see note 39), according to its nature. Fair value of derivative financial instruments is based on listed market prices, whenever available, or on valuations determined through valuation models that use variables observable on the market. Therefore, according to IFRS 13 requirements, the fair value of the derivative financial instruments is classified as of level 2 (see note 45) and no changes of level were made during this period. These valuation models are based on generally accepted discounted cash flow techniques and option valuation models, using market data obtained through financial information platforms. Derivative financial instruments classified as trading are financial hedging instruments contracted for economic hedging at EDP Group level (see note 5), however such instruments are not eligible for hedge accounting under IFRS. In 2022, the notional amounts per measurement unit of the derivative financial instruments in EDP Group, are as follows: Thousand Units Unit 2023 2024 2025 2026 Following years Total Net Investment hedge Cross-currency interest rate swaps Euros 91,158 878,454 - 436,740 1,638,223 3,044,575 Currency forwards Euros 2,095,122 133,660 - - - 2,228,782 Fair value hedge Interest rate swaps Euros - - 600,000 - - 600,000 Cross-currency interest rate swaps Euros - 410,314 - - 82,971 493,285 Cash flow hedge Interest rate swaps Euros 157,487 53,280 50,522 52,268 2,169,398 2,482,955 Swaps related to gas commodity MWh 47,400 33,375 13,989 1,044 87 95,895 Electricity swaps MWh 127,711 119,474 106,614 68,044 570,945 992,788 Currency forwards (includes 137,503 82,878 - - 1,490,591 commodities forwards) Euros 1,270,210 Trading Interest rate swaps Euros 700 726 300,753 970 9,687 312,836 Cross-currency interest rate swaps Euros 200,319 32,566 - - - 232,885 Swaps related to gas commodity MWh 27,354 5,670 - - - 33,024 Electricity swaps and forwards MWh 29,014 24,389 19,475 12,347 40,556 125,781 Currency forwards Euros 1,595,331 29,497 4,000 4,000 - 1,632,828 CO2 forwards MT 469 - - - - 469 Currency forwards for commodities Euros 353,858 149,580 - - - 503,438 In 2021, the notional amounts per measurement unit of the derivative financial instruments in EDP Group, were as follows: Thousand Units Unit 2022 2023 2024 2025 Following years Total Net Investment hedge Cross-currency interest rate swaps Euros 84,861 52,687 877,009 - 686,740 1,701,297 Currency forwards Euros 1,627,944 - - - - 1,627,944 Fair value hedge Interest rate swaps Euros 857,859 - - 600,000 - 1,457,859 Cross-currency interest rate swaps Euros - - 410,314 - 80,891 491,205 Cash flow hedge Interest rate swaps Euros 49,412 27,929 26,694 9,795 175,102 288,932 Swaps related to gas commodity MWh 62,576 38,639 26,869 12,792 - 140,876 Electricity swaps MWh 7,352 5,759 4,637 2,868 13,451 34,067 Currency forwards for commodities Euros 775,620 451,303 105,768 82,878 - 1,415,570 Trading Interest rate swaps Euros 675 700 726 379,611 121,657 503,369 Cross-currency interest rate swaps Euros 131,707 165,909 - - - 297,616 Swaps related to gas commodity MWh 38,422 25,354 9,963 - - 73,739 Electricity swaps and forwards MWh 28,499 19,215 12,631 8,449 3,602 72,396 Currency forwards Euros 1,986,790 16,613 - - - 2,003,403 CO2 forwards MT 1,861 467 - - - 2,328 Currency forwards for commodities Euros 269,801 236,508 149,580 - - 655,889 Options purchased and sold MWh 1,533 - - - - 1,533 In 2022, the notional amounts per measurement unit of the derivative financial instruments at Company level, are as follows: Thousand Units Unit 2023 2024 2025 2026 Following years Total Cash flow hedge Interest rate swaps Euros - - - - 3,321,992 3,321,992 Swaps related to gas commodity MWh 29,096 22,589 13,836 1,044 87 66,652 Electricity swaps MWh 3,682 1,747 1,774 1,803 14,452 23,458 Currency forwards (includes commodities forwards) Euros 93,236 105,768 82,878 - - 281,882 \"Forwards\" de CO2 MT 425 175 175 175 - 950 Trading Interest rate swaps Euros - - 1,500,000 - - 1,500,000 Cross-currency interest rate swaps Euros 540,392 1,838,068 - 875,516 2,226,730 5,480,706 Swaps related to gas commodity MWh 70,332 30,497 307 - - 101,136 Coal swaps MT 1,722 - - - - 1,722 Electricity swaps MWh 4,633 2,346 2,296 2,245 11,809 23,329 Currency forwards Euros 6,286,550 362,690 8,000 8,000 - 6,665,240 CO2 forwards MT 14,205 - - - - 14,205 Currency forwards for commodities Euros 1,086,421 149,580 - - - 1,236,001 In 2021, the notional amounts per measurement unit of the derivative financial instruments at Company level, were as follows: Thousand Units Unit 2022 2023 2024 2025 Following years Total Cash flow hedge Swaps related to gas commodity MWh 23,658 20,801 16,253 12,792 - 73,504 Electricity swaps MWh 3,346 4,017 3,654 3,359 11,869 26,245 Currency forwards for commodities Euros 126,282 93,236 105,768 82,878 - 408,164 Trading Interest rate swaps Euros 1,857,859 - - 1,500,000 - 3,357,859 Cross-currency interest rate swaps Euros 1,238,569 378,555 1,587,769 - 686,740 3,891,633 Swaps related to gas commodity MWh 117,153 64,232 33,682 - - 215,067 Coal swaps MT 690 - - - - 690 Electricity swaps MWh 14,611 6,298 4,554 4,016 15,808 45,287 Currency forwards Euros 5,766,759 614,890 - - - 6,381,649 CO2 forwards MT 7,018 1,308 250 - - 8,576 Currency forwards for commodities Euros 475,807 266,753 149,580 - - 892,141 Options purchased and sold MWh 4,577 - - - - 4,577 In 2022, the future undiscounted cash flows of the derivative financial instruments in EDP Group, are as follows: Thousand Euros 2023 2024 2025 2026 Following years Total Net Investment hedge Cross-currency interest rate swaps -65,243 -88,562 -35,086 -51,774 -117,093 -357,758 Currency forwards Fair value hedge Interest rate swaps -59,868 1,531 - - - -58,337 -125,111 -87,031 -35,086 -51,774 -117,093 -416,095 -10,364 -12,262 -4,032 - - -26,658 Cross-currency interest rate swaps Cash flow hedge Interest rate swaps 6,728 -18,800 -1 -6 1 -12,078 -3,636 -31,062 -4,033 -6 1 -38,736 8,191 -8,182 -34,742 -35,099 -64,055 -133,887 Swaps related to gas commodity -1,266,828 -720,531 -210,941 -5,441 -879 -2,204,620 Electricity swaps -207,331 -117,583 -136,435 -38,685 -430,713 -930,747 Currency forwards (includes commodities forwards) Trading Interest rate swaps -166 25,453 6,437 - - 31,724 -1,466,134 -820,843 -375,681 -79,225 -495,647 -3,237,530 725 722 401 6,956 5,324 14,128 Cross-currency interest rate swaps 4,134 -24,123 - - - -19,989 Commodity swaps and forwards -67,636 63,166 18,453 5,878 -43,805 -23,944 CO2 forwards -10,236 - - - - -10,236 Currency forwards 51,309 272 -274 -321 - 50,986 Currency forwards for commodities 18,731 18,578 - - - 37,309 -2,973 58,615 18,580 12,513 -38,481 48,254 -1,597,854 -880,321 -396,220 -118,492 -651,220 -3,644,107 In 2021, the future undiscounted cash flows of the derivative financial instruments in EDP Group, are as follows: Thousand Euros 2022 2023 2024 2025 Following years Total Net Investment hedge Cross-currency interest rate swaps -33,806 -33,222 -14,954 -14,863 -39,498 -136,343 Currency forwards -27,946 - - - - -27,946 -61,752 -33,222 -14,954 -14,863 -39,498 -164,289 Fair value hedge Interest rate swaps 26,135 7,453 7,460 5,793 - 46,841 Cross-currency interest rate swaps 18,700 18,730 6,134 - 9,331 52,895 44,835 26,183 13,594 5,793 9,331 99,736 Cash flow hedge Interest rate swaps -6,141 -4,856 -4,117 -3,404 -20,202 -38,720 Swaps related to gas commodity -488,014 -384,245 -133,743 -36,541 - -1,042,543 Electricity swaps -238,650 -101,847 -78,103 -57,666 1,590 -474,676 Currency forwards for commodities 39,311 24,597 19,539 345 - 83,792 -693,494 -466,351 -196,424 -97,266 -18,612 -1,472,147 Trading Interest rate swaps -1,009 -1,029 -1,032 -1,099 515 -3,654 Cross-currency interest rate swaps -3,552 2,687 - - - -865 Commodity swaps and forwards -56,611 -68,809 -4,980 13,049 -9,821 -127,172 CO2 forwards -13,574 -9,672 - - - -23,246 Currency forwards 3,278 -3 - - - 3,275 Currency forwards for commodities 10,135 11,084 11,574 - - 32,793 Options purchased and sold -28,918 - - - - -28,918 -90,251 -65,742 5,562 11,950 -9,306 -147,787 -800,662 -539,132 -192,222 -94,386 -58,085 -1,684,487 In 2022, the future undiscounted cash flows of the derivative financial instruments at Company level, are as follows: Thousand Euros 2023 2024 2025 2026 Following Years Total Cash flow hedge Swaps related to gas commodity 723 -7,772 -7,706 -7,716 -16,172 -38,643 Gas swaps -778,018 -433,267 -208,431 -5,441 -879 -1,426,036 Electricity swaps 45,437 138,742 54,225 29,102 54,147 321,653 Commodity forwards 3,529 -1,347 -1,077 -1,040 - 65 Currency forwards (includes commodities 23,578 26,860 6,437 - - 56,875 forwards) Trading -704,751 -276,784 -156,552 14,905 37,096 -1,086,086 Interest rate swaps 627 629 313 - - 1,569 Cross-currency interest rate swaps -9,988 30 -2,382 -1,452 -31,702 -45,494 Commodity swaps -11,308 -56,806 -18,052 -10,245 -17,799 -114,210 Commodity forwards -47,585 - - - - -47,585 Currency forwards for commodities 17,446 18,578 - - - 36,024 -50,808 -37,569 -20,121 -11,697 -49,501 -169,696 -755,559 -314,353 -176,673 3,208 -12,405 -1,255,782 In 2021, the future undiscounted cash flows of the derivative financial instruments at Company level, are as follows: Thousand Euros 2022 2023 2024 2025 Following Years Total Cash flow hedge Swaps related to gas commodity -482,194 -226,577 -80,941 -36,535 - -826,247 Electricity swaps 309,822 179,373 66,580 13,192 -60,364 508,603 Currency forwards for commodities 24,849 16,492 19,535 345 - 61,221 -147,523 -30,712 5,174 -22,998 -60,364 -256,423 Trading Interest rate swaps -4,260 -1,029 -1,032 -515 - -6,836 Cross-currency interest rate swaps 54,684 -25,601 -11,202 -14,863 -39,498 -36,480 Commodity swaps 782,678 7,393 -21,008 -17,060 4,692 756,695 Currency forwards - - - - - - Commodity forwards -6,028 -8,276 1,078 - - -13,226 Currency forwards for commodities 10,592 10,781 12,105 - 610 34,088 Commodity options purchased and sold -28,939 - - - - -28,939 808,727 -16,732 -20,059 -32,438 -34,196 705,302 661,204 -47,444 -14,885 -55,436 -94,560 448,879 The changes in the fair value, including accrued interest, of hedging instruments and risks being hedged are as follows: Thousand Euros Hedging instrument Hedged risk 2022 2021 Changes in far value Changes in fair value Instrument Risk Instrument Risk Net investment (i) Cross-curr. int. rate swaps Subsidiaries in RON, BRL, GBP, USD, CAD, SGD and COP -154,482 104,984 -143,166 166,650 Fair value Interest rate swap Interest rate -72,950 72,950 -31,493 31,493 Fair value Cross-curr. int. rate swaps Exchange and interest rate -62,138 58,123 17,088 -10,223 Cash flow Interest rate swap Interest rate 121,453 -121,453 14,171 -14,171 Cash flow Currency forwards Exchange rate -48,699 48,699 51,281 -51,281 Cash flow (ii) Commodity swaps Commodity prices -1,156,059 1,125,021 -1,507,088 1,476,050 -1,372,875 1,288,324 -1,599,207 1,598,518 (i) Fair value variation of the hedging instrument on Cross currency interest rate swaps for Net investment includes a negative amount of 25,450 thousand Euros related to the cost of hedging (19,387 thousand Euros net of tax effect), recorded in reserves (see note 32), and ineffectiveness of a negative amount of 24,048 thousand Euros. (ii) Relating to December 2022, fair value variation of the hedging instrument on Commodity swaps for Cash flow includes a negative amount of 31,103 thousand Euros related to ineffectiveness. Considering that hedging derivative financial instruments are contracted with a high correlation of critical terms, namely in the same currency and at the same indexes, the hedge ratio between the hedging instruments and the hedged instruments is 1:1. As at 31 December 2022 and 2021, the following market inputs were considered for the fair value calculation: Cross-curr. int. rate swaps Interest rate swaps Currency forwards Commodity swaps Interest rates: Euribor 3M, Euribor 6M, Libor 3M, Libor 6M, Daily CDI, Wibor 3M, Wibor 6M, CAD Libor 3M e Robor 3M; and exchange rates: EUR/GBP, EUR/BRL, EUR/CAD, EUR/COP, EUR/USD, USD/EUR. Interest rates: Euribor 3M, Euribor 6M, Wibor 6M, US Libor 3M e CAD Libor 3M, COOVIBR, Daily CDI, IPCA and SOFTRATE. Exchange rates: EUR/USD, EUR/PLN, EUR/BRL, EUR/HUF, EUR/CAD, EUR/COP, EUR/JPY, EUR/KRW, EUR/TWD,GBP/EUR, SGD/EUR, USD/CAD, USD/EUR, USD/HUF, USD/PLN, VND/USD. Market quotes of commodities: Brent, NBP Natural Gas, Electricity, Henry Hub, TTF, Coal, CO2, JKM and Mibgas. The changes in the fair value reserve related to cash flow hedges in 2022 and 2021 by nature of derivative financial instruments in EDP Group, were as follows: Thousand Euros Interest rate swaps Commodity swaps Currency forwards for commod. Gross Amount Deferred Tax Total Balance as at 1 January 2021 -7,210 -15,790 16,935 -6,065 1,697 -4,368 Fair value changes -16,240 -1,110,047 31,179 -1,095,108 283,263 -811,845 Transfer to results from hedging -923 24,579 13,841 37,497 -3,339 34,158 Comprehensive Income changes in associates 339 - - 339 856 1,195 Balance as at 31 December 2021 -24,034 -1,101,258 61,955 -1,063,337 282,477 -780,860 Fair value changes 155,175 1,008,064 -49,067 1,114,172 -416,901 697,271 Transfer to results from hedging -243 -1,884,486 37,179 -1,847,550 431,581 -1,415,969 Comprehensive Income changes in associates 14,995 - - 14,995 -10,539 4,456 Balance as at 31 December 2022 145,893 -1,977,680 50,067 -1,781,720 286,618 -1,495,102 The changes in the fair value reserve related to cash flow hedges in 2022 and 2021 by nature of derivative financial instruments at Company level, were as follows: Thousand Euros Interest rate swaps Commodity swaps Currency forwards for commod. Gross Amount Deferred Tax Total Balance as at 1 January 2021 - 52,891 32,001 84,892 -19,139 65,753 Fair value changes - 1,545,107 43,737 1,588,844 -357,490 1,231,354 Transfer to results from hedging - -1,105,974 - 14 518 -1,120,492 252,111 -868,381 Balance as at 31 December 2021 - 492,024 61,220 553,244 -124,518 428,726 Fair value changes 35,029 -662,315 44,692 -582,594 130,644 -451,950 Transfer to results from hedging - -698,148 -37,179 -735,327 154,419 -580,908 Balance as at 31 December 2022 35,029 -868,439 68,733 -764,677 160,545 -604,132 Changes in fair value for the period, on consolidated and individual basis, in the fair value reserve include: (i) future contracts for the purchase and sale of commodities traded on futures exchange market whose fair values are settled on a daily basis, and therefor are not in the statement of financial position; and (ii) fair value variation of derivative financial instruments contracted and settled within the same period. The gains and losses on the financial instruments portfolio, excluding accrued interest, booked in the Income Statement in 2022 and 2021 are as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Commodity derivatives held for trading 323,710 -330,148 640,786 -192,825 Debt derivatives held for trading -23,659 35,940 18,747 28,587 Net investment hedge - ineffectiveness -24,048 -1,090 - - Fair value hedges: -Derivatives -96,760 -24,012 - - -Hedged liabilities 108,871 43,915 - - Cash flow hedges: -Transfer to results from hedging of financial liabilities -243 -923 - - -Transfer to results from hedging of commodity prices -1,728,411 38,420 735,327 1,120,492 -1,440,540 -237,898 1,394,860 956,254 The amount transferred to the Income Statement related to the hedging of commodity derivatives is included in the caption of Revenues and cost of Energy Sales and Services and Other. The effective interest rates of the derivative financial instruments relating to financing operations in EDP Group at 31 December 2022 are as follows: Notional Euro'000 Currency EDP Pays EDP Receives Interest rate contracts: Interest rate swaps (i) 917,089 EUR [ 3.67% - 0.00% ] [ 1.05% - -2.70% ] Interest rate swaps (ii) 1,000,000 EUR n.a. n.a. Interest rate swaps (ii) 938,496 USD n.a. n.a. Interest rate swaps 318,456 USD [ 1.86% - 1.23% ] [ -4.12% - -4.63% ] Interest rate swaps 28,322 PLN [ 2.48% ] [ -7.46% ] Interest rate swaps 314 BRL [ 14.02% - 13.62% ] [ 10.04% - 9.29% ] Interest rate swaps 11,830 CAD [ 2.75% - 2.59% ] [ -4.20% - -4.88% ] Interest rate swaps 163,837 SGD [ 4.45% - 1.81% ] [ 5.15% - 3.10% ] Currency and interest rate contracts: CIRS (currency interest rate swaps) (i) 451,306 EUR/GBP [ 5.26% - 1.35% ] [ 8.63% - 0.00% ] CIRS (currency interest rate swaps) 170,398 EUR/PLN [ 10.05% - 7.16% ] [ 5.12% - 1.58% ] CIRS (currency interest rate swaps) 15,990 EUR/BRL [ 5.95% ] [ -0.44% ] CIRS (currency interest rate swaps) 5,645 EUR/COP [ 4.15% ] [ 2.13% ] CIRS (currency interest rate swaps) 95,378 EUR/CAD [ 5.16% - 4.41% ] [ 2.20% - 1.56% ] CIRS (currency interest rate swaps) (i) 107,391 USD/BRL [ 14.95% - 13.22% ] [ 3.73% - 0.62% ] CIRS (currency interest rate swaps) (i) 2,927,563 USD/EUR [ 5.30% - 2.30% ] [ 3.88% - 0.38% ] (i) EDP pays floating rate and receives fixed rate; (ii) Pre-hedging strategy. The contracts star at a future date. The effective interest rates of the derivative financial instruments relating to financing operations in EDP Group at 31 December 2021 were as follows: Notional Euro'000 Currency EDP Pays EDP Receives Interest rate contracts: Interest rate swaps Euro'000 1,835,976 EUR [ 3,67% - -0,53% ] [ 2,63% - -0,53% ] Interest rate swaps 13,763 PLN [ 2,78% - 2,48% ] [ -0,25% ] Interest rate swaps 86,437 USD [ 4,14% - 1,08% ] [ -0,09% - -3,50% ] Interest rate swaps 190,171 BRL [ 5,96% - 5,59% ] [ 15,07% - 14,35% ] Interest rate swaps 123,812 CAD [ 2,75% - 2,10% ] [ -0,45% - -0,51% ] Currency and interest rate contracts: CIRS (currency interest rate swaps) 451,378 EUR/GBP [ 3,55% - 1,25% ] [ 8,63% ] CIRS (currency interest rate swaps) 32,812 EUR/RON [ 3,11% ] [ -0,57% ] CIRS (currency interest rate swaps) 227,234 EUR/PLN [ 5,69% - -0,57% ] [ 1,96% - -0,58% ] CIRS (currency interest rate swaps) 29,345 EUR/BRL [ 5,95% - 0,03% ] [ -0,44% - -0,58% ] CIRS (currency interest rate swaps) 8,422 EUR/COP [ 3,83% ] [ -0,58% ] CIRS (currency interest rate swaps) 91,378 EUR/CAD [ 0,75% - 0,27% ] [ -0,55% - -0,59% ] CIRS (currency interest rate swaps) 110,209 USD/BRL [ 11,12% - 3,87% ] [ 1,13% - 0,62% ] CIRS (currency interest rate swaps) 1,539,340 USD/EUR [ 3,82% - 2,30% ] [ 1,50% - 0,38% ] The contracted prices of the derivative financial instruments relating to commodities at 31 December 2021 were as follows: Following Unit 2023 2024 2025 2026 Years Electricity swaps Euros/MWh [33,20 - 67] [33,20 - 67] [33,20 - 67] [33,20 - 67] [33,20 - 67] Swaps related to gas commodity Euros/MWh [8,02 - 265] [9,01 - 159,9] [7,99 - 159,9] [43,25 - 46,95] [43,25 - 46,95] CO2 forwards Euros/MT [43,19 - 100,31] [94,5 - 97,05] [97,32 - 100,18] [102,4 - 107] n.a. 43. Commitments Operating guarantees granted by EDP Group, not included in the consolidated statement of financial position nor in the Notes, are as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Operating guarantees EDP S.A. 966,223 637,968 966,223 637,968 EDP Espa\u00f1a Group 56,894 64,360 - - EDP Brasil Group 158,503 144,133 - - EDP Renov\u00e1veis Group 3,717,511 2,287,997 - - 4,899,131 3,134,458 966,223 637,968 The operating guarantees which are not included in the consolidated statement of financial position or in the Notes, as at 31 December 2022 and 2021, mainly refer to Power Purchase Agreements (PPA), interconnection, permits and market participation guarantees. In addition to the above warranties, the amount of 30.450 thousand Euros refers to guarantees of an operating nature related to Spanish, Polish, Italian and Brazilian entities sold in 2022, but for which EDP assumes the responsibility temporarily until they are effectively replaced. The amount of 152,770 thousand Euros refers to guarantees of a financial nature also related to Brazilian companies sold in 2022, but for which EDP assumes the responsibility until 30 January 2023, when this has been effectively replaced (see note 6). In addition to the guarantees identified above, EDP Group provides financial and operating guarantees related to liabilities assumed by joint ventures and associates in the amount of 595,766 thousand Euros and 475,044 thousand Euros, respectively (31 December 2021: 481,082 thousand Euros and 293,253 thousand Euros). The remaining financial and operating guarantees granted by EDP Group have underlying liabilities that are already reflected in its consolidated statement of financial position and/or disclosed in the Notes. In the Group, the commitments relating to future cash outflows not reflected in the measurement of the lease liabilities and purchase obligations are disclosed, by maturity, as follows: Thousand Euros Dec 2022 Capital outstanding by maturity Total Less than 1 year From 1 to 3 years From 3 to 5 years More than 5 years Future cash outflows not reflected in the measurement of the lease liabilities 72,957 14,036 20,992 7,946 29,983 Purchase obligations 30,758,869 8,279,232 4,910,939 3,151,817 14,416,881 30,831,826 8,293,268 4,931,931 3,159,763 14,446,864 Thousand Euros Dec 2021 Capital outstanding by maturity Total Less than 1 year From 1 to 3 years From 3 to 5 years More than 5 years Future cash outflows not reflected in the measurement of the lease liabilities 34,846 6,252 9,128 3,018 16,448 Purchase obligations 25,727,477 5,922,012 4,542,844 2,572,937 12,689,684 25,762,323 5,928,264 4,551,972 2,575,955 12,706,132 The Group\u2019s contractual commitments shown above relate essentially to agreements and commitments required for current business activities. Specifically, the majority of the commitments are established to guarantee adequate supply of energy to the customers in Europe, North America and Brazil and to comply with medium and long term investment objectives of the Group. As at 31 December 2022, there are commitments from future cash outflows not reflected in the measurement of the lease liabilities which refer to future rents of lease contracts already signed but not yet commenced. The commitments related to the joint ventures are disclosed in note 21. Purchase obligations of 11,288,241 thousand Euros essentially related with very long-term contracts for energy acquisition in the brazilian market (by regulatory imposition) which are updated with the respective projected rates and discounted at present value by a rate that represents the weighted average cost of capital (WACC) of the EDP Brasil Group, as follows: Thousand Euros Dec 2022 Dec 2021 Purchase obligation - Present value 11,288,241 8,984,056 Purchase obligation - Nominal amount 14,970,460 12,893,660 Purchase obligations also include obligations of long term contracts relating to the supply of products and services under the Group\u2019s ordinary course of business. Prices defined under forward contracts are used in estimating the amount of contractual commitments. The nature of purchase obligations breaks down as follows: Thousand Euros Dec 2022 Dec 2021 Fuel acquisition 8,242,498 6,908,075 Electricity acquisition 13,965,208 12,232,819 O&M contracts 1,104,328 838,575 Fixed assets, equipment and miscellaneous materials acquisition 3,835,686 2,337,649 Supply and assembly contract 2,099,320 2,301,643 Other supplies and services 1,511,829 1,108,716 30,758,869 25,727,477 The commitments for fuel and electricity acquisition are disclosed, by maturity, as follows: Thousand Euros Dec 2022 Capital outstanding by maturity Total Less than 1 year From 1 to 3 years From 3 to 5 years More than 5 years Fuel acquisition 8,242,498 1,182,197 881,539 833,253 5,345,509 Electricity acquisition 13,965,208 1,180,135 2,239,989 2,052,073 8,493,011 22,207,706 2,362,332 3,121,528 2,885,326 13,838,520 Thousand Euros Dec 2021 Capital outstanding by maturity Total Less than 1 year From 1 to 3 years From 3 to 5 years More than 5 years Fuel acquisition 6,908,075 902,897 862,739 649,346 4,493,093 Electricity acquisition 12,232,819 977,059 1,888,041 1,702,631 7,665,088 19,140,894 1,879,956 2,750,780 2,351,977 12,158,181 The caption Fuel Purchases corresponds, essentially, to gas acquisition commitments assumed by the Group through long term contracts for liquefied natural gas (LNG) in international terminals (Trinidad and Tobago until 2024 and United States of America until 2040). Some of the transactions related to the disposal of non-controlling interests while retaining control, carried out in previous years, incorporate contingent assets and liabilities according to the terms of the corresponding agreements. Additionally, some of the assets acquisition transactions foresee contingent liabilities which depend on certain milestones and, although EDP Group has recognized the fair value of these liabilities in the consolidated financial statements, changes in the assumptions could change these liabilities. At Company level, the commitments relating to future cash outflows not reflected in the measurement of the lease liabilities and purchase obligations are disclosed, by maturity, as follows: Thousand Euros Dec 2022 Capital outstanding by maturity Total Less than 1 year From 1 to 3 years From 3 to 5 years More than 5 years Future cash outflows not reflected in the measurement of the lease liabilities 1,876,639 897,558 979,081 - - Purchase obligations 7,553,971 515,554 867,485 831,341 5,339,591 9,430,610 1,413,112 1,846,566 831,341 5,339,591 Thousand Euros Dec 2021 Capital outstanding by maturity Total Less than 1 year From 1 to 3 years From 3 to 5 years More than 5 years Future cash outflows not reflected in the measurement of the lease liabilities 62 45 17 - - Purchase obligations 6,235,282 384,121 702,960 653,440 4,494,761 6,235,344 384,166 702,977 653,440 4,494,761 During 2022, EDP Group developed a global vision of energy management, creating a new structure for this purpose, called GEM (\u201cGlobal Energy Management\u201d). As a result, in December 2022, EDP and EDP Produ\u00e7\u00e3o, Hidroel\u00e9trica do Guadiana and Greenvouga entered into the mandate contract for the placement (purchase and sale) of electricity on the market (\u201cContract\u201d) produced by hydroelectric and natural gas combined cycle plants in Portugal during the years 2023 and 2024. Within the scope of this Contract, as of 1 February 2023, EDP will issue dispatch instructions to EDP Produ\u00e7\u00e3o, Hidroel\u00e9trica do Guadiana and Greenvouga, in order to adapt the production of electricity to the offers it makes on the market. In addition, EDP started to assume, in full and upon payment of a substantially fixed consideration, the economic risks and benefits associated with the dispatch of electricity production and subsequent placing on the market and the purchase of fuels and CO2 licenses necessary for the operation of the Thermal Power Plants, with the volatility associated with price and volume variation related to electricity and fuels being substantially assumed by EDP S.A. Within the scope of this Contract, EDP will be responsible for: - issue Dispatch Instructions relating to the electricity to be produced by the Electric Power Plants for placing on the market; - carrying out an adequate programming of the operation of the Electric Power Plants, taking into account the fulfillment of the contractual or legal obligations to which EDP Produ\u00e7\u00e3o, Hidroel\u00e9trica do Guadiana and Greenvouga are bound in their capacity as holder of the production and exploration licenses; - develop all necessary actions for the acquisition and supply of fuels, as well as the CO2 licenses necessary for the operation of the Thermal Power Plants; and - ensure the relationship with the Market Operator and the System Operator, as well as with any other official entities and with counterparties. In turn, EDP Produ\u00e7\u00e3o, Hidroel\u00e9trica do Guadiana and Greenvouga will be responsible for: - ensure the production of electricity in accordance with EDP's dispatch instructions, managing the Electric Power Plants, in order to maximize efficiency, availability and safety, as well as ensuring compliance with all legal, regulatory and contractual requirements in the production of electricity; - fully ensure the operation and maintenance of the Electric Power Plants, bearing all costs associated with this operation and maintenance; - comply with the Dispatch Instructions given by EDP in order to minimize Deviations and ensure the provision of the Complementary Services requested, as well as the applicable System Services, without prejudice to, in a justified and reasoned manner, refuse the execution of a Dispatch Instruction for the production of electricity on a given day and time, in cases where this is necessary to ensure compliance with contractual or legal obligations to which they are attached in their capacity as holders of production and exploration licenses; and - manage the relationship with all public or private entities that intervene in matters that impact the operation of the reservoirs, in activities that interfere with the normal operation of the Electric Power Plants, as well as manage the relationship with REN Gasodutos, as operator of the national network of gas transport, within the scope of the operational management of natural gas. The increase in future cash flows, on an individual basis, includes mainly this contract, which was included in the Transfer (\"Trespasse\") (see note 46). The caption Purchase obligations corresponds, essentially, to the gas acquisitions commitments assumed by EDP SA, through a long-term contract for liquefied natural gas (LNG) in the United States of America. 4. Related parties Shares held by company officers The number of shares of EDP S.A. held or attributable to company officers as at 31 December 2022 and 2021 are as follows: 2022 2021 Nr. of shares Nr. of shares General and Supervisory Board China Three Gorges Corporation (represented by Dingming Zhang) 835,980,316 760,872,884 China Three Gorges International Limited (represented by Shengliang Wu) 835,980,316 760,872,884 China Three Gorges (Europe), S.A. (represented by Ignacio Herrero Ruiz) 835,980,316 760,872,884 Draursa, S.A. (represented by Felipe Fern\u00e1ndez Fern\u00e1ndez) 1,350 1,350 Fernando Maria Masaveu Herrero 285,709,976 285,434,976 Jo\u00e3o Carvalho das Neves 8,060 8,060 Sonatrach (representada por Karim Djebbour) - 87,007,433 Lu\u00eds Maria Viana Palha da Silva 5,479 5,479 Laurie Lee Fitch 40,000 - Executive Board of Directors Miguel Stilwell de Andrade 205,000 180,000 Miguel Nuno Sim\u00f5es Nunes Ferreira Setas 8,104 8,104 Rui Manuel Rodrigues Lopes Teixeira 42,043 39,433 Vera de Morais Pinto Pereira Carneiro 20,000 7,000 EDP S.A bonds and the number of shares of other EDP group companies held or attributable to company officers are disclosed in part I section A Ownership structure of Part III - Corporate governance. Remuneration of company officers In accordance with the Company's by-laws, the remuneration of company officers is set by a Remunerations Committee appointed by the Shareholders\u2019 General Meeting, except for the remuneration of the members of the Executive Board of Directors (EBD), which is set by a Remunerations Committee appointed by the General and Supervisory Board (GSB). Short-term employee benefits During 2022, the annual fixed and variable remuneration cost accounted for the members of the EBD and the fixed remuneration of the GSB, was as follows: President 1,304 515 Members 3,579 1,483 4,883 1,998 The remuneration costs accounted with the EBD includes the amount of 1,702 thousand Euros related to the annual variable remuneration. This amount was calculated considering the best estimation of the variable remuneration for the year of 2022, in accordance with Remunerations Committee policy of the GSB, deducted from the correction of the accrual from the previous year compared with the amount paid. Additionally, the Remunerations Committee policy of the GSB foresees, in certain circumstances, a variable multi-annual remuneration to the EBD members, corresponding to the mandates 2018-2020 and 2021-2023. On this basis, an estimated amount of 14,215 thousand Euros was accrued (31 December 2021: 13,848 thousand Euros). During 2022, the total amount paid as remuneration of the members of the Remunerations Committee of the General Assembly and the Sustainability Committee mounted to 15,000 Euros and 7,000 Euros respectively. Post-employment benefits EDP has not created a supplementary pension fund or pension plan for directors by making, instead, contributions/or co-contributions with the administrator to a Savings Plan (PPR) in a net amount at 10% (ten percent) of their remuneration base. The PPR is subscribed by EDP to the insurer of your choice, indicating the administrator as a insured person, and the defined contribution of EDP is paid in twelve monthly installments. As the characteristics of the PPR corresponds to the usual characteristics on the market for this type of product, be reimbursable before the expiry of the term, in the terms legally applicable to these financial products. The PPR currently available to the members of the Executive Board of Directors may, upon the assent of the Remuneration Committee of the General and Supervisory Board, be replaced by capitalizing insurance linked unit or equivalent vehicle, depending on the offer and market practices each time. Audit and non audit fees In 2022, PwC fees relating to external audit and statutory audit of all subsidiaries of EDP Group, except EDP Brasil Group, amounted to 8,089,454 Euros. Additionally, the total fees charged by PwC for other assurance services, which include quarterly reviews, and other non audit services amounted to 2,181,843 Euros and 15,013 Euros, respectively. In 2022, PwC Portugal fees relating to external audit and statutory audit of all subsidiaries of EDP Group in Portugal, amounted to 2,607,796 Euros. The total fees charged by PwC Portugal for other assurance of reliability services, which include quarterly reviews and other non audit services to subsidiaries of EDP Group in Portugal amounted to 1,776,591 Euros and 15,013 Euros, respectively. Business operations between the Company and the members of the Executive Board of Directors and General and Supervisory Board with qualifying holdings and companies in the group or control relationship with EDP In the course of its activity and regardless of their relevance, EDP concludes businesses and operations under normal market conditions for similar transactions with different entities, namely financial institutions, including holders of qualified shareholdings in EDP's share capital and those related parties. On 11 May 2012, after the Strategic Partnership Agreement concluded with China Three Gorges Corporation (CTG) came into effect in December 2011, this company (and three other group companies) became part of EDP's General and Supervisory Board. Under the Strategic Partnership Agreement with China Three Gorges Corporation, on 28 June 2013, EDP Renov\u00e1veis, S.A. sold for a total final price of 368 million Euros to a CTG Group company (CITIC CWEI Renewables S.C.A.) a 49% shareholding in EDP Renov\u00e1veis Portugal and 25% of the shareholder loans capital and supplementary capital contributions under the applicable rules for additional contributions granted to this company. Also under this partnership, on 6 December 2013, EDP Brasil signed a Memorandum of Understanding with CWE Investment Corporation (CWEI), currently designated as China Three Gorges Corporation, a wholly owned subsidiary of CTG, setting out the main guidelines for a future partnership in joint investments between EDP Brasil and CWEI and that governs parties' participation in joint projects in Brazil. These investments by CWEI Brasil were considered for purposes of fulfilment of the Strategic Partnership Agreement in relation to the total investment of 2 billion Euros made by CTG up to 2015 (including co-funding of operating investments) in ready-to-build and operational renewable energy generation projects. On 19 May 2015, EDP Renov\u00e1veis, S.A. completed the sale to CTG, of a 49% equity shareholding in selected wind farms in Brazil. This transaction was recognised as a sale without loss of control, having the Group recognised non-controlling interests of 50,943 thousand Euros and an impact in reserves attributable to the Group of 10,337 thousand Euros. On 27 October 2016, the transaction relating with the sale of the minority interest in the wind generation assets of EDP Renov\u00e1veis, S.A. in Italy and Poland to CTG, which purchase and sale agreement was signed on 28 December 2015 was concluded. CTG, through ACE Poland S.A.R.L. and ACE Italy S.A.R.L., both owned in 100% by ACE Investment Fund LP, an entity owned by China Three Gorges Hong Kong Ltd, subsidiary of CTG, formalised the payment of approximately 363 million Euros corresponding to the final price agreed between the parties. On 30 June 2017, EDP Renewables, SGPS, S.A. completed the sale to ACE Portugal S.A.R.L. (CTG Group), of a 49% equity shareholding in EDPR PT-PE. This transaction was recognised as a sale without loss of control, having the Group recognised non-controlling interests of 135,679 thousand Euros and an impact in reserves attributable to the Group of 74,419 thousand Euros in 2017. On 28 December 2018, EDP Renov\u00e1veis, S.A. completed the sale to CTG, of a 10% equity stake and respective shareholder loans on Moray Offshore Windfarm (East) Limited, for the total amount of 37.6 million Pounds. On 10 December 2021, following the acquisition of Sunseap by EDP Renov\u00e1veis S.A. and consequent entry into the Asian Market, EDP and CTG updated the Strategic Partnership Agreement (concluded in December 2011). This update aims to make the growth strategies of both companies more flexible, ensuring the application of the most demanding corporate governance standards in their future relationships. On 27 June 2022, EDP Renov\u00e1veis S.A. concluded a sales agreement with CTG for a 100% stake in an operational wind portfolio in Spain for a total amount of 328 million Euros (see note 6). On 23 December 2022, EDP S.A. concluded the sale of its 50% stake in Hydro Global Investment Limited (\u201cHydro Global\u201d) to China International Water & Electric Corporation (\u201cCWE\u201d), a company that belongs to China Three Gorges (\u201cCTG\u201d) group, for a total amount of 68 million US dollars (see note 6). Balances and transactions with companies of China Three Gorges Group In accordance with the EDP/CTG strategic partnership, EDPR Group completed the sale of 49% of EDPR Portugal, EDPR Brasil, EDPR PT-PE, EDPR Italia and EDPR Polska to CTG Group. Following these transactions, CTG Group granted shareholders loans to the EDPR Group in the amount of 93,731 thousand Euros including accrued interests (31 December 2021: 157,304 thousand Euros) (see note 39). During 2022, EDPR Portugal distributed dividends to CTG in the amount of 18,620 thousand Euros. Balances with EDP Pension and Medical and Death Subsidy Funds In December 2015, EDP, S.A. signed a lease contract related with the building units of the Porto headquarters (sold to the EDP Pension Fund in December 2015) for a period of 25 years. As at 31 December 2022, the present value of the lease liability, as a result of the adoption of IFRS 16, amounts to 43,872 thousand Euros (31 December 2021: 45,344 thousand Euros). In September 2017, EDP, S.A. signed a lease contract related with the building of the Lisbon headquarters (given as an in-kind contribution to the EDP Medical and Death Subsidy Funds) for a period of 25 years. As at 31 December 2022, the present value of the lease liability, as a result of the adoption of IFRS 16, amounts to 83,300 thousand Euros (31 December 2021: 85,656 thousand Euros). Following the decision and implementation of the autonomisation of the Medical Plan and Death Subsidy Plan in Portugal, EDP Group has made contributions of 34,560 thousand Euros in 2022 (31 December 2021: 11,520 thousand Euros). In the following years, until the end of 2027 and in the scenario where the liabilities associated with the mentioned plans are not 100% financed, the Group estimates to make additional contributions in the approximate total amount of 104 million Euros, in line with the financing plan approved by Insurance and Pension Funds Supervisory Authority (ASF) (see note 35). Balances and transactions with subsidiaries, joint ventures and associates In their ordinary course of business, EDP Group companies establish commercial transactions and operations with other Group companies, whose terms reflect current market conditions. The credits and debits over subsidiaries, joint ventures and associates, at Company level, are as follows: Credits held Thousand Euros 31 December 2022 Intra-Group Financial Mov. Loans and Interests receivable Other Credits Total EDP Comercial, S.A. 141,560 66,643 138,021 346,224 E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A 60,325 1,579,546 41,688 1,681,559 EDP Finance B.V. - 510,146 36,155 546,301 EDP Produ\u00e7\u00e3o, S.A. - - 1,108,926 1,108,926 EDP Renov\u00e1veis, S.A. - - 182,961 182,961 EDP Servicios Financieros Espa\u00f1a, S.A.U. 1,057,010 - 11,689 1,068,699 EDP Renewables Europe, S.L.U. - - 332,187 332,187 EDP Clientes, S.A. - 2,592 1,141,910 1,144,502 EDP Espa\u00f1a, S.A.U. - - 220,800 220,800 EDP GEM Portugal, S.A. 377,945 10,037 297,411 685,393 EDP Renov\u00e1veis Servicios Financieros, S.A. - - 90,709 90,709 Others 12,558 39,786 197,647 249,991 1,649,398 2,208,750 3,800,104 7,658,252 The amount of 510,146 thousand Euros refers to one private placement by EDP S.A. of a bond issued by EDP Finance B.V. Thousand Euros 31 December 2021 Intra-Group Financial Mov. Loans and Interests receivable Other Credits Total EDP Comercial, S.A. - 5,622 389,273 394,895 E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. 214,547 1,503,659 36,275 1,754,481 EDP Finance B.V. - 768,936 5,255 774,191 EDP Produ\u00e7\u00e3o, S.A. - 809,836 1,633,848 2,443,684 Hidrocant\u00e1brico Distribucion El\u00e9ctrica, S.A.U. - - 24,921 24,921 EDP Renov\u00e1veis, S.A. - - 105,909 105,909 EDP Servicios Financieros Espa\u00f1a, S.A.U. 624,006 - 14,709 638,715 SU Eletricidade, S.A. - 300,399 120,850 421,249 EDP Renewables Europe, S.L.U. - - 587,366 587,366 EDP Clientes, S.A. - - 1,058,380 1,058,380 Others 134,622 52,570 480,332 667,524 Debits held 973,175 3,441,022 4,457,118 8,871,315 Thousand Euros 31 December 2022 Intra-Group Financial Mov. Loans and Interests payable Other Debits Total EDP Finance B.V. - 6,117,495 84,501 6,201,996 EDP Produ\u00e7\u00e3o, S.A. 658,826 - 1,087,772 1,746,598 SU Eletricidade, S.A. 1,404,673 - 28,133 1,432,806 EDP Espa\u00f1a, S.A.U. - - 689,932 689,932 EDP Clientes, S.A. - - 278,014 278,014 EDP GEM Portugal, S.A. - - 109,915 109,915 EDP Renewables Europe, S.L.U. - - 24,146 24,146 EDP Renov\u00e1veis, S.A. - - 27,936 27,936 EDP Renov\u00e1veis Servicios Financieros, S.A. - - 63,209 63,209 Others 132,227 - 84,278 216,505 2,195,726 6,117,495 2,477,836 10,791,057 At 31 December 2022, the amount of 6,117,495 thousand Euros includes three intragroup bonds issued by EDP Finance BV and acquired by EDP S.A., in the total amount of 4,423,685 thousand Euros, with fixed and variable rate and a term to maturity up to 10 years. Thousand Euros 31 December 2021 Intra-Group Financial Mov. Loans and Interests payable Other Debits Total E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. - - 794 794 EDP Finance, B.V. - 5,948,182 45,396 5,993,578 EDP Renov\u00e1veis Servicios Financieros, S.A. - - 57,730 57,730 EDP Produ\u00e7\u00e3o, S.A. 902,040 - 1,537,113 2,439,153 EDP Renov\u00e1veis, S.A. - - 23,811 23,811 SU Eletricidade, S.A. 1,297,239 - 1,466 1,298,705 EDP Espa\u00f1a, S.A.U. - - 648,624 648,624 EDP Clientes, S.A. - - 302,778 302,778 EDP GEM Portugal, S.A. - - 135,375 135,375 Others 149,326 - 238,241 387,567 2,348,605 5,948,182 2,991,328 11,288,115 Expenses and income related to Subsidiaries, Joint Ventures and Associates, at Company level, are as follows: Expenses Thousand Euros 31 December 2022 Interest on Intra-Group Financial Mov. Interest on Loans Obtained Other Losses Total EDP Finance B.V. - 71,870 63,292 135,162 EDP Produ\u00e7\u00e3o, S.A. - - 2,656,425 2,656,425 EDP Espa\u00f1a, S.A.U. - - 1,010,282 1,010,282 EDP Clientes, S.A. - - 211,794 211,794 EDP Comercial, S.A. - - 1,411,188 1,411,188 EDP Renov\u00e1veis S.A. - - 40,628 40,628 EDP GEM Portugal, S.A. - - 86,980 86,980 EDP Renov\u00e1veis Servicios Financieros, S.A. - - 58,014 58,014 FISIGEN - Empresa de Cogera\u00e7\u00e3o, S.A. - - 56,146 56,146 Others 1,936 - 98,638 100,574 1,936 71,870 5,693,387 5,767,193 Thousand Euros 31 December 2021 Interest on Intra-Group Financial Mov. Interest on Loans Obtained Other Losses Total EDP Finance B.V. - 94,998 50,165 145,163 EDP Produ\u00e7\u00e3o, S.A. - - 1,693,345 1,693,345 EDP Espa\u00f1a, S.A.U. - - 878,112 878,112 EDP Clientes, S.A. - - 13,925 13,925 EDP Servicios Financieros Espa\u00f1a, S.A.U. 3,765 - - 3,765 Others 7 - 208,954 208,961 Income 3,772 94,998 2,844,501 2,943,271 Thousand Euros 31 December 2022 Interest on Intra-Group Financial Mov. Interest on Loans Granted Other Gains Total EDP Comercial, S.A. 2,268 647 2,348,735 2,351,650 E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A 163 20,279 461,435 481,877 EDP Produ\u00e7\u00e3o, S.A. 52 3,695 570,534 574,281 EDP Finance B.V. - 14,911 59,379 74,290 EDP Renewables Europe, S.L.U. - - 125,872 125,872 EDP Renov\u00e1veis, S.A. - - 334,248 334,248 EDP Espa\u00f1a, S.A.U. - - 927,970 927,970 EDP GEM Portugal, S.A. 3,439 220 1,230,982 1,234,641 EDP Clientes, S.A. - 11 1,531,646 1,531,657 EDP Renov\u00e1veis Servicios Financieros, S.A. - - 91,905 91,905 EDP Servicios Financieros Espa\u00f1a, S.A.U. - - 75,002 75,002 Others 153 4,946 106,352 111,451 6,075 44,709 7,864,060 7,914,844 Other gains include income from equity investments of 1,003,733 thousand Euros (see note 13). Thousand Euros 31 December 2021 Interest on Intra-Group Financial Mov. Interest on Loans Granted Other Gains Gains Total EDP Comercial, S.A. 4 470 1,171,973 1,172,447 E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. 14 17,689 289,181 306,884 EDP Produ\u00e7\u00e3o, S.A. - 13,354 979,790 993,144 EDP Finance B.V. - 12,299 45,870 58,169 EDP Renewables Europe, S.L.U. - - 471,065 471,065 EDP Renov\u00e1veis, S.A. - - 221,613 221,613 EDP Espa\u00f1a, S.A.U. - - 774,161 774,161 EDP GEM Portugal, S.A. 31 220 411,908 412,159 EDP Clientes, S.A. - - 1,234,460 1,234,460 SU Eletricidade, S.A. 63 4,417 9,804 14,284 Others - 1,644 624,740 626,384 112 50,093 6,234,565 6,284,770 Assets, liabilities and transactions with related companies, for the Group, are as follows: Assets and Liabilities Thousand Euros 31 December 2022 Assets Liabilities Net Value Joint Ventures Companhia Energ\u00e9tica do JARI - CEJA 4,962 382 4,580 Empresa de Energia S\u00e3o Manoel, S.A. 1,675 8,036 -6,361 OW FS Offshore, S.A. 513,963 - 513,963 Other 4,829 522 4,307 525,429 8,940 516,489 Associates Parque E\u00f3lico Sierra del Madero, S.A. 5,634 - 5,634 Centrais El\u00e9tricas de Santa Catarina, S.A. - Celesc 7,680 826 6,854 Solar Works! B.V. 3,490 - 3,490 E\u00f3lica de S\u00e3o Juli\u00e3o, Lda. 23,257 555 22,702 HC Tudela Cogeneraci\u00f3n, S.L. 1,687 15 1,672 SCNET - Sino-Portuguese Centre - 1,080 -1,080 Other 3,124 50 3,074 44,872 570,301 2,526 11,466 42,346 558,835 Thousand Euros Joint Ventures Companhia Energ\u00e9tica do JARI - CEJA 2,940 342 2,598 Empresa de Energia S\u00e3o Manoel, S.A. 8,031 494 7,537 OW FS Offshore, S.A. 180,544 - 180,544 Other 6,515 6,034 481 198,030 6,870 191,160 Associates Parque E\u00f3lico Sierra del Madero, S.A. 5,621 - 5,621 Eos Pax IIa, S.L. 5,257 - 5,257 Centrais El\u00e9tricas de Santa Catarina, S.A. - Celesc 4,972 2,715 2,257 Solar Works! B.V. 2,594 - 2,594 E\u00f3lica de S\u00e3o Juli\u00e3o, Lda. 16,572 1,638 14,934 Others 2,139 74 2,065 37,155 4,427 32,728 235,185 11,297 223,888 Transactions Thousand Euros 31 December 2022 Operating Income Financial Income Operating Expenses Financial Expenses Joint Ventures Companhia Energ\u00e9tica do JARI - CEJA 450 - 3,048 - Empresa de Energia S\u00e3o Manoel, S.A. 7,276 - 24,171 - OW FS Offshore, S.A. 3,471 15,885 - - Other 2,588 50 1,067 - Associates Eos Pax IIa, S.L. 13,785 15,935 28,286 - 46 - 5,031 - E\u00f3lica de S\u00e3o Juli\u00e3o, Lda 11,170 - 6,571 - HC Tudela Cogeneraci\u00f3n, S.L. 14,644 12 11,355 - Other 1,247 770 111 2,761 27,107 782 23,068 2,761 40,892 16,717 51,354 2,761 Thousand Euros 31 December 2021 Operating Income Financial Income Operating Expenses Financial Expenses Joint Ventures Companhia Energ\u00e9tica do JARI - CEJA 214 - 2,376 - Empresa de Energia S\u00e3o Manoel, S.A. 3,535 - 6,416 - Empresa de Energia Cachoeira Caldeir\u00e3o, S.A. 159 - 2,520 - OW FS Offshore, S.A. 881 5,953 - - Other 12,503 16 9,148 - 17,292 5,969 20,460 - Associates Eos Pax IIa, S.L. 5,739 - - - E\u00f3lica de S\u00e3o Juli\u00e3o, Lda 20,750 - 4,046 - Parque E\u00f3lico Belmonte, S.A. 428 31 - - Parque E\u00f3lico Sierra del Madero, S.A. 8 213 - - Other 823 182 63 - 27,748 426 4,109 - 45,040 6,395 24,569 - During 2022, EDP Group contributed with 12,700 thousand Euros of donations to Funda\u00e7\u00e3o EDP (see note 11). Additionally, management describes other transactions with related parties in the part I section A - Ownership structure of chapter 4 - Corporate governance. The aforementioned chapter includes transactions with holders of qualified shareholding positions as required by the Securities Code which are out of scope of IAS 24. 45. Fair value of financial assets and liabilities Fair value of financial instruments is based, whenever available, on listed market prices. Otherwise, fair value is determined through quotations supplied by third parties or through the use of generally accepted valuation models, which are based on cash flow discounting techniques and option valuation models. These models use market data which impacts the financial instruments, namely yield curves, exchange rates and volatility indicators, including credit risk. Market data is available on stock exchanges and/or financial information platforms such as Bloomberg and Reuters. The fair value of financial assets and liabilities is as follows: Thousand Euros Dec 2022 Dec 2021 Carrying amount Fair value Difference Carrying amount Fair value Difference Assets Equity instruments at fair value 216,418 216,418 - 189,942 189,942 - Investment property 27,294 27,294 - 20,668 20,668 - Debtors/other assets from commercial activities 8,660,346 8,660,346 - 8,596,510 8,596,510 - Other debtors and other assets 2,720,607 2,720,607 - 2,298,676 2,298,676 - Derivative financial instruments 2,575,698 2,575,698 - 2,353,326 2,353,326 - Collateral deposits/financial debt 53,101 53,101 - 50,075 50,075 - Cash and cash equivalents 4,900,205 4,900,205 - 3,222,409 3,222,409 - Liabilities Financial debt 19,153,669 19,153,669 - 16,731,606 16,731,606 - 20,022,473 18,938,885 -1,083,588 16,817,936 17,293,095 475,159 Suppliers and accruals 3,805,467 3,805,467 - 2,488,263 2,488,263 - Institutional partnerships 2,212,162 2,212,162 - 2,259,741 2,259,741 - Trade payables and other liabilities from commercial activities 5,241,322 5,241,322 - 4,859,389 4,859,389 - Other liabilities and other payables 3,006,683 3,006,683 - 1,879,832 1,879,832 - Derivative financial instruments 5,753,706 5,753,706 - 3,941,244 3,941,244 - 40,041,813 38,958,225 -1,083,588 32,246,405 32,721,564 475,159 Given that EDP Group\u2019s financial assets and liabilities, recognised at amortised cost, are predominantly short-term and level 2, changes in fair value were not considered. Fair value of EDP Group\u2019s financial debt was determined considering current market, namely listed price (level 1). The market value of financial debt, when no listed market prices are available, is calculated based on the discounted cash flows at market interest rates at the balance sheet date, increased by the best estimate, at the same date, of market conditions applicable to Group's debt. According to IFRS 13 requirements, EDP Group established the way it obtains the fair value of its financial assets and liabilities. The levels used are defined as follows: \u25cf Level 1 \u2013 Fair value based on the available listed price (not adjusted) in the identified active markets for assets and liabilities; \u25cf Level 2 \u2013 Fair value based in market inputs not included in level 1, but observable in the market for the asset or liability, either directly or indirectly; \u25cf Level 3 \u2013 Fair value of the assets and liabilities calculated with inputs that are not based on observable market information. Thousand Euros Dec 2022 Dec 2021 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Equity instruments at fair value through Other comprehensive income (see note 22) - 83,062 56,208 - 95,811 31,016 Profit or loss (see note 22) - - 77,148 - - 63,115 Tariff deficit at fair value through other comprehensive income (see note 26) - 1,164 - - 564,046 - Amounts receivable from concessions-IFRIC 12 at fair value through profit or loss (see note 26) - 1,012,104 - - 693,785 - Investment property - 27,294 - - 20,668 - Derivative financial instruments (see note 42) - 2,575,698 - - 2,353,326 - Financial liabilities Derivative financial instruments (see note 42) - 3,699,322 133,356 - 3,727,636 94,131 - 5,753,706 - - 3,941,244 - - 5,753,706 - - 3,941,244 - The market value of the amounts of tariff deficit at fair value through other comprehensive income is calculated based on the cash flows associated with these assets, discounted at rates which, at the balance sheet date, better reflect the assets risk considering the average term of the assets. The amounts receivable from concessions - IFRIC 12 at fair value through profit or loss are valued based in the methodology of the Value of Replacement as New (VNR). This method requires that each asset is valued, at current prices, for all the expenses needed for its replacement by equivalent asset that performs the same services and has the same capacity as the existing asset. The valuation for each asset is based on (i) Data Bank of Referential Prices - which is defined in the Tariff Adjustment Procedures - PRORET; or (ii) Data Bank of Prices from the Distribution company - which is formed based on the company's own information; or (iii) Referential Budget \u2013 that corresponds to the calculation by comparison of market data, relating to other assets with similar characteristics. ANEEL reviews the VNR, through the valuation report of the Regulatory Remuneration Base, every three years for EDP Esp\u00edrito Santo and every four years for EDP S\u00e3o Paulo, as established in the concession contracts. The market value of investment properties is based on assessments using current market practices: the comparative method, in cases where there is an active and comparable market, the income method, through discounted cash flows and the cost method, which considers the market value of the land and the construction costs. The movement in financial assets and liabilities included in Level 3 is as follows: At fair value through other comprehen- profit or loss Thousand Euros sive income Balance at beginning of period 31,016 63,115 Change in fair value (see note 22) 248 7,082 Acquisitions 25,591 6,903 Disposals -3,747 - Other changes 3,100 48 Balance at the end of the period 56,208 77,148 The assumptions used in the determination of Equity Instruments at Fair Value are described in note 22, as required by IFRS 13. 46. Relevant or subsequent events Green hybrid issuance of 1,000 million Euros On 16 January 2023, EDP priced a fixed to reset rate subordinated notes issuance in the total amount of 1,000 million Euros, with an early redemption option exercisable by EDP 5 years after the issue date, final maturity date in April 2083 and a yield of 5.95% (coupon of 5.943%) up to the first reset date to happen 5 years and 3 months after issuance. Notes buyback On 23 January 2023, EDP acquired 672.8 million Euros of the 1,000 million Euros \"Fixed to Reset Rate Subordinated Notes\" with maturity in 2079. As a result of this operation, as at 31 December 2022, said amount was reclassified as short term financial debt (see note 34). EDP completes a asset rotation deal of a 260 MW wind portfolio in Brazil On 30 January 2023, EDP announced through its subsidiary EDPR, the completion of the Sale and Purchase Agreement with Companhia Paranaense de Energia to sell a 100% equity stake in 2 operating wind projects that total 260 MW of capacity, situated in the state of Rio Grande do Norte, Brazil, for an estimated enterprise value of 1.80 billion Brazilian Reais as of 31 December 2021 (300 million Euros) (see notes 6 and 41). Transfer (\"Trespasse\") of the energy management business unit to EDP GEM Portugal, S.A. On 1 February 2023, EDP S.A. entered into a transfer (\"trespasse\") agreement with EDP GEM Portugal, S.A. (EDP GEM) with the aim of transferring its energy management business unit. This transfer of activity results from the global vision of energy management that EDP Group has been developing which includes the transfer to EDP GEM of all assets, liabilities and contractual positions that make up that business unit, as well as its employees and associated means necessary to carry out its activity. The estimated global result of this operation for EDP S.A. is a negative amount of 58 million Euros. This amount can be ajusted accordingly the conditions agreed beetween the parties. On the same day and pursuant to this agreement, EDP S.A., the sole shareholder of EDP GEM, approved the provision of supplementary pecuniary capital contributions under the applicable rules for additional contributions, in the global amount of 1,000 million Euros. EDP secures Power Purchase Agreement in Greece On 14 February 2023, EDP announced through its subsidiary EDPR, that it had secured a long-term Power Purchase Agreement with MYTILINEOS \u2013 Energy & Metals, one of the largest industrial and energy companies in Greece, to sell the green energy produced by a 78 MW wind portfolio. This deal marks EDP\u2019s first Power Purchase Agreement in Greece and it will be covered by a portfolio that consists of 3 wind projects that are expected to enter into operation between the end of 2024 and 2025. 47. EDP Branch in Spain The aim of EDP - Energias de Portugal - Sociedade An\u00f3nima, Sucursal en Espa\u00f1a is to manage and coordinate the energy interests of subsidiaries depending from EDP Group in Spain, organised through managing and monitoring structures, in order to ensure the maximum synergy and value creation in the operations and activities in Spain, also assuming itself as an organizational platform to lead the Iberian integration of shared and support services (back and middle offices). On this basis, interests in EDP Servicios Financieros (Espa\u00f1a), S.A.U., EDP International Investments and Services, S.L. and EDP Espa\u00f1a, S.A.U. are directly allocated to the assets of EDP Sucursal, as well as the majority interest in EDP Renov\u00e1veis, S.A. The Spanish branch of EDP has offices in Madrid and Oviedo. From a formal and legal point of view, the representation of the Spanish branch of EDP before third parties is ensured through the permanent representatives, which are members of the Executive Board of Directors of EDP, mandated for that purpose. The structure of direction, coordination, management and representation of the Spanish branch of EDP is composed by an Executive Committee, a Management Committee and by direct representation on Iberian scope EDP Management Committees. The Executive Committee is composed essentially by five permanent representatives, a Corporate General Director (Group Controller for the activities in Spain) and by first line directors of the business units in Spain, which constitute the main direction and coordination body of the Branch, being responsible for the coordination of the activities of the permanent representatives and of the Management Committee. The Management Committee is chaired by the Corporate General Director and is composed by the natural extension of the Departments of the Corporate Centre of EDP in Spain, namely the Department of M&A (\"Dire\u00e7\u00e3o de Projectos e Novos Neg\u00f3cios\"), Department of Legal Affairs (\"Dire\u00e7\u00e3o de Assessoria Jur\u00eddica\"), Department of Internal Audit (\"Dire\u00e7\u00e3o de Auditoria Interna\"), Department of Administration and Finance (\"Dire\u00e7\u00e3o de Administra\u00e7\u00e3o e Finan\u00e7as\"), Department of Human Resources (\"Dire\u00e7\u00e3o de Recursos Humanos\"), Department of EDP Spain Foundation (\"Dire\u00e7\u00e3o da Funda\u00e7\u00e3o EDP Espanha\"), Department of Regulation (\"Dire\u00e7\u00e3o de Regula\u00e7\u00e3o\"), IT Department (\"Dire\u00e7\u00e3o de Tecnologias de Informa\u00e7\u00e3o\") and Department of Environment, Sustainability, Innovation and Climate Change (\"Dire\u00e7\u00e3o de Ambiente, Sustentabilidade, Inova\u00e7\u00e3o e Altera\u00e7\u00e3o Clim\u00e1tica\") ensuring in a homogeneous way the functions of these departments transversally to the Spanish territory, being provided with 223 human resources as at 31 December 2022, including 139 in its own payroll. The Statement of Financial Position of the Branch is as follows: Thousand Euros EDP Branch Dec 2022 Dec 2021 Investments in subsidiaries: - EDP Renov\u00e1veis, S.A. 4,154,431 4,154,431 - EDP Espa\u00f1a, S.A.U. 2,105,002 2,105,002 - EDP Servicios Financieros (Espa\u00f1a), S.A.U. 482,695 482,695 - EDP International Investments and Services, S.L. 1,488,181 1,488,181 Deferred tax assets 8,087 50,844 Other debtors and other assets Total Non-Current Assets 15,014 8,544 8,253,410 8,289,697 Other debtors and others assets 164,229 122,196 Tax receivable 16,812 45,648 Cash and cash equivalents Total Current Assets 1,057,047 624,241 1,238,088 792,085 Total Assets 9,491,498 9,081,782 Equity 9,335,045 8,903,961 Financial debt 3,333 - Employee benefits 1,865 1,823 Other liabilities and other payables Total Non-Current Liabilities 3,092 116 8,290 1,939 Financial debt 3,667 42 Employee benefits 137 719 Other liabilities and other payables 140,582 171,759 Tax payable Total Current Liabilities 3,777 3,362 148,163 175,882 Total Liabilities 156,453 177,821 Total Equity and Liabilities 9,491,498 9,081,782 48. Environmental matters Expenses of an environmental nature are those identified and incurred to avoid, reduce or repair damage of an environmental nature resulting from the company's normal activity. Expenses of an environmental nature are booked as expenses for the period, except if they qualify to be recognised as an asset according with IAS 16. Investments of an environmental nature booked as Property, plant and equipment and intangible assets during 2022 and 2021, in the Group, are as follows: Thousand Euros Group Dec 2022 Dec 2021 Air and climate protection 5,431 4,025 Water management 481 283 Waste management 1,671 258 Soil, subterranean and surface water protection 26,974 15,253 Noise and vibration reduction 224 540 Biodiversity protection 24,644 24,145 Landscape protection 5,933 12,081 Energetic efficiency 27,389 19,584 Radiations management 6 - Other environmental management and protection activities 12,735 12,055 105,488 88,224 During 2022 and 2021, the Group recognised expenses that are as follows: Thousand Euros Group Dec 2022 Dec 2021 Air and climate protection 957,400 295,064 Water management 15,977 5,228 Waste management 6,348 14,443 Soil, subterranean and surface water protection 2,471 896 Noise and vibration reduction 245 285 Biodiversity protection 8,987 7,390 Landscape protection 181 26 Energetic efficiency 4,233 3,877 Radiations management 11 32 Research and development in the environmental area 289 309 Other environmental management and protection activities 9,913 6,664 1,006,055 334,214 Under current and future socioeconomic trends and practices followed by the EDP Group regarding to environmental sustainability, the group accounts for provisions to cover the costs of dismantling, decommissioning, restoring and decontaminating land where electric power plants are located, of 65,431 thousand Euros and 132,445 thousand Euros for thermoelectric power plants located in Portugal and Spain, respectively. Regarding the liability to dismantle and restore the land where solar and wind farms are located to its original condition, as at 31 December 2022, the provisions amount to 264,762 thousand Euros. Additionally, the provision to dismantle the Trillo nuclear power plant amounts to 42,525 thousand Euros (see notes 2 n) and 36). Environmental income recognised in 2022 relates to the sale of environmental waste of 7,015 thousand Euros (31 December 2021: 2,495 thousand Euros) and the sale of by-products of 1,101 thousand Euros (31 December 2021: 116 thousand Euros). 49. Business combinations Sunseap Group EDP Renov\u00e1veis, S.A (EDPR) entered in November 2021 into an agreement with BPIN Investment Company Limited (owner of 47% of shares) , Mr. Frank Phuan and Mr. Lawrence Wu (as the \u201cFounder Shareholders\u201d and owners of 14% of shares), and the additional selling shareholders (owners of 36% of shares) for the acquisition of up to 91.4% of the shares of Sunseap Group Pte.Ltd which holds a portfolio including of close to 10 GW of renewable projects at different stages of development. The agreement also includes the acquisition of the subscription rights granted to some shareholders and employees of the company by EDPR and the new issuance of those shares to be paid by EDPR. The completion of this transaction was subject to customary conditions precedent that were completed in February 2022. EDPR acquired 91.4% of the mentioned Group for a total consideration of 659,658 thousand Euros. This transaction is considered under the scope of IFRS 3 - Business combinations. Upon completion of the agreement, Sunseap Group Pte.Ltd performed a capital increase which was subscribed solely by EDP Renov\u00e1veis, S.A and lead to EDP Renov\u00e1veis, S.A holding 92.28% of the total stake of the acquired company. The amount of the capital increase was not considered within the consideration transferred for the business combination. Additionally, EDPR holds call options to acquire the remaining stake of the capital of the Sunseap Group and the sellers have put options to sell their shares. Considering the principles of IFRS 3 Business Combinations and in order to follow consistently the Group's policy in similar situations, EDPR recognized in the Consolidated Financial Statements the put option as a liability, measured at fair value at the date of acquisition (IAS 32), and following the premises stated for the anticipated-acquisition method, would recognize 100% of investment in the Consolidated Financial Statements. This transaction will not give rise to any Non-Controlling Interests (NCI), since EDPR has acquired the 92.28% of Sunseap Group and has assumed an anticipated acquisition of the remaining 7.72% due to the put option over NCI. The exercise price for these options has been determined in an amount equal to 56,442 thousand Euros (see note 39). The Group used the financial statements as at 28 February 2022 of the company acquired, to determine pre-acquisition balance sheet and results, and, consequently, the companies have been consolidated from that date following the full consolidation method. Thus, this acquisition has contributed to the consolidated financial statements with Revenues, mainly from energy sales, in the approximate amount of 108,763 thousand Euros and with a Net profit in the approximate amount of 224 thousand Euros, referring to the ten-month period ended at 31 December 2022. If this acquisition had occurred in the beginning of the exercise, it would have contributed to the consolidated financial statements with revenues, mainly from energy sales, in the approximate amount of 121,430 thousand Euros and with a Net loss for the period in the approximate amount of 7,623 thousand Euros, referring to the twelve-month period ended at 31 December 2022. At the acquisition date, EDPR Group has determined the fair value of the assets acquired and liabilities assumed, with the assistance of a specialized and independent firm. The valuation methodology utilized has been the Multi-Excess Earning Method (MEEM) and the discounted cashflow approach. This valuation methodology assumes that the kind of assets to be valued normally generates cash flows in combination with other tangible and intangible assets and therefore consists in deducting the estimated cost of the use of other assets, such as PP&E or working capital, from the estimated cash flows associated to the asset to be valued. The main components of cashflow, namely production, long term power prices and operational costs were estimated using EDPR\u2019s own methodology using historical data and experience assessing investments of similar solar PV projects in EDR\u2019s portfolio. These internal assumptions used in the preparation of the cashflows of the portfolio have been challenged by the specialized firm. The after tax cash flows were then discounted at the weighted average cost of capital within a range of 6.3-10.8% (blended), that has been calculated by the firm, reflecting the risks of the specific countries and adjusted for the profile of each project. Such valuation has determined a fair value of the net assets acquired in the amount of 296,173 thousand Euros. Fair values of identifiable assets and liabilities at the acquisition date are presented as follows: Thousand Euros Book value at acquisition date Fair value adjustment Fair value at acquisition date Assets Property, plant and equipment 409,589 110,932 520,521 Right-of-use assets 39,000 - 39,000 Intangible assets 422 113,295 113,717 Goodwill 2,159 -2,159 - Investments in joint ventures and associates 9,111 14,842 23,953 Deferred tax assets 9,908 - 9,908 Other debtors and other assets 145,038 - 145,038 Cash and cash equivalents 127,576 - 127,576 Total Assets 742,803 236,910 979,713 Liabilities Financial Debt 264,172 - 264,172 Provisions 6,163 - 6,163 Deferred tax liabilities 1,836 38,836 40,672 Other liabilities and other payables 334,547 - 334,547 Total liabilities 606,718 38,836 645,554 Net Assets 136,085 198,074 334,159 Non-controlling interests -37,986 Net assets acquired at fair value 296,173 Acquisition cost 659,658 Goodwill 363,485 The aforementioned Sunseap's group valuation has determined a fair value for Property, plant and equipment in the amount of 520,521 thousand Euros, generating a fair value adjustment of 110,932 thousand Euros corresponding to the permits, licenses and concessions and an associated deferred tax liability in the amount of 21.472 thousand Euros (see note 16 and 24). Furthermore, the valuation has determined a fair value for Intangible assets in the amount of 113,717 thousand Euros, generating a fair value adjustment of 113,295 thousand Euros corresponding to the power purchase agreements and feed-in-tariffs of the whole portfolio and an associated deferred tax liability in the amount of 17,378 thousand Euros (see note 18). The purchase price allocation exercise carried out in accordance with IFRS 3 resulted in a goodwill recognition in the amount of 363,485 thousand Euros, as per the difference of the net assets acquired at fair value and the consideration transferred for the acquisition of the shares. The aforementioned goodwill recognition resulting from the purchase price allocation, is mainly attributable to EDPR's establishment in the APAC platform within the context of EDP Business plan 2021-2025, allowing EDPR to establish a portfolio for the APAC region of close to 10 GW of solar projects, of which 563 MW operating and under construction, and an experienced team of more than 600 employees spread across 9 markets, providing a growth platform for the region. Xuan Thien EDP Renov\u00e1veis, S.A. (EDPR), through its subsidiary Sunseap Commercial & Industrial Assets (Vietnam) Co., Ltd. entered in 2022 into an agreement with Xuan Thien Group for the acquisition of 99,99% of the shares of Xuan Thien Ninh Thuan JSC and Xuan Thien Thuan Vac JSC, each of one holding a PV project totalling 200 MWac (255MWdc) (see note 6). The completion of this transaction was subject to customary conditions precedent that were completed in 7 September 2022. The total consideration for this transaction was 202,298 thousand Euros (213,030 thousand USD) which includes an amount of 41,288 thousand Euros that corresponds to the retentions that, in accordance with the sale and purchase agreement, will be paid when certain milestones related to financing, module damages repairs and land use rights are fulfilled (see note 39). This transaction is considered under the scope of IFRS 3 - Business combinations. The Group used the financial statements as at 7 September 2022 of the companies acquired, to determine pre-acquisition balance sheet and results, and, consequently, the companies have been consolidated from that date following the full consolidation method. Thus, this acquisition has contributed to the Consolidated Financial Statements with Revenues, mainly from energy sales, in the approximate amount of 9,319 thousand Euros and with a Net profit in the approximate amount of 1,819 thousand Euros, referring to the four months period ended at 31 December 2022. If this acquisition had occurred in the beginning of the exercise, it would have contributed to the consolidated financial statements with revenues, mainly from energy sales, in the approximate amount of 33,225 thousand Euros and with a Net profit for the period in the approximate amount of 8.985 thousand Euros , referring to the twelve-month period ended at 31 December 2022. At the acquisition date, EDPR Group has determined the fair value of the assets acquired and liabilities assumed, with the assistance of a specialized and independent firm. The valuation methodology utilized has been the Multi-Period Excess Earning Method (MEEM) and the discounted cashflow approach. This valuation methodology assumes that the kind of assets to be valued normally generates cash flows in combination with other tangible and intangible assets and therefore consists in deducting the estimated cost of the use of other assets, such as PP&E or working capital, from the estimated cash flows associated to the asset to be valued. The main assumptions of cashflow, namely production, long term power prices and operational costs were estimated using EDPR\u2019s own methodology using historical data and experience assessing investments of similar solar assets in EDPR\u2019s portfolio. These internal assumptions used in the preparation of the cashflows of the portfolio have been challenged by the specialized firm. The after tax cash flows were then discounted at the weighted average cost of capital, that has been calculated by the firm, reflecting the risk of the country and adjusted for the profile of the projects. Such valuation has determined a fair value of the net assets acquired in the amount of 181,062 thousand Euros. Fair value of identifiable assets and liabilities at the acquisition date is presented as follows: Thousand Euros Book value at acquisition date Fair value adjustment Fair value at acquisition date Assets Property, plant and equipment 171,487 26,754 198,241 Intangible assets - 85,476 85,476 Deferred tax assets - 237 237 Other debtors and other assets 18,064 -16 18,048 Cash and cash equivalents 314 - 314 Total Assets 189,865 112,451 302,316 Liabilities Financial Debt 102,777 - 102,777 Provisions 2,303 - 2,303 Deferred tax liabilities - 8,497 8,497 Other liabilities and other payables 4,522 3,155 7,677 Total liabilities 109,602 11,652 121,254 Net Assets 80,263 100,799 181,062 Net assets acquired at fair value 181,062 Acquisition cost 202,298 Goodwill 21,236 The aforementioned Xuan Thien's projects valuation has determined a fair value for Property, plant and equipment in the amount of 198,241 thousand Euros, generating a fair value adjustment of 26,754 thousand Euros corresponding to the permits, licenses and concessions (PLCs) and an associated deferred tax liability in the amount of 2,026 thousand Euros (see note 16 and 24). Furthermore, the valuation has determined a fair value for Intangible assets in the amount of 85,476 thousand Euros, which equals the amount of the fair value adjustment corresponding to the power purchase agreements that these companies have in place and an associated deferred tax liability in the amount of 6,471 thousand Euros. The purchase price allocation exercise carried out in accordance with IFRS 3 resulted in goodwill recognition in the amount of 21,236 thousand Euros, as per the difference of the net assets acquired at fair value and the consideration transferred for the acquisition of the shares. The aforementioned goodwill recognition resulting from the purchase price allocation, which is identified according to what is indicated in note 2.A, is mainly attributable to EDPR doubling its operational capacity in Vietnam, strengthening its presence in the APAC region, a market where it entered in 2021 and has been since reinforced with the integration of Sunseap in February 2022. Kronos Group In the third quarter, EDP Renewables Europe, S.L.U. entered into an agreement with Summercourt Capital GmbH (owner of 85% of the shares) and Bohne-Verm\u00f6gensverwaltungs-GmbH (owner of 15% of the shares) to acquire a 66,80% stake of Kronos Solar Projects Gmbh which holds a solar generation portfolio of 9,4GW under development located in Germany, Netherlands, France and UK (see note 6). The completion of this transaction was subject to customary conditions precedent which were completed in 5 October 2022. Subsequently, Kronos Solar Projects GmbH carried out a capital increase which was fully subscribed by EDP Renewables Europe, S.L.U., thus increasing the total stake in the acquired company to 70% and assumed the anticipated acquisition of the remaining 30% due to the put option on the Non Controlling Interest. The value of the capital increase was not considered in the amount transferred for the business combination. Thus, the total acquisition value of this shareholding amounted to 663,030 thousand Euros, of which the amount of 341,995 thousand Euros corresponds to the estimated value for exercising the agreed put options and the amount of 71,035 thousand Euros relating to the estimate of success fees to be paid to the sellers (see note 39). This transaction is considered under the scope of IFRS 3 - Business Combinations. The Group used the financial statements as at 30 September 2022 of the acquired companies, to determine pre-acquisition balance sheet and results, and, consequently, the companies have been consolidated from that date following the full consolidation method and equity method when applicable. Thus, this acquisition has contributed to the consolidated financial statements with no revenues since none of the projects of the portfolio are operating and no sales of projects have occurred during the period and with a Net loss in the approximate amount of 438 thousand Euros, referring to the four-month period ended at 31 December 2022. If this acquisition had occurred in the beginning of the exercise, it would have contributed to the consolidated financial statements with no revenues since none of the projects of the portfolio are operating and no sales of projects have occurred during the year and with a Net loss in the approximate amount of 1,176 thousand Euros, referring to the twelve month period ended at 31 December 2022. Fair value of identifiable assets and liabilities at the acquisition date is presented as follows: Thousand Euros Book value at acquisition date Fair value adjustment Fair value at acquisition date Assets Property, plant and equipment 4,871 - 4,871 Intangible assets 3,331 - 3,331 Other debtors and other assets 2,045 - 2,045 Cash and cash equivalents 13,423 - 13,423 Total Assets 23,670 - 23,670 Liabilities Provisions 493 - 493 Deferred tax liabilities 151 - 151 Other liabilities and other payables 11,565 - 11,565 Total liabilities 12,209 - 12,209 Net Assets 11,461 - 11,461 Non-controlling interests 88 Net assets acquired at fair value 11,373 Acquisition cost 663,030 Goodwill 651,657 At the acquisition date, EDPR Group has determined internally the fair value of the assets acquired and liabilities assumed. Since the portfolio acquired is still in an early stage of development EDPR has taken a cautious approach and has not allocated any value to specific assets, hence the difference amounting to 651,657 thousand Euros between the consideration transferred and the net assets acquired has been allocated to goodwill. The aforementioned goodwill recognition resulting from the purchase price allocation, which is identified as provisional according to what is indicated in note 2.A, is mainly attributable to the opportunity of entrance in new regions for EDPR (namely Netherlands and Germany), which benefit from ambitious renewables targets given the increased importance of security of supply and energy independence coupled with government initiatives such as the \u201cEaster Package\u201d in Germany that stands out with ambitious renewables capacity targets, with 360 GW of renewable installed capacity until 2030. In that sense almost 50% of the acquired solar development portfolio is located in Germany. Another element to consider within the goodwill is the well-proven know-how and track record of Kronos\u2019s team with 1,4 GW developed through 80 successfully installed projects in 9 countries. Finally, this acquisition is considered to be highly complementary with EDPR geographical current set up, not only allowing the entrance in Germany and Netherlands, but also scaling presence in France and the UK with a fully solar focused business. Longroad EDPR through its subsidiary, EDPR NA Distributed Generation, LLC, entered into an agreement in April 2022 to acquire 100% of the equity interests in eighty four companies owning an aggregate nameplate capacity of 99.3 MW of operating solar plants located throughout the US. The acquisition of these companies has been structured in 8 different transactions (tranches) which are independent from each other. However, given that the seller is the same, the assets have same nature and risks and are all located in the same geography, the Group has opted to present all these transactions aggregated in the same note, grouping the assets and liabilities acquired depending on whether the transaction has generated goodwill or badwill. The completion of this transaction was subject to certain conditions precedent, which were specific for each acquired company, necessitated multiple closings of discrete asset groups in separate tranches. With the aforementioned conditions precedent fulfilled, EDPR acquired the aforementioned 100% equity interests in 84 companies in four tranches, each of which is considered under the scope of IFRS 3 \u2013 Business combinations, for the following cash consideration: Purchase Closing Date Projects Price Capacity acquired thousand (MW dc) Euros 19 April 2022 (1) 7 16,659 6.46 9 August 2022 (2) 3 248 1.82 9 August 2022 (1) 6 3,522 10.65 9 August 2022 (1) 2 2,623 1.22 3 October 2022 (2) 7 38,257 24.19 3 October 2022 (2) 18 22,867 16.93 9 December 2022 (3) 11 3,661 5.94 9 December 2022 (3) 30 45,155 32.09 84 132,992 99.3 (1) acquisitions which generated goodwill (2) acquisitions which generated badwill (3) acquisitions which the purchase price allocation has not yet been finalized The Group used the financial statements as at each respective closing date to determine pre-acquisition results and, consequently, the companies and their operations have been consolidated since that date. The profit and loss and statement of cash flows reflect the activity of these project companies from the respective date of closing presented in the table above. If these acquisitions had occurred at the beginning of 2022, these would have contributed to the consolidated financial statements with Revenues, mainly from energy and environmental attribute (REC) sales, in the approximate amount of 14,244 thousand Euros (15,000 thousand USD) and with Net income for the period in the approximate amount of 2,279 thousand Euros (2,400 thousand USD), referring to the twelve- month period ended at 31 December 2022. At the acquisition dates for each respective tranche, the Group has determined the fair values of the assets acquired and liabilities assumed, based on valuations performed by a third party. The valuation methodology utilized was a discounted cashflow approach, where cash flows for each project were forecasted for the remaining life of the assets. The main components of cashflow, namely production, long term power prices and operational costs were estimated using EDPR\u2019s own methodology using historical data of the assets provided by the seller. The after tax cash flows were then discounted at the weighted average cost of capital of 8.25% reflecting the risk of the debt and equity financing components adjusted for the contracted profile of each project. Lastly to the aggregate value of the portfolio, adjustments were made for one- off items, other balance sheet assets or liabilities and synergies, to reach the final equity valuation. Such valuation has determined a fair value of the net assets acquired in the amount of 77,372 thousand Euros. Inputs and assumptions included in the valuation models relied upon the use of significant estimates including market energy pricing curves, federal income tax rates and other present value factors. Fair values of identifiable assets and liabilities at the acquisition dates for tranches resulting in goodwill from the transaction are presented as follows: Thousand Euros Book value at acquisition date Fair value adjustment Fair value at acquisition date Assets Property, plant and equipment 41,506 - 41,506 Intangible assets - 11,570 11,570 Other debtors and other assets 3,800 - 3,800 Cash and cash equivalents 129 - 129 Total Assets 45,435 11,570 57,005 Liabilities Provisions 4,416 -3,702 714 Institutional partnerships in US 2,821 -212 2,609 Other liabilities and other payables 37 - 37 Total liabilities 7,274 -3,914 3,360 Net Assets 38,161 15,484 53,645 Net assets acquired at fair value 53,645 Acquisition cost 61,372 Goodwill 7,727 The purchase price allocation exercise carried out in accordance with IFRS 3 resulted as a Goodwill recognition in the amount of 7,727 thousand Euros, as per the difference of the net assets acquired at fair value and the consideration transferred for the acquisition of the shares of these projects. This goodwill is mainly attributable to the acquisition of above-market power purchase agreements. Fair values of identifiable assets and liabilities at the acquisition dates for tranches resulting in badwill from the transaction are presented as follows: Thousand Euros Book value at acquisition date Fair value adjustment Fair value at acquisition date Assets Property, plant and equipment 29,273 - 29,273 Intangible assets - 9,097 9,097 Other debtors and other assets 3,516 - 3,516 Cash and cash equivalents 1,662 - 1,662 Total Assets 34,451 9,097 43,548 Liabilities Provisions 1,639 -1,280 359 Institutional partnerships in US 22,071 -2,900 19,171 Other liabilities and other payables 291 - 291 Total liabilities 24,001 -4,180 19,821 Net Assets 10,450 13,277 23,727 Net assets acquired at fair value 23,727 Acquisition cost 22,804 Badwill -923 The purchase price allocation carried out in accordance with IFRS 3 resulted in a badwill recognition in the amount of 923 thousand Euros. Additionally, the purchase price allocation has not yet been finalized for the projects acquired on 9 December 2022. The book value of the net assets of these projects at the acquisition date amounted to 27,578 thousand Euros, with goodwill having been recognized in these transactions in amounting to 21,238 thousand Euros (see note 19). EDP Goi\u00e1s On 14 October 2021, EDP Energias do Brasil S.A, won the public auction for 100% of the equity shares of Celg Transmiss\u00e3o S.A,. Following this auction, on 7 February 2022, EDP - Energias do Brasil acquired 99.99% of Celg Transmiss\u00e3o S.A., later renamed EDP Transmiss\u00e3o Goi\u00e1s S.A., for an amount of 2,114 million brazilian Reais (375 million Euros). This transaction is considered under the scope of IFRS 3 - Business combinations (see note 6). EDP Goi\u00e1s has a portfolio of 755 km of transmission network and operates 14 substations, predominantly through the Brazilian State of Goi\u00e1s, with three contracted concessions until 2043, 2045 and 2046. This transaction reinforces EDP Brasil's growth cycle, with an emphasis on the distribution and transmission segments. The Group used the financial statements as at 31 January 2022 of the company, to determine pre-acquisition balance sheet and results, and, consequently, has consolidated from that date onward using the full consolidation method. Thus, this acquisition has contributed to the Consolidated Financial Statements with Revenues, mainly Revenue from assets assigned to concessions, in the approximate amount of 70,241 thousand Euros and with a Net profit in the approximate amount of 14,497 thousand Euros, referring to the eleven-month period ended at 31 December 2022. If this acquisition had occurred in the beginning of the exercise, it would have contributed to the consolidated financial statements with Revenues, mainly Revenue from assets assigned to concessions, in the approximate amount of 75,465 thousand Euros and with a Net profit for the period in the approximate amount of 15.985 thousand Euros, referring to the twelve-month period ended at 31 December 2022. With reference to the acquisition date, the book value of net assets in this portfolio amounted to 1,071 million Brazilian Reais (170 million Euros), and an external evaluation determined the allocation of its fair value, which resulted, essentially, in the recognition of a concession right (see note 18). The evaluation methodology used was the Multi Period Excess Earning (\u201cMEEM\u201d). Thousand Euros Book value at acquisition date Fair value adjustment Fair value at acquisition date Assets Intangible assets 284 193,728 194,012 Investment property 10,066 -2,027 8,039 Debtors and other assets from commercial activities 209,761 - 209,761 Other debtors and other assets 3,519 - 3,519 Cash and cash equivalents 30,799 - 30,799 Total Assets 254,429 191,701 446,130 Liabilities Financial debt 15,044 - 15,044 Provisions 1,948 - 1,948 Deferred tax liabilities 41,329 - 41,329 Other liabilities and other payables 7,802 - 7,802 Tax liabilities 18,578 - 18,578 Total liabilities 84,701 - 84,701 Net Assets 169,728 191,701 361,429 Non-controlling interests (0,01%) -24 Net assets acquired at fair value 361,405 Acquisition cost 374,861 Exchange Difference 13,456 Goodwill - 50. Investigation process about CMEC and DPH Following the enactment of an EU legislation package regarding the construction of the Internal Energy Market, aimed at, among others, promoting the liberalization of the electricity sector, the existence of long-term Power Purchase Agreements (\u201cContratos de Produ\u00e7\u00e3o de Energia\u201d \u2013 CAE), and the Portuguese legal framework involving a \u201csingle buyer\u201d, ceased to be compatible with EU law. Accordingly, Decree-Law no. 240/2004, of 27 December, was enacted in the context of the liberalization of the Portuguese energy sector, establishing the early termination of the CAEs entered into in 1996 and, at the same time, approving the methodology to be used in accomplishing said termination, as well as the compensation due to energy producers in that respect. This methodology was subjected to the European Commission\u2019s (EC) prior approval, expressed in the Decision concerning State aid N161/2004, which deemed it effective and strictly necessary. Additionally, the enactment of the aforementioned Decree-Law by the Portuguese Government was object of a legislative authorization, granted by the Portuguese Parliament. In that context, and according to the approved methodology, EDP and REN - Rede El\u00e9ctrica Nacional, S.A. (REN) signed the CAE early termination agreements in 2005, their entry into force having taken place on 1 July 2007, after being amended earlier that same year. Both termination agreements were ratified by the member of the Portuguese Government responsible for the energy sector. Pursuant to the provisions of the 2005 CAE termination agreements, on 8 March 2008 the Portuguese Government, REN and EDP Produ\u00e7\u00e3o entered into a number of concession agreements formalizing EDP\u2019s right of use over the Public Hydro Domain (\u201cDom\u00ednio P\u00fablico H\u00eddrico\u201d \u2013 DPH) until the end of the operational life of the hydroelectric plants subject to the so-called Costs for the Maintenance of the Contractual Balance mechanism (\u201cCustos de Manuten\u00e7\u00e3o do Equil\u00edbrio Contratual\u201c \u2013 CMEC). Decree-Law 226-A/2007, of 31 May, introduced a new obligation to EDP, unforeseen in the 2004 legislation or in the 2005 termination agreements, which consisted in the payment by EDP of an amount concerning the \u201ceconomic and financial balance\u201d of each power plant. Pursuant to this legal framework, and following assessments carried out by two independent financial institutions appointed by the Government, EDP Produ\u00e7\u00e3o was ordered to pay EUR 759 million, as consideration for the extension of its right of use over the DPH. This included approximately EUR 55 million due for the Hydro Resources Tax. In 2012, the EC and Portuguese authorities (the Central Department of Criminal Investigation and Prosecution, a part of the Public Prosecutor\u2019s Office \u2013 \u201cDepartamento Central de Investiga\u00e7\u00e3o e A\u00e7\u00e3o Penal\u201d, DCIAP) received complaints regarding (i) the methodology adopted for the early termination of the CAEs and the implementation of the CMEC mechanism and; (ii) EDP\u2019s right of use over the DPH. So far as the complaint received by the EC is concerned, this institution addressed a clarification request to the Portuguese Government over the early termination of the CAEs, and its replacement by the CMEC framework. The EC decided, in September 2013, that the compensation attributed to EDP Produ\u00e7\u00e3o in the context of the early termination of the CAEs did not exceed the amount required to reimburse the investment costs meant to be recovered throughout the operational life of the assets in question. Furthermore, it certified that the execution of the CMEC framework respected the terms that were notified to the EC, and approved, in 2004. Accordingly, the EC has at this stage concluded its investigation regarding the early termination of the CAEs. Having found no evidence of non-compliance with the framework in force in Portugal (approved by the EC itself in 2004) or at the EU level, it decided not to pursue an in- depth investigation on the matter. Simultaneously, in September 2013, the EC decided to undertake an in-depth investigation exclusively in respect of the right of use over the DPH matter. These in-depth investigation proceedings over EDP\u2019s right of use over the DPH were formally concluded in May 2017, with the EC having decided that the consideration paid by EDP was in line with market conditions. It further concluded that the financial methodology followed to determine the price to be paid by EDP for the right of use over the DPH was appropriate and resulted in a fair market price, expressly adding that the accusations that such price (759 million euros) had been underappreciated were baseless, and resulted from an inaccurate financial calculation methodology. In 2 June 2017, EDP was made aware of the investigation being carried out by the DCIAP since 2012 regarding the amounts due to EDP for the early termination of the CAEs and the right of use over the DPH. On that date, the authorities carried out a search in EDP\u2019s offices, as well as REN\u2019s (as network operator) and a consultant. At that time, DCIAP informed, by way of a public press release, that investigations were ongoing, and the alleged facts could amount to active and passive corruption, and economic participation in business deals. The DCIAP further informed, in said press release, that some members of EDP\u2019s Executive Board of Directors, as well as former directors who executed the relevant agreements, were suspects in that investigation. On 6 July 2020, a measure of constraint to suspend the exercise of functions in EDP\u2019s Executive Board of Directors was proposed by the Public Prosecutor\u2019s Office, and applied by the court, to Ant\u00f3nio Mexia and Jo\u00e3o Manso Neto (then Chairman and member of the board, respectively), while the investigation remained in the inquiry stage. On the same day, the General and Supervisory Board and the Executive Board of Directors resolved to appoint then Chief Financial Officer Miguel Stilwell de Andrade as interim Chairman, for the duration of the impediment of the current Chairman of the Executive Board of Directors, in addition to his functions at the time. On 13 July 2020, and as in due course disclosed to the market (https://www.edp.com/sites/default/files/2020- 07/20200713_Notifica%C3%A7%C3%A3o%20do%20DCIAP_EN_0.pdf ), EDP was notified by the Portuguese Authorities to appoint a legal representative to appear at the DCIAP for questioning and constitution of EDP as defendant, for the facts related to the hiring by EDP Group of the father of the then Secretary of State Artur Trindade. Such diligence has already occurred and EDP was named as a defendant in the context of such judicial procedure and is now waiting for further developments of the procedure. On 30 November 2020, and as communicated to the market on that same date, EDP received formal notices of both suspended members of the Executive Board of Directors, informing of their unavailability to be re-appointed to serve in EDP\u2019s corporate bodies for the 2021-2023 term of office. On 19 January 2021, an Extraordinary General Shareholders\u2019 Meeting was held, and a new management team was appointed to the Executive Board of Directors, for the 2021-2023 triennium. EDP reaffirms that no irregularities exist regarding the matters at hand and believes the amounts due by the early termination of the CAEs and the proceedings regarding the DPH, in particular the amounts paid, were fair and according to market conditions. EDP remains determined in the pursuit of its corporate purpose and in the fulfilment of its clients, shareholders, employees, and remaining stakeholders\u2019 highest expectations. EDP is committed to the accomplishment of its strategic goals, and no impact to its consolidated financial statements is expected to arise as a consequence of the above. Regarding the judicial procedure, it is still under investigation and till the present date there are no relevant developments regarding the reason that uphold EDP as a defendant. 51. Operating segments In accordance with IFRS 8, an operating segment is a Group component: (i) that engages in business activities from which it may earn revenues and incur expenses; (ii) whose operating results are reviewed regularly by the Group's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance; and (iii) for which discrete financial information is available. The Group develops a set of regulated and liberalised activities in the energy sector, with special emphasis in generation, distribution and supply of electricity. The Executive Board of Directors regularly reviews segmental reports, using Operating Profit to assess and release each business operating performance, as well as to allocate resources. The Renewables segment corresponds to the activity of generation of electricity from renewable sources, mainly hydro, wind and solar. This segment includes, but not limited to, the following companies: \u2022 EDP - Gest\u00e3o da Produ\u00e7\u00e3o de Energia, S.A. (hydro activity); \u2022 EDP Espa\u00f1a, S.A.U. (hydro activity); \u2022 EDP Renov\u00e1veis, S.A. and all subsidiaries of the EDPR Group; \u2022 Enerpeixe, S.A.; \u2022 Investco, S.A.; \u2022 Lajeado Energia, S.A. The Networks segment corresponds to the activities of electricity distribution and transmission. This segment includes, but not limited to, the following companies: \u2022 E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A.; \u2022 Electra de Llobregat Energ\u00eda, S.L.; \u2022 Hidrocant\u00e1brico Distribucion El\u00e9ctrica, S.A.U.; \u2022 Viesgo Distribuci\u00f3n El\u00e9ctrica, S.L.; \u2022 Barras El\u00e9ctricas Galaico-Asturianas, S.A.; \u2022 EDP Esp\u00edrito Santo Distribui\u00e7\u00e3o de Energia S.A.; \u2022 EDP S\u00e3o Paulo Distribui\u00e7\u00e3o de Energia S.A.; \u2022 EDP Transmiss\u00e3o, S.A.; \u2022 EDP Transmiss\u00e3o Alian\u00e7a SC, S.A.; \u2022 EDP Transmiss\u00e3o SP-MG, S.A. The Client Solutions & Energy Management segment includes the following activities: generation of electricity from non-renewable sources, mainly coal and gas; electricity and gas supply, including last resort suppliers and related energy solutions services to clients; and energy management businesses responsible for management of purchases and sales of energy in iberian and brazilian markets, and also for the related hedging transactions. This segment includes, but not limited to, the following companies: \u2022 EDP - Gest\u00e3o da Produ\u00e7\u00e3o de Energia, S.A. (thermal activity); \u2022 EDP Espa\u00f1a, S.A.U. (thermal and intermediation activities); \u2022 UNGE - Unidade de Neg\u00f3cio de Gest\u00e3o de Energia Ib\u00e9rica (EDP, S.A.); \u2022 Porto do Pec\u00e9m Gera\u00e7\u00e3o de Energia, S.A.; \u2022 EDP Comercial - Comercializa\u00e7\u00e3o de Energia, S.A.; \u2022 EDP Trading Comercializa\u00e7\u00e3o e Servi\u00e7os de Energia, S.A.; \u2022 SU Eletricidade, S.A.; \u2022 EDP G\u00e1s Servi\u00e7o Universal, S.A. Segment Definition The amounts reported in each operating segment result from the aggregation of the subsidiaries and business units defined in each segment perimeter and the elimination of transactions between companies of the same segment. The statement of financial position captions of each subsidiary and business unit, as well as income statement captions for each operating segment, are determined based on the amounts booked directly in the companies that compose the segment, including the elimination of balances between companies of the same segment, and excluding the allocation in the segments of the adjustments between segments. In each business segment, Assets include the Property, Plant and Equipment, Right-of-use assets, Intangible Assets and Goodwill. The remaining assets are presented in the \"Reconciliation of information between Operating Segments and Financial Statements\". Under IFRS 8, the EDP Group discloses as Operating investment, additions in non-current assets, except for financial instruments, deferred tax assets and post-employment benefit assets. Therefore, in each business segment, the Operating Investment caption includes increases in Property, Plant and Equipment; Intangible Assets and Amounts receivable from concessions - IFRIC 12 under the financial asset model, excluding CO2 licenses, net of increases in Government grants, customers contributions for investment and sales of properties in the period. Goodwill is disclosed in note 19. In consolidated financial statements, Joint Ventures and associated companies are accounted under the equity method, in accordance with the Group accounting policy disclose in note 2. These equity accounted investees are disclosed by business segment under IFRS 8 and presented in the business segment correspondent to its operating activity. P Group Operating Segments Information as at 31 December 2022 Client Solutions Renewables Networks & Energy Total Thousand Euros Management Segments Revenues from energy sales and services and other 3,646,510 4,054,001 17,080,255 24,780,766 Revenues inter-segments 1,726,916 2,498,813 -83,173 4,142,556 Revenues from third parties 1,919,594 1,555,188 17,163,428 20,638,210 Gross Profit 2,640,428 2,348,777 1,136,160 6,125,365 Other income 786,561 75,354 30,027 891,942 Supplies and services -484,296 -364,496 -333,957 -1,182,749 Personnel costs and employee benefits -285,808 -202,921 -151,271 -640,000 Other costs -316,330 -323,523 -161,594 -801,447 Impairment losses on trade receivables and debtors -2,550 -27,810 -29,876 -60,236 Joint ventures and associates 189,579 318 -3,456 186,441 Gross Operating Profit 2,527,584 1,505,699 486,033 4,519,316 Provisions 6,194 -2,038 -16,832 -12,676 Amortisation and impairment -935,093 -519,270 -484,241 -1,938,604 Operating Profit 1,598,685 984,391 -15,040 2,568,036 Assets 26,863,102 6,374,655 1,753,779 34,991,536 Financial assets - Investments in joint ventures and associates 1,429,902 248 11,154 1,441,304 Operating Investment 3,485,499 837,889 164,866 4,488,254 Thousand Euros 24,780,766 Revenues from energy sales and services and others from Other Segments 262,292 Adjustments and Inter-segments eliminations* -4,392,294 20,650,764 6,125,365 Gross Profit from Other Segments 260,865 Adjustments and Inter-segments eliminations* -265,179 Total Gross Profit of EDP Group 6,121,051 4,519,316 Gross Operating Profit from Other Segments 25,870 Adjustments and Inter-segments eliminations* -21,647 Total Gross Operating Profit of EDP Group 4,523,539 Total Operating Profit of Reported Segments 2,568,036 Operating Profit from Other Segments -26,656 Adjustments and Inter-segments eliminations* -11,387 Total Operating Profit of EDP Group 2,529,993 Total Assets of Reported Segments 34,991,536 Assets Not Allocated 23,220,360 Financial Assets 5,271,624 Trade Receivables and Other Debtors 8,660,346 Inventories 1,256,300 Tax Assets 2,708,492 Other Assets 5,323,598 Assets from Other Segments 649,050 Inter-segments assets eliminations* -44,535 Total Assets of EDP Group 58,816,411 1,441,304 164,439 1,605,743 Total Operating Investment of Reported Segments 4,488,254 Operating Investment from Other Segments 70,033 Total Operating Investment of EDP Group 4,558,287 Dismantling/discomission of PP&E 9,841 Emission of CO2 Licenses 467,690 Concession Rights - IFRIC 12 ** -624,732 Investment Grants -5,877 Other Investments 30,566 Total Fixed Assets additions of EDP Group (Notes 16 and 18) 4,435,775 Total of Reported Segments Other Segments Adjustments and Inter-segments eliminations* Total of EDP Group Other income 891,942 59,339 -23,831 927,450 Supplies and services -1,182,749 -180,940 260,021 -1,103,668 Personnel costs and employee benefits -640,000 -133,244 2,444 -770,800 Other costs -801,447 -32,735 4,458 -829,724 Impairment losses on trade receivables and debtors -60,236 37 - -60,199 Equity method in joint ventures and associates 186,441 52,548 440 239,429 Provisions -12,676 -1,863 - -14,539 Amortisation and impairment -1,938,604 -50,663 10,260 -1,979,007 * Mainly related with intragroup balances and transactions eliminations. ** See Note 26 - Debtors and Other Assets from Commercial Activities Total Revenues from energy sales and services and other of Reported Segments Total Revenues from energy sales and services and other of EDP Group Total Equity accounted Investments in joint ventures and associates of Reported Segments Equity accounted Investments in joint ventures and associates from Other Segments Total Equity accounted Investments in joint ventures and associates of EDP Group Total Gross Profit of Reported Segments Total Gross Operating Profit of Reported Segments Reconciliation of information between Operating Segments and Financial Statements for 31 December 2022 36DP Group Operating Segments Information as at 31 December 2021 * Client Solutions Renewables Networks & Energy Total Thousand Euros Management Segments Revenues from energy sales and services and other 2,845,315 3,947,159 11,294,666 18,087,140 Revenues inter-segments 1,493,549 1,772,116 -144,309 3,121,356 Revenues from third parties 1,351,766 2,175,043 11,438,975 14,965,784 Gross Profit 2,245,402 2,070,887 594,823 4,911,112 Other income 856,810 109,693 38,504 1,005,007 Supplies and services -379,295 -324,133 -249,578 -953,006 Personnel costs and employee benefits -217,149 -202,214 -127,249 -546,612 Other costs -258,634 -308,113 -142,394 -709,141 Impairment losses on trade receivables and debtors 380 -19,258 -13,926 -32,804 Joint ventures and associates 46,292 256 22,103 68,651 Gross Operating Profit 2,293,807 1,327,118 122,283 3,743,208 Provisions -49,843 -7,145 -1,506 -58,494 Amortisation and impairment -787,402 -483,824 -424,230 -1,695,456 Operating Profit 1,456,561 836,148 -303,453 1,989,256 Assets 21,653,930 6,162,596 2,131,237 29,947,763 Financial assets - Investments in joint ventures and associates Assets 1,084,193 190 15,677 1,100,060 Operating Investment 2,559,932 749,314 100,291 3,409,537 Thousand Euros 18,087,140 Revenues from energy sales and services and others from Other Segments 236,881 Adjustments and Inter-segments eliminations* -3,341,112 14,982,909 Total Gross Profit of Reported Segments 4,911,112 Gross Profit from Other Segments 235,344 Adjustments and Inter-segments eliminations* -239,294 Total Gross Profit of EDP Group 4,907,162 3,743,208 Gross Operating Profit from Other Segments * 993 Adjustments and Inter-segments eliminations* -21,151 Total Gross Operating Profit of EDP Group 3,723,050 Total Operating Profit of Reported Segments 1,989,256 Operating Profit from Other Segments -47,629 Adjustments and Inter-segments eliminations* -10,842 Total Operating Profit of EDP Group 1,930,785 Total Assets of Reported Segments 29,947,763 Assets Not Allocated 20,400,557 Financial Assets 4,163,217 Trade Receivables and Other Debtors 8,596,510 Inventories 733,381 Tax Assets 2,234,780 Other Assets 4,672,669 Assets from Other Segments 703,191 Inter-segments assets eliminations* -57,359 Total Assets of EDP Group 50,994,152 associates of Reported Segments 1,100,060 250,385 1,350,445 Total Operating Investment of Reported Segments 3,409,537 Operating Investment from Other Segments 83,342 Total Operating Investment of EDP Group 3,492,879 Discomission of Property, plant and equipment 29,525 Emission of CO2 Licenses 417,399 Concession Rights - IFRIC 12 ** -588,620 Investment Grants -132 Other Investments 50,434 Total Fixed Assets additions of EDP Group 3,401,485 Total of Reported Segments Other Segments Adjustments and Inter-segments eliminations* Total of EDP Group Other income 1,005,007 40,654 -21,673 1,023,988 Supplies and services -953,006 -164,092 228,144 -888,954 Personnel costs and employee benefits -546,612 -123,350 3,503 -666,459 Other costs -709,141 -26,993 8,169 -727,965 Impairment losses on trade receivables and debtors -32,804 -25 1 -32,828 Joint ventures and associates 68,651 39,455 - 108,106 Provisions -58,494 -2,016 - -60,510 Amortisation and impairment -1,695,456 -46,606 10,307 -1,731,755 * Mainly related with intragroup balances and transactions eliminations ** Includes restatement originated by changing social tariff costs and green certificates as described in note 2a) associates of EDP Group Total R52. Reconciliation of Changes in the responsibilities of Financing activities at 31 December 2022 Institutional Loans Derivative partnerships from Loans Collateral financial in North Lease non-controlling obtained Deposits instruments America Liabilities interests Thousand Euros (Note 34) (Note 34) (Note 42)* (Note 37) (Note 39) (Note 39) Balance as at 31 de December 2020 16,286,763 -32,069 -129,593 1,933,542 1,055,678 590,424 Cash flows: Receipts relating to financial debt (including Collateral Deposits) 3,080,716 - - - - - (Payments) relating to financial debt (including Collateral Deposits) -2,630,334 -19,183 - - - - Interest and similar costs of financial debt including hedge derivatives -471,489 - -9,840 - - - Receipts/(payments) relating to loans from non-controlling interests - - - - - -53,679 Interest and similar costs relating to loans from non-controlling interests - - - - - -18,244 Receipts/(payments) relating to derivative financial instruments - - 10,317 - - - Receipts/(payments) from institutional partnerships - - - 692,164 - - Lease (payments) - - - - -98,772 - Perimeter variations -167,448 1,551 1,426 -413,306 -144,155 -65,017 Exchange differences 348,143 -374 1,050 168,318 51,456 1,955 Fair value changes -67,036 - 112,293 - - Interests and accrued and deferred costs 455,897 - 16,853 9,369 - 17,318 Unwinding - - - 79,023 39,510 - ITC/PTC recognition - - - -177,205 - - Change in Benefits Recognition - - - -32,164 - - New lease contracts/Increments in rent values - - - - 158,285 - Reclassification to Liabilities held for sale -17,276 - -103 - -12,554 -2 Balance as at 31 de December 2021 16,817,936 -50,075 2,403 2,259,741 1,049,448 472,755 Cash flows: Receipts relating to financial debt (including Collateral Deposits) 4,449,800 -985 - - - - (Payments) relating to financial debt (including Collateral Deposits) -1,583,281 - - - - - Interest and similar costs of financial debt including hedge derivatives -679,413 - -37,041 - - - Receipts/(payments) relating to loans from non-controlling interests - - - - - 205,145 Interest and similar costs relating to loans from non-controlling interests - - - - - -12,885 Receipts/(payments) relating to derivative financial instruments - - 21,017 - - - Receipts/(payments) from institutional partnerships - - - -77,385 - - Lease (payments) - - - - -133,696 - Perimeter variations 88,952 2,252 -49,060 24,892 538 -25 Exchange differences 357,553 -4,293 72,089 144,123 38,978 -1,717 Fair value changes -89,546 - 48,673 - - - Interests and accrued and deferred costs 660,472 - 101,165 -2,659 - 13,676 Unwinding - - - 96,955 46,146 - ITC/PTC recognition - - - -233,505 - - New lease contracts/Increments in rent values - - - - 386,378 - Balance as at 31 December 2022 20,022,473 -53,101 159,246 2,212,162 1,387,792 676,949 * The Group considers as financing activities all derivative financial instruments excluding derivatives related with commodities. Derivative Loans financial Lease Group obtained instruments Liabilities companies Thousand Euros (Note 34) (Note 42)* (Note 39) (Note 39) Balance as at 31 de December 2020 11,483,572 -4,456 161,972 3,873 Cash flows: Receipts relating to financial debt (including Collateral Deposits) 2,452,048 - - - (Payments) relating to financial debt (including Collateral Deposits) -2,068,048 - - - Interest and similar costs of financial debt including hedge derivatives -218,264 -16,935 - - Receipts/(payments) relating to loans from related parties 1,159,901 - - -3,873 Receipts/(payments) relating to derivative financial instruments - 20,585 - - Lease (payments) - - -12,502 - Exchange differences 17,001 - - - Fair value changes - -39,886 - - Unwinding - - 4,948 - Interests and accrued and deferred costs 208,089 21,332 - 3,630 New lease contracts/Increments in rent values - - 1,936 - Balance as at 31 December 2021 13,034,299 -19,360 156,354 3,630 Cash flows: Receipts relating to financial debt (including Collateral Deposits) 2,634,236 - - - (Payments) relating to financial debt (including Collateral Deposits) -1,594,679 - - - Interest and similar costs of financial debt including hedge derivatives -209,000 -20,046 - - Receipts/(payments) relating to loans from related parties -152,879 - - -3,630 Receipts/(payments) relating to derivative financial instruments - 121,013 - - Lease (payments) - - -12,625 - Exchange differences 23,289 - - - Fair value changes - -78,886 - - Unwinding - - 5,876 - Interests and accrued and deferred costs 208,436 12,826 - 3,857 New lease contracts/Increments in rent values - - 2,726 - Balance as at 31 December 2022 13,943,702 15,547 152,331 3,857 * The Group considers as financing activities all derivative financial instruments excluding derivatives related with commodities. 53. Explanation Added for Translation These financial statements are a free translation of the financial statements originally issued in Portuguese in accordance with International Financial Reporting Standards as adopted by the European Union. In the event of discrepancies, the Portuguese language version prevails. Annex I. Companies in the Consolidation Perimeter The subsidiary companies where the Group exercises control as at 31 December 2022 are as follows: Group's parent holding company and Related Activities: Portugal: EDP - Energias de Portugal, S.A. (EDP Group parent holding company) Lisbon 3,965,681,012 EUR 29,922,362 21,639,043 8,283,319 9,084,227 848,565 CNET - Centre for New Energy Technologies, S.A. Sacav\u00e9m 300,000 EUR 4,456 4,055 401 515 43 60.00% EDP Estudos e Consultoria, S.A Lisbon 50,000 EUR 3,175 129 3,047 83 -117 100.00% 100.00% EDP Global Solutions - Gest\u00e3o Integrada de Servi\u00e7os S.A. Lisbon 15,000,000 EUR 148,794 58,938 89,856 59,254 2,368 100.00% 100.00% EDP Inova\u00e7\u00e3o, S.A. Lisbon 50,000 EUR 61,893 60,498 1,395 8,562 -1,479 100.00% 100.00% EDP Internacional, S.A. Lisbon 12,500,000 EUR 25,757 1,191 24,566 1,149 -31 100.00% 100.00% EDP IS \u2013 Investimentos e Servi\u00e7os, Sociedade Unipessoal, Lda Lisbon 140,309,500 EUR 451,315 120,357 330,958 - 55,144 100.00% EDP Ventures - Sociedade de capital de risco, S.A. Lisbon 125,000 EUR 1,062 54 1,008 128 45 100.00% EDP Ventures, S.A. Lisbon 50,000 EUR 78,304 43,800 34,503 15 -3,477 100.00% Fundo EDP CleanTech FCR Lisbon 19,895,723 EUR 22,933 295 22,638 - 5,941 60.00% LABELEC - Estudos, Desenvolvimento e Actividades Laboratoriais, S.A. Sacav\u00e9m 2,200,000 EUR 24,966 14,341 10,625 18,124 1,405 100.00% 100.00% S\u00e3vida - Medicina Apoiada, S.A Lisbon 450,000 EUR 19,367 9,434 9,933 22,780 1,609 100.00% 100.00% Other Countries: EDP - \u00c1sia Solu\u00e7\u00f5es Energ\u00e9ticas Limitada Macao 1,500,000 MOP 1,622 23 1,599 - -485 100.00% 5.00% EDP Finance BV Amesterdam 2,000,000 EUR 11,939,090 11,817,341 121,749 - -6,431 100.00% 100.00% EDP International Investments and Services, S.L. Oviedo 9,116 EUR 1,339,097 126,128 1,212,969 - 62,380 100.00% 100.00% EDP Servicios Financieros Espa\u00f1a, S.A.U. Oviedo 10,300,058 EUR 4,057,309 3,554,047 503,262 - 42,363 100.00% 100.00% Energia RE - Sociedade Cativa de Resseguro Luxembourg 3,000,000 EUR 144,228 75,082 69,146 3 5,052 100.00% 100.00% Electricity and Gas Activity - Portugal: Electricity Generation: EDP Gest\u00e3o Produ\u00e7\u00e3o Energia, S.A. Lisbon 2,723,792,240 EUR 6,262,322 2,582,351 3,679,970 2,374,308 -140,099 100.00% 100.00% Empresa Hidroel\u00e9ctrica do Guadiana, S.A. Lisbon 62,597,300 EUR 370,308 256,211 114,097 168,108 13,115 100.00% FISIGEN - Empresa de Cogera\u00e7\u00e3o, S.A. Lisbon 50,000 EUR 35,695 27,617 8,078 83,387 2,444 51.00% Greenvouga - Sociedade Gestora do Aproveitamento Hidroel\u00e9ctrico de Ribeiradio- Ermida,S.A. Lisbon 1,000,000 EUR 234,410 179,565 54,846 15,596 4,329 100.00% Sociedade Agro Pecu\u00e1ria da Sobreira de Baixo, Lda. Pedr\u00f3g\u00e3o do Alentejo 90,000 EUR 484 807 -322 - - 100.00% 0.00% TERGEN - Opera\u00e7\u00e3o e Manuten\u00e7\u00e3o de Centrais Termoel\u00e9ctricas, S.A. Carregado 250,000 EUR 4,434 3,043 1,391 6,575 13 100.00% Electricity Distribution: E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. Lisbon 300,000,000 EUR 3,893,399 2,720,899 1,172,500 1,343,158 129,930 100.00% 100.00% Electricity Supply: EDP Comercial - Comercializa\u00e7\u00e3o de Energia, S.A. Lisbon 64,500,005 EUR 1,166,173 902,109 264,064 3,559,012 134,802 100.00% 100.00% EDP Mediadora, S.A. Lisbon 50,000 EUR 8,987 1,372 7,616 3,165 1,948 100.00% Effizency, S.A. Lisbon 128,132 EUR 3,501 1,025 2,477 1,438 71 96.86% SU Eletricidade, S.A. Lisbon 10,110,110 EUR 2,255,974 2,162,627 93,347 3,721,590 7,656 100.00% 100.00% Gas Supply: EDP G\u00e1s Servi\u00e7o Universal, S.A. Oporto 1,050,996 EUR 12,593 3,864 8,729 11,535 -23 100.00% 100.00% Other activities: EDP GEM Portugal, S.A. Lisbon 50,000 EUR 903,462 917,992 -14,530 1,837,700 -70,570 100.00% 100.00% Electricity and Gas Activity - Spain: Electricity Generation: EDP Espa\u00f1a, S.A.U. (HC Energia Subgroup Parent Company) Oviedo 421,739,790 EUR 3,873,283 1,205,313 2,667,970 3,905,560 384,498 100.00% 100.00% Biomasa Puente Nuevo S.L.U. Oviedo 3,000 EUR 2 5 -2 - -5 100.00% Central Termica Ciclo Combinado Grupo 4, S.L. Oviedo 2,117,000 EUR 170,082 105,750 64,332 624,742 16,256 100.00% Ceprastur, A.I.E. Oviedo 360,607 EUR 293 6 287 - - 100.00% Generaciones El\u00e9ctricas Andaluc\u00eda, S.L.U. Oviedo 25,000,000 EUR 381,118 290,583 90,535 484,798 42,691 100.00% H2 Abo\u00f1o, S.A.U. Oviedo 1,000,000 EUR 1,000 - 1,000 - - 100.00% H2 Los Barrios, S.A.U. Oviedo 1,000,000 EUR 1,003 14 989 - -11 100.00% H2 Soto, S.A.U. Oviedo 1,000,000 EUR 1,000 - 1,000 - - 100.00% IBERENERGIA, SAU Oviedo 60,200 EUR 245,416 178,899 66,517 77,815 23,886 100.00% Electricity Distribution: Barras El\u00e9ctricas Galaico-Asturianas, S.A. Lugo 15,689,797 EUR 383,426 244,594 138,832 60,798 30,091 75.05% EDP Redes Espa\u00f1a, S.L.U. Oviedo 10,000,000 EUR 2,510,609 2,399,730 110,879 - -82,176 75.10% Electra Llobregat Energ\u00eda, S.L. Barcelona 90,000 EUR 5,080 3,144 1,936 445 79 56.32% Hidrocant\u00e1brico Distribuci\u00f3n El\u00e9trica, S.A.U Oviedo 44,002,000 EUR 1,152,840 834,059 318,781 200,604 98,977 75.10% Viesgo Distribuci\u00f3n El\u00e9ctrica, S.L. Santander 77,792,000 EUR 1,159,113 833,561 325,551 188,919 48,125 75.10% Electricity Supply: Comercializadora Energ\u00e9tica Sostenible, S.A. Bilbau 60,000 EUR 114 38 76 353 -5 100.00% EDP Clientes, S.A. Oviedo 1,000,000 EUR 1,352,712 1,972,500 -619,788 2,369,352 -163,017 100.00% EDP Energia Ib\u00e9rica, S.A. Oviedo 60,200 EUR 53 12,979 -12,927 - -2 100.00% EDP Solar Espa\u00f1a, S.A. Oviedo 1,000,000 EUR 92,825 94,659 -1,833 75,969 -6,465 100.00% Other activities: EDP GEM Espa\u00f1a, S.A. Oviedo 1,000,000 EUR 1,441 278 1,162 33 92 100.00% EDP Iberia, S.L. Bilbau 130,260,000 EUR 1,463,666 159,347 1,304,320 - 15,089 100.00% EDP Ventures Espa\u00f1a, S.A. Oviedo 60,000 EUR 253 203 50 - -7 100.00% Transporte GNL, S.A. Bilbau 1,000,000 EUR 143,971 136,112 7,859 71,821 5,565 100.00% Viesgo Infraestructuras Energ\u00e9ticas, S.L. Santander 147,195,418 EUR 582,925 167,199 415,725 52,483 198,902 75.10% Electricity and Gas Activity - Other Countries: Electricity Supply: EDP Energia Italia S.R.L. Milan 3,610,000 EUR 80,148 80,635 -486 116,024 -4,321 100.00% EDP Energia Polska Warsaw 8,505,000 PLN 62,171 63,230 -1,059 16,342 -7,681 100.00% EDP Energie France Paris 10,000 EUR 136 143 -7 - -21 100.00% Enertel Group S.r.l. Verona 200,000 EUR 18,166 16,404 1,762 34,620 906 100.00% SOON Energy Polska sp z.o.o. Warsaw 100,000 PLN 17,140 14,855 2,285 14,958 1,634 100.00% Youco F22-H416 Vorrats-GmbH Frankfurt am Main 25,000 EUR 23 - 23 - -3 100.00% Zielona-Energia.com Czestochowa 2,170,000 PLN 9,469 5,690 3,779 1,496 -487 100.00% Electricity Activity - Brazil: Parent company and Related Activities: EDP Energias do Brasil, S.A. (EDP Brasil Subgroup Parent Company) S\u00e3o Paulo 5,502,715,947 BRL 2,119,391 210,519 1,908,873 809 189,383 57.55% Electricity Generation: Enerpeixe, S.A. S\u00e3o Paulo 219,735,967 BRL 309,500 193,426 116,074 57,931 -2,074 34.53% Investco, S.A. Tocantins 804,458,843 BRL 225,174 53,438 171,737 40,622 20,287 23.47% Lajeado Energia, S.A. S\u00e3o Paulo 6,867,541 BRL 246,890 130,953 115,937 137,862 58,055 32.15% PCH Santa Leopoldina S.A. Esp\u00edrito Santo 244,710,000 BRL 416,570 383,451 33,119 - -10,686 57.55% Porto do Pec\u00e9m Gera\u00e7\u00e3o de Energia, S.A. Cear\u00e1 2,368,998,621 BRL 659,302 302,873 356,428 255,662 -119,821 57.55% Resende Engenharia e Assessoria, Ltda. S\u00e3o Paulo 21,573,318 BRL 3,763 9 3,754 - -3 57.55% Electricity Distribution: EDP Esp\u00edrito Santo Distribui\u00e7\u00e3o de Energia S.A. Esp\u00edrito Santo 650,572,403 BRL 1,097,801 853,851 243,951 917,219 102,587 57.55% EDP S\u00e3o Paulo Distribui\u00e7\u00e3o de Energia S.A. S\u00e3o Paulo 596,669,107 BRL 1,172,207 995,462 176,745 1,046,269 96,117 57.55% Electricity Supply: EDP Smart SPE Ltda. S\u00e3o Paulo 141,011,252 BRL 28,200 2,864 25,336 7,641 1,320 57.55% EDP Smart Energia, Ltda S\u00e3o Paulo 20,556,000 BRL 129,609 119,277 10,332 58,260 4,289 57.55% EDP Smart Servi\u00e7os, S.A. Esp\u00edrito Santo 412,786,011 BRL 137,186 83,057 54,129 24,282 -6,394 57.55% EDP Smart Solu\u00e7\u00f5es, S.A. Rio Grande do Sul 124,072,773 BRL 23,257 9,275 13,982 11,310 -5,582 57.55% EDP Smart SPE V Ltda. S\u00e3o Paulo 13,541,069 BRL 8,796 6,140 2,655 406 51 57.55% EDP Trading Comercializa\u00e7\u00e3o e Servi\u00e7os de Energia, S.A. S\u00e3o Paulo 221,679,595 BRL 634,888 565,896 68,992 606,136 10,249 57.55% Energia Solar I SPE LTDA. Esp\u00edrito Santo 1,203,819 BRL 372 359 13 - -30 57.55% Energia Solar II SPE LTDA. Esp\u00edrito Santo - BRL - - - - - 57.55% Nova Gera\u00e7\u00e3o Solar LTDA. S\u00e3o Paulo 2,538,124 BRL 510 485 25 - -38 57.55% Transmission of Electricity: EDP Transmiss\u00e3o Alian\u00e7a SC, S.A. Esp\u00edrito Santo 340,500,999 BRL 448,281 345,987 102,294 63,260 16,051 51.80% EDP Transmiss\u00e3o Goi\u00e1s S.A. Goias 328,750,229 BRL 324,264 116,427 207,837 69,714 31,553 57.55% EDP Transmiss\u00e3o Litoral Sul S.A. S\u00e3o Paulo 310,755,430 BRL 69,982 15,269 54,714 21,568 4,048 57.55% EDP Transmiss\u00e3o Norte S.A. Esp\u00edrito Santo 20,951,000 BRL 27,015 23,687 3,327 24,513 -381 57.55% EDP Transmiss\u00e3o SP-MG, S.A. Esp\u00edrito Santo 33,000,999 BRL 485,508 414,689 70,819 92,238 27,227 57.55% ENERGIA I SPE S.A. Esp\u00edrito Santo - BRL - - - - - 57.55% ENERGIA SPE II S.A. Esp\u00edrito Santo - BRL - - - - - 57.55% Mata Grande Transmissora de Energia LTDA. Paran\u00e1 17,529,870 BRL 21,554 19,672 1,882 6,852 -405 57.55% Other Activities: EDP Ventures Brasil S.A. S\u00e3o Paulo 40,656,475 BRL 7,157 1,095 6,062 - -653 57.55% Renewable Energy Activity: Parent company and Related Activities: EDP Renov\u00e1veis, S.A. (EDP Renov\u00e1veis Subgroup Parent Company) Oviedo 4,802,790,810 EUR 11,465,826 3,776,118 7,689,708 71,625 -219,537 74.98% 74.98% EDP Renov\u00e1veis Servicios Financieros, S.A. Oviedo 84,691,368 EUR 7,672,189 7,006,663 665,525 31,967 173,095 74.98% Europe Geography / Platform: Spain: EDP Renewables Europe, S.L.U. (EDPR EU Subgroup Parent Company) Oviedo 249,498,800 EUR 4,493,625 3,036,676 1,456,949 92,031 -238,483 74.98% Acampo Arias, S.L. Zaragoza 3,314,300 EUR 49,049 33,487 15,562 19,249 11,665 71.23% Aplicaciones Industriales de Energ\u00edas Limpias, S.L. Zaragoza 131,288 EUR 1,577 37 1,540 - 2,881 46.11% Canerde, S.L.U. Madrid 4,000 EUR 129 129 - - -3 59.98% Compa\u00f1\u00eda E\u00f3lica Aragonesa, S.A. Zaragoza 6,701,165 EUR 174,258 29,869 144,389 55,783 32,259 74.98% Desarrollos E\u00f3licos de Teruel, S.L. Zaragoza 18,890,100 EUR 71,956 46,766 25,190 11,146 6,300 38.24% Desarrollos Renovables de Allande, S.L.U. Madrid 3,000 EUR 3 2 1 - - 74.98% Desarrollos Renovables de la Frontera, S.L. Jerez de la Frontera 3,000 EUR 3 1 2 - - 74.98% Desarrollos Renovables de Teruel, S.L. Teruel 3,000 EUR 3 2 2 - -1 38.24% EDP Renovables Espa\u00f1a, S.L.U. Oviedo 46,128,100 EUR 1,773,369 649,551 1,123,818 434,222 315,222 74.98% EDPR M\u00e9xico, S.L.U. Oviedo 3,000 EUR 1 - 1 - -1 74.98% EDPR Terral S.L.U. Madrid 3,000 EUR 506 507 -1 - -2 74.98% EDPR Yield, S.A.U. Oviedo 99,405,403 EUR 247,652 5,030 242,622 - 27,501 74.98% E\u00f3lica Arlanz\u00f3n, S.A. Madrid 4,508,980 EUR 17,621 3,786 13,835 11,630 6,450 63.73% E\u00f3lica Campollano, S.A. Madrid 6,559,994 EUR 55,979 9,926 46,053 38,916 23,153 56.23% E\u00f3lica Fontesilva, S.L.U. La Coru\u00f1a 6,860,000 EUR 39,125 10,644 28,481 14,863 7,609 74.98% E\u00f3lica La Br\u00fajula, S.A.U. Madrid 3,294,000 EUR 50,403 12,224 38,178 27,354 15,937 74.98% IAM Caecius, S.L. Madrid 3,000 EUR 1 - 1 - - 74.98% Iberia Aprovechamientos E\u00f3licos, S.A. Zaragoza 1,918,728 EUR 18,771 6,114 12,657 11,810 6,931 70.48% Palma Hive, S.L. Madrid 3,000 EUR 1,073 686 387 - - 74.98% Parque E\u00f3lico Altos del Voltoya, S.A. Madrid 6,434,349 EUR 49,739 30,992 18,747 19,632 12,290 69.35% Parque E\u00f3lico de Abrazadilla, S.L.U. Madrid 3,000 EUR - - - - - 74.98% Parque E\u00f3lico La Sotonera, S.L. Zaragoza 2,000,000 EUR 11,716 3,648 8,069 7,560 4,366 52.36% Parque E\u00f3lico Los Cantales, S.L.U. Zaragoza 1,963,050 EUR 17,174 5,101 12,073 9,904 5,681 74.98% Parque E\u00f3lico Santa Quiteria, S.L. Zaragoza 63,006 EUR 16,391 3,241 13,150 10,893 6,282 62.95% Pedregal Hive, S.L. Madrid 3,000 EUR 664 246 418 - 9 74.98% Renovables Castilla La Mancha, S.A. Madrid 60,102 EUR 25,161 15,879 9,283 15,600 9,196 67.48% Rocio Hive, S.L. Madrid 3,000 EUR 2,406 2,234 172 - 59 74.98% Site Sunwind Energy, S.L. Madrid 3,000 EUR 1 - 1 - - 74.98% T\u00e9bar E\u00f3lica, S.A.U. Madrid 4,720,400 EUR 29,951 5,457 24,494 14,648 8,895 74.98% Viesgo Europa, S.L.U. Oviedo 1,000,000 EUR 74,533 23,866 50,667 12,745 42,331 74.98% Viesgo Mantenimiento, S.L.U. Cantabria 3,050 EUR 1,231 20 1,211 281 -243 74.98% Viesgo Renovables, S.L.U. Oviedo 12,769,690 EUR 398,438 103,120 295,318 88,358 57,117 74.98% Portugal: EDP Renewables SGPS, S.A. Oporto 50,000 EUR 351,400 4,498 346,902 - 2,326 74.98% EDP Renov\u00e1veis Portugal, S.A. Oporto 7,500,000 EUR 441,105 257,172 183,933 137,012 58,008 38.24% EDPR Cross Solutions, S.A. Oporto 50,000 EUR 597 584 13 811 -37 74.98% EDPR PT - Parques E\u00f3licos, S.A. Oporto 50,000 EUR 94,066 45,813 48,253 3 11,280 38.24% EDPR PT - Promo\u00e7\u00e3o e Opera\u00e7\u00e3o, S.A. Oporto 57,500 EUR 43,817 36,600 7,217 16,364 -4,768 74.98% E\u00f3lica da Coutada, S.A. Soutelo de Aguiar 50,000 EUR 141,029 72,021 69,008 28,138 10,622 38.24% E\u00f3lica da Coutada II, S.A. Oporto 50,000 EUR 14,839 14,823 16 - -34 74.98% E\u00f3lica da Serra das Alturas, S.A. Boticas 50,000 EUR 11,688 2,549 9,139 3,380 1,733 19.16% E\u00f3lica da Terra do Mato, S.A. Oporto 50,000 EUR 39,872 24,666 15,205 7,854 2,548 38.24% E\u00f3lica das Serras das Beiras, S.A. Pi\u00f3d\u00e3o - Arganil 50,000 EUR 88,268 37,435 50,834 20,804 8,659 38.24% E\u00f3lica de Alagoa, S.A. Arcos de Valdevez 50,000 EUR 7,542 1,356 6,186 2,934 2,546 22.94% E\u00f3lica de Montenegrelo, S.A. Vila Pouca de Aguiar 50,000 EUR 18,384 3,891 14,493 5,985 2,973 19.16% E\u00f3lica do Alto da Lagoa, S.A. Oporto 50,000 EUR 19,509 5,778 13,731 5,021 2,083 38.24% E\u00f3lica do Alto da Teixosa, S.A. Alh\u00f5es 50,000 EUR 24,542 11,053 13,488 6,162 2,646 38.24% E\u00f3lica do Alto do Mourisco, S.A. Cerdedo 50,000 EUR 21,429 9,693 11,736 5,100 2,225 38.24% E\u00f3lica do Espig\u00e3o, S.A. Vila Nova CMV 50,000 EUR 24,790 7,558 17,232 7,306 3,468 38.24% E\u00f3lica dos Altos de Salgueiros-Guilhado, S.A. Vila Pouca de Aguiar 50,000 EUR 10,415 5,045 5,370 2,259 872 38.24% Fotovoltaica Flutuante do Grande Lago, S.A. Oporto 50,000 EUR 2,127 1,325 802 - -93 74.98% Fotovoltaica Lote A, S.A. Oporto 50,000 EUR 97,847 97,715 132 - 108 74.98% IE2 Portugal, SGPS, S.A. Oporto 50,000 EUR 112 66 46 - -21 74.98% Malhadizes - Energia E\u00f3lica, S.A. Oporto 50,000 EUR 18,698 7,882 10,816 5,009 1,923 38.24% Parque E\u00f3lico do Barlavento, S.A. Oporto 60,000 EUR 53,052 13,280 39,772 14,266 7,713 67.46% S.E.E. - Sul Energ\u00eda E\u00f3lica, S.A. Oporto 150,000 EUR 9,650 796 8,854 2,921 1,997 74.98% France: EDPR France Holding, S.A.S. Paris 79,900,000 EUR 390,316 285,206 105,110 36,002 -10,201 74.98% Eoles Montjean, S.A.S. Paris 849,351 EUR 1,126 278 849 - -1 74.98% Fransol 11, S.A.S. Boulogne-Billancourt 1 EUR 2 13 -11 - -1 63.73% Fransol 12, S.A.S. Boulogne-Billancourt 1 EUR 5 29 -24 - -9 63.73% Fransol 13, S.A.S. Boulogne-Billancourt 1 EUR 4 24 -20 - - 63.73% Fransol 14, S.A.S. Boulogne-Billancourt 1 EUR 837 843 -6 - 28 63.73% Fransol 15, S.A.S. Boulogne-Billancourt 1 EUR 6 41 -35 - -1 63.73% Fransol 16, S.A.S. Boulogne-Billancourt 1 EUR 9 57 -47 - -14 63.73% Fransol 17, S.A.S. Boulogne-Billancourt 1 EUR 3 18 -15 - -5 63.73% Fransol 18, S.A.S. Boulogne-Billancourt 1 EUR 5 29 -24 - -2 63.73% Fransol 19, S.A.S. Boulogne-Billancourt 1 EUR 3 16 -13 - - 63.73% Fransol 20, S.A.S. Boulogne-Billancourt 1 EUR 18 77 -59 - -9 63.73% Fransol 21, S.A.S. Boulogne-Billancourt 1 EUR 8 50 -42 - 1 63.73% Fransol 22, S.A.S. Boulogne-Billancourt 1 EUR 1 5 -4 - - 63.73% Fransol 23, S.A.S. Boulogne-Billancourt 1 EUR 2 13 -11 - - 63.73% Fransol 24, S.A.S. Boulogne-Billancourt 1 EUR 7 40 -33 - -20 63.73% Fransol 25, S.A.S. Boulogne-Billancourt 1 EUR 4 25 -21 - -7 63.73% Fransol 26, S.A.S. Boulogne-Billancourt 1 EUR 3 16 -13 - - 63.73% Fransol 27, S.A.S. Boulogne-Billancourt 1 EUR 15 89 -74 - -9 63.73% Fransol 28, S.A.S. Boulogne-Billancourt 1 EUR 9 57 -47 - -29 63.73% Fransol 29, S.A.S. Boulogne-Billancourt 1 EUR 3 16 -13 - - 63.73% Fransol 30, S.A.S. Boulogne-Billancourt 1 EUR 3 26 -23 - -5 63.73% Fransol 31, S.A.S. Boulogne-Billancourt 1 EUR 3 20 -16 - -5 63.73% Fransol 32, S.A.S. Boulogne-Billancourt 1 EUR 4 22 -18 - -13 63.73% Fransol 33, S.A.S. Boulogne-Billancourt 1 EUR 2 12 -10 - -7 63.73% Fransol 34, S.A.S. Boulogne-Billancourt 1 EUR 5 28 -23 - -16 63.73% Fransol 35, S.A.S. Boulogne-Billancourt 1 EUR 2 12 -10 - -3 63.73% Fransol 36, S.A.S. Boulogne-Billancourt 1 EUR 2 14 -12 - -7 63.73% Fransol 37, S.A.S. Boulogne-Billancourt 1 EUR 5 31 -25 - -12 63.73% Fransol 38, S.A.S. Boulogne-Billancourt 1 EUR 1 8 -7 - - 63.73% Fransol 39, S.A.S. Boulogne-Billancourt 1 EUR 3 16 -13 - - 63.73% Fransol 40, S.A.S. Boulogne-Billancourt 1 EUR 2 12 -10 - - 63.73% Fransol 41, S.A.S. Boulogne-Billancourt 1 EUR - 2 -1 - - 63.73% Fransol 42, S.A.S. Boulogne-Billancourt 1 EUR 1 5 -4 - -3 63.73% Fransol 43, S.A.S. Boulogne-Billancourt 1 EUR - 2 -1 - - 63.73% Fransol 44, S.A.S. Boulogne-Billancourt 1 EUR - 2 -1 - - 63.73% Fransol 45, S.A.S. Boulogne-Billancourt 1 EUR 2 11 -9 - - 63.73% Fransol 46, S.A.S. Boulogne-Billancourt 1 EUR - 2 -1 - - 63.73% Fransol 47, S.A.S. Boulogne-Billancourt 1 EUR - 2 -1 - - 63.73% Fransol 48, S.A.S. Boulogne-Billancourt 1 EUR - 2 -1 - - 63.73% Fransol 49, S.A.S. Boulogne-Billancourt 1 EUR - 2 -1 - - 63.73% Fransol 50, S.A.S. Boulogne-Billancourt 1 EUR - 2 -1 - - 63.73% Kronos IB Vogt 15, S.A.S. Saint-Louis 1 EUR 98 107 -9 - -2 63.73% Kronos IB Vogt 16, S.A.S. Saint-Louis 1 EUR 22 30 -8 - -2 63.73% Kronos IB Vogt 18, S.A.S. Saint-Louis 1 EUR 150 165 -14 - -5 63.73% Kronos IB Vogt 19, S.A.S. Saint-Louis 1 EUR 12 19 -7 - -2 63.73% Kronos IB Vogt 20, S.A.S. Saint-Louis 1 EUR 46 56 -9 - -2 63.73% Kronos IB Vogt 22, S.A.S. Saint-Louis 1 EUR 74 82 -8 - -2 63.73% Kronos IB Vogt 25, S.A.S. Saint-Louis 1 EUR 55 63 -8 - -2 63.73% Kronos Solar France, S.A.S. Boulogne-Billancourt 20,000 EUR 646 560 86 - -31 74.98% Kronosol 11, S.A.R.L. Saint-Louis 1 EUR 11 70 -59 - -8 63.73% Kronosol 12, S.A.R.L. Saint-Louis 1 EUR 58 63 -5 - 28 63.73% Kronosol 13, S.A.R.L. Saint-Louis 1 EUR 709 718 -10 - -2 63.73% Kronosol 14, S.A.R.L. Saint-Louis 1 EUR 2,704 2,724 -21 - -6 63.73% Kronosol 15, S.A.R.L. Saint-Louis 1 EUR 232 257 -25 - 30 63.73% Le Chemin de la Corv\u00e9e, S.A.S. Paris 215,000 EUR 4,403 4,916 -513 - -263 74.98% Monts de la Madeleine Energie, S.A.S. Paris 88,000 EUR 1,502 1,476 25 - -18 74.98% Monts du Forez Energie, S.A.S. Paris 200,000 EUR 1,453 1,359 95 - -16 74.98% Parc \u00c9olien d\u2019Entrains-sur-Nohain, S.A.S. Paris 266,000 EUR 187 5 183 - -457 67.48% Parc Eolien de Dionay, S.A.S. Paris 215,000 EUR 1,935 1,851 83 - -28 74.98% Transition Euroise Roman II, S.A.S. Paris 603,000 EUR 14,791 13,832 959 1,399 370 63.73% Vanosc Energie, S.A.S. Paris 1,000 EUR 821 835 -14 - -11 74.98% Poland: Budzyn, Sp. z o.o. Warsaw 5,000 PLN 5 42 -37 - -18 38.24% EDP Renewables Polska HoldCo, S.A. Warsaw 100,100 PLN 258,978 39,386 219,591 - 24,886 38.24% EDP Renewables Polska Solar, Sp. Z o.o. Warsaw 5,000 PLN 22,136 23,720 -1,584 - -1,195 74.98% EDP Renewables Polska, Sp. z o.o. Warsaw 435,045,000 PLN 615,902 375,616 240,286 10,580 62,853 74.98% Elektrownia Kamienica, Sp. z o.o. Warsaw 5,000 PLN 673 706 -33 - -17 74.98% Elektrownia Wiatrowa Kresy I, Sp. z o.o. Warsaw 70,210 PLN 105,078 11,990 93,088 36,417 20,879 38.24% EW Dobrzyca, Sp. z o.o. Pozna\u0144 674,000 PLN 121,149 129,594 -8,445 23,403 13,345 74.98% Farma Fotowoltaiczna Budzyn, Sp. z o.o. Warsaw 5,000 PLN 19 20 -1 - -2 74.98% Farma Fotowoltaiczna Dobrzyca, Sp. z o.o. Warsaw 5,000 PLN 19 20 -1 - -2 74.98% Farma Fotowoltaiczna Koden, Sp. z o.o. Warsaw 5,000 PLN 1,431 1,454 -23 - -18 74.98% Farma Fotowoltaiczna Radziej\u00f3w, Sp. z o.o. Warsaw 5,000 PLN 3 9 -6 - -7 74.98% Farma Fotowoltaiczna Tomasz\u00f3w, Sp. z o.o. Warsaw 5,000 PLN 2 5 -4 - -5 74.98% Farma Fotowoltaiczna Ujazd, Sp. z o.o. Warsaw 5,000 PLN 2 3 -2 - -3 74.98% Farma Fotowoltaiczna Warta, Sp. z o.o. Warsaw 5,000 PLN 2 7 -6 - -7 74.98% Farma Fotowoltaiczna Wielkopolska, Sp. z o.o. Warsaw 5,000 PLN 7 8 -1 - -2 74.98% Farma Wiatrowa Starozreby, Sp. z o.o. Warsaw 466,000 PLN 265 2 263 - -16 74.98% FW Warta, Sp. z o.o. Pozna\u0144 10,000 PLN 51,093 49,664 1,429 3,195 1,804 74.98% Gudziki Wind Farm, Sp. z o.o. Warsaw 35,715,400 PLN 50,564 43,807 6,757 11,019 4,916 38.24% Korsze Wind Farm, Sp. z o.o. Warsaw 35,754,000 PLN 64,833 29,885 34,947 35,457 21,034 38.24% Masovia Wind Farm I, Sp. z o.o. Warsaw 1,258,000 PLN 142 215 -73 - -49 74.98% Miramit Investments, Sp. z o.o. Warsaw 55,000 PLN 454 323 131 - -22 74.98% Molen Wind II, Sp. z o.o. Warsaw 14,600 PLN 59,236 32,974 26,262 20,208 9,947 38.24% Neo Solar Chotk\u00f3w, Sp. z o.o. Warsaw 5,000 PLN 23,049 23,297 -248 - -220 74.98% Neo Solar Farm, Sp. z o.o. Warsaw 5,000 PLN 99,238 101,021 -1,784 - -538 74.98% Neo Solar Przykona II, Sp. z o.o. Warsaw 5,000 PLN 974 1,030 -56 - -14 74.98% R.Wind, Sp. z o.o. Warsaw 6,000 PLN 701 846 -145 - -117 74.98% Radziej\u00f3w Wind Farm, Sp. z o.o. Warsaw 27,605,000 PLN 29,827 23,651 6,176 8,050 2,490 38.24% Rampton, Sp. z o.o. Warsaw 11,005,000 PLN 2,534 283 2,251 697 -35 74.98% Relax Wind Park I, Sp. z o.o. Warsaw 46,540,000 PLN 105,605 51,832 53,773 42,250 21,631 38.24% Relax Wind Park III, Sp. z o.o. Warsaw 59,603,000 PLN 236,840 198,959 37,881 40,636 16,469 38.24% Rowy-Karpacka Mala Energetyka, Sp. z o.o. Warsaw 50,000 PLN 115 591 -475 - -34 74.98% Ujazd, Sp. z o.o. Pozna\u0144 3,748,400 PLN 59,711 59,920 -209 8,496 3,954 74.98% WF Energy III, Sp. z o.o. Warsaw 5,000 PLN 535 542 -7 - -13 74.98% Wind Field Wielkopolska, Sp. z o.o. Pozna\u0144 505,000 PLN 122,988 161,769 -38,781 23,721 13,280 74.98% Romania: Beta Wind, S.R.L. Bucharest 207,470 RON 5,395 467 4,928 - -306 74.98% EDPR Rom\u00e2nia, S.R.L. Bucharest 1,491,259,750 RON 670,717 158,101 512,617 283,507 57,751 74.98% Energopark, S.R.L. Bucharest 133,720 RON 1,777 1,885 -108 - -292 74.98% Fravezac, S.R.L. Bucharest 5,815,810 RON 1,378 836 542 - -30 74.98% International Solar Energy, S.R.L. Bucharest 200 RON 198 445 -247 - -247 74.98% Solar Phoenix, S.R.L. Bucharest 79,300 RON 314 584 -270 - -266 74.98% Great Britain: Altnabreac Wind Farm Limited Edinburgh 100 GBP 67 1,961 -1,894 - -1,674 74.98% Ben Sca Wind Farm Limited Edinburgh 100 GBP 2,528 3,392 -864 - -588 74.98% Drummarnock Wind Farm Limited Edinburgh 100 GBP 1,163 1,829 -666 - -400 74.98% KS SPV 36 Limited Newmarket 1 GBP 167 147 20 123 4 74.98% KS SPV 46 Limited Newmarket 1 GBP - 26 -26 - -7 74.98% KS SPV 65 Limited Newmarket 1 GBP - 22 -22 - -15 74.98% KS SPV 69 Limited Newmarket 1 GBP - 7 -7 - -6 74.98% KS SPV 70 Limited Newmarket 1 GBP 139 161 -22 - -21 74.98% KS SPV 71 Limited Newmarket 1 GBP 61 77 -16 - -16 74.98% KS SPV 72 Limited Newmarket 1 GBP - 10 -10 - -11 74.98% KS SPV 73 Limited Newmarket 1 GBP - 6 -6 - -6 74.98% KS SPV 74 Limited Newmarket 1 GBP - 6 -6 - -6 74.98% KS SPV 75 Limited Newmarket 1 GBP 4 13 -9 - -9 74.98% KS SPV 76 Limited Newmarket 1 GBP - 5 -5 - -5 74.98% KS SPV 77 Limited Newmarket 1 GBP - 5 -5 - -5 74.98% KS SPV 78 Limited Newmarket 1 GBP - 5 -5 - -5 74.98% KS SPV 79 Limited Newmarket 1 GBP - 5 -5 - -5 74.98% KS SPV 80 Limited Newmarket 1 GBP - 5 -5 - -5 74.98% Lurg Hill Wind Farm Ltd Edinburgh 100 GBP 323 1,064 -741 - -365 74.98% Moorshield Wind Farm Limited Edinburgh 100 GBP 1,369 2,009 -640 - -369 74.98% Muirake Wind Farm Ltd Edinburgh 100 GBP 5,905 4,351 1,554 2,143 1,779 59.23% Vento Ludens Ltd Edinburgh 8,000 GBP 4,710 8,096 -3,386 624 -4,418 74.98% Wind 2 Project 1 Limited Edinburgh 100 GBP 1,112 1,753 -641 - -374 74.98% Italy: AW 2, S.r.l. Milan 100,000 EUR 24,498 19,413 5,085 10,994 5,120 56.23% C & C Tre Energy S.r.l. Milan 100,000 EUR 29,735 28,890 844 - -144 74.98% Custolito, S.R.L. Milan 10,000 EUR 246 224 22 - -2 74.98% EDP Renewables Italia Holding, S.R.L. Milan 347,000 EUR 372,299 91,317 280,981 12,044 225,411 74.98% EDP Renewables Italia, S.R.L. Milan 34,439,343 EUR 196,257 120,743 75,513 44,165 23,634 38.24% EDPR Basilicata, S.r.l. Milan 10,000 EUR 77 80 -3 - -13 74.98% EDPR Centro Italia PV, S.r.l. Milan 10,000 EUR 1,393 1,408 -15 - -25 74.98% EDPR Puglia Due, S.r.l. Milan 10,000 EUR 53 44 10 - - 74.98% EDPR Puglia Uno, S.r.l. Milan 10,000 EUR 10 - 10 - - 74.98% EDPR Sardegna, S.r.l. Milan 10,000 EUR 513 506 7 - -3 74.98% EDPR Sicilia Due, S.r.l. Milan 10,000 EUR 402 398 4 - -6 74.98% EDPR Sicilia PV, S.R.L. Milan 10,000 EUR 6,366 6,447 -82 - -103 74.98% EDPR Sicilia Uno, S.r.l. Milan 10,000 EUR 470 477 -7 - -17 74.98% EDPR Sicilia Wind, S.r.l. Milan 10,000 EUR 7,014 7,052 -38 - -52 74.98% EDPR Sud Italia, S.r.l. Milan 10,000 EUR 429 466 -38 - -48 74.98% EDPR Villa Galla, S.R.L. Milan 9,000,000 EUR 105,644 32,186 73,458 45,378 12,645 38.24% Energia Emissioni Zero 4, S.r.l. Naples 10,000 EUR 48,444 38,493 9,950 15,761 9,694 44.99% Giglio, S.r.l. Milan 20,000 EUR 33,864 32,739 1,125 - -24 44.99% Re Plus, S.R.L. Milan 100,000 EUR 809 694 114 - 28 74.98% Sarve, S.r.l. Milan 10,000 EUR 66,716 65,743 973 3,753 1,096 74.98% Solar Italy I, S.r.l. Milan 10,000 EUR 7,154 6,255 899 - -73 74.98% Solar Italy II, S.r.l. Milan 10,000 EUR 4,823 4,647 176 - -119 74.98% Solar Italy IV, S.r.l. Milan 10,000 EUR 4,900 3,973 927 - -61 74.98% T Power, S.p.A. Cesena 1,000,000 EUR 1,471 120 1,351 - 13 74.98% Tivano, S.R.L. Milan 100,000 EUR 21,262 17,906 3,356 7,481 3,146 56.23% VRG Wind 153, S.r.l. Milan 10,000 EUR 53,747 52,276 1,470 2,545 1,108 74.98% Wind Energy San Giorgio, S.r.l. Milan 20,000 EUR 47,910 47,315 595 5,892 -49 44.99% Greece: Aeolos Evias Energiaki, M.A.E. Athens 25,000 EUR 3,470 4,105 -635 - -660 74.98% Aioliki Oitis Energiaki E.P.E. Athens 4,500 EUR 674 2,141 -1,467 - -408 74.98% Aioliko Parko Fthiotidos Erimia E.P.E. Athens 154,500 EUR 11,333 11,163 170 - -542 74.98% EDPR Hellas 1 M.A.E. Athens 1,255,000 EUR 24,208 23,799 410 - -1,040 74.98% EDPR Hellas 2 M.A.E. Athens 470,000 EUR 12,580 11,322 1,257 - -651 74.98% Energiaki Arvanikou E.P.E. Athens 1,312,380 EUR 60,467 44,190 16,278 6,375 645 74.98% Kadmeios Anemos Energiaki, A.E. Athens 25,000 EUR 603 1,947 -1,344 - -410 74.98% Voiotikos Anemos Energy, A.E. Athens 25,000 EUR 890 1,428 -538 - -403 74.98% Wind Park Aerorrachi M.A.E. Athens 496,020 EUR 841 3,457 -2,616 - -1,013 74.98% Wind Shape E.P.E. Athens 18,000 EUR 972 1,585 -614 - -453 74.98% Germany: EDP Renewables Germany GmbH Munich 25,000 EUR 22 22 -1 - -26 74.98% Kronos Projektgesellschaft mbH Munich 25,000 EUR 24 5 19 - -6 74.98% Kronos Solar Projects France UG Munich 1,000 EUR 3,604 1,864 1,740 - -22 63.73% Kronos Solar Projects GmbH Munich 27,669 EUR 64,993 1,437 63,556 606 -438 74.98% KSD 11 UG B\u00fctow 1,000 EUR 34 57 -23 - -3 74.98% KSD 12 UG Munich 1,000 EUR 220 232 -12 - -4 74.98% KSD 13 UG Munich 1,000 EUR 37 50 -13 - -3 74.98% KSD 14 UG Munich 1,000 EUR 750 763 -12 - -5 74.98% KSD 15 UG Munich 1,000 EUR 5 14 -8 - -3 74.98% KSD 16 UG Munich 1,000 EUR 20 27 -6 - -2 74.98% KSD 17 UG Munich 1,000 EUR 263 271 -8 - -4 74.98% KSD 18 UG Munich 1,000 EUR 8 14 -6 - -2 74.98% KSD 19 UG Munich 1,000 EUR 9 15 -6 - -2 74.98% KSD 21 UG Munich 1,000 EUR 8 14 -6 - -2 74.98% KSD 22 UG Munich 1,000 EUR 8 14 -6 - -2 74.98% KSD 23 UG Munich 1,000 EUR 8 16 -8 - -5 74.98% KSD 24 UG Munich 1,000 EUR 8 14 -6 - -2 74.98% KSD 25 UG Munich 1,000 EUR 8 15 -7 - -2 74.98% KSD 26 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% KSD 27 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% KSD 28 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% KSD 29 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% KSD 30 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% KSD 31 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% KSD 32 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% KSD 33 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% KSD 34 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% KSD 35 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% KSD 36 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% KSD 37 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% KSD 38 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% KSD 39 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% KSD 40 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% The Netherlands: EDPR International Investments, B.V. Amesterdam 20,000 EUR 138,741 123,395 15,345 - 4,728 74.98% Kronos Solar Projects NL, B.V. Arnhem 5,000 EUR 221 180 41 126 6 74.98% KS NL10, B.V. Arnhem 0 EUR 1 9 -8 - -2 74.98% KS NL12, B.V. Arnhem 0 EUR 1 9 -8 - -1 74.98% KS NL13, B.V. Arnhem 0 EUR 215 252 -37 - -3 74.98% KS NL14, B.V. Arnhem 0 EUR 219 266 -47 - -6 74.98% KS NL16, B.V. Arnhem 0 EUR 1 5 -4 - -1 74.98% KS NL17, B.V. Arnhem 0 EUR 7 44 -37 - -11 74.98% KS NL20, B.V. Arnhem 0 EUR 17 25 -8 12 -2 74.98% KS NL23, B.V. Arnhem 0 EUR 34 72 -38 - -3 74.98% KS NL24, B.V. Arnhem 0 EUR 1 5 -4 - -2 74.98% KS NL25, B.V. Arnhem 0 EUR 9 16 -7 - -3 74.98% KS NL27, B.V. Arnhem 0 EUR 49 107 -57 - -14 74.98% KS NL28, B.V. Arnhem 0 EUR 156 192 -36 - -5 74.98% KS NL29, B.V. Arnhem 0 EUR 2 16 -13 - -4 74.98% KS NL3, B.V. Arnhem 0 EUR 174 217 -43 - -29 74.98% KS NL30, B.V. Arnhem 0 EUR 2 12 -10 - -2 74.98% KS NL31, B.V. Arnhem 0 EUR 2 13 -11 - -2 74.98% KS NL32, B.V. Arnhem 0 EUR 1,378 1,443 -65 - -12 74.98% KS NL33, B.V. Arnhem 0 EUR 5 31 -27 - -2 74.98% KS NL34, B.V. Arnhem 0 EUR 1,305 1,370 -65 - -11 74.98% KS NL35, B.V. Arnhem 1 EUR 2 17 -15 - -2 74.98% KS NL36, B.V. Arnhem 1 EUR 2 12 -10 - -1 74.98% KS NL37, B.V. Arnhem 1 EUR 3 20 -17 - -1 74.98% KS NL38, B.V. Arnhem 1 EUR 1 8 -7 - -2 74.98% KS NL39, B.V. Arnhem 1 EUR 1 10 -8 - -1 74.98% KS NL40, B.V. Arnhem 1 EUR 1 7 -6 - -2 74.98% KS NL41, B.V. Arnhem 1 EUR 63 73 -10 - -4 74.98% KS NL42, B.V. Arnhem 1 EUR - 5 -5 - -2 74.98% KS NL43, B.V. Arnhem 1 EUR 2 15 -13 - -2 74.98% KS NL44, B.V. Arnhem 1 EUR 1 9 -8 - -2 74.98% KS NL45, B.V. Arnhem 1 EUR 37 53 -16 - -2 74.98% KS NL46, B.V. Arnhem 1 EUR 1 9 -8 - -2 74.98% KS NL47, B.V. Arnhem 1 EUR 1 7 -6 - -2 74.98% KS NL48, B.V. Arnhem 1 EUR 1 6 -6 - -3 74.98% KS NL49, B.V. Arnhem 1 EUR 1 6 -5 - -2 74.98% KS NL50, B.V. Arnhem 1 EUR 3 18 -16 - -1 74.98% KS NL6, B.V. Arnhem - EUR 3 18 -15 - -2 74.98% KS NL8, B.V. Arnhem - EUR 163 192 -29 - -6 74.98% Other Countries: EDP Renewables Belgium, S.A. Brussels 286,500 EUR 19,382 17,105 2,277 2,402 1,044 74.98% EDP Renewables Hungary Budapest 30,100,000 HUF 5,287 7,270 -1,984 970 -818 74.98% EDPR Investment Hungary, Kft. Budapest 8,375,000 HUF 250 281 -32 - -33 74.98% Napenergia, Kft. Budapest 3,000,000 HUF 2,019 2,639 -620 - -632 74.98% Ny\u00edrs\u00e9g Watt, Kft. Budapest 313,000,000 HUF 3,877 2,092 1,785 - 36 74.98% Sunglare Capture, Kft. Budapest 3,000,000 HUF 897 1,237 -339 - -355 74.98% Sunglare Expert, Kft. Budapest 3,000,000 HUF 900 1,236 -336 - -352 74.98% Sunlight Solar, Kft. Budapest 5,100,000 HUF 3,130 3,058 72 - -1,291 63.73% Szabadsolar, Kft. Budapest 3,000,000 HUF 341 745 -403 - -421 74.98% North America Geography / Platform: United States of America: EDP Renewables North America LLC (USA Subgroup Parent Company) Delaware 5,854,030,371 USD 5,723,781 1,110,636 4,613,145 80,772 -247,516 74.98% 10 Point Solar Park LLC Delaware - USD - - - - - 74.98% 17th Star Wind Farm LLC Delaware - USD - - - - - 74.98% 2007 Vento I LLC Delaware 492,544,815 USD 519,422 2,178 517,244 7,027 3,583 74.98% 2007 Vento II LLC Delaware 208,869,370 USD 190,696 317 190,379 - -137 38.24% 2008 Vento III LLC Delaware 329,915,264 USD 302,967 175 302,792 - -7 38.24% 2009 Vento V LLC Delaware 1,060,697 USD 1,420 1,676 -256 - -3 38.24% 2011 Vento IX LLC Delaware 48,589,635 USD 45,501 1,286 44,215 - -119 38.24% 2011 Vento X LLC Delaware 82,960,663 USD 78,806 2,371 76,435 - -183 74.98% 2014 Sol I LLC Delaware 57,623,714 USD 53,643 301 53,342 - -76 37.49% 2014 Vento XI LLC Delaware 189,869,525 USD 179,243 1,334 177,908 - -3 38.24% 2014 Vento XII LLC Delaware 95,867,632 USD 89,954 196 89,758 - -5 38.24% 2015 Vento XIII LLC Delaware 247,913,544 USD 234,559 3,146 231,412 - -112 38.24% 2015 Vento XIV LLC Delaware 217,973,299 USD 203,625 44 203,581 - -110 38.24% 2016 Vento XV LLC Delaware 444,214,594 USD 416,438 695 415,743 - -107 74.98% 2016 Vento XVI LLC Delaware 143,762,468 USD 136,462 2,375 134,088 - -110 74.98% 2017 Sol II LLC Delaware 105,737,278 USD 99,543 589 98,954 - -19 74.98% 2018 Vento XVIII LLC Delaware 425,012,891 USD 398,495 574 397,922 - -104 74.98% 2019 Vento XXI LLC Delaware 266,979,241 USD 253,193 3,131 250,062 - -111 74.98% 2020 Vento XXII LLC Delaware 1,009,664,911 USD 944,412 2,618 941,793 - -4,947 74.98% 2021 DG Agora Holdings LLC Delaware 18,618,454 USD 17,456 - 17,456 - - 63.73% 2021 DG Agora Sol I LLC Delaware 346 USD - - - - - 63.73% 2021 DG Agora Ventures I LLC Delaware 18,618,108 USD 67,390 49,663 17,727 - 315 63.73% 2021 DG Apollo Sol II LLC Delaware 7,415 USD 7 - 7 - - 63.73% 2021 DG Apollo Ventures II LLC Delaware -9,853 USD - 10 -10 - - 63.73% 2021 DG CA Agora Holdings LLC Delaware 788,562 USD 739 1 738 - -2 63.73% 2021 DG CA Agora Sol I LLC Delaware 346 USD - - - - - 63.73% 2021 DG CA Agora Ventures I LLC Delaware 774,995 USD 726 7 719 - -7 63.73% 2021 DG CA Apollo Sol II LLC Delaware 346 USD - - - - - 63.73% 2021 DG CA Apollo Ventures II LLC Delaware 346 USD - - - - - 63.73% 2021 Vento XXIII LLC Delaware 259,111,360 USD 256,321 13,499 242,822 - -111 74.98% 2022 SOL VI LLC Delaware - USD - 1 -1 - -1 74.98% 2022 SOL VII LLC Delaware 1,328 USD - 1 -1 - -2 74.98% Alabama Ledge Wind Farm LLC Delaware - USD - - - - - 74.98% Alabama Solar Park LLC Delaware 440 USD - - - - - 74.98% Amsterdam 3 Solar LLC Delaware 346 USD - - - - - 63.73% Antelope Ridge Wind Power Project LLC Delaware 12,828,809 USD - - - - - 74.98% Arbuckle Mountain Wind Farm LLC Delaware 140,352,864 USD 131,860 10,413 121,447 8,364 -1,385 38.24% Arkwright Summit Wind Farm LLC Delaware 171,961,105 USD 188,571 16,776 171,796 17,684 5,421 74.98% Arlington Wind Power Project LLC Delaware 48,038,795 USD 95,557 8,402 87,155 14,136 4,527 38.24% Aroostook Wind Energy LLC Delaware 47,858,107 USD 40,131 370 39,762 - -5 74.98% Ashford Wind Farm LLC Delaware - USD - - - - - 74.98% Athena-Weston Wind Power Project II LLC Delaware - USD - - - - - 74.98% Athena-Weston Wind Power Project LLC Delaware - USD - - - - - 74.98% Avondale Solar Park LLC Delaware 1,935,820 USD 2,098 286 1,812 - -3 74.98% AZ Solar LLC Delaware - USD - - - - - 74.98% Azalea Springs Solar Park LLC Delaware 2,862,866 USD 5,343 2,665 2,677 - -7 74.98% Bar Harbor Community Solar LLC Delaware 1,512,253 USD 1,605 191 1,413 - -4 63.73% Bayou Bend Solar Park LLC Delaware 440 USD - - - - - 74.98% BC2 Maple Ridge Holdings LLC Delaware - USD - - - - - 74.98% BC2 Maple Ridge Wind LLC Delaware 268,811,195 USD 111,613 5,113 106,500 - -3,327 74.98% Bear Peak Beccaria LLC Delaware - USD - - - - - 63.73% Bear Peak Brady LLC Delaware - USD - - - - - 63.73% Bear Peak East Carroll LLC Delaware - USD - - - - - 63.73% Bear Peak Glen Hope LLC Delaware - USD - - - - - 63.73% Bear Peak Jennerstown LLC Delaware - USD - - - - - 63.73% Bear Peak Juniata LLC Delaware - USD - - - - - 63.73% Bear Peak Paint II LLC Delaware - USD - - - - - 63.73% Bear Peak Richmond LLC Delaware - USD - - - - - 63.73% Big River Solar Park LLC Delaware - USD - - - - - 74.98% Big River Wind Power Project LLC Delaware - USD - - - - - 74.98% Black Prairie Solar Park II LLC Delaware - USD - - - - - 74.98% Black Prairie Solar Park LLC Delaware 1,285,431 USD 1,294 89 1,205 - - 74.98% Black Prairie Storage II LLC Delaware - USD - - - - - 74.98% Black Prairie Storage LLC Delaware - USD - - - - - 74.98% Black Prairie Wind Farm II LLC Delaware - USD - - - - - 74.98% Black Prairie Wind Farm III LLC Delaware - USD - - - - - 74.98% Black Prairie Wind Farm LLC Delaware 1,183,528 USD 1,108 1 1,107 - - 74.98% Blackford County Solar Park LLC Delaware - USD - - - - - 74.98% Blackford County Wind Farm LLC Delaware - USD - - - - - 74.98% Blackstone Wind Farm II LLC Delaware 171,640,650 USD 277,004 96,150 180,854 34,611 15,621 74.98% Blackstone Wind Farm III LLC Delaware 6,275,439 USD - - - - - 74.98% Blackstone Wind Farm IV LLC Delaware - USD - - - - - 74.98% Blackstone Wind Farm LLC Delaware 76,966,839 USD 124,852 43,792 81,059 16,788 7,312 74.98% Blackstone Wind Farm V LLC Delaware - USD - - - - - 74.98% Blissville Road LLC Delaware 2,280,446 USD 2,208 98 2,109 132 -29 63.73% Blue Canyon Windpower II LLC Texas 263,914,720 USD 226,761 35,604 191,157 6,246 -17,447 74.98% Blue Canyon Windpower III LLC Texas - USD - - - - - 74.98% Blue Canyon Windpower IV LLC Texas - USD - - - - - 74.98% Blue Canyon Windpower V LLC Texas - USD 109,621 8,744 100,878 20,979 8,625 38.24% Blue Canyon Windpower VI LLC Delaware 84,054,756 USD 100,156 8,713 91,443 5,319 -5,271 74.98% Blue Canyon Windpower VII LLC Delaware - USD - - - - - 74.98% Blue Harvest Solar Park LLC Delaware 12,525,442 USD 44,222 32,544 11,678 - -45 74.98% Blue Marmot I LLC Delaware - USD - - - - - 74.98% Blue Marmot II LLC Delaware - USD - - - - - 74.98% Blue Marmot IV LLC Delaware - USD - - - - - 74.98% Blue Marmot IX LLC Delaware 1,340 USD - 3 -3 - -4 74.98% Blue Marmot Solar Park LLC Delaware - USD - - - - - 74.98% Blue Marmot V LLC Delaware - USD - - - - - 74.98% Blue Marmot VI LLC Delaware - USD - - - - - 74.98% Blue Marmot VII LLC Delaware - USD - - - - - 74.98% Blue Marmot VIII LLC Delaware - USD - - - - - 74.98% Blue Marmot XI LLC Delaware - USD - - - - - 74.98% Bluebird Prairie Solar Park LLC Delaware - USD - - - - - 74.98% Bright Stalk Solar Park LLC Delaware - USD - - - - - 74.98% Broadlands Wind Farm II LLC Delaware - USD - - - - - 74.98% Broadlands Wind Farm III LLC Delaware - USD - - - - - 74.98% Buffalo Bluff Wind Farm LLC Delaware 4,927,632 USD 4,816 198 4,619 - -1 74.98% C2 Alpha Holdings LLC Delaware 76,514 USD - - - - -73 63.73% C2 Bristol I LLC Delaware 6,039,969 USD 5,992 350 5,642 - -11 63.73% C2 Bristol II LLC Delaware 1,345,640 USD 1,348 109 1,239 - -23 63.73% C2 CA 2016 Holdings LLC Delaware 1,526,711 USD 1,442 15 1,427 - -157 63.73% C2 CA WMS Redlands #1693 LLC Delaware - USD - - - - - 63.73% C2 CB 2017 Holdings LLC Delaware 19,349,878 USD 17,650 -482 18,133 - -434 63.73% C2 Centrica MT LLC Delaware 3,273,886 USD 16,171 1,134 15,037 - -406 63.73% C2 CI Holdings 2 LLC Delaware 1,337 USD - - - - -1 63.73% C2 CT Fund 1 Holding LLC Delaware 34,862,541 USD 47,263 1,154 46,109 - -52 63.73% C2 Energy Development LLC Delaware 96,569,741 USD 89,823 969 88,854 - -1,301 63.73% C2 Franklin LLC Delaware 3,453,156 USD 3,236 5 3,231 - -1 63.73% C2 Gamma Holdings LLC Delaware 3,452,012 USD 3,105 3 3,101 - -60 63.73% C2 IL WMS Bloomington #3459 LLC Delaware - USD - - - - - 63.73% C2 IL WMS Skokie #1998 LLC Delaware - USD - - - - - 63.73% C2 MA 2016 Holdings LLC Delaware 1,950,090 USD 1,669 2 1,667 - -180 63.73% C2 MA Adams I Holdings LLC Delaware 11,561,480 USD 10,107 40 10,066 - -986 63.73% C2 MA Adams I LLC Delaware 10,724,957 USD 10,305 283 10,021 1,065 636 63.73% C2 MA Adams II LLC Delaware 1,603,084 USD 4,210 2,375 1,835 512 359 63.73% C2 MA DEPCOM 2017 LLC Delaware 4,168,925 USD 4,275 -138 4,413 - -914 63.73% C2 MA DEPCOM Sponsor LLC Delaware 4,170,099 USD 3,909 - 3,909 - -1 63.73% C2 MA Dudley II LLC Delaware 1,444,640 USD 3,070 1,873 1,197 - 14 63.73% C2 MA FKW Holdings LLC Delaware 2,932,560 USD 2,752 330 2,421 - -228 63.73% C2 MA Kelly Way Solar LLC Delaware 1,176,528 USD 1,325 125 1,200 166 137 63.73% C2 MA Lakeville Holdings LLC Delaware 8,086,660 USD 7,902 166 7,736 - -409 63.73% C2 MA Lakeville LLC Delaware 8,293,966 USD 8,402 141 8,260 926 675 63.73% C2 MA Lakeville Sponsor LLC Delaware 8,091,791 USD 7,582 - 7,582 - -5 63.73% C2 MA Managing Member II LLC Delaware 2,932,705 USD 2,749 - 2,749 - -1 63.73% C2 MA New Salem LLC Delaware 1,250,049 USD 3,024 1,607 1,417 349 216 63.73% C2 MA Owner LLC Delaware 20,702,720 USD 20,120 713 19,407 - -528 63.73% C2 MA Swansea Holdings LLC Delaware 6,728,094 USD 6,049 613 5,436 - -992 63.73% C2 MA Swansea LLC Delaware 6,449,512 USD 7,559 604 6,955 1,096 941 63.73% C2 MN Hopkins LLC Delaware 2,982,845 USD 2,934 254 2,680 34 -115 63.73% C2 Morin LLC Delaware 1,787,151 USD 1,554 29 1,525 110 -45 63.73% C2 NC Kitty Hawk LLC Delaware - USD - - - - - 63.73% C2 NJ Andover I LLC Delaware - USD 2,349 1,254 1,095 288 103 63.73% C2 NY Brookhaven LLC Delaware 7,920,100 USD 7,226 398 6,828 - -570 63.73% C2 NY Sentinel Heights Solar LLC Delaware 5,608,973 USD 5,778 541 5,238 - -4 63.73% C2 OH New Lebanon LLC Delaware 346 USD - - - - - 63.73% C2 OH Otsego I LLC Delaware 3,436 USD - - - - -3 63.73% C2 OH Otsego II LLC Delaware -8,478 USD 2,809 1,444 1,366 246 -55 63.73% C2 Omega Holding Company LLC Delaware 13,025 USD - 3 -3 - -8 63.73% C2 RI Hopkinton LLC Delaware 3,143,218 USD 3,386 496 2,890 186 -55 63.73% C2 Scripps 1 LLC Delaware 1,537,793 USD 2,288 1,052 1,236 119 -112 63.73% C2 Scripps 3 LLC Delaware 1,019,981 USD 1,414 557 858 64 -50 63.73% C2 Scripps 4 LLC Delaware 1,506,539 USD 2,143 832 1,311 100 -51 63.73% C2 SH 2019 LLC Delaware 2,396,180 USD 2,245 - 2,245 - -1 63.73% C2 Starratt Solar LLC Delaware 14,276,358 USD 13,010 234 12,776 693 -286 63.73% C2 Starratt Sponsor LLC Delaware 19,352,007 USD 18,142 - 18,142 - -1 63.73% C2 WM 2020 Holdings LLC Delaware 1,482 USD - - - - -1 63.73% C2 WM Arizona 1 LLC Delaware 1,021,833 USD 968 22 947 53 1 63.73% C2 WM Arizona 10 LLC Delaware 778,884 USD 738 19 719 41 -4 63.73% C2 WM Arizona 1512 LLC Delaware 815,688 USD 784 21 763 - -2 63.73% C2 WM Arizona 1549 LLC Delaware 1,218,842 USD 1,290 44 1,245 140 52 63.73% C2 WM Arizona 2 LLC Delaware 1,656,288 USD 1,551 37 1,514 85 -22 63.73% C2 WM Arizona 2112 LLC Delaware 866,988 USD 899 27 871 91 29 63.73% C2 WM Arizona 3 LLC Delaware 2,418,585 USD 2,247 41 2,206 119 -38 63.73% C2 WM Arizona 3360 LLC Delaware 896,691 USD 921 30 891 92 25 63.73% C2 WM Arizona 3465 LLC Delaware 822,273 USD 965 78 887 113 62 63.73% C2 WM Arizona 3799 LLC Delaware 973,110 USD 1,355 367 989 124 31 63.73% C2 WM Arizona 3833 LLC Delaware 982,245 USD 1,357 367 990 126 28 63.73% C2 WM Arizona 3861 LLC Delaware 1,313,558 USD 1,334 41 1,293 126 19 63.73% C2 WM Arizona 4 LLC Delaware 1,911,915 USD 1,797 48 1,749 98 -18 63.73% C2 WM Arizona 4451 LLC Delaware 1,022,906 USD 1,121 86 1,035 120 49 63.73% C2 WM Arizona 5 LLC Delaware 1,627,680 USD 1,507 32 1,476 77 -29 63.73% C2 WM Arizona 5768 LLC Delaware - USD - - - - - 63.73% C2 WM Arizona 6 LLC Delaware 2,056,011 USD 1,910 34 1,875 104 -31 63.73% C2 WM Arizona 7 LLC Delaware 2,865,132 USD 2,220 56 2,164 124 -504 63.73% C2 WM Arizona 8 LLC Delaware 2,267,789 USD 2,112 46 2,065 114 -38 63.73% C2 WM Arizona 9 LLC Delaware 2,141,088 USD 1,996 37 1,959 107 -22 63.73% C2 WM Arizona Holdings LLC Delaware 2,025 USD - - - - -2 63.73% C2 WM California 1789 LLC Delaware 686,802 USD 744 27 717 91 32 63.73% C2 WM California 1988 LLC Delaware 478,968 USD 508 16 492 58 20 63.73% C2 WM California 2039 LLC Delaware - USD - - - - - 63.73% C2 WM California 4202 LLC Delaware 339,565 USD 336 9 327 33 6 63.73% C2 WM California 4317 LLC Delaware 738,639 USD 710 20 689 - -3 63.73% C2 WM California 5884 LLC Delaware - USD - - - - - 63.73% C2 WM California 5890 LLC Delaware 673,816 USD 663 16 647 49 5 63.73% C2 WM California Holdings LLC Delaware 1,229 USD - - - - -1 63.73% C2 WM Chester Leasing LLC Delaware 293,579 USD 278 49 229 22 -28 63.73% C2 WM DSA Holdings LLC Delaware 1,573,200 USD 18,110 16,496 1,614 - -251 63.73% C2 WM Greenwood Leasing LLC Delaware 393,806 USD 433 92 341 52 -34 63.73% C2 WM Holdings LLC Delaware 46,253 USD 42 - 42 - -1 63.73% C2 WM Illinois 1404 LLC Delaware 852,324 USD 1,062 31 1,031 179 95 63.73% C2 WM Illinois 1489 LLC Delaware 700,670 USD 831 22 810 98 61 63.73% C2 WM Illinois 1548 LLC Delaware 638,828 USD 634 23 612 106 37 63.73% C2 WM Illinois 1553 LLC Delaware 675,494 USD 853 23 830 116 80 63.73% C2 WM Illinois 1761 LLC Delaware 784,401 USD 883 28 854 102 35 63.73% C2 WM Illinois 1848 LLC Delaware 593,901 USD 819 24 795 127 100 63.73% C2 WM Illinois 1933 LLC Delaware 677,575 USD 876 26 850 124 90 63.73% C2 WM Illinois 2215 LLC Delaware 750,310 USD 961 31 930 139 101 63.73% C2 WM Illinois 2491 LLC Delaware 858,955 USD 1,230 139 1,091 229 103 63.73% C2 WM Illinois 253 LLC Delaware 966,921 USD 1,218 40 1,178 217 100 63.73% C2 WM Illinois 5442 LLC Delaware 579,319 USD 700 21 679 86 55 63.73% C2 WM Illinois 612 LLC Delaware 652,626 USD 704 24 681 133 70 63.73% C2 WM Illinois 891 LLC Delaware 811,634 USD 1,073 34 1,039 159 117 63.73% C2 WM Illinois Holdings LLC Delaware 38,031 USD - - - - -39 63.73% C2 WM Indian Land Leasing LLC Delaware 586,889 USD 596 133 463 41 -50 63.73% C2 WM Lake Wylie Leasing LLC Delaware 601,907 USD 599 123 476 42 -54 63.73% C2 WM Laurens Leasing LLC Delaware 2,302,429 USD 3,191 1,155 2,036 82 -59 63.73% C2 WM Leasing LLC Delaware 1,847,385 USD 1,680 -51 1,730 - -2 63.73% C2 WM Louisiana 309 LLC Delaware - USD - - - - - 63.73% C2 WM Louisiana 539 LLC Delaware 256,203 USD 256 19 237 - -3 63.73% C2 WM Louisiana 87 LLC Delaware 558,111 USD 554 16 537 48 7 63.73% C2 WM Louisiana Holdings LLC Delaware 726 USD - - - - -2 63.73% C2 WM Maryland 1715 LLC Delaware 918,169 USD 845 29 817 45 -48 63.73% C2 WM Maryland 2436 LLC Delaware 1,177,369 USD 1,124 61 1,063 89 -49 63.73% C2 WM Maryland Holdings LLC Delaware 1,538 USD - - - - -1 63.73% C2 WM New Jersey 1 LLC Delaware 5,403,578 USD 5,513 82 5,432 495 291 63.73% C2 WM New Jersey 1807 LLC Delaware 778,944 USD 738 9 729 - -1 63.73% C2 WM New Jersey 1844 LLC Delaware 776,543 USD 732 5 727 - -1 63.73% C2 WM New Jersey 1869 LLC Delaware 778,001 USD 736 8 728 - -1 63.73% C2 WM New Jersey 1977 LLC Delaware 770,643 USD 729 8 721 - -1 63.73% C2 WM New Jersey 2195 LLC Delaware 1,055,919 USD 1,046 67 980 27 -15 63.73% C2 WM New Jersey 3795 LLC Delaware 1,285,596 USD 1,295 64 1,231 78 26 63.73% C2 WM New Jersey Holdings LLC Delaware 1,228 USD - - - - -1 63.73% C2 WM Phase 3 Holdings LLC Delaware 1,217 USD - - - - -1 63.73% C2 WM Phase 3 Sponsor LLC Delaware 2,436 USD 1 - 1 - -1 63.73% C2 WM Phase I Holdings LLC Delaware 1,779,507 USD 1,621 18 1,603 - -99 63.73% C2 WM Pickens Leasing LLC Delaware 233,972 USD 262 62 199 17 -33 63.73% C2 WM Powdersville Leasing LLC Delaware 665,693 USD 606 54 552 35 -56 63.73% C2 WM Regent Dev Holdings 2020 LLC Delaware 994 USD - - - - -1 63.73% C2 WM Simpsonville Leasing LLC Delaware 797,706 USD 787 119 668 74 -79 63.73% C2 Woodbury Solar LLC Delaware 10,176,397 USD 9,543 17 9,525 - 5 63.73% C2-REA Solar LLC Delaware 9,779,946 USD 8,992 -172 9,165 - -1 63.73% CA Gettysburg Solar Farm LLC Delaware 7,011,147 USD 6,624 72 6,551 - -22 63.73% CA Marinwood Solar LLC Delaware 388,429 USD 360 1 359 - -5 63.73% CA Olde Thompson Solar LLC Delaware - USD 989 1,351 -363 69 13 63.73% CA Syracuse Solar LLC Delaware - USD - - - - - 63.73% CA Tours Solar LLC Delaware - USD - - - - - 63.73% Camden PV PSEG Solar LLC Delaware 116,151 USD - -45 45 - -1 63.73% Camden PV Solar LLC Delaware 7,577,252 USD 6,810 151 6,659 753 405 63.73% Cameron Solar LLC Delaware 34,295,971 USD 35,674 3,166 32,508 2,090 39 74.98% Casa Grande Carmel Solar LLC Delaware - USD - - - - - 74.98% Castle Valley Wind Farm LLC Delaware - USD - - - - - 74.98% Cattlemen Solar Park II LLC Delaware - USD - - - - - 74.98% Cattlemen Solar Park LLC Delaware 9,283,375 USD 104,167 96,623 7,544 - -1,175 74.98% Chateaugay River Wind Farm LLC Delaware - USD - - - - - 74.98% Cielo Solar Park LLC Delaware - USD - - - - - 74.98% Citizens Dickenson Solar LLC Delaware 5,083 USD 5 - 5 - - 63.73% Citizens Westmoreland Solar LLC Delaware 5,083 USD 5 - 5 - - 63.73% Clinton County Wind Farm LLC Delaware 181,172,602 USD 169,853 - 169,853 - - 74.98% Cloud County Wind Farm LLC Delaware 118,510,053 USD 179,026 13,602 165,424 25,107 8,167 38.24% Clover Creek Solar Project II LLC Delaware - USD - - - - - 74.98% Clover Creek Solar Project LLC Delaware 2,148 USD 30,125 30,148 -23 - -25 74.98% Coldwater Solar Park LLC Delaware - USD - - - - - 74.98% Coos Curry Wind Power Project LLC Delaware - USD - - - - - 74.98% Cortland-Virgil Road Solar LLC Delaware 6,877,325 USD 6,544 729 5,816 97 -188 63.73% Creed Road Solar 1 LLC Delaware - USD - - - - - 63.73% Crescent Bar Solar Park LLC Delaware - USD - - - - - 74.98% Crooked Lake Solar II LLC Delaware - USD - - - - - 74.98% Crooked Lake Solar LLC Delaware 28,508,603 USD 102,110 75,568 26,542 - -189 74.98% Cropsey Ridge Wind Farm LLC Delaware - USD - - - - - 74.98% Crossing Trails Wind Power Project II LLC Delaware 4,285 USD - - - - -4 74.98% Crossing Trails Wind Power Project LLC Delaware 153,439,231 USD 158,818 18,694 140,124 4,463 -2,281 74.98% Cypress Knee Solar Park LLC Delaware - USD - - - - - 74.98% Dairy Hills Wind Farm LLC Delaware - USD - - - - - 74.98% DC Green Solar LLC Delaware 3,461 USD - - - - -3 63.73% DC- JD Portfolio - 818 Michigan Delaware 3,991 USD - 1 -1 - -1 63.73% DC- JD Portfolio - Barrel Roof Delaware -0 USD - - - - - 63.73% DC- JD Portfolio - Flat Roof Delaware -0 USD - - - - - 63.73% DC- JD Portfolio - Green Roof Delaware 0 USD - - - - - 63.73% DC- JD Portfolio - Parking Deck Delaware 0 USD - - - - - 63.73% DC PD Solar LLC Delaware 5,609 USD - - - - -5 63.73% Diamond Power Partners LLC Delaware - USD - - - - - 74.98% Drake Peak Solar Park LLC Delaware - USD - - - - - 74.98% Dry Creek Solar Park LLC Delaware - USD - - - - - 74.98% Duff Solar Park II LLC Delaware - USD - - - - - 74.98% Duff Solar Park LLC Delaware - USD - - - - - 74.98% Eagle Creek Solar Park LLC Delaware 440 USD - - - - - 74.98% East Klickitat Wind Power Project LLC Delaware - USD - - - - - 74.98% East River Solar LLC Delaware 6,023,541 USD 6,191 676 5,515 156 -64 63.73% Eastmill Solar Park LLC Delaware - USD - - - - - 74.98% EDPR CA Solar Park II LLC Delaware 3,487,119 USD 70,331 67,800 2,531 - -682 74.98% EDPR CA Solar Park III LLC Delaware 3,993,075 USD 4,767 1,063 3,703 - -33 74.98% EDPR CA Solar Park IV LLC Delaware - USD - - - - - 74.98% EDPR CA Solar Park LLC Delaware 37,190,728 USD 164,088 129,927 34,161 - -696 74.98% EDPR CA Solar Park V LLC Delaware - USD - - - - - 74.98% EDPR CA Solar Park VI LLC Delaware 548,254 USD 7,823 7,604 219 - -68 74.98% EDPR NA DG Holding LLC Delaware 77,117,183 USD 72,302 54 72,248 - -54 74.98% EDPR NA DG Missouri Development LLC Delaware 13,355 USD - 5 -5 - -18 63.73% EDPR NA DG MN SLP LLC Delaware 810 USD - - - - -1 63.73% EDPR NA DG MN YMCA LLC Delaware 1,397,219 USD 1,351 53 1,297 8 -13 63.73% EDPR NA DG Virginia Development LLC Delaware - USD - - - - - 63.73% EDPR NA Distributed Generation LLC Delaware 40,893,177 USD 332,982 260,204 72,778 194 -17,137 63.73% EDPR NA Greenfield Solar Park LLC Delaware - USD - - - - - 74.98% EDPR NA Shelby Solar Park LLC Delaware - USD - - - - - 74.98% EDPR Northeast Allen Solar Park II LLC Delaware - USD - - - - - 74.98% EDPR Northeast Allen Solar Park LLC Delaware - USD - - - - - 74.98% EDPR Northeast Solar Park LLC Delaware - USD - - - - - 74.98% EDPR RS LLC Delaware - USD - - - - - 74.98% EDPR Scarlet I LLC Delaware - USD - - - - - 74.98% EDPR Scarlet II BESS LLC Delaware - USD - - - - - 74.98% EDPR Scarlet II LLC Delaware 21,114,189 USD 35,788 16,035 19,752 - -44 74.98% EDPR Scarlet III LLC Delaware - USD - - - - - 74.98% EDPR Solar Ventures I LLC Delaware 30,435,228 USD 54,026 3,953 50,073 - 139 37.49% EDPR Solar Ventures II LLC Delaware 51,799,278 USD 99,135 17,929 81,206 - 6,825 74.98% EDPR Solar Ventures III LLC Delaware 74,160,300 USD 84,142 178 83,964 - 5,426 74.98% EDPR Solar Ventures IV LLC Delaware 85,453,830 USD 106,248 167 106,081 - 9,815 74.98% EDPR Solar Ventures V LLC Delaware 37,565,867 USD 49,942 - 49,942 - -75,357 74.98% EDPR Solar Ventures VI LLC Delaware - USD - - - - - 74.98% EDPR Solar Ventures VII LLC Delaware - USD - 10 -10 - -10 74.98% EDPR South Table LLC Nebraska - USD - - - - - 74.98% EDPR Vento I Holding LLC Delaware 242,152,846 USD 227,032 - 227,032 - - 74.98% EDPR Vento II Holding LLC Delaware - USD - - - - - 74.98% EDPR Vento III Holding LLC Delaware - USD - - - - - 74.98% EDPR Vento IV Holding LLC Delaware 125,734,392 USD 175,946 40,329 135,616 - - 74.98% EDPR WF LLC Delaware 49,317,020 USD 46,238 - 46,238 - - 74.98% EDPR Wind Ventures X LLC Delaware - USD 78,254 11,517 66,737 - 521 74.98% EDPR Wind Ventures XI LLC Delaware 6,424,631 USD 178,014 103,882 74,132 - 11,826 38.24% EDPR Wind Ventures XII LLC Delaware 21,630,184 USD 89,882 57,270 32,611 - 3,532 38.24% EDPR Wind Ventures XIII LLC Delaware 66,153,875 USD 232,433 122,876 109,557 - 10,339 38.24% EDPR Wind Ventures XIV LLC Delaware 24,987,805 USD 204,363 130,569 73,794 - 11,809 38.24% EDPR Wind Ventures XIX LLC Delaware - USD 29,907 5,219 24,688 - 422 74.98% EDPR Wind Ventures XV LLC Delaware 108,724,831 USD 416,477 238,559 177,918 - 12,624 74.98% EDPR Wind Ventures XVI LLC Delaware 46,280,473 USD 134,786 78,156 56,630 - 3,830 74.98% EDPR Wind Ventures XVII LLC Delaware - USD 40,703 3,086 37,617 - 5,296 74.98% EDPR Wind Ventures XVIII LLC Delaware 165,855,520 USD 398,474 200,609 197,866 - 15,041 74.98% EDPR Wind Ventures XX LLC Delaware - USD 40,383 23,989 16,394 - 7,576 74.98% EDPR Wind Ventures XXI LLC Delaware 133,455,190 USD 250,309 112,095 138,214 - 6,733 74.98% EDPR Wind Ventures XXII LLC Delaware 359,816,238 USD 946,620 582,246 364,374 - 19,149 74.98% EDPR Wind Ventures XXIII LLC Delaware 117,735,003 USD 242,932 125,448 117,485 - 7,192 74.98% EDPRNA Bar Harbor Holdings LLC Delaware 1,506,361 USD 1,418 6 1,412 - - 63.73% EDPRNA DG California Development LLC Delaware - USD - - - - - 63.73% EDPRNA DG CI Sponsor 2 LLC Delaware 2,556 USD 1 - 1 - -1 63.73% EDPRNA DG CT Fund 1 MM LLC Delaware 19,119,998 USD 36,615 16,668 19,947 - -600 63.73% EDPRNA DG Distributed Sun Holding LLC Delaware 7,763,560 USD 7,279 - 7,279 - - 63.73% EDPRNA DG Energy Holdings Inc. Delaware 49,063 USD - - - - -25 63.73% EDPRNA DG Georgia Development LLC Delaware 10,000 USD - 5 -5 - -15 63.73% EDPRNA DG Illinois Development LLC Delaware 47,882 USD - 68 -68 - -114 63.73% EDPRNA DG Indiana Development LLC Delaware - USD - - - - - 63.73% EDPRNA DG Lessee Holdings LLC Delaware 1,486 USD - - - - -1 63.73% EDPRNA DG MA Managing Member LLC Delaware 20,703,724 USD 19,410 - 19,410 - -1 63.73% EDPRNA DG Maryland Development LLC Delaware - USD - - - - - 63.73% EDPRNA DG Michigan Development LLC Delaware - USD - - - - - 63.73% EDPRNA DG Mississippi Development LLC Delaware 44,948 USD - 35 -35 - -78 63.73% EDPRNA DG New York Development LLC Delaware 18,556 USD - 131 -131 - -151 63.73% EDPRNA DG O&M Services LLC Delaware 6,493 USD 1 3 -1 - -8 63.73% EDPRNA DG Ohio Development LLC Delaware 187,929 USD 9 147 -138 - -318 63.73% EDPRNA DG Pennsylvania Development LLC Delaware - USD - 3 -3 - -3 63.73% EDPRNA DG PR Radar LLC Delaware - USD - - - - - 63.73% EDPRNA DG Rho LLC Delaware 40,343,963 USD 76,844 33,110 43,734 5,331 3,666 63.73% EDPRNA DG Solar Portfolio IV LLC Delaware -1,094,829 USD -1,026 - -1,026 - - 63.73% EDPRNA DG Solar WF Portfolio LLC Delaware -10,674,353 USD -10,006 2 -10,008 - - 63.73% EDPRNA DG Texas Development LLC Delaware 33,950 USD - 19 -19 - -52 63.73% EDPRNA DG Wisconsin Development LLC Delaware 59,977 USD - 8 -8 - -65 63.73% EDPRNA DG WM 2020 Parent LLC Delaware 1,863 USD 1 - 1 - - 63.73% EDPRNA DG WM DSA Sponsor LLC Delaware - USD 10,803 13,056 -2,253 - -524 63.73% EDPRNA DG WM Illinois 1998 LLC Delaware 346 USD - - - - - 63.73% EDPRNA DG WM Illinois 3459 LLC Delaware - USD - - - - - 63.73% EDPRNA DG XII Holdings LLC Delaware 30,716,453 USD 28,798 - 28,798 - - 63.73% EDPRNA DG York County Sun LLC Delaware - USD - - - - - 63.73% Edwardsport Solar Park LLC Delaware - USD - - - - - 74.98% Esker Solar Park II LLC Delaware - USD - - - - - 74.98% Esker Solar Park LLC Delaware - USD - - - - - 74.98% Estill Solar I LLC Delaware 37,628,386 USD 37,207 2,040 35,167 1,810 -130 74.98% Five-Spot LLC Delaware - USD - - - - - 74.98% Ford Wind Farm LLC Delaware - USD - - - - - 74.98% Franklin Wind Farm LLC Delaware - USD - - - - - 74.98% FRV CSU Power II LLC Delaware 9,522,826 USD 9,316 112 9,204 548 279 63.73% FRV SI Transport Solar L.P. Delaware 5,016,812 USD 4,742 41 4,701 182 -3 63.73% Generate USF Fairburn LLC Delaware - USD - - - - - 63.73% Generate USF Las Vegas LLC Delaware - USD - - - - - 63.73% Generate USF Loveland LLC Delaware - USD - 38 -38 - -38 63.73% Generate USF Manassas LLC Delaware - USD - - - - - 63.73% Generate USF McClellan LLC Delaware - USD - - - - - 63.73% Generate USF N Las Vegas LLC Delaware - USD - - - - - 63.73% Generate USF Phoenix LLC Delaware - USD - - - - - 63.73% German Community Solar LLC Delaware 10,283,945 USD 10,646 1,056 9,590 - 36 63.73% Gilpatrick Solar LLC Delaware 893,552 USD 839 1 837 - - 63.73% Goldfinger Ventures III LLC Delaware - USD - - - - - 74.98% Green Country Wind Farm LLC Delaware - USD - - - - - 74.98% Green Power Offsets LLC Delaware 10,515 USD - - - - - 74.98% Greenbow Solar Park LLC Delaware - USD - - - - - 74.98% Gulf Coast Windpower Management Company LLC Delaware - USD - - - - - 56.23% Hampton Solar II LLC Delaware 34,109,976 USD 35,245 1,740 33,506 1,948 23 74.98% HB Steel Community Solar LLC Delaware 448,942 USD 421 - 421 - - 63.73% Headwaters Wind Farm II LLC Delaware 260,481,962 USD 285,756 40,817 244,939 12,646 2,641 74.98% Headwaters Wind Farm III LLC Delaware 440 USD - - - - - 74.98% Headwaters Wind Farm IV LLC Delaware - USD - - - - - 74.98% Headwaters Wind Farm LLC Delaware 191,180,158 USD 293,736 30,608 263,128 31,650 14,906 38.24% Helena Harbor Solar Park LLC Delaware - USD - - - - - 74.98% Hickory Solar LLC Delaware 208,155 USD 243 50 193 - -2 74.98% Hidalgo Wind Farm II LLC Delaware 63,594,783 USD 70,952 5,707 65,245 358 -3,567 74.98% Hidalgo Wind Farm LLC Delaware 326,333,321 USD 321,657 18,126 303,531 448 -25,628 74.98% High Prairie Wind Farm II LLC Delaware 42,459,352 USD 91,703 15,387 76,316 14,938 5,308 38.24% High Trail Wind Farm LLC Delaware 115,514,749 USD 211,051 19,562 191,489 37,466 14,126 74.98% Holly Hill Solar Park LLC Delaware - USD - - - - - 74.98% Horizon Wind Chocolate Bayou I LLC Delaware - USD - - - - - 74.98% Horizon Wind Energy Midwest IX LLC Delaware - USD - - - - - 74.98% Horizon Wind Energy Northwest I LLC Delaware - USD - - - - - 74.98% Horizon Wind Energy Northwest IV LLC Delaware - USD - - - - - 74.98% Horizon Wind Energy Northwest VII LLC Delaware 150 USD - 140 -140 - -142 74.98% Horizon Wind Energy Northwest X LLC Delaware - USD - - - - - 74.98% Horizon Wind Energy Northwest XI LLC Delaware - USD - - - - - 74.98% Horizon Wind Energy Panhandle I LLC Delaware - USD - - - - - 74.98% Horizon Wind Energy Southwest I LLC Delaware - USD - - - - - 74.98% Horizon Wind Energy Southwest II LLC Delaware - USD - - - - - 74.98% Horizon Wind Energy Southwest III LLC Delaware - USD - - - - - 74.98% Horizon Wind Energy Southwest IV LLC Delaware - USD - - - - - 74.98% Horizon Wind Energy Valley I LLC Delaware - USD - - - - - 74.98% Horizon Wind Freeport Windpower I LLC Delaware - USD - - - - - 74.98% Horizon Wind MREC Iowa Partners LLC Delaware - USD - - - - - 56.23% Horizon Wind Ventures I LLC Delaware 103,641,085 USD 1,035,197 348,004 687,193 - 3,053 74.98% Horizon Wind Ventures III LLC Delaware - USD 994 3,428 -2,433 - 464 38.24% Horizon Wind Ventures IX LLC Delaware 10,102,494 USD 45,556 35,966 9,590 - 1,699 38.24% Horizon Wyoming Transmission LLC Delaware - USD - - - - - 74.98% Horse Mountain Wind Farm LLC Delaware - USD - - - - - 74.98% Indiana Crossroads Solar Park II LLC Delaware - USD - - - - - 74.98% Indiana Crossroads Wind Farm II LLC Delaware 15,435,631 USD 117,743 103,313 14,430 - -5 74.98% Indiana Crossroads Wind Ventures LLC Delaware - USD - - - - - 74.98% Iron Valley Solar Park LLC Delaware - USD - - - - - 74.98% Jericho Rise Wind Farm LLC Delaware 117,839,621 USD 134,513 10,256 124,256 15,116 3,710 74.98% Juniper Wind Power Partners LLC Delaware - USD - - - - - 74.98% Leprechaun Solar Park LLC Delaware - USD - - - - - 74.98% Lexington Chenoa Wind Farm II LLC Delaware 2,364,613 USD 1,950 296 1,653 - - 74.98% Lexington Chenoa Wind Farm III LLC Delaware - USD - - - - - 74.98% Lime Hollow Solar LLC Delaware 6,969,830 USD 6,606 688 5,918 259 -89 63.73% Little Brook Solar Park LLC Delaware - 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USD - - - - - 63.73% MMA SROSA Power LP Delaware 501,563 USD 575 94 481 12 11 63.73% MMA WBF Power LP Delaware 1,171,108 USD 1,209 85 1,124 29 26 63.73% MN CSG 2 LLC Delaware 10,178,129 USD 9,728 501 9,227 441 -198 63.73% Mohave Power Holdings LLC Delaware 29,765,967 USD 27,907 - 27,907 - - 63.73% Mohave Power LLC Delaware 30,270,351 USD 32,053 4,174 27,879 - -507 63.73% Moonshine Solar Park LLC Delaware 3,629 USD - -1 2 - -2 74.98% Morgan Road Solar East LLC Delaware 3,127,287 USD 2,970 45 2,925 - 17 63.73% Morgan Road Solar West LLC Delaware 2,884,270 USD 2,739 42 2,697 - 17 63.73% MT Plentywood Solar I LLC Delaware 6,287 USD - - - - -6 63.73% MT Plentywood Solar II LLC Delaware 4,649 USD - - - - -4 63.73% NC Loy Farm Solar LLC Delaware 0 USD - - - - - 63.73% ND Crystal Solar I LLC Delaware 732 USD - - - - -1 63.73% New Road Power LLC Delaware - USD - - - - - 74.98% New Scotland 5 Solar LLC Delaware 472 USD - - - - - 63.73% New Trail Wind Farm LLC Delaware - USD - - - - - 74.98% NH Hinsdale Solar LLC Delaware - 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15 63.73% NY OG 1 Solar LLC Delaware 1,298 USD - - - - -1 63.73% Old Trail Wind Farm LLC Delaware 83,097,066 USD 216,192 18,563 197,629 39,029 14,665 38.24% Omega CSG 1 LLC Delaware 18,227,628 USD 20,296 1,159 19,137 - -195 63.73% OPQ Property LLC Delaware - USD - - - - - 74.98% Pacific Southwest Wind Farm LLC Delaware - USD - - - - - 74.98% Paulding Wind Farm II LLC Delaware 48,531,721 USD 136,498 20,403 116,095 22,156 11,434 38.24% Paulding Wind Farm III LLC Delaware 145,300,618 USD 178,765 19,392 159,374 12,794 7,592 74.98% Paulding Wind Farm IV LLC Delaware 206,461,014 USD 214,987 29,359 185,628 8,858 -3,226 74.98% Paulding Wind Farm LLC Delaware 35,360 USD - 1 - - - 74.98% Paulding Wind Farm V LLC Delaware - USD - - - - - 74.98% Paulding Wind Farm VI LLC Delaware - USD - - - - - 74.98% Pearl River Solar Park LLC Delaware 38,666,056 USD 87,190 50,939 36,251 - - 74.98% Penn Yan Solar I LLC Delaware 8,494,161 USD 9,854 1,953 7,901 195 225 63.73% Peterson Power Partners LLC Delaware - USD - - - - - 74.98% Pioneer Prairie Wind Farm I LLC Delaware 156,595,191 USD 330,156 35,570 294,586 52,742 15,393 38.24% Piscataquis Valley Solar LLC Delaware 625,896 USD 587 - 586 - - 63.73% Pleasantville Solar Park LLC Delaware 2,034 USD - - - - -2 74.98% Plum Nellie Wind Farm LLC Delaware 3,994,567 USD 4,182 496 3,686 - -53 74.98% Poplar Camp Wind Farm LLC Delaware - USD - - - - - 74.98% Post Oak Wind LLC Delaware 96,705,927 USD 179,909 10,642 169,267 21,507 -1,527 38.24% Potsdam Community Solar LLC Delaware 7,763,333 USD 8,070 792 7,278 124 19 63.73% Prospector Solar Park LLC Delaware - USD - - - - - 74.98% Quilt Block Wind Farm II LLC Delaware - USD - - - - - 74.98% Ragsdale Solar II LLC Delaware - USD - - - - - 74.98% Ragsdale Solar LLC Delaware 440 USD - 2 -2 - -3 74.98% Rail Splitter Wind Farm II LLC Delaware 440 USD - - - - - 74.98% Rail Splitter Wind Farm LLC Delaware 187,663,764 USD 132,762 16,252 116,511 15,679 1,748 74.98% Randolph Solar Park LLC Delaware 31,854,638 USD 62,044 32,315 29,729 - -103 74.98% RE Scarlet LLC Delaware 38,710,354 USD 43,061 21,393 21,667 - -14,814 74.98% REA-C2 2016 Lessee LLC Delaware 8,064,640 USD 7,104 15 7,089 - -734 63.73% Reloj del Sol Wind Farm LLC Delaware 324,071,033 USD 314,508 40,246 274,263 6,336 -4,470 74.98% Renewable Ventures Solar Fund V GP LLC Delaware 19,477,859 USD 18,262 - 18,262 - - 63.73% Renewable Ventures Solar Fund V LLC Delaware 19,477,859 USD 18,296 35 18,262 - - 63.73% Renewable Ventures V Equity Holdings LLC Delaware 19,510,442 USD 18,262 - 18,262 - -31 63.73% Renewable Ventures V GP Holdings LLC Delaware 0 USD - - - - - 63.73% Renville County Wind Farm LLC Delaware 1,928,096 USD 1,876 68 1,808 - - 74.98% RevEnergy C2 Franklin LLC Delaware 1,756,712 USD 1,982 190 1,792 237 183 63.73% RI Abrava Solar LLC Delaware 5,531,828 USD 7,835 2,830 5,005 - -101 63.73% RI- Moo Cow Delaware 4,094,525 USD 3,901 62 3,840 - -3 63.73% RI Quarry Solar LLC Delaware 282,972 USD 278 14 263 - -2 63.73% RI Sposato Solar LLC Delaware 142,837 USD 1,785 1,662 123 82 -11 63.73% RI Stainless LLC Delaware - USD - - - - - 63.73% Rio Blanco Wind Farm LLC Delaware 3,092,587 USD 2,901 2 2,899 - - 74.98% Rising Tree Wind Farm II LLC Delaware 21,137,519 USD 29,236 2,228 27,008 3,084 732 38.24% Rising Tree Wind Farm III LLC Delaware 109,827,568 USD 159,125 2,940 156,185 21,151 8,226 38.24% Rising Tree Wind Farm LLC Delaware 74,807,312 USD 126,830 2,512 124,318 18,640 8,564 38.24% Riverstart Solar Park II LLC Delaware - USD - - - - - 74.98% Riverstart Solar Park III LLC Delaware 7,812,399 USD 61,091 53,806 7,285 - - 74.98% Riverstart Solar Park IV LLC Delaware 4,488,600 USD 5,738 1,531 4,207 - -2 74.98% Riverstart Solar Park V LLC Delaware - USD - - - - - 74.98% Riverstart Solar Park VI LLC Delaware - USD - - - - - 74.98% Rock Dane Solar Park LLC Delaware - USD - - - - - 74.98% Rolling Upland Wind Farm LLC Delaware - USD - - - - - 74.98% Rose Run Solar Park LLC Delaware - USD - - - - - 74.98% Rosewater Ventures LLC Delaware - USD - - - - - 74.98% Route 13 Solar LLC Delaware 7,200,222 USD 6,790 760 6,030 73 -285 63.73% Route 149 LLC Delaware 2,597,152 USD 2,564 181 2,382 158 -28 63.73% RS Holyoke 3 LLC Delaware 1,777,386 USD 1,828 142 1,686 200 122 63.73% RSBF Jeffco II LLC Delaware 2,342,089 USD 2,234 51 2,183 262 -10 63.73% RTSW Solar Park II LLC Delaware - 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- - - - 63.73% SunE MCPS Montgomery LLC Delaware - USD - - - - - 63.73% SunE MCPS Parkland LLC Delaware - USD - - - - - 63.73% SunE MCPS Quince Orchard LLC Delaware - USD - - - - - 63.73% SunE MCPS Shriver LLC Delaware - USD - - - - - 63.73% SunE Multnomah JBY LLC Delaware - USD - - - - - 63.73% SunE Multnomah JJC LLC Delaware - USD - - - - - 63.73% SunE NC Progress1 LLC Delaware - USD 11 11 - - - 63.73% SunE NLB-2 LLC Delaware - USD 18 18 - - - 63.73% SunE PD Oak LLC Delaware - USD - - - - - 63.73% SunE PD Sycamore LLC Delaware - USD - - - - - 63.73% SunE PD Willow LLC Delaware - USD - - - - - 63.73% SunE PNMC Roof LLC Delaware - USD - - - - - 63.73% SunE Solar IV LLC Delaware -1,094,829 USD 1,967 2,997 -1,030 - -3 63.73% SunE Solar VI LLC Delaware 1,861,877 USD 1,759 13 1,746 - - 63.73% SunE Solar XII LLC Delaware 30,716,453 USD 28,836 38 28,798 - - 63.73% SunE SR1 Arvada5 LLC Delaware - USD 7 7 - - - 63.73% SunE SR1 NREL LLC Delaware - USD 3 3 - - - 63.73% SunE SR1 Rifle PS LLC Delaware 208,422 USD 337 39 298 124 104 63.73% SunE U6 Holdings LLC Delaware 1,876,172 USD 11,475 9,734 1,741 246 -18 63.73% SunE W12DG-A LLC Delaware 9,426,348 USD 9,828 882 8,946 155 110 63.73% SunE W12DG-B LLC Delaware 6,569,071 USD 6,700 459 6,241 82 83 63.73% SunE W12DG-C LLC Delaware 10,565,737 USD 11,320 1,171 10,149 271 246 63.73% SunE W12DG-D LLC Delaware 2,733,999 USD 2,942 293 2,649 90 87 63.73% SunE WF3 KHL A Holdings LLC Delaware - USD 52 52 - - - 63.73% SunE WF3 KHL B Holdings LLC Delaware - USD 77 77 - - - 63.73% SunE WF3-BART Holdings LLC Delaware - USD 11 11 - - - 63.73% SunE WF3-Broomfield Holdings LLC Delaware - USD 3 3 - - - 63.73% SunE WF3-ST Holdings LLC Delaware - USD 43 43 - - - 63.73% SunE WF3-WG Holdings LLC Delaware - USD 32 32 - - - 63.73% SunE WMT PR2 LLC Delaware 1,461,520 USD 1,501 135 1,367 - -4 63.73% SunE H4 Holdings LLC Delaware 1,930,752 USD 1,997 315 1,682 33 -129 63.73% SunE Solar III LLC Delaware -10,672,590 USD 4,508 14,516 -10,009 - -2 63.73% Sustaining Power Solutions LLC Delaware 179,062,013 USD 38,210 13,760 24,450 41,824 -32,007 74.98% Sweet Acres Solar Park LLC Delaware - USD - - - - - 74.98% Sweet Stream Wind Farm LLC Delaware - USD - - - - - 74.98% Telocaset Wind Power Partners LLC Delaware - USD 93,013 9,647 83,366 19,797 8,359 38.24% Tillman Solar Park II LLC Delaware - USD - - - - - 74.98% Tillman Solar Park LLC Delaware - USD - - - - - 74.98% Tillman Storage LLC Delaware - USD - - - - - 74.98% Timber Road II Storage LLC Delaware - USD - - - - - 74.98% Timber Road III Storage LLC Delaware - USD - - - - - 74.98% Timber Road Solar Park II LLC Delaware - USD - - - - - 74.98% Timber Road Solar Park III LLC Delaware - USD - - - - - 74.98% Timber Road Solar Park LLC Delaware 10,525,325 USD 43,905 34,065 9,840 - -3 74.98% Top Crop I Storage LLC Delaware - USD - - - - - 74.98% Top Crop II Storage LLC Delaware - USD - - - - - 74.98% Trolley Barn Storage LLC Delaware - USD - - - - - 74.98% Tug Hill Windpower LLC Delaware - USD - - - - - 74.98% Tumbleweed Wind Power Project LLC Delaware 4,003 USD - - - - - 74.98% Turtle Creek Wind Farm LLC Delaware 253,074,090 USD 281,628 23,376 258,252 21,063 6,526 74.98% Twin Groves I Storage LLC Delaware - USD - - - - - 74.98% Twin Groves II Storage LLC Delaware - USD - - - - - 74.98% Upper Road LLC Delaware 2,371,783 USD 2,426 174 2,252 145 41 63.73% VA- Green Acres Delaware 9,334 USD - - - - -9 63.73% VT Stone Valley LLC Delaware 1,286 USD - - - - -1 63.73% Waverly Wind Farm II LLC Delaware - USD - - - - - 74.98% Waverly Wind Farm LLC Delaware 217,186,314 USD 255,330 17,262 238,069 22,504 4,356 38.24% Western Trail Wind Project I LLC Delaware - USD - - - - - 74.98% Wheat field Holding LLC Delaware - USD - 32,649 -32,649 - -2 38.24% Wheat field Wind Power Project LLC Delaware - USD 84,220 27,465 56,755 13,950 5,949 38.24% Whiskey Ridge Power Partners LLC Delaware - USD - - - - - 74.98% Whistling Wind WI Energy Center LLC Delaware - USD - - - - - 74.98% White Stone Solar Park LLC Delaware - USD - - - - - 74.98% Whitestone Wind Purchasing LLC Delaware - USD 404,462 403,246 1,216 - -2,204 74.98% Wildcat Creek Wind Farm LLC Delaware 260,126,065 USD 267,005 25,235 241,770 23,459 -2,198 74.98% Wilson Creek Power Project LLC Delaware - USD - - - - - 74.98% Wind Turbine Prometheus LP Delaware 5,990 USD - - - - - 74.98% Wolf Run Solar LLC Delaware - USD - - - - - 74.98% Wrangler Solar Park LLC Delaware - USD - - - - - 74.98% WTP Management Company LLC Delaware - USD - - - - - 74.98% Canada: Blue Bridge Solar Park GP Ltd British Columbia - CAD - - - - - 74.98% Blue Bridge Solar Park LP British Columbia - CAD 83 340 -257 - -45 74.98% Bromhead Solar Park GP Ltd British Columbia - CAD - - - - - 74.98% Bromhead Solar Park LP Saskatchewan - CAD 83 340 -257 - -45 74.98% Edgeware BESS Project GP Ltd. British Columbia - CAD - - - - - 74.98% Edgeware BESS Project LP Ont\u00e1rio - CAD - - - - - 74.98% EDP Renewables Canada Ltd. British Columbia 205,314,085 CAD 151,829 14,291 137,538 35 -1,786 74.98% EDP Renewables Canada Management Services Ltd British Columbia - CAD 6,638 9,273 -2,636 1,039 - 74.98% EDP Renewables Sask SE GP Ltd British Columbia - CAD - - - - - 74.98% EDP Renewables Sask SE Limited Partnership Ont\u00e1rio - CAD - 962 -962 - -262 74.98% EDP Renewables SH II Project GP Ltd British Columbia - CAD - - - - - 74.98% EDP Renewables SH II Project LP Alberta - CAD - - - - - 74.98% EDP Renewables Sharp Hills Project GP Ltd. British Columbia 4,896 CAD 3 2 2 - -2 74.98% EDP Renewables Sharp Hills Project LP Alberta 48,962,280 CAD 218,550 179,604 38,946 - -924 74.98% Halbrite Solar Park GP Ltd British Columbia - CAD - - - - - 74.98% Halbrite Solar Park LP Saskatchewan - CAD 83 340 -257 - -45 74.98% Kennedy Wind Farm GP Ltd British Columbia - CAD - - - - - 74.98% Kennedy Wind Farm LP Saskatchewan - CAD 83 340 -257 - -45 74.98% Nation Rise Wind Farm GP Inc. British Columbia 1,690 CAD 10 33 -23 - -6 74.98% Nation Rise Wind Farm LP Ont\u00e1rio 74,644,443 CAD 212,993 151,647 61,346 14,809 3,016 37.48% SBWF GP Inc. British Columbia -336 CAD 1 1 1 - - 38.24% Sounding Creek Solar Park GP Ltd. British Columbia - CAD - - - - - 74.98% Sounding Creek Solar Park LP Alberta - CAD - - - - - 74.98% South Branch Wind Farm II GP Inc. British Columbia - CAD - - - - - 74.98% South Branch Wind Farm II LP Ont\u00e1rio 602,379 CAD 1,716 1,805 -88 - -72 74.98% South Dundas Wind Farm LP Ont\u00e1rio 0 CAD 47,390 19,655 27,735 8,226 4,192 38.24% Mexico: EDPR Servicios de M\u00e9xico, S. de R.L. de C.V. Mexico City 160,535,656 MXN 6,843 1,403 5,440 1,867 -63 74.98% E\u00f3lica de Coahuila, S.A. de C.V. Mexico City 7,792,042 USD 279,970 234,499 45,471 51,716 5,333 38.24% Parque Solar Los Cuervos, S. de R.L. de C.V. Mexico City 180,244,480 USD 244,000 70,271 173,728 3,928 5,014 74.98% Vientos de Coahuila, S.A. de C.V. Mexico City 145,594,263 USD 196,791 66,920 129,871 - -4,651 74.98% South America Geography / Platform: Brazil: EDP Renov\u00e1veis Brasil, S.A. (EDPR BR Subgroup Parent Company) S\u00e3o Paulo 3,149,472,300 BRL 871,229 199,764 671,465 412 89,740 74.98% Central E\u00f3lica Amanhecer I, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Amanhecer II, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Amanhecer III, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Amanhecer IV, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Amanhecer V, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Amanhecer VI, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Amanhecer VII, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Asas de Zabel\u00ea I, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Asas de Zabel\u00ea II, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Asas de Zabel\u00ea III, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Asas de Zabel\u00ea IV, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Asas de Zabel\u00ea V, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Asas de Zabel\u00ea VI, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Asas de Zabel\u00ea VII, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Aventura I, S.A. S\u00e3o Paulo 81,678,829 BRL 24,930 9,647 15,283 2,793 -751 38.24% Central E\u00f3lica Baixa do Feij\u00e3o I, S.A. S\u00e3o Paulo 39,216,713 BRL 22,869 13,674 9,195 3,042 -135 38.24% Central E\u00f3lica Baixa do Feij\u00e3o II, S.A. S\u00e3o Paulo 40,551,200 BRL 22,519 12,728 9,791 2,972 23 38.24% Central E\u00f3lica Baixa do Feij\u00e3o III, S.A. S\u00e3o Paulo 67,416,713 BRL 25,817 14,054 11,764 2,894 -531 38.24% Central E\u00f3lica Baixa do Feij\u00e3o IV, S.A. S\u00e3o Paulo 44,433,110 BRL 22,095 13,045 9,050 2,704 -329 38.24% Central E\u00f3lica Boqueir\u00e3o I, S.A. S\u00e3o Paulo 100,213,500 BRL 41,753 24,451 17,303 4,455 -467 74.98% Central E\u00f3lica Boqueir\u00e3o II, S.A. S\u00e3o Paulo 70,245,500 BRL 34,041 21,993 12,048 3,663 -410 74.98% Central E\u00f3lica Borborema I, S.A. S\u00e3o Paulo 50 BRL - 2 -2 - -2 74.98% Central E\u00f3lica Borborema II, S.A. S\u00e3o Paulo 50 BRL - 2 -2 - -2 74.98% Central E\u00f3lica Borborema III, S.A. S\u00e3o Paulo 50 BRL - 2 -2 - -2 74.98% Central E\u00f3lica Borborema IV, S.A. S\u00e3o Paulo 50 BRL - 2 -2 - -2 74.98% Central E\u00f3lica Catanduba I, S.A. S\u00e3o Paulo 500 BRL 7,781 7,882 -102 - -105 74.98% Central E\u00f3lica Catanduba II, S.A. S\u00e3o Paulo 500 BRL 5,375 5,212 163 - -29 74.98% Central E\u00f3lica Ita\u00fana I, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Ita\u00fana II, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica JAU, S.A. S\u00e3o Paulo 174,051,904 BRL 73,836 32,928 40,908 8,588 -251 38.24% Central E\u00f3lica Jerusal\u00e9m I, S.A. S\u00e3o Paulo 33,337,722 BRL 25,419 19,925 5,494 - -400 74.98% Central E\u00f3lica Jerusal\u00e9m II, S.A. S\u00e3o Paulo 33,337,722 BRL 24,466 18,964 5,503 - -398 74.98% Central E\u00f3lica Jerusal\u00e9m III, S.A. S\u00e3o Paulo 33,337,722 BRL 38,828 33,357 5,471 - -427 74.98% Central E\u00f3lica Jerusal\u00e9m IV, S.A. S\u00e3o Paulo 33,337,722 BRL 25,018 19,513 5,504 - -396 74.98% Central E\u00f3lica Jerusal\u00e9m V, S.A. S\u00e3o Paulo 33,337,722 BRL 25,419 19,914 5,505 - -396 74.98% Central E\u00f3lica Jerusal\u00e9m VI, S.A. S\u00e3o Paulo 38,300,511 BRL 28,571 22,237 6,334 - -448 74.98% Central E\u00f3lica Monte Verde I, S.A. Lagoa Nova 58,947,000 BRL 58,878 49,344 9,534 - -918 74.98% Central E\u00f3lica Monte Verde II, S.A. Lagoa Nova 58,947,000 BRL 63,829 54,294 9,535 - -924 74.98% Central E\u00f3lica Monte Verde III, S.A. Lagoa Nova 51,578,600 BRL 55,876 47,548 8,328 - -815 74.98% Central E\u00f3lica Monte Verde IV, S.A. Lagoa Nova 40,526,000 BRL 60,908 54,392 6,517 - -666 74.98% Central E\u00f3lica Monte Verde V, S.A. Lagoa Nova 29,473,400 BRL 33,712 28,956 4,756 - -468 74.98% Central E\u00f3lica Monte Verde VI, S.A. Lagoa Nova 38,466,600 BRL 44,196 37,933 6,262 4,402 -546 74.98% Central E\u00f3lica S\u00e3o Domingos I, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica S\u00e3o Domingos II, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica S\u00e3o Domingos III, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Geradora Fotovoltaica Monte Verde Solar I, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Geradora Fotovoltaica Monte Verde Solar II, S.A. S\u00e3o Paulo 5,699,130 BRL 1,475 2,184 -710 - -7 74.98% Central Geradora Fotovoltaica Monte Verde Solar III, S.A. S\u00e3o Paulo 5,699,130 BRL 2,780 3,488 -709 - -7 74.98% Central Geradora Fotovoltaica Monte Verde Solar IV, S.A. S\u00e3o Paulo 5,699,130 BRL 1,298 2,008 -709 - -7 74.98% Central Geradora Fotovoltaica Monte Verde Solar V, S.A. S\u00e3o Paulo 5,699,130 BRL 1,297 2,007 -709 - -7 74.98% Central Geradora Fotovoltaica Monte Verde Solar VI, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Geradora Fotovoltaica Monte Verde Solar VII, S.A. S\u00e3o Paulo 5,699,130 BRL 1,222 1,930 -708 - -6 74.98% Central Nacional de Energia E\u00f3lica, S.A. S\u00e3o Paulo 12,396,000 BRL 5,069 1,430 3,639 2,303 1,343 38.24% Central Solar Lagoa I, S.A. S\u00e3o Paulo 1,010,000 BRL 715 565 151 - -28 74.98% Central Solar Lagoa II, S.A. S\u00e3o Paulo 1,010,000 BRL 696 545 151 - -28 74.98% Central Solar Novo Oriente I, S.A. S\u00e3o Paulo 1,000,500 BRL 406 490 -84 - -9 74.98% Central Solar Novo Oriente II, S.A. S\u00e3o Paulo 1,000,500 BRL 387 471 -84 - -9 74.98% Central Solar Novo Oriente III, S.A. S\u00e3o Paulo 1,000,500 BRL 387 471 -84 - -9 74.98% Central Solar Novo Oriente IV, S.A. S\u00e3o Paulo 1,000,500 BRL 380 460 -80 - -5 74.98% Central Solar Novo Oriente V, S.A. S\u00e3o Paulo 1,000,500 BRL 398 510 -112 - -4 74.98% Central Solar Novo Oriente VI, S.A. S\u00e3o Paulo 1,000,500 BRL 380 491 -112 - -4 74.98% Central Solar Pereira Barreto I, S.A. Pereira Barreto 39,317,000 BRL 30,387 21,987 8,400 3,189 18 74.98% Central Solar Pereira Barreto II, S.A. Pereira Barreto 102,597,000 BRL 29,312 9,562 19,750 3,213 357 74.98% Central Solar Pereira Barreto III, S.A. Pereira Barreto 34,747,000 BRL 37,239 30,032 7,207 3,005 -1 74.98% Central Solar Pereira Barreto IV, S.A. Pereira Barreto 54,747,000 BRL 30,164 19,703 10,460 2,797 71 74.98% Central Solar Pereira Barreto V, S.A. Pereira Barreto 14,035,000 BRL 28,270 26,121 2,150 2,294 -229 74.98% Central Solar Presidente JK I, S.A. S\u00e3o Paulo 3,186,366 BRL 3 1 2 - - 74.98% Central Solar Presidente JK II, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Presidente JK III, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Presidente JK IV, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Presidente JK V, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Presidente JK VI, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Presidente JK VII, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Presidente JK VIII, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Presidente JK IX, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Presidente JK X, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Presidente JK XI, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Presidente JK XII, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Zebu I, S.A. S\u00e3o Paulo 3,599,032 BRL 553 - 553 - - 74.98% Central Solar Zebu II, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Zebu III, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Zebu IV, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Zebu V, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Zebu VI, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Zebu VII, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Zebu VIII, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Zebu IX, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Elebr\u00e1s Projetos, S.A. S\u00e3o Paulo 103,779,268 BRL 46,743 16,493 30,250 26,088 13,028 38.24% E\u00f3lica Barra I, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% E\u00f3lica Barra II, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% E\u00f3lica Barra III, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% E\u00f3lica Barra IV, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% E\u00f3lica Barra V, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% E\u00f3lica Barra VI, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% E\u00f3lica Barra VII, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% E\u00f3lica Barra VIII, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% E\u00f3lica Barra IX, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% E\u00f3lica Barra X, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% E\u00f3lica Barra XI, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% Jerusal\u00e9m Holding, S.A. S\u00e3o Paulo 204,786,616 BRL 157,656 123,917 33,739 - -2,473 74.98% Monte Verde Holding, S.A. S\u00e3o Paulo 277,879,100 BRL 130,956 86,082 44,874 - -4,347 74.98% Solar Barra I, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% Solar Barra II, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% Solar Barra III, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% Solar Barra IV, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% Colombia: Elipse Energ\u00eda, S.A.S. E.S.P. Bogot\u00e1 253,202,000 COP 239 956 -717 - -527 74.98% Eolos Energ\u00eda, S.A.S. E.S.P. Bogot\u00e1 22,213,675,600 COP 288,186 266,109 22,077 51,923 -22,506 74.98% Kappa Energ\u00eda, S.A.S. E.S.P. Bogot\u00e1 251,632,000 COP 232 932 -700 - -509 74.98% Omega Energ\u00eda, S.A.S. E.S.P. Bogot\u00e1 251,569,000 COP 240 930 -689 - -497 74.98% Parque Solar Fotovoltaico El Copey, S.A.S. E.S.P. Bogot\u00e1 1,270,000,000 COP 432 643 -211 - -521 74.98% Solar Power Solutions, S.A.S. E.S.P. Bogot\u00e1 1,031,027,955 COP 1,769 931 838 - -503 74.98% Vientos del Norte, S.A.S. E.S.P. Bogot\u00e1 19,126,733,800 COP 256,444 238,239 18,205 44,236 -20,530 74.98% Chile: EDP Renewables Chile, SpA Santiago 6,961,123 USD 21,269 16,457 4,813 3,116 -1,397 74.98% Los Llanos Solar, SpA Santiago 592 USD 718 1,735 -1,017 - -547 74.98% Parque E\u00f3lico Punta de Talca, SpA Santiago 358,551 USD 25,226 27,709 -2,483 - -1,388 74.98% Parque E\u00f3lico San Andr\u00e9s, SpA Santiago 438,894 USD 4,389 5,122 -732 - -389 74.98% Parque E\u00f3lico Victoria, SpA Santiago 1,311,374 USD 162 775 -612 - -354 74.98% Asia-Pacific Geography / Platform: Australia: Sunseap Assets (Australia) Pty. Ltd. Balwyn, Victoria 20,000 AUD 13 13 1 - -3 74.98% Sunseap Australia Investments Pty. Ltd. Balwyn, Victoria 3,000,000 AUD 116 1,490 -1,374 - -66 74.98% Sunseap Australia Pty. Ltd. Balwyn, Victoria 1 AUD 18 733 -715 - -47 74.98% China: Changzhou Jingyi New Energy Technology Co., Ltd. Changzhou City 6,850 CNY 3,454 2,053 1,401 323 35 67.64% Chongqing Xingzhi New Energy Technology Co., Ltd. Chongqing City - CNY - - - - - 74.98% Dongguan Jiehuang New Energy Technology Co., Ltd. Dongguan City 4,505,191 CNY 2,275 1,665 610 - -2 74.98% Dongying Daoli New Energy Co., Ltd. Dongying City 2,903,000 CNY 1,672 1,281 390 - -1 74.98% Foshan YingYuan New Energy Technology Co., Ltd. Foshan City 100 CNY 839 596 243 89 14 67.64% Hefei Yiman New Energy Technology Co., Ltd. Hefei City 1,333 CNY 547 323 224 78 31 67.64% Heze Dechen New Energy Co., Ltd. Heze City 2,356,843 CNY 1,189 871 318 - -2 74.98% Hubei Jianghui New Energy Co., Ltd. Jingzhou City 5,030,000 CNY 1,178 498 681 - -3 74.98% Jinan Xingsheng Energy Co., Ltd. Jinan City 12,744,949 CNY 1,898 5 1,893 - 177 74.98% Jining Yihang New Energy Technology Co., Ltd. Jining City 17,618 CNY 8,972 6,410 2,561 825 94 67.64% Liyang Yushun Power New Energy Co., Ltd. Liyang City 2,950 CNY 3,091 1,806 1,285 461 195 67.64% Nantong Eaton Guoyun Photovoltaic New Energy Co., Ltd. Nantong City 1,940 CNY 736 410 326 113 56 64.26% Ningbo Jiangbei Baoyi LP Ningbo city 1,095,945 CNY 390 9 381 89 79 44.99% Qingdao Xingqi Energy Co., Ltd. Qingdao 1,047,444 CNY 553 412 140 - -2 74.98% Qinghe County Xinou Funeng New Energy Technology Co., Ltd. Xingtai City 3,026,308 CNY 1,867 1,457 409 - -2 74.98% Rongcheng Xingyi New Energy Technology Co., Ltd. Weihai City 7,505,764 CNY 1,033 38 996 - -25 74.98% Shanghai Jingwen Equity Investment Center LP Shanghai 64,500 CNY 8,263 509 7,753 - -289 67.64% Shanghai Yihuang New Energy Technology Co., Ltd. Shanghai 6,513 CNY 885 0 885 - -0 67.64% Shanghai Yikuang New Technology Co., Ltd. Shanghai 29,110 CNY 3,958 0 3,958 - -0 67.64% State Cloud Sunseap Equity Investment Partnership LP Jinan City 4,024,282 CNY 548 3 545 - -2 60.13% Sunseap China Energy (Qingdao) Co., Ltd. Qingdao 35,389 CNY 4 - 4 - -1 74.98% Sunseap China Energy (Shanghai) Ltd. Shanghai 67,036,914 CNY 11,234 1,323 9,912 1,037 -1,737 74.98% Suzhou Haoruitian Power New Energy Co., Ltd. Kunshan City 1,640 CNY 1,039 763 277 109 60 67.64% Suzhou Liansong New Energy Technology Co., Ltd. Suzhou City - CNY - - - - - 74.98% Suzhou Xingdao New Energy Technology Co., Ltd. Suzhou City 1,602,571 CNY 799 584 215 - -2 74.98% Suzhou Xingyi Energy Engineering Co., Ltd. Suzhou City 1,418,256 CNY 758 567 191 - -2 74.98% Tianjin Baoyi New Energy Technology Co., Ltd. Tianjin City 2,077 CNY 1,325 981 344 109 39 67.64% Tianjin Xingrun Energy Development Co., Ltd. Tianjin City - CNY - - - - - 74.98% Tianjin Xingsheng Energy Development Co., Ltd. Tianjin City - CNY 1 2 -2 - -2 74.98% Tianjin Yuntong New Energy Technology Co., Ltd. Tianjin City 15,000 CNY 2,394 -0 2,395 - -0 67.64% Weihai Deao New Energy Technology Co., Ltd. Weihai City 20,000 CNY 2 - 2 - -1 74.98% Wenzhou Xingyi New Energy Technology Co., Ltd. Wenzhou City 4,487 CNY 3,856 3,154 703 185 95 67.64% Wuhan Panshuo Energy Technology Co., Ltd. Wuhan City 4,880,000 CNY 2,155 1,494 662 - -1 74.98% Wuxi Lingzhong New Energy Technology Co., Ltd. Wuxi City 7,528,864 CNY 3,789 2,766 1,023 - - 74.98% Yancheng Baoyi New Energy Technology Co., Ltd. Yancheng City 3,035 CNY 497 37 460 51 32 67.64% Yancheng Qingneng Power Technology Co., Ltd. Yancheng City 1,371,155 CNY 1,315 1,129 185 - -1 74.98% Yuzhou Yixing Energy Technology Co., Ltd. Yuzhou City 33,000 CNY 3 - 3 - -2 74.98% Zhenjiang Ruichengda New Energy Co., Ltd. Zhenjiang City 684,296 CNY 378 285 93 - - 74.98% Indonesia: PT Right People Renewable Energy Jakarta 10,100,001,750 IDR 59 68 -8 - -5 74.98% PT Sunseap Batam Energy Kota Batam 10,000,000,000 IDR 2,495 2,250 246 - -378 74.23% PT Sunseap Commercial Industrial Indonesia Asset Jakarta 10,000,000,000 IDR 607 43 564 - -37 74.23% Singapore: Data4Eco Holdings Pte. Ltd. Singapore 50,000 SGD 15 59 -44 - -32 44.99% EDPR Sunseap Korea Holdings Pte. Ltd. Singapore 1 SGD 3 23 -20 - -8 74.98% LYS Energy Investment Pte. Ltd. Singapore 10,674,707 USD 9,950 2,055 7,895 - -421 74.98% Solar PV Exchange Pte. Ltd. Singapore 1,230,062 SGD 478 394 84 901 5 74.98% Solarland Alpha Assets Pte. Ltd. Singapore 1 SGD 55,174 71,696 -16,521 38 -295 74.98% Solarland Alpha Holdings Pte. Ltd. Singapore 1 SGD 40 67 -27 - -7 74.98% SolarNova 4 Beta Assets Pte. Ltd. Singapore 1 SGD 86,835 108,269 -21,434 3,209 195 74.98% SolarNova 4 Beta Holdings Pte. Ltd. Singapore 1 SGD 37,966 37,983 -17 - -6 74.98% SolarNova Phase 1 Pte. Ltd. Singapore 1,000,001 SGD 72,116 60,824 11,291 9,409 3,792 74.98% Sunseap Australia Holdings Pte. Ltd. Singapore 1 SGD 95 3,568 -3,473 - -1,301 74.98% Sunseap Batam Pte. Ltd. Singapore 1 SGD 884 1,076 -192 - -9 74.98% Sunseap China Pte. Ltd. Singapore 11,980,146 SGD 17,431 9,228 8,203 - -48 74.98% Sunseap CMX RE Solar Holdings Pte. Ltd. Singapore 10 SGD 55,749 41,985 13,764 - 3,305 74.98% Sunseap Commercial & Industrial Assets (S.E.A.) Holdings Pte. Ltd. Singapore 100,000 SGD 5,114 5,275 -161 - 75 74.98% Sunseap Commercial Assets Pte. Ltd. Singapore 138,490 SGD 39,952 39,955 -3 3,014 -93 74.98% Sunseap Commercial Holdings Pte. Ltd. Singapore 1 SGD 12,842 12,968 -126 - -8 74.98% Sunseap Delta Holdings Pte. Ltd. Singapore 1 SGD 12 40 -28 - -15 74.98% Sunseap Energy Pte. Ltd. Singapore 5,000,000 SGD 15,322 58,223 -42,901 21,818 7,872 74.98% Sunseap Energy Ventures Pte. Ltd. Singapore 1 SGD 3,199 4,001 -802 - -505 74.98% Sunseap Engineering Pte. Ltd. Singapore 2,100,001 SGD 73,697 75,307 -1,610 54,636 -5,262 74.98% Sunseap Gamma Assets Pte. Ltd. Singapore 1 SGD - 69 -69 - -40 74.98% Sunseap Gamma Holdings Pte. Ltd. Singapore 1 SGD 5 24 -19 - -7 74.98% Sunseap Group Pte. Ltd. Singapore 558,478,511 SGD 400,018 47,995 352,023 9,507 -9,842 74.98% Sunseap Indonesia Pte. Ltd. Singapore 1 SGD 1,082 1,208 -125 - -39 74.98% Sunseap International Pte. Ltd. Singapore 28,190,145 SGD 112,586 107,616 4,970 95 -3,502 74.98% Sunseap Japan Pte. Ltd. Singapore 1 SGD 6,422 6,802 -380 - -18 74.98% Sunseap Leasing Alpha Pte. Ltd. Singapore 1 SGD 43 92 -49 - -8 74.98% Sunseap Leasing Beta Pte. Ltd. Singapore 4,000,000 SGD 15,050 11,692 3,359 3,016 610 74.98% Sunseap Leasing Pte. Ltd. Singapore 114,854,175 SGD 152,024 71,274 80,750 10,635 1,908 74.98% Sunseap Links Daklong Pte. Ltd. Singapore 40 SGD 577 7,040 -6,464 - -7 71.23% Sunseap Links Pte. Ltd. Singapore 10 SGD 6,281 11,745 -5,464 - 17 59.98% Sunseap Philippines Solar Holdings Pte. Ltd. Singapore 4,711,437 SGD 3,625 58 3,566 - -8 74.98% Sunseap SolarNova Pte. Ltd. Singapore 1 SGD 18,668 19,388 -720 - -57 74.98% Sunseap Solutions Pte. Ltd. Singapore 900,000 SGD 5,606 8,503 -2,897 2,702 -866 74.98% Sunseap Taiwan Pte. Ltd. Singapore 1 SGD 15,468 15,430 39 - 229 74.98% Sunseap Vietnam Beta Pte. Ltd. Singapore 1 SGD 10,233 10,460 -227 - -35 74.98% Sunseap Vietnam Gamma Pte. Ltd. Singapore 1 SGD 6,904 7,020 -116 - -37 74.98% Sunseap Vietnam Pte. Ltd. Singapore 52,613,649 SGD 36,333 756 35,577 - -20 74.98% Sunseap Vpower Pte. Ltd. Singapore 1 SGD 1,099 1,647 -548 1,062 240 74.98% Trung Song SG Pte. Ltd. Singapore 10,674,707 USD 10,135 787 9,348 - -440 74.98% Uper Renewable Energy (Singapore) Pte. Ltd. Singapore 138,814 SGD 2,900 3,640 -739 2,030 -329 74.98% Thailand: Sunseap Energy (Thailand) Co., Ltd. Bangkok 45,000,000 THB 1,429 1,077 353 - -81 71.60% Thai-Sunseap Asset Co. Ltd. Bangkok 68,000 THB 8,392 6,501 1,891 153 36,675 50.23% Thai-Sunseap Co., Ltd. Bangkok 225,823 THB 5,471 25 5,446 99 -18,431 50.23% Thai-Sunseap Energy Solutions Co. Ltd. Bangkok 250 THB 5 4 2 38 -32,791 50.23% Vietnam: Bien Dong Energy Investment Co., Ltd. Long An Province 9,000,000 VND 753 500 253 102 11 74.98% CMX RE Sunseap Vietnam Solar Power Co., Ltd. Ninh Thuan Province 1,065,557,560,000 VND 143,823 90,757 53,066 17,691 5,501 41.24% DKT Energy Investment Co., Ltd. Ho Chi Minh City 103,900,000 VND 4,570 470 4,099 - -25 74.98% EDP Renewables Vietnam Company Limited Ho Chi Minh City 7,200,000,000 VND 5,179 7,671 -2,492 - -1,800 74.98% H2A Co., Ltd. Long An Province 9,000,000 VND 774 442 332 102 -2 74.98% H2HA Co., Ltd. Long An Province 9,000,000 VND 774 467 306 87 -16 74.98% H2HD Co., Ltd. Long An Province 9,000,000 VND 772 478 294 85 -18 74.98% H2HO Co., Ltd. Long An Province 9,000,000 VND 772 457 315 90 -13 74.98% H2HU Co., Ltd. Long An Province 9,000,000 VND 770 425 345 99 -3 74.98% H2K Co., Ltd. Long An Province 9,000,000 VND 773 461 311 91 -12 74.98% H2ML Co., Ltd. Long An Province 9,000,000 VND 769 434 335 96 -6 74.98% H2O Ben Luc Investment Co., Ltd. Long An Province 6,800,000 VND 719 451 268 96 -4 74.98% H2S Co., Ltd. Long An Province 9,000,000 VND 771 444 327 94 -9 74.98% H2T Co., Ltd. Long An Province 9,000,000 VND 777 478 300 93 -10 74.98% H2TR Solar Co., Ltd. Long An Province 9,000,000 VND 770 425 345 101 -1 74.98% H2VP Co., Ltd. Long An Province 9,000,000 VND 777 462 316 99 -4 74.98% Hao Thanh Dat Investment Co., Ltd. Long An Province 9,000,000 VND 746 495 251 100 8 74.98% Incom International Investment and Development Co., Ltd. Long An Province 14,100,000 VND 1,444 883 561 222 46 74.83% Kim Cuong Energy Investment Co., Ltd. Long An Province 9,000,000 VND 745 490 256 105 14 74.98% Long Dai Phat Investment Co., Ltd. Ho Chi Minh City 71,539,000 VND 2,843 11 2,832 - -9 74.98% Phu An Energy Investment Co., Ltd. Long An Province 9,000,000 VND 741 491 250 99 8 74.98% Quang Lam Printing Import Export Co., Ltd. Long An Province 12,360,000 VND 1,409 871 538 223 45 74.83% SSKT Beta Energy Co., Ltd. Ho Chi Minh City 5,484,000 VND 942 632 310 118 43 44.24% STP5 Energy Production Trading Co., Ltd. Ho Chi Minh City 13,031,646 VND 2,017 1,408 609 299 35 67.40% STP6 Energy Trading Technical Co., Ltd. Ho Chi Minh City 14,609,528 VND 2,203 1,540 664 319 18 67.40% STP7 Energy Development Co., Ltd. Ho Chi Minh City 4,511,677 VND 663 477 186 103 4 67.40% STP8 Energy Investment Co., Ltd. Ho Chi Minh City 9,235,861 VND 1,451 1,040 411 215 18 67.40% Sun Times 1 Energy Co., Ltd. Ho Chi Minh City 4,851,036 VND 706 502 204 106 4 67.40% Sun Times 3 Energy Co., Ltd. Ho Chi Minh City 14,347,796 VND 2,307 1,648 659 321 35 67.40% Sun Times 4 Energy Co., Ltd. Ho Chi Minh City 4,851,036 VND 704 508 196 100 -1 67.40% Sun Times 5 Energy Co., Ltd. Ho Chi Minh City 14,008,437 VND 2,129 1,505 624 301 20 67.40% Sun Times 6 Energy Co., Ltd. Ho Chi Minh City 14,135,538 VND 2,155 1,536 619 298 10 67.40% Sun Times 7 Energy Co., Ltd. Ho Chi Minh City 9,229,812 VND 1,440 1,037 404 209 12 67.40% Sunseap Commercial & Industrial Assets (Vietnam) Co., Ltd. Ho Chi Minh City 123,517,702 VND 329,359 331,033 -1,674 5 -6,658 74.98% Sunseap KTG Energy Investment Co., Ltd. Ho Chi Minh City 5,484,000 VND 305 99 206 - -6 44.24% Sunseap Sun Times Solar Investment Co., Ltd. Ho Chi Minh City 102,912,367 VND 6,113 2,049 4,064 - -5 67.40% Thiet Thanh Cong Investment Co., Ltd. Long An Province 9,000,000 VND 757 504 253 92 -0 74.98% Trung Son Energy Development LLC Khanh Hoa Province 197,000,000,000 VND 25,212 17,082 8,130 3,131 -519 74.98% Uper Renewable Energy Vietnam Co., Ltd. Ho Chi Minh City 2,310,000,000 VND 237 113 123 940 28 74.98% Xuan Thien Ninh Thuan Co., Ltd. Ninh Thuan Province 890,000,000 VND 120,776 72,140 48,636 20,536 6,912 74.98% Xuan Thien Thuan Bac Co., Ltd. Ninh Thuan Province 550,000,000 VND 73,794 44,139 29,654 12,312 3,696 74.98% Other: EDPR Korea, Ltd. Yeosu 100,000,000 KRW 500 1,306 -805 - -871 74.98% Hoya Energy Ltd. Taipei City 199,000,000 TWD 16,018 9,816 6,202 701 139 74.98% OMA Haedori Co., Ltd. Goheung-gun 497,624,000 KRW 1,761 2,672 -911 - -829 56.23% Pacific Sunseap Energy Ltd. Taipei City 347,000,000 TWD 10,671 21 10,650 - -19 48.73% Re Capital Co,. Ltd. Tokyo 204,970,000 JPY 6,967 7,387 -420 599 -2,181 74.98% Shuangjian Photoelectric Ltd. Taipei City 52,000,000 TWD 5,535 3,983 1,552 528 47 52.48% Sunseap Advance Green Technology Ltd. Taipei City 100,000,000 TWD 12,282 9,134 3,147 442 44 74.98% Sunseap Advance International Ltd. Taipei City 5,000,000 TWD 142 5 137 - -1 74.98% Sunseap Energy (Malaysia) Sdn. Bhd. Kuala Lumpur 2,735,000 MYR 1,058 1,491 -433 9 -581 74.98% Sunseap Solar Cambodia Co., Ltd. Phnom Penh City 1,000 USD 3 25 -22 - -5 74.98% Sunseap Taiwan Solar Holdings Ltd. Taipei City 456,289,510 TWD 21,303 8,155 13,147 2,616 -96 74.98% Top Green Energy Ltd. Taipei City 341,000,000 TWD 55,079 44,052 11,027 2,831 127 48.73% The main financial indicators of the joint ventures entities, as at 31 December 2022, are presented as follows: Electricity Generation: Bioastur, A.I.E. Ser\u00edn 60,101 EUR 50.00% Companhia Energ\u00e9tica do JARI - CEJA S\u00e3o Paulo 850,823,746 BRL 28.78% Empresa de Energia Cachoeira Caldeir\u00e3o, S.A. Amap\u00e1 728,600,000 BRL 28.78% Empresa de Energia S\u00e3o Manoel S.A. Rio de Janeiro 2,409,974,102 BRL 19.18% Kosorkuntza, A.I.E. Bilbau - EUR 25.00% Pec\u00e9m Opera\u00e7\u00e3o e Manuten\u00e7\u00e3o de Unidades de Gera\u00e7\u00e3o Eletrica S.A. Cear\u00e1 7,053,368 BRL 28.78% Porto do Pec\u00e9m Transportadora de Min\u00e9rios S.A. Cear\u00e1 6,604,018 BRL 28.78% Renewable Energy Activity: Cenergi Sunseap Energy Solutions Sdn. Bhd. Kuala Lumpur 10,000,000 MYR 29.99% Centrale Eolienne D'Occey, S.A.S. Paris 284,844 EUR 38.24% Desarrollos Energ\u00e9ticos Canarios, S.A. Las Palmas 15,025 EUR 37.41% Desarrollos Energ\u00e9ticos del Val, S.L. Soria 137,070 EUR 18.74% Evoikos Voreas A.E. Athens 126,000 EUR 38.24% Evoluci\u00f3n 2000, S.L. Albacete 117,994 EUR 36.85% Flat Rock Windpower II LLC Delaware 215,826,269 USD 37.49% Flat Rock Windpower LLC Delaware 548,339,611 USD 37.49% Goldfinger Ventures II LLC Delaware 174,033,304 USD 37.49% Goldfinger Ventures LLC Delaware 131,968,976 USD 37.49% Kronos IBV UK Berlin 25,000 EUR 37.49% KSD 20 UG Munich 1,000 EUR 37.49% Lomartico Investments, Sp. z o.o. Warsaw 5,000 PLN 37.49% Medsteville Investments, Sp. z o.o. Warsaw 5,000 PLN 37.49% Nine Kings Wind Farm LLC Delaware - USD 37.49% Ondentille Investments, Sp. z o.o. Warsaw 5,000 PLN 37.49% OW Offshore, S.L. Madrid 57,519,614 EUR 37.49% Powersource Sunseap Corp. Makati City - PHP 29.99% Powersource Sunseap Solar Solution Corp. Makati City - PHP 29.99% Riverstart Development LLC Delaware - USD 15.00% Riverstart Ventures LLC Delaware 244,867,207 USD 15.00% RL Sunseap Energy Sdn. Bhd. Sarawak 2,500,000 MYR 36.74% Sistemas E\u00f3licos Tres Cruces, S.L. Soria 50,000 EUR 18.74% Sofrano A.E. Athens 830,000 EUR 38.24% Solar Ventures Acquisition LLC Delaware - USD 37.49% Sunseap Asset (Cambodia) Co., Ltd. Phnom Penh City 2,760,000 USD 38.24% Sunseap Energy (Cambodia) Co., Ltd. Phnom Penh City 365,000 USD 36.74% Sunseap LCS Energy Sdn. Bhd. Kuala Lumpur 100,000 MYR 36.74% Sunseap Solutions Taiwan Ltd. Taipei City 30,000,000 TWD 36.74% 2018 Vento XIX LLC Delaware 73,641,728 USD 15.00% 2017 Vento XVII LLC Delaware 156,973,283 USD 15.00% 2019 Vento XX LLC Delaware 211,991,253 USD 15.00% Other Activities: ARQUILED - Proj. Ilumina\u00e7\u00e3o, S.A. Mora 231,000 EUR 49.91% Energia \u00c1sia Consultoria, Limitada Macao 200,000 MOP 50.00% 49.00% MABE Constru\u00e7\u00e3o e Administra\u00e7\u00e3o de Projectos, Ltda. Cear\u00e1 566,151,831 BRL 28.78% The companies where the Group has significant influence, as at 31 December 2022, are as follows: Electricity Generation: Carri\u00e7o Cogera\u00e7\u00e3o - Sociedade de Gera\u00e7\u00e3o de Electricidade e Calor, S.A. Lisbon 50,000 EUR 35.00% HC Tudela Cogeneraci\u00f3n, S.L. Abo\u00f1o - Carre\u00f1o 306,030 EUR 50.10% Electricity Supply: Blue Sol Participa\u00e7\u00f5es S.A. Electricity Distribution: S\u00e3o Paulo 24,483,565 BRL 23.02% AMBERTREE - Tecnologia para Redes de Energia Electrica, Lda Lisbon 5,000 EUR 26.00% Renewable Energy Activity: Biomasas del Pirineo, S.A. Huesca 454,896 EUR 22.49% Blue Canyon Windpower LLC Texas 63,851,000 USD 18.74% Charge+ Pte. Ltd. Singapore 5,216,668 SGD 19.68% Desarrollos E\u00f3licos de Canarias, S.A. Gran Canaria 1,817,130 EUR 33.55% E\u00f3lica de S\u00e3o Juli\u00e3o, Lda. Lourinh\u00e3 500,000 EUR 33.74% Eos Pax IIa, S.L. La Coru\u00f1a 6,010 EUR 36.36% Ge\u00f3lica Magall\u00f3n, S.L. Zaragoza 2,040,000 EUR 27.17% Hytlantic, S.A. Sines 50,000 EUR 21.37% Parque E\u00f3lico Belmonte, S.A. Madrid 120,400 EUR 22.42% Parque E\u00f3lico Sierra del Madero, S.A. Madrid 7,193,970 EUR 31.49% San Juan de Bargas E\u00f3lica, S.L. Zaragoza 2,000,000 EUR 35.25% Solar Siglo XXI, S.A. Ciudad Real 80,000 EUR 18.74% Solar Works! B.V. Rotterdam 6,726,000 USD 20.19% 20.19% Todae Solar Pty. Ltd. Rosebery, NSW - AUD 36.74% Uni\u00f3n de Generadores de Energ\u00eda, S.L. Zaragoza 23,044 EUR 37.49% Other Activities: Centrais El\u00e9tricas de Santa Catarina, S.A. - Celesc Santa Catarina 2,480,000,000 BRL 17.21% Endeco Technologies Limited Dublin 15,756,606 EUR 16.90% Principle Power, Inc Seattle 33,149 USD 23.37% SCNET - Sino-Portuguese Centre Shanghai 21,600,000 CNY 40.00% Vertequip, Equipamentos e Trabalhos Verticais, Lda Chamusca 347,139 EUR 23.66% WPVT, S.A. Oporto 75,000 EUR 20.00% Zypho, S.A. Oporto 221,794 EUR 33.50",
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"f28187": {
"value": "7. Revenues and cost of Energy Sales and Services and Other Thousand Euros Group Company Dec 2022 Dec 2021* Dec 2022 Dec 2021 Cost of energy 10,438,274 7,544,255 6,028,210 3,299,117 Expenditure with assets assigned to concessions 631,054 589,634 - - Changes in inventories and cost of raw materials and Consumables used Fuel, steam and ashes 609,930 401,558 - - CO2 Licenses 1,203,024 460,639 1,424,142 741,768 Gas and other costs 1,647,431 1,079,661 1,313,895 1,099,048 3,460,385 1,941,858 2,738,037 1,840,816 14,529,713 10,075,747 8,766,247 5,139,933 25. Inventories This caption is as follows: Thousand Euros Group Dec 2022 Dec 2021* Merchandise 402,133 188,665 Finished, intermediate products and sub-products 37,284 42,890 Raw and subsidiary materials and consumables (coal and other fuels) 260,952 109,246 Nuclear fuel 14,446 14,764 CO2 licenses 30,875 79,960 Green certificates 172,658 157,532 Other 337,952 140,324 1,256,300 733,381 * Includes restatement originated by changing the classification of the Green Certificates as described in note 2a) The variation of the caption Inventories is essentially explained by the increase in the quantity of stocks of gas, coal and photovoltaic solar panels and the rise of gas prices. The movements in the portfolio of CO2 Licenses held for trading and classified as inventories are as follows: CO2 (Ton) Group Dec 2022 Dec 2021 CO2 Licenses held for trading on 1 January 1,000,000 1,772,000 Licenses negotiated in the market 832,010 4,521,185 Emission Licenses transferred from trading portfolio to intangibles -1,449,798 -3,521,185 CO2 Licenses sold - -1,772,000 CO2 Licenses held for trading on 31 December 382,212 1,000,000 CO2 Licenses for trading on 31 December (in thousand Euros) 30,875 79,960 Fair value corresponds to the spot price (closing price) at the end of December in each period. ",
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"f28188": {
"value": "7. Revenues and cost of Energy Sales and Services and Other The caption Energy and access in Portugal, on a consolidated basis, includes a net cost of 396,869 thousand Euros (revenue in 31 December 2021: 232,552 thousand Euros) regarding tariff adjustments of the period (see notes 26 and 38). This caption also includes, in Brazil, a net cost of 112,420 thousand Euros (31 December 2021: net revenue of 91,111 thousand Euros) related to recognition of tariff adjustments for the period in Brazil (see note 38)13. Financial income and expenses Financial income and expenses, for the Group, are as follows: Thousand Euros Group Dec 2022 Dec 2021 Financial income Interest income from bank deposits and other investments 80,689 15,097 Interest from derivative financial instruments 33,600 16,558 Interest income on tariff deficit: - Portugal - Electricity (see note 26) 111 2,733 - Brazil - Electricity (see note 38) 16,664 6,057 Other interest income 65,002 53,476 Derivative financial instruments 223,328 53,936 Foreign exchange gains 353,572 100,746 CMEC: - Interest on the initial CMEC 23,950 27,336 - Financial effect considered in the calculation 7,147 7,198 Other financial income 38,937 81,746 Financial expenses Interest expense on financial debt 843,000 364,883 705,812 523,928 Bonds buyback - 24,248 Capitalised borrowing costs: - Assigned to concessions (see note 7) -4,442 -57,816 - Other (see note 16) -41,405 -33,086 Interest from derivative financial instruments 134,765 33,411 Interest expense on tariff deficit: - Portugal - Electricity (see note 38) 4,484 53 - Brazil - Electricity (see note 38) 16,079 3,989 Other interest expense 40,063 22,435 Derivative financial instruments 259,167 106 Foreign exchange losses 356,958 126,165 CMEC 5,231 7,681 Unwinding of discounted liabilities 140,955 123,248 Unwinding of lease liabilities (see note 39) 46,146 39,511 Net interest on the net pensions plan liability (see note 35) 5,132 3,300 Net interest on the medical liabilities and other benefits (see note 35) 14,985 13,290 Other financial expenses 69,290 45,353 Financial income/(expenses) 1,753,220 875,816 -910,220 -510,933 26. Debtors and other assets from commercial activities At Group level, Debtors and other assets from commercial activities are as follows: Thousand Euros Non-Current Current Dec 2022 Dec 2021 Dec 2022 Dec 2021 Assets measured at amortised cost: Amounts receivable from tariff adjustments - Electricity - Portugal 441,035 7,328 13,825 62,755 Amounts receivable from tariff adjustments - Electricity - Brazil (see note 38) 12,883 124,604 14,310 101,928 Debtors for other goods and services - - 67,521 39,134 Amounts receivable relating to CMEC 353,619 432,293 249,856 225,441 Amounts receivable from concessions - IFRIC 12 846,875 275,782 1,120,064 933,106 Other assets measured at amortised cost 214,071 118,955 318,137 404,138 Impairment losses on other assets measured at amortised cost Trade receivables at amortised cost: Trade receivables -82 -71 -3,024 -2,370 1,868,401 958,891 1,780,689 1,764,132 108,415 32,856 1,797,683 1,939,214 Impairment losses on trade receivables Assets measured at fair value through other comprehensive income: Amounts receivable from tariff adjustments - Electricity - Portugal -8,810 -3,225 -259,025 -232,100 99,605 29,631 1,538,658 1,707,114 23 483 1,141 563,563 Assets measured at fair value through profit or loss: Amounts receivable from concessions - IFRIC 12 1,012,104 693,785 - - Contract assets: Contract assets receivable from energy sales contracts 4 617 1,452,371 1,729,885 Contract assets receivable from concessions - IFRIC 12 Other assets: Incremental costs of obtaining contracts with customers 729,520 921,412 - - 729,524 922,029 1,452,371 1,729,885 32,219 34,130 7,677 - Other assets from commercial activities 30,250 29,557 107,684 163,310 62,469 63,687 115,361 163,310 3,772,126 2,668,506 4,888,220 5,928,004 The movement for the period in Amounts receivable from tariff adjustments - Electricity - Portugal (Non-current and Current) is as follows: Thousand Euros Non-Current Current Balance as at 31 December 2021 7,811 626,318 Receipts through the electricity tariff - -65,848 Securitization of tariff deficit - -558,000 Tariff adjustment of the period (see note 7) 127,855 - Tariff adjustment of 2021 and 2022 - 4,600 Financial expenses (see note 13) 3 108 Transfer to/from tariff adjustment payable (see note 38) 502,119 -188,942 Transfer from Non-Current to Current -196,730 196,730 Balance as at 31 December 2022 441,058 14,966 The tariff deficit securitization results from 4 individual transactions carried out during the first quarter of 2022, by SU Eletricidade, S.A., in the total amount of Euro 558 million of the 2021 tariff deficit. This tariff deficit results from the 5-year deferral of the recovery of the 2021 overcost related with the acquisition of energy from special regime generators (including adjustments for 2019 and 2020). In this sale transaction of assets, SU Eletricidade, S.A., gave in fully and without recourse, the right to receive such amounts and interest. The sale price amounted to 562 million Euros. The tariff adjustment for the period in the amount of 127,855 thousand Euros, mainly related to the amount to be recovered related to the Purchase and Sale of Electricity for Customers Supply of SU Eletricidade, includes 188,942 thousand Euros to be recovered through 2023 tariffs, according to the provisional amount provided by the regulatory entity (see note 38) that has been reclassified to the caption Trade payables and other liabilities from commercial activities. Additionally, the tariff adjustment for the period in the amount of 524,724 thousand Euros presented in the caption Trade payables and other liabilities from commercial activities (see note 38) includes the component of Purchase and Sale of PRE energy of SU Eletricidade in the amount of 525,109 thousand Euros (961,734 thousand Euros to be returned through the 2023 tariffs and 443,776 thousand Euros that has been reclassified to the caption Debtors and other assets from commercial activities, according to the provisional amount provided by the regulatory entity). As at 31 December 2022, the caption Assets measured at fair value through other comprehensive income includes the amount of the tariff deficit classified and measured at fair value through other comprehensive income. According to IFRS 13, the tariff deficit fair value is classified as level 2 (see note 45). The following table provides details for the caption Amounts receivable from tariff adjustments - Electricity - Portugal, by nature and year of establishment, as well as presents the amounts of tariff deficit that have been sold during the period ended 31 December 2022: Thousand Euros Deficit Tariff adj. Sales Total Year: 2016 - 1,449 - 1,449 2019 438 - - 438 2020 45 26,073 - 26,118 2021 558,681 44,262 -558,000 44,943 2022 - 383,076 - 383,076 559,164 454,860 -558,000 456,024 38. Trade payables and other liabilities from commercial activities At Group level, Trade payables and other liabilities from commercial activities are as follows: Thousand Euros Non-Current Current Dec 2022 Dec 2021 Dec 2022 Dec 2021 Contract liabilities: Energy sales contracts - North America 4,238 4,959 - - Deferred income \u2013 CMEC 24,950 80,566 55,616 61,915 Amounts received from the Fund for systemic sustainability of the energy sector - - 630,053 125,777 Other liabilities: Investment government grants 29,188 85,525 685,669 187,692 327,118 321,870 - - Customer contract obligations 443,517 457,414 - - Amounts payable for tariff adjustments - Electricity - Portugal - 115,941 958,357 1,071,548 Amounts payable for tariff adjustments - Electricity - Brazil 20,767 237,135 184,381 99,365 Amounts payable - securitisations - - 89,027 121,050 Amounts payable - CMEC - - 228,247 215,973 Amounts payable for concessions 211,056 201,820 - - Property, plant and equipment suppliers 202,861 189,124 2,549,047 1,481,620 Suppliers - - 1,256,420 1,006,643 Accrued costs related with commercial activities - - 984,040 1,386,103 Holiday pay, bonus and other charges with employees - - 225,599 173,039 CO2 emission Licenses - - 707,920 300,541 Other creditors and sundry operations 177,947 198,096 536,263 276,437 1,383,266 1,721,400 7,719,301 6,132,319 1,412,454 1,806,925 8,404,970 6,320,011 The movement for the period in Amounts payable for tariff adjustments - Electricity - Portugal (Non-current and Current) is as follows: Thousand Euros Non-Current Current Balance at the beginning of the period 115,941 1,071,548 Payment through the electricity tariff - -1,071,517 Tariff adjustment of the period (see note 7) 524,724 - Interest expense (see note 13) 1,319 3,165 Transfer to/from tariff adjustment payable (see note 26) 502,119 -188,942 Transfer from Non-Current to Current -1,144,103 1,144,103 Balance at the end of the period - 958,357 The captions Amounts payable and Amounts Receivable for tariff adjustments - Electricity - Brazil, refer to tariff adjustments recognised in EDP S\u00e3o Paulo - Distribui\u00e7\u00e3o de Energia S.A. and EDP Esp\u00edrito Santo - Distribui\u00e7\u00e3o de Energia S.A. Thousand Euros Non-current Current Dec 2022 Dec 2021 Dec 2022 Dec 2021 Amounts payable for tariff adjustments - Electricity - Brazil 20,767 237,135 184,381 99,365 Amounts receivable from tariff adjustments - Electricity - Brazil (see note 26) -12,883 -124,604 -14,310 -101,928 7,884 112,531 170,071 -2,563 The movement for the period in Amounts payable and Amounts Receivable for tariff adjustments - Electricity - Brazil (Non-current and Current) is as follows: Thousand Euros Dec 2022 Balance at the beginning of the period 109,968 Tariff adjustment of the period (see note 7) 112,420 Payment/Receipt through the electricity tariff -54,940 Interest expense/income (see note 13) -585 Effect of exchange differences of the Brazilian Real against the Euro 11,092 Balance at the end of the period 177,955 The movement includes the recognition of 97,327 thousand Euros (548,788 thousand Brazilian Real) of the refund and a negative amount of 16,523 thousand Euros (93,169 thousand Brazilian Real) of unwinding over the amount resulting from the non-inclusion, in 2019, of the amounts of VAT borne in the basis of calculation of PIS and COFINS (1,756,597 thousand Brazilian Real as at 31 December 2019, of which 934,368 thousand Brazilian Real were returned, between 2020 and December 2022, through the electricity tariff, with an unwinding of 147,792 thousand Brazilian Real). In the energy distribution activity, the subsidiaries of EDP Group in Portugal and Spain recover the deficits and tariff adjustment assets through the tariffs charged to their customers. The caption Amounts payable - securitizations includes the amounts payable to entities that have acquired the right to receive these assets in securitisation or direct sales operations in Portugal. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRegulatoryDeferralAccountsExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28341": {
"value": "Conflict situation and geopolitical instability in Eastern Europe - Macroeconomic, Regulatory, Operational, Accounting Impact and relationship with Stakeholders On 24 February 2022, a military conflict was initiated in Ukraine with the invasion of its territory by the Russian troops which has resulted in a humanitarian crisis. Direct and indirect victims, and a significant number of refugees and displaced citizens (UN estimate of over 14 million people by end of December 2022) have been caused by the attacks to Ukrainian localities with several repercussions on the energy, commodities, intermediate goods, customer and service markets. This note identifies actual and potential business, financial, operational, accounting and strategic impacts. Given its geopolitical positioning, the conflict has particular relevance to the continuity of EDP Group's business in Europe, and for possibly more attenuated spill-overs for the operations in North America, Latin America and Asia. The magnitude of geopolitical tensions remains high, with relevant impacts arising from this crisis continuing to be felt, the worsening and/or prolonging of this conflict may increase an even greater increase in risk and negative impacts for EDP Group\u2019s business. Impact on energy markets \u2013 energy crisis The prices of energy markets, particularly in Europe, rose to historically high levels in the 2nd half of 2021. The military conflict has further weakened energy markets and led to a larger sustained increase in energy prices in Europe, since Russia is one the main exporters of natural gas. Taking into account the introduction of regulatory measures to contain the price of gas and electricity all over Europe and, in particular, in Iberia, the pool price has stabilised. The main impacts/risks in terms of energy markets are: \u25cf Prices of commodities: the sanctions and economic boycott of Russia, in an attempt to stop the aggression against Ukraine, have led to a limitation in the supply of natural gas, and an increase in demand from other markets (e.g., US\u2019s LNG market), putting high pressure on prices of raw materials and, consequently, in the final price of energy; and \u25cf Energy dependence/availability of resources/increase in economic protectionism: European energy reliance on Russia has also forced a reflection on viable alternatives to ensure energy independence, reinforcing the problem already felt at various levels (economic, political and now energetic) of regionalization/clustering \u2013 in opposition to globalization. This phenomenon consists in the approximation and dialogue with countries/neighbouring regions with common principles and goals, and an increase in protectionism in relation to other countries, operating autonomously in relation to the rest of the world. EDP continues to take a cautious approach, seeking to undertake a balanced integrated position in energy (especially in Iberia, where it has a Generation and Supply business), and closely monitoring the evolution of the markets. In terms of gas supply, EDP does not have any supply contract in place with Russia and is relatively more protected than other European peers from potential disruptions in the supply chains. The energy transition is also seen as a measure to increase the resilience and energetic independence of the markets, increasing the renewable share in the energy portfolio, reducing dependence on gas supply, with EDP being a player with a leadership role in this area. Regulatory impact In a context of economic uncertainty and energy crisis, the way in which international and governmental institutions in each country accommodate the impacts and try to limit economic consequences for economic agents was object of analysis and discussion. Several measures with significant impact have already been adopted, while others remain under analysis. In particular, to contain energy prices increase, regulatory mechanisms were created in Portugal and Spain by introducing a cap on the value considered for gas, as an electricity production factor (approved on 8 June, with effective date from 15 June 2022 to 31 May 2023). This mechanism implies the payment of compensation amounts to the electricity generators by consumers who will have benefited from the effects of the mechanism. Additionally, several packages of measures leading to energy savings were approved in several European countries, namely Portugal and Spain. Other regulatory mechanisms with an impact on EDP's business were also applied, namely clawback to inframarginal generation in specific countries (eg Spain, Romania). In Portugal, in addition to the partial reduction of the VAT rate applicable to electricity, the constitution of a strategic water reserve was also approved, which aims to ensure that the storage levels of 15 hydro power plants reach more comfortable values. Other mechanisms are being discussed at European level, namely the definition of a maximum cap on revenues from inframarginal power plants, a solidarity contribution tax on the oil & gas and coal sector, intervention in retail prices and liquidity guarantee mechanisms (collateral). Noteworthy is the recent approval of a European Regulation, which contains several of the measures mentioned above and which gives States members some discretion in their adoption or in the adoption of measures with a similar effect. In regulatory terms, the main risks identified are: \u25cf Possible increase in sectorial charges or taxes on energy companies: creation/increase of additional fees and taxes to bridge the gap between energy production and sale prices; and \u25cf Change in market structure: possible changes in market structure (e.g., introduction of a cap on the price of electricity, or decoupling of gas). EDP has been closely monitoring the developments on this topic, positioning itself in the best possible way in the face of the challenges brought about by the aforementioned changes. Financial impact In addition to energy markets, financial market continues to experience times of huge instability and volatility, with a significant negative impact. The main financial risks identified are: \u25cf Inflation: current constraints are not only limited to gas sourcing, with impact in the energy sector, but also to essential raw materials in sectors such as agriculture, transport, among others, leading to a general increase in prices. EDP Group\u2019s business has a high degree of indexation, directly or indirectly, of its revenues to inflation, mitigating this risk; \u25cf Growing interest rates: pressure on interest rates leads to increases in financing costs related with floating rate debt and new fixed rate debt. EDP has focused on increasing the duration of its fixed debt during the year 2022 and on pre-hedging future financing; \u25cf Counterparty default: the huge increase of prices in the energy market raised the exposure to counterparties in long positions. Additionally, the prolongation of the conflict and the increase of sanctions against Russia and the penalizations of several institutions may lead to an increase in the default risk of some counterparties; and \u25cf Liquidity: extremely high initial margins in organized markets due to very high prices and volatility, giving rise to significant cash variations and an increase in collateral requests. EDP has been closely monitoring the evolution of the financial markets and the financial situation of its counterparties, seeking to mitigate exposure to potential financial risks, with a cautious approach in terms of the interest rate combination with a high percentage of fixed rate, a careful choice of its main counterparties favouring high ratings and high levels of liquidity (cash and available credit lines). Operational impact The Russia-Ukraine conflict has been resulted in several operational impacts, direct and indirect, either due to the presence of EDP operations in border regions with Ukraine, or due to the dependence on products and raw materials coming from the region. Several risks with operational impacts were identified, namely: \u25cf Physical assets and operations: the proximity of physical generation assets (EDP Renov\u00e1veis) to the border with Ukraine, namely in Poland, Romania and Hungary, countries with greater risk of suffering damage in the event of a geographic expansion of the military conflict, is noteworthy. There may also be additional constraints, including increases in the maintenance costs of assets due to a rise in the price of resources and raw materials, and/or due to the unavailability of labour coming from the affected countries; \u25cf People's safety: the existence of generation infrastructures close to the conflict region also implies the presence of EDP teams and subcontracted teams, which, even though these are not permanently in these facilities, may expose them to a higher level of risk with the evolution of the conflict; \u25cf Cybersecurity: there continues to be a high number of cyberattacks worldwide, with an increase level of sophistication and a potential impact for EDP, directly or indirectly (for example, through providers of critical IT and OT services), which continues to motivate a reinforcement of safety monitoring and the adoption of complementary measures by EDP; \u25cf Supply chain: there continues to be no relevant direct exposure of EDP to countries in conflict or sanctioned, however, there may be indirect dependence through EDP suppliers of products and raw materials (fuels, but also other resources such as copper, aluminium, nickel, among others), from Russia or Ukraine, or whose transport route crosses/passes in the area of the conflict zone, raising the possibility that the supply chain may be subject to disruptions by different causes and with variable duration. There is also an increase in the costs associated with these goods, both in terms of production, given the shortage of some raw materials, and in terms of transport; and \u25cf Compliance: the application of sanctions to Russia by different countries and organizations, including the EU, continues to require internal monitoring in order to reduce the risk of EDP's non-compliance with such sanctions and manage any previously established partnerships. EDP continues to reinforce the security and contingency mechanisms associated with its employees, as well as its operation and critical assets, including but not limited to the active monitoring of the evolution of the different risk factors identified. Additionally, EDP established local plans and strategies to answer to the possible geographic spread of the conflict, in order to protect people and assets. EDP's operational and investment activities are reliant on local and global supply chains, with an active management of critical supplies being carried out to minimize potential impacts of disruptions in these chains. Accounting impact EDP Group has not applied any different classifications from those normally used in its Consolidated Income Statement, as a result of the conflict above mentioned. To assess possible accounting impacts, the Group reassessed the estimates it considers relevant and which may have been impacted by this fact, in particular those arising from the aforementioned increase in inflation rates and interest rates. The impacts recognised at 31 December 2022, as well as the respective sensitivity analyses, are described throughout the notes to financial statements, namely regarding the impairment tests of non-financial assets (see note 12), provisions for dismantling (see note 36) and employee benefits (see note 35). Strategic impact (macroeconomics and relationship with key stakeholders) Macroeconomic impact The current geopolitical crisis in Eastern Europe includes significant risks for the economy and society, with an associated level of uncertainty about the duration of the conflict and the economic impacts that will outcome. In global macroeconomic, impacts have been felt in terms of increased costs of raw materials, particularly regarding energetic and agricultural, as well as a greater probability of disruption in international supply chains. Additionally, beside causing the escalation of existing geopolitical tensions, contributing to global instability with still uncertain medium-long- term consequences, the proximity of the conflict to the borders of the EU also represents a challenge to the cohesion between the member states. Relationship with stakeholders Since the first moment, EDP Group has assumed the commitment to safeguard the interests of its stakeholders and has been permanently following up the main developments of the military conflict and possible implications for all the stakeholders involved. This monitoring and intervention has been manifested at different levels, of which the following stand out: \u25cf Employees: EDP has been reinforcing its internal communication, raising awareness of possible impacts arising from the conflict, as well as its positioning and measures adopted to manage such outcomes; \u25cf Customers: EDP reinforced its concern with stabilizing energy prices, particularly in the free market, despite the high volatility of costs associated with fuels and other raw materials; \u25cf Communities: EDP has launched a humanitarian aid campaign with its employees, and has combined efforts with institutions presented locally in order to support the most disadvantaged and vulnerable; and \u25cf Shareholders: the Executive Board of Directors has been working closely with the General and Supervisory Board, in order to act in the most suitable manner, protecting the interests of its shareholders. 4. Critical accounting estimates and judgements in preparing the financial statements IFRS requires the use of judgement and the making of estimates in the decision process regarding certain accounting treatments, with impact in total assets, liabilities, equity, costs and income. The actual effects may differ from these estimates and judgements, namely in relation to the effect of actual costs and income. The main accounting estimates and judgements used in applying the accounting policies are discussed in this note in order to improve the understanding of how its application affects the Group\u2019s reported results and disclosures. A broader description of the accounting policies employed by the Group is disclosed in note 2 - Accounting policies. Considering that in many cases there are alternatives to the accounting treatment adopted by EDP Group, the reported results could differ if a different treatment was chosen. The Executive Board of Directors believes that the choices made are appropriate and that the financial statements present fairly the Group operations in all material respects. Financial asset related with infrastructure concession contracts in Portugal The caption \u201cAmounts receivable from concessions - IFRIC 12\u201d, refers to the financial assets receivable by EDP Group companies that operate infrastructures under concession contracts, and arises from the unconditional right to receive this amount regardless of the utilisation level of the infrastructures covered by the concession. In these companies is included E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. as the National Distribution Network (RND) concessionaire, which comprises the medium and high voltage network (MT and HT), and low voltage distribution networks (LT), being these concessions exercised exclusively through public service concession contracts. The RND\u2019s operation, which is part of the HT and MT, is carried out through a public service concessions\u2019 attribution, by the Portuguese State. On the other hand, the right to distribute low voltage electricity is attributed to the Portuguese mainland municipalities. The legislation that establishes the basis of each concession sets up that the ownership or possession of the goods assigned to these concessions revert to the concessionaires at the end of their respective concessions. They also establish that in return for the assets returned to grantors, whether State or municipalities, compensation corresponding to the assets\u2019 book value assigned to the concession, net of amortisations, financial contributions and non-refundable subsidies will be paid. Therefore, the assets\u2019 estimated residual value at the end of each concession constitutes a financial asset, and the remaining fair value component of the concession assets is an intangible asset to be amortised over its useful life. Hence, the end date of each concession is one of the main assumptions to determine the amount of the financial and intangible assets. In May 2017 Law 31/2017 was approved, which lays down the principles and general rules concerning the organisation of public tendering procedures for the awarding, by contract, of the municipal LT concessions\u2019 operation in the Portuguese mainland. This Law foresee the simultaneous launch, in 2019, of public tender procedures for all municipalities that do not opt for direct management of the electricity distribution activity. However, the new Decree-Law 15/22, of January 2022, determined the automatic extension, without the need for further terms, of the current concession contracts for electricity distribution networks in BT, including those that had already reached their term, until the effective entry into operation of a new contractor, following the tenders for the attribution of BT concessions that will be held in the future. On the other hand, there is currently no set date in the legislation for the holding of future tenders for the attribution of BT concessions. In this context, at this date it is not yet possible to predict the end date of the low voltage concession contracts currently in force, so an annual extension of contracts that have already reached the originally planned end date is assumed. Thus, with reference to 31 December 2022, the financial asset and the intangible asset related to the concessions whose contracts have not yet ended were determined based on the respective expiry dates and, for the remaining concessions, the financial asset and the intangible asset are determined assuming the validity of the contracts until 31 December of the year following the year in question. Measurement criteria of the concession financial receivables under IFRIC 12 in Brazil In 2012, the Provisional Measure 579/12 was published in Brazil, meanwhile converted into Law 12.783/13, which determines that the amount of the indemnisation payable to the distribution companies regarding the assets not amortised or depreciated at the end of each concession, should be determined based in the methodology of the Value of Replacement as New (VNR). The indemnisation amount variation is booked against Revenues from energy sales and services and other. This amount corresponds to the difference between the residual value determined based on the value of replacement as new and the residual value determined based on the historical cost. ANEEL reviews the VNR, through the valuation report of the Regulatory Remuneration Base, every three years for EDP Esp\u00edrito Santo and every four years for EDP S\u00e3o Paulo, as established in the concession contracts. Within these periods the distribution companies use their best estimate for the VNR. The use of different assumptions could result in different values of financial assets, with the consequent impact in the Statement of Financial Position (see note 26). Impairment of long term assets and Goodwill Impairment tests are performed whenever there is a trigger that the recoverable amount of property, plant and equipment and intangible assets is less than the corresponding net book value of the assets. On an annual basis, the Group reviews the assumptions used to assess the existence of impairment in goodwill resulting from acquisitions of shares in subsidiaries. The assumptions used are sensitive to changes in macroeconomic indicators and business assumptions used by management. The investments in subsidiaries, on a company basis, and in associates are reviewed when circumstances indicate the existence of impairment. Considering the uncertainties regarding the recoverable amount of property, plant and equipment, intangible assets and goodwill as they are based on the best information available, changes in the assumptions could result in changes on the determination of the amount of impairment and, consequently, in results (see notes 12 and 19). Measurement of the fair value of financial instruments Fair values are based on listed market prices, if available. Otherwise, fair value is determined either by the price of similar recent transactions under market conditions, or determined by external entities, or based on valuation methodologies, supported by discounting future cash flows techniques, considering market conditions, time value, yield curves and volatility factors. These methodologies may require the use of assumptions or judgements in determining fair values. Consequently, the use of different methodologies and different assumptions or judgements in applying a particular model, could generate different financial results from those reported. Classification of financial instruments Financial instruments\u2019 classification as debt or equity requires judgement in the interpretation of contractual clauses and in the evaluation of the existence of a contractual obligation to deliver cash or other financial assets. Review of the useful life of the assets The Group reviews annually the reasonableness of the assets' useful lives that are used to determine the depreciation rates of assets assigned to the activity. When applicable, the Group changes the depreciation charge of the year, prospectively, based on such review. Useful lives of generation assets - Hydro independent generator in Brazil The hydro generation assets in Brazil for independent generators are amortised during their estimated useful lives, considering the existing facts and circumstances at the date of preparation of the financial statements. This includes, among other issues, EDP's best expectations of the useful lives of such assets, which are consistent with the useful lives defined by ANEEL, the respective contractual residual indemnification values at the end of each concession period, as well as related technical and legal opinions. The remaining period of amortisation and the indemnification values at the end of the concessions may be influenced by changes in the regulatory legal framework in Brazil (see note 16). Lease Liabilities The Group recognises right-of-use assets and lease liabilities, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether: i) the contract involves the use of an identified asset; ii) it has the right to obtain substantially all of the economic benefits from the use of the asset throughout the period of use; and iii) it has the right to direct the use of the asset. EDP Group uses judgement on its assessment, namely concerning the termination and extension contract options and the determination of the incremental borrowing rate to be applied for each portfolio of leases identified (see notes 17 and 39). Tariff adjustments Portugal Tariff adjustments in Portugal represent the difference between costs and income of the National Electricity, estimated at the beginning of each period for purposes of calculating the tariff, and the actual costs and income of the System established at the end of each period. The tariff adjustments assets or liabilities are recovered or returned through electricity and gas tariffs to customers in subsequent periods. Decree-Law 237-B/2006 of 19 December, and Decree-Law 165/2008 of 21 August, recognised an unconditional right of the operators of the electricity sector to recover the tariff adjustments and related interest expenses, notwithstanding the form of the future payment or situations of insolvency and cessation of operations. Additionally, the legislation allows the transfer to third parties of the right to receive tariff adjustments. Therefore, under this legislation, regulated companies may provide to third parties, in whole or in part, the right to receive the tariff adjustments through the electricity tariffs. In accordance with the accounting policy in force, the EDP Group books under the caption Revenues from energy sales and services and other - Electricity and network access, the effects of the recognition of tariff adjustments in the electricity sector, against Debtors and other assets from commercial activities and Trade payables and other liabilities from commercial activities. Brazil On 25 November 2014, ANEEL made addendums to the concession contracts with brazilian electric distribution companies to reduce significant uncertainties regarding to the recognition and realization of regulatory assets/liabilities that existed since 2010, when the IFRS were adopted in Brazil. As a consequence, the CPC (\"Comit\u00ea de Pronunciamentos Cont\u00e1beis\") issued on 28 November 2014, the OCPC 08 (Recognition of Certain Assets and Liabilities in Accounting and Financial Reports of Electric Distribution) which determines how to treat these regulatory assets/liabilities in the financial statements. Therefore, on 10 December 2014, EDP Brasil signed the Fourth and Fifth Addendum to the Concession Agreement, where it was established that, in the case of concession termination, the outstanding balances of any failure of payment or reimbursement by the tariff (assets and liabilities), will be considered on the indemnity calculation, based on the regulator pre-established regulations. EDP Group considers, based on the issued legislation (Portugal and Brazil), that the requirements for the recognition of tariff deficits as receivables and payables against the income statement of the period have been satisfied (see notes 7, 26 and 38). Revenue recognition Energy sales revenue is recognised when the monthly energy invoices are issued, based on actual meter readings or estimated consumption based on the historical data of each consumer. Revenue relating to energy to be invoiced, regarding consumption up to the balance sheet date but not measured, is booked based on estimates that take into consideration factors such as consumption in prior periods and analysis relating to the energy balance of the operations. The use of different estimates and assumptions could affect the Group\u2019s revenue and, consequently, its reported results (see note 7). Income taxes The Group is subject to income taxes in several jurisdictions. Certain interpretations and assumptions are required in determining the global amount of income tax. There are several transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. It is the Group's understanding that, in general, the tax treatment follows the accounting treatment, and therefore, no significant tax adjustments have been made to the accounting records arising from the implementation of the new standards. Different interpretations and assumptions could result in a different level of income taxes, current and deferred, recognised in the period (see note 14). Pensions and other employee benefits Determining pension and other employee benefits liabilities requires the use of assumptions, including actuarial projections, estimated rates of return on investments, discount rates and pension and salary growth and other factors that can impact the cost and liability of pension plans, medical plans and other benefits. Changes in the assumptions could materially affect the amounts determined (see note 35). Provisions for dismantling and decommissioning of power generation units EDP considers to exist legal, contractual or constructive obligations to dismantle and decommission property, plant and equipment assets allocated to electricity generation operations. The Group records provisions in accordance with existing obligations to cover the present value of the estimated cost to restore the locations and land where the electricity generation units are located. EDP Group provisions include the calculation of the present value of the expected future liabilities. The use of different assumptions and judgement from those referred could lead to different financial results than those considered (see note 36). Entities included in the consolidation perimeter In order to determine which entities must be included in the consolidation perimeter, EDP Group evaluates whether it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee (\"de facto\" control). This evaluation requires the use of judgement and assumptions in order to conclude whether the Group is in fact exposed to the variability of returns and has the ability to affect those returns through its control over the investee. Other assumptions and judgements could lead to a different consolidation perimeter of the Group, with direct impact on the consolidated financial statements (see note 6). Business combination Under IFRS 3 (Business Combination) in a business combination, the acquirer shall recognise and measure in the consolidated financial statements the assets acquired and liabilities assumed at fair value at the acquisition date. The difference between the purchase price and the fair value of the assets and liabilities acquired leads to the recognition of goodwill or a gain from a purchase at a low price (bargain purchase). The fair value determination of the assets acquired and liabilities assumed is carried out internally or by independent external evaluators, using the discounted cash flows method, using the replacement cost or other fair value determination techniques, which rely on the use of assumptions including macroeconomic indicators such as inflation rates, interest rates, exchange rates, discount rates, sale and purchase prices of energy, cost of raw materials, production estimates and business projections. Consequently, the determination of the fair value and goodwill or gain from a purchase at a low price is subject to numerous assumptions and judgments and therefore changes could result in different impacts on results (see note 49). Fair value measurement of contingent consideration Contingent consideration from a business combination or a sale of a financial investment is measured at fair value at the acquisition date as part of the business combination or at the date of the sale in the event of a sale of a financial investment. This contingent consideration is subsequently remeasured at fair value at each report date. Fair value is based on discounted cash flows. The main assumptions consider the probability of achieving each objective and the discount factor, corresponding to the best estimates of management at each report date. Changes in assumptions could have significant impact on the values of contingent assets and liabilities recognised in the financial statements (see notes 27 and 39). Acquisition of assets out of the scope of IFRS 3 In order to assess whether an acquisition of an asset or a group of assets is a business, the Group identifies the elements in the acquired entity (inputs, processes and outputs), assesses the capability to create outputs (it should have at a minimum, an input and a substantive process to be assessed as a business) and, finally, assesses the capability of market participants to continuing to create outputs (conducting the activities as a business). In the case of an integrated set of activities that is in an early-stage of development and has not started to generate outputs, the Group considers other factors to determine whether it constitutes a business, such as if: (i) planned principal activities have begun; (ii) employees, intellectual property, and other inputs and processes are present; (iii) a plan to produce outputs is being pursued; and/or (iv) access to customers who will purchase the outputs can be obtained. Generally, an early-stage entity that has employees capable of developing an output will be considered a business. Therefore, in application of the above, the Group concludes that IFRS 3 is not applicable when there are no outputs at the acquisition date due to an early-stage of development, and the acquired process(es) cannot be considered substantive. Thus, the acquisition of an asset or a group of assets that does not fulfill the conditions to be considered a business is classified as an acquisition of a company out of scope of IFRS 3. Contractual stability compensation - CMEC The approval in 2004 of the Decree-Law 240/2004, of 27 December, determined the early Power Purchase Agreements (PPA) extinction, and the adoption of a contractual stability compensation (CMEC), which EDP Produ\u00e7\u00e3o entered into after signing the Contractual stability on 27 January 2005, approved by the competent Government member (Order 4672/2005, of 4 March). This mechanism includes three types of compensation: initial compensation, annual adjustment (or revisibility) and final adjustment. The last two types of compensation are relevant for this purpose. i) Contractual stability compensation \u2013 Annual revisibility mechanism During period I (2007/2017) of the contractual stability compensation mechanism, there was a correction on an annual basis, resulting from positive or negative deviations between the estimates made for the initial stability compensation calculation and actual amounts arising from an efficient performance, using the \"Valor\u00e1gua\" model, as established in the Decree-Law 240/2004. Later, Order 4694/2014 was published to define the guidelines of the annual revisibility calculation with respect to the revenues from the ancillary services market, regarding power plants under CMEC. Revisibility amounts for the years 2007 to 2014 were determined and approved by the Member of the Government responsible for the energy sector, and were contested by EDP Produ\u00e7\u00e3o: a) As regards the approval of the 2011 and 2012 revisibilities, the fact that it did not consider the costs incurred with the social tariff in the calculation of the revisibilities; and b) As regards the approval of the 2014 revisibility, the fact that it did not take into account in the calculation of the revisibility the costs incurred with the social tariff and CESE. Regarding the revisibility to the year 2012, the Administrative Court dismissed the special administrative action brought by EDP Produ\u00e7\u00e3o, not recognizing the costs with the financing of the Social Tariff for the determination of the amount of the annual adjustment of the CMEC relating to 2012. EDP Produ\u00e7\u00e3o, not agreeing with the decision, filed, on 9 January 2023, an Appeal, with suspensive effect, to the Southern Central Administrative Court. The annual revisibility of 2015 was approved by the Government member responsible for the energy sector in 20 October 2020 in the amount of 62.7 million Euros, after deducting an amount of 72.9 million Euros related to the alleged overcompensation of CMEC, due to their participation in the ancillary services market, in the period between 2009 and the first quarter of 2014 (see section Ancillary Services). EDP Produ\u00e7\u00e3o challenged the order for ratifying the annual revisibility for the year 2015 on 19 January 2021, as it did not agree with the assumption of overcompensation within the scope of its performance in the system services market, between 2009 and 2014 and, consequently, do not agree with the deduction of the underlying value (72.9 million Euros) in that revisibility. It should also be noted that EDP Produ\u00e7\u00e3o has already contested the imposition of a fine by the Competition Authority on matters of the same scope. The challenge also covered the non- consideration of the Social Tariff and CESE amounts paid by the centrals operating under the CMEC regime and also the non-approval of the annual revisibilities from 2016 to 2017, which still await the respective approval by the Government member responsible for the area of energy. ii) Contractual stability compensation \u2013 Final Adjustment The CMEC\u2019s Final Adjustment is calculated in accordance with number 7 of article 3rd and Annex IV of Decree-Law 240/2004, of 27 December. The State budget for 2017 (Law 42/2016 of 28 December) determined, in its article 170, that the final adjustment amount is determined and based on a study prepared and presented by ERSE. This entity had the technical support of EDP Produ\u00e7\u00e3o and REN (Work Team), legally enforced. Accordingly, the technical group EDP/REN has presented to ERSE its report on the CMEC final adjustment calculation, which was achieved by strictly following the calculation methodology described in Decree-Law 240/2004, of 27 December. This calculation, performed by the technical group EDP/REN was presented to ERSE and comes to a range of amounts between 256.5 and 271 million Euros. At the end of September 2017, ERSE has also presented to the Government its report on the calculation of the CMEC final adjustment, reaching an amount of 154 million Euros, which was provisionally considered in the document of Tariffs and Prices for 2018. In the Financial statements as at 31 December 2017, EDP Group has included its best estimate of the CMEC final adjustment, by recognising an asset in the amount of 256.5 million Euros against deferred income, based on the methodology established for this purpose in Decrew-Law 240/2004, of 27 December, and in the legal opinions obtained in the meantime on this understanding. On 3 May 2018, EDP was notified (through a DGEG\u2019s letter from 25 April 2018) that the CMEC final adjustment had been officially approved, according to ERSE\u2019s proposal, in the amount of 154 million Euros. EDP reflected this reality in its financial statements as of 31 December 2018, recognising a provision by the difference in the final adjustment amounts already recognised in the Group's revenues. On 31 December 2021 EDP maintains the provision in its accounts (see note 36). Considering that the administrative act contained in the Dispatch of approval of the SSE of 25 April 2018 lacks technical, economic and legal basis, and that, in particular, it does not apply the calculation methodology contained in Decree-Law 240/2004, of 27 December, and which would lead to the determination of an amount close to the one determined by the technical group, on 3 September 2018, EDP Produ\u00e7\u00e3o has legally contested it. \"Clawback\" - Portuguese regulatory mechanism to ensure the competitive balance in the wholesale electricity market, in particular Iberian Following some tax changes occurred in Spain, which affected electricity generators operating in this country, Decree-Law 74/2013, of 4 June, was approved in Portugal, which aimed to rebalance the competition between electricity generators operating in Portugal and other players operating in Europe. Pursuant to relate diploma and its regulations, in order to restore such balance, the power plants operating on a market regime situated in Portugal, which were not covered by the PPA or CMEC regime, should pay to the System an amount per MWh produced. The amount payable should consider, on one hand, an estimate of the impact that the off-market events in the European Union (such as the above-mentioned tax changes in Spain) would have in pool prices, and on the other hand, the existence of national extra-market events that affect the competitiveness of electricity generators operating in Portuguese territory. Consequently, a net competition advantage would allegedly arise to generators operating in Portugal. Under this mechanism regulation \u2013 commonly known as clawback \u2013 Social tariff and CESE were determined by Dispatch 11566-A/2015, of 3 October, as off-market events that should be considered as competitive disadvantages of generators operating in Portugal. Dispatch 7557-A/2017, of 25 August, superseded Dispatch 11566-A/2015 (which defined the variables for the computation formula of the amount to be paid by each of the power-generating plants under Decree-Law 74/2013, of 4 June, for each injected MWh) in its entirety. It states that ERSE, after consulting DGEG, should present proposals for a new definition of the variables, as well as reference terms for the new study. Subsequently, the Dispatch 9371/2017, of 24 October, partially nulled the Dispatch 11566-A/2015, in relation to the decisions presented under its numbers 11 and 12 (the deduction of social tariff and CESE costs in the unit price). ERSE was asked to consider in 2018 UGS tariff, the recovery, in benefit of the consumers, of the amounts allegedly unproperly included in previous years\u2019 tariffs (2016 and 2017). Dispatch 9955/2017, of 17 November, defines a new amount for the estimate of the off-market events\u2019 impact in EU, which is -4.75 \u20ac/MWh, with retroactive effects as at August 24. Following these Dispatches, the document of prices and tariffs for 2018 has included a clawback amount of around 90 million Euros to be returned to tariffs, which includes power plants operating under CMEC and estimated generation. Based on its interpretation of the Law, as well as on legal opinions obtained, EDP Produ\u00e7\u00e3o considers that the Decree-Law 74/2013, of 4 of June, aims to re-establish a situation of competition balance between generators operating in Portugal and their peers operating in other European countries, which means to consider as off-market events all the taxes and contributions that fall only over generators located outside of Portugal (particularly in Spain), as well as all the taxes and contributions that fall only over generators located in Portugal. Consequently, in the EDP Produ\u00e7\u00e3o\u2019s understanding, supported by legal opinions, Dispatch 9371/2017 and 9955/2017 have completely distorted the clawback mechanism, having filed its legal action in January 2018. In the Financial statements as at 31 December 2018, EDP Group has included the clawback amount as calculated by EDP Produ\u00e7\u00e3o, regarding the legislation in place in each period, namely Decree-Law 74/2013, of 4 of June, Order 225/2015, Ordinance 9371/2017 and Dispatch 9955/2017. It is important to notice that this mechanism is not applicable to power plants in 2018 still operating under CMEC regime. However, this situation was subsequently changed and disputed by EDP Produ\u00e7\u00e3o, as mentioned below. On 5 October 2018, the Spanish legislature, by the sixth and seventh additional lines on Article 21 of Royal Decree-Law 15/2018, suspended the 7% tax on electricity generation approved in 2012 for a period of six months, from the beginning of October 2018 to the end of March 2019. This tax suspension corresponds to the suspension of the off-market event verified within the European Union, which is considered in the clawback calculation. Following the temporary suspension of the tax on electricity production in Spain: - Order 895/2019 of 23 January, establishing the suspension of the \"Clawback\" was approved for a period of 6 months as from 1 October 2018; - The Tariff and Price Document for 2019, published on 17 December 2018, estimates a Clawback value of \u20ac 4.18/MWh, to be applied after the end of the suspension period (more specifically from 6 April 2019); - ERSE informed EDP Produ\u00e7\u00e3o that any clawback invoicing relating to the referred suspension period should be deleted or cancelled; - The State Budget Law for 2019 provided that \"the Government shall, until the end of the first quarter of 2019, review the regulatory mechanism designed to ensure the balance of competition in the wholesale electricity market in Portugal, provided for under DL 74/2013, of 4 June, adapting it to the new rules of the Iberian Electricity Market, with the aim of creating harmonized regulatory mechanisms that reinforce competition and protect consumers\". On 1 April 2019, the suspension of the tax on the production of electric energy in Spain was terminated, and it became effective again. From that moment, the \"clawback\" invoiced to EDP Produ\u00e7\u00e3o was resumed, based on a value of 4.75\u20ac/MWh. On 9 August 2019, Decree-Law 104/2019 was published, which makes the first amendment to Decree-Law 74/2013, of 4 June, by changing the scope of the clawback mechanism. Previously, \u201celectricity producers under the ordinary regime and other producers not covered by the guaranteed remuneration regime\" were subject to clawback. With the publication of this diploma, the CMEC centrals are now included in the scope of the clawback. Considering that this scope contradicts the Decree Law 240/2004, of 27 of December, EDP Produ\u00e7\u00e3o proceeded to its challenge. The same Decree-Law introduced the possibility to define CIT (corporate income tax) \u2013 advanced payment, and on 26 September 2019 was published the Order 8521/2019, which set the amounts of advanced payment related to the clawback mechanism at 2.71\u20ac/MWh for coal-fired power plants and 4.18\u20ac/MWh for other power plants. In the Tariff and Price Document for 2020, published on 16 December 2019, ERSE considered the unit values defined in Dispatch 8521/2019, correcting only the value applicable to coal to 1.23 \u20ac / MWh, due to the increase in the ISP tax percentage and CO2 addition planned for 2020. EDP Produ\u00e7\u00e3o presented on 10 March of 2020 an action seeking a declaration of nullity or annulment of that administrative act by ERSE. On 27 December 2019, Dispatch 12424-A / 2019 was published, which identifies as national extra-market events to be considered in the Study to be prepared by ERSE until April 2020 (with reference to 2019) under the Clawback mechanism, the taxation of petroleum and energy products used in the production of electricity (ISP), CESE and the Social Electricity Tariff. On 30 June 2020, Dispatch 6740/2020 was published by the Secretary State of Energy (SEAE) which establishes the CIT (corporate income tax) \u2013 advanced payment to be applied in 2020 to electric power producers covered by the \"Clawback\" mechanism. The value of CIT (corporate income tax) \u2013 advanced payment for the year 2020 is set at \u20ac 2.24/MWh for plants that are not subject to extra market internal events, that is, only to some renewable energy producers in the market with the exception of the power generation centers included in the scope of internal extra-market events identified. On 22 October 2020, Dispatch 10177/2020, issued by the SEAE Office, was published, which determines the final compensation of the \u201cClawback\u201d for the year 2019, considering the ISP regime as the only internal off-market event within the National Electrical System (SEN), thus determining a value of \u20ac 2.24 / MWh for hydro, gas and PRE on the market and 0.68\u20ac/MWh for coal power plants. This determination is not consistent with that contained in Dispatch 12424-A/2019, of 27 December, which identifies ISP, CESE and Social Tariff as internal off-market events for 2019. EDP Produ\u00e7\u00e3o challenged Order 10177/2020 on 22 January 2021. On 25 June 2021, the Spanish legislator, within the scope for the adoption of urgent measures regarding energy taxation due to the high prices verified in the MIBEL, published the Royal Decree-Law 12/2021, which, among others, proceeds the suspension of the 7% tax on the production of electricity, approved in 2012, for a period between 1 July and 30 September 2021 (3 months), and with effects on the determination of the \u201cClawback\u201d. Following Royal Decree-Law 17/2021, the Spanish legislator has once again suspended the 7% tax on electricity production for another 3 months, between 1 October and 31 December of 2021. Following the temporary suspension of the tax on the production of electricity in Spain, Dispatch 6398-A/2021, of 29 June, was published, which established the suspension of the \u201cClawback\u201d in the period between 1 July 2021 and 30 September 2021, and Order 9975/2021, of 14 October, which determines the suspension of this mechanism between 1 October and 31 December 2021. On 14 October 2021, Order 9974/2021, of the SEAE Office, was published, which determines the final compensation of the \"Clawback\" for the year 2020, considering as the only extra-market event within the National Electric System the regime of ISP (noting that it is consistent with the Dispatch that approved the final value for the year 2019), resulting in the following \u201cClawback\u201d values: 3.64\u20ac/MWh for hydro plants and Special Regime Production (PRE) in the market; 3.42\u20ac/MWh for CCGTs; and 2.16\u20ac/MWh for coal plants. This determination is not coherent with the goals and rationale underlying the \u201cClawback\u201d mechanism, as it does not admit the Social Tariff and CESE as internal extramarket events. EDP Produ\u00e7\u00e3o challenged Order 9974/2021 on 14 January 2022. The Spanish legislator suspended again the 7% tax on electricity production for another 6 months, through Royal Decree-Ley 29/2021, of 21 December (for the period between 1 January and 31 March 2022) and Royal Decree-Ley 6/2022, of 29 March (for the period between 1 April and 30 June 2022). Following this temporary suspension of the tax on electricity production in Spain, Order 1322/2022 of 1 February was published, which established the suspension of the \u201cClawback\u201d between 1 January and 31 March 2022, and Order 6287/2022, of 19 May, which extended this suspension until 30 June 2022. More recently, the Spanish legislator, due to the maintenance of high prices in the MIBEL resulting, above all, from the Russia-Ukraine conflict, resumed the suspension of the 7% tax on electricity production until the end of 2022, through the Royal Decree-Ley 11/2022, of 25 June, and Order 9838/2022, of 9 August, determined the suspension of the \u201cClawback\u201d for the period between 1 July and 31 December 2022 in Portugal. In the year 2023 the tax on generation in Spain is suspended, in accordance with Royal Decree-Ley 20/2022 of 27 December, so the suspension of the \"Clawback\u201d in Portugal is also expected in the same period. Social Tariff Scheme EDP Group filed a request to the European Commission to assess the compliance of the Social Tariff funding mechanism, fully supported by ordinary regime generators, with the rules and principles of European Union law. On this, since 2011, EDP has already been charged more than 530 million Euros. EDP does not question the existence of the Social Tariff, and agrees with its purpose, but cannot, in light of the current regime, conform with the terms in which the legislator enshrined its method of financing. In fact, in Spain, similar mechanisms for financing the price of electricity were considered not to comply with the legal framework and were therefore subject to modification. The verification request aimed to obtain confirmation on the inadequacy of the current national social tariff financing mechanism and to prompt the review of national legislation on this financing mechanism. The European Commission recognised the discriminatory nature of the financing mechanism for the social tariff in Portugal and informed that it would keep monitoring the evolution of the social tariff in Portugal, particularly in the context of the revision of tariffs for 2023. In the 2023 tariffs, the social tariff discount continues to be attributed to eligible customers and the respective cost is being temporarily borne by the network operators, pending definition of the financing model for this cost. Ancillary Services i) Secondary regulation band service On 3 September 2018 the Autoridade da Concorr\u00eancia (AdC) adopted a Note of Illegality, under which it intended to attribute to EDP Produ\u00e7\u00e3o a behaviour of abuse of a dominant position in the secondary regulation band service. AdC claimed that EDP Produ\u00e7\u00e3o restricted the offer of a segment of the Electricity System (the secondary regulation band or teleregulation service) between January 2009 and December 2013, limiting the capacity offer of its plants under CMEC regime to benefit market power plants, in order to benefit twice, to the detriment of consumers. On 28 November 2018, EDP Produ\u00e7\u00e3o exercised its right to be heard and to defend itself in relation to the wrongful act was imputed and the sanctions it could incur, that is, it responded to the Note of Illegality. On 18 September 2019, AdC informed EDP Produ\u00e7\u00e3o of its decision to condemn, imposing a fine of 48 million Euros, for alleged abuse of dominant position in the secondary regulation band market in mainland Portugal between January 2009 and December 2013. According to AdC, EDP Produ\u00e7\u00e3o would have manipulated its offer of tele-regulation service or secondary regulation band, limiting the capacity offer of its CMEC power plants to offer it through its market power plants, benefiting in two ways: - Highest compensation paid to CMEC plants (annual revisability), as their lower participation in the provision of secondary regulation band service would be below what would be expected (according to competitive market criteria); and - The increase of the market price of the secondary bandwidth service, as a result of the limited supply by CMEC plants, favouring market- based power plants. On 30 October 2019, EDP Produ\u00e7\u00e3o filed an appeal against this decision before the Competition, Regulation and Supervision Court (TCRS), awaiting the AdC's counter-allegations. On 20 May 2020, EDP Produ\u00e7\u00e3o was notified of an order from TCRS, which, among other things, admitted its Appeal of Judicial Contestation, establishing a purely return effect and determining the payment of the fine imposed within 20 days. In this context, EDP Produ\u00e7\u00e3o submitted requests, invoking supervening facts to demonstrate the considerable damage associated with a putative payment of the fine, and arguing defects in the decision that determined the attribution of a merely devolutive effect to the Judicial Challenge Appeal. However, despite EDP Produ\u00e7\u00e3o's well-founded convictions about the possibility of providing a bank guarantee or bond, instead of paying the fine, the TCRS ended up determining the payment of the fine, which occurred on 20 October 2021. The trial started in September 2021 and on 10 August 2022, the TCRS confirmed the AdC's decision, maintaining the fine of 48 million Euros to EDP Produ\u00e7\u00e3o for alleged abuse of dominant position. EDP Produ\u00e7\u00e3o filed an appeal against the aforementioned decision to the Lisbon Court of Appeal on 30 September 2022. The EDP Group considers that EDP Produ\u00e7\u00e3o did not abuse any dominant position, having acted strictly in accordance with the legal framework in force. On 29 September 2021, EDP Produ\u00e7\u00e3o was cited in a class action filed by Associa\u00e7\u00e3o IUS Omnibus based on the alleged abuse of dominant position in the secondary regulation band market between the beginning of 2009 and the end of 2013, requesting, in representation of consumers, a compensation in the amount of 94.8 million euros, as estimated by AdC in the scope of process PRC/2016/05. EDP Produ\u00e7\u00e3o has already presented its defense within the legal deadline established for that purpose. A Order was issued, in which the court decided, among other things, to suspend the proceedings until a final decision is rendered in administrative offense case 309/19.0YUSTR. The appeal filed by EDP Produ\u00e7\u00e3o with the Lisbon Court of Appeal regarding this decision to suspend the proceedings is pending. ii) CMEC's revisibility overcompensation On 20 October 2020, EDP Produ\u00e7\u00e3o became aware, by letter sent by DGEG, of the dispatch of the SEAE regarding the approval of the revisibility for the year 2015, which is deducted in the amount of 72.9 million Euros, relating to the alleged overcompensation. In this respect, the EDP Group has registered a provision in the amount of 72.9 million Euros, and carried out a judicial appeal against the order of SEAE at the Administrative Court of the Lisbon Circle at 19 January 2021. Innovative Features On 9 July 2018, EDP has been notified, within the scope of a stakeholder hearing promoted by the DGEG, to present its opinion on the possibility of DGEG proposing to the Secretary of State for Energy an amount associated with the alleged \"innovative features\" introduced in CMEC regime regarding PPA, to a maximum amount of 357.9 million Euros. According to DGEG, this amount shall be associated with the lack of legal scope for tests on the availability of the CMEC plants (285 million Euros) and the ancillary services, mentioned above (72.9 million Euros). On 26 September 2018, EDP Produ\u00e7\u00e3o was notified of the Order of the SEE of 29 August, which considers as an \"innovative features\" the topic \"procedures for calculating the verified availability coefficient\", quantified at 285 million Euros. This Order refers to the alleged lack of legal forecast of availability tests of CMEC plants. Considering that the Order in question lacks technical, economic and legal basis, on 8 October 2018 EDP Produ\u00e7\u00e3o has submitted an administrative appeal. Subsequently, EDP Produ\u00e7\u00e3o received a letter from ERSE dated 12 November 2018 and became aware of the Order of the SEE of 4 October, which, following the Order of 29 August, declared the annulment of the annual adjustments in the part in which they considered the alleged \"innovative features\" concerning the procedures for calculating the coefficient of availability. In the Tariff and Price Document for 2019, ERSE considered the refund of an amount of 90 million Euros for a portion of the 285 million Euros referred to, expecting that the remaining portion will be paid for a number of years that allow the CMEC to have zero tariff impact by including the 86.5 million Euros in the tariffs of 2020, 86.5 million Euros in tariffs of 2021 and 21.9 million Euros in 2022. Without having received any response to the gracious complaint filed on 1 February 2019, EDP Produ\u00e7\u00e3o challenged in court the Orders of 29 August and 4 October and the Tariff and Price Document for 2019. In the Electricity Tariffs and Prices Document for 2020, approved by ERSE on 16 December 2019, that entity charged again 86.5 million Euros, as it had foreseen the previous year. Although the EDP Group considers that there were no innovative features weighted in CMEC adjustments, this aspect was reflected in these financial statements as of 31 December 2018, by recognising a provision of 285 million Euros. In 2019 EDP made the payment of 92,458 thousand Euros, during 2020 made the payment of 110,963 thousand Euros, during 2021 made the payment of 69,374 thousand Euros and during 2022 made the payment of 12,105 thousand Euros (see note 36) thus using the entirety of this provision on 31 December 2022. Hydro power plants of Frid\u00e3o and Alvito On 17 December 2008, EDP Produ\u00e7\u00e3o and the Portuguese State signed the Contract for the Implementation of the National Program for High Hydroelectric Potential Power Plants (PNBEPH) regarding the Hydro Power Plants of Frid\u00e3o (AHF) and Alvito (AHA), with the payment, by EDP Produ\u00e7\u00e3o of 231,700 thousand Euros. Of this amount, 217,798 thousand Euros relates to the exclusive right to explore the AHF during the concession period. EDP Produ\u00e7\u00e3o followed up on the procedures for the implementation of these projects, having, in the case of the AHF, obtained a Favourable Environmental Impact Declaration and an Environmental Compliance Report of the Execution Project (RECAPE). On 22 October 2013, EDP Produ\u00e7\u00e3o requested to the Minister of the Environment, Land Management and Energy, based on a change of circumstances, to postpone the signing of the concession contract for the AHF. This request was formally rejected on 2 May 2014, and the terms of the concession contract, were subsequently negotiated between EDP Produ\u00e7\u00e3o and the Portuguese Environmental Agency (APA) and a specific date for the respective signature for 30 September 2015, which was revoked by the Government without rescheduling a new date. In 2016, following the beginning of the XXI Constitutional Government, the Government Program provided the reassessment of the PNBEPH. In this context, it was suspended, for three years, the execution of the Contract for the implementation of the AHF, as well as was agreed the annulment of the implementation Contract regarding AHA, through a Memorandum of Understanding signed on 5 December 2016, concluded by an agreement between the Portuguese State and EDP Produ\u00e7\u00e3o on 11 April 2017. On 16 April 2019 EDP Produ\u00e7\u00e3o received, by email, an official letter from the Ministry of the Environment and Energy Transition, dated 11 April 2019, informing the State's conclusion that there is no need for implementation of AHF to meet national targets for energy production from renewable sources and for reducing the emission of Greenhouse Gases, as well as \"that the State does not find any reason to inhibit the construction of the Frid\u00e3o Hydro Power Plant\". Simultaneously, the Minister of the Environment and Energy Transition (MATE) announced at the National Assembly, in a hearing at the Environment, Land-use Planning, Decentralization, Local Power and Housing Committee, that the State's decision was not to build the AHF and that \"the State will always comply with the contract but believes there are no reasons for any repayment of the amount that was given to the State ten years ago\". It acknowledged, however, that there was no agreement with EDP on this matter. EDP Produ\u00e7\u00e3o notified the Portuguese State to clarify that at no time did EDP express its intention to not proceed with the construction of power plants and to return all the investment already made, including the consideration paid on the provisional award, and, as well, to compensate it for other losses and damages resulting from the non-compliance, to be settled in a timely manner. The Group reclassified these Assets under construction to Other debtors and other assets and valued them in accordance with the principles defined in IFRS 9 (see note 27). On 24 January 2020, EDP Produ\u00e7\u00e3o initiated an arbitration process against the State in which it claimed its rights. The arbitration hearing sessions took place during the month of April 2021 and in July 2021 the closing arguments were presented. In July 2022, the competent Arbitration Decision was handed down, obliging the State to refund to EDP Produ\u00e7\u00e3o the aforementioned amount of 217,798 thousand Euros, which concerns the exclusive right to explore the AHF during the concession period. The other requests by EDP Produ\u00e7\u00e3o and the State were dismissed. On 7 October 2022, the Portuguese State filed an appeal against the aforementioned Arbitration decision and EDP Produ\u00e7\u00e3o presented its counter-claims on the 11 November 2022. On the 15 December 2022, the Supreme Administrative Court delivered the Judgment admitting the review appeal filed by the Portuguese State. In view of this decision, EDP filed an appeal with the Constitutional Court. EDP Produ\u00e7\u00e3o submitted, on 13 December 2022, an appeal for the execution of the Arbitration Decision, demanding the payment of the amount in which the Portuguese State was sentenced, in the amount of 217,798 thousand Euros. The appeal was admitted. Sale of real estate by E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. In the 2009-2018 period, E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. (E-REDES) disposed a set of real estate that were unused for the activities of the various electricity distribution concessions, in the amount of approximately 52 million Euros, obtaining a total net value of gains of 33.9 million Euros (35.7 million Euros of gains and 1.7 million Euros of losses). In the regulated accounts sent to ERSE in April 2018, E-REDES identified the amount to be returned into tariffs related to the depreciation of the properties that were sold in the period 2012-2017. ERSE did not consider this amount in the 2019 rates and submitted the topic for further analysis. In the Tariffs for 2020, ERSE recognized the principle of profit sharing with the system and assumed the return into the tariffs of approximately 16.6 million Euros referring to half of the net gains obtained from the sale of real estate by E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. between 2009 and 2018, having mentioned that the position to be taken by the respective grantors of the Concession Contract for the National Distribution Network (RND) and the electricity distribution network concessions in BT may determine the revision of this amount. E-Redes did not question the return to the tariff of half of the capital gains generated with the sale of real estate not allocated to any of the activities included in the RND concession and in the concessions of the municipal low voltage electricity distribution networks, having the respective representative on the ERSE Tariff Board voted in favor of this solution. Subsequent to the publication of the Tariffs for 2020, in 17 December 2019, the Government approved an Order that stipulates that the total value of the gains generated by the sale of real estate by E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. between 2009 and 2018, and which were subject to remuneration for the tariffs, \u201creverts entirely to the grantor\u201d, and should be \u201cfully reflected in the electricity tariffs\u201d. On 17 March 2020, E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. initiated an arbitration process at the Commercial Arbitration Center, in which claims, moreover, (i) the principle of sharing benefits in this case, may not result in the granting ownership of all the gains generated from the sale of real estate; (ii) that the maintenance of the alienated properties would entail costs for the system, so that their alienation proves to be correct; (iii) that, in relation to all E-Redes real estate where no specific technical installations for each voltage level are installed, as is the case, it is not possible to make any distinction between the respective allocation to the RND concession, or to the municipal concessions for low voltage electricity distribution networks. On 15 December 2020, the Regulator published the tariffs for 2021 and it was considered the return to the system of the remaining amount of 16.6 million Euros referring the net gains obtained from the sale of properties in the period between 2009 and 2018, in accordance with the Dispatch sent by MAAC, despite the ongoing arbitration process. On 25 March 2022, the Arbitration Court issued its decision, which, in summary, results in an interpretation of the Concession Agreement, according to which the income resulting from the sale of the aforementioned real estate and which exceeds the global amount of accumulated depreciation must be recognized as income allowed to the concessionaire. In accordance with the interpretation adopted regarding the RND Concession Agreement, the Arbitration Court decided that the amount of 27.9 million Euros, corresponding to the accumulated depreciation of the real estate transferred between 2009 and 2018, by E-REDES, for a total amount of around 52 million Euros. In view of the finality of this arbitration decision, E-REDES recorded in the first half of 2022 an income of 5.3 million Euros, which will be recovered in the 2023 tariffs and which results from the difference between the amount already returned to the tariffs (33.2 million Euros) and the amount that should have been returned in accordance with the arbitration decision (27.9 million Euros). E-Redes acted in a transparent manner and within the framework of regulatory efficiency standards dictated by ERSE itself, as is evident from the values that have always been evidenced in the published Annual Reports and in the Regulated Accounts presented. Sale of the portfolio of Hydroelectric Projects The project for the sale of the portfolio of Hydroelectric Projects located in the Douro basin falls within the scope of EDP's strategic plan for 2019 2022, as presented to the market in March 2019 and reinforced with EDP's Strategic Plan for 2021-2025 presented in February 2021, in particular within the scope of the strategy of portfolio balancing and capital reallocation, as a way to finance new investments, particularly in renewable energy, including in Portugal. The transaction was concluded on 16 December 2020, through the sale of the entire share capital of the company Camirengia Hidroel\u00e9tricos S.A. (\u201cCamirengia\u201d), by its sole shareholder, EDP - Energias de Portugal, S.A. (\"EDP\"), to the company Movhera - Hidroel\u00e9ctricas do Norte, S.A. (previously known as \u00c1guas profundas, S.A., company incorporated in Portugal and therefore resident for tax purposes in Portugal, owned by the consortium formed by GDF International SAS, from ENGIE Group, by 40%, Mirova S.A. by 35% and Predica Prevoyance Dialogue du Credit Agricole, S.A. in 25%). The company Camirengia was incorporated under the simple demerger of EDP - Gest\u00e3o da Produ\u00e7\u00e3o de Energia, S.A. (\"EDP Produ\u00e7\u00e3o\"), under which a complex set of items was carved-out from this company, comprising not only the titles of use of the hydric resources related to the portfolio mentioned above, but also by a multiplicity of assets, liabilities, resources and contractual positions associated and necessary for the development of the exploration activity. From a strictly operational, regulatory, technical and legal point of view, the demerger was the only viable and feasible option to proceed with the detachment of the portfolio, considering its size and complexity. In this sense, EDP followed the only model, the demerger and the subsequent sale of shares, that guaranteed the continuity of operations and the maintenance of all the commitments (including environmental nature and towards the municipalities) necessary for the portfolio normal operation and also to respond to the need of the buyer of acquiring a functional and autonomous company that would ensure the operation of all activity, without disruption, immediately after the sale - which was also required by the regulator. On the other hand, the contractual model used in the implementation of the transaction is fully in line with market standards. After its conclusion, the transaction was subject to media attention, based on the assumption that it constitutes a transfer of concessions and that, therefore, would be subject to Stamp Duty (under paragraph 27.2 of the Stamp Duty General Table). In EDP's view, that assumption is not at all applicable, and Stamp Duty is not due, as the transaction did not entail a transfer of concessions, but rather a demerger followed by the sale of the entire share capital of a company (Camirengia) holding the patrimonial assets assigned to the portfolio, operations that are not subject to Stamp Duty. In this context, on 16 March 2021, the President of the EDP Executive Board of Directors was requested to attend the Environment, Energy and Spatial Planning Commission of the Portuguese Parliament, in order to address the abovementioned transaction, where EDP had the opportunity to clarify all questions addressed by the Members present. In addition, on 1 April 2021, that Commission sent EDP a request for information and questions about the transaction. On 15 April, EDP, committed to contribute to the swift, full and definitive clarification of the questions that were presented, sent to the Portuguese Parliament answers to all the questions raised, and made available all the requested documentation, despite its private and confidential nature, as a testament to the collaborative, transparent and good faith attitude with which EDP has been guiding its relationship with the State and its institutions. In this spirit of collaboration, transparency and good faith in its relationship with the State and its institutions, EDP proactively contacted the Tax Authority, making itself available to clarify the tax aspects of the operation. On 6 July 2021, EDP became aware that DCIAP is investigating the sale of the Douro portfolio, with searches carried out at the premises of EDP and EDP Produ\u00e7\u00e3o. During the diligence, and basing its action on a cooperative posture, all cooperation and assistance was provided to the authorities. EDP scrupulously fulfils all of its obligations, including tax obligations, adopting very strict practices in the technical framework of all issues, having made this transaction under the tax framework applicable, assessing the tax rules in force on the date of the transaction, a framework that was also subject to validation by Opinions requested from reputable tax experts. ",
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"value": "1. Economic activity of EDP Group EDP - Energias de Portugal, S.A. (hereinafter referred to as EDP), currently with head office in Lisbon, Avenida 24 de Julho 12 and with its shares listed on the Euronext Lisbon stock exchange, results from the transformation of Electricidade de Portugal, E.P., incorporated in 1976 following the nationalization and consequent merger of the main companies in the electricity sector in Portugal. During 1994, as established by Decree- laws 7/91 and 131/94, the EDP Group (EDP Group or Group) was set up following the split of EDP, which led to a number of directly or indirectly wholly owned subsidiaries of EDP. The Group\u2019s businesses are currently focused on the generation, transmission, distribution and supply of electricity and supply of gas. Additionally, the Group also operates in related areas such as engineering, laboratory tests, professional training, energy services and property management. EDP Group operates essentially in the European (Portugal, Spain, France, Poland, Romania, Italy, Belgium, United Kingdom and Greece), American (Brazil, Colombia and North America) and Southeast Asia energy sectors. 2. Accounting policies a) Basis of presentation The accompanying condensed consolidated and company financial statements of EDP - Energias de Portugal, S.A. reflect the results of the company's operations and its subsidiaries (EDP Group or Group) and the Group's interest in its joint ventures and associated companies, for the periods ended on 31 December 2022 and 2021 and EDP S.A.'s Executive Board of Directors approved them on 01 March 2023. The financial statements are presented in thousand Euros, rounded to the nearest thousand. ",
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"value": " Lisbon, Avenida 24 de Julho 12",
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"value": " Lisbon, Avenida 24 de Julho 12",
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"value": " Portugal",
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"value": "generation, transmission, distribution and supply of electricity and supply of gas.",
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"f28539": {
"value": "2. Accounting policies a) Basis of presentation The accompanying condensed consolidated and company financial statements of EDP - Energias de Portugal, S.A. reflect the results of the company's operations and its subsidiaries (EDP Group or Group) and the Group's interest in its joint ventures and associated companies, for the periods ended on 31 December 2022 and 2021 and EDP S.A.'s Executive Board of Directors approved them on 01 March 2023. The financial statements are presented in thousand Euros, rounded to the nearest thousand. In accordance with Regulation (EC) 1606/2002 of the European Council and Parliament, of 19 July 2002, as transposed into Portuguese legislation through Decree-law 35/2005 of 17 February 2005, with changes updated by the Decree-law 158/2009 of 13 July and Decree-law 98/2015 of 2 June, the company's financial statements and the Group's consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS), as endorsed by the European Union (E.U). IFRS comprise accounting standards issued by the International Accounting Standards Board (IASB) as well as interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) and their predecessor bodies. The EDP Group's consolidated and company financial statements for the years ended 31 December 2022 and 2021 were prepared in accordance with IFRS as adopted by the E.U. and effective since 1 January 2022. The accounting policies used by the Group in preparing the consolidated financial statements described in this note were adopted in accordance. The new standards and interpretations recently issued but not yet effective and that the Group has not yet applied on its consolidated financial statements, are detailed in note 3. The financial statements have been prepared on a going concern basis and under the historical cost convention, modified by the application of the fair value accounting to derivative financial instruments, financial assets at fair value through profit or loss and financial assets at fair value through other comprehensive income. Assets and liabilities that are hedged under hedge accounting are stated at fair value in respect of the hedged risk. Non-current assets and disposal groups held for sale are stated at the lower of carrying amount and fair value less costs to sell. Liabilities for defined benefit plans are recognised at the present value of the obligation net of plan assets fair value. In accordance with IFRS 3 - Business Combinations, if the initial purchase price allocation of assets, liabilities and contingent liabilities acquired is identified as provisional, in the subsequent 12 months after the business combination transaction, the legal acquirer should make the final allocation of the purchase price related to the fair value of the assets, liabilities and contingent liabilities acquired. These adjustments with impact on the amount of goodwill determined and booked in previous periods, originate a restatement of the comparative information, which is reflected on the statement of financial position, with effect from the date of the business combination transaction. Change in the presentation of Social Tariff costs Within the scope of the regulatory changes verified in Spain in 2022, the Group has reassessed the accounting of the costs related to Social Tariff in its income statement. Due to the nature of these costs, it has been concluded that they should be accounted for as \"Other expenses\". In this sense, the costs related to social tariff incurred in 2021 were reclassified from the \u201cCost of energy sales and other\u201d to \u201cOther expenses\u201d (amounting to 72,271 thousand Euros at 31 December 2021). Change in the presentation of green certificates - Inventories During 2022, the Group has reviewed its accounting policy relating to Green Certificates and RECs, based on decisions issued by the European Securities and Markets Authority (ESMA) regarding transactions of a similar nature. According to the analysis carried out, it has been concluded that these Certificates are considered government support in accordance with IAS 20 that must be accounted for under the caption \u201cRevenues and cost of Energy Sales and Services and Other\u201d, with unsold certificates being recognised as inventories in accordance with IAS 2. In this sense, the Group proceeded to reclassify the amounts recognised under \"Intangible assets\" to \"Inventories\" (amounting to 157,532 thousand Euros at 31 December 2021 and 148,668 thousand Euros at 1 January 2021), since it has been concluded that this is the most appropriate presentation and the one that better reflects the nature of these assets, maintaining all other recognition and measurement criteria unchanged. The preparation of financial statements in conformity with IFRS requires the Executive Board of Directors to make judgments, estimates and assumptions that affect the application of the accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and related assumptions are based on historical experience and other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments regarding the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The issues involving a higher degree of judgment or complexity, or where assumptions and estimates are considered to be significant, are presented in note 4 - Critical accounting estimates and judgments in preparing the financial statements. Accounting policies have been applied consistently by all Group companies and in all periods presented in the consolidated and company financial statements. b) Basis of consolidation The accompanying consolidated financial statements reflect the assets, liabilities and results of EDP, S.A. and its subsidiaries (Group or EDP Group) and the equity and results attributable to the Group, through the investments in associates and jointly controlled entities. Controlled entities Investments in subsidiaries where the EDP Group has control are fully consolidated from the date the Group assumes control over their financial and operating activities and/or over their assets and liabilities until the moment that control ceases to exist. An investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee, independently of the percentage of voting rights held. Accumulated losses are attributed to non-controlling interests in the corresponding proportions held, implying that the Group can recognise negative non-controlling interests. On a step acquisition process resulting in the acquisition of control the revaluation of any interest previously held is booked against the income statement when goodwill is calculated. On a partial disposal resulting in loss of control over a subsidiary, any participation retained is revalued at market value on the sale date and the gain or loss resulting from this revaluation is booked against the income statement, as well as any gain or loss resulting from the disposal. Jointly controlled entities EDP Group classifies an arrangement as a joint arrangement when the jointly control is contractually established. Joint control exists only when decisions about the relevant activities require the unanimous consent of the parties that collectively control the arrangement. After determining the existence of joint control, the Group classifies joint arrangements into two types - joint operation or joint venture. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement (i.e. joint operators) have rights to the assets and obligations for the liabilities relating to the arrangement, so the assets and liabilities (and related revenues and expenses) in relation to its interest in the arrangement are recognised and measured in accordance with relevant IFRS applicable. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement (i.e. joint ventures) have rights to the net assets of the arrangement, so these investments are included in the consolidated financial statements under the equity method. The consolidated financial statements include the Group's attributable share of total reserves and profits or losses of joint ventures, included under the equity method. When the Group\u2019s share of losses exceeds its interest in a joint venture, its carrying amount is reduced to zero and recognition of further losses is discontinued, except to the extent that the Group has a legal or contractual obligation to cover such losses on behalf of that entity. Entities over which the Group has significant influence Investments in associates are included in the consolidated financial statements under the equity method from the date the Group acquires significant influence to the date it ceases. Associates are entities over which the Group has significant influence, but not control, over its financial and operating policies. The existence of significant influence by the Group is usually evidenced by one or more of the following: - Representation on the Executive Board of Directors or equivalent governing body of the investee; - Participation in policy-making processes, including participation in decisions about dividends or other distributions; - Existence of material transactions between the Group and the investee; - Interchange of managerial personnel; and - Provision of essential technical information. The consolidated financial statements include the Group's attributable share of total reserves and profits or losses of associates, included under the equity method. When the Group\u2019s share of losses exceeds its interest in an associate, its carrying amount is reduced to zero and recognition of further losses is discontinued, except to the extent that the Group has a legal or constructive obligation to cover such losses on behalf of the associate. Accounting for investments in subsidiaries, joint ventures and associates in the company's financial statements Investments in subsidiaries, joint ventures and associates not classified as held for sale or not included in a disposal group which is classified as held for sale are accounted for at cost in the company's financial statements, and are subject to periodic impairment tests, whenever indication exists that certain financial investment may be impaired. Goodwill Following the transition to International Financial Reporting Standards (IFRS) on 1 January 2004 and as permitted under IFRS 1 - First-time Adoption of International Financial Reporting Standards, the EDP Group decided to maintain the goodwill resulting from business combinations that occurred prior to the transition date, calculated in accordance with the Group's previous accounting policies. Costs directly attributable to the acquisition of a subsidiary are booked directly in the income statement. As from the transition date to IFRS, total positive goodwill arising from acquisitions is recognised as an asset carried at acquisition cost and is not subject to amortisation. Goodwill arising on the acquisition of subsidiaries, joint ventures and associates is defined as the difference between the cost of acquisition and the corresponding share of the fair value of the net assets acquired. The EDP Group has the possibility to book non-controlling interests at fair value or at cost, implying that the full amount of goodwill can be booked in the financial statements, including the portion attributable to the non-controlling interests, against non-controlling interests, if the first option is chosen. Goodwill arising on the acquisition of subsidiaries, joint ventures and associates is defined as the difference between the cost of acquisition and the total or corresponding share of the fair value of the net assets acquired, depending on the option taken. Negative goodwill arising on an acquisition is recognised directly in the income statement in the period when the business combination occurs. The recoverable amount of the goodwill is assessed annually, regardless of the existence of any impairment triggers. Impairment losses are recognised in the income statement. The recoverable amount is determined based on the value in use of the assets, calculated using valuation methodologies supported by discounted cash flow techniques, considering market conditions, the time value of money and the business risks. Goodwill is not adjustable due to changes in the initial estimate of the contingent purchase price and the difference is booked in the income statement. Purchases of non-controlling interests and dilution In acquisitions (dilutions not resulting in a loss of control) of non-controlling interests, the difference between the fair value of the non-controlling interests acquired and the consideration paid, is accounted against reserves. The acquisitions of non-controlling interests through written put options related with investments in subsidiaries held by non-controlling interests, are recorded as a liability for the fair value of the amount payable, against non-controlling interests. The fair value of the liability is determined based on the contractual price which may be fixed or variable. In case of a variable price, the changes in the liability are recognised against the income statement as well as the effect of the financial discount of the liability (unwinding). Investments in foreign operations The financial statements of the foreign subsidiaries, joint ventures and associates of the Group are prepared using their functional currency, defined as the currency of the primary economic environment in which they operate. In the consolidation process, the assets and liabilities of foreign subsidiaries are translated into Euros at the official exchange rate at the balance sheet date. Regarding the investments in foreign operations that are consolidated using the full consolidation method and equity method, the exchange differences between the amount of equity expressed in Euros at the beginning of the period and the amount translated at the official exchange rates at the end of the period, on a consolidated basis, are booked against reserves. Foreign currency goodwill arising on the acquisition of these investments is remeasured at the official exchange rate at the balance sheet date directly against reserves. The income and expenses of foreign subsidiaries are translated into Euros at the approximate exchange rates at the dates of the transactions. Exchange differences from the translation into Euros of the net profit for the period, arising from the differences between the rates used in the income statement and those prevailing at the balance sheet date are recognised in reserves. On disposal of a foreign subsidiary, the related exchange differences previously recognised in reserves, are accounted for in the income statement. Balances and transactions eliminated on consolidation Inter-company balances and transactions, including any unrealised gains and losses on transactions between Group companies, are eliminated in preparing the consolidated financial statements. Unrealised gains and losses arising on transactions with associates and jointly controlled entities are eliminated to the extent of the Group's interest in those entities. Business combinations achieved in stages In a business combination achieved in stages, on the date of obtaining control, the excess of the aggregate of (i) the consideration transferred; (ii) the amount of any non-controlling interest recognised in the acquiree; and (iii) the fair value of the previously held equity interest in the acquired business; over the net of amounts of the identifiable assets acquired and liabilities assumed, is recognised as goodwill. If applicable, the negative difference, after evaluating the consideration transferred, of the amount of any non-controlling interest recognised in the acquiree and the fair value of the previously held equity interest in the acquired business, over the net value of the identifiable assets acquired and liabilities assumed, is recognised in the income statement. The Group recognises the difference between the fair value of the previously held equity interest in the acquired business and the carrying value in consolidated results in Other income. Additionally, the Group reclassifies the deferred amounts in other comprehensive income relating to the previously held equity interest to the income statement or consolidated reserves, according to their nature. c) Foreign currency transactions Foreign currency transactions are translated at the exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currency are translated into Euros at the exchange rates at the balance sheet date. These exchange differences arising on translation are recognised in the income statement as financial results. Foreign currency non-monetary assets and liabilities accounted for at historical cost are translated using the exchange rates at the dates of the transactions. Foreign currency non-monetary assets and liabilities stated at fair value are translated into Euros at the exchange rates at the dates the fair value was determined. d) Derivative financial instruments and hedge accounting Derivative financial instruments are recognised on the trade date at fair value. Subsequently, the fair value of derivative financial instruments is remeasured on a regular basis, being the gains or losses on re-measurement recognised directly in the income statement, except for derivatives designated as cash flow hedging instruments. Recognition, in the income statement, of the resulting gains and losses on re-measurement of hedging derivatives depends on the hedge model used. The fair value of derivative financial instruments corresponds to their market value, if available, or to quotes indicated by external entities through the use of valuation techniques accepted by the market, which are compared in each date of report to fair values available in common financial information platforms, namely Bloomberg and Reuters. Hedge accounting The Group uses financial instruments to hedge interest rate risk, exchange rate risk and price risk resulting from its operational and financing activities. Derivatives not qualified for hedge accounting under IFRS 9 are accounted for as trading instruments. Hedging derivatives are recorded at fair value, being the gains and losses recognised in accordance with the hedge accounting model applied by the Group. Hedge relationship exists when: (i) The hedging relationship consists only of hedging instruments and hedged items that are eligible as per determined in IFRS 9; (ii) At the inception of the hedge there is formal documentation of the hedging relationship and the Group's risk management objective and strategy for the hedge; (iii) There is an economic relationship between the hedged item and the hedging instrument; (iv) The effect of credit risk does not dominate the value changes that result from that economic relationship; and (v) The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the entity actually hedges and the quantity of the hedging instrument that the entity actually uses to hedge that quantity of hedged item. Fair value hedge Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with any changes in the fair value of the hedged assets and liabilities or group of hedged assets and liabilities that are attributable to the hedged risk. For cross currency interest rate swaps, the currency basis spread is excluded from the hedge designation, but considered as a hedging cost in other comprehensive income, in cost of hedging reserve. When the hedging relationship ceases to comply with the requirements for hedge accounting, the accumulated gains or losses concerning the fair value of the risk being hedged are amortised over the residual period to maturity of the hedged item. Cash flow hedge Changes in the fair value of derivatives qualified as cash flow hedges are recognised in reserves. The cumulative gains or losses recognised in reserves are reclassified to the income statement when the hedged item affects the income statement. When a hedging relation of a future transaction is discontinued, if the transaction is still expected to take place, the changes in the fair value of derivative recognised in reserves remain recognised in reserves until the future hedged transaction occurs. When the future transaction is no longer expected to occur, the cumulative gains or losses recognised in reserves are recorded immediately in the income statement. Net investment hedge The net investment hedge model is applied on a consolidated basis to investments in subsidiaries in foreign currencies. This model allows that the exchange differences recognised in the currency translation reserve to be offset by the foreign exchange differences in foreign currency loans or currency derivatives contracted, recognised in Currency translation reserve - Net investment hedge. For cross currency interest rate swaps, the cross currency basis spread and forward points are not designated into the hedge relationship, but deferred as a hedging cost in other comprehensive income, in Currency translation reserve - Net investment hedge - Cost of hedging, and recognized in profit or loss over the period of the hedge. The ineffective portion of the hedging relationship is recognised in the income statement. The accumulated foreign exchange gains and losses regarding the net investment and the related hedging instrument recognised in equity are transferred to the income statement when the foreign currency subsidiary is sold, as part of the gain or loss resulting from the disposal. Effectiveness For a hedge relationship to be classified as such, in accordance with IFRS 9, its effectiveness must be demonstrated. Therefore, the Group performs prospective tests at the inception date and at each balance sheet date, in order to demonstrate its effectiveness, showing that any adjustments to the fair value of the hedged item attributable to the risk being hedged are offset by adjustments to the fair value of the hedging instrument. Any ineffectiveness is recognised in the income statement when it occurs. e) Debtors and Other assets The financial assets are classified based on the business model for managing the financial assets (\"business model test\") and their contractual cash flow characteristics (\"SPPI test\"). EDP Group classifies its financial assets, at the initial recognition, in accordance with the aforementioned requirements introduced by IFRS 9, on the following categories: Financial assets at amortised cost A financial asset is measured at amortised cost if: (i) it is held within a business model whose objective is to hold assets in order to collect its contractual cash flows; and (ii) the contractual cash flows represent solely payments of principal and interest. Financial assets included within this category are initially recognised at fair value and subsequently measured at amortised cost. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the statement of profit or loss. Loans and trade receivables are generally held to collect contractual cash flows and are expected to give rise to cash flows representing solely payments of principal and interest, thus they meet the criteria for amortised cost measurement under IFRS 9. Financial assets measured at fair value through other comprehensive income (FVOCI) A financial asset is measured at fair value through other comprehensive income if (i) the objective of the business model is achieved by both collecting contractual cash flows and selling financial assets; and (ii) the asset\u2019s contractual cash flows represent solely payments of principal and interest. Financial assets included within this category are initially recognised and subsequently measured at fair value, with the changes in the carrying amount booked in other comprehensive income, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses, which are recognised in profit and loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in other comprehensive income is reclassified to profit or loss. Financial assets measured at fair value through profit or loss (FVTPL) Financial assets that do not meet the criteria to be classified under the previously referred categories, are classified at fair value through profit or loss, deemed to be a residual category under IFRS 9. Regardless of the business model assessment, EDP Group can elect to classify a financial asset at fair value through profit or loss if doing so reduces or eliminates a measurement or recognition inconsistency (\u201caccounting mismatch\u201d). Changes in the business model assessment over time Financial assets are not reclassified subsequent to their initial recognition. However, if the Company changes its business model for managing financial assets, it will classify newly originated or newly purchased financial assets under the new business model, but will keep the classification of existing assets under the previous business model. Recognition and derecognition of financial assets Purchases and sales of financial assets are recognised on the trade date, which is the date on which the Group commits to purchase or sell these financial assets. Financial assets are derecognised when: (i) the Group contractual rights to receive their future cash flows have expired, (ii) the Group has transferred substantially the risks and rewards of ownership, or (iii) although retaining some, but not substantially all the risks and rewards of ownership, the Group has transferred control over the assets. Impairment EDP Group recognises an impairment loss based on the Expected Credit Loss (ECL) model, before the objective evidence of a loss event from past actions. This model is the basis for the recognition of impairment losses on held financial assets that are measured at amortised cost or at fair value through other comprehensive income (which includes cash and cash equivalents, trade receivables, loans and debt securities). The impairment methodology applied depends on whether there has been a significant increase in credit risk since initial recognition. If the credit risk on a financial asset does not increase significantly since its initial recognition, EDP Group measures the loss allowance for that financial asset at an amount equal to 12-month expected credit losses. If the credit risk increases significantly since its initial recognition, EDP Group measures the loss allowance for that financial asset at an amount equal to lifetime expected credit losses. Regardless of the above, a significant increase in credit risk is presumed if there is an objective evidence that the financial asset is impaired, including if there is observable data that comes to the attention of the holder of the asset about the following loss events, among others: significant financial difficulty of the issuer or obligor; restructuring of an amount due to the Group in terms that it would not consider otherwise; a breach of contract, such as a default or delinquency in interest or principal payments; or it becoming probable that the borrower will enter bankruptcy or other financial reorganisation. As soon as the loss event occurs in terms of IFRS 9, the impairment allowance would be allocated directly to financial asset affected, that is, the asset\u2019s carrying amount is reduced and the amount of the loss is recognised in profit or loss. If, in a subsequent period, the amount of the impairment loss decreases, the previously recognised impairment loss is reversed in profit or loss, if the decrease can be related objectively to an event occurring after the impairment loss was recognised. Trade receivables, including contract assets EDP Group applies the simplified approach and records lifetime expected losses on all trade receivables and contract assets, including those with a significant financing component. The estimated ECL are calculated based on actual credit loss experience over a period that, per business and type of customers, is considered statistically relevant and representative of the specific characteristics of the underlying credit risk. When applicable, EDP Group estimated the ECL rates separately for corporates and individuals. Considering the particularities of each business, exposures are segmented based on common credit risk characteristics such as credit risk grade, geographic region and/or industry - for corporates; and type of product purchased - for individuals, as applicable. Actual credit loss experience is adjusted by scalar factors to reflect differences between economic conditions during the period over which historical data was collect, current conditions and EDP Group's view of economic conditions over the expected lives of the receivables. Other receivables and financial assets For receivable assets related to regulatory assets, loans, financial entities and State carried at amortised cost and FVOCI, EDP Group performs an analysis based on the general approach. On making its assessment, the company has to make assumptions about risk of default and expected loss rates, which requires judgement. The inputs used for risk assessment and for calculation of the loss allowances for financial assets includes: (i) credit ratings (as far as available) from external credit rating companies such as Standard and Poors, Moody\u2019s and Fitch; (ii) significant changes in the expected performance and behaviour of the borrower, including changes in the payment status of borrowers in the Group and changes in the operating results of the borrower; (iii) public market data, namely on probabilities of default and loss given default expectations; and (iv) macroeconomic information (such as market interest rates or growth rates). Leases \u2013 Lessor perspective A lessor classifies each of its lease as either an operating lease or a finance lease. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underlying asset. A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership of an underlying asset. At the commencement date, a lessor recognises assets held under a finance lease in its statement of financial position and present them as a receivable at an amount equal to the net investment in the lease. A lessor recognises lease payments from operating leases as income on either a straight\u2010line basis or another systematic basis (if that basis is more representative of the pattern in which benefit from the use of the underlying asset is diminished). The assets subject to operating leases are presented in its statement of financial position according to the nature of the underlying asset. f) Trade payables and other liabilities An instrument is classified as a financial liability when there is a contractual obligation for the issuer to liquidate capital and/or interests, through delivering cash or other financial asset, regardless of its legal form. Financial liabilities are recognised at the issuance date (trade date): (i) initially at fair value less transaction costs; and (ii) subsequently at amortised cost, using the effective interest method. All financial liabilities are booked at amortised cost, with the exception of the financial liabilities hedged at fair value hedge, which are stated at fair value on risk component that is being hedged. Derecognition of financial liabilities EDP Group derecognises a financial liability (or a part of a financial liability) from its statement of financial position when, and only when, the obligation specified in the contract is discharged, cancelled or expired. An exchange between an existing borrower and lender of debt instruments with substantially different terms is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, a substantial modification of the terms of an existing financial liability, or a part of it, is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The difference between the carrying amount of a financial liability (or part of a financial liability) extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss. Initial measurement of the lease liabilities As provided by IFRS 16, the lease liabilities on the commencement date are measured by the Group based on the present value of the future payments of that lease contracts, discounted using EDP Group's incremental borrowing rate for each portfolio of leases identified. EDP Group determines the lease term as the non\u2010cancellable period of a lease, together with both: (i) periods covered by an option to extend the lease, if the lessee is reasonably certain to exercise that option; and (ii) periods covered by an option to terminate the lease, if the lessee is reasonably certain not to exercise that option. EDP Group applies the recognition exemption provided by IFRS 16 for the leases which lease term is 12 months or less, or that are for a low-value asset. After the commencement date, the lease liabilities are increased to reflect interest on the liability and reduced to reflect the lease payments made. Remeasurement of the lease liabilities EDP Group remeasures the lease liabilities, and adjusts the corresponding right-of-use assets, by discounting the revised lease payments, using an unchanged discount rate, if either: i) there is a change in future lease payments resulting from a change in an index or a rate used to determine those payments; or ii) there is a change in the amounts expected to be payable under a residual value guarantee. If there is a lease modification that do not qualifies to be accounted as a separate lease, EDP Group remeasures the lease liabilities and adjusts the corresponding right-of-use assets, by discounting the revised lease payments, using a revised discount rate at the effective date of the modification. The variable lease payments that do not depend in an index or a rate are not included in the measurement of the lease liabilities, nor the right-of- use asset. Those payments are recognised as cost in the period in which the event or condition that gives rise to the payments occurs. g) Equity instruments A financial instrument is classified as an equity instrument when there is no contractual obligation at settlement to deliver cash or other financial asset to another entity, regardless of its legal form, and there is a residual interest in the assets of an entity after deducting all its liabilities. Costs directly attributable to the issuance of equity instruments are recognised in equity, as a deduction to the amount issued. Amounts paid or received relating to sales or acquisitions of equity instruments are recognised in equity, net of transaction costs. Distributions related to equity instruments are deducted from equity, as dividends, when declared. Preference shares issued by the Group are considered as an equity instrument when there is no contractual obligation to redeem the shares and dividends are paid at the discretion of the Group. Preference shares issued by subsidiaries, classified as equity instruments and held by third parties, are recognised as non-controlling interests. Equity instruments at fair value EDP Group classifies the equity instruments that are held for trading at fair value to profit or loss. For all other equity instruments, management has the ability to make an irrevocable election on initial recognition, on an instrument-by-instrument basis, to present changes in fair value in other comprehensive income. If this election is made, all fair value changes, excluding dividends that are a return on investment, will be included in other comprehensive income. There is no recycling of amounts from other comprehensive income to profit and loss (for example, on sale of an equity investment) being, at that time, transferred to retained earnings. h) Property, plant and equipment Property, plant and equipment is stated at acquisition cost less accumulated depreciation and impairment losses. On transition to IFRS, on 1 January 2004, the Group decided to consider as deemed cost the revalued amount of Property, plant and equipment in accordance with the Group's previous accounting policy, which was comparable in general terms to the depreciated cost determined in accordance with IFRS. Subsequent costs are recognised as Property, plant and equipment only when it is probable that future economic benefits associated with the item will flow to the Group. Repair and maintenance costs are charged in the income statement as incurred, according to the accrual principle. The Group carries out impairment tests whenever events or circumstances may indicate that the book value of an asset exceeds its recoverable amount, being any impairment recognised in the income statement. The recoverable amount is the higher of fair value less costs to sell and value in use, the latter being calculated by the present value of the estimated future cash flows obtained from continued use of the asset and its sale at the end of its useful life. Land is not depreciated. Depreciation of tangible assets is calculated on a straight-line basis over their estimated useful lives, as follows: Buildings and other constructions 8 to 50 Plant and machinery: - Hydroelectric generation 30 to 75 - Thermoelectric generation 25 to 45 - Renewable generation 30 to 35 - Electricity distribution 10 to 40 - Other plant and machinery 4 to 25 Transport equipment 4 to 25 Office equipment and tools 2 to 16 Other property, plant and equipment 3 to 50 According to IFRS, the estimate of the useful life of assets should be reviewed whenever a change in the expected economic benefits flowing from the assets occurs as well as when the technical use planned for the assets differs from previous estimates. Changes occurring in the depreciation charge for the year are accounted prospectively. Capitalisation of borrowing costs and other directly attributable costs Borrowing costs that are directly attributable to the acquisition or construction of assets are capitalised as part of the cost of these assets. A qualifying asset is an asset that needs a substantial period of time to be ready for its intended use or sale. The amount of interest costs eligible for capitalisation is determined by applying a capitalisation rate to the expenditures on those assets. The capitalisation rate corresponds to the weighted average of the borrowing costs applicable to the outstanding borrowings during the period. The capitalisation of borrowing costs begins when expenditure for the assets is being incurred, borrowing costs have been incurred and activities necessary to prepare all or part of the assets for their intended use or sale are in progress. Capitalisation ceases when substantially all the activities necessary to prepare the qualifying assets for their intended use or sale are completed. Other expenses directly attributable to the acquisition and construction of the assets, such as cost of consumed materials and personnel costs, are also capitalised as part of the cost of the assets. Investment government grants Investment government grants are initially booked as Trade payables and other liabilities from commercial activities - Non-Current only when there is reasonable certainty that the grant will be received and that the Group will fulfil the grant term conditions. Grants that compensate the Group for expenses incurred are booked in the income statement on a linear basis, on the same period in which the expenses are incurred. Grants that compensate the Group for the acquisition of assets are recognised in the income statement over the related assets useful life. Transfers of assets from customers Transfers of assets from customers concession arrangement and out of the scope of IFRIC 12, in accordance with IFRS 15, are related to payments of performance obligations fulfilled over the useful life of the underlying asset. Accordingly, when they are received from the customers, they are booked as liabilities instead of revenue. The assets are recognised by the estimated construction cost and are depreciated over their useful lives. The liabilities are recognised as revenue based on the corresponding useful life of the underlying asset. i) Intangible assets The Group's intangible assets are booked at acquisition cost less accumulated amortisation and impairment losses. The Group performs impairment tests whenever events or circumstances may indicate that the book value of the asset exceeds its recoverable amount, being any impairment recognised in the income statement. The recoverable amount is the higher of fair value less costs to sell and value in use, the latter being calculated by the present value of the estimated future cash flows obtained from continued use of the asset and its sale at the end of its useful life. Acquisition and development of software The costs of purchasing software and the costs incurred by the Group to implement it are capitalised and amortised on a straight-line basis over the expected useful life of the asset. Costs incurred by the Group directly related to the development of software, that are expected to generate economic benefits beyond one year, are recognised as intangible assets. Such costs include employee costs directly associated to the project and are amortised on a straight-line basis over its estimated useful life. Software maintenance costs are charged to the income statement when incurred. Concession rights on distribution of electricity The concession rights on distribution of electricity in Brazil are recorded as intangible assets and amortised on a straight-line basis over the concessions period, not exceeding 30 years. Concession rights to use the public hydric domain Portuguese concession rights to use the public hydric domain are booked as intangible assets and depreciated on a straight-line basis over the concession period, which does not exceed 74 years. EDP Group records as concession rights the financial compensations for the use of public domain assets, whenever these compensations are paid and for all the Group subsidiaries. The accounting policy related to intangible assets assigned to concessions in the scope of IFRIC 12 is described in z), Group concession activities. Concession rights on generation of electricity The concession rights on generation of electricity in Brazil are recorded as intangible assets and amortised on a straight-line basis over the concession period. Industrial property and other rights Industrial property and other rights are amortised on a straight-line basis over the estimated useful life of the assets, not exceeding 6 years. j) Right-of-use assets EDP Group presents the information related to lease contracts in the caption Right-of-use assets, in a separate line in the Statement of Financial Position. These assets are accounted for at cost less accumulated depreciation and impairment losses. The cost of these assets comprises the initial costs and the initial measurement of the lease liabilities, deducted from the prepaid amounts and any incentives received. Depreciation of right-of-use assets is calculated on a straight-line basis over their estimated useful lives, considering the lease contract terms. Remeasurement of right-of-use assets If EDP Group remeasures the lease liability (see f)), the corresponding right-of-use assets shall be adjusted accordingly. k) Investment property The Group classifies as investment property, property held for capital appreciation and/or for rental purposes. Investment property is recognised initially at acquisition or production cost, including directly attributable transaction costs, and is subsequently measured at cost less accumulated depreciation and any impairment losses. Subsequent expenditures on investment property are only added to the cost of the asset when it is probable that additional future economic benefits will arise when compared to initial recognition. Investment property is depreciated on a straight-line basis over the estimated useful life of the assets (between 8 and 50 years). l) Inventories Inventories are measured at the lower of acquisition cost and net realisable value. The cost of inventories includes purchases, conversion and other costs incurred in bringing the inventories to their present location and condition. The net realisable value is the estimated selling price in the ordinary course of business less the estimated selling costs. The cost of inventories is determined by using the weighted average cost method. CO2 Licenses held by the Group for trade purposes are booked as inventories and measured at fair value, at each balance sheet date, against the income statement. The green certificates are considered government support in accordance with IAS 20 that are accounted for under the caption \"Revenues and cost of Energy Sales and Services and Other\", with unsold certificates being recognised as inventories in accordance with IAS 2. m) Employee benefits Pensions Some EDP Group companies grant post-employment benefits to employees under defined benefit and defined contribution plans, namely pension plans that grant complementary retirement benefits for age and early retirement pensions. Defined benefit plans In Portugal, the defined benefit plan is assured by (i) a closed pension fund managed by an external entity, covering responsibilities with benefits that are complementary to those provided under the Social Security System (namely retirement and early retirement pensions); and (ii) by a complementary specific provision, recognised in the statement of financial position. Benefits are generally determined and assigned through the combination of one or more factors, such as age, years of service and the relevant base retribution (pensionable salary). The responsibilities for early retirement are not covered by the fund\u2019s assets, being adequately provisioned through a specific provision. In Spain, the defined benefit plan is partially covered by insurance policies, and complemented by a specific provision, recognised at the balance sheet. Benefits are generally determined and assigned through the combination of one or more factors, such as age, years of service and the relevant base retribution (pensionable salary). In Brazil, EDP S\u00e3o Paulo and EDP Esp\u00edrito Santo have defined benefit plans managed by a closed complementary welfare entity, external to EDP Group, covering responsibilities associated with retirement and early retirement pensions, according to factors such as age, years of service and the relevant base retribution. In the pension plans in Brazil, the surplus amount of the assets fund generally can not be reimbursed to the company, since there are very strict rules on the amount that can be recovered, therefore the asset amount to be recognised is greatly reduced. The Group\u2019s pension liability for each plan is calculated by independent experts annually, for each plan, at the balance sheet date, using the projected unit credit method. The discount rate used in the calculation is determined based on market interest rates of high quality corporate bonds denominated in the currency in which the benefits will be paid and that have similar maturity to the related pension liability. Actuarial gains and losses presented in consolidated statement of comprehensive income comprise: (i) the actuarial gains and losses resulting from increases or decreases in the present value of the defined benefit obligation because of changes in actuarial assumptions and experience adjustments; (ii) the return on plan assets, excluding amounts included in net interest on the net defined benefit liability (asset); and (iii) any change in the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability (asset). The increase in past service costs arising from early retirements (retirements before the normal retirement age) or plan amendments is recognised in the income statement when incurred. The Group recognises as operational results, in the income statement, current and past service costs. Net interest on the net defined benefit liability (asset) is recognised in financial results. The assets of the plan comply with the recognition criteria established by IFRIC 14 - IAS 19 and the minimum funding requirements established by law or by contract. Defined contribution plans Some Group companies in Portugal, Spain and Brazil have defined contribution social benefit plans that complement those granted by the Social Security System, under which they pay an annual contribution to the plans, calculated in accordance with the rules established in each plan. These contributions represent a percentage of the fixed and variable remuneration of the employees included in this plan and are accounted for as cost for the period in which they are due. Other benefits granted - Defined Benefit Type Medical benefits Some EDP Group companies provide medical benefits under which employees and immediate eligible family members have favourable conditions in medical assistance and health care services, namely: - Concerning EDP Group companies in Portugal, through the provision of medical assistance that is complementary to the one provided under the National Health System, provided using infrastructures owned and managed internally; - Concerning EDP Group companies in Spain and Brazil, through the share of costs in eligible medical and health expenses, in an external agreed network. In Portugal, the medical benefit and death benefits plan is assured by (i) a closed fund managed by an external entity, created in December 2016, and (ii) a complementary specific provision, recognised in EDP Group company\u2019s statement of financial position. In Spain, the medical care and death subsidy benefits plan is partially covered by insurance policies, and complemented by a specific provision, booked in EDP Group company\u2019s statement of financial position. In Brazil, the liability is being covered by provisions booked in EDP Group company\u2019s statement of financial position. Measurement and recognition of the medical benefits liabilities are similar to the defined benefit pension plans liabilities, explained above. Other benefits In addition, EDP Group grants other benefits, supporting charges arising from responsibilities for disability benefit\u2019s complements, survival benefits, life insurance, antiquity and retirement benefits, power tariff discounts, among others. These responsibilities are fully covered by a provision. Benefits included in each Plan for Portugal and Brazil are detailed in EDP\u2019s Collective Labor Agreement, published in the Labor Bulletin of 8 October 2014 and in the website of the Plan management entity Enerprev (www.enerprev.com.br), respectively. n) Provisions Provisions are recognised when: (i) the Group has a present legal, contractual or constructive obligation; (ii) it is probable that settlement will be required in the future; and (iii) a reliable estimate of the obligation can be made. Provisions for dismantling and decommissioning in electric power plants The Group accounts for provisions for dismantling and decommissioning of assets at the end of the assets\u2019 useful life when there is a legal, contractual or constructive obligation. Therefore, such provisions have been booked for the electric power plants to cover the cost of restoring the location and land to their original condition. The provisions are calculated at the present amount of the expected future liability and are accounted for as part of the cost of the related property, plant and equipment being depreciated on a straight-line basis over the useful life of those assets. Decommissioning and dismantling provisions are remeasured on an annual basis based on the best estimate of the settlement amount. The unwinding of the discount at each balance sheet date is charged to the income statement. o) Recognition of revenue from contracts with customers EDP Group recognises revenue to depict the transfer of control of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for these goods or services, as provided in the 5 steps methodology introduced by IFRS 15, namely: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to performance obligations; and (v) recognise revenue when (or as) the entity satisfies a performance obligation. Revenue in EDP Group arises essentially from electricity generation and distribution and energy (electricity and gas) supply activities. Revenue related to the sale of energy and access tariffs to energy distribution network is measured at fair value of the consideration received or receivable, net of value added tax, rebates and discounts and after elimination of intra-group sales. Regarding the electricity generation, the transfer of control occurs when the energy is generated and injected into the transport/distribution grids. The electricity generated is sold under free market conditions or through the establishment of medium/long term power purchase agreements. The energy distribution is a regulated activity, which is remunerated through tariffs set by each country Regulatory Body (Entidade Reguladora dos Servi\u00e7os Energ\u00e9ticos (ERSE) in Portugal, Comisi\u00f3n Nacional de Energ\u00eda (CNE) in Spain and Ag\u00eancia Nacional de Energia El\u00e9trica (ANEEL) in Brazil). In Portugal and Spain, revenue arises mainly from the sale of access tariffs, as well as from the recovery, from the commercialisation entities, of the costs related to the global management activity of the system. In Brazil, revenue results from the electricity sales to final consumers, in the regulated market, based on the tariffs determined by ANEEL, which are included the use of the distribution and transport system tariff, among other components. In Portugal and Brazil, these activities are subject to public service concession arrangements (see z)). Following the Directive 13/2018, of 15 December, on tariffs to be in force in 2019, and the premisses of IFRS 15, E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. acts as an agent in the purchase and sale of access to the transmission network (CVART) and therefore, as from this date onwards the associated amounts of costs and revenues are recorded at net value in the caption Revenues and cost of Energy Sales and Services and Other. The energy supply is carried out in regulated and non-regulated markets. In non-regulated market, revenue is recognised based on commercial agreements. In regulated market, revenue is recognised according to the tariffs determined by each country Regulatory Body. For contracts with customers in which the sale of energy and access tariffs are generally expected to be the only performance obligation, EDP Group recognises the revenue at a point in time when control of the asset is transferred to the customer, generally on delivery of the goods. Revenue recognition includes two components: (i) energy sales already invoiced, based on actual consumption readings and/or in estimated consumption based on the historical data of each consumer; and (ii) estimates of energy supplied and not yet invoiced (energy into energy meter). Differences between estimated and actual amounts are recorded in subsequent periods. For pluriannual contracts with customers for energy sales including a termination clause determined based on the estimated consumption and contractual set prices, revenue is recognised based on the \"Input Method\". Under this method, revenue is recognised according to the percentage of the contract execution and the corresponding contractual margin. The margin is reviewed annually, on a contract-by-contract basis, based on the updating of estimated energy supply volumes until the end of the contract. Additionally, it should be noted that, in energy distribution and supply activities, there is a tariff adjustment mechanism through which gains or losses of a certain year are recognised in the period to which they relate and recovered in the future years tariffs \u2013 Tariff Adjustments (see w)). EDP Group recognises the revenue related with services rendered over time in accordance with IFRS 15, given that the customer simultaneously receives and consumes the benefits provided by the Group. EDP Group also sells products and services as a part of an integrated commercial offer (\"bundled\"). In a bundled sale arrangement, the Group accounts the sale of each product and/or service separately if they are distinct, that is, if the product or service is separately identifiable in the context of the integrated offer and the customer benefits from it. The consideration paid is allocated between the goods or services separately identifiable based on their relative stand-alone selling prices. The stand-alone selling price is determined based on EDP Group price lists on goods or services sold separately or, if they are not listed, based on the market valuation approach. In what concerns variable transaction prices, EDP Group only recognises revenue when it is highly probable that there will not be any significant reversal of the recognised revenue, when it becomes certain. EDP Group considers the facts and circumstances when analysing the terms of each contract with customers, applying the requirements that determine the recognition and measurement of revenue in a harmonized manner, when considering contracts with the same characteristics and in similar circumstances. Contract liabilities As provided by IFRS 15, EDP Group presents a contract liability if the Group has an obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. Contract assets As provided by IFRS 15, EDP Group presents a contract asset if the Group has a right to consideration that is conditional on something other than the passage of time. This is common when the Group has transferred goods or services to a customer usually before invoicing and the payment is due, excluding any amounts presented as a Trade receivables (unconditional rights to consideration). Incremental costs of obtaining a contract EDP Group establishes certain contracts with third parties for the promotion (sale) of energy and related services. These third parties act as sales agents and are paid through sales commissions. The Group recognises incremental costs of obtaining contracts with customers as an asset if the entity expects to recover these costs over the respective contracts. The costs incurred by an entity to obtain a contract with a customer are considered as incremental costs whenever it is clear that the entity would not incur these costs if the contract had not been obtained (for example, a sales commission). Therefore, EDP Group understands that the incremental costs to obtain a contract are eligible for capitalisation, accounting for a contract asset under the caption Debtors and other assets of commercial activities - Non-current. This asset shall be recognised in the income statement as amortisation, on a systematic basis that is consistent with the transfer to the customer of the goods or services to which the asset relates. Considering the analysis carried out on the set of goods and services provided by the EDP Group to which these commissions relate, the useful life allocated to them varies between 6 and 8 years. p) Financial results Financial results include interest costs on borrowings, interest income on funds invested, dividend income, foreign exchange gains and losses, realised gains and losses, changes in fair value of derivative financial instruments related to financing activity classified by the Group, within IFRS 9, as held for trading and consequently measured at fair value through profit or loss, and changes in the fair value of hedged risks, when applicable. Interest is recognised in the income statement on an accrual basis. Dividend income is recognised on the date the right to receive is established. Considering the accounting model provided by IFRS 16, the financial results includes the interest expenses (unwinding) calculated on the lease liabilities. q) Income tax Income tax recognised in the income statement includes current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is also recognised in equity. Deferred taxes arising from the revaluation of assets (debt instruments) measured at fair value through other comprehensive income and cash flow hedge derivatives recognised in equity are recognised in the income statement in the period the results that originated the deferred taxes are recognised. Current tax is the tax expected to be paid on the taxable income for the period, using tax rates enacted at the balance sheet date and any adjustment to tax payable in respect of previous years. Deferred taxes are calculated in accordance with the balance sheet liability method, considering temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their respective tax basis, using the tax rates enacted or substantively enacted at the balance sheet date for each jurisdiction and that are expected to be applied when the temporary differences are reversed. Deferred tax liabilities are recognised for all taxable temporary differences except for goodwill not deductible for tax purposes, differences arising on initial recognition of assets and liabilities that affect neither accounting nor taxable profit and differences relating to investments in subsidiaries, to the extent that these will probably not be reversed in the future. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available to absorb deductible temporary differences for taxation purposes. The compensation between deferred tax assets and liabilities is performed at each subsidiary, and therefore the consolidated financial statements reflect in its assets the total of the deferred tax of subsidiaries that have deferred tax assets and in its liabilities the total of the deferred tax of subsidiaries that have deferred tax liabilities. The Group offsets, as established in IAS 12, the deferred tax assets and liabilities if, and only if: (i) the entity has a legally enforceable right to offset current tax assets against current tax liabilities; and (ii) the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in future periods in which deferred tax liabilities or assets are expected to be settled or recovered. When accounting for interest and penalties related to income taxes, EDP Group considers whether a particular amount payable or receivable is, in its nature, a taxable income and, if so, applies IAS 12 to this amount. Otherwise, IAS 37 is applied. Regarding the IFRIC 23 regarding IAS 12 \u2013 Income tax, when there is uncertainty over income tax treatments, EDP Group measures its current or deferred tax asset or liability applying the requirements in IAS 12. Additionally, the Group analyses all the pending litigations or disputes with tax authorities regarding income tax and records contingency and litigation provisions whenever necessary. r) Earnings per share Basic earnings per share are calculated by dividing the consolidated and the company net profit attributable to the equity holders of EDP, S.A. by the weighted average number of ordinary shares outstanding during the period, excluding the average number of shares held by the Group and by EDP, S.A., respectively. For the diluted earnings per share calculation, the weighted average number of ordinary shares outstanding is adjusted to consider conversion of all dilutive potential ordinary shares, such as convertible debt and stock options granted to employees. The dilution effect corresponds to a decrease in earnings per share resulting from the assumption that the convertible instruments are converted or the options granted are exercised. s) Share based payments The stock options remuneration program enables the Group's employees to acquire parent company shares. The exercise price of the options is calculated based on the listed price of the shares at the grant date. The fair value of the options granted, determined at the grant date, is recognised in the income statement against equity during the vesting period, based on their market value calculated at the grant date. In case the option is exercised, the Group acquires shares in the market to grant them to employees. Shareholders of EDP Brasil structured and implemented a Share based Compensation Policy, which began in June 2016. The referred policy comprises two types of programs to be granted to certain employees (incentive and retention programs), being the eligible beneficiaries and assignment requirements subject to the conditions established. t) Non-current assets held for sale and discontinued operations Non-current assets or groups of non-current assets held for sale (groups of assets and related liabilities that include at least one non-current asset) are classified as held for sale when their carrying amounts will be recovered mainly through sale, the assets or groups of assets are available for immediate sale and its sale is highly probable. The Group also classifies as non-current assets held for sale, non-current assets or groups of assets acquired exclusively for its subsequent resale, that are available for immediate sale and its sale is highly probable. Prior to their classification as held for sale, the measurement of all non-current assets and all assets and liabilities included in a disposal group, is adjusted in accordance with the applicable IFRS standards. Subsequently, these assets or disposal groups are measured at the lowest between their carrying amount and fair value less costs to sell. u) Cash and cash equivalents Cash and cash equivalents include balances with maturity of less than three months from the contract date, including cash and deposits in banks. This caption also includes other short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and specific demand deposits in relation to institutional partnerships that are funds required to be held in escrow sufficient to pay the remaining construction related costs of projects in institutional equity partnerships. On a company basis, EDP S.A. classifies as Cash and cash equivalents the current account balances with Group companies formalized through Cash Pooling Agreements (Group's financial system). v) Operating segments The Group presents the operating segments based on internal management information. In accordance with IFRS 8, an operating segment is a Group component: (i) that engages in business activities from which it may earn revenues and incur expenses; (ii) whose operating results are reviewed regularly by the entity's chief operating decision maker in order to make decisions about resources to be allocated to the segment and assess its performance; and (iii) for which discrete financial information is available. w) Tariff adjustments Classification and measurement of regulatory assets, which qualify as financial assets in EDP Group\u2019s financial statements, is analysed based on the business model used in the management of the assets and the characteristics of the contractual cash flows (see e)). In this sense, deviations and tariff deficits exclusively recovered or returned through electricity and gas tariffs, applicable to customers in subsequent periods, are recognised at amortised cost. On the other hand, deviations or deficits that can be recovered, either through electricity rates (receipt of capital and interest) or through sales with recourse to third parties (bilateral contracts or securitization operations) are recognised at fair value through comprehensive income. This classification results from the existing history of sales to third parties and from the management's perspective regarding the existing assets. In regulated activities, the regulator establishes, through the tariff adjustment mechanism, the criteria to recognise gains or losses of one period in future periods. The tariff adjustments accounted for in the EDP Group financial statements represent the difference between the amounts invoiced by Portuguese regulated companies (based on the applicable tariffs published by ERSE in December of the previous year) and the regulated revenue calculated based on actual costs. The assets or liabilities resulting from the tariff adjustments are recovered or returned through the electricity and gas tariffs charged to customers in subsequent periods. Decree-Law 165/2008 of 21 August recognised the unconditional right of the regulated operators of the electric sector to recover the tariff adjustments under a regime identical to the one used for the tariff deficits. Consequently, EDP Group booked under the income statement caption Revenues from energy sales and services and other - Energy and access, the effects resulting from the recognition of tariff adjustments, against Debtors and other assets from commercial activities. According to the referred Decree-Law, the tariff adjustments determined annually, will be recovered by the regulated operators even in case of insolvency or cease of operations. ERSE is the entity responsible to establish the method to ensure that the entity entitled to these rights continues to recover the tariff adjustments until its complete payment. The Decree-Law also allows the transfer of the right to receive the tariff adjustment to third parties, in whole or in part, through future electricity tariffs. Decree-Law 87/2011 of 18 July establishes the unconditional right of regulated operators in the natural gas sector to recover tariff adjustments and related interest expenses, notwithstanding the form of the future payment or situations of insolvency and cessation of operations, and allows the transfer to third parties of the right to receive tariff adjustments. The EDP Group recorded in the income statement, under the caption Revenues from energy sales and services and other - Gas, the effects of the recognition of tariff adjustments of Natural Gas, against Debtors and other assets from commercial activities and Trade payables and other liabilities from commercial activities. x) CO2 Licenses and greenhouse gas emissions The Group holds CO2 Licenses in order to deal with gas emissions resulting from its operational activity and Licenses for trading. The CO2 and gas emissions Licenses held for its own use are booked as intangible assets at the acquisition cost. CO2 licenses consumption is recorded in accordance with the weighted average price of the CO2 and gas emissions Licenses held for consumption in that year. The Licenses held by the Group for trading purposes are booked under Inventories (see l)). y) Statement of Cash Flow The Statement of Cash Flow is presented under the indirect method, by which gross cash flows from operating, financing and investing activities are disclosed. The Group classifies cash flows related to interest and dividends paid as financing activities and interest and dividends received as investing activities. z) Group concession activities in the scope of IFRIC 12 EDP Group applies IFRIC 12 to the public-private concession contracts in which the public entity controls or regulates the services rendered through the utilisation of certain infrastructure as well as the price for such services and also controls any significant residual interest in the infrastructure. The infrastructures allocated to concessions are not recognised by the operator as property, plant and equipment or as financial leases, as the operator does not control the assets. These infrastructures are recognised according to one of the following accounting models, depending on the type of remuneration commitment of the operator assumed by the grantor within the terms of the contract: Financial Asset Model This model is applicable when the operator has an unconditional right to receive certain monetary amounts regardless of the level of use of the infrastructure within the concession and results in a financial asset recognition, booked at amortised cost. Intangible Asset Model This model is applicable when the operator, within the concession, is remunerated on the basis of the level of use of the infrastructure (demand risk) and results in an intangible asset recognition. Mixed Model This model is applicable when the concession includes simultaneously guaranteed remuneration and remuneration based on the level of use of the infrastructure within the concession. Intangible assets within concessions are amortised over their respective useful lives during the concession period. The Group carries out impairment tests to the intangible assets within concessions whenever events or circumstances may indicate that the book value of an asset exceeds its recoverable amount, being any impairment recognised in the income statement. Grants received from customers related to assets within concessions are delivered to the Group on a definitive basis, and, therefore, are not reimbursable. These grants are deducted from the value of the assets allocated to each concession. The concession contracts that currently exist in EDP Group are mainly based in the Intangible Asset Model, namely in the electricity special regime production concessions (PRE) in Portugal and in the Mixed Model, namely in the electricity distribution concessions in Portugal and in Brazil. aa) Institutional partnerships in North America The Group has entered in several partnerships with institutional investors in North America (EDPR NA), through operating agreements with limited liability companies that apportion the cash flows generated by the wind farms between the investors and the Company and allocates the tax benefits, which include Production Tax Credits (PTCs), Investment Tax Credits (ITC) and accelerated depreciation, largely to the investor. The institutional investors purchase their minority partnership interests for an upfront cash payment with an agreed targeted internal rate of return over the period that the tax credits are generated. This anticipated return is computed based on the total anticipated benefit that the institutional investors will receive and includes the value of PTC\u2019s / ITC's, allocated taxable income or loss and cash distributions received. The control and management of these wind farms are a responsibility of EDP Group and they are fully consolidated in these financial statements. The financial instruments held by the institutional investors issued by the partnerships represent compound financial instruments as they contain characteristics of both financial liabilities and equity. The Group has determined that at the funding dates, the fair values of the original proceeds is equal to the fair values of the liabilities at that time and no value was assigned to the equity component. Subsequently, these liabilities are measured at amortized cost. This liability is reduced by the value of tax benefits provided and cash distributions made to the institutional investors during the contracted period. The value of the tax benefits delivered, primarily accelerated depreciation and ITC are recognised as Income from institutional partnerships on a pro-rata basis over the useful life of the underlying projects and, from 1 January 2021 onwards, over the 5-year recapture period, respectively (see note 8). The value of the PTC's delivered are recorded as generated. This liability is increased by an interest accrual that is based on the outstanding liability balance and the targeted internal rate of return agreed. After the flip date, the institutional investor retains a non-significant interest for the duration of the structure. This non-controlling interest is entitled to distributions ranging from 2.5% to 10% and taxable income allocations ranging from 5% to 10%. EDPR NA has an option to purchase the institutional investor\u2019s residual interest at fair market value during a defined period following the flip date. Post flip non-controlling interests is the portion of equity that is ascribed to the institutional investor in the institutional equity partnership at flip date. This amount is reclassified from the total equity attributable to the Parent to non-controlling interests caption in the period in which the flip date takes place. ab) Disposal of assets under Asset Rotation strategy The Asset rotation strategy allows EDP Group to crystallize the value of a project by selling with loss of control, and reinvesting the proceeds in another projects, targeting greater growth. Typically, the developer retain the role of O&M supplier. The gains on disposals under this strategy are recognised in the caption Other income. ",
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"f28543": {
"value": "a) Basis of presentation The accompanying condensed consolidated and company financial statements of EDP - Energias de Portugal, S.A. reflect the results of the company's operations and its subsidiaries (EDP Group or Group) and the Group's interest in its joint ventures and associated companies, for the periods ended on 31 December 2022 and 2021 and EDP S.A.'s Executive Board of Directors approved them on 01 March 2023. The financial statements are presented in thousand Euros, rounded to the nearest thousand. In accordance with Regulation (EC) 1606/2002 of the European Council and Parliament, of 19 July 2002, as transposed into Portuguese legislation through Decree-law 35/2005 of 17 February 2005, with changes updated by the Decree-law 158/2009 of 13 July and Decree-law 98/2015 of 2 June, the company's financial statements and the Group's consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS), as endorsed by the European Union (E.U). IFRS comprise accounting standards issued by the International Accounting Standards Board (IASB) as well as interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) and their predecessor bodies. The EDP Group's consolidated and company financial statements for the years ended 31 December 2022 and 2021 were prepared in accordance with IFRS as adopted by the E.U. and effective since 1 January 2022. The accounting policies used by the Group in preparing the consolidated financial statements described in this note were adopted in accordance. The new standards and interpretations recently issued but not yet effective and that the Group has not yet applied on its consolidated financial statements, are detailed in note 3. The financial statements have been prepared on a going concern basis and under the historical cost convention, modified by the application of the fair value accounting to derivative financial instruments, financial assets at fair value through profit or loss and financial assets at fair value through other comprehensive income. Assets and liabilities that are hedged under hedge accounting are stated at fair value in respect of the hedged risk. Non-current assets and disposal groups held for sale are stated at the lower of carrying amount and fair value less costs to sell. Liabilities for defined benefit plans are recognised at the present value of the obligation net of plan assets fair value. In accordance with IFRS 3 - Business Combinations, if the initial purchase price allocation of assets, liabilities and contingent liabilities acquired is identified as provisional, in the subsequent 12 months after the business combination transaction, the legal acquirer should make the final allocation of the purchase price related to the fair value of the assets, liabilities and contingent liabilities acquired. These adjustments with impact on the amount of goodwill determined and booked in previous periods, originate a restatement of the comparative information, which is reflected on the statement of financial position, with effect from the date of the business combination transaction. Change in the presentation of Social Tariff costs Within the scope of the regulatory changes verified in Spain in 2022, the Group has reassessed the accounting of the costs related to Social Tariff in its income statement. Due to the nature of these costs, it has been concluded that they should be accounted for as \"Other expenses\". In this sense, the costs related to social tariff incurred in 2021 were reclassified from the \u201cCost of energy sales and other\u201d to \u201cOther expenses\u201d (amounting to 72,271 thousand Euros at 31 December 2021). Change in the presentation of green certificates - Inventories During 2022, the Group has reviewed its accounting policy relating to Green Certificates and RECs, based on decisions issued by the European Securities and Markets Authority (ESMA) regarding transactions of a similar nature. According to the analysis carried out, it has been concluded that these Certificates are considered government support in accordance with IAS 20 that must be accounted for under the caption \u201cRevenues and cost of Energy Sales and Services and Other\u201d, with unsold certificates being recognised as inventories in accordance with IAS 2. In this sense, the Group proceeded to reclassify the amounts recognised under \"Intangible assets\" to \"Inventories\" (amounting to 157,532 thousand Euros at 31 December 2021 and 148,668 thousand Euros at 1 January 2021), since it has been concluded that this is the most appropriate presentation and the one that better reflects the nature of these assets, maintaining all other recognition and measurement criteria unchanged. The preparation of financial statements in conformity with IFRS requires the Executive Board of Directors to make judgments, estimates and assumptions that affect the application of the accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and related assumptions are based on historical experience and other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments regarding the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The issues involving a higher degree of judgment or complexity, or where assumptions and estimates are considered to be significant, are presented in note 4 - Critical accounting estimates and judgments in preparing the financial statements. Accounting policies have been applied consistently by all Group companies and in all periods presented in the consolidated and company financial statements. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"f28550": {
"value": "EDP S.A.'s Executive Board of Directors approved them on 01 March 2023. ",
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"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"f28552": {
"value": "In accordance with Regulation (EC) 1606/2002 of the European Council and Parliament, of 19 July 2002, as transposed into Portuguese legislation through Decree-law 35/2005 of 17 February 2005, with changes updated by the Decree-law 158/2009 of 13 July and Decree-law 98/2015 of 2 June, the company's financial statements and the Group's consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS), as endorsed by the European Union (E.U). IFRS comprise accounting standards issued by the International Accounting Standards Board (IASB) as well as interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) and their predecessor bodies. The EDP Group's consolidated and company financial statements for the years ended 31 December 2022 and 2021 were prepared in accordance with IFRS as adopted by the E.U. and effective since 1 January 2022. ",
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"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"f28564": {
"value": "The financial statements have been prepared on a going concern basis",
"dimensions": {
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"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28574": {
"value": "Change in the presentation of Social Tariff costs Within the scope of the regulatory changes verified in Spain in 2022, the Group has reassessed the accounting of the costs related to Social Tariff in its income statement. Due to the nature of these costs, it has been concluded that they should be accounted for as \"Other expenses\". In this sense, the costs related to social tariff incurred in 2021 were reclassified from the \u201cCost of energy sales and other\u201d to \u201cOther expenses\u201d (amounting to 72,271 thousand Euros at 31 December 2021). Change in the presentation of green certificates - Inventories During 2022, the Group has reviewed its accounting policy relating to Green Certificates and RECs, based on decisions issued by the European Securities and Markets Authority (ESMA) regarding transactions of a similar nature. According to the analysis carried out, it has been concluded that these Certificates are considered government support in accordance with IAS 20 that must be accounted for under the caption \u201cRevenues and cost of Energy Sales and Services and Other\u201d, with unsold certificates being recognised as inventories in accordance with IAS 2. In this sense, the Group proceeded to reclassify the amounts recognised under \"Intangible assets\" to \"Inventories\" (amounting to 157,532 thousand Euros at 31 December 2021 and 148,668 thousand Euros at 1 January 2021), since it has been concluded that this is the most appropriate presentation and the one that better reflects the nature of these assets, maintaining all other recognition and measurement criteria unchanged. 3. Recent accounting standards and interpretations issued Standards, amendments and interpretations issued effective for the Group The amendments that have been issued and that are already effective and that the Group has applied on its financial statements, with no significant impacts, are the following: \u25cf IFRS 3 (Amended) - Reference to the Conceptual Framework; \u25cf IAS 16 (Amended) - Proceeds before Intended Use; \u25cf IAS 37 (Amended) - Onerous Contracts \u2013 Cost of Fulfilling a Contract; and \u25cf Annual Improvement Project (2018-2020). Standards, amendments and interpretations issued but not yet effective for the Group The standards, amendments and interpretations issued but not yet effective for the Group (whose effective application date has not yet occurred or, despite their effective dates of application, they have not yet been endorsed by the EU), which impact is being evaluated, are the following: \u25cf IAS 12 (Amended) - Deferred tax related to assets and liabilities arising from a Single Transaction The IASB amended IAS 12 - Income taxes, to clarify the recognition of deferred tax on particular transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. The amendments target the recognition of deferred tax assets and liabilities in respect of: - Right-of-use assets and Lease liabilities; and - Provisions for dismantling and decommissioning and the corresponding amounts recognised as part of the cost of the related asset. Within the adoption of these amendments, effective on 1 January 2023, EDP Group has analysed the potential impacts. As of 31 December 2022, EDP Group has recognised in its Consolidated Statement of Financial Position the net deferred tax assets and liabilities regarding dismantling and lease liabilities for those jurisdictions where those amounts are not deductible until the payment date. Therefore, on 1 January 2023, EDP Group will breakdown these net deferred tax assets and liabilities regarding dismantling and lease liabilities, whenever applicable, being estimated an increase between 223 and 243 million Euros in the captions Deferred tax assets and Deferred tax liabilities. \u25cf IFRS 17 - Insurance Contracts (and amendments related to initial application and comparative information) In preparation of the adoption of IFRS 17, effective as of 1 January 2023, the EDP Group carried out an analysis of the contracts of the subsidiary Energia RE - Sociedade Cativa de Resseguro. From the analysis performed, it was concluded that all contracts are eligible, and thus classified, within the Premium Allocation Approach (simplified model) measurement method provided for in IFRS 17. Thus, no material accounting impacts were determined for the EDP Group resulting from the adoption of IFRS 17, in replacement of IFRS 4. The standards, amendments and interpretations issued but not yet effective for the Group (whose effective application date has not yet occurred or, despite their effective dates of application, they have not yet been endorsed by the EU) for which no significant impact is expected, are the following: \u25cf IAS 1 (Amended) - Classification of Liabilities as Current or Non-current; \u25cf IAS 1 (Amended) - Disclosure of Accounting Policies; \u25cf IAS 8 (Amended) - Definition of Accounting Estimates; and \u25cf IFRS 16 (Amended) - Lease liability in a sale and leaseback. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28575": {
"value": "Change in the presentation of Social Tariff costs Within the scope of the regulatory changes verified in Spain in 2022, the Group has reassessed the accounting of the costs related to Social Tariff in its income statement. Due to the nature of these costs, it has been concluded that they should be accounted for as \"Other expenses\". In this sense, the costs related to social tariff incurred in 2021 were reclassified from the \u201cCost of energy sales and other\u201d to \u201cOther expenses\u201d (amounting to 72,271 thousand Euros at 31 December 2021). Change in the presentation of green certificates - Inventories During 2022, the Group has reviewed its accounting policy relating to Green Certificates and RECs, based on decisions issued by the European Securities and Markets Authority (ESMA) regarding transactions of a similar nature. According to the analysis carried out, it has been concluded that these Certificates are considered government support in accordance with IAS 20 that must be accounted for under the caption \u201cRevenues and cost of Energy Sales and Services and Other\u201d, with unsold certificates being recognised as inventories in accordance with IAS 2. In this sense, the Group proceeded to reclassify the amounts recognised under \"Intangible assets\" to \"Inventories\" (amounting to 157,532 thousand Euros at 31 December 2021 and 148,668 thousand Euros at 1 January 2021), since it has been concluded that this is the most appropriate presentation and the one that better reflects the nature of these assets, maintaining all other recognition and measurement criteria unchanged. 41. Non-Current assets and liabilities held for sale As at 31 December 2022 the following reclassifications were made to held for sale: Thousand Euros Other Segments Joint Ventures Renewables Onshore wind Total Assets Property, plant and equipment (see note 16) - -9,198 -9,198 Investments in joint ventures and associates (see note 21) -92,702 - -92,702 Assets Held for Sale 92,702 9,198 101,900 - - - These reclassifications were made only for financial statement presentation purposes, without impact on the measurement of these assets and liabilities, as it is expected that the fair value less costs to sell is higher than its book value, in accordance with IFRS 5. ",
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"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28576": {
"value": "Change in the presentation of Social Tariff costs Within the scope of the regulatory changes verified in Spain in 2022, the Group has reassessed the accounting of the costs related to Social Tariff in its income statement. Due to the nature of these costs, it has been concluded that they should be accounted for as \"Other expenses\". In this sense, the costs related to social tariff incurred in 2021 were reclassified from the \u201cCost of energy sales and other\u201d to \u201cOther expenses\u201d (amounting to 72,271 thousand Euros at 31 December 2021). Change in the presentation of green certificates - Inventories During 2022, the Group has reviewed its accounting policy relating to Green Certificates and RECs, based on decisions issued by the European Securities and Markets Authority (ESMA) regarding transactions of a similar nature. According to the analysis carried out, it has been concluded that these Certificates are considered government support in accordance with IAS 20 that must be accounted for under the caption \u201cRevenues and cost of Energy Sales and Services and Other\u201d, with unsold certificates being recognised as inventories in accordance with IAS 2. In this sense, the Group proceeded to reclassify the amounts recognised under \"Intangible assets\" to \"Inventories\" (amounting to 157,532 thousand Euros at 31 December 2021 and 148,668 thousand Euros at 1 January 2021), since it has been concluded that this is the most appropriate presentation and the one that better reflects the nature of these assets, maintaining all other recognition and measurement criteria unchanged. 3. Recent accounting standards and interpretations issued Standards, amendments and interpretations issued effective for the Group The amendments that have been issued and that are already effective and that the Group has applied on its financial statements, with no significant impacts, are the following: \u25cf IFRS 3 (Amended) - Reference to the Conceptual Framework; \u25cf IAS 16 (Amended) - Proceeds before Intended Use; \u25cf IAS 37 (Amended) - Onerous Contracts \u2013 Cost of Fulfilling a Contract; and \u25cf Annual Improvement Project (2018-2020). Standards, amendments and interpretations issued but not yet effective for the Group The standards, amendments and interpretations issued but not yet effective for the Group (whose effective application date has not yet occurred or, despite their effective dates of application, they have not yet been endorsed by the EU), which impact is being evaluated, are the following: \u25cf IAS 12 (Amended) - Deferred tax related to assets and liabilities arising from a Single Transaction The IASB amended IAS 12 - Income taxes, to clarify the recognition of deferred tax on particular transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. The amendments target the recognition of deferred tax assets and liabilities in respect of: - Right-of-use assets and Lease liabilities; and - Provisions for dismantling and decommissioning and the corresponding amounts recognised as part of the cost of the related asset. Within the adoption of these amendments, effective on 1 January 2023, EDP Group has analysed the potential impacts. As of 31 December 2022, EDP Group has recognised in its Consolidated Statement of Financial Position the net deferred tax assets and liabilities regarding dismantling and lease liabilities for those jurisdictions where those amounts are not deductible until the payment date. Therefore, on 1 January 2023, EDP Group will breakdown these net deferred tax assets and liabilities regarding dismantling and lease liabilities, whenever applicable, being estimated an increase between 223 and 243 million Euros in the captions Deferred tax assets and Deferred tax liabilities. \u25cf IFRS 17 - Insurance Contracts (and amendments related to initial application and comparative information) In preparation of the adoption of IFRS 17, effective as of 1 January 2023, the EDP Group carried out an analysis of the contracts of the subsidiary Energia RE - Sociedade Cativa de Resseguro. From the analysis performed, it was concluded that all contracts are eligible, and thus classified, within the Premium Allocation Approach (simplified model) measurement method provided for in IFRS 17. Thus, no material accounting impacts were determined for the EDP Group resulting from the adoption of IFRS 17, in replacement of IFRS 4. The standards, amendments and interpretations issued but not yet effective for the Group (whose effective application date has not yet occurred or, despite their effective dates of application, they have not yet been endorsed by the EU) for which no significant impact is expected, are the following: \u25cf IAS 1 (Amended) - Classification of Liabilities as Current or Non-current; \u25cf IAS 1 (Amended) - Disclosure of Accounting Policies; \u25cf IAS 8 (Amended) - Definition of Accounting Estimates; and \u25cf IFRS 16 (Amended) - Lease liability in a sale and leaseback. ",
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},
"f28613": {
"value": "b) Basis of consolidation The accompanying consolidated financial statements reflect the assets, liabilities and results of EDP, S.A. and its subsidiaries (Group or EDP Group) and the equity and results attributable to the Group, through the investments in associates and jointly controlled entities. Controlled entities Investments in subsidiaries where the EDP Group has control are fully consolidated from the date the Group assumes control over their financial and operating activities and/or over their assets and liabilities until the moment that control ceases to exist. An investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee, independently of the percentage of voting rights held. Accumulated losses are attributed to non-controlling interests in the corresponding proportions held, implying that the Group can recognise negative non-controlling interests. On a step acquisition process resulting in the acquisition of control the revaluation of any interest previously held is booked against the income statement when goodwill is calculated. On a partial disposal resulting in loss of control over a subsidiary, any participation retained is revalued at market value on the sale date and the gain or loss resulting from this revaluation is booked against the income statement, as well as any gain or loss resulting from the disposal. Jointly controlled entities EDP Group classifies an arrangement as a joint arrangement when the jointly control is contractually established. Joint control exists only when decisions about the relevant activities require the unanimous consent of the parties that collectively control the arrangement. After determining the existence of joint control, the Group classifies joint arrangements into two types - joint operation or joint venture. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement (i.e. joint operators) have rights to the assets and obligations for the liabilities relating to the arrangement, so the assets and liabilities (and related revenues and expenses) in relation to its interest in the arrangement are recognised and measured in accordance with relevant IFRS applicable. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement (i.e. joint ventures) have rights to the net assets of the arrangement, so these investments are included in the consolidated financial statements under the equity method. The consolidated financial statements include the Group's attributable share of total reserves and profits or losses of joint ventures, included under the equity method. When the Group\u2019s share of losses exceeds its interest in a joint venture, its carrying amount is reduced to zero and recognition of further losses is discontinued, except to the extent that the Group has a legal or contractual obligation to cover such losses on behalf of that entity. Entities over which the Group has significant influence Investments in associates are included in the consolidated financial statements under the equity method from the date the Group acquires significant influence to the date it ceases. Associates are entities over which the Group has significant influence, but not control, over its financial and operating policies. The existence of significant influence by the Group is usually evidenced by one or more of the following: - Representation on the Executive Board of Directors or equivalent governing body of the investee; - Participation in policy-making processes, including participation in decisions about dividends or other distributions; - Existence of material transactions between the Group and the investee; - Interchange of managerial personnel; and - Provision of essential technical information. The consolidated financial statements include the Group's attributable share of total reserves and profits or losses of associates, included under the equity method. When the Group\u2019s share of losses exceeds its interest in an associate, its carrying amount is reduced to zero and recognition of further losses is discontinued, except to the extent that the Group has a legal or constructive obligation to cover such losses on behalf of the associate. Accounting for investments in subsidiaries, joint ventures and associates in the company's financial statements Investments in subsidiaries, joint ventures and associates not classified as held for sale or not included in a disposal group which is classified as held for sale are accounted for at cost in the company's financial statements, and are subject to periodic impairment tests, whenever indication exists that certain financial investment may be impaired. Goodwill Following the transition to International Financial Reporting Standards (IFRS) on 1 January 2004 and as permitted under IFRS 1 - First-time Adoption of International Financial Reporting Standards, the EDP Group decided to maintain the goodwill resulting from business combinations that occurred prior to the transition date, calculated in accordance with the Group's previous accounting policies. Costs directly attributable to the acquisition of a subsidiary are booked directly in the income statement. As from the transition date to IFRS, total positive goodwill arising from acquisitions is recognised as an asset carried at acquisition cost and is not subject to amortisation. Goodwill arising on the acquisition of subsidiaries, joint ventures and associates is defined as the difference between the cost of acquisition and the corresponding share of the fair value of the net assets acquired. The EDP Group has the possibility to book non-controlling interests at fair value or at cost, implying that the full amount of goodwill can be booked in the financial statements, including the portion attributable to the non-controlling interests, against non-controlling interests, if the first option is chosen. Goodwill arising on the acquisition of subsidiaries, joint ventures and associates is defined as the difference between the cost of acquisition and the total or corresponding share of the fair value of the net assets acquired, depending on the option taken. Negative goodwill arising on an acquisition is recognised directly in the income statement in the period when the business combination occurs. The recoverable amount of the goodwill is assessed annually, regardless of the existence of any impairment triggers. Impairment losses are recognised in the income statement. The recoverable amount is determined based on the value in use of the assets, calculated using valuation methodologies supported by discounted cash flow techniques, considering market conditions, the time value of money and the business risks. Goodwill is not adjustable due to changes in the initial estimate of the contingent purchase price and the difference is booked in the income statement. Purchases of non-controlling interests and dilution In acquisitions (dilutions not resulting in a loss of control) of non-controlling interests, the difference between the fair value of the non-controlling interests acquired and the consideration paid, is accounted against reserves. The acquisitions of non-controlling interests through written put options related with investments in subsidiaries held by non-controlling interests, are recorded as a liability for the fair value of the amount payable, against non-controlling interests. The fair value of the liability is determined based on the contractual price which may be fixed or variable. In case of a variable price, the changes in the liability are recognised against the income statement as well as the effect of the financial discount of the liability (unwinding). Investments in foreign operations The financial statements of the foreign subsidiaries, joint ventures and associates of the Group are prepared using their functional currency, defined as the currency of the primary economic environment in which they operate. In the consolidation process, the assets and liabilities of foreign subsidiaries are translated into Euros at the official exchange rate at the balance sheet date. Regarding the investments in foreign operations that are consolidated using the full consolidation method and equity method, the exchange differences between the amount of equity expressed in Euros at the beginning of the period and the amount translated at the official exchange rates at the end of the period, on a consolidated basis, are booked against reserves. Foreign currency goodwill arising on the acquisition of these investments is remeasured at the official exchange rate at the balance sheet date directly against reserves. The income and expenses of foreign subsidiaries are translated into Euros at the approximate exchange rates at the dates of the transactions. Exchange differences from the translation into Euros of the net profit for the period, arising from the differences between the rates used in the income statement and those prevailing at the balance sheet date are recognised in reserves. On disposal of a foreign subsidiary, the related exchange differences previously recognised in reserves, are accounted for in the income statement. Balances and transactions eliminated on consolidation Inter-company balances and transactions, including any unrealised gains and losses on transactions between Group companies, are eliminated in preparing the consolidated financial statements. Unrealised gains and losses arising on transactions with associates and jointly controlled entities are eliminated to the extent of the Group's interest in those entities. Business combinations achieved in stages In a business combination achieved in stages, on the date of obtaining control, the excess of the aggregate of (i) the consideration transferred; (ii) the amount of any non-controlling interest recognised in the acquiree; and (iii) the fair value of the previously held equity interest in the acquired business; over the net of amounts of the identifiable assets acquired and liabilities assumed, is recognised as goodwill. If applicable, the negative difference, after evaluating the consideration transferred, of the amount of any non-controlling interest recognised in the acquiree and the fair value of the previously held equity interest in the acquired business, over the net value of the identifiable assets acquired and liabilities assumed, is recognised in the income statement. The Group recognises the difference between the fair value of the previously held equity interest in the acquired business and the carrying value in consolidated results in Other income. Additionally, the Group reclassifies the deferred amounts in other comprehensive income relating to the previously held equity interest to the income statement or consolidated reserves, according to their nature. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28616": {
"value": "The accompanying consolidated financial statements reflect the assets, liabilities and results of EDP, S.A. and its subsidiaries (Group or EDP Group) and the equity and results attributable to the Group, through the investments in associates and jointly controlled entities. Controlled entities Investments in subsidiaries where the EDP Group has control are fully consolidated from the date the Group assumes control over their financial and operating activities and/or over their assets and liabilities until the moment that control ceases to exist. An investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee, independently of the percentage of voting rights held. Accumulated losses are attributed to non-controlling interests in the corresponding proportions held, implying that the Group can recognise negative non-controlling interests. On a step acquisition process resulting in the acquisition of control the revaluation of any interest previously held is booked against the income statement when goodwill is calculated. On a partial disposal resulting in loss of control over a subsidiary, any participation retained is revalued at market value on the sale date and the gain or loss resulting from this revaluation is booked against the income statement, as well as any gain or loss resulting from the disposal. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28619": {
"value": "Controlled entities Investments in subsidiaries where the EDP Group has control are fully consolidated from the date the Group assumes control over their financial and operating activities and/or over their assets and liabilities until the moment that control ceases to exist. An investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee, independently of the percentage of voting rights held. Accumulated losses are attributed to non-controlling interests in the corresponding proportions held, implying that the Group can recognise negative non-controlling interests. On a step acquisition process resulting in the acquisition of control the revaluation of any interest previously held is booked against the income statement when goodwill is calculated. On a partial disposal resulting in loss of control over a subsidiary, any participation retained is revalued at market value on the sale date and the gain or loss resulting from this revaluation is booked against the income statement, as well as any gain or loss resulting from the disposal. Business combinations achieved in stages In a business combination achieved in stages, on the date of obtaining control, the excess of the aggregate of (i) the consideration transferred; (ii) the amount of any non-controlling interest recognised in the acquiree; and (iii) the fair value of the previously held equity interest in the acquired business; over the net of amounts of the identifiable assets acquired and liabilities assumed, is recognised as goodwill. If applicable, the negative difference, after evaluating the consideration transferred, of the amount of any non-controlling interest recognised in the acquiree and the fair value of the previously held equity interest in the acquired business, over the net value of the identifiable assets acquired and liabilities assumed, is recognised in the income statement. The Group recognises the difference between the fair value of the previously held equity interest in the acquired business and the carrying value in consolidated results in Other income. Additionally, the Group reclassifies the deferred amounts in other comprehensive income relating to the previously held equity interest to the income statement or consolidated reserves, according to their nature. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28620": {
"value": "Controlled entities Investments in subsidiaries where the EDP Group has control are fully consolidated from the date the Group assumes control over their financial and operating activities and/or over their assets and liabilities until the moment that control ceases to exist. An investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee, independently of the percentage of voting rights held. Accumulated losses are attributed to non-controlling interests in the corresponding proportions held, implying that the Group can recognise negative non-controlling interests. On a step acquisition process resulting in the acquisition of control the revaluation of any interest previously held is booked against the income statement when goodwill is calculated. On a partial disposal resulting in loss of control over a subsidiary, any participation retained is revalued at market value on the sale date and the gain or loss resulting from this revaluation is booked against the income statement, as well as any gain or loss resulting from the disposal. Goodwill Following the transition to International Financial Reporting Standards (IFRS) on 1 January 2004 and as permitted under IFRS 1 - First-time Adoption of International Financial Reporting Standards, the EDP Group decided to maintain the goodwill resulting from business combinations that occurred prior to the transition date, calculated in accordance with the Group's previous accounting policies. Costs directly attributable to the acquisition of a subsidiary are booked directly in the income statement. As from the transition date to IFRS, total positive goodwill arising from acquisitions is recognised as an asset carried at acquisition cost and is not subject to amortisation. Goodwill arising on the acquisition of subsidiaries, joint ventures and associates is defined as the difference between the cost of acquisition and the corresponding share of the fair value of the net assets acquired. The EDP Group has the possibility to book non-controlling interests at fair value or at cost, implying that the full amount of goodwill can be booked in the financial statements, including the portion attributable to the non-controlling interests, against non-controlling interests, if the first option is chosen. Goodwill arising on the acquisition of subsidiaries, joint ventures and associates is defined as the difference between the cost of acquisition and the total or corresponding share of the fair value of the net assets acquired, depending on the option taken. Negative goodwill arising on an acquisition is recognised directly in the income statement in the period when the business combination occurs. The recoverable amount of the goodwill is assessed annually, regardless of the existence of any impairment triggers. Impairment losses are recognised in the income statement. The recoverable amount is determined based on the value in use of the assets, calculated using valuation methodologies supported by discounted cash flow techniques, considering market conditions, the time value of money and the business risks. Goodwill is not adjustable due to changes in the initial estimate of the contingent purchase price and the difference is booked in the income statement. Business combinations achieved in stages In a business combination achieved in stages, on the date of obtaining control, the excess of the aggregate of (i) the consideration transferred; (ii) the amount of any non-controlling interest recognised in the acquiree; and (iii) the fair value of the previously held equity interest in the acquired business; over the net of amounts of the identifiable assets acquired and liabilities assumed, is recognised as goodwill. If applicable, the negative difference, after evaluating the consideration transferred, of the amount of any non-controlling interest recognised in the acquiree and the fair value of the previously held equity interest in the acquired business, over the net value of the identifiable assets acquired and liabilities assumed, is recognised in the income statement. The Group recognises the difference between the fair value of the previously held equity interest in the acquired business and the carrying value in consolidated results in Other income. Additionally, the Group reclassifies the deferred amounts in other comprehensive income relating to the previously held equity interest to the income statement or consolidated reserves, according to their nature. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28632": {
"value": "Jointly controlled entities EDP Group classifies an arrangement as a joint arrangement when the jointly control is contractually established. Joint control exists only when decisions about the relevant activities require the unanimous consent of the parties that collectively control the arrangement. After determining the existence of joint control, the Group classifies joint arrangements into two types - joint operation or joint venture. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement (i.e. joint operators) have rights to the assets and obligations for the liabilities relating to the arrangement, so the assets and liabilities (and related revenues and expenses) in relation to its interest in the arrangement are recognised and measured in accordance with relevant IFRS applicable. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement (i.e. joint ventures) have rights to the net assets of the arrangement, so these investments are included in the consolidated financial statements under the equity method. The consolidated financial statements include the Group's attributable share of total reserves and profits or losses of joint ventures, included under the equity method. When the Group\u2019s share of losses exceeds its interest in a joint venture, its carrying amount is reduced to zero and recognition of further losses is discontinued, except to the extent that the Group has a legal or contractual obligation to cover such losses on behalf of that entity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28633": {
"value": "Jointly controlled entities EDP Group classifies an arrangement as a joint arrangement when the jointly control is contractually established. Joint control exists only when decisions about the relevant activities require the unanimous consent of the parties that collectively control the arrangement. After determining the existence of joint control, the Group classifies joint arrangements into two types - joint operation or joint venture. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement (i.e. joint operators) have rights to the assets and obligations for the liabilities relating to the arrangement, so the assets and liabilities (and related revenues and expenses) in relation to its interest in the arrangement are recognised and measured in accordance with relevant IFRS applicable. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement (i.e. joint ventures) have rights to the net assets of the arrangement, so these investments are included in the consolidated financial statements under the equity method. The consolidated financial statements include the Group's attributable share of total reserves and profits or losses of joint ventures, included under the equity method. When the Group\u2019s share of losses exceeds its interest in a joint venture, its carrying amount is reduced to zero and recognition of further losses is discontinued, except to the extent that the Group has a legal or contractual obligation to cover such losses on behalf of that entity. Entities over which the Group has significant influence Investments in associates are included in the consolidated financial statements under the equity method from the date the Group acquires significant influence to the date it ceases. Associates are entities over which the Group has significant influence, but not control, over its financial and operating policies. The existence of significant influence by the Group is usually evidenced by one or more of the following: - Representation on the Executive Board of Directors or equivalent governing body of the investee; - Participation in policy-making processes, including participation in decisions about dividends or other distributions; - Existence of material transactions between the Group and the investee; - Interchange of managerial personnel; and - Provision of essential technical information. The consolidated financial statements include the Group's attributable share of total reserves and profits or losses of associates, included under the equity method. When the Group\u2019s share of losses exceeds its interest in an associate, its carrying amount is reduced to zero and recognition of further losses is discontinued, except to the extent that the Group has a legal or constructive obligation to cover such losses on behalf of the associate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28659": {
"value": "Entities over which the Group has significant influence Investments in associates are included in the consolidated financial statements under the equity method from the date the Group acquires significant influence to the date it ceases. Associates are entities over which the Group has significant influence, but not control, over its financial and operating policies. The existence of significant influence by the Group is usually evidenced by one or more of the following: - Representation on the Executive Board of Directors or equivalent governing body of the investee; - Participation in policy-making processes, including participation in decisions about dividends or other distributions; - Existence of material transactions between the Group and the investee; - Interchange of managerial personnel; and - Provision of essential technical information. The consolidated financial statements include the Group's attributable share of total reserves and profits or losses of associates, included under the equity method. When the Group\u2019s share of losses exceeds its interest in an associate, its carrying amount is reduced to zero and recognition of further losses is discontinued, except to the extent that the Group has a legal or constructive obligation to cover such losses on behalf of the associate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28683": {
"value": "Goodwill Following the transition to International Financial Reporting Standards (IFRS) on 1 January 2004 and as permitted under IFRS 1 - First-time Adoption of International Financial Reporting Standards, the EDP Group decided to maintain the goodwill resulting from business combinations that occurred prior to the transition date, calculated in accordance with the Group's previous accounting policies. Costs directly attributable to the acquisition of a subsidiary are booked directly in the income statement. As from the transition date to IFRS, total positive goodwill arising from acquisitions is recognised as an asset carried at acquisition cost and is not subject to amortisation. Goodwill arising on the acquisition of subsidiaries, joint ventures and associates is defined as the difference between the cost of acquisition and the corresponding share of the fair value of the net assets acquired. The EDP Group has the possibility to book non-controlling interests at fair value or at cost, implying that the full amount of goodwill can be booked in the financial statements, including the portion attributable to the non-controlling interests, against non-controlling interests, if the first option is chosen. Goodwill arising on the acquisition of subsidiaries, joint ventures and associates is defined as the difference between the cost of acquisition and the total or corresponding share of the fair value of the net assets acquired, depending on the option taken. Negative goodwill arising on an acquisition is recognised directly in the income statement in the period when the business combination occurs. The recoverable amount of the goodwill is assessed annually, regardless of the existence of any impairment triggers. Impairment losses are recognised in the income statement. The recoverable amount is determined based on the value in use of the assets, calculated using valuation methodologies supported by discounted cash flow techniques, considering market conditions, the time value of money and the business risks. Goodwill is not adjustable due to changes in the initial estimate of the contingent purchase price and the difference is booked in the income statement. Purchases of non-controlling interests and dilution In acquisitions (dilutions not resulting in a loss of control) of non-controlling interests, the difference between the fair value of the non-controlling interests acquired and the consideration paid, is accounted against reserves. The acquisitions of non-controlling interests through written put options related with investments in subsidiaries held by non-controlling interests, are recorded as a liability for the fair value of the amount payable, against non-controlling interests. The fair value of the liability is determined based on the contractual price which may be fixed or variable. In case of a variable price, the changes in the liability are recognised against the income statement as well as the effect of the financial discount of the liability (unwinding). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28685": {
"value": "Goodwill Following the transition to International Financial Reporting Standards (IFRS) on 1 January 2004 and as permitted under IFRS 1 - First-time Adoption of International Financial Reporting Standards, the EDP Group decided to maintain the goodwill resulting from business combinations that occurred prior to the transition date, calculated in accordance with the Group's previous accounting policies. Costs directly attributable to the acquisition of a subsidiary are booked directly in the income statement. As from the transition date to IFRS, total positive goodwill arising from acquisitions is recognised as an asset carried at acquisition cost and is not subject to amortisation. Goodwill arising on the acquisition of subsidiaries, joint ventures and associates is defined as the difference between the cost of acquisition and the corresponding share of the fair value of the net assets acquired. The EDP Group has the possibility to book non-controlling interests at fair value or at cost, implying that the full amount of goodwill can be booked in the financial statements, including the portion attributable to the non-controlling interests, against non-controlling interests, if the first option is chosen. Goodwill arising on the acquisition of subsidiaries, joint ventures and associates is defined as the difference between the cost of acquisition and the total or corresponding share of the fair value of the net assets acquired, depending on the option taken. Negative goodwill arising on an acquisition is recognised directly in the income statement in the period when the business combination occurs. The recoverable amount of the goodwill is assessed annually, regardless of the existence of any impairment triggers. Impairment losses are recognised in the income statement. The recoverable amount is determined based on the value in use of the assets, calculated using valuation methodologies supported by discounted cash flow techniques, considering market conditions, the time value of money and the business risks. Goodwill is not adjustable due to changes in the initial estimate of the contingent purchase price and the difference is booked in the income statement. i) Intangible assets The Group's intangible assets are booked at acquisition cost less accumulated amortisation and impairment losses. The Group performs impairment tests whenever events or circumstances may indicate that the book value of the asset exceeds its recoverable amount, being any impairment recognised in the income statement. The recoverable amount is the higher of fair value less costs to sell and value in use, the latter being calculated by the present value of the estimated future cash flows obtained from continued use of the asset and its sale at the end of its useful life. Acquisition and development of software The costs of purchasing software and the costs incurred by the Group to implement it are capitalised and amortised on a straight-line basis over the expected useful life of the asset. Costs incurred by the Group directly related to the development of software, that are expected to generate economic benefits beyond one year, are recognised as intangible assets. Such costs include employee costs directly associated to the project and are amortised on a straight-line basis over its estimated useful life. Software maintenance costs are charged to the income statement when incurred. Concession rights on distribution of electricity The concession rights on distribution of electricity in Brazil are recorded as intangible assets and amortised on a straight-line basis over the concessions period, not exceeding 30 years. Concession rights to use the public hydric domain Portuguese concession rights to use the public hydric domain are booked as intangible assets and depreciated on a straight-line basis over the concession period, which does not exceed 74 years. EDP Group records as concession rights the financial compensations for the use of public domain assets, whenever these compensations are paid and for all the Group subsidiaries. The accounting policy related to intangible assets assigned to concessions in the scope of IFRIC 12 is described in z), Group concession activities. Concession rights on generation of electricity The concession rights on generation of electricity in Brazil are recorded as intangible assets and amortised on a straight-line basis over the concession period. Industrial property and other rights Industrial property and other rights are amortised on a straight-line basis over the estimated useful life of the assets, not exceeding 6 years. The Group holds CO2 Licenses in order to deal with gas emissions resulting from its operational activity and Licenses for trading. The CO2 and gas emissions Licenses held for its own use are booked as intangible assets at the acquisition cost. CO2 licenses consumption is recorded in accordance with the weighted average price of the CO2 and gas emissions Licenses held for consumption in that year. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28699": {
"value": "The recoverable amount of the goodwill is assessed annually, regardless of the existence of any impairment triggers. Impairment losses are recognised in the income statement. The recoverable amount is determined based on the value in use of the assets, calculated using valuation methodologies supported by discounted cash flow techniques, considering market conditions, the time value of money and the business risks. Impairment EDP Group recognises an impairment loss based on the Expected Credit Loss (ECL) model, before the objective evidence of a loss event from past actions. This model is the basis for the recognition of impairment losses on held financial assets that are measured at amortised cost or at fair value through other comprehensive income (which includes cash and cash equivalents, trade receivables, loans and debt securities). The impairment methodology applied depends on whether there has been a significant increase in credit risk since initial recognition. If the credit risk on a financial asset does not increase significantly since its initial recognition, EDP Group measures the loss allowance for that financial asset at an amount equal to 12-month expected credit losses. If the credit risk increases significantly since its initial recognition, EDP Group measures the loss allowance for that financial asset at an amount equal to lifetime expected credit losses. Regardless of the above, a significant increase in credit risk is presumed if there is an objective evidence that the financial asset is impaired, including if there is observable data that comes to the attention of the holder of the asset about the following loss events, among others: significant financial difficulty of the issuer or obligor; restructuring of an amount due to the Group in terms that it would not consider otherwise; a breach of contract, such as a default or delinquency in interest or principal payments; or it becoming probable that the borrower will enter bankruptcy or other financial reorganisation. As soon as the loss event occurs in terms of IFRS 9, the impairment allowance would be allocated directly to financial asset affected, that is, the asset\u2019s carrying amount is reduced and the amount of the loss is recognised in profit or loss. If, in a subsequent period, the amount of the impairment loss decreases, the previously recognised impairment loss is reversed in profit or loss, if the decrease can be related objectively to an event occurring after the impairment loss was recognised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28700": {
"value": "The recoverable amount of the goodwill is assessed annually, regardless of the existence of any impairment triggers. Impairment losses are recognised in the income statement. The recoverable amount is determined based on the value in use of the assets, calculated using valuation methodologies supported by discounted cash flow techniques, considering market conditions, the time value of money and the business risks. Impairment EDP Group recognises an impairment loss based on the Expected Credit Loss (ECL) model, before the objective evidence of a loss event from past actions. This model is the basis for the recognition of impairment losses on held financial assets that are measured at amortised cost or at fair value through other comprehensive income (which includes cash and cash equivalents, trade receivables, loans and debt securities). The impairment methodology applied depends on whether there has been a significant increase in credit risk since initial recognition. If the credit risk on a financial asset does not increase significantly since its initial recognition, EDP Group measures the loss allowance for that financial asset at an amount equal to 12-month expected credit losses. If the credit risk increases significantly since its initial recognition, EDP Group measures the loss allowance for that financial asset at an amount equal to lifetime expected credit losses. Regardless of the above, a significant increase in credit risk is presumed if there is an objective evidence that the financial asset is impaired, including if there is observable data that comes to the attention of the holder of the asset about the following loss events, among others: significant financial difficulty of the issuer or obligor; restructuring of an amount due to the Group in terms that it would not consider otherwise; a breach of contract, such as a default or delinquency in interest or principal payments; or it becoming probable that the borrower will enter bankruptcy or other financial reorganisation. As soon as the loss event occurs in terms of IFRS 9, the impairment allowance would be allocated directly to financial asset affected, that is, the asset\u2019s carrying amount is reduced and the amount of the loss is recognised in profit or loss. If, in a subsequent period, the amount of the impairment loss decreases, the previously recognised impairment loss is reversed in profit or loss, if the decrease can be related objectively to an event occurring after the impairment loss was recognised. Trade receivables, including contract assets EDP Group applies the simplified approach and records lifetime expected losses on all trade receivables and contract assets, including those with a significant financing component. The estimated ECL are calculated based on actual credit loss experience over a period that, per business and type of customers, is considered statistically relevant and representative of the specific characteristics of the underlying credit risk. When applicable, EDP Group estimated the ECL rates separately for corporates and individuals. Considering the particularities of each business, exposures are segmented based on common credit risk characteristics such as credit risk grade, geographic region and/or industry - for corporates; and type of product purchased - for individuals, as applicable. Actual credit loss experience is adjusted by scalar factors to reflect differences between economic conditions during the period over which historical data was collect, current conditions and EDP Group's view of economic conditions over the expected lives of the receivables. Other receivables and financial assets For receivable assets related to regulatory assets, loans, financial entities and State carried at amortised cost and FVOCI, EDP Group performs an analysis based on the general approach. On making its assessment, the company has to make assumptions about risk of default and expected loss rates, which requires judgement. The inputs used for risk assessment and for calculation of the loss allowances for financial assets includes: (i) credit ratings (as far as available) from external credit rating companies such as Standard and Poors, Moody\u2019s and Fitch; (ii) significant changes in the expected performance and behaviour of the borrower, including changes in the payment status of borrowers in the Group and changes in the operating results of the borrower; (iii) public market data, namely on probabilities of default and loss given default expectations; and (iv) macroeconomic information (such as market interest rates or growth rates). The Group carries out impairment tests whenever events or circumstances may indicate that the book value of an asset exceeds its recoverable amount, being any impairment recognised in the income statement. The recoverable amount is the higher of fair value less costs to sell and value in use, the latter being calculated by the present value of the estimated future cash flows obtained from continued use of the asset and its sale at the end of its useful life. The Group performs impairment tests whenever events or circumstances may indicate that the book value of the asset exceeds its recoverable amount, being any impairment recognised in the income statement. The recoverable amount is the higher of fair value less costs to sell and value in use, the latter being calculated by the present value of the estimated future cash flows obtained from continued use of the asset and its sale at the end of its useful life. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28701": {
"value": "The recoverable amount of the goodwill is assessed annually, regardless of the existence of any impairment triggers. Impairment losses are recognised in the income statement. The recoverable amount is determined based on the value in use of the assets, calculated using valuation methodologies supported by discounted cash flow techniques, considering market conditions, the time value of money and the business risksThe Group carries out impairment tests whenever events or circumstances may indicate that the book value of an asset exceeds its recoverable amount, being any impairment recognised in the income statement. The recoverable amount is the higher of fair value less costs to sell and value in use, the latter being calculated by the present value of the estimated future cash flows obtained from continued use of the asset and its sale at the end of its useful life. The Group performs impairment tests whenever events or circumstances may indicate that the book value of the asset exceeds its recoverable amount, being any impairment recognised in the income statement. The recoverable amount is the higher of fair value less costs to sell and value in use, the latter being calculated by the present value of the estimated future cash flows obtained from continued use of the asset and its sale at the end of its useful life. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28708": {
"value": "Purchases of non-controlling interests and dilution In acquisitions (dilutions not resulting in a loss of control) of non-controlling interests, the difference between the fair value of the non-controlling interests acquired and the consideration paid, is accounted against reserves. The acquisitions of non-controlling interests through written put options related with investments in subsidiaries held by non-controlling interests, are recorded as a liability for the fair value of the amount payable, against non-controlling interests. The fair value of the liability is determined based on the contractual price which may be fixed or variable. In case of a variable price, the changes in the liability are recognised against the income statement as well as the effect of the financial discount of the liability (unwinding). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28721": {
"value": "Integrated Annual Report 2022 Financial Statements and Notes 235 Investments in foreign operations The financial statements of the foreign subsidiaries, joint ventures and associates of the Group are prepared using their functional currency, defined as the currency of the primary economic environment in which they operate. In the consolidation process, the assets and liabilities of foreign subsidiaries are translated into Euros at the official exchange rate at the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28727": {
"value": "Investments in foreign operations The financial statements of the foreign subsidiaries, joint ventures and associates of the Group are prepared using their functional currency, defined as the currency of the primary economic environment in which they operate. In the consolidation process, the assets and liabilities of foreign subsidiaries are translated into Euros at the official exchange rate at the balance sheet date. Regarding the investments in foreign operations that are consolidated using the full consolidation method and equity method, the exchange differences between the amount of equity expressed in Euros at the beginning of the period and the amount translated at the official exchange rates at the end of the period, on a consolidated basis, are booked against reserves. Foreign currency goodwill arising on the acquisition of these investments is remeasured at the official exchange rate at the balance sheet date directly against reserves. The income and expenses of foreign subsidiaries are translated into Euros at the approximate exchange rates at the dates of the transactions. Exchange differences from the translation into Euros of the net profit for the period, arising from the differences between the rates used in the income statement and those prevailing at the balance sheet date are recognised in reserves. On disposal of a foreign subsidiary, the related exchange differences previously recognised in reserves, are accounted for in the income statement. Balances and transactions eliminated on consolidation Inter-company balances and transactions, including any unrealised gains and losses on transactions between Group companies, are eliminated in preparing the consolidated financial statements. Unrealised gains and losses arising on transactions with associates and jointly controlled entities are eliminated to the extent of the Group's interest in those entities. Business combinations achieved in stages In a business combination achieved in stages, on the date of obtaining control, the excess of the aggregate of (i) the consideration transferred; (ii) the amount of any non-controlling interest recognised in the acquiree; and (iii) the fair value of the previously held equity interest in the acquired business; over the net of amounts of the identifiable assets acquired and liabilities assumed, is recognised as goodwill. If applicable, the negative difference, after evaluating the consideration transferred, of the amount of any non-controlling interest recognised in the acquiree and the fair value of the previously held equity interest in the acquired business, over the net value of the identifiable assets acquired and liabilities assumed, is recognised in the income statement. The Group recognises the difference between the fair value of the previously held equity interest in the acquired business and the carrying value in consolidated results in Other income. Additionally, the Group reclassifies the deferred amounts in other comprehensive income relating to the previously held equity interest to the income statement or consolidated reserves, according to their nature. c) Foreign currency transactions Foreign currency transactions are translated at the exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currency are translated into Euros at the exchange rates at the balance sheet date. These exchange differences arising on translation are recognised in the income statement as financial results. Foreign currency non-monetary assets and liabilities accounted for at historical cost are translated using the exchange rates at the dates of the transactions. Foreign currency non-monetary assets and liabilities stated at fair value are translated into Euros at the exchange rates at the dates the fair value was determined. Financial results include interest costs on borrowings, interest income on funds invested, dividend income, foreign exchange gains and losses, realised gains and losses, changes in fair value of derivative financial instruments related to financing activity classified by the Group, within IFRS 9, as held for trading and consequently measured at fair value through profit or loss, and changes in the fair value of hedged risks, when applicable. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28744": {
"value": "Balances and transactions eliminated on consolidation Inter-company balances and transactions, including any unrealised gains and losses on transactions between Group companies, are eliminated in preparing the consolidated financial statements. Unrealised gains and losses arising on transactions with associates and jointly controlled entities are eliminated to the extent of the Group's interest in those entities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28770": {
"value": "d) Derivative financial instruments and hedge accounting Derivative financial instruments are recognised on the trade date at fair value. Subsequently, the fair value of derivative financial instruments is remeasured on a regular basis, being the gains or losses on re-measurement recognised directly in the income statement, except for derivatives designated as cash flow hedging instruments. Recognition, in the income statement, of the resulting gains and losses on re-measurement of hedging derivatives depends on the hedge model used. The fair value of derivative financial instruments corresponds to their market value, if available, or to quotes indicated by external entities through the use of valuation techniques accepted by the market, which are compared in each date of report to fair values available in common financial information platforms, namely Bloomberg and Reuters. Hedge accounting The Group uses financial instruments to hedge interest rate risk, exchange rate risk and price risk resulting from its operational and financing activities. Derivatives not qualified for hedge accounting under IFRS 9 are accounted for as trading instruments. Hedging derivatives are recorded at fair value, being the gains and losses recognised in accordance with the hedge accounting model applied by the Group. Hedge relationship exists when: (i) The hedging relationship consists only of hedging instruments and hedged items that are eligible as per determined in IFRS 9; (ii) At the inception of the hedge there is formal documentation of the hedging relationship and the Group's risk management objective and strategy for the hedge; (iii) There is an economic relationship between the hedged item and the hedging instrument; (iv) The effect of credit risk does not dominate the value changes that result from that economic relationship; and (v) The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the entity actually hedges and the quantity of the hedging instrument that the entity actually uses to hedge that quantity of hedged item. Fair value hedge Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with any changes in the fair value of the hedged assets and liabilities or group of hedged assets and liabilities that are attributable to the hedged risk. For cross currency interest rate swaps, the currency basis spread is excluded from the hedge designation, but considered as a hedging cost in other comprehensive income, in cost of hedging reserve. When the hedging relationship ceases to comply with the requirements for hedge accounting, the accumulated gains or losses concerning the fair value of the risk being hedged are amortised over the residual period to maturity of the hedged item. Cash flow hedge Changes in the fair value of derivatives qualified as cash flow hedges are recognised in reserves. The cumulative gains or losses recognised in reserves are reclassified to the income statement when the hedged item affects the income statement. When a hedging relation of a future transaction is discontinued, if the transaction is still expected to take place, the changes in the fair value of derivative recognised in reserves remain recognised in reserves until the future hedged transaction occurs. When the future transaction is no longer expected to occur, the cumulative gains or losses recognised in reserves are recorded immediately in the income statement. Net investment hedge The net investment hedge model is applied on a consolidated basis to investments in subsidiaries in foreign currencies. This model allows that the exchange differences recognised in the currency translation reserve to be offset by the foreign exchange differences in foreign currency loans or currency derivatives contracted, recognised in Currency translation reserve - Net investment hedge. For cross currency interest rate swaps, the cross currency basis spread and forward points are not designated into the hedge relationship, but deferred as a hedging cost in other comprehensive income, in Currency translation reserve - Net investment hedge - Cost of hedging, and recognized in profit or loss over the period of the hedge. The ineffective portion of the hedging relationship is recognised in the income statement. The accumulated foreign exchange gains and losses regarding the net investment and the related hedging instrument recognised in equity are transferred to the income statement when the foreign currency subsidiary is sold, as part of the gain or loss resulting from the disposal. Effectiveness For a hedge relationship to be classified as such, in accordance with IFRS 9, its effectiveness must be demonstrated. Therefore, the Group performs prospective tests at the inception date and at each balance sheet date, in order to demonstrate its effectiveness, showing that any adjustments to the fair value of the hedged item attributable to the risk being hedged are offset by adjustments to the fair value of the hedging instrument. Any ineffectiveness is recognised in the income statement when it occurs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28771": {
"value": "d) Derivative financial instruments and hedge accounting Derivative financial instruments are recognised on the trade date at fair value. Subsequently, the fair value of derivative financial instruments is remeasured on a regular basis, being the gains or losses on re-measurement recognised directly in the income statement, except for derivatives designated as cash flow hedging instruments. Recognition, in the income statement, of the resulting gains and losses on re-measurement of hedging derivatives depends on the hedge model used. The fair value of derivative financial instruments corresponds to their market value, if available, or to quotes indicated by external entities through the use of valuation techniques accepted by the market, which are compared in each date of report to fair values available in common financial information platforms, namely Bloomberg and Reuters. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28772": {
"value": "d) Derivative financial instruments and hedge accounting Derivative financial instruments are recognised on the trade date at fair value. Subsequently, the fair value of derivative financial instruments is remeasured on a regular basis, being the gains or losses on re-measurement recognised directly in the income statement, except for derivatives designated as cash flow hedging instruments. Recognition, in the income statement, of the resulting gains and losses on re-measurement of hedging derivatives depends on the hedge model used. The fair value of derivative financial instruments corresponds to their market value, if available, or to quotes indicated by external entities through the use of valuation techniques accepted by the market, which are compared in each date of report to fair values available in common financial information platforms, namely Bloomberg and Reuters. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28773": {
"value": "d) Derivative financial instruments and hedge accounting Derivative financial instruments are recognised on the trade date at fair value. Subsequently, the fair value of derivative financial instruments is remeasured on a regular basis, being the gains or losses on re-measurement recognised directly in the income statement, except for derivatives designated as cash flow hedging instruments. Recognition, in the income statement, of the resulting gains and losses on re-measurement of hedging derivatives depends on the hedge model used. The fair value of derivative financial instruments corresponds to their market value, if available, or to quotes indicated by external entities through the use of valuation techniques accepted by the market, which are compared in each date of report to fair values available in common financial information platforms, namely Bloomberg and Reuters. Hedge accounting The Group uses financial instruments to hedge interest rate risk, exchange rate risk and price risk resulting from its operational and financing activities. Derivatives not qualified for hedge accounting under IFRS 9 are accounted for as trading instruments. Hedging derivatives are recorded at fair value, being the gains and losses recognised in accordance with the hedge accounting model applied by the Group. Hedge relationship exists when: (i) The hedging relationship consists only of hedging instruments and hedged items that are eligible as per determined in IFRS 9; (ii) At the inception of the hedge there is formal documentation of the hedging relationship and the Group's risk management objective and strategy for the hedge; (iii) There is an economic relationship between the hedged item and the hedging instrument; (iv) The effect of credit risk does not dominate the value changes that result from that economic relationship; and (v) The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the entity actually hedges and the quantity of the hedging instrument that the entity actually uses to hedge that quantity of hedged item. Fair value hedge Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with any changes in the fair value of the hedged assets and liabilities or group of hedged assets and liabilities that are attributable to the hedged risk. For cross currency interest rate swaps, the currency basis spread is excluded from the hedge designation, but considered as a hedging cost in other comprehensive income, in cost of hedging reserve. When the hedging relationship ceases to comply with the requirements for hedge accounting, the accumulated gains or losses concerning the fair value of the risk being hedged are amortised over the residual period to maturity of the hedged item. Cash flow hedge Changes in the fair value of derivatives qualified as cash flow hedges are recognised in reserves. The cumulative gains or losses recognised in reserves are reclassified to the income statement when the hedged item affects the income statement. When a hedging relation of a future transaction is discontinued, if the transaction is still expected to take place, the changes in the fair value of derivative recognised in reserves remain recognised in reserves until the future hedged transaction occurs. When the future transaction is no longer expected to occur, the cumulative gains or losses recognised in reserves are recorded immediately in the income statement. Net investment hedge The net investment hedge model is applied on a consolidated basis to investments in subsidiaries in foreign currencies. This model allows that the exchange differences recognised in the currency translation reserve to be offset by the foreign exchange differences in foreign currency loans or currency derivatives contracted, recognised in Currency translation reserve - Net investment hedge. For cross currency interest rate swaps, the cross currency basis spread and forward points are not designated into the hedge relationship, but deferred as a hedging cost in other comprehensive income, in Currency translation reserve - Net investment hedge - Cost of hedging, and recognized in profit or loss over the period of the hedge. The ineffective portion of the hedging relationship is recognised in the income statement. The accumulated foreign exchange gains and losses regarding the net investment and the related hedging instrument recognised in equity are transferred to the income statement when the foreign currency subsidiary is sold, as part of the gain or loss resulting from the disposal. Effectiveness For a hedge relationship to be classified as such, in accordance with IFRS 9, its effectiveness must be demonstrated. Therefore, the Group performs prospective tests at the inception date and at each balance sheet date, in order to demonstrate its effectiveness, showing that any adjustments to the fair value of the hedged item attributable to the risk being hedged are offset by adjustments to the fair value of the hedging instrument. Any ineffectiveness is recognised in the income statement when it occurs. e) Debtors and Other assets The financial assets are classified based on the business model for managing the financial assets (\"business model test\") and their contractual cash flow characteristics (\"SPPI test\"). EDP Group classifies its financial assets, at the initial recognition, in accordance with the aforementioned requirements introduced by IFRS 9, on the following categories: Financial assets at amortised cost A financial asset is measured at amortised cost if: (i) it is held within a business model whose objective is to hold assets in order to collect its contractual cash flows; and (ii) the contractual cash flows represent solely payments of principal and interest. Financial assets included within this category are initially recognised at fair value and subsequently measured at amortised cost. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the statement of profit or loss. Loans and trade receivables are generally held to collect contractual cash flows and are expected to give rise to cash flows representing solely payments of principal and interest, thus they meet the criteria for amortised cost measurement under IFRS 9. Financial assets measured at fair value through other comprehensive income (FVOCI) A financial asset is measured at fair value through other comprehensive income if (i) the objective of the business model is achieved by both collecting contractual cash flows and selling financial assets; and (ii) the asset\u2019s contractual cash flows represent solely payments of principal and interest. Financial assets included within this category are initially recognised and subsequently measured at fair value, with the changes in the carrying amount booked in other comprehensive income, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses, which are recognised in profit and loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in other comprehensive income is reclassified to profit or loss. Financial assets measured at fair value through profit or loss (FVTPL) Financial assets that do not meet the criteria to be classified under the previously referred categories, are classified at fair value through profit or loss, deemed to be a residual category under IFRS 9. Regardless of the business model assessment, EDP Group can elect to classify a financial asset at fair value through profit or loss if doing so reduces or eliminates a measurement or recognition inconsistency (\u201caccounting mismatch\u201d). Changes in the business model assessment over time Financial assets are not reclassified subsequent to their initial recognition. However, if the Company changes its business model for managing financial assets, it will classify newly originated or newly purchased financial assets under the new business model, but will keep the classification of existing assets under the previous business model. Recognition and derecognition of financial assets Purchases and sales of financial assets are recognised on the trade date, which is the date on which the Group commits to purchase or sell these financial assets. Financial assets are derecognised when: (i) the Group contractual rights to receive their future cash flows have expired, (ii) the Group has transferred substantially the risks and rewards of ownership, or (iii) although retaining some, but not substantially all the risks and rewards of ownership, the Group has transferred control over the assets. Impairment EDP Group recognises an impairment loss based on the Expected Credit Loss (ECL) model, before the objective evidence of a loss event from past actions. This model is the basis for the recognition of impairment losses on held financial assets that are measured at amortised cost or at fair value through other comprehensive income (which includes cash and cash equivalents, trade receivables, loans and debt securities). The impairment methodology applied depends on whether there has been a significant increase in credit risk since initial recognition. If the credit risk on a financial asset does not increase significantly since its initial recognition, EDP Group measures the loss allowance for that financial asset at an amount equal to 12-month expected credit losses. If the credit risk increases significantly since its initial recognition, EDP Group measures the loss allowance for that financial asset at an amount equal to lifetime expected credit losses. Regardless of the above, a significant increase in credit risk is presumed if there is an objective evidence that the financial asset is impaired, including if there is observable data that comes to the attention of the holder of the asset about the following loss events, among others: significant financial difficulty of the issuer or obligor; restructuring of an amount due to the Group in terms that it would not consider otherwise; a breach of contract, such as a default or delinquency in interest or principal payments; or it becoming probable that the borrower will enter bankruptcy or other financial reorganisation. As soon as the loss event occurs in terms of IFRS 9, the impairment allowance would be allocated directly to financial asset affected, that is, the asset\u2019s carrying amount is reduced and the amount of the loss is recognised in profit or loss. If, in a subsequent period, the amount of the impairment loss decreases, the previously recognised impairment loss is reversed in profit or loss, if the decrease can be related objectively to an event occurring after the impairment loss was recognised. Trade receivables, including contract assets EDP Group applies the simplified approach and records lifetime expected losses on all trade receivables and contract assets, including those with a significant financing component. The estimated ECL are calculated based on actual credit loss experience over a period that, per business and type of customers, is considered statistically relevant and representative of the specific characteristics of the underlying credit risk. When applicable, EDP Group estimated the ECL rates separately for corporates and individuals. Considering the particularities of each business, exposures are segmented based on common credit risk characteristics such as credit risk grade, geographic region and/or industry - for corporates; and type of product purchased - for individuals, as applicable. Actual credit loss experience is adjusted by scalar factors to reflect differences between economic conditions during the period over which historical data was collect, current conditions and EDP Group's view of economic conditions over the expected lives of the receivables. Other receivables and financial assets For receivable assets related to regulatory assets, loans, financial entities and State carried at amortised cost and FVOCI, EDP Group performs an analysis based on the general approach. On making its assessment, the company has to make assumptions about risk of default and expected loss rates, which requires judgement. The inputs used for risk assessment and for calculation of the loss allowances for financial assets includes: (i) credit ratings (as far as available) from external credit rating companies such as Standard and Poors, Moody\u2019s and Fitch; (ii) significant changes in the expected performance and behaviour of the borrower, including changes in the payment status of borrowers in the Group and changes in the operating results of the borrower; (iii) public market data, namely on probabilities of default and loss given default expectations; and (iv) macroeconomic information (such as market interest rates or growth rates). f) Trade payables and other liabilities An instrument is classified as a financial liability when there is a contractual obligation for the issuer to liquidate capital and/or interests, through delivering cash or other financial asset, regardless of its legal form. Financial liabilities are recognised at the issuance date (trade date): (i) initially at fair value less transaction costs; and (ii) subsequently at amortised cost, using the effective interest method. All financial liabilities are booked at amortised cost, with the exception of the financial liabilities hedged at fair value hedge, which are stated at fair value on risk component that is being hedged. Derecognition of financial liabilities EDP Group derecognises a financial liability (or a part of a financial liability) from its statement of financial position when, and only when, the obligation specified in the contract is discharged, cancelled or expired. An exchange between an existing borrower and lender of debt instruments with substantially different terms is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, a substantial modification of the terms of an existing financial liability, or a part of it, is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The difference between the carrying amount of a financial liability (or part of a financial liability) extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss. Initial measurement of the lease liabilities As provided by IFRS 16, the lease liabilities on the commencement date are measured by the Group based on the present value of the future payments of that lease contracts, discounted using EDP Group's incremental borrowing rate for each portfolio of leases identified. EDP Group determines the lease term as the non\u2010cancellable period of a lease, together with both: (i) periods covered by an option to extend the lease, if the lessee is reasonably certain to exercise that option; and (ii) periods covered by an option to terminate the lease, if the lessee is reasonably certain not to exercise that option. EDP Group applies the recognition exemption provided by IFRS 16 for the leases which lease term is 12 months or less, or that are for a low-value asset. After the commencement date, the lease liabilities are increased to reflect interest on the liability and reduced to reflect the lease payments made. Remeasurement of the lease liabilities EDP Group remeasures the lease liabilities, and adjusts the corresponding right-of-use assets, by discounting the revised lease payments, using an unchanged discount rate, if either: i) there is a change in future lease payments resulting from a change in an index or a rate used to determine those payments; or ii) there is a change in the amounts expected to be payable under a residual value guarantee. If there is a lease modification that do not qualifies to be accounted as a separate lease, EDP Group remeasures the lease liabilities and adjusts the corresponding right-of-use assets, by discounting the revised lease payments, using a revised discount rate at the effective date of the modification. The variable lease payments that do not depend in an index or a rate are not included in the measurement of the lease liabilities, nor the right-of- use asset. Those payments are recognised as cost in the period in which the event or condition that gives rise to the payments occurs. g) Equity instruments A financial instrument is classified as an equity instrument when there is no contractual obligation at settlement to deliver cash or other financial asset to another entity, regardless of its legal form, and there is a residual interest in the assets of an entity after deducting all its liabilities. Costs directly attributable to the issuance of equity instruments are recognised in equity, as a deduction to the amount issued. Amounts paid or received relating to sales or acquisitions of equity instruments are recognised in equity, net of transaction costs. Distributions related to equity instruments are deducted from equity, as dividends, when declared. Preference shares issued by the Group are considered as an equity instrument when there is no contractual obligation to redeem the shares and dividends are paid at the discretion of the Group. Preference shares issued by subsidiaries, classified as equity instruments and held by third parties, are recognised as non-controlling interests. Equity instruments at fair value EDP Group classifies the equity instruments that are held for trading at fair value to profit or loss. For all other equity instruments, management has the ability to make an irrevocable election on initial recognition, on an instrument-by-instrument basis, to present changes in fair value in other comprehensive income. If this election is made, all fair value changes, excluding dividends that are a return on investment, will be included in other comprehensive income. There is no recycling of amounts from other comprehensive income to profit and loss (for example, on sale of an equity investment) being, at that time, transferred to retained earnings. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28776": {
"value": "Derivative financial instruments are recognised on the trade date at fair value. Subsequently, the fair value of derivative financial instruments is remeasured on a regular basis, being the gains or losses on re-measurement recognised directly in the income statement, except for derivatives designated as cash flow hedging instruments. Recognition, in the income statement, of the resulting gains and losses on re-measurement of hedging derivatives depends on the hedge model used. Financial assets measured at fair value through profit or loss (FVTPL) Financial assets that do not meet the criteria to be classified under the previously referred categories, are classified at fair value through profit or loss, deemed to be a residual category under IFRS 9. Regardless of the business model assessment, EDP Group can elect to classify a financial asset at fair value through profit or loss if doing so reduces or eliminates a measurement or recognition inconsistency (\u201caccounting mismatch\u201d). Equity instruments at fair value EDP Group classifies the equity instruments that are held for trading at fair value to profit or loss. For all other equity instruments, management has the ability to make an irrevocable election on initial recognition, on an instrument-by-instrument basis, to present changes in fair value in other comprehensive income. If this election is made, all fair value changes, excluding dividends that are a return on investment, will be included in other comprehensive income. There is no recycling of amounts from other comprehensive income to profit and loss (for example, on sale of an equity investment) being, at that time, transferred to retained earnings. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28796": {
"value": "Hedge accounting The Group uses financial instruments to hedge interest rate risk, exchange rate risk and price risk resulting from its operational and financing activities. Derivatives not qualified for hedge accounting under IFRS 9 are accounted for as trading instruments. Hedging derivatives are recorded at fair value, being the gains and losses recognised in accordance with the hedge accounting model applied by the Group. Hedge relationship exists when: (i) The hedging relationship consists only of hedging instruments and hedged items that are eligible as per determined in IFRS 9; (ii) At the inception of the hedge there is formal documentation of the hedging relationship and the Group's risk management objective and strategy for the hedge; (iii) There is an economic relationship between the hedged item and the hedging instrument; (iv) The effect of credit risk does not dominate the value changes that result from that economic relationship; and (v) The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the entity actually hedges and the quantity of the hedging instrument that the entity actually uses to hedge that quantity of hedged item. Fair value hedge Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with any changes in the fair value of the hedged assets and liabilities or group of hedged assets and liabilities that are attributable to the hedged risk. For cross currency interest rate swaps, the currency basis spread is excluded from the hedge designation, but considered as a hedging cost in other comprehensive income, in cost of hedging reserve. When the hedging relationship ceases to comply with the requirements for hedge accounting, the accumulated gains or losses concerning the fair value of the risk being hedged are amortised over the residual period to maturity of the hedged item. Cash flow hedge Changes in the fair value of derivatives qualified as cash flow hedges are recognised in reserves. The cumulative gains or losses recognised in reserves are reclassified to the income statement when the hedged item affects the income statement. When a hedging relation of a future transaction is discontinued, if the transaction is still expected to take place, the changes in the fair value of derivative recognised in reserves remain recognised in reserves until the future hedged transaction occurs. When the future transaction is no longer expected to occur, the cumulative gains or losses recognised in reserves are recorded immediately in the income statement. Net investment hedge The net investment hedge model is applied on a consolidated basis to investments in subsidiaries in foreign currencies. This model allows that the exchange differences recognised in the currency translation reserve to be offset by the foreign exchange differences in foreign currency loans or currency derivatives contracted, recognised in Currency translation reserve - Net investment hedge. For cross currency interest rate swaps, the cross currency basis spread and forward points are not designated into the hedge relationship, but deferred as a hedging cost in other comprehensive income, in Currency translation reserve - Net investment hedge - Cost of hedging, and recognized in profit or loss over the period of the hedge. The ineffective portion of the hedging relationship is recognised in the income statement. The accumulated foreign exchange gains and losses regarding the net investment and the related hedging instrument recognised in equity are transferred to the income statement when the foreign currency subsidiary is sold, as part of the gain or loss resulting from the disposal. Effectiveness For a hedge relationship to be classified as such, in accordance with IFRS 9, its effectiveness must be demonstrated. Therefore, the Group performs prospective tests at the inception date and at each balance sheet date, in order to demonstrate its effectiveness, showing that any adjustments to the fair value of the hedged item attributable to the risk being hedged are offset by adjustments to the fair value of the hedging instrument. Any ineffectiveness is recognised in the income statement when it occurs",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28843": {
"value": "e) Debtors and Other assets The financial assets are classified based on the business model for managing the financial assets (\"business model test\") and their contractual cash flow characteristics (\"SPPI test\"). EDP Group classifies its financial assets, at the initial recognition, in accordance with the aforementioned requirements introduced by IFRS 9, on the following categories: Financial assets at amortised cost A financial asset is measured at amortised cost if: (i) it is held within a business model whose objective is to hold assets in order to collect its contractual cash flows; and (ii) the contractual cash flows represent solely payments of principal and interest. Financial assets included within this category are initially recognised at fair value and subsequently measured at amortised cost. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the statement of profit or loss. Loans and trade receivables are generally held to collect contractual cash flows and are expected to give rise to cash flows representing solely payments of principal and interest, thus they meet the criteria for amortised cost measurement under IFRS 9. Financial assets measured at fair value through other comprehensive income (FVOCI) A financial asset is measured at fair value through other comprehensive income if (i) the objective of the business model is achieved by both collecting contractual cash flows and selling financial assets; and (ii) the asset\u2019s contractual cash flows represent solely payments of principal and interest. Financial assets included within this category are initially recognised and subsequently measured at fair value, with the changes in the carrying amount booked in other comprehensive income, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses, which are recognised in profit and loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in other comprehensive income is reclassified to profit or loss. Financial assets measured at fair value through profit or loss (FVTPL) Financial assets that do not meet the criteria to be classified under the previously referred categories, are classified at fair value through profit or loss, deemed to be a residual category under IFRS 9. Regardless of the business model assessment, EDP Group can elect to classify a financial asset at fair value through profit or loss if doing so reduces or eliminates a measurement or recognition inconsistency (\u201caccounting mismatch\u201d). Changes in the business model assessment over time Financial assets are not reclassified subsequent to their initial recognition. However, if the Company changes its business model for managing financial assets, it will classify newly originated or newly purchased financial assets under the new business model, but will keep the classification of existing assets under the previous business model. Recognition and derecognition of financial assets Purchases and sales of financial assets are recognised on the trade date, which is the date on which the Group commits to purchase or sell these financial assets. Financial assets are derecognised when: (i) the Group contractual rights to receive their future cash flows have expired, (ii) the Group has transferred substantially the risks and rewards of ownership, or (iii) although retaining some, but not substantially all the risks and rewards of ownership, the Group has transferred control over the assets. Impairment EDP Group recognises an impairment loss based on the Expected Credit Loss (ECL) model, before the objective evidence of a loss event from past actions. This model is the basis for the recognition of impairment losses on held financial assets that are measured at amortised cost or at fair value through other comprehensive income (which includes cash and cash equivalents, trade receivables, loans and debt securities). The impairment methodology applied depends on whether there has been a significant increase in credit risk since initial recognition. If the credit risk on a financial asset does not increase significantly since its initial recognition, EDP Group measures the loss allowance for that financial asset at an amount equal to 12-month expected credit losses. If the credit risk increases significantly since its initial recognition, EDP Group measures the loss allowance for that financial asset at an amount equal to lifetime expected credit losses. Regardless of the above, a significant increase in credit risk is presumed if there is an objective evidence that the financial asset is impaired, including if there is observable data that comes to the attention of the holder of the asset about the following loss events, among others: significant financial difficulty of the issuer or obligor; restructuring of an amount due to the Group in terms that it would not consider otherwise; a breach of contract, such as a default or delinquency in interest or principal payments; or it becoming probable that the borrower will enter bankruptcy or other financial reorganisation. As soon as the loss event occurs in terms of IFRS 9, the impairment allowance would be allocated directly to financial asset affected, that is, the asset\u2019s carrying amount is reduced and the amount of the loss is recognised in profit or loss. If, in a subsequent period, the amount of the impairment loss decreases, the previously recognised impairment loss is reversed in profit or loss, if the decrease can be related objectively to an event occurring after the impairment loss was recognised. Trade receivables, including contract assets EDP Group applies the simplified approach and records lifetime expected losses on all trade receivables and contract assets, including those with a significant financing component. The estimated ECL are calculated based on actual credit loss experience over a period that, per business and type of customers, is considered statistically relevant and representative of the specific characteristics of the underlying credit risk. When applicable, EDP Group estimated the ECL rates separately for corporates and individuals. Considering the particularities of each business, exposures are segmented based on common credit risk characteristics such as credit risk grade, geographic region and/or industry - for corporates; and type of product purchased - for individuals, as applicable. Actual credit loss experience is adjusted by scalar factors to reflect differences between economic conditions during the period over which historical data was collect, current conditions and EDP Group's view of economic conditions over the expected lives of the receivables. Other receivables and financial assets For receivable assets related to regulatory assets, loans, financial entities and State carried at amortised cost and FVOCI, EDP Group performs an analysis based on the general approach. On making its assessment, the company has to make assumptions about risk of default and expected loss rates, which requires judgement. The inputs used for risk assessment and for calculation of the loss allowances for financial assets includes: (i) credit ratings (as far as available) from external credit rating companies such as Standard and Poors, Moody\u2019s and Fitch; (ii) significant changes in the expected performance and behaviour of the borrower, including changes in the payment status of borrowers in the Group and changes in the operating results of the borrower; (iii) public market data, namely on probabilities of default and loss given default expectations; and (iv) macroeconomic information (such as market interest rates or growth rates). Leases \u2013 Lessor perspective A lessor classifies each of its lease as either an operating lease or a finance lease. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underlying asset. A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership of an underlying asset. At the commencement date, a lessor recognises assets held under a finance lease in its statement of financial position and present them as a receivable at an amount equal to the net investment in the lease. A lessor recognises lease payments from operating leases as income on either a straight\u2010line basis or another systematic basis (if that basis is more representative of the pattern in which benefit from the use of the underlying asset is diminished). The assets subject to operating leases are presented in its statement of financial position according to the nature of the underlying asset. A financial instrument is classified as an equity instrument when there is no contractual obligation at settlement to deliver cash or other financial asset to another entity, regardless of its legal form, and there is a residual interest in the assets of an entity after deducting all its liabilities. Costs directly attributable to the issuance of equity instruments are recognised in equity, as a deduction to the amount issued. Amounts paid or received relating to sales or acquisitions of equity instruments are recognised in equity, net of transaction costs. Distributions related to equity instruments are deducted from equity, as dividends, when declared. Preference shares issued by the Group are considered as an equity instrument when there is no contractual obligation to redeem the shares and dividends are paid at the discretion of the Group. Preference shares issued by subsidiaries, classified as equity instruments and held by third parties, are recognised as non-controlling interests. Equity instruments at fair value EDP Group classifies the equity instruments that are held for trading at fair value to profit or loss. For all other equity instruments, management has the ability to make an irrevocable election on initial recognition, on an instrument-by-instrument basis, to present changes in fair value in other comprehensive income. If this election is made, all fair value changes, excluding dividends that are a return on investment, will be included in other comprehensive income. There is no recycling of amounts from other comprehensive income to profit and loss (for example, on sale of an equity investment) being, at that time, transferred to retained earnings. w) Tariff adjustments Classification and measurement of regulatory assets, which qualify as financial assets in EDP Group\u2019s financial statements, is analysed based on the business model used in the management of the assets and the characteristics of the contractual cash flows (see e)). In this sense, deviations and tariff deficits exclusively recovered or returned through electricity and gas tariffs, applicable to customers in subsequent periods, are recognised at amortised cost. On the other hand, deviations or deficits that can be recovered, either through electricity rates (receipt of capital and interest) or through sales with recourse to third parties (bilateral contracts or securitization operations) are recognised at fair value through comprehensive income. This classification results from the existing history of sales to third parties and from the management's perspective regarding the existing assets. In regulated activities, the regulator establishes, through the tariff adjustment mechanism, the criteria to recognise gains or losses of one period in future periods. The tariff adjustments accounted for in the EDP Group financial statements represent the difference between the amounts invoiced by Portuguese regulated companies (based on the applicable tariffs published by ERSE in December of the previous year) and the regulated revenue calculated based on actual costs. The assets or liabilities resulting from the tariff adjustments are recovered or returned through the electricity and gas tariffs charged to customers in subsequent periods. Decree-Law 165/2008 of 21 August recognised the unconditional right of the regulated operators of the electric sector to recover the tariff adjustments under a regime identical to the one used for the tariff deficits. Consequently, EDP Group booked under the income statement caption Revenues from energy sales and services and other - Energy and access, the effects resulting from the recognition of tariff adjustments, against Debtors and other assets from commercial activities. According to the referred Decree-Law, the tariff adjustments determined annually, will be recovered by the regulated operators even in case of insolvency or cease of operations. ERSE is the entity responsible to establish the method to ensure that the entity entitled to these rights continues to recover the tariff adjustments until its complete payment. The Decree-Law also allows the transfer of the right to receive the tariff adjustment to third parties, in whole or in part, through future electricity tariffs. Decree-Law 87/2011 of 18 July establishes the unconditional right of regulated operators in the natural gas sector to recover tariff adjustments and related interest expenses, notwithstanding the form of the future payment or situations of insolvency and cessation of operations, and allows the transfer to third parties of the right to receive tariff adjustments. The EDP Group recorded in the income statement, under the caption Revenues from energy sales and services and other - Gas, the effects of the recognition of tariff adjustments of Natural Gas, against Debtors and other assets from commercial activities and Trade payables and other liabilities from commercial activities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28882": {
"value": "Changes in the business model assessment over time Financial assets are not reclassified subsequent to their initial recognition. However, if the Company changes its business model for managing financial assets, it will classify newly originated or newly purchased financial assets under the new business model, but will keep the classification of existing assets under the previous business model",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28888": {
"value": "Recognition and derecognition of financial assets Purchases and sales of financial assets are recognised on the trade date, which is the date on which the Group commits to purchase or sell these financial assets. Financial assets are derecognised when: (i) the Group contractual rights to receive their future cash flows have expired, (ii) the Group has transferred substantially the risks and rewards of ownership, or (iii) although retaining some, but not substantially all the risks and rewards of ownership, the Group has transferred control over the assetsDerecognition of financial liabilities EDP Group derecognises a financial liability (or a part of a financial liability) from its statement of financial position when, and only when, the obligation specified in the contract is discharged, cancelled or expired. An exchange between an existing borrower and lender of debt instruments with substantially different terms is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, a substantial modification of the terms of an existing financial liability, or a part of it, is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The difference between the carrying amount of a financial liability (or part of a financial liability) extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28929": {
"value": "Trade receivables, including contract assets EDP Group applies the simplified approach and records lifetime expected losses on all trade receivables and contract assets, including those with a significant financing component. The estimated ECL are calculated based on actual credit loss experience over a period that, per business and type of customers, is considered statistically relevant and representative of the specific characteristics of the underlying credit risk. When applicable, EDP Group estimated the ECL rates separately for corporates and individuals. Considering the particularities of each business, exposures are segmented based on common credit risk characteristics such as credit risk grade, geographic region and/or industry - for corporates; and type of product purchased - for individuals, as applicable. Actual credit loss experience is adjusted by scalar factors to reflect differences between economic conditions during the period over which historical data was collect, current conditions and EDP Group's view of economic conditions over the expected lives of the receivables. Other receivables and financial assets For receivable assets related to regulatory assets, loans, financial entities and State carried at amortised cost and FVOCI, EDP Group performs an analysis based on the general approach. On making its assessment, the company has to make assumptions about risk of default and expected loss rates, which requires judgement. The inputs used for risk assessment and for calculation of the loss allowances for financial assets includes: (i) credit ratings (as far as available) from external credit rating companies such as Standard and Poors, Moody\u2019s and Fitch; (ii) significant changes in the expected performance and behaviour of the borrower, including changes in the payment status of borrowers in the Group and changes in the operating results of the borrower; (iii) public market data, namely on probabilities of default and loss given default expectations; and (iv) macroeconomic information (such as market interest rates or growth rates). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28947": {
"value": "Leases \u2013 Lessor perspective A lessor classifies each of its lease as either an operating lease or a finance lease. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underlying asset. A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership of an underlying asset. At the commencement date, a lessor recognises assets held under a finance lease in its statement of financial position and present them as a receivable at an amount equal to the net investment in the lease. A lessor recognises lease payments from operating leases as income on either a straight\u2010line basis or another systematic basis (if that basis is more representative of the pattern in which benefit from the use of the underlying asset is diminished). The assets subject to operating leases are presented in its statement of financial position according to the nature of the underlying asset. Initial measurement of the lease liabilities As provided by IFRS 16, the lease liabilities on the commencement date are measured by the Group based on the present value of the future payments of that lease contracts, discounted using EDP Group's incremental borrowing rate for each portfolio of leases identified. EDP Group determines the lease term as the non\u2010cancellable period of a lease, together with both: (i) periods covered by an option to extend the lease, if the lessee is reasonably certain to exercise that option; and (ii) periods covered by an option to terminate the lease, if the lessee is reasonably certain not to exercise that option. EDP Group applies the recognition exemption provided by IFRS 16 for the leases which lease term is 12 months or less, or that are for a low-value asset. After the commencement date, the lease liabilities are increased to reflect interest on the liability and reduced to reflect the lease payments made. Remeasurement of the lease liabilities EDP Group remeasures the lease liabilities, and adjusts the corresponding right-of-use assets, by discounting the revised lease payments, using an unchanged discount rate, if either: i) there is a change in future lease payments resulting from a change in an index or a rate used to determine those payments; or ii) there is a change in the amounts expected to be payable under a residual value guarantee. If there is a lease modification that do not qualifies to be accounted as a separate lease, EDP Group remeasures the lease liabilities and adjusts the corresponding right-of-use assets, by discounting the revised lease payments, using a revised discount rate at the effective date of the modification. The variable lease payments that do not depend in an index or a rate are not included in the measurement of the lease liabilities, nor the right-of- use asset. Those payments are recognised as cost in the period in which the event or condition that gives rise to the payments occurs. j) Right-of-use assets EDP Group presents the information related to lease contracts in the caption Right-of-use assets, in a separate line in the Statement of Financial Position. These assets are accounted for at cost less accumulated depreciation and impairment losses. The cost of these assets comprises the initial costs and the initial measurement of the lease liabilities, deducted from the prepaid amounts and any incentives received. Depreciation of right-of-use assets is calculated on a straight-line basis over their estimated useful lives, considering the lease contract terms. Remeasurement of right-of-use assets If EDP Group remeasures the lease liability (see f)), the corresponding right-of-use assets shall be adjusted accordingly. p) Financial results Financial results include interest costs on borrowings, interest income on funds invested, dividend income, foreign exchange gains and losses, realised gains and losses, changes in fair value of derivative financial instruments related to financing activity classified by the Group, within IFRS 9, as held for trading and consequently measured at fair value through profit or loss, and changes in the fair value of hedged risks, when applicable. Interest is recognised in the income statement on an accrual basis. Dividend income is recognised on the date the right to receive is established. Considering the accounting model provided by IFRS 16, the financial results includes the interest expenses (unwinding) calculated on the lease liabilities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28960": {
"value": "f) Trade payables and other liabilities An instrument is classified as a financial liability when there is a contractual obligation for the issuer to liquidate capital and/or interests, through delivering cash or other financial asset, regardless of its legal form. Financial liabilities are recognised at the issuance date (trade date): (i) initially at fair value less transaction costs; and (ii) subsequently at amortised cost, using the effective interest method. All financial liabilities are booked at amortised cost, with the exception of the financial liabilities hedged at fair value hedge, which are stated at fair value on risk component that is being hedged. Derecognition of financial liabilities EDP Group derecognises a financial liability (or a part of a financial liability) from its statement of financial position when, and only when, the obligation specified in the contract is discharged, cancelled or expired. An exchange between an existing borrower and lender of debt instruments with substantially different terms is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, a substantial modification of the terms of an existing financial liability, or a part of it, is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The difference between the carrying amount of a financial liability (or part of a financial liability) extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss. Initial measurement of the lease liabilities As provided by IFRS 16, the lease liabilities on the commencement date are measured by the Group based on the present value of the future payments of that lease contracts, discounted using EDP Group's incremental borrowing rate for each portfolio of leases identified. EDP Group determines the lease term as the non\u2010cancellable period of a lease, together with both: (i) periods covered by an option to extend the lease, if the lessee is reasonably certain to exercise that option; and (ii) periods covered by an option to terminate the lease, if the lessee is reasonably certain not to exercise that option. EDP Group applies the recognition exemption provided by IFRS 16 for the leases which lease term is 12 months or less, or that are for a low-value asset. After the commencement date, the lease liabilities are increased to reflect interest on the liability and reduced to reflect the lease payments made. Remeasurement of the lease liabilities EDP Group remeasures the lease liabilities, and adjusts the corresponding right-of-use assets, by discounting the revised lease payments, using an unchanged discount rate, if either: i) there is a change in future lease payments resulting from a change in an index or a rate used to determine those payments; or ii) there is a change in the amounts expected to be payable under a residual value guarantee. If there is a lease modification that do not qualifies to be accounted as a separate lease, EDP Group remeasures the lease liabilities and adjusts the corresponding right-of-use assets, by discounting the revised lease payments, using a revised discount rate at the effective date of the modification. The variable lease payments that do not depend in an index or a rate are not included in the measurement of the lease liabilities, nor the right-of- use asset. Those payments are recognised as cost in the period in which the event or condition that gives rise to the payments occurs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29014": {
"value": "g) Equity instruments A financial instrument is classified as an equity instrument when there is no contractual obligation at settlement to deliver cash or other financial asset to another entity, regardless of its legal form, and there is a residual interest in the assets of an entity after deducting all its liabilities. Costs directly attributable to the issuance of equity instruments are recognised in equity, as a deduction to the amount issued. Amounts paid or received relating to sales or acquisitions of equity instruments are recognised in equity, net of transaction costs. Distributions related to equity instruments are deducted from equity, as dividends, when declared. Preference shares issued by the Group are considered as an equity instrument when there is no contractual obligation to redeem the shares and dividends are paid at the discretion of the Group. Preference shares issued by subsidiaries, classified as equity instruments and held by third parties, are recognised as non-controlling interests. Equity instruments at fair value EDP Group classifies the equity instruments that are held for trading at fair value to profit or loss. For all other equity instruments, management has the ability to make an irrevocable election on initial recognition, on an instrument-by-instrument basis, to present changes in fair value in other comprehensive income. If this election is made, all fair value changes, excluding dividends that are a return on investment, will be included in other comprehensive income. There is no recycling of amounts from other comprehensive income to profit and loss (for example, on sale of an equity investment) being, at that time, transferred to retained earnings. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29015": {
"value": "g) Equity instruments A financial instrument is classified as an equity instrument when there is no contractual obligation at settlement to deliver cash or other financial asset to another entity, regardless of its legal form, and there is a residual interest in the assets of an entity after deducting all its liabilities. Costs directly attributable to the issuance of equity instruments are recognised in equity, as a deduction to the amount issued. Amounts paid or received relating to sales or acquisitions of equity instruments are recognised in equity, net of transaction costs. Distributions related to equity instruments are deducted from equity, as dividends, when declared. Preference shares issued by the Group are considered as an equity instrument when there is no contractual obligation to redeem the shares and dividends are paid at the discretion of the Group. Preference shares issued by subsidiaries, classified as equity instruments and held by third parties, are recognised as non-controlling interests. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29021": {
"value": "Costs directly attributable to the issuance of equity instruments are recognised in equity, as a deduction to the amount issued. Amounts paid or received relating to sales or acquisitions of equity instruments are recognised in equity, net of transaction costs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29024": {
"value": "Distributions related to equity instruments are deducted from equity, as dividends, when declared. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29038": {
"value": "h) Property, plant and equipment Property, plant and equipment is stated at acquisition cost less accumulated depreciation and impairment losses. On transition to IFRS, on 1 January 2004, the Group decided to consider as deemed cost the revalued amount of Property, plant and equipment in accordance with the Group's previous accounting policy, which was comparable in general terms to the depreciated cost determined in accordance with IFRS. Subsequent costs are recognised as Property, plant and equipment only when it is probable that future economic benefits associated with the item will flow to the Group. Repair and maintenance costs are charged in the income statement as incurred, according to the accrual principle. The Group carries out impairment tests whenever events or circumstances may indicate that the book value of an asset exceeds its recoverable amount, being any impairment recognised in the income statement. The recoverable amount is the higher of fair value less costs to sell and value in use, the latter being calculated by the present value of the estimated future cash flows obtained from continued use of the asset and its sale at the end of its useful life. Land is not depreciated. Depreciation of tangible assets is calculated on a straight-line basis over their estimated useful lives, as follows: Buildings and other constructions 8 to 50 Plant and machinery: - Hydroelectric generation 30 to 75 - Thermoelectric generation 25 to 45 - Renewable generation 30 to 35 - Electricity distribution 10 to 40 - Other plant and machinery 4 to 25 Transport equipment 4 to 25 Office equipment and tools 2 to 16 Other property, plant and equipment 3 to 50 According to IFRS, the estimate of the useful life of assets should be reviewed whenever a change in the expected economic benefits flowing from the assets occurs as well as when the technical use planned for the assets differs from previous estimates. Changes occurring in the depreciation charge for the year are accounted prospectively. Capitalisation of borrowing costs and other directly attributable costs Borrowing costs that are directly attributable to the acquisition or construction of assets are capitalised as part of the cost of these assets. A qualifying asset is an asset that needs a substantial period of time to be ready for its intended use or sale. The amount of interest costs eligible for capitalisation is determined by applying a capitalisation rate to the expenditures on those assets. The capitalisation rate corresponds to the weighted average of the borrowing costs applicable to the outstanding borrowings during the period. The capitalisation of borrowing costs begins when expenditure for the assets is being incurred, borrowing costs have been incurred and activities necessary to prepare all or part of the assets for their intended use or sale are in progress. Capitalisation ceases when substantially all the activities necessary to prepare the qualifying assets for their intended use or sale are completed. Other expenses directly attributable to the acquisition and construction of the assets, such as cost of consumed materials and personnel costs, are also capitalised as part of the cost of the assets. Investment government grants Investment government grants are initially booked as Trade payables and other liabilities from commercial activities - Non-Current only when there is reasonable certainty that the grant will be received and that the Group will fulfil the grant term conditions. Grants that compensate the Group for expenses incurred are booked in the income statement on a linear basis, on the same period in which the expenses are incurred. Grants that compensate the Group for the acquisition of assets are recognised in the income statement over the related assets useful life. Transfers of assets from customers Transfers of assets from customers concession arrangement and out of the scope of IFRIC 12, in accordance with IFRS 15, are related to payments of performance obligations fulfilled over the useful life of the underlying asset. Accordingly, when they are received from the customers, they are booked as liabilities instead of revenue. The assets are recognised by the estimated construction cost and are depreciated over their useful lives. The liabilities are recognised as revenue based on the corresponding useful life of the underlying asset. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29044": {
"value": "Subsequent costs are recognised as Property, plant and equipment only when it is probable that future economic benefits associated with the item will flow to the Group. Repair and maintenance costs are charged in the income statement as incurred, according to the accrual principle. Software maintenance costs are charged to the income statement when incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29064": {
"value": "Land is not depreciated. Depreciation of tangible assets is calculated on a straight-line basis over their estimated useful lives, as follows: Buildings and other constructions 8 to 50 Plant and machinery: - Hydroelectric generation 30 to 75 - Thermoelectric generation 25 to 45 - Renewable generation 30 to 35 - Electricity distribution 10 to 40 - Other plant and machinery 4 to 25 Transport equipment 4 to 25 Office equipment and tools 2 to 16 Other property, plant and equipment 3 to 50 According to IFRS, the estimate of the useful life of assets should be reviewed whenever a change in the expected economic benefits flowing from the assets occurs as well as when the technical use planned for the assets differs from previous estimates. Changes occurring in the depreciation charge for the year are accounted prospectively. Costs incurred by the Group directly related to the development of software, that are expected to generate economic benefits beyond one year, are recognised as intangible assets. Such costs include employee costs directly associated to the project and are amortised on a straight-line basis over its estimated useful life. Software maintenance costs are charged to the income statement when incurred. Concession rights on distribution of electricity The concession rights on distribution of electricity in Brazil are recorded as intangible assets and amortised on a straight-line basis over the concessions period, not exceeding 30 years. Concession rights to use the public hydric domain Portuguese concession rights to use the public hydric domain are booked as intangible assets and depreciated on a straight-line basis over the concession period, which does not exceed 74 years. EDP Group records as concession rights the financial compensations for the use of public domain assets, whenever these compensations are paid and for all the Group subsidiaries. The accounting policy related to intangible assets assigned to concessions in the scope of IFRIC 12 is described in z), Group concession activities. Concession rights on generation of electricity The concession rights on generation of electricity in Brazil are recorded as intangible assets and amortised on a straight-line basis over the concession period. Industrial property and other rights Industrial property and other rights are amortised on a straight-line basis over the estimated useful life of the assets, not exceeding 6 years. j) Right-of-use assets EDP Group presents the information related to lease contracts in the caption Right-of-use assets, in a separate line in the Statement of Financial Position. These assets are accounted for at cost less accumulated depreciation and impairment losses. The cost of these assets comprises the initial costs and the initial measurement of the lease liabilities, deducted from the prepaid amounts and any incentives received. Depreciation of right-of-use assets is calculated on a straight-line basis over their estimated useful lives, considering the lease contract terms. Remeasurement of right-of-use assets If EDP Group remeasures the lease liability (see f)), the corresponding right-of-use assets shall be adjusted accordingly. k) Investment property The Group classifies as investment property, property held for capital appreciation and/or for rental purposes. Investment property is recognised initially at acquisition or production cost, including directly attributable transaction costs, and is subsequently measured at cost less accumulated depreciation and any impairment losses. Subsequent expenditures on investment property are only added to the cost of the asset when it is probable that additional future economic benefits will arise when compared to initial recognition. Investment property is depreciated on a straight-line basis over the estimated useful life of the assets (between 8 and 50 years). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29093": {
"value": "Capitalisation of borrowing costs and other directly attributable costs Borrowing costs that are directly attributable to the acquisition or construction of assets are capitalised as part of the cost of these assets. A qualifying asset is an asset that needs a substantial period of time to be ready for its intended use or sale. The amount of interest costs eligible for capitalisation is determined by applying a capitalisation rate to the expenditures on those assets. The capitalisation rate corresponds to the weighted average of the borrowing costs applicable to the outstanding borrowings during the period. The capitalisation of borrowing costs begins when expenditure for the assets is being incurred, borrowing costs have been incurred and activities necessary to prepare all or part of the assets for their intended use or sale are in progress. Capitalisation ceases when substantially all the activities necessary to prepare the qualifying assets for their intended use or sale are completed. Other expenses directly attributable to the acquisition and construction of the assets, such as cost of consumed materials and personnel costs, are also capitalised as part of the cost of the assets. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29103": {
"value": "Investment government grants Investment government grants are initially booked as Trade payables and other liabilities from commercial activities - Non-Current only when there is reasonable certainty that the grant will be received and that the Group will fulfil the grant term conditions. Grants that compensate the Group for expenses incurred are booked in the income statement on a linear basis, on the same period in which the expenses are incurred. Grants that compensate the Group for the acquisition of assets are recognised in the income statement over the related assets useful life. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29115": {
"value": "i) Intangible assets The Group's intangible assets are booked at acquisition cost less accumulated amortisation and impairment losses. The Group performs impairment tests whenever events or circumstances may indicate that the book value of the asset exceeds its recoverable amount, being any impairment recognised in the income statement. The recoverable amount is the higher of fair value less costs to sell and value in use, the latter being calculated by the present value of the estimated future cash flows obtained from continued use of the asset and its sale at the end of its useful life. Acquisition and development of software The costs of purchasing software and the costs incurred by the Group to implement it are capitalised and amortised on a straight-line basis over the expected useful life of the asset. Costs incurred by the Group directly related to the development of software, that are expected to generate economic benefits beyond one year, are recognised as intangible assets. Such costs include employee costs directly associated to the project and are amortised on a straight-line basis over its estimated useful life. Software maintenance costs are charged to the income statement when incurred. Concession rights on distribution of electricity The concession rights on distribution of electricity in Brazil are recorded as intangible assets and amortised on a straight-line basis over the concessions period, not exceeding 30 years. Concession rights to use the public hydric domain Portuguese concession rights to use the public hydric domain are booked as intangible assets and depreciated on a straight-line basis over the concession period, which does not exceed 74 years. EDP Group records as concession rights the financial compensations for the use of public domain assets, whenever these compensations are paid and for all the Group subsidiaries. The accounting policy related to intangible assets assigned to concessions in the scope of IFRIC 12 is described in z), Group concession activities. Concession rights on generation of electricity The concession rights on generation of electricity in Brazil are recorded as intangible assets and amortised on a straight-line basis over the concession period. Industrial property and other rights Industrial property and other rights are amortised on a straight-line basis over the estimated useful life of the assets, not exceeding 6 years. The Group holds CO2 Licenses in order to deal with gas emissions resulting from its operational activity and Licenses for trading. The CO2 and gas emissions Licenses held for its own use are booked as intangible assets at the acquisition cost. CO2 licenses consumption is recorded in accordance with the weighted average price of the CO2 and gas emissions Licenses held for consumption in that year. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29143": {
"value": "Costs incurred by the Group directly related to the development of software, that are expected to generate economic benefits beyond one year, are recognised as intangible assets. Such costs include employee costs directly associated to the project and are amortised on a straight-line basis over its estimated useful life. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29149": {
"value": "Concession rights on distribution of electricity The concession rights on distribution of electricity in Brazil are recorded as intangible assets and amortised on a straight-line basis over the concessions period, not exceeding 30 years. Concession rights to use the public hydric domain Portuguese concession rights to use the public hydric domain are booked as intangible assets and depreciated on a straight-line basis over the concession period, which does not exceed 74 years. EDP Group records as concession rights the financial compensations for the use of public domain assets, whenever these compensations are paid and for all the Group subsidiaries. The accounting policy related to intangible assets assigned to concessions in the scope of IFRIC 12 is described in z), Group concession activities. Concession rights on generation of electricity The concession rights on generation of electricity in Brazil are recorded as intangible assets and amortised on a straight-line basis over the concession period. z) Group concession activities in the scope of IFRIC 12 EDP Group applies IFRIC 12 to the public-private concession contracts in which the public entity controls or regulates the services rendered through the utilisation of certain infrastructure as well as the price for such services and also controls any significant residual interest in the infrastructure. The infrastructures allocated to concessions are not recognised by the operator as property, plant and equipment or as financial leases, as the operator does not control the assets. These infrastructures are recognised according to one of the following accounting models, depending on the type of remuneration commitment of the operator assumed by the grantor within the terms of the contract: Financial Asset Model This model is applicable when the operator has an unconditional right to receive certain monetary amounts regardless of the level of use of the infrastructure within the concession and results in a financial asset recognition, booked at amortised cost. Intangible Asset Model This model is applicable when the operator, within the concession, is remunerated on the basis of the level of use of the infrastructure (demand risk) and results in an intangible asset recognition. Mixed Model This model is applicable when the concession includes simultaneously guaranteed remuneration and remuneration based on the level of use of the infrastructure within the concession. Intangible assets within concessions are amortised over their respective useful lives during the concession period. The Group carries out impairment tests to the intangible assets within concessions whenever events or circumstances may indicate that the book value of an asset exceeds its recoverable amount, being any impairment recognised in the income statement. Grants received from customers related to assets within concessions are delivered to the Group on a definitive basis, and, therefore, are not reimbursable. These grants are deducted from the value of the assets allocated to each concession. The concession contracts that currently exist in EDP Group are mainly based in the Intangible Asset Model, namely in the electricity special regime production concessions (PRE) in Portugal and in the Mixed Model, namely in the electricity distribution concessions in Portugal and in Brazil. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForServiceConcessionArrangementsExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29173": {
"value": "k) Investment property The Group classifies as investment property, property held for capital appreciation and/or for rental purposes. Investment property is recognised initially at acquisition or production cost, including directly attributable transaction costs, and is subsequently measured at cost less accumulated depreciation and any impairment losses. Subsequent expenditures on investment property are only added to the cost of the asset when it is probable that additional future economic benefits will arise when compared to initial recognition. Investment property is depreciated on a straight-line basis over the estimated useful life of the assets (between 8 and 50 years). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29182": {
"value": "l) Inventories Inventories are measured at the lower of acquisition cost and net realisable value. The cost of inventories includes purchases, conversion and other costs incurred in bringing the inventories to their present location and condition. The net realisable value is the estimated selling price in the ordinary course of business less the estimated selling costs. The cost of inventories is determined by using the weighted average cost method. CO2 Licenses held by the Group for trade purposes are booked as inventories and measured at fair value, at each balance sheet date, against the income statement. The green certificates are considered government support in accordance with IAS 20 that are accounted for under the caption \"Revenues and cost of Energy Sales and Services and Other\", with unsold certificates being recognised as inventories in accordance with IAS 2. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29189": {
"value": "CO2 Licenses held by the Group for trade purposes are booked as inventories and measured at fair value, at each balance sheet date, against the income statement. x) CO2 Licenses and greenhouse gas emissions The Group holds CO2 Licenses in order to deal with gas emissions resulting from its operational activity and Licenses for trading. The CO2 and gas emissions Licenses held for its own use are booked as intangible assets at the acquisition cost. CO2 licenses consumption is recorded in accordance with the weighted average price of the CO2 and gas emissions Licenses held for consumption in that year. The Licenses held by the Group for trading purposes are booked under Inventories (see l)). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29205": {
"value": "m) Employee benefits Pensions Some EDP Group companies grant post-employment benefits to employees under defined benefit and defined contribution plans, namely pension plans that grant complementary retirement benefits for age and early retirement pensions. Defined benefit plans In Portugal, the defined benefit plan is assured by (i) a closed pension fund managed by an external entity, covering responsibilities with benefits that are complementary to those provided under the Social Security System (namely retirement and early retirement pensions); and (ii) by a complementary specific provision, recognised in the statement of financial position. Benefits are generally determined and assigned through the combination of one or more factors, such as age, years of service and the relevant base retribution (pensionable salary). The responsibilities for early retirement are not covered by the fund\u2019s assets, being adequately provisioned through a specific provision. In Spain, the defined benefit plan is partially covered by insurance policies, and complemented by a specific provision, recognised at the balance sheet. Benefits are generally determined and assigned through the combination of one or more factors, such as age, years of service and the relevant base retribution (pensionable salary). In Brazil, EDP S\u00e3o Paulo and EDP Esp\u00edrito Santo have defined benefit plans managed by a closed complementary welfare entity, external to EDP Group, covering responsibilities associated with retirement and early retirement pensions, according to factors such as age, years of service and the relevant base retribution. In the pension plans in Brazil, the surplus amount of the assets fund generally can not be reimbursed to the company, since there are very strict rules on the amount that can be recovered, therefore the asset amount to be recognised is greatly reduced. The Group\u2019s pension liability for each plan is calculated by independent experts annually, for each plan, at the balance sheet date, using the projected unit credit method. The discount rate used in the calculation is determined based on market interest rates of high quality corporate bonds denominated in the currency in which the benefits will be paid and that have similar maturity to the related pension liability. Actuarial gains and losses presented in consolidated statement of comprehensive income comprise: (i) the actuarial gains and losses resulting from increases or decreases in the present value of the defined benefit obligation because of changes in actuarial assumptions and experience adjustments; (ii) the return on plan assets, excluding amounts included in net interest on the net defined benefit liability (asset); and (iii) any change in the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability (asset). The increase in past service costs arising from early retirements (retirements before the normal retirement age) or plan amendments is recognised in the income statement when incurred. The Group recognises as operational results, in the income statement, current and past service costs. Net interest on the net defined benefit liability (asset) is recognised in financial results. The assets of the plan comply with the recognition criteria established by IFRIC 14 - IAS 19 and the minimum funding requirements established by law or by contract. Defined contribution plans Some Group companies in Portugal, Spain and Brazil have defined contribution social benefit plans that complement those granted by the Social Security System, under which they pay an annual contribution to the plans, calculated in accordance with the rules established in each plan. These contributions represent a percentage of the fixed and variable remuneration of the employees included in this plan and are accounted for as cost for the period in which they are due. Other benefits granted - Defined Benefit Type Medical benefits Some EDP Group companies provide medical benefits under which employees and immediate eligible family members have favourable conditions in medical assistance and health care services, namely: - Concerning EDP Group companies in Portugal, through the provision of medical assistance that is complementary to the one provided under the National Health System, provided using infrastructures owned and managed internally; - Concerning EDP Group companies in Spain and Brazil, through the share of costs in eligible medical and health expenses, in an external agreed network. In Portugal, the medical benefit and death benefits plan is assured by (i) a closed fund managed by an external entity, created in December 2016, and (ii) a complementary specific provision, recognised in EDP Group company\u2019s statement of financial position. In Spain, the medical care and death subsidy benefits plan is partially covered by insurance policies, and complemented by a specific provision, booked in EDP Group company\u2019s statement of financial position. In Brazil, the liability is being covered by provisions booked in EDP Group company\u2019s statement of financial position. Measurement and recognition of the medical benefits liabilities are similar to the defined benefit pension plans liabilities, explained above. Other benefits In addition, EDP Group grants other benefits, supporting charges arising from responsibilities for disability benefit\u2019s complements, survival benefits, life insurance, antiquity and retirement benefits, power tariff discounts, among others. These responsibilities are fully covered by a provision. Benefits included in each Plan for Portugal and Brazil are detailed in EDP\u2019s Collective Labor Agreement, published in the Labor Bulletin of 8 October 2014 and in the website of the Plan management entity Enerprev (www.enerprev.com.br), respectively. n) Provisions Provisions are recognised when: (i) the Group has a present legal, contractual or constructive obligation; (ii) it is probable that settlement will be required in the future; and (iii) a reliable estimate of the obligation can be made. Provisions for dismantling and decommissioning in electric power plants The Group accounts for provisions for dismantling and decommissioning of assets at the end of the assets\u2019 useful life when there is a legal, contractual or constructive obligation. Therefore, such provisions have been booked for the electric power plants to cover the cost of restoring the location and land to their original condition. The provisions are calculated at the present amount of the expected future liability and are accounted for as part of the cost of the related property, plant and equipment being depreciated on a straight-line basis over the useful life of those assets. Decommissioning and dismantling provisions are remeasured on an annual basis based on the best estimate of the settlement amount. The unwinding of the discount at each balance sheet date is charged to the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29206": {
"value": "m) Employee benefits Pensions Some EDP Group companies grant post-employment benefits to employees under defined benefit and defined contribution plans, namely pension plans that grant complementary retirement benefits for age and early retirement pensions. Defined benefit plans In Portugal, the defined benefit plan is assured by (i) a closed pension fund managed by an external entity, covering responsibilities with benefits that are complementary to those provided under the Social Security System (namely retirement and early retirement pensions); and (ii) by a complementary specific provision, recognised in the statement of financial position. Benefits are generally determined and assigned through the combination of one or more factors, such as age, years of service and the relevant base retribution (pensionable salary). The responsibilities for early retirement are not covered by the fund\u2019s assets, being adequately provisioned through a specific provision. In Spain, the defined benefit plan is partially covered by insurance policies, and complemented by a specific provision, recognised at the balance sheet. Benefits are generally determined and assigned through the combination of one or more factors, such as age, years of service and the relevant base retribution (pensionable salary). In Brazil, EDP S\u00e3o Paulo and EDP Esp\u00edrito Santo have defined benefit plans managed by a closed complementary welfare entity, external to EDP Group, covering responsibilities associated with retirement and early retirement pensions, according to factors such as age, years of service and the relevant base retribution. In the pension plans in Brazil, the surplus amount of the assets fund generally can not be reimbursed to the company, since there are very strict rules on the amount that can be recovered, therefore the asset amount to be recognised is greatly reduced. The Group\u2019s pension liability for each plan is calculated by independent experts annually, for each plan, at the balance sheet date, using the projected unit credit method. The discount rate used in the calculation is determined based on market interest rates of high quality corporate bonds denominated in the currency in which the benefits will be paid and that have similar maturity to the related pension liability. Actuarial gains and losses presented in consolidated statement of comprehensive income comprise: (i) the actuarial gains and losses resulting from increases or decreases in the present value of the defined benefit obligation because of changes in actuarial assumptions and experience adjustments; (ii) the return on plan assets, excluding amounts included in net interest on the net defined benefit liability (asset); and (iii) any change in the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability (asset). The increase in past service costs arising from early retirements (retirements before the normal retirement age) or plan amendments is recognised in the income statement when incurred. The Group recognises as operational results, in the income statement, current and past service costs. Net interest on the net defined benefit liability (asset) is recognised in financial results. The assets of the plan comply with the recognition criteria established by IFRIC 14 - IAS 19 and the minimum funding requirements established by law or by contract. Defined contribution plans Some Group companies in Portugal, Spain and Brazil have defined contribution social benefit plans that complement those granted by the Social Security System, under which they pay an annual contribution to the plans, calculated in accordance with the rules established in each plan. These contributions represent a percentage of the fixed and variable remuneration of the employees included in this plan and are accounted for as cost for the period in which they are due. Other benefits granted - Defined Benefit Type Medical benefits Some EDP Group companies provide medical benefits under which employees and immediate eligible family members have favourable conditions in medical assistance and health care services, namely: - Concerning EDP Group companies in Portugal, through the provision of medical assistance that is complementary to the one provided under the National Health System, provided using infrastructures owned and managed internally; - Concerning EDP Group companies in Spain and Brazil, through the share of costs in eligible medical and health expenses, in an external agreed network. In Portugal, the medical benefit and death benefits plan is assured by (i) a closed fund managed by an external entity, created in December 2016, and (ii) a complementary specific provision, recognised in EDP Group company\u2019s statement of financial position. In Spain, the medical care and death subsidy benefits plan is partially covered by insurance policies, and complemented by a specific provision, booked in EDP Group company\u2019s statement of financial position. In Brazil, the liability is being covered by provisions booked in EDP Group company\u2019s statement of financial position. Measurement and recognition of the medical benefits liabilities are similar to the defined benefit pension plans liabilities, explained above. Other benefits In addition, EDP Group grants other benefits, supporting charges arising from responsibilities for disability benefit\u2019s complements, survival benefits, life insurance, antiquity and retirement benefits, power tariff discounts, among others. These responsibilities are fully covered by a provision. Benefits included in each Plan for Portugal and Brazil are detailed in EDP\u2019s Collective Labor Agreement, published in the Labor Bulletin of 8 October 2014 and in the website of the Plan management entity Enerprev (www.enerprev.com.br), respectively. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29282": {
"value": "Provisions for dismantling and decommissioning in electric power plants The Group accounts for provisions for dismantling and decommissioning of assets at the end of the assets\u2019 useful life when there is a legal, contractual or constructive obligation. Therefore, such provisions have been booked for the electric power plants to cover the cost of restoring the location and land to their original condition. The provisions are calculated at the present amount of the expected future liability and are accounted for as part of the cost of the related property, plant and equipment being depreciated on a straight-line basis over the useful life of those assets. Decommissioning and dismantling provisions are remeasured on an annual basis based on the best estimate of the settlement amount. The unwinding of the discount at each balance sheet date is charged to the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29291": {
"value": "o) Recognition of revenue from contracts with customers EDP Group recognises revenue to depict the transfer of control of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for these goods or services, as provided in the 5 steps methodology introduced by IFRS 15, namely: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to performance obligations; and (v) recognise revenue when (or as) the entity satisfies a performance obligation. Revenue in EDP Group arises essentially from electricity generation and distribution and energy (electricity and gas) supply activities. Revenue related to the sale of energy and access tariffs to energy distribution network is measured at fair value of the consideration received or receivable, net of value added tax, rebates and discounts and after elimination of intra-group sales. Regarding the electricity generation, the transfer of control occurs when the energy is generated and injected into the transport/distribution grids. The electricity generated is sold under free market conditions or through the establishment of medium/long term power purchase agreements. The energy distribution is a regulated activity, which is remunerated through tariffs set by each country Regulatory Body (Entidade Reguladora dos Servi\u00e7os Energ\u00e9ticos (ERSE) in Portugal, Comisi\u00f3n Nacional de Energ\u00eda (CNE) in Spain and Ag\u00eancia Nacional de Energia El\u00e9trica (ANEEL) in Brazil). In Portugal and Spain, revenue arises mainly from the sale of access tariffs, as well as from the recovery, from the commercialisation entities, of the costs related to the global management activity of the system. In Brazil, revenue results from the electricity sales to final consumers, in the regulated market, based on the tariffs determined by ANEEL, which are included the use of the distribution and transport system tariff, among other components. In Portugal and Brazil, these activities are subject to public service concession arrangements (see z)). Following the Directive 13/2018, of 15 December, on tariffs to be in force in 2019, and the premisses of IFRS 15, E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. acts as an agent in the purchase and sale of access to the transmission network (CVART) and therefore, as from this date onwards the associated amounts of costs and revenues are recorded at net value in the caption Revenues and cost of Energy Sales and Services and Other. The energy supply is carried out in regulated and non-regulated markets. In non-regulated market, revenue is recognised based on commercial agreements. In regulated market, revenue is recognised according to the tariffs determined by each country Regulatory Body. For contracts with customers in which the sale of energy and access tariffs are generally expected to be the only performance obligation, EDP Group recognises the revenue at a point in time when control of the asset is transferred to the customer, generally on delivery of the goods. Revenue recognition includes two components: (i) energy sales already invoiced, based on actual consumption readings and/or in estimated consumption based on the historical data of each consumer; and (ii) estimates of energy supplied and not yet invoiced (energy into energy meter). Differences between estimated and actual amounts are recorded in subsequent periods. For pluriannual contracts with customers for energy sales including a termination clause determined based on the estimated consumption and contractual set prices, revenue is recognised based on the \"Input Method\". Under this method, revenue is recognised according to the percentage of the contract execution and the corresponding contractual margin. The margin is reviewed annually, on a contract-by-contract basis, based on the updating of estimated energy supply volumes until the end of the contract. Additionally, it should be noted that, in energy distribution and supply activities, there is a tariff adjustment mechanism through which gains or losses of a certain year are recognised in the period to which they relate and recovered in the future years tariffs \u2013 Tariff Adjustments (see w)). EDP Group recognises the revenue related with services rendered over time in accordance with IFRS 15, given that the customer simultaneously receives and consumes the benefits provided by the Group. EDP Group also sells products and services as a part of an integrated commercial offer (\"bundled\"). In a bundled sale arrangement, the Group accounts the sale of each product and/or service separately if they are distinct, that is, if the product or service is separately identifiable in the context of the integrated offer and the customer benefits from it. The consideration paid is allocated between the goods or services separately identifiable based on their relative stand-alone selling prices. The stand-alone selling price is determined based on EDP Group price lists on goods or services sold separately or, if they are not listed, based on the market valuation approach. In what concerns variable transaction prices, EDP Group only recognises revenue when it is highly probable that there will not be any significant reversal of the recognised revenue, when it becomes certain. EDP Group considers the facts and circumstances when analysing the terms of each contract with customers, applying the requirements that determine the recognition and measurement of revenue in a harmonized manner, when considering contracts with the same characteristics and in similar circumstances. Contract liabilities As provided by IFRS 15, EDP Group presents a contract liability if the Group has an obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. Contract assets As provided by IFRS 15, EDP Group presents a contract asset if the Group has a right to consideration that is conditional on something other than the passage of time. This is common when the Group has transferred goods or services to a customer usually before invoicing and the payment is due, excluding any amounts presented as a Trade receivables (unconditional rights to consideration). Incremental costs of obtaining a contract EDP Group establishes certain contracts with third parties for the promotion (sale) of energy and related services. These third parties act as sales agents and are paid through sales commissions. The Group recognises incremental costs of obtaining contracts with customers as an asset if the entity expects to recover these costs over the respective contracts. The costs incurred by an entity to obtain a contract with a customer are considered as incremental costs whenever it is clear that the entity would not incur these costs if the contract had not been obtained (for example, a sales commission). Therefore, EDP Group understands that the incremental costs to obtain a contract are eligible for capitalisation, accounting for a contract asset under the caption Debtors and other assets of commercial activities - Non-current. This asset shall be recognised in the income statement as amortisation, on a systematic basis that is consistent with the transfer to the customer of the goods or services to which the asset relates. Considering the analysis carried out on the set of goods and services provided by the EDP Group to which these commissions relate, the useful life allocated to them varies between 6 and 8 years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29320": {
"value": "The energy distribution is a regulated activity, which is remunerated through tariffs set by each country Regulatory Body (Entidade Reguladora dos Servi\u00e7os Energ\u00e9ticos (ERSE) in Portugal, Comisi\u00f3n Nacional de Energ\u00eda (CNE) in Spain and Ag\u00eancia Nacional de Energia El\u00e9trica (ANEEL) in Brazil). In Portugal and Spain, revenue arises mainly from the sale of access tariffs, as well as from the recovery, from the commercialisation entities, of the costs related to the global management activity of the system. In Brazil, revenue results from the electricity sales to final consumers, in the regulated market, based on the tariffs determined by ANEEL, which are included the use of the distribution and transport system tariff, among other components. In Portugal and Brazil, these activities are subject to public service concession arrangements (see z)). Following the Directive 13/2018, of 15 December, on tariffs to be in force in 2019, and the premisses of IFRS 15, E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. acts as an agent in the purchase and sale of access to the transmission network (CVART) and therefore, as from this date onwards the associated amounts of costs and revenues are recorded at net value in the caption Revenues and cost of Energy Sales and Services and Other. The energy supply is carried out in regulated and non-regulated markets. In non-regulated market, revenue is recognised based on commercial agreements. In regulated market, revenue is recognised according to the tariffs determined by each country Regulatory Body. w) Tariff adjustments Classification and measurement of regulatory assets, which qualify as financial assets in EDP Group\u2019s financial statements, is analysed based on the business model used in the management of the assets and the characteristics of the contractual cash flows (see e)). In this sense, deviations and tariff deficits exclusively recovered or returned through electricity and gas tariffs, applicable to customers in subsequent periods, are recognised at amortised cost. On the other hand, deviations or deficits that can be recovered, either through electricity rates (receipt of capital and interest) or through sales with recourse to third parties (bilateral contracts or securitization operations) are recognised at fair value through comprehensive income. This classification results from the existing history of sales to third parties and from the management's perspective regarding the existing assets. In regulated activities, the regulator establishes, through the tariff adjustment mechanism, the criteria to recognise gains or losses of one period in future periods. The tariff adjustments accounted for in the EDP Group financial statements represent the difference between the amounts invoiced by Portuguese regulated companies (based on the applicable tariffs published by ERSE in December of the previous year) and the regulated revenue calculated based on actual costs. The assets or liabilities resulting from the tariff adjustments are recovered or returned through the electricity and gas tariffs charged to customers in subsequent periods. Decree-Law 165/2008 of 21 August recognised the unconditional right of the regulated operators of the electric sector to recover the tariff adjustments under a regime identical to the one used for the tariff deficits. Consequently, EDP Group booked under the income statement caption Revenues from energy sales and services and other - Energy and access, the effects resulting from the recognition of tariff adjustments, against Debtors and other assets from commercial activities. According to the referred Decree-Law, the tariff adjustments determined annually, will be recovered by the regulated operators even in case of insolvency or cease of operations. ERSE is the entity responsible to establish the method to ensure that the entity entitled to these rights continues to recover the tariff adjustments until its complete payment. The Decree-Law also allows the transfer of the right to receive the tariff adjustment to third parties, in whole or in part, through future electricity tariffs. Decree-Law 87/2011 of 18 July establishes the unconditional right of regulated operators in the natural gas sector to recover tariff adjustments and related interest expenses, notwithstanding the form of the future payment or situations of insolvency and cessation of operations, and allows the transfer to third parties of the right to receive tariff adjustments. The EDP Group recorded in the income statement, under the caption Revenues from energy sales and services and other - Gas, the effects of the recognition of tariff adjustments of Natural Gas, against Debtors and other assets from commercial activities and Trade payables and other liabilities from commercial activities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29382": {
"value": "Incremental costs of obtaining a contract EDP Group establishes certain contracts with third parties for the promotion (sale) of energy and related services. These third parties act as sales agents and are paid through sales commissions. The Group recognises incremental costs of obtaining contracts with customers as an asset if the entity expects to recover these costs over the respective contracts. The costs incurred by an entity to obtain a contract with a customer are considered as incremental costs whenever it is clear that the entity would not incur these costs if the contract had not been obtained (for example, a sales commission). Therefore, EDP Group understands that the incremental costs to obtain a contract are eligible for capitalisation, accounting for a contract asset under the caption Debtors and other assets of commercial activities - Non-current. This asset shall be recognised in the income statement as amortisation, on a systematic basis that is consistent with the transfer to the customer of the goods or services to which the asset relates. Considering the analysis carried out on the set of goods and services provided by the EDP Group to which these commissions relate, the useful life allocated to them varies between 6 and 8 years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerAcquisitionCostsExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29394": {
"value": "p) Financial results Financial results include interest costs on borrowings, interest income on funds invested, dividend income, foreign exchange gains and losses, realised gains and losses, changes in fair value of derivative financial instruments related to financing activity classified by the Group, within IFRS 9, as held for trading and consequently measured at fair value through profit or loss, and changes in the fair value of hedged risks, when applicable. Interest is recognised in the income statement on an accrual basis. Dividend income is recognised on the date the right to receive is established. Considering the accounting model provided by IFRS 16, the financial results includes the interest expenses (unwinding) calculated on the lease liabilities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29395": {
"value": "p) Financial results Financial results include interest costs on borrowings, interest income on funds invested, dividend income, foreign exchange gains and losses, realised gains and losses, changes in fair value of derivative financial instruments related to financing activity classified by the Group, within IFRS 9, as held for trading and consequently measured at fair value through profit or loss, and changes in the fair value of hedged risks, when applicable. Interest is recognised in the income statement on an accrual basis. Dividend income is recognised on the date the right to receive is established. Considering the accounting model provided by IFRS 16, the financial results includes the interest expenses (unwinding) calculated on the lease liabilities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29396": {
"value": "p) Financial results Financial results include interest costs on borrowings, interest income on funds invested, dividend income, foreign exchange gains and losses, realised gains and losses, changes in fair value of derivative financial instruments related to financing activity classified by the Group, within IFRS 9, as held for trading and consequently measured at fair value through profit or loss, and changes in the fair value of hedged risks, when applicable. Interest is recognised in the income statement on an accrual basis. Dividend income is recognised on the date the right to receive is established. Considering the accounting model provided by IFRS 16, the financial results includes the interest expenses (unwinding) calculated on the lease liabilities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29401": {
"value": "Financial results include interest costs on borrowings, interest income on funds invested, dividend income, foreign exchange gains and losses, realised gains and losses, changes in fair value of derivative financial instruments related to financing activity classified by the Group, within IFRS 9, as held for trading and consequently measured at fair value through profit or loss, and changes in the fair value of hedged risks, when applicable. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradingIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29409": {
"value": "q) Income tax Income tax recognised in the income statement includes current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is also recognised in equity. Deferred taxes arising from the revaluation of assets (debt instruments) measured at fair value through other comprehensive income and cash flow hedge derivatives recognised in equity are recognised in the income statement in the period the results that originated the deferred taxes are recognised. Current tax is the tax expected to be paid on the taxable income for the period, using tax rates enacted at the balance sheet date and any adjustment to tax payable in respect of previous years. Deferred taxes are calculated in accordance with the balance sheet liability method, considering temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their respective tax basis, using the tax rates enacted or substantively enacted at the balance sheet date for each jurisdiction and that are expected to be applied when the temporary differences are reversed. Deferred tax liabilities are recognised for all taxable temporary differences except for goodwill not deductible for tax purposes, differences arising on initial recognition of assets and liabilities that affect neither accounting nor taxable profit and differences relating to investments in subsidiaries, to the extent that these will probably not be reversed in the future. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available to absorb deductible temporary differences for taxation purposes. The compensation between deferred tax assets and liabilities is performed at each subsidiary, and therefore the consolidated financial statements reflect in its assets the total of the deferred tax of subsidiaries that have deferred tax assets and in its liabilities the total of the deferred tax of subsidiaries that have deferred tax liabilities. The Group offsets, as established in IAS 12, the deferred tax assets and liabilities if, and only if: (i) the entity has a legally enforceable right to offset current tax assets against current tax liabilities; and (ii) the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in future periods in which deferred tax liabilities or assets are expected to be settled or recovered. When accounting for interest and penalties related to income taxes, EDP Group considers whether a particular amount payable or receivable is, in its nature, a taxable income and, if so, applies IAS 12 to this amount. Otherwise, IAS 37 is applied. Regarding the IFRIC 23 regarding IAS 12 \u2013 Income tax, when there is uncertainty over income tax treatments, EDP Group measures its current or deferred tax asset or liability applying the requirements in IAS 12. Additionally, the Group analyses all the pending litigations or disputes with tax authorities regarding income tax and records contingency and litigation provisions whenever necessary",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29410": {
"value": "q) Income tax Income tax recognised in the income statement includes current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is also recognised in equity. Deferred taxes arising from the revaluation of assets (debt instruments) measured at fair value through other comprehensive income and cash flow hedge derivatives recognised in equity are recognised in the income statement in the period the results that originated the deferred taxes are recognised. Current tax is the tax expected to be paid on the taxable income for the period, using tax rates enacted at the balance sheet date and any adjustment to tax payable in respect of previous years. Deferred taxes are calculated in accordance with the balance sheet liability method, considering temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their respective tax basis, using the tax rates enacted or substantively enacted at the balance sheet date for each jurisdiction and that are expected to be applied when the temporary differences are reversed. Deferred tax liabilities are recognised for all taxable temporary differences except for goodwill not deductible for tax purposes, differences arising on initial recognition of assets and liabilities that affect neither accounting nor taxable profit and differences relating to investments in subsidiaries, to the extent that these will probably not be reversed in the future. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available to absorb deductible temporary differences for taxation purposes. The compensation between deferred tax assets and liabilities is performed at each subsidiary, and therefore the consolidated financial statements reflect in its assets the total of the deferred tax of subsidiaries that have deferred tax assets and in its liabilities the total of the deferred tax of subsidiaries that have deferred tax liabilities. The Group offsets, as established in IAS 12, the deferred tax assets and liabilities if, and only if: (i) the entity has a legally enforceable right to offset current tax assets against current tax liabilities; and (ii) the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in future periods in which deferred tax liabilities or assets are expected to be settled or recovered. When accounting for interest and penalties related to income taxes, EDP Group considers whether a particular amount payable or receivable is, in its nature, a taxable income and, if so, applies IAS 12 to this amount. Otherwise, IAS 37 is applied. Regarding the IFRIC 23 regarding IAS 12 \u2013 Income tax, when there is uncertainty over income tax treatments, EDP Group measures its current or deferred tax asset or liability applying the requirements in IAS 12. Additionally, the Group analyses all the pending litigations or disputes with tax authorities regarding income tax and records contingency and litigation provisions whenever necessary. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29455": {
"value": "r) Earnings per share Basic earnings per share are calculated by dividing the consolidated and the company net profit attributable to the equity holders of EDP, S.A. by the weighted average number of ordinary shares outstanding during the period, excluding the average number of shares held by the Group and by EDP, S.A., respectively. For the diluted earnings per share calculation, the weighted average number of ordinary shares outstanding is adjusted to consider conversion of all dilutive potential ordinary shares, such as convertible debt and stock options granted to employees. The dilution effect corresponds to a decrease in earnings per share resulting from the assumption that the convertible instruments are converted or the options granted are exercised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29465": {
"value": "s) Share based payments The stock options remuneration program enables the Group's employees to acquire parent company shares. The exercise price of the options is calculated based on the listed price of the shares at the grant date. The fair value of the options granted, determined at the grant date, is recognised in the income statement against equity during the vesting period, based on their market value calculated at the grant date. In case the option is exercised, the Group acquires shares in the market to grant them to employees. Shareholders of EDP Brasil structured and implemented a Share based Compensation Policy, which began in June 2016. The referred policy comprises two types of programs to be granted to certain employees (incentive and retention programs), being the eligible beneficiaries and assignment requirements subject to the conditions established. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29476": {
"value": "t) Non-current assets held for sale and discontinued operations Non-current assets or groups of non-current assets held for sale (groups of assets and related liabilities that include at least one non-current asset) are classified as held for sale when their carrying amounts will be recovered mainly through sale, the assets or groups of assets are available for immediate sale and its sale is highly probable. The Group also classifies as non-current assets held for sale, non-current assets or groups of assets acquired exclusively for its subsequent resale, that are available for immediate sale and its sale is highly probable. Prior to their classification as held for sale, the measurement of all non-current assets and all assets and liabilities included in a disposal group, is adjusted in accordance with the applicable IFRS standards. Subsequently, these assets or disposal groups are measured at the lowest between their carrying amount and fair value less costs to sell. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29477": {
"value": "t) Non-current assets held for sale and discontinued operations Non-current assets or groups of non-current assets held for sale (groups of assets and related liabilities that include at least one non-current asset) are classified as held for sale when their carrying amounts will be recovered mainly through sale, the assets or groups of assets are available for immediate sale and its sale is highly probable. The Group also classifies as non-current assets held for sale, non-current assets or groups of assets acquired exclusively for its subsequent resale, that are available for immediate sale and its sale is highly probable. Prior to their classification as held for sale, the measurement of all non-current assets and all assets and liabilities included in a disposal group, is adjusted in accordance with the applicable IFRS standards. Subsequently, these assets or disposal groups are measured at the lowest between their carrying amount and fair value less costs to sell. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29488": {
"value": "u) Cash and cash equivalents Cash and cash equivalents include balances with maturity of less than three months from the contract date, including cash and deposits in banks. This caption also includes other short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and specific demand deposits in relation to institutional partnerships that are funds required to be held in escrow sufficient to pay the remaining construction related costs of projects in institutional equity partnerships. On a company basis, EDP S.A. classifies as Cash and cash equivalents the current account balances with Group companies formalized through Cash Pooling Agreements (Group's financial system). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29489": {
"value": "u) Cash and cash equivalents Cash and cash equivalents include balances with maturity of less than three months from the contract date, including cash and deposits in banks. This caption also includes other short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and specific demand deposits in relation to institutional partnerships that are funds required to be held in escrow sufficient to pay the remaining construction related costs of projects in institutional equity partnerships. On a company basis, EDP S.A. classifies as Cash and cash equivalents the current account balances with Group companies formalized through Cash Pooling Agreements (Group's financial system). y) Statement of Cash Flow The Statement of Cash Flow is presented under the indirect method, by which gross cash flows from operating, financing and investing activities are disclosed. The Group classifies cash flows related to interest and dividends paid as financing activities and interest and dividends received as investing activities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29498": {
"value": "v) Operating segments The Group presents the operating segments based on internal management information. In accordance with IFRS 8, an operating segment is a Group component: (i) that engages in business activities from which it may earn revenues and incur expenses; (ii) whose operating results are reviewed regularly by the entity's chief operating decision maker in order to make decisions about resources to be allocated to the segment and assess its performance; and (iii) for which discrete financial information is available. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29600": {
"value": "aa) Institutional partnerships in North America The Group has entered in several partnerships with institutional investors in North America (EDPR NA), through operating agreements with limited liability companies that apportion the cash flows generated by the wind farms between the investors and the Company and allocates the tax benefits, which include Production Tax Credits (PTCs), Investment Tax Credits (ITC) and accelerated depreciation, largely to the investor. The institutional investors purchase their minority partnership interests for an upfront cash payment with an agreed targeted internal rate of return over the period that the tax credits are generated. This anticipated return is computed based on the total anticipated benefit that the institutional investors will receive and includes the value of PTC\u2019s / ITC's, allocated taxable income or loss and cash distributions received. The control and management of these wind farms are a responsibility of EDP Group and they are fully consolidated in these financial statements. The financial instruments held by the institutional investors issued by the partnerships represent compound financial instruments as they contain characteristics of both financial liabilities and equity. The Group has determined that at the funding dates, the fair values of the original proceeds is equal to the fair values of the liabilities at that time and no value was assigned to the equity component. Subsequently, these liabilities are measured at amortized cost. This liability is reduced by the value of tax benefits provided and cash distributions made to the institutional investors during the contracted period. The value of the tax benefits delivered, primarily accelerated depreciation and ITC are recognised as Income from institutional partnerships on a pro-rata basis over the useful life of the underlying projects and, from 1 January 2021 onwards, over the 5-year recapture period, respectively (see note 8). The value of the PTC's delivered are recorded as generated. This liability is increased by an interest accrual that is based on the outstanding liability balance and the targeted internal rate of return agreed. After the flip date, the institutional investor retains a non-significant interest for the duration of the structure. This non-controlling interest is entitled to distributions ranging from 2.5% to 10% and taxable income allocations ranging from 5% to 10%. EDPR NA has an option to purchase the institutional investor\u2019s residual interest at fair market value during a defined period following the flip date. Post flip non-controlling interests is the portion of equity that is ascribed to the institutional investor in the institutional equity partnership at flip date. This amount is reclassified from the total equity attributable to the Parent to non-controlling interests caption in the period in which the flip date takes place. ab) Disposal of assets under Asset Rotation strategy The Asset rotation strategy allows EDP Group to crystallize the value of a project by selling with loss of control, and reinvesting the proceeds in another projects, targeting greater growth. Typically, the developer retain the role of O&M supplier. The gains on disposals under this strategy are recognised in the caption Other income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29699": {
"value": "4. Critical accounting estimates and judgements in preparing the financial statements IFRS requires the use of judgement and the making of estimates in the decision process regarding certain accounting treatments, with impact in total assets, liabilities, equity, costs and income. The actual effects may differ from these estimates and judgements, namely in relation to the effect of actual costs and income. The main accounting estimates and judgements used in applying the accounting policies are discussed in this note in order to improve the understanding of how its application affects the Group\u2019s reported results and disclosures. A broader description of the accounting policies employed by the Group is disclosed in note 2 - Accounting policies. Considering that in many cases there are alternatives to the accounting treatment adopted by EDP Group, the reported results could differ if a different treatment was chosen. The Executive Board of Directors believes that the choices made are appropriate and that the financial statements present fairly the Group operations in all material respects. Financial asset related with infrastructure concession contracts in Portugal The caption \u201cAmounts receivable from concessions - IFRIC 12\u201d, refers to the financial assets receivable by EDP Group companies that operate infrastructures under concession contracts, and arises from the unconditional right to receive this amount regardless of the utilisation level of the infrastructures covered by the concession. In these companies is included E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. as the National Distribution Network (RND) concessionaire, which comprises the medium and high voltage network (MT and HT), and low voltage distribution networks (LT), being these concessions exercised exclusively through public service concession contracts. The RND\u2019s operation, which is part of the HT and MT, is carried out through a public service concessions\u2019 attribution, by the Portuguese State. On the other hand, the right to distribute low voltage electricity is attributed to the Portuguese mainland municipalities. The legislation that establishes the basis of each concession sets up that the ownership or possession of the goods assigned to these concessions revert to the concessionaires at the end of their respective concessions. They also establish that in return for the assets returned to grantors, whether State or municipalities, compensation corresponding to the assets\u2019 book value assigned to the concession, net of amortisations, financial contributions and non-refundable subsidies will be paid. Therefore, the assets\u2019 estimated residual value at the end of each concession constitutes a financial asset, and the remaining fair value component of the concession assets is an intangible asset to be amortised over its useful life. Hence, the end date of each concession is one of the main assumptions to determine the amount of the financial and intangible assets. In May 2017 Law 31/2017 was approved, which lays down the principles and general rules concerning the organisation of public tendering procedures for the awarding, by contract, of the municipal LT concessions\u2019 operation in the Portuguese mainland. This Law foresee the simultaneous launch, in 2019, of public tender procedures for all municipalities that do not opt for direct management of the electricity distribution activity. However, the new Decree-Law 15/22, of January 2022, determined the automatic extension, without the need for further terms, of the current concession contracts for electricity distribution networks in BT, including those that had already reached their term, until the effective entry into operation of a new contractor, following the tenders for the attribution of BT concessions that will be held in the future. On the other hand, there is currently no set date in the legislation for the holding of future tenders for the attribution of BT concessions. In this context, at this date it is not yet possible to predict the end date of the low voltage concession contracts currently in force, so an annual extension of contracts that have already reached the originally planned end date is assumed. Thus, with reference to 31 December 2022, the financial asset and the intangible asset related to the concessions whose contracts have not yet ended were determined based on the respective expiry dates and, for the remaining concessions, the financial asset and the intangible asset are determined assuming the validity of the contracts until 31 December of the year following the year in question. Measurement criteria of the concession financial receivables under IFRIC 12 in Brazil In 2012, the Provisional Measure 579/12 was published in Brazil, meanwhile converted into Law 12.783/13, which determines that the amount of the indemnisation payable to the distribution companies regarding the assets not amortised or depreciated at the end of each concession, should be determined based in the methodology of the Value of Replacement as New (VNR). The indemnisation amount variation is booked against Revenues from energy sales and services and other. This amount corresponds to the difference between the residual value determined based on the value of replacement as new and the residual value determined based on the historical cost. ANEEL reviews the VNR, through the valuation report of the Regulatory Remuneration Base, every three years for EDP Esp\u00edrito Santo and every four years for EDP S\u00e3o Paulo, as established in the concession contracts. Within these periods the distribution companies use their best estimate for the VNR. The use of different assumptions could result in different values of financial assets, with the consequent impact in the Statement of Financial Position (see note 26). Impairment of long term assets and Goodwill Impairment tests are performed whenever there is a trigger that the recoverable amount of property, plant and equipment and intangible assets is less than the corresponding net book value of the assets. On an annual basis, the Group reviews the assumptions used to assess the existence of impairment in goodwill resulting from acquisitions of shares in subsidiaries. The assumptions used are sensitive to changes in macroeconomic indicators and business assumptions used by management. The investments in subsidiaries, on a company basis, and in associates are reviewed when circumstances indicate the existence of impairment. Considering the uncertainties regarding the recoverable amount of property, plant and equipment, intangible assets and goodwill as they are based on the best information available, changes in the assumptions could result in changes on the determination of the amount of impairment and, consequently, in results (see notes 12 and 19). Measurement of the fair value of financial instruments Fair values are based on listed market prices, if available. Otherwise, fair value is determined either by the price of similar recent transactions under market conditions, or determined by external entities, or based on valuation methodologies, supported by discounting future cash flows techniques, considering market conditions, time value, yield curves and volatility factors. These methodologies may require the use of assumptions or judgements in determining fair values. Consequently, the use of different methodologies and different assumptions or judgements in applying a particular model, could generate different financial results from those reported. Classification of financial instruments Financial instruments\u2019 classification as debt or equity requires judgement in the interpretation of contractual clauses and in the evaluation of the existence of a contractual obligation to deliver cash or other financial assets. Review of the useful life of the assets The Group reviews annually the reasonableness of the assets' useful lives that are used to determine the depreciation rates of assets assigned to the activity. When applicable, the Group changes the depreciation charge of the year, prospectively, based on such review. Useful lives of generation assets - Hydro independent generator in Brazil The hydro generation assets in Brazil for independent generators are amortised during their estimated useful lives, considering the existing facts and circumstances at the date of preparation of the financial statements. This includes, among other issues, EDP's best expectations of the useful lives of such assets, which are consistent with the useful lives defined by ANEEL, the respective contractual residual indemnification values at the end of each concession period, as well as related technical and legal opinions. The remaining period of amortisation and the indemnification values at the end of the concessions may be influenced by changes in the regulatory legal framework in Brazil (see note 16). Lease Liabilities The Group recognises right-of-use assets and lease liabilities, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether: i) the contract involves the use of an identified asset; ii) it has the right to obtain substantially all of the economic benefits from the use of the asset throughout the period of use; and iii) it has the right to direct the use of the asset. EDP Group uses judgement on its assessment, namely concerning the termination and extension contract options and the determination of the incremental borrowing rate to be applied for each portfolio of leases identified (see notes 17 and 39). Tariff adjustments Portugal Tariff adjustments in Portugal represent the difference between costs and income of the National Electricity, estimated at the beginning of each period for purposes of calculating the tariff, and the actual costs and income of the System established at the end of each period. The tariff adjustments assets or liabilities are recovered or returned through electricity and gas tariffs to customers in subsequent periods. Decree-Law 237-B/2006 of 19 December, and Decree-Law 165/2008 of 21 August, recognised an unconditional right of the operators of the electricity sector to recover the tariff adjustments and related interest expenses, notwithstanding the form of the future payment or situations of insolvency and cessation of operations. Additionally, the legislation allows the transfer to third parties of the right to receive tariff adjustments. Therefore, under this legislation, regulated companies may provide to third parties, in whole or in part, the right to receive the tariff adjustments through the electricity tariffs. In accordance with the accounting policy in force, the EDP Group books under the caption Revenues from energy sales and services and other - Electricity and network access, the effects of the recognition of tariff adjustments in the electricity sector, against Debtors and other assets from commercial activities and Trade payables and other liabilities from commercial activities. Brazil On 25 November 2014, ANEEL made addendums to the concession contracts with brazilian electric distribution companies to reduce significant uncertainties regarding to the recognition and realization of regulatory assets/liabilities that existed since 2010, when the IFRS were adopted in Brazil. As a consequence, the CPC (\"Comit\u00ea de Pronunciamentos Cont\u00e1beis\") issued on 28 November 2014, the OCPC 08 (Recognition of Certain Assets and Liabilities in Accounting and Financial Reports of Electric Distribution) which determines how to treat these regulatory assets/liabilities in the financial statements. Therefore, on 10 December 2014, EDP Brasil signed the Fourth and Fifth Addendum to the Concession Agreement, where it was established that, in the case of concession termination, the outstanding balances of any failure of payment or reimbursement by the tariff (assets and liabilities), will be considered on the indemnity calculation, based on the regulator pre-established regulations. EDP Group considers, based on the issued legislation (Portugal and Brazil), that the requirements for the recognition of tariff deficits as receivables and payables against the income statement of the period have been satisfied (see notes 7, 26 and 38). Revenue recognition Energy sales revenue is recognised when the monthly energy invoices are issued, based on actual meter readings or estimated consumption based on the historical data of each consumer. Revenue relating to energy to be invoiced, regarding consumption up to the balance sheet date but not measured, is booked based on estimates that take into consideration factors such as consumption in prior periods and analysis relating to the energy balance of the operations. The use of different estimates and assumptions could affect the Group\u2019s revenue and, consequently, its reported results (see note 7). Income taxes The Group is subject to income taxes in several jurisdictions. Certain interpretations and assumptions are required in determining the global amount of income tax. There are several transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. It is the Group's understanding that, in general, the tax treatment follows the accounting treatment, and therefore, no significant tax adjustments have been made to the accounting records arising from the implementation of the new standards. Different interpretations and assumptions could result in a different level of income taxes, current and deferred, recognised in the period (see note 14). Pensions and other employee benefits Determining pension and other employee benefits liabilities requires the use of assumptions, including actuarial projections, estimated rates of return on investments, discount rates and pension and salary growth and other factors that can impact the cost and liability of pension plans, medical plans and other benefits. Changes in the assumptions could materially affect the amounts determined (see note 35). Provisions for dismantling and decommissioning of power generation units EDP considers to exist legal, contractual or constructive obligations to dismantle and decommission property, plant and equipment assets allocated to electricity generation operations. The Group records provisions in accordance with existing obligations to cover the present value of the estimated cost to restore the locations and land where the electricity generation units are located. EDP Group provisions include the calculation of the present value of the expected future liabilities. The use of different assumptions and judgement from those referred could lead to different financial results than those considered (see note 36). Entities included in the consolidation perimeter In order to determine which entities must be included in the consolidation perimeter, EDP Group evaluates whether it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee (\"de facto\" control). This evaluation requires the use of judgement and assumptions in order to conclude whether the Group is in fact exposed to the variability of returns and has the ability to affect those returns through its control over the investee. Other assumptions and judgements could lead to a different consolidation perimeter of the Group, with direct impact on the consolidated financial statements (see note 6). Business combination Under IFRS 3 (Business Combination) in a business combination, the acquirer shall recognise and measure in the consolidated financial statements the assets acquired and liabilities assumed at fair value at the acquisition date. The difference between the purchase price and the fair value of the assets and liabilities acquired leads to the recognition of goodwill or a gain from a purchase at a low price (bargain purchase). The fair value determination of the assets acquired and liabilities assumed is carried out internally or by independent external evaluators, using the discounted cash flows method, using the replacement cost or other fair value determination techniques, which rely on the use of assumptions including macroeconomic indicators such as inflation rates, interest rates, exchange rates, discount rates, sale and purchase prices of energy, cost of raw materials, production estimates and business projections. Consequently, the determination of the fair value and goodwill or gain from a purchase at a low price is subject to numerous assumptions and judgments and therefore changes could result in different impacts on results (see note 49). Fair value measurement of contingent consideration Contingent consideration from a business combination or a sale of a financial investment is measured at fair value at the acquisition date as part of the business combination or at the date of the sale in the event of a sale of a financial investment. This contingent consideration is subsequently remeasured at fair value at each report date. Fair value is based on discounted cash flows. The main assumptions consider the probability of achieving each objective and the discount factor, corresponding to the best estimates of management at each report date. Changes in assumptions could have significant impact on the values of contingent assets and liabilities recognised in the financial statements (see notes 27 and 39). Acquisition of assets out of the scope of IFRS 3 In order to assess whether an acquisition of an asset or a group of assets is a business, the Group identifies the elements in the acquired entity (inputs, processes and outputs), assesses the capability to create outputs (it should have at a minimum, an input and a substantive process to be assessed as a business) and, finally, assesses the capability of market participants to continuing to create outputs (conducting the activities as a business). In the case of an integrated set of activities that is in an early-stage of development and has not started to generate outputs, the Group considers other factors to determine whether it constitutes a business, such as if: (i) planned principal activities have begun; (ii) employees, intellectual property, and other inputs and processes are present; (iii) a plan to produce outputs is being pursued; and/or (iv) access to customers who will purchase the outputs can be obtained. Generally, an early-stage entity that has employees capable of developing an output will be considered a business. Therefore, in application of the above, the Group concludes that IFRS 3 is not applicable when there are no outputs at the acquisition date due to an early-stage of development, and the acquired process(es) cannot be considered substantive. Thus, the acquisition of an asset or a group of assets that does not fulfill the conditions to be considered a business is classified as an acquisition of a company out of scope of IFRS 3. Contractual stability compensation - CMEC The approval in 2004 of the Decree-Law 240/2004, of 27 December, determined the early Power Purchase Agreements (PPA) extinction, and the adoption of a contractual stability compensation (CMEC), which EDP Produ\u00e7\u00e3o entered into after signing the Contractual stability on 27 January 2005, approved by the competent Government member (Order 4672/2005, of 4 March). This mechanism includes three types of compensation: initial compensation, annual adjustment (or revisibility) and final adjustment. The last two types of compensation are relevant for this purpose. i) Contractual stability compensation \u2013 Annual revisibility mechanism During period I (2007/2017) of the contractual stability compensation mechanism, there was a correction on an annual basis, resulting from positive or negative deviations between the estimates made for the initial stability compensation calculation and actual amounts arising from an efficient performance, using the \"Valor\u00e1gua\" model, as established in the Decree-Law 240/2004. Later, Order 4694/2014 was published to define the guidelines of the annual revisibility calculation with respect to the revenues from the ancillary services market, regarding power plants under CMEC. Revisibility amounts for the years 2007 to 2014 were determined and approved by the Member of the Government responsible for the energy sector, and were contested by EDP Produ\u00e7\u00e3o: a) As regards the approval of the 2011 and 2012 revisibilities, the fact that it did not consider the costs incurred with the social tariff in the calculation of the revisibilities; and b) As regards the approval of the 2014 revisibility, the fact that it did not take into account in the calculation of the revisibility the costs incurred with the social tariff and CESE. Regarding the revisibility to the year 2012, the Administrative Court dismissed the special administrative action brought by EDP Produ\u00e7\u00e3o, not recognizing the costs with the financing of the Social Tariff for the determination of the amount of the annual adjustment of the CMEC relating to 2012. EDP Produ\u00e7\u00e3o, not agreeing with the decision, filed, on 9 January 2023, an Appeal, with suspensive effect, to the Southern Central Administrative Court. The annual revisibility of 2015 was approved by the Government member responsible for the energy sector in 20 October 2020 in the amount of 62.7 million Euros, after deducting an amount of 72.9 million Euros related to the alleged overcompensation of CMEC, due to their participation in the ancillary services market, in the period between 2009 and the first quarter of 2014 (see section Ancillary Services). EDP Produ\u00e7\u00e3o challenged the order for ratifying the annual revisibility for the year 2015 on 19 January 2021, as it did not agree with the assumption of overcompensation within the scope of its performance in the system services market, between 2009 and 2014 and, consequently, do not agree with the deduction of the underlying value (72.9 million Euros) in that revisibility. It should also be noted that EDP Produ\u00e7\u00e3o has already contested the imposition of a fine by the Competition Authority on matters of the same scope. The challenge also covered the non- consideration of the Social Tariff and CESE amounts paid by the centrals operating under the CMEC regime and also the non-approval of the annual revisibilities from 2016 to 2017, which still await the respective approval by the Government member responsible for the area of energy. ii) Contractual stability compensation \u2013 Final Adjustment The CMEC\u2019s Final Adjustment is calculated in accordance with number 7 of article 3rd and Annex IV of Decree-Law 240/2004, of 27 December. The State budget for 2017 (Law 42/2016 of 28 December) determined, in its article 170, that the final adjustment amount is determined and based on a study prepared and presented by ERSE. This entity had the technical support of EDP Produ\u00e7\u00e3o and REN (Work Team), legally enforced. Accordingly, the technical group EDP/REN has presented to ERSE its report on the CMEC final adjustment calculation, which was achieved by strictly following the calculation methodology described in Decree-Law 240/2004, of 27 December. This calculation, performed by the technical group EDP/REN was presented to ERSE and comes to a range of amounts between 256.5 and 271 million Euros. At the end of September 2017, ERSE has also presented to the Government its report on the calculation of the CMEC final adjustment, reaching an amount of 154 million Euros, which was provisionally considered in the document of Tariffs and Prices for 2018. In the Financial statements as at 31 December 2017, EDP Group has included its best estimate of the CMEC final adjustment, by recognising an asset in the amount of 256.5 million Euros against deferred income, based on the methodology established for this purpose in Decrew-Law 240/2004, of 27 December, and in the legal opinions obtained in the meantime on this understanding. On 3 May 2018, EDP was notified (through a DGEG\u2019s letter from 25 April 2018) that the CMEC final adjustment had been officially approved, according to ERSE\u2019s proposal, in the amount of 154 million Euros. EDP reflected this reality in its financial statements as of 31 December 2018, recognising a provision by the difference in the final adjustment amounts already recognised in the Group's revenues. On 31 December 2021 EDP maintains the provision in its accounts (see note 36). Considering that the administrative act contained in the Dispatch of approval of the SSE of 25 April 2018 lacks technical, economic and legal basis, and that, in particular, it does not apply the calculation methodology contained in Decree-Law 240/2004, of 27 December, and which would lead to the determination of an amount close to the one determined by the technical group, on 3 September 2018, EDP Produ\u00e7\u00e3o has legally contested it. \"Clawback\" - Portuguese regulatory mechanism to ensure the competitive balance in the wholesale electricity market, in particular Iberian Following some tax changes occurred in Spain, which affected electricity generators operating in this country, Decree-Law 74/2013, of 4 June, was approved in Portugal, which aimed to rebalance the competition between electricity generators operating in Portugal and other players operating in Europe. Pursuant to relate diploma and its regulations, in order to restore such balance, the power plants operating on a market regime situated in Portugal, which were not covered by the PPA or CMEC regime, should pay to the System an amount per MWh produced. The amount payable should consider, on one hand, an estimate of the impact that the off-market events in the European Union (such as the above-mentioned tax changes in Spain) would have in pool prices, and on the other hand, the existence of national extra-market events that affect the competitiveness of electricity generators operating in Portuguese territory. Consequently, a net competition advantage would allegedly arise to generators operating in Portugal. Under this mechanism regulation \u2013 commonly known as clawback \u2013 Social tariff and CESE were determined by Dispatch 11566-A/2015, of 3 October, as off-market events that should be considered as competitive disadvantages of generators operating in Portugal. Dispatch 7557-A/2017, of 25 August, superseded Dispatch 11566-A/2015 (which defined the variables for the computation formula of the amount to be paid by each of the power-generating plants under Decree-Law 74/2013, of 4 June, for each injected MWh) in its entirety. It states that ERSE, after consulting DGEG, should present proposals for a new definition of the variables, as well as reference terms for the new study. Subsequently, the Dispatch 9371/2017, of 24 October, partially nulled the Dispatch 11566-A/2015, in relation to the decisions presented under its numbers 11 and 12 (the deduction of social tariff and CESE costs in the unit price). ERSE was asked to consider in 2018 UGS tariff, the recovery, in benefit of the consumers, of the amounts allegedly unproperly included in previous years\u2019 tariffs (2016 and 2017). Dispatch 9955/2017, of 17 November, defines a new amount for the estimate of the off-market events\u2019 impact in EU, which is -4.75 \u20ac/MWh, with retroactive effects as at August 24. Following these Dispatches, the document of prices and tariffs for 2018 has included a clawback amount of around 90 million Euros to be returned to tariffs, which includes power plants operating under CMEC and estimated generation. Based on its interpretation of the Law, as well as on legal opinions obtained, EDP Produ\u00e7\u00e3o considers that the Decree-Law 74/2013, of 4 of June, aims to re-establish a situation of competition balance between generators operating in Portugal and their peers operating in other European countries, which means to consider as off-market events all the taxes and contributions that fall only over generators located outside of Portugal (particularly in Spain), as well as all the taxes and contributions that fall only over generators located in Portugal. Consequently, in the EDP Produ\u00e7\u00e3o\u2019s understanding, supported by legal opinions, Dispatch 9371/2017 and 9955/2017 have completely distorted the clawback mechanism, having filed its legal action in January 2018. In the Financial statements as at 31 December 2018, EDP Group has included the clawback amount as calculated by EDP Produ\u00e7\u00e3o, regarding the legislation in place in each period, namely Decree-Law 74/2013, of 4 of June, Order 225/2015, Ordinance 9371/2017 and Dispatch 9955/2017. It is important to notice that this mechanism is not applicable to power plants in 2018 still operating under CMEC regime. However, this situation was subsequently changed and disputed by EDP Produ\u00e7\u00e3o, as mentioned below. On 5 October 2018, the Spanish legislature, by the sixth and seventh additional lines on Article 21 of Royal Decree-Law 15/2018, suspended the 7% tax on electricity generation approved in 2012 for a period of six months, from the beginning of October 2018 to the end of March 2019. This tax suspension corresponds to the suspension of the off-market event verified within the European Union, which is considered in the clawback calculation. Following the temporary suspension of the tax on electricity production in Spain: - Order 895/2019 of 23 January, establishing the suspension of the \"Clawback\" was approved for a period of 6 months as from 1 October 2018; - The Tariff and Price Document for 2019, published on 17 December 2018, estimates a Clawback value of \u20ac 4.18/MWh, to be applied after the end of the suspension period (more specifically from 6 April 2019); - ERSE informed EDP Produ\u00e7\u00e3o that any clawback invoicing relating to the referred suspension period should be deleted or cancelled; - The State Budget Law for 2019 provided that \"the Government shall, until the end of the first quarter of 2019, review the regulatory mechanism designed to ensure the balance of competition in the wholesale electricity market in Portugal, provided for under DL 74/2013, of 4 June, adapting it to the new rules of the Iberian Electricity Market, with the aim of creating harmonized regulatory mechanisms that reinforce competition and protect consumers\". On 1 April 2019, the suspension of the tax on the production of electric energy in Spain was terminated, and it became effective again. From that moment, the \"clawback\" invoiced to EDP Produ\u00e7\u00e3o was resumed, based on a value of 4.75\u20ac/MWh. On 9 August 2019, Decree-Law 104/2019 was published, which makes the first amendment to Decree-Law 74/2013, of 4 June, by changing the scope of the clawback mechanism. Previously, \u201celectricity producers under the ordinary regime and other producers not covered by the guaranteed remuneration regime\" were subject to clawback. With the publication of this diploma, the CMEC centrals are now included in the scope of the clawback. Considering that this scope contradicts the Decree Law 240/2004, of 27 of December, EDP Produ\u00e7\u00e3o proceeded to its challenge. The same Decree-Law introduced the possibility to define CIT (corporate income tax) \u2013 advanced payment, and on 26 September 2019 was published the Order 8521/2019, which set the amounts of advanced payment related to the clawback mechanism at 2.71\u20ac/MWh for coal-fired power plants and 4.18\u20ac/MWh for other power plants. In the Tariff and Price Document for 2020, published on 16 December 2019, ERSE considered the unit values defined in Dispatch 8521/2019, correcting only the value applicable to coal to 1.23 \u20ac / MWh, due to the increase in the ISP tax percentage and CO2 addition planned for 2020. EDP Produ\u00e7\u00e3o presented on 10 March of 2020 an action seeking a declaration of nullity or annulment of that administrative act by ERSE. On 27 December 2019, Dispatch 12424-A / 2019 was published, which identifies as national extra-market events to be considered in the Study to be prepared by ERSE until April 2020 (with reference to 2019) under the Clawback mechanism, the taxation of petroleum and energy products used in the production of electricity (ISP), CESE and the Social Electricity Tariff. On 30 June 2020, Dispatch 6740/2020 was published by the Secretary State of Energy (SEAE) which establishes the CIT (corporate income tax) \u2013 advanced payment to be applied in 2020 to electric power producers covered by the \"Clawback\" mechanism. The value of CIT (corporate income tax) \u2013 advanced payment for the year 2020 is set at \u20ac 2.24/MWh for plants that are not subject to extra market internal events, that is, only to some renewable energy producers in the market with the exception of the power generation centers included in the scope of internal extra-market events identified. On 22 October 2020, Dispatch 10177/2020, issued by the SEAE Office, was published, which determines the final compensation of the \u201cClawback\u201d for the year 2019, considering the ISP regime as the only internal off-market event within the National Electrical System (SEN), thus determining a value of \u20ac 2.24 / MWh for hydro, gas and PRE on the market and 0.68\u20ac/MWh for coal power plants. This determination is not consistent with that contained in Dispatch 12424-A/2019, of 27 December, which identifies ISP, CESE and Social Tariff as internal off-market events for 2019. EDP Produ\u00e7\u00e3o challenged Order 10177/2020 on 22 January 2021. On 25 June 2021, the Spanish legislator, within the scope for the adoption of urgent measures regarding energy taxation due to the high prices verified in the MIBEL, published the Royal Decree-Law 12/2021, which, among others, proceeds the suspension of the 7% tax on the production of electricity, approved in 2012, for a period between 1 July and 30 September 2021 (3 months), and with effects on the determination of the \u201cClawback\u201d. Following Royal Decree-Law 17/2021, the Spanish legislator has once again suspended the 7% tax on electricity production for another 3 months, between 1 October and 31 December of 2021. Following the temporary suspension of the tax on the production of electricity in Spain, Dispatch 6398-A/2021, of 29 June, was published, which established the suspension of the \u201cClawback\u201d in the period between 1 July 2021 and 30 September 2021, and Order 9975/2021, of 14 October, which determines the suspension of this mechanism between 1 October and 31 December 2021. On 14 October 2021, Order 9974/2021, of the SEAE Office, was published, which determines the final compensation of the \"Clawback\" for the year 2020, considering as the only extra-market event within the National Electric System the regime of ISP (noting that it is consistent with the Dispatch that approved the final value for the year 2019), resulting in the following \u201cClawback\u201d values: 3.64\u20ac/MWh for hydro plants and Special Regime Production (PRE) in the market; 3.42\u20ac/MWh for CCGTs; and 2.16\u20ac/MWh for coal plants. This determination is not coherent with the goals and rationale underlying the \u201cClawback\u201d mechanism, as it does not admit the Social Tariff and CESE as internal extramarket events. EDP Produ\u00e7\u00e3o challenged Order 9974/2021 on 14 January 2022. The Spanish legislator suspended again the 7% tax on electricity production for another 6 months, through Royal Decree-Ley 29/2021, of 21 December (for the period between 1 January and 31 March 2022) and Royal Decree-Ley 6/2022, of 29 March (for the period between 1 April and 30 June 2022). Following this temporary suspension of the tax on electricity production in Spain, Order 1322/2022 of 1 February was published, which established the suspension of the \u201cClawback\u201d between 1 January and 31 March 2022, and Order 6287/2022, of 19 May, which extended this suspension until 30 June 2022. More recently, the Spanish legislator, due to the maintenance of high prices in the MIBEL resulting, above all, from the Russia-Ukraine conflict, resumed the suspension of the 7% tax on electricity production until the end of 2022, through the Royal Decree-Ley 11/2022, of 25 June, and Order 9838/2022, of 9 August, determined the suspension of the \u201cClawback\u201d for the period between 1 July and 31 December 2022 in Portugal. In the year 2023 the tax on generation in Spain is suspended, in accordance with Royal Decree-Ley 20/2022 of 27 December, so the suspension of the \"Clawback\u201d in Portugal is also expected in the same period. Social Tariff Scheme EDP Group filed a request to the European Commission to assess the compliance of the Social Tariff funding mechanism, fully supported by ordinary regime generators, with the rules and principles of European Union law. On this, since 2011, EDP has already been charged more than 530 million Euros. EDP does not question the existence of the Social Tariff, and agrees with its purpose, but cannot, in light of the current regime, conform with the terms in which the legislator enshrined its method of financing. In fact, in Spain, similar mechanisms for financing the price of electricity were considered not to comply with the legal framework and were therefore subject to modification. The verification request aimed to obtain confirmation on the inadequacy of the current national social tariff financing mechanism and to prompt the review of national legislation on this financing mechanism. The European Commission recognised the discriminatory nature of the financing mechanism for the social tariff in Portugal and informed that it would keep monitoring the evolution of the social tariff in Portugal, particularly in the context of the revision of tariffs for 2023. In the 2023 tariffs, the social tariff discount continues to be attributed to eligible customers and the respective cost is being temporarily borne by the network operators, pending definition of the financing model for this cost. Ancillary Services i) Secondary regulation band service On 3 September 2018 the Autoridade da Concorr\u00eancia (AdC) adopted a Note of Illegality, under which it intended to attribute to EDP Produ\u00e7\u00e3o a behaviour of abuse of a dominant position in the secondary regulation band service. AdC claimed that EDP Produ\u00e7\u00e3o restricted the offer of a segment of the Electricity System (the secondary regulation band or teleregulation service) between January 2009 and December 2013, limiting the capacity offer of its plants under CMEC regime to benefit market power plants, in order to benefit twice, to the detriment of consumers. On 28 November 2018, EDP Produ\u00e7\u00e3o exercised its right to be heard and to defend itself in relation to the wrongful act was imputed and the sanctions it could incur, that is, it responded to the Note of Illegality. On 18 September 2019, AdC informed EDP Produ\u00e7\u00e3o of its decision to condemn, imposing a fine of 48 million Euros, for alleged abuse of dominant position in the secondary regulation band market in mainland Portugal between January 2009 and December 2013. According to AdC, EDP Produ\u00e7\u00e3o would have manipulated its offer of tele-regulation service or secondary regulation band, limiting the capacity offer of its CMEC power plants to offer it through its market power plants, benefiting in two ways: - Highest compensation paid to CMEC plants (annual revisability), as their lower participation in the provision of secondary regulation band service would be below what would be expected (according to competitive market criteria); and - The increase of the market price of the secondary bandwidth service, as a result of the limited supply by CMEC plants, favouring market- based power plants. On 30 October 2019, EDP Produ\u00e7\u00e3o filed an appeal against this decision before the Competition, Regulation and Supervision Court (TCRS), awaiting the AdC's counter-allegations. On 20 May 2020, EDP Produ\u00e7\u00e3o was notified of an order from TCRS, which, among other things, admitted its Appeal of Judicial Contestation, establishing a purely return effect and determining the payment of the fine imposed within 20 days. In this context, EDP Produ\u00e7\u00e3o submitted requests, invoking supervening facts to demonstrate the considerable damage associated with a putative payment of the fine, and arguing defects in the decision that determined the attribution of a merely devolutive effect to the Judicial Challenge Appeal. However, despite EDP Produ\u00e7\u00e3o's well-founded convictions about the possibility of providing a bank guarantee or bond, instead of paying the fine, the TCRS ended up determining the payment of the fine, which occurred on 20 October 2021. The trial started in September 2021 and on 10 August 2022, the TCRS confirmed the AdC's decision, maintaining the fine of 48 million Euros to EDP Produ\u00e7\u00e3o for alleged abuse of dominant position. EDP Produ\u00e7\u00e3o filed an appeal against the aforementioned decision to the Lisbon Court of Appeal on 30 September 2022. The EDP Group considers that EDP Produ\u00e7\u00e3o did not abuse any dominant position, having acted strictly in accordance with the legal framework in force. On 29 September 2021, EDP Produ\u00e7\u00e3o was cited in a class action filed by Associa\u00e7\u00e3o IUS Omnibus based on the alleged abuse of dominant position in the secondary regulation band market between the beginning of 2009 and the end of 2013, requesting, in representation of consumers, a compensation in the amount of 94.8 million euros, as estimated by AdC in the scope of process PRC/2016/05. EDP Produ\u00e7\u00e3o has already presented its defense within the legal deadline established for that purpose. A Order was issued, in which the court decided, among other things, to suspend the proceedings until a final decision is rendered in administrative offense case 309/19.0YUSTR. The appeal filed by EDP Produ\u00e7\u00e3o with the Lisbon Court of Appeal regarding this decision to suspend the proceedings is pending. ii) CMEC's revisibility overcompensation On 20 October 2020, EDP Produ\u00e7\u00e3o became aware, by letter sent by DGEG, of the dispatch of the SEAE regarding the approval of the revisibility for the year 2015, which is deducted in the amount of 72.9 million Euros, relating to the alleged overcompensation. In this respect, the EDP Group has registered a provision in the amount of 72.9 million Euros, and carried out a judicial appeal against the order of SEAE at the Administrative Court of the Lisbon Circle at 19 January 2021. Innovative Features On 9 July 2018, EDP has been notified, within the scope of a stakeholder hearing promoted by the DGEG, to present its opinion on the possibility of DGEG proposing to the Secretary of State for Energy an amount associated with the alleged \"innovative features\" introduced in CMEC regime regarding PPA, to a maximum amount of 357.9 million Euros. According to DGEG, this amount shall be associated with the lack of legal scope for tests on the availability of the CMEC plants (285 million Euros) and the ancillary services, mentioned above (72.9 million Euros). On 26 September 2018, EDP Produ\u00e7\u00e3o was notified of the Order of the SEE of 29 August, which considers as an \"innovative features\" the topic \"procedures for calculating the verified availability coefficient\", quantified at 285 million Euros. This Order refers to the alleged lack of legal forecast of availability tests of CMEC plants. Considering that the Order in question lacks technical, economic and legal basis, on 8 October 2018 EDP Produ\u00e7\u00e3o has submitted an administrative appeal. Subsequently, EDP Produ\u00e7\u00e3o received a letter from ERSE dated 12 November 2018 and became aware of the Order of the SEE of 4 October, which, following the Order of 29 August, declared the annulment of the annual adjustments in the part in which they considered the alleged \"innovative features\" concerning the procedures for calculating the coefficient of availability. In the Tariff and Price Document for 2019, ERSE considered the refund of an amount of 90 million Euros for a portion of the 285 million Euros referred to, expecting that the remaining portion will be paid for a number of years that allow the CMEC to have zero tariff impact by including the 86.5 million Euros in the tariffs of 2020, 86.5 million Euros in tariffs of 2021 and 21.9 million Euros in 2022. Without having received any response to the gracious complaint filed on 1 February 2019, EDP Produ\u00e7\u00e3o challenged in court the Orders of 29 August and 4 October and the Tariff and Price Document for 2019. In the Electricity Tariffs and Prices Document for 2020, approved by ERSE on 16 December 2019, that entity charged again 86.5 million Euros, as it had foreseen the previous year. Although the EDP Group considers that there were no innovative features weighted in CMEC adjustments, this aspect was reflected in these financial statements as of 31 December 2018, by recognising a provision of 285 million Euros. In 2019 EDP made the payment of 92,458 thousand Euros, during 2020 made the payment of 110,963 thousand Euros, during 2021 made the payment of 69,374 thousand Euros and during 2022 made the payment of 12,105 thousand Euros (see note 36) thus using the entirety of this provision on 31 December 2022. Hydro power plants of Frid\u00e3o and Alvito On 17 December 2008, EDP Produ\u00e7\u00e3o and the Portuguese State signed the Contract for the Implementation of the National Program for High Hydroelectric Potential Power Plants (PNBEPH) regarding the Hydro Power Plants of Frid\u00e3o (AHF) and Alvito (AHA), with the payment, by EDP Produ\u00e7\u00e3o of 231,700 thousand Euros. Of this amount, 217,798 thousand Euros relates to the exclusive right to explore the AHF during the concession period. EDP Produ\u00e7\u00e3o followed up on the procedures for the implementation of these projects, having, in the case of the AHF, obtained a Favourable Environmental Impact Declaration and an Environmental Compliance Report of the Execution Project (RECAPE). On 22 October 2013, EDP Produ\u00e7\u00e3o requested to the Minister of the Environment, Land Management and Energy, based on a change of circumstances, to postpone the signing of the concession contract for the AHF. This request was formally rejected on 2 May 2014, and the terms of the concession contract, were subsequently negotiated between EDP Produ\u00e7\u00e3o and the Portuguese Environmental Agency (APA) and a specific date for the respective signature for 30 September 2015, which was revoked by the Government without rescheduling a new date. In 2016, following the beginning of the XXI Constitutional Government, the Government Program provided the reassessment of the PNBEPH. In this context, it was suspended, for three years, the execution of the Contract for the implementation of the AHF, as well as was agreed the annulment of the implementation Contract regarding AHA, through a Memorandum of Understanding signed on 5 December 2016, concluded by an agreement between the Portuguese State and EDP Produ\u00e7\u00e3o on 11 April 2017. On 16 April 2019 EDP Produ\u00e7\u00e3o received, by email, an official letter from the Ministry of the Environment and Energy Transition, dated 11 April 2019, informing the State's conclusion that there is no need for implementation of AHF to meet national targets for energy production from renewable sources and for reducing the emission of Greenhouse Gases, as well as \"that the State does not find any reason to inhibit the construction of the Frid\u00e3o Hydro Power Plant\". Simultaneously, the Minister of the Environment and Energy Transition (MATE) announced at the National Assembly, in a hearing at the Environment, Land-use Planning, Decentralization, Local Power and Housing Committee, that the State's decision was not to build the AHF and that \"the State will always comply with the contract but believes there are no reasons for any repayment of the amount that was given to the State ten years ago\". It acknowledged, however, that there was no agreement with EDP on this matter. EDP Produ\u00e7\u00e3o notified the Portuguese State to clarify that at no time did EDP express its intention to not proceed with the construction of power plants and to return all the investment already made, including the consideration paid on the provisional award, and, as well, to compensate it for other losses and damages resulting from the non-compliance, to be settled in a timely manner. The Group reclassified these Assets under construction to Other debtors and other assets and valued them in accordance with the principles defined in IFRS 9 (see note 27). On 24 January 2020, EDP Produ\u00e7\u00e3o initiated an arbitration process against the State in which it claimed its rights. The arbitration hearing sessions took place during the month of April 2021 and in July 2021 the closing arguments were presented. In July 2022, the competent Arbitration Decision was handed down, obliging the State to refund to EDP Produ\u00e7\u00e3o the aforementioned amount of 217,798 thousand Euros, which concerns the exclusive right to explore the AHF during the concession period. The other requests by EDP Produ\u00e7\u00e3o and the State were dismissed. On 7 October 2022, the Portuguese State filed an appeal against the aforementioned Arbitration decision and EDP Produ\u00e7\u00e3o presented its counter-claims on the 11 November 2022. On the 15 December 2022, the Supreme Administrative Court delivered the Judgment admitting the review appeal filed by the Portuguese State. In view of this decision, EDP filed an appeal with the Constitutional Court. EDP Produ\u00e7\u00e3o submitted, on 13 December 2022, an appeal for the execution of the Arbitration Decision, demanding the payment of the amount in which the Portuguese State was sentenced, in the amount of 217,798 thousand Euros. The appeal was admitted. Sale of real estate by E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. In the 2009-2018 period, E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. (E-REDES) disposed a set of real estate that were unused for the activities of the various electricity distribution concessions, in the amount of approximately 52 million Euros, obtaining a total net value of gains of 33.9 million Euros (35.7 million Euros of gains and 1.7 million Euros of losses). In the regulated accounts sent to ERSE in April 2018, E-REDES identified the amount to be returned into tariffs related to the depreciation of the properties that were sold in the period 2012-2017. ERSE did not consider this amount in the 2019 rates and submitted the topic for further analysis. In the Tariffs for 2020, ERSE recognized the principle of profit sharing with the system and assumed the return into the tariffs of approximately 16.6 million Euros referring to half of the net gains obtained from the sale of real estate by E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. between 2009 and 2018, having mentioned that the position to be taken by the respective grantors of the Concession Contract for the National Distribution Network (RND) and the electricity distribution network concessions in BT may determine the revision of this amount. E-Redes did not question the return to the tariff of half of the capital gains generated with the sale of real estate not allocated to any of the activities included in the RND concession and in the concessions of the municipal low voltage electricity distribution networks, having the respective representative on the ERSE Tariff Board voted in favor of this solution. Subsequent to the publication of the Tariffs for 2020, in 17 December 2019, the Government approved an Order that stipulates that the total value of the gains generated by the sale of real estate by E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. between 2009 and 2018, and which were subject to remuneration for the tariffs, \u201creverts entirely to the grantor\u201d, and should be \u201cfully reflected in the electricity tariffs\u201d. On 17 March 2020, E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. initiated an arbitration process at the Commercial Arbitration Center, in which claims, moreover, (i) the principle of sharing benefits in this case, may not result in the granting ownership of all the gains generated from the sale of real estate; (ii) that the maintenance of the alienated properties would entail costs for the system, so that their alienation proves to be correct; (iii) that, in relation to all E-Redes real estate where no specific technical installations for each voltage level are installed, as is the case, it is not possible to make any distinction between the respective allocation to the RND concession, or to the municipal concessions for low voltage electricity distribution networks. On 15 December 2020, the Regulator published the tariffs for 2021 and it was considered the return to the system of the remaining amount of 16.6 million Euros referring the net gains obtained from the sale of properties in the period between 2009 and 2018, in accordance with the Dispatch sent by MAAC, despite the ongoing arbitration process. On 25 March 2022, the Arbitration Court issued its decision, which, in summary, results in an interpretation of the Concession Agreement, according to which the income resulting from the sale of the aforementioned real estate and which exceeds the global amount of accumulated depreciation must be recognized as income allowed to the concessionaire. In accordance with the interpretation adopted regarding the RND Concession Agreement, the Arbitration Court decided that the amount of 27.9 million Euros, corresponding to the accumulated depreciation of the real estate transferred between 2009 and 2018, by E-REDES, for a total amount of around 52 million Euros. In view of the finality of this arbitration decision, E-REDES recorded in the first half of 2022 an income of 5.3 million Euros, which will be recovered in the 2023 tariffs and which results from the difference between the amount already returned to the tariffs (33.2 million Euros) and the amount that should have been returned in accordance with the arbitration decision (27.9 million Euros). E-Redes acted in a transparent manner and within the framework of regulatory efficiency standards dictated by ERSE itself, as is evident from the values that have always been evidenced in the published Annual Reports and in the Regulated Accounts presented. Sale of the portfolio of Hydroelectric Projects The project for the sale of the portfolio of Hydroelectric Projects located in the Douro basin falls within the scope of EDP's strategic plan for 2019 2022, as presented to the market in March 2019 and reinforced with EDP's Strategic Plan for 2021-2025 presented in February 2021, in particular within the scope of the strategy of portfolio balancing and capital reallocation, as a way to finance new investments, particularly in renewable energy, including in Portugal. The transaction was concluded on 16 December 2020, through the sale of the entire share capital of the company Camirengia Hidroel\u00e9tricos S.A. (\u201cCamirengia\u201d), by its sole shareholder, EDP - Energias de Portugal, S.A. (\"EDP\"), to the company Movhera - Hidroel\u00e9ctricas do Norte, S.A. (previously known as \u00c1guas profundas, S.A., company incorporated in Portugal and therefore resident for tax purposes in Portugal, owned by the consortium formed by GDF International SAS, from ENGIE Group, by 40%, Mirova S.A. by 35% and Predica Prevoyance Dialogue du Credit Agricole, S.A. in 25%). The company Camirengia was incorporated under the simple demerger of EDP - Gest\u00e3o da Produ\u00e7\u00e3o de Energia, S.A. (\"EDP Produ\u00e7\u00e3o\"), under which a complex set of items was carved-out from this company, comprising not only the titles of use of the hydric resources related to the portfolio mentioned above, but also by a multiplicity of assets, liabilities, resources and contractual positions associated and necessary for the development of the exploration activity. From a strictly operational, regulatory, technical and legal point of view, the demerger was the only viable and feasible option to proceed with the detachment of the portfolio, considering its size and complexity. In this sense, EDP followed the only model, the demerger and the subsequent sale of shares, that guaranteed the continuity of operations and the maintenance of all the commitments (including environmental nature and towards the municipalities) necessary for the portfolio normal operation and also to respond to the need of the buyer of acquiring a functional and autonomous company that would ensure the operation of all activity, without disruption, immediately after the sale - which was also required by the regulator. On the other hand, the contractual model used in the implementation of the transaction is fully in line with market standards. After its conclusion, the transaction was subject to media attention, based on the assumption that it constitutes a transfer of concessions and that, therefore, would be subject to Stamp Duty (under paragraph 27.2 of the Stamp Duty General Table). In EDP's view, that assumption is not at all applicable, and Stamp Duty is not due, as the transaction did not entail a transfer of concessions, but rather a demerger followed by the sale of the entire share capital of a company (Camirengia) holding the patrimonial assets assigned to the portfolio, operations that are not subject to Stamp Duty. In this context, on 16 March 2021, the President of the EDP Executive Board of Directors was requested to attend the Environment, Energy and Spatial Planning Commission of the Portuguese Parliament, in order to address the abovementioned transaction, where EDP had the opportunity to clarify all questions addressed by the Members present. In addition, on 1 April 2021, that Commission sent EDP a request for information and questions about the transaction. On 15 April, EDP, committed to contribute to the swift, full and definitive clarification of the questions that were presented, sent to the Portuguese Parliament answers to all the questions raised, and made available all the requested documentation, despite its private and confidential nature, as a testament to the collaborative, transparent and good faith attitude with which EDP has been guiding its relationship with the State and its institutions. In this spirit of collaboration, transparency and good faith in its relationship with the State and its institutions, EDP proactively contacted the Tax Authority, making itself available to clarify the tax aspects of the operation. On 6 July 2021, EDP became aware that DCIAP is investigating the sale of the Douro portfolio, with searches carried out at the premises of EDP and EDP Produ\u00e7\u00e3o. During the diligence, and basing its action on a cooperative posture, all cooperation and assistance was provided to the authorities. EDP scrupulously fulfils all of its obligations, including tax obligations, adopting very strict practices in the technical framework of all issues, having made this transaction under the tax framework applicable, assessing the tax rules in force on the date of the transaction, a framework that was also subject to validation by Opinions requested from reputable tax experts. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29700": {
"value": "4. Critical accounting estimates and judgements in preparing the financial statements IFRS requires the use of judgement and the making of estimates in the decision process regarding certain accounting treatments, with impact in total assets, liabilities, equity, costs and income. The actual effects may differ from these estimates and judgements, namely in relation to the effect of actual costs and income. The main accounting estimates and judgements used in applying the accounting policies are discussed in this note in order to improve the understanding of how its application affects the Group\u2019s reported results and disclosures. A broader description of the accounting policies employed by the Group is disclosed in note 2 - Accounting policies. Considering that in many cases there are alternatives to the accounting treatment adopted by EDP Group, the reported results could differ if a different treatment was chosen. The Executive Board of Directors believes that the choices made are appropriate and that the financial statements present fairly the Group operations in all material respects. Financial asset related with infrastructure concession contracts in Portugal The caption \u201cAmounts receivable from concessions - IFRIC 12\u201d, refers to the financial assets receivable by EDP Group companies that operate infrastructures under concession contracts, and arises from the unconditional right to receive this amount regardless of the utilisation level of the infrastructures covered by the concession. In these companies is included E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. as the National Distribution Network (RND) concessionaire, which comprises the medium and high voltage network (MT and HT), and low voltage distribution networks (LT), being these concessions exercised exclusively through public service concession contracts. The RND\u2019s operation, which is part of the HT and MT, is carried out through a public service concessions\u2019 attribution, by the Portuguese State. On the other hand, the right to distribute low voltage electricity is attributed to the Portuguese mainland municipalities. The legislation that establishes the basis of each concession sets up that the ownership or possession of the goods assigned to these concessions revert to the concessionaires at the end of their respective concessions. They also establish that in return for the assets returned to grantors, whether State or municipalities, compensation corresponding to the assets\u2019 book value assigned to the concession, net of amortisations, financial contributions and non-refundable subsidies will be paid. Therefore, the assets\u2019 estimated residual value at the end of each concession constitutes a financial asset, and the remaining fair value component of the concession assets is an intangible asset to be amortised over its useful life. Hence, the end date of each concession is one of the main assumptions to determine the amount of the financial and intangible assets. In May 2017 Law 31/2017 was approved, which lays down the principles and general rules concerning the organisation of public tendering procedures for the awarding, by contract, of the municipal LT concessions\u2019 operation in the Portuguese mainland. This Law foresee the simultaneous launch, in 2019, of public tender procedures for all municipalities that do not opt for direct management of the electricity distribution activity. However, the new Decree-Law 15/22, of January 2022, determined the automatic extension, without the need for further terms, of the current concession contracts for electricity distribution networks in BT, including those that had already reached their term, until the effective entry into operation of a new contractor, following the tenders for the attribution of BT concessions that will be held in the future. On the other hand, there is currently no set date in the legislation for the holding of future tenders for the attribution of BT concessions. In this context, at this date it is not yet possible to predict the end date of the low voltage concession contracts currently in force, so an annual extension of contracts that have already reached the originally planned end date is assumed. Thus, with reference to 31 December 2022, the financial asset and the intangible asset related to the concessions whose contracts have not yet ended were determined based on the respective expiry dates and, for the remaining concessions, the financial asset and the intangible asset are determined assuming the validity of the contracts until 31 December of the year following the year in question. Measurement criteria of the concession financial receivables under IFRIC 12 in Brazil In 2012, the Provisional Measure 579/12 was published in Brazil, meanwhile converted into Law 12.783/13, which determines that the amount of the indemnisation payable to the distribution companies regarding the assets not amortised or depreciated at the end of each concession, should be determined based in the methodology of the Value of Replacement as New (VNR). The indemnisation amount variation is booked against Revenues from energy sales and services and other. This amount corresponds to the difference between the residual value determined based on the value of replacement as new and the residual value determined based on the historical cost. ANEEL reviews the VNR, through the valuation report of the Regulatory Remuneration Base, every three years for EDP Esp\u00edrito Santo and every four years for EDP S\u00e3o Paulo, as established in the concession contracts. Within these periods the distribution companies use their best estimate for the VNR. The use of different assumptions could result in different values of financial assets, with the consequent impact in the Statement of Financial Position (see note 26). Impairment of long term assets and Goodwill Impairment tests are performed whenever there is a trigger that the recoverable amount of property, plant and equipment and intangible assets is less than the corresponding net book value of the assets. On an annual basis, the Group reviews the assumptions used to assess the existence of impairment in goodwill resulting from acquisitions of shares in subsidiaries. The assumptions used are sensitive to changes in macroeconomic indicators and business assumptions used by management. The investments in subsidiaries, on a company basis, and in associates are reviewed when circumstances indicate the existence of impairment. Considering the uncertainties regarding the recoverable amount of property, plant and equipment, intangible assets and goodwill as they are based on the best information available, changes in the assumptions could result in changes on the determination of the amount of impairment and, consequently, in results (see notes 12 and 19). Measurement of the fair value of financial instruments Fair values are based on listed market prices, if available. Otherwise, fair value is determined either by the price of similar recent transactions under market conditions, or determined by external entities, or based on valuation methodologies, supported by discounting future cash flows techniques, considering market conditions, time value, yield curves and volatility factors. These methodologies may require the use of assumptions or judgements in determining fair values. Consequently, the use of different methodologies and different assumptions or judgements in applying a particular model, could generate different financial results from those reported. Classification of financial instruments Financial instruments\u2019 classification as debt or equity requires judgement in the interpretation of contractual clauses and in the evaluation of the existence of a contractual obligation to deliver cash or other financial assets. Review of the useful life of the assets The Group reviews annually the reasonableness of the assets' useful lives that are used to determine the depreciation rates of assets assigned to the activity. When applicable, the Group changes the depreciation charge of the year, prospectively, based on such review. Useful lives of generation assets - Hydro independent generator in Brazil The hydro generation assets in Brazil for independent generators are amortised during their estimated useful lives, considering the existing facts and circumstances at the date of preparation of the financial statements. This includes, among other issues, EDP's best expectations of the useful lives of such assets, which are consistent with the useful lives defined by ANEEL, the respective contractual residual indemnification values at the end of each concession period, as well as related technical and legal opinions. The remaining period of amortisation and the indemnification values at the end of the concessions may be influenced by changes in the regulatory legal framework in Brazil (see note 16). Lease Liabilities The Group recognises right-of-use assets and lease liabilities, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether: i) the contract involves the use of an identified asset; ii) it has the right to obtain substantially all of the economic benefits from the use of the asset throughout the period of use; and iii) it has the right to direct the use of the asset. EDP Group uses judgement on its assessment, namely concerning the termination and extension contract options and the determination of the incremental borrowing rate to be applied for each portfolio of leases identified (see notes 17 and 39). Tariff adjustments Portugal Tariff adjustments in Portugal represent the difference between costs and income of the National Electricity, estimated at the beginning of each period for purposes of calculating the tariff, and the actual costs and income of the System established at the end of each period. The tariff adjustments assets or liabilities are recovered or returned through electricity and gas tariffs to customers in subsequent periods. Decree-Law 237-B/2006 of 19 December, and Decree-Law 165/2008 of 21 August, recognised an unconditional right of the operators of the electricity sector to recover the tariff adjustments and related interest expenses, notwithstanding the form of the future payment or situations of insolvency and cessation of operations. Additionally, the legislation allows the transfer to third parties of the right to receive tariff adjustments. Therefore, under this legislation, regulated companies may provide to third parties, in whole or in part, the right to receive the tariff adjustments through the electricity tariffs. In accordance with the accounting policy in force, the EDP Group books under the caption Revenues from energy sales and services and other - Electricity and network access, the effects of the recognition of tariff adjustments in the electricity sector, against Debtors and other assets from commercial activities and Trade payables and other liabilities from commercial activities. Brazil On 25 November 2014, ANEEL made addendums to the concession contracts with brazilian electric distribution companies to reduce significant uncertainties regarding to the recognition and realization of regulatory assets/liabilities that existed since 2010, when the IFRS were adopted in Brazil. As a consequence, the CPC (\"Comit\u00ea de Pronunciamentos Cont\u00e1beis\") issued on 28 November 2014, the OCPC 08 (Recognition of Certain Assets and Liabilities in Accounting and Financial Reports of Electric Distribution) which determines how to treat these regulatory assets/liabilities in the financial statements. Therefore, on 10 December 2014, EDP Brasil signed the Fourth and Fifth Addendum to the Concession Agreement, where it was established that, in the case of concession termination, the outstanding balances of any failure of payment or reimbursement by the tariff (assets and liabilities), will be considered on the indemnity calculation, based on the regulator pre-established regulations. EDP Group considers, based on the issued legislation (Portugal and Brazil), that the requirements for the recognition of tariff deficits as receivables and payables against the income statement of the period have been satisfied (see notes 7, 26 and 38). Revenue recognition Energy sales revenue is recognised when the monthly energy invoices are issued, based on actual meter readings or estimated consumption based on the historical data of each consumer. Revenue relating to energy to be invoiced, regarding consumption up to the balance sheet date but not measured, is booked based on estimates that take into consideration factors such as consumption in prior periods and analysis relating to the energy balance of the operations. The use of different estimates and assumptions could affect the Group\u2019s revenue and, consequently, its reported results (see note 7). Income taxes The Group is subject to income taxes in several jurisdictions. Certain interpretations and assumptions are required in determining the global amount of income tax. There are several transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. It is the Group's understanding that, in general, the tax treatment follows the accounting treatment, and therefore, no significant tax adjustments have been made to the accounting records arising from the implementation of the new standards. Different interpretations and assumptions could result in a different level of income taxes, current and deferred, recognised in the period (see note 14). Pensions and other employee benefits Determining pension and other employee benefits liabilities requires the use of assumptions, including actuarial projections, estimated rates of return on investments, discount rates and pension and salary growth and other factors that can impact the cost and liability of pension plans, medical plans and other benefits. Changes in the assumptions could materially affect the amounts determined (see note 35). Provisions for dismantling and decommissioning of power generation units EDP considers to exist legal, contractual or constructive obligations to dismantle and decommission property, plant and equipment assets allocated to electricity generation operations. The Group records provisions in accordance with existing obligations to cover the present value of the estimated cost to restore the locations and land where the electricity generation units are located. EDP Group provisions include the calculation of the present value of the expected future liabilities. The use of different assumptions and judgement from those referred could lead to different financial results than those considered (see note 36). Entities included in the consolidation perimeter In order to determine which entities must be included in the consolidation perimeter, EDP Group evaluates whether it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee (\"de facto\" control). This evaluation requires the use of judgement and assumptions in order to conclude whether the Group is in fact exposed to the variability of returns and has the ability to affect those returns through its control over the investee. Other assumptions and judgements could lead to a different consolidation perimeter of the Group, with direct impact on the consolidated financial statements (see note 6). Business combination Under IFRS 3 (Business Combination) in a business combination, the acquirer shall recognise and measure in the consolidated financial statements the assets acquired and liabilities assumed at fair value at the acquisition date. The difference between the purchase price and the fair value of the assets and liabilities acquired leads to the recognition of goodwill or a gain from a purchase at a low price (bargain purchase). The fair value determination of the assets acquired and liabilities assumed is carried out internally or by independent external evaluators, using the discounted cash flows method, using the replacement cost or other fair value determination techniques, which rely on the use of assumptions including macroeconomic indicators such as inflation rates, interest rates, exchange rates, discount rates, sale and purchase prices of energy, cost of raw materials, production estimates and business projections. Consequently, the determination of the fair value and goodwill or gain from a purchase at a low price is subject to numerous assumptions and judgments and therefore changes could result in different impacts on results (see note 49). Fair value measurement of contingent consideration Contingent consideration from a business combination or a sale of a financial investment is measured at fair value at the acquisition date as part of the business combination or at the date of the sale in the event of a sale of a financial investment. This contingent consideration is subsequently remeasured at fair value at each report date. Fair value is based on discounted cash flows. The main assumptions consider the probability of achieving each objective and the discount factor, corresponding to the best estimates of management at each report date. Changes in assumptions could have significant impact on the values of contingent assets and liabilities recognised in the financial statements (see notes 27 and 39). Acquisition of assets out of the scope of IFRS 3 In order to assess whether an acquisition of an asset or a group of assets is a business, the Group identifies the elements in the acquired entity (inputs, processes and outputs), assesses the capability to create outputs (it should have at a minimum, an input and a substantive process to be assessed as a business) and, finally, assesses the capability of market participants to continuing to create outputs (conducting the activities as a business). In the case of an integrated set of activities that is in an early-stage of development and has not started to generate outputs, the Group considers other factors to determine whether it constitutes a business, such as if: (i) planned principal activities have begun; (ii) employees, intellectual property, and other inputs and processes are present; (iii) a plan to produce outputs is being pursued; and/or (iv) access to customers who will purchase the outputs can be obtained. Generally, an early-stage entity that has employees capable of developing an output will be considered a business. Therefore, in application of the above, the Group concludes that IFRS 3 is not applicable when there are no outputs at the acquisition date due to an early-stage of development, and the acquired process(es) cannot be considered substantive. Thus, the acquisition of an asset or a group of assets that does not fulfill the conditions to be considered a business is classified as an acquisition of a company out of scope of IFRS 3. Contractual stability compensation - CMEC The approval in 2004 of the Decree-Law 240/2004, of 27 December, determined the early Power Purchase Agreements (PPA) extinction, and the adoption of a contractual stability compensation (CMEC), which EDP Produ\u00e7\u00e3o entered into after signing the Contractual stability on 27 January 2005, approved by the competent Government member (Order 4672/2005, of 4 March). This mechanism includes three types of compensation: initial compensation, annual adjustment (or revisibility) and final adjustment. The last two types of compensation are relevant for this purpose. i) Contractual stability compensation \u2013 Annual revisibility mechanism During period I (2007/2017) of the contractual stability compensation mechanism, there was a correction on an annual basis, resulting from positive or negative deviations between the estimates made for the initial stability compensation calculation and actual amounts arising from an efficient performance, using the \"Valor\u00e1gua\" model, as established in the Decree-Law 240/2004. Later, Order 4694/2014 was published to define the guidelines of the annual revisibility calculation with respect to the revenues from the ancillary services market, regarding power plants under CMEC. Revisibility amounts for the years 2007 to 2014 were determined and approved by the Member of the Government responsible for the energy sector, and were contested by EDP Produ\u00e7\u00e3o: a) As regards the approval of the 2011 and 2012 revisibilities, the fact that it did not consider the costs incurred with the social tariff in the calculation of the revisibilities; and b) As regards the approval of the 2014 revisibility, the fact that it did not take into account in the calculation of the revisibility the costs incurred with the social tariff and CESE. Regarding the revisibility to the year 2012, the Administrative Court dismissed the special administrative action brought by EDP Produ\u00e7\u00e3o, not recognizing the costs with the financing of the Social Tariff for the determination of the amount of the annual adjustment of the CMEC relating to 2012. EDP Produ\u00e7\u00e3o, not agreeing with the decision, filed, on 9 January 2023, an Appeal, with suspensive effect, to the Southern Central Administrative Court. The annual revisibility of 2015 was approved by the Government member responsible for the energy sector in 20 October 2020 in the amount of 62.7 million Euros, after deducting an amount of 72.9 million Euros related to the alleged overcompensation of CMEC, due to their participation in the ancillary services market, in the period between 2009 and the first quarter of 2014 (see section Ancillary Services). EDP Produ\u00e7\u00e3o challenged the order for ratifying the annual revisibility for the year 2015 on 19 January 2021, as it did not agree with the assumption of overcompensation within the scope of its performance in the system services market, between 2009 and 2014 and, consequently, do not agree with the deduction of the underlying value (72.9 million Euros) in that revisibility. It should also be noted that EDP Produ\u00e7\u00e3o has already contested the imposition of a fine by the Competition Authority on matters of the same scope. The challenge also covered the non- consideration of the Social Tariff and CESE amounts paid by the centrals operating under the CMEC regime and also the non-approval of the annual revisibilities from 2016 to 2017, which still await the respective approval by the Government member responsible for the area of energy. ii) Contractual stability compensation \u2013 Final Adjustment The CMEC\u2019s Final Adjustment is calculated in accordance with number 7 of article 3rd and Annex IV of Decree-Law 240/2004, of 27 December. The State budget for 2017 (Law 42/2016 of 28 December) determined, in its article 170, that the final adjustment amount is determined and based on a study prepared and presented by ERSE. This entity had the technical support of EDP Produ\u00e7\u00e3o and REN (Work Team), legally enforced. Accordingly, the technical group EDP/REN has presented to ERSE its report on the CMEC final adjustment calculation, which was achieved by strictly following the calculation methodology described in Decree-Law 240/2004, of 27 December. This calculation, performed by the technical group EDP/REN was presented to ERSE and comes to a range of amounts between 256.5 and 271 million Euros. At the end of September 2017, ERSE has also presented to the Government its report on the calculation of the CMEC final adjustment, reaching an amount of 154 million Euros, which was provisionally considered in the document of Tariffs and Prices for 2018. In the Financial statements as at 31 December 2017, EDP Group has included its best estimate of the CMEC final adjustment, by recognising an asset in the amount of 256.5 million Euros against deferred income, based on the methodology established for this purpose in Decrew-Law 240/2004, of 27 December, and in the legal opinions obtained in the meantime on this understanding. On 3 May 2018, EDP was notified (through a DGEG\u2019s letter from 25 April 2018) that the CMEC final adjustment had been officially approved, according to ERSE\u2019s proposal, in the amount of 154 million Euros. EDP reflected this reality in its financial statements as of 31 December 2018, recognising a provision by the difference in the final adjustment amounts already recognised in the Group's revenues. On 31 December 2021 EDP maintains the provision in its accounts (see note 36). Considering that the administrative act contained in the Dispatch of approval of the SSE of 25 April 2018 lacks technical, economic and legal basis, and that, in particular, it does not apply the calculation methodology contained in Decree-Law 240/2004, of 27 December, and which would lead to the determination of an amount close to the one determined by the technical group, on 3 September 2018, EDP Produ\u00e7\u00e3o has legally contested it. \"Clawback\" - Portuguese regulatory mechanism to ensure the competitive balance in the wholesale electricity market, in particular Iberian Following some tax changes occurred in Spain, which affected electricity generators operating in this country, Decree-Law 74/2013, of 4 June, was approved in Portugal, which aimed to rebalance the competition between electricity generators operating in Portugal and other players operating in Europe. Pursuant to relate diploma and its regulations, in order to restore such balance, the power plants operating on a market regime situated in Portugal, which were not covered by the PPA or CMEC regime, should pay to the System an amount per MWh produced. The amount payable should consider, on one hand, an estimate of the impact that the off-market events in the European Union (such as the above-mentioned tax changes in Spain) would have in pool prices, and on the other hand, the existence of national extra-market events that affect the competitiveness of electricity generators operating in Portuguese territory. Consequently, a net competition advantage would allegedly arise to generators operating in Portugal. Under this mechanism regulation \u2013 commonly known as clawback \u2013 Social tariff and CESE were determined by Dispatch 11566-A/2015, of 3 October, as off-market events that should be considered as competitive disadvantages of generators operating in Portugal. Dispatch 7557-A/2017, of 25 August, superseded Dispatch 11566-A/2015 (which defined the variables for the computation formula of the amount to be paid by each of the power-generating plants under Decree-Law 74/2013, of 4 June, for each injected MWh) in its entirety. It states that ERSE, after consulting DGEG, should present proposals for a new definition of the variables, as well as reference terms for the new study. Subsequently, the Dispatch 9371/2017, of 24 October, partially nulled the Dispatch 11566-A/2015, in relation to the decisions presented under its numbers 11 and 12 (the deduction of social tariff and CESE costs in the unit price). ERSE was asked to consider in 2018 UGS tariff, the recovery, in benefit of the consumers, of the amounts allegedly unproperly included in previous years\u2019 tariffs (2016 and 2017). Dispatch 9955/2017, of 17 November, defines a new amount for the estimate of the off-market events\u2019 impact in EU, which is -4.75 \u20ac/MWh, with retroactive effects as at August 24. Following these Dispatches, the document of prices and tariffs for 2018 has included a clawback amount of around 90 million Euros to be returned to tariffs, which includes power plants operating under CMEC and estimated generation. Based on its interpretation of the Law, as well as on legal opinions obtained, EDP Produ\u00e7\u00e3o considers that the Decree-Law 74/2013, of 4 of June, aims to re-establish a situation of competition balance between generators operating in Portugal and their peers operating in other European countries, which means to consider as off-market events all the taxes and contributions that fall only over generators located outside of Portugal (particularly in Spain), as well as all the taxes and contributions that fall only over generators located in Portugal. Consequently, in the EDP Produ\u00e7\u00e3o\u2019s understanding, supported by legal opinions, Dispatch 9371/2017 and 9955/2017 have completely distorted the clawback mechanism, having filed its legal action in January 2018. In the Financial statements as at 31 December 2018, EDP Group has included the clawback amount as calculated by EDP Produ\u00e7\u00e3o, regarding the legislation in place in each period, namely Decree-Law 74/2013, of 4 of June, Order 225/2015, Ordinance 9371/2017 and Dispatch 9955/2017. It is important to notice that this mechanism is not applicable to power plants in 2018 still operating under CMEC regime. However, this situation was subsequently changed and disputed by EDP Produ\u00e7\u00e3o, as mentioned below. On 5 October 2018, the Spanish legislature, by the sixth and seventh additional lines on Article 21 of Royal Decree-Law 15/2018, suspended the 7% tax on electricity generation approved in 2012 for a period of six months, from the beginning of October 2018 to the end of March 2019. This tax suspension corresponds to the suspension of the off-market event verified within the European Union, which is considered in the clawback calculation. Following the temporary suspension of the tax on electricity production in Spain: - Order 895/2019 of 23 January, establishing the suspension of the \"Clawback\" was approved for a period of 6 months as from 1 October 2018; - The Tariff and Price Document for 2019, published on 17 December 2018, estimates a Clawback value of \u20ac 4.18/MWh, to be applied after the end of the suspension period (more specifically from 6 April 2019); - ERSE informed EDP Produ\u00e7\u00e3o that any clawback invoicing relating to the referred suspension period should be deleted or cancelled; - The State Budget Law for 2019 provided that \"the Government shall, until the end of the first quarter of 2019, review the regulatory mechanism designed to ensure the balance of competition in the wholesale electricity market in Portugal, provided for under DL 74/2013, of 4 June, adapting it to the new rules of the Iberian Electricity Market, with the aim of creating harmonized regulatory mechanisms that reinforce competition and protect consumers\". On 1 April 2019, the suspension of the tax on the production of electric energy in Spain was terminated, and it became effective again. From that moment, the \"clawback\" invoiced to EDP Produ\u00e7\u00e3o was resumed, based on a value of 4.75\u20ac/MWh. On 9 August 2019, Decree-Law 104/2019 was published, which makes the first amendment to Decree-Law 74/2013, of 4 June, by changing the scope of the clawback mechanism. Previously, \u201celectricity producers under the ordinary regime and other producers not covered by the guaranteed remuneration regime\" were subject to clawback. With the publication of this diploma, the CMEC centrals are now included in the scope of the clawback. Considering that this scope contradicts the Decree Law 240/2004, of 27 of December, EDP Produ\u00e7\u00e3o proceeded to its challenge. The same Decree-Law introduced the possibility to define CIT (corporate income tax) \u2013 advanced payment, and on 26 September 2019 was published the Order 8521/2019, which set the amounts of advanced payment related to the clawback mechanism at 2.71\u20ac/MWh for coal-fired power plants and 4.18\u20ac/MWh for other power plants. In the Tariff and Price Document for 2020, published on 16 December 2019, ERSE considered the unit values defined in Dispatch 8521/2019, correcting only the value applicable to coal to 1.23 \u20ac / MWh, due to the increase in the ISP tax percentage and CO2 addition planned for 2020. EDP Produ\u00e7\u00e3o presented on 10 March of 2020 an action seeking a declaration of nullity or annulment of that administrative act by ERSE. On 27 December 2019, Dispatch 12424-A / 2019 was published, which identifies as national extra-market events to be considered in the Study to be prepared by ERSE until April 2020 (with reference to 2019) under the Clawback mechanism, the taxation of petroleum and energy products used in the production of electricity (ISP), CESE and the Social Electricity Tariff. On 30 June 2020, Dispatch 6740/2020 was published by the Secretary State of Energy (SEAE) which establishes the CIT (corporate income tax) \u2013 advanced payment to be applied in 2020 to electric power producers covered by the \"Clawback\" mechanism. The value of CIT (corporate income tax) \u2013 advanced payment for the year 2020 is set at \u20ac 2.24/MWh for plants that are not subject to extra market internal events, that is, only to some renewable energy producers in the market with the exception of the power generation centers included in the scope of internal extra-market events identified. On 22 October 2020, Dispatch 10177/2020, issued by the SEAE Office, was published, which determines the final compensation of the \u201cClawback\u201d for the year 2019, considering the ISP regime as the only internal off-market event within the National Electrical System (SEN), thus determining a value of \u20ac 2.24 / MWh for hydro, gas and PRE on the market and 0.68\u20ac/MWh for coal power plants. This determination is not consistent with that contained in Dispatch 12424-A/2019, of 27 December, which identifies ISP, CESE and Social Tariff as internal off-market events for 2019. EDP Produ\u00e7\u00e3o challenged Order 10177/2020 on 22 January 2021. On 25 June 2021, the Spanish legislator, within the scope for the adoption of urgent measures regarding energy taxation due to the high prices verified in the MIBEL, published the Royal Decree-Law 12/2021, which, among others, proceeds the suspension of the 7% tax on the production of electricity, approved in 2012, for a period between 1 July and 30 September 2021 (3 months), and with effects on the determination of the \u201cClawback\u201d. Following Royal Decree-Law 17/2021, the Spanish legislator has once again suspended the 7% tax on electricity production for another 3 months, between 1 October and 31 December of 2021. Following the temporary suspension of the tax on the production of electricity in Spain, Dispatch 6398-A/2021, of 29 June, was published, which established the suspension of the \u201cClawback\u201d in the period between 1 July 2021 and 30 September 2021, and Order 9975/2021, of 14 October, which determines the suspension of this mechanism between 1 October and 31 December 2021. On 14 October 2021, Order 9974/2021, of the SEAE Office, was published, which determines the final compensation of the \"Clawback\" for the year 2020, considering as the only extra-market event within the National Electric System the regime of ISP (noting that it is consistent with the Dispatch that approved the final value for the year 2019), resulting in the following \u201cClawback\u201d values: 3.64\u20ac/MWh for hydro plants and Special Regime Production (PRE) in the market; 3.42\u20ac/MWh for CCGTs; and 2.16\u20ac/MWh for coal plants. This determination is not coherent with the goals and rationale underlying the \u201cClawback\u201d mechanism, as it does not admit the Social Tariff and CESE as internal extramarket events. EDP Produ\u00e7\u00e3o challenged Order 9974/2021 on 14 January 2022. The Spanish legislator suspended again the 7% tax on electricity production for another 6 months, through Royal Decree-Ley 29/2021, of 21 December (for the period between 1 January and 31 March 2022) and Royal Decree-Ley 6/2022, of 29 March (for the period between 1 April and 30 June 2022). Following this temporary suspension of the tax on electricity production in Spain, Order 1322/2022 of 1 February was published, which established the suspension of the \u201cClawback\u201d between 1 January and 31 March 2022, and Order 6287/2022, of 19 May, which extended this suspension until 30 June 2022. More recently, the Spanish legislator, due to the maintenance of high prices in the MIBEL resulting, above all, from the Russia-Ukraine conflict, resumed the suspension of the 7% tax on electricity production until the end of 2022, through the Royal Decree-Ley 11/2022, of 25 June, and Order 9838/2022, of 9 August, determined the suspension of the \u201cClawback\u201d for the period between 1 July and 31 December 2022 in Portugal. In the year 2023 the tax on generation in Spain is suspended, in accordance with Royal Decree-Ley 20/2022 of 27 December, so the suspension of the \"Clawback\u201d in Portugal is also expected in the same period. Social Tariff Scheme EDP Group filed a request to the European Commission to assess the compliance of the Social Tariff funding mechanism, fully supported by ordinary regime generators, with the rules and principles of European Union law. On this, since 2011, EDP has already been charged more than 530 million Euros. EDP does not question the existence of the Social Tariff, and agrees with its purpose, but cannot, in light of the current regime, conform with the terms in which the legislator enshrined its method of financing. In fact, in Spain, similar mechanisms for financing the price of electricity were considered not to comply with the legal framework and were therefore subject to modification. The verification request aimed to obtain confirmation on the inadequacy of the current national social tariff financing mechanism and to prompt the review of national legislation on this financing mechanism. The European Commission recognised the discriminatory nature of the financing mechanism for the social tariff in Portugal and informed that it would keep monitoring the evolution of the social tariff in Portugal, particularly in the context of the revision of tariffs for 2023. In the 2023 tariffs, the social tariff discount continues to be attributed to eligible customers and the respective cost is being temporarily borne by the network operators, pending definition of the financing model for this cost. Ancillary Services i) Secondary regulation band service On 3 September 2018 the Autoridade da Concorr\u00eancia (AdC) adopted a Note of Illegality, under which it intended to attribute to EDP Produ\u00e7\u00e3o a behaviour of abuse of a dominant position in the secondary regulation band service. AdC claimed that EDP Produ\u00e7\u00e3o restricted the offer of a segment of the Electricity System (the secondary regulation band or teleregulation service) between January 2009 and December 2013, limiting the capacity offer of its plants under CMEC regime to benefit market power plants, in order to benefit twice, to the detriment of consumers. On 28 November 2018, EDP Produ\u00e7\u00e3o exercised its right to be heard and to defend itself in relation to the wrongful act was imputed and the sanctions it could incur, that is, it responded to the Note of Illegality. On 18 September 2019, AdC informed EDP Produ\u00e7\u00e3o of its decision to condemn, imposing a fine of 48 million Euros, for alleged abuse of dominant position in the secondary regulation band market in mainland Portugal between January 2009 and December 2013. According to AdC, EDP Produ\u00e7\u00e3o would have manipulated its offer of tele-regulation service or secondary regulation band, limiting the capacity offer of its CMEC power plants to offer it through its market power plants, benefiting in two ways: - Highest compensation paid to CMEC plants (annual revisability), as their lower participation in the provision of secondary regulation band service would be below what would be expected (according to competitive market criteria); and - The increase of the market price of the secondary bandwidth service, as a result of the limited supply by CMEC plants, favouring market- based power plants. On 30 October 2019, EDP Produ\u00e7\u00e3o filed an appeal against this decision before the Competition, Regulation and Supervision Court (TCRS), awaiting the AdC's counter-allegations. On 20 May 2020, EDP Produ\u00e7\u00e3o was notified of an order from TCRS, which, among other things, admitted its Appeal of Judicial Contestation, establishing a purely return effect and determining the payment of the fine imposed within 20 days. In this context, EDP Produ\u00e7\u00e3o submitted requests, invoking supervening facts to demonstrate the considerable damage associated with a putative payment of the fine, and arguing defects in the decision that determined the attribution of a merely devolutive effect to the Judicial Challenge Appeal. However, despite EDP Produ\u00e7\u00e3o's well-founded convictions about the possibility of providing a bank guarantee or bond, instead of paying the fine, the TCRS ended up determining the payment of the fine, which occurred on 20 October 2021. The trial started in September 2021 and on 10 August 2022, the TCRS confirmed the AdC's decision, maintaining the fine of 48 million Euros to EDP Produ\u00e7\u00e3o for alleged abuse of dominant position. EDP Produ\u00e7\u00e3o filed an appeal against the aforementioned decision to the Lisbon Court of Appeal on 30 September 2022. The EDP Group considers that EDP Produ\u00e7\u00e3o did not abuse any dominant position, having acted strictly in accordance with the legal framework in force. On 29 September 2021, EDP Produ\u00e7\u00e3o was cited in a class action filed by Associa\u00e7\u00e3o IUS Omnibus based on the alleged abuse of dominant position in the secondary regulation band market between the beginning of 2009 and the end of 2013, requesting, in representation of consumers, a compensation in the amount of 94.8 million euros, as estimated by AdC in the scope of process PRC/2016/05. EDP Produ\u00e7\u00e3o has already presented its defense within the legal deadline established for that purpose. A Order was issued, in which the court decided, among other things, to suspend the proceedings until a final decision is rendered in administrative offense case 309/19.0YUSTR. The appeal filed by EDP Produ\u00e7\u00e3o with the Lisbon Court of Appeal regarding this decision to suspend the proceedings is pending. ii) CMEC's revisibility overcompensation On 20 October 2020, EDP Produ\u00e7\u00e3o became aware, by letter sent by DGEG, of the dispatch of the SEAE regarding the approval of the revisibility for the year 2015, which is deducted in the amount of 72.9 million Euros, relating to the alleged overcompensation. In this respect, the EDP Group has registered a provision in the amount of 72.9 million Euros, and carried out a judicial appeal against the order of SEAE at the Administrative Court of the Lisbon Circle at 19 January 2021. Innovative Features On 9 July 2018, EDP has been notified, within the scope of a stakeholder hearing promoted by the DGEG, to present its opinion on the possibility of DGEG proposing to the Secretary of State for Energy an amount associated with the alleged \"innovative features\" introduced in CMEC regime regarding PPA, to a maximum amount of 357.9 million Euros. According to DGEG, this amount shall be associated with the lack of legal scope for tests on the availability of the CMEC plants (285 million Euros) and the ancillary services, mentioned above (72.9 million Euros). On 26 September 2018, EDP Produ\u00e7\u00e3o was notified of the Order of the SEE of 29 August, which considers as an \"innovative features\" the topic \"procedures for calculating the verified availability coefficient\", quantified at 285 million Euros. This Order refers to the alleged lack of legal forecast of availability tests of CMEC plants. Considering that the Order in question lacks technical, economic and legal basis, on 8 October 2018 EDP Produ\u00e7\u00e3o has submitted an administrative appeal. Subsequently, EDP Produ\u00e7\u00e3o received a letter from ERSE dated 12 November 2018 and became aware of the Order of the SEE of 4 October, which, following the Order of 29 August, declared the annulment of the annual adjustments in the part in which they considered the alleged \"innovative features\" concerning the procedures for calculating the coefficient of availability. In the Tariff and Price Document for 2019, ERSE considered the refund of an amount of 90 million Euros for a portion of the 285 million Euros referred to, expecting that the remaining portion will be paid for a number of years that allow the CMEC to have zero tariff impact by including the 86.5 million Euros in the tariffs of 2020, 86.5 million Euros in tariffs of 2021 and 21.9 million Euros in 2022. Without having received any response to the gracious complaint filed on 1 February 2019, EDP Produ\u00e7\u00e3o challenged in court the Orders of 29 August and 4 October and the Tariff and Price Document for 2019. In the Electricity Tariffs and Prices Document for 2020, approved by ERSE on 16 December 2019, that entity charged again 86.5 million Euros, as it had foreseen the previous year. Although the EDP Group considers that there were no innovative features weighted in CMEC adjustments, this aspect was reflected in these financial statements as of 31 December 2018, by recognising a provision of 285 million Euros. In 2019 EDP made the payment of 92,458 thousand Euros, during 2020 made the payment of 110,963 thousand Euros, during 2021 made the payment of 69,374 thousand Euros and during 2022 made the payment of 12,105 thousand Euros (see note 36) thus using the entirety of this provision on 31 December 2022. Hydro power plants of Frid\u00e3o and Alvito On 17 December 2008, EDP Produ\u00e7\u00e3o and the Portuguese State signed the Contract for the Implementation of the National Program for High Hydroelectric Potential Power Plants (PNBEPH) regarding the Hydro Power Plants of Frid\u00e3o (AHF) and Alvito (AHA), with the payment, by EDP Produ\u00e7\u00e3o of 231,700 thousand Euros. Of this amount, 217,798 thousand Euros relates to the exclusive right to explore the AHF during the concession period. EDP Produ\u00e7\u00e3o followed up on the procedures for the implementation of these projects, having, in the case of the AHF, obtained a Favourable Environmental Impact Declaration and an Environmental Compliance Report of the Execution Project (RECAPE). On 22 October 2013, EDP Produ\u00e7\u00e3o requested to the Minister of the Environment, Land Management and Energy, based on a change of circumstances, to postpone the signing of the concession contract for the AHF. This request was formally rejected on 2 May 2014, and the terms of the concession contract, were subsequently negotiated between EDP Produ\u00e7\u00e3o and the Portuguese Environmental Agency (APA) and a specific date for the respective signature for 30 September 2015, which was revoked by the Government without rescheduling a new date. In 2016, following the beginning of the XXI Constitutional Government, the Government Program provided the reassessment of the PNBEPH. In this context, it was suspended, for three years, the execution of the Contract for the implementation of the AHF, as well as was agreed the annulment of the implementation Contract regarding AHA, through a Memorandum of Understanding signed on 5 December 2016, concluded by an agreement between the Portuguese State and EDP Produ\u00e7\u00e3o on 11 April 2017. On 16 April 2019 EDP Produ\u00e7\u00e3o received, by email, an official letter from the Ministry of the Environment and Energy Transition, dated 11 April 2019, informing the State's conclusion that there is no need for implementation of AHF to meet national targets for energy production from renewable sources and for reducing the emission of Greenhouse Gases, as well as \"that the State does not find any reason to inhibit the construction of the Frid\u00e3o Hydro Power Plant\". Simultaneously, the Minister of the Environment and Energy Transition (MATE) announced at the National Assembly, in a hearing at the Environment, Land-use Planning, Decentralization, Local Power and Housing Committee, that the State's decision was not to build the AHF and that \"the State will always comply with the contract but believes there are no reasons for any repayment of the amount that was given to the State ten years ago\". It acknowledged, however, that there was no agreement with EDP on this matter. EDP Produ\u00e7\u00e3o notified the Portuguese State to clarify that at no time did EDP express its intention to not proceed with the construction of power plants and to return all the investment already made, including the consideration paid on the provisional award, and, as well, to compensate it for other losses and damages resulting from the non-compliance, to be settled in a timely manner. The Group reclassified these Assets under construction to Other debtors and other assets and valued them in accordance with the principles defined in IFRS 9 (see note 27). On 24 January 2020, EDP Produ\u00e7\u00e3o initiated an arbitration process against the State in which it claimed its rights. The arbitration hearing sessions took place during the month of April 2021 and in July 2021 the closing arguments were presented. In July 2022, the competent Arbitration Decision was handed down, obliging the State to refund to EDP Produ\u00e7\u00e3o the aforementioned amount of 217,798 thousand Euros, which concerns the exclusive right to explore the AHF during the concession period. The other requests by EDP Produ\u00e7\u00e3o and the State were dismissed. On 7 October 2022, the Portuguese State filed an appeal against the aforementioned Arbitration decision and EDP Produ\u00e7\u00e3o presented its counter-claims on the 11 November 2022. On the 15 December 2022, the Supreme Administrative Court delivered the Judgment admitting the review appeal filed by the Portuguese State. In view of this decision, EDP filed an appeal with the Constitutional Court. EDP Produ\u00e7\u00e3o submitted, on 13 December 2022, an appeal for the execution of the Arbitration Decision, demanding the payment of the amount in which the Portuguese State was sentenced, in the amount of 217,798 thousand Euros. The appeal was admitted. Sale of real estate by E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. In the 2009-2018 period, E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. (E-REDES) disposed a set of real estate that were unused for the activities of the various electricity distribution concessions, in the amount of approximately 52 million Euros, obtaining a total net value of gains of 33.9 million Euros (35.7 million Euros of gains and 1.7 million Euros of losses). In the regulated accounts sent to ERSE in April 2018, E-REDES identified the amount to be returned into tariffs related to the depreciation of the properties that were sold in the period 2012-2017. ERSE did not consider this amount in the 2019 rates and submitted the topic for further analysis. In the Tariffs for 2020, ERSE recognized the principle of profit sharing with the system and assumed the return into the tariffs of approximately 16.6 million Euros referring to half of the net gains obtained from the sale of real estate by E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. between 2009 and 2018, having mentioned that the position to be taken by the respective grantors of the Concession Contract for the National Distribution Network (RND) and the electricity distribution network concessions in BT may determine the revision of this amount. E-Redes did not question the return to the tariff of half of the capital gains generated with the sale of real estate not allocated to any of the activities included in the RND concession and in the concessions of the municipal low voltage electricity distribution networks, having the respective representative on the ERSE Tariff Board voted in favor of this solution. Subsequent to the publication of the Tariffs for 2020, in 17 December 2019, the Government approved an Order that stipulates that the total value of the gains generated by the sale of real estate by E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. between 2009 and 2018, and which were subject to remuneration for the tariffs, \u201creverts entirely to the grantor\u201d, and should be \u201cfully reflected in the electricity tariffs\u201d. On 17 March 2020, E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. initiated an arbitration process at the Commercial Arbitration Center, in which claims, moreover, (i) the principle of sharing benefits in this case, may not result in the granting ownership of all the gains generated from the sale of real estate; (ii) that the maintenance of the alienated properties would entail costs for the system, so that their alienation proves to be correct; (iii) that, in relation to all E-Redes real estate where no specific technical installations for each voltage level are installed, as is the case, it is not possible to make any distinction between the respective allocation to the RND concession, or to the municipal concessions for low voltage electricity distribution networks. On 15 December 2020, the Regulator published the tariffs for 2021 and it was considered the return to the system of the remaining amount of 16.6 million Euros referring the net gains obtained from the sale of properties in the period between 2009 and 2018, in accordance with the Dispatch sent by MAAC, despite the ongoing arbitration process. On 25 March 2022, the Arbitration Court issued its decision, which, in summary, results in an interpretation of the Concession Agreement, according to which the income resulting from the sale of the aforementioned real estate and which exceeds the global amount of accumulated depreciation must be recognized as income allowed to the concessionaire. In accordance with the interpretation adopted regarding the RND Concession Agreement, the Arbitration Court decided that the amount of 27.9 million Euros, corresponding to the accumulated depreciation of the real estate transferred between 2009 and 2018, by E-REDES, for a total amount of around 52 million Euros. In view of the finality of this arbitration decision, E-REDES recorded in the first half of 2022 an income of 5.3 million Euros, which will be recovered in the 2023 tariffs and which results from the difference between the amount already returned to the tariffs (33.2 million Euros) and the amount that should have been returned in accordance with the arbitration decision (27.9 million Euros). E-Redes acted in a transparent manner and within the framework of regulatory efficiency standards dictated by ERSE itself, as is evident from the values that have always been evidenced in the published Annual Reports and in the Regulated Accounts presented. Sale of the portfolio of Hydroelectric Projects The project for the sale of the portfolio of Hydroelectric Projects located in the Douro basin falls within the scope of EDP's strategic plan for 2019 2022, as presented to the market in March 2019 and reinforced with EDP's Strategic Plan for 2021-2025 presented in February 2021, in particular within the scope of the strategy of portfolio balancing and capital reallocation, as a way to finance new investments, particularly in renewable energy, including in Portugal. The transaction was concluded on 16 December 2020, through the sale of the entire share capital of the company Camirengia Hidroel\u00e9tricos S.A. (\u201cCamirengia\u201d), by its sole shareholder, EDP - Energias de Portugal, S.A. (\"EDP\"), to the company Movhera - Hidroel\u00e9ctricas do Norte, S.A. (previously known as \u00c1guas profundas, S.A., company incorporated in Portugal and therefore resident for tax purposes in Portugal, owned by the consortium formed by GDF International SAS, from ENGIE Group, by 40%, Mirova S.A. by 35% and Predica Prevoyance Dialogue du Credit Agricole, S.A. in 25%). The company Camirengia was incorporated under the simple demerger of EDP - Gest\u00e3o da Produ\u00e7\u00e3o de Energia, S.A. (\"EDP Produ\u00e7\u00e3o\"), under which a complex set of items was carved-out from this company, comprising not only the titles of use of the hydric resources related to the portfolio mentioned above, but also by a multiplicity of assets, liabilities, resources and contractual positions associated and necessary for the development of the exploration activity. From a strictly operational, regulatory, technical and legal point of view, the demerger was the only viable and feasible option to proceed with the detachment of the portfolio, considering its size and complexity. In this sense, EDP followed the only model, the demerger and the subsequent sale of shares, that guaranteed the continuity of operations and the maintenance of all the commitments (including environmental nature and towards the municipalities) necessary for the portfolio normal operation and also to respond to the need of the buyer of acquiring a functional and autonomous company that would ensure the operation of all activity, without disruption, immediately after the sale - which was also required by the regulator. On the other hand, the contractual model used in the implementation of the transaction is fully in line with market standards. After its conclusion, the transaction was subject to media attention, based on the assumption that it constitutes a transfer of concessions and that, therefore, would be subject to Stamp Duty (under paragraph 27.2 of the Stamp Duty General Table). In EDP's view, that assumption is not at all applicable, and Stamp Duty is not due, as the transaction did not entail a transfer of concessions, but rather a demerger followed by the sale of the entire share capital of a company (Camirengia) holding the patrimonial assets assigned to the portfolio, operations that are not subject to Stamp Duty. In this context, on 16 March 2021, the President of the EDP Executive Board of Directors was requested to attend the Environment, Energy and Spatial Planning Commission of the Portuguese Parliament, in order to address the abovementioned transaction, where EDP had the opportunity to clarify all questions addressed by the Members present. In addition, on 1 April 2021, that Commission sent EDP a request for information and questions about the transaction. On 15 April, EDP, committed to contribute to the swift, full and definitive clarification of the questions that were presented, sent to the Portuguese Parliament answers to all the questions raised, and made available all the requested documentation, despite its private and confidential nature, as a testament to the collaborative, transparent and good faith attitude with which EDP has been guiding its relationship with the State and its institutions. In this spirit of collaboration, transparency and good faith in its relationship with the State and its institutions, EDP proactively contacted the Tax Authority, making itself available to clarify the tax aspects of the operation. On 6 July 2021, EDP became aware that DCIAP is investigating the sale of the Douro portfolio, with searches carried out at the premises of EDP and EDP Produ\u00e7\u00e3o. During the diligence, and basing its action on a cooperative posture, all cooperation and assistance was provided to the authorities. EDP scrupulously fulfils all of its obligations, including tax obligations, adopting very strict practices in the technical framework of all issues, having made this transaction under the tax framework applicable, assessing the tax rules in force on the date of the transaction, a framework that was also subject to validation by Opinions requested from reputable tax experts. ",
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"value": "5. Financial risk management policies The military conflict between Russia and Ukraine, which began on 24 February 2022, is having several impacts, namely in the financial markets, due to the volatility it entails, the uncertainty it carries, in a time when Central Banks have been announcing and implementing measures such as the end of asset purchase programs and the hike of interest rates moving away from an accommodative monetary policy which has been in place in the last few years. The Group regularly monitors the financial markets evolution and the market variables to which it has exposure, seeking to mitigate that exposure by maintaining a mix of interest rate with a high percentage of fixed rate, maintaining prudent levels of foreign exchange hedging, choosing carefully its main counterparties favoring high ratings and high levels of liquidity (cash and available credit lines). The Group has adjusted its Financial Risk Management Policies incorporating worst case scenarios sufficiently conservative, therefore adequate to the Group profile. However, given that the duration of the conflict and its global impacts are still unknown, the Group continues to monitor the risks, seeking to anticipate and manage possible additional impacts not currently contemplated. Exchange-rate and interest rate risk management Financial risk management The EDP Group\u2019s business is exposed to a variety of financial risks, including the effect of changes in market prices, foreign exchange and interest rates. The Group\u2019s exposure to financial risks arises essentially from its debt portfolio, its investments and from the volatility of commodity prices, resulting in interest and exchange rate exposures as well as commodity market price exposure. The status and evolution of the financial markets are analysed on an on-going basis in accordance with the Group\u2019s risk management policy. The management of financial risks of EDP, S.A. and other EDP Group entities is undertaken centrally by EDP, S.A., in accordance with policies approved by the Executive Board of Directors. The Financial, the Energy Management and the Risk Management Departments identify, evaluate and submit to the Board, for approval, hedging mechanisms appropriate to each exposure. The Executive Board of Directors is responsible for the definition of general risk management principles and the establishment of exposure limits. As for the subsidiaries of EDP Energias do Brasil, the management of the financial risks inherent to the variation of interest rates, exchange rates and commodities is carried out locally, according to the rules set by EDP Energias do Brasil's Management and aligned with the principles/policies set by EDP Group for this geographical area. Exchange-rate risk management EDP Group operates in different geographies, therefore becoming exposed to exchange rate risk in US Dollar (USD), Brazilian Real (BRL), Polish Zloty (PLN), Romanian Leu (RON), Canadian Dollar (CAD), Pound Sterling (GBP), Hungarian Forint (HUF), Colombian Pesos (COP), Singapore Dollar (SGD) and other asian currencies. Currently, these exposures result essentially from investments of EDP Group in wind parks (and solar) in the USA, Poland, Romania, Canada, United Kingdom, Hungary, Colombia and Singapore. The exposure to Brazilian Real results essentially from investments of EDP Group in EDP Energias do Brasil and EDP Renov\u00e1veis Brasil. The majority of these investments were financed with debt contracted in the respective local currency which allows to mitigate the exchange rate risk related to these assets, and such financing is complemented, in certain cases, with derivatives to hedge exchange-rate risk on net investment. The policy implemented by the EDP Group consists of undertaking derivative financial instruments to hedge exchange rate risk with similar terms to those of the hedged asset or liability. The operations are revalued and monitored throughout their useful lives and, periodically, their effectiveness in controlling and hedging the risk that gave rise to them is assessed. Investments in the Brazilian subsidiaries of EDP Energias do Brasil, whose net assets expressed in Brazilian Real expose EDP Group to the exchange rate risk from its conversion to Euros, are monitored through analysis of the evolution of the BRL/EUR exchange rate. In the hedge relationships, the main source of ineffectiveness is the effect of the counterparties\u2019 and the Group\u2019s own credit risk on the fair value of the forward foreign exchange contracts and cross currency interest rate swaps, which is not reflected in the change in the fair value of the hedged cash flows attributable to the change in exchange rates. Sensitivity analysis - exchange rate Regarding the financial instruments that result in an exchange rate risk exposure, a fluctuation of 10% in the EUR/USD exchange rate, as at 31 December 2022 and 2021, would lead to an increase/(decrease) in the EDP Group results and/or equity as follows: Thousand Euros Dec 2022 Profit or loss Equity +10% -10% +10% -10% USD 9,696 -11,851 -65,279 79,785 Thousand Euros Dec 2021 Profit or loss Equity +10% -10% +10% -10% USD -14,282 17,456 -64,579 78,930 This analysis assumes that all other variables, namely interest rates, remain unchanged. Interest rate risk management The aim of the interest rate risk management policies is to manage the impact on financial charges, from contracted debt, related to the exposure to interest rate risk from market fluctuations. In the floating rate financing context, the EDP Group enters, when considered appropriate, into interest rate derivative financial instruments to hedge the cash flows associated with future interest payments, which have the effect of converting floating interest rate loans into fixed interest rate loans. Long-term debt engaged at fixed rates is, when appropriate, converted into floating rate debt through interest rate derivative financial instruments designed to level them to current and expected market conditions. All the operations are undertaken on liabilities in the EDP Group\u2019s debt portfolio and mainly involve perfect hedges, resulting in a high level of correlation between changes in fair value of the hedging instrument and changes in fair value of the interest rate risk or future cash flows. In the hedge relationships, the main source of ineffectiveness is the effect of the counterparty\u2019s and the Group\u2019s own credit risk on the fair value of the interest rate swaps, which is not reflected in the change in the fair value of the hedged cash flows attributable to the change in interest rates. The EDP Group has a portfolio of interest rate derivatives with maturities up to 17 years. The Group\u2019s Financial Department undertakes sensitivity analyses of the fair value of financial instruments to interest rate fluctuations. As at 31 December 2022, after the hedging effect of the derivatives 75% of the Group's liabilities are at fixed rate. During 2022, the EDP Group also entered into forward-starting interest rate swaps, in EUR and USD, in order to pre-hedge its exposure to the risk of interest rates increasing until the expected refinancing date of its outstanding debt, for the next 2 years. Sensitivity analysis - Interest rates (excluding the Brazilian operations) Based on the Group's debt portfolio, except for Brazil, and the related derivative financial instruments used to hedge the related interest rate risk, a 100 basis points change in the reference interest rates at 31 December 2022 and 2021 would lead to an increase/(decrease) in the EDP Group results and/or equity as follows: Thousand Euros Dec 2022 Profit or loss Equity 100 bp increase 100 bp decrease 100 bp Increase 100 bp decrease Cash flow effect: Hedged debt -10,103 10,103 - - Unhedged debt -8,844 8,844 - - Fair value effect: Cash flow hedging derivatives - - 11,268 -11,268 Trading derivatives (accounting perspective) 68 -68 - - -18,879 18,879 11,268 -11,268 Cash flow effect: Hedged debt -18,682 18,682 - - Unhedged debt -2 2 - - Fair value effect: Cash flow hedging derivatives - - 12,848 -12,848 Trading derivatives (accounting perspective) 5,501 -5,501 - - -13,183 13,183 12,848 -12,848 This analysis assumes that all other variables, namely exchange rates, remain unchanged. Brazil - Exchange and interest rate risk management Stress tests and sensitivity analysis are carried out for purposes of risk management in the Brazilian subsidiaries. Through these two tools, the financial impact in different market scenarios is monitored. For sensitivity analysis, the exposure of portfolio of operations is evaluated through 25% and 50% changes in the main risk factors, currency and interest rates, and the scenario with the highest probability of occurrence is presented (25%). The stress test is performed on the fair value of the operations and uses as premise the interest rate curve projections of the Brazilian basic macroeconomic scenario. Brazil - Sensitivity analysis - exchange rate Three Brazilian subsidiaries are mainly exposed to the USD/BRL exchange rate, arising from USD debt for which the exposure is completely offset by cross currency interest rate swaps. Brazil - Sensitivity analysis - Interest rates Based on the portfolio of operations, a 25% change in the interest rates, to which the Brazilian subsidiaries are exposed to, would have an impact to EDP Energias do Brasil Group in the amount of: Thousand Euros Dec 2022 Dec 2021 + 25% - 25% + 25% - 25% Financial instruments \u2013 assets 24,881 -24,499 11,328 -10,913 Financial instruments \u2013 liabilities -105,539 117,991 -110,495 109,851 Derivative financial instruments -2,686 9,352 -7,580 8,137 -83,344 102,844 -106,747 107,075 Counterparty credit risk management EDP Group\u2019s policy in terms of counterparty risk on financial transactions (see note 2 e)) is managed through an analysis of the technical capacity, competitiveness, credit rating and exposure to each counterparty, avoiding significant concentrations of credit risk. Counterparties in derivative financial instruments are institutions with high credit rating so the risk of counterparty default is not considered to be significant. Therefore, guarantees and other collaterals are not typically required for these transactions. EDP Group has documented its financial operations in accordance with international standards. Derivative financial instruments are mainly contracted under ISDA Master Agreements. The amount receivable from customers is mainly generated by operations in Portugal, Spain and Brazil, with a diversified customer base, both geographically and in terms of segments (business clients, private and public sector) and size (Supply companies, Business to Business (B2B) and Business to Consumer (B2C)). EDP is present in several countries and continents, structured in 4 regional hubs: Europe, Asia-Pacific, North America and South America. It has more than 8.5 million customers in the electricity sector and 0.6 million customers in the gas sector, and usually the contractual relationship with the counterparty tends to be long-lasting. The maximum exposure to customer credit risk by counterparty type is detailed as follows: Thousand Euros Dec 2022 Dec 2021 Corporate and private sector: Supply companies 200 81,366 B2B 496,804 443,937 B2C 425,163 354,586 Other Public sector: Debt with payment agreement 556,939 652,790 1,479,106 1,532,679 1,375 4,059 Debt without payment agreement 160,197 202,896 161,572 206,955 1,640,678 1,739,634 Trade receivables by geographical market for the Group EDP, is as follows: Thousand Euros Dec 2022 Portugal Spain Brazil USA Other Group Corporate and private sector 669,995 315,698 374,164 27,248 92,001 1,479,106 Public sector 34,223 112,988 13,909 - 452 161,572 704,218 428,686 388,073 27,248 92,453 1,640,678 Corporate and private sector 860,518 281,042 350,076 22,287 18,756 1,532,679 Public sector 38,780 149,831 18,034 - 310 206,955 899,298 430,873 368,110 22,287 19,066 1,739,634 The amounts receivable from supply companies are concentrated mainly in Portugal, Brazil and EDP Renov\u00e1veis Group, as follows: - In Portugal, these counterparties present a significantly reduced days sales outstanding, about 20 days, and these entities are subject to the sector regulation that establishes collaterals to reduce credit risk. The collateral provided is updated based on the average of the last quarter monthly sales, which reinforces a low risk profile; - In Brazil, it refers mainly to: (i) the amounts from sale of electricity to wholesale dealers and supply companies, (ii) accounts receivable relating to energy traded in the Electric Energy Trading Chamber - CCEE; and (iii) charges for the electricity network access; - In EDPR EU (Europe) & Latin America platform, main customers are utilities and regulated entities in the different countries. Credit risk is not significant due to the limited average collection period for customer balances and the quality of its debtors. Additional counter-party risk comes from the countries with renewables incentives, which it is usually treated as regulatory risk; - In EDPR NA (North America) platform, main customers are regulated utility companies and regional market agents in the US. As it occurs in Europe, credit risk is not significant due to the limited average collection period for customer balances and the quality of the debtors. However, the exposure due to the mark-to-market of long term contracts may be significant; and - In EDPR APAC (Asia-Pacific) platform, the Group\u2019s main customers are Distributed Generation offtakers and regulated entities in the different markets, namely in Singapore and Vietnam. As it occurs in the other platforms, credit risk from trade receivables is not significant due to same reasons. However, counter-party risk comes from countries with renewables incentives through regulated tariffs, which it is usually treated as regulatory risk. Exposure in all markets EDPR operates is managed by a detailed assessment of the counter-party before signing any long term agreement and by a requirement of collaterals when financial soundness of the counterparty deteriorates. Regarding the remaining receivables from companies and individual customers, resulting from the current activity of EDP Group, the credit risk is essentially the result of customers defaults, whose exposure is limited to the supply made until the possible date of supply disruption. A very criterious credit risk analysis made for new costumers, as well as the large number of customers and their diversity in terms of sectors of activity are some of the main factors that mitigate the concentration of counterparty credit risk. Amounts receivable from public sector customers include amounts receivable from renegotiated debt with payment agreements, which, as the counterparty is a public entity and has already recognised the debt through payment protocols, present a lower risk. These amounts also include debt without payment agreements arising from the normal power supply activity similar to that described for the corporate and individual sector. In accordance with accounting policies - note 2 e), impairment losses are determined using the simplified approach precluded in IFRS 9, based on life time expected losses. Regarding third-party receivables generated by the Group\u2019s day-to-day business, the credit risk arises essentially from customers default, whose exposure is limited to the Low Tension Electricity supplied with usual delays in payments. The very criterious credit risk analysis made for new costumers, as well as the large number of customers and their diversity in terms of sectors of activity are some of the main factors that mitigate the concentration of counterparty credit risk. EDP Group believes that the amount that best represents the Group's exposure to credit risk corresponds to the carrying amount of customers and of Contract assets related to energy sales net of the impairment losses recognised. The Group believes that the credit quality of these receivables is adequate and that no significant impaired credits exist that have not been recognised as such and provided for. As at 31 December 2022, in accordance with the methodology for determining impairment losses on amounts receivable from the electric sector, no impairment loss has been booked. The risk levels for amounts receivable from the electric sector have been considered to be the same as the country risk levels for Brazil, Portugal and Spain, which have high credit ratings. The maximum exposure to credit risk of Contract assets related to energy sales and Amounts receivable from the electric sector is as follows: Thousand Euros Dec 2022 Dec 2021 Contract assets related to energy sales: Contract assets receivable from energy sales contracts 1,449,960 1,727,613 Amounts receivable from the electric sector: Amounts receivable from tariff adjustments - Electricity (see note 26) 1,449,960 1,727,613 483,217 860,661 Amounts receivable relating to CMEC (see note 26) 603,475 657,734 Amounts receivable from concessions - IFRIC 12 (see note 26) 1,966,939 1,208,888 3,053,631 2,727,283 4,503,591 4,454,896 Liquidity risk management The EDP Group undertakes management of liquidity risk through the engagement and maintenance of credit lines and financing facilities, with a firm underwriting commitment with international reliable financial institutions, as well as term deposits, allowing immediate access to funds. These credit lines are used to complement and backup national and international commercial paper programmes, allowing the EDP Group\u2019s short-term financing sources to be diversified (see note 34). Considering the military conflict between Russia and Ukraine, the Group assessed the potential impacts on additional liquidity needs, having concluded that the current Liquidity Risk Management Policy remains adequate. The table below shows the contractual undiscounted cash flows and the estimated interests due, computed using the rates available at 31 December 2022: Thousand Euros Dec 2023 Dec 2024 Dec 2025 Dec 2026 Dec 2027 Following years Total Bank loans 618,171 374,238 100,048 72,687 68,154 640,133 1,873,431 Bond loans 1,997,899 2,397,141 1,896,292 2,109,361 1,783,624 2,806,824 12,991,141 Hybrid bond 726,552 - - - - 3,077,200 3,803,752 Commercial paper 870,413 104,685 391,345 51,480 42,784 - 1,460,707 Other loans 4,227 2,627 1,784 2,057 1,826 27,812 40,333 Interest payments (i) 657,305 663,953 482,327 367,345 281,449 602,725 3,055,104 4,874,567 3,542,644 2,871,796 2,602,930 2,177,837 7,154,694 23,224,468 The table below shows the contractual undiscounted cash flows and the estimated interests due, computed using the rates available at 31 December 2021: Thousand Euros Dec 2022 Dec 2023 Dec 2024 Dec 2025 Dec 2026 Following years Total Bank loans 238,385 212,429 116,702 85,009 51,145 578,049 1,281,719 Bond loans 1,227,879 1,777,840 2,221,977 1,774,009 2,040,793 2,262,749 11,305,247 Hybrid bond 48,081 - - - - 3,750,000 3,798,081 Commercial paper 2,769 154,796 47,543 320,060 - - 525,168 Other loans 2,504 1,202 1,011 1,031 1,052 21,836 28,636 Interest payments (i) 404,148 559,603 472,657 292,542 192,802 545,187 2,466,939 1,923,766 2,705,870 2,859,890 2,472,651 2,285,792 7,157,821 19,405,790 (i) The coupons of the hybrid bonds were included taking into consideration the earliest possible call date. Energy market risk management Energy market risk management (excluding the Brazilian operations) In the sphere of its operations in the Iberian market for both electricity and gas, EDP Group purchases fossil fuels to generate electric energy which is sold in organized markets (OMIE and OMIP) as well as to third parties or, in the gas business, sells natural gas to clients either through EDP Group\u2019s trading companies or directly to third parties. As a result, the Group is fully exposed to energy market risks. As a result of its energy management operations, EDP Group has a portfolio of operations related to electricity and gas businesses. The portfolio is managed through the engagement of operations with financial and physical settlement on the forward energy markets. The objective of the operations is to reduce volatility of the financial impact resulting from the managed positions and to benefit from arbitration or positioning within the trading limits approved by the Executive Board of Directors. The financial instruments traded include swaps (electricity, coal and gas) and futures to fix prices. In the hedge relationships, the main source of ineffectiveness is the effect of the counterparty\u2019s and the Group\u2019s own credit risk on the fair value of the derivative financial derivatives, which is not reflected in the change in the fair value of the hedged cash flows attributable to the change in market prices. Energy management activity is subject to a series of variables which are identified and classified based on their common uncertainty characteristics (or risk). Such risks include market price evolution risk (electricity and fuel) with impact in the expected energy volume generated, as well as credit risk of the counterparties. Monitoring the price, volume and credit risks includes their quantification in terms of positions at risk which can be adjusted through market operations. This quantification is made by using specific models that value positions to determine the maximum loss that can be incurred, with a given probability and a determined time frame. Risks are managed in accordance with the strategies defined by the Executive Board of Directors, which are subject to a periodic review based on the evolution of the operations, to change the profile of the positions and adjust them to the established management objectives. Risks are monitored by means of a series of actions involving daily monitoring of the different risk indicators, of the operations grouped in the systems and the prudence limits defined by management area and risk component, as well as regular backtesting and supplementary validation of the models and assumptions used. This monitoring not only ensures the effectiveness of the strategies implemented, but also provides elements to enable initiatives to be taken to correct them, if necessary. The main price and volume risk indicator used is the margin at risk (P@R), which estimates the impact of the variation of the different risk factors (price of electricity and hydrological) on the next 24 month\u2019s margin, P@R corresponding to the difference between an expected margin and a margin of a pessimistic scenario with a probability to occur of 5% (confidence interval of 95%) considering a time frame of 2 months. Both the volumes which are certain and those, which although uncertain, are expected, namely production of the plants and the corresponding consumption of fuel, are considered. The P@R distribution by business segment is as follows: Thousand Euros P@R Distribution by business segment Dec 2022 Dec 2021 Business Electricity Portfolio Trading 50,483 2,391 Electricity Trading + Hedging 342,309 369,883 Gas Hedging 120,588 77,363 Diversification effect -93,380 -17,505 420,000 432,131 Regarding credit risk, the quantification of exposure considers the amount and type of transaction (e.g. swap or forward), the rating of the counterparty risk that depends on the probability of default and the expected value of credit to recover, which varies depending on the guarantees received or the existence of netting agreements. The EDP Group's exposure to credit risk rating is as follows: Dec 2022 Dec 2021 Credit risk rating (S&P) A+ to A- 22.45% 47.53% BBB+ to BBB- 49.88% 34.70% No rating assigned 27.67% 17.77% 100.00% 100.00% Brazil - Energy market risk management Arising from the energy trading activity in Brazil, EDP Trading Comercializa\u00e7\u00e3o e Servi\u00e7os de Energia, S.A. and EDP Smart Energia Lda. are exposed to market price risk associated with future commitments, resulting from bilateral contracts for the purchase and sale of energy. At reporting date, the result of future commitment contracts is determined as the differential, for each maturity term, between the prices of the bilateral contracts for the purchase and sale of energy and their mark-to-market valuation using forward price curves. The result of future commitment contracts presents volatility associated with energy price fluctuation, generating market price risk. The management of market price risk is carried out through the determination and daily monitoring of the risk respecting the limits approved by the Management of EDP Brazil, and framed within the Risk Management Policy of the EDP Group, for the purchase and sale of energy using a methodology established in the Energy Risk Policy. The methodology adopted is a VaR (Value at Risk) with 95% confidence that considers a forward curve of market prices, the exposure of the portfolio (difference between purchase and sell) and the volatility and liquidity observed in the free market for each period. For sensitivity analysis, the exposure of portfolio of operations is evaluated through 25% and 50% changes in the forward curve of market energy prices. Below shows the scenario with the highest probability of occurrence (25%). Thousand Euros Dec 20 22 Dec 2021 + 25% - 25% + 25% - 25% Differences Settlement Price \u2013 PLD -4,251 3,561 -1,795 1,795 ",
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"f30370": {
"value": "Exchange-rate and interest rate risk management Financial risk management The EDP Group\u2019s business is exposed to a variety of financial risks, including the effect of changes in market prices, foreign exchange and interest rates. The Group\u2019s exposure to financial risks arises essentially from its debt portfolio, its investments and from the volatility of commodity prices, resulting in interest and exchange rate exposures as well as commodity market price exposure. The status and evolution of the financial markets are analysed on an on-going basis in accordance with the Group\u2019s risk management policy. The management of financial risks of EDP, S.A. and other EDP Group entities is undertaken centrally by EDP, S.A., in accordance with policies approved by the Executive Board of Directors. The Financial, the Energy Management and the Risk Management Departments identify, evaluate and submit to the Board, for approval, hedging mechanisms appropriate to each exposure. The Executive Board of Directors is responsible for the definition of general risk management principles and the establishment of exposure limits. As for the subsidiaries of EDP Energias do Brasil, the management of the financial risks inherent to the variation of interest rates, exchange rates and commodities is carried out locally, according to the rules set by EDP Energias do Brasil's Management and aligned with the principles/policies set by EDP Group for this geographical area. Exchange-rate risk management EDP Group operates in different geographies, therefore becoming exposed to exchange rate risk in US Dollar (USD), Brazilian Real (BRL), Polish Zloty (PLN), Romanian Leu (RON), Canadian Dollar (CAD), Pound Sterling (GBP), Hungarian Forint (HUF), Colombian Pesos (COP), Singapore Dollar (SGD) and other asian currencies. Currently, these exposures result essentially from investments of EDP Group in wind parks (and solar) in the USA, Poland, Romania, Canada, United Kingdom, Hungary, Colombia and Singapore. The exposure to Brazilian Real results essentially from investments of EDP Group in EDP Energias do Brasil and EDP Renov\u00e1veis Brasil. The majority of these investments were financed with debt contracted in the respective local currency which allows to mitigate the exchange rate risk related to these assets, and such financing is complemented, in certain cases, with derivatives to hedge exchange-rate risk on net investment. The policy implemented by the EDP Group consists of undertaking derivative financial instruments to hedge exchange rate risk with similar terms to those of the hedged asset or liability. The operations are revalued and monitored throughout their useful lives and, periodically, their effectiveness in controlling and hedging the risk that gave rise to them is assessed. Investments in the Brazilian subsidiaries of EDP Energias do Brasil, whose net assets expressed in Brazilian Real expose EDP Group to the exchange rate risk from its conversion to Euros, are monitored through analysis of the evolution of the BRL/EUR exchange rate. In the hedge relationships, the main source of ineffectiveness is the effect of the counterparties\u2019 and the Group\u2019s own credit risk on the fair value of the forward foreign exchange contracts and cross currency interest rate swaps, which is not reflected in the change in the fair value of the hedged cash flows attributable to the change in exchange rates. Sensitivity analysis - exchange rate Regarding the financial instruments that result in an exchange rate risk exposure, a fluctuation of 10% in the EUR/USD exchange rate, as at 31 December 2022 and 2021, would lead to an increase/(decrease) in the EDP Group results and/or equity as follows: Thousand Euros Dec 2022 Profit or loss Equity +10% -10% +10% -10% USD 9,696 -11,851 -65,279 79,785 Thousand Euros Dec 2021 Profit or loss Equity +10% -10% +10% -10% USD -14,282 17,456 -64,579 78,930 This analysis assumes that all other variables, namely interest rates, remain unchanged. Interest rate risk management The aim of the interest rate risk management policies is to manage the impact on financial charges, from contracted debt, related to the exposure to interest rate risk from market fluctuations. In the floating rate financing context, the EDP Group enters, when considered appropriate, into interest rate derivative financial instruments to hedge the cash flows associated with future interest payments, which have the effect of converting floating interest rate loans into fixed interest rate loans. Long-term debt engaged at fixed rates is, when appropriate, converted into floating rate debt through interest rate derivative financial instruments designed to level them to current and expected market conditions. All the operations are undertaken on liabilities in the EDP Group\u2019s debt portfolio and mainly involve perfect hedges, resulting in a high level of correlation between changes in fair value of the hedging instrument and changes in fair value of the interest rate risk or future cash flows. In the hedge relationships, the main source of ineffectiveness is the effect of the counterparty\u2019s and the Group\u2019s own credit risk on the fair value of the interest rate swaps, which is not reflected in the change in the fair value of the hedged cash flows attributable to the change in interest rates. The EDP Group has a portfolio of interest rate derivatives with maturities up to 17 years. The Group\u2019s Financial Department undertakes sensitivity analyses of the fair value of financial instruments to interest rate fluctuations. As at 31 December 2022, after the hedging effect of the derivatives 75% of the Group's liabilities are at fixed rate. During 2022, the EDP Group also entered into forward-starting interest rate swaps, in EUR and USD, in order to pre-hedge its exposure to the risk of interest rates increasing until the expected refinancing date of its outstanding debt, for the next 2 years. Sensitivity analysis - Interest rates (excluding the Brazilian operations) Based on the Group's debt portfolio, except for Brazil, and the related derivative financial instruments used to hedge the related interest rate risk, a 100 basis points change in the reference interest rates at 31 December 2022 and 2021 would lead to an increase/(decrease) in the EDP Group results and/or equity as follows: Thousand Euros Dec 2022 Profit or loss Equity 100 bp increase 100 bp decrease 100 bp Increase 100 bp decrease Cash flow effect: Hedged debt -10,103 10,103 - - Unhedged debt -8,844 8,844 - - Fair value effect: Cash flow hedging derivatives - - 11,268 -11,268 Trading derivatives (accounting perspective) 68 -68 - - -18,879 18,879 11,268 -11,268 Cash flow effect: Hedged debt -18,682 18,682 - - Unhedged debt -2 2 - - Fair value effect: Cash flow hedging derivatives - - 12,848 -12,848 Trading derivatives (accounting perspective) 5,501 -5,501 - - -13,183 13,183 12,848 -12,848 This analysis assumes that all other variables, namely exchange rates, remain unchanged. Brazil - Exchange and interest rate risk management Stress tests and sensitivity analysis are carried out for purposes of risk management in the Brazilian subsidiaries. Through these two tools, the financial impact in different market scenarios is monitored. For sensitivity analysis, the exposure of portfolio of operations is evaluated through 25% and 50% changes in the main risk factors, currency and interest rates, and the scenario with the highest probability of occurrence is presented (25%). The stress test is performed on the fair value of the operations and uses as premise the interest rate curve projections of the Brazilian basic macroeconomic scenario. Brazil - Sensitivity analysis - exchange rate Three Brazilian subsidiaries are mainly exposed to the USD/BRL exchange rate, arising from USD debt for which the exposure is completely offset by cross currency interest rate swaps. Brazil - Sensitivity analysis - Interest rates Based on the portfolio of operations, a 25% change in the interest rates, to which the Brazilian subsidiaries are exposed to, would have an impact to EDP Energias do Brasil Group in the amount of: Thousand Euros Dec 2022 Dec 2021 + 25% - 25% + 25% - 25% Financial instruments \u2013 assets 24,881 -24,499 11,328 -10,913 Financial instruments \u2013 liabilities -105,539 117,991 -110,495 109,851 Derivative financial instruments -2,686 9,352 -7,580 8,137 -83,344 102,844 -106,747 107,075 Energy market risk management Energy market risk management (excluding the Brazilian operations) In the sphere of its operations in the Iberian market for both electricity and gas, EDP Group purchases fossil fuels to generate electric energy which is sold in organized markets (OMIE and OMIP) as well as to third parties or, in the gas business, sells natural gas to clients either through EDP Group\u2019s trading companies or directly to third parties. As a result, the Group is fully exposed to energy market risks. As a result of its energy management operations, EDP Group has a portfolio of operations related to electricity and gas businesses. The portfolio is managed through the engagement of operations with financial and physical settlement on the forward energy markets. The objective of the operations is to reduce volatility of the financial impact resulting from the managed positions and to benefit from arbitration or positioning within the trading limits approved by the Executive Board of Directors. The financial instruments traded include swaps (electricity, coal and gas) and futures to fix prices. In the hedge relationships, the main source of ineffectiveness is the effect of the counterparty\u2019s and the Group\u2019s own credit risk on the fair value of the derivative financial derivatives, which is not reflected in the change in the fair value of the hedged cash flows attributable to the change in market prices. Energy management activity is subject to a series of variables which are identified and classified based on their common uncertainty characteristics (or risk). Such risks include market price evolution risk (electricity and fuel) with impact in the expected energy volume generated, as well as credit risk of the counterparties. Monitoring the price, volume and credit risks includes their quantification in terms of positions at risk which can be adjusted through market operations. This quantification is made by using specific models that value positions to determine the maximum loss that can be incurred, with a given probability and a determined time frame. Risks are managed in accordance with the strategies defined by the Executive Board of Directors, which are subject to a periodic review based on the evolution of the operations, to change the profile of the positions and adjust them to the established management objectives. Risks are monitored by means of a series of actions involving daily monitoring of the different risk indicators, of the operations grouped in the systems and the prudence limits defined by management area and risk component, as well as regular backtesting and supplementary validation of the models and assumptions used. This monitoring not only ensures the effectiveness of the strategies implemented, but also provides elements to enable initiatives to be taken to correct them, if necessary. The main price and volume risk indicator used is the margin at risk (P@R), which estimates the impact of the variation of the different risk factors (price of electricity and hydrological) on the next 24 month\u2019s margin, P@R corresponding to the difference between an expected margin and a margin of a pessimistic scenario with a probability to occur of 5% (confidence interval of 95%) considering a time frame of 2 months. Both the volumes which are certain and those, which although uncertain, are expected, namely production of the plants and the corresponding consumption of fuel, are considered. The P@R distribution by business segment is as follows: Thousand Euros P@R Distribution by business segment Dec 2022 Dec 2021 Business Electricity Portfolio Trading 50,483 2,391 Electricity Trading + Hedging 342,309 369,883 Gas Hedging 120,588 77,363 Diversification effect -93,380 -17,505 420,000 432,131 Regarding credit risk, the quantification of exposure considers the amount and type of transaction (e.g. swap or forward), the rating of the counterparty risk that depends on the probability of default and the expected value of credit to recover, which varies depending on the guarantees received or the existence of netting agreements. The EDP Group's exposure to credit risk rating is as follows: Dec 2022 Dec 2021 Credit risk rating (S&P) A+ to A- 22.45% 47.53% BBB+ to BBB- 49.88% 34.70% No rating assigned 27.67% 17.77% 100.00% 100.00% Brazil - Energy market risk management Arising from the energy trading activity in Brazil, EDP Trading Comercializa\u00e7\u00e3o e Servi\u00e7os de Energia, S.A. and EDP Smart Energia Lda. are exposed to market price risk associated with future commitments, resulting from bilateral contracts for the purchase and sale of energy. At reporting date, the result of future commitment contracts is determined as the differential, for each maturity term, between the prices of the bilateral contracts for the purchase and sale of energy and their mark-to-market valuation using forward price curves. The result of future commitment contracts presents volatility associated with energy price fluctuation, generating market price risk. The management of market price risk is carried out through the determination and daily monitoring of the risk respecting the limits approved by the Management of EDP Brazil, and framed within the Risk Management Policy of the EDP Group, for the purchase and sale of energy using a methodology established in the Energy Risk Policy. The methodology adopted is a VaR (Value at Risk) with 95% confidence that considers a forward curve of market prices, the exposure of the portfolio (difference between purchase and sell) and the volatility and liquidity observed in the free market for each period. For sensitivity analysis, the exposure of portfolio of operations is evaluated through 25% and 50% changes in the forward curve of market energy prices. Below shows the scenario with the highest probability of occurrence (25%). Thousand Euros Dec 20 22 Dec 2021 + 25% - 25% + 25% - 25% Differences Settlement Price \u2013 PLD -4,251 3,561 -1,795 1,795 ",
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"f30619": {
"value": "Counterparty credit risk management EDP Group\u2019s policy in terms of counterparty risk on financial transactions (see note 2 e)) is managed through an analysis of the technical capacity, competitiveness, credit rating and exposure to each counterparty, avoiding significant concentrations of credit risk. Counterparties in derivative financial instruments are institutions with high credit rating so the risk of counterparty default is not considered to be significant. Therefore, guarantees and other collaterals are not typically required for these transactions. EDP Group has documented its financial operations in accordance with international standards. Derivative financial instruments are mainly contracted under ISDA Master Agreements. The amount receivable from customers is mainly generated by operations in Portugal, Spain and Brazil, with a diversified customer base, both geographically and in terms of segments (business clients, private and public sector) and size (Supply companies, Business to Business (B2B) and Business to Consumer (B2C)). EDP is present in several countries and continents, structured in 4 regional hubs: Europe, Asia-Pacific, North America and South America. It has more than 8.5 million customers in the electricity sector and 0.6 million customers in the gas sector, and usually the contractual relationship with the counterparty tends to be long-lasting. The maximum exposure to customer credit risk by counterparty type is detailed as follows: Thousand Euros Dec 2022 Dec 2021 Corporate and private sector: Supply companies 200 81,366 B2B 496,804 443,937 B2C 425,163 354,586 Other Public sector: Debt with payment agreement 556,939 652,790 1,479,106 1,532,679 1,375 4,059 Debt without payment agreement 160,197 202,896 161,572 206,955 1,640,678 1,739,634 Trade receivables by geographical market for the Group EDP, is as follows: Thousand Euros Dec 2022 Portugal Spain Brazil USA Other Group Corporate and private sector 669,995 315,698 374,164 27,248 92,001 1,479,106 Public sector 34,223 112,988 13,909 - 452 161,572 704,218 428,686 388,073 27,248 92,453 1,640,678 Corporate and private sector 860,518 281,042 350,076 22,287 18,756 1,532,679 Public sector 38,780 149,831 18,034 - 310 206,955 899,298 430,873 368,110 22,287 19,066 1,739,634 The amounts receivable from supply companies are concentrated mainly in Portugal, Brazil and EDP Renov\u00e1veis Group, as follows: - In Portugal, these counterparties present a significantly reduced days sales outstanding, about 20 days, and these entities are subject to the sector regulation that establishes collaterals to reduce credit risk. The collateral provided is updated based on the average of the last quarter monthly sales, which reinforces a low risk profile; - In Brazil, it refers mainly to: (i) the amounts from sale of electricity to wholesale dealers and supply companies, (ii) accounts receivable relating to energy traded in the Electric Energy Trading Chamber - CCEE; and (iii) charges for the electricity network access; - In EDPR EU (Europe) & Latin America platform, main customers are utilities and regulated entities in the different countries. Credit risk is not significant due to the limited average collection period for customer balances and the quality of its debtors. Additional counter-party risk comes from the countries with renewables incentives, which it is usually treated as regulatory risk; - In EDPR NA (North America) platform, main customers are regulated utility companies and regional market agents in the US. As it occurs in Europe, credit risk is not significant due to the limited average collection period for customer balances and the quality of the debtors. However, the exposure due to the mark-to-market of long term contracts may be significant; and - In EDPR APAC (Asia-Pacific) platform, the Group\u2019s main customers are Distributed Generation offtakers and regulated entities in the different markets, namely in Singapore and Vietnam. As it occurs in the other platforms, credit risk from trade receivables is not significant due to same reasons. However, counter-party risk comes from countries with renewables incentives through regulated tariffs, which it is usually treated as regulatory risk. Exposure in all markets EDPR operates is managed by a detailed assessment of the counter-party before signing any long term agreement and by a requirement of collaterals when financial soundness of the counterparty deteriorates. Regarding the remaining receivables from companies and individual customers, resulting from the current activity of EDP Group, the credit risk is essentially the result of customers defaults, whose exposure is limited to the supply made until the possible date of supply disruption. A very criterious credit risk analysis made for new costumers, as well as the large number of customers and their diversity in terms of sectors of activity are some of the main factors that mitigate the concentration of counterparty credit risk. Amounts receivable from public sector customers include amounts receivable from renegotiated debt with payment agreements, which, as the counterparty is a public entity and has already recognised the debt through payment protocols, present a lower risk. These amounts also include debt without payment agreements arising from the normal power supply activity similar to that described for the corporate and individual sector. In accordance with accounting policies - note 2 e), impairment losses are determined using the simplified approach precluded in IFRS 9, based on life time expected losses. Regarding third-party receivables generated by the Group\u2019s day-to-day business, the credit risk arises essentially from customers default, whose exposure is limited to the Low Tension Electricity supplied with usual delays in payments. The very criterious credit risk analysis made for new costumers, as well as the large number of customers and their diversity in terms of sectors of activity are some of the main factors that mitigate the concentration of counterparty credit risk. EDP Group believes that the amount that best represents the Group's exposure to credit risk corresponds to the carrying amount of customers and of Contract assets related to energy sales net of the impairment losses recognised. The Group believes that the credit quality of these receivables is adequate and that no significant impaired credits exist that have not been recognised as such and provided for. As at 31 December 2022, in accordance with the methodology for determining impairment losses on amounts receivable from the electric sector, no impairment loss has been booked. The risk levels for amounts receivable from the electric sector have been considered to be the same as the country risk levels for Brazil, Portugal and Spain, which have high credit ratings. The maximum exposure to credit risk of Contract assets related to energy sales and Amounts receivable from the electric sector is as follows: Thousand Euros Dec 2022 Dec 2021 Contract assets related to energy sales: Contract assets receivable from energy sales contracts 1,449,960 1,727,613 Amounts receivable from the electric sector: Amounts receivable from tariff adjustments - Electricity (see note 26) 1,449,960 1,727,613 483,217 860,661 Amounts receivable relating to CMEC (see note 26) 603,475 657,734 Amounts receivable from concessions - IFRIC 12 (see note 26) 1,966,939 1,208,888 3,053,631 2,727,283 4,503,591 4,454,896 ",
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"f30807": {
"value": "Liquidity risk management The EDP Group undertakes management of liquidity risk through the engagement and maintenance of credit lines and financing facilities, with a firm underwriting commitment with international reliable financial institutions, as well as term deposits, allowing immediate access to funds. These credit lines are used to complement and backup national and international commercial paper programmes, allowing the EDP Group\u2019s short-term financing sources to be diversified (see note 34). Considering the military conflict between Russia and Ukraine, the Group assessed the potential impacts on additional liquidity needs, having concluded that the current Liquidity Risk Management Policy remains adequate. The table below shows the contractual undiscounted cash flows and the estimated interests due, computed using the rates available at 31 December 2022: Thousand Euros Dec 2023 Dec 2024 Dec 2025 Dec 2026 Dec 2027 Following years Total Bank loans 618,171 374,238 100,048 72,687 68,154 640,133 1,873,431 Bond loans 1,997,899 2,397,141 1,896,292 2,109,361 1,783,624 2,806,824 12,991,141 Hybrid bond 726,552 - - - - 3,077,200 3,803,752 Commercial paper 870,413 104,685 391,345 51,480 42,784 - 1,460,707 Other loans 4,227 2,627 1,784 2,057 1,826 27,812 40,333 Interest payments (i) 657,305 663,953 482,327 367,345 281,449 602,725 3,055,104 4,874,567 3,542,644 2,871,796 2,602,930 2,177,837 7,154,694 23,224,468 The table below shows the contractual undiscounted cash flows and the estimated interests due, computed using the rates available at 31 December 2021: Thousand Euros Dec 2022 Dec 2023 Dec 2024 Dec 2025 Dec 2026 Following years Total Bank loans 238,385 212,429 116,702 85,009 51,145 578,049 1,281,719 Bond loans 1,227,879 1,777,840 2,221,977 1,774,009 2,040,793 2,262,749 11,305,247 Hybrid bond 48,081 - - - - 3,750,000 3,798,081 Commercial paper 2,769 154,796 47,543 320,060 - - 525,168 Other loans 2,504 1,202 1,011 1,031 1,052 21,836 28,636 Interest payments (i) 404,148 559,603 472,657 292,542 192,802 545,187 2,466,939 1,923,766 2,705,870 2,859,890 2,472,651 2,285,792 7,157,821 19,405,790 (i) The coupons of the hybrid bonds were included taking into consideration the earliest possible call date. ",
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"f31077": {
"value": "Capital management EDP is not an entity subject to regulation in terms of capital or solvency ratios. Therefore, capital management is carried out within the financial risk management process of the entity. Additionally, management describes this aspect of its strategic objectives, policies and processes to manage risks, including the financial risks, in the chapters of the Annual Report of 2022: Part I - 02 Strategic Approach 2.3 Risk Management: Key Risks - Financial; Risk Appetite - Financial; and 2.4.Strategic Guidelines Compliance - Sustainable Financial Leveraging. Part III - Corporate Governance 53 The main types of economic, financial and legal risk - Financial risks. The Group\u2019s goal in managing capital is to safeguard the Group\u2019s capacity to continue operating as a going concern, grow steadily to meet established objectives and maintain an optimum capital structure to reduce equity cost. In conformity with other groups operating in this sector, the Group controls its financing structure based on several control mechanisms and ratios. ",
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"f31109": {
"value": "6. Consolidation perimeter During the year of 2022, the following changes occurred in the EDP Group consolidation perimeter: Companies acquired: The following acquisitions were classified as asset purchases, out of scope of IFRS 3 \u2013 Business Combinations, due to the substance of these transactions, the type of assets acquired and the very early stage of the projects: Acquiring company Acquired company Acquired % Obs. Central Geradora Fotovoltaica Zebu Ltda. 100% EDP Renov\u00e1veis Brasil, S.A. Solar Barra I to IV, S.A. (4 companies) 100% E\u00f3lica Barra I to XI, S.A. (11 companies) 100% Central Solar Presidente JK I, S.A. 100% Szabadsolar, Kft. 100% Sunglare Capture, Kft. 100% Sunglare Expert, Kft. 100% EDP Renewables Europe, S.L.U. Napenergia, Kft. 100% Aeolos Evias Energiaki, M.A.E. 100% Fravezac, S.R.L. 100% EDP Renewables Germany GmbH 100% Farma Fotowoltaiczna Radziej\u00f3w, Sp. z o.o. 100% Farma Fotowoltaiczna Ujazd, Sp. z o.o. 100% Farma Fotowoltaiczna Warta, Sp. z o.o. 100% EDP Renewables Polska, Sp. z o.o. Farma Fotowoltaiczna Wielkopolska, Sp. z o.o. 100% Farma Fotowoltaiczna Budzyn, Sp. z o.o. 100% Farma Fotowoltaiczna Dobrzyca, Sp. z o.o. 100% Farma Fotowoltaiczna Tomasz\u00f3w, Sp. z o.o. 100% EDP Comercial - Comercializa\u00e7\u00e3o de Energia, S.A. Youco F22-H416 Vorrats-GmbH 100% EDP Renov\u00e1veis, S.A. Parque Solar Fotovoltaico El Copey, S.A.S. E.S.P. 100% Solar Italy I, II and IV, S.r.l. 100% EDP Renewables Italia Holding, S.R.L. Solar Italy I 100% Solar Italy II, S.r.l. 100% Solar Italy IV, S.r.l. 100% Rocio Hive, S.L., Palma Hive, S.L. and Pedregal Hive, S.L. 100% EDP Renovables Espa\u00f1a, S.L.U. Rocio Hive, S.L. 100% Palma Hive, S.L. 100% Pedregal Hive, S.L. 100% DKT Energy Investment Company Ltd (including 12 subsidiaries) 100% Long Dai Phat Investment Company Ltd (including 7 subsidiaries) 100% Dongguan Jiehuang New Energy Technology Co., Ltd. 100% Heze Dechen New Energy Co., Ltd. 100% Hubei Jianghui New Energy Co., Ltd. 100% Qinghe County Xinou Funeng New Energy Technology Co., Ltd. 100% Wuhan Panshuo Energy Technology Co., Ltd. 100% Tianjin Xingrun Energy Development Co., Ltd. 100% Sunseap Group Pte. Ltd. Wuxi Lingzhong New Energy Technology Co., Ltd. 100% Suzhou Xingyi Energy Engineering Co., Ltd. 100% Tianjin Xingsheng Energy Development Co., Ltd. 100% Weihai Deao New Energy Technology Co., Ltd. 100% Zhenjiang Ruichengda New Energy Co., Ltd. 100% Yancheng Qingneng Power Technology Co., Ltd. 100% Thai-Sunseap Co., Ltd. (including 2 subsidiaries) 18% (1) PT Right People Renewable Energy 100% Suzhou Liansong New Energy Technology Co., Ltd. 100% Chongqing Xingzhi New Energy Technology Co., Ltd. 100% 23 companies in North America 100% (1) Sunseap Group Pte. Ltd. acquired a 18% stake in the company Thai Sunseap, in which it already held a 49% stake, increasing the participation in this company to a 67% stake and obtaining control over the company. Additionally, the following companies were acquired in the scope of IFRS 3 \u2013 Business Combinations: \u25cf EDP Energias do Brasil, S.A. acquired 99.99% of Celg Transmiss\u00e3o, later renamed EDP Transmiss\u00e3o Goi\u00e1s S.A., for a value of 2,114 million Brazilian Reais (375 million Euros). With reference to the acquisition date, the book value of net assets in this portfolio amounted to 1,071 million Brazilian Reais (170 million Euros) and the assets purchase price allocation exercise has been carried out in accordance with the external valuation report issued (see notes 18 and 49); \u25cf In the first quarter of 2022, EDP Renov\u00e1veis, S.A. acquired a 91.4% stake in a distributed solar generation portfolio, Sunseap Group Pte. Ltd., located in Southeast Asia, that allows EDP to set up to 10 GW of solar projects, for a value of 659,658 thousand Euros. In addition, during the second quarter of 2022, through a capital increase, EDP Renov\u00e1veis, S.A. increased its stake in the acquired company to 92.28%. In the third quarter of 2022, as a result of the put options agreed between the parties, the remaining stake in Sunseap Group Pte. Ltd. has been recognised and the stake held by EDP Renov\u00e1veis, S.A. in this company increased to 100%. A liability in the amount of 56,442 thousand Euros, corresponding to the options exercise price, has been recognised (see note 39). With reference to the acquisition date, the book value of net assets of this portfolio amounted to 136,085 thousand Euros and the assets purchase price allocation exercise has been carried out in accordance with their fair value valuation (see notes 19 and 49); \u25cf In the third quarter of 2022, Sunseap Group Pte. Ltd. acquired from Xuan Thien Group a 99.99% stake in the companies Xuan Thien Ninh Thuan JSC and Xuan Thien Thuan Bac JSC, which own operating solar PV projects located in Southeast Asia, for an amount of 202,298 thousand Euros, which includes 41,288 thousand Euros recognised as contingent price (see note 39). With reference to the acquisition date, the book value of the net assets of this portfolio amounted to 80,263 thousand Euros and the assets purchase price allocation exercise has been carried out in accordance with their fair value valuation (see notes 19 and 49); \u25cf In the fourth quarter of 2022, EDP Renewables Europe, S.L.U. acquired a 100% stake in Kronos Solar Projects GmbH. and its subsidiaries, a solar generation portfolio with 9,4GW under development located in Germany, Netherlands, France and UK, for an amount of 663,030 thousand Euros. This amount includes 341,996 thousand Euros related to put options and 71,035 thousand Euros corresponding to the payable success fees estimation (see note 39). With reference to the acquisition date, the book value of the net assets of this portfolio amounted to 11,373 thousand Euros (see notes 19 and 49); \u25cf EDP Energia Polska acquired 100% of the companies SOON Energy Polska sp z.o.o. and Zielona-Energia (see note 19); \u25cf Hidroel\u00e9ctrica do Guadiana, S.A. acquired 100% of a company in Portugal; and \u25cf EDP Renov\u00e1veis, S.A., through a North American subsidiary and through several stand-alone transactions, acquired the 100% stake in a distributed solar generation portfolio, which includes 99.3 MW solar operational projects, in 84 companies, for an amount of 132,992 thousand Euros. The assets purchase price allocation exercise, in accordance with their fair value valuation, has been carried out for some of the transactions (see notes 19 and 49). Sale of companies / investments: Sale of companies without loss of control EDP Espa\u00f1a Renovables, S.L.U. Desarrollos Renovables de Teruel, S.L. 49% 100% Sale of companies with loss of control EDP Inova\u00e7\u00e3o, S.A. CEO - Companhia de Energia Oce\u00e2nica, S.A. 47% 52.07% (2) Companies sold Winfan, Sp. z o.o. 100% 100% Lichnowy Windfarm, Sp. z o.o. 100% 100% EDP Renewables Polska, Kowalewo Wind, Sp. z o.o. 100% 100% (3) Sp. z o.o. EWP European Wind Power Krasin, Sp. z o.o. 100% 100% Nowa Energia 1, Sp. z o.o. 100% 100% Farma Wiatrowa Bogoria, Sp. z o.o. 100% 100% EDP Renovables Espa\u00f1a, Parc E\u00f2lic Serra Voltorera, S.L.U. 100% 100% (4) S.L.U. E\u00f3lica La Janda, S.L.U. 100% 100% WinCap, S.R.L. 100% 100% TACA Wind, S.R.L. 100% 100% EDP Renewables Italia San Mauro, S.R.L. 75% 75% Holding, S.R.L. Conza Energia, S.R.L. 100% 100% (5) Lucus Power, S.r.l. 100% 100% Breva Wind, S.r.l. 100% 100% Aria del Vento 100% 100% Aventura Holding, S.A. 100% 100% EDP Renov\u00e1veis Brasil, S.A. Central E\u00f3lica Aventura II to V, S.A. (4 companies) 100% 100% (6) SRMN Holding, S.A. 100% 100% Central E\u00f3lica SRMN I to V, S.A. (5 companies) 100% 100% EDP Energias do Brasil, S.A. Energest, S.A. (\"Usina Hidroel\u00e9trica de Mascarenhas\") 100% 100% (7) EDP International Investments and Services, S.L. Hydro Global Investment Limited 50% 50% (8) EDP Renewables Europe, S.L.U. Moray West Holdings Limited 33% 33% (9) 7 companies in North America 100% 100% (10) (2) Sale with loss of control, maintaining EDP Inova\u00e7\u00e3o, S.A. a 5% financial interest in the company, which is recognised as an Equity Instrument at Fair Value through Other Comprehensive Income. (3) In the second quarter, these shares were sold for 84,983 thousand Euros, generating a gain of 51,982 thousand Euros (see note 8). (4) Sale occurred in the second quarter for an amount of 207,018 thousand Euros. The transaction generated a gain amounting to 42,596 thousand Euros (see notes 8 and 19). (5) In the third quarter, these shares were sold for a net amount of 293,027 thousand Euros (sale proceeds of 432,239 thousand Euros, deducted of loans). This transaction generated a gain of 168,568 thousand Euros (see note 8). (6) Sale occurred in the fourth quarter, with total shares proceeds amounting to 184,778 thousand Euros, generating a gain of 119,085 thousand Euros (see note 8). (7) In the fourth quarter, this investment has been sold for a total amount of 130,086 thousand Euros (707,655 thousand Brazilian Reais) and generated a total gain of 50,647 thousand Euros, which was booked as a gain against reserves, by allocation of exchange differences reserves, in the amount of 60,034 thousand Euros, and as a loss in Other costs in the amount of 9,387 thousand Euros (see note 11). (8) Disposal of joint venture for a total amount of 68 million US Dollars, which converted into Euros and discounted cash flows corresponds to an amount of 58 million Euros as at 31 December 2022, generating a gain of 13,764 thousand Euros (see note 8). (9) Sale of a direct stake held in the joint venture to OW Offshore, S.L., for a total amount of 33,825 thousand Euros (30,000 thousand British Pounds), generating a gain of 16,981 thousand Euros (see note 21). (10) Includes the sale, by EDP Renewables North America LLC, of its 100% stake in the Indiana Crossroads Solar Park project, for the amount of 281,563 thousand Euros (296,500 thousand US Dollars), generating a gain of 15,791 thousand Euros (see note 8). Companies liquidated: Entity holding the stake Liquidated company Previous % Obs. Viesgo Renovables, S.L.U. Northeolic Monte Bu\u00f1o, S.L. 75% Sunseap Group Pte. Ltd. Xuzhou Yiyundian New Energy Technology Co., Ltd. 90.47% Yuzhou Sunseap Energy Technology Co., Ltd. 100% EDP Iberia, S.L. ENAG\u00c1S - S.G.P.S., S.A. 60% Companies merged: EDPR PT - Promo\u00e7\u00e3o e Opera\u00e7\u00e3o, Companies incorporated: EDPR Cross Solutions, S.A. H2 Soto, S.A.U. EDPR Korea, Ltd. H2 Abo\u00f1o, S.A.U. EDPR Sicilia Uno, S.r.l. H2 Los Barrios, S.A.U. EDPR Sicilia Due, S.r.l. ENERGIA I SPE S.A. EDPR Sardegna, S.r.l. ENERGIA SPE II S.A. EDPR Sud Italia, S.r.l. E\u00f3lica da Coutada II, S.A. EDPR Puglia Uno, S.r.l. Central Solar Presidente JK II to XII, S.A. (11 companies) EDPR Puglia Due, S.r.l. Central E\u00f3lica Borborema I to IV, S.A. (4 companies) EDPR Basilicata, S.r.l. Central E\u00f3lica Asas de Zabel\u00ea I to VII, S.A. (7 companies) Fotovoltaica Flutuante do Grande Lago, S.A. Central Solar Zebu II to IX, S.A. (8 companies) Eoles Montjean, S.A.S. Central E\u00f3lica Ita\u00fana I to II, S.A. (2 companies) Central Geradora Fotovoltaica Monte Verde Solar I, S.A. Central E\u00f3lica S\u00e3o Domingos I to III, S.A. (3 companies) Central Geradora Fotovoltaica Monte Verde Solar VI, S.A. Sounding Creek Solar Park GP Ltd. Desarrollos Renovables de la Frontera, S.L. Sounding Creek Solar Park LP Desarrollos Renovables de Allande, S.L.U. Edgeware BESS Project GP Ltd. Energia Solar II SPE LTDA. Edgeware BESS Project LP Qingdao Xingqi Energy Co., Ltd. Hytlantic, S.A. (11) Rongcheng Xingyi New Energy Technology Co., Ltd. Sunseap China Energy (Qingdao) Co., Ltd. 45 companies in North America RL Sunseap Energy Sdn. Bhd. (12) (11) 28.5% held through EDP Renewables SGPS. (12) 49% held through Sunseap Energy (Malaysia) Sdn. Bhd. Acquiring company Merged company Previous % Obs. S.A. Eoliser - Servi\u00e7os de Gest\u00e3o para Parques E\u00f3licos, Lda. 100% EDP Redes Espa\u00f1a, S.L.U. Fresco Redes International, S.L. 75.10% Fresco Redes Investments, S.L.U. 100% Viesgo Distribuci\u00f3n El\u00e9ctrica, S.L. IE2 HoldCo, S.A. 100% Viesgo Holdco, S.A. 100% Other changes: \u25cf EDP Renov\u00e1veis, S.A. acquired 50% of the companies Lomartico Investments, Sp. z o.o., Medsteville Investments, Sp. z o.o. and Ondentille Investments, Sp. z o.o. These acquisitions have been considered as joint ventures in accordance with the terms of the Shareholders' Agreement signed between the parties, which evidence the existence of joint control of the company; \u25cf EDPR France Holding, S.A.S. acquired 51% of the company Centrale Eolienne D'Occey, S.A.S., which has been considered as a joint venture in accordance with the terms of the Shareholders' Agreement signed between the parties, which evidence the existence of joint control of the company; \u25cf In December 2022, EDP Renov\u00e1veis, S.A. acquired an additional 15% stake in the subsidiary OMA Haedori Co., Ltd., now holding 75% in this company; and \u25cf In the last quarter of 2022, an additional 5% stake in the subsidiary Ceprastur, A.I.E. was acquired, whereby the investment in this company increased to 100%. The companies included in the consolidation perimeter of EDP Group as at 31 December 2022 are disclosed in Annex I. 21. Investments in joint ventures and associates This caption is as follows: Thousand Euros Group Dec 2022 Dec 2021 Investments in joint ventures 1,333,871 1,140,454 Investments in associates 271,872 209,991 1,605,743 1,350,445 As at 31 December 2022, for the Group, this caption includes goodwill in investments in joint ventures of 8,047 thousand Euros (31 December 2021: 8,047 thousand Euros) and goodwill in investments in associates of 28,131 thousand Euros (31 December 2021: 27,647 thousand Euros). The movement in Investments in joint ventures and associates, for the Group, is as follows: Thousand Euros Group Group Dec 2022 Dec 2021 Balance at the beginning of the period 1,350,445 940,362 Acquisitions/Entries 25,058 36,753 Increases/Decreases of share capital -929 456,186 Disposals -49,276 -10,224 Share of profit for the period and capital gains from disposals 208,587 80,086 Dividends -74,311 -50,077 Exchange differences 69,381 46,675 Cash flow hedging reserve 41,811 -5,376 Transfer to Assets held for sale (see note 41) 56,496 -149,182 Other -21,519 5,242 Balance at the end of the period 1,605,743 1,350,445 The caption Joint ventures and associates in the Consolidated Income Statement includes a positive amount of 208,473 thousand Euros from result of these investments, a gain of 16,981 thousand Euros from the sale of the stake that EDP Renewables Europe, S.L.U had in Moray West Holdings Limited and a gain of 13,764 thousand Euros from the sale of Hydro Global Investment Limited (see note 6). The positive amount from the caption Transfer to Non Current Assets held for sale mainly results from: i) the reverse of the investments classified as held for sale in 2021 for the Companhia Energ\u00e9tica do Jari - CEJA and for Empresa Energia Cachoeira Caldeir\u00e3o S.A., for the amount of 104,010 thousand Euros and 45,188 thousand Euros, respectively, because the selling negotiations were not successful; and ii) for the reclassification to assets held for sale of EDP \u00c1sia - Investimento e Consultadoria, Lda., for the amount of 92,702 thousand Euros (see note 41). The movement in Exchange differences in the period results mainly from the appreciation of US Dollar and Brazilian Real, against the Euro. The following table resumes the companies' financial information of joint ventures whose investment is included under the equity method in the Group consolidated accounts, as at 31 December 2022: Thousand Euros Energ\u00e9tica JARI CEJA Goldfinger Vento II Energia S\u00e3o Manoel Energia Cachoeira Caldeir\u00e3o Flat Rock Windpower Sol V Riverstart Companies' financial information of joint ventures Non-Current Assets 267,048 322,496 625,331 218,361 196,543 324,297 Current Assets 56,874 -2,069 50,799 29,420 12,882 4,415 Cash and cash equivalents 44,304 58 21,175 18,592 10,400 - Total Equity 184,141 211,917 313,436 99,263 203,387 194,623 Long term Financial debt 69,213 - 321,694 125,407 - - Non-Current Liabilities 96,356 98,885 334,568 132,353 4,391 125,503 Short term Financial debt 9,594 47 17,483 13,114 - 58 Current Liabilities 43,425 9,625 28,126 16,165 1,647 8,586 Revenues 57,941 17,172 76,870 30,101 20,238 17,751 Property plant and equipment and intangibles amortization/impairment -9,288 -10,039 -21,079 -8,041 -14,719 -9,473 Other financial expenses -9,486 -3,432 -38,118 -15,842 -60 -3,630 Income tax expense -822 - 4,125 419 - - Net profit for the period 31,244 20,039 -8,035 -1,421 -6,653 20,389 Amounts proportionally attributed to EDP Group Net assets 118,301 93,349 104,481 49,872 111,047 39,001 Goodwill - - - - - - Dividends paid 10,412 5,858 - - 1,012 1,217 Thousand Euros Portfolio Vento XX Goldfinger Vento OW Offshore, S.L. Portfolio Vento XVII Portfolio Vento XIX Other Companies' financial information of joint ventures Non-Current Assets 632,136 211,527 2,635,181 539,395 489,003 295,583 Current Assets 7,830 221 457,761 11,673 18,917 50,820 Cash and cash equivalents 201 - 237,416 - - 24,203 Total Equity 24,236 153,491 1,079,549 202,561 101,026 285,251 Long term Financial debt - - 493,044 - - 16,211 Non-Current Liabilities 597,474 54,690 987,607 340,973 398,228 25,114 Short term Financial debt 517 448 4,918 219 38 319 Current Liabilities 18,256 3,567 1,025,786 7,534 8,666 36,038 Revenues 39,529 12,484 46,200 46,946 22,271 - 66,209 Property plant and equipment and intangibles amortization/impairment -23,872 -10,556 -8,466 -25,529 -20,377 -9,346 Other financial expenses -20,218 -1,724 -121,882 -17,905 -17,990 -1,169 Income tax expense - - 7,298 - - -5,345 Net profit for the period 27,652 11,192 257,040 33,995 16,866 35,192 Amounts proportionally attributed to EDP Group Net assets 34,035 68,989 490,929 62,510 40,986 120,371 Goodwill - - 5,352 - - 2,695 Dividends paid 4,186 3,677 - 4,311 2,290 16,404 The following table resumes the companies' financial information of joint ventures whose investment is included under the equity method in the Group consolidated accounts, as at 31 December 2021: Thousand Euros Goldfinger Vento Goldfinger Vento II Energia S\u00e3o Manoel Flat Rock Windpower II Flat Rock Windpower Hydro Global Investment Companies' financial information of joint ventures Non-Current Assets 209,580 313,792 570,694 81,368 198,882 266,899 Current Assets 554 1,685 34,461 1,893 5,205 89,958 Cash and cash equivalents -47 870 14,864 1,704 4,282 75,491 Total Equity 141,812 194,044 287,008 80,735 197,721 101,327 Long term Financial debt - - 282,747 - - 229,312 Non-Current Liabilities 65,228 112,157 294,927 1,554 4,080 233,356 Short term Financial debt 98 101 13,747 - - - Current Liabilities 3,094 9,276 23,220 972 2,287 22,175 Revenues 11,063 10,657 58,805 3,723 9,711 - Property plant and equipment and intangibles amortization/impairment -9,212 -7,372 -20,449 -5,117 -13,097 -181 Other financial expenses -1,708 -3,202 -31,130 -24 -53 -11,308 Income tax expense - - 6,426 - - 574 Net profit for the period 9,187 12,931 -12,514 -6,184 -14,667 -11,889 Amounts proportionally attributed to EDP Group Net assets 63,217 84,775 95,671 40,367 102,608 40,336 Goodwill - - - - - - Dividends paid 3,270 4,539 - - 9,809 - Portfolio Vento XX EDP Asia Group OW Offshore, S.L. Portfolio Vento XVII Portfolio Vento XIX Other Companies' financial information of joint ventures Non-Current Assets 644,158 132,238 1,187,928 525,211 477,624 350,117 Current Assets 16,121 - 266,754 5,453 13,913 34,392 Cash and cash equivalents 9,429 - 82,639 -159 -86 14,281 Total Equity 215,942 132,238 713,524 177,215 133,497 118,385 Long term Financial debt - - 50,037 - - - Non-Current Liabilities 415,353 - 650,372 344,720 351,971 148,605 Short term Financial debt 456 - 3,720 - - 3,864 Current Liabilities 28,983 - 90,786 8,729 6,068 117,519 Revenues 30,600 - 10,040 34,952 22,019 41,133 Property plant and equipment and intangibles amortization/impairment -15,714 - -4,532 -19,352 -16,498 -3,109 Other financial expenses -26,102 - -69,164 -14,259 -17,347 -83 Income tax expense - - 1,080 - - -548 Net profit for the period 534,542 21,561 34,813 20,545 13,463 39,725 Amounts proportionally attributed to EDP Group Net assets 67,457 87,723 358,986 57,919 47,447 93,948 Goodwill - - 5,352 - - 2,695 Dividends paid - 6,758 - 3,885 3,118 4,278 The following table resumes the companies' financial information of associates whose investment is included in the Group consolidated accounts under the equity method, as at 31 December 2022: Thousand Euros Parque Celesc E\u00f3lico Belmonte Parque E\u00f3lico Madero Principle Power Inc. Other Companies' financial information of associates Non-Current Assets 508,509 18,250 41,120 19,739 42,816 Current Assets 49,500 7,440 32,020 11,966 89,694 Total Equity 520,225 15,136 51,374 19,393 37,390 Non-Current Liabilities 4,128 1,934 3,852 6,805 40,811 Current Liabilities 33,656 8,620 17,914 5,507 54,309 Revenues 81,335 12,469 30,477 11,592 83,672 Net profit for the period 80,367 6,863 17,973 -6,813 37,890 Amounts proportionally attributed to EDP Group Net assets 152,758 6,251 21,577 7,148 84,139 Goodwill - 1,726 - 5,144 21,261 Dividends paid 8,951 360 3,262 - 12,371 Other include companies with Financial Statements as of 31 December 2022, with the exception of companies that have no activity or are in liquidation process. Additionally, Celesc is based on the Financial Statements disclosed to the market with reference to 30 September 2022. The following table resumes the companies' financial information of associates whose investment is included in the Group consolidated accounts under the equity method, as at 31 December 2021: Thousand Euros Parque Celesc E\u00f3lico Belmonte Parque E\u00f3lico Madero Principle Power Inc. Other Companies' financial information of associates Non-Current Assets 382,241 17,817 44,111 17,311 49,127 Current Assets 18,870 5,054 24,124 15,510 60,128 Total Equity 389,778 9,512 41,178 23,723 34,795 Non-Current Liabilities 861 9,302 8,066 5,375 41,363 Current Liabilities 10,471 4,057 18,991 3,722 33,098 Revenues 12,544 3,914 16,656 6,910 71,851 Net profit for the period 74,460 1,278 7,766 -7,891 18,725 Amounts proportionally attributed to EDP Group Net assets 110,668 4,568 17,290 8,425 69,040 Goodwill - 1,726 - 5,083 20,838 Dividends paid 8,924 - - - 5,496 The column \"Others\" include companies with financial statements as of 31 December 2021, with the exception of companies that have no activity or are in liquidation process. Additionally, Celesc is based on the Financial Statements disclosed to the market with reference to 30 September 2021. As at 31 December 2022, the significant companies' financial information of joint ventures and associates presents the following reconciliation of net assets proportionally attributed to EDP Group: Thousand Euros Equity % EM Fair Value Goodwill Adjustments Other Net Assets Empresa de Energia S\u00e3o Manoel S.A. 313,436 33.33% - - - 104,481 Energ\u00e9tica JARI - CEJA 184,141 50.00% 26,528 - -298 118,301 Flat Rock Windpower LLC 203,387 50.00% - - 9,354 111,047 Energia Cachoeira Caldeir\u00e3o 99,263 50.00% 241 - - 49,872 Goldfinger Vento 153,491 50.00% -7,756 - - 68,989 OW Offshore, S.L. 1,079,549 50.00% -49,265 5,352 -4,935 490,929 Portfolio Vento XVII 202,561 20.00% 21,998 - - 62,510 Portfolio Vento XIX 101,026 20.00% 20,781 - - 40,986 Portfolio Vento XX 24,236 20.00% 29,188 - - 34,035 Sol V - Riverstart 194,623 20.00% 76 - - 39,001 Goldfinger Vento II 211,917 50.00% -12,610 - - 93,349 Centrais el\u00e9ctricas de Santa Catarina, S.A. - Celesc 520,225 29.90% - - -2,772 152,758 Parque E\u00f3lico de Belmonte, S.A. 15,136 29.90% - 1,726 - 6,251 Parque E\u00f3lico Sierra del Madero S.A. 51,374 42.00% - - - 21,577 Principle Power, Inc. 19,393 25.41% - 5,144 -2,924 7,148 As at 31 December 2021, the significant companies' financial information of joint ventures and associates presents the following reconciliation of net assets proportionally attributed to EDP Group: Thousand Euros Equity % EM Fair Value Adjustments Goodwill Other Net Assets Empresa de Energia S\u00e3o Manoel S.A. 287,008 33.33% - - - 95,671 Flat Rock Windpower II LLC 80,735 50.00% - - - 40,367 Flat Rock Windpower LLC 197,721 50.00% - - 3,748 102,608 Hydro Global Investment, Ltda 101,327 50.00% - - -10,327 40,336 EDP ASIA - Investimento e Consultadoria, Lda 132,238 50.00% 21,604 - - 87,723 OW Offshore, S.L. 713,524 50.00% - 5,352 -3,128 358,986 Portf\u00f3lio Vento XVII 177,215 20.00% 22,476 - - 57,919 Portf\u00f3lio Vento XIX 133,497 20.00% 20,748 - - 47,447 Portfolio Vento XX 215,942 20.00% 24,269 - - 67,457 Goldfinger Vento 141,812 50.00% -7,689 - - 63,217 Goldfinger Vento II 194,044 50.00% -12,247 - - 84,775 Centrais el\u00e9ctricas de Santa Catarina, S.A. - Celesc 389,778 29.90% - - -5,862 110,668 Parque E\u00f3lico de Belmonte, S.A. 9,512 29.90% - 1,726 - 4,568 Parque E\u00f3lico Sierra del Madero S.A. 41,178 42.00% - - - 17,290 Principle Power, Inc. 23,723 25.93% - 5,083 -2,810 8,425 As at 31 December 2022 and 2021, commitments and contingent liabilities assumed by the Group in respect of its joint ventures and associates, including its share of commitments assumed jointly with other investors, are disclosed by maturity as follows: Thousand Euros Capital outstanding by maturity Dec 2022 Dec 2021 Less than 1 year 315,451 250,656 From 1 to 3 years 15,109 7,560 From 3 to 5 years 3,635 2,376 More than 5 years 55,228 50,376 389,423 310,968 Commitments and contingent liabilities in respect of joint ventures and associates include EDPR commitments to provide funding to Offshore projects and to the construction of solar farms facilities in USA, and to commitments assumed by EDP Brasil related to its joint ventures operating obligations. 3. Non-controlling interests This caption is as follows: Thousand Euros Group Dec 2022 Dec 2021 Non-controlling interests in income statement 490,748 447,929 Non-controlling interests in equity and reserves 4,460,411 4,206,827 4,951,159 4,654,756 The movement by subgroup of the non-controlling interests item is analysed as follows: Thousand Euros EDP Renov\u00e1veis Group EDP Brasil Group Other Total Balance as at 31 December 2021 3,553,310 979,334 122,112 4,654,756 Results 362,018 83,921 44,809 490,748 Dividends -84,428 -117,616 - -202,044 Currency Exchange differences 72,587 94,305 -62 166,830 Capital Increases/Decreases -98,356 -47,228 -14 -145,598 Changes in the fair value reserve (cash flow hedge) -92,381 -78 - -92,459 Perimeter variations and Others 44,387 34,752 -213 78,926 Balance as at 31 December 2022 3,757,137 1,027,390 166,632 4,951,159 The summarised financial information for subsidiaries with material non-controlling interests, namely EDP Brasil and EDP Renov\u00e1veis, as at 31 December 2022, is disclosed in the Annex I. Annex I. Companies in the Consolidation Perimeter The subsidiary companies where the Group exercises control as at 31 December 2022 are as follows: Group's parent holding company and Related Activities: Portugal: EDP - Energias de Portugal, S.A. (EDP Group parent holding company) Lisbon 3,965,681,012 EUR 29,922,362 21,639,043 8,283,319 9,084,227 848,565 CNET - Centre for New Energy Technologies, S.A. Sacav\u00e9m 300,000 EUR 4,456 4,055 401 515 43 60.00% EDP Estudos e Consultoria, S.A Lisbon 50,000 EUR 3,175 129 3,047 83 -117 100.00% 100.00% EDP Global Solutions - Gest\u00e3o Integrada de Servi\u00e7os S.A. Lisbon 15,000,000 EUR 148,794 58,938 89,856 59,254 2,368 100.00% 100.00% EDP Inova\u00e7\u00e3o, S.A. Lisbon 50,000 EUR 61,893 60,498 1,395 8,562 -1,479 100.00% 100.00% EDP Internacional, S.A. Lisbon 12,500,000 EUR 25,757 1,191 24,566 1,149 -31 100.00% 100.00% EDP IS \u2013 Investimentos e Servi\u00e7os, Sociedade Unipessoal, Lda Lisbon 140,309,500 EUR 451,315 120,357 330,958 - 55,144 100.00% EDP Ventures - Sociedade de capital de risco, S.A. Lisbon 125,000 EUR 1,062 54 1,008 128 45 100.00% EDP Ventures, S.A. Lisbon 50,000 EUR 78,304 43,800 34,503 15 -3,477 100.00% Fundo EDP CleanTech FCR Lisbon 19,895,723 EUR 22,933 295 22,638 - 5,941 60.00% LABELEC - Estudos, Desenvolvimento e Actividades Laboratoriais, S.A. Sacav\u00e9m 2,200,000 EUR 24,966 14,341 10,625 18,124 1,405 100.00% 100.00% S\u00e3vida - Medicina Apoiada, S.A Lisbon 450,000 EUR 19,367 9,434 9,933 22,780 1,609 100.00% 100.00% Other Countries: EDP - \u00c1sia Solu\u00e7\u00f5es Energ\u00e9ticas Limitada Macao 1,500,000 MOP 1,622 23 1,599 - -485 100.00% 5.00% EDP Finance BV Amesterdam 2,000,000 EUR 11,939,090 11,817,341 121,749 - -6,431 100.00% 100.00% EDP International Investments and Services, S.L. Oviedo 9,116 EUR 1,339,097 126,128 1,212,969 - 62,380 100.00% 100.00% EDP Servicios Financieros Espa\u00f1a, S.A.U. Oviedo 10,300,058 EUR 4,057,309 3,554,047 503,262 - 42,363 100.00% 100.00% Energia RE - Sociedade Cativa de Resseguro Luxembourg 3,000,000 EUR 144,228 75,082 69,146 3 5,052 100.00% 100.00% Electricity and Gas Activity - Portugal: Electricity Generation: EDP Gest\u00e3o Produ\u00e7\u00e3o Energia, S.A. Lisbon 2,723,792,240 EUR 6,262,322 2,582,351 3,679,970 2,374,308 -140,099 100.00% 100.00% Empresa Hidroel\u00e9ctrica do Guadiana, S.A. Lisbon 62,597,300 EUR 370,308 256,211 114,097 168,108 13,115 100.00% FISIGEN - Empresa de Cogera\u00e7\u00e3o, S.A. Lisbon 50,000 EUR 35,695 27,617 8,078 83,387 2,444 51.00% Greenvouga - Sociedade Gestora do Aproveitamento Hidroel\u00e9ctrico de Ribeiradio- Ermida,S.A. Lisbon 1,000,000 EUR 234,410 179,565 54,846 15,596 4,329 100.00% Sociedade Agro Pecu\u00e1ria da Sobreira de Baixo, Lda. Pedr\u00f3g\u00e3o do Alentejo 90,000 EUR 484 807 -322 - - 100.00% 0.00% TERGEN - Opera\u00e7\u00e3o e Manuten\u00e7\u00e3o de Centrais Termoel\u00e9ctricas, S.A. Carregado 250,000 EUR 4,434 3,043 1,391 6,575 13 100.00% Electricity Distribution: E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. Lisbon 300,000,000 EUR 3,893,399 2,720,899 1,172,500 1,343,158 129,930 100.00% 100.00% Electricity Supply: EDP Comercial - Comercializa\u00e7\u00e3o de Energia, S.A. Lisbon 64,500,005 EUR 1,166,173 902,109 264,064 3,559,012 134,802 100.00% 100.00% EDP Mediadora, S.A. Lisbon 50,000 EUR 8,987 1,372 7,616 3,165 1,948 100.00% Effizency, S.A. Lisbon 128,132 EUR 3,501 1,025 2,477 1,438 71 96.86% SU Eletricidade, S.A. Lisbon 10,110,110 EUR 2,255,974 2,162,627 93,347 3,721,590 7,656 100.00% 100.00% Gas Supply: EDP G\u00e1s Servi\u00e7o Universal, S.A. Oporto 1,050,996 EUR 12,593 3,864 8,729 11,535 -23 100.00% 100.00% Other activities: EDP GEM Portugal, S.A. Lisbon 50,000 EUR 903,462 917,992 -14,530 1,837,700 -70,570 100.00% 100.00% Electricity and Gas Activity - Spain: Electricity Generation: EDP Espa\u00f1a, S.A.U. (HC Energia Subgroup Parent Company) Oviedo 421,739,790 EUR 3,873,283 1,205,313 2,667,970 3,905,560 384,498 100.00% 100.00% Biomasa Puente Nuevo S.L.U. Oviedo 3,000 EUR 2 5 -2 - -5 100.00% Central Termica Ciclo Combinado Grupo 4, S.L. Oviedo 2,117,000 EUR 170,082 105,750 64,332 624,742 16,256 100.00% Ceprastur, A.I.E. Oviedo 360,607 EUR 293 6 287 - - 100.00% Generaciones El\u00e9ctricas Andaluc\u00eda, S.L.U. Oviedo 25,000,000 EUR 381,118 290,583 90,535 484,798 42,691 100.00% H2 Abo\u00f1o, S.A.U. Oviedo 1,000,000 EUR 1,000 - 1,000 - - 100.00% H2 Los Barrios, S.A.U. Oviedo 1,000,000 EUR 1,003 14 989 - -11 100.00% H2 Soto, S.A.U. Oviedo 1,000,000 EUR 1,000 - 1,000 - - 100.00% IBERENERGIA, SAU Oviedo 60,200 EUR 245,416 178,899 66,517 77,815 23,886 100.00% Electricity Distribution: Barras El\u00e9ctricas Galaico-Asturianas, S.A. Lugo 15,689,797 EUR 383,426 244,594 138,832 60,798 30,091 75.05% EDP Redes Espa\u00f1a, S.L.U. Oviedo 10,000,000 EUR 2,510,609 2,399,730 110,879 - -82,176 75.10% Electra Llobregat Energ\u00eda, S.L. Barcelona 90,000 EUR 5,080 3,144 1,936 445 79 56.32% Hidrocant\u00e1brico Distribuci\u00f3n El\u00e9trica, S.A.U Oviedo 44,002,000 EUR 1,152,840 834,059 318,781 200,604 98,977 75.10% Viesgo Distribuci\u00f3n El\u00e9ctrica, S.L. Santander 77,792,000 EUR 1,159,113 833,561 325,551 188,919 48,125 75.10% Electricity Supply: Comercializadora Energ\u00e9tica Sostenible, S.A. Bilbau 60,000 EUR 114 38 76 353 -5 100.00% EDP Clientes, S.A. Oviedo 1,000,000 EUR 1,352,712 1,972,500 -619,788 2,369,352 -163,017 100.00% EDP Energia Ib\u00e9rica, S.A. Oviedo 60,200 EUR 53 12,979 -12,927 - -2 100.00% EDP Solar Espa\u00f1a, S.A. Oviedo 1,000,000 EUR 92,825 94,659 -1,833 75,969 -6,465 100.00% Other activities: EDP GEM Espa\u00f1a, S.A. Oviedo 1,000,000 EUR 1,441 278 1,162 33 92 100.00% EDP Iberia, S.L. Bilbau 130,260,000 EUR 1,463,666 159,347 1,304,320 - 15,089 100.00% EDP Ventures Espa\u00f1a, S.A. Oviedo 60,000 EUR 253 203 50 - -7 100.00% Transporte GNL, S.A. Bilbau 1,000,000 EUR 143,971 136,112 7,859 71,821 5,565 100.00% Viesgo Infraestructuras Energ\u00e9ticas, S.L. Santander 147,195,418 EUR 582,925 167,199 415,725 52,483 198,902 75.10% Electricity and Gas Activity - Other Countries: Electricity Supply: EDP Energia Italia S.R.L. Milan 3,610,000 EUR 80,148 80,635 -486 116,024 -4,321 100.00% EDP Energia Polska Warsaw 8,505,000 PLN 62,171 63,230 -1,059 16,342 -7,681 100.00% EDP Energie France Paris 10,000 EUR 136 143 -7 - -21 100.00% Enertel Group S.r.l. Verona 200,000 EUR 18,166 16,404 1,762 34,620 906 100.00% SOON Energy Polska sp z.o.o. Warsaw 100,000 PLN 17,140 14,855 2,285 14,958 1,634 100.00% Youco F22-H416 Vorrats-GmbH Frankfurt am Main 25,000 EUR 23 - 23 - -3 100.00% Zielona-Energia.com Czestochowa 2,170,000 PLN 9,469 5,690 3,779 1,496 -487 100.00% Electricity Activity - Brazil: Parent company and Related Activities: EDP Energias do Brasil, S.A. (EDP Brasil Subgroup Parent Company) S\u00e3o Paulo 5,502,715,947 BRL 2,119,391 210,519 1,908,873 809 189,383 57.55% Electricity Generation: Enerpeixe, S.A. S\u00e3o Paulo 219,735,967 BRL 309,500 193,426 116,074 57,931 -2,074 34.53% Investco, S.A. Tocantins 804,458,843 BRL 225,174 53,438 171,737 40,622 20,287 23.47% Lajeado Energia, S.A. S\u00e3o Paulo 6,867,541 BRL 246,890 130,953 115,937 137,862 58,055 32.15% PCH Santa Leopoldina S.A. Esp\u00edrito Santo 244,710,000 BRL 416,570 383,451 33,119 - -10,686 57.55% Porto do Pec\u00e9m Gera\u00e7\u00e3o de Energia, S.A. Cear\u00e1 2,368,998,621 BRL 659,302 302,873 356,428 255,662 -119,821 57.55% Resende Engenharia e Assessoria, Ltda. S\u00e3o Paulo 21,573,318 BRL 3,763 9 3,754 - -3 57.55% Electricity Distribution: EDP Esp\u00edrito Santo Distribui\u00e7\u00e3o de Energia S.A. Esp\u00edrito Santo 650,572,403 BRL 1,097,801 853,851 243,951 917,219 102,587 57.55% EDP S\u00e3o Paulo Distribui\u00e7\u00e3o de Energia S.A. S\u00e3o Paulo 596,669,107 BRL 1,172,207 995,462 176,745 1,046,269 96,117 57.55% Electricity Supply: EDP Smart SPE Ltda. S\u00e3o Paulo 141,011,252 BRL 28,200 2,864 25,336 7,641 1,320 57.55% EDP Smart Energia, Ltda S\u00e3o Paulo 20,556,000 BRL 129,609 119,277 10,332 58,260 4,289 57.55% EDP Smart Servi\u00e7os, S.A. Esp\u00edrito Santo 412,786,011 BRL 137,186 83,057 54,129 24,282 -6,394 57.55% EDP Smart Solu\u00e7\u00f5es, S.A. Rio Grande do Sul 124,072,773 BRL 23,257 9,275 13,982 11,310 -5,582 57.55% EDP Smart SPE V Ltda. S\u00e3o Paulo 13,541,069 BRL 8,796 6,140 2,655 406 51 57.55% EDP Trading Comercializa\u00e7\u00e3o e Servi\u00e7os de Energia, S.A. S\u00e3o Paulo 221,679,595 BRL 634,888 565,896 68,992 606,136 10,249 57.55% Energia Solar I SPE LTDA. Esp\u00edrito Santo 1,203,819 BRL 372 359 13 - -30 57.55% Energia Solar II SPE LTDA. Esp\u00edrito Santo - BRL - - - - - 57.55% Nova Gera\u00e7\u00e3o Solar LTDA. S\u00e3o Paulo 2,538,124 BRL 510 485 25 - -38 57.55% Transmission of Electricity: EDP Transmiss\u00e3o Alian\u00e7a SC, S.A. Esp\u00edrito Santo 340,500,999 BRL 448,281 345,987 102,294 63,260 16,051 51.80% EDP Transmiss\u00e3o Goi\u00e1s S.A. Goias 328,750,229 BRL 324,264 116,427 207,837 69,714 31,553 57.55% EDP Transmiss\u00e3o Litoral Sul S.A. S\u00e3o Paulo 310,755,430 BRL 69,982 15,269 54,714 21,568 4,048 57.55% EDP Transmiss\u00e3o Norte S.A. Esp\u00edrito Santo 20,951,000 BRL 27,015 23,687 3,327 24,513 -381 57.55% EDP Transmiss\u00e3o SP-MG, S.A. Esp\u00edrito Santo 33,000,999 BRL 485,508 414,689 70,819 92,238 27,227 57.55% ENERGIA I SPE S.A. Esp\u00edrito Santo - BRL - - - - - 57.55% ENERGIA SPE II S.A. Esp\u00edrito Santo - BRL - - - - - 57.55% Mata Grande Transmissora de Energia LTDA. Paran\u00e1 17,529,870 BRL 21,554 19,672 1,882 6,852 -405 57.55% Other Activities: EDP Ventures Brasil S.A. S\u00e3o Paulo 40,656,475 BRL 7,157 1,095 6,062 - -653 57.55% Renewable Energy Activity: Parent company and Related Activities: EDP Renov\u00e1veis, S.A. (EDP Renov\u00e1veis Subgroup Parent Company) Oviedo 4,802,790,810 EUR 11,465,826 3,776,118 7,689,708 71,625 -219,537 74.98% 74.98% EDP Renov\u00e1veis Servicios Financieros, S.A. Oviedo 84,691,368 EUR 7,672,189 7,006,663 665,525 31,967 173,095 74.98% Europe Geography / Platform: Spain: EDP Renewables Europe, S.L.U. (EDPR EU Subgroup Parent Company) Oviedo 249,498,800 EUR 4,493,625 3,036,676 1,456,949 92,031 -238,483 74.98% Acampo Arias, S.L. Zaragoza 3,314,300 EUR 49,049 33,487 15,562 19,249 11,665 71.23% Aplicaciones Industriales de Energ\u00edas Limpias, S.L. Zaragoza 131,288 EUR 1,577 37 1,540 - 2,881 46.11% Canerde, S.L.U. Madrid 4,000 EUR 129 129 - - -3 59.98% Compa\u00f1\u00eda E\u00f3lica Aragonesa, S.A. Zaragoza 6,701,165 EUR 174,258 29,869 144,389 55,783 32,259 74.98% Desarrollos E\u00f3licos de Teruel, S.L. Zaragoza 18,890,100 EUR 71,956 46,766 25,190 11,146 6,300 38.24% Desarrollos Renovables de Allande, S.L.U. Madrid 3,000 EUR 3 2 1 - - 74.98% Desarrollos Renovables de la Frontera, S.L. Jerez de la Frontera 3,000 EUR 3 1 2 - - 74.98% Desarrollos Renovables de Teruel, S.L. Teruel 3,000 EUR 3 2 2 - -1 38.24% EDP Renovables Espa\u00f1a, S.L.U. Oviedo 46,128,100 EUR 1,773,369 649,551 1,123,818 434,222 315,222 74.98% EDPR M\u00e9xico, S.L.U. Oviedo 3,000 EUR 1 - 1 - -1 74.98% EDPR Terral S.L.U. Madrid 3,000 EUR 506 507 -1 - -2 74.98% EDPR Yield, S.A.U. Oviedo 99,405,403 EUR 247,652 5,030 242,622 - 27,501 74.98% E\u00f3lica Arlanz\u00f3n, S.A. Madrid 4,508,980 EUR 17,621 3,786 13,835 11,630 6,450 63.73% E\u00f3lica Campollano, S.A. Madrid 6,559,994 EUR 55,979 9,926 46,053 38,916 23,153 56.23% E\u00f3lica Fontesilva, S.L.U. La Coru\u00f1a 6,860,000 EUR 39,125 10,644 28,481 14,863 7,609 74.98% E\u00f3lica La Br\u00fajula, S.A.U. Madrid 3,294,000 EUR 50,403 12,224 38,178 27,354 15,937 74.98% IAM Caecius, S.L. Madrid 3,000 EUR 1 - 1 - - 74.98% Iberia Aprovechamientos E\u00f3licos, S.A. Zaragoza 1,918,728 EUR 18,771 6,114 12,657 11,810 6,931 70.48% Palma Hive, S.L. Madrid 3,000 EUR 1,073 686 387 - - 74.98% Parque E\u00f3lico Altos del Voltoya, S.A. Madrid 6,434,349 EUR 49,739 30,992 18,747 19,632 12,290 69.35% Parque E\u00f3lico de Abrazadilla, S.L.U. Madrid 3,000 EUR - - - - - 74.98% Parque E\u00f3lico La Sotonera, S.L. Zaragoza 2,000,000 EUR 11,716 3,648 8,069 7,560 4,366 52.36% Parque E\u00f3lico Los Cantales, S.L.U. Zaragoza 1,963,050 EUR 17,174 5,101 12,073 9,904 5,681 74.98% Parque E\u00f3lico Santa Quiteria, S.L. Zaragoza 63,006 EUR 16,391 3,241 13,150 10,893 6,282 62.95% Pedregal Hive, S.L. Madrid 3,000 EUR 664 246 418 - 9 74.98% Renovables Castilla La Mancha, S.A. Madrid 60,102 EUR 25,161 15,879 9,283 15,600 9,196 67.48% Rocio Hive, S.L. Madrid 3,000 EUR 2,406 2,234 172 - 59 74.98% Site Sunwind Energy, S.L. Madrid 3,000 EUR 1 - 1 - - 74.98% T\u00e9bar E\u00f3lica, S.A.U. Madrid 4,720,400 EUR 29,951 5,457 24,494 14,648 8,895 74.98% Viesgo Europa, S.L.U. Oviedo 1,000,000 EUR 74,533 23,866 50,667 12,745 42,331 74.98% Viesgo Mantenimiento, S.L.U. Cantabria 3,050 EUR 1,231 20 1,211 281 -243 74.98% Viesgo Renovables, S.L.U. Oviedo 12,769,690 EUR 398,438 103,120 295,318 88,358 57,117 74.98% Portugal: EDP Renewables SGPS, S.A. Oporto 50,000 EUR 351,400 4,498 346,902 - 2,326 74.98% EDP Renov\u00e1veis Portugal, S.A. Oporto 7,500,000 EUR 441,105 257,172 183,933 137,012 58,008 38.24% EDPR Cross Solutions, S.A. Oporto 50,000 EUR 597 584 13 811 -37 74.98% EDPR PT - Parques E\u00f3licos, S.A. Oporto 50,000 EUR 94,066 45,813 48,253 3 11,280 38.24% EDPR PT - Promo\u00e7\u00e3o e Opera\u00e7\u00e3o, S.A. Oporto 57,500 EUR 43,817 36,600 7,217 16,364 -4,768 74.98% E\u00f3lica da Coutada, S.A. Soutelo de Aguiar 50,000 EUR 141,029 72,021 69,008 28,138 10,622 38.24% E\u00f3lica da Coutada II, S.A. Oporto 50,000 EUR 14,839 14,823 16 - -34 74.98% E\u00f3lica da Serra das Alturas, S.A. Boticas 50,000 EUR 11,688 2,549 9,139 3,380 1,733 19.16% E\u00f3lica da Terra do Mato, S.A. Oporto 50,000 EUR 39,872 24,666 15,205 7,854 2,548 38.24% E\u00f3lica das Serras das Beiras, S.A. Pi\u00f3d\u00e3o - Arganil 50,000 EUR 88,268 37,435 50,834 20,804 8,659 38.24% E\u00f3lica de Alagoa, S.A. Arcos de Valdevez 50,000 EUR 7,542 1,356 6,186 2,934 2,546 22.94% E\u00f3lica de Montenegrelo, S.A. Vila Pouca de Aguiar 50,000 EUR 18,384 3,891 14,493 5,985 2,973 19.16% E\u00f3lica do Alto da Lagoa, S.A. Oporto 50,000 EUR 19,509 5,778 13,731 5,021 2,083 38.24% E\u00f3lica do Alto da Teixosa, S.A. Alh\u00f5es 50,000 EUR 24,542 11,053 13,488 6,162 2,646 38.24% E\u00f3lica do Alto do Mourisco, S.A. Cerdedo 50,000 EUR 21,429 9,693 11,736 5,100 2,225 38.24% E\u00f3lica do Espig\u00e3o, S.A. Vila Nova CMV 50,000 EUR 24,790 7,558 17,232 7,306 3,468 38.24% E\u00f3lica dos Altos de Salgueiros-Guilhado, S.A. Vila Pouca de Aguiar 50,000 EUR 10,415 5,045 5,370 2,259 872 38.24% Fotovoltaica Flutuante do Grande Lago, S.A. Oporto 50,000 EUR 2,127 1,325 802 - -93 74.98% Fotovoltaica Lote A, S.A. Oporto 50,000 EUR 97,847 97,715 132 - 108 74.98% IE2 Portugal, SGPS, S.A. Oporto 50,000 EUR 112 66 46 - -21 74.98% Malhadizes - Energia E\u00f3lica, S.A. Oporto 50,000 EUR 18,698 7,882 10,816 5,009 1,923 38.24% Parque E\u00f3lico do Barlavento, S.A. Oporto 60,000 EUR 53,052 13,280 39,772 14,266 7,713 67.46% S.E.E. - Sul Energ\u00eda E\u00f3lica, S.A. Oporto 150,000 EUR 9,650 796 8,854 2,921 1,997 74.98% France: EDPR France Holding, S.A.S. Paris 79,900,000 EUR 390,316 285,206 105,110 36,002 -10,201 74.98% Eoles Montjean, S.A.S. Paris 849,351 EUR 1,126 278 849 - -1 74.98% Fransol 11, S.A.S. Boulogne-Billancourt 1 EUR 2 13 -11 - -1 63.73% Fransol 12, S.A.S. Boulogne-Billancourt 1 EUR 5 29 -24 - -9 63.73% Fransol 13, S.A.S. Boulogne-Billancourt 1 EUR 4 24 -20 - - 63.73% Fransol 14, S.A.S. Boulogne-Billancourt 1 EUR 837 843 -6 - 28 63.73% Fransol 15, S.A.S. Boulogne-Billancourt 1 EUR 6 41 -35 - -1 63.73% Fransol 16, S.A.S. Boulogne-Billancourt 1 EUR 9 57 -47 - -14 63.73% Fransol 17, S.A.S. Boulogne-Billancourt 1 EUR 3 18 -15 - -5 63.73% Fransol 18, S.A.S. Boulogne-Billancourt 1 EUR 5 29 -24 - -2 63.73% Fransol 19, S.A.S. Boulogne-Billancourt 1 EUR 3 16 -13 - - 63.73% Fransol 20, S.A.S. Boulogne-Billancourt 1 EUR 18 77 -59 - -9 63.73% Fransol 21, S.A.S. Boulogne-Billancourt 1 EUR 8 50 -42 - 1 63.73% Fransol 22, S.A.S. Boulogne-Billancourt 1 EUR 1 5 -4 - - 63.73% Fransol 23, S.A.S. Boulogne-Billancourt 1 EUR 2 13 -11 - - 63.73% Fransol 24, S.A.S. Boulogne-Billancourt 1 EUR 7 40 -33 - -20 63.73% Fransol 25, S.A.S. Boulogne-Billancourt 1 EUR 4 25 -21 - -7 63.73% Fransol 26, S.A.S. Boulogne-Billancourt 1 EUR 3 16 -13 - - 63.73% Fransol 27, S.A.S. Boulogne-Billancourt 1 EUR 15 89 -74 - -9 63.73% Fransol 28, S.A.S. Boulogne-Billancourt 1 EUR 9 57 -47 - -29 63.73% Fransol 29, S.A.S. Boulogne-Billancourt 1 EUR 3 16 -13 - - 63.73% Fransol 30, S.A.S. Boulogne-Billancourt 1 EUR 3 26 -23 - -5 63.73% Fransol 31, S.A.S. Boulogne-Billancourt 1 EUR 3 20 -16 - -5 63.73% Fransol 32, S.A.S. Boulogne-Billancourt 1 EUR 4 22 -18 - -13 63.73% Fransol 33, S.A.S. Boulogne-Billancourt 1 EUR 2 12 -10 - -7 63.73% Fransol 34, S.A.S. Boulogne-Billancourt 1 EUR 5 28 -23 - -16 63.73% Fransol 35, S.A.S. Boulogne-Billancourt 1 EUR 2 12 -10 - -3 63.73% Fransol 36, S.A.S. Boulogne-Billancourt 1 EUR 2 14 -12 - -7 63.73% Fransol 37, S.A.S. Boulogne-Billancourt 1 EUR 5 31 -25 - -12 63.73% Fransol 38, S.A.S. Boulogne-Billancourt 1 EUR 1 8 -7 - - 63.73% Fransol 39, S.A.S. Boulogne-Billancourt 1 EUR 3 16 -13 - - 63.73% Fransol 40, S.A.S. Boulogne-Billancourt 1 EUR 2 12 -10 - - 63.73% Fransol 41, S.A.S. Boulogne-Billancourt 1 EUR - 2 -1 - - 63.73% Fransol 42, S.A.S. Boulogne-Billancourt 1 EUR 1 5 -4 - -3 63.73% Fransol 43, S.A.S. Boulogne-Billancourt 1 EUR - 2 -1 - - 63.73% Fransol 44, S.A.S. Boulogne-Billancourt 1 EUR - 2 -1 - - 63.73% Fransol 45, S.A.S. Boulogne-Billancourt 1 EUR 2 11 -9 - - 63.73% Fransol 46, S.A.S. Boulogne-Billancourt 1 EUR - 2 -1 - - 63.73% Fransol 47, S.A.S. Boulogne-Billancourt 1 EUR - 2 -1 - - 63.73% Fransol 48, S.A.S. Boulogne-Billancourt 1 EUR - 2 -1 - - 63.73% Fransol 49, S.A.S. Boulogne-Billancourt 1 EUR - 2 -1 - - 63.73% Fransol 50, S.A.S. Boulogne-Billancourt 1 EUR - 2 -1 - - 63.73% Kronos IB Vogt 15, S.A.S. Saint-Louis 1 EUR 98 107 -9 - -2 63.73% Kronos IB Vogt 16, S.A.S. Saint-Louis 1 EUR 22 30 -8 - -2 63.73% Kronos IB Vogt 18, S.A.S. Saint-Louis 1 EUR 150 165 -14 - -5 63.73% Kronos IB Vogt 19, S.A.S. Saint-Louis 1 EUR 12 19 -7 - -2 63.73% Kronos IB Vogt 20, S.A.S. Saint-Louis 1 EUR 46 56 -9 - -2 63.73% Kronos IB Vogt 22, S.A.S. Saint-Louis 1 EUR 74 82 -8 - -2 63.73% Kronos IB Vogt 25, S.A.S. Saint-Louis 1 EUR 55 63 -8 - -2 63.73% Kronos Solar France, S.A.S. Boulogne-Billancourt 20,000 EUR 646 560 86 - -31 74.98% Kronosol 11, S.A.R.L. Saint-Louis 1 EUR 11 70 -59 - -8 63.73% Kronosol 12, S.A.R.L. Saint-Louis 1 EUR 58 63 -5 - 28 63.73% Kronosol 13, S.A.R.L. Saint-Louis 1 EUR 709 718 -10 - -2 63.73% Kronosol 14, S.A.R.L. Saint-Louis 1 EUR 2,704 2,724 -21 - -6 63.73% Kronosol 15, S.A.R.L. Saint-Louis 1 EUR 232 257 -25 - 30 63.73% Le Chemin de la Corv\u00e9e, S.A.S. Paris 215,000 EUR 4,403 4,916 -513 - -263 74.98% Monts de la Madeleine Energie, S.A.S. Paris 88,000 EUR 1,502 1,476 25 - -18 74.98% Monts du Forez Energie, S.A.S. Paris 200,000 EUR 1,453 1,359 95 - -16 74.98% Parc \u00c9olien d\u2019Entrains-sur-Nohain, S.A.S. Paris 266,000 EUR 187 5 183 - -457 67.48% Parc Eolien de Dionay, S.A.S. Paris 215,000 EUR 1,935 1,851 83 - -28 74.98% Transition Euroise Roman II, S.A.S. Paris 603,000 EUR 14,791 13,832 959 1,399 370 63.73% Vanosc Energie, S.A.S. Paris 1,000 EUR 821 835 -14 - -11 74.98% Poland: Budzyn, Sp. z o.o. Warsaw 5,000 PLN 5 42 -37 - -18 38.24% EDP Renewables Polska HoldCo, S.A. Warsaw 100,100 PLN 258,978 39,386 219,591 - 24,886 38.24% EDP Renewables Polska Solar, Sp. Z o.o. Warsaw 5,000 PLN 22,136 23,720 -1,584 - -1,195 74.98% EDP Renewables Polska, Sp. z o.o. Warsaw 435,045,000 PLN 615,902 375,616 240,286 10,580 62,853 74.98% Elektrownia Kamienica, Sp. z o.o. Warsaw 5,000 PLN 673 706 -33 - -17 74.98% Elektrownia Wiatrowa Kresy I, Sp. z o.o. Warsaw 70,210 PLN 105,078 11,990 93,088 36,417 20,879 38.24% EW Dobrzyca, Sp. z o.o. Pozna\u0144 674,000 PLN 121,149 129,594 -8,445 23,403 13,345 74.98% Farma Fotowoltaiczna Budzyn, Sp. z o.o. Warsaw 5,000 PLN 19 20 -1 - -2 74.98% Farma Fotowoltaiczna Dobrzyca, Sp. z o.o. Warsaw 5,000 PLN 19 20 -1 - -2 74.98% Farma Fotowoltaiczna Koden, Sp. z o.o. Warsaw 5,000 PLN 1,431 1,454 -23 - -18 74.98% Farma Fotowoltaiczna Radziej\u00f3w, Sp. z o.o. Warsaw 5,000 PLN 3 9 -6 - -7 74.98% Farma Fotowoltaiczna Tomasz\u00f3w, Sp. z o.o. Warsaw 5,000 PLN 2 5 -4 - -5 74.98% Farma Fotowoltaiczna Ujazd, Sp. z o.o. Warsaw 5,000 PLN 2 3 -2 - -3 74.98% Farma Fotowoltaiczna Warta, Sp. z o.o. Warsaw 5,000 PLN 2 7 -6 - -7 74.98% Farma Fotowoltaiczna Wielkopolska, Sp. z o.o. Warsaw 5,000 PLN 7 8 -1 - -2 74.98% Farma Wiatrowa Starozreby, Sp. z o.o. Warsaw 466,000 PLN 265 2 263 - -16 74.98% FW Warta, Sp. z o.o. Pozna\u0144 10,000 PLN 51,093 49,664 1,429 3,195 1,804 74.98% Gudziki Wind Farm, Sp. z o.o. Warsaw 35,715,400 PLN 50,564 43,807 6,757 11,019 4,916 38.24% Korsze Wind Farm, Sp. z o.o. Warsaw 35,754,000 PLN 64,833 29,885 34,947 35,457 21,034 38.24% Masovia Wind Farm I, Sp. z o.o. Warsaw 1,258,000 PLN 142 215 -73 - -49 74.98% Miramit Investments, Sp. z o.o. Warsaw 55,000 PLN 454 323 131 - -22 74.98% Molen Wind II, Sp. z o.o. Warsaw 14,600 PLN 59,236 32,974 26,262 20,208 9,947 38.24% Neo Solar Chotk\u00f3w, Sp. z o.o. Warsaw 5,000 PLN 23,049 23,297 -248 - -220 74.98% Neo Solar Farm, Sp. z o.o. Warsaw 5,000 PLN 99,238 101,021 -1,784 - -538 74.98% Neo Solar Przykona II, Sp. z o.o. Warsaw 5,000 PLN 974 1,030 -56 - -14 74.98% R.Wind, Sp. z o.o. Warsaw 6,000 PLN 701 846 -145 - -117 74.98% Radziej\u00f3w Wind Farm, Sp. z o.o. Warsaw 27,605,000 PLN 29,827 23,651 6,176 8,050 2,490 38.24% Rampton, Sp. z o.o. Warsaw 11,005,000 PLN 2,534 283 2,251 697 -35 74.98% Relax Wind Park I, Sp. z o.o. Warsaw 46,540,000 PLN 105,605 51,832 53,773 42,250 21,631 38.24% Relax Wind Park III, Sp. z o.o. Warsaw 59,603,000 PLN 236,840 198,959 37,881 40,636 16,469 38.24% Rowy-Karpacka Mala Energetyka, Sp. z o.o. Warsaw 50,000 PLN 115 591 -475 - -34 74.98% Ujazd, Sp. z o.o. Pozna\u0144 3,748,400 PLN 59,711 59,920 -209 8,496 3,954 74.98% WF Energy III, Sp. z o.o. Warsaw 5,000 PLN 535 542 -7 - -13 74.98% Wind Field Wielkopolska, Sp. z o.o. Pozna\u0144 505,000 PLN 122,988 161,769 -38,781 23,721 13,280 74.98% Romania: Beta Wind, S.R.L. Bucharest 207,470 RON 5,395 467 4,928 - -306 74.98% EDPR Rom\u00e2nia, S.R.L. Bucharest 1,491,259,750 RON 670,717 158,101 512,617 283,507 57,751 74.98% Energopark, S.R.L. Bucharest 133,720 RON 1,777 1,885 -108 - -292 74.98% Fravezac, S.R.L. Bucharest 5,815,810 RON 1,378 836 542 - -30 74.98% International Solar Energy, S.R.L. Bucharest 200 RON 198 445 -247 - -247 74.98% Solar Phoenix, S.R.L. Bucharest 79,300 RON 314 584 -270 - -266 74.98% Great Britain: Altnabreac Wind Farm Limited Edinburgh 100 GBP 67 1,961 -1,894 - -1,674 74.98% Ben Sca Wind Farm Limited Edinburgh 100 GBP 2,528 3,392 -864 - -588 74.98% Drummarnock Wind Farm Limited Edinburgh 100 GBP 1,163 1,829 -666 - -400 74.98% KS SPV 36 Limited Newmarket 1 GBP 167 147 20 123 4 74.98% KS SPV 46 Limited Newmarket 1 GBP - 26 -26 - -7 74.98% KS SPV 65 Limited Newmarket 1 GBP - 22 -22 - -15 74.98% KS SPV 69 Limited Newmarket 1 GBP - 7 -7 - -6 74.98% KS SPV 70 Limited Newmarket 1 GBP 139 161 -22 - -21 74.98% KS SPV 71 Limited Newmarket 1 GBP 61 77 -16 - -16 74.98% KS SPV 72 Limited Newmarket 1 GBP - 10 -10 - -11 74.98% KS SPV 73 Limited Newmarket 1 GBP - 6 -6 - -6 74.98% KS SPV 74 Limited Newmarket 1 GBP - 6 -6 - -6 74.98% KS SPV 75 Limited Newmarket 1 GBP 4 13 -9 - -9 74.98% KS SPV 76 Limited Newmarket 1 GBP - 5 -5 - -5 74.98% KS SPV 77 Limited Newmarket 1 GBP - 5 -5 - -5 74.98% KS SPV 78 Limited Newmarket 1 GBP - 5 -5 - -5 74.98% KS SPV 79 Limited Newmarket 1 GBP - 5 -5 - -5 74.98% KS SPV 80 Limited Newmarket 1 GBP - 5 -5 - -5 74.98% Lurg Hill Wind Farm Ltd Edinburgh 100 GBP 323 1,064 -741 - -365 74.98% Moorshield Wind Farm Limited Edinburgh 100 GBP 1,369 2,009 -640 - -369 74.98% Muirake Wind Farm Ltd Edinburgh 100 GBP 5,905 4,351 1,554 2,143 1,779 59.23% Vento Ludens Ltd Edinburgh 8,000 GBP 4,710 8,096 -3,386 624 -4,418 74.98% Wind 2 Project 1 Limited Edinburgh 100 GBP 1,112 1,753 -641 - -374 74.98% Italy: AW 2, S.r.l. Milan 100,000 EUR 24,498 19,413 5,085 10,994 5,120 56.23% C & C Tre Energy S.r.l. Milan 100,000 EUR 29,735 28,890 844 - -144 74.98% Custolito, S.R.L. Milan 10,000 EUR 246 224 22 - -2 74.98% EDP Renewables Italia Holding, S.R.L. Milan 347,000 EUR 372,299 91,317 280,981 12,044 225,411 74.98% EDP Renewables Italia, S.R.L. Milan 34,439,343 EUR 196,257 120,743 75,513 44,165 23,634 38.24% EDPR Basilicata, S.r.l. Milan 10,000 EUR 77 80 -3 - -13 74.98% EDPR Centro Italia PV, S.r.l. Milan 10,000 EUR 1,393 1,408 -15 - -25 74.98% EDPR Puglia Due, S.r.l. Milan 10,000 EUR 53 44 10 - - 74.98% EDPR Puglia Uno, S.r.l. Milan 10,000 EUR 10 - 10 - - 74.98% EDPR Sardegna, S.r.l. Milan 10,000 EUR 513 506 7 - -3 74.98% EDPR Sicilia Due, S.r.l. Milan 10,000 EUR 402 398 4 - -6 74.98% EDPR Sicilia PV, S.R.L. Milan 10,000 EUR 6,366 6,447 -82 - -103 74.98% EDPR Sicilia Uno, S.r.l. Milan 10,000 EUR 470 477 -7 - -17 74.98% EDPR Sicilia Wind, S.r.l. Milan 10,000 EUR 7,014 7,052 -38 - -52 74.98% EDPR Sud Italia, S.r.l. Milan 10,000 EUR 429 466 -38 - -48 74.98% EDPR Villa Galla, S.R.L. Milan 9,000,000 EUR 105,644 32,186 73,458 45,378 12,645 38.24% Energia Emissioni Zero 4, S.r.l. Naples 10,000 EUR 48,444 38,493 9,950 15,761 9,694 44.99% Giglio, S.r.l. Milan 20,000 EUR 33,864 32,739 1,125 - -24 44.99% Re Plus, S.R.L. Milan 100,000 EUR 809 694 114 - 28 74.98% Sarve, S.r.l. Milan 10,000 EUR 66,716 65,743 973 3,753 1,096 74.98% Solar Italy I, S.r.l. Milan 10,000 EUR 7,154 6,255 899 - -73 74.98% Solar Italy II, S.r.l. Milan 10,000 EUR 4,823 4,647 176 - -119 74.98% Solar Italy IV, S.r.l. Milan 10,000 EUR 4,900 3,973 927 - -61 74.98% T Power, S.p.A. Cesena 1,000,000 EUR 1,471 120 1,351 - 13 74.98% Tivano, S.R.L. Milan 100,000 EUR 21,262 17,906 3,356 7,481 3,146 56.23% VRG Wind 153, S.r.l. Milan 10,000 EUR 53,747 52,276 1,470 2,545 1,108 74.98% Wind Energy San Giorgio, S.r.l. Milan 20,000 EUR 47,910 47,315 595 5,892 -49 44.99% Greece: Aeolos Evias Energiaki, M.A.E. Athens 25,000 EUR 3,470 4,105 -635 - -660 74.98% Aioliki Oitis Energiaki E.P.E. Athens 4,500 EUR 674 2,141 -1,467 - -408 74.98% Aioliko Parko Fthiotidos Erimia E.P.E. Athens 154,500 EUR 11,333 11,163 170 - -542 74.98% EDPR Hellas 1 M.A.E. Athens 1,255,000 EUR 24,208 23,799 410 - -1,040 74.98% EDPR Hellas 2 M.A.E. Athens 470,000 EUR 12,580 11,322 1,257 - -651 74.98% Energiaki Arvanikou E.P.E. Athens 1,312,380 EUR 60,467 44,190 16,278 6,375 645 74.98% Kadmeios Anemos Energiaki, A.E. Athens 25,000 EUR 603 1,947 -1,344 - -410 74.98% Voiotikos Anemos Energy, A.E. Athens 25,000 EUR 890 1,428 -538 - -403 74.98% Wind Park Aerorrachi M.A.E. Athens 496,020 EUR 841 3,457 -2,616 - -1,013 74.98% Wind Shape E.P.E. Athens 18,000 EUR 972 1,585 -614 - -453 74.98% Germany: EDP Renewables Germany GmbH Munich 25,000 EUR 22 22 -1 - -26 74.98% Kronos Projektgesellschaft mbH Munich 25,000 EUR 24 5 19 - -6 74.98% Kronos Solar Projects France UG Munich 1,000 EUR 3,604 1,864 1,740 - -22 63.73% Kronos Solar Projects GmbH Munich 27,669 EUR 64,993 1,437 63,556 606 -438 74.98% KSD 11 UG B\u00fctow 1,000 EUR 34 57 -23 - -3 74.98% KSD 12 UG Munich 1,000 EUR 220 232 -12 - -4 74.98% KSD 13 UG Munich 1,000 EUR 37 50 -13 - -3 74.98% KSD 14 UG Munich 1,000 EUR 750 763 -12 - -5 74.98% KSD 15 UG Munich 1,000 EUR 5 14 -8 - -3 74.98% KSD 16 UG Munich 1,000 EUR 20 27 -6 - -2 74.98% KSD 17 UG Munich 1,000 EUR 263 271 -8 - -4 74.98% KSD 18 UG Munich 1,000 EUR 8 14 -6 - -2 74.98% KSD 19 UG Munich 1,000 EUR 9 15 -6 - -2 74.98% KSD 21 UG Munich 1,000 EUR 8 14 -6 - -2 74.98% KSD 22 UG Munich 1,000 EUR 8 14 -6 - -2 74.98% KSD 23 UG Munich 1,000 EUR 8 16 -8 - -5 74.98% KSD 24 UG Munich 1,000 EUR 8 14 -6 - -2 74.98% KSD 25 UG Munich 1,000 EUR 8 15 -7 - -2 74.98% KSD 26 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% KSD 27 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% KSD 28 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% KSD 29 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% KSD 30 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% KSD 31 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% KSD 32 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% KSD 33 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% KSD 34 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% KSD 35 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% KSD 36 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% KSD 37 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% KSD 38 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% KSD 39 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% KSD 40 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% The Netherlands: EDPR International Investments, B.V. Amesterdam 20,000 EUR 138,741 123,395 15,345 - 4,728 74.98% Kronos Solar Projects NL, B.V. Arnhem 5,000 EUR 221 180 41 126 6 74.98% KS NL10, B.V. Arnhem 0 EUR 1 9 -8 - -2 74.98% KS NL12, B.V. Arnhem 0 EUR 1 9 -8 - -1 74.98% KS NL13, B.V. Arnhem 0 EUR 215 252 -37 - -3 74.98% KS NL14, B.V. Arnhem 0 EUR 219 266 -47 - -6 74.98% KS NL16, B.V. Arnhem 0 EUR 1 5 -4 - -1 74.98% KS NL17, B.V. Arnhem 0 EUR 7 44 -37 - -11 74.98% KS NL20, B.V. Arnhem 0 EUR 17 25 -8 12 -2 74.98% KS NL23, B.V. Arnhem 0 EUR 34 72 -38 - -3 74.98% KS NL24, B.V. Arnhem 0 EUR 1 5 -4 - -2 74.98% KS NL25, B.V. Arnhem 0 EUR 9 16 -7 - -3 74.98% KS NL27, B.V. Arnhem 0 EUR 49 107 -57 - -14 74.98% KS NL28, B.V. Arnhem 0 EUR 156 192 -36 - -5 74.98% KS NL29, B.V. Arnhem 0 EUR 2 16 -13 - -4 74.98% KS NL3, B.V. Arnhem 0 EUR 174 217 -43 - -29 74.98% KS NL30, B.V. Arnhem 0 EUR 2 12 -10 - -2 74.98% KS NL31, B.V. Arnhem 0 EUR 2 13 -11 - -2 74.98% KS NL32, B.V. Arnhem 0 EUR 1,378 1,443 -65 - -12 74.98% KS NL33, B.V. Arnhem 0 EUR 5 31 -27 - -2 74.98% KS NL34, B.V. Arnhem 0 EUR 1,305 1,370 -65 - -11 74.98% KS NL35, B.V. Arnhem 1 EUR 2 17 -15 - -2 74.98% KS NL36, B.V. Arnhem 1 EUR 2 12 -10 - -1 74.98% KS NL37, B.V. Arnhem 1 EUR 3 20 -17 - -1 74.98% KS NL38, B.V. Arnhem 1 EUR 1 8 -7 - -2 74.98% KS NL39, B.V. Arnhem 1 EUR 1 10 -8 - -1 74.98% KS NL40, B.V. Arnhem 1 EUR 1 7 -6 - -2 74.98% KS NL41, B.V. Arnhem 1 EUR 63 73 -10 - -4 74.98% KS NL42, B.V. Arnhem 1 EUR - 5 -5 - -2 74.98% KS NL43, B.V. Arnhem 1 EUR 2 15 -13 - -2 74.98% KS NL44, B.V. Arnhem 1 EUR 1 9 -8 - -2 74.98% KS NL45, B.V. Arnhem 1 EUR 37 53 -16 - -2 74.98% KS NL46, B.V. Arnhem 1 EUR 1 9 -8 - -2 74.98% KS NL47, B.V. Arnhem 1 EUR 1 7 -6 - -2 74.98% KS NL48, B.V. Arnhem 1 EUR 1 6 -6 - -3 74.98% KS NL49, B.V. Arnhem 1 EUR 1 6 -5 - -2 74.98% KS NL50, B.V. Arnhem 1 EUR 3 18 -16 - -1 74.98% KS NL6, B.V. Arnhem - EUR 3 18 -15 - -2 74.98% KS NL8, B.V. Arnhem - EUR 163 192 -29 - -6 74.98% Other Countries: EDP Renewables Belgium, S.A. Brussels 286,500 EUR 19,382 17,105 2,277 2,402 1,044 74.98% EDP Renewables Hungary Budapest 30,100,000 HUF 5,287 7,270 -1,984 970 -818 74.98% EDPR Investment Hungary, Kft. Budapest 8,375,000 HUF 250 281 -32 - -33 74.98% Napenergia, Kft. Budapest 3,000,000 HUF 2,019 2,639 -620 - -632 74.98% Ny\u00edrs\u00e9g Watt, Kft. Budapest 313,000,000 HUF 3,877 2,092 1,785 - 36 74.98% Sunglare Capture, Kft. Budapest 3,000,000 HUF 897 1,237 -339 - -355 74.98% Sunglare Expert, Kft. Budapest 3,000,000 HUF 900 1,236 -336 - -352 74.98% Sunlight Solar, Kft. Budapest 5,100,000 HUF 3,130 3,058 72 - -1,291 63.73% Szabadsolar, Kft. Budapest 3,000,000 HUF 341 745 -403 - -421 74.98% North America Geography / Platform: United States of America: EDP Renewables North America LLC (USA Subgroup Parent Company) Delaware 5,854,030,371 USD 5,723,781 1,110,636 4,613,145 80,772 -247,516 74.98% 10 Point Solar Park LLC Delaware - USD - - - - - 74.98% 17th Star Wind Farm LLC Delaware - USD - - - - - 74.98% 2007 Vento I LLC Delaware 492,544,815 USD 519,422 2,178 517,244 7,027 3,583 74.98% 2007 Vento II LLC Delaware 208,869,370 USD 190,696 317 190,379 - -137 38.24% 2008 Vento III LLC Delaware 329,915,264 USD 302,967 175 302,792 - -7 38.24% 2009 Vento V LLC Delaware 1,060,697 USD 1,420 1,676 -256 - -3 38.24% 2011 Vento IX LLC Delaware 48,589,635 USD 45,501 1,286 44,215 - -119 38.24% 2011 Vento X LLC Delaware 82,960,663 USD 78,806 2,371 76,435 - -183 74.98% 2014 Sol I LLC Delaware 57,623,714 USD 53,643 301 53,342 - -76 37.49% 2014 Vento XI LLC Delaware 189,869,525 USD 179,243 1,334 177,908 - -3 38.24% 2014 Vento XII LLC Delaware 95,867,632 USD 89,954 196 89,758 - -5 38.24% 2015 Vento XIII LLC Delaware 247,913,544 USD 234,559 3,146 231,412 - -112 38.24% 2015 Vento XIV LLC Delaware 217,973,299 USD 203,625 44 203,581 - -110 38.24% 2016 Vento XV LLC Delaware 444,214,594 USD 416,438 695 415,743 - -107 74.98% 2016 Vento XVI LLC Delaware 143,762,468 USD 136,462 2,375 134,088 - -110 74.98% 2017 Sol II LLC Delaware 105,737,278 USD 99,543 589 98,954 - -19 74.98% 2018 Vento XVIII LLC Delaware 425,012,891 USD 398,495 574 397,922 - -104 74.98% 2019 Vento XXI LLC Delaware 266,979,241 USD 253,193 3,131 250,062 - -111 74.98% 2020 Vento XXII LLC Delaware 1,009,664,911 USD 944,412 2,618 941,793 - -4,947 74.98% 2021 DG Agora Holdings LLC Delaware 18,618,454 USD 17,456 - 17,456 - - 63.73% 2021 DG Agora Sol I LLC Delaware 346 USD - - - - - 63.73% 2021 DG Agora Ventures I LLC Delaware 18,618,108 USD 67,390 49,663 17,727 - 315 63.73% 2021 DG Apollo Sol II LLC Delaware 7,415 USD 7 - 7 - - 63.73% 2021 DG Apollo Ventures II LLC Delaware -9,853 USD - 10 -10 - - 63.73% 2021 DG CA Agora Holdings LLC Delaware 788,562 USD 739 1 738 - -2 63.73% 2021 DG CA Agora Sol I LLC Delaware 346 USD - - - - - 63.73% 2021 DG CA Agora Ventures I LLC Delaware 774,995 USD 726 7 719 - -7 63.73% 2021 DG CA Apollo Sol II LLC Delaware 346 USD - - - - - 63.73% 2021 DG CA Apollo Ventures II LLC Delaware 346 USD - - - - - 63.73% 2021 Vento XXIII LLC Delaware 259,111,360 USD 256,321 13,499 242,822 - -111 74.98% 2022 SOL VI LLC Delaware - USD - 1 -1 - -1 74.98% 2022 SOL VII LLC Delaware 1,328 USD - 1 -1 - -2 74.98% Alabama Ledge Wind Farm LLC Delaware - USD - - - - - 74.98% Alabama Solar Park LLC Delaware 440 USD - - - - - 74.98% Amsterdam 3 Solar LLC Delaware 346 USD - - - - - 63.73% Antelope Ridge Wind Power Project LLC Delaware 12,828,809 USD - - - - - 74.98% Arbuckle Mountain Wind Farm LLC Delaware 140,352,864 USD 131,860 10,413 121,447 8,364 -1,385 38.24% Arkwright Summit Wind Farm LLC Delaware 171,961,105 USD 188,571 16,776 171,796 17,684 5,421 74.98% Arlington Wind Power Project LLC Delaware 48,038,795 USD 95,557 8,402 87,155 14,136 4,527 38.24% Aroostook Wind Energy LLC Delaware 47,858,107 USD 40,131 370 39,762 - -5 74.98% Ashford Wind Farm LLC Delaware - USD - - - - - 74.98% Athena-Weston Wind Power Project II LLC Delaware - USD - - - - - 74.98% Athena-Weston Wind Power Project LLC Delaware - USD - - - - - 74.98% Avondale Solar Park LLC Delaware 1,935,820 USD 2,098 286 1,812 - -3 74.98% AZ Solar LLC Delaware - USD - - - - - 74.98% Azalea Springs Solar Park LLC Delaware 2,862,866 USD 5,343 2,665 2,677 - -7 74.98% Bar Harbor Community Solar LLC Delaware 1,512,253 USD 1,605 191 1,413 - -4 63.73% Bayou Bend Solar Park LLC Delaware 440 USD - - - - - 74.98% BC2 Maple Ridge Holdings LLC Delaware - USD - - - - - 74.98% BC2 Maple Ridge Wind LLC Delaware 268,811,195 USD 111,613 5,113 106,500 - -3,327 74.98% Bear Peak Beccaria LLC Delaware - USD - - - - - 63.73% Bear Peak Brady LLC Delaware - USD - - - - - 63.73% Bear Peak East Carroll LLC Delaware - USD - - - - - 63.73% Bear Peak Glen Hope LLC Delaware - USD - - - - - 63.73% Bear Peak Jennerstown LLC Delaware - USD - - - - - 63.73% Bear Peak Juniata LLC Delaware - USD - - - - - 63.73% Bear Peak Paint II LLC Delaware - USD - - - - - 63.73% Bear Peak Richmond LLC Delaware - USD - - - - - 63.73% Big River Solar Park LLC Delaware - USD - - - - - 74.98% Big River Wind Power Project LLC Delaware - USD - - - - - 74.98% Black Prairie Solar Park II LLC Delaware - USD - - - - - 74.98% Black Prairie Solar Park LLC Delaware 1,285,431 USD 1,294 89 1,205 - - 74.98% Black Prairie Storage II LLC Delaware - USD - - - - - 74.98% Black Prairie Storage LLC Delaware - USD - - - - - 74.98% Black Prairie Wind Farm II LLC Delaware - USD - - - - - 74.98% Black Prairie Wind Farm III LLC Delaware - USD - - - - - 74.98% Black Prairie Wind Farm LLC Delaware 1,183,528 USD 1,108 1 1,107 - - 74.98% Blackford County Solar Park LLC Delaware - USD - - - - - 74.98% Blackford County Wind Farm LLC Delaware - USD - - - - - 74.98% Blackstone Wind Farm II LLC Delaware 171,640,650 USD 277,004 96,150 180,854 34,611 15,621 74.98% Blackstone Wind Farm III LLC Delaware 6,275,439 USD - - - - - 74.98% Blackstone Wind Farm IV LLC Delaware - USD - - - - - 74.98% Blackstone Wind Farm LLC Delaware 76,966,839 USD 124,852 43,792 81,059 16,788 7,312 74.98% Blackstone Wind Farm V LLC Delaware - USD - - - - - 74.98% Blissville Road LLC Delaware 2,280,446 USD 2,208 98 2,109 132 -29 63.73% Blue Canyon Windpower II LLC Texas 263,914,720 USD 226,761 35,604 191,157 6,246 -17,447 74.98% Blue Canyon Windpower III LLC Texas - USD - - - - - 74.98% Blue Canyon Windpower IV LLC Texas - USD - - - - - 74.98% Blue Canyon Windpower V LLC Texas - USD 109,621 8,744 100,878 20,979 8,625 38.24% Blue Canyon Windpower VI LLC Delaware 84,054,756 USD 100,156 8,713 91,443 5,319 -5,271 74.98% Blue Canyon Windpower VII LLC Delaware - USD - - - - - 74.98% Blue Harvest Solar Park LLC Delaware 12,525,442 USD 44,222 32,544 11,678 - -45 74.98% Blue Marmot I LLC Delaware - USD - - - - - 74.98% Blue Marmot II LLC Delaware - USD - - - - - 74.98% Blue Marmot IV LLC Delaware - USD - - - - - 74.98% Blue Marmot IX LLC Delaware 1,340 USD - 3 -3 - -4 74.98% Blue Marmot Solar Park LLC Delaware - USD - - - - - 74.98% Blue Marmot V LLC Delaware - USD - - - - - 74.98% Blue Marmot VI LLC Delaware - USD - - - - - 74.98% Blue Marmot VII LLC Delaware - USD - - - - - 74.98% Blue Marmot VIII LLC Delaware - USD - - - - - 74.98% Blue Marmot XI LLC Delaware - USD - - - - - 74.98% Bluebird Prairie Solar Park LLC Delaware - USD - - - - - 74.98% Bright Stalk Solar Park LLC Delaware - USD - - - - - 74.98% Broadlands Wind Farm II LLC Delaware - USD - - - - - 74.98% Broadlands Wind Farm III LLC Delaware - USD - - - - - 74.98% Buffalo Bluff Wind Farm LLC Delaware 4,927,632 USD 4,816 198 4,619 - -1 74.98% C2 Alpha Holdings LLC Delaware 76,514 USD - - - - -73 63.73% C2 Bristol I LLC Delaware 6,039,969 USD 5,992 350 5,642 - -11 63.73% C2 Bristol II LLC Delaware 1,345,640 USD 1,348 109 1,239 - -23 63.73% C2 CA 2016 Holdings LLC Delaware 1,526,711 USD 1,442 15 1,427 - -157 63.73% C2 CA WMS Redlands #1693 LLC Delaware - USD - - - - - 63.73% C2 CB 2017 Holdings LLC Delaware 19,349,878 USD 17,650 -482 18,133 - 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3,909 - -1 63.73% C2 MA Dudley II LLC Delaware 1,444,640 USD 3,070 1,873 1,197 - 14 63.73% C2 MA FKW Holdings LLC Delaware 2,932,560 USD 2,752 330 2,421 - -228 63.73% C2 MA Kelly Way Solar LLC Delaware 1,176,528 USD 1,325 125 1,200 166 137 63.73% C2 MA Lakeville Holdings LLC Delaware 8,086,660 USD 7,902 166 7,736 - -409 63.73% C2 MA Lakeville LLC Delaware 8,293,966 USD 8,402 141 8,260 926 675 63.73% C2 MA Lakeville Sponsor LLC Delaware 8,091,791 USD 7,582 - 7,582 - -5 63.73% C2 MA Managing Member II LLC Delaware 2,932,705 USD 2,749 - 2,749 - -1 63.73% C2 MA New Salem LLC Delaware 1,250,049 USD 3,024 1,607 1,417 349 216 63.73% C2 MA Owner LLC Delaware 20,702,720 USD 20,120 713 19,407 - -528 63.73% C2 MA Swansea Holdings LLC Delaware 6,728,094 USD 6,049 613 5,436 - -992 63.73% C2 MA Swansea LLC Delaware 6,449,512 USD 7,559 604 6,955 1,096 941 63.73% C2 MN Hopkins LLC Delaware 2,982,845 USD 2,934 254 2,680 34 -115 63.73% C2 Morin LLC Delaware 1,787,151 USD 1,554 29 1,525 110 -45 63.73% C2 NC Kitty Hawk LLC Delaware - USD - - - - - 63.73% C2 NJ Andover I LLC Delaware - USD 2,349 1,254 1,095 288 103 63.73% C2 NY Brookhaven LLC Delaware 7,920,100 USD 7,226 398 6,828 - -570 63.73% C2 NY Sentinel Heights Solar LLC Delaware 5,608,973 USD 5,778 541 5,238 - -4 63.73% C2 OH New Lebanon LLC Delaware 346 USD - - - - - 63.73% C2 OH Otsego I LLC Delaware 3,436 USD - - - - -3 63.73% C2 OH Otsego II LLC Delaware -8,478 USD 2,809 1,444 1,366 246 -55 63.73% C2 Omega Holding Company LLC Delaware 13,025 USD - 3 -3 - -8 63.73% C2 RI Hopkinton LLC Delaware 3,143,218 USD 3,386 496 2,890 186 -55 63.73% C2 Scripps 1 LLC Delaware 1,537,793 USD 2,288 1,052 1,236 119 -112 63.73% C2 Scripps 3 LLC Delaware 1,019,981 USD 1,414 557 858 64 -50 63.73% C2 Scripps 4 LLC Delaware 1,506,539 USD 2,143 832 1,311 100 -51 63.73% C2 SH 2019 LLC Delaware 2,396,180 USD 2,245 - 2,245 - -1 63.73% C2 Starratt Solar LLC Delaware 14,276,358 USD 13,010 234 12,776 693 -286 63.73% C2 Starratt Sponsor LLC Delaware 19,352,007 USD 18,142 - 18,142 - -1 63.73% C2 WM 2020 Holdings LLC Delaware 1,482 USD - - - - -1 63.73% C2 WM Arizona 1 LLC Delaware 1,021,833 USD 968 22 947 53 1 63.73% C2 WM Arizona 10 LLC Delaware 778,884 USD 738 19 719 41 -4 63.73% C2 WM Arizona 1512 LLC Delaware 815,688 USD 784 21 763 - -2 63.73% C2 WM Arizona 1549 LLC Delaware 1,218,842 USD 1,290 44 1,245 140 52 63.73% C2 WM Arizona 2 LLC Delaware 1,656,288 USD 1,551 37 1,514 85 -22 63.73% C2 WM Arizona 2112 LLC Delaware 866,988 USD 899 27 871 91 29 63.73% C2 WM Arizona 3 LLC Delaware 2,418,585 USD 2,247 41 2,206 119 -38 63.73% C2 WM Arizona 3360 LLC Delaware 896,691 USD 921 30 891 92 25 63.73% C2 WM Arizona 3465 LLC Delaware 822,273 USD 965 78 887 113 62 63.73% C2 WM Arizona 3799 LLC Delaware 973,110 USD 1,355 367 989 124 31 63.73% C2 WM Arizona 3833 LLC Delaware 982,245 USD 1,357 367 990 126 28 63.73% C2 WM Arizona 3861 LLC Delaware 1,313,558 USD 1,334 41 1,293 126 19 63.73% C2 WM Arizona 4 LLC Delaware 1,911,915 USD 1,797 48 1,749 98 -18 63.73% C2 WM Arizona 4451 LLC Delaware 1,022,906 USD 1,121 86 1,035 120 49 63.73% C2 WM Arizona 5 LLC Delaware 1,627,680 USD 1,507 32 1,476 77 -29 63.73% C2 WM Arizona 5768 LLC Delaware - USD - - - - - 63.73% C2 WM Arizona 6 LLC Delaware 2,056,011 USD 1,910 34 1,875 104 -31 63.73% C2 WM Arizona 7 LLC Delaware 2,865,132 USD 2,220 56 2,164 124 -504 63.73% C2 WM Arizona 8 LLC Delaware 2,267,789 USD 2,112 46 2,065 114 -38 63.73% C2 WM Arizona 9 LLC Delaware 2,141,088 USD 1,996 37 1,959 107 -22 63.73% C2 WM Arizona Holdings LLC Delaware 2,025 USD - - - - -2 63.73% C2 WM California 1789 LLC Delaware 686,802 USD 744 27 717 91 32 63.73% C2 WM California 1988 LLC Delaware 478,968 USD 508 16 492 58 20 63.73% C2 WM California 2039 LLC Delaware - USD - - - - - 63.73% C2 WM California 4202 LLC Delaware 339,565 USD 336 9 327 33 6 63.73% C2 WM California 4317 LLC Delaware 738,639 USD 710 20 689 - -3 63.73% C2 WM California 5884 LLC Delaware - USD - - - - - 63.73% C2 WM California 5890 LLC Delaware 673,816 USD 663 16 647 49 5 63.73% C2 WM California Holdings LLC Delaware 1,229 USD - - - - -1 63.73% C2 WM Chester Leasing LLC Delaware 293,579 USD 278 49 229 22 -28 63.73% C2 WM DSA Holdings LLC Delaware 1,573,200 USD 18,110 16,496 1,614 - -251 63.73% C2 WM Greenwood Leasing LLC Delaware 393,806 USD 433 92 341 52 -34 63.73% C2 WM Holdings LLC Delaware 46,253 USD 42 - 42 - -1 63.73% C2 WM Illinois 1404 LLC Delaware 852,324 USD 1,062 31 1,031 179 95 63.73% C2 WM Illinois 1489 LLC Delaware 700,670 USD 831 22 810 98 61 63.73% C2 WM Illinois 1548 LLC Delaware 638,828 USD 634 23 612 106 37 63.73% C2 WM Illinois 1553 LLC Delaware 675,494 USD 853 23 830 116 80 63.73% C2 WM Illinois 1761 LLC Delaware 784,401 USD 883 28 854 102 35 63.73% C2 WM Illinois 1848 LLC Delaware 593,901 USD 819 24 795 127 100 63.73% C2 WM Illinois 1933 LLC Delaware 677,575 USD 876 26 850 124 90 63.73% C2 WM Illinois 2215 LLC Delaware 750,310 USD 961 31 930 139 101 63.73% C2 WM Illinois 2491 LLC Delaware 858,955 USD 1,230 139 1,091 229 103 63.73% C2 WM Illinois 253 LLC Delaware 966,921 USD 1,218 40 1,178 217 100 63.73% C2 WM Illinois 5442 LLC Delaware 579,319 USD 700 21 679 86 55 63.73% C2 WM Illinois 612 LLC Delaware 652,626 USD 704 24 681 133 70 63.73% C2 WM Illinois 891 LLC Delaware 811,634 USD 1,073 34 1,039 159 117 63.73% C2 WM Illinois Holdings LLC Delaware 38,031 USD - - - - -39 63.73% C2 WM Indian Land Leasing LLC Delaware 586,889 USD 596 133 463 41 -50 63.73% C2 WM Lake Wylie Leasing LLC Delaware 601,907 USD 599 123 476 42 -54 63.73% C2 WM Laurens Leasing LLC Delaware 2,302,429 USD 3,191 1,155 2,036 82 -59 63.73% C2 WM Leasing LLC Delaware 1,847,385 USD 1,680 -51 1,730 - -2 63.73% C2 WM Louisiana 309 LLC Delaware - USD - - - - - 63.73% C2 WM Louisiana 539 LLC Delaware 256,203 USD 256 19 237 - -3 63.73% C2 WM Louisiana 87 LLC Delaware 558,111 USD 554 16 537 48 7 63.73% C2 WM Louisiana Holdings LLC Delaware 726 USD - - - - -2 63.73% C2 WM Maryland 1715 LLC Delaware 918,169 USD 845 29 817 45 -48 63.73% C2 WM Maryland 2436 LLC Delaware 1,177,369 USD 1,124 61 1,063 89 -49 63.73% C2 WM Maryland Holdings LLC Delaware 1,538 USD - - - - -1 63.73% C2 WM New Jersey 1 LLC Delaware 5,403,578 USD 5,513 82 5,432 495 291 63.73% C2 WM New Jersey 1807 LLC Delaware 778,944 USD 738 9 729 - -1 63.73% C2 WM New Jersey 1844 LLC Delaware 776,543 USD 732 5 727 - -1 63.73% C2 WM New Jersey 1869 LLC Delaware 778,001 USD 736 8 728 - -1 63.73% C2 WM New Jersey 1977 LLC Delaware 770,643 USD 729 8 721 - -1 63.73% C2 WM New Jersey 2195 LLC Delaware 1,055,919 USD 1,046 67 980 27 -15 63.73% C2 WM New Jersey 3795 LLC Delaware 1,285,596 USD 1,295 64 1,231 78 26 63.73% C2 WM New Jersey Holdings LLC Delaware 1,228 USD - - - - -1 63.73% C2 WM Phase 3 Holdings LLC Delaware 1,217 USD - - - - -1 63.73% C2 WM Phase 3 Sponsor LLC Delaware 2,436 USD 1 - 1 - -1 63.73% C2 WM Phase I Holdings LLC Delaware 1,779,507 USD 1,621 18 1,603 - -99 63.73% C2 WM Pickens Leasing LLC Delaware 233,972 USD 262 62 199 17 -33 63.73% C2 WM Powdersville Leasing LLC Delaware 665,693 USD 606 54 552 35 -56 63.73% C2 WM Regent Dev Holdings 2020 LLC Delaware 994 USD - - - - -1 63.73% C2 WM Simpsonville Leasing LLC Delaware 797,706 USD 787 119 668 74 -79 63.73% C2 Woodbury Solar LLC Delaware 10,176,397 USD 9,543 17 9,525 - 5 63.73% C2-REA Solar LLC Delaware 9,779,946 USD 8,992 -172 9,165 - -1 63.73% CA Gettysburg Solar Farm LLC Delaware 7,011,147 USD 6,624 72 6,551 - -22 63.73% CA Marinwood Solar LLC Delaware 388,429 USD 360 1 359 - -5 63.73% CA Olde Thompson Solar LLC Delaware - USD 989 1,351 -363 69 13 63.73% CA Syracuse Solar LLC Delaware - USD - - - - - 63.73% CA Tours Solar LLC Delaware - USD - - - - - 63.73% Camden PV PSEG Solar LLC Delaware 116,151 USD - -45 45 - -1 63.73% Camden PV Solar LLC Delaware 7,577,252 USD 6,810 151 6,659 753 405 63.73% Cameron Solar LLC Delaware 34,295,971 USD 35,674 3,166 32,508 2,090 39 74.98% Casa Grande Carmel Solar LLC Delaware - USD - - - - - 74.98% Castle Valley Wind Farm LLC Delaware - USD - - - - - 74.98% Cattlemen Solar Park II LLC Delaware - USD - - - - - 74.98% Cattlemen Solar Park LLC Delaware 9,283,375 USD 104,167 96,623 7,544 - -1,175 74.98% Chateaugay River Wind Farm LLC Delaware - USD - - - - - 74.98% Cielo Solar Park LLC Delaware - USD - - - - - 74.98% Citizens Dickenson Solar LLC Delaware 5,083 USD 5 - 5 - - 63.73% Citizens Westmoreland Solar LLC Delaware 5,083 USD 5 - 5 - - 63.73% Clinton County Wind Farm LLC Delaware 181,172,602 USD 169,853 - 169,853 - - 74.98% Cloud County Wind Farm LLC Delaware 118,510,053 USD 179,026 13,602 165,424 25,107 8,167 38.24% Clover Creek Solar Project II LLC Delaware - USD - - - - - 74.98% Clover Creek Solar Project LLC Delaware 2,148 USD 30,125 30,148 -23 - -25 74.98% Coldwater Solar Park LLC Delaware - USD - - - - - 74.98% Coos Curry Wind Power Project LLC Delaware - USD - - - - - 74.98% Cortland-Virgil Road Solar LLC Delaware 6,877,325 USD 6,544 729 5,816 97 -188 63.73% Creed Road Solar 1 LLC Delaware - USD - - - - - 63.73% Crescent Bar Solar Park LLC Delaware - USD - - - - - 74.98% Crooked Lake Solar II LLC Delaware - USD - - - - - 74.98% Crooked Lake Solar LLC Delaware 28,508,603 USD 102,110 75,568 26,542 - -189 74.98% Cropsey Ridge Wind Farm LLC Delaware - USD - - - - - 74.98% Crossing Trails Wind Power Project II LLC Delaware 4,285 USD - - - - -4 74.98% Crossing Trails Wind Power Project LLC Delaware 153,439,231 USD 158,818 18,694 140,124 4,463 -2,281 74.98% Cypress Knee Solar Park LLC Delaware - USD - - - - - 74.98% Dairy Hills Wind Farm LLC Delaware - USD - - - - - 74.98% DC Green Solar LLC Delaware 3,461 USD - - - - -3 63.73% DC- JD Portfolio - 818 Michigan Delaware 3,991 USD - 1 -1 - -1 63.73% DC- JD Portfolio - Barrel Roof Delaware -0 USD - - - - - 63.73% DC- JD Portfolio - Flat Roof Delaware -0 USD - - - - - 63.73% DC- JD Portfolio - Green Roof Delaware 0 USD - - - - - 63.73% DC- JD Portfolio - Parking Deck Delaware 0 USD - - - - - 63.73% DC PD Solar LLC Delaware 5,609 USD - - - - -5 63.73% Diamond Power Partners LLC Delaware - USD - - - - - 74.98% Drake Peak Solar Park LLC Delaware - USD - - - - - 74.98% Dry Creek Solar Park LLC Delaware - USD - - - - - 74.98% Duff Solar Park II LLC Delaware - USD - - - - - 74.98% Duff Solar Park LLC Delaware - USD - - - - - 74.98% Eagle Creek Solar Park LLC Delaware 440 USD - - - - - 74.98% East Klickitat Wind Power Project LLC Delaware - USD - - - - - 74.98% East River Solar LLC Delaware 6,023,541 USD 6,191 676 5,515 156 -64 63.73% Eastmill Solar Park LLC Delaware - USD - - - - - 74.98% EDPR CA Solar Park II LLC Delaware 3,487,119 USD 70,331 67,800 2,531 - -682 74.98% EDPR CA Solar Park III LLC Delaware 3,993,075 USD 4,767 1,063 3,703 - -33 74.98% EDPR CA Solar Park IV LLC Delaware - USD - - - - - 74.98% EDPR CA Solar Park LLC Delaware 37,190,728 USD 164,088 129,927 34,161 - -696 74.98% EDPR CA Solar Park V LLC Delaware - USD - - - - - 74.98% EDPR CA Solar Park VI LLC Delaware 548,254 USD 7,823 7,604 219 - -68 74.98% EDPR NA DG Holding LLC Delaware 77,117,183 USD 72,302 54 72,248 - -54 74.98% EDPR NA DG Missouri Development LLC Delaware 13,355 USD - 5 -5 - -18 63.73% EDPR NA DG MN SLP LLC Delaware 810 USD - - - - -1 63.73% EDPR NA DG MN YMCA LLC Delaware 1,397,219 USD 1,351 53 1,297 8 -13 63.73% EDPR NA DG Virginia Development LLC Delaware - USD - - - - - 63.73% EDPR NA Distributed Generation LLC Delaware 40,893,177 USD 332,982 260,204 72,778 194 -17,137 63.73% EDPR NA Greenfield Solar Park LLC Delaware - USD - - - - - 74.98% EDPR NA Shelby Solar Park LLC Delaware - USD - - - - - 74.98% EDPR Northeast Allen Solar Park II LLC Delaware - USD - - - - - 74.98% EDPR Northeast Allen Solar Park LLC Delaware - USD - - - - - 74.98% EDPR Northeast Solar Park LLC Delaware - USD - - - - - 74.98% EDPR RS LLC Delaware - USD - - - - - 74.98% EDPR Scarlet I LLC Delaware - USD - - - - - 74.98% EDPR Scarlet II BESS LLC Delaware - USD - - - - - 74.98% EDPR Scarlet II LLC Delaware 21,114,189 USD 35,788 16,035 19,752 - -44 74.98% EDPR Scarlet III LLC Delaware - USD - - - - - 74.98% EDPR Solar Ventures I LLC Delaware 30,435,228 USD 54,026 3,953 50,073 - 139 37.49% EDPR Solar Ventures II LLC Delaware 51,799,278 USD 99,135 17,929 81,206 - 6,825 74.98% EDPR Solar Ventures III LLC Delaware 74,160,300 USD 84,142 178 83,964 - 5,426 74.98% EDPR Solar Ventures IV LLC Delaware 85,453,830 USD 106,248 167 106,081 - 9,815 74.98% EDPR Solar Ventures V LLC Delaware 37,565,867 USD 49,942 - 49,942 - -75,357 74.98% EDPR Solar Ventures VI LLC Delaware - USD - - - - - 74.98% EDPR Solar Ventures VII LLC Delaware - USD - 10 -10 - -10 74.98% EDPR South Table LLC Nebraska - USD - - - - - 74.98% EDPR Vento I Holding LLC Delaware 242,152,846 USD 227,032 - 227,032 - - 74.98% EDPR Vento II Holding LLC Delaware - USD - - - - - 74.98% EDPR Vento III Holding LLC Delaware - USD - - - - - 74.98% EDPR Vento IV Holding LLC Delaware 125,734,392 USD 175,946 40,329 135,616 - - 74.98% EDPR WF LLC Delaware 49,317,020 USD 46,238 - 46,238 - - 74.98% EDPR Wind Ventures X LLC Delaware - USD 78,254 11,517 66,737 - 521 74.98% EDPR Wind Ventures XI LLC Delaware 6,424,631 USD 178,014 103,882 74,132 - 11,826 38.24% EDPR Wind Ventures XII LLC Delaware 21,630,184 USD 89,882 57,270 32,611 - 3,532 38.24% EDPR Wind Ventures XIII LLC Delaware 66,153,875 USD 232,433 122,876 109,557 - 10,339 38.24% EDPR Wind Ventures XIV LLC Delaware 24,987,805 USD 204,363 130,569 73,794 - 11,809 38.24% EDPR Wind Ventures XIX LLC Delaware - USD 29,907 5,219 24,688 - 422 74.98% EDPR Wind Ventures XV LLC Delaware 108,724,831 USD 416,477 238,559 177,918 - 12,624 74.98% EDPR Wind Ventures XVI LLC Delaware 46,280,473 USD 134,786 78,156 56,630 - 3,830 74.98% EDPR Wind Ventures XVII LLC Delaware - USD 40,703 3,086 37,617 - 5,296 74.98% EDPR Wind Ventures XVIII LLC Delaware 165,855,520 USD 398,474 200,609 197,866 - 15,041 74.98% EDPR Wind Ventures XX LLC Delaware - USD 40,383 23,989 16,394 - 7,576 74.98% EDPR Wind Ventures XXI LLC Delaware 133,455,190 USD 250,309 112,095 138,214 - 6,733 74.98% EDPR Wind Ventures XXII LLC Delaware 359,816,238 USD 946,620 582,246 364,374 - 19,149 74.98% EDPR Wind Ventures XXIII LLC Delaware 117,735,003 USD 242,932 125,448 117,485 - 7,192 74.98% EDPRNA Bar Harbor Holdings LLC Delaware 1,506,361 USD 1,418 6 1,412 - - 63.73% EDPRNA DG California Development LLC Delaware - USD - - - - - 63.73% EDPRNA DG CI Sponsor 2 LLC Delaware 2,556 USD 1 - 1 - -1 63.73% EDPRNA DG CT Fund 1 MM LLC Delaware 19,119,998 USD 36,615 16,668 19,947 - -600 63.73% EDPRNA DG Distributed Sun Holding LLC Delaware 7,763,560 USD 7,279 - 7,279 - - 63.73% EDPRNA DG Energy Holdings Inc. Delaware 49,063 USD - - - - -25 63.73% EDPRNA DG Georgia Development LLC Delaware 10,000 USD - 5 -5 - -15 63.73% EDPRNA DG Illinois Development LLC Delaware 47,882 USD - 68 -68 - -114 63.73% EDPRNA DG Indiana Development LLC Delaware - USD - - - - - 63.73% EDPRNA DG Lessee Holdings LLC Delaware 1,486 USD - - - - -1 63.73% EDPRNA DG MA Managing Member LLC Delaware 20,703,724 USD 19,410 - 19,410 - -1 63.73% EDPRNA DG Maryland Development LLC Delaware - USD - - - - - 63.73% EDPRNA DG Michigan Development LLC Delaware - USD - - - - - 63.73% EDPRNA DG Mississippi Development LLC Delaware 44,948 USD - 35 -35 - -78 63.73% EDPRNA DG New York Development LLC Delaware 18,556 USD - 131 -131 - -151 63.73% EDPRNA DG O&M Services LLC Delaware 6,493 USD 1 3 -1 - -8 63.73% EDPRNA DG Ohio Development LLC Delaware 187,929 USD 9 147 -138 - -318 63.73% EDPRNA DG Pennsylvania Development LLC Delaware - USD - 3 -3 - -3 63.73% EDPRNA DG PR Radar LLC Delaware - USD - - - - - 63.73% EDPRNA DG Rho LLC Delaware 40,343,963 USD 76,844 33,110 43,734 5,331 3,666 63.73% EDPRNA DG Solar Portfolio IV LLC Delaware -1,094,829 USD -1,026 - -1,026 - - 63.73% EDPRNA DG Solar WF Portfolio LLC Delaware -10,674,353 USD -10,006 2 -10,008 - - 63.73% EDPRNA DG Texas Development LLC Delaware 33,950 USD - 19 -19 - -52 63.73% EDPRNA DG Wisconsin Development LLC Delaware 59,977 USD - 8 -8 - -65 63.73% EDPRNA DG WM 2020 Parent LLC Delaware 1,863 USD 1 - 1 - - 63.73% EDPRNA DG WM DSA Sponsor LLC Delaware - USD 10,803 13,056 -2,253 - -524 63.73% EDPRNA DG WM Illinois 1998 LLC Delaware 346 USD - - - - - 63.73% EDPRNA DG WM Illinois 3459 LLC Delaware - USD - - - - - 63.73% EDPRNA DG XII Holdings LLC Delaware 30,716,453 USD 28,798 - 28,798 - - 63.73% EDPRNA DG York County Sun LLC Delaware - USD - - - - - 63.73% Edwardsport Solar Park LLC Delaware - USD - - - - - 74.98% Esker Solar Park II LLC Delaware - USD - - - - - 74.98% Esker Solar Park LLC Delaware - USD - - - - - 74.98% Estill Solar I LLC Delaware 37,628,386 USD 37,207 2,040 35,167 1,810 -130 74.98% Five-Spot LLC Delaware - USD - - - - - 74.98% Ford Wind Farm LLC Delaware - USD - - - - - 74.98% Franklin Wind Farm LLC Delaware - USD - - - - - 74.98% FRV CSU Power II LLC Delaware 9,522,826 USD 9,316 112 9,204 548 279 63.73% FRV SI Transport Solar L.P. Delaware 5,016,812 USD 4,742 41 4,701 182 -3 63.73% Generate USF Fairburn LLC Delaware - USD - - - - - 63.73% Generate USF Las Vegas LLC Delaware - USD - - - - - 63.73% Generate USF Loveland LLC Delaware - USD - 38 -38 - -38 63.73% Generate USF Manassas LLC Delaware - USD - - - - - 63.73% Generate USF McClellan LLC Delaware - USD - - - - - 63.73% Generate USF N Las Vegas LLC Delaware - USD - - - - - 63.73% Generate USF Phoenix LLC Delaware - USD - - - - - 63.73% German Community Solar LLC Delaware 10,283,945 USD 10,646 1,056 9,590 - 36 63.73% Gilpatrick Solar LLC Delaware 893,552 USD 839 1 837 - - 63.73% Goldfinger Ventures III LLC Delaware - USD - - - - - 74.98% Green Country Wind Farm LLC Delaware - USD - - - - - 74.98% Green Power Offsets LLC Delaware 10,515 USD - - - - - 74.98% Greenbow Solar Park LLC Delaware - USD - - - - - 74.98% Gulf Coast Windpower Management Company LLC Delaware - USD - - - - - 56.23% Hampton Solar II LLC Delaware 34,109,976 USD 35,245 1,740 33,506 1,948 23 74.98% HB Steel Community Solar LLC Delaware 448,942 USD 421 - 421 - - 63.73% Headwaters Wind Farm II LLC Delaware 260,481,962 USD 285,756 40,817 244,939 12,646 2,641 74.98% Headwaters Wind Farm III LLC Delaware 440 USD - - - - - 74.98% Headwaters Wind Farm IV LLC Delaware - USD - - - - - 74.98% Headwaters Wind Farm LLC Delaware 191,180,158 USD 293,736 30,608 263,128 31,650 14,906 38.24% Helena Harbor Solar Park LLC Delaware - USD - - - - - 74.98% Hickory Solar LLC Delaware 208,155 USD 243 50 193 - -2 74.98% Hidalgo Wind Farm II LLC Delaware 63,594,783 USD 70,952 5,707 65,245 358 -3,567 74.98% Hidalgo Wind Farm LLC Delaware 326,333,321 USD 321,657 18,126 303,531 448 -25,628 74.98% High Prairie Wind Farm II LLC Delaware 42,459,352 USD 91,703 15,387 76,316 14,938 5,308 38.24% High Trail Wind Farm LLC Delaware 115,514,749 USD 211,051 19,562 191,489 37,466 14,126 74.98% Holly Hill Solar Park LLC Delaware - USD - - - - - 74.98% Horizon Wind Chocolate Bayou I LLC Delaware - USD - - - - - 74.98% Horizon Wind Energy Midwest IX LLC Delaware - USD - - - - - 74.98% Horizon Wind Energy Northwest I LLC Delaware - USD - - - - - 74.98% Horizon Wind Energy Northwest IV LLC Delaware - USD - - - - - 74.98% Horizon Wind Energy Northwest VII LLC Delaware 150 USD - 140 -140 - -142 74.98% Horizon Wind Energy Northwest X LLC Delaware - USD - - - - - 74.98% Horizon Wind Energy Northwest XI LLC Delaware - USD - - - - - 74.98% Horizon Wind Energy Panhandle I LLC Delaware - USD - - - - - 74.98% Horizon Wind Energy Southwest I LLC Delaware - USD - - - - - 74.98% Horizon Wind Energy Southwest II LLC Delaware - USD - - - - - 74.98% Horizon Wind Energy Southwest III LLC Delaware - USD - - - - - 74.98% Horizon Wind Energy Southwest IV LLC Delaware - USD - - - - - 74.98% Horizon Wind Energy Valley I LLC Delaware - USD - - - - - 74.98% Horizon Wind Freeport Windpower I LLC Delaware - USD - - - - - 74.98% Horizon Wind MREC Iowa Partners LLC Delaware - USD - - - - - 56.23% Horizon Wind Ventures I LLC Delaware 103,641,085 USD 1,035,197 348,004 687,193 - 3,053 74.98% Horizon Wind Ventures III LLC Delaware - USD 994 3,428 -2,433 - 464 38.24% Horizon Wind Ventures IX LLC Delaware 10,102,494 USD 45,556 35,966 9,590 - 1,699 38.24% Horizon Wyoming Transmission LLC Delaware - USD - - - - - 74.98% Horse Mountain Wind Farm LLC Delaware - USD - - - - - 74.98% Indiana Crossroads Solar Park II LLC Delaware - USD - - - - - 74.98% Indiana Crossroads Wind Farm II LLC Delaware 15,435,631 USD 117,743 103,313 14,430 - -5 74.98% Indiana Crossroads Wind Ventures LLC Delaware - USD - - - - - 74.98% Iron Valley Solar Park LLC Delaware - USD - - - - - 74.98% Jericho Rise Wind Farm LLC Delaware 117,839,621 USD 134,513 10,256 124,256 15,116 3,710 74.98% Juniper Wind Power Partners LLC Delaware - USD - - - - - 74.98% Leprechaun Solar Park LLC Delaware - USD - - - - - 74.98% Lexington Chenoa Wind Farm II LLC Delaware 2,364,613 USD 1,950 296 1,653 - - 74.98% Lexington Chenoa Wind Farm III LLC Delaware - USD - - - - - 74.98% Lime Hollow Solar LLC Delaware 6,969,830 USD 6,606 688 5,918 259 -89 63.73% Little Brook Solar Park LLC Delaware - 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USD - - - - - 63.73% MMA SROSA Power LP Delaware 501,563 USD 575 94 481 12 11 63.73% MMA WBF Power LP Delaware 1,171,108 USD 1,209 85 1,124 29 26 63.73% MN CSG 2 LLC Delaware 10,178,129 USD 9,728 501 9,227 441 -198 63.73% Mohave Power Holdings LLC Delaware 29,765,967 USD 27,907 - 27,907 - - 63.73% Mohave Power LLC Delaware 30,270,351 USD 32,053 4,174 27,879 - -507 63.73% Moonshine Solar Park LLC Delaware 3,629 USD - -1 2 - -2 74.98% Morgan Road Solar East LLC Delaware 3,127,287 USD 2,970 45 2,925 - 17 63.73% Morgan Road Solar West LLC Delaware 2,884,270 USD 2,739 42 2,697 - 17 63.73% MT Plentywood Solar I LLC Delaware 6,287 USD - - - - -6 63.73% MT Plentywood Solar II LLC Delaware 4,649 USD - - - - -4 63.73% NC Loy Farm Solar LLC Delaware 0 USD - - - - - 63.73% ND Crystal Solar I LLC Delaware 732 USD - - - - -1 63.73% New Road Power LLC Delaware - USD - - - - - 74.98% New Scotland 5 Solar LLC Delaware 472 USD - - - - - 63.73% New Trail Wind Farm LLC Delaware - USD - - - - - 74.98% NH Hinsdale Solar LLC Delaware - 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15 63.73% NY OG 1 Solar LLC Delaware 1,298 USD - - - - -1 63.73% Old Trail Wind Farm LLC Delaware 83,097,066 USD 216,192 18,563 197,629 39,029 14,665 38.24% Omega CSG 1 LLC Delaware 18,227,628 USD 20,296 1,159 19,137 - -195 63.73% OPQ Property LLC Delaware - USD - - - - - 74.98% Pacific Southwest Wind Farm LLC Delaware - USD - - - - - 74.98% Paulding Wind Farm II LLC Delaware 48,531,721 USD 136,498 20,403 116,095 22,156 11,434 38.24% Paulding Wind Farm III LLC Delaware 145,300,618 USD 178,765 19,392 159,374 12,794 7,592 74.98% Paulding Wind Farm IV LLC Delaware 206,461,014 USD 214,987 29,359 185,628 8,858 -3,226 74.98% Paulding Wind Farm LLC Delaware 35,360 USD - 1 - - - 74.98% Paulding Wind Farm V LLC Delaware - USD - - - - - 74.98% Paulding Wind Farm VI LLC Delaware - USD - - - - - 74.98% Pearl River Solar Park LLC Delaware 38,666,056 USD 87,190 50,939 36,251 - - 74.98% Penn Yan Solar I LLC Delaware 8,494,161 USD 9,854 1,953 7,901 195 225 63.73% Peterson Power Partners LLC Delaware - USD - - - - - 74.98% Pioneer Prairie Wind Farm I LLC Delaware 156,595,191 USD 330,156 35,570 294,586 52,742 15,393 38.24% Piscataquis Valley Solar LLC Delaware 625,896 USD 587 - 586 - - 63.73% Pleasantville Solar Park LLC Delaware 2,034 USD - - - - -2 74.98% Plum Nellie Wind Farm LLC Delaware 3,994,567 USD 4,182 496 3,686 - -53 74.98% Poplar Camp Wind Farm LLC Delaware - USD - - - - - 74.98% Post Oak Wind LLC Delaware 96,705,927 USD 179,909 10,642 169,267 21,507 -1,527 38.24% Potsdam Community Solar LLC Delaware 7,763,333 USD 8,070 792 7,278 124 19 63.73% Prospector Solar Park LLC Delaware - USD - - - - - 74.98% Quilt Block Wind Farm II LLC Delaware - USD - - - - - 74.98% Ragsdale Solar II LLC Delaware - USD - - - - - 74.98% Ragsdale Solar LLC Delaware 440 USD - 2 -2 - -3 74.98% Rail Splitter Wind Farm II LLC Delaware 440 USD - - - - - 74.98% Rail Splitter Wind Farm LLC Delaware 187,663,764 USD 132,762 16,252 116,511 15,679 1,748 74.98% Randolph Solar Park LLC Delaware 31,854,638 USD 62,044 32,315 29,729 - -103 74.98% RE Scarlet LLC Delaware 38,710,354 USD 43,061 21,393 21,667 - -14,814 74.98% REA-C2 2016 Lessee LLC Delaware 8,064,640 USD 7,104 15 7,089 - -734 63.73% Reloj del Sol Wind Farm LLC Delaware 324,071,033 USD 314,508 40,246 274,263 6,336 -4,470 74.98% Renewable Ventures Solar Fund V GP LLC Delaware 19,477,859 USD 18,262 - 18,262 - - 63.73% Renewable Ventures Solar Fund V LLC Delaware 19,477,859 USD 18,296 35 18,262 - - 63.73% Renewable Ventures V Equity Holdings LLC Delaware 19,510,442 USD 18,262 - 18,262 - -31 63.73% Renewable Ventures V GP Holdings LLC Delaware 0 USD - - - - - 63.73% Renville County Wind Farm LLC Delaware 1,928,096 USD 1,876 68 1,808 - - 74.98% RevEnergy C2 Franklin LLC Delaware 1,756,712 USD 1,982 190 1,792 237 183 63.73% RI Abrava Solar LLC Delaware 5,531,828 USD 7,835 2,830 5,005 - -101 63.73% RI- Moo Cow Delaware 4,094,525 USD 3,901 62 3,840 - -3 63.73% RI Quarry Solar LLC Delaware 282,972 USD 278 14 263 - -2 63.73% RI Sposato Solar LLC Delaware 142,837 USD 1,785 1,662 123 82 -11 63.73% RI Stainless LLC Delaware - USD - - - - - 63.73% Rio Blanco Wind Farm LLC Delaware 3,092,587 USD 2,901 2 2,899 - - 74.98% Rising Tree Wind Farm II LLC Delaware 21,137,519 USD 29,236 2,228 27,008 3,084 732 38.24% Rising Tree Wind Farm III LLC Delaware 109,827,568 USD 159,125 2,940 156,185 21,151 8,226 38.24% Rising Tree Wind Farm LLC Delaware 74,807,312 USD 126,830 2,512 124,318 18,640 8,564 38.24% Riverstart Solar Park II LLC Delaware - USD - - - - - 74.98% Riverstart Solar Park III LLC Delaware 7,812,399 USD 61,091 53,806 7,285 - - 74.98% Riverstart Solar Park IV LLC Delaware 4,488,600 USD 5,738 1,531 4,207 - -2 74.98% Riverstart Solar Park V LLC Delaware - USD - - - - - 74.98% Riverstart Solar Park VI LLC Delaware - USD - - - - - 74.98% Rock Dane Solar Park LLC Delaware - USD - - - - - 74.98% Rolling Upland Wind Farm LLC Delaware - USD - - - - - 74.98% Rose Run Solar Park LLC Delaware - USD - - - - - 74.98% Rosewater Ventures LLC Delaware - USD - - - - - 74.98% Route 13 Solar LLC Delaware 7,200,222 USD 6,790 760 6,030 73 -285 63.73% Route 149 LLC Delaware 2,597,152 USD 2,564 181 2,382 158 -28 63.73% RS Holyoke 3 LLC Delaware 1,777,386 USD 1,828 142 1,686 200 122 63.73% RSBF Jeffco II LLC Delaware 2,342,089 USD 2,234 51 2,183 262 -10 63.73% RTSW Solar Park II LLC Delaware - 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- - - - 63.73% SunE MCPS Montgomery LLC Delaware - USD - - - - - 63.73% SunE MCPS Parkland LLC Delaware - USD - - - - - 63.73% SunE MCPS Quince Orchard LLC Delaware - USD - - - - - 63.73% SunE MCPS Shriver LLC Delaware - USD - - - - - 63.73% SunE Multnomah JBY LLC Delaware - USD - - - - - 63.73% SunE Multnomah JJC LLC Delaware - USD - - - - - 63.73% SunE NC Progress1 LLC Delaware - USD 11 11 - - - 63.73% SunE NLB-2 LLC Delaware - USD 18 18 - - - 63.73% SunE PD Oak LLC Delaware - USD - - - - - 63.73% SunE PD Sycamore LLC Delaware - USD - - - - - 63.73% SunE PD Willow LLC Delaware - USD - - - - - 63.73% SunE PNMC Roof LLC Delaware - USD - - - - - 63.73% SunE Solar IV LLC Delaware -1,094,829 USD 1,967 2,997 -1,030 - -3 63.73% SunE Solar VI LLC Delaware 1,861,877 USD 1,759 13 1,746 - - 63.73% SunE Solar XII LLC Delaware 30,716,453 USD 28,836 38 28,798 - - 63.73% SunE SR1 Arvada5 LLC Delaware - USD 7 7 - - - 63.73% SunE SR1 NREL LLC Delaware - USD 3 3 - - - 63.73% SunE SR1 Rifle PS LLC Delaware 208,422 USD 337 39 298 124 104 63.73% SunE U6 Holdings LLC Delaware 1,876,172 USD 11,475 9,734 1,741 246 -18 63.73% SunE W12DG-A LLC Delaware 9,426,348 USD 9,828 882 8,946 155 110 63.73% SunE W12DG-B LLC Delaware 6,569,071 USD 6,700 459 6,241 82 83 63.73% SunE W12DG-C LLC Delaware 10,565,737 USD 11,320 1,171 10,149 271 246 63.73% SunE W12DG-D LLC Delaware 2,733,999 USD 2,942 293 2,649 90 87 63.73% SunE WF3 KHL A Holdings LLC Delaware - USD 52 52 - - - 63.73% SunE WF3 KHL B Holdings LLC Delaware - USD 77 77 - - - 63.73% SunE WF3-BART Holdings LLC Delaware - USD 11 11 - - - 63.73% SunE WF3-Broomfield Holdings LLC Delaware - USD 3 3 - - - 63.73% SunE WF3-ST Holdings LLC Delaware - USD 43 43 - - - 63.73% SunE WF3-WG Holdings LLC Delaware - USD 32 32 - - - 63.73% SunE WMT PR2 LLC Delaware 1,461,520 USD 1,501 135 1,367 - -4 63.73% SunE H4 Holdings LLC Delaware 1,930,752 USD 1,997 315 1,682 33 -129 63.73% SunE Solar III LLC Delaware -10,672,590 USD 4,508 14,516 -10,009 - -2 63.73% Sustaining Power Solutions LLC Delaware 179,062,013 USD 38,210 13,760 24,450 41,824 -32,007 74.98% Sweet Acres Solar Park LLC Delaware - USD - - - - - 74.98% Sweet Stream Wind Farm LLC Delaware - USD - - - - - 74.98% Telocaset Wind Power Partners LLC Delaware - USD 93,013 9,647 83,366 19,797 8,359 38.24% Tillman Solar Park II LLC Delaware - USD - - - - - 74.98% Tillman Solar Park LLC Delaware - USD - - - - - 74.98% Tillman Storage LLC Delaware - USD - - - - - 74.98% Timber Road II Storage LLC Delaware - USD - - - - - 74.98% Timber Road III Storage LLC Delaware - USD - - - - - 74.98% Timber Road Solar Park II LLC Delaware - USD - - - - - 74.98% Timber Road Solar Park III LLC Delaware - USD - - - - - 74.98% Timber Road Solar Park LLC Delaware 10,525,325 USD 43,905 34,065 9,840 - -3 74.98% Top Crop I Storage LLC Delaware - USD - - - - - 74.98% Top Crop II Storage LLC Delaware - USD - - - - - 74.98% Trolley Barn Storage LLC Delaware - USD - - - - - 74.98% Tug Hill Windpower LLC Delaware - USD - - - - - 74.98% Tumbleweed Wind Power Project LLC Delaware 4,003 USD - - - - - 74.98% Turtle Creek Wind Farm LLC Delaware 253,074,090 USD 281,628 23,376 258,252 21,063 6,526 74.98% Twin Groves I Storage LLC Delaware - USD - - - - - 74.98% Twin Groves II Storage LLC Delaware - USD - - - - - 74.98% Upper Road LLC Delaware 2,371,783 USD 2,426 174 2,252 145 41 63.73% VA- Green Acres Delaware 9,334 USD - - - - -9 63.73% VT Stone Valley LLC Delaware 1,286 USD - - - - -1 63.73% Waverly Wind Farm II LLC Delaware - USD - - - - - 74.98% Waverly Wind Farm LLC Delaware 217,186,314 USD 255,330 17,262 238,069 22,504 4,356 38.24% Western Trail Wind Project I LLC Delaware - USD - - - - - 74.98% Wheat field Holding LLC Delaware - USD - 32,649 -32,649 - -2 38.24% Wheat field Wind Power Project LLC Delaware - USD 84,220 27,465 56,755 13,950 5,949 38.24% Whiskey Ridge Power Partners LLC Delaware - USD - - - - - 74.98% Whistling Wind WI Energy Center LLC Delaware - USD - - - - - 74.98% White Stone Solar Park LLC Delaware - USD - - - - - 74.98% Whitestone Wind Purchasing LLC Delaware - USD 404,462 403,246 1,216 - -2,204 74.98% Wildcat Creek Wind Farm LLC Delaware 260,126,065 USD 267,005 25,235 241,770 23,459 -2,198 74.98% Wilson Creek Power Project LLC Delaware - USD - - - - - 74.98% Wind Turbine Prometheus LP Delaware 5,990 USD - - - - - 74.98% Wolf Run Solar LLC Delaware - USD - - - - - 74.98% Wrangler Solar Park LLC Delaware - USD - - - - - 74.98% WTP Management Company LLC Delaware - USD - - - - - 74.98% Canada: Blue Bridge Solar Park GP Ltd British Columbia - CAD - - - - - 74.98% Blue Bridge Solar Park LP British Columbia - CAD 83 340 -257 - -45 74.98% Bromhead Solar Park GP Ltd British Columbia - CAD - - - - - 74.98% Bromhead Solar Park LP Saskatchewan - CAD 83 340 -257 - -45 74.98% Edgeware BESS Project GP Ltd. British Columbia - CAD - - - - - 74.98% Edgeware BESS Project LP Ont\u00e1rio - CAD - - - - - 74.98% EDP Renewables Canada Ltd. British Columbia 205,314,085 CAD 151,829 14,291 137,538 35 -1,786 74.98% EDP Renewables Canada Management Services Ltd British Columbia - CAD 6,638 9,273 -2,636 1,039 - 74.98% EDP Renewables Sask SE GP Ltd British Columbia - CAD - - - - - 74.98% EDP Renewables Sask SE Limited Partnership Ont\u00e1rio - CAD - 962 -962 - -262 74.98% EDP Renewables SH II Project GP Ltd British Columbia - CAD - - - - - 74.98% EDP Renewables SH II Project LP Alberta - CAD - - - - - 74.98% EDP Renewables Sharp Hills Project GP Ltd. British Columbia 4,896 CAD 3 2 2 - -2 74.98% EDP Renewables Sharp Hills Project LP Alberta 48,962,280 CAD 218,550 179,604 38,946 - -924 74.98% Halbrite Solar Park GP Ltd British Columbia - CAD - - - - - 74.98% Halbrite Solar Park LP Saskatchewan - CAD 83 340 -257 - -45 74.98% Kennedy Wind Farm GP Ltd British Columbia - CAD - - - - - 74.98% Kennedy Wind Farm LP Saskatchewan - CAD 83 340 -257 - -45 74.98% Nation Rise Wind Farm GP Inc. British Columbia 1,690 CAD 10 33 -23 - -6 74.98% Nation Rise Wind Farm LP Ont\u00e1rio 74,644,443 CAD 212,993 151,647 61,346 14,809 3,016 37.48% SBWF GP Inc. British Columbia -336 CAD 1 1 1 - - 38.24% Sounding Creek Solar Park GP Ltd. British Columbia - CAD - - - - - 74.98% Sounding Creek Solar Park LP Alberta - CAD - - - - - 74.98% South Branch Wind Farm II GP Inc. British Columbia - CAD - - - - - 74.98% South Branch Wind Farm II LP Ont\u00e1rio 602,379 CAD 1,716 1,805 -88 - -72 74.98% South Dundas Wind Farm LP Ont\u00e1rio 0 CAD 47,390 19,655 27,735 8,226 4,192 38.24% Mexico: EDPR Servicios de M\u00e9xico, S. de R.L. de C.V. Mexico City 160,535,656 MXN 6,843 1,403 5,440 1,867 -63 74.98% E\u00f3lica de Coahuila, S.A. de C.V. Mexico City 7,792,042 USD 279,970 234,499 45,471 51,716 5,333 38.24% Parque Solar Los Cuervos, S. de R.L. de C.V. Mexico City 180,244,480 USD 244,000 70,271 173,728 3,928 5,014 74.98% Vientos de Coahuila, S.A. de C.V. Mexico City 145,594,263 USD 196,791 66,920 129,871 - -4,651 74.98% South America Geography / Platform: Brazil: EDP Renov\u00e1veis Brasil, S.A. (EDPR BR Subgroup Parent Company) S\u00e3o Paulo 3,149,472,300 BRL 871,229 199,764 671,465 412 89,740 74.98% Central E\u00f3lica Amanhecer I, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Amanhecer II, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Amanhecer III, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Amanhecer IV, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Amanhecer V, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Amanhecer VI, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Amanhecer VII, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Asas de Zabel\u00ea I, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Asas de Zabel\u00ea II, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Asas de Zabel\u00ea III, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Asas de Zabel\u00ea IV, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Asas de Zabel\u00ea V, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Asas de Zabel\u00ea VI, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Asas de Zabel\u00ea VII, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Aventura I, S.A. S\u00e3o Paulo 81,678,829 BRL 24,930 9,647 15,283 2,793 -751 38.24% Central E\u00f3lica Baixa do Feij\u00e3o I, S.A. S\u00e3o Paulo 39,216,713 BRL 22,869 13,674 9,195 3,042 -135 38.24% Central E\u00f3lica Baixa do Feij\u00e3o II, S.A. S\u00e3o Paulo 40,551,200 BRL 22,519 12,728 9,791 2,972 23 38.24% Central E\u00f3lica Baixa do Feij\u00e3o III, S.A. S\u00e3o Paulo 67,416,713 BRL 25,817 14,054 11,764 2,894 -531 38.24% Central E\u00f3lica Baixa do Feij\u00e3o IV, S.A. S\u00e3o Paulo 44,433,110 BRL 22,095 13,045 9,050 2,704 -329 38.24% Central E\u00f3lica Boqueir\u00e3o I, S.A. S\u00e3o Paulo 100,213,500 BRL 41,753 24,451 17,303 4,455 -467 74.98% Central E\u00f3lica Boqueir\u00e3o II, S.A. S\u00e3o Paulo 70,245,500 BRL 34,041 21,993 12,048 3,663 -410 74.98% Central E\u00f3lica Borborema I, S.A. S\u00e3o Paulo 50 BRL - 2 -2 - -2 74.98% Central E\u00f3lica Borborema II, S.A. S\u00e3o Paulo 50 BRL - 2 -2 - -2 74.98% Central E\u00f3lica Borborema III, S.A. S\u00e3o Paulo 50 BRL - 2 -2 - -2 74.98% Central E\u00f3lica Borborema IV, S.A. S\u00e3o Paulo 50 BRL - 2 -2 - -2 74.98% Central E\u00f3lica Catanduba I, S.A. S\u00e3o Paulo 500 BRL 7,781 7,882 -102 - -105 74.98% Central E\u00f3lica Catanduba II, S.A. S\u00e3o Paulo 500 BRL 5,375 5,212 163 - -29 74.98% Central E\u00f3lica Ita\u00fana I, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Ita\u00fana II, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica JAU, S.A. S\u00e3o Paulo 174,051,904 BRL 73,836 32,928 40,908 8,588 -251 38.24% Central E\u00f3lica Jerusal\u00e9m I, S.A. S\u00e3o Paulo 33,337,722 BRL 25,419 19,925 5,494 - -400 74.98% Central E\u00f3lica Jerusal\u00e9m II, S.A. S\u00e3o Paulo 33,337,722 BRL 24,466 18,964 5,503 - -398 74.98% Central E\u00f3lica Jerusal\u00e9m III, S.A. S\u00e3o Paulo 33,337,722 BRL 38,828 33,357 5,471 - -427 74.98% Central E\u00f3lica Jerusal\u00e9m IV, S.A. S\u00e3o Paulo 33,337,722 BRL 25,018 19,513 5,504 - -396 74.98% Central E\u00f3lica Jerusal\u00e9m V, S.A. S\u00e3o Paulo 33,337,722 BRL 25,419 19,914 5,505 - -396 74.98% Central E\u00f3lica Jerusal\u00e9m VI, S.A. S\u00e3o Paulo 38,300,511 BRL 28,571 22,237 6,334 - -448 74.98% Central E\u00f3lica Monte Verde I, S.A. Lagoa Nova 58,947,000 BRL 58,878 49,344 9,534 - -918 74.98% Central E\u00f3lica Monte Verde II, S.A. Lagoa Nova 58,947,000 BRL 63,829 54,294 9,535 - -924 74.98% Central E\u00f3lica Monte Verde III, S.A. Lagoa Nova 51,578,600 BRL 55,876 47,548 8,328 - -815 74.98% Central E\u00f3lica Monte Verde IV, S.A. Lagoa Nova 40,526,000 BRL 60,908 54,392 6,517 - -666 74.98% Central E\u00f3lica Monte Verde V, S.A. Lagoa Nova 29,473,400 BRL 33,712 28,956 4,756 - -468 74.98% Central E\u00f3lica Monte Verde VI, S.A. Lagoa Nova 38,466,600 BRL 44,196 37,933 6,262 4,402 -546 74.98% Central E\u00f3lica S\u00e3o Domingos I, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica S\u00e3o Domingos II, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica S\u00e3o Domingos III, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Geradora Fotovoltaica Monte Verde Solar I, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Geradora Fotovoltaica Monte Verde Solar II, S.A. S\u00e3o Paulo 5,699,130 BRL 1,475 2,184 -710 - -7 74.98% Central Geradora Fotovoltaica Monte Verde Solar III, S.A. S\u00e3o Paulo 5,699,130 BRL 2,780 3,488 -709 - -7 74.98% Central Geradora Fotovoltaica Monte Verde Solar IV, S.A. S\u00e3o Paulo 5,699,130 BRL 1,298 2,008 -709 - -7 74.98% Central Geradora Fotovoltaica Monte Verde Solar V, S.A. S\u00e3o Paulo 5,699,130 BRL 1,297 2,007 -709 - -7 74.98% Central Geradora Fotovoltaica Monte Verde Solar VI, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Geradora Fotovoltaica Monte Verde Solar VII, S.A. S\u00e3o Paulo 5,699,130 BRL 1,222 1,930 -708 - -6 74.98% Central Nacional de Energia E\u00f3lica, S.A. S\u00e3o Paulo 12,396,000 BRL 5,069 1,430 3,639 2,303 1,343 38.24% Central Solar Lagoa I, S.A. S\u00e3o Paulo 1,010,000 BRL 715 565 151 - -28 74.98% Central Solar Lagoa II, S.A. S\u00e3o Paulo 1,010,000 BRL 696 545 151 - -28 74.98% Central Solar Novo Oriente I, S.A. S\u00e3o Paulo 1,000,500 BRL 406 490 -84 - -9 74.98% Central Solar Novo Oriente II, S.A. S\u00e3o Paulo 1,000,500 BRL 387 471 -84 - -9 74.98% Central Solar Novo Oriente III, S.A. S\u00e3o Paulo 1,000,500 BRL 387 471 -84 - -9 74.98% Central Solar Novo Oriente IV, S.A. S\u00e3o Paulo 1,000,500 BRL 380 460 -80 - -5 74.98% Central Solar Novo Oriente V, S.A. S\u00e3o Paulo 1,000,500 BRL 398 510 -112 - -4 74.98% Central Solar Novo Oriente VI, S.A. S\u00e3o Paulo 1,000,500 BRL 380 491 -112 - -4 74.98% Central Solar Pereira Barreto I, S.A. Pereira Barreto 39,317,000 BRL 30,387 21,987 8,400 3,189 18 74.98% Central Solar Pereira Barreto II, S.A. Pereira Barreto 102,597,000 BRL 29,312 9,562 19,750 3,213 357 74.98% Central Solar Pereira Barreto III, S.A. Pereira Barreto 34,747,000 BRL 37,239 30,032 7,207 3,005 -1 74.98% Central Solar Pereira Barreto IV, S.A. Pereira Barreto 54,747,000 BRL 30,164 19,703 10,460 2,797 71 74.98% Central Solar Pereira Barreto V, S.A. Pereira Barreto 14,035,000 BRL 28,270 26,121 2,150 2,294 -229 74.98% Central Solar Presidente JK I, S.A. S\u00e3o Paulo 3,186,366 BRL 3 1 2 - - 74.98% Central Solar Presidente JK II, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Presidente JK III, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Presidente JK IV, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Presidente JK V, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Presidente JK VI, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Presidente JK VII, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Presidente JK VIII, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Presidente JK IX, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Presidente JK X, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Presidente JK XI, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Presidente JK XII, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Zebu I, S.A. S\u00e3o Paulo 3,599,032 BRL 553 - 553 - - 74.98% Central Solar Zebu II, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Zebu III, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Zebu IV, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Zebu V, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Zebu VI, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Zebu VII, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Zebu VIII, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Zebu IX, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Elebr\u00e1s Projetos, S.A. S\u00e3o Paulo 103,779,268 BRL 46,743 16,493 30,250 26,088 13,028 38.24% E\u00f3lica Barra I, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% E\u00f3lica Barra II, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% E\u00f3lica Barra III, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% E\u00f3lica Barra IV, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% E\u00f3lica Barra V, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% E\u00f3lica Barra VI, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% E\u00f3lica Barra VII, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% E\u00f3lica Barra VIII, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% E\u00f3lica Barra IX, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% E\u00f3lica Barra X, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% E\u00f3lica Barra XI, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% Jerusal\u00e9m Holding, S.A. S\u00e3o Paulo 204,786,616 BRL 157,656 123,917 33,739 - -2,473 74.98% Monte Verde Holding, S.A. S\u00e3o Paulo 277,879,100 BRL 130,956 86,082 44,874 - -4,347 74.98% Solar Barra I, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% Solar Barra II, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% Solar Barra III, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% Solar Barra IV, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% Colombia: Elipse Energ\u00eda, S.A.S. E.S.P. Bogot\u00e1 253,202,000 COP 239 956 -717 - -527 74.98% Eolos Energ\u00eda, S.A.S. E.S.P. Bogot\u00e1 22,213,675,600 COP 288,186 266,109 22,077 51,923 -22,506 74.98% Kappa Energ\u00eda, S.A.S. E.S.P. Bogot\u00e1 251,632,000 COP 232 932 -700 - -509 74.98% Omega Energ\u00eda, S.A.S. E.S.P. Bogot\u00e1 251,569,000 COP 240 930 -689 - -497 74.98% Parque Solar Fotovoltaico El Copey, S.A.S. E.S.P. Bogot\u00e1 1,270,000,000 COP 432 643 -211 - -521 74.98% Solar Power Solutions, S.A.S. E.S.P. Bogot\u00e1 1,031,027,955 COP 1,769 931 838 - -503 74.98% Vientos del Norte, S.A.S. E.S.P. Bogot\u00e1 19,126,733,800 COP 256,444 238,239 18,205 44,236 -20,530 74.98% Chile: EDP Renewables Chile, SpA Santiago 6,961,123 USD 21,269 16,457 4,813 3,116 -1,397 74.98% Los Llanos Solar, SpA Santiago 592 USD 718 1,735 -1,017 - -547 74.98% Parque E\u00f3lico Punta de Talca, SpA Santiago 358,551 USD 25,226 27,709 -2,483 - -1,388 74.98% Parque E\u00f3lico San Andr\u00e9s, SpA Santiago 438,894 USD 4,389 5,122 -732 - -389 74.98% Parque E\u00f3lico Victoria, SpA Santiago 1,311,374 USD 162 775 -612 - -354 74.98% Asia-Pacific Geography / Platform: Australia: Sunseap Assets (Australia) Pty. Ltd. Balwyn, Victoria 20,000 AUD 13 13 1 - -3 74.98% Sunseap Australia Investments Pty. Ltd. Balwyn, Victoria 3,000,000 AUD 116 1,490 -1,374 - -66 74.98% Sunseap Australia Pty. Ltd. Balwyn, Victoria 1 AUD 18 733 -715 - -47 74.98% China: Changzhou Jingyi New Energy Technology Co., Ltd. Changzhou City 6,850 CNY 3,454 2,053 1,401 323 35 67.64% Chongqing Xingzhi New Energy Technology Co., Ltd. Chongqing City - CNY - - - - - 74.98% Dongguan Jiehuang New Energy Technology Co., Ltd. Dongguan City 4,505,191 CNY 2,275 1,665 610 - -2 74.98% Dongying Daoli New Energy Co., Ltd. Dongying City 2,903,000 CNY 1,672 1,281 390 - -1 74.98% Foshan YingYuan New Energy Technology Co., Ltd. Foshan City 100 CNY 839 596 243 89 14 67.64% Hefei Yiman New Energy Technology Co., Ltd. Hefei City 1,333 CNY 547 323 224 78 31 67.64% Heze Dechen New Energy Co., Ltd. Heze City 2,356,843 CNY 1,189 871 318 - -2 74.98% Hubei Jianghui New Energy Co., Ltd. Jingzhou City 5,030,000 CNY 1,178 498 681 - -3 74.98% Jinan Xingsheng Energy Co., Ltd. Jinan City 12,744,949 CNY 1,898 5 1,893 - 177 74.98% Jining Yihang New Energy Technology Co., Ltd. Jining City 17,618 CNY 8,972 6,410 2,561 825 94 67.64% Liyang Yushun Power New Energy Co., Ltd. Liyang City 2,950 CNY 3,091 1,806 1,285 461 195 67.64% Nantong Eaton Guoyun Photovoltaic New Energy Co., Ltd. Nantong City 1,940 CNY 736 410 326 113 56 64.26% Ningbo Jiangbei Baoyi LP Ningbo city 1,095,945 CNY 390 9 381 89 79 44.99% Qingdao Xingqi Energy Co., Ltd. Qingdao 1,047,444 CNY 553 412 140 - -2 74.98% Qinghe County Xinou Funeng New Energy Technology Co., Ltd. Xingtai City 3,026,308 CNY 1,867 1,457 409 - -2 74.98% Rongcheng Xingyi New Energy Technology Co., Ltd. Weihai City 7,505,764 CNY 1,033 38 996 - -25 74.98% Shanghai Jingwen Equity Investment Center LP Shanghai 64,500 CNY 8,263 509 7,753 - -289 67.64% Shanghai Yihuang New Energy Technology Co., Ltd. Shanghai 6,513 CNY 885 0 885 - -0 67.64% Shanghai Yikuang New Technology Co., Ltd. Shanghai 29,110 CNY 3,958 0 3,958 - -0 67.64% State Cloud Sunseap Equity Investment Partnership LP Jinan City 4,024,282 CNY 548 3 545 - -2 60.13% Sunseap China Energy (Qingdao) Co., Ltd. Qingdao 35,389 CNY 4 - 4 - -1 74.98% Sunseap China Energy (Shanghai) Ltd. Shanghai 67,036,914 CNY 11,234 1,323 9,912 1,037 -1,737 74.98% Suzhou Haoruitian Power New Energy Co., Ltd. Kunshan City 1,640 CNY 1,039 763 277 109 60 67.64% Suzhou Liansong New Energy Technology Co., Ltd. Suzhou City - CNY - - - - - 74.98% Suzhou Xingdao New Energy Technology Co., Ltd. Suzhou City 1,602,571 CNY 799 584 215 - -2 74.98% Suzhou Xingyi Energy Engineering Co., Ltd. Suzhou City 1,418,256 CNY 758 567 191 - -2 74.98% Tianjin Baoyi New Energy Technology Co., Ltd. Tianjin City 2,077 CNY 1,325 981 344 109 39 67.64% Tianjin Xingrun Energy Development Co., Ltd. Tianjin City - CNY - - - - - 74.98% Tianjin Xingsheng Energy Development Co., Ltd. Tianjin City - CNY 1 2 -2 - -2 74.98% Tianjin Yuntong New Energy Technology Co., Ltd. Tianjin City 15,000 CNY 2,394 -0 2,395 - -0 67.64% Weihai Deao New Energy Technology Co., Ltd. Weihai City 20,000 CNY 2 - 2 - -1 74.98% Wenzhou Xingyi New Energy Technology Co., Ltd. Wenzhou City 4,487 CNY 3,856 3,154 703 185 95 67.64% Wuhan Panshuo Energy Technology Co., Ltd. Wuhan City 4,880,000 CNY 2,155 1,494 662 - -1 74.98% Wuxi Lingzhong New Energy Technology Co., Ltd. Wuxi City 7,528,864 CNY 3,789 2,766 1,023 - - 74.98% Yancheng Baoyi New Energy Technology Co., Ltd. Yancheng City 3,035 CNY 497 37 460 51 32 67.64% Yancheng Qingneng Power Technology Co., Ltd. Yancheng City 1,371,155 CNY 1,315 1,129 185 - -1 74.98% Yuzhou Yixing Energy Technology Co., Ltd. Yuzhou City 33,000 CNY 3 - 3 - -2 74.98% Zhenjiang Ruichengda New Energy Co., Ltd. Zhenjiang City 684,296 CNY 378 285 93 - - 74.98% Indonesia: PT Right People Renewable Energy Jakarta 10,100,001,750 IDR 59 68 -8 - -5 74.98% PT Sunseap Batam Energy Kota Batam 10,000,000,000 IDR 2,495 2,250 246 - -378 74.23% PT Sunseap Commercial Industrial Indonesia Asset Jakarta 10,000,000,000 IDR 607 43 564 - -37 74.23% Singapore: Data4Eco Holdings Pte. Ltd. Singapore 50,000 SGD 15 59 -44 - -32 44.99% EDPR Sunseap Korea Holdings Pte. Ltd. Singapore 1 SGD 3 23 -20 - -8 74.98% LYS Energy Investment Pte. Ltd. Singapore 10,674,707 USD 9,950 2,055 7,895 - -421 74.98% Solar PV Exchange Pte. Ltd. Singapore 1,230,062 SGD 478 394 84 901 5 74.98% Solarland Alpha Assets Pte. Ltd. Singapore 1 SGD 55,174 71,696 -16,521 38 -295 74.98% Solarland Alpha Holdings Pte. Ltd. Singapore 1 SGD 40 67 -27 - -7 74.98% SolarNova 4 Beta Assets Pte. Ltd. Singapore 1 SGD 86,835 108,269 -21,434 3,209 195 74.98% SolarNova 4 Beta Holdings Pte. Ltd. Singapore 1 SGD 37,966 37,983 -17 - -6 74.98% SolarNova Phase 1 Pte. Ltd. Singapore 1,000,001 SGD 72,116 60,824 11,291 9,409 3,792 74.98% Sunseap Australia Holdings Pte. Ltd. Singapore 1 SGD 95 3,568 -3,473 - -1,301 74.98% Sunseap Batam Pte. Ltd. Singapore 1 SGD 884 1,076 -192 - -9 74.98% Sunseap China Pte. Ltd. Singapore 11,980,146 SGD 17,431 9,228 8,203 - -48 74.98% Sunseap CMX RE Solar Holdings Pte. Ltd. Singapore 10 SGD 55,749 41,985 13,764 - 3,305 74.98% Sunseap Commercial & Industrial Assets (S.E.A.) Holdings Pte. Ltd. Singapore 100,000 SGD 5,114 5,275 -161 - 75 74.98% Sunseap Commercial Assets Pte. Ltd. Singapore 138,490 SGD 39,952 39,955 -3 3,014 -93 74.98% Sunseap Commercial Holdings Pte. Ltd. Singapore 1 SGD 12,842 12,968 -126 - -8 74.98% Sunseap Delta Holdings Pte. Ltd. Singapore 1 SGD 12 40 -28 - -15 74.98% Sunseap Energy Pte. Ltd. Singapore 5,000,000 SGD 15,322 58,223 -42,901 21,818 7,872 74.98% Sunseap Energy Ventures Pte. Ltd. Singapore 1 SGD 3,199 4,001 -802 - -505 74.98% Sunseap Engineering Pte. Ltd. Singapore 2,100,001 SGD 73,697 75,307 -1,610 54,636 -5,262 74.98% Sunseap Gamma Assets Pte. Ltd. Singapore 1 SGD - 69 -69 - -40 74.98% Sunseap Gamma Holdings Pte. Ltd. Singapore 1 SGD 5 24 -19 - -7 74.98% Sunseap Group Pte. Ltd. Singapore 558,478,511 SGD 400,018 47,995 352,023 9,507 -9,842 74.98% Sunseap Indonesia Pte. Ltd. Singapore 1 SGD 1,082 1,208 -125 - -39 74.98% Sunseap International Pte. Ltd. Singapore 28,190,145 SGD 112,586 107,616 4,970 95 -3,502 74.98% Sunseap Japan Pte. Ltd. Singapore 1 SGD 6,422 6,802 -380 - -18 74.98% Sunseap Leasing Alpha Pte. Ltd. Singapore 1 SGD 43 92 -49 - -8 74.98% Sunseap Leasing Beta Pte. Ltd. Singapore 4,000,000 SGD 15,050 11,692 3,359 3,016 610 74.98% Sunseap Leasing Pte. Ltd. Singapore 114,854,175 SGD 152,024 71,274 80,750 10,635 1,908 74.98% Sunseap Links Daklong Pte. Ltd. Singapore 40 SGD 577 7,040 -6,464 - -7 71.23% Sunseap Links Pte. Ltd. Singapore 10 SGD 6,281 11,745 -5,464 - 17 59.98% Sunseap Philippines Solar Holdings Pte. Ltd. Singapore 4,711,437 SGD 3,625 58 3,566 - -8 74.98% Sunseap SolarNova Pte. Ltd. Singapore 1 SGD 18,668 19,388 -720 - -57 74.98% Sunseap Solutions Pte. Ltd. Singapore 900,000 SGD 5,606 8,503 -2,897 2,702 -866 74.98% Sunseap Taiwan Pte. Ltd. Singapore 1 SGD 15,468 15,430 39 - 229 74.98% Sunseap Vietnam Beta Pte. Ltd. Singapore 1 SGD 10,233 10,460 -227 - -35 74.98% Sunseap Vietnam Gamma Pte. Ltd. Singapore 1 SGD 6,904 7,020 -116 - -37 74.98% Sunseap Vietnam Pte. Ltd. Singapore 52,613,649 SGD 36,333 756 35,577 - -20 74.98% Sunseap Vpower Pte. Ltd. Singapore 1 SGD 1,099 1,647 -548 1,062 240 74.98% Trung Song SG Pte. Ltd. Singapore 10,674,707 USD 10,135 787 9,348 - -440 74.98% Uper Renewable Energy (Singapore) Pte. Ltd. Singapore 138,814 SGD 2,900 3,640 -739 2,030 -329 74.98% Thailand: Sunseap Energy (Thailand) Co., Ltd. Bangkok 45,000,000 THB 1,429 1,077 353 - -81 71.60% Thai-Sunseap Asset Co. Ltd. Bangkok 68,000 THB 8,392 6,501 1,891 153 36,675 50.23% Thai-Sunseap Co., Ltd. Bangkok 225,823 THB 5,471 25 5,446 99 -18,431 50.23% Thai-Sunseap Energy Solutions Co. Ltd. Bangkok 250 THB 5 4 2 38 -32,791 50.23% Vietnam: Bien Dong Energy Investment Co., Ltd. Long An Province 9,000,000 VND 753 500 253 102 11 74.98% CMX RE Sunseap Vietnam Solar Power Co., Ltd. Ninh Thuan Province 1,065,557,560,000 VND 143,823 90,757 53,066 17,691 5,501 41.24% DKT Energy Investment Co., Ltd. Ho Chi Minh City 103,900,000 VND 4,570 470 4,099 - -25 74.98% EDP Renewables Vietnam Company Limited Ho Chi Minh City 7,200,000,000 VND 5,179 7,671 -2,492 - -1,800 74.98% H2A Co., Ltd. Long An Province 9,000,000 VND 774 442 332 102 -2 74.98% H2HA Co., Ltd. Long An Province 9,000,000 VND 774 467 306 87 -16 74.98% H2HD Co., Ltd. Long An Province 9,000,000 VND 772 478 294 85 -18 74.98% H2HO Co., Ltd. Long An Province 9,000,000 VND 772 457 315 90 -13 74.98% H2HU Co., Ltd. Long An Province 9,000,000 VND 770 425 345 99 -3 74.98% H2K Co., Ltd. Long An Province 9,000,000 VND 773 461 311 91 -12 74.98% H2ML Co., Ltd. Long An Province 9,000,000 VND 769 434 335 96 -6 74.98% H2O Ben Luc Investment Co., Ltd. Long An Province 6,800,000 VND 719 451 268 96 -4 74.98% H2S Co., Ltd. Long An Province 9,000,000 VND 771 444 327 94 -9 74.98% H2T Co., Ltd. Long An Province 9,000,000 VND 777 478 300 93 -10 74.98% H2TR Solar Co., Ltd. Long An Province 9,000,000 VND 770 425 345 101 -1 74.98% H2VP Co., Ltd. Long An Province 9,000,000 VND 777 462 316 99 -4 74.98% Hao Thanh Dat Investment Co., Ltd. Long An Province 9,000,000 VND 746 495 251 100 8 74.98% Incom International Investment and Development Co., Ltd. Long An Province 14,100,000 VND 1,444 883 561 222 46 74.83% Kim Cuong Energy Investment Co., Ltd. Long An Province 9,000,000 VND 745 490 256 105 14 74.98% Long Dai Phat Investment Co., Ltd. Ho Chi Minh City 71,539,000 VND 2,843 11 2,832 - -9 74.98% Phu An Energy Investment Co., Ltd. Long An Province 9,000,000 VND 741 491 250 99 8 74.98% Quang Lam Printing Import Export Co., Ltd. Long An Province 12,360,000 VND 1,409 871 538 223 45 74.83% SSKT Beta Energy Co., Ltd. Ho Chi Minh City 5,484,000 VND 942 632 310 118 43 44.24% STP5 Energy Production Trading Co., Ltd. Ho Chi Minh City 13,031,646 VND 2,017 1,408 609 299 35 67.40% STP6 Energy Trading Technical Co., Ltd. Ho Chi Minh City 14,609,528 VND 2,203 1,540 664 319 18 67.40% STP7 Energy Development Co., Ltd. Ho Chi Minh City 4,511,677 VND 663 477 186 103 4 67.40% STP8 Energy Investment Co., Ltd. Ho Chi Minh City 9,235,861 VND 1,451 1,040 411 215 18 67.40% Sun Times 1 Energy Co., Ltd. Ho Chi Minh City 4,851,036 VND 706 502 204 106 4 67.40% Sun Times 3 Energy Co., Ltd. Ho Chi Minh City 14,347,796 VND 2,307 1,648 659 321 35 67.40% Sun Times 4 Energy Co., Ltd. Ho Chi Minh City 4,851,036 VND 704 508 196 100 -1 67.40% Sun Times 5 Energy Co., Ltd. Ho Chi Minh City 14,008,437 VND 2,129 1,505 624 301 20 67.40% Sun Times 6 Energy Co., Ltd. Ho Chi Minh City 14,135,538 VND 2,155 1,536 619 298 10 67.40% Sun Times 7 Energy Co., Ltd. Ho Chi Minh City 9,229,812 VND 1,440 1,037 404 209 12 67.40% Sunseap Commercial & Industrial Assets (Vietnam) Co., Ltd. Ho Chi Minh City 123,517,702 VND 329,359 331,033 -1,674 5 -6,658 74.98% Sunseap KTG Energy Investment Co., Ltd. Ho Chi Minh City 5,484,000 VND 305 99 206 - -6 44.24% Sunseap Sun Times Solar Investment Co., Ltd. Ho Chi Minh City 102,912,367 VND 6,113 2,049 4,064 - -5 67.40% Thiet Thanh Cong Investment Co., Ltd. Long An Province 9,000,000 VND 757 504 253 92 -0 74.98% Trung Son Energy Development LLC Khanh Hoa Province 197,000,000,000 VND 25,212 17,082 8,130 3,131 -519 74.98% Uper Renewable Energy Vietnam Co., Ltd. Ho Chi Minh City 2,310,000,000 VND 237 113 123 940 28 74.98% Xuan Thien Ninh Thuan Co., Ltd. Ninh Thuan Province 890,000,000 VND 120,776 72,140 48,636 20,536 6,912 74.98% Xuan Thien Thuan Bac Co., Ltd. Ninh Thuan Province 550,000,000 VND 73,794 44,139 29,654 12,312 3,696 74.98% Other: EDPR Korea, Ltd. Yeosu 100,000,000 KRW 500 1,306 -805 - -871 74.98% Hoya Energy Ltd. Taipei City 199,000,000 TWD 16,018 9,816 6,202 701 139 74.98% OMA Haedori Co., Ltd. Goheung-gun 497,624,000 KRW 1,761 2,672 -911 - -829 56.23% Pacific Sunseap Energy Ltd. Taipei City 347,000,000 TWD 10,671 21 10,650 - -19 48.73% Re Capital Co,. Ltd. Tokyo 204,970,000 JPY 6,967 7,387 -420 599 -2,181 74.98% Shuangjian Photoelectric Ltd. Taipei City 52,000,000 TWD 5,535 3,983 1,552 528 47 52.48% Sunseap Advance Green Technology Ltd. Taipei City 100,000,000 TWD 12,282 9,134 3,147 442 44 74.98% Sunseap Advance International Ltd. Taipei City 5,000,000 TWD 142 5 137 - -1 74.98% Sunseap Energy (Malaysia) Sdn. Bhd. Kuala Lumpur 2,735,000 MYR 1,058 1,491 -433 9 -581 74.98% Sunseap Solar Cambodia Co., Ltd. Phnom Penh City 1,000 USD 3 25 -22 - -5 74.98% Sunseap Taiwan Solar Holdings Ltd. Taipei City 456,289,510 TWD 21,303 8,155 13,147 2,616 -96 74.98% Top Green Energy Ltd. Taipei City 341,000,000 TWD 55,079 44,052 11,027 2,831 127 48.73% he main financial indicators of the joint ventures entities, as at 31 December 2022, are presented as follows: Electricity Generation: Bioastur, A.I.E. Ser\u00edn 60,101 EUR 50.00% Companhia Energ\u00e9tica do JARI - CEJA S\u00e3o Paulo 850,823,746 BRL 28.78% Empresa de Energia Cachoeira Caldeir\u00e3o, S.A. Amap\u00e1 728,600,000 BRL 28.78% Empresa de Energia S\u00e3o Manoel S.A. Rio de Janeiro 2,409,974,102 BRL 19.18% Kosorkuntza, A.I.E. Bilbau - EUR 25.00% Pec\u00e9m Opera\u00e7\u00e3o e Manuten\u00e7\u00e3o de Unidades de Gera\u00e7\u00e3o Eletrica S.A. Cear\u00e1 7,053,368 BRL 28.78% Porto do Pec\u00e9m Transportadora de Min\u00e9rios S.A. Cear\u00e1 6,604,018 BRL 28.78% Renewable Energy Activity: Cenergi Sunseap Energy Solutions Sdn. Bhd. Kuala Lumpur 10,000,000 MYR 29.99% Centrale Eolienne D'Occey, S.A.S. Paris 284,844 EUR 38.24% Desarrollos Energ\u00e9ticos Canarios, S.A. Las Palmas 15,025 EUR 37.41% Desarrollos Energ\u00e9ticos del Val, S.L. Soria 137,070 EUR 18.74% Evoikos Voreas A.E. Athens 126,000 EUR 38.24% Evoluci\u00f3n 2000, S.L. Albacete 117,994 EUR 36.85% Flat Rock Windpower II LLC Delaware 215,826,269 USD 37.49% Flat Rock Windpower LLC Delaware 548,339,611 USD 37.49% Goldfinger Ventures II LLC Delaware 174,033,304 USD 37.49% Goldfinger Ventures LLC Delaware 131,968,976 USD 37.49% Kronos IBV UK Berlin 25,000 EUR 37.49% KSD 20 UG Munich 1,000 EUR 37.49% Lomartico Investments, Sp. z o.o. Warsaw 5,000 PLN 37.49% Medsteville Investments, Sp. z o.o. Warsaw 5,000 PLN 37.49% Nine Kings Wind Farm LLC Delaware - USD 37.49% Ondentille Investments, Sp. z o.o. Warsaw 5,000 PLN 37.49% OW Offshore, S.L. Madrid 57,519,614 EUR 37.49% Powersource Sunseap Corp. Makati City - PHP 29.99% Powersource Sunseap Solar Solution Corp. Makati City - PHP 29.99% Riverstart Development LLC Delaware - USD 15.00% Riverstart Ventures LLC Delaware 244,867,207 USD 15.00% RL Sunseap Energy Sdn. Bhd. Sarawak 2,500,000 MYR 36.74% Sistemas E\u00f3licos Tres Cruces, S.L. Soria 50,000 EUR 18.74% Sofrano A.E. Athens 830,000 EUR 38.24% Solar Ventures Acquisition LLC Delaware - USD 37.49% Sunseap Asset (Cambodia) Co., Ltd. Phnom Penh City 2,760,000 USD 38.24% Sunseap Energy (Cambodia) Co., Ltd. Phnom Penh City 365,000 USD 36.74% Sunseap LCS Energy Sdn. Bhd. Kuala Lumpur 100,000 MYR 36.74% Sunseap Solutions Taiwan Ltd. Taipei City 30,000,000 TWD 36.74% 2018 Vento XIX LLC Delaware 73,641,728 USD 15.00% 2017 Vento XVII LLC Delaware 156,973,283 USD 15.00% 2019 Vento XX LLC Delaware 211,991,253 USD 15.00% Other Activities: ARQUILED - Proj. Ilumina\u00e7\u00e3o, S.A. Mora 231,000 EUR 49.91% Energia \u00c1sia Consultoria, Limitada Macao 200,000 MOP 50.00% 49.00% MABE Constru\u00e7\u00e3o e Administra\u00e7\u00e3o de Projectos, Ltda. Cear\u00e1 566,151,831 BRL 28.78% The companies where the Group has significant influence, as at 31 December 2022, are as follows: Electricity Generation: Carri\u00e7o Cogera\u00e7\u00e3o - Sociedade de Gera\u00e7\u00e3o de Electricidade e Calor, S.A. Lisbon 50,000 EUR 35.00% HC Tudela Cogeneraci\u00f3n, S.L. Abo\u00f1o - Carre\u00f1o 306,030 EUR 50.10% Electricity Supply: Blue Sol Participa\u00e7\u00f5es S.A. Electricity Distribution: S\u00e3o Paulo 24,483,565 BRL 23.02% AMBERTREE - Tecnologia para Redes de Energia Electrica, Lda Lisbon 5,000 EUR 26.00% Renewable Energy Activity: Biomasas del Pirineo, S.A. Huesca 454,896 EUR 22.49% Blue Canyon Windpower LLC Texas 63,851,000 USD 18.74% Charge+ Pte. Ltd. Singapore 5,216,668 SGD 19.68% Desarrollos E\u00f3licos de Canarias, S.A. Gran Canaria 1,817,130 EUR 33.55% E\u00f3lica de S\u00e3o Juli\u00e3o, Lda. Lourinh\u00e3 500,000 EUR 33.74% Eos Pax IIa, S.L. La Coru\u00f1a 6,010 EUR 36.36% Ge\u00f3lica Magall\u00f3n, S.L. Zaragoza 2,040,000 EUR 27.17% Hytlantic, S.A. Sines 50,000 EUR 21.37% Parque E\u00f3lico Belmonte, S.A. Madrid 120,400 EUR 22.42% Parque E\u00f3lico Sierra del Madero, S.A. Madrid 7,193,970 EUR 31.49% San Juan de Bargas E\u00f3lica, S.L. Zaragoza 2,000,000 EUR 35.25% Solar Siglo XXI, S.A. Ciudad Real 80,000 EUR 18.74% Solar Works! B.V. Rotterdam 6,726,000 USD 20.19% 20.19% Todae Solar Pty. Ltd. Rosebery, NSW - AUD 36.74% Uni\u00f3n de Generadores de Energ\u00eda, S.L. Zaragoza 23,044 EUR 37.49% Other Activities: Centrais El\u00e9tricas de Santa Catarina, S.A. - Celesc Santa Catarina 2,480,000,000 BRL 17.21% Endeco Technologies Limited Dublin 15,756,606 EUR 16.90% Principle Power, Inc Seattle 33,149 USD 23.37% SCNET - Sino-Portuguese Centre Shanghai 21,600,000 CNY 40.00% Vertequip, Equipamentos e Trabalhos Verticais, Lda Chamusca 347,139 EUR 23.66% WPVT, S.A. Oporto 75,000 EUR 20.00% Zypho, S.A. Oporto 221,794 EUR 33.50% ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f31110": {
"value": "6. Consolidation perimeter During the year of 2022, the following changes occurred in the EDP Group consolidation perimeter: Companies acquired: The following acquisitions were classified as asset purchases, out of scope of IFRS 3 \u2013 Business Combinations, due to the substance of these transactions, the type of assets acquired and the very early stage of the projects: Acquiring company Acquired company Acquired % Obs. Central Geradora Fotovoltaica Zebu Ltda. 100% EDP Renov\u00e1veis Brasil, S.A. Solar Barra I to IV, S.A. (4 companies) 100% E\u00f3lica Barra I to XI, S.A. (11 companies) 100% Central Solar Presidente JK I, S.A. 100% Szabadsolar, Kft. 100% Sunglare Capture, Kft. 100% Sunglare Expert, Kft. 100% EDP Renewables Europe, S.L.U. Napenergia, Kft. 100% Aeolos Evias Energiaki, M.A.E. 100% Fravezac, S.R.L. 100% EDP Renewables Germany GmbH 100% Farma Fotowoltaiczna Radziej\u00f3w, Sp. z o.o. 100% Farma Fotowoltaiczna Ujazd, Sp. z o.o. 100% Farma Fotowoltaiczna Warta, Sp. z o.o. 100% EDP Renewables Polska, Sp. z o.o. Farma Fotowoltaiczna Wielkopolska, Sp. z o.o. 100% Farma Fotowoltaiczna Budzyn, Sp. z o.o. 100% Farma Fotowoltaiczna Dobrzyca, Sp. z o.o. 100% Farma Fotowoltaiczna Tomasz\u00f3w, Sp. z o.o. 100% EDP Comercial - Comercializa\u00e7\u00e3o de Energia, S.A. Youco F22-H416 Vorrats-GmbH 100% EDP Renov\u00e1veis, S.A. Parque Solar Fotovoltaico El Copey, S.A.S. E.S.P. 100% Solar Italy I, II and IV, S.r.l. 100% EDP Renewables Italia Holding, S.R.L. Solar Italy I 100% Solar Italy II, S.r.l. 100% Solar Italy IV, S.r.l. 100% Rocio Hive, S.L., Palma Hive, S.L. and Pedregal Hive, S.L. 100% EDP Renovables Espa\u00f1a, S.L.U. Rocio Hive, S.L. 100% Palma Hive, S.L. 100% Pedregal Hive, S.L. 100% DKT Energy Investment Company Ltd (including 12 subsidiaries) 100% Long Dai Phat Investment Company Ltd (including 7 subsidiaries) 100% Dongguan Jiehuang New Energy Technology Co., Ltd. 100% Heze Dechen New Energy Co., Ltd. 100% Hubei Jianghui New Energy Co., Ltd. 100% Qinghe County Xinou Funeng New Energy Technology Co., Ltd. 100% Wuhan Panshuo Energy Technology Co., Ltd. 100% Tianjin Xingrun Energy Development Co., Ltd. 100% Sunseap Group Pte. Ltd. Wuxi Lingzhong New Energy Technology Co., Ltd. 100% Suzhou Xingyi Energy Engineering Co., Ltd. 100% Tianjin Xingsheng Energy Development Co., Ltd. 100% Weihai Deao New Energy Technology Co., Ltd. 100% Zhenjiang Ruichengda New Energy Co., Ltd. 100% Yancheng Qingneng Power Technology Co., Ltd. 100% Thai-Sunseap Co., Ltd. (including 2 subsidiaries) 18% (1) PT Right People Renewable Energy 100% Suzhou Liansong New Energy Technology Co., Ltd. 100% Chongqing Xingzhi New Energy Technology Co., Ltd. 100% 23 companies in North America 100% (1) Sunseap Group Pte. Ltd. acquired a 18% stake in the company Thai Sunseap, in which it already held a 49% stake, increasing the participation in this company to a 67% stake and obtaining control over the company. Additionally, the following companies were acquired in the scope of IFRS 3 \u2013 Business Combinations: \u25cf EDP Energias do Brasil, S.A. acquired 99.99% of Celg Transmiss\u00e3o, later renamed EDP Transmiss\u00e3o Goi\u00e1s S.A., for a value of 2,114 million Brazilian Reais (375 million Euros). With reference to the acquisition date, the book value of net assets in this portfolio amounted to 1,071 million Brazilian Reais (170 million Euros) and the assets purchase price allocation exercise has been carried out in accordance with the external valuation report issued (see notes 18 and 49); \u25cf In the first quarter of 2022, EDP Renov\u00e1veis, S.A. acquired a 91.4% stake in a distributed solar generation portfolio, Sunseap Group Pte. Ltd., located in Southeast Asia, that allows EDP to set up to 10 GW of solar projects, for a value of 659,658 thousand Euros. In addition, during the second quarter of 2022, through a capital increase, EDP Renov\u00e1veis, S.A. increased its stake in the acquired company to 92.28%. In the third quarter of 2022, as a result of the put options agreed between the parties, the remaining stake in Sunseap Group Pte. Ltd. has been recognised and the stake held by EDP Renov\u00e1veis, S.A. in this company increased to 100%. A liability in the amount of 56,442 thousand Euros, corresponding to the options exercise price, has been recognised (see note 39). With reference to the acquisition date, the book value of net assets of this portfolio amounted to 136,085 thousand Euros and the assets purchase price allocation exercise has been carried out in accordance with their fair value valuation (see notes 19 and 49); \u25cf In the third quarter of 2022, Sunseap Group Pte. Ltd. acquired from Xuan Thien Group a 99.99% stake in the companies Xuan Thien Ninh Thuan JSC and Xuan Thien Thuan Bac JSC, which own operating solar PV projects located in Southeast Asia, for an amount of 202,298 thousand Euros, which includes 41,288 thousand Euros recognised as contingent price (see note 39). With reference to the acquisition date, the book value of the net assets of this portfolio amounted to 80,263 thousand Euros and the assets purchase price allocation exercise has been carried out in accordance with their fair value valuation (see notes 19 and 49); \u25cf In the fourth quarter of 2022, EDP Renewables Europe, S.L.U. acquired a 100% stake in Kronos Solar Projects GmbH. and its subsidiaries, a solar generation portfolio with 9,4GW under development located in Germany, Netherlands, France and UK, for an amount of 663,030 thousand Euros. This amount includes 341,996 thousand Euros related to put options and 71,035 thousand Euros corresponding to the payable success fees estimation (see note 39). With reference to the acquisition date, the book value of the net assets of this portfolio amounted to 11,373 thousand Euros (see notes 19 and 49); \u25cf EDP Energia Polska acquired 100% of the companies SOON Energy Polska sp z.o.o. and Zielona-Energia (see note 19); \u25cf Hidroel\u00e9ctrica do Guadiana, S.A. acquired 100% of a company in Portugal; and \u25cf EDP Renov\u00e1veis, S.A., through a North American subsidiary and through several stand-alone transactions, acquired the 100% stake in a distributed solar generation portfolio, which includes 99.3 MW solar operational projects, in 84 companies, for an amount of 132,992 thousand Euros. The assets purchase price allocation exercise, in accordance with their fair value valuation, has been carried out for some of the transactions (see notes 19 and 49). Sale of companies / investments: Sale of companies without loss of control EDP Espa\u00f1a Renovables, S.L.U. Desarrollos Renovables de Teruel, S.L. 49% 100% Sale of companies with loss of control EDP Inova\u00e7\u00e3o, S.A. CEO - Companhia de Energia Oce\u00e2nica, S.A. 47% 52.07% (2) Companies sold Winfan, Sp. z o.o. 100% 100% Lichnowy Windfarm, Sp. z o.o. 100% 100% EDP Renewables Polska, Kowalewo Wind, Sp. z o.o. 100% 100% (3) Sp. z o.o. EWP European Wind Power Krasin, Sp. z o.o. 100% 100% Nowa Energia 1, Sp. z o.o. 100% 100% Farma Wiatrowa Bogoria, Sp. z o.o. 100% 100% EDP Renovables Espa\u00f1a, Parc E\u00f2lic Serra Voltorera, S.L.U. 100% 100% (4) S.L.U. E\u00f3lica La Janda, S.L.U. 100% 100% WinCap, S.R.L. 100% 100% TACA Wind, S.R.L. 100% 100% EDP Renewables Italia San Mauro, S.R.L. 75% 75% Holding, S.R.L. Conza Energia, S.R.L. 100% 100% (5) Lucus Power, S.r.l. 100% 100% Breva Wind, S.r.l. 100% 100% Aria del Vento 100% 100% Aventura Holding, S.A. 100% 100% EDP Renov\u00e1veis Brasil, S.A. Central E\u00f3lica Aventura II to V, S.A. (4 companies) 100% 100% (6) SRMN Holding, S.A. 100% 100% Central E\u00f3lica SRMN I to V, S.A. (5 companies) 100% 100% EDP Energias do Brasil, S.A. Energest, S.A. (\"Usina Hidroel\u00e9trica de Mascarenhas\") 100% 100% (7) EDP International Investments and Services, S.L. Hydro Global Investment Limited 50% 50% (8) EDP Renewables Europe, S.L.U. Moray West Holdings Limited 33% 33% (9) 7 companies in North America 100% 100% (10) (2) Sale with loss of control, maintaining EDP Inova\u00e7\u00e3o, S.A. a 5% financial interest in the company, which is recognised as an Equity Instrument at Fair Value through Other Comprehensive Income. (3) In the second quarter, these shares were sold for 84,983 thousand Euros, generating a gain of 51,982 thousand Euros (see note 8). (4) Sale occurred in the second quarter for an amount of 207,018 thousand Euros. The transaction generated a gain amounting to 42,596 thousand Euros (see notes 8 and 19). (5) In the third quarter, these shares were sold for a net amount of 293,027 thousand Euros (sale proceeds of 432,239 thousand Euros, deducted of loans). This transaction generated a gain of 168,568 thousand Euros (see note 8). (6) Sale occurred in the fourth quarter, with total shares proceeds amounting to 184,778 thousand Euros, generating a gain of 119,085 thousand Euros (see note 8). (7) In the fourth quarter, this investment has been sold for a total amount of 130,086 thousand Euros (707,655 thousand Brazilian Reais) and generated a total gain of 50,647 thousand Euros, which was booked as a gain against reserves, by allocation of exchange differences reserves, in the amount of 60,034 thousand Euros, and as a loss in Other costs in the amount of 9,387 thousand Euros (see note 11). (8) Disposal of joint venture for a total amount of 68 million US Dollars, which converted into Euros and discounted cash flows corresponds to an amount of 58 million Euros as at 31 December 2022, generating a gain of 13,764 thousand Euros (see note 8). (9) Sale of a direct stake held in the joint venture to OW Offshore, S.L., for a total amount of 33,825 thousand Euros (30,000 thousand British Pounds), generating a gain of 16,981 thousand Euros (see note 21). (10) Includes the sale, by EDP Renewables North America LLC, of its 100% stake in the Indiana Crossroads Solar Park project, for the amount of 281,563 thousand Euros (296,500 thousand US Dollars), generating a gain of 15,791 thousand Euros (see note 8). Companies liquidated: Entity holding the stake Liquidated company Previous % Obs. Viesgo Renovables, S.L.U. Northeolic Monte Bu\u00f1o, S.L. 75% Sunseap Group Pte. Ltd. Xuzhou Yiyundian New Energy Technology Co., Ltd. 90.47% Yuzhou Sunseap Energy Technology Co., Ltd. 100% EDP Iberia, S.L. ENAG\u00c1S - S.G.P.S., S.A. 60% Companies merged: EDPR PT - Promo\u00e7\u00e3o e Opera\u00e7\u00e3o, Companies incorporated: EDPR Cross Solutions, S.A. H2 Soto, S.A.U. EDPR Korea, Ltd. H2 Abo\u00f1o, S.A.U. EDPR Sicilia Uno, S.r.l. H2 Los Barrios, S.A.U. EDPR Sicilia Due, S.r.l. ENERGIA I SPE S.A. EDPR Sardegna, S.r.l. ENERGIA SPE II S.A. EDPR Sud Italia, S.r.l. E\u00f3lica da Coutada II, S.A. EDPR Puglia Uno, S.r.l. Central Solar Presidente JK II to XII, S.A. (11 companies) EDPR Puglia Due, S.r.l. Central E\u00f3lica Borborema I to IV, S.A. (4 companies) EDPR Basilicata, S.r.l. Central E\u00f3lica Asas de Zabel\u00ea I to VII, S.A. (7 companies) Fotovoltaica Flutuante do Grande Lago, S.A. Central Solar Zebu II to IX, S.A. (8 companies) Eoles Montjean, S.A.S. Central E\u00f3lica Ita\u00fana I to II, S.A. (2 companies) Central Geradora Fotovoltaica Monte Verde Solar I, S.A. Central E\u00f3lica S\u00e3o Domingos I to III, S.A. (3 companies) Central Geradora Fotovoltaica Monte Verde Solar VI, S.A. Sounding Creek Solar Park GP Ltd. Desarrollos Renovables de la Frontera, S.L. Sounding Creek Solar Park LP Desarrollos Renovables de Allande, S.L.U. Edgeware BESS Project GP Ltd. Energia Solar II SPE LTDA. Edgeware BESS Project LP Qingdao Xingqi Energy Co., Ltd. Hytlantic, S.A. (11) Rongcheng Xingyi New Energy Technology Co., Ltd. Sunseap China Energy (Qingdao) Co., Ltd. 45 companies in North America RL Sunseap Energy Sdn. Bhd. (12) (11) 28.5% held through EDP Renewables SGPS. (12) 49% held through Sunseap Energy (Malaysia) Sdn. Bhd. Acquiring company Merged company Previous % Obs. S.A. Eoliser - Servi\u00e7os de Gest\u00e3o para Parques E\u00f3licos, Lda. 100% EDP Redes Espa\u00f1a, S.L.U. Fresco Redes International, S.L. 75.10% Fresco Redes Investments, S.L.U. 100% Viesgo Distribuci\u00f3n El\u00e9ctrica, S.L. IE2 HoldCo, S.A. 100% Viesgo Holdco, S.A. 100% Other changes: \u25cf EDP Renov\u00e1veis, S.A. acquired 50% of the companies Lomartico Investments, Sp. z o.o., Medsteville Investments, Sp. z o.o. and Ondentille Investments, Sp. z o.o. These acquisitions have been considered as joint ventures in accordance with the terms of the Shareholders' Agreement signed between the parties, which evidence the existence of joint control of the company; \u25cf EDPR France Holding, S.A.S. acquired 51% of the company Centrale Eolienne D'Occey, S.A.S., which has been considered as a joint venture in accordance with the terms of the Shareholders' Agreement signed between the parties, which evidence the existence of joint control of the company; \u25cf In December 2022, EDP Renov\u00e1veis, S.A. acquired an additional 15% stake in the subsidiary OMA Haedori Co., Ltd., now holding 75% in this company; and \u25cf In the last quarter of 2022, an additional 5% stake in the subsidiary Ceprastur, A.I.E. was acquired, whereby the investment in this company increased to 100%. The companies included in the consolidation perimeter of EDP Group as at 31 December 2022 are disclosed in Annex I. Annex I. Companies in the Consolidation Perimeter The subsidiary companies where the Group exercises control as at 31 December 2022 are as follows: Group's parent holding company and Related Activities: Portugal: EDP - Energias de Portugal, S.A. (EDP Group parent holding company) Lisbon 3,965,681,012 EUR 29,922,362 21,639,043 8,283,319 9,084,227 848,565 CNET - Centre for New Energy Technologies, S.A. Sacav\u00e9m 300,000 EUR 4,456 4,055 401 515 43 60.00% EDP Estudos e Consultoria, S.A Lisbon 50,000 EUR 3,175 129 3,047 83 -117 100.00% 100.00% EDP Global Solutions - Gest\u00e3o Integrada de Servi\u00e7os S.A. Lisbon 15,000,000 EUR 148,794 58,938 89,856 59,254 2,368 100.00% 100.00% EDP Inova\u00e7\u00e3o, S.A. Lisbon 50,000 EUR 61,893 60,498 1,395 8,562 -1,479 100.00% 100.00% EDP Internacional, S.A. Lisbon 12,500,000 EUR 25,757 1,191 24,566 1,149 -31 100.00% 100.00% EDP IS \u2013 Investimentos e Servi\u00e7os, Sociedade Unipessoal, Lda Lisbon 140,309,500 EUR 451,315 120,357 330,958 - 55,144 100.00% EDP Ventures - Sociedade de capital de risco, S.A. Lisbon 125,000 EUR 1,062 54 1,008 128 45 100.00% EDP Ventures, S.A. Lisbon 50,000 EUR 78,304 43,800 34,503 15 -3,477 100.00% Fundo EDP CleanTech FCR Lisbon 19,895,723 EUR 22,933 295 22,638 - 5,941 60.00% LABELEC - Estudos, Desenvolvimento e Actividades Laboratoriais, S.A. Sacav\u00e9m 2,200,000 EUR 24,966 14,341 10,625 18,124 1,405 100.00% 100.00% S\u00e3vida - Medicina Apoiada, S.A Lisbon 450,000 EUR 19,367 9,434 9,933 22,780 1,609 100.00% 100.00% Other Countries: EDP - \u00c1sia Solu\u00e7\u00f5es Energ\u00e9ticas Limitada Macao 1,500,000 MOP 1,622 23 1,599 - -485 100.00% 5.00% EDP Finance BV Amesterdam 2,000,000 EUR 11,939,090 11,817,341 121,749 - -6,431 100.00% 100.00% EDP International Investments and Services, S.L. Oviedo 9,116 EUR 1,339,097 126,128 1,212,969 - 62,380 100.00% 100.00% EDP Servicios Financieros Espa\u00f1a, S.A.U. Oviedo 10,300,058 EUR 4,057,309 3,554,047 503,262 - 42,363 100.00% 100.00% Energia RE - Sociedade Cativa de Resseguro Luxembourg 3,000,000 EUR 144,228 75,082 69,146 3 5,052 100.00% 100.00% Electricity and Gas Activity - Portugal: Electricity Generation: EDP Gest\u00e3o Produ\u00e7\u00e3o Energia, S.A. Lisbon 2,723,792,240 EUR 6,262,322 2,582,351 3,679,970 2,374,308 -140,099 100.00% 100.00% Empresa Hidroel\u00e9ctrica do Guadiana, S.A. Lisbon 62,597,300 EUR 370,308 256,211 114,097 168,108 13,115 100.00% FISIGEN - Empresa de Cogera\u00e7\u00e3o, S.A. Lisbon 50,000 EUR 35,695 27,617 8,078 83,387 2,444 51.00% Greenvouga - Sociedade Gestora do Aproveitamento Hidroel\u00e9ctrico de Ribeiradio- Ermida,S.A. Lisbon 1,000,000 EUR 234,410 179,565 54,846 15,596 4,329 100.00% Sociedade Agro Pecu\u00e1ria da Sobreira de Baixo, Lda. Pedr\u00f3g\u00e3o do Alentejo 90,000 EUR 484 807 -322 - - 100.00% 0.00% TERGEN - Opera\u00e7\u00e3o e Manuten\u00e7\u00e3o de Centrais Termoel\u00e9ctricas, S.A. Carregado 250,000 EUR 4,434 3,043 1,391 6,575 13 100.00% Electricity Distribution: E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. Lisbon 300,000,000 EUR 3,893,399 2,720,899 1,172,500 1,343,158 129,930 100.00% 100.00% Electricity Supply: EDP Comercial - Comercializa\u00e7\u00e3o de Energia, S.A. Lisbon 64,500,005 EUR 1,166,173 902,109 264,064 3,559,012 134,802 100.00% 100.00% EDP Mediadora, S.A. Lisbon 50,000 EUR 8,987 1,372 7,616 3,165 1,948 100.00% Effizency, S.A. Lisbon 128,132 EUR 3,501 1,025 2,477 1,438 71 96.86% SU Eletricidade, S.A. Lisbon 10,110,110 EUR 2,255,974 2,162,627 93,347 3,721,590 7,656 100.00% 100.00% Gas Supply: EDP G\u00e1s Servi\u00e7o Universal, S.A. Oporto 1,050,996 EUR 12,593 3,864 8,729 11,535 -23 100.00% 100.00% Other activities: EDP GEM Portugal, S.A. Lisbon 50,000 EUR 903,462 917,992 -14,530 1,837,700 -70,570 100.00% 100.00% Electricity and Gas Activity - Spain: Electricity Generation: EDP Espa\u00f1a, S.A.U. (HC Energia Subgroup Parent Company) Oviedo 421,739,790 EUR 3,873,283 1,205,313 2,667,970 3,905,560 384,498 100.00% 100.00% Biomasa Puente Nuevo S.L.U. Oviedo 3,000 EUR 2 5 -2 - -5 100.00% Central Termica Ciclo Combinado Grupo 4, S.L. Oviedo 2,117,000 EUR 170,082 105,750 64,332 624,742 16,256 100.00% Ceprastur, A.I.E. Oviedo 360,607 EUR 293 6 287 - - 100.00% Generaciones El\u00e9ctricas Andaluc\u00eda, S.L.U. Oviedo 25,000,000 EUR 381,118 290,583 90,535 484,798 42,691 100.00% H2 Abo\u00f1o, S.A.U. Oviedo 1,000,000 EUR 1,000 - 1,000 - - 100.00% H2 Los Barrios, S.A.U. Oviedo 1,000,000 EUR 1,003 14 989 - -11 100.00% H2 Soto, S.A.U. Oviedo 1,000,000 EUR 1,000 - 1,000 - - 100.00% IBERENERGIA, SAU Oviedo 60,200 EUR 245,416 178,899 66,517 77,815 23,886 100.00% Electricity Distribution: Barras El\u00e9ctricas Galaico-Asturianas, S.A. Lugo 15,689,797 EUR 383,426 244,594 138,832 60,798 30,091 75.05% EDP Redes Espa\u00f1a, S.L.U. Oviedo 10,000,000 EUR 2,510,609 2,399,730 110,879 - -82,176 75.10% Electra Llobregat Energ\u00eda, S.L. Barcelona 90,000 EUR 5,080 3,144 1,936 445 79 56.32% Hidrocant\u00e1brico Distribuci\u00f3n El\u00e9trica, S.A.U Oviedo 44,002,000 EUR 1,152,840 834,059 318,781 200,604 98,977 75.10% Viesgo Distribuci\u00f3n El\u00e9ctrica, S.L. Santander 77,792,000 EUR 1,159,113 833,561 325,551 188,919 48,125 75.10% Electricity Supply: Comercializadora Energ\u00e9tica Sostenible, S.A. Bilbau 60,000 EUR 114 38 76 353 -5 100.00% EDP Clientes, S.A. Oviedo 1,000,000 EUR 1,352,712 1,972,500 -619,788 2,369,352 -163,017 100.00% EDP Energia Ib\u00e9rica, S.A. Oviedo 60,200 EUR 53 12,979 -12,927 - -2 100.00% EDP Solar Espa\u00f1a, S.A. Oviedo 1,000,000 EUR 92,825 94,659 -1,833 75,969 -6,465 100.00% Other activities: EDP GEM Espa\u00f1a, S.A. Oviedo 1,000,000 EUR 1,441 278 1,162 33 92 100.00% EDP Iberia, S.L. Bilbau 130,260,000 EUR 1,463,666 159,347 1,304,320 - 15,089 100.00% EDP Ventures Espa\u00f1a, S.A. Oviedo 60,000 EUR 253 203 50 - -7 100.00% Transporte GNL, S.A. Bilbau 1,000,000 EUR 143,971 136,112 7,859 71,821 5,565 100.00% Viesgo Infraestructuras Energ\u00e9ticas, S.L. Santander 147,195,418 EUR 582,925 167,199 415,725 52,483 198,902 75.10% Electricity and Gas Activity - Other Countries: Electricity Supply: EDP Energia Italia S.R.L. Milan 3,610,000 EUR 80,148 80,635 -486 116,024 -4,321 100.00% EDP Energia Polska Warsaw 8,505,000 PLN 62,171 63,230 -1,059 16,342 -7,681 100.00% EDP Energie France Paris 10,000 EUR 136 143 -7 - -21 100.00% Enertel Group S.r.l. Verona 200,000 EUR 18,166 16,404 1,762 34,620 906 100.00% SOON Energy Polska sp z.o.o. Warsaw 100,000 PLN 17,140 14,855 2,285 14,958 1,634 100.00% Youco F22-H416 Vorrats-GmbH Frankfurt am Main 25,000 EUR 23 - 23 - -3 100.00% Zielona-Energia.com Czestochowa 2,170,000 PLN 9,469 5,690 3,779 1,496 -487 100.00% Electricity Activity - Brazil: Parent company and Related Activities: EDP Energias do Brasil, S.A. (EDP Brasil Subgroup Parent Company) S\u00e3o Paulo 5,502,715,947 BRL 2,119,391 210,519 1,908,873 809 189,383 57.55% Electricity Generation: Enerpeixe, S.A. S\u00e3o Paulo 219,735,967 BRL 309,500 193,426 116,074 57,931 -2,074 34.53% Investco, S.A. Tocantins 804,458,843 BRL 225,174 53,438 171,737 40,622 20,287 23.47% Lajeado Energia, S.A. S\u00e3o Paulo 6,867,541 BRL 246,890 130,953 115,937 137,862 58,055 32.15% PCH Santa Leopoldina S.A. Esp\u00edrito Santo 244,710,000 BRL 416,570 383,451 33,119 - -10,686 57.55% Porto do Pec\u00e9m Gera\u00e7\u00e3o de Energia, S.A. Cear\u00e1 2,368,998,621 BRL 659,302 302,873 356,428 255,662 -119,821 57.55% Resende Engenharia e Assessoria, Ltda. S\u00e3o Paulo 21,573,318 BRL 3,763 9 3,754 - -3 57.55% Electricity Distribution: EDP Esp\u00edrito Santo Distribui\u00e7\u00e3o de Energia S.A. Esp\u00edrito Santo 650,572,403 BRL 1,097,801 853,851 243,951 917,219 102,587 57.55% EDP S\u00e3o Paulo Distribui\u00e7\u00e3o de Energia S.A. S\u00e3o Paulo 596,669,107 BRL 1,172,207 995,462 176,745 1,046,269 96,117 57.55% Electricity Supply: EDP Smart SPE Ltda. S\u00e3o Paulo 141,011,252 BRL 28,200 2,864 25,336 7,641 1,320 57.55% EDP Smart Energia, Ltda S\u00e3o Paulo 20,556,000 BRL 129,609 119,277 10,332 58,260 4,289 57.55% EDP Smart Servi\u00e7os, S.A. Esp\u00edrito Santo 412,786,011 BRL 137,186 83,057 54,129 24,282 -6,394 57.55% EDP Smart Solu\u00e7\u00f5es, S.A. Rio Grande do Sul 124,072,773 BRL 23,257 9,275 13,982 11,310 -5,582 57.55% EDP Smart SPE V Ltda. S\u00e3o Paulo 13,541,069 BRL 8,796 6,140 2,655 406 51 57.55% EDP Trading Comercializa\u00e7\u00e3o e Servi\u00e7os de Energia, S.A. S\u00e3o Paulo 221,679,595 BRL 634,888 565,896 68,992 606,136 10,249 57.55% Energia Solar I SPE LTDA. Esp\u00edrito Santo 1,203,819 BRL 372 359 13 - -30 57.55% Energia Solar II SPE LTDA. Esp\u00edrito Santo - BRL - - - - - 57.55% Nova Gera\u00e7\u00e3o Solar LTDA. S\u00e3o Paulo 2,538,124 BRL 510 485 25 - -38 57.55% Transmission of Electricity: EDP Transmiss\u00e3o Alian\u00e7a SC, S.A. Esp\u00edrito Santo 340,500,999 BRL 448,281 345,987 102,294 63,260 16,051 51.80% EDP Transmiss\u00e3o Goi\u00e1s S.A. Goias 328,750,229 BRL 324,264 116,427 207,837 69,714 31,553 57.55% EDP Transmiss\u00e3o Litoral Sul S.A. S\u00e3o Paulo 310,755,430 BRL 69,982 15,269 54,714 21,568 4,048 57.55% EDP Transmiss\u00e3o Norte S.A. Esp\u00edrito Santo 20,951,000 BRL 27,015 23,687 3,327 24,513 -381 57.55% EDP Transmiss\u00e3o SP-MG, S.A. Esp\u00edrito Santo 33,000,999 BRL 485,508 414,689 70,819 92,238 27,227 57.55% ENERGIA I SPE S.A. Esp\u00edrito Santo - BRL - - - - - 57.55% ENERGIA SPE II S.A. Esp\u00edrito Santo - BRL - - - - - 57.55% Mata Grande Transmissora de Energia LTDA. Paran\u00e1 17,529,870 BRL 21,554 19,672 1,882 6,852 -405 57.55% Other Activities: EDP Ventures Brasil S.A. S\u00e3o Paulo 40,656,475 BRL 7,157 1,095 6,062 - -653 57.55% Renewable Energy Activity: Parent company and Related Activities: EDP Renov\u00e1veis, S.A. (EDP Renov\u00e1veis Subgroup Parent Company) Oviedo 4,802,790,810 EUR 11,465,826 3,776,118 7,689,708 71,625 -219,537 74.98% 74.98% EDP Renov\u00e1veis Servicios Financieros, S.A. Oviedo 84,691,368 EUR 7,672,189 7,006,663 665,525 31,967 173,095 74.98% Europe Geography / Platform: Spain: EDP Renewables Europe, S.L.U. (EDPR EU Subgroup Parent Company) Oviedo 249,498,800 EUR 4,493,625 3,036,676 1,456,949 92,031 -238,483 74.98% Acampo Arias, S.L. Zaragoza 3,314,300 EUR 49,049 33,487 15,562 19,249 11,665 71.23% Aplicaciones Industriales de Energ\u00edas Limpias, S.L. Zaragoza 131,288 EUR 1,577 37 1,540 - 2,881 46.11% Canerde, S.L.U. Madrid 4,000 EUR 129 129 - - -3 59.98% Compa\u00f1\u00eda E\u00f3lica Aragonesa, S.A. Zaragoza 6,701,165 EUR 174,258 29,869 144,389 55,783 32,259 74.98% Desarrollos E\u00f3licos de Teruel, S.L. Zaragoza 18,890,100 EUR 71,956 46,766 25,190 11,146 6,300 38.24% Desarrollos Renovables de Allande, S.L.U. Madrid 3,000 EUR 3 2 1 - - 74.98% Desarrollos Renovables de la Frontera, S.L. Jerez de la Frontera 3,000 EUR 3 1 2 - - 74.98% Desarrollos Renovables de Teruel, S.L. Teruel 3,000 EUR 3 2 2 - -1 38.24% EDP Renovables Espa\u00f1a, S.L.U. Oviedo 46,128,100 EUR 1,773,369 649,551 1,123,818 434,222 315,222 74.98% EDPR M\u00e9xico, S.L.U. Oviedo 3,000 EUR 1 - 1 - -1 74.98% EDPR Terral S.L.U. Madrid 3,000 EUR 506 507 -1 - -2 74.98% EDPR Yield, S.A.U. Oviedo 99,405,403 EUR 247,652 5,030 242,622 - 27,501 74.98% E\u00f3lica Arlanz\u00f3n, S.A. Madrid 4,508,980 EUR 17,621 3,786 13,835 11,630 6,450 63.73% E\u00f3lica Campollano, S.A. Madrid 6,559,994 EUR 55,979 9,926 46,053 38,916 23,153 56.23% E\u00f3lica Fontesilva, S.L.U. La Coru\u00f1a 6,860,000 EUR 39,125 10,644 28,481 14,863 7,609 74.98% E\u00f3lica La Br\u00fajula, S.A.U. Madrid 3,294,000 EUR 50,403 12,224 38,178 27,354 15,937 74.98% IAM Caecius, S.L. Madrid 3,000 EUR 1 - 1 - - 74.98% Iberia Aprovechamientos E\u00f3licos, S.A. Zaragoza 1,918,728 EUR 18,771 6,114 12,657 11,810 6,931 70.48% Palma Hive, S.L. Madrid 3,000 EUR 1,073 686 387 - - 74.98% Parque E\u00f3lico Altos del Voltoya, S.A. Madrid 6,434,349 EUR 49,739 30,992 18,747 19,632 12,290 69.35% Parque E\u00f3lico de Abrazadilla, S.L.U. Madrid 3,000 EUR - - - - - 74.98% Parque E\u00f3lico La Sotonera, S.L. Zaragoza 2,000,000 EUR 11,716 3,648 8,069 7,560 4,366 52.36% Parque E\u00f3lico Los Cantales, S.L.U. Zaragoza 1,963,050 EUR 17,174 5,101 12,073 9,904 5,681 74.98% Parque E\u00f3lico Santa Quiteria, S.L. Zaragoza 63,006 EUR 16,391 3,241 13,150 10,893 6,282 62.95% Pedregal Hive, S.L. Madrid 3,000 EUR 664 246 418 - 9 74.98% Renovables Castilla La Mancha, S.A. Madrid 60,102 EUR 25,161 15,879 9,283 15,600 9,196 67.48% Rocio Hive, S.L. Madrid 3,000 EUR 2,406 2,234 172 - 59 74.98% Site Sunwind Energy, S.L. Madrid 3,000 EUR 1 - 1 - - 74.98% T\u00e9bar E\u00f3lica, S.A.U. Madrid 4,720,400 EUR 29,951 5,457 24,494 14,648 8,895 74.98% Viesgo Europa, S.L.U. Oviedo 1,000,000 EUR 74,533 23,866 50,667 12,745 42,331 74.98% Viesgo Mantenimiento, S.L.U. Cantabria 3,050 EUR 1,231 20 1,211 281 -243 74.98% Viesgo Renovables, S.L.U. Oviedo 12,769,690 EUR 398,438 103,120 295,318 88,358 57,117 74.98% Portugal: EDP Renewables SGPS, S.A. Oporto 50,000 EUR 351,400 4,498 346,902 - 2,326 74.98% EDP Renov\u00e1veis Portugal, S.A. Oporto 7,500,000 EUR 441,105 257,172 183,933 137,012 58,008 38.24% EDPR Cross Solutions, S.A. Oporto 50,000 EUR 597 584 13 811 -37 74.98% EDPR PT - Parques E\u00f3licos, S.A. Oporto 50,000 EUR 94,066 45,813 48,253 3 11,280 38.24% EDPR PT - Promo\u00e7\u00e3o e Opera\u00e7\u00e3o, S.A. Oporto 57,500 EUR 43,817 36,600 7,217 16,364 -4,768 74.98% E\u00f3lica da Coutada, S.A. Soutelo de Aguiar 50,000 EUR 141,029 72,021 69,008 28,138 10,622 38.24% E\u00f3lica da Coutada II, S.A. Oporto 50,000 EUR 14,839 14,823 16 - -34 74.98% E\u00f3lica da Serra das Alturas, S.A. Boticas 50,000 EUR 11,688 2,549 9,139 3,380 1,733 19.16% E\u00f3lica da Terra do Mato, S.A. Oporto 50,000 EUR 39,872 24,666 15,205 7,854 2,548 38.24% E\u00f3lica das Serras das Beiras, S.A. Pi\u00f3d\u00e3o - Arganil 50,000 EUR 88,268 37,435 50,834 20,804 8,659 38.24% E\u00f3lica de Alagoa, S.A. Arcos de Valdevez 50,000 EUR 7,542 1,356 6,186 2,934 2,546 22.94% E\u00f3lica de Montenegrelo, S.A. Vila Pouca de Aguiar 50,000 EUR 18,384 3,891 14,493 5,985 2,973 19.16% E\u00f3lica do Alto da Lagoa, S.A. Oporto 50,000 EUR 19,509 5,778 13,731 5,021 2,083 38.24% E\u00f3lica do Alto da Teixosa, S.A. Alh\u00f5es 50,000 EUR 24,542 11,053 13,488 6,162 2,646 38.24% E\u00f3lica do Alto do Mourisco, S.A. Cerdedo 50,000 EUR 21,429 9,693 11,736 5,100 2,225 38.24% E\u00f3lica do Espig\u00e3o, S.A. Vila Nova CMV 50,000 EUR 24,790 7,558 17,232 7,306 3,468 38.24% E\u00f3lica dos Altos de Salgueiros-Guilhado, S.A. Vila Pouca de Aguiar 50,000 EUR 10,415 5,045 5,370 2,259 872 38.24% Fotovoltaica Flutuante do Grande Lago, S.A. Oporto 50,000 EUR 2,127 1,325 802 - -93 74.98% Fotovoltaica Lote A, S.A. Oporto 50,000 EUR 97,847 97,715 132 - 108 74.98% IE2 Portugal, SGPS, S.A. Oporto 50,000 EUR 112 66 46 - -21 74.98% Malhadizes - Energia E\u00f3lica, S.A. Oporto 50,000 EUR 18,698 7,882 10,816 5,009 1,923 38.24% Parque E\u00f3lico do Barlavento, S.A. Oporto 60,000 EUR 53,052 13,280 39,772 14,266 7,713 67.46% S.E.E. - Sul Energ\u00eda E\u00f3lica, S.A. Oporto 150,000 EUR 9,650 796 8,854 2,921 1,997 74.98% France: EDPR France Holding, S.A.S. Paris 79,900,000 EUR 390,316 285,206 105,110 36,002 -10,201 74.98% Eoles Montjean, S.A.S. Paris 849,351 EUR 1,126 278 849 - -1 74.98% Fransol 11, S.A.S. Boulogne-Billancourt 1 EUR 2 13 -11 - -1 63.73% Fransol 12, S.A.S. Boulogne-Billancourt 1 EUR 5 29 -24 - -9 63.73% Fransol 13, S.A.S. Boulogne-Billancourt 1 EUR 4 24 -20 - - 63.73% Fransol 14, S.A.S. Boulogne-Billancourt 1 EUR 837 843 -6 - 28 63.73% Fransol 15, S.A.S. Boulogne-Billancourt 1 EUR 6 41 -35 - -1 63.73% Fransol 16, S.A.S. Boulogne-Billancourt 1 EUR 9 57 -47 - -14 63.73% Fransol 17, S.A.S. Boulogne-Billancourt 1 EUR 3 18 -15 - -5 63.73% Fransol 18, S.A.S. Boulogne-Billancourt 1 EUR 5 29 -24 - -2 63.73% Fransol 19, S.A.S. Boulogne-Billancourt 1 EUR 3 16 -13 - - 63.73% Fransol 20, S.A.S. Boulogne-Billancourt 1 EUR 18 77 -59 - -9 63.73% Fransol 21, S.A.S. Boulogne-Billancourt 1 EUR 8 50 -42 - 1 63.73% Fransol 22, S.A.S. Boulogne-Billancourt 1 EUR 1 5 -4 - - 63.73% Fransol 23, S.A.S. Boulogne-Billancourt 1 EUR 2 13 -11 - - 63.73% Fransol 24, S.A.S. Boulogne-Billancourt 1 EUR 7 40 -33 - -20 63.73% Fransol 25, S.A.S. Boulogne-Billancourt 1 EUR 4 25 -21 - -7 63.73% Fransol 26, S.A.S. Boulogne-Billancourt 1 EUR 3 16 -13 - - 63.73% Fransol 27, S.A.S. Boulogne-Billancourt 1 EUR 15 89 -74 - -9 63.73% Fransol 28, S.A.S. Boulogne-Billancourt 1 EUR 9 57 -47 - -29 63.73% Fransol 29, S.A.S. Boulogne-Billancourt 1 EUR 3 16 -13 - - 63.73% Fransol 30, S.A.S. Boulogne-Billancourt 1 EUR 3 26 -23 - -5 63.73% Fransol 31, S.A.S. Boulogne-Billancourt 1 EUR 3 20 -16 - -5 63.73% Fransol 32, S.A.S. Boulogne-Billancourt 1 EUR 4 22 -18 - -13 63.73% Fransol 33, S.A.S. Boulogne-Billancourt 1 EUR 2 12 -10 - -7 63.73% Fransol 34, S.A.S. Boulogne-Billancourt 1 EUR 5 28 -23 - -16 63.73% Fransol 35, S.A.S. Boulogne-Billancourt 1 EUR 2 12 -10 - -3 63.73% Fransol 36, S.A.S. Boulogne-Billancourt 1 EUR 2 14 -12 - -7 63.73% Fransol 37, S.A.S. Boulogne-Billancourt 1 EUR 5 31 -25 - -12 63.73% Fransol 38, S.A.S. Boulogne-Billancourt 1 EUR 1 8 -7 - - 63.73% Fransol 39, S.A.S. Boulogne-Billancourt 1 EUR 3 16 -13 - - 63.73% Fransol 40, S.A.S. Boulogne-Billancourt 1 EUR 2 12 -10 - - 63.73% Fransol 41, S.A.S. Boulogne-Billancourt 1 EUR - 2 -1 - - 63.73% Fransol 42, S.A.S. Boulogne-Billancourt 1 EUR 1 5 -4 - -3 63.73% Fransol 43, S.A.S. Boulogne-Billancourt 1 EUR - 2 -1 - - 63.73% Fransol 44, S.A.S. Boulogne-Billancourt 1 EUR - 2 -1 - - 63.73% Fransol 45, S.A.S. Boulogne-Billancourt 1 EUR 2 11 -9 - - 63.73% Fransol 46, S.A.S. Boulogne-Billancourt 1 EUR - 2 -1 - - 63.73% Fransol 47, S.A.S. Boulogne-Billancourt 1 EUR - 2 -1 - - 63.73% Fransol 48, S.A.S. Boulogne-Billancourt 1 EUR - 2 -1 - - 63.73% Fransol 49, S.A.S. Boulogne-Billancourt 1 EUR - 2 -1 - - 63.73% Fransol 50, S.A.S. Boulogne-Billancourt 1 EUR - 2 -1 - - 63.73% Kronos IB Vogt 15, S.A.S. Saint-Louis 1 EUR 98 107 -9 - -2 63.73% Kronos IB Vogt 16, S.A.S. Saint-Louis 1 EUR 22 30 -8 - -2 63.73% Kronos IB Vogt 18, S.A.S. Saint-Louis 1 EUR 150 165 -14 - -5 63.73% Kronos IB Vogt 19, S.A.S. Saint-Louis 1 EUR 12 19 -7 - -2 63.73% Kronos IB Vogt 20, S.A.S. Saint-Louis 1 EUR 46 56 -9 - -2 63.73% Kronos IB Vogt 22, S.A.S. Saint-Louis 1 EUR 74 82 -8 - -2 63.73% Kronos IB Vogt 25, S.A.S. Saint-Louis 1 EUR 55 63 -8 - -2 63.73% Kronos Solar France, S.A.S. Boulogne-Billancourt 20,000 EUR 646 560 86 - -31 74.98% Kronosol 11, S.A.R.L. Saint-Louis 1 EUR 11 70 -59 - -8 63.73% Kronosol 12, S.A.R.L. Saint-Louis 1 EUR 58 63 -5 - 28 63.73% Kronosol 13, S.A.R.L. Saint-Louis 1 EUR 709 718 -10 - -2 63.73% Kronosol 14, S.A.R.L. Saint-Louis 1 EUR 2,704 2,724 -21 - -6 63.73% Kronosol 15, S.A.R.L. Saint-Louis 1 EUR 232 257 -25 - 30 63.73% Le Chemin de la Corv\u00e9e, S.A.S. Paris 215,000 EUR 4,403 4,916 -513 - -263 74.98% Monts de la Madeleine Energie, S.A.S. Paris 88,000 EUR 1,502 1,476 25 - -18 74.98% Monts du Forez Energie, S.A.S. Paris 200,000 EUR 1,453 1,359 95 - -16 74.98% Parc \u00c9olien d\u2019Entrains-sur-Nohain, S.A.S. Paris 266,000 EUR 187 5 183 - -457 67.48% Parc Eolien de Dionay, S.A.S. Paris 215,000 EUR 1,935 1,851 83 - -28 74.98% Transition Euroise Roman II, S.A.S. Paris 603,000 EUR 14,791 13,832 959 1,399 370 63.73% Vanosc Energie, S.A.S. Paris 1,000 EUR 821 835 -14 - -11 74.98% Poland: Budzyn, Sp. z o.o. Warsaw 5,000 PLN 5 42 -37 - -18 38.24% EDP Renewables Polska HoldCo, S.A. Warsaw 100,100 PLN 258,978 39,386 219,591 - 24,886 38.24% EDP Renewables Polska Solar, Sp. Z o.o. Warsaw 5,000 PLN 22,136 23,720 -1,584 - -1,195 74.98% EDP Renewables Polska, Sp. z o.o. Warsaw 435,045,000 PLN 615,902 375,616 240,286 10,580 62,853 74.98% Elektrownia Kamienica, Sp. z o.o. Warsaw 5,000 PLN 673 706 -33 - -17 74.98% Elektrownia Wiatrowa Kresy I, Sp. z o.o. Warsaw 70,210 PLN 105,078 11,990 93,088 36,417 20,879 38.24% EW Dobrzyca, Sp. z o.o. Pozna\u0144 674,000 PLN 121,149 129,594 -8,445 23,403 13,345 74.98% Farma Fotowoltaiczna Budzyn, Sp. z o.o. Warsaw 5,000 PLN 19 20 -1 - -2 74.98% Farma Fotowoltaiczna Dobrzyca, Sp. z o.o. Warsaw 5,000 PLN 19 20 -1 - -2 74.98% Farma Fotowoltaiczna Koden, Sp. z o.o. Warsaw 5,000 PLN 1,431 1,454 -23 - -18 74.98% Farma Fotowoltaiczna Radziej\u00f3w, Sp. z o.o. Warsaw 5,000 PLN 3 9 -6 - -7 74.98% Farma Fotowoltaiczna Tomasz\u00f3w, Sp. z o.o. Warsaw 5,000 PLN 2 5 -4 - -5 74.98% Farma Fotowoltaiczna Ujazd, Sp. z o.o. Warsaw 5,000 PLN 2 3 -2 - -3 74.98% Farma Fotowoltaiczna Warta, Sp. z o.o. Warsaw 5,000 PLN 2 7 -6 - -7 74.98% Farma Fotowoltaiczna Wielkopolska, Sp. z o.o. Warsaw 5,000 PLN 7 8 -1 - -2 74.98% Farma Wiatrowa Starozreby, Sp. z o.o. Warsaw 466,000 PLN 265 2 263 - -16 74.98% FW Warta, Sp. z o.o. Pozna\u0144 10,000 PLN 51,093 49,664 1,429 3,195 1,804 74.98% Gudziki Wind Farm, Sp. z o.o. Warsaw 35,715,400 PLN 50,564 43,807 6,757 11,019 4,916 38.24% Korsze Wind Farm, Sp. z o.o. Warsaw 35,754,000 PLN 64,833 29,885 34,947 35,457 21,034 38.24% Masovia Wind Farm I, Sp. z o.o. Warsaw 1,258,000 PLN 142 215 -73 - -49 74.98% Miramit Investments, Sp. z o.o. Warsaw 55,000 PLN 454 323 131 - -22 74.98% Molen Wind II, Sp. z o.o. Warsaw 14,600 PLN 59,236 32,974 26,262 20,208 9,947 38.24% Neo Solar Chotk\u00f3w, Sp. z o.o. Warsaw 5,000 PLN 23,049 23,297 -248 - -220 74.98% Neo Solar Farm, Sp. z o.o. Warsaw 5,000 PLN 99,238 101,021 -1,784 - -538 74.98% Neo Solar Przykona II, Sp. z o.o. Warsaw 5,000 PLN 974 1,030 -56 - -14 74.98% R.Wind, Sp. z o.o. Warsaw 6,000 PLN 701 846 -145 - -117 74.98% Radziej\u00f3w Wind Farm, Sp. z o.o. Warsaw 27,605,000 PLN 29,827 23,651 6,176 8,050 2,490 38.24% Rampton, Sp. z o.o. Warsaw 11,005,000 PLN 2,534 283 2,251 697 -35 74.98% Relax Wind Park I, Sp. z o.o. Warsaw 46,540,000 PLN 105,605 51,832 53,773 42,250 21,631 38.24% Relax Wind Park III, Sp. z o.o. Warsaw 59,603,000 PLN 236,840 198,959 37,881 40,636 16,469 38.24% Rowy-Karpacka Mala Energetyka, Sp. z o.o. Warsaw 50,000 PLN 115 591 -475 - -34 74.98% Ujazd, Sp. z o.o. Pozna\u0144 3,748,400 PLN 59,711 59,920 -209 8,496 3,954 74.98% WF Energy III, Sp. z o.o. Warsaw 5,000 PLN 535 542 -7 - -13 74.98% Wind Field Wielkopolska, Sp. z o.o. Pozna\u0144 505,000 PLN 122,988 161,769 -38,781 23,721 13,280 74.98% Romania: Beta Wind, S.R.L. Bucharest 207,470 RON 5,395 467 4,928 - -306 74.98% EDPR Rom\u00e2nia, S.R.L. Bucharest 1,491,259,750 RON 670,717 158,101 512,617 283,507 57,751 74.98% Energopark, S.R.L. Bucharest 133,720 RON 1,777 1,885 -108 - -292 74.98% Fravezac, S.R.L. Bucharest 5,815,810 RON 1,378 836 542 - -30 74.98% International Solar Energy, S.R.L. Bucharest 200 RON 198 445 -247 - -247 74.98% Solar Phoenix, S.R.L. Bucharest 79,300 RON 314 584 -270 - -266 74.98% Great Britain: Altnabreac Wind Farm Limited Edinburgh 100 GBP 67 1,961 -1,894 - -1,674 74.98% Ben Sca Wind Farm Limited Edinburgh 100 GBP 2,528 3,392 -864 - -588 74.98% Drummarnock Wind Farm Limited Edinburgh 100 GBP 1,163 1,829 -666 - -400 74.98% KS SPV 36 Limited Newmarket 1 GBP 167 147 20 123 4 74.98% KS SPV 46 Limited Newmarket 1 GBP - 26 -26 - -7 74.98% KS SPV 65 Limited Newmarket 1 GBP - 22 -22 - -15 74.98% KS SPV 69 Limited Newmarket 1 GBP - 7 -7 - -6 74.98% KS SPV 70 Limited Newmarket 1 GBP 139 161 -22 - -21 74.98% KS SPV 71 Limited Newmarket 1 GBP 61 77 -16 - -16 74.98% KS SPV 72 Limited Newmarket 1 GBP - 10 -10 - -11 74.98% KS SPV 73 Limited Newmarket 1 GBP - 6 -6 - -6 74.98% KS SPV 74 Limited Newmarket 1 GBP - 6 -6 - -6 74.98% KS SPV 75 Limited Newmarket 1 GBP 4 13 -9 - -9 74.98% KS SPV 76 Limited Newmarket 1 GBP - 5 -5 - -5 74.98% KS SPV 77 Limited Newmarket 1 GBP - 5 -5 - -5 74.98% KS SPV 78 Limited Newmarket 1 GBP - 5 -5 - -5 74.98% KS SPV 79 Limited Newmarket 1 GBP - 5 -5 - -5 74.98% KS SPV 80 Limited Newmarket 1 GBP - 5 -5 - -5 74.98% Lurg Hill Wind Farm Ltd Edinburgh 100 GBP 323 1,064 -741 - -365 74.98% Moorshield Wind Farm Limited Edinburgh 100 GBP 1,369 2,009 -640 - -369 74.98% Muirake Wind Farm Ltd Edinburgh 100 GBP 5,905 4,351 1,554 2,143 1,779 59.23% Vento Ludens Ltd Edinburgh 8,000 GBP 4,710 8,096 -3,386 624 -4,418 74.98% Wind 2 Project 1 Limited Edinburgh 100 GBP 1,112 1,753 -641 - -374 74.98% Italy: AW 2, S.r.l. Milan 100,000 EUR 24,498 19,413 5,085 10,994 5,120 56.23% C & C Tre Energy S.r.l. Milan 100,000 EUR 29,735 28,890 844 - -144 74.98% Custolito, S.R.L. Milan 10,000 EUR 246 224 22 - -2 74.98% EDP Renewables Italia Holding, S.R.L. Milan 347,000 EUR 372,299 91,317 280,981 12,044 225,411 74.98% EDP Renewables Italia, S.R.L. Milan 34,439,343 EUR 196,257 120,743 75,513 44,165 23,634 38.24% EDPR Basilicata, S.r.l. Milan 10,000 EUR 77 80 -3 - -13 74.98% EDPR Centro Italia PV, S.r.l. Milan 10,000 EUR 1,393 1,408 -15 - -25 74.98% EDPR Puglia Due, S.r.l. Milan 10,000 EUR 53 44 10 - - 74.98% EDPR Puglia Uno, S.r.l. Milan 10,000 EUR 10 - 10 - - 74.98% EDPR Sardegna, S.r.l. Milan 10,000 EUR 513 506 7 - -3 74.98% EDPR Sicilia Due, S.r.l. Milan 10,000 EUR 402 398 4 - -6 74.98% EDPR Sicilia PV, S.R.L. Milan 10,000 EUR 6,366 6,447 -82 - -103 74.98% EDPR Sicilia Uno, S.r.l. Milan 10,000 EUR 470 477 -7 - -17 74.98% EDPR Sicilia Wind, S.r.l. Milan 10,000 EUR 7,014 7,052 -38 - -52 74.98% EDPR Sud Italia, S.r.l. Milan 10,000 EUR 429 466 -38 - -48 74.98% EDPR Villa Galla, S.R.L. Milan 9,000,000 EUR 105,644 32,186 73,458 45,378 12,645 38.24% Energia Emissioni Zero 4, S.r.l. Naples 10,000 EUR 48,444 38,493 9,950 15,761 9,694 44.99% Giglio, S.r.l. Milan 20,000 EUR 33,864 32,739 1,125 - -24 44.99% Re Plus, S.R.L. Milan 100,000 EUR 809 694 114 - 28 74.98% Sarve, S.r.l. Milan 10,000 EUR 66,716 65,743 973 3,753 1,096 74.98% Solar Italy I, S.r.l. Milan 10,000 EUR 7,154 6,255 899 - -73 74.98% Solar Italy II, S.r.l. Milan 10,000 EUR 4,823 4,647 176 - -119 74.98% Solar Italy IV, S.r.l. Milan 10,000 EUR 4,900 3,973 927 - -61 74.98% T Power, S.p.A. Cesena 1,000,000 EUR 1,471 120 1,351 - 13 74.98% Tivano, S.R.L. Milan 100,000 EUR 21,262 17,906 3,356 7,481 3,146 56.23% VRG Wind 153, S.r.l. Milan 10,000 EUR 53,747 52,276 1,470 2,545 1,108 74.98% Wind Energy San Giorgio, S.r.l. Milan 20,000 EUR 47,910 47,315 595 5,892 -49 44.99% Greece: Aeolos Evias Energiaki, M.A.E. Athens 25,000 EUR 3,470 4,105 -635 - -660 74.98% Aioliki Oitis Energiaki E.P.E. Athens 4,500 EUR 674 2,141 -1,467 - -408 74.98% Aioliko Parko Fthiotidos Erimia E.P.E. Athens 154,500 EUR 11,333 11,163 170 - -542 74.98% EDPR Hellas 1 M.A.E. Athens 1,255,000 EUR 24,208 23,799 410 - -1,040 74.98% EDPR Hellas 2 M.A.E. Athens 470,000 EUR 12,580 11,322 1,257 - -651 74.98% Energiaki Arvanikou E.P.E. Athens 1,312,380 EUR 60,467 44,190 16,278 6,375 645 74.98% Kadmeios Anemos Energiaki, A.E. Athens 25,000 EUR 603 1,947 -1,344 - -410 74.98% Voiotikos Anemos Energy, A.E. Athens 25,000 EUR 890 1,428 -538 - -403 74.98% Wind Park Aerorrachi M.A.E. Athens 496,020 EUR 841 3,457 -2,616 - -1,013 74.98% Wind Shape E.P.E. Athens 18,000 EUR 972 1,585 -614 - -453 74.98% Germany: EDP Renewables Germany GmbH Munich 25,000 EUR 22 22 -1 - -26 74.98% Kronos Projektgesellschaft mbH Munich 25,000 EUR 24 5 19 - -6 74.98% Kronos Solar Projects France UG Munich 1,000 EUR 3,604 1,864 1,740 - -22 63.73% Kronos Solar Projects GmbH Munich 27,669 EUR 64,993 1,437 63,556 606 -438 74.98% KSD 11 UG B\u00fctow 1,000 EUR 34 57 -23 - -3 74.98% KSD 12 UG Munich 1,000 EUR 220 232 -12 - -4 74.98% KSD 13 UG Munich 1,000 EUR 37 50 -13 - -3 74.98% KSD 14 UG Munich 1,000 EUR 750 763 -12 - -5 74.98% KSD 15 UG Munich 1,000 EUR 5 14 -8 - -3 74.98% KSD 16 UG Munich 1,000 EUR 20 27 -6 - -2 74.98% KSD 17 UG Munich 1,000 EUR 263 271 -8 - -4 74.98% KSD 18 UG Munich 1,000 EUR 8 14 -6 - -2 74.98% KSD 19 UG Munich 1,000 EUR 9 15 -6 - -2 74.98% KSD 21 UG Munich 1,000 EUR 8 14 -6 - -2 74.98% KSD 22 UG Munich 1,000 EUR 8 14 -6 - -2 74.98% KSD 23 UG Munich 1,000 EUR 8 16 -8 - -5 74.98% KSD 24 UG Munich 1,000 EUR 8 14 -6 - -2 74.98% KSD 25 UG Munich 1,000 EUR 8 15 -7 - -2 74.98% KSD 26 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% KSD 27 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% KSD 28 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% KSD 29 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% KSD 30 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% KSD 31 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% KSD 32 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% KSD 33 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% KSD 34 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% KSD 35 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% KSD 36 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% KSD 37 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% KSD 38 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% KSD 39 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% KSD 40 UG Munich 1,000 EUR 1 4 -3 - -2 74.98% The Netherlands: EDPR International Investments, B.V. Amesterdam 20,000 EUR 138,741 123,395 15,345 - 4,728 74.98% Kronos Solar Projects NL, B.V. Arnhem 5,000 EUR 221 180 41 126 6 74.98% KS NL10, B.V. Arnhem 0 EUR 1 9 -8 - -2 74.98% KS NL12, B.V. Arnhem 0 EUR 1 9 -8 - -1 74.98% KS NL13, B.V. Arnhem 0 EUR 215 252 -37 - -3 74.98% KS NL14, B.V. Arnhem 0 EUR 219 266 -47 - -6 74.98% KS NL16, B.V. Arnhem 0 EUR 1 5 -4 - -1 74.98% KS NL17, B.V. Arnhem 0 EUR 7 44 -37 - -11 74.98% KS NL20, B.V. Arnhem 0 EUR 17 25 -8 12 -2 74.98% KS NL23, B.V. Arnhem 0 EUR 34 72 -38 - -3 74.98% KS NL24, B.V. Arnhem 0 EUR 1 5 -4 - -2 74.98% KS NL25, B.V. Arnhem 0 EUR 9 16 -7 - -3 74.98% KS NL27, B.V. Arnhem 0 EUR 49 107 -57 - -14 74.98% KS NL28, B.V. Arnhem 0 EUR 156 192 -36 - -5 74.98% KS NL29, B.V. Arnhem 0 EUR 2 16 -13 - -4 74.98% KS NL3, B.V. Arnhem 0 EUR 174 217 -43 - -29 74.98% KS NL30, B.V. Arnhem 0 EUR 2 12 -10 - -2 74.98% KS NL31, B.V. Arnhem 0 EUR 2 13 -11 - -2 74.98% KS NL32, B.V. Arnhem 0 EUR 1,378 1,443 -65 - -12 74.98% KS NL33, B.V. Arnhem 0 EUR 5 31 -27 - -2 74.98% KS NL34, B.V. Arnhem 0 EUR 1,305 1,370 -65 - -11 74.98% KS NL35, B.V. Arnhem 1 EUR 2 17 -15 - -2 74.98% KS NL36, B.V. Arnhem 1 EUR 2 12 -10 - -1 74.98% KS NL37, B.V. Arnhem 1 EUR 3 20 -17 - -1 74.98% KS NL38, B.V. Arnhem 1 EUR 1 8 -7 - -2 74.98% KS NL39, B.V. Arnhem 1 EUR 1 10 -8 - -1 74.98% KS NL40, B.V. Arnhem 1 EUR 1 7 -6 - -2 74.98% KS NL41, B.V. Arnhem 1 EUR 63 73 -10 - -4 74.98% KS NL42, B.V. Arnhem 1 EUR - 5 -5 - -2 74.98% KS NL43, B.V. Arnhem 1 EUR 2 15 -13 - -2 74.98% KS NL44, B.V. Arnhem 1 EUR 1 9 -8 - -2 74.98% KS NL45, B.V. Arnhem 1 EUR 37 53 -16 - -2 74.98% KS NL46, B.V. Arnhem 1 EUR 1 9 -8 - -2 74.98% KS NL47, B.V. Arnhem 1 EUR 1 7 -6 - -2 74.98% KS NL48, B.V. Arnhem 1 EUR 1 6 -6 - -3 74.98% KS NL49, B.V. Arnhem 1 EUR 1 6 -5 - -2 74.98% KS NL50, B.V. Arnhem 1 EUR 3 18 -16 - -1 74.98% KS NL6, B.V. Arnhem - EUR 3 18 -15 - -2 74.98% KS NL8, B.V. Arnhem - EUR 163 192 -29 - -6 74.98% Other Countries: EDP Renewables Belgium, S.A. Brussels 286,500 EUR 19,382 17,105 2,277 2,402 1,044 74.98% EDP Renewables Hungary Budapest 30,100,000 HUF 5,287 7,270 -1,984 970 -818 74.98% EDPR Investment Hungary, Kft. Budapest 8,375,000 HUF 250 281 -32 - -33 74.98% Napenergia, Kft. Budapest 3,000,000 HUF 2,019 2,639 -620 - -632 74.98% Ny\u00edrs\u00e9g Watt, Kft. Budapest 313,000,000 HUF 3,877 2,092 1,785 - 36 74.98% Sunglare Capture, Kft. Budapest 3,000,000 HUF 897 1,237 -339 - -355 74.98% Sunglare Expert, Kft. Budapest 3,000,000 HUF 900 1,236 -336 - -352 74.98% Sunlight Solar, Kft. Budapest 5,100,000 HUF 3,130 3,058 72 - -1,291 63.73% Szabadsolar, Kft. Budapest 3,000,000 HUF 341 745 -403 - -421 74.98% North America Geography / Platform: United States of America: EDP Renewables North America LLC (USA Subgroup Parent Company) Delaware 5,854,030,371 USD 5,723,781 1,110,636 4,613,145 80,772 -247,516 74.98% 10 Point Solar Park LLC Delaware - USD - - - - - 74.98% 17th Star Wind Farm LLC Delaware - USD - - - - - 74.98% 2007 Vento I LLC Delaware 492,544,815 USD 519,422 2,178 517,244 7,027 3,583 74.98% 2007 Vento II LLC Delaware 208,869,370 USD 190,696 317 190,379 - -137 38.24% 2008 Vento III LLC Delaware 329,915,264 USD 302,967 175 302,792 - -7 38.24% 2009 Vento V LLC Delaware 1,060,697 USD 1,420 1,676 -256 - -3 38.24% 2011 Vento IX LLC Delaware 48,589,635 USD 45,501 1,286 44,215 - -119 38.24% 2011 Vento X LLC Delaware 82,960,663 USD 78,806 2,371 76,435 - -183 74.98% 2014 Sol I LLC Delaware 57,623,714 USD 53,643 301 53,342 - -76 37.49% 2014 Vento XI LLC Delaware 189,869,525 USD 179,243 1,334 177,908 - -3 38.24% 2014 Vento XII LLC Delaware 95,867,632 USD 89,954 196 89,758 - -5 38.24% 2015 Vento XIII LLC Delaware 247,913,544 USD 234,559 3,146 231,412 - -112 38.24% 2015 Vento XIV LLC Delaware 217,973,299 USD 203,625 44 203,581 - -110 38.24% 2016 Vento XV LLC Delaware 444,214,594 USD 416,438 695 415,743 - -107 74.98% 2016 Vento XVI LLC Delaware 143,762,468 USD 136,462 2,375 134,088 - -110 74.98% 2017 Sol II LLC Delaware 105,737,278 USD 99,543 589 98,954 - -19 74.98% 2018 Vento XVIII LLC Delaware 425,012,891 USD 398,495 574 397,922 - -104 74.98% 2019 Vento XXI LLC Delaware 266,979,241 USD 253,193 3,131 250,062 - -111 74.98% 2020 Vento XXII LLC Delaware 1,009,664,911 USD 944,412 2,618 941,793 - -4,947 74.98% 2021 DG Agora Holdings LLC Delaware 18,618,454 USD 17,456 - 17,456 - - 63.73% 2021 DG Agora Sol I LLC Delaware 346 USD - - - - - 63.73% 2021 DG Agora Ventures I LLC Delaware 18,618,108 USD 67,390 49,663 17,727 - 315 63.73% 2021 DG Apollo Sol II LLC Delaware 7,415 USD 7 - 7 - - 63.73% 2021 DG Apollo Ventures II LLC Delaware -9,853 USD - 10 -10 - - 63.73% 2021 DG CA Agora Holdings LLC Delaware 788,562 USD 739 1 738 - -2 63.73% 2021 DG CA Agora Sol I LLC Delaware 346 USD - - - - - 63.73% 2021 DG CA Agora Ventures I LLC Delaware 774,995 USD 726 7 719 - -7 63.73% 2021 DG CA Apollo Sol II LLC Delaware 346 USD - - - - - 63.73% 2021 DG CA Apollo Ventures II LLC Delaware 346 USD - - - - - 63.73% 2021 Vento XXIII LLC Delaware 259,111,360 USD 256,321 13,499 242,822 - -111 74.98% 2022 SOL VI LLC Delaware - USD - 1 -1 - -1 74.98% 2022 SOL VII LLC Delaware 1,328 USD - 1 -1 - -2 74.98% Alabama Ledge Wind Farm LLC Delaware - USD - - - - - 74.98% Alabama Solar Park LLC Delaware 440 USD - - - - - 74.98% Amsterdam 3 Solar LLC Delaware 346 USD - - - - - 63.73% Antelope Ridge Wind Power Project LLC Delaware 12,828,809 USD - - - - - 74.98% Arbuckle Mountain Wind Farm LLC Delaware 140,352,864 USD 131,860 10,413 121,447 8,364 -1,385 38.24% Arkwright Summit Wind Farm LLC Delaware 171,961,105 USD 188,571 16,776 171,796 17,684 5,421 74.98% Arlington Wind Power Project LLC Delaware 48,038,795 USD 95,557 8,402 87,155 14,136 4,527 38.24% Aroostook Wind Energy LLC Delaware 47,858,107 USD 40,131 370 39,762 - -5 74.98% Ashford Wind Farm LLC Delaware - USD - - - - - 74.98% Athena-Weston Wind Power Project II LLC Delaware - USD - - - - - 74.98% Athena-Weston Wind Power Project LLC Delaware - USD - - - - - 74.98% Avondale Solar Park LLC Delaware 1,935,820 USD 2,098 286 1,812 - -3 74.98% AZ Solar LLC Delaware - USD - - - - - 74.98% Azalea Springs Solar Park LLC Delaware 2,862,866 USD 5,343 2,665 2,677 - -7 74.98% Bar Harbor Community Solar LLC Delaware 1,512,253 USD 1,605 191 1,413 - -4 63.73% Bayou Bend Solar Park LLC Delaware 440 USD - - - - - 74.98% BC2 Maple Ridge Holdings LLC Delaware - USD - - - - - 74.98% BC2 Maple Ridge Wind LLC Delaware 268,811,195 USD 111,613 5,113 106,500 - -3,327 74.98% Bear Peak Beccaria LLC Delaware - USD - - - - - 63.73% Bear Peak Brady LLC Delaware - USD - - - - - 63.73% Bear Peak East Carroll LLC Delaware - USD - - - - - 63.73% Bear Peak Glen Hope LLC Delaware - USD - - - - - 63.73% Bear Peak Jennerstown LLC Delaware - USD - - - - - 63.73% Bear Peak Juniata LLC Delaware - USD - - - - - 63.73% Bear Peak Paint II LLC Delaware - USD - - - - - 63.73% Bear Peak Richmond LLC Delaware - USD - - - - - 63.73% Big River Solar Park LLC Delaware - USD - - - - - 74.98% Big River Wind Power Project LLC Delaware - USD - - - - - 74.98% Black Prairie Solar Park II LLC Delaware - USD - - - - - 74.98% Black Prairie Solar Park LLC Delaware 1,285,431 USD 1,294 89 1,205 - - 74.98% Black Prairie Storage II LLC Delaware - USD - - - - - 74.98% Black Prairie Storage LLC Delaware - USD - - - - - 74.98% Black Prairie Wind Farm II LLC Delaware - USD - - - - - 74.98% Black Prairie Wind Farm III LLC Delaware - USD - - - - - 74.98% Black Prairie Wind Farm LLC Delaware 1,183,528 USD 1,108 1 1,107 - - 74.98% Blackford County Solar Park LLC Delaware - USD - - - - - 74.98% Blackford County Wind Farm LLC Delaware - USD - - - - - 74.98% Blackstone Wind Farm II LLC Delaware 171,640,650 USD 277,004 96,150 180,854 34,611 15,621 74.98% Blackstone Wind Farm III LLC Delaware 6,275,439 USD - - - - - 74.98% Blackstone Wind Farm IV LLC Delaware - USD - - - - - 74.98% Blackstone Wind Farm LLC Delaware 76,966,839 USD 124,852 43,792 81,059 16,788 7,312 74.98% Blackstone Wind Farm V LLC Delaware - USD - - - - - 74.98% Blissville Road LLC Delaware 2,280,446 USD 2,208 98 2,109 132 -29 63.73% Blue Canyon Windpower II LLC Texas 263,914,720 USD 226,761 35,604 191,157 6,246 -17,447 74.98% Blue Canyon Windpower III LLC Texas - USD - - - - - 74.98% Blue Canyon Windpower IV LLC Texas - USD - - - - - 74.98% Blue Canyon Windpower V LLC Texas - USD 109,621 8,744 100,878 20,979 8,625 38.24% Blue Canyon Windpower VI LLC Delaware 84,054,756 USD 100,156 8,713 91,443 5,319 -5,271 74.98% Blue Canyon Windpower VII LLC Delaware - USD - - - - - 74.98% Blue Harvest Solar Park LLC Delaware 12,525,442 USD 44,222 32,544 11,678 - -45 74.98% Blue Marmot I LLC Delaware - USD - - - - - 74.98% Blue Marmot II LLC Delaware - USD - - - - - 74.98% Blue Marmot IV LLC Delaware - USD - - - - - 74.98% Blue Marmot IX LLC Delaware 1,340 USD - 3 -3 - -4 74.98% Blue Marmot Solar Park LLC Delaware - USD - - - - - 74.98% Blue Marmot V LLC Delaware - USD - - - - - 74.98% Blue Marmot VI LLC Delaware - USD - - - - - 74.98% Blue Marmot VII LLC Delaware - USD - - - - - 74.98% Blue Marmot VIII LLC Delaware - USD - - - - - 74.98% Blue Marmot XI LLC Delaware - USD - - - - - 74.98% Bluebird Prairie Solar Park LLC Delaware - USD - - - - - 74.98% Bright Stalk Solar Park LLC Delaware - USD - - - - - 74.98% Broadlands Wind Farm II LLC Delaware - USD - - - - - 74.98% Broadlands Wind Farm III LLC Delaware - USD - - - - - 74.98% Buffalo Bluff Wind Farm LLC Delaware 4,927,632 USD 4,816 198 4,619 - -1 74.98% C2 Alpha Holdings LLC Delaware 76,514 USD - - - - -73 63.73% C2 Bristol I LLC Delaware 6,039,969 USD 5,992 350 5,642 - -11 63.73% C2 Bristol II LLC Delaware 1,345,640 USD 1,348 109 1,239 - -23 63.73% C2 CA 2016 Holdings LLC Delaware 1,526,711 USD 1,442 15 1,427 - -157 63.73% C2 CA WMS Redlands #1693 LLC Delaware - USD - - - - - 63.73% C2 CB 2017 Holdings LLC Delaware 19,349,878 USD 17,650 -482 18,133 - -434 63.73% C2 Centrica MT LLC Delaware 3,273,886 USD 16,171 1,134 15,037 - -406 63.73% C2 CI Holdings 2 LLC Delaware 1,337 USD - - - - -1 63.73% C2 CT Fund 1 Holding LLC Delaware 34,862,541 USD 47,263 1,154 46,109 - -52 63.73% C2 Energy Development LLC Delaware 96,569,741 USD 89,823 969 88,854 - -1,301 63.73% C2 Franklin LLC Delaware 3,453,156 USD 3,236 5 3,231 - -1 63.73% C2 Gamma Holdings LLC Delaware 3,452,012 USD 3,105 3 3,101 - -60 63.73% C2 IL WMS Bloomington #3459 LLC Delaware - USD - - - - - 63.73% C2 IL WMS Skokie #1998 LLC Delaware - USD - - - - - 63.73% C2 MA 2016 Holdings LLC Delaware 1,950,090 USD 1,669 2 1,667 - -180 63.73% C2 MA Adams I Holdings LLC Delaware 11,561,480 USD 10,107 40 10,066 - -986 63.73% C2 MA Adams I LLC Delaware 10,724,957 USD 10,305 283 10,021 1,065 636 63.73% C2 MA Adams II LLC Delaware 1,603,084 USD 4,210 2,375 1,835 512 359 63.73% C2 MA DEPCOM 2017 LLC Delaware 4,168,925 USD 4,275 -138 4,413 - -914 63.73% C2 MA DEPCOM Sponsor LLC Delaware 4,170,099 USD 3,909 - 3,909 - -1 63.73% C2 MA Dudley II LLC Delaware 1,444,640 USD 3,070 1,873 1,197 - 14 63.73% C2 MA FKW Holdings LLC Delaware 2,932,560 USD 2,752 330 2,421 - -228 63.73% C2 MA Kelly Way Solar LLC Delaware 1,176,528 USD 1,325 125 1,200 166 137 63.73% C2 MA Lakeville Holdings LLC Delaware 8,086,660 USD 7,902 166 7,736 - -409 63.73% C2 MA Lakeville LLC Delaware 8,293,966 USD 8,402 141 8,260 926 675 63.73% C2 MA Lakeville Sponsor LLC Delaware 8,091,791 USD 7,582 - 7,582 - -5 63.73% C2 MA Managing Member II LLC Delaware 2,932,705 USD 2,749 - 2,749 - -1 63.73% C2 MA New Salem LLC Delaware 1,250,049 USD 3,024 1,607 1,417 349 216 63.73% C2 MA Owner LLC Delaware 20,702,720 USD 20,120 713 19,407 - -528 63.73% C2 MA Swansea Holdings LLC Delaware 6,728,094 USD 6,049 613 5,436 - -992 63.73% C2 MA Swansea LLC Delaware 6,449,512 USD 7,559 604 6,955 1,096 941 63.73% C2 MN Hopkins LLC Delaware 2,982,845 USD 2,934 254 2,680 34 -115 63.73% C2 Morin LLC Delaware 1,787,151 USD 1,554 29 1,525 110 -45 63.73% C2 NC Kitty Hawk LLC Delaware - USD - - - - - 63.73% C2 NJ Andover I LLC Delaware - USD 2,349 1,254 1,095 288 103 63.73% C2 NY Brookhaven LLC Delaware 7,920,100 USD 7,226 398 6,828 - -570 63.73% C2 NY Sentinel Heights Solar LLC Delaware 5,608,973 USD 5,778 541 5,238 - -4 63.73% C2 OH New Lebanon LLC Delaware 346 USD - - - - - 63.73% C2 OH Otsego I LLC Delaware 3,436 USD - - - - -3 63.73% C2 OH Otsego II LLC Delaware -8,478 USD 2,809 1,444 1,366 246 -55 63.73% C2 Omega Holding Company LLC Delaware 13,025 USD - 3 -3 - -8 63.73% C2 RI Hopkinton LLC Delaware 3,143,218 USD 3,386 496 2,890 186 -55 63.73% C2 Scripps 1 LLC Delaware 1,537,793 USD 2,288 1,052 1,236 119 -112 63.73% C2 Scripps 3 LLC Delaware 1,019,981 USD 1,414 557 858 64 -50 63.73% C2 Scripps 4 LLC Delaware 1,506,539 USD 2,143 832 1,311 100 -51 63.73% C2 SH 2019 LLC Delaware 2,396,180 USD 2,245 - 2,245 - -1 63.73% C2 Starratt Solar LLC Delaware 14,276,358 USD 13,010 234 12,776 693 -286 63.73% C2 Starratt Sponsor LLC Delaware 19,352,007 USD 18,142 - 18,142 - -1 63.73% C2 WM 2020 Holdings LLC Delaware 1,482 USD - - - - -1 63.73% C2 WM Arizona 1 LLC Delaware 1,021,833 USD 968 22 947 53 1 63.73% C2 WM Arizona 10 LLC Delaware 778,884 USD 738 19 719 41 -4 63.73% C2 WM Arizona 1512 LLC Delaware 815,688 USD 784 21 763 - -2 63.73% C2 WM Arizona 1549 LLC Delaware 1,218,842 USD 1,290 44 1,245 140 52 63.73% C2 WM Arizona 2 LLC Delaware 1,656,288 USD 1,551 37 1,514 85 -22 63.73% C2 WM Arizona 2112 LLC Delaware 866,988 USD 899 27 871 91 29 63.73% C2 WM Arizona 3 LLC Delaware 2,418,585 USD 2,247 41 2,206 119 -38 63.73% C2 WM Arizona 3360 LLC Delaware 896,691 USD 921 30 891 92 25 63.73% C2 WM Arizona 3465 LLC Delaware 822,273 USD 965 78 887 113 62 63.73% C2 WM Arizona 3799 LLC Delaware 973,110 USD 1,355 367 989 124 31 63.73% C2 WM Arizona 3833 LLC Delaware 982,245 USD 1,357 367 990 126 28 63.73% C2 WM Arizona 3861 LLC Delaware 1,313,558 USD 1,334 41 1,293 126 19 63.73% C2 WM Arizona 4 LLC Delaware 1,911,915 USD 1,797 48 1,749 98 -18 63.73% C2 WM Arizona 4451 LLC Delaware 1,022,906 USD 1,121 86 1,035 120 49 63.73% C2 WM Arizona 5 LLC Delaware 1,627,680 USD 1,507 32 1,476 77 -29 63.73% C2 WM Arizona 5768 LLC Delaware - USD - - - - - 63.73% C2 WM Arizona 6 LLC Delaware 2,056,011 USD 1,910 34 1,875 104 -31 63.73% C2 WM Arizona 7 LLC Delaware 2,865,132 USD 2,220 56 2,164 124 -504 63.73% C2 WM Arizona 8 LLC Delaware 2,267,789 USD 2,112 46 2,065 114 -38 63.73% C2 WM Arizona 9 LLC Delaware 2,141,088 USD 1,996 37 1,959 107 -22 63.73% C2 WM Arizona Holdings LLC Delaware 2,025 USD - - - - -2 63.73% C2 WM California 1789 LLC Delaware 686,802 USD 744 27 717 91 32 63.73% C2 WM California 1988 LLC Delaware 478,968 USD 508 16 492 58 20 63.73% C2 WM California 2039 LLC Delaware - USD - - - - - 63.73% C2 WM California 4202 LLC Delaware 339,565 USD 336 9 327 33 6 63.73% C2 WM California 4317 LLC Delaware 738,639 USD 710 20 689 - -3 63.73% C2 WM California 5884 LLC Delaware - USD - - - - - 63.73% C2 WM California 5890 LLC Delaware 673,816 USD 663 16 647 49 5 63.73% C2 WM California Holdings LLC Delaware 1,229 USD - - - - -1 63.73% C2 WM Chester Leasing LLC Delaware 293,579 USD 278 49 229 22 -28 63.73% C2 WM DSA Holdings LLC Delaware 1,573,200 USD 18,110 16,496 1,614 - -251 63.73% C2 WM Greenwood Leasing LLC Delaware 393,806 USD 433 92 341 52 -34 63.73% C2 WM Holdings LLC Delaware 46,253 USD 42 - 42 - -1 63.73% C2 WM Illinois 1404 LLC Delaware 852,324 USD 1,062 31 1,031 179 95 63.73% C2 WM Illinois 1489 LLC Delaware 700,670 USD 831 22 810 98 61 63.73% C2 WM Illinois 1548 LLC Delaware 638,828 USD 634 23 612 106 37 63.73% C2 WM Illinois 1553 LLC Delaware 675,494 USD 853 23 830 116 80 63.73% C2 WM Illinois 1761 LLC Delaware 784,401 USD 883 28 854 102 35 63.73% C2 WM Illinois 1848 LLC Delaware 593,901 USD 819 24 795 127 100 63.73% C2 WM Illinois 1933 LLC Delaware 677,575 USD 876 26 850 124 90 63.73% C2 WM Illinois 2215 LLC Delaware 750,310 USD 961 31 930 139 101 63.73% C2 WM Illinois 2491 LLC Delaware 858,955 USD 1,230 139 1,091 229 103 63.73% C2 WM Illinois 253 LLC Delaware 966,921 USD 1,218 40 1,178 217 100 63.73% C2 WM Illinois 5442 LLC Delaware 579,319 USD 700 21 679 86 55 63.73% C2 WM Illinois 612 LLC Delaware 652,626 USD 704 24 681 133 70 63.73% C2 WM Illinois 891 LLC Delaware 811,634 USD 1,073 34 1,039 159 117 63.73% C2 WM Illinois Holdings LLC Delaware 38,031 USD - - - - -39 63.73% C2 WM Indian Land Leasing LLC Delaware 586,889 USD 596 133 463 41 -50 63.73% C2 WM Lake Wylie Leasing LLC Delaware 601,907 USD 599 123 476 42 -54 63.73% C2 WM Laurens Leasing LLC Delaware 2,302,429 USD 3,191 1,155 2,036 82 -59 63.73% C2 WM Leasing LLC Delaware 1,847,385 USD 1,680 -51 1,730 - -2 63.73% C2 WM Louisiana 309 LLC Delaware - USD - - - - - 63.73% C2 WM Louisiana 539 LLC Delaware 256,203 USD 256 19 237 - -3 63.73% C2 WM Louisiana 87 LLC Delaware 558,111 USD 554 16 537 48 7 63.73% C2 WM Louisiana Holdings LLC Delaware 726 USD - - - - -2 63.73% C2 WM Maryland 1715 LLC Delaware 918,169 USD 845 29 817 45 -48 63.73% C2 WM Maryland 2436 LLC Delaware 1,177,369 USD 1,124 61 1,063 89 -49 63.73% C2 WM Maryland Holdings LLC Delaware 1,538 USD - - - - -1 63.73% C2 WM New Jersey 1 LLC Delaware 5,403,578 USD 5,513 82 5,432 495 291 63.73% C2 WM New Jersey 1807 LLC Delaware 778,944 USD 738 9 729 - -1 63.73% C2 WM New Jersey 1844 LLC Delaware 776,543 USD 732 5 727 - -1 63.73% C2 WM New Jersey 1869 LLC Delaware 778,001 USD 736 8 728 - 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169,853 - - 74.98% Cloud County Wind Farm LLC Delaware 118,510,053 USD 179,026 13,602 165,424 25,107 8,167 38.24% Clover Creek Solar Project II LLC Delaware - USD - - - - - 74.98% Clover Creek Solar Project LLC Delaware 2,148 USD 30,125 30,148 -23 - -25 74.98% Coldwater Solar Park LLC Delaware - USD - - - - - 74.98% Coos Curry Wind Power Project LLC Delaware - USD - - - - - 74.98% Cortland-Virgil Road Solar LLC Delaware 6,877,325 USD 6,544 729 5,816 97 -188 63.73% Creed Road Solar 1 LLC Delaware - USD - - - - - 63.73% Crescent Bar Solar Park LLC Delaware - USD - - - - - 74.98% Crooked Lake Solar II LLC Delaware - USD - - - - - 74.98% Crooked Lake Solar LLC Delaware 28,508,603 USD 102,110 75,568 26,542 - -189 74.98% Cropsey Ridge Wind Farm LLC Delaware - USD - - - - - 74.98% Crossing Trails Wind Power Project II LLC Delaware 4,285 USD - - - - -4 74.98% Crossing Trails Wind Power Project LLC Delaware 153,439,231 USD 158,818 18,694 140,124 4,463 -2,281 74.98% Cypress Knee Solar Park LLC Delaware - USD - - - - - 74.98% Dairy Hills Wind Farm LLC Delaware - USD - - - - - 74.98% DC Green Solar LLC Delaware 3,461 USD - - - - -3 63.73% DC- JD Portfolio - 818 Michigan Delaware 3,991 USD - 1 -1 - -1 63.73% DC- JD Portfolio - Barrel Roof Delaware -0 USD - - - - - 63.73% DC- JD Portfolio - Flat Roof Delaware -0 USD - - - - - 63.73% DC- JD Portfolio - Green Roof Delaware 0 USD - - - - - 63.73% DC- JD Portfolio - Parking Deck Delaware 0 USD - - - - - 63.73% DC PD Solar LLC Delaware 5,609 USD - - - - -5 63.73% Diamond Power Partners LLC Delaware - USD - - - - - 74.98% Drake Peak Solar Park LLC Delaware - USD - - - - - 74.98% Dry Creek Solar Park LLC Delaware - USD - - - - - 74.98% Duff Solar Park II LLC Delaware - USD - - - - - 74.98% Duff Solar Park LLC Delaware - USD - - - - - 74.98% Eagle Creek Solar Park LLC Delaware 440 USD - - - - - 74.98% East Klickitat Wind Power Project LLC Delaware - USD - - - - - 74.98% East River Solar LLC Delaware 6,023,541 USD 6,191 676 5,515 156 -64 63.73% Eastmill Solar Park LLC Delaware - USD - - - - - 74.98% EDPR CA Solar Park II LLC Delaware 3,487,119 USD 70,331 67,800 2,531 - -682 74.98% EDPR CA Solar Park III LLC Delaware 3,993,075 USD 4,767 1,063 3,703 - -33 74.98% EDPR CA Solar Park IV LLC Delaware - USD - - - - - 74.98% EDPR CA Solar Park LLC Delaware 37,190,728 USD 164,088 129,927 34,161 - -696 74.98% EDPR CA Solar Park V LLC Delaware - USD - - - - - 74.98% EDPR CA Solar Park VI LLC Delaware 548,254 USD 7,823 7,604 219 - -68 74.98% EDPR NA DG Holding LLC Delaware 77,117,183 USD 72,302 54 72,248 - -54 74.98% EDPR NA DG Missouri Development LLC Delaware 13,355 USD - 5 -5 - -18 63.73% EDPR NA DG MN SLP LLC Delaware 810 USD - - - - -1 63.73% EDPR NA DG MN YMCA LLC Delaware 1,397,219 USD 1,351 53 1,297 8 -13 63.73% EDPR NA DG Virginia Development LLC Delaware - USD - - - - - 63.73% EDPR NA Distributed Generation LLC Delaware 40,893,177 USD 332,982 260,204 72,778 194 -17,137 63.73% EDPR NA Greenfield Solar Park LLC Delaware - USD - - - - - 74.98% EDPR NA Shelby Solar Park LLC Delaware - 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Delaware 49,063 USD - - - - -25 63.73% EDPRNA DG Georgia Development LLC Delaware 10,000 USD - 5 -5 - -15 63.73% EDPRNA DG Illinois Development LLC Delaware 47,882 USD - 68 -68 - -114 63.73% EDPRNA DG Indiana Development LLC Delaware - USD - - - - - 63.73% EDPRNA DG Lessee Holdings LLC Delaware 1,486 USD - - - - -1 63.73% EDPRNA DG MA Managing Member LLC Delaware 20,703,724 USD 19,410 - 19,410 - -1 63.73% EDPRNA DG Maryland Development LLC Delaware - USD - - - - - 63.73% EDPRNA DG Michigan Development LLC Delaware - USD - - - - - 63.73% EDPRNA DG Mississippi Development LLC Delaware 44,948 USD - 35 -35 - -78 63.73% EDPRNA DG New York Development LLC Delaware 18,556 USD - 131 -131 - -151 63.73% EDPRNA DG O&M Services LLC Delaware 6,493 USD 1 3 -1 - -8 63.73% EDPRNA DG Ohio Development LLC Delaware 187,929 USD 9 147 -138 - -318 63.73% EDPRNA DG Pennsylvania Development LLC Delaware - USD - 3 -3 - -3 63.73% EDPRNA DG PR Radar LLC Delaware - USD - - - - - 63.73% EDPRNA DG Rho LLC Delaware 40,343,963 USD 76,844 33,110 43,734 5,331 3,666 63.73% EDPRNA DG Solar Portfolio IV LLC Delaware -1,094,829 USD -1,026 - -1,026 - - 63.73% EDPRNA DG Solar WF Portfolio LLC Delaware -10,674,353 USD -10,006 2 -10,008 - - 63.73% EDPRNA DG Texas Development LLC Delaware 33,950 USD - 19 -19 - -52 63.73% EDPRNA DG Wisconsin Development LLC Delaware 59,977 USD - 8 -8 - -65 63.73% EDPRNA DG WM 2020 Parent LLC Delaware 1,863 USD 1 - 1 - - 63.73% EDPRNA DG WM DSA Sponsor LLC Delaware - USD 10,803 13,056 -2,253 - -524 63.73% EDPRNA DG WM Illinois 1998 LLC Delaware 346 USD - - - - - 63.73% EDPRNA DG WM Illinois 3459 LLC Delaware - USD - - - - - 63.73% EDPRNA DG XII Holdings LLC Delaware 30,716,453 USD 28,798 - 28,798 - - 63.73% EDPRNA DG York County Sun LLC Delaware - USD - - - - - 63.73% Edwardsport Solar Park LLC Delaware - USD - - - - - 74.98% Esker Solar Park II LLC Delaware - USD - - - - - 74.98% Esker Solar Park LLC Delaware - USD - - - - - 74.98% Estill Solar I LLC Delaware 37,628,386 USD 37,207 2,040 35,167 1,810 -130 74.98% Five-Spot LLC Delaware - USD - - - - - 74.98% Ford Wind Farm LLC Delaware - USD - - - - - 74.98% Franklin Wind Farm LLC Delaware - USD - - - - - 74.98% FRV CSU Power II LLC Delaware 9,522,826 USD 9,316 112 9,204 548 279 63.73% FRV SI Transport Solar L.P. Delaware 5,016,812 USD 4,742 41 4,701 182 -3 63.73% Generate USF Fairburn LLC Delaware - USD - - - - - 63.73% Generate USF Las Vegas LLC Delaware - USD - - - - - 63.73% Generate USF Loveland LLC Delaware - USD - 38 -38 - -38 63.73% Generate USF Manassas LLC Delaware - USD - - - - - 63.73% Generate USF McClellan LLC Delaware - USD - - - - - 63.73% Generate USF N Las Vegas LLC Delaware - USD - - - - - 63.73% Generate USF Phoenix LLC Delaware - USD - - - - - 63.73% German Community Solar LLC Delaware 10,283,945 USD 10,646 1,056 9,590 - 36 63.73% Gilpatrick Solar LLC Delaware 893,552 USD 839 1 837 - - 63.73% Goldfinger Ventures III LLC Delaware - USD - - - - - 74.98% Green Country Wind Farm LLC Delaware - USD - - - - - 74.98% Green Power Offsets LLC Delaware 10,515 USD - - - - - 74.98% Greenbow Solar Park LLC Delaware - USD - - - - - 74.98% Gulf Coast Windpower Management Company LLC Delaware - USD - - - - - 56.23% Hampton Solar II LLC Delaware 34,109,976 USD 35,245 1,740 33,506 1,948 23 74.98% HB Steel Community Solar LLC Delaware 448,942 USD 421 - 421 - - 63.73% Headwaters Wind Farm II LLC Delaware 260,481,962 USD 285,756 40,817 244,939 12,646 2,641 74.98% Headwaters Wind Farm III LLC Delaware 440 USD - - - - - 74.98% Headwaters Wind Farm IV LLC Delaware - USD - - - - - 74.98% Headwaters Wind Farm LLC Delaware 191,180,158 USD 293,736 30,608 263,128 31,650 14,906 38.24% Helena Harbor Solar Park LLC Delaware - USD - - - - - 74.98% Hickory Solar LLC Delaware 208,155 USD 243 50 193 - -2 74.98% Hidalgo Wind Farm II LLC Delaware 63,594,783 USD 70,952 5,707 65,245 358 -3,567 74.98% Hidalgo Wind Farm LLC Delaware 326,333,321 USD 321,657 18,126 303,531 448 -25,628 74.98% High Prairie Wind Farm II LLC Delaware 42,459,352 USD 91,703 15,387 76,316 14,938 5,308 38.24% High Trail Wind Farm LLC Delaware 115,514,749 USD 211,051 19,562 191,489 37,466 14,126 74.98% Holly Hill Solar Park LLC Delaware - USD - - - - - 74.98% Horizon Wind Chocolate Bayou I LLC Delaware - USD - - - - - 74.98% Horizon Wind Energy Midwest IX LLC Delaware - USD - - - - - 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USD 994 3,428 -2,433 - 464 38.24% Horizon Wind Ventures IX LLC Delaware 10,102,494 USD 45,556 35,966 9,590 - 1,699 38.24% Horizon Wyoming Transmission LLC Delaware - USD - - - - - 74.98% Horse Mountain Wind Farm LLC Delaware - USD - - - - - 74.98% Indiana Crossroads Solar Park II LLC Delaware - USD - - - - - 74.98% Indiana Crossroads Wind Farm II LLC Delaware 15,435,631 USD 117,743 103,313 14,430 - -5 74.98% Indiana Crossroads Wind Ventures LLC Delaware - USD - - - - - 74.98% Iron Valley Solar Park LLC Delaware - USD - - - - - 74.98% Jericho Rise Wind Farm LLC Delaware 117,839,621 USD 134,513 10,256 124,256 15,116 3,710 74.98% Juniper Wind Power Partners LLC Delaware - USD - - - - - 74.98% Leprechaun Solar Park LLC Delaware - USD - - - - - 74.98% Lexington Chenoa Wind Farm II LLC Delaware 2,364,613 USD 1,950 296 1,653 - - 74.98% Lexington Chenoa Wind Farm III LLC Delaware - USD - - - - - 74.98% Lime Hollow Solar LLC Delaware 6,969,830 USD 6,606 688 5,918 259 -89 63.73% Little Brook Solar Park LLC Delaware - 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USD - - - - - 63.73% Nine Kings Transco LLC Delaware - USD - - - - - 74.98% North Coast Highway Solar 1 LLC Delaware 186,766 USD 199 24 175 - - 63.73% North Coast Highway Solar 2 LLC Delaware 197,632 USD 203 18 185 - - 63.73% North Slope Wind Farm LLC Delaware - USD - - - - - 74.98% Norton Solar I LLC Delaware 1,522,897 USD 1,859 23 1,836 277 186 63.73% Norton Solar II LLC Delaware 1,636,731 USD 1,845 22 1,824 273 237 63.73% Number Nine Wind Farm LLC Delaware - USD - - - - - 74.98% NV Solar Sparks LLC Delaware 148,480 USD 132 28 104 - -36 63.73% NY Broadway SAS LLC Delaware 346 USD - - - - - 63.73% NY CSG 2 Holdings LLC Delaware 6,896,030 USD 32,308 20,428 11,880 - -115 63.73% NY CSG 2 Sponsor LLC Delaware 6,903,335 USD 6,465 - 6,465 - -1 63.73% NY Gomer SAS LLC Delaware 346 USD - - - - - 63.73% NY Hemlock Hills Solar LLC Delaware 566,169 USD 556 27 530 - 5 63.73% NY Highland SAS LLC Delaware 346 USD - - - - - 63.73% NY Mines Press Solar LLC Delaware 3,761,933 USD 7,800 4,374 3,426 321 -103 63.73% NY Morgan Solar LLC Delaware 5,990,553 USD 5,636 3 5,633 - 15 63.73% NY OG 1 Solar LLC Delaware 1,298 USD - - - - -1 63.73% Old Trail Wind Farm LLC Delaware 83,097,066 USD 216,192 18,563 197,629 39,029 14,665 38.24% Omega CSG 1 LLC Delaware 18,227,628 USD 20,296 1,159 19,137 - -195 63.73% OPQ Property LLC Delaware - USD - - - - - 74.98% Pacific Southwest Wind Farm LLC Delaware - USD - - - - - 74.98% Paulding Wind Farm II LLC Delaware 48,531,721 USD 136,498 20,403 116,095 22,156 11,434 38.24% Paulding Wind Farm III LLC Delaware 145,300,618 USD 178,765 19,392 159,374 12,794 7,592 74.98% Paulding Wind Farm IV LLC Delaware 206,461,014 USD 214,987 29,359 185,628 8,858 -3,226 74.98% Paulding Wind Farm LLC Delaware 35,360 USD - 1 - - - 74.98% Paulding Wind Farm V LLC Delaware - USD - - - - - 74.98% Paulding Wind Farm VI LLC Delaware - USD - - - - - 74.98% Pearl River Solar Park LLC Delaware 38,666,056 USD 87,190 50,939 36,251 - - 74.98% Penn Yan Solar I LLC Delaware 8,494,161 USD 9,854 1,953 7,901 195 225 63.73% Peterson Power Partners LLC Delaware - USD - - - - - 74.98% Pioneer Prairie Wind Farm I LLC Delaware 156,595,191 USD 330,156 35,570 294,586 52,742 15,393 38.24% Piscataquis Valley Solar LLC Delaware 625,896 USD 587 - 586 - - 63.73% Pleasantville Solar Park LLC Delaware 2,034 USD - - - - -2 74.98% Plum Nellie Wind Farm LLC Delaware 3,994,567 USD 4,182 496 3,686 - -53 74.98% Poplar Camp Wind Farm LLC Delaware - USD - - - - - 74.98% Post Oak Wind LLC Delaware 96,705,927 USD 179,909 10,642 169,267 21,507 -1,527 38.24% Potsdam Community Solar LLC Delaware 7,763,333 USD 8,070 792 7,278 124 19 63.73% Prospector Solar Park LLC Delaware - USD - - - - - 74.98% Quilt Block Wind Farm II LLC Delaware - USD - - - - - 74.98% Ragsdale Solar II LLC Delaware - USD - - - - - 74.98% Ragsdale Solar LLC Delaware 440 USD - 2 -2 - -3 74.98% Rail Splitter Wind Farm II LLC Delaware 440 USD - - - - - 74.98% Rail Splitter Wind Farm LLC Delaware 187,663,764 USD 132,762 16,252 116,511 15,679 1,748 74.98% Randolph Solar Park LLC Delaware 31,854,638 USD 62,044 32,315 29,729 - -103 74.98% RE Scarlet LLC Delaware 38,710,354 USD 43,061 21,393 21,667 - -14,814 74.98% REA-C2 2016 Lessee LLC Delaware 8,064,640 USD 7,104 15 7,089 - -734 63.73% Reloj del Sol Wind Farm LLC Delaware 324,071,033 USD 314,508 40,246 274,263 6,336 -4,470 74.98% Renewable Ventures Solar Fund V GP LLC Delaware 19,477,859 USD 18,262 - 18,262 - - 63.73% Renewable Ventures Solar Fund V LLC Delaware 19,477,859 USD 18,296 35 18,262 - - 63.73% Renewable Ventures V Equity Holdings LLC Delaware 19,510,442 USD 18,262 - 18,262 - -31 63.73% Renewable Ventures V GP Holdings LLC Delaware 0 USD - - - - - 63.73% Renville County Wind Farm LLC Delaware 1,928,096 USD 1,876 68 1,808 - - 74.98% RevEnergy C2 Franklin LLC Delaware 1,756,712 USD 1,982 190 1,792 237 183 63.73% RI Abrava Solar LLC Delaware 5,531,828 USD 7,835 2,830 5,005 - -101 63.73% RI- Moo Cow Delaware 4,094,525 USD 3,901 62 3,840 - -3 63.73% RI Quarry Solar LLC Delaware 282,972 USD 278 14 263 - -2 63.73% RI Sposato Solar LLC Delaware 142,837 USD 1,785 1,662 123 82 -11 63.73% RI Stainless LLC Delaware - USD - - - - - 63.73% Rio Blanco Wind Farm LLC Delaware 3,092,587 USD 2,901 2 2,899 - - 74.98% Rising Tree Wind Farm II LLC Delaware 21,137,519 USD 29,236 2,228 27,008 3,084 732 38.24% Rising Tree Wind Farm III LLC Delaware 109,827,568 USD 159,125 2,940 156,185 21,151 8,226 38.24% Rising Tree Wind Farm LLC Delaware 74,807,312 USD 126,830 2,512 124,318 18,640 8,564 38.24% Riverstart Solar Park II LLC Delaware - USD - - - - - 74.98% Riverstart Solar Park III LLC Delaware 7,812,399 USD 61,091 53,806 7,285 - - 74.98% Riverstart Solar Park IV LLC Delaware 4,488,600 USD 5,738 1,531 4,207 - -2 74.98% Riverstart Solar Park V LLC Delaware - USD - - - - - 74.98% Riverstart Solar Park VI LLC Delaware - USD - - - - - 74.98% Rock Dane Solar Park LLC Delaware - USD - - - - - 74.98% Rolling Upland Wind Farm LLC Delaware - USD - - - - - 74.98% Rose Run Solar Park LLC Delaware - USD - - - - - 74.98% Rosewater Ventures LLC Delaware - USD - - - - - 74.98% Route 13 Solar LLC Delaware 7,200,222 USD 6,790 760 6,030 73 -285 63.73% Route 149 LLC Delaware 2,597,152 USD 2,564 181 2,382 158 -28 63.73% RS Holyoke 3 LLC Delaware 1,777,386 USD 1,828 142 1,686 200 122 63.73% RSBF Jeffco II LLC Delaware 2,342,089 USD 2,234 51 2,183 262 -10 63.73% RTSW Solar Park II LLC Delaware - USD - - - - - 74.98% RTSW Solar Park III LLC Delaware - USD - - - - - 74.98% RTSW Solar Park IV LLC Delaware - USD - - - - - 74.98% RTSW Solar Park LLC Delaware - USD - - - - - 74.98% RTSW Solar Park V LLC Delaware - USD - - - - - 74.98% RTSW Solar Park VI LLC Delaware - USD - - - - - 74.98% Rush County Wind Farm LLC Delaware 2,877,443 USD 2,727 29 2,698 - - 74.98% RV CSU Power LLC Delaware 4,938,460 USD 5,128 124 5,004 556 379 63.73% Rye Patch Solar Park LLC Delaware - USD - - - - - 74.98% Saddleback Wind Power Project LLC Delaware 1,354,487 USD 8 4 4 - - 74.98% Sagebrush Power Partners LLC Delaware 133,054,664 USD 129,634 10,065 119,569 14,575 2,983 74.98% Sailor Springs Solar Park LLC Delaware - USD - - - - - 74.98% Salt Lick Solar Park LLC Delaware - USD - - - - - 74.98% San Clemente Solar Park LLC Delaware - USD - - - - - 74.98% Sandrini LandCo LLC Delaware - USD - - - - - 74.98% Sardinia Windpower LLC Delaware - USD - - - - - 74.98% Sawmill Junction Solar Park LLC Delaware 440 USD - - - - - 74.98% SC Beaufort Jasper Solar LLC Delaware 10,668 USD 36 37 -1 - -10 63.73% SC Heathwood Hall Solar LLC Delaware 10,693 USD - - - - -10 63.73% SC Southern Wesleyan Solar LLC Delaware - USD - - - - - 63.73% Sedge Meadow Solar Park LLC Delaware - USD - - - - - 74.98% Shields Drive LLC Delaware 2,502,340 USD 2,374 81 2,293 137 -15 63.73% Shullsburg Wind Farm LLC Delaware - USD - - - - - 74.98% Shy Place Solar Park LLC Delaware - USD - - - - - 74.98% Signal Hill Wind Power Project LLC Delaware 4,502 USD - - - - - 74.98% Simpson Ridge Wind Farm II LLC Delaware - USD - - - - - 74.98% Simpson Ridge Wind Farm III LLC Delaware - USD - - - - - 74.98% Simpson Ridge Wind Farm IV LLC Delaware - USD - - - - - 74.98% Simpson Ridge Wind Farm LLC Delaware - USD - - - - - 74.98% Simpson Ridge Wind Farm V LLC Delaware - USD - - - - - 74.98% SLX Project 1080 LLC Delaware 1,519,425 USD 1,715 157 1,558 177 58 63.73% Smart Sunscribe LLC Delaware 1,235 USD - - - - -1 63.73% Solar Ventures Purchasing LLC Delaware - USD 1,627 2,423 -796 - - 74.98% Soteria Solar Services LLC Delaware 4,308,269 USD 3,627 23 3,604 - -190 63.73% Spruce Ridge Wind Farm LLC Delaware - USD - - - - - 74.98% Stinson Mills Wind Farm LLC Delaware 4,671,418 USD 4,326 39 4,287 - - 74.98% Strawberry Solar Farm LLC Delaware 3,471,036 USD 3,747 540 3,207 122 15 63.73% Sugar Plum Solar Park LLC Delaware - USD - - - - - 74.98% SunE Bristow MS LLC Delaware - USD 1 1 - - - 63.73% SunE CPA CDC2 LLC Delaware - USD 18 18 - - - 63.73% SunE CPA CSU5 LLC Delaware 95,550 USD 161 53 108 30 18 63.73% SunE CPA CTS1 LLC Delaware 215,876 USD 245 42 203 24 - 63.73% SunE Fairfield SSD LLC Delaware - USD 2 2 - - - 63.73% SunE H3 Holdings LLC Delaware 2,921,661 USD 4,286 1,100 3,186 462 452 63.73% SunE Lakeland Center LLC Delaware - USD 7 7 - - - 63.73% SunE MCPS Clarksburg LLC Delaware - USD - - - - - 63.73% SunE MCPS FSK LLC Delaware - USD - - - - - 63.73% SunE MCPS Gardens LLC Delaware - USD - - - - - 63.73% SunE MCPS Lakelands LLC Delaware - USD - - - - - 63.73% SunE MCPS Montgomery LLC Delaware - USD - - - - - 63.73% SunE MCPS Parkland LLC Delaware - USD - - - - - 63.73% SunE MCPS Quince Orchard LLC Delaware - USD - - - - - 63.73% SunE MCPS Shriver LLC Delaware - USD - - - - - 63.73% SunE Multnomah JBY LLC Delaware - USD - - - - - 63.73% SunE Multnomah JJC LLC Delaware - USD - - - - - 63.73% SunE NC Progress1 LLC Delaware - USD 11 11 - - - 63.73% SunE NLB-2 LLC Delaware - USD 18 18 - - - 63.73% SunE PD Oak LLC Delaware - USD - - - - - 63.73% SunE PD Sycamore LLC Delaware - USD - - - - - 63.73% SunE PD Willow LLC Delaware - USD - - - - - 63.73% SunE PNMC Roof LLC Delaware - USD - - - - - 63.73% SunE Solar IV LLC Delaware -1,094,829 USD 1,967 2,997 -1,030 - -3 63.73% SunE Solar VI LLC Delaware 1,861,877 USD 1,759 13 1,746 - - 63.73% SunE Solar XII LLC Delaware 30,716,453 USD 28,836 38 28,798 - - 63.73% SunE SR1 Arvada5 LLC Delaware - USD 7 7 - - - 63.73% SunE SR1 NREL LLC Delaware - USD 3 3 - - - 63.73% SunE SR1 Rifle PS LLC Delaware 208,422 USD 337 39 298 124 104 63.73% SunE U6 Holdings LLC Delaware 1,876,172 USD 11,475 9,734 1,741 246 -18 63.73% SunE W12DG-A LLC Delaware 9,426,348 USD 9,828 882 8,946 155 110 63.73% SunE W12DG-B LLC Delaware 6,569,071 USD 6,700 459 6,241 82 83 63.73% SunE W12DG-C LLC Delaware 10,565,737 USD 11,320 1,171 10,149 271 246 63.73% SunE W12DG-D LLC Delaware 2,733,999 USD 2,942 293 2,649 90 87 63.73% SunE WF3 KHL A Holdings LLC Delaware - USD 52 52 - - - 63.73% SunE WF3 KHL B Holdings LLC Delaware - USD 77 77 - - - 63.73% SunE WF3-BART Holdings LLC Delaware - USD 11 11 - - - 63.73% SunE WF3-Broomfield Holdings LLC Delaware - USD 3 3 - - - 63.73% SunE WF3-ST Holdings LLC Delaware - USD 43 43 - - - 63.73% SunE WF3-WG Holdings LLC Delaware - USD 32 32 - - - 63.73% SunE WMT PR2 LLC Delaware 1,461,520 USD 1,501 135 1,367 - -4 63.73% SunE H4 Holdings LLC Delaware 1,930,752 USD 1,997 315 1,682 33 -129 63.73% SunE Solar III LLC Delaware -10,672,590 USD 4,508 14,516 -10,009 - -2 63.73% Sustaining Power Solutions LLC Delaware 179,062,013 USD 38,210 13,760 24,450 41,824 -32,007 74.98% Sweet Acres Solar Park LLC Delaware - USD - - - - - 74.98% Sweet Stream Wind Farm LLC Delaware - USD - - - - - 74.98% Telocaset Wind Power Partners LLC Delaware - USD 93,013 9,647 83,366 19,797 8,359 38.24% Tillman Solar Park II LLC Delaware - USD - - - - - 74.98% Tillman Solar Park LLC Delaware - USD - - - - - 74.98% Tillman Storage LLC Delaware - USD - - - - - 74.98% Timber Road II Storage LLC Delaware - USD - - - - - 74.98% Timber Road III Storage LLC Delaware - USD - - - - - 74.98% Timber Road Solar Park II LLC Delaware - USD - - - - - 74.98% Timber Road Solar Park III LLC Delaware - USD - - - - - 74.98% Timber Road Solar Park LLC Delaware 10,525,325 USD 43,905 34,065 9,840 - -3 74.98% Top Crop I Storage LLC Delaware - USD - - - - - 74.98% Top Crop II Storage LLC Delaware - USD - - - - - 74.98% Trolley Barn Storage LLC Delaware - USD - - - - - 74.98% Tug Hill Windpower LLC Delaware - USD - - - - - 74.98% Tumbleweed Wind Power Project LLC Delaware 4,003 USD - - - - - 74.98% Turtle Creek Wind Farm LLC Delaware 253,074,090 USD 281,628 23,376 258,252 21,063 6,526 74.98% Twin Groves I Storage LLC Delaware - USD - - - - - 74.98% Twin Groves II Storage LLC Delaware - USD - - - - - 74.98% Upper Road LLC Delaware 2,371,783 USD 2,426 174 2,252 145 41 63.73% VA- Green Acres Delaware 9,334 USD - - - - -9 63.73% VT Stone Valley LLC Delaware 1,286 USD - - - - -1 63.73% Waverly Wind Farm II LLC Delaware - USD - - - - - 74.98% Waverly Wind Farm LLC Delaware 217,186,314 USD 255,330 17,262 238,069 22,504 4,356 38.24% Western Trail Wind Project I LLC Delaware - USD - - - - - 74.98% Wheat field Holding LLC Delaware - USD - 32,649 -32,649 - -2 38.24% Wheat field Wind Power Project LLC Delaware - USD 84,220 27,465 56,755 13,950 5,949 38.24% Whiskey Ridge Power Partners LLC Delaware - USD - - - - - 74.98% Whistling Wind WI Energy Center LLC Delaware - USD - - - - - 74.98% White Stone Solar Park LLC Delaware - USD - - - - - 74.98% Whitestone Wind Purchasing LLC Delaware - USD 404,462 403,246 1,216 - -2,204 74.98% Wildcat Creek Wind Farm LLC Delaware 260,126,065 USD 267,005 25,235 241,770 23,459 -2,198 74.98% Wilson Creek Power Project LLC Delaware - USD - - - - - 74.98% Wind Turbine Prometheus LP Delaware 5,990 USD - - - - - 74.98% Wolf Run Solar LLC Delaware - USD - - - - - 74.98% Wrangler Solar Park LLC Delaware - USD - - - - - 74.98% WTP Management Company LLC Delaware - USD - - - - - 74.98% Canada: Blue Bridge Solar Park GP Ltd British Columbia - CAD - - - - - 74.98% Blue Bridge Solar Park LP British Columbia - CAD 83 340 -257 - -45 74.98% Bromhead Solar Park GP Ltd British Columbia - CAD - - - - - 74.98% Bromhead Solar Park LP Saskatchewan - CAD 83 340 -257 - -45 74.98% Edgeware BESS Project GP Ltd. British Columbia - CAD - - - - - 74.98% Edgeware BESS Project LP Ont\u00e1rio - CAD - - - - - 74.98% EDP Renewables Canada Ltd. British Columbia 205,314,085 CAD 151,829 14,291 137,538 35 -1,786 74.98% EDP Renewables Canada Management Services Ltd British Columbia - CAD 6,638 9,273 -2,636 1,039 - 74.98% EDP Renewables Sask SE GP Ltd British Columbia - CAD - - - - - 74.98% EDP Renewables Sask SE Limited Partnership Ont\u00e1rio - CAD - 962 -962 - -262 74.98% EDP Renewables SH II Project GP Ltd British Columbia - CAD - - - - - 74.98% EDP Renewables SH II Project LP Alberta - CAD - - - - - 74.98% EDP Renewables Sharp Hills Project GP Ltd. British Columbia 4,896 CAD 3 2 2 - -2 74.98% EDP Renewables Sharp Hills Project LP Alberta 48,962,280 CAD 218,550 179,604 38,946 - -924 74.98% Halbrite Solar Park GP Ltd British Columbia - CAD - - - - - 74.98% Halbrite Solar Park LP Saskatchewan - CAD 83 340 -257 - -45 74.98% Kennedy Wind Farm GP Ltd British Columbia - CAD - - - - - 74.98% Kennedy Wind Farm LP Saskatchewan - CAD 83 340 -257 - -45 74.98% Nation Rise Wind Farm GP Inc. British Columbia 1,690 CAD 10 33 -23 - -6 74.98% Nation Rise Wind Farm LP Ont\u00e1rio 74,644,443 CAD 212,993 151,647 61,346 14,809 3,016 37.48% SBWF GP Inc. British Columbia -336 CAD 1 1 1 - - 38.24% Sounding Creek Solar Park GP Ltd. British Columbia - CAD - - - - - 74.98% Sounding Creek Solar Park LP Alberta - CAD - - - - - 74.98% South Branch Wind Farm II GP Inc. British Columbia - CAD - - - - - 74.98% South Branch Wind Farm II LP Ont\u00e1rio 602,379 CAD 1,716 1,805 -88 - -72 74.98% South Dundas Wind Farm LP Ont\u00e1rio 0 CAD 47,390 19,655 27,735 8,226 4,192 38.24% Mexico: EDPR Servicios de M\u00e9xico, S. de R.L. de C.V. Mexico City 160,535,656 MXN 6,843 1,403 5,440 1,867 -63 74.98% E\u00f3lica de Coahuila, S.A. de C.V. Mexico City 7,792,042 USD 279,970 234,499 45,471 51,716 5,333 38.24% Parque Solar Los Cuervos, S. de R.L. de C.V. Mexico City 180,244,480 USD 244,000 70,271 173,728 3,928 5,014 74.98% Vientos de Coahuila, S.A. de C.V. Mexico City 145,594,263 USD 196,791 66,920 129,871 - -4,651 74.98% South America Geography / Platform: Brazil: EDP Renov\u00e1veis Brasil, S.A. (EDPR BR Subgroup Parent Company) S\u00e3o Paulo 3,149,472,300 BRL 871,229 199,764 671,465 412 89,740 74.98% Central E\u00f3lica Amanhecer I, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Amanhecer II, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Amanhecer III, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Amanhecer IV, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Amanhecer V, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Amanhecer VI, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Amanhecer VII, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Asas de Zabel\u00ea I, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Asas de Zabel\u00ea II, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Asas de Zabel\u00ea III, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Asas de Zabel\u00ea IV, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Asas de Zabel\u00ea V, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Asas de Zabel\u00ea VI, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Asas de Zabel\u00ea VII, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Aventura I, S.A. S\u00e3o Paulo 81,678,829 BRL 24,930 9,647 15,283 2,793 -751 38.24% Central E\u00f3lica Baixa do Feij\u00e3o I, S.A. S\u00e3o Paulo 39,216,713 BRL 22,869 13,674 9,195 3,042 -135 38.24% Central E\u00f3lica Baixa do Feij\u00e3o II, S.A. S\u00e3o Paulo 40,551,200 BRL 22,519 12,728 9,791 2,972 23 38.24% Central E\u00f3lica Baixa do Feij\u00e3o III, S.A. S\u00e3o Paulo 67,416,713 BRL 25,817 14,054 11,764 2,894 -531 38.24% Central E\u00f3lica Baixa do Feij\u00e3o IV, S.A. S\u00e3o Paulo 44,433,110 BRL 22,095 13,045 9,050 2,704 -329 38.24% Central E\u00f3lica Boqueir\u00e3o I, S.A. S\u00e3o Paulo 100,213,500 BRL 41,753 24,451 17,303 4,455 -467 74.98% Central E\u00f3lica Boqueir\u00e3o II, S.A. S\u00e3o Paulo 70,245,500 BRL 34,041 21,993 12,048 3,663 -410 74.98% Central E\u00f3lica Borborema I, S.A. S\u00e3o Paulo 50 BRL - 2 -2 - -2 74.98% Central E\u00f3lica Borborema II, S.A. S\u00e3o Paulo 50 BRL - 2 -2 - -2 74.98% Central E\u00f3lica Borborema III, S.A. S\u00e3o Paulo 50 BRL - 2 -2 - -2 74.98% Central E\u00f3lica Borborema IV, S.A. S\u00e3o Paulo 50 BRL - 2 -2 - -2 74.98% Central E\u00f3lica Catanduba I, S.A. S\u00e3o Paulo 500 BRL 7,781 7,882 -102 - -105 74.98% Central E\u00f3lica Catanduba II, S.A. S\u00e3o Paulo 500 BRL 5,375 5,212 163 - -29 74.98% Central E\u00f3lica Ita\u00fana I, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica Ita\u00fana II, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica JAU, S.A. S\u00e3o Paulo 174,051,904 BRL 73,836 32,928 40,908 8,588 -251 38.24% Central E\u00f3lica Jerusal\u00e9m I, S.A. S\u00e3o Paulo 33,337,722 BRL 25,419 19,925 5,494 - -400 74.98% Central E\u00f3lica Jerusal\u00e9m II, S.A. S\u00e3o Paulo 33,337,722 BRL 24,466 18,964 5,503 - -398 74.98% Central E\u00f3lica Jerusal\u00e9m III, S.A. S\u00e3o Paulo 33,337,722 BRL 38,828 33,357 5,471 - -427 74.98% Central E\u00f3lica Jerusal\u00e9m IV, S.A. S\u00e3o Paulo 33,337,722 BRL 25,018 19,513 5,504 - -396 74.98% Central E\u00f3lica Jerusal\u00e9m V, S.A. S\u00e3o Paulo 33,337,722 BRL 25,419 19,914 5,505 - -396 74.98% Central E\u00f3lica Jerusal\u00e9m VI, S.A. S\u00e3o Paulo 38,300,511 BRL 28,571 22,237 6,334 - -448 74.98% Central E\u00f3lica Monte Verde I, S.A. Lagoa Nova 58,947,000 BRL 58,878 49,344 9,534 - -918 74.98% Central E\u00f3lica Monte Verde II, S.A. Lagoa Nova 58,947,000 BRL 63,829 54,294 9,535 - -924 74.98% Central E\u00f3lica Monte Verde III, S.A. Lagoa Nova 51,578,600 BRL 55,876 47,548 8,328 - -815 74.98% Central E\u00f3lica Monte Verde IV, S.A. Lagoa Nova 40,526,000 BRL 60,908 54,392 6,517 - -666 74.98% Central E\u00f3lica Monte Verde V, S.A. Lagoa Nova 29,473,400 BRL 33,712 28,956 4,756 - -468 74.98% Central E\u00f3lica Monte Verde VI, S.A. Lagoa Nova 38,466,600 BRL 44,196 37,933 6,262 4,402 -546 74.98% Central E\u00f3lica S\u00e3o Domingos I, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica S\u00e3o Domingos II, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central E\u00f3lica S\u00e3o Domingos III, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Geradora Fotovoltaica Monte Verde Solar I, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Geradora Fotovoltaica Monte Verde Solar II, S.A. S\u00e3o Paulo 5,699,130 BRL 1,475 2,184 -710 - -7 74.98% Central Geradora Fotovoltaica Monte Verde Solar III, S.A. S\u00e3o Paulo 5,699,130 BRL 2,780 3,488 -709 - -7 74.98% Central Geradora Fotovoltaica Monte Verde Solar IV, S.A. S\u00e3o Paulo 5,699,130 BRL 1,298 2,008 -709 - -7 74.98% Central Geradora Fotovoltaica Monte Verde Solar V, S.A. S\u00e3o Paulo 5,699,130 BRL 1,297 2,007 -709 - -7 74.98% Central Geradora Fotovoltaica Monte Verde Solar VI, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Geradora Fotovoltaica Monte Verde Solar VII, S.A. S\u00e3o Paulo 5,699,130 BRL 1,222 1,930 -708 - -6 74.98% Central Nacional de Energia E\u00f3lica, S.A. S\u00e3o Paulo 12,396,000 BRL 5,069 1,430 3,639 2,303 1,343 38.24% Central Solar Lagoa I, S.A. S\u00e3o Paulo 1,010,000 BRL 715 565 151 - -28 74.98% Central Solar Lagoa II, S.A. S\u00e3o Paulo 1,010,000 BRL 696 545 151 - -28 74.98% Central Solar Novo Oriente I, S.A. S\u00e3o Paulo 1,000,500 BRL 406 490 -84 - -9 74.98% Central Solar Novo Oriente II, S.A. S\u00e3o Paulo 1,000,500 BRL 387 471 -84 - -9 74.98% Central Solar Novo Oriente III, S.A. S\u00e3o Paulo 1,000,500 BRL 387 471 -84 - -9 74.98% Central Solar Novo Oriente IV, S.A. S\u00e3o Paulo 1,000,500 BRL 380 460 -80 - -5 74.98% Central Solar Novo Oriente V, S.A. S\u00e3o Paulo 1,000,500 BRL 398 510 -112 - -4 74.98% Central Solar Novo Oriente VI, S.A. S\u00e3o Paulo 1,000,500 BRL 380 491 -112 - -4 74.98% Central Solar Pereira Barreto I, S.A. Pereira Barreto 39,317,000 BRL 30,387 21,987 8,400 3,189 18 74.98% Central Solar Pereira Barreto II, S.A. Pereira Barreto 102,597,000 BRL 29,312 9,562 19,750 3,213 357 74.98% Central Solar Pereira Barreto III, S.A. Pereira Barreto 34,747,000 BRL 37,239 30,032 7,207 3,005 -1 74.98% Central Solar Pereira Barreto IV, S.A. Pereira Barreto 54,747,000 BRL 30,164 19,703 10,460 2,797 71 74.98% Central Solar Pereira Barreto V, S.A. Pereira Barreto 14,035,000 BRL 28,270 26,121 2,150 2,294 -229 74.98% Central Solar Presidente JK I, S.A. S\u00e3o Paulo 3,186,366 BRL 3 1 2 - - 74.98% Central Solar Presidente JK II, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Presidente JK III, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Presidente JK IV, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Presidente JK V, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Presidente JK VI, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Presidente JK VII, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Presidente JK VIII, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Presidente JK IX, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Presidente JK X, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Presidente JK XI, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Presidente JK XII, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Zebu I, S.A. S\u00e3o Paulo 3,599,032 BRL 553 - 553 - - 74.98% Central Solar Zebu II, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Zebu III, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Zebu IV, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Zebu V, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Zebu VI, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Zebu VII, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Zebu VIII, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Central Solar Zebu IX, S.A. S\u00e3o Paulo 50 BRL - - - - - 74.98% Elebr\u00e1s Projetos, S.A. S\u00e3o Paulo 103,779,268 BRL 46,743 16,493 30,250 26,088 13,028 38.24% E\u00f3lica Barra I, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% E\u00f3lica Barra II, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% E\u00f3lica Barra III, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% E\u00f3lica Barra IV, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% E\u00f3lica Barra V, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% E\u00f3lica Barra VI, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% E\u00f3lica Barra VII, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% E\u00f3lica Barra VIII, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% E\u00f3lica Barra IX, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% E\u00f3lica Barra X, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% E\u00f3lica Barra XI, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% Jerusal\u00e9m Holding, S.A. S\u00e3o Paulo 204,786,616 BRL 157,656 123,917 33,739 - -2,473 74.98% Monte Verde Holding, S.A. S\u00e3o Paulo 277,879,100 BRL 130,956 86,082 44,874 - -4,347 74.98% Solar Barra I, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% Solar Barra II, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% Solar Barra III, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% Solar Barra IV, S.A. Rio Grande do Norte 50 BRL - - - - - 74.98% Colombia: Elipse Energ\u00eda, S.A.S. E.S.P. Bogot\u00e1 253,202,000 COP 239 956 -717 - -527 74.98% Eolos Energ\u00eda, S.A.S. E.S.P. Bogot\u00e1 22,213,675,600 COP 288,186 266,109 22,077 51,923 -22,506 74.98% Kappa Energ\u00eda, S.A.S. E.S.P. Bogot\u00e1 251,632,000 COP 232 932 -700 - -509 74.98% Omega Energ\u00eda, S.A.S. E.S.P. Bogot\u00e1 251,569,000 COP 240 930 -689 - -497 74.98% Parque Solar Fotovoltaico El Copey, S.A.S. E.S.P. Bogot\u00e1 1,270,000,000 COP 432 643 -211 - -521 74.98% Solar Power Solutions, S.A.S. E.S.P. Bogot\u00e1 1,031,027,955 COP 1,769 931 838 - -503 74.98% Vientos del Norte, S.A.S. E.S.P. Bogot\u00e1 19,126,733,800 COP 256,444 238,239 18,205 44,236 -20,530 74.98% Chile: EDP Renewables Chile, SpA Santiago 6,961,123 USD 21,269 16,457 4,813 3,116 -1,397 74.98% Los Llanos Solar, SpA Santiago 592 USD 718 1,735 -1,017 - -547 74.98% Parque E\u00f3lico Punta de Talca, SpA Santiago 358,551 USD 25,226 27,709 -2,483 - -1,388 74.98% Parque E\u00f3lico San Andr\u00e9s, SpA Santiago 438,894 USD 4,389 5,122 -732 - -389 74.98% Parque E\u00f3lico Victoria, SpA Santiago 1,311,374 USD 162 775 -612 - -354 74.98% Asia-Pacific Geography / Platform: Australia: Sunseap Assets (Australia) Pty. Ltd. Balwyn, Victoria 20,000 AUD 13 13 1 - -3 74.98% Sunseap Australia Investments Pty. Ltd. Balwyn, Victoria 3,000,000 AUD 116 1,490 -1,374 - -66 74.98% Sunseap Australia Pty. Ltd. Balwyn, Victoria 1 AUD 18 733 -715 - -47 74.98% China: Changzhou Jingyi New Energy Technology Co., Ltd. Changzhou City 6,850 CNY 3,454 2,053 1,401 323 35 67.64% Chongqing Xingzhi New Energy Technology Co., Ltd. Chongqing City - CNY - - - - - 74.98% Dongguan Jiehuang New Energy Technology Co., Ltd. Dongguan City 4,505,191 CNY 2,275 1,665 610 - -2 74.98% Dongying Daoli New Energy Co., Ltd. Dongying City 2,903,000 CNY 1,672 1,281 390 - -1 74.98% Foshan YingYuan New Energy Technology Co., Ltd. Foshan City 100 CNY 839 596 243 89 14 67.64% Hefei Yiman New Energy Technology Co., Ltd. Hefei City 1,333 CNY 547 323 224 78 31 67.64% Heze Dechen New Energy Co., Ltd. Heze City 2,356,843 CNY 1,189 871 318 - -2 74.98% Hubei Jianghui New Energy Co., Ltd. Jingzhou City 5,030,000 CNY 1,178 498 681 - -3 74.98% Jinan Xingsheng Energy Co., Ltd. Jinan City 12,744,949 CNY 1,898 5 1,893 - 177 74.98% Jining Yihang New Energy Technology Co., Ltd. Jining City 17,618 CNY 8,972 6,410 2,561 825 94 67.64% Liyang Yushun Power New Energy Co., Ltd. Liyang City 2,950 CNY 3,091 1,806 1,285 461 195 67.64% Nantong Eaton Guoyun Photovoltaic New Energy Co., Ltd. Nantong City 1,940 CNY 736 410 326 113 56 64.26% Ningbo Jiangbei Baoyi LP Ningbo city 1,095,945 CNY 390 9 381 89 79 44.99% Qingdao Xingqi Energy Co., Ltd. Qingdao 1,047,444 CNY 553 412 140 - -2 74.98% Qinghe County Xinou Funeng New Energy Technology Co., Ltd. Xingtai City 3,026,308 CNY 1,867 1,457 409 - -2 74.98% Rongcheng Xingyi New Energy Technology Co., Ltd. Weihai City 7,505,764 CNY 1,033 38 996 - -25 74.98% Shanghai Jingwen Equity Investment Center LP Shanghai 64,500 CNY 8,263 509 7,753 - -289 67.64% Shanghai Yihuang New Energy Technology Co., Ltd. Shanghai 6,513 CNY 885 0 885 - -0 67.64% Shanghai Yikuang New Technology Co., Ltd. Shanghai 29,110 CNY 3,958 0 3,958 - -0 67.64% State Cloud Sunseap Equity Investment Partnership LP Jinan City 4,024,282 CNY 548 3 545 - -2 60.13% Sunseap China Energy (Qingdao) Co., Ltd. Qingdao 35,389 CNY 4 - 4 - -1 74.98% Sunseap China Energy (Shanghai) Ltd. Shanghai 67,036,914 CNY 11,234 1,323 9,912 1,037 -1,737 74.98% Suzhou Haoruitian Power New Energy Co., Ltd. Kunshan City 1,640 CNY 1,039 763 277 109 60 67.64% Suzhou Liansong New Energy Technology Co., Ltd. Suzhou City - CNY - - - - - 74.98% Suzhou Xingdao New Energy Technology Co., Ltd. Suzhou City 1,602,571 CNY 799 584 215 - -2 74.98% Suzhou Xingyi Energy Engineering Co., Ltd. Suzhou City 1,418,256 CNY 758 567 191 - -2 74.98% Tianjin Baoyi New Energy Technology Co., Ltd. Tianjin City 2,077 CNY 1,325 981 344 109 39 67.64% Tianjin Xingrun Energy Development Co., Ltd. Tianjin City - CNY - - - - - 74.98% Tianjin Xingsheng Energy Development Co., Ltd. Tianjin City - CNY 1 2 -2 - -2 74.98% Tianjin Yuntong New Energy Technology Co., Ltd. Tianjin City 15,000 CNY 2,394 -0 2,395 - -0 67.64% Weihai Deao New Energy Technology Co., Ltd. Weihai City 20,000 CNY 2 - 2 - -1 74.98% Wenzhou Xingyi New Energy Technology Co., Ltd. Wenzhou City 4,487 CNY 3,856 3,154 703 185 95 67.64% Wuhan Panshuo Energy Technology Co., Ltd. Wuhan City 4,880,000 CNY 2,155 1,494 662 - -1 74.98% Wuxi Lingzhong New Energy Technology Co., Ltd. Wuxi City 7,528,864 CNY 3,789 2,766 1,023 - - 74.98% Yancheng Baoyi New Energy Technology Co., Ltd. Yancheng City 3,035 CNY 497 37 460 51 32 67.64% Yancheng Qingneng Power Technology Co., Ltd. Yancheng City 1,371,155 CNY 1,315 1,129 185 - -1 74.98% Yuzhou Yixing Energy Technology Co., Ltd. Yuzhou City 33,000 CNY 3 - 3 - -2 74.98% Zhenjiang Ruichengda New Energy Co., Ltd. Zhenjiang City 684,296 CNY 378 285 93 - - 74.98% Indonesia: PT Right People Renewable Energy Jakarta 10,100,001,750 IDR 59 68 -8 - -5 74.98% PT Sunseap Batam Energy Kota Batam 10,000,000,000 IDR 2,495 2,250 246 - -378 74.23% PT Sunseap Commercial Industrial Indonesia Asset Jakarta 10,000,000,000 IDR 607 43 564 - -37 74.23% Singapore: Data4Eco Holdings Pte. Ltd. Singapore 50,000 SGD 15 59 -44 - -32 44.99% EDPR Sunseap Korea Holdings Pte. Ltd. Singapore 1 SGD 3 23 -20 - -8 74.98% LYS Energy Investment Pte. Ltd. Singapore 10,674,707 USD 9,950 2,055 7,895 - -421 74.98% Solar PV Exchange Pte. Ltd. Singapore 1,230,062 SGD 478 394 84 901 5 74.98% Solarland Alpha Assets Pte. Ltd. Singapore 1 SGD 55,174 71,696 -16,521 38 -295 74.98% Solarland Alpha Holdings Pte. Ltd. Singapore 1 SGD 40 67 -27 - -7 74.98% SolarNova 4 Beta Assets Pte. Ltd. Singapore 1 SGD 86,835 108,269 -21,434 3,209 195 74.98% SolarNova 4 Beta Holdings Pte. Ltd. Singapore 1 SGD 37,966 37,983 -17 - -6 74.98% SolarNova Phase 1 Pte. Ltd. Singapore 1,000,001 SGD 72,116 60,824 11,291 9,409 3,792 74.98% Sunseap Australia Holdings Pte. Ltd. Singapore 1 SGD 95 3,568 -3,473 - -1,301 74.98% Sunseap Batam Pte. Ltd. Singapore 1 SGD 884 1,076 -192 - -9 74.98% Sunseap China Pte. Ltd. Singapore 11,980,146 SGD 17,431 9,228 8,203 - -48 74.98% Sunseap CMX RE Solar Holdings Pte. Ltd. Singapore 10 SGD 55,749 41,985 13,764 - 3,305 74.98% Sunseap Commercial & Industrial Assets (S.E.A.) Holdings Pte. Ltd. Singapore 100,000 SGD 5,114 5,275 -161 - 75 74.98% Sunseap Commercial Assets Pte. Ltd. Singapore 138,490 SGD 39,952 39,955 -3 3,014 -93 74.98% Sunseap Commercial Holdings Pte. Ltd. Singapore 1 SGD 12,842 12,968 -126 - -8 74.98% Sunseap Delta Holdings Pte. Ltd. Singapore 1 SGD 12 40 -28 - -15 74.98% Sunseap Energy Pte. Ltd. Singapore 5,000,000 SGD 15,322 58,223 -42,901 21,818 7,872 74.98% Sunseap Energy Ventures Pte. Ltd. Singapore 1 SGD 3,199 4,001 -802 - -505 74.98% Sunseap Engineering Pte. Ltd. Singapore 2,100,001 SGD 73,697 75,307 -1,610 54,636 -5,262 74.98% Sunseap Gamma Assets Pte. Ltd. Singapore 1 SGD - 69 -69 - -40 74.98% Sunseap Gamma Holdings Pte. Ltd. Singapore 1 SGD 5 24 -19 - -7 74.98% Sunseap Group Pte. Ltd. Singapore 558,478,511 SGD 400,018 47,995 352,023 9,507 -9,842 74.98% Sunseap Indonesia Pte. Ltd. Singapore 1 SGD 1,082 1,208 -125 - -39 74.98% Sunseap International Pte. Ltd. Singapore 28,190,145 SGD 112,586 107,616 4,970 95 -3,502 74.98% Sunseap Japan Pte. Ltd. Singapore 1 SGD 6,422 6,802 -380 - -18 74.98% Sunseap Leasing Alpha Pte. Ltd. Singapore 1 SGD 43 92 -49 - -8 74.98% Sunseap Leasing Beta Pte. Ltd. Singapore 4,000,000 SGD 15,050 11,692 3,359 3,016 610 74.98% Sunseap Leasing Pte. Ltd. Singapore 114,854,175 SGD 152,024 71,274 80,750 10,635 1,908 74.98% Sunseap Links Daklong Pte. Ltd. Singapore 40 SGD 577 7,040 -6,464 - -7 71.23% Sunseap Links Pte. Ltd. Singapore 10 SGD 6,281 11,745 -5,464 - 17 59.98% Sunseap Philippines Solar Holdings Pte. Ltd. Singapore 4,711,437 SGD 3,625 58 3,566 - -8 74.98% Sunseap SolarNova Pte. Ltd. Singapore 1 SGD 18,668 19,388 -720 - -57 74.98% Sunseap Solutions Pte. Ltd. Singapore 900,000 SGD 5,606 8,503 -2,897 2,702 -866 74.98% Sunseap Taiwan Pte. Ltd. Singapore 1 SGD 15,468 15,430 39 - 229 74.98% Sunseap Vietnam Beta Pte. Ltd. Singapore 1 SGD 10,233 10,460 -227 - -35 74.98% Sunseap Vietnam Gamma Pte. Ltd. Singapore 1 SGD 6,904 7,020 -116 - -37 74.98% Sunseap Vietnam Pte. Ltd. Singapore 52,613,649 SGD 36,333 756 35,577 - -20 74.98% Sunseap Vpower Pte. Ltd. Singapore 1 SGD 1,099 1,647 -548 1,062 240 74.98% Trung Song SG Pte. Ltd. Singapore 10,674,707 USD 10,135 787 9,348 - -440 74.98% Uper Renewable Energy (Singapore) Pte. Ltd. Singapore 138,814 SGD 2,900 3,640 -739 2,030 -329 74.98% Thailand: Sunseap Energy (Thailand) Co., Ltd. Bangkok 45,000,000 THB 1,429 1,077 353 - -81 71.60% Thai-Sunseap Asset Co. Ltd. Bangkok 68,000 THB 8,392 6,501 1,891 153 36,675 50.23% Thai-Sunseap Co., Ltd. Bangkok 225,823 THB 5,471 25 5,446 99 -18,431 50.23% Thai-Sunseap Energy Solutions Co. Ltd. Bangkok 250 THB 5 4 2 38 -32,791 50.23% Vietnam: Bien Dong Energy Investment Co., Ltd. Long An Province 9,000,000 VND 753 500 253 102 11 74.98% CMX RE Sunseap Vietnam Solar Power Co., Ltd. Ninh Thuan Province 1,065,557,560,000 VND 143,823 90,757 53,066 17,691 5,501 41.24% DKT Energy Investment Co., Ltd. Ho Chi Minh City 103,900,000 VND 4,570 470 4,099 - -25 74.98% EDP Renewables Vietnam Company Limited Ho Chi Minh City 7,200,000,000 VND 5,179 7,671 -2,492 - -1,800 74.98% H2A Co., Ltd. Long An Province 9,000,000 VND 774 442 332 102 -2 74.98% H2HA Co., Ltd. Long An Province 9,000,000 VND 774 467 306 87 -16 74.98% H2HD Co., Ltd. Long An Province 9,000,000 VND 772 478 294 85 -18 74.98% H2HO Co., Ltd. Long An Province 9,000,000 VND 772 457 315 90 -13 74.98% H2HU Co., Ltd. Long An Province 9,000,000 VND 770 425 345 99 -3 74.98% H2K Co., Ltd. Long An Province 9,000,000 VND 773 461 311 91 -12 74.98% H2ML Co., Ltd. Long An Province 9,000,000 VND 769 434 335 96 -6 74.98% H2O Ben Luc Investment Co., Ltd. Long An Province 6,800,000 VND 719 451 268 96 -4 74.98% H2S Co., Ltd. Long An Province 9,000,000 VND 771 444 327 94 -9 74.98% H2T Co., Ltd. Long An Province 9,000,000 VND 777 478 300 93 -10 74.98% H2TR Solar Co., Ltd. Long An Province 9,000,000 VND 770 425 345 101 -1 74.98% H2VP Co., Ltd. Long An Province 9,000,000 VND 777 462 316 99 -4 74.98% Hao Thanh Dat Investment Co., Ltd. Long An Province 9,000,000 VND 746 495 251 100 8 74.98% Incom International Investment and Development Co., Ltd. Long An Province 14,100,000 VND 1,444 883 561 222 46 74.83% Kim Cuong Energy Investment Co., Ltd. Long An Province 9,000,000 VND 745 490 256 105 14 74.98% Long Dai Phat Investment Co., Ltd. Ho Chi Minh City 71,539,000 VND 2,843 11 2,832 - -9 74.98% Phu An Energy Investment Co., Ltd. Long An Province 9,000,000 VND 741 491 250 99 8 74.98% Quang Lam Printing Import Export Co., Ltd. Long An Province 12,360,000 VND 1,409 871 538 223 45 74.83% SSKT Beta Energy Co., Ltd. Ho Chi Minh City 5,484,000 VND 942 632 310 118 43 44.24% STP5 Energy Production Trading Co., Ltd. Ho Chi Minh City 13,031,646 VND 2,017 1,408 609 299 35 67.40% STP6 Energy Trading Technical Co., Ltd. Ho Chi Minh City 14,609,528 VND 2,203 1,540 664 319 18 67.40% STP7 Energy Development Co., Ltd. Ho Chi Minh City 4,511,677 VND 663 477 186 103 4 67.40% STP8 Energy Investment Co., Ltd. Ho Chi Minh City 9,235,861 VND 1,451 1,040 411 215 18 67.40% Sun Times 1 Energy Co., Ltd. Ho Chi Minh City 4,851,036 VND 706 502 204 106 4 67.40% Sun Times 3 Energy Co., Ltd. Ho Chi Minh City 14,347,796 VND 2,307 1,648 659 321 35 67.40% Sun Times 4 Energy Co., Ltd. Ho Chi Minh City 4,851,036 VND 704 508 196 100 -1 67.40% Sun Times 5 Energy Co., Ltd. Ho Chi Minh City 14,008,437 VND 2,129 1,505 624 301 20 67.40% Sun Times 6 Energy Co., Ltd. Ho Chi Minh City 14,135,538 VND 2,155 1,536 619 298 10 67.40% Sun Times 7 Energy Co., Ltd. Ho Chi Minh City 9,229,812 VND 1,440 1,037 404 209 12 67.40% Sunseap Commercial & Industrial Assets (Vietnam) Co., Ltd. Ho Chi Minh City 123,517,702 VND 329,359 331,033 -1,674 5 -6,658 74.98% Sunseap KTG Energy Investment Co., Ltd. Ho Chi Minh City 5,484,000 VND 305 99 206 - -6 44.24% Sunseap Sun Times Solar Investment Co., Ltd. Ho Chi Minh City 102,912,367 VND 6,113 2,049 4,064 - -5 67.40% Thiet Thanh Cong Investment Co., Ltd. Long An Province 9,000,000 VND 757 504 253 92 -0 74.98% Trung Son Energy Development LLC Khanh Hoa Province 197,000,000,000 VND 25,212 17,082 8,130 3,131 -519 74.98% Uper Renewable Energy Vietnam Co., Ltd. Ho Chi Minh City 2,310,000,000 VND 237 113 123 940 28 74.98% Xuan Thien Ninh Thuan Co., Ltd. Ninh Thuan Province 890,000,000 VND 120,776 72,140 48,636 20,536 6,912 74.98% Xuan Thien Thuan Bac Co., Ltd. Ninh Thuan Province 550,000,000 VND 73,794 44,139 29,654 12,312 3,696 74.98% Other: EDPR Korea, Ltd. Yeosu 100,000,000 KRW 500 1,306 -805 - -871 74.98% Hoya Energy Ltd. Taipei City 199,000,000 TWD 16,018 9,816 6,202 701 139 74.98% OMA Haedori Co., Ltd. Goheung-gun 497,624,000 KRW 1,761 2,672 -911 - -829 56.23% Pacific Sunseap Energy Ltd. Taipei City 347,000,000 TWD 10,671 21 10,650 - -19 48.73% Re Capital Co,. Ltd. Tokyo 204,970,000 JPY 6,967 7,387 -420 599 -2,181 74.98% Shuangjian Photoelectric Ltd. Taipei City 52,000,000 TWD 5,535 3,983 1,552 528 47 52.48% Sunseap Advance Green Technology Ltd. Taipei City 100,000,000 TWD 12,282 9,134 3,147 442 44 74.98% Sunseap Advance International Ltd. Taipei City 5,000,000 TWD 142 5 137 - -1 74.98% Sunseap Energy (Malaysia) Sdn. Bhd. Kuala Lumpur 2,735,000 MYR 1,058 1,491 -433 9 -581 74.98% Sunseap Solar Cambodia Co., Ltd. Phnom Penh City 1,000 USD 3 25 -22 - -5 74.98% Sunseap Taiwan Solar Holdings Ltd. Taipei City 456,289,510 TWD 21,303 8,155 13,147 2,616 -96 74.98% Top Green Energy Ltd. Taipei City 341,000,000 TWD 55,079 44,052 11,027 2,831 127 48.73% ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f31559": {
"value": "7. Revenues and cost of Energy Sales and Services and Other Revenues from energy sales and services and other are as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Energy and access 19,061,010 13,774,589 7,431,624 4,277,707 Revenue from assets assigned to concessions 813,943 709,052 - - Other 775,811 499,268 1,652,603 924,257 20,650,764 14,982,909 9,084,227 5,201,964 Revenues from energy sales and services and other, by geographical market, for the Group, are as follows: Thousand Euros Dec 2022 Portugal Spain Brazil USA Other Group Energy and access 8,030,223 6,694,555 2,435,584 658,314 1,242,334 19,061,010 Revenue from assets assigned to concessions 265,677 - 548,266 - - 813,943 Other 514,566 44,146 165,388 34,773 16,938 775,811 8,810,466 6,738,701 3,149,238 693,087 1,259,272 20,650,764 Thousand Euros Dec 2021 Portugal Spain Brazil USA Other Group Energy and access 6,406,904 3,869,408 2,436,152 563,951 498,173 13,774,589 Revenue from assets assigned to concessions 252,406 - 456,647 - - 709,052 Other 271,222 99,180 106,989 16,364 5,514 499,268 6,930,532 3,968,588 2,999,788 580,315 503,687 14,982,909 The caption Energy and access in Portugal, on a consolidated basis, includes a net cost of 396,869 thousand Euros (revenue in 31 December 2021: 232,552 thousand Euros) regarding tariff adjustments of the period (see notes 26 and 38). This caption also includes, in Brazil, a net cost of 112,420 thousand Euros (31 December 2021: net revenue of 91,111 thousand Euros) related to recognition of tariff adjustments for the period in Brazil (see note 38). Additionally, the caption Energy and access includes, on a consolidated basis, a positive amount of 45,271 thousand Euros (31 December 2021: positive amount of 51,529 thousand Euros) related to the contractual stability compensation (CMEC) as a result of the power purchase agreements (PPA) termination, including an income of 19,566 thousand Euros related to the CMEC final adjustment (31 December 2021: positive amount of 19,282 thousand Euros), net from the recognised provision due to the final adjustment official approval. The caption Others includes, on a consolidated and individual basis, 523,653 thousand Euros (31 December 2021: 241.605 thousand Euros) and 1,426,709 thousand Euros (31 December 2021: 749.759 thousand Euros), respectively, related to the sale of CO2 licenses. The caption Energy and network access, on a company basis, includes 2,152,785 thousand Euros (31 December 2021: 1,140,333 thousand Euros) related with energy sales under the purchase and sale agreement of evolutive energy between EDP, S.A. and EDP Comercial S.A. The breakdown of Revenues from energy sales and services and other by segment, are as follows (see note 51 - Operating Segments): Thousand Euros Dec 2022 Reported Operating Segments Client Renewables Networks Solutions & Total Other Group Energy Segments Managt. Energy and access 1,823,490 639,547 16,598,015 19,061,052 -42 19,061,010 Revenue from assets assigned to concessions - 813,721 221 813,942 1 813,943 Other 96,104 101,920 565,192 763,216 12,595 775,811 1,919,594 1,555,188 17,163,428 20,638,210 12,554 20,650,764 Thousand Euros Dec 2021 Reported Operating Segments Client Renewables Networks Solutions & Energy Managt. Total Other Segments Group Energy and access 1,286,677 1,343,149 11,144,770 13,774,596 -7 13,774,589 Revenue from assets assigned to concessions - 709,029 24 709,053 -1 709,052 Other 65,089 122,865 294,181 482,135 17,133 499,268 1,351,766 2,175,043 11,438,975 14,965,784 17,125 14,982,909 The segment \"Client Solutions & Energy Management\" includes sales of renewable energy, hydro and wind, carried out by EDP SA's energy management business unit, as part of its intermediation activity. Revenues from energy sales and services and other by segment are considered globally as \"overtime\" and not as \"at a point in time\". Cost of energy sales and other are as follows: Thousand Euros Group Company Dec 2022 Dec 2021* Dec 2022 Dec 2021 Cost of energy 10,438,274 7,544,255 6,028,210 3,299,117 Expenditure with assets assigned to concessions 631,054 589,634 - - Changes in inventories and cost of raw materials and Consumables used Fuel, steam and ashes 609,930 401,558 - - CO2 Licenses 1,203,024 460,639 1,424,142 741,768 Gas and other costs 1,647,431 1,079,661 1,313,895 1,099,048 3,460,385 1,941,858 2,738,037 1,840,816 14,529,713 10,075,747 8,766,247 5,139,933 Revenue from assets assigned to concessions include 548,829 thousand Euros (31 December 2021: 424,545) relative to electricity distribution concessions in Portugal and in Brazil resulting from the application of the mixed model. Additionally, it also includes the revenue related to the asset to be received by EDP Group under the transmission concessions in Brazil (see note 26). The main variations on the captions Revenues and cost of Energy Sales and Services and Other are described in the Part I - Performance mainly in 3.3 - Business area analysis and 3.4 Group's financial analysis. ",
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"f31560": {
"value": "7. Revenues and cost of Energy Sales and Services and Other Revenues from energy sales and services and other are as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Energy and access 19,061,010 13,774,589 7,431,624 4,277,707 Revenue from assets assigned to concessions 813,943 709,052 - - Other 775,811 499,268 1,652,603 924,257 20,650,764 14,982,909 9,084,227 5,201,964 Revenues from energy sales and services and other, by geographical market, for the Group, are as follows: Thousand Euros Dec 2022 Portugal Spain Brazil USA Other Group Energy and access 8,030,223 6,694,555 2,435,584 658,314 1,242,334 19,061,010 Revenue from assets assigned to concessions 265,677 - 548,266 - - 813,943 Other 514,566 44,146 165,388 34,773 16,938 775,811 8,810,466 6,738,701 3,149,238 693,087 1,259,272 20,650,764 Thousand Euros Dec 2021 Portugal Spain Brazil USA Other Group Energy and access 6,406,904 3,869,408 2,436,152 563,951 498,173 13,774,589 Revenue from assets assigned to concessions 252,406 - 456,647 - - 709,052 Other 271,222 99,180 106,989 16,364 5,514 499,268 6,930,532 3,968,588 2,999,788 580,315 503,687 14,982,909 The caption Energy and access in Portugal, on a consolidated basis, includes a net cost of 396,869 thousand Euros (revenue in 31 December 2021: 232,552 thousand Euros) regarding tariff adjustments of the period (see notes 26 and 38). This caption also includes, in Brazil, a net cost of 112,420 thousand Euros (31 December 2021: net revenue of 91,111 thousand Euros) related to recognition of tariff adjustments for the period in Brazil (see note 38). Additionally, the caption Energy and access includes, on a consolidated basis, a positive amount of 45,271 thousand Euros (31 December 2021: positive amount of 51,529 thousand Euros) related to the contractual stability compensation (CMEC) as a result of the power purchase agreements (PPA) termination, including an income of 19,566 thousand Euros related to the CMEC final adjustment (31 December 2021: positive amount of 19,282 thousand Euros), net from the recognised provision due to the final adjustment official approval. The caption Others includes, on a consolidated and individual basis, 523,653 thousand Euros (31 December 2021: 241.605 thousand Euros) and 1,426,709 thousand Euros (31 December 2021: 749.759 thousand Euros), respectively, related to the sale of CO2 licenses. The caption Energy and network access, on a company basis, includes 2,152,785 thousand Euros (31 December 2021: 1,140,333 thousand Euros) related with energy sales under the purchase and sale agreement of evolutive energy between EDP, S.A. and EDP Comercial S.A. The breakdown of Revenues from energy sales and services and other by segment, are as follows (see note 51 - Operating Segments): Thousand Euros Dec 2022 Reported Operating Segments Client Renewables Networks Solutions & Total Other Group Energy Segments Managt. Energy and access 1,823,490 639,547 16,598,015 19,061,052 -42 19,061,010 Revenue from assets assigned to concessions - 813,721 221 813,942 1 813,943 Other 96,104 101,920 565,192 763,216 12,595 775,811 1,919,594 1,555,188 17,163,428 20,638,210 12,554 20,650,764 Thousand Euros Dec 2021 Reported Operating Segments Client Renewables Networks Solutions & Energy Managt. Total Other Segments Group Energy and access 1,286,677 1,343,149 11,144,770 13,774,596 -7 13,774,589 Revenue from assets assigned to concessions - 709,029 24 709,053 -1 709,052 Other 65,089 122,865 294,181 482,135 17,133 499,268 1,351,766 2,175,043 11,438,975 14,965,784 17,125 14,982,909 The segment \"Client Solutions & Energy Management\" includes sales of renewable energy, hydro and wind, carried out by EDP SA's energy management business unit, as part of its intermediation activity. Revenues from energy sales and services and other by segment are considered globally as \"overtime\" and not as \"at a point in time\". Revenue from assets assigned to concessions include 548,829 thousand Euros (31 December 2021: 424,545) relative to electricity distribution concessions in Portugal and in Brazil resulting from the application of the mixed model. Additionally, it also includes the revenue related to the asset to be received by EDP Group under the transmission concessions in Brazil (see note 26). The main variations on the captions Revenues and cost of Energy Sales and Services and Other are described in the Part I - Performance mainly in 3.3 - Business area analysis and 3.4 Group's financial analysis. 26. Debtors and other assets from commercial activities At Group level, Debtors and other assets from commercial activities are as follows: Thousand Euros Non-Current Current Dec 2022 Dec 2021 Dec 2022 Dec 2021 Assets measured at amortised cost: Amounts receivable from tariff adjustments - Electricity - Portugal 441,035 7,328 13,825 62,755 Amounts receivable from tariff adjustments - Electricity - Brazil (see note 38) 12,883 124,604 14,310 101,928 Debtors for other goods and services - - 67,521 39,134 Amounts receivable relating to CMEC 353,619 432,293 249,856 225,441 Amounts receivable from concessions - IFRIC 12 846,875 275,782 1,120,064 933,106 Other assets measured at amortised cost 214,071 118,955 318,137 404,138 Impairment losses on other assets measured at amortised cost Trade receivables at amortised cost: Trade receivables -82 -71 -3,024 -2,370 1,868,401 958,891 1,780,689 1,764,132 108,415 32,856 1,797,683 1,939,214 Impairment losses on trade receivables Assets measured at fair value through other comprehensive income: Amounts receivable from tariff adjustments - Electricity - Portugal -8,810 -3,225 -259,025 -232,100 99,605 29,631 1,538,658 1,707,114 23 483 1,141 563,563 Assets measured at fair value through profit or loss: Amounts receivable from concessions - IFRIC 12 1,012,104 693,785 - - Contract assets: Contract assets receivable from energy sales contracts 4 617 1,452,371 1,729,885 Contract assets receivable from concessions - IFRIC 12 Other assets: Incremental costs of obtaining contracts with customers 729,520 921,412 - - 729,524 922,029 1,452,371 1,729,885 32,219 34,130 7,677 - Other assets from commercial activities 30,250 29,557 107,684 163,310 62,469 63,687 115,361 163,310 3,772,126 2,668,506 4,888,220 5,928,004 Contract assets receivable from energy sales contracts - Current include contract assets relating to energy delivered and not yet invoiced, amounts receivable from REN regarding the CMEC Revisibility of 2016 and 2017 which are awaiting approval, and accruals from UNGE's energy management business. The impairment losses on Trade receivables includes impairment losses related to Contract assets receivable from energy sales contracts. 38. Trade payables and other liabilities from commercial activities At Group level, Trade payables and other liabilities from commercial activities are as follows: Thousand Euros Non-Current Current Dec 2022 Dec 2021 Dec 2022 Dec 2021 Contract liabilities: Energy sales contracts - North America 4,238 4,959 - - Deferred income \u2013 CMEC 24,950 80,566 55,616 61,915 Amounts received from the Fund for systemic sustainability of the energy sector - - 630,053 125,777 Other liabilities: Investment government grants 29,188 85,525 685,669 187,692 327,118 321,870 - - Customer contract obligations 443,517 457,414 - - Amounts payable for tariff adjustments - Electricity - Portugal - 115,941 958,357 1,071,548 Amounts payable for tariff adjustments - Electricity - Brazil 20,767 237,135 184,381 99,365 Amounts payable - securitisations - - 89,027 121,050 Amounts payable - CMEC - - 228,247 215,973 Amounts payable for concessions 211,056 201,820 - - Property, plant and equipment suppliers 202,861 189,124 2,549,047 1,481,620 Suppliers - - 1,256,420 1,006,643 Accrued costs related with commercial activities - - 984,040 1,386,103 Holiday pay, bonus and other charges with employees - - 225,599 173,039 CO2 emission Licenses - - 707,920 300,541 Other creditors and sundry operations 177,947 198,096 536,263 276,437 1,383,266 1,721,400 7,719,301 6,132,319 1,412,454 1,806,925 8,404,970 6,320,011 ",
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"value": "7. Revenues and cost of Energy Sales and Services and Other Revenues from energy sales and services and other, by geographical market, for the Group, are as follows: Thousand Euros Dec 2022 Portugal Spain Brazil USA Other Group Energy and access 8,030,223 6,694,555 2,435,584 658,314 1,242,334 19,061,010 Revenue from assets assigned to concessions 265,677 - 548,266 - - 813,943 Other 514,566 44,146 165,388 34,773 16,938 775,811 8,810,466 6,738,701 3,149,238 693,087 1,259,272 20,650,764 Thousand Euros Dec 2021 Portugal Spain Brazil USA Other Group Energy and access 6,406,904 3,869,408 2,436,152 563,951 498,173 13,774,589 Revenue from assets assigned to concessions 252,406 - 456,647 - - 709,052 Other 271,222 99,180 106,989 16,364 5,514 499,268 6,930,532 3,968,588 2,999,788 580,315 503,687 14,982,909 The breakdown of Revenues from energy sales and services and other by segment, are as follows (see note 51 - Operating Segments): Thousand Euros Dec 2022 Reported Operating Segments Client Renewables Networks Solutions & Total Other Group Energy Segments Managt. Energy and access 1,823,490 639,547 16,598,015 19,061,052 -42 19,061,010 Revenue from assets assigned to concessions - 813,721 221 813,942 1 813,943 Other 96,104 101,920 565,192 763,216 12,595 775,811 1,919,594 1,555,188 17,163,428 20,638,210 12,554 20,650,764 Thousand Euros Dec 2021 Reported Operating Segments Client Renewables Networks Solutions & Energy Managt. Total Other Segments Group Energy and access 1,286,677 1,343,149 11,144,770 13,774,596 -7 13,774,589 Revenue from assets assigned to concessions - 709,029 24 709,053 -1 709,052 Other 65,089 122,865 294,181 482,135 17,133 499,268 1,351,766 2,175,043 11,438,975 14,965,784 17,125 14,982,909 The segment \"Client Solutions & Energy Management\" includes sales of renewable energy, hydro and wind, carried out by EDP SA's energy management business unit, as part of its intermediation activity. 51. Operating segments In accordance with IFRS 8, an operating segment is a Group component: (i) that engages in business activities from which it may earn revenues and incur expenses; (ii) whose operating results are reviewed regularly by the Group's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance; and (iii) for which discrete financial information is available. The Group develops a set of regulated and liberalised activities in the energy sector, with special emphasis in generation, distribution and supply of electricity. The Executive Board of Directors regularly reviews segmental reports, using Operating Profit to assess and release each business operating performance, as well as to allocate resources. The Renewables segment corresponds to the activity of generation of electricity from renewable sources, mainly hydro, wind and solar. This segment includes, but not limited to, the following companies: \u2022 EDP - Gest\u00e3o da Produ\u00e7\u00e3o de Energia, S.A. (hydro activity); \u2022 EDP Espa\u00f1a, S.A.U. (hydro activity); \u2022 EDP Renov\u00e1veis, S.A. and all subsidiaries of the EDPR Group; \u2022 Enerpeixe, S.A.; \u2022 Investco, S.A.; \u2022 Lajeado Energia, S.A. The Networks segment corresponds to the activities of electricity distribution and transmission. This segment includes, but not limited to, the following companies: \u2022 E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A.; \u2022 Electra de Llobregat Energ\u00eda, S.L.; \u2022 Hidrocant\u00e1brico Distribucion El\u00e9ctrica, S.A.U.; \u2022 Viesgo Distribuci\u00f3n El\u00e9ctrica, S.L.; \u2022 Barras El\u00e9ctricas Galaico-Asturianas, S.A.; \u2022 EDP Esp\u00edrito Santo Distribui\u00e7\u00e3o de Energia S.A.; \u2022 EDP S\u00e3o Paulo Distribui\u00e7\u00e3o de Energia S.A.; \u2022 EDP Transmiss\u00e3o, S.A.; \u2022 EDP Transmiss\u00e3o Alian\u00e7a SC, S.A.; \u2022 EDP Transmiss\u00e3o SP-MG, S.A. The Client Solutions & Energy Management segment includes the following activities: generation of electricity from non-renewable sources, mainly coal and gas; electricity and gas supply, including last resort suppliers and related energy solutions services to clients; and energy management businesses responsible for management of purchases and sales of energy in iberian and brazilian markets, and also for the related hedging transactions. This segment includes, but not limited to, the following companies: \u2022 EDP - Gest\u00e3o da Produ\u00e7\u00e3o de Energia, S.A. (thermal activity); \u2022 EDP Espa\u00f1a, S.A.U. (thermal and intermediation activities); \u2022 UNGE - Unidade de Neg\u00f3cio de Gest\u00e3o de Energia Ib\u00e9rica (EDP, S.A.); \u2022 Porto do Pec\u00e9m Gera\u00e7\u00e3o de Energia, S.A.; \u2022 EDP Comercial - Comercializa\u00e7\u00e3o de Energia, S.A.; \u2022 EDP Trading Comercializa\u00e7\u00e3o e Servi\u00e7os de Energia, S.A.; \u2022 SU Eletricidade, S.A.; \u2022 EDP G\u00e1s Servi\u00e7o Universal, S.A. Segment Definition The amounts reported in each operating segment result from the aggregation of the subsidiaries and business units defined in each segment perimeter and the elimination of transactions between companies of the same segment. The statement of financial position captions of each subsidiary and business unit, as well as income statement captions for each operating segment, are determined based on the amounts booked directly in the companies that compose the segment, including the elimination of balances between companies of the same segment, and excluding the allocation in the segments of the adjustments between segments. In each business segment, Assets include the Property, Plant and Equipment, Right-of-use assets, Intangible Assets and Goodwill. The remaining assets are presented in the \"Reconciliation of information between Operating Segments and Financial Statements\". Under IFRS 8, the EDP Group discloses as Operating investment, additions in non-current assets, except for financial instruments, deferred tax assets and post-employment benefit assets. Therefore, in each business segment, the Operating Investment caption includes increases in Property, Plant and Equipment; Intangible Assets and Amounts receivable from concessions - IFRIC 12 under the financial asset model, excluding CO2 licenses, net of increases in Government grants, customers contributions for investment and sales of properties in the period. Goodwill is disclosed in note 19. In consolidated financial statements, Joint Ventures and associated companies are accounted under the equity method, in accordance with the Group accounting policy disclose in note 2. These equity accounted investees are disclosed by business segment under IFRS 8 and presented in the business segment correspondent to its operating activity. DP Group Operating Segments Information as at 31 December 2022 Client Solutions Renewables Networks & Energy Total Thousand Euros Management Segments Revenues from energy sales and services and other 3,646,510 4,054,001 17,080,255 24,780,766 Revenues inter-segments 1,726,916 2,498,813 -83,173 4,142,556 Revenues from third parties 1,919,594 1,555,188 17,163,428 20,638,210 Gross Profit 2,640,428 2,348,777 1,136,160 6,125,365 Other income 786,561 75,354 30,027 891,942 Supplies and services -484,296 -364,496 -333,957 -1,182,749 Personnel costs and employee benefits -285,808 -202,921 -151,271 -640,000 Other costs -316,330 -323,523 -161,594 -801,447 Impairment losses on trade receivables and debtors -2,550 -27,810 -29,876 -60,236 Joint ventures and associates 189,579 318 -3,456 186,441 Gross Operating Profit 2,527,584 1,505,699 486,033 4,519,316 Provisions 6,194 -2,038 -16,832 -12,676 Amortisation and impairment -935,093 -519,270 -484,241 -1,938,604 Operating Profit 1,598,685 984,391 -15,040 2,568,036 Assets 26,863,102 6,374,655 1,753,779 34,991,536 Financial assets - Investments in joint ventures and associates 1,429,902 248 11,154 1,441,304 Operating Investment 3,485,499 837,889 164,866 4,488,254 Thousand Euros 24,780,766 Revenues from energy sales and services and others from Other Segments 262,292 Adjustments and Inter-segments eliminations* -4,392,294 20,650,764 6,125,365 Gross Profit from Other Segments 260,865 Adjustments and Inter-segments eliminations* -265,179 Total Gross Profit of EDP Group 6,121,051 4,519,316 Gross Operating Profit from Other Segments 25,870 Adjustments and Inter-segments eliminations* -21,647 Total Gross Operating Profit of EDP Group 4,523,539 Total Operating Profit of Reported Segments 2,568,036 Operating Profit from Other Segments -26,656 Adjustments and Inter-segments eliminations* -11,387 Total Operating Profit of EDP Group 2,529,993 Total Assets of Reported Segments 34,991,536 Assets Not Allocated 23,220,360 Financial Assets 5,271,624 Trade Receivables and Other Debtors 8,660,346 Inventories 1,256,300 Tax Assets 2,708,492 Other Assets 5,323,598 Assets from Other Segments 649,050 Inter-segments assets eliminations* -44,535 Total Assets of EDP Group 58,816,411 1,441,304 164,439 1,605,743 Total Operating Investment of Reported Segments 4,488,254 Operating Investment from Other Segments 70,033 Total Operating Investment of EDP Group 4,558,287 Dismantling/discomission of PP&E 9,841 Emission of CO2 Licenses 467,690 Concession Rights - IFRIC 12 ** -624,732 Investment Grants -5,877 Other Investments 30,566 Total Fixed Assets additions of EDP Group (Notes 16 and 18) 4,435,775 Total of Reported Segments Other Segments Adjustments and Inter-segments eliminations* Total of EDP Group Other income 891,942 59,339 -23,831 927,450 Supplies and services -1,182,749 -180,940 260,021 -1,103,668 Personnel costs and employee benefits -640,000 -133,244 2,444 -770,800 Other costs -801,447 -32,735 4,458 -829,724 Impairment losses on trade receivables and debtors -60,236 37 - -60,199 Equity method in joint ventures and associates 186,441 52,548 440 239,429 Provisions -12,676 -1,863 - -14,539 Amortisation and impairment -1,938,604 -50,663 10,260 -1,979,007 * Mainly related with intragroup balances and transactions eliminations. ** See Note 26 - Debtors and Other Assets from Commercial Activities Total Revenues from energy sales and services and other of Reported Segments Total Revenues from energy sales and services and other of EDP Group Total Equity accounted Investments in joint ventures andassociates of Reported Segments Equity accounted Investments in joint ventures and associates from Other Segments Total Equity accounted Investments in joint ventures and associates of EDP Group Total Gross Profit of Reported Segments Total Gross Operating Profit of Reported Segments Reconciliation of information between Operating Segments and Financial Statements for 31 December 2022 36EDP Group Operating Segments Information as at 31 December 2021 * Client Solutions Renewables Networks & Energy Total Thousand Euros Management Segments Revenues from energy sales and services and other 2,845,315 3,947,159 11,294,666 18,087,140 Revenues inter-segments 1,493,549 1,772,116 -144,309 3,121,356 Revenues from third parties 1,351,766 2,175,043 11,438,975 14,965,784 Gross Profit 2,245,402 2,070,887 594,823 4,911,112 Other income 856,810 109,693 38,504 1,005,007 Supplies and services -379,295 -324,133 -249,578 -953,006 Personnel costs and employee benefits -217,149 -202,214 -127,249 -546,612 Other costs -258,634 -308,113 -142,394 -709,141 Impairment losses on trade receivables and debtors 380 -19,258 -13,926 -32,804 Joint ventures and associates 46,292 256 22,103 68,651 Gross Operating Profit 2,293,807 1,327,118 122,283 3,743,208 Provisions -49,843 -7,145 -1,506 -58,494 Amortisation and impairment -787,402 -483,824 -424,230 -1,695,456 Operating Profit 1,456,561 836,148 -303,453 1,989,256 Assets 21,653,930 6,162,596 2,131,237 29,947,763 Financial assets - Investments in joint ventures and associates Assets 1,084,193 190 15,677 1,100,060 Operating Investment 2,559,932 749,314 100,291 3,409,537 Integrated Annual Report 2022 Financial Statements and Notes Thousand Euros 18,087,140 Revenues from energy sales and services and others from Other Segments 236,881 Adjustments and Inter-segments eliminations* -3,341,112 14,982,909 Total Gross Profit of Reported Segments 4,911,112 Gross Profit from Other Segments 235,344 Adjustments and Inter-segments eliminations* -239,294 Total Gross Profit of EDP Group 4,907,162 3,743,208 Gross Operating Profit from Other Segments * 993 Adjustments and Inter-segments eliminations* -21,151 Total Gross Operating Profit of EDP Group 3,723,050 Total Operating Profit of Reported Segments 1,989,256 Operating Profit from Other Segments -47,629 Adjustments and Inter-segments eliminations* -10,842 Total Operating Profit of EDP Group 1,930,785 Total Assets of Reported Segments 29,947,763 Assets Not Allocated 20,400,557 Financial Assets 4,163,217 Trade Receivables and Other Debtors 8,596,510 Inventories 733,381 Tax Assets 2,234,780 Other Assets 4,672,669 Assets from Other Segments 703,191 Inter-segments assets eliminations* -57,359 Total Assets of EDP Group 50,994,152 associates of Reported Segments 1,100,060 250,385 1,350,445 Total Operating Investment of Reported Segments 3,409,537 Operating Investment from Other Segments 83,342 Total Operating Investment of EDP Group 3,492,879 Discomission of Property, plant and equipment 29,525 Emission of CO2 Licenses 417,399 Concession Rights - IFRIC 12 ** -588,620 Investment Grants -132 Other Investments 50,434 Total Fixed Assets additions of EDP Group 3,401,485 Total of Reported Segments Other Segments Adjustments and Inter-segments eliminations* Total of EDP Group Other income 1,005,007 40,654 -21,673 1,023,988 Supplies and services -953,006 -164,092 228,144 -888,954 Personnel costs and employee benefits -546,612 -123,350 3,503 -666,459 Other costs -709,141 -26,993 8,169 -727,965 Impairment losses on trade receivables and debtors -32,804 -25 1 -32,828 Joint ventures and associates 68,651 39,455 - 108,106 Provisions -58,494 -2,016 - -60,510 Amortisation and impairment -1,695,456 -46,606 10,307 -1,731,755 ",
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},
"f31562": {
"value": "7. Revenues and cost of Energy Sales and Services and Other Under the terms of concession contracts of EDP Group to which IFRIC 12 is applicable, the construction activities are outsourced to external specialised entities. The revenue and the expenditure with the acquisition of these assets are as follows: Thousand Euros Group Dec 2022 Dec 2021 Revenue from assets assigned to concessions 813,943 709,052 Expenditure with assets assigned to concessions Subcontracts and other materials -550,833 -456,112 Personnel costs capitalised (see note 10) -75,779 -75,706 Capitalised borrowing costs (see note 13) -4,442 -57,816 -631,054 -589,634 Revenue from assets assigned to concessions include 548,829 thousand Euros (31 December 2021: 424,545) relative to electricity distribution concessions in Portugal and in Brazil resulting from the application of the mixed model. Additionally, it also includes the revenue related to the asset to be received by EDP Group under the transmission concessions in Brazil (see note 26). 11. Other expenses Other Expenses are as follows: Thousand Euros Group Dec 2022 Dec 2021* Concession rents paid to local authorities and others 286,968 281,209 Direct and indirect taxes 374,965 300,326 Donations 21,570 21,219 Write-off of tangible assets 40,591 31,195 Other 105,630 94,016 829,724 727,965 * Includes restatement originated by changing the classification of the Social Tariff Costs as described in note 2aThe caption Concession rents paid to local authorities and others includes essentially the rents paid to the local authorities under the terms of the low tension electricity distribution concession contracts and rents paid to city councils where the power plants are located. 18. Intangible assets This caption is as follows, for the Group: Thousand Euros Concession rights CO2 Licenses Other intangibles Intangible assets in progress Total Gross amount 12,375,147 213,938 2,161,821 203,996 14,954,902 Accumulated amortisation and impairment losses 9,444,968 - 752,441 - 10,197,409 Carrying Amount at 31 December 2021* 2,930,179 213,938 1,409,380 203,996 4,757,493 Gross amount 12,799,654 25,551 2,491,561 235,380 15,552,146 Accumulated amortisation and impairment losses 9,723,336 - 844,808 - 10,568,144 Carrying Amount at 31 December 2022 3,076,318 25,551 1,646,753 235,380 4,984,002 Balance as at 1 January 2021* 3,064,184 198,555 1,416,986 169,842 4,849,567 Additions* 972 417,398 6,562 121,711 546,643 Amortisation and impairment (see note 12) -362,813 - -86,549 - -449,362 Disposals/Write-offs -4,828 -402,015 -1,282 -519 -408,644 Transfers 205,084 - 71,648 -79,476 197,256 Exchange Difference* 4,195 - 4,538 340 9,073 Perimeter Variations 23,385 - -2,523 -7,902 12,960 Balance as at 31 December 2021* 2,930,179 213,938 1,409,380 203,996 4,757,493 Additions 2,555 467,690 6,456 147,119 623,820 Amortisation and impairment (see note 12) -411,600 - -103,368 - -514,968 Disposals/Write-offs -6,970 -656,077 -47 -1,316 -664,410 Transfers 313,069 - 133,062 -139,971 306,160 Exchange Difference 41,489 - 2,550 1,945 45,984 Perimeter Variations and Other 207,596 - 198,720 23,607 429,923 Balance as at 31 December 2022 3,076,318 25,551 1,646,753 235,380 4,984,002 * Includes restatement originated by the change in the classification of Green Certificates as described in note 2a). 26. Debtors and other assets from commercial activities At Group level, Debtors and other assets from commercial activities are as follows: Thousand Euros Non-Current Current Dec 2022 Dec 2021 Dec 2022 Dec 2021 Assets measured at amortised cost: Amounts receivable from tariff adjustments - Electricity - Portugal 441,035 7,328 13,825 62,755 Amounts receivable from tariff adjustments - Electricity - Brazil (see note 38) 12,883 124,604 14,310 101,928 Debtors for other goods and services - - 67,521 39,134 Amounts receivable relating to CMEC 353,619 432,293 249,856 225,441 Amounts receivable from concessions - IFRIC 12 846,875 275,782 1,120,064 933,106 Other assets measured at amortised cost 214,071 118,955 318,137 404,138 Impairment losses on other assets measured at amortised cost Trade receivables at amortised cost: Trade receivables -82 -71 -3,024 -2,370 1,868,401 958,891 1,780,689 1,764,132 108,415 32,856 1,797,683 1,939,214 Impairment losses on trade receivables Assets measured at fair value through other comprehensive income: Amounts receivable from tariff adjustments - Electricity - Portugal -8,810 -3,225 -259,025 -232,100 99,605 29,631 1,538,658 1,707,114 23 483 1,141 563,563 Assets measured at fair value through profit or loss: Amounts receivable from concessions - IFRIC 12 1,012,104 693,785 - - Contract assets: Contract assets receivable from energy sales contracts 4 617 1,452,371 1,729,885 Contract assets receivable from concessions - IFRIC 12 Other assets: Incremental costs of obtaining contracts with customers 729,520 921,412 - - 729,524 922,029 1,452,371 1,729,885 32,219 34,130 7,677 - Other assets from commercial activities 30,250 29,557 107,684 163,310 62,469 63,687 115,361 163,310 3,772,126 2,668,506 4,888,220 5,928,004 The movement of the period in the captions Amounts receivable from concessions - IFRIC 12 and Contract assets receivable from concessions - IFRIC 12 is as follows: Amounts Contract Thousand Euros receivable assets Balance as at 31 December 2021 1,902,673 921,412 Investments of the period - 624,732 Transfer to intangible assets (see note 18) - -306,160 Transfer between Amounts receivable and Contract assets 752,020 -752,020 Exchange differences 91,747 107,624 Perimeter variations and others 232,603 133,932 Balance as at 31 December 2022 2,979,043 729,520 The Perimeter variations and others in the caption Amounts receivable from concessions - IFRIC 12 includes the impact of the acquisition of EDP Goi\u00e1s in the amount of 205,376 thousand Euros (see notes 6 and 49). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfServiceConcessionArrangementsExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f31906": {
"value": "8. Other income Other income, for the Group, are as follows: Thousand Euros Group Dec 2022 Dec 2021 Income arising from institutional partnerships (see note 37) 233,505 177,205 Gains on disposals - electricity business assets - Asset Rotation 411,372 586,988 Gains from contractual indemnities and insurance companies 71,537 39,956 Other 211,036 219,839 927,450 1,023,988 Income arising from institutional partnerships relates to income arising from production and investment tax credits (PTC/ITC), mostly from accelerated tax depreciation, regarding wind farms and solar plants in North America (see note 37). The caption Gains on disposals - electricity business assets - Asset Rotation corresponds to gains from asset rotation strategy. This strategy aimed at crystallizing the value of a project by selling with loss of control, and reinvesting the proceeds in another projects, targeting greater growth. As at 31 December 2022, the caption includes: i) the gain in the amount of 42,596 thousand Euros resulting from the sale of two companies 100% owned by EDP Renovables Espa\u00f1a, S.L.U (see note 6); ii) a gain of 51,982 thousand Euros, resulting from the sale of six companies fully owned by EDP Renewables Polska, Sp. z o.o. (see note 6); iii) a gain in the amount of 168,568 thousand Euros resulting from the sale of seven companies owned by EDP Renewables Italia Holding S.R.L. (see note 6); iv) a gain of 119,085 thousand Euros, resulting from the sale of eleven companies fully owned by EDP Renov\u00e1veis Brasil S.A. (see note 6); and v) a gain in the amount of 15,791 thousand Euros resulting from the sale of one company owned by EDP Renewables North America LLC (see note 6). The caption Other includes gains on: i) reinsurance activity; ii) gains on the sale of property, plant and equipment; iii) changes in fair value of contingent prices of sales transactions; and iv) gain of 23 million Euros resulting from a favorable decision by the Regional Economic- Administrative Court of the Principality of Asturias in favor of EDP Espa\u00f1a relating to the fee for the use of the public hydric domain called \"Canon hidr\u00e1ulico\". 11. Other expenses Other Expenses are as follows: Thousand Euros Group Dec 2022 Dec 2021* Concession rents paid to local authorities and others 286,968 281,209 Direct and indirect taxes 374,965 300,326 Donations 21,570 21,219 Write-off of tangible assets 40,591 31,195 Other 105,630 94,016 829,724 727,965 * Includes restatement originated by changing the classification of the Social Tariff Costs as described in note 2a) The caption Concession rents paid to local authorities and others includes essentially the rents paid to the local authorities under the terms of the low tension electricity distribution concession contracts and rents paid to city councils where the power plants are located. The increase in the caption Direct and indirect taxes essentially results from the new taxes on generation in Spain, as a result of the legislation issued in September 2021 to reduce the impact of the high price of gas on the sale price of generation and the regulatory changes in Spain regard to the Social Tariff in 2022 and in Romania and Poland regarding to Windfall taxes in 2022. The caption \"Write-off\" of tangible fixed assets includes, essentially, the write-off of tangible fixed assets resulting from losses in materials and equipment in Brasil and the abandonment of the renewable projects in Europe and North America. The caption Other includes, essentially: i) losses on the reinsurance activity; and ii) losses on the sale of property, plant and equipment. It also includes, in 2022, a loss of 9,387 thousand Euros related to the sale of the stake in Energest, S.A. (see note 6) and the amount of 5,815 thousand Euros related to changes in the fair value of the contingent prices, related to operations carried out in previous years. ",
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"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f31907": {
"value": "8. Other income Other income, for the Group, are as follows: Thousand Euros Group Dec 2022 Dec 2021 Income arising from institutional partnerships (see note 37) 233,505 177,205 Gains on disposals - electricity business assets - Asset Rotation 411,372 586,988 Gains from contractual indemnities and insurance companies 71,537 39,956 Other 211,036 219,839 927,450 1,023,988 Income arising from institutional partnerships relates to income arising from production and investment tax credits (PTC/ITC), mostly from accelerated tax depreciation, regarding wind farms and solar plants in North America (see note 37). The caption Gains on disposals - electricity business assets - Asset Rotation corresponds to gains from asset rotation strategy. This strategy aimed at crystallizing the value of a project by selling with loss of control, and reinvesting the proceeds in another projects, targeting greater growth. As at 31 December 2022, the caption includes: i) the gain in the amount of 42,596 thousand Euros resulting from the sale of two companies 100% owned by EDP Renovables Espa\u00f1a, S.L.U (see note 6); ii) a gain of 51,982 thousand Euros, resulting from the sale of six companies fully owned by EDP Renewables Polska, Sp. z o.o. (see note 6); iii) a gain in the amount of 168,568 thousand Euros resulting from the sale of seven companies owned by EDP Renewables Italia Holding S.R.L. (see note 6); iv) a gain of 119,085 thousand Euros, resulting from the sale of eleven companies fully owned by EDP Renov\u00e1veis Brasil S.A. (see note 6); and v) a gain in the amount of 15,791 thousand Euros resulting from the sale of one company owned by EDP Renewables North America LLC (see note 6). The caption Other includes gains on: i) reinsurance activity; ii) gains on the sale of property, plant and equipment; iii) changes in fair value of contingent prices of sales transactions; and iv) gain of 23 million Euros resulting from a favorable decision by the Regional Economic- Administrative Court of the Principality of Asturias in favor of EDP Espa\u00f1a relating to the fee for the use of the public hydric domain called \"Canon hidr\u00e1ulico\". ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f31908": {
"value": "8. Other income Other income, for the Group, are as follows: Thousand Euros Group Dec 2022 Dec 2021 Income arising from institutional partnerships (see note 37) 233,505 177,205 Gains on disposals - electricity business assets - Asset Rotation 411,372 586,988 Gains from contractual indemnities and insurance companies 71,537 39,956 Other 211,036 219,839 927,450 1,023,988 The caption Gains on disposals - electricity business assets - Asset Rotation corresponds to gains from asset rotation strategy. This strategy aimed at crystallizing the value of a project by selling with loss of control, and reinvesting the proceeds in another projects, targeting greater growth. As at 31 December 2022, the caption includes: i) the gain in the amount of 42,596 thousand Euros resulting from the sale of two companies 100% owned by EDP Renovables Espa\u00f1a, S.L.U (see note 6); ii) a gain of 51,982 thousand Euros, resulting from the sale of six companies fully owned by EDP Renewables Polska, Sp. z o.o. (see note 6); iii) a gain in the amount of 168,568 thousand Euros resulting from the sale of seven companies owned by EDP Renewables Italia Holding S.R.L. (see note 6); iv) a gain of 119,085 thousand Euros, resulting from the sale of eleven companies fully owned by EDP Renov\u00e1veis Brasil S.A. (see note 6); and v) a gain in the amount of 15,791 thousand Euros resulting from the sale of one company owned by EDP Renewables North America LLC (see note 6). 41. Non-Current assets and liabilities held for sale The criteria for classifying assets and liabilities as held for sale, as well as their presentation in EDP Group\u2019s consolidated financial statements, are described in the Group's accounting policies (see note 2 t)). This caption is as follows: Thousand Euros Group Dec 2022 Dec 2021 Assets held for sale Electricity generation assets - Offshore wind - 25,111 Electricity generation assets - Onshore wind (Spain and Poland) - 455,813 Electricity generation assets - Hydro Brazil - 219,867 Electricity generation assets - Joint Ventures 92,702 - Electricity generation assets - Onshore wind - other 9,198 - Liabilities held for sale Electricity generation assets - Onshore wind (Spain and Poland) 101,900 700,791 - 62,345 Electricity generation assets - Hydro Brazil - 25,720 - 88,065 101,900 612,726 The assets and liabilities associated with Moray West Holdings Limited were classified as non-current assets and liabilities held for sale under the sale plan that the EDPR Group has entered into in the past. During the fourth quarter of 2022, EDPR Group announced the closing of this transaction (see note 6). During the Year of 2021, EDPR Group, as part of its asset rotation program, started the process of selling onshore wind portfolios in Europe (Spain and Poland). Assets and liabilities associated with these portfolios were presented in non-current assets and liabilities held for sale. During the second quarter of 2022, EDPR Group announced the closing of these transactions (see note 6). During the last quarter of 2021, the EDP Brasil Group started a structured process for the sale of three hydro assets: Companhia Energ\u00e9tica do Jari \u2013 CEJA, Empresa de Energia Cachoeira Caldeir\u00e3o S.A. and Energest S.A. Assets and liabilities associated with this portfolio was presented in non-current assets and liabilities held for sale. The negotiations with potential investors in the selling of Companhia Energ\u00e9tica do Jari \u2013 CEJA and Empresa de Energia Cachoeira Caldeir\u00e3o S.A. were not successful, so these assets are no longer presented as held for sale in the third quarter of 2022. In August 2022 EDPB has entered into a sale agreement with VH GSEO UK Holdings Limited, a subsidiary of Victory Hill Global Sustainable Energy Opportunities, for the total disposal of Energest S.A., the owner of Mascarenhas Hydro Power Plant. During the fourth quarter of 2022, EDPB announced the closing of this transaction (see note 6). During the second quarter of 2022, EDPR Group, as part of its asset rotation program, started the process of selling an onshore wind portfolio in Italy. Assets and liabilities associated with these portfolios were presented in non-current assets and liabilities held for sale. During the third quarter of 2022, EDPR Group announced the closing of this transaction (see note 6). During the second quarter of 2022, EDP Group started the process of selling Hydro Global. The asset associated with this investment was presented in non-current assets held for sale. During the fourth quarter of 2022, EDP Group announced the closing of this transaction (see note 6). During the third quarter of 2022, EDPR Group, as part of its asset rotation program, started the process of selling an onshore wind portfolio in Brazil. Assets and liabilities associated with this portfolio were presented in non-current assets and liabilities held for sale. In January 2023, the EDPR Group concluded the sale of this portfolio, and the conditions precedent of the transaction were verified on 31 December 2022 and such its assets and liabilities were derecognized on that date (see notes 6 and 46). During the fourth quarter of 2022, EDP Group started the process of selling an electricity production joint ventures. The asset associated with this investment was presented in non-current assets held for sale. As at 31 December 2022 the following reclassifications were made to held for sale: Thousand Euros Other Segments Joint Ventures Renewables Onshore wind Total Assets Property, plant and equipment (see note 16) - -9,198 -9,198 Investments in joint ventures and associates (see note 21) -92,702 - -92,702 Assets Held for Sale 92,702 9,198 101,900 - - - These reclassifications were made only for financial statement presentation purposes, without impact on the measurement of these assets and liabilities, as it is expected that the fair value less costs to sell is higher than its book value, in accordance with IFRS 5. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f31909": {
"value": "8. Other income Other income, for the Group, are as follows: Thousand Euros Group Dec 2022 Dec 2021 Income arising from institutional partnerships (see note 37) 233,505 177,205 Gains on disposals - electricity business assets - Asset Rotation 411,372 586,988 Gains from contractual indemnities and insurance companies 71,537 39,956 Other 211,036 219,839 927,450 1,023,988 The caption Gains on disposals - electricity business assets - Asset Rotation corresponds to gains from asset rotation strategy. This strategy aimed at crystallizing the value of a project by selling with loss of control, and reinvesting the proceeds in another projects, targeting greater growth. As at 31 December 2022, the caption includes: i) the gain in the amount of 42,596 thousand Euros resulting from the sale of two companies 100% owned by EDP Renovables Espa\u00f1a, S.L.U (see note 6); ii) a gain of 51,982 thousand Euros, resulting from the sale of six companies fully owned by EDP Renewables Polska, Sp. z o.o. (see note 6); iii) a gain in the amount of 168,568 thousand Euros resulting from the sale of seven companies owned by EDP Renewables Italia Holding S.R.L. (see note 6); iv) a gain of 119,085 thousand Euros, resulting from the sale of eleven companies fully owned by EDP Renov\u00e1veis Brasil S.A. (see note 6); and v) a gain in the amount of 15,791 thousand Euros resulting from the sale of one company owned by EDP Renewables North America LLC (see note 6). 41. Non-Current assets and liabilities held for sale The criteria for classifying assets and liabilities as held for sale, as well as their presentation in EDP Group\u2019s consolidated financial statements, are described in the Group's accounting policies (see note 2 t)). This caption is as follows: Thousand Euros Group Dec 2022 Dec 2021 Assets held for sale Electricity generation assets - Offshore wind - 25,111 Electricity generation assets - Onshore wind (Spain and Poland) - 455,813 Electricity generation assets - Hydro Brazil - 219,867 Electricity generation assets - Joint Ventures 92,702 - Electricity generation assets - Onshore wind - other 9,198 - Liabilities held for sale Electricity generation assets - Onshore wind (Spain and Poland) 101,900 700,791 - 62,345 Electricity generation assets - Hydro Brazil - 25,720 - 88,065 101,900 612,726 The assets and liabilities associated with Moray West Holdings Limited were classified as non-current assets and liabilities held for sale under the sale plan that the EDPR Group has entered into in the past. During the fourth quarter of 2022, EDPR Group announced the closing of this transaction (see note 6). During the Year of 2021, EDPR Group, as part of its asset rotation program, started the process of selling onshore wind portfolios in Europe (Spain and Poland). Assets and liabilities associated with these portfolios were presented in non-current assets and liabilities held for sale. During the second quarter of 2022, EDPR Group announced the closing of these transactions (see note 6). During the last quarter of 2021, the EDP Brasil Group started a structured process for the sale of three hydro assets: Companhia Energ\u00e9tica do Jari \u2013 CEJA, Empresa de Energia Cachoeira Caldeir\u00e3o S.A. and Energest S.A. Assets and liabilities associated with this portfolio was presented in non-current assets and liabilities held for sale. The negotiations with potential investors in the selling of Companhia Energ\u00e9tica do Jari \u2013 CEJA and Empresa de Energia Cachoeira Caldeir\u00e3o S.A. were not successful, so these assets are no longer presented as held for sale in the third quarter of 2022. In August 2022 EDPB has entered into a sale agreement with VH GSEO UK Holdings Limited, a subsidiary of Victory Hill Global Sustainable Energy Opportunities, for the total disposal of Energest S.A., the owner of Mascarenhas Hydro Power Plant. During the fourth quarter of 2022, EDPB announced the closing of this transaction (see note 6). During the second quarter of 2022, EDPR Group, as part of its asset rotation program, started the process of selling an onshore wind portfolio in Italy. Assets and liabilities associated with these portfolios were presented in non-current assets and liabilities held for sale. During the third quarter of 2022, EDPR Group announced the closing of this transaction (see note 6). During the second quarter of 2022, EDP Group started the process of selling Hydro Global. The asset associated with this investment was presented in non-current assets held for sale. During the fourth quarter of 2022, EDP Group announced the closing of this transaction (see note 6). During the third quarter of 2022, EDPR Group, as part of its asset rotation program, started the process of selling an onshore wind portfolio in Brazil. Assets and liabilities associated with this portfolio were presented in non-current assets and liabilities held for sale. In January 2023, the EDPR Group concluded the sale of this portfolio, and the conditions precedent of the transaction were verified on 31 December 2022 and such its assets and liabilities were derecognized on that date (see notes 6 and 46). During the fourth quarter of 2022, EDP Group started the process of selling an electricity production joint ventures. The asset associated with this investment was presented in non-current assets held for sale. As at 31 December 2022 the following reclassifications were made to held for sale: Thousand Euros Other Segments Joint Ventures Renewables Onshore wind Total Assets Property, plant and equipment (see note 16) - -9,198 -9,198 Investments in joint ventures and associates (see note 21) -92,702 - -92,702 Assets Held for Sale 92,702 9,198 101,900 - - - These reclassifications were made only for financial statement presentation purposes, without impact on the measurement of these assets and liabilities, as it is expected that the fair value less costs to sell is higher than its book value, in accordance with IFRS 5. ",
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"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f31958": {
"value": "9. Supplies and services Supplies and services are as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Consumables and communications 34,182 29,114 6,470 6,262 Rents and leases 53,034 37,302 4,969 5,425 Maintenance and repairs 424,092 342,835 27,434 19,192 Specialised works: - Commercial activity 179,800 142,433 21 217 - IT services, legal and advisory fees 165,547 163,980 78,861 79,435 - Other services 88,658 61,439 32,928 28,282 Provided personnel - - 8,573 8,052 Other supplies and services 158,355 111,851 36,073 22,691 1,103,668 888,954 195,329 169,556 13. Financial income and expenses Financial income and expenses, for the Group, are as follows: Thousand Euros Group Dec 2022 Dec 2021 Financial income Interest income from bank deposits and other investments 80,689 15,097 Interest from derivative financial instruments 33,600 16,558 Interest income on tariff deficit: - Portugal - Electricity (see note 26) 111 2,733 - Brazil - Electricity (see note 38) 16,664 6,057 Other interest income 65,002 53,476 Derivative financial instruments 223,328 53,936 Foreign exchange gains 353,572 100,746 CMEC: - Interest on the initial CMEC 23,950 27,336 - Financial effect considered in the calculation 7,147 7,198 Other financial income 38,937 81,746 Financial expenses Interest expense on financial debt 843,000 364,883 705,812 523,928 Bonds buyback - 24,248 Capitalised borrowing costs: - Assigned to concessions (see note 7) -4,442 -57,816 - Other (see note 16) -41,405 -33,086 Interest from derivative financial instruments 134,765 33,411 Interest expense on tariff deficit: - Portugal - Electricity (see note 38) 4,484 53 - Brazil - Electricity (see note 38) 16,079 3,989 Other interest expense 40,063 22,435 Derivative financial instruments 259,167 106 Foreign exchange losses 356,958 126,165 CMEC 5,231 7,681 Unwinding of discounted liabilities 140,955 123,248 Unwinding of lease liabilities (see note 39) 46,146 39,511 Net interest on the net pensions plan liability (see note 35) 5,132 3,300 Net interest on the medical liabilities and other benefits (see note 35) 14,985 13,290 Other financial expenses 69,290 45,353 Financial income/(expenses) 1,753,220 875,816 -910,220 -510,933 17. Right-of-use assets This caption is as follows, for the Group: Thousand Euros Land and natural resources Buildings and other construct. Plant Other tangible assets Total Gross amount 746,422 261,627 167,316 10 117 1,185,482 Accumulated depreciation and impairment losses 77,730 64,317 30,552 5,854 178,453 Carrying Amount at 31 December 2021 668,692 197,310 136,764 4,263 1,007,029 Gross amount 1,100,839 281,251 216,509 13,698 1,612,297 Accumulated depreciation and impairment losses 116,678 88,379 79,114 7,856 292,027 Carrying Amount at 31 December 2022 984,161 192,872 137,395 5,842 1,320,270 Balance as at 1 January 2021 674,340 204,998 146,034 4,821 1,030,193 Additions (see note 39) 136,730 15,787 1,079 2,609 156,205 Depreciation and impairment (see note 12) -28,877 -24,042 -22,004 -2,717 -77,640 Disposals/Write-offs -210 -480 -1 -446 -1,137 Transfers -12,328 -32 -13 - -12,373 Exchange Difference 40,446 1,055 10,894 5 52,400 Perimeter Variations -141,409 24 775 -9 -140,619 Balance as at 31 December 2021 668,692 197,310 136,764 4,263 1,007,029 Additions 322,561 18,900 40,288 4,646 386,395 Depreciation and impairment (see note 12) -36,683 -25,339 -48,552 -2,806 -113,380 Disposals/Write-offs -1,250 -100 - -184 -1,534 Exchange Difference 23,807 2,132 10,611 -2 36,548 Perimeter Variations 7,034 -31 -1,716 -75 5,212 Balance as at 31 December 2022 984,161 192,872 137,395 5,842 1,320,270 This caption is as follows, for the Company: Thousand Euros Buildings and other construct. Other tangible assets Total Gross amount 117,334 676 118,010 Accumulated depreciation and impairment losses 15,993 387 16,380 Carrying Amount at 31 December 2021 101,341 289 101,630 Gross amount 117,433 594 118,027 Accumulated depreciation and impairment losses 20,878 304 21,182 Carrying Amount at 31 December 2022 96,555 290 96,845 Balance as at 1 January 2021 106,603 308 106,911 Additions 199 181 380 Depreciation and impairment (see note 12) -5,461 -200 -5,661 Balance as at 31 December 2021 101,341 289 101,630 Additions 311 223 534 Depreciation and impairment (see note 12) -4,997 -222 -5,219 Disposals/Write-offs -100 - -100 Balance as at 31 December 2022 96,555 290 96,845 Additions include, essentially, new lease contracts registered, under IFRS16, in North America and Europe. Perimeter Variations include an increase of 39.000 thousand Euros related with the acquisition of a solar distributed generation portfolio in Southeast Asia (see notes 6 and 49), a decrease of 9,705 thousand Euros due to the sale of an operating wind portfolio located in Italy and a decrease of 24,346 thousand Euros due to the sale of a solar portfolio in North America (see note 6). 39. Other liabilities and other payables Other liabilities and other payables are as follows: Thousand Euros Gr oup Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Other liabilities and other payables - Non-Current Liabilities measured at amortised cost: Loans from non-controlling interests 659,367 430,001 - - Lease Liabilities 1,252,000 951,751 139,728 143,737 Liabilities measured at fair value through profit or loss: Derivative financial instruments (see note 42) 2,701,116 1,523,949 2,013,300 1,618,247 Amounts payable and contingent prices for acquisitions/sales 152,614 126,484 30,134 62,014 Other Liabilities: Other creditors and sundry operations 394,399 7,790 - - Other liabilities and other payables - Current Liabilities measured at amortised cost: Loans from non-controlling interests 5,159,496 3,039,975 2,183,162 1,823,998 17,582 42,754 - - Dividends attributed to related companies 77,182 68,124 - - Group companies - - 3,857 3,630 Lease Liabilities 135,792 97,697 12,603 12,617 Liabilities measured at fair value through profit or loss: Derivative financial instruments (see note 42) 3,052,590 2,417,295 3,192,332 3,168,309 Amounts payable and contingent prices for acquisitions/sales 274,974 139,396 32,325 51,335 Other Liabilities: Other creditors and sundry operations 42,773 15,835 152,185 194,561 3,600,893 2,781,101 3,393,302 3,430,452 8,760,389 5,821,076 5,576,464 5,254,450 The movements in Lease Liabilities - Non Current and Current are as follows: Thousand Euros Dec 2022 Balance at the beginning of the period 1,049,448 Charge for the period 386,378 Unwinding of lease liabilities (see note 13) 46,146 Lease payments (principal and interests) -133,696 Exchange differences 38,978 Perimeter variations and other regularisations 538 Balance at the end of the period 1,387,792 Perimeter variations and other regularisations mainly include the increase resulting from the acquisition of a solar distributed generation portfolio in Southeast Asia and the reduction resulting from Indiana Crossroads Solar Park project in North America sale (see note 6). The nominal value of Lease Liabilities, by maturity, is as follows: Thousand Euros Dec 2022 Capital outstanding by maturity Total Less than 5 year From 5 to 10 years From 10 to 15 years More than 15 years Lease Liabilities 2,195,080 614,008 434,761 419,515 726,796 The caption Lease Liabilities, on a Company basis, includes lease contracts with EDP Pension and Medical and Death Subsidy Funds regarding the building units of Porto headquarters acquired by EDP Pension Fund in December 2015 and the Lisbon headquarters building given as an in- kind contribution to EDP Medical and Death Subsidy Fund in September 2017. These contracts were celebrated for a period of 25 years (see note 44). 43. Commitments In the Group, the commitments relating to future cash outflows not reflected in the measurement of the lease liabilities and purchase obligations are disclosed, by maturity, as follows: Thousand Euros Dec 2022 Capital outstanding by maturity Total Less than 1 year From 1 to 3 years From 3 to 5 years More than 5 years Future cash outflows not reflected in the measurement of the lease liabilities 72,957 14,036 20,992 7,946 29,983 Purchase obligations 30,758,869 8,279,232 4,910,939 3,151,817 14,416,881 30,831,826 8,293,268 4,931,931 3,159,763 14,446,864 Thousand Euros Dec 2021 Capital outstanding by maturity Total Less than 1 year From 1 to 3 years From 3 to 5 years More than 5 years Future cash outflows not reflected in the measurement of the lease liabilities 34,846 6,252 9,128 3,018 16,448 Purchase obligations 25,727,477 5,922,012 4,542,844 2,572,937 12,689,684 25,762,323 5,928,264 4,551,972 2,575,955 12,706,132 The Group\u2019s contractual commitments shown above relate essentially to agreements and commitments required for current business activities. Specifically, the majority of the commitments are established to guarantee adequate supply of energy to the customers in Europe, North America and Brazil and to comply with medium and long term investment objectives of the Group. As at 31 December 2022, there are commitments from future cash outflows not reflected in the measurement of the lease liabilities which refer to future rents of lease contracts already signed but not yet commenced. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f31959": {
"value": "9. Supplies and services Supplies and services are as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Consumables and communications 34,182 29,114 6,470 6,262 Rents and leases 53,034 37,302 4,969 5,425 Maintenance and repairs 424,092 342,835 27,434 19,192 Specialised works: - Commercial activity 179,800 142,433 21 217 - IT services, legal and advisory fees 165,547 163,980 78,861 79,435 - Other services 88,658 61,439 32,928 28,282 Provided personnel - - 8,573 8,052 Other supplies and services 158,355 111,851 36,073 22,691 1,103,668 888,954 195,329 169,556 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32017": {
"value": "10. Personnel costs and employee benefits Personnel costs and employee benefits are as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Personnel costs Board of Directors remuneration 17,379 16,424 5,597 5,758 Employees' remuneration 573,279 488,711 50,617 45,948 Social charges on remuneration 133,603 119,546 12,774 11,457 Performance, assiduity and seniority bonus 131,077 97,710 19,063 18,713 Other costs 31,746 21,350 2,496 1,503 Own work capitalised: - Assigned to concessions (see note 7) -75,779 -75,706 - - - Other (see note 16) -126,948 -93,494 -9,613 -9,360 Employee benefits Pension plans costs 684,357 574,541 80,934 74,019 24,175 20,636 1,656 1,486 Medical plans costs and other benefits (see note 35) 5,647 6,867 11 208 Pension plans past service cost (Curtailment/Plan amendments) (see note 35) 2,243 6,844 - - Other benefits plans past service cost (Curtailment/Plan amendments) (see note 35) 1,053 8,469 - - Other 53,325 49,102 5,495 4,939 86,443 91,918 7,162 6,633 770,800 666,459 88,096 80,652 Pension plans costs include 3,891 thousand Euros (31 December 2021: 5,221 thousand Euros) related to defined benefit plans (see note 35) and 20,284 thousand Euros (31 December 2021: 15,415 thousand Euros) related with defined contribution plans. During the first semester of 2022, EDP Group distributed treasury stocks to employees (736,991 shares) totaling 3,272 thousand Euros. The breakdown by management positions and category of professional staff is as follows: Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Executive Board of Directors 5 5 5 5 Senior management 386 962 68 113 Managers 1,323 865 62 18 Specialists 6,469 5,276 524 463 Support, Operational and Administrative Technicians 5,028 5,128 60 70 13,211 12,236 719 669 Variations compared to December 2021 include the impact resulting from the review of the internal organizational structure, which implied the creation of new segments. 27. Other debtors and other assets Other debtors and other assets are as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Debtors and other assets - Non-Current Assets measured at amortised cost: Loans to subsidiaries - - 1,141,944 1,703,778 Loans to related parties 186,885 173,267 90 90 Guarantees rendered to third parties 133,931 102,766 - - Other financial assets at amortised cost (i) 1,751 8,002 256,650 512,042 Assets measured at fair value through profit or loss: Derivative financial instruments (see note 42) 1,035,814 712,710 1,590,973 1,439,961 Contingent price 50,873 155,216 - - Other assets: Excess of the pension fund financing (see note 35) 92,694 13,268 410 42 Other debtors and sundry operations 422,562 675,918 90,078 89,654 Debtors and other assets - Current Assets measured at amortised cost: Loans to subsidiaries 1,924,510 1,841,147 3,080,145 3,745,567 - - 538,550 968,218 Loans to related parties 354,484 100,261 3,490 - Guarantees rendered to third parties 992,370 640,380 720,465 466,453 Subsidiary companies - - 229,858 249,800 Other financial assets at amortised cost (i) 7,386 16,171 260,639 280,060 Assets measured at fair value through profit or loss: Derivative financial instruments (see note 42) 1,539,884 1,640,616 2,449,615 3,852,144 Other financial investments measured at fair value 346 1,858 - - Contingent price 108,636 4,004 - - Other assets: Other debtors and sundry operations 368,689 407,565 23 - 3,371,795 2,810,855 4,202,640 5,816,675 5,296,305 4,652,002 7,282,785 9,562,242 35. Employee benefits Employee benefits are as follows: Thousand Euros Non-Current Current Dec 2022 Dec 2021 Dec 2022 Dec 2021 Provisions for pension liabilities 254,005 379,689 92,192 107,212 Provisions for medical liabilities and other benefits 390,294 560,577 34,575 72,322 644,299 940,266 126,767 179,534 The movement in Provisions for employee benefits liabilities for EDP Group is as follows: Thousand Euros Pensions Medical and Other Dec 2022 Dec 2021 Dec 2022 Dec 2021 Balance at the beginning of the period 486,901 629,608 632,899 712,696 Charge for the period 9,023 8,521 20,632 20,157 Past service cost (Curtailment/Plan amendments) 2,243 6,844 1,053 8,469 Actuarial (gains)/losses -114,692 460 -170,852 -53,502 Charge-off -112,802 -122,565 -38,595 -65,621 Fund contributions (see note 44) -6,188 - -34,560 -11,520 Surplus pension funding (see note 27) 76,082 -16,342 3,344 - Transfers, reclassifications and exchange differences 5,630 -19,625 10,948 22,220 Balance at the end of the period 346,197 486,901 424,869 632,899 The breakdown of actuarial gains and losses is as follows: Thousand Euros Pensions Medical and Other Dec 2022 Dec 2021 Dec 2022 Dec 2021 Actuarial gains and losses arising from: - changes in demographic assumptions 935 15,778 - 8,705 - changes in financial assumptions -178,265 -23,233 -220,306 -18,539 - experience adjustments -6,152 76,553 7,259 -5,019 Actuarial gains and losses arising from return on plan assets 64,462 -69,872 42,195 -38,649 Actuarial gains and losses of asset ceiling 4,328 1,234 - - -114,692 460 -170,852 -53,502 The components of the consolidated net cost of the pension plans recognised during the period are as follows: Thousand Euros Dec 2022 Portugal Spain Brazil Group Current service cost (see note 10) 3,870 181 -160 3,891 Past service cost (Curtailment/Plan amendments) (see note 10) 2,243 - - 2,243 Operational component 6,113 181 -160 6,134 Net interest on the net pensions plan liability (see note 13) 869 59 4,204 5,132 Financial component 869 59 4,204 5,132 6,982 240 4,044 11,266 Thousand Euros Dec 2021 Portugal Spain Brazil Group Current service cost (see note 10) 5,569 - -348 5,221 Past service cost (Curtailment/Plan amendments) (see note 10) 6,844 - - 6,844 Operational component 12,413 - -348 12,065 Net interest on the net pensions plan liability (see note 13) 563 1 2,736 3,300 Financial component 563 1 2,736 3,300 12,976 1 2,388 15,365 The components of the consolidated net cost of the medical and other benefits plans recognised during the period are as follows: Thousand Euros Dec 2022 Portugal Spain Brazil Group Current service cost (see note 10) 2,964 2,363 320 5,647 Past service cost (Curtailment/Plan amendments) (see note 10) 65 988 - 1,053 Operational component 3,029 3,351 320 6,700 Net interest on the net medical liabilities and other benefits (see note 13) 2,748 2,985 9,252 14,985 Financial component 2,748 2,985 9,252 14,985 5,777 6,336 9,572 21,685 Thousand Euros Dec 2021 Portugal Spain Brazil Group Current service cost (see note 10) 4,482 1,995 390 6,867 Past service cost (Curtailment/Plan amendments) (see note 10) 200 8,269 - 8,469 Operational component 4,682 10,264 390 15,336 Net interest on the net medical liabilities and other benefits (see note 13) 2,298 3,429 7,563 13,290 Financial component 2,298 3,429 7,563 13,290 6,980 13,693 7,953 28,626 In accordance with accounting policies - note 2 m), the EDP Group opted, upon transition to IFRS, to charge to reserves, the total amount of the deferred actuarial losses existing at that date, for the several employee benefits plans. The impact in reserves at 31 December 2004 amounted to 1,162,000 thousand Euros. In the following periods, actuarial gains and losses were recognised directly in reserves. As at 31 December 2022 gains of 285,544 thousand Euros (31 December 2021: gains of 53,042 thousand Euros). The weighted average duration of the defined benefit liabilities in Portugal is 10 years. Assumptions used to determine EDP Group liabilities related to employee benefits The following financial and actuarial assumptions used in the calculation of the liability for employees defined benefit plans, were updated considering the evolutions occurred in the financial markets during 2022 and 2021: Dec 2022 Dec 2021 Portugal Spain Brazil Portugal Spain Brazil Assumptions Discount rate 3.84% - 3.89% 3.30% 9.86% - 9.95% 0.70% - 0.90% 0.82% 7.57% - 8.77% Salary increase rate 5.35% (b) 2.00% 4.30% 2.30% (f) not applicable 4.05% Pension increase rate 4.30% (c) not applicable 3.50% 1.00% (g) not applicable 3.25% Social Security salary appreciation 4.30% (c) not applicable not applicable 1.70% not applicable not applicable Inflation rate 2.30% 2.00% 3.50% 1.70% 0.57% 3.25% Annual increase rate of medical service costs 2.30% 2.00% 9.71% (d) 1.70% 1.56% 9.45% (h) Estimated administrative expenses per beneficiary per year (Euros) 313\u20ac/year (e) not applicable not applicable 282 \u20ac/year (i) not applicable not applicable Mortality table TV99/01 (all population) PERM/F- 2000P AT-2000 / RP-2000 Geracional TV99/01 (all population) PERM/F- 2000P AT-2000 / RP-2000 Geracional Disability table 50%EKV 80 not applicable TASA 1927 / Wyatt 1985 Class 1 50%EKV 80 not applicable Muller / TASA 1927 Expected % of eligible employees accepting early retirement (a) 35% not applicable not applicable 35% not applicable not applicable (a) Employees entitled to early retirement, as stated in the Collective Labour Agreement: 37 years of service with at least 61 years of age or 40 years of service at any age; (b) 5.35% for 2023 and 2.55% for the remaining years; (c) 4.30% for 2023 and 2.30% for the remaining years; (d) 9.71% in the first year, decreasing linearly to 5.57% in 2031; (e) Increase according to the annual increase rate of medical service costs after 2023; (f) 2.30% for 2022 and 1.95% for the remaining years; (g) 1.00% for 2022 and 1.70% for the remaining years; (h) 9.45% in the first year, decreasing linearly to 5.32% in 2030; (i) Increase of 0.34% for 2023 and increase according to inflation after that date. The discount rates used for the EDP Group pension plan were selected based on an analysis of the rates of return available on the date for the high quality corporate bonds. Bonds with maturities and ratings considered appropriate were selected considering the amount and the periods that the benefits are expected to be paid. As at 31 December 2022 the amount of future benefits expected to be paid, related to the activity in Portugal, Spain and Brazil, is as follows: Thousand Euros Years Pensions Medical and Other Benefits Portugal Spain Brazil Total Portugal Spain Brazil Total 2023 144,614 1,233 19,178 165,025 34,904 21,242 7,633 63,779 2024 119,813 311 19,737 139,861 34,213 31,385 7,987 73,585 2025 100,249 222 20,350 120,821 34,390 11,762 8,394 54,546 2026 84,874 145 20,916 105,935 34,625 9,640 8,784 53,049 2027 and Following 347,283 167 137,723 485,173 208,444 130,821 60,712 399,977 In 2022, the benefits paid by the funds in Portugal amounted 76,654 thousand Euros (31 December 2021: 77,590 thousand Euros) and in Brazil amounted to 18,931 thousand Euros (31 December 2021: 13,850 thousand Euros). The contributions made to the Pension funds in Brazil amounted to 6,188 thousand Euros (31 December 2021: 1,640 thousand Euros), which were fully paid in cash. Following the decision and implementation of the autonomisation of the Medical Plan and Death Subsidy Plan in Portugal, EDP Group has made contributions of 34,560 thousand Euros in 2022 (31 December 2021: 11,520 thousand Euros). In the following years, until the end of 2027 and in the scenario where the liabilities associated with the mentioned plans are not 100% financed, the Group estimates to make additional contributions in the approximate total amount of 104 million Euros, in line with the financing plan approved by Insurance and Pension Funds Supervisory Authority (ASF) (see note 44). The Pension Plans in Portugal, Spain and Brazil are subject to several risks, in which are included the risk of changes in market rates (which impacts the discount rate and the fixed rate of return rate on assets), the risk of changes on the expected lifetime of plan participants, the risk of changes on the pension increase rate and the risk of changes on the social security pension increase, to which are made the following sensitivity analysis for the liabilities at the end of the period: Thousand Euros Portugal Spain Brazil Increase Decrease Increase Decrease Increase Decrease Discount rate (0.5% movement) -29,617 31,790 -108 103 -10,168 11,032 Mortality (increase of 1 year in expected lifetime of plan participants) 32,265 - 3,820 The solvency level of the fund for the financing of pension plan liabilities in Portugal may vary not only from the risks described above, but also from the performance of the different classes of assets that comprise it. Considering the nature of the defined benefit of the plan and despite the fund's low risk profile (mostly composed of fixed income assets), the joint materialization of adverse risks (including those above referred) may lead to the need for additional contributions to the fund. The medical care and other benefits Plans in Portugal, Spain and Brazil are subject to several risks, in which are included the risk of changes in market rates (which impacts the discount rate and the fixed rate of return rate on assets), the risk of changes in the health care costs and the risk of changes on the expected lifetime of plan participants, to which are made the following sensitivity analysis for the liabilities at the end of the period: Health care cost trend (0.5% movement) -14,989 -11,080 - - - - Mortality (increase of 1 year in expected lifetime of plan participants) 11,678 - 7,716 The level of solvency of the fund for the financing of post-employment medical care liabilities in Portugal may vary not only from the risks described above, but also from the performance of the different classes of assets that comprise it. Considering the nature of the defined benefit of the plan and despite the fund's low risk profile (mostly composed of fixed income assets), the joint materialization of adverse risks (including those above referred) may lead to changes in the financing plan approved by ASF. Composition of the assets portfolio funds The assets of the pension funds, medical care and death subsidy in Portugal are as follows: Thousand Euros Fund assets by nature Liquidity Bonds Shares Property Other Total 31 December 2022 13,897 436,910 434,470 200,977 76,523 1,162,777 31 December 2021 15,571 481,123 542,016 198,724 71,473 1,308,907 % Fund assets by nature Liquidity Bonds Shares Property Other Total 31 December 2022 1.20% 37.58% 37.36% 17.28% 6.58% 100.00% 31 December 2021 1.19% 36.76% 41.41% 15.18% 5.46% 100.00% The portfolio of shares and bonds have a quoted market price in an active market. Properties included in the fund, that are being used by the Group amount to 178,866 thousand Euros as at 31 December 2022 (31 December 2021: 180,950 thousand Euros). Bonds includes 3,534 thousand Euros (31 December 2021: 4,919 thousand Euros) relating to bonds issued by EDP Finance B.V. and EDP, S.A. The real return rate on assets of the pension Fund in 2022 was negative in 7.84% (2021: positive in 9.40%). The assets of the pension fund in Brazil are as follows: Thousand Euros Fund assets by nature Liquidity Bonds Shares Property Other Total 31 December 2022 - 225,706 10,098 394 999 237,197 31 December 2021 - 180,448 10,277 672 5,956 197,353 % Fund assets by nature Liquidity Bonds Shares Property Other Total 31 December 2022 - 95.16% 4.25% 0.18% 0.41% 100.00% 31 December 2021 - 91.43% 5.21% 0.34% 3.02% 100.00% The portfolio of shares and bonds have a quoted market price in an active market. The number of participants covered by the pension plans and similar obligations is as follows: 2022 2021 Portugal Spain Brazil Portugal Spain Brazil Retirees and pensioners 17,379 660 1,509 18,022 809 1,484 Active workers 2,080 51 413 2,260 75 432 19,459 711 1,922 20,282 884 1,916 The liability for retirement pensions and related coverage for the Group is as follows: Thousand Euros Dec 2022 Portugal Spain Brazil Group Liability at the end of the period 933,961 2,198 232,048 1,168,207 Plan assets at the end of the period -716,587 - -237,197 -953,784 Surplus pension funding (see note 27) 89,349 - - 89,349 Asset ceiling - - 42,425 42,425 Provision at the end of the period 306,723 2,198 37,276 346,197 Thousand Euros Dec 2021 Portugal Spain Brazil Group Liability at the end of the period 1,266,282 3,814 207,893 1,477,989 Plan assets at the end of the period -838,755 - -197,353 -1,036,108 Surplus pension funding (see note 27) 13,267 - - 13,267 Asset ceiling - - 31,753 31,753 Provision at the end of the period 440,794 3,814 42,293 486,901 The evolution of the present value of the plan liability and fair value of the plan assets of the related Funds is as follows: Thousand Euros 2022 2021 2020 2019 2018 Liability at the end of the period 1,168,207 1,477,989 1,588,058 1,719,435 1,784,521 Plan assets at the end of the period -953,784 -1,036,108 -1,016,216 -1,195,046 -1,136,581 Surplus pension funding 89,349 13,267 29,610 55,506 59,840 Asset ceiling 42,425 31,753 28,156 50,895 51,596 Provision at the end of the period 346,197 486,901 629,608 630,790 759,376 The experience adjustments (effects of the differences between the previous actuarial assumptions and what has really occurred) for the Pension Funds in Portugal and Brazil are as follows: Thousand Euros 2022 2021 2020 2019 2018 Portugal Experience adjustments for the Plan liabilities -22,796 55,794 61,193 -46,993 -91,575 Experience adjustments for the Plan assets 71,073 -79,211 -6,662 60,914 -37,567 Brazil Experience adjustments for the Plan liabilities 16,644 20,759 34,478 -4,974 -6,090 Experience adjustments for the Plan assets -7,471 9,339 13,554 41,036 8,182 The past service liability of the pension plans for the Group is as follows: Thousand Euros Dec 2022 Portugal Spain Brazil Group Liability at the beginning of the period 1,266,282 3,814 207,893 1,477,989 Current service cost 3,870 181 -160 3,891 Net interest on the pensions plan liability 6,083 59 23,659 29,801 Benefits paid -165,959 -2,716 -19,367 -188,042 Past service cost (Curtailment/Plan amendments) (see note 10) 2,243 - - 2,243 Actuarial (gains)/losses -178,507 860 -5,835 -183,482 Transfers, reclassifications and exchange differences -51 - 25,858 25,807 Liability at the end of the period 933,961 2,198 232,048 1,168,207 Thousand Euros Dec 2021 Portugal Spain Brazil Group Liability at the beginning of the period 1,353,388 23,945 210,725 1,588,058 Current service cost 5,569 - -348 5,221 Net interest on the pensions plan liability 3,729 1 17,381 21,111 Benefits paid -178,260 -71 -15,834 -194,165 Past service cost (Curtailment/Plan amendments) 6,844 - - 6,844 Actuarial (gains)/losses 75,137 -12 -6,027 69,098 Transfers, reclassifications and exchange differences -125 -20,049 1,996 -18,178 Liability at the end of the period 1,266,282 3,814 207,893 1,477,989 The evolution of the consolidated assets of the Pension Funds is as follows: Thousand Euros Dec 2022 Portugal Brazil Group Assets value at the beginning of the period 838,755 197,353 1,036,108 Group contribution - 6,188 6,188 Plan participants contributions - 239 239 Benefits paid -56,309 -18,931 -75,240 Interest on the pensions plan assets 5,214 19,455 24,669 Actuarial gains/(losses) -71,073 6,611 -64,462 Transfers, reclassifications and exchange differences - 26,282 26,282 Assets value at the end of the period 716,587 237,197 953,784 Dec 2021 Thousand Euros Portugal Brazil Group Assets value at the beginning of the period 814,128 202,088 1,016,216 Group contribution - 1,640 1,640 Plan participants contributions - 211 211 Benefits paid -57,750 -13,850 -71,600 Interest on the pensions plan assets 3,166 14,645 17,811 Actuarial gains/(losses) 79,211 -9,339 69,872 Transfers, reclassifications and exchange differences - 1,958 1,958 Assets value at the end of the period 838,755 197,353 1,036,108 The caption Asset ceiling refers to the unrecognised assets in the respective accounting periods. The reconciliation between the opening balance and the closing balance is as follows: Thousand Euros Group Dec 2022 Dec 2021 Asset ceiling at the beginning of the period 31,753 28,156 Effect of changes in restricted net assets of benefits to the asset ceiling 4,328 1,234 Exchange differences 6,344 2,363 Asset ceiling at the end of the period 42,425 31,753 The number of participants covered by the medical and other benefits plans is as follows: 2022 2021 Portugal Spain Brazil Portugal Spain Brazil Retirees and pensioners 17,379 2,887 2,755 17,563 3,015 2,819 Active workers 5,733 1,102 845 5,663 466 937 23,112 3,989 3,600 23,226 3,481 3,756 The provision for medical liabilities and other benefits and related coverage for the Group is as follows: Thousand Euros Dec 2022 Portugal Spain Brazil Group Liability at the end of the period 597,628 169,226 100,861 867,715 Plan assets at the end of the period -446,190 - - -446,190 Surplus pension funding 3,344 - - 3,344 Provision at the end of the period 154,782 169,226 100,861 424,869 Thousand Euros Dec 2021 Portugal Spain Brazil Group Liability at the end of the period 806,641 203,978 92,432 1,103,051 Plan assets at the end of the period -470,152 - - -470,152 Provision at the end of the period 336,489 203,978 92,432 632,899 The evolution of the present value of the liability for Medical care and other benefits for the Group is as follows: Thousand Euros 2022 2021 2020 2019 2018 Liability at the end of the period 867,715 1,103,051 1,149,769 1,107,444 923,880 Plan assets at the end of the period -446,190 -470,152 -437,073 -426,565 -275,954 Surplus pension funding 3,344 - - - - Provision at the end of the period 424,869 632,899 712,696 680,879 647,926 The experience adjustments (effects of the differences between the previous actuarial assumptions and what really occurred) for the medical and other benefits Liabilities in Portugal and Brazil and for the Plan Assets in Portugal are as follows: Thousand Euros 2022 2021 2020 2019 2018 Portugal Experience adjustments for the Plan liabilities 3,622 -5,051 11,979 3,214 -1,265 Experience adjustments for the Plan assets 42,195 -38,649 -4,723 22,187 -11,869 Brazil Experience adjustments for the Medical Plan liabilities 3,637 32 -20,086 -1,937 37,773 The past service liability of medical and other benefits plans for the Group is as follows: Thousand Euros Dec 2022 Portugal Spain Brazil Group Liability at the beginning of the period 806,641 203,978 92,432 1,103,051 Current service cost 2,964 2,363 320 5,647 Net interest on the net medical liabilities and other benefits 6,766 2,985 9,252 19,003 Benefits paid -31,954 -18,659 -8,327 -58,940 Past service cost (Curtailment/Plan amendments) (see note 10) 65 988 - 1,053 Actuarial (gains)/losses -186,844 -22,212 -3,991 -213,047 Transfers, reclassifications and exchange differences -10 -217 11,175 10,948 Liability at the end of the period 597,628 169,226 100,861 867,715 Thousand Euros Dec 2021 Portugal Spain Brazil Group Liability at the beginning of the period 833,506 212,451 103,812 1,149,769 Current service cost 4,482 1,995 390 6,867 Net interest on the net medical liabilities and other benefits 5,047 3,429 7,563 16,039 Benefits paid -32,989 -45,974 -6,497 -85,460 Past service cost (Curtailment/Plan amendments) (see note 10) 200 8,269 - 8,469 Actuarial (gains)/losses -3,605 606 -11,854 -14,853 Transfers, reclassifications and exchange differences - 23,202 -982 22,220 Liability at the end of the period 806,641 203,978 92,432 1,103,051 The evolution of the consolidated assets of the Medical care and Other subsidies in Portugal is as follows: Thousand Euros Dec 2022 Dec 2021 Assets value at the beginning of the period 470,152 437,073 Group contribution 34,560 11,520 Benefits paid -20,345 -19,839 Interest on the pensions plan assets 4,018 2,749 Actuarial gains/(losses) -42,195 38,649 Assets value at the end of the period 446,190 470,152 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32108": {
"value": "During the first semester of 2022, EDP Group distributed treasury stocks to employees (736,991 shares) totaling 3,272 thousand Euros. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32110": {
"value": "The breakdown by management positions and category of professional staff is as follows: Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Executive Board of Directors 5 5 5 5 Senior management 386 962 68 113 Managers 1,323 865 62 18 Specialists 6,469 5,276 524 463 Support, Operational and Administrative Technicians 5,028 5,128 60 70 13,211 12,236 719 669 Variations compared to December 2021 include the impact resulting from the review of the internal organizational structure, which implied the creation of new segments. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32175": {
"value": "11. Other expenses Other Expenses are as follows: Thousand Euros Group Dec 2022 Dec 2021* Concession rents paid to local authorities and others 286,968 281,209 Direct and indirect taxes 374,965 300,326 Donations 21,570 21,219 Write-off of tangible assets 40,591 31,195 Other 105,630 94,016 829,724 727,965 * Includes restatement originated by changing the classification of the Social Tariff Costs as described in note 2a) The caption Concession rents paid to local authorities and others includes essentially the rents paid to the local authorities under the terms of the low tension electricity distribution concession contracts and rents paid to city councils where the power plants are located. The increase in the caption Direct and indirect taxes essentially results from the new taxes on generation in Spain, as a result of the legislation issued in September 2021 to reduce the impact of the high price of gas on the sale price of generation and the regulatory changes in Spain regard to the Social Tariff in 2022 and in Romania and Poland regarding to Windfall taxes in 2022. The caption \"Write-off\" of tangible fixed assets includes, essentially, the write-off of tangible fixed assets resulting from losses in materials and equipment in Brasil and the abandonment of the renewable projects in Europe and North America. The caption Other includes, essentially: i) losses on the reinsurance activity; and ii) losses on the sale of property, plant and equipment. It also includes, in 2022, a loss of 9,387 thousand Euros related to the sale of the stake in Energest, S.A. (see note 6) and the amount of 5,815 thousand Euros related to changes in the fair value of the contingent prices, related to operations carried out in previous years. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32220": {
"value": "12. Amortisation and impairment Amortisation and impairment are as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Depreciation/impairment of Property, plant and equipment (see note 16) 1,371,272 1,214,239 6,156 5,519 Depreciation/impairment of Right of use asset (see note 17) 113,380 77,640 5,219 5,661 Amortisation/impairment of Intangible assets (see note 18) 514,968 449,362 19,359 16,673 Amortisation/impairment of Investment property (see note 23) 1,999,620 1,741,241 30,734 27,853 289 297 4,225 3,796 Compensation of depreciation Partially-funded property, plant and equipment (see note 38) 1,999,909 1,741,538 34,959 31,649 -28,579 -22,517 - - Amortisation of Incremental costs of obtaining contracts with customers 7,677 7,747 - - Impairment of Goodwill (see note 19) - 4,987 - - 1,979,007 1,731,755 34,959 31,649 During 2022, due to the revision of market assumptions (in mainly, commodity prices and energy sales prices), as well as the entry of renewable energy capacity, the Group carried out a review of its future estimates of value by carrying out impairment tests for some of the production assets. The above impairment tests carried out led to the recording of the following impairments on assets in Portugal: 81,740 thousand Euros in the Lares combined cycle thermoelectric power plant and 43,666 thousand Euros in the Ribatejo combined cycle thermoelectric power plant. Impairments were also recorded in Brazil at the Pec\u00e9m plant (233,125 thousand Euros) and in Colombia at the wind farms of Eolos Energia and Ventos de Norte (54,088 thousand Euros) (see notes 16 and 18). In the scope of impairment tests on these assets, sensitivity analyzes were performed on key variables, namely discount rates. An increase of +0.5% in the discount rate would determine an additional impairment of approximately: 8,579 thousand Euros in Lares, 10,668 thousand Euros in Ribatejo, 7,643 thousand Euros in Pec\u00e9m and 49,776 thousand Euros in Eolos Energia wind farms and Ventos del Norte in Colombia. Additionally, given the changes in market conditions, impairments amounting to 39,305 thousand in the coal-fired power plant in Espanh\u00e3 Abo\u00f1o 2 and 40,976 thousand in the coal-fired power plant in Soto3 were reversed (see note 16). 16. Property, plant and equipment Depreciation and impairment includes impairment in combined cycle thermoelectric plants in Portugal in the amount of 125,406 thousand Euros, impairment at the coal-fired power plant in Brazil in the amount of 218,665 thousand Euros and impairments in Colombia in the amount of 54,088 thousand Euros. Additionally, it reflects the reversal of impairments in Spain in the amount of 80,281 thousand Euros (see note 12). 19. Goodwill Goodwill impairment test analysis \u2013 EDP Group The recoverable amount of the goodwill in subsidiaries is assessed annually, as at 30 September, independently of the existence of any indicators of impairment. The recoverable amount is determined based on the value in use of the assets, calculated using valuation methodologies supported by discounted cash flow techniques, considering market conditions, the time value of money and the business risks. Any impairment losses are recognised in the income statement for the period. EDP Group segments based on which the Group monitors its activity are as follows (see note 51): \u2022 Renewables - corresponds to the activity of producing electricity through renewable energy sources, with emphasis on hydro, wind and solar; \u2022 Networks - corresponds to the electricity distribution and transmission activity, including regulated energy retailers; \u2022 Client Solutions and Energy Management - includes the following activities: production of electricity using non-renewable energy sources, with emphasis on coal and gas; commercialization of electricity and gas and energy solutions services to customers; and the intermediation business responsible for managing the purchase and sale of energy in the Iberian and Brazilian markets, as well as for the respective hedging operations; For the purposes of these tests, the EDP Group has defined a set of assumptions to determine the recoverable amount of the main investments by each cash generating unit, being presented by aggregation in each business units after the impairment tests carried out at each subgroup/cash generating unit. Goodwill impairment test analysis \u2013 Renewables Segment The future cash flows are based on the useful life of wind farms, solar and hydro assets. This projection also considers long-term energy sales contracts and long-term energy price estimates, for assets with market exposure. The main assumptions on which impairment tests are based are as follows: - Regarding the production of wind and solar energy, the \u201cnet capacity factors\u201d used for each cash-generating unit consider: (i) the installed capacity and the forecast resulting from the studies on the occurrence of wind in the long term; and (ii) that regulatory mechanisms in almost all geographies determine the production and priority of energy dispatch whenever weather conditions permit; - Regarding hydro production, the \u201cnet capacity factors\u201d used for each cash-generating unit consider: (i) the installed capacity and the forecast for hydraulic production; and (ii) that the regulatory mechanisms in each geography; Energy remuneration: the approved or contracted remunerations were considered in the event of long-term energy sales contracts for the total or partial useful life of the assets or remunerations determined by the regulatory framework in force in each geography. In the remaining cases, the long-term market price curves projected by the Group were used based on past experience and internal models built on the basis of external information sources; - Operating costs: the land and maintenance contracts in force were used. The other operating costs were projected consistently based on the experience acquired, on the Budget approved for the next year and taking into account internal analysis models; - Terminal value: considered as a 15% of the initial investment in each wind farm, considering inflation; and - Discount rate: the discount rates used are post-tax, reflect EDP Group\u2019s best estimate of the risks specific to each CGU and range as follows: 2022 2021 Europe (EUR) 3.7% - 4.8% 2.9% - 4.0% North America (USD) 5.7% - 7.1% 4.8% - 6.7% Brazil (BRL) 7.9% - 9.6% 7.6% - 9.3% Impairment tests were performed taking into account the regulatory changes in each country known at the end 2022. The impairment tests carried out on Goodwill did not lead to any impairment registration. Goodwill impairment test analysis \u2013 Grids Segment The cash flow projection assumes the extent of the concessions related to the electricity distribution business in Brazil. In the case of the concession in Spain, it is perpetual. These cash flows are estimated considering the volume of production and expected consumption, installed capacity, the evolution forecast of the tariff and the energy purchase / sale agreements. The discount rates after taxes used in the networks segment for the purposes of impairment tests ranged between 3.8% (Spain) and 8.5% (Brazil in BRL) (2021: between 3.2% and 7.4% respectively). The main assumptions used to project cash flows are as follows: - Investment costs: the best available estimates of the investments to be made were used to ensure regular use of current assets, as well as those resulting from legislative changes; - Regarding operating costs, the projections made considered the current operating costs projected based on the historical experience acquired, in the Budget approved for the next year and taking into account internal models of analysis; - The most recent remuneration rates proposed by ANEEL and CNMC (\"Comisi\u00f3n Nacional de los Mercados y la Competencia\") were considered, applying the updating mechanisms as provided for in the regulation; - The projections for the electricity distribution businesses are based on long-term estimates of the various assumptions considered in the analysis; - The terminal value of the distribution assets corresponds to the present value of the net assets at the end of the concession (\"Net Regulatory Asset Base\u201d). Sensitivity analyzes were carried out on the results of the impairment tests carried out, namely at discount rates. The results of the sensitivity analyzes carried out conclude that an increase of 50 basis points in the different discount rates, does not determine the existence of signs of impairment in \"goodwill\" or concession rights. 23. Investment property The impairment tests carried out of Investment Properties are based on assessments using current market practices: the comparative method, in cases where there is an active and comparable market, the income method, through discounted cash flows depending on the property income and the cost method, which considers the market value of the land and the construction costs. ",
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"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32221": {
"value": "12. Amortisation and impairment Amortisation and impairment are as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Depreciation/impairment of Property, plant and equipment (see note 16) 1,371,272 1,214,239 6,156 5,519 Depreciation/impairment of Right of use asset (see note 17) 113,380 77,640 5,219 5,661 Amortisation/impairment of Intangible assets (see note 18) 514,968 449,362 19,359 16,673 Amortisation/impairment of Investment property (see note 23) 1,999,620 1,741,241 30,734 27,853 289 297 4,225 3,796 Compensation of depreciation Partially-funded property, plant and equipment (see note 38) 1,999,909 1,741,538 34,959 31,649 -28,579 -22,517 - - Amortisation of Incremental costs of obtaining contracts with customers 7,677 7,747 - - Impairment of Goodwill (see note 19) - 4,987 - - 1,979,007 1,731,755 34,959 31,649 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32309": {
"value": "13. Financial income and expenses Financial income and expenses, for the Group, are as follows: Thousand Euros Group Dec 2022 Dec 2021 Financial income Interest income from bank deposits and other investments 80,689 15,097 Interest from derivative financial instruments 33,600 16,558 Interest income on tariff deficit: - Portugal - Electricity (see note 26) 111 2,733 - Brazil - Electricity (see note 38) 16,664 6,057 Other interest income 65,002 53,476 Derivative financial instruments 223,328 53,936 Foreign exchange gains 353,572 100,746 CMEC: - Interest on the initial CMEC 23,950 27,336 - Financial effect considered in the calculation 7,147 7,198 Other financial income 38,937 81,746 Financial expenses Interest expense on financial debt 843,000 364,883 705,812 523,928 Bonds buyback - 24,248 Capitalised borrowing costs: - Assigned to concessions (see note 7) -4,442 -57,816 - Other (see note 16) -41,405 -33,086 Interest from derivative financial instruments 134,765 33,411 Interest expense on tariff deficit: - Portugal - Electricity (see note 38) 4,484 53 - Brazil - Electricity (see note 38) 16,079 3,989 Other interest expense 40,063 22,435 Derivative financial instruments 259,167 106 Foreign exchange losses 356,958 126,165 CMEC 5,231 7,681 Unwinding of discounted liabilities 140,955 123,248 Unwinding of lease liabilities (see note 39) 46,146 39,511 Net interest on the net pensions plan liability (see note 35) 5,132 3,300 Net interest on the medical liabilities and other benefits (see note 35) 14,985 13,290 Other financial expenses 69,290 45,353 Financial income/(expenses) 1,753,220 875,816 -910,220 -510,933 Capitalised borrowing costs includes the interest capitalised in assets under construction according to Group accounting policy (see note 2 h)). Regarding the rate applicable to borrowing costs related with tangible/intangible assets under construction that is used in the determination of the amount of borrowing costs eligible for capitalisation (see notes 16 and 18), it varies depending on business unit, the country and currency, since EDP Group incorporates in its scope of consolidation a significant number of subsidiaries in several geographies with different currencies. Therefore, for the most representative geographies, the weighted average funding rates, in use in 2022, ranged from 1.22% to 6.66% in Portugal, from 1.05% to 6.79% in Spain and from 0.44% to 7.75% in North America, depending on related assets under construction and related financing. The costs related to the Unwinding liabilities at discounted value refer essentially to: (i) the financial update of the provision for dismantling and decommissioning of production assets in the amount of 6,609 thousand Euros (31 December 2021: 3,753 thousand Euros) (see note 36); (ii) the implied financial return in institutional partnerships of 96,955 thousand Euros (31 December 2021: 79,023 thousand Euros) (see note 37); and (iii) the financial expenses related to the discount of the liability associated to the concessions of Alqueva/Pedr\u00f3g\u00e3o, Investco and Enerpeixe of 20,700 thousand Euros (31 December 2021: 26,256 thousand Euros). The Derivative financial instruments caption includes income and expenses related with financial assets and liabilities measured and fair value through profit and loss, while the remaining captions of financial income and expenses are registered at amortised cost, based on the effective interest rate method. In the third quarter of 2021, under the agreement entered into with Sonatrach with a view to ending commercial relations between the companies, it was agreed a debt cancellation that EDP had with Sonatrach companies in the amount of 79 million of Euros for a payment of 15 million Euros. The impact of this operation is included in the Caption Other Financial Income. Financial income and expenses, for the Company, are as follows: Thousand Euros Company Dec 2022 Dec 2021 Financial income Interest income from loans to subsidiaries and related parties (see note 44) 35,873 37,906 Interest from derivative financial instruments 106,745 81,127 Derivative financial instruments 444,047 164,763 Income from equity investments (see note 44) 1,003,733 1,164,310 Other financial income 60,030 11,210 Financial expenses Interest expense on financial debt 1,650,428 1,459,316 194,411 195,422 Bonds Buyback 17,882 16,525 Interest from derivative financial instruments 119,570 102,457 Derivative financial instruments 425,300 136,176 Unwinding of lease liabilities 5,874 4,949 Impairment on equity investments and shareholders loans (see note 20) 26,630 - Other financial expenses 69,058 19,010 Financial income/(expenses) 858,725 474,539 791,703 984,777 On March 2022, EDP S.A. has bought an amount of 900 million Euros from the issue \"EUR1.500.000.000 Fixed Rate Notes due Dec 2022\", booking a cost related to the transaction of 17,882 thousand Euros. On December 2021, EDP S.A. has bought an amount of 150 million Euros from the issue \"EUR1.000.000.000 Fixed Rate Notes due 2025\", booking a cost related to the transaction of 16,525 thousand Euros. The caption Other financial income includes 14,911 thousand Euros related to nominal interests from bonds issued by EDP Finance B.V., repurchased by EDP S.A. (see notes 27 and 44). The effective interest of these instruments amounts to 1,111 thousand Euros (includes the recognition of premium and transaction costs associated with the buyback transaction by the effective interest rate method). The fluctuation on Other financial income and expenses, on an individual basis, is mainly explained by the impact of the foreign exchange of the American Dollars. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32310": {
"value": "13. Financial income and expenses Financial income and expenses, for the Group, are as follows: Thousand Euros Group Dec 2022 Dec 2021 Financial income Interest income from bank deposits and other investments 80,689 15,097 Interest from derivative financial instruments 33,600 16,558 Interest income on tariff deficit: - Portugal - Electricity (see note 26) 111 2,733 - Brazil - Electricity (see note 38) 16,664 6,057 Other interest income 65,002 53,476 Derivative financial instruments 223,328 53,936 Foreign exchange gains 353,572 100,746 CMEC: - Interest on the initial CMEC 23,950 27,336 - Financial effect considered in the calculation 7,147 7,198 Other financial income 38,937 81,746 Financial expenses Interest expense on financial debt 843,000 364,883 705,812 523,928 Bonds buyback - 24,248 Capitalised borrowing costs: - Assigned to concessions (see note 7) -4,442 -57,816 - Other (see note 16) -41,405 -33,086 Interest from derivative financial instruments 134,765 33,411 Interest expense on tariff deficit: - Portugal - Electricity (see note 38) 4,484 53 - Brazil - Electricity (see note 38) 16,079 3,989 Other interest expense 40,063 22,435 Derivative financial instruments 259,167 106 Foreign exchange losses 356,958 126,165 CMEC 5,231 7,681 Unwinding of discounted liabilities 140,955 123,248 Unwinding of lease liabilities (see note 39) 46,146 39,511 Net interest on the net pensions plan liability (see note 35) 5,132 3,300 Net interest on the medical liabilities and other benefits (see note 35) 14,985 13,290 Other financial expenses 69,290 45,353 Financial income/(expenses) 1,753,220 875,816 -910,220 -510,933 Capitalised borrowing costs includes the interest capitalised in assets under construction according to Group accounting policy (see note 2 h)). Regarding the rate applicable to borrowing costs related with tangible/intangible assets under construction that is used in the determination of the amount of borrowing costs eligible for capitalisation (see notes 16 and 18), it varies depending on business unit, the country and currency, since EDP Group incorporates in its scope of consolidation a significant number of subsidiaries in several geographies with different currencies. Therefore, for the most representative geographies, the weighted average funding rates, in use in 2022, ranged from 1.22% to 6.66% in Portugal, from 1.05% to 6.79% in Spain and from 0.44% to 7.75% in North America, depending on related assets under construction and related financing. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32311": {
"value": "13. Financial income and expenses Financial income and expenses, for the Group, are as follows: Thousand Euros Group Dec 2022 Dec 2021 Financial income Interest income from bank deposits and other investments 80,689 15,097 Interest from derivative financial instruments 33,600 16,558 Interest income on tariff deficit: - Portugal - Electricity (see note 26) 111 2,733 - Brazil - Electricity (see note 38) 16,664 6,057 Other interest income 65,002 53,476 Derivative financial instruments 223,328 53,936 Foreign exchange gains 353,572 100,746 CMEC: - Interest on the initial CMEC 23,950 27,336 - Financial effect considered in the calculation 7,147 7,198 Other financial income 38,937 81,746 Financial expenses Interest expense on financial debt 843,000 364,883 705,812 523,928 Bonds buyback - 24,248 Capitalised borrowing costs: - Assigned to concessions (see note 7) -4,442 -57,816 - Other (see note 16) -41,405 -33,086 Interest from derivative financial instruments 134,765 33,411 Interest expense on tariff deficit: - Portugal - Electricity (see note 38) 4,484 53 - Brazil - Electricity (see note 38) 16,079 3,989 Other interest expense 40,063 22,435 Derivative financial instruments 259,167 106 Foreign exchange losses 356,958 126,165 CMEC 5,231 7,681 Unwinding of discounted liabilities 140,955 123,248 Unwinding of lease liabilities (see note 39) 46,146 39,511 Net interest on the net pensions plan liability (see note 35) 5,132 3,300 Net interest on the medical liabilities and other benefits (see note 35) 14,985 13,290 Other financial expenses 69,290 45,353 Financial income/(expenses) 1,753,220 875,816 -910,220 -510,933 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32312": {
"value": "13. Financial income and expenses Financial income and expenses, for the Group, are as follows: Thousand Euros Group Dec 2022 Dec 2021 Financial income Interest income from bank deposits and other investments 80,689 15,097 Interest from derivative financial instruments 33,600 16,558 Interest income on tariff deficit: - Portugal - Electricity (see note 26) 111 2,733 - Brazil - Electricity (see note 38) 16,664 6,057 Other interest income 65,002 53,476 Derivative financial instruments 223,328 53,936 Foreign exchange gains 353,572 100,746 CMEC: - Interest on the initial CMEC 23,950 27,336 - Financial effect considered in the calculation 7,147 7,198 Other financial income 38,937 81,746 Financial expenses Interest expense on financial debt 843,000 364,883 705,812 523,928 Bonds buyback - 24,248 Capitalised borrowing costs: - Assigned to concessions (see note 7) -4,442 -57,816 - Other (see note 16) -41,405 -33,086 Interest from derivative financial instruments 134,765 33,411 Interest expense on tariff deficit: - Portugal - Electricity (see note 38) 4,484 53 - Brazil - Electricity (see note 38) 16,079 3,989 Other interest expense 40,063 22,435 Derivative financial instruments 259,167 106 Foreign exchange losses 356,958 126,165 CMEC 5,231 7,681 Unwinding of discounted liabilities 140,955 123,248 Unwinding of lease liabilities (see note 39) 46,146 39,511 Net interest on the net pensions plan liability (see note 35) 5,132 3,300 Net interest on the medical liabilities and other benefits (see note 35) 14,985 13,290 Other financial expenses 69,290 45,353 Financial income/(expenses) 1,753,220 875,816 -910,220 -510,933 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32313": {
"value": "13. Financial income and expenses Financial income and expenses, for the Group, are as follows: Thousand Euros Group Dec 2022 Dec 2021 Financial income Interest income from bank deposits and other investments 80,689 15,097 Interest from derivative financial instruments 33,600 16,558 Interest income on tariff deficit: - Portugal - Electricity (see note 26) 111 2,733 - Brazil - Electricity (see note 38) 16,664 6,057 Other interest income 65,002 53,476 Derivative financial instruments 223,328 53,936 Foreign exchange gains 353,572 100,746 CMEC: - Interest on the initial CMEC 23,950 27,336 - Financial effect considered in the calculation 7,147 7,198 Other financial income 38,937 81,746 Financial expenses Interest expense on financial debt 843,000 364,883 705,812 523,928 Bonds buyback - 24,248 Capitalised borrowing costs: - Assigned to concessions (see note 7) -4,442 -57,816 - Other (see note 16) -41,405 -33,086 Interest from derivative financial instruments 134,765 33,411 Interest expense on tariff deficit: - Portugal - Electricity (see note 38) 4,484 53 - Brazil - Electricity (see note 38) 16,079 3,989 Other interest expense 40,063 22,435 Derivative financial instruments 259,167 106 Foreign exchange losses 356,958 126,165 CMEC 5,231 7,681 Unwinding of discounted liabilities 140,955 123,248 Unwinding of lease liabilities (see note 39) 46,146 39,511 Net interest on the net pensions plan liability (see note 35) 5,132 3,300 Net interest on the medical liabilities and other benefits (see note 35) 14,985 13,290 Other financial expenses 69,290 45,353 Financial income/(expenses) 1,753,220 875,816 -910,220 -510,933 32. Reserves and retained earnings Currency translation reserve - Exchange differences arising on consolidation Exchange differences arising on consolidation corresponds to the amounts resulting from changes in the value of net assets of subsidiaries, joint ventures and associated companies resulting from changes in exchange rates. The exchange rates used in the preparation of the financial statements are as follows: Currency Exchange rates Dec 2 022 Dec 2021 Close Average Close Average US Dollar USD 1.067 1.053 1.133 1.183 Brazilian Real BRL 5.639 5.440 6.310 6.378 Macao Pataca MOP 8.566 8.492 9.098 9.469 Canadian Dollar CAD 1.444 1.369 1.439 1.483 Singapure Dollar SGD 1.430 1.451 1.528 1.589 Polish Zloty PLN 4.690 4.688 4.599 4.567 Romanian Leu RON 4.947 4.931 4.948 4.921 Pound Sterling GBP 0.887 0.853 0.840 0.860 Mexican Peso MXN 20.781 21.198 23.275 23.985 Colombian Peso COP 5,133.686 4,470.960 4,527.375 4,425.924 Chinese Yuan CNY 7.358 7.211 7.195 7.628 Korean Won KRW 1,344.090 1,358.073 1,346.380 1,354.057 Japanese Yen JPY 140.660 138.027 130.380 129.877 Australian Dollar AUD 1.579 1.516 1.561 1.575 Indonesian Rupiah IDR 16,474.654 15,625.767 16,100.420 16,914.316 Malaysian Ringgit MYR 4.692 4.629 4.718 4.900 Philippine Peso PHP 58.272 57.313 57.763 58.273 Thai Bath THB 36.648 36.869 37.653 37.809 Vietnamese Dong VND 25,182.430 24,601.278 25,851.600 27,078.746 Hungarian Forint HUF 400.870 391.286 369.190 358.516 The movement for the period in Exchange differences arising on consolidation is mainly due to the effect of the appreciation of the US Dollar and the Brazilian Real against the Euro. Currency translation reserve - Net investment hedge and Cost of hedging The changes in these captions, net of income tax, for the period are as follows: Net Cost of Thousand Euros investment hedging hedge Balance as at 31 December 2021 -595,305 -42,953 Changes in fair value -261,854 -19,387 Transfer to income statement resulting from the sale of a foreign currency subsidiary -3,222 - Balance as at 31 December 2022 -860,381 -62,340 The caption Net investment hedge corresponds to the amounts resulting from the application of hedge accounting to investments in subsidiaries in foreign currencies, mainly in EDPR North America subsidiaries, through financial derivative instruments (see note 42) and debt in foreign currency. The caption Cost of hedging corresponds to the amounts determined in accordance with accounting policies (see note 2 d)). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32314": {
"value": "13. Financial income and expenses Financial income and expenses, for the Group, are as follows: Thousand Euros Group Dec 2022 Dec 2021 Financial income Interest income from bank deposits and other investments 80,689 15,097 Interest from derivative financial instruments 33,600 16,558 Interest income on tariff deficit: - Portugal - Electricity (see note 26) 111 2,733 - Brazil - Electricity (see note 38) 16,664 6,057 Other interest income 65,002 53,476 Derivative financial instruments 223,328 53,936 Foreign exchange gains 353,572 100,746 CMEC: - Interest on the initial CMEC 23,950 27,336 - Financial effect considered in the calculation 7,147 7,198 Other financial income 38,937 81,746 Financial expenses Interest expense on financial debt 843,000 364,883 705,812 523,928 Bonds buyback - 24,248 Capitalised borrowing costs: - Assigned to concessions (see note 7) -4,442 -57,816 - Other (see note 16) -41,405 -33,086 Interest from derivative financial instruments 134,765 33,411 Interest expense on tariff deficit: - Portugal - Electricity (see note 38) 4,484 53 - Brazil - Electricity (see note 38) 16,079 3,989 Other interest expense 40,063 22,435 Derivative financial instruments 259,167 106 Foreign exchange losses 356,958 126,165 CMEC 5,231 7,681 Unwinding of discounted liabilities 140,955 123,248 Unwinding of lease liabilities (see note 39) 46,146 39,511 Net interest on the net pensions plan liability (see note 35) 5,132 3,300 Net interest on the medical liabilities and other benefits (see note 35) 14,985 13,290 Other financial expenses 69,290 45,353 Financial income/(expenses) 1,753,220 875,816 -910,220 -510,933 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32315": {
"value": "13. Financial income and expenses Financial income and expenses, for the Group, are as follows: Thousand Euros Group Dec 2022 Dec 2021 Financial income Interest income from bank deposits and other investments 80,689 15,097 Interest from derivative financial instruments 33,600 16,558 Interest income on tariff deficit: - Portugal - Electricity (see note 26) 111 2,733 - Brazil - Electricity (see note 38) 16,664 6,057 Other interest income 65,002 53,476 Derivative financial instruments 223,328 53,936 Foreign exchange gains 353,572 100,746 CMEC: - Interest on the initial CMEC 23,950 27,336 - Financial effect considered in the calculation 7,147 7,198 Other financial income 38,937 81,746 Financial expenses Interest expense on financial debt 843,000 364,883 705,812 523,928 Bonds buyback - 24,248 Capitalised borrowing costs: - Assigned to concessions (see note 7) -4,442 -57,816 - Other (see note 16) -41,405 -33,086 Interest from derivative financial instruments 134,765 33,411 Interest expense on tariff deficit: - Portugal - Electricity (see note 38) 4,484 53 - Brazil - Electricity (see note 38) 16,079 3,989 Other interest expense 40,063 22,435 Derivative financial instruments 259,167 106 Foreign exchange losses 356,958 126,165 CMEC 5,231 7,681 Unwinding of discounted liabilities 140,955 123,248 Unwinding of lease liabilities (see note 39) 46,146 39,511 Net interest on the net pensions plan liability (see note 35) 5,132 3,300 Net interest on the medical liabilities and other benefits (see note 35) 14,985 13,290 Other financial expenses 69,290 45,353 Financial income/(expenses) 1,753,220 875,816 -910,220 -510,933 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32316": {
"value": "13. Financial income and expenses Financial income and expenses, for the Group, are as follows: Thousand Euros Group Dec 2022 Dec 2021 Financial income Interest income from bank deposits and other investments 80,689 15,097 Interest from derivative financial instruments 33,600 16,558 Interest income on tariff deficit: - Portugal - Electricity (see note 26) 111 2,733 - Brazil - Electricity (see note 38) 16,664 6,057 Other interest income 65,002 53,476 Derivative financial instruments 223,328 53,936 Foreign exchange gains 353,572 100,746 CMEC: - Interest on the initial CMEC 23,950 27,336 - Financial effect considered in the calculation 7,147 7,198 Other financial income 38,937 81,746 Financial expenses Interest expense on financial debt 843,000 364,883 705,812 523,928 Bonds buyback - 24,248 Capitalised borrowing costs: - Assigned to concessions (see note 7) -4,442 -57,816 - Other (see note 16) -41,405 -33,086 Interest from derivative financial instruments 134,765 33,411 Interest expense on tariff deficit: - Portugal - Electricity (see note 38) 4,484 53 - Brazil - Electricity (see note 38) 16,079 3,989 Other interest expense 40,063 22,435 Derivative financial instruments 259,167 106 Foreign exchange losses 356,958 126,165 CMEC 5,231 7,681 Unwinding of discounted liabilities 140,955 123,248 Unwinding of lease liabilities (see note 39) 46,146 39,511 Net interest on the net pensions plan liability (see note 35) 5,132 3,300 Net interest on the medical liabilities and other benefits (see note 35) 14,985 13,290 Other financial expenses 69,290 45,353 Financial income/(expenses) 1,753,220 875,816 -910,220 -510,933 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32522": {
"value": "14. Income tax The following note includes an analysis on the reconciliation between the theoretical and the effective income tax rate applicable at an individual level and at the level of the EDP Group, on a consolidated basis. In general terms, this analysis aims to quantify the impact of the income tax, recognised in the income statement, which includes both current and deferred tax. As the EDP Group prepares and discloses its financial statements in accordance with IFRS, an alignment between the accounting of income tax expense or income and the corresponding cash flow is not mandatory. Accordingly, this analysis does not represent the income tax paid or received by the EDP Group for the correspondent reporting period. The overall tax contribution borne by the EDP Group (which includes comments on the contributions paid to the respective states where the Group operates), as well as other relevant information (such as EDP Group's tax footprint, specific taxation over energy sector and procedures to control and manage adverse tax exposures), are disclosed on the annual Integrated Report, available on EDP website (www.edp.com). The general principles concerning EDP Group's mission and tax policy are also addressed in the same report. This document also describes the key principles with respect to transfer pricing policy applicable to the EDP Group, under which the Group's policy is to abide within the international rules, guidelines and best practices applicable in the various geographies where it operates. It should be noted that, as a multinational group, the EDP Group fully complies with the annual obligation of communication and report, which results from the transposition to the Portuguese domestic Law of the disposals of Action 13 of the Base Erosion and Profit Shifting (named Country-by-Country Reporting), as a part of a set of measures adopted by OECED and G20 countries to enhance transparency for tax administrations. Furthermore, this obligation is fulfilled in Portugal by the parent company, within the deadlines foreseen by law. Main features of the tax systems of the countries in which EDP Group operates The statutory corporate income tax rates applicable in the main countries in which EDP Group operates are as follows: Dec 2022 Dec 2021 Europe: Portugal 21% - 31,5% 21% - 31,5% Spain 24% - 25% 24% - 25% Netherlands 25.8% 25% Belgium 25% 25% France 25% 26,5% - 27.5% Italy 24% - 28,8% 24% - 28,8% Poland 19% 19% Romania 16% 16% United Kingdom 19% 19% Asia Singapore 17% 17% Vietnam 20% 20% America: Brazil 34% 34% United States of America 24.91% 24.91% Canada 26.5% 26.5% Mexico 30% 30% EDP Group companies are taxed, whenever possible, on a Group consolidated basis as allowed by the tax legislation of the respective countries. As per the applicable legislation, in general terms, tax periods may be subject to review and reassessment by the various tax authorities during a limited number of years. Statutes of limitation differ from country to country, as follows: Portugal 4 years or, if tax losses or credits have been used, the number of years that such tax losses or credits may be carried forward; Spain 4 years; USA and The Netherlands 3 years; and Brazil 5 years. In the remaining main jurisdictions, the deadline for review and reassessment by the various tax authorities ranges between 3 and 10 years. Tax losses generated in each year are also subject to tax authorities' review and reassessment and may be used to offset yearly taxable income assessed in the subsequent periods, in the main jurisdictions in which EDP is present, as follows: in Portugal 5 years (for tax losses of 2017 to 2019 and 2022, not being considered the years 2020 and 2021 for the purposes of this period); and 12 years (for tax losses of 2014 to 2016, the years 2020 and 2021 are also not considered for the purposes of this count), and a reduction in the annual deduction limit as a percentage of taxable income without term in the Netherlands, Spain, USA and Braziland. From 2023 onwards, in Portugal, there is no longer a time limit for reporting tax losses (including those whose reporting period is in progress on 1 January 2023). Moreover, in the Netherlands the tax losses of a given year may be used to recover current tax of the previous year with limitations. However, the deduction of tax losses in Portugal, Spain, Netherlands, USA and Brazil may be limited to a percentage of the taxable income of each period or is subject to other limitations. EDP Group companies may, in accordance with the law, benefit from certain tax benefits or incentives in specific conditions, namely the Production Tax Credit in North America, which are the dominant form of wind remuneration in this country, and represent an extra source of revenue per unit of electricity, over the first 10 years of the asset\u2019s life. Wind facilities that qualify for the application of the Production Tax Credits prior to 1 January 2017, benefit from 100% of the credit ($25/MWh in 2020 and in 2021, being adjusted to inflation in subsequent years). The credit amount is reduced by 20% for wind facilities qualifying in 2017, 40% in 2018 and 60% in 2019. Additional legislation in 2020 and 2021 extended the aforementioned regime to wind facilities, with start of construction in 2020 or 2021, attributing 60% of the tax credit amount. Additionally, EDP Group companies benefit from the Investment Tax Credit which avails solar projects to a credit based upon its capital expenditures. This credit amount equates to 26% for projects that start construction before 2022 and 22% for projects starting construction in 2023 as long as these projects go into service by 2025. Relevant events for EDP Group with impact in 2022 During the course of 2021 and 2022 several European countries enacted the so called windfall taxes. In what concerns to EDP Group, as of 31 December 2022, these taxes mainly impact Romania, Poland and Italy. In this context, governments in Romania and Poland have recently introduced emergency clawback mechanisms to restrict the revenues earned by renewable energy producers and other market participants. In Romania, a 100% tax is applied on revenues over 450 RON/MWh as well as a withholding tax on behalf of offtakers. In Poland, the clawback mechanism consists in a 100% tax on revenues above 345 PLN/MWh for wind projects under Green Certificate (GC) scheme and the corresponding strike price for projects under CfD scheme. Lastly, during 2022 was approved in Italy a retroactive increase of the windfall tax to 50% (previously set at 25%) that applied in 2022 to the portion of total income determined for corporate income tax purposes that exceeds by, at least, 10% of the average total income determined for corporate income tax purposes earned in the periods between 2018 and 2021 by producers and sellers of electricity, natural gas and petrol products. The amount of this extraordinary contribution shall not exceed 25% of the equity value of the assets at the end of 2021. The European Union Council Regulation 2022/1854 of 6 October 2022 consubstantiated on a European Union wide emergency intervention to address high energy prices. While EDP Group fully acknowledges that the existing emergency situation required for extraordinary measures, the Group also considers that (i) the principle of not taxing unrealized extra-profits should always prevail and (ii) the compatibility with existing, legitimately implemented, risk management strategies, needs to be ensured. These requirements are necessary to avoid harming producers that do not actually benefit from the current high electricity prices, due to having hedged, individually or at Group level, their revenues, against fluctuations in the wholesale electricity market. These financial hedges follow the Group\u2019s established low risk strategy to secure long term revenues and to remove electricity prices volatility on the Group\u2019s earnings. EDP will pursue all legal actions at its disposal in order to challenge the legality of these measures. Corporate income tax provision Income tax expense is as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Current tax -374,432 -191,433 22,068 38,028 Deferred tax -24,058 -70,459 35,602 20,456 -398,490 -261,892 57,670 58,484 Reconciliation between the theoretical and the effective income tax expense The effective income tax rate is as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Profit before tax and CESE 1,619,773 1,419,852 790,895 765,586 Income tax expense -398,490 -261,892 57,670 58,484 Effective income tax rate 24.6% 18.4% -7.3% -7.6% The difference between the theoretical and the effective income tax expense results from the application of the law provisions, in the various countries where EDP operates, in the determination of the taxable base, as demonstrated below. The reconciliation between the theoretical and the effective income tax expense for the Group, in December 2022 and 2021, is as follows: Thousand Euros Dec 2022 Dec 2021 Profit before income tax and CESE 1,619,773 1,419,852 Theoretical income tax rate * 29.5% 29.5% Theoretical income tax expense 477,833 418,856 Different tax rates (includes state surcharge) and CIT rate changes 5,212 -74,081 Tax losses and tax credits -97,364 14,579 Dividends -22,179 -15,327 Tax benefits -16,520 -21,686 Differences between accounting and fiscal provisions/depreciations 80,891 11,062 Accounting/fiscal differences on the recognition/derecognition of assets 7,634 -69,764 Taxable differences attributable to non-controlling interests -18,870 -16,576 Other adjustments and changes in estimates -18,147 14,829 Effective income tax expense as per the Consolidated Income Statement 398,490 261,892 * Average tax rate considering the different tax rates applicable to EDP Group companies in Portugal. The caption Differences between accounting and fiscal provisions/depreciations includes, essentially, 52,099 thousand Euros related to the permanent tax difference generated in the record of the impairment cost of Porto do Pec\u00e9m Gera\u00e7\u00e3o de Energia, S.A. and 35,732 thousand Euros related to Windfall taxes in Europe. The caption Accounting/fiscal differences on the recognition/derecognition of assets mainly includes the impacts inherent to transactions of production and energy supply business assets, in the several geographies in which the Group operates as a result of its business activity (see note 6). The caption Different tax rates (includes state surcharge) and CIT rate changes mainly refer to the difference between the tax rates applicable in the countries in which the EDP Group operates as compared to the tax rate used as reference for the theoretical income tax expense calculation. The caption Taxable differences attributable to non-controlling interests (North America) include the effect inherent in the attribution of taxable income to non-controllable interests in EDPR Group in the USA, as determined by the tax legislation of that geography. The reconciliation between the theoretical and the effective income tax expense for the Company, in 2022 and 2021, is as follows: Thousand Euros Dec 2022 Dec 2021 Profit before income tax 790,895 765,586 Nominal income tax rate 21% 22,5%* Theoretical income tax expense 166,088 172,257 Tax losses and tax credits -11,329 26,461 Dividends -209,151 -261,970 Accounting/fiscal temporary differences on the recognition / derecognition of assets -9,780 - Other adjustments and changes in estimates 6,502 4,768 Effective income tax expense as per the Company Income Statement -57,670 -58,484 * Statutory Corporate Income Tax rate applicable in Portugal (21%) and municipal surcharge (1.5%), 24. Deferred tax assets and liabilities EDP Group records the tax effect resulting from temporary differences between the assets and liabilities determined on an accounting basis and on a tax basis. As at 31 December 2022, on a consolidated basis, the movements by nature of Deferred Tax Assets and Liabilities are as follows: Deferred Tax Assets Thousand Euros Balance at 1 January Mov. Results Mov. Reserves Perimeter variations, exchange differences and others Balance at 31 December Tax losses and tax credits 1,205,963 64,229 3,244 87,139 1,360,575 Provisions for social benefits, bad debts and other risks 634,198 -66,601 -87,838 11,733 491,492 Financial instruments 841,687 -23,469 83,794 -104,646 797,366 Property plant and equipment and intangible assets 353,664 -41,758 - 25,811 337,717 Financial and equity instruments at fair value 1,953 209 -2,931 263 -506 Tariff adjustments and tariff deficit 14,370 -16,025 - 1,655 - Allocation of fair value to assets and liabilities acquired 32,445 -36,552 84,915 -1,128 79,680 Fiscal revaluations 265,678 -44,410 - 163 221,431 Use of public property (Brazil) 27,308 1,517 - 3,200 32,025 Other temporary differences 74,041 29,145 -387 9,120 111,919 Assets/liabilities compensation of deferred taxes -1,942,215 -70,484 3,400 361,892 -1,647,407 1,509,092 -204,199 84,197 395,202 1,784,292 Deferred Tax Liabilities Thousand Euros Balance at 1 January Mov. Results Mov. Reserves Perimeter variations, exchange differences and others Balance at 31 December Provisions for social benefits, bad debts and other risks 19,598 -243 -3,179 468 16,644 Financial instruments 609,846 -182,186 -64,755 -64,482 298,423 Property plant and equipment and intangible assets 374,109 37,784 - 103,217 515,110 Reinvested gains 3,705 -30 - -1 3,674 Financial and equity instruments at fair value 7,248 - 14 1,585 8,847 Tariff adjustments and tariff deficit 16,078 -15,518 - - 560 Allocation of fair value to assets and liabilities acquired 1,112,469 -16,738 - 64,159 1,159,890 Fiscal revaluations 52,589 -2,903 - 3,032 52,718 Deferred income relating to CMEC 184,665 -706 - - 183,959 Gains from institutional partnerships in wind farms 383,910 33,154 -92 23,292 440,264 Use of public property (Brazil) 6,919 107 - 820 7,846 Fair value of financial assets (Brazil) 69,235 23,971 - 7,401 100,607 Other temporary differences 90,922 13,651 -244 -871 103,458 Assets/liabilities compensation of deferred taxes -1,942,215 -70,484 3,400 361,892 -1,647,407 989,078 -180,141 -64,856 500,512 1,244,593 As at a 31 December 2021, on a consolidated basis, the movement by nature of Net Deferred Tax Assets and Liabilities are as follows: Net Deferred Tax Assets Thousand Euros Balance at 1 January Mov. Results Mov. Reserves Perimeter variations, exchange differences and others Balance at 31 December * Tax losses and tax credits 1,023,712 138,686 - 43,565 1,205,963 Provisions for social benefits, bad debts and other risks 722,690 -47,751 -17,360 -23,381 634,198 Financial instruments 95,417 -40,724 780,528 6,466 841,687 Property plant and equipment and intangible assets 412,651 -59,693 - 706 353,664 Financial and equity instruments at fair value 2,868 800 -1,889 174 1,953 Tariff adjustments and tariff deficit 37,988 -24,576 - 958 14,370 Allocation of fair value to assets and liabilities acquired 159,529 52,666 - -179,750 32,445 Fiscal revaluations 304,712 -39,034 - - 265,678 Use of public property (Brazil) 23,658 3,376 - 274 27,308 Other temporary differences 87,541 -13,806 -661 967 74,041 Assets/liabilities compensation of deferred taxes -1,664,163 -24,228 4,468 -258,292 -1,942,215 1,206,603 -54,284 765,086 -408,313 1,509,092 Net Deferred Tax Liabilities Thousand Euros Balance at 1 January Mov. Results Mov. Reserves Perimeter variations, exchange differences and others Balance at 31 December * Provisions for social benefits, bad debts and other risks 14,413 3,699 1,494 -8 19,598 Financial instruments 100,911 48,260 456,924 3,751 609,846 Property plant and equipment and intangible assets 366,868 -7,126 - 14,367 374,109 Reinvested gains 3,735 -30 - - 3,705 Financial and equity instruments at fair value 8,959 -1,711 - - 7,248 Tariff adjustments and tariff deficit 149,690 -134,161 -353 902 16,078 Allocation of fair value to assets and liabilities acquired 1,184,420 96,140 2,406 -170,497 1,112,469 Fiscal revaluations 54,737 -2,148 - - 52,589 Deferred income relating to CMEC 187,558 -2,893 - - 184,665 Gains from institutional partnerships in wind farms 344,092 10,580 55 29,183 383,910 Use of public property (Brazil) 7,737 -887 - 69 6,919 Fair value of financial assets (Brazil) 47,643 20,889 - 703 69,235 Other temporary differences 64,642 9,791 - 16,489 90,922 Assets/liabilities compensation of deferred taxes -1,664,163 -24,228 4,468 -258,292 -1,942,215 871,242 16,175 464,994 -363,333 989,078 On a Company basis, EDP, S.A. records the tax effect arising from temporary differences between the assets and liabilities determined on an accounting basis and on a tax basis. As at 31 December 2022, on a Company basis, the movements by nature of Deferred Tax Assets and Liabilities are as follows: Deferred Tax Assets Thousand Euros Balance at 1 January Mov. Results Mov. Reserves Others Balance at 31 December Tax losses and tax credits 163,078 39,563 - -43,290 159,351 Provisions for social benefits, bad debts and other risks 8,125 -381 -616 430 7,558 Financial instruments 225,545 - 54,871 - 280,416 Property plant and equipment 2,025 -136 - - 1,889 Other temporary differences 246 -50 - 2,749 2,945 Assets/liabilities compensation of deferred taxes -361,801 224,402 - - -137,399 37,218 263,398 54,255 -40,111 314,760 Deferred Tax Liabilities Thousand Euros Balance at 1 January Mov. Results Mov. Reserves Others Balance at 31 December Financial instruments 350,009 - -230,191 - 119,818 Allocation of fair value to assets and liabilities acquired 3,546 - - 2,395 5,941 Fiscal revaluations 179 -16 - - 163 Other temporary differences 8,067 3,410 - - 11,477 Assets/liabilities compensation of deferred taxes -361,801 224,402 - - -137,399 - 227,796 -230,191 2,395 - As at a 31 December 2021, on a Company basis, the movement by nature of Net Deferred Tax Assets and Liabilities are as follows: Net Deferred Tax Assets Thousand Euros Balance at 1 January Mov. Results Mov. Reserves Others Balance at 31 December Tax losses and tax credits 139,397 19,879 - 3,802 163,078 Provisions for social benefits, bad debts and other risks 7,817 471 -143 -20 8,125 Financial instruments 28,596 - 196,949 - 225,545 Property plant and equipment 3,965 -1,940 - - 2,025 Other temporary differences 3,273 -3,069 - 42 246 Assets/liabilities compensation of deferred taxes -59,422 -302,379 - - -361,801 123,626 -287,038 196,806 3,824 37,218 Net Deferred Tax Liabilities Thousand Euros Balance at 1 January Mov. Results Mov. Reserves Others Balance at 31 December Financial instruments 47,681 - 302,328 - 350,009 Allocation of fair value to assets and liabilities acquired 3,546 - - - 3,546 Fiscal revaluations 185 -6 - - 179 Other temporary differences 8,010 -5,109 - 5,166 8,067 Assets/liabilities compensation of deferred taxes -59,422 -302,379 - - -361,801 - -307,494 302,328 5,166 - Taxes recorded against reserves are as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Financial instruments and fair value 233,936 317,598 285,062 -105,379 Actuarial gains and losses -88,828 -16,483 -616 -143 Financial instruments and equity instruments at fair value OCI 3,856 -1,271 - - Others 89 248 - - 149,053 300,092 284,446 -105,522 The Group tax losses carried forward are analysed as follows: Thousand Euros Group Dec 2022 Dec 2021 Expiry date: 2022 - 1,344 2023 2,983 10,430 2024 3,245 23,704 2025 8,793 8,155 2026 19,640 531,520 2027 62,870 7,007 2028 a 2040 2,345,321 2,422,283 Without expiry date 3,356,636 1,923,698 5,799,488 4,928,141 Of the total of EDP Group\u2019s tax losses available to carry forward as at 31 December 2022, the amount of 677,374 thousand Euros does not have deferred tax asset, in accordance with the applicable accounting standards since, at the present date, there is still not sufficient visibility about the future period in which such tax losses will be used. 28. Tax assets Current tax assets are as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Non-Current: Special taxes Brazil 109,902 173,846 - - Current: Income tax 188,981 132,109 44,305 48,893 Value added tax (VAT) 516,010 295,789 149,058 44,659 Special taxes Brazil 87,004 93,624 - - Other taxes 22,303 30,320 877 874 814,298 551,842 194,240 94,426 924,200 725,688 194,240 94,426 The Special taxes Brazil caption relates to the following taxes: CSLL (Social Contribution on net profits), PIS (Social integration programme) and COFINS (Social Security Financing Contribution). The increase in the income tax caption corresponds, mainly, to the amount related with the tax paid in the past for the sale of certain companies which Directors and legal experts have estimated recoverable. 40. Tax liabilities Tax liabilities are as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Non Current Special tax Brazil 179,250 124,362 - - Current Income tax 163,784 100,533 28,913 38,971 Withholding tax 85,207 48,203 1,322 1,486 Value Added Tax (VAT) 558,718 244,938 3,097 2,666 Special taxes Brazil 50,510 83,148 - - Other taxes 142,883 105,864 1,370 1,232 1,001,102 582,686 34,702 44,355 1,180,352 707,048 34,702 44,355 The Special taxes Brazil caption relates to the following taxes: CSLL (Social Contribution on net profits), PIS (Social integration programme) and COFINS (Social Security Financing Contribution). ",
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},
"f32850": {
"value": "16. Property, plant and equipment This caption is as follows, for the Group: Thousand Euros Land and natural resources Buildings and other construct. Plant and machinery Other tangible assets Assets under construct. Total Gross Amount 76,453 378,107 36,861,822 595,029 2,678,691 40,590,102 Accumulated depreciation and impairment losses - 171,331 18,796,511 449,112 73,907 19,490,861 Carrying Amount at 31 December 2021 76,453 206,776 18,065,311 145,917 2,604,784 21,099,241 Gross Amount 99,913 419,111 38,768,166 637,055 5,196,425 45,120,670 Accumulated depreciation and impairment losses - 188,634 20,101,125 490,341 123,763 20,903,863 Carrying Amount at 31 December 2022 99,913 230,477 18,667,041 146,714 5,072,662 24,216,807 Balance as at 1 January 2021 74,057 200,711 17,259,186 137,422 2,718,918 20,390,294 Additions 2,371 770 336,875 22,113 2,492,713 2,854,842 Depreciation and impairment (see note 12) - -8,614 -1,161,118 -43,739 -768 -1,214,239 Disposals/Write-offs -57 -148 -19,174 -1,551 -19,627 -40,557 Transfers -133 12,741 1,964,656 29,709 -2,412,161 -405,188 Exchange Difference 1,354 1,234 603,249 681 115,499 722,017 Perimeter Variations and Other -1,139 82 -918,363 1,282 -289,790 -1,207,928 Balance as at 31 December 2021 76,453 206,776 18,065,311 145,917 2,604,784 21,099,241 Additions 18,600 782 92,344 19,789 3,680,440 3,811,955 Depreciation and impairment (see note 12) - -9,825 -1,260,191 -47,168 -54,088 -1,371,272 Disposals/Write-offs -113 -346 -4,208 -2,359 -36,154 -43,180 Transfers 581 15,136 982,055 26,260 -1,033,230 -9,198 Exchange Difference 4,387 13,362 608,658 984 5,103 632,494 Perimeter Variations and Other 5 4,592 183,072 3,291 -94,193 96,767 Balance as at 31 December 2022 99,913 230,477 18,667,041 146,714 5,072,662 24,216,807 This caption is as follows, for the Company: Thousand Euros Land and natural resources Buildings and other construct. Plant and machinery Other tangible assets Assets under construct. Total Gross Amount 4,581 28,586 724 88,197 9,900 131,988 Accumulated depreciation and impairment losses - 26,728 341 67,863 - 94,932 Carrying Amount at 31 December 2021 4,581 1,858 383 20,334 9,900 37,056 Gross Amount 4,581 35,968 991 91,350 9,591 142,481 Accumulated depreciation and impairment losses - 26,920 392 71,621 - 98,933 Carrying Amount at 31 December 2022 4,581 9,048 599 19,729 9,591 43,548 Balance as at 1 January 2021 4,581 1,914 145 18,352 2,966 27,958 Additions - 7 243 5,785 8,944 14,979 Depreciation and impairment (see note 12) - -68 -18 -5,440 7 -5,519 Disposals/Write-offs - - - -362 - -362 Transfers - 5 13 1,999 -2,017 - Balance as at 31 December 2021 4,581 1,858 383 20,334 9,900 37,056 Additions - - 266 2,966 10,124 13,356 Depreciation and impairment (see note 12) - -192 -51 -5,913 - -6,156 Disposals/Write-offs - - - -708 - -708 Transfers - 7,382 1 3,050 -10,433 - Balance as at 31 December 2022 4,581 9,048 599 19,729 9,591 43,548 Gross amount of Assets under construction are as follows: Thousand Euros Dec 2022 Dec 2021 Wind and solar farms in North America 2,589,575 1,079,633 Wind and solar farms in Europe 1,072,644 824,808 Wind and solar farms in South America 1,098,165 509,951 Hydric Portugal 43,745 43,123 Other assets under construction 392,296 221,176 5,196,425 2,678,691 The capitalised costs for Property, plant and equipment for the period, except Land and natural resources, are as follows: Thousand Euros Dec 2022 Dec 2021 Subcontracts and other materials 3,540,948 2,625,744 Purchase price allocation 74,213 70,622 Dismantling and decommissioning costs (see note 36) 9,841 29,525 Personnel costs (see note 10) 126,948 93,494 Borrowing costs (see note 13) 41,405 33,086 3,793,355 2,852,471 Additions mainly include the investment in wind and solar farms in North America, South America and Europe. Depreciation and impairment includes impairment in combined cycle thermoelectric plants in Portugal in the amount of 125,406 thousand Euros, impairment at the coal-fired power plant in Brazil in the amount of 218,665 thousand Euros and impairments in Colombia in the amount of 54,088 thousand Euros. Additionally, it reflects the reversal of impairments in Spain in the amount of 80,281 thousand Euros (see note 12). Transfers include the transfer of some Europe onshore wind assets to non-current assets held for sale (see note 41). The movement in Exchange differences in the period results mainly from the appreciation of US Dollar and Brazilian Real, against the Euro. Perimeter Variations and Other mainly reflect: (i) the impact of the acquisitions of solar distributed generation portfolios in Southeast Asia, including the effect of the assets purchase price allocation exercise, in the amount of 718,762 thousand Euros (see notes 6 and 49); (ii) the increase of 70,779 thousand Euros related with the acquisition of a solar distributed generation portfolio in North America (see notes 6 and 49); (iii) the impact of the sale of onshore wind portfolios in Brazil, Poland and Italy and of solar energy assets in North Amercia in the amount of 626,156 thousand Euros (see note 6); and (iv) the decrease of 94,026 thousand Euros due to the revision of the provision for dismantling and decommissioning of electricity power plants estimation (see note 36). ",
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"f33467": {
"value": "18. Intangible assets This caption is as follows, for the Group: Thousand Euros Concession rights CO2 Licenses Other intangibles Intangible assets in progress Total Gross amount 12,375,147 213,938 2,161,821 203,996 14,954,902 Accumulated amortisation and impairment losses 9,444,968 - 752,441 - 10,197,409 Carrying Amount at 31 December 2021* 2,930,179 213,938 1,409,380 203,996 4,757,493 Gross amount 12,799,654 25,551 2,491,561 235,380 15,552,146 Accumulated amortisation and impairment losses 9,723,336 - 844,808 - 10,568,144 Carrying Amount at 31 December 2022 3,076,318 25,551 1,646,753 235,380 4,984,002 Balance as at 1 January 2021* 3,064,184 198,555 1,416,986 169,842 4,849,567 Additions* 972 417,398 6,562 121,711 546,643 Amortisation and impairment (see note 12) -362,813 - -86,549 - -449,362 Disposals/Write-offs -4,828 -402,015 -1,282 -519 -408,644 Transfers 205,084 - 71,648 -79,476 197,256 Exchange Difference* 4,195 - 4,538 340 9,073 Perimeter Variations 23,385 - -2,523 -7,902 12,960 Balance as at 31 December 2021* 2,930,179 213,938 1,409,380 203,996 4,757,493 Additions 2,555 467,690 6,456 147,119 623,820 Amortisation and impairment (see note 12) -411,600 - -103,368 - -514,968 Disposals/Write-offs -6,970 -656,077 -47 -1,316 -664,410 Transfers 313,069 - 133,062 -139,971 306,160 Exchange Difference 41,489 - 2,550 1,945 45,984 Perimeter Variations and Other 207,596 - 198,720 23,607 429,923 Balance as at 31 December 2022 3,076,318 25,551 1,646,753 235,380 4,984,002 * Includes restatement originated by the change in the classification of Green Certificates as described in note 2a). This caption is as follows, for the Company: Thousand Euros Other intangibles Intangible assets in progress Total Gross amount 203,204 69,009 272,213 Accumulated amortisation and impairment losses 139,553 - 139,553 Carrying Amount at 31 December 2021 63,651 69,009 132,660 Gross amount 244,000 65,598 309,598 Accumulated amortisation and impairment losses 158,903 - 158,903 Carrying Amount at 31 December 2022 85,097 65,598 150,695 Balance as at 1 January 2021 60,811 54,412 115,223 Additions 112 33,998 34,110 Amortisation and impairment (see note 12) -16,673 - -16,673 Transfers 19,401 -19,401 - Balance as at 31 December 2021 63,651 69,009 132,660 Additions 741 36,700 37,441 Amortisation and impairment (see note 12) -19,359 - -19,359 Disposals/Write-offs -47 - -47 Transfers 40,111 -40,111 - Balance as at 31 December 2022 85,097 65,598 150,695 Additions of CO2 Licenses includes 242,910 thousand Euros referring to CO2 Licenses granted free of charge to EDP Group power plants operating in Portugal and Spain and 224,779 thousand Euros of licenses purchased in the market for own consumption. Disposals/Write-offs essentially includes the delivery in April 2022 of the 2021 consumption licenses. Additions of Intangible assets in progress essentially include the implementation and development of information systems projects. Amortisation and impairment includes impairment at the coal-fired power plant in Brazil in the amount of 14,460 thousand Euros (see note 12). Transfers essentially refer to the intangible assets assigned to concessions that became operational, in the amount of 306,160 thousand Euros (see note 26). Regarding Concession rights, the Perimeter Variations and Other mainly include the recognition of a concession right arising from the acquisition of EDP Goi\u00e1s. The amount recognized results from the assets purchase price allocation exercise, in accordance with the external valuation report issued (see notes 6 and 49). Additionally, Perimeter Variations and Other reflect the effect of the purchase price allocation exercise of distributed solar generation portfolio assets acquired in Southeast Asia and North America, in the amounts of 198,771 thousand Euros and 20,667 thousand Euros, respectively (see notes 6 and 49). The capitalised costs of the period related to construction of intangible assets are included in own work capitalised in notes 7, 10 and 13. ",
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"f33468": {
"value": "18. Intangible assets This caption is as follows, for the Group: Thousand Euros Concession rights CO2 Licenses Other intangibles Intangible assets in progress Total Gross amount 12,375,147 213,938 2,161,821 203,996 14,954,902 Accumulated amortisation and impairment losses 9,444,968 - 752,441 - 10,197,409 Carrying Amount at 31 December 2021* 2,930,179 213,938 1,409,380 203,996 4,757,493 Gross amount 12,799,654 25,551 2,491,561 235,380 15,552,146 Accumulated amortisation and impairment losses 9,723,336 - 844,808 - 10,568,144 Carrying Amount at 31 December 2022 3,076,318 25,551 1,646,753 235,380 4,984,002 Balance as at 1 January 2021* 3,064,184 198,555 1,416,986 169,842 4,849,567 Additions* 972 417,398 6,562 121,711 546,643 Amortisation and impairment (see note 12) -362,813 - -86,549 - -449,362 Disposals/Write-offs -4,828 -402,015 -1,282 -519 -408,644 Transfers 205,084 - 71,648 -79,476 197,256 Exchange Difference* 4,195 - 4,538 340 9,073 Perimeter Variations 23,385 - -2,523 -7,902 12,960 Balance as at 31 December 2021* 2,930,179 213,938 1,409,380 203,996 4,757,493 Additions 2,555 467,690 6,456 147,119 623,820 Amortisation and impairment (see note 12) -411,600 - -103,368 - -514,968 Disposals/Write-offs -6,970 -656,077 -47 -1,316 -664,410 Transfers 313,069 - 133,062 -139,971 306,160 Exchange Difference 41,489 - 2,550 1,945 45,984 Perimeter Variations and Other 207,596 - 198,720 23,607 429,923 Balance as at 31 December 2022 3,076,318 25,551 1,646,753 235,380 4,984,002 * Includes restatement originated by the change in the classification of Green Certificates as described in note 2a). This caption is as follows, for the Company: Thousand Euros Other intangibles Intangible assets in progress Total Gross amount 203,204 69,009 272,213 Accumulated amortisation and impairment losses 139,553 - 139,553 Carrying Amount at 31 December 2021 63,651 69,009 132,660 Gross amount 244,000 65,598 309,598 Accumulated amortisation and impairment losses 158,903 - 158,903 Carrying Amount at 31 December 2022 85,097 65,598 150,695 Balance as at 1 January 2021 60,811 54,412 115,223 Additions 112 33,998 34,110 Amortisation and impairment (see note 12) -16,673 - -16,673 Transfers 19,401 -19,401 - Balance as at 31 December 2021 63,651 69,009 132,660 Additions 741 36,700 37,441 Amortisation and impairment (see note 12) -19,359 - -19,359 Disposals/Write-offs -47 - -47 Transfers 40,111 -40,111 - Balance as at 31 December 2022 85,097 65,598 150,695 Additions of CO2 Licenses includes 242,910 thousand Euros referring to CO2 Licenses granted free of charge to EDP Group power plants operating in Portugal and Spain and 224,779 thousand Euros of licenses purchased in the market for own consumption. Disposals/Write-offs essentially includes the delivery in April 2022 of the 2021 consumption licenses. Additions of Intangible assets in progress essentially include the implementation and development of information systems projects. Amortisation and impairment includes impairment at the coal-fired power plant in Brazil in the amount of 14,460 thousand Euros (see note 12). Transfers essentially refer to the intangible assets assigned to concessions that became operational, in the amount of 306,160 thousand Euros (see note 26). Regarding Concession rights, the Perimeter Variations and Other mainly include the recognition of a concession right arising from the acquisition of EDP Goi\u00e1s. The amount recognized results from the assets purchase price allocation exercise, in accordance with the external valuation report issued (see notes 6 and 49). Additionally, Perimeter Variations and Other reflect the effect of the purchase price allocation exercise of distributed solar generation portfolio assets acquired in Southeast Asia and North America, in the amounts of 198,771 thousand Euros and 20,667 thousand Euros, respectively (see notes 6 and 49). The capitalised costs of the period related to construction of intangible assets are included in own work capitalised in notes 7, 10 and 13. 19. Goodwill Goodwill for the Group, resulting from the difference between the acquisition price and the fair value of the net assets acquired, at the acquisition date, is organized by segment, and is as follows: Thousand Euros Renewab. Networks Client Solutions & Energy Manag. Total Balance as at 1 January 2021 1,651,582 673,834 10,548 2,335,964 Increases 4,462 - 6,688 11,150 Decreases -15,160 - - -15,160 Impairment (see note 12) - - -4,987 -4,987 Exchange differences 52,412 - 7 52,419 Balance as at 31 December 2021 1,693,296 673,834 12,256 2,379,386 Increases 1,072,359 - 20,790 1,093,149 Decreases -52,478 - - -52,478 Exchange differences 49,065 - 106 49,171 Balance as at 31 December 2022 2,762,242 673,834 33,152 3,469,228 Renewables EDP Renov\u00e1veis, S.A. acquired a 100% stake in a distributed solar generation portfolio, Sunseap Group Pte. Ltd., located in Southeast Asia, for an amount of 659,658 thousand Euros. This transaction has been framed within the scope of IFRS 3 - Business combinations and that has implied the recognition of goodwill in the consolidated financial statements in the amount of 363,485 thousand Euros (see notes 6 and 49). In the third quarter of 2022, Sunseap Group Pte. Ltd. acquired 99,99% of the companies Xuan Thien Ninh Thuan JSC and Xuan Thien Thuan Bac JSC, for an amount of 202,298 thousand Euros. This transaction has been framed within the scope of IFRS 3 - Business combinations and the purchase price allocation exercise carried out resulted in goodwill recognition in the amount of 21,236 thousand Euros (see notes 6 and 49). EDP Renov\u00e1veis, S.A. acquired, through a North American subsidiary, a 100% stake in a distributed solar generation portfolio, for an amount of 132,992 thousand Euros. This transaction has been framed within the scope of IFRS 3 \u2013 Business combinations and that has implied the recognition of goodwill in the consolidated financial statements in the amount of 28,965 thousand Euros (see notes 6 and 49). In the fourth quarter of 2022, EDP Renewables Europe, S.L.U. acquired a 100% stake in a solar generation portfolio, Kronos Solar Projects GmbH. and its subsidiaries, for an amount of 663,030 thousand Euros. This business combination has resulted in the recognition of goodwill in the amount of 651,657 thousand Euros, in accordance with IFRS 3 requirements (see notes 6 and 49). The decreases include the impact of 51,761 thousand Euros resulting from the sale of an onshore wind portfolio in Spain (see note 6). Client Solutions & Energy Management The increase in goodwill is related with the acquisition of the companies SOON Energy Polska sp z.o.o. and Zielona-Energia (see note 6). Goodwill impairment test analysis \u2013 EDP Group The recoverable amount of the goodwill in subsidiaries is assessed annually, as at 30 September, independently of the existence of any indicators of impairment. The recoverable amount is determined based on the value in use of the assets, calculated using valuation methodologies supported by discounted cash flow techniques, considering market conditions, the time value of money and the business risks. Any impairment losses are recognised in the income statement for the period. EDP Group segments based on which the Group monitors its activity are as follows (see note 51): \u2022 Renewables - corresponds to the activity of producing electricity through renewable energy sources, with emphasis on hydro, wind and solar; \u2022 Networks - corresponds to the electricity distribution and transmission activity, including regulated energy retailers; \u2022 Client Solutions and Energy Management - includes the following activities: production of electricity using non-renewable energy sources, with emphasis on coal and gas; commercialization of electricity and gas and energy solutions services to customers; and the intermediation business responsible for managing the purchase and sale of energy in the Iberian and Brazilian markets, as well as for the respective hedging operations; For the purposes of these tests, the EDP Group has defined a set of assumptions to determine the recoverable amount of the main investments by each cash generating unit, being presented by aggregation in each business units after the impairment tests carried out at each subgroup/cash generating unit. Goodwill impairment test analysis \u2013 Renewables Segment The future cash flows are based on the useful life of wind farms, solar and hydro assets. This projection also considers long-term energy sales contracts and long-term energy price estimates, for assets with market exposure. The main assumptions on which impairment tests are based are as follows: - Regarding the production of wind and solar energy, the \u201cnet capacity factors\u201d used for each cash-generating unit consider: (i) the installed capacity and the forecast resulting from the studies on the occurrence of wind in the long term; and (ii) that regulatory mechanisms in almost all geographies determine the production and priority of energy dispatch whenever weather conditions permit; - Regarding hydro production, the \u201cnet capacity factors\u201d used for each cash-generating unit consider: (i) the installed capacity and the forecast for hydraulic production; and (ii) that the regulatory mechanisms in each geography; - Energy remuneration: the approved or contracted remunerations were considered in the event of long-term energy sales contracts for the total or partial useful life of the assets or remunerations determined by the regulatory framework in force in each geography. In the remaining cases, the long-term market price curves projected by the Group were used based on past experience and internal models built on the basis of external information sources; - Operating costs: the land and maintenance contracts in force were used. The other operating costs were projected consistently based on the experience acquired, on the Budget approved for the next year and taking into account internal analysis models; - Terminal value: considered as a 15% of the initial investment in each wind farm, considering inflation; and - Discount rate: the discount rates used are post-tax, reflect EDP Group\u2019s best estimate of the risks specific to each CGU and range as follows: 2022 2021 Europe (EUR) 3.7% - 4.8% 2.9% - 4.0% North America (USD) 5.7% - 7.1% 4.8% - 6.7% Brazil (BRL) 7.9% - 9.6% 7.6% - 9.3% Impairment tests were performed taking into account the regulatory changes in each country known at the end 2022. The impairment tests carried out on Goodwill did not lead to any impairment registration. Goodwill impairment test analysis \u2013 Grids Segment The cash flow projection assumes the extent of the concessions related to the electricity distribution business in Brazil. In the case of the concession in Spain, it is perpetual. These cash flows are estimated considering the volume of production and expected consumption, installed capacity, the evolution forecast of the tariff and the energy purchase / sale agreements. The discount rates after taxes used in the networks segment for the purposes of impairment tests ranged between 3.8% (Spain) and 8.5% (Brazil in BRL) (2021: between 3.2% and 7.4% respectively). The main assumptions used to project cash flows are as follows: - Investment costs: the best available estimates of the investments to be made were used to ensure regular use of current assets, as well as those resulting from legislative changes; - Regarding operating costs, the projections made considered the current operating costs projected based on the historical experience acquired, in the Budget approved for the next year and taking into account internal models of analysis; - The most recent remuneration rates proposed by ANEEL and CNMC (\"Comisi\u00f3n Nacional de los Mercados y la Competencia\") were considered, applying the updating mechanisms as provided for in the regulation; - The projections for the electricity distribution businesses are based on long-term estimates of the various assumptions considered in the analysis; - The terminal value of the distribution assets corresponds to the present value of the net assets at the end of the concession (\"Net Regulatory Asset Base\u201d). Sensitivity analyzes were carried out on the results of the impairment tests carried out, namely at discount rates. The results of the sensitivity analyzes carried out conclude that an increase of 50 basis points in the different discount rates, does not determine the existence of signs of impairment in \"goodwill\" or concession rights. ",
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"f33724": {
"value": "19. Goodwill Goodwill for the Group, resulting from the difference between the acquisition price and the fair value of the net assets acquired, at the acquisition date, is organized by segment, and is as follows: Thousand Euros Renewab. Networks Client Solutions & Energy Manag. Total Balance as at 1 January 2021 1,651,582 673,834 10,548 2,335,964 Increases 4,462 - 6,688 11,150 Decreases -15,160 - - -15,160 Impairment (see note 12) - - -4,987 -4,987 Exchange differences 52,412 - 7 52,419 Balance as at 31 December 2021 1,693,296 673,834 12,256 2,379,386 Increases 1,072,359 - 20,790 1,093,149 Decreases -52,478 - - -52,478 Exchange differences 49,065 - 106 49,171 Balance as at 31 December 2022 2,762,242 673,834 33,152 3,469,228 Renewables EDP Renov\u00e1veis, S.A. acquired a 100% stake in a distributed solar generation portfolio, Sunseap Group Pte. Ltd., located in Southeast Asia, for an amount of 659,658 thousand Euros. This transaction has been framed within the scope of IFRS 3 - Business combinations and that has implied the recognition of goodwill in the consolidated financial statements in the amount of 363,485 thousand Euros (see notes 6 and 49). In the third quarter of 2022, Sunseap Group Pte. Ltd. acquired 99,99% of the companies Xuan Thien Ninh Thuan JSC and Xuan Thien Thuan Bac JSC, for an amount of 202,298 thousand Euros. This transaction has been framed within the scope of IFRS 3 - Business combinations and the purchase price allocation exercise carried out resulted in goodwill recognition in the amount of 21,236 thousand Euros (see notes 6 and 49). EDP Renov\u00e1veis, S.A. acquired, through a North American subsidiary, a 100% stake in a distributed solar generation portfolio, for an amount of 132,992 thousand Euros. This transaction has been framed within the scope of IFRS 3 \u2013 Business combinations and that has implied the recognition of goodwill in the consolidated financial statements in the amount of 28,965 thousand Euros (see notes 6 and 49). In the fourth quarter of 2022, EDP Renewables Europe, S.L.U. acquired a 100% stake in a solar generation portfolio, Kronos Solar Projects GmbH. and its subsidiaries, for an amount of 663,030 thousand Euros. This business combination has resulted in the recognition of goodwill in the amount of 651,657 thousand Euros, in accordance with IFRS 3 requirements (see notes 6 and 49). The decreases include the impact of 51,761 thousand Euros resulting from the sale of an onshore wind portfolio in Spain (see note 6). Client Solutions & Energy Management The increase in goodwill is related with the acquisition of the companies SOON Energy Polska sp z.o.o. and Zielona-Energia (see note 6). Goodwill impairment test analysis \u2013 EDP Group The recoverable amount of the goodwill in subsidiaries is assessed annually, as at 30 September, independently of the existence of any indicators of impairment. The recoverable amount is determined based on the value in use of the assets, calculated using valuation methodologies supported by discounted cash flow techniques, considering market conditions, the time value of money and the business risks. Any impairment losses are recognised in the income statement for the period. EDP Group segments based on which the Group monitors its activity are as follows (see note 51): \u2022 Renewables - corresponds to the activity of producing electricity through renewable energy sources, with emphasis on hydro, wind and solar; \u2022 Networks - corresponds to the electricity distribution and transmission activity, including regulated energy retailers; \u2022 Client Solutions and Energy Management - includes the following activities: production of electricity using non-renewable energy sources, with emphasis on coal and gas; commercialization of electricity and gas and energy solutions services to customers; and the intermediation business responsible for managing the purchase and sale of energy in the Iberian and Brazilian markets, as well as for the respective hedging operations; For the purposes of these tests, the EDP Group has defined a set of assumptions to determine the recoverable amount of the main investments by each cash generating unit, being presented by aggregation in each business units after the impairment tests carried out at each subgroup/cash generating unit. Goodwill impairment test analysis \u2013 Renewables Segment The future cash flows are based on the useful life of wind farms, solar and hydro assets. This projection also considers long-term energy sales contracts and long-term energy price estimates, for assets with market exposure. The main assumptions on which impairment tests are based are as follows: - Regarding the production of wind and solar energy, the \u201cnet capacity factors\u201d used for each cash-generating unit consider: (i) the installed capacity and the forecast resulting from the studies on the occurrence of wind in the long term; and (ii) that regulatory mechanisms in almost all geographies determine the production and priority of energy dispatch whenever weather conditions permit; - Regarding hydro production, the \u201cnet capacity factors\u201d used for each cash-generating unit consider: (i) the installed capacity and the forecast for hydraulic production; and (ii) that the regulatory mechanisms in each geography; - Energy remuneration: the approved or contracted remunerations were considered in the event of long-term energy sales contracts for the total or partial useful life of the assets or remunerations determined by the regulatory framework in force in each geography. In the remaining cases, the long-term market price curves projected by the Group were used based on past experience and internal models built on the basis of external information sources; - Operating costs: the land and maintenance contracts in force were used. The other operating costs were projected consistently based on the experience acquired, on the Budget approved for the next year and taking into account internal analysis models; - Terminal value: considered as a 15% of the initial investment in each wind farm, considering inflation; and - Discount rate: the discount rates used are post-tax, reflect EDP Group\u2019s best estimate of the risks specific to each CGU and range as follows: 2022 2021 Europe (EUR) 3.7% - 4.8% 2.9% - 4.0% North America (USD) 5.7% - 7.1% 4.8% - 6.7% Brazil (BRL) 7.9% - 9.6% 7.6% - 9.3% Impairment tests were performed taking into account the regulatory changes in each country known at the end 2022. The impairment tests carried out on Goodwill did not lead to any impairment registration. Goodwill impairment test analysis \u2013 Grids Segment The cash flow projection assumes the extent of the concessions related to the electricity distribution business in Brazil. In the case of the concession in Spain, it is perpetual. These cash flows are estimated considering the volume of production and expected consumption, installed capacity, the evolution forecast of the tariff and the energy purchase / sale agreements. The discount rates after taxes used in the networks segment for the purposes of impairment tests ranged between 3.8% (Spain) and 8.5% (Brazil in BRL) (2021: between 3.2% and 7.4% respectively). The main assumptions used to project cash flows are as follows: - Investment costs: the best available estimates of the investments to be made were used to ensure regular use of current assets, as well as those resulting from legislative changes; - Regarding operating costs, the projections made considered the current operating costs projected based on the historical experience acquired, in the Budget approved for the next year and taking into account internal models of analysis; - The most recent remuneration rates proposed by ANEEL and CNMC (\"Comisi\u00f3n Nacional de los Mercados y la Competencia\") were considered, applying the updating mechanisms as provided for in the regulation; - The projections for the electricity distribution businesses are based on long-term estimates of the various assumptions considered in the analysis; - The terminal value of the distribution assets corresponds to the present value of the net assets at the end of the concession (\"Net Regulatory Asset Base\u201d). Sensitivity analyzes were carried out on the results of the impairment tests carried out, namely at discount rates. The results of the sensitivity analyzes carried out conclude that an increase of 50 basis points in the different discount rates, does not determine the existence of signs of impairment in \"goodwill\" or concession rights. ",
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"f34031": {
"value": "21. Investments in joint ventures and associates This caption is as follows: Thousand Euros Group Dec 2022 Dec 2021 Investments in joint ventures 1,333,871 1,140,454 Investments in associates 271,872 209,991 1,605,743 1,350,445 As at 31 December 2022, for the Group, this caption includes goodwill in investments in joint ventures of 8,047 thousand Euros (31 December 2021: 8,047 thousand Euros) and goodwill in investments in associates of 28,131 thousand Euros (31 December 2021: 27,647 thousand Euros). The movement in Investments in joint ventures and associates, for the Group, is as follows: Thousand Euros Group Group Dec 2022 Dec 2021 Balance at the beginning of the period 1,350,445 940,362 Acquisitions/Entries 25,058 36,753 Increases/Decreases of share capital -929 456,186 Disposals -49,276 -10,224 Share of profit for the period and capital gains from disposals 208,587 80,086 Dividends -74,311 -50,077 Exchange differences 69,381 46,675 Cash flow hedging reserve 41,811 -5,376 Transfer to Assets held for sale (see note 41) 56,496 -149,182 Other -21,519 5,242 Balance at the end of the period 1,605,743 1,350,445 The caption Joint ventures and associates in the Consolidated Income Statement includes a positive amount of 208,473 thousand Euros from result of these investments, a gain of 16,981 thousand Euros from the sale of the stake that EDP Renewables Europe, S.L.U had in Moray West Holdings Limited and a gain of 13,764 thousand Euros from the sale of Hydro Global Investment Limited (see note 6). The positive amount from the caption Transfer to Non Current Assets held for sale mainly results from: i) the reverse of the investments classified as held for sale in 2021 for the Companhia Energ\u00e9tica do Jari - CEJA and for Empresa Energia Cachoeira Caldeir\u00e3o S.A., for the amount of 104,010 thousand Euros and 45,188 thousand Euros, respectively, because the selling negotiations were not successful; and ii) for the reclassification to assets held for sale of EDP \u00c1sia - Investimento e Consultadoria, Lda., for the amount of 92,702 thousand Euros (see note 41). The movement in Exchange differences in the period results mainly from the appreciation of US Dollar and Brazilian Real, against the Euro. The following table resumes the companies' financial information of joint ventures whose investment is included under the equity method in the Group consolidated accounts, as at 31 December 2022: Thousand Euros Energ\u00e9tica JARI CEJA Goldfinger Vento II Energia S\u00e3o Manoel Energia Cachoeira Caldeir\u00e3o Flat Rock Windpower Sol V Riverstart Companies' financial information of joint ventures Non-Current Assets 267,048 322,496 625,331 218,361 196,543 324,297 Current Assets 56,874 -2,069 50,799 29,420 12,882 4,415 Cash and cash equivalents 44,304 58 21,175 18,592 10,400 - Total Equity 184,141 211,917 313,436 99,263 203,387 194,623 Long term Financial debt 69,213 - 321,694 125,407 - - Non-Current Liabilities 96,356 98,885 334,568 132,353 4,391 125,503 Short term Financial debt 9,594 47 17,483 13,114 - 58 Current Liabilities 43,425 9,625 28,126 16,165 1,647 8,586 Revenues 57,941 17,172 76,870 30,101 20,238 17,751 Property plant and equipment and intangibles amortization/impairment -9,288 -10,039 -21,079 -8,041 -14,719 -9,473 Other financial expenses -9,486 -3,432 -38,118 -15,842 -60 -3,630 Income tax expense -822 - 4,125 419 - - Net profit for the period 31,244 20,039 -8,035 -1,421 -6,653 20,389 Amounts proportionally attributed to EDP Group Net assets 118,301 93,349 104,481 49,872 111,047 39,001 Goodwill - - - - - - Dividends paid 10,412 5,858 - - 1,012 1,217 Portfolio Vento XX Goldfinger Vento OW Offshore, S.L. Portfolio Vento XVII Portfolio Vento XIX Other Companies' financial information of joint ventures Non-Current Assets 632,136 211,527 2,635,181 539,395 489,003 295,583 Current Assets 7,830 221 457,761 11,673 18,917 50,820 Cash and cash equivalents 201 - 237,416 - - 24,203 Total Equity 24,236 153,491 1,079,549 202,561 101,026 285,251 Long term Financial debt - - 493,044 - - 16,211 Non-Current Liabilities 597,474 54,690 987,607 340,973 398,228 25,114 Short term Financial debt 517 448 4,918 219 38 319 Current Liabilities 18,256 3,567 1,025,786 7,534 8,666 36,038 Revenues 39,529 12,484 46,200 46,946 22,271 - 66,209 Property plant and equipment and intangibles amortization/impairment -23,872 -10,556 -8,466 -25,529 -20,377 -9,346 Other financial expenses -20,218 -1,724 -121,882 -17,905 -17,990 -1,169 Income tax expense - - 7,298 - - -5,345 Net profit for the period 27,652 11,192 257,040 33,995 16,866 35,192 Amounts proportionally attributed to EDP Group Net assets 34,035 68,989 490,929 62,510 40,986 120,371 Goodwill - - 5,352 - - 2,695 Dividends paid 4,186 3,677 - 4,311 2,290 16,404 The following table resumes the companies' financial information of joint ventures whose investment is included under the equity method in the Group consolidated accounts, as at 31 December 2021: Thousand Euros Goldfinger Vento Goldfinger Vento II Energia S\u00e3o Manoel Flat Rock Windpower II Flat Rock Windpower Hydro Global Investment Companies' financial information of joint ventures Non-Current Assets 209,580 313,792 570,694 81,368 198,882 266,899 Current Assets 554 1,685 34,461 1,893 5,205 89,958 Cash and cash equivalents -47 870 14,864 1,704 4,282 75,491 Total Equity 141,812 194,044 287,008 80,735 197,721 101,327 Long term Financial debt - - 282,747 - - 229,312 Non-Current Liabilities 65,228 112,157 294,927 1,554 4,080 233,356 Short term Financial debt 98 101 13,747 - - - Current Liabilities 3,094 9,276 23,220 972 2,287 22,175 Revenues 11,063 10,657 58,805 3,723 9,711 - Property plant and equipment and intangibles amortization/impairment -9,212 -7,372 -20,449 -5,117 -13,097 -181 Other financial expenses -1,708 -3,202 -31,130 -24 -53 -11,308 Income tax expense - - 6,426 - - 574 Net profit for the period 9,187 12,931 -12,514 -6,184 -14,667 -11,889 Amounts proportionally attributed to EDP Group Net assets 63,217 84,775 95,671 40,367 102,608 40,336 Goodwill - - - - - - Dividends paid 3,270 4,539 - - 9,809 - Portfolio Vento XX EDP Asia Group OW Offshore, S.L. Portfolio Vento XVII Portfolio Vento XIX Other Companies' financial information of joint ventures Non-Current Assets 644,158 132,238 1,187,928 525,211 477,624 350,117 Current Assets 16,121 - 266,754 5,453 13,913 34,392 Cash and cash equivalents 9,429 - 82,639 -159 -86 14,281 Total Equity 215,942 132,238 713,524 177,215 133,497 118,385 Long term Financial debt - - 50,037 - - - Non-Current Liabilities 415,353 - 650,372 344,720 351,971 148,605 Short term Financial debt 456 - 3,720 - - 3,864 Current Liabilities 28,983 - 90,786 8,729 6,068 117,519 Revenues 30,600 - 10,040 34,952 22,019 41,133 Property plant and equipment and intangibles amortization/impairment -15,714 - -4,532 -19,352 -16,498 -3,109 Other financial expenses -26,102 - -69,164 -14,259 -17,347 -83 Income tax expense - - 1,080 - - -548 Net profit for the period 534,542 21,561 34,813 20,545 13,463 39,725 Amounts proportionally attributed to EDP Group Net assets 67,457 87,723 358,986 57,919 47,447 93,948 Goodwill - - 5,352 - - 2,695 Dividends paid - 6,758 - 3,885 3,118 4,278 The following table resumes the companies' financial information of associates whose investment is included in the Group consolidated accounts under the equity method, as at 31 December 2022: Thousand Euros Parque Celesc E\u00f3lico Belmonte Parque E\u00f3lico Madero Principle Power Inc. Other Companies' financial information of associates Non-Current Assets 508,509 18,250 41,120 19,739 42,816 Current Assets 49,500 7,440 32,020 11,966 89,694 Total Equity 520,225 15,136 51,374 19,393 37,390 Non-Current Liabilities 4,128 1,934 3,852 6,805 40,811 Current Liabilities 33,656 8,620 17,914 5,507 54,309 Revenues 81,335 12,469 30,477 11,592 83,672 Net profit for the period 80,367 6,863 17,973 -6,813 37,890 Amounts proportionally attributed to EDP Group Net assets 152,758 6,251 21,577 7,148 84,139 Goodwill - 1,726 - 5,144 21,261 Dividends paid 8,951 360 3,262 - 12,371 Other include companies with Financial Statements as of 31 December 2022, with the exception of companies that have no activity or are in liquidation process. Additionally, Celesc is based on the Financial Statements disclosed to the market with reference to 30 September 2022. The following table resumes the companies' financial information of associates whose investment is included in the Group consolidated accounts under the equity method, as at 31 December 2021: Thousand Euros Parque Celesc E\u00f3lico Belmonte Parque E\u00f3lico Madero Principle Power Inc. Other Companies' financial information of associates Non-Current Assets 382,241 17,817 44,111 17,311 49,127 Current Assets 18,870 5,054 24,124 15,510 60,128 Total Equity 389,778 9,512 41,178 23,723 34,795 Non-Current Liabilities 861 9,302 8,066 5,375 41,363 Current Liabilities 10,471 4,057 18,991 3,722 33,098 Revenues 12,544 3,914 16,656 6,910 71,851 Net profit for the period 74,460 1,278 7,766 -7,891 18,725 Amounts proportionally attributed to EDP Group Net assets 110,668 4,568 17,290 8,425 69,040 Goodwill - 1,726 - 5,083 20,838 Dividends paid 8,924 - - - 5,496 The column \"Others\" include companies with financial statements as of 31 December 2021, with the exception of companies that have no activity or are in liquidation process. Additionally, Celesc is based on the Financial Statements disclosed to the market with reference to 30 September 2021. As at 31 December 2022, the significant companies' financial information of joint ventures and associates presents the following reconciliation of net assets proportionally attributed to EDP Group: Thousand Euros Equity % EM Fair Value Goodwill Adjustments Other Net Assets Empresa de Energia S\u00e3o Manoel S.A. 313,436 33.33% - - - 104,481 Energ\u00e9tica JARI - CEJA 184,141 50.00% 26,528 - -298 118,301 Flat Rock Windpower LLC 203,387 50.00% - - 9,354 111,047 Energia Cachoeira Caldeir\u00e3o 99,263 50.00% 241 - - 49,872 Goldfinger Vento 153,491 50.00% -7,756 - - 68,989 OW Offshore, S.L. 1,079,549 50.00% -49,265 5,352 -4,935 490,929 Portfolio Vento XVII 202,561 20.00% 21,998 - - 62,510 Portfolio Vento XIX 101,026 20.00% 20,781 - - 40,986 Portfolio Vento XX 24,236 20.00% 29,188 - - 34,035 Sol V - Riverstart 194,623 20.00% 76 - - 39,001 Goldfinger Vento II 211,917 50.00% -12,610 - - 93,349 Centrais el\u00e9ctricas de Santa Catarina, S.A. - Celesc 520,225 29.90% - - -2,772 152,758 Parque E\u00f3lico de Belmonte, S.A. 15,136 29.90% - 1,726 - 6,251 Parque E\u00f3lico Sierra del Madero S.A. 51,374 42.00% - - - 21,577 Principle Power, Inc. 19,393 25.41% - 5,144 -2,924 7,148 As at 31 December 2021, the significant companies' financial information of joint ventures and associates presents the following reconciliation of net assets proportionally attributed to EDP Group: Thousand Euros Equity % EM Fair Value Adjustments Goodwill Other Net Assets Empresa de Energia S\u00e3o Manoel S.A. 287,008 33.33% - - - 95,671 Flat Rock Windpower II LLC 80,735 50.00% - - - 40,367 Flat Rock Windpower LLC 197,721 50.00% - - 3,748 102,608 Hydro Global Investment, Ltda 101,327 50.00% - - -10,327 40,336 EDP ASIA - Investimento e Consultadoria, Lda 132,238 50.00% 21,604 - - 87,723 OW Offshore, S.L. 713,524 50.00% - 5,352 -3,128 358,986 Portf\u00f3lio Vento XVII 177,215 20.00% 22,476 - - 57,919 Portf\u00f3lio Vento XIX 133,497 20.00% 20,748 - - 47,447 Portfolio Vento XX 215,942 20.00% 24,269 - - 67,457 Goldfinger Vento 141,812 50.00% -7,689 - - 63,217 Goldfinger Vento II 194,044 50.00% -12,247 - - 84,775 Centrais el\u00e9ctricas de Santa Catarina, S.A. - Celesc 389,778 29.90% - - -5,862 110,668 Parque E\u00f3lico de Belmonte, S.A. 9,512 29.90% - 1,726 - 4,568 Parque E\u00f3lico Sierra del Madero S.A. 41,178 42.00% - - - 17,290 Principle Power, Inc. 23,723 25.93% - 5,083 -2,810 8,425 As at 31 December 2022 and 2021, commitments and contingent liabilities assumed by the Group in respect of its joint ventures and associates, including its share of commitments assumed jointly with other investors, are disclosed by maturity as follows: Thousand Euros Capital outstanding by maturity Dec 2022 Dec 2021 Less than 1 year 315,451 250,656 From 1 to 3 years 15,109 7,560 From 3 to 5 years 3,635 2,376 More than 5 years 55,228 50,376 389,423 310,968 Commitments and contingent liabilities in respect of joint ventures and associates include EDPR commitments to provide funding to Offshore projects and to the construction of solar farms facilities in USA, and to commitments assumed by EDP Brasil related to its joint ventures operating obligations. The companies where the Group has significant influence, as at 31 December 2022, are as follows: Electricity Generation: Carri\u00e7o Cogera\u00e7\u00e3o - Sociedade de Gera\u00e7\u00e3o de Electricidade e Calor, S.A. Lisbon 50,000 EUR 35.00% HC Tudela Cogeneraci\u00f3n, S.L. Abo\u00f1o - Carre\u00f1o 306,030 EUR 50.10% Electricity Supply: Blue Sol Participa\u00e7\u00f5es S.A. Electricity Distribution: S\u00e3o Paulo 24,483,565 BRL 23.02% AMBERTREE - Tecnologia para Redes de Energia Electrica, Lda Lisbon 5,000 EUR 26.00% Renewable Energy Activity: Biomasas del Pirineo, S.A. Huesca 454,896 EUR 22.49% Blue Canyon Windpower LLC Texas 63,851,000 USD 18.74% Charge+ Pte. Ltd. Singapore 5,216,668 SGD 19.68% Desarrollos E\u00f3licos de Canarias, S.A. Gran Canaria 1,817,130 EUR 33.55% E\u00f3lica de S\u00e3o Juli\u00e3o, Lda. Lourinh\u00e3 500,000 EUR 33.74% Eos Pax IIa, S.L. La Coru\u00f1a 6,010 EUR 36.36% Ge\u00f3lica Magall\u00f3n, S.L. Zaragoza 2,040,000 EUR 27.17% Hytlantic, S.A. Sines 50,000 EUR 21.37% Parque E\u00f3lico Belmonte, S.A. Madrid 120,400 EUR 22.42% Parque E\u00f3lico Sierra del Madero, S.A. Madrid 7,193,970 EUR 31.49% San Juan de Bargas E\u00f3lica, S.L. Zaragoza 2,000,000 EUR 35.25% Solar Siglo XXI, S.A. Ciudad Real 80,000 EUR 18.74% Solar Works! B.V. Rotterdam 6,726,000 USD 20.19% 20.19% Todae Solar Pty. Ltd. Rosebery, NSW - AUD 36.74% Uni\u00f3n de Generadores de Energ\u00eda, S.L. Zaragoza 23,044 EUR 37.49% Other Activities: Centrais El\u00e9tricas de Santa Catarina, S.A. - Celesc Santa Catarina 2,480,000,000 BRL 17.21% Endeco Technologies Limited Dublin 15,756,606 EUR 16.90% Principle Power, Inc Seattle 33,149 USD 23.37% SCNET - Sino-Portuguese Centre Shanghai 21,600,000 CNY 40.00% Vertequip, Equipamentos e Trabalhos Verticais, Lda Chamusca 347,139 EUR 23.66% WPVT, S.A. Oporto 75,000 EUR 20.00% Zypho, S.A. Oporto 221,794 EUR 33.50% ",
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"f34032": {
"value": "21. Investments in joint ventures and associates This caption is as follows: Thousand Euros Group Dec 2022 Dec 2021 Investments in joint ventures 1,333,871 1,140,454 Investments in associates 271,872 209,991 1,605,743 1,350,445 As at 31 December 2022, for the Group, this caption includes goodwill in investments in joint ventures of 8,047 thousand Euros (31 December 2021: 8,047 thousand Euros) and goodwill in investments in associates of 28,131 thousand Euros (31 December 2021: 27,647 thousand Euros). The movement in Investments in joint ventures and associates, for the Group, is as follows: Thousand Euros Group Group Dec 2022 Dec 2021 Balance at the beginning of the period 1,350,445 940,362 Acquisitions/Entries 25,058 36,753 Increases/Decreases of share capital -929 456,186 Disposals -49,276 -10,224 Share of profit for the period and capital gains from disposals 208,587 80,086 Dividends -74,311 -50,077 Exchange differences 69,381 46,675 Cash flow hedging reserve 41,811 -5,376 Transfer to Assets held for sale (see note 41) 56,496 -149,182 Other -21,519 5,242 Balance at the end of the period 1,605,743 1,350,445 The caption Joint ventures and associates in the Consolidated Income Statement includes a positive amount of 208,473 thousand Euros from result of these investments, a gain of 16,981 thousand Euros from the sale of the stake that EDP Renewables Europe, S.L.U had in Moray West Holdings Limited and a gain of 13,764 thousand Euros from the sale of Hydro Global Investment Limited (see note 6). The positive amount from the caption Transfer to Non Current Assets held for sale mainly results from: i) the reverse of the investments classified as held for sale in 2021 for the Companhia Energ\u00e9tica do Jari - CEJA and for Empresa Energia Cachoeira Caldeir\u00e3o S.A., for the amount of 104,010 thousand Euros and 45,188 thousand Euros, respectively, because the selling negotiations were not successful; and ii) for the reclassification to assets held for sale of EDP \u00c1sia - Investimento e Consultadoria, Lda., for the amount of 92,702 thousand Euros (see note 41). The movement in Exchange differences in the period results mainly from the appreciation of US Dollar and Brazilian Real, against the Euro. The following table resumes the companies' financial information of joint ventures whose investment is included under the equity method in the Group consolidated accounts, as at 31 December 2022: Thousand Euros Energ\u00e9tica JARI CEJA Goldfinger Vento II Energia S\u00e3o Manoel Energia Cachoeira Caldeir\u00e3o Flat Rock Windpower Sol V Riverstart Companies' financial information of joint ventures Non-Current Assets 267,048 322,496 625,331 218,361 196,543 324,297 Current Assets 56,874 -2,069 50,799 29,420 12,882 4,415 Cash and cash equivalents 44,304 58 21,175 18,592 10,400 - Total Equity 184,141 211,917 313,436 99,263 203,387 194,623 Long term Financial debt 69,213 - 321,694 125,407 - - Non-Current Liabilities 96,356 98,885 334,568 132,353 4,391 125,503 Short term Financial debt 9,594 47 17,483 13,114 - 58 Current Liabilities 43,425 9,625 28,126 16,165 1,647 8,586 Revenues 57,941 17,172 76,870 30,101 20,238 17,751 Property plant and equipment and intangibles amortization/impairment -9,288 -10,039 -21,079 -8,041 -14,719 -9,473 Other financial expenses -9,486 -3,432 -38,118 -15,842 -60 -3,630 Income tax expense -822 - 4,125 419 - - Net profit for the period 31,244 20,039 -8,035 -1,421 -6,653 20,389 Amounts proportionally attributed to EDP Group Net assets 118,301 93,349 104,481 49,872 111,047 39,001 Goodwill - - - - - - Dividends paid 10,412 5,858 - - 1,012 1,217 Portfolio Vento XX Goldfinger Vento OW Offshore, S.L. Portfolio Vento XVII Portfolio Vento XIX Other Companies' financial information of joint ventures Non-Current Assets 632,136 211,527 2,635,181 539,395 489,003 295,583 Current Assets 7,830 221 457,761 11,673 18,917 50,820 Cash and cash equivalents 201 - 237,416 - - 24,203 Total Equity 24,236 153,491 1,079,549 202,561 101,026 285,251 Long term Financial debt - - 493,044 - - 16,211 Non-Current Liabilities 597,474 54,690 987,607 340,973 398,228 25,114 Short term Financial debt 517 448 4,918 219 38 319 Current Liabilities 18,256 3,567 1,025,786 7,534 8,666 36,038 Revenues 39,529 12,484 46,200 46,946 22,271 - 66,209 Property plant and equipment and intangibles amortization/impairment -23,872 -10,556 -8,466 -25,529 -20,377 -9,346 Other financial expenses -20,218 -1,724 -121,882 -17,905 -17,990 -1,169 Income tax expense - - 7,298 - - -5,345 Net profit for the period 27,652 11,192 257,040 33,995 16,866 35,192 Amounts proportionally attributed to EDP Group Net assets 34,035 68,989 490,929 62,510 40,986 120,371 Goodwill - - 5,352 - - 2,695 Dividends paid 4,186 3,677 - 4,311 2,290 16,404 The following table resumes the companies' financial information of joint ventures whose investment is included under the equity method in the Group consolidated accounts, as at 31 December 2021: Thousand Euros Goldfinger Vento Goldfinger Vento II Energia S\u00e3o Manoel Flat Rock Windpower II Flat Rock Windpower Hydro Global Investment Companies' financial information of joint ventures Non-Current Assets 209,580 313,792 570,694 81,368 198,882 266,899 Current Assets 554 1,685 34,461 1,893 5,205 89,958 Cash and cash equivalents -47 870 14,864 1,704 4,282 75,491 Total Equity 141,812 194,044 287,008 80,735 197,721 101,327 Long term Financial debt - - 282,747 - - 229,312 Non-Current Liabilities 65,228 112,157 294,927 1,554 4,080 233,356 Short term Financial debt 98 101 13,747 - - - Current Liabilities 3,094 9,276 23,220 972 2,287 22,175 Revenues 11,063 10,657 58,805 3,723 9,711 - Property plant and equipment and intangibles amortization/impairment -9,212 -7,372 -20,449 -5,117 -13,097 -181 Other financial expenses -1,708 -3,202 -31,130 -24 -53 -11,308 Income tax expense - - 6,426 - - 574 Net profit for the period 9,187 12,931 -12,514 -6,184 -14,667 -11,889 Amounts proportionally attributed to EDP Group Net assets 63,217 84,775 95,671 40,367 102,608 40,336 Goodwill - - - - - - Dividends paid 3,270 4,539 - - 9,809 - Portfolio Vento XX EDP Asia Group OW Offshore, S.L. Portfolio Vento XVII Portfolio Vento XIX Other Companies' financial information of joint ventures Non-Current Assets 644,158 132,238 1,187,928 525,211 477,624 350,117 Current Assets 16,121 - 266,754 5,453 13,913 34,392 Cash and cash equivalents 9,429 - 82,639 -159 -86 14,281 Total Equity 215,942 132,238 713,524 177,215 133,497 118,385 Long term Financial debt - - 50,037 - - - Non-Current Liabilities 415,353 - 650,372 344,720 351,971 148,605 Short term Financial debt 456 - 3,720 - - 3,864 Current Liabilities 28,983 - 90,786 8,729 6,068 117,519 Revenues 30,600 - 10,040 34,952 22,019 41,133 Property plant and equipment and intangibles amortization/impairment -15,714 - -4,532 -19,352 -16,498 -3,109 Other financial expenses -26,102 - -69,164 -14,259 -17,347 -83 Income tax expense - - 1,080 - - -548 Net profit for the period 534,542 21,561 34,813 20,545 13,463 39,725 Amounts proportionally attributed to EDP Group Net assets 67,457 87,723 358,986 57,919 47,447 93,948 Goodwill - - 5,352 - - 2,695 Dividends paid - 6,758 - 3,885 3,118 4,278 The following table resumes the companies' financial information of associates whose investment is included in the Group consolidated accounts under the equity method, as at 31 December 2022: Thousand Euros Parque Celesc E\u00f3lico Belmonte Parque E\u00f3lico Madero Principle Power Inc. Other Companies' financial information of associates Non-Current Assets 508,509 18,250 41,120 19,739 42,816 Current Assets 49,500 7,440 32,020 11,966 89,694 Total Equity 520,225 15,136 51,374 19,393 37,390 Non-Current Liabilities 4,128 1,934 3,852 6,805 40,811 Current Liabilities 33,656 8,620 17,914 5,507 54,309 Revenues 81,335 12,469 30,477 11,592 83,672 Net profit for the period 80,367 6,863 17,973 -6,813 37,890 Amounts proportionally attributed to EDP Group Net assets 152,758 6,251 21,577 7,148 84,139 Goodwill - 1,726 - 5,144 21,261 Dividends paid 8,951 360 3,262 - 12,371 Other include companies with Financial Statements as of 31 December 2022, with the exception of companies that have no activity or are in liquidation process. Additionally, Celesc is based on the Financial Statements disclosed to the market with reference to 30 September 2022. The following table resumes the companies' financial information of associates whose investment is included in the Group consolidated accounts under the equity method, as at 31 December 2021: Thousand Euros Parque Celesc E\u00f3lico Belmonte Parque E\u00f3lico Madero Principle Power Inc. Other Companies' financial information of associates Non-Current Assets 382,241 17,817 44,111 17,311 49,127 Current Assets 18,870 5,054 24,124 15,510 60,128 Total Equity 389,778 9,512 41,178 23,723 34,795 Non-Current Liabilities 861 9,302 8,066 5,375 41,363 Current Liabilities 10,471 4,057 18,991 3,722 33,098 Revenues 12,544 3,914 16,656 6,910 71,851 Net profit for the period 74,460 1,278 7,766 -7,891 18,725 Amounts proportionally attributed to EDP Group Net assets 110,668 4,568 17,290 8,425 69,040 Goodwill - 1,726 - 5,083 20,838 Dividends paid 8,924 - - - 5,496 The column \"Others\" include companies with financial statements as of 31 December 2021, with the exception of companies that have no activity or are in liquidation process. Additionally, Celesc is based on the Financial Statements disclosed to the market with reference to 30 September 2021. As at 31 December 2022, the significant companies' financial information of joint ventures and associates presents the following reconciliation of net assets proportionally attributed to EDP Group: Thousand Euros Equity % EM Fair Value Goodwill Adjustments Other Net Assets Empresa de Energia S\u00e3o Manoel S.A. 313,436 33.33% - - - 104,481 Energ\u00e9tica JARI - CEJA 184,141 50.00% 26,528 - -298 118,301 Flat Rock Windpower LLC 203,387 50.00% - - 9,354 111,047 Energia Cachoeira Caldeir\u00e3o 99,263 50.00% 241 - - 49,872 Goldfinger Vento 153,491 50.00% -7,756 - - 68,989 OW Offshore, S.L. 1,079,549 50.00% -49,265 5,352 -4,935 490,929 Portfolio Vento XVII 202,561 20.00% 21,998 - - 62,510 Portfolio Vento XIX 101,026 20.00% 20,781 - - 40,986 Portfolio Vento XX 24,236 20.00% 29,188 - - 34,035 Sol V - Riverstart 194,623 20.00% 76 - - 39,001 Goldfinger Vento II 211,917 50.00% -12,610 - - 93,349 Centrais el\u00e9ctricas de Santa Catarina, S.A. - Celesc 520,225 29.90% - - -2,772 152,758 Parque E\u00f3lico de Belmonte, S.A. 15,136 29.90% - 1,726 - 6,251 Parque E\u00f3lico Sierra del Madero S.A. 51,374 42.00% - - - 21,577 Principle Power, Inc. 19,393 25.41% - 5,144 -2,924 7,148 As at 31 December 2021, the significant companies' financial information of joint ventures and associates presents the following reconciliation of net assets proportionally attributed to EDP Group: Thousand Euros Equity % EM Fair Value Adjustments Goodwill Other Net Assets Empresa de Energia S\u00e3o Manoel S.A. 287,008 33.33% - - - 95,671 Flat Rock Windpower II LLC 80,735 50.00% - - - 40,367 Flat Rock Windpower LLC 197,721 50.00% - - 3,748 102,608 Hydro Global Investment, Ltda 101,327 50.00% - - -10,327 40,336 EDP ASIA - Investimento e Consultadoria, Lda 132,238 50.00% 21,604 - - 87,723 OW Offshore, S.L. 713,524 50.00% - 5,352 -3,128 358,986 Portf\u00f3lio Vento XVII 177,215 20.00% 22,476 - - 57,919 Portf\u00f3lio Vento XIX 133,497 20.00% 20,748 - - 47,447 Portfolio Vento XX 215,942 20.00% 24,269 - - 67,457 Goldfinger Vento 141,812 50.00% -7,689 - - 63,217 Goldfinger Vento II 194,044 50.00% -12,247 - - 84,775 Centrais el\u00e9ctricas de Santa Catarina, S.A. - Celesc 389,778 29.90% - - -5,862 110,668 Parque E\u00f3lico de Belmonte, S.A. 9,512 29.90% - 1,726 - 4,568 Parque E\u00f3lico Sierra del Madero S.A. 41,178 42.00% - - - 17,290 Principle Power, Inc. 23,723 25.93% - 5,083 -2,810 8,425 As at 31 December 2022 and 2021, commitments and contingent liabilities assumed by the Group in respect of its joint ventures and associates, including its share of commitments assumed jointly with other investors, are disclosed by maturity as follows: Thousand Euros Capital outstanding by maturity Dec 2022 Dec 2021 Less than 1 year 315,451 250,656 From 1 to 3 years 15,109 7,560 From 3 to 5 years 3,635 2,376 More than 5 years 55,228 50,376 389,423 310,968 Commitments and contingent liabilities in respect of joint ventures and associates include EDPR commitments to provide funding to Offshore projects and to the construction of solar farms facilities in USA, and to commitments assumed by EDP Brasil related to its joint ventures operating obligations. The main financial indicators of the joint ventures entities, as at 31 December 2022, are presented as follows: Electricity Generation: Bioastur, A.I.E. Ser\u00edn 60,101 EUR 50.00% Companhia Energ\u00e9tica do JARI - CEJA S\u00e3o Paulo 850,823,746 BRL 28.78% Empresa de Energia Cachoeira Caldeir\u00e3o, S.A. Amap\u00e1 728,600,000 BRL 28.78% Empresa de Energia S\u00e3o Manoel S.A. Rio de Janeiro 2,409,974,102 BRL 19.18% Kosorkuntza, A.I.E. Bilbau - EUR 25.00% Pec\u00e9m Opera\u00e7\u00e3o e Manuten\u00e7\u00e3o de Unidades de Gera\u00e7\u00e3o Eletrica S.A. Cear\u00e1 7,053,368 BRL 28.78% Porto do Pec\u00e9m Transportadora de Min\u00e9rios S.A. Cear\u00e1 6,604,018 BRL 28.78% Renewable Energy Activity: Cenergi Sunseap Energy Solutions Sdn. Bhd. Kuala Lumpur 10,000,000 MYR 29.99% Centrale Eolienne D'Occey, S.A.S. Paris 284,844 EUR 38.24% Desarrollos Energ\u00e9ticos Canarios, S.A. Las Palmas 15,025 EUR 37.41% Desarrollos Energ\u00e9ticos del Val, S.L. Soria 137,070 EUR 18.74% Evoikos Voreas A.E. Athens 126,000 EUR 38.24% Evoluci\u00f3n 2000, S.L. Albacete 117,994 EUR 36.85% Flat Rock Windpower II LLC Delaware 215,826,269 USD 37.49% Flat Rock Windpower LLC Delaware 548,339,611 USD 37.49% Goldfinger Ventures II LLC Delaware 174,033,304 USD 37.49% Goldfinger Ventures LLC Delaware 131,968,976 USD 37.49% Kronos IBV UK Berlin 25,000 EUR 37.49% KSD 20 UG Munich 1,000 EUR 37.49% Lomartico Investments, Sp. z o.o. Warsaw 5,000 PLN 37.49% Medsteville Investments, Sp. z o.o. Warsaw 5,000 PLN 37.49% Nine Kings Wind Farm LLC Delaware - USD 37.49% Ondentille Investments, Sp. z o.o. Warsaw 5,000 PLN 37.49% OW Offshore, S.L. Madrid 57,519,614 EUR 37.49% Powersource Sunseap Corp. Makati City - PHP 29.99% Powersource Sunseap Solar Solution Corp. Makati City - PHP 29.99% Riverstart Development LLC Delaware - USD 15.00% Riverstart Ventures LLC Delaware 244,867,207 USD 15.00% RL Sunseap Energy Sdn. Bhd. Sarawak 2,500,000 MYR 36.74% Sistemas E\u00f3licos Tres Cruces, S.L. Soria 50,000 EUR 18.74% Sofrano A.E. Athens 830,000 EUR 38.24% Solar Ventures Acquisition LLC Delaware - USD 37.49% Sunseap Asset (Cambodia) Co., Ltd. Phnom Penh City 2,760,000 USD 38.24% Sunseap Energy (Cambodia) Co., Ltd. Phnom Penh City 365,000 USD 36.74% Sunseap LCS Energy Sdn. Bhd. Kuala Lumpur 100,000 MYR 36.74% Sunseap Solutions Taiwan Ltd. Taipei City 30,000,000 TWD 36.74% 2018 Vento XIX LLC Delaware 73,641,728 USD 15.00% 2017 Vento XVII LLC Delaware 156,973,283 USD 15.00% 2019 Vento XX LLC Delaware 211,991,253 USD 15.00% Other Activities: ARQUILED - Proj. Ilumina\u00e7\u00e3o, S.A. Mora 231,000 EUR 49.91% Energia \u00c1sia Consultoria, Limitada Macao 200,000 MOP 50.00% 49.00% MABE Constru\u00e7\u00e3o e Administra\u00e7\u00e3o de Projectos, Ltda. Cear\u00e1 566,151,831 BRL 28.78% ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f34033": {
"value": "21. Investments in joint ventures and associates This caption is as follows: Thousand Euros Group Dec 2022 Dec 2021 Investments in joint ventures 1,333,871 1,140,454 Investments in associates 271,872 209,991 1,605,743 1,350,445 As at 31 December 2022, for the Group, this caption includes goodwill in investments in joint ventures of 8,047 thousand Euros (31 December 2021: 8,047 thousand Euros) and goodwill in investments in associates of 28,131 thousand Euros (31 December 2021: 27,647 thousand Euros). The movement in Investments in joint ventures and associates, for the Group, is as follows: Thousand Euros Group Group Dec 2022 Dec 2021 Balance at the beginning of the period 1,350,445 940,362 Acquisitions/Entries 25,058 36,753 Increases/Decreases of share capital -929 456,186 Disposals -49,276 -10,224 Share of profit for the period and capital gains from disposals 208,587 80,086 Dividends -74,311 -50,077 Exchange differences 69,381 46,675 Cash flow hedging reserve 41,811 -5,376 Transfer to Assets held for sale (see note 41) 56,496 -149,182 Other -21,519 5,242 Balance at the end of the period 1,605,743 1,350,445 The caption Joint ventures and associates in the Consolidated Income Statement includes a positive amount of 208,473 thousand Euros from result of these investments, a gain of 16,981 thousand Euros from the sale of the stake that EDP Renewables Europe, S.L.U had in Moray West Holdings Limited and a gain of 13,764 thousand Euros from the sale of Hydro Global Investment Limited (see note 6). The positive amount from the caption Transfer to Non Current Assets held for sale mainly results from: i) the reverse of the investments classified as held for sale in 2021 for the Companhia Energ\u00e9tica do Jari - CEJA and for Empresa Energia Cachoeira Caldeir\u00e3o S.A., for the amount of 104,010 thousand Euros and 45,188 thousand Euros, respectively, because the selling negotiations were not successful; and ii) for the reclassification to assets held for sale of EDP \u00c1sia - Investimento e Consultadoria, Lda., for the amount of 92,702 thousand Euros (see note 41). The movement in Exchange differences in the period results mainly from the appreciation of US Dollar and Brazilian Real, against the Euro. The following table resumes the companies' financial information of joint ventures whose investment is included under the equity method in the Group consolidated accounts, as at 31 December 2022: Thousand Euros Energ\u00e9tica JARI CEJA Goldfinger Vento II Energia S\u00e3o Manoel Energia Cachoeira Caldeir\u00e3o Flat Rock Windpower Sol V Riverstart Companies' financial information of joint ventures Non-Current Assets 267,048 322,496 625,331 218,361 196,543 324,297 Current Assets 56,874 -2,069 50,799 29,420 12,882 4,415 Cash and cash equivalents 44,304 58 21,175 18,592 10,400 - Total Equity 184,141 211,917 313,436 99,263 203,387 194,623 Long term Financial debt 69,213 - 321,694 125,407 - - Non-Current Liabilities 96,356 98,885 334,568 132,353 4,391 125,503 Short term Financial debt 9,594 47 17,483 13,114 - 58 Current Liabilities 43,425 9,625 28,126 16,165 1,647 8,586 Revenues 57,941 17,172 76,870 30,101 20,238 17,751 Property plant and equipment and intangibles amortization/impairment -9,288 -10,039 -21,079 -8,041 -14,719 -9,473 Other financial expenses -9,486 -3,432 -38,118 -15,842 -60 -3,630 Income tax expense -822 - 4,125 419 - - Net profit for the period 31,244 20,039 -8,035 -1,421 -6,653 20,389 Amounts proportionally attributed to EDP Group Net assets 118,301 93,349 104,481 49,872 111,047 39,001 Goodwill - - - - - - Dividends paid 10,412 5,858 - - 1,012 1,217 Portfolio Vento XX Goldfinger Vento OW Offshore, S.L. Portfolio Vento XVII Portfolio Vento XIX Other Companies' financial information of joint ventures Non-Current Assets 632,136 211,527 2,635,181 539,395 489,003 295,583 Current Assets 7,830 221 457,761 11,673 18,917 50,820 Cash and cash equivalents 201 - 237,416 - - 24,203 Total Equity 24,236 153,491 1,079,549 202,561 101,026 285,251 Long term Financial debt - - 493,044 - - 16,211 Non-Current Liabilities 597,474 54,690 987,607 340,973 398,228 25,114 Short term Financial debt 517 448 4,918 219 38 319 Current Liabilities 18,256 3,567 1,025,786 7,534 8,666 36,038 Revenues 39,529 12,484 46,200 46,946 22,271 - 66,209 Property plant and equipment and intangibles amortization/impairment -23,872 -10,556 -8,466 -25,529 -20,377 -9,346 Other financial expenses -20,218 -1,724 -121,882 -17,905 -17,990 -1,169 Income tax expense - - 7,298 - - -5,345 Net profit for the period 27,652 11,192 257,040 33,995 16,866 35,192 Amounts proportionally attributed to EDP Group Net assets 34,035 68,989 490,929 62,510 40,986 120,371 Goodwill - - 5,352 - - 2,695 Dividends paid 4,186 3,677 - 4,311 2,290 16,404 The following table resumes the companies' financial information of joint ventures whose investment is included under the equity method in the Group consolidated accounts, as at 31 December 2021: Thousand Euros Goldfinger Vento Goldfinger Vento II Energia S\u00e3o Manoel Flat Rock Windpower II Flat Rock Windpower Hydro Global Investment Companies' financial information of joint ventures Non-Current Assets 209,580 313,792 570,694 81,368 198,882 266,899 Current Assets 554 1,685 34,461 1,893 5,205 89,958 Cash and cash equivalents -47 870 14,864 1,704 4,282 75,491 Total Equity 141,812 194,044 287,008 80,735 197,721 101,327 Long term Financial debt - - 282,747 - - 229,312 Non-Current Liabilities 65,228 112,157 294,927 1,554 4,080 233,356 Short term Financial debt 98 101 13,747 - - - Current Liabilities 3,094 9,276 23,220 972 2,287 22,175 Revenues 11,063 10,657 58,805 3,723 9,711 - Property plant and equipment and intangibles amortization/impairment -9,212 -7,372 -20,449 -5,117 -13,097 -181 Other financial expenses -1,708 -3,202 -31,130 -24 -53 -11,308 Income tax expense - - 6,426 - - 574 Net profit for the period 9,187 12,931 -12,514 -6,184 -14,667 -11,889 Amounts proportionally attributed to EDP Group Net assets 63,217 84,775 95,671 40,367 102,608 40,336 Goodwill - - - - - - Dividends paid 3,270 4,539 - - 9,809 - Portfolio Vento XX EDP Asia Group OW Offshore, S.L. Portfolio Vento XVII Portfolio Vento XIX Other Companies' financial information of joint ventures Non-Current Assets 644,158 132,238 1,187,928 525,211 477,624 350,117 Current Assets 16,121 - 266,754 5,453 13,913 34,392 Cash and cash equivalents 9,429 - 82,639 -159 -86 14,281 Total Equity 215,942 132,238 713,524 177,215 133,497 118,385 Long term Financial debt - - 50,037 - - - Non-Current Liabilities 415,353 - 650,372 344,720 351,971 148,605 Short term Financial debt 456 - 3,720 - - 3,864 Current Liabilities 28,983 - 90,786 8,729 6,068 117,519 Revenues 30,600 - 10,040 34,952 22,019 41,133 Property plant and equipment and intangibles amortization/impairment -15,714 - -4,532 -19,352 -16,498 -3,109 Other financial expenses -26,102 - -69,164 -14,259 -17,347 -83 Income tax expense - - 1,080 - - -548 Net profit for the period 534,542 21,561 34,813 20,545 13,463 39,725 Amounts proportionally attributed to EDP Group Net assets 67,457 87,723 358,986 57,919 47,447 93,948 Goodwill - - 5,352 - - 2,695 Dividends paid - 6,758 - 3,885 3,118 4,278 The following table resumes the companies' financial information of associates whose investment is included in the Group consolidated accounts under the equity method, as at 31 December 2022: Thousand Euros Parque Celesc E\u00f3lico Belmonte Parque E\u00f3lico Madero Principle Power Inc. Other Companies' financial information of associates Non-Current Assets 508,509 18,250 41,120 19,739 42,816 Current Assets 49,500 7,440 32,020 11,966 89,694 Total Equity 520,225 15,136 51,374 19,393 37,390 Non-Current Liabilities 4,128 1,934 3,852 6,805 40,811 Current Liabilities 33,656 8,620 17,914 5,507 54,309 Revenues 81,335 12,469 30,477 11,592 83,672 Net profit for the period 80,367 6,863 17,973 -6,813 37,890 Amounts proportionally attributed to EDP Group Net assets 152,758 6,251 21,577 7,148 84,139 Goodwill - 1,726 - 5,144 21,261 Dividends paid 8,951 360 3,262 - 12,371 Other include companies with Financial Statements as of 31 December 2022, with the exception of companies that have no activity or are in liquidation process. Additionally, Celesc is based on the Financial Statements disclosed to the market with reference to 30 September 2022. The following table resumes the companies' financial information of associates whose investment is included in the Group consolidated accounts under the equity method, as at 31 December 2021: Thousand Euros Parque Celesc E\u00f3lico Belmonte Parque E\u00f3lico Madero Principle Power Inc. Other Companies' financial information of associates Non-Current Assets 382,241 17,817 44,111 17,311 49,127 Current Assets 18,870 5,054 24,124 15,510 60,128 Total Equity 389,778 9,512 41,178 23,723 34,795 Non-Current Liabilities 861 9,302 8,066 5,375 41,363 Current Liabilities 10,471 4,057 18,991 3,722 33,098 Revenues 12,544 3,914 16,656 6,910 71,851 Net profit for the period 74,460 1,278 7,766 -7,891 18,725 Amounts proportionally attributed to EDP Group Net assets 110,668 4,568 17,290 8,425 69,040 Goodwill - 1,726 - 5,083 20,838 Dividends paid 8,924 - - - 5,496 The column \"Others\" include companies with financial statements as of 31 December 2021, with the exception of companies that have no activity or are in liquidation process. Additionally, Celesc is based on the Financial Statements disclosed to the market with reference to 30 September 2021. As at 31 December 2022, the significant companies' financial information of joint ventures and associates presents the following reconciliation of net assets proportionally attributed to EDP Group: Thousand Euros Equity % EM Fair Value Goodwill Adjustments Other Net Assets Empresa de Energia S\u00e3o Manoel S.A. 313,436 33.33% - - - 104,481 Energ\u00e9tica JARI - CEJA 184,141 50.00% 26,528 - -298 118,301 Flat Rock Windpower LLC 203,387 50.00% - - 9,354 111,047 Energia Cachoeira Caldeir\u00e3o 99,263 50.00% 241 - - 49,872 Goldfinger Vento 153,491 50.00% -7,756 - - 68,989 OW Offshore, S.L. 1,079,549 50.00% -49,265 5,352 -4,935 490,929 Portfolio Vento XVII 202,561 20.00% 21,998 - - 62,510 Portfolio Vento XIX 101,026 20.00% 20,781 - - 40,986 Portfolio Vento XX 24,236 20.00% 29,188 - - 34,035 Sol V - Riverstart 194,623 20.00% 76 - - 39,001 Goldfinger Vento II 211,917 50.00% -12,610 - - 93,349 Centrais el\u00e9ctricas de Santa Catarina, S.A. - Celesc 520,225 29.90% - - -2,772 152,758 Parque E\u00f3lico de Belmonte, S.A. 15,136 29.90% - 1,726 - 6,251 Parque E\u00f3lico Sierra del Madero S.A. 51,374 42.00% - - - 21,577 Principle Power, Inc. 19,393 25.41% - 5,144 -2,924 7,148 As at 31 December 2021, the significant companies' financial information of joint ventures and associates presents the following reconciliation of net assets proportionally attributed to EDP Group: Thousand Euros Equity % EM Fair Value Adjustments Goodwill Other Net Assets Empresa de Energia S\u00e3o Manoel S.A. 287,008 33.33% - - - 95,671 Flat Rock Windpower II LLC 80,735 50.00% - - - 40,367 Flat Rock Windpower LLC 197,721 50.00% - - 3,748 102,608 Hydro Global Investment, Ltda 101,327 50.00% - - -10,327 40,336 EDP ASIA - Investimento e Consultadoria, Lda 132,238 50.00% 21,604 - - 87,723 OW Offshore, S.L. 713,524 50.00% - 5,352 -3,128 358,986 Portf\u00f3lio Vento XVII 177,215 20.00% 22,476 - - 57,919 Portf\u00f3lio Vento XIX 133,497 20.00% 20,748 - - 47,447 Portfolio Vento XX 215,942 20.00% 24,269 - - 67,457 Goldfinger Vento 141,812 50.00% -7,689 - - 63,217 Goldfinger Vento II 194,044 50.00% -12,247 - - 84,775 Centrais el\u00e9ctricas de Santa Catarina, S.A. - Celesc 389,778 29.90% - - -5,862 110,668 Parque E\u00f3lico de Belmonte, S.A. 9,512 29.90% - 1,726 - 4,568 Parque E\u00f3lico Sierra del Madero S.A. 41,178 42.00% - - - 17,290 Principle Power, Inc. 23,723 25.93% - 5,083 -2,810 8,425 As at 31 December 2022 and 2021, commitments and contingent liabilities assumed by the Group in respect of its joint ventures and associates, including its share of commitments assumed jointly with other investors, are disclosed by maturity as follows: Thousand Euros Capital outstanding by maturity Dec 2022 Dec 2021 Less than 1 year 315,451 250,656 From 1 to 3 years 15,109 7,560 From 3 to 5 years 3,635 2,376 More than 5 years 55,228 50,376 389,423 310,968 Commitments and contingent liabilities in respect of joint ventures and associates include EDPR commitments to provide funding to Offshore projects and to the construction of solar farms facilities in USA, and to commitments assumed by EDP Brasil related to its joint ventures operating obligations. 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"value": "As at 31 December 2022 and 2021, commitments and contingent liabilities assumed by the Group in respect of its joint ventures and associates, including its share of commitments assumed jointly with other investors, are disclosed by maturity as follows: Thousand Euros Capital outstanding by maturity Dec 2022 Dec 2021 Less than 1 year 315,451 250,656 From 1 to 3 years 15,109 7,560 From 3 to 5 years 3,635 2,376 More than 5 years 55,228 50,376 389,423 310,968 Commitments and contingent liabilities in respect of joint ventures and associates include EDPR commitments to provide funding to Offshore projects and to the construction of solar farms facilities in USA, and to commitments assumed by EDP Brasil related to its joint ventures operating obligations. Provision for legal and labour matters and other contingencies includes provisions for litigation in progress and other labour contingencies, which are related essentially with: i) Requests for the refund of tariff increases paid by industrial consumers of the brazilian subsidiaries EDP S\u00e3o Paulo and EDP Esp\u00edrito Santo in the amount of 17,181 thousand Euros (31 December 2021: 12,324 thousand Euros). These requests result from the application of Administrative Orders DNAEE no. 38 of 27 February 1986 and no. 45 of 4 March 1986 - Plano Cruzado, effective from March to November 1986; ii) The remaining legal litigations correspond mainly to indemnities for damages allegedly suffered in consequence of interruption of electricity supply, power accidents and fires. In their ordinary course of business, EDP Group subsidiaries are involved in several litigations and contingencies (of possible risk) of administrative, civil, tax, labour and other natures. These legal, arbitration or other actions, involve customers, suppliers, employees and administrative authorities. In EDP Group and its legal advisors' opinion, the risk of a loss in these actions is not probable, and the outcome will not affect on a material way its consolidated financial position. The processes whose losses were considered as possible, do not require the recognition of provisions and are periodically reassessed. The detail of possible contingencies is analised as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Administrative and Civil 325,437 255,406 336 330 Fiscal 773,643 656,768 13,321 9,541 Other 125,107 114,305 2,791 2,811 1,224,187 1,026,479 16,448 12,682 The events and possible contingencies more relevant in Portugal, are as follows: i) On 29 July 2016, the Portuguese Competition Authority (AdC) has notified EDP S.A. and EDP Comercial, S.A. with a notice for alleged violation of competition laws, regarding the process of the commercial campaign done in partnership with Modelo Continente, designated as \"Plano EDP Continente\". This was an occasional campaign, limited to two years, which was one of several campaigns usually performed by several other market agents. On 5 May 2017, EDP S.A. and EDP Comercial, S.A. received AdC final decision which applied a fee of 2,900 thousand Euros to EDP S.A. and 25,800 thousand Euros to EDP Comercial. EDP Group is convinced that this campaign has brought real benefits to consumers and competition in markets and that no transgression has been committed. The companies filed their appeal on 19 June 2017 to TCRS. By this court was determined a court hearing that EDP and EDP Comercial would provide security in the amount of 50% of the fine imposed on them by the AdC, and on 19 June 2020, EDP and EDP Comercial provided surety bond and surety in the amounts of 1,450 thousand Euros and 12,900 thousand Euros, respectively. On 30 September 2020, a judgment was issued by the TCRS, which maintained the conviction of the two companies of the EDP Group, as well as Sonae Group's Companies, having also reduced fines by 10%. Fines were determined at 2,610 thousand Euros and 23,220 thousand Euros for EDP and EDP Comercial, respectively. On 30 October 2020, EDP and EDP Comercial appealed the condemnatory sentence handed down by the TCRS, to the Lisbon Court of Appeal. On 6 April 2021, the parties were notified of the judgment handed down by the Court of Appeal of Lisbon, through which it decreed the suspension of the proceedings and the preliminary referral of the case to the Court of Justice of the European Union, under the foreseen mechanism Article 267(b) of the Treaty on the Functioning of the European Union. The case was filed at the Registry of the Court of Justice on 26 May 2021, with written observations having been submitted by the parties on the questions referred by the Lisbon Court of Appeal. The oral trial hearing at the Court of Justice of the European Union took place on 9 November 2022, pending the presentation of conclusions by the Advocate General, which will be followed by the delivery of judgment; ii) On 3 September 2018, the Portuguese Competition Authority (AdC) notified EDP Produ\u00e7\u00e3o with a Statement of Objections, under which EDP Produ\u00e7\u00e3o is accused of abuse of a dominant position in the secondary regulation band market (a part of the ancillary services market). AdC claims that EDP Produ\u00e7\u00e3o has deliberately limited the participation of CMEC plants in the secondary regulation market between 2009 and 2014, benefitting its non-CMEC power plants. The alleged benefit, to the detriment of consumers, would be twofold: receiving higher compensation under CMEC annual adjustment regime; profiting from higher market prices in said market. AdC has estimated that the alleged practice of EDP Produ\u00e7\u00e3o has generated damages to the national electricity system and to consumers of around 140 million Euros. AdC pointed out that the adoption of a Statement of Objections did not determine the result of the investigation, which began in September 2016 and is still in course. On 28 November 2018, EDP Produ\u00e7\u00e3o presented to AdC its facts about the accusation. On 18 September 2019, AdC has notified EDP Produ\u00e7\u00e3o of an alleged infraction to competition rules. This contingency was estimated with a value of 48 million Euros and its graduation was assessed as possible. On 30 October 2019, EDP Produ\u00e7\u00e3o presented an appeal against this decision to the TCRS. On 20 May 2020, EDP Produ\u00e7\u00e3o was notified of a decision by the TCRS, which, among other things, admitted its Judicial Challenge Appeal, establishing a purely return effect and determining the payment of the fine imposed within 20 days. In this regard, EDP Produ\u00e7\u00e3o submitted requests, invoking supervening facts for the demonstration of considerable damage, and arguing defects in the decision that determined the attribution of a mere devolution effect to the Judicial Challenge Appeal. On 16 July 2020, EDP was notified of an order which implied the existence of substantial losses if the fine was paid in advance. Thus, the payment order was therefore suspended. However, on 12 October 2020, EDP Produ\u00e7\u00e3o was notified of the appeal filed by the Public Prosecutor's Office, at the Lisbon Court of Appeal, against the TCRS order of 16 July 2020, and considered the existence of considerable damage in the early payment of the fine and suspended the payment order. On 18 November 2020, EDP Produ\u00e7\u00e3o was notified of a decision by the Lisbon Court of Appeal, granting the appeal presented by the Public Prosecutor and, consequently, revoking the order of TCRS of 16 July 2020. EDP Produ\u00e7\u00e3o appealed this judgment to the Constitutional Court on 30 November 2020. On 22 February 2021, EDP Produ\u00e7\u00e3o was notified of the decision of the Constitutional Court in the sense of not knowing the object of the appeal. The case was returned to the TCRS to establish the effect of the appeal filed, to determine whether EDP Produ\u00e7\u00e3o must pay a fine or provide a guarantee. By order of the same day, the TCRS has scheduled the trial hearing for 27 September, 7, 11 and 25 October, 4, 8, 18, 22 November and 2 and 6 December 2021. On 16 September 2021, the TCRS issued an order that demanded the payment of the fine. Despite having lodged an appeal against this order, on 20 October 2021 EDP Produ\u00e7\u00e3o paid the amount under appeal, and is waiting for a decision on the appeals submitted. The trial hearing, which began in October 2021, continued with several inquiries until the end of March 2022, with closing arguments taking place on 6 July 2022. On 10 August 2022, the TCRS delivered a judgement, through which it confirmed the conviction of EDP Produ\u00e7\u00e3o and the imposition of a fine of 48 million Euros, which had already been paid. On 30 September 2022, EDP Produ\u00e7\u00e3o filed an appeal against the aforementioned decision to the Lisbon Court of Appeal. This was followed by the filing of counter-claims by the AdC and the Public Prosecutor's Office, pending further developments. iii) On 19 July 2021, Celulose Beira Industrial, SA (CELBI), submitted to SU Eletricidade, SA a constitutional request of an Arbitral Tribunal, regarding a conviction of a payment of the energy produced by it under special production in cogeneration, and its interest, since April 2020 (date on which, in accordance with the law and the understanding of DGEG and followed by SU Eletricidade, CELBI has moved to the transitional remuneration scheme provided for in DL No. 23/2010 and Ordinance No. 140/2012), and throughout the term of operation of its Cogeneration Center (which it estimates to be at least 25 years), i.e. at least until 24 March 2035 (supporting this understanding in the fact that the 2002 Remuneration Scheme does not establish any period); or, in the alternative, until 24 March 2030 (claiming that you are entitled to be remunerated under the 2002 Remuneration Scheme for a further 120 months (10 years) from March 2020); or, in the alternative, until November 2020 (claiming that the transition to the 2012 Remuneration Scheme should only take place six months after the effective knowledge of the communication sent by the SRB); or, in the alternative, until August 2020 (in the alternative claiming that the transition from CELBI's remuneration scheme would operate from the beginning of the month following the date of the audit report certifying primary energy savings, which means the transition would operate from August 2020 because the audit report is from July 2020). The overall value of the application amounts to 6,839 thousand Euros and has been classified as possible risk. In October 2021, SU Eletricidade filed a challenge. In February 2022, Procedural Decision no. 1 was delivered, under which the Arbitration Court considered itself competent to adjudicate the dispute between the parties, which was challenged by SU Eletricidade through annulment action filed in March 2022, which is pending at the Central Administrative Court, the pleadings phase has elapsed. In April 2022, the preparatory hearing was held, which was intended in particular to discuss previous questions raised as well as to the fixing of the list of the facts not at issue and the themes of the evidence. In June 2022, the parties filed a joint application alleging supervening facts. The trial hearing took place on 13, 14 and 15 September 2022 and, on 5 of December 2022, the parties presented their final written allegations. On 30 January 2023, the parties were notified of the arbitration judgment, which partially upheld one of the requests made by CELBI (corresponding to 11.75% of them), and SU Eletricidade is currently assessing and considering the respective terms and the possible effects. The possible contingencies more relevant in Brazil, are as follows: i) Investco is involved in a legal action of a civil nature mostly related with indemnity claims resulting from the filling of the hydroelectric reservoir, in the amount of 23,365 thousand Euros (31 December 2021: 17,297 thousand Euros); ii) There is a public civil action filed against EDP S\u00e3o Paulo and EDP Esp\u00edrito Santo by ADIC \u2013 Associa\u00e7\u00e3o de Defesa dos Interesses Colectivos, claiming a compensation arising from a tariff readjustment on part A from 43 concessionaires. The estimated value attributable to EDP S\u00e3o Paulo and EDP Espirito Santo amounts to 74,402 thousand Euros (31 December 2021: 55,031 thousand Euros); iii) EDP S\u00e3o Paulo is a party to a lawsuit related to the COFINS (Contribution for social security financing) from 1993 to 1995 in joinder with AES Eletropaulo, where is discussed the application of the tax amnesty introduced by the Provisional Measures paragraphs 1858-6 and 1858-8, granted to taxpayers who did not collect COFINS, considering it improper. In the trial of 2nd Instance, was partially confirmed the right to amnesty, and applied the Decree-Law 1,025/69, which established the payment of procedural costs in favour of the National Treasury. From this decision, an appeal was presented, which holds trial. The updated amount as at 31 December 2022 is 14,058 thousand Euros (31 December 2021: 12,267 thousand Euros); iv) EDP S\u00e3o Paulo and EDP Esp\u00edrito Santo have administrative and judicial actions regarding tax compensations not ratified by the Brazilian Federal Revenue Bureau, which: (i) are protected by judicially recognised credits (IRPJ - Corporate tax income and CSLL - Social Contribution on net profits) and (ii) that result from tax contributions in 2001 of IRPJ, CSLL, PIS (Social integration programme) and COFINS considered to be excessive as a consequence of the application of \"Parecer COSIT 26/2002\" (Extraordinary Tariff Adjustment - RTE) published by the Brazilian Tax Authorities. According to this opinion, the amounts resulting from tariffs updated under RTE should be recognised and taxed only as of 2002. During 2021 there was a reduction in the amount due to the success obtained in one of the administrative proceedings, cancelling the debt collection. As at 31 December 2022, the updated values amount to 19,736 thousand Euros (31 December 2021: 17,007 thousand Euros); v) Lajeado has a judicial tax action initiated by the Brazilian Tax Authorities in 2014 aimed at collecting tax contributions (IRPJ and CSLL) resulting from the disallowance of expenses regarding goodwill arising from a business combination (acquisition). As at 31 December 2022, this contingency amounts to 27,388 thousand Euros (31 December 2021: 23,030 thousand Euros); vi) Porto do Pec\u00e9m was the subject of tax execution procedure in the amount of 17,673 thousand Euros, resulting from alleged non-taxation under IRPJ and CSLL of financial income and exchange variations related to previous periods (31 December 2021: 14,850 thousand Euros); and vii) Following a period of drought in the State of Cear\u00e1, the local government, through Decree 32,044 of 16 September 2016, introduced an extraordinary rate called the Emergency Water Charge (EHE) over the actual water consumption of thermoelectric power plants, and in particular the Porto do Pec\u00e9m. On 13 October 2016, the Porto do Pec\u00e9m submitted an administrative request to ANEEL for the purpose of transferring this additional cost to the Unit Variable Cost (CVU), in order to restore the economic-financial balance of the contract (CCEAR). ANEEL, through Order 3,293 of 16 December 2016, denied the request of the Porto do Pec\u00e9m, which initiated proceedings against ANEEL. As at 31 December 2022, the lawsuit is estimated in an amount of 31,214 thousand Euros (31 December 2021: 23,087 thousand euros). During 2020 there was a revision of assumptions used to calculate the contingency which previously was considering the estimative of the value of EHE to be paid following the historical average. The new calculation is based on the claim effective risk considering the transference of CVU. Finally, even if EDP Group classifies its risk as remote, it is important to identify the following litigation: i) On 27 October 2009 and 5 January 2010, the EDP Group received two tax settlements regarding 2005 and 2006 taxable income for the EDP tax Group, which included an adjustment of 591 million Euros regarding its subsidiary, EDP Internacional SGPS, related to the tax treatment considered by the EDP Group in relation to a capital loss generated with the liquidation of a subsidiary, whose main assets consisted of investments in operating subsidiaries in Brazil, namely EDP Esp\u00edrito Santo and Enersul. As at 31 December 2022, the amount of this tax contingency amounts to 315 million Euros (31 December 2021: 307 million Euros). Considering the analysis made, the technical advice received and a favourable binding opinion obtained from the tax authorities in relation to the nature of the transaction occurred in the year of the assessment, the EDP Group considers as remote the risk associated with this matter. Under this analysis, the capital loss is tax deductible for income tax purposes as established in article 75 no. 2 of the Corporate Income Tax Code (\"C\u00f3digo do IRC\") based on the wording of the law in force at that date (existing article 81). Given the above, and considering that the EDP Group\u2019s tax procedures comply with applicable Portuguese tax legislation at the date of the events, the Group is currently using all available legal means to contest these additional settlements. Thus, following the implied rejection of the hierarchical appeal, EDP presented a judicial claim, on 6 June 2012. In November 2018, EDP Group was notified with a decision in favour. The Treasury filed an appeal on that decision. 43. Commitments Operating guarantees granted by EDP Group, not included in the consolidated statement of financial position nor in the Notes, are as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Operating guarantees EDP S.A. 966,223 637,968 966,223 637,968 EDP Espa\u00f1a Group 56,894 64,360 - - EDP Brasil Group 158,503 144,133 - - EDP Renov\u00e1veis Group 3,717,511 2,287,997 - - 4,899,131 3,134,458 966,223 637,968 The operating guarantees which are not included in the consolidated statement of financial position or in the Notes, as at 31 December 2022 and 2021, mainly refer to Power Purchase Agreements (PPA), interconnection, permits and market participation guarantees. In addition to the above warranties, the amount of 30.450 thousand Euros refers to guarantees of an operating nature related to Spanish, Polish, Italian and Brazilian entities sold in 2022, but for which EDP assumes the responsibility temporarily until they are effectively replaced. The amount of 152,770 thousand Euros refers to guarantees of a financial nature also related to Brazilian companies sold in 2022, but for which EDP assumes the responsibility until 30 January 2023, when this has been effectively replaced (see note 6). In addition to the guarantees identified above, EDP Group provides financial and operating guarantees related to liabilities assumed by joint ventures and associates in the amount of 595,766 thousand Euros and 475,044 thousand Euros, respectively (31 December 2021: 481,082 thousand Euros and 293,253 thousand Euros). The remaining financial and operating guarantees granted by EDP Group have underlying liabilities that are already reflected in its consolidated statement of financial position and/or disclosed in the Notes. In the Group, the commitments relating to future cash outflows not reflected in the measurement of the lease liabilities and purchase obligations are disclosed, by maturity, as follows: Thousand Euros Dec 2022 Capital outstanding by maturity Total Less than 1 year From 1 to 3 years From 3 to 5 years More than 5 years Future cash outflows not reflected in the measurement of the lease liabilities 72,957 14,036 20,992 7,946 29,983 Purchase obligations 30,758,869 8,279,232 4,910,939 3,151,817 14,416,881 30,831,826 8,293,268 4,931,931 3,159,763 14,446,864 Thousand Euros Dec 2021 Capital outstanding by maturity Total Less than 1 year From 1 to 3 years From 3 to 5 years More than 5 years Future cash outflows not reflected in the measurement of the lease liabilities 34,846 6,252 9,128 3,018 16,448 Purchase obligations 25,727,477 5,922,012 4,542,844 2,572,937 12,689,684 25,762,323 5,928,264 4,551,972 2,575,955 12,706,132 The Group\u2019s contractual commitments shown above relate essentially to agreements and commitments required for current business activities. Specifically, the majority of the commitments are established to guarantee adequate supply of energy to the customers in Europe, North America and Brazil and to comply with medium and long term investment objectives of the Group. As at 31 December 2022, there are commitments from future cash outflows not reflected in the measurement of the lease liabilities which refer to future rents of lease contracts already signed but not yet commenced. The commitments related to the joint ventures are disclosed in note 21. Purchase obligations of 11,288,241 thousand Euros essentially related with very long-term contracts for energy acquisition in the brazilian market (by regulatory imposition) which are updated with the respective projected rates and discounted at present value by a rate that represents the weighted average cost of capital (WACC) of the EDP Brasil Group, as follows: Thousand Euros Dec 2022 Dec 2021 Purchase obligation - Present value 11,288,241 8,984,056 Purchase obligation - Nominal amount 14,970,460 12,893,660 Purchase obligations also include obligations of long term contracts relating to the supply of products and services under the Group\u2019s ordinary course of business. Prices defined under forward contracts are used in estimating the amount of contractual commitments. The nature of purchase obligations breaks down as follows: Thousand Euros Dec 2022 Dec 2021 Fuel acquisition 8,242,498 6,908,075 Electricity acquisition 13,965,208 12,232,819 O&M contracts 1,104,328 838,575 Fixed assets, equipment and miscellaneous materials acquisition 3,835,686 2,337,649 Supply and assembly contract 2,099,320 2,301,643 Other supplies and services 1,511,829 1,108,716 30,758,869 25,727,477 The commitments for fuel and electricity acquisition are disclosed, by maturity, as follows: Thousand Euros Dec 2022 Capital outstanding by maturity Total Less than 1 year From 1 to 3 years From 3 to 5 years More than 5 years Fuel acquisition 8,242,498 1,182,197 881,539 833,253 5,345,509 Electricity acquisition 13,965,208 1,180,135 2,239,989 2,052,073 8,493,011 22,207,706 2,362,332 3,121,528 2,885,326 13,838,520 Thousand Euros Dec 2021 Capital outstanding by maturity Total Less than 1 year From 1 to 3 years From 3 to 5 years More than 5 years Fuel acquisition 6,908,075 902,897 862,739 649,346 4,493,093 Electricity acquisition 12,232,819 977,059 1,888,041 1,702,631 7,665,088 19,140,894 1,879,956 2,750,780 2,351,977 12,158,181 The caption Fuel Purchases corresponds, essentially, to gas acquisition commitments assumed by the Group through long term contracts for liquefied natural gas (LNG) in international terminals (Trinidad and Tobago until 2024 and United States of America until 2040). Some of the transactions related to the disposal of non-controlling interests while retaining control, carried out in previous years, incorporate contingent assets and liabilities according to the terms of the corresponding agreements. Additionally, some of the assets acquisition transactions foresee contingent liabilities which depend on certain milestones and, although EDP Group has recognized the fair value of these liabilities in the consolidated financial statements, changes in the assumptions could change these liabilities. At Company level, the commitments relating to future cash outflows not reflected in the measurement of the lease liabilities and purchase obligations are disclosed, by maturity, as follows: Thousand Euros Dec 2022 Capital outstanding by maturity Total Less than 1 year From 1 to 3 years From 3 to 5 years More than 5 years Future cash outflows not reflected in the measurement of the lease liabilities 1,876,639 897,558 979,081 - - Purchase obligations 7,553,971 515,554 867,485 831,341 5,339,591 9,430,610 1,413,112 1,846,566 831,341 5,339,591 Thousand Euros Dec 2021 Capital outstanding by maturity Total Less than 1 year From 1 to 3 years From 3 to 5 years More than 5 years Future cash outflows not reflected in the measurement of the lease liabilities 62 45 17 - - Purchase obligations 6,235,282 384,121 702,960 653,440 4,494,761 6,235,344 384,166 702,977 653,440 4,494,761 During 2022, EDP Group developed a global vision of energy management, creating a new structure for this purpose, called GEM (\u201cGlobal Energy Management\u201d). As a result, in December 2022, EDP and EDP Produ\u00e7\u00e3o, Hidroel\u00e9trica do Guadiana and Greenvouga entered into the mandate contract for the placement (purchase and sale) of electricity on the market (\u201cContract\u201d) produced by hydroelectric and natural gas combined cycle plants in Portugal during the years 2023 and 2024. Within the scope of this Contract, as of 1 February 2023, EDP will issue dispatch instructions to EDP Produ\u00e7\u00e3o, Hidroel\u00e9trica do Guadiana and Greenvouga, in order to adapt the production of electricity to the offers it makes on the market. In addition, EDP started to assume, in full and upon payment of a substantially fixed consideration, the economic risks and benefits associated with the dispatch of electricity production and subsequent placing on the market and the purchase of fuels and CO2 licenses necessary for the operation of the Thermal Power Plants, with the volatility associated with price and volume variation related to electricity and fuels being substantially assumed by EDP S.A. Within the scope of this Contract, EDP will be responsible for: - issue Dispatch Instructions relating to the electricity to be produced by the Electric Power Plants for placing on the market; - carrying out an adequate programming of the operation of the Electric Power Plants, taking into account the fulfillment of the contractual or legal obligations to which EDP Produ\u00e7\u00e3o, Hidroel\u00e9trica do Guadiana and Greenvouga are bound in their capacity as holder of the production and exploration licenses; - develop all necessary actions for the acquisition and supply of fuels, as well as the CO2 licenses necessary for the operation of the Thermal Power Plants; and - ensure the relationship with the Market Operator and the System Operator, as well as with any other official entities and with counterparties. In turn, EDP Produ\u00e7\u00e3o, Hidroel\u00e9trica do Guadiana and Greenvouga will be responsible for: - ensure the production of electricity in accordance with EDP's dispatch instructions, managing the Electric Power Plants, in order to maximize efficiency, availability and safety, as well as ensuring compliance with all legal, regulatory and contractual requirements in the production of electricity; - fully ensure the operation and maintenance of the Electric Power Plants, bearing all costs associated with this operation and maintenance; - comply with the Dispatch Instructions given by EDP in order to minimize Deviations and ensure the provision of the Complementary Services requested, as well as the applicable System Services, without prejudice to, in a justified and reasoned manner, refuse the execution of a Dispatch Instruction for the production of electricity on a given day and time, in cases where this is necessary to ensure compliance with contractual or legal obligations to which they are attached in their capacity as holders of production and exploration licenses; and - manage the relationship with all public or private entities that intervene in matters that impact the operation of the reservoirs, in activities that interfere with the normal operation of the Electric Power Plants, as well as manage the relationship with REN Gasodutos, as operator of the national network of gas transport, within the scope of the operational management of natural gas. The increase in future cash flows, on an individual basis, includes mainly this contract, which was included in the Transfer (\"Trespasse\") (see note 46). The caption Purchase obligations corresponds, essentially, to the gas acquisitions commitments assumed by EDP SA, through a long-term contract for liquefied natural gas (LNG) in the United States of America. 50. Investigation process about CMEC and DPH Following the enactment of an EU legislation package regarding the construction of the Internal Energy Market, aimed at, among others, promoting the liberalization of the electricity sector, the existence of long-term Power Purchase Agreements (\u201cContratos de Produ\u00e7\u00e3o de Energia\u201d \u2013 CAE), and the Portuguese legal framework involving a \u201csingle buyer\u201d, ceased to be compatible with EU law. Accordingly, Decree-Law no. 240/2004, of 27 December, was enacted in the context of the liberalization of the Portuguese energy sector, establishing the early termination of the CAEs entered into in 1996 and, at the same time, approving the methodology to be used in accomplishing said termination, as well as the compensation due to energy producers in that respect. This methodology was subjected to the European Commission\u2019s (EC) prior approval, expressed in the Decision concerning State aid N161/2004, which deemed it effective and strictly necessary. Additionally, the enactment of the aforementioned Decree-Law by the Portuguese Government was object of a legislative authorization, granted by the Portuguese Parliament. In that context, and according to the approved methodology, EDP and REN - Rede El\u00e9ctrica Nacional, S.A. (REN) signed the CAE early termination agreements in 2005, their entry into force having taken place on 1 July 2007, after being amended earlier that same year. Both termination agreements were ratified by the member of the Portuguese Government responsible for the energy sector. Pursuant to the provisions of the 2005 CAE termination agreements, on 8 March 2008 the Portuguese Government, REN and EDP Produ\u00e7\u00e3o entered into a number of concession agreements formalizing EDP\u2019s right of use over the Public Hydro Domain (\u201cDom\u00ednio P\u00fablico H\u00eddrico\u201d \u2013 DPH) until the end of the operational life of the hydroelectric plants subject to the so-called Costs for the Maintenance of the Contractual Balance mechanism (\u201cCustos de Manuten\u00e7\u00e3o do Equil\u00edbrio Contratual\u201c \u2013 CMEC). Decree-Law 226-A/2007, of 31 May, introduced a new obligation to EDP, unforeseen in the 2004 legislation or in the 2005 termination agreements, which consisted in the payment by EDP of an amount concerning the \u201ceconomic and financial balance\u201d of each power plant. Pursuant to this legal framework, and following assessments carried out by two independent financial institutions appointed by the Government, EDP Produ\u00e7\u00e3o was ordered to pay EUR 759 million, as consideration for the extension of its right of use over the DPH. This included approximately EUR 55 million due for the Hydro Resources Tax. In 2012, the EC and Portuguese authorities (the Central Department of Criminal Investigation and Prosecution, a part of the Public Prosecutor\u2019s Office \u2013 \u201cDepartamento Central de Investiga\u00e7\u00e3o e A\u00e7\u00e3o Penal\u201d, DCIAP) received complaints regarding (i) the methodology adopted for the early termination of the CAEs and the implementation of the CMEC mechanism and; (ii) EDP\u2019s right of use over the DPH. So far as the complaint received by the EC is concerned, this institution addressed a clarification request to the Portuguese Government over the early termination of the CAEs, and its replacement by the CMEC framework. The EC decided, in September 2013, that the compensation attributed to EDP Produ\u00e7\u00e3o in the context of the early termination of the CAEs did not exceed the amount required to reimburse the investment costs meant to be recovered throughout the operational life of the assets in question. Furthermore, it certified that the execution of the CMEC framework respected the terms that were notified to the EC, and approved, in 2004. Accordingly, the EC has at this stage concluded its investigation regarding the early termination of the CAEs. Having found no evidence of non-compliance with the framework in force in Portugal (approved by the EC itself in 2004) or at the EU level, it decided not to pursue an in- depth investigation on the matter. Simultaneously, in September 2013, the EC decided to undertake an in-depth investigation exclusively in respect of the right of use over the DPH matter. These in-depth investigation proceedings over EDP\u2019s right of use over the DPH were formally concluded in May 2017, with the EC having decided that the consideration paid by EDP was in line with market conditions. It further concluded that the financial methodology followed to determine the price to be paid by EDP for the right of use over the DPH was appropriate and resulted in a fair market price, expressly adding that the accusations that such price (759 million euros) had been underappreciated were baseless, and resulted from an inaccurate financial calculation methodology. In 2 June 2017, EDP was made aware of the investigation being carried out by the DCIAP since 2012 regarding the amounts due to EDP for the early termination of the CAEs and the right of use over the DPH. On that date, the authorities carried out a search in EDP\u2019s offices, as well as REN\u2019s (as network operator) and a consultant. At that time, DCIAP informed, by way of a public press release, that investigations were ongoing, and the alleged facts could amount to active and passive corruption, and economic participation in business deals. The DCIAP further informed, in said press release, that some members of EDP\u2019s Executive Board of Directors, as well as former directors who executed the relevant agreements, were suspects in that investigation. On 6 July 2020, a measure of constraint to suspend the exercise of functions in EDP\u2019s Executive Board of Directors was proposed by the Public Prosecutor\u2019s Office, and applied by the court, to Ant\u00f3nio Mexia and Jo\u00e3o Manso Neto (then Chairman and member of the board, respectively), while the investigation remained in the inquiry stage. On the same day, the General and Supervisory Board and the Executive Board of Directors resolved to appoint then Chief Financial Officer Miguel Stilwell de Andrade as interim Chairman, for the duration of the impediment of the current Chairman of the Executive Board of Directors, in addition to his functions at the time. On 13 July 2020, and as in due course disclosed to the market (https://www.edp.com/sites/default/files/2020- 07/20200713_Notifica%C3%A7%C3%A3o%20do%20DCIAP_EN_0.pdf ), EDP was notified by the Portuguese Authorities to appoint a legal representative to appear at the DCIAP for questioning and constitution of EDP as defendant, for the facts related to the hiring by EDP Group of the father of the then Secretary of State Artur Trindade. Such diligence has already occurred and EDP was named as a defendant in the context of such judicial procedure and is now waiting for further developments of the procedure. On 30 November 2020, and as communicated to the market on that same date, EDP received formal notices of both suspended members of the Executive Board of Directors, informing of their unavailability to be re-appointed to serve in EDP\u2019s corporate bodies for the 2021-2023 term of office. On 19 January 2021, an Extraordinary General Shareholders\u2019 Meeting was held, and a new management team was appointed to the Executive Board of Directors, for the 2021-2023 triennium. EDP reaffirms that no irregularities exist regarding the matters at hand and believes the amounts due by the early termination of the CAEs and the proceedings regarding the DPH, in particular the amounts paid, were fair and according to market conditions. EDP remains determined in the pursuit of its corporate purpose and in the fulfilment of its clients, shareholders, employees, and remaining stakeholders\u2019 highest expectations. EDP is committed to the accomplishment of its strategic goals, and no impact to its consolidated financial statements is expected to arise as a consequence of the above. Regarding the judicial procedure, it is still under investigation and till the present date there are no relevant developments regarding the reason that uphold EDP as a defendant. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f35122": {
"value": "As at 31 December 2022 and 2021, commitments and contingent liabilities assumed by the Group in respect of its joint ventures and associates, including its share of commitments assumed jointly with other investors, are disclosed by maturity as follows: Thousand Euros Capital outstanding by maturity Dec 2022 Dec 2021 Less than 1 year 315,451 250,656 From 1 to 3 years 15,109 7,560 From 3 to 5 years 3,635 2,376 More than 5 years 55,228 50,376 389,423 310,968 Commitments and contingent liabilities in respect of joint ventures and associates include EDPR commitments to provide funding to Offshore projects and to the construction of solar farms facilities in USA, and to commitments assumed by EDP Brasil related to its joint ventures operating obligations. Provision for legal and labour matters and other contingencies includes provisions for litigation in progress and other labour contingencies, which are related essentially with: i) Requests for the refund of tariff increases paid by industrial consumers of the brazilian subsidiaries EDP S\u00e3o Paulo and EDP Esp\u00edrito Santo in the amount of 17,181 thousand Euros (31 December 2021: 12,324 thousand Euros). These requests result from the application of Administrative Orders DNAEE no. 38 of 27 February 1986 and no. 45 of 4 March 1986 - Plano Cruzado, effective from March to November 1986; ii) The remaining legal litigations correspond mainly to indemnities for damages allegedly suffered in consequence of interruption of electricity supply, power accidents and fires. Provision for other liabilities and charges The BOE 223/2017 published during the third quarter of 2017 opened the hearing process of the Order of the Minister of Energy, Tourism and Digital Agenda of 13 September, introducing \"lesividad\" declaration procedure for the public interest Order IET/980/2016, of 10 June, which established the remuneration of electricity distribution companies until 2016. Thus, the remuneration that has been determined has allegedly been higher than that due for the year 2016. Until the \"lesividad\" procedure is finitely resolved, the remuneration of the distribution activity for the years 2016, 2017, 2018 and 2019 is considered provisional. With reference to 31 December 2020, EDP Espa\u00f1a recorded an accumulated provision of 93,105 thousand Euros corresponding to the potential effect of \"lesividad\" for the financial years 2016, 2017, 2018, 2019 and 2020. Since 2016, EDP Espa\u00f1a, like other companies in the sector, have been in place with legal proceedings to resolve the \u201clesividad\u201d procedure. At the same time, companies initiated processes to determine the real value of assets subject to remuneration and proceeded with the reformulation and deposit of their annual accounts from 2014 to 2020, ending this process during 2021. Although no new liquidation or a new regulation has been issued, the companies consider that, in accordance with the order 481/2020 of the Supreme Court, the reformulated and deposited annual accounts must be considered for the calculation of the remuneration. Thus, in 2021, EDP Espa\u00f1a updated the provision for the \u201clesividad\u201d procedure for the years 2016 to 2020, reversing it by approximately 47 million Euros. On 1 June 2022, order TED/490/2022, of 31 May, was published in BOE 130/2022, which executes the judgment of the Federal Supreme Court in relation to the declaration of \"lesividad\" to the public interest of the Order IET/980/2016, of 10 June. The remuneration approved by the Ministry of Ecological Transition and the Demographic Challenge in the referred Order did not take into account the accounts reformulated by the distribution companies, resulting in a notable decrease in their remuneration compared to the expected and accounted values corresponding to a correct execution of the sentence. Subsequently, the \"Comisi\u00f3n Nacional de los Mercados y la Competencia\" (CNMC) settled the payment obligations arising from the \"lesividad\" referring to the years 2016, 2017, 2018, 2019, 2020 and 2022 in the Provisional Agreement 5/2022 (partially corresponding to the year 2022) approved by the CNMC on 14 July 2022 and those corresponding to the 2021 financial year in the \u201c2021 Definitive Settlement of regulated activities in the electricity sector\u201d, approved by the CNMC on 4 November 2022. The distribution companies of the EDP Group filed lawsuits against order TED/490/2022 and against the Final Settlement of 2021, in order to obtain the collection of amounts due from a correct execution of the judgment. Before the publication of order TED/490/2022, the provisions corresponding to the expected impact of the execution of the sentence amounted to approximately 47 million Euros. After its publication, the existing provisions were used for this purpose, with the Group recording a receivable in assets, awaiting the decision of the respective lawsuits filed against order TED/490/2022, corresponding to approximately 63 million Euros for the period from 2016 to 2021, and an amount of around 9 million Euros for the period of 2022. On 3 May 2018, it has come to EDP\u2019s knowledge (through a DGEG\u2019s letter) that the CMEC final adjustment had been officially approved, according to ERSE\u2019s proposal, in the amount of 154 million Euros. EDP reflected this reality in its financial statements as of 31 December 2018, recognising a provision by the difference in the final adjustment amounts already recognised in the Group's revenues. On 31 December 2022 EDP maintains the provision in its accounts (see note 4). On 26 September 2018, DGEG notified EDP about a dispatch issued by the Secretary of State for Energy (SSE) on 29 August 2018, which quantifies at 285 million Euros the alleged overcompensation of EDP related to the calculation of the real availability factor of the plants under the CMEC regime. EDP reflected this in the financial statements as at 31 December 2018, through a provision of the same amount. During 2022, EDP made payments of 12,205 thousand Euros, the amount that was still registered, settling the provision as at 31 December 2022 (see note 4). In their ordinary course of business, EDP Group subsidiaries are involved in several litigations and contingencies (of possible risk) of administrative, civil, tax, labour and other natures. These legal, arbitration or other actions, involve customers, suppliers, employees and administrative authorities. In EDP Group and its legal advisors' opinion, the risk of a loss in these actions is not probable, and the outcome will not affect on a material way its consolidated financial position. The processes whose losses were considered as possible, do not require the recognition of provisions and are periodically reassessed. The detail of possible contingencies is analised as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Administrative and Civil 325,437 255,406 336 330 Fiscal 773,643 656,768 13,321 9,541 Other 125,107 114,305 2,791 2,811 1,224,187 1,026,479 16,448 12,682 The events and possible contingencies more relevant in Portugal, are as follows: i) On 29 July 2016, the Portuguese Competition Authority (AdC) has notified EDP S.A. and EDP Comercial, S.A. with a notice for alleged violation of competition laws, regarding the process of the commercial campaign done in partnership with Modelo Continente, designated as \"Plano EDP Continente\". This was an occasional campaign, limited to two years, which was one of several campaigns usually performed by several other market agents. On 5 May 2017, EDP S.A. and EDP Comercial, S.A. received AdC final decision which applied a fee of 2,900 thousand Euros to EDP S.A. and 25,800 thousand Euros to EDP Comercial. EDP Group is convinced that this campaign has brought real benefits to consumers and competition in markets and that no transgression has been committed. The companies filed their appeal on 19 June 2017 to TCRS. By this court was determined a court hearing that EDP and EDP Comercial would provide security in the amount of 50% of the fine imposed on them by the AdC, and on 19 June 2020, EDP and EDP Comercial provided surety bond and surety in the amounts of 1,450 thousand Euros and 12,900 thousand Euros, respectively. On 30 September 2020, a judgment was issued by the TCRS, which maintained the conviction of the two companies of the EDP Group, as well as Sonae Group's Companies, having also reduced fines by 10%. Fines were determined at 2,610 thousand Euros and 23,220 thousand Euros for EDP and EDP Comercial, respectively. On 30 October 2020, EDP and EDP Comercial appealed the condemnatory sentence handed down by the TCRS, to the Lisbon Court of Appeal. On 6 April 2021, the parties were notified of the judgment handed down by the Court of Appeal of Lisbon, through which it decreed the suspension of the proceedings and the preliminary referral of the case to the Court of Justice of the European Union, under the foreseen mechanism Article 267(b) of the Treaty on the Functioning of the European Union. The case was filed at the Registry of the Court of Justice on 26 May 2021, with written observations having been submitted by the parties on the questions referred by the Lisbon Court of Appeal. The oral trial hearing at the Court of Justice of the European Union took place on 9 November 2022, pending the presentation of conclusions by the Advocate General, which will be followed by the delivery of judgment; ii) On 3 September 2018, the Portuguese Competition Authority (AdC) notified EDP Produ\u00e7\u00e3o with a Statement of Objections, under which EDP Produ\u00e7\u00e3o is accused of abuse of a dominant position in the secondary regulation band market (a part of the ancillary services market). AdC claims that EDP Produ\u00e7\u00e3o has deliberately limited the participation of CMEC plants in the secondary regulation market between 2009 and 2014, benefitting its non-CMEC power plants. The alleged benefit, to the detriment of consumers, would be twofold: receiving higher compensation under CMEC annual adjustment regime; profiting from higher market prices in said market. AdC has estimated that the alleged practice of EDP Produ\u00e7\u00e3o has generated damages to the national electricity system and to consumers of around 140 million Euros. AdC pointed out that the adoption of a Statement of Objections did not determine the result of the investigation, which began in September 2016 and is still in course. On 28 November 2018, EDP Produ\u00e7\u00e3o presented to AdC its facts about the accusation. On 18 September 2019, AdC has notified EDP Produ\u00e7\u00e3o of an alleged infraction to competition rules. This contingency was estimated with a value of 48 million Euros and its graduation was assessed as possible. On 30 October 2019, EDP Produ\u00e7\u00e3o presented an appeal against this decision to the TCRS. On 20 May 2020, EDP Produ\u00e7\u00e3o was notified of a decision by the TCRS, which, among other things, admitted its Judicial Challenge Appeal, establishing a purely return effect and determining the payment of the fine imposed within 20 days. In this regard, EDP Produ\u00e7\u00e3o submitted requests, invoking supervening facts for the demonstration of considerable damage, and arguing defects in the decision that determined the attribution of a mere devolution effect to the Judicial Challenge Appeal. On 16 July 2020, EDP was notified of an order which implied the existence of substantial losses if the fine was paid in advance. Thus, the payment order was therefore suspended. Integrated Annual Report 2022 Financial Statements and Notes 323 However, on 12 October 2020, EDP Produ\u00e7\u00e3o was notified of the appeal filed by the Public Prosecutor's Office, at the Lisbon Court of Appeal, against the TCRS order of 16 July 2020, and considered the existence of considerable damage in the early payment of the fine and suspended the payment order. On 18 November 2020, EDP Produ\u00e7\u00e3o was notified of a decision by the Lisbon Court of Appeal, granting the appeal presented by the Public Prosecutor and, consequently, revoking the order of TCRS of 16 July 2020. EDP Produ\u00e7\u00e3o appealed this judgment to the Constitutional Court on 30 November 2020. On 22 February 2021, EDP Produ\u00e7\u00e3o was notified of the decision of the Constitutional Court in the sense of not knowing the object of the appeal. The case was returned to the TCRS to establish the effect of the appeal filed, to determine whether EDP Produ\u00e7\u00e3o must pay a fine or provide a guarantee. By order of the same day, the TCRS has scheduled the trial hearing for 27 September, 7, 11 and 25 October, 4, 8, 18, 22 November and 2 and 6 December 2021. On 16 September 2021, the TCRS issued an order that demanded the payment of the fine. Despite having lodged an appeal against this order, on 20 October 2021 EDP Produ\u00e7\u00e3o paid the amount under appeal, and is waiting for a decision on the appeals submitted. The trial hearing, which began in October 2021, continued with several inquiries until the end of March 2022, with closing arguments taking place on 6 July 2022. On 10 August 2022, the TCRS delivered a judgement, through which it confirmed the conviction of EDP Produ\u00e7\u00e3o and the imposition of a fine of 48 million Euros, which had already been paid. On 30 September 2022, EDP Produ\u00e7\u00e3o filed an appeal against the aforementioned decision to the Lisbon Court of Appeal. This was followed by the filing of counter-claims by the AdC and the Public Prosecutor's Office, pending further developments. iii) On 19 July 2021, Celulose Beira Industrial, SA (CELBI), submitted to SU Eletricidade, SA a constitutional request of an Arbitral Tribunal, regarding a conviction of a payment of the energy produced by it under special production in cogeneration, and its interest, since April 2020 (date on which, in accordance with the law and the understanding of DGEG and followed by SU Eletricidade, CELBI has moved to the transitional remuneration scheme provided for in DL No. 23/2010 and Ordinance No. 140/2012), and throughout the term of operation of its Cogeneration Center (which it estimates to be at least 25 years), i.e. at least until 24 March 2035 (supporting this understanding in the fact that the 2002 Remuneration Scheme does not establish any period); or, in the alternative, until 24 March 2030 (claiming that you are entitled to be remunerated under the 2002 Remuneration Scheme for a further 120 months (10 years) from March 2020); or, in the alternative, until November 2020 (claiming that the transition to the 2012 Remuneration Scheme should only take place six months after the effective knowledge of the communication sent by the SRB); or, in the alternative, until August 2020 (in the alternative claiming that the transition from CELBI's remuneration scheme would operate from the beginning of the month following the date of the audit report certifying primary energy savings, which means the transition would operate from August 2020 because the audit report is from July 2020). The overall value of the application amounts to 6,839 thousand Euros and has been classified as possible risk. In October 2021, SU Eletricidade filed a challenge. In February 2022, Procedural Decision no. 1 was delivered, under which the Arbitration Court considered itself competent to adjudicate the dispute between the parties, which was challenged by SU Eletricidade through annulment action filed in March 2022, which is pending at the Central Administrative Court, the pleadings phase has elapsed. In April 2022, the preparatory hearing was held, which was intended in particular to discuss previous questions raised as well as to the fixing of the list of the facts not at issue and the themes of the evidence. In June 2022, the parties filed a joint application alleging supervening facts. The trial hearing took place on 13, 14 and 15 September 2022 and, on 5 of December 2022, the parties presented their final written allegations. On 30 January 2023, the parties were notified of the arbitration judgment, which partially upheld one of the requests made by CELBI (corresponding to 11.75% of them), and SU Eletricidade is currently assessing and considering the respective terms and the possible effects. The possible contingencies more relevant in Brazil, are as follows: i) Investco is involved in a legal action of a civil nature mostly related with indemnity claims resulting from the filling of the hydroelectric reservoir, in the amount of 23,365 thousand Euros (31 December 2021: 17,297 thousand Euros); ii) There is a public civil action filed against EDP S\u00e3o Paulo and EDP Esp\u00edrito Santo by ADIC \u2013 Associa\u00e7\u00e3o de Defesa dos Interesses Colectivos, claiming a compensation arising from a tariff readjustment on part A from 43 concessionaires. The estimated value attributable to EDP S\u00e3o Paulo and EDP Espirito Santo amounts to 74,402 thousand Euros (31 December 2021: 55,031 thousand Euros); iii) EDP S\u00e3o Paulo is a party to a lawsuit related to the COFINS (Contribution for social security financing) from 1993 to 1995 in joinder with AES Eletropaulo, where is discussed the application of the tax amnesty introduced by the Provisional Measures paragraphs 1858-6 and 1858-8, granted to taxpayers who did not collect COFINS, considering it improper. In the trial of 2nd Instance, was partially confirmed the right to amnesty, and applied the Decree-Law 1,025/69, which established the payment of procedural costs in favour of the National Treasury. From this decision, an appeal was presented, which holds trial. The updated amount as at 31 December 2022 is 14,058 thousand Euros (31 December 2021: 12,267 thousand Euros); iv) EDP S\u00e3o Paulo and EDP Esp\u00edrito Santo have administrative and judicial actions regarding tax compensations not ratified by the Brazilian Federal Revenue Bureau, which: (i) are protected by judicially recognised credits (IRPJ - Corporate tax income and CSLL - Social Contribution on net profits) and (ii) that result from tax contributions in 2001 of IRPJ, CSLL, PIS (Social integration programme) and COFINS considered to be excessive as a consequence of the application of \"Parecer COSIT 26/2002\" (Extraordinary Tariff Adjustment - RTE) published by the Brazilian Tax Authorities. According to this opinion, the amounts resulting from tariffs updated under RTE should be recognised and taxed only as of 2002. During 2021 there was a reduction in the amount due to the success obtained in one of the administrative proceedings, cancelling the debt collection. As at 31 December 2022, the updated values amount to 19,736 thousand Euros (31 December 2021: 17,007 thousand Euros)v) Lajeado has a judicial tax action initiated by the Brazilian Tax Authorities in 2014 aimed at collecting tax contributions (IRPJ and CSLL) resulting from the disallowance of expenses regarding goodwill arising from a business combination (acquisition). As at 31 December 2022, this contingency amounts to 27,388 thousand Euros (31 December 2021: 23,030 thousand Euros); vi) Porto do Pec\u00e9m was the subject of tax execution procedure in the amount of 17,673 thousand Euros, resulting from alleged non-taxation under IRPJ and CSLL of financial income and exchange variations related to previous periods (31 December 2021: 14,850 thousand Euros); and vii) Following a period of drought in the State of Cear\u00e1, the local government, through Decree 32,044 of 16 September 2016, introduced an extraordinary rate called the Emergency Water Charge (EHE) over the actual water consumption of thermoelectric power plants, and in particular the Porto do Pec\u00e9m. On 13 October 2016, the Porto do Pec\u00e9m submitted an administrative request to ANEEL for the purpose of transferring this additional cost to the Unit Variable Cost (CVU), in order to restore the economic-financial balance of the contract (CCEAR). ANEEL, through Order 3,293 of 16 December 2016, denied the request of the Porto do Pec\u00e9m, which initiated proceedings against ANEEL. As at 31 December 2022, the lawsuit is estimated in an amount of 31,214 thousand Euros (31 December 2021: 23,087 thousand euros). During 2020 there was a revision of assumptions used to calculate the contingency which previously was considering the estimative of the value of EHE to be paid following the historical average. The new calculation is based on the claim effective risk considering the transference of CVU. Finally, even if EDP Group classifies its risk as remote, it is important to identify the following litigation: i) On 27 October 2009 and 5 January 2010, the EDP Group received two tax settlements regarding 2005 and 2006 taxable income for the EDP tax Group, which included an adjustment of 591 million Euros regarding its subsidiary, EDP Internacional SGPS, related to the tax treatment considered by the EDP Group in relation to a capital loss generated with the liquidation of a subsidiary, whose main assets consisted of investments in operating subsidiaries in Brazil, namely EDP Esp\u00edrito Santo and Enersul. As at 31 December 2022, the amount of this tax contingency amounts to 315 million Euros (31 December 2021: 307 million Euros). Considering the analysis made, the technical advice received and a favourable binding opinion obtained from the tax authorities in relation to the nature of the transaction occurred in the year of the assessment, the EDP Group considers as remote the risk associated with this matter. Under this analysis, the capital loss is tax deductible for income tax purposes as established in article 75 no. 2 of the Corporate Income Tax Code (\"C\u00f3digo do IRC\") based on the wording of the law in force at that date (existing article 81). Given the above, and considering that the EDP Group\u2019s tax procedures comply with applicable Portuguese tax legislation at the date of the events, the Group is currently using all available legal means to contest these additional settlements. Thus, following the implied rejection of the hierarchical appeal, EDP presented a judicial claim, on 6 June 2012. In November 2018, EDP Group was notified with a decision in favour. The Treasury filed an appeal on that decision50. Investigation process about CMEC and DPH Following the enactment of an EU legislation package regarding the construction of the Internal Energy Market, aimed at, among others, promoting the liberalization of the electricity sector, the existence of long-term Power Purchase Agreements (\u201cContratos de Produ\u00e7\u00e3o de Energia\u201d \u2013 CAE), and the Portuguese legal framework involving a \u201csingle buyer\u201d, ceased to be compatible with EU law. Accordingly, Decree-Law no. 240/2004, of 27 December, was enacted in the context of the liberalization of the Portuguese energy sector, establishing the early termination of the CAEs entered into in 1996 and, at the same time, approving the methodology to be used in accomplishing said termination, as well as the compensation due to energy producers in that respect. This methodology was subjected to the European Commission\u2019s (EC) prior approval, expressed in the Decision concerning State aid N161/2004, which deemed it effective and strictly necessary. Additionally, the enactment of the aforementioned Decree-Law by the Portuguese Government was object of a legislative authorization, granted by the Portuguese Parliament. In that context, and according to the approved methodology, EDP and REN - Rede El\u00e9ctrica Nacional, S.A. (REN) signed the CAE early termination agreements in 2005, their entry into force having taken place on 1 July 2007, after being amended earlier that same year. Both termination agreements were ratified by the member of the Portuguese Government responsible for the energy sector. Pursuant to the provisions of the 2005 CAE termination agreements, on 8 March 2008 the Portuguese Government, REN and EDP Produ\u00e7\u00e3o entered into a number of concession agreements formalizing EDP\u2019s right of use over the Public Hydro Domain (\u201cDom\u00ednio P\u00fablico H\u00eddrico\u201d \u2013 DPH) until the end of the operational life of the hydroelectric plants subject to the so-called Costs for the Maintenance of the Contractual Balance mechanism (\u201cCustos de Manuten\u00e7\u00e3o do Equil\u00edbrio Contratual\u201c \u2013 CMEC). Decree-Law 226-A/2007, of 31 May, introduced a new obligation to EDP, unforeseen in the 2004 legislation or in the 2005 termination agreements, which consisted in the payment by EDP of an amount concerning the \u201ceconomic and financial balance\u201d of each power plant. Pursuant to this legal framework, and following assessments carried out by two independent financial institutions appointed by the Government, EDP Produ\u00e7\u00e3o was ordered to pay EUR 759 million, as consideration for the extension of its right of use over the DPH. This included approximately EUR 55 million due for the Hydro Resources Tax. In 2012, the EC and Portuguese authorities (the Central Department of Criminal Investigation and Prosecution, a part of the Public Prosecutor\u2019s Office \u2013 \u201cDepartamento Central de Investiga\u00e7\u00e3o e A\u00e7\u00e3o Penal\u201d, DCIAP) received complaints regarding (i) the methodology adopted for the early termination of the CAEs and the implementation of the CMEC mechanism and; (ii) EDP\u2019s right of use over the DPH. So far as the complaint received by the EC is concerned, this institution addressed a clarification request to the Portuguese Government over the early termination of the CAEs, and its replacement by the CMEC framework. The EC decided, in September 2013, that the compensation attributed to EDP Produ\u00e7\u00e3o in the context of the early termination of the CAEs did not exceed the amount required to reimburse the investment costs meant to be recovered throughout the operational life of the assets in question. Furthermore, it certified that the execution of the CMEC framework respected the terms that were notified to the EC, and approved, in 2004. Accordingly, the EC has at this stage concluded its investigation regarding the early termination of the CAEs. Having found no evidence of non-compliance with the framework in force in Portugal (approved by the EC itself in 2004) or at the EU level, it decided not to pursue an in- depth investigation on the matter. Simultaneously, in September 2013, the EC decided to undertake an in-depth investigation exclusively in respect of the right of use over the DPH matter. These in-depth investigation proceedings over EDP\u2019s right of use over the DPH were formally concluded in May 2017, with the EC having decided that the consideration paid by EDP was in line with market conditions. It further concluded that the financial methodology followed to determine the price to be paid by EDP for the right of use over the DPH was appropriate and resulted in a fair market price, expressly adding that the accusations that such price (759 million euros) had been underappreciated were baseless, and resulted from an inaccurate financial calculation methodology. In 2 June 2017, EDP was made aware of the investigation being carried out by the DCIAP since 2012 regarding the amounts due to EDP for the early termination of the CAEs and the right of use over the DPH. On that date, the authorities carried out a search in EDP\u2019s offices, as well as REN\u2019s (as network operator) and a consultant. At that time, DCIAP informed, by way of a public press release, that investigations were ongoing, and the alleged facts could amount to active and passive corruption, and economic participation in business deals. The DCIAP further informed, in said press release, that some members of EDP\u2019s Executive Board of Directors, as well as former directors who executed the relevant agreements, were suspects in that investigation. On 6 July 2020, a measure of constraint to suspend the exercise of functions in EDP\u2019s Executive Board of Directors was proposed by the Public Prosecutor\u2019s Office, and applied by the court, to Ant\u00f3nio Mexia and Jo\u00e3o Manso Neto (then Chairman and member of the board, respectively), while the investigation remained in the inquiry stage. On the same day, the General and Supervisory Board and the Executive Board of Directors resolved to appoint then Chief Financial Officer Miguel Stilwell de Andrade as interim Chairman, for the duration of the impediment of the current Chairman of the Executive Board of Directors, in addition to his functions at the time. On 13 July 2020, and as in due course disclosed to the market (https://www.edp.com/sites/default/files/2020- 07/20200713_Notifica%C3%A7%C3%A3o%20do%20DCIAP_EN_0.pdf ), EDP was notified by the Portuguese Authorities to appoint a legal representative to appear at the DCIAP for questioning and constitution of EDP as defendant, for the facts related to the hiring by EDP Group of the father of the then Secretary of State Artur Trindade. Such diligence has already occurred and EDP was named as a defendant in the context of such judicial procedure and is now waiting for further developments of the procedure. On 30 November 2020, and as communicated to the market on that same date, EDP received formal notices of both suspended members of the Executive Board of Directors, informing of their unavailability to be re-appointed to serve in EDP\u2019s corporate bodies for the 2021-2023 term of office. On 19 January 2021, an Extraordinary General Shareholders\u2019 Meeting was held, and a new management team was appointed to the Executive Board of Directors, for the 2021-2023 triennium. EDP reaffirms that no irregularities exist regarding the matters at hand and believes the amounts due by the early termination of the CAEs and the proceedings regarding the DPH, in particular the amounts paid, were fair and according to market conditions. EDP remains determined in the pursuit of its corporate purpose and in the fulfilment of its clients, shareholders, employees, and remaining stakeholders\u2019 highest expectations. EDP is committed to the accomplishment of its strategic goals, and no impact to its consolidated financial statements is expected to arise as a consequence of the above. Regarding the judicial procedure, it is still under investigation and till the present date there are no relevant developments regarding the reason that uphold EDP as a defendant. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f35123": {
"value": "As at 31 December 2022 and 2021, commitments and contingent liabilities assumed by the Group in respect of its joint ventures and associates, including its share of commitments assumed jointly with other investors, are disclosed by maturity as follows: Thousand Euros Capital outstanding by maturity Dec 2022 Dec 2021 Less than 1 year 315,451 250,656 From 1 to 3 years 15,109 7,560 From 3 to 5 years 3,635 2,376 More than 5 years 55,228 50,376 389,423 310,968 Commitments and contingent liabilities in respect of joint ventures and associates include EDPR commitments to provide funding to Offshore projects and to the construction of solar farms facilities in USA, and to commitments assumed by EDP Brasil related to its joint ventures operating obligations. 36. Provisions Provisions are as follows: Thousand Euros Non-Current Current Dec 2022 Dec 2021 Dec 2022 Dec 2021 Provision for legal and labour matters and other contingencies 123,230 98,351 2,510 3,067 Provision for customer guarantees under current operation - - 2,092 57,233 Provision for dismantling and decommissioning 498,694 560,007 8,500 8,615 Provision for other liabilities and charges 300,135 318,230 38,183 41,404 922,059 976,588 51,285 110,319 With reference to 31 December 2022, the movement by nature of the Provisions item at the EDP Group level is presented as follows: Guarantees customers Legal, in the Dismantling labour and context of Other risks other current Decommi- Thousand Euros matters activity ssioning and charges Total Balance as at 1 January 2021 100,316 21,691 566,170 566,082 1,254,259 Perimeter variations -1,647 - -18,748 -651 -21,046 Charge for the period 14,758 - - 58,871 73,629 Reversals -9,430 - - -3,689 -13,119 Charge-off for the period -14,293 - -20,023 -46,464 -80,780 Unwinding 13,749 - 3,753 1,771 19,273 Increase of the responsibility - - 29,525 - 29,525 Onerous contracts - 35,542 - - 35,542 Innovative Features Charge-off - - - -69,374 -69,374 Overcompensation revisability CMEC - - - -72,900 -72,900 CMEC - - - 15,014 15,014 \"Lesividad\" - - - -47,233 -47,233 Ancillary services charge-off - - - -48,000 -48,000 Exchange differences and other -1,061 - 14,921 6,262 20,122 Reclassification to Liabilities Held for Sale -974 - -6,976 -55 -8,005 Balance as at 31 December 2021 101,418 57,233 568,622 359,634 1,086,907 Perimeter variations (see note 6) -154 - 13,581 1,859 15,286 Charge for the period 18,993 1,247 - 23,672 43,912 Reversals -12,919 -3 - -16,451 -29,373 Charge-off for the period -14,576 -309 -11,132 -14,262 -40,279 Unwinding (see note 13) 16,455 - 6,609 1,581 24,645 Increase of the responsibility (see note 16) - - 9,841 - 9,841 Assumptions update (see note 16) - - -94,026 - -94,026 Onerous contracts - -56,147 - - -56,147 Innovative Features Charge-off (see note 4) - - - -12,205 -12,205 \"Lesividad\" Charge-off - - - -45,695 -45,695 CMEC - - - 14,823 14,823 Exchange differences and other 16,523 71 13,699 25,362 55,655 Balance as at 31 December 2022 125,740 2,092 507,194 338,318 973,344 EDP and its subsidiaries' Board of Directors, based on the information provided by its legal advisors and on the analysis of pending lawsuits, have recognised provisions to cover the losses estimated as probable, related with litigations in progress. Provision for legal and labour matters and other contingencies includes provisions for litigation in progress and other labour contingencies, which are related essentially with: i) Requests for the refund of tariff increases paid by industrial consumers of the brazilian subsidiaries EDP S\u00e3o Paulo and EDP Esp\u00edrito Santo in the amount of 17,181 thousand Euros (31 December 2021: 12,324 thousand Euros). These requests result from the application of Administrative Orders DNAEE no. 38 of 27 February 1986 and no. 45 of 4 March 1986 - Plano Cruzado, effective from March to November 1986; ii) The remaining legal litigations correspond mainly to indemnities for damages allegedly suffered in consequence of interruption of electricity supply, power accidents and fires. Provisions for customer guarantees under current operations include essentially provisions for commercial losses. Provisions for dismantling and decommissioning includes : (i) 42,525 thousand Euros of the dismantling Trillo nuclear power plant; (ii) 264,762 thousand Euros of the dismantling of wind and solar farms (replacement of sites and land in its original state), mainly, in Europe (110,441 thousand Euros), North America (140,723 thousand Euros), Asia-Pacific (10,913 thousand Euros) and Brazil (2,679 thousand Euros); and (iii) 197,876 thousand Euros of the dismantling and environmental requalification of thermal electro-producing centers in Spain (132,445 thousand Euros) and Portugal (65,431 thousand Euros). These provisions were calculated based on the present value of future liabilities and recorded against an increase in the respective tangible fixed assets, which are amortized over the average useful life of these assets. The calculation of these provisions was based on the following discount and inflation rates: Europe North America Brazil Asia-Pacific Discount Rate [2.24% - 8.75%] [4.02% - 4.42%] [12.40% - 12.50%] [3.50% - 7.67%] Inflation Rate [1.90% - 3.88%] [2.07% - 3.51%] [3.45% - 3.59%] [1.40% - 3.90%] Provision for other liabilities and charges The BOE 223/2017 published during the third quarter of 2017 opened the hearing process of the Order of the Minister of Energy, Tourism and Digital Agenda of 13 September, introducing \"lesividad\" declaration procedure for the public interest Order IET/980/2016, of 10 June, which established the remuneration of electricity distribution companies until 2016. Thus, the remuneration that has been determined has allegedly been higher than that due for the year 2016. Until the \"lesividad\" procedure is finitely resolved, the remuneration of the distribution activity for the years 2016, 2017, 2018 and 2019 is considered provisional. With reference to 31 December 2020, EDP Espa\u00f1a recorded an accumulated provision of 93,105 thousand Euros corresponding to the potential effect of \"lesividad\" for the financial years 2016, 2017, 2018, 2019 and 2020. Since 2016, EDP Espa\u00f1a, like other companies in the sector, have been in place with legal proceedings to resolve the \u201clesividad\u201d procedure. At the same time, companies initiated processes to determine the real value of assets subject to remuneration and proceeded with the reformulation and deposit of their annual accounts from 2014 to 2020, ending this process during 2021. Although no new liquidation or a new regulation has been issued, the companies consider that, in accordance with the order 481/2020 of the Supreme Court, the reformulated and deposited annual accounts must be considered for the calculation of the remuneration. Thus, in 2021, EDP Espa\u00f1a updated the provision for the \u201clesividad\u201d procedure for the years 2016 to 2020, reversing it by approximately 47 million Euros. On 1 June 2022, order TED/490/2022, of 31 May, was published in BOE 130/2022, which executes the judgment of the Federal Supreme Court in relation to the declaration of \"lesividad\" to the public interest of the Order IET/980/2016, of 10 June. The remuneration approved by the Ministry of Ecological Transition and the Demographic Challenge in the referred Order did not take into account the accounts reformulated by the distribution companies, resulting in a notable decrease in their remuneration compared to the expected and accounted values corresponding to a correct execution of the sentence. Subsequently, the \"Comisi\u00f3n Nacional de los Mercados y la Competencia\" (CNMC) settled the payment obligations arising from the \"lesividad\" referring to the years 2016, 2017, 2018, 2019, 2020 and 2022 in the Provisional Agreement 5/2022 (partially corresponding to the year 2022) approved by the CNMC on 14 July 2022 and those corresponding to the 2021 financial year in the \u201c2021 Definitive Settlement of regulated activities in the electricity sector\u201d, approved by the CNMC on 4 November 2022. The distribution companies of the EDP Group filed lawsuits against order TED/490/2022 and against the Final Settlement of 2021, in order to obtain the collection of amounts due from a correct execution of the judgment. Before the publication of order TED/490/2022, the provisions corresponding to the expected impact of the execution of the sentence amounted to approximately 47 million Euros. After its publication, the existing provisions were used for this purpose, with the Group recording a receivable in assets, awaiting the decision of the respective lawsuits filed against order TED/490/2022, corresponding to approximately 63 million Euros for the period from 2016 to 2021, and an amount of around 9 million Euros for the period of 2022. On 3 May 2018, it has come to EDP\u2019s knowledge (through a DGEG\u2019s letter) that the CMEC final adjustment had been officially approved, according to ERSE\u2019s proposal, in the amount of 154 million Euros. EDP reflected this reality in its financial statements as of 31 December 2018, recognising a provision by the difference in the final adjustment amounts already recognised in the Group's revenues. On 31 December 2022 EDP maintains the provision in its accounts (see note 4). On 26 September 2018, DGEG notified EDP about a dispatch issued by the Secretary of State for Energy (SSE) on 29 August 2018, which quantifies at 285 million Euros the alleged overcompensation of EDP related to the calculation of the real availability factor of the plants under the CMEC regime. EDP reflected this in the financial statements as at 31 December 2018, through a provision of the same amount. During 2022, EDP made payments of 12,205 thousand Euros, the amount that was still registered, settling the provision as at 31 December 2022 (see note 4). In their ordinary course of business, EDP Group subsidiaries are involved in several litigations and contingencies (of possible risk) of administrative, civil, tax, labour and other natures. These legal, arbitration or other actions, involve customers, suppliers, employees and administrative authorities. In EDP Group and its legal advisors' opinion, the risk of a loss in these actions is not probable, and the outcome will not affect on a material way its consolidated financial position. The processes whose losses were considered as possible, do not require the recognition of provisions and are periodically reassessed. The detail of possible contingencies is analised as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Administrative and Civil 325,437 255,406 336 330 Fiscal 773,643 656,768 13,321 9,541 Other 125,107 114,305 2,791 2,811 1,224,187 1,026,479 16,448 12,682 The events and possible contingencies more relevant in Portugal, are as follows: i) On 29 July 2016, the Portuguese Competition Authority (AdC) has notified EDP S.A. and EDP Comercial, S.A. with a notice for alleged violation of competition laws, regarding the process of the commercial campaign done in partnership with Modelo Continente, designated as \"Plano EDP Continente\". This was an occasional campaign, limited to two years, which was one of several campaigns usually performed by several other market agents. On 5 May 2017, EDP S.A. and EDP Comercial, S.A. received AdC final decision which applied a fee of 2,900 thousand Euros to EDP S.A. and 25,800 thousand Euros to EDP Comercial. EDP Group is convinced that this campaign has brought real benefits to consumers and competition in markets and that no transgression has been committed. The companies filed their appeal on 19 June 2017 to TCRS. By this court was determined a court hearing that EDP and EDP Comercial would provide security in the amount of 50% of the fine imposed on them by the AdC, and on 19 June 2020, EDP and EDP Comercial provided surety bond and surety in the amounts of 1,450 thousand Euros and 12,900 thousand Euros, respectively. On 30 September 2020, a judgment was issued by the TCRS, which maintained the conviction of the two companies of the EDP Group, as well as Sonae Group's Companies, having also reduced fines by 10%. Fines were determined at 2,610 thousand Euros and 23,220 thousand Euros for EDP and EDP Comercial, respectively. On 30 October 2020, EDP and EDP Comercial appealed the condemnatory sentence handed down by the TCRS, to the Lisbon Court of Appeal. On 6 April 2021, the parties were notified of the judgment handed down by the Court of Appeal of Lisbon, through which it decreed the suspension of the proceedings and the preliminary referral of the case to the Court of Justice of the European Union, under the foreseen mechanism Article 267(b) of the Treaty on the Functioning of the European Union. The case was filed at the Registry of the Court of Justice on 26 May 2021, with written observations having been submitted by the parties on the questions referred by the Lisbon Court of Appeal. The oral trial hearing at the Court of Justice of the European Union took place on 9 November 2022, pending the presentation of conclusions by the Advocate General, which will be followed by the delivery of judgment; ii) On 3 September 2018, the Portuguese Competition Authority (AdC) notified EDP Produ\u00e7\u00e3o with a Statement of Objections, under which EDP Produ\u00e7\u00e3o is accused of abuse of a dominant position in the secondary regulation band market (a part of the ancillary services market). AdC claims that EDP Produ\u00e7\u00e3o has deliberately limited the participation of CMEC plants in the secondary regulation market between 2009 and 2014, benefitting its non-CMEC power plants. The alleged benefit, to the detriment of consumers, would be twofold: receiving higher compensation under CMEC annual adjustment regime; profiting from higher market prices in said market. AdC has estimated that the alleged practice of EDP Produ\u00e7\u00e3o has generated damages to the national electricity system and to consumers of around 140 million Euros. AdC pointed out that the adoption of a Statement of Objections did not determine the result of the investigation, which began in September 2016 and is still in course. On 28 November 2018, EDP Produ\u00e7\u00e3o presented to AdC its facts about the accusation. On 18 September 2019, AdC has notified EDP Produ\u00e7\u00e3o of an alleged infraction to competition rules. This contingency was estimated with a value of 48 million Euros and its graduation was assessed as possible. On 30 October 2019, EDP Produ\u00e7\u00e3o presented an appeal against this decision to the TCRS. On 20 May 2020, EDP Produ\u00e7\u00e3o was notified of a decision by the TCRS, which, among other things, admitted its Judicial Challenge Appeal, establishing a purely return effect and determining the payment of the fine imposed within 20 days. In this regard, EDP Produ\u00e7\u00e3o submitted requests, invoking supervening facts for the demonstration of considerable damage, and arguing defects in the decision that determined the attribution of a mere devolution effect to the Judicial Challenge Appeal. On 16 July 2020, EDP was notified of an order which implied the existence of substantial losses if the fine was paid in advance. Thus, the payment order was therefore suspended. However, on 12 October 2020, EDP Produ\u00e7\u00e3o was notified of the appeal filed by the Public Prosecutor's Office, at the Lisbon Court of Appeal, against the TCRS order of 16 July 2020, and considered the existence of considerable damage in the early payment of the fine and suspended the payment order. On 18 November 2020, EDP Produ\u00e7\u00e3o was notified of a decision by the Lisbon Court of Appeal, granting the appeal presented by the Public Prosecutor and, consequently, revoking the order of TCRS of 16 July 2020. EDP Produ\u00e7\u00e3o appealed this judgment to the Constitutional Court on 30 November 2020. On 22 February 2021, EDP Produ\u00e7\u00e3o was notified of the decision of the Constitutional Court in the sense of not knowing the object of the appeal. The case was returned to the TCRS to establish the effect of the appeal filed, to determine whether EDP Produ\u00e7\u00e3o must pay a fine or provide a guarantee. By order of the same day, the TCRS has scheduled the trial hearing for 27 September, 7, 11 and 25 October, 4, 8, 18, 22 November and 2 and 6 December 2021. On 16 September 2021, the TCRS issued an order that demanded the payment of the fine. Despite having lodged an appeal against this order, on 20 October 2021 EDP Produ\u00e7\u00e3o paid the amount under appeal, and is waiting for a decision on the appeals submitted. The trial hearing, which began in October 2021, continued with several inquiries until the end of March 2022, with closing arguments taking place on 6 July 2022. On 10 August 2022, the TCRS delivered a judgement, through which it confirmed the conviction of EDP Produ\u00e7\u00e3o and the imposition of a fine of 48 million Euros, which had already been paid. On 30 September 2022, EDP Produ\u00e7\u00e3o filed an appeal against the aforementioned decision to the Lisbon Court of Appeal. This was followed by the filing of counter-claims by the AdC and the Public Prosecutor's Office, pending further developments. iii) On 19 July 2021, Celulose Beira Industrial, SA (CELBI), submitted to SU Eletricidade, SA a constitutional request of an Arbitral Tribunal, regarding a conviction of a payment of the energy produced by it under special production in cogeneration, and its interest, since April 2020 (date on which, in accordance with the law and the understanding of DGEG and followed by SU Eletricidade, CELBI has moved to the transitional remuneration scheme provided for in DL No. 23/2010 and Ordinance No. 140/2012), and throughout the term of operation of its Cogeneration Center (which it estimates to be at least 25 years), i.e. at least until 24 March 2035 (supporting this understanding in the fact that the 2002 Remuneration Scheme does not establish any period); or, in the alternative, until 24 March 2030 (claiming that you are entitled to be remunerated under the 2002 Remuneration Scheme for a further 120 months (10 years) from March 2020); or, in the alternative, until November 2020 (claiming that the transition to the 2012 Remuneration Scheme should only take place six months after the effective knowledge of the communication sent by the SRB); or, in the alternative, until August 2020 (in the alternative claiming that the transition from CELBI's remuneration scheme would operate from the beginning of the month following the date of the audit report certifying primary energy savings, which means the transition would operate from August 2020 because the audit report is from July 2020). The overall value of the application amounts to 6,839 thousand Euros and has been classified as possible risk. In October 2021, SU Eletricidade filed a challenge. In February 2022, Procedural Decision no. 1 was delivered, under which the Arbitration Court considered itself competent to adjudicate the dispute between the parties, which was challenged by SU Eletricidade through annulment action filed in March 2022, which is pending at the Central Administrative Court, the pleadings phase has elapsed. In April 2022, the preparatory hearing was held, which was intended in particular to discuss previous questions raised as well as to the fixing of the list of the facts not at issue and the themes of the evidence. In June 2022, the parties filed a joint application alleging supervening facts. The trial hearing took place on 13, 14 and 15 September 2022 and, on 5 of December 2022, the parties presented their final written allegations. On 30 January 2023, the parties were notified of the arbitration judgment, which partially upheld one of the requests made by CELBI (corresponding to 11.75% of them), and SU Eletricidade is currently assessing and considering the respective terms and the possible effects. The possible contingencies more relevant in Brazil, are as follows: i) Investco is involved in a legal action of a civil nature mostly related with indemnity claims resulting from the filling of the hydroelectric reservoir, in the amount of 23,365 thousand Euros (31 December 2021: 17,297 thousand Euros); ii) There is a public civil action filed against EDP S\u00e3o Paulo and EDP Esp\u00edrito Santo by ADIC \u2013 Associa\u00e7\u00e3o de Defesa dos Interesses Colectivos, claiming a compensation arising from a tariff readjustment on part A from 43 concessionaires. The estimated value attributable to EDP S\u00e3o Paulo and EDP Espirito Santo amounts to 74,402 thousand Euros (31 December 2021: 55,031 thousand Euros); iii) EDP S\u00e3o Paulo is a party to a lawsuit related to the COFINS (Contribution for social security financing) from 1993 to 1995 in joinder with AES Eletropaulo, where is discussed the application of the tax amnesty introduced by the Provisional Measures paragraphs 1858-6 and 1858-8, granted to taxpayers who did not collect COFINS, considering it improper. In the trial of 2nd Instance, was partially confirmed the right to amnesty, and applied the Decree-Law 1,025/69, which established the payment of procedural costs in favour of the National Treasury. From this decision, an appeal was presented, which holds trial. The updated amount as at 31 December 2022 is 14,058 thousand Euros (31 December 2021: 12,267 thousand Euros); iv) EDP S\u00e3o Paulo and EDP Esp\u00edrito Santo have administrative and judicial actions regarding tax compensations not ratified by the Brazilian Federal Revenue Bureau, which: (i) are protected by judicially recognised credits (IRPJ - Corporate tax income and CSLL - Social Contribution on net profits) and (ii) that result from tax contributions in 2001 of IRPJ, CSLL, PIS (Social integration programme) and COFINS considered to be excessive as a consequence of the application of \"Parecer COSIT 26/2002\" (Extraordinary Tariff Adjustment - RTE) published by the Brazilian Tax Authorities. According to this opinion, the amounts resulting from tariffs updated under RTE should be recognised and taxed only as of 2002. During 2021 there was a reduction in the amount due to the success obtained in one of the administrative proceedings, cancelling the debt collection. As at 31 December 2022, the updated values amount to 19,736 thousand Euros (31 December 2021: 17,007 thousand Euros); v) Lajeado has a judicial tax action initiated by the Brazilian Tax Authorities in 2014 aimed at collecting tax contributions (IRPJ and CSLL) resulting from the disallowance of expenses regarding goodwill arising from a business combination (acquisition). As at 31 December 2022, this contingency amounts to 27,388 thousand Euros (31 December 2021: 23,030 thousand Euros); vi) Porto do Pec\u00e9m was the subject of tax execution procedure in the amount of 17,673 thousand Euros, resulting from alleged non-taxation under IRPJ and CSLL of financial income and exchange variations related to previous periods (31 December 2021: 14,850 thousand Euros); and vii) Following a period of drought in the State of Cear\u00e1, the local government, through Decree 32,044 of 16 September 2016, introduced an extraordinary rate called the Emergency Water Charge (EHE) over the actual water consumption of thermoelectric power plants, and in particular the Porto do Pec\u00e9m. On 13 October 2016, the Porto do Pec\u00e9m submitted an administrative request to ANEEL for the purpose of transferring this additional cost to the Unit Variable Cost (CVU), in order to restore the economic-financial balance of the contract (CCEAR). ANEEL, through Order 3,293 of 16 December 2016, denied the request of the Porto do Pec\u00e9m, which initiated proceedings against ANEEL. As at 31 December 2022, the lawsuit is estimated in an amount of 31,214 thousand Euros (31 December 2021: 23,087 thousand euros). During 2020 there was a revision of assumptions used to calculate the contingency which previously was considering the estimative of the value of EHE to be paid following the historical average. The new calculation is based on the claim effective risk considering the transference of CVU. Finally, even if EDP Group classifies its risk as remote, it is important to identify the following litigation: i) On 27 October 2009 and 5 January 2010, the EDP Group received two tax settlements regarding 2005 and 2006 taxable income for the EDP tax Group, which included an adjustment of 591 million Euros regarding its subsidiary, EDP Internacional SGPS, related to the tax treatment considered by the EDP Group in relation to a capital loss generated with the liquidation of a subsidiary, whose main assets consisted of investments in operating subsidiaries in Brazil, namely EDP Esp\u00edrito Santo and Enersul. As at 31 December 2022, the amount of this tax contingency amounts to 315 million Euros (31 December 2021: 307 million Euros). Considering the analysis made, the technical advice received and a favourable binding opinion obtained from the tax authorities in relation to the nature of the transaction occurred in the year of the assessment, the EDP Group considers as remote the risk associated with this matter. Under this analysis, the capital loss is tax deductible for income tax purposes as established in article 75 no. 2 of the Corporate Income Tax Code (\"C\u00f3digo do IRC\") based on the wording of the law in force at that date (existing article 81). Given the above, and considering that the EDP Group\u2019s tax procedures comply with applicable Portuguese tax legislation at the date of the events, the Group is currently using all available legal means to contest these additional settlements. Thus, following the implied rejection of the hierarchical appeal, EDP presented a judicial claim, on 6 June 2012. In November 2018, EDP Group was notified with a decision in favour. The Treasury filed an appeal on that decision. 43. Commitments Operating guarantees granted by EDP Group, not included in the consolidated statement of financial position nor in the Notes, are as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Operating guarantees EDP S.A. 966,223 637,968 966,223 637,968 EDP Espa\u00f1a Group 56,894 64,360 - - EDP Brasil Group 158,503 144,133 - - EDP Renov\u00e1veis Group 3,717,511 2,287,997 - - 4,899,131 3,134,458 966,223 637,968 The operating guarantees which are not included in the consolidated statement of financial position or in the Notes, as at 31 December 2022 and 2021, mainly refer to Power Purchase Agreements (PPA), interconnection, permits and market participation guarantees. In addition to the above warranties, the amount of 30.450 thousand Euros refers to guarantees of an operating nature related to Spanish, Polish, Italian and Brazilian entities sold in 2022, but for which EDP assumes the responsibility temporarily until they are effectively replaced. The amount of 152,770 thousand Euros refers to guarantees of a financial nature also related to Brazilian companies sold in 2022, but for which EDP assumes the responsibility until 30 January 2023, when this has been effectively replaced (see note 6). In addition to the guarantees identified above, EDP Group provides financial and operating guarantees related to liabilities assumed by joint ventures and associates in the amount of 595,766 thousand Euros and 475,044 thousand Euros, respectively (31 December 2021: 481,082 thousand Euros and 293,253 thousand Euros). The remaining financial and operating guarantees granted by EDP Group have underlying liabilities that are already reflected in its consolidated statement of financial position and/or disclosed in the Notes. In the Group, the commitments relating to future cash outflows not reflected in the measurement of the lease liabilities and purchase obligations are disclosed, by maturity, as follows: Thousand Euros Dec 2022 Capital outstanding by maturity Total Less than 1 year From 1 to 3 years From 3 to 5 years More than 5 years Future cash outflows not reflected in the measurement of the lease liabilities 72,957 14,036 20,992 7,946 29,983 Purchase obligations 30,758,869 8,279,232 4,910,939 3,151,817 14,416,881 30,831,826 8,293,268 4,931,931 3,159,763 14,446,864 Thousand Euros Dec 2021 Capital outstanding by maturity Total Less than 1 year From 1 to 3 years From 3 to 5 years More than 5 years Future cash outflows not reflected in the measurement of the lease liabilities 34,846 6,252 9,128 3,018 16,448 Purchase obligations 25,727,477 5,922,012 4,542,844 2,572,937 12,689,684 25,762,323 5,928,264 4,551,972 2,575,955 12,706,132 The Group\u2019s contractual commitments shown above relate essentially to agreements and commitments required for current business activities. Specifically, the majority of the commitments are established to guarantee adequate supply of energy to the customers in Europe, North America and Brazil and to comply with medium and long term investment objectives of the Group. As at 31 December 2022, there are commitments from future cash outflows not reflected in the measurement of the lease liabilities which refer to future rents of lease contracts already signed but not yet commenced. The commitments related to the joint ventures are disclosed in note 21. Purchase obligations of 11,288,241 thousand Euros essentially related with very long-term contracts for energy acquisition in the brazilian market (by regulatory imposition) which are updated with the respective projected rates and discounted at present value by a rate that represents the weighted average cost of capital (WACC) of the EDP Brasil Group, as follows: Thousand Euros Dec 2022 Dec 2021 Purchase obligation - Present value 11,288,241 8,984,056 Purchase obligation - Nominal amount 14,970,460 12,893,660 Purchase obligations also include obligations of long term contracts relating to the supply of products and services under the Group\u2019s ordinary course of business. Prices defined under forward contracts are used in estimating the amount of contractual commitments. The nature of purchase obligations breaks down as follows: Thousand Euros Dec 2022 Dec 2021 Fuel acquisition 8,242,498 6,908,075 Electricity acquisition 13,965,208 12,232,819 O&M contracts 1,104,328 838,575 Fixed assets, equipment and miscellaneous materials acquisition 3,835,686 2,337,649 Supply and assembly contract 2,099,320 2,301,643 Other supplies and services 1,511,829 1,108,716 30,758,869 25,727,477 The commitments for fuel and electricity acquisition are disclosed, by maturity, as follows: Thousand Euros Dec 2022 Capital outstanding by maturity Total Less than 1 year From 1 to 3 years From 3 to 5 years More than 5 years Fuel acquisition 8,242,498 1,182,197 881,539 833,253 5,345,509 Electricity acquisition 13,965,208 1,180,135 2,239,989 2,052,073 8,493,011 22,207,706 2,362,332 3,121,528 2,885,326 13,838,520 Thousand Euros Dec 2021 Capital outstanding by maturity Total Less than 1 year From 1 to 3 years From 3 to 5 years More than 5 years Fuel acquisition 6,908,075 902,897 862,739 649,346 4,493,093 Electricity acquisition 12,232,819 977,059 1,888,041 1,702,631 7,665,088 19,140,894 1,879,956 2,750,780 2,351,977 12,158,181 The caption Fuel Purchases corresponds, essentially, to gas acquisition commitments assumed by the Group through long term contracts for liquefied natural gas (LNG) in international terminals (Trinidad and Tobago until 2024 and United States of America until 2040). Some of the transactions related to the disposal of non-controlling interests while retaining control, carried out in previous years, incorporate contingent assets and liabilities according to the terms of the corresponding agreements. Additionally, some of the assets acquisition transactions foresee contingent liabilities which depend on certain milestones and, although EDP Group has recognized the fair value of these liabilities in the consolidated financial statements, changes in the assumptions could change these liabilities. At Company level, the commitments relating to future cash outflows not reflected in the measurement of the lease liabilities and purchase obligations are disclosed, by maturity, as follows: Thousand Euros Dec 2022 Capital outstanding by maturity Total Less than 1 year From 1 to 3 years From 3 to 5 years More than 5 years Future cash outflows not reflected in the measurement of the lease liabilities 1,876,639 897,558 979,081 - - Purchase obligations 7,553,971 515,554 867,485 831,341 5,339,591 9,430,610 1,413,112 1,846,566 831,341 5,339,591 Thousand Euros Dec 2021 Capital outstanding by maturity Total Less than 1 year From 1 to 3 years From 3 to 5 years More than 5 years Future cash outflows not reflected in the measurement of the lease liabilities 62 45 17 - - Purchase obligations 6,235,282 384,121 702,960 653,440 4,494,761 6,235,344 384,166 702,977 653,440 4,494,761 During 2022, EDP Group developed a global vision of energy management, creating a new structure for this purpose, called GEM (\u201cGlobal Energy Management\u201d). As a result, in December 2022, EDP and EDP Produ\u00e7\u00e3o, Hidroel\u00e9trica do Guadiana and Greenvouga entered into the mandate contract for the placement (purchase and sale) of electricity on the market (\u201cContract\u201d) produced by hydroelectric and natural gas combined cycle plants in Portugal during the years 2023 and 2024. Within the scope of this Contract, as of 1 February 2023, EDP will issue dispatch instructions to EDP Produ\u00e7\u00e3o, Hidroel\u00e9trica do Guadiana and Greenvouga, in order to adapt the production of electricity to the offers it makes on the market. In addition, EDP started to assume, in full and upon payment of a substantially fixed consideration, the economic risks and benefits associated with the dispatch of electricity production and subsequent placing on the market and the purchase of fuels and CO2 licenses necessary for the operation of the Thermal Power Plants, with the volatility associated with price and volume variation related to electricity and fuels being substantially assumed by EDP S.A. Within the scope of this Contract, EDP will be responsible for: - issue Dispatch Instructions relating to the electricity to be produced by the Electric Power Plants for placing on the market; - carrying out an adequate programming of the operation of the Electric Power Plants, taking into account the fulfillment of the contractual or legal obligations to which EDP Produ\u00e7\u00e3o, Hidroel\u00e9trica do Guadiana and Greenvouga are bound in their capacity as holder of the production and exploration licenses; - develop all necessary actions for the acquisition and supply of fuels, as well as the CO2 licenses necessary for the operation of the Thermal Power Plants; and - ensure the relationship with the Market Operator and the System Operator, as well as with any other official entities and with counterparties. In turn, EDP Produ\u00e7\u00e3o, Hidroel\u00e9trica do Guadiana and Greenvouga will be responsible for: - ensure the production of electricity in accordance with EDP's dispatch instructions, managing the Electric Power Plants, in order to maximize efficiency, availability and safety, as well as ensuring compliance with all legal, regulatory and contractual requirements in the production of electricity; - fully ensure the operation and maintenance of the Electric Power Plants, bearing all costs associated with this operation and maintenance; - comply with the Dispatch Instructions given by EDP in order to minimize Deviations and ensure the provision of the Complementary Services requested, as well as the applicable System Services, without prejudice to, in a justified and reasoned manner, refuse the execution of a Dispatch Instruction for the production of electricity on a given day and time, in cases where this is necessary to ensure compliance with contractual or legal obligations to which they are attached in their capacity as holders of production and exploration licenses; and - manage the relationship with all public or private entities that intervene in matters that impact the operation of the reservoirs, in activities that interfere with the normal operation of the Electric Power Plants, as well as manage the relationship with REN Gasodutos, as operator of the national network of gas transport, within the scope of the operational management of natural gas. The increase in future cash flows, on an individual basis, includes mainly this contract, which was included in the Transfer (\"Trespasse\") (see note 46). The caption Purchase obligations corresponds, essentially, to the gas acquisitions commitments assumed by EDP SA, through a long-term contract for liquefied natural gas (LNG) in the United States of America. 48. Environmental matters Under current and future socioeconomic trends and practices followed by the EDP Group regarding to environmental sustainability, the group accounts for provisions to cover the costs of dismantling, decommissioning, restoring and decontaminating land where electric power plants are located, of 65,431 thousand Euros and 132,445 thousand Euros for thermoelectric power plants located in Portugal and Spain, respectively. Regarding the liability to dismantle and restore the land where solar and wind farms are located to its original condition, as at 31 December 2022, the provisions amount to 264,762 thousand Euros. Additionally, the provision to dismantle the Trillo nuclear power plant amounts to 42,525 thousand Euros (see notes 2 n) and 36). 50. Investigation process about CMEC and DPH Following the enactment of an EU legislation package regarding the construction of the Internal Energy Market, aimed at, among others, promoting the liberalization of the electricity sector, the existence of long-term Power Purchase Agreements (\u201cContratos de Produ\u00e7\u00e3o de Energia\u201d \u2013 CAE), and the Portuguese legal framework involving a \u201csingle buyer\u201d, ceased to be compatible with EU law. Accordingly, Decree-Law no. 240/2004, of 27 December, was enacted in the context of the liberalization of the Portuguese energy sector, establishing the early termination of the CAEs entered into in 1996 and, at the same time, approving the methodology to be used in accomplishing said termination, as well as the compensation due to energy producers in that respect. This methodology was subjected to the European Commission\u2019s (EC) prior approval, expressed in the Decision concerning State aid N161/2004, which deemed it effective and strictly necessary. Additionally, the enactment of the aforementioned Decree-Law by the Portuguese Government was object of a legislative authorization, granted by the Portuguese Parliament. In that context, and according to the approved methodology, EDP and REN - Rede El\u00e9ctrica Nacional, S.A. (REN) signed the CAE early termination agreements in 2005, their entry into force having taken place on 1 July 2007, after being amended earlier that same year. Both termination agreements were ratified by the member of the Portuguese Government responsible for the energy sector. Pursuant to the provisions of the 2005 CAE termination agreements, on 8 March 2008 the Portuguese Government, REN and EDP Produ\u00e7\u00e3o entered into a number of concession agreements formalizing EDP\u2019s right of use over the Public Hydro Domain (\u201cDom\u00ednio P\u00fablico H\u00eddrico\u201d \u2013 DPH) until the end of the operational life of the hydroelectric plants subject to the so-called Costs for the Maintenance of the Contractual Balance mechanism (\u201cCustos de Manuten\u00e7\u00e3o do Equil\u00edbrio Contratual\u201c \u2013 CMEC). Decree-Law 226-A/2007, of 31 May, introduced a new obligation to EDP, unforeseen in the 2004 legislation or in the 2005 termination agreements, which consisted in the payment by EDP of an amount concerning the \u201ceconomic and financial balance\u201d of each power plant. Pursuant to this legal framework, and following assessments carried out by two independent financial institutions appointed by the Government, EDP Produ\u00e7\u00e3o was ordered to pay EUR 759 million, as consideration for the extension of its right of use over the DPH. This included approximately EUR 55 million due for the Hydro Resources Tax. In 2012, the EC and Portuguese authorities (the Central Department of Criminal Investigation and Prosecution, a part of the Public Prosecutor\u2019s Office \u2013 \u201cDepartamento Central de Investiga\u00e7\u00e3o e A\u00e7\u00e3o Penal\u201d, DCIAP) received complaints regarding (i) the methodology adopted for the early termination of the CAEs and the implementation of the CMEC mechanism and; (ii) EDP\u2019s right of use over the DPH. So far as the complaint received by the EC is concerned, this institution addressed a clarification request to the Portuguese Government over the early termination of the CAEs, and its replacement by the CMEC framework. The EC decided, in September 2013, that the compensation attributed to EDP Produ\u00e7\u00e3o in the context of the early termination of the CAEs did not exceed the amount required to reimburse the investment costs meant to be recovered throughout the operational life of the assets in question. Furthermore, it certified that the execution of the CMEC framework respected the terms that were notified to the EC, and approved, in 2004. Accordingly, the EC has at this stage concluded its investigation regarding the early termination of the CAEs. Having found no evidence of non-compliance with the framework in force in Portugal (approved by the EC itself in 2004) or at the EU level, it decided not to pursue an in- depth investigation on the matter. Simultaneously, in September 2013, the EC decided to undertake an in-depth investigation exclusively in respect of the right of use over the DPH matter. These in-depth investigation proceedings over EDP\u2019s right of use over the DPH were formally concluded in May 2017, with the EC having decided that the consideration paid by EDP was in line with market conditions. It further concluded that the financial methodology followed to determine the price to be paid by EDP for the right of use over the DPH was appropriate and resulted in a fair market price, expressly adding that the accusations that such price (759 million euros) had been underappreciated were baseless, and resulted from an inaccurate financial calculation methodology. In 2 June 2017, EDP was made aware of the investigation being carried out by the DCIAP since 2012 regarding the amounts due to EDP for the early termination of the CAEs and the right of use over the DPH. On that date, the authorities carried out a search in EDP\u2019s offices, as well as REN\u2019s (as network operator) and a consultant. At that time, DCIAP informed, by way of a public press release, that investigations were ongoing, and the alleged facts could amount to active and passive corruption, and economic participation in business deals. The DCIAP further informed, in said press release, that some members of EDP\u2019s Executive Board of Directors, as well as former directors who executed the relevant agreements, were suspects in that investigation. On 6 July 2020, a measure of constraint to suspend the exercise of functions in EDP\u2019s Executive Board of Directors was proposed by the Public Prosecutor\u2019s Office, and applied by the court, to Ant\u00f3nio Mexia and Jo\u00e3o Manso Neto (then Chairman and member of the board, respectively), while the investigation remained in the inquiry stage. On the same day, the General and Supervisory Board and the Executive Board of Directors resolved to appoint then Chief Financial Officer Miguel Stilwell de Andrade as interim Chairman, for the duration of the impediment of the current Chairman of the Executive Board of Directors, in addition to his functions at the time. On 13 July 2020, and as in due course disclosed to the market (https://www.edp.com/sites/default/files/2020- 07/20200713_Notifica%C3%A7%C3%A3o%20do%20DCIAP_EN_0.pdf ), EDP was notified by the Portuguese Authorities to appoint a legal representative to appear at the DCIAP for questioning and constitution of EDP as defendant, for the facts related to the hiring by EDP Group of the father of the then Secretary of State Artur Trindade. Such diligence has already occurred and EDP was named as a defendant in the context of such judicial procedure and is now waiting for further developments of the procedure. On 30 November 2020, and as communicated to the market on that same date, EDP received formal notices of both suspended members of the Executive Board of Directors, informing of their unavailability to be re-appointed to serve in EDP\u2019s corporate bodies for the 2021-2023 term of office. On 19 January 2021, an Extraordinary General Shareholders\u2019 Meeting was held, and a new management team was appointed to the Executive Board of Directors, for the 2021-2023 triennium. EDP reaffirms that no irregularities exist regarding the matters at hand and believes the amounts due by the early termination of the CAEs and the proceedings regarding the DPH, in particular the amounts paid, were fair and according to market conditions. EDP remains determined in the pursuit of its corporate purpose and in the fulfilment of its clients, shareholders, employees, and remaining stakeholders\u2019 highest expectations. EDP is committed to the accomplishment of its strategic goals, and no impact to its consolidated financial statements is expected to arise as a consequence of the above. Regarding the judicial procedure, it is still under investigation and till the present date there are no relevant developments regarding the reason that uphold EDP as a defendant. ",
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"f35124": {
"value": "As at 31 December 2022 and 2021, commitments and contingent liabilities assumed by the Group in respect of its joint ventures and associates, including its share of commitments assumed jointly with other investors, are disclosed by maturity as follows: Thousand Euros Capital outstanding by maturity Dec 2022 Dec 2021 Less than 1 year 315,451 250,656 From 1 to 3 years 15,109 7,560 From 3 to 5 years 3,635 2,376 More than 5 years 55,228 50,376 389,423 310,968 Commitments and contingent liabilities in respect of joint ventures and associates include EDPR commitments to provide funding to Offshore projects and to the construction of solar farms facilities in USA, and to commitments assumed by EDP Brasil related to its joint ventures 43. Commitments Operating guarantees granted by EDP Group, not included in the consolidated statement of financial position nor in the Notes, are as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Operating guarantees EDP S.A. 966,223 637,968 966,223 637,968 EDP Espa\u00f1a Group 56,894 64,360 - - EDP Brasil Group 158,503 144,133 - - EDP Renov\u00e1veis Group 3,717,511 2,287,997 - - 4,899,131 3,134,458 966,223 637,968 The operating guarantees which are not included in the consolidated statement of financial position or in the Notes, as at 31 December 2022 and 2021, mainly refer to Power Purchase Agreements (PPA), interconnection, permits and market participation guarantees. In addition to the above warranties, the amount of 30.450 thousand Euros refers to guarantees of an operating nature related to Spanish, Polish, Italian and Brazilian entities sold in 2022, but for which EDP assumes the responsibility temporarily until they are effectively replaced. The amount of 152,770 thousand Euros refers to guarantees of a financial nature also related to Brazilian companies sold in 2022, but for which EDP assumes the responsibility until 30 January 2023, when this has been effectively replaced (see note 6). In addition to the guarantees identified above, EDP Group provides financial and operating guarantees related to liabilities assumed by joint ventures and associates in the amount of 595,766 thousand Euros and 475,044 thousand Euros, respectively (31 December 2021: 481,082 thousand Euros and 293,253 thousand Euros). The remaining financial and operating guarantees granted by EDP Group have underlying liabilities that are already reflected in its consolidated statement of financial position and/or disclosed in the Notes. In the Group, the commitments relating to future cash outflows not reflected in the measurement of the lease liabilities and purchase obligations are disclosed, by maturity, as follows: Thousand Euros Dec 2022 Capital outstanding by maturity Total Less than 1 year From 1 to 3 years From 3 to 5 years More than 5 years Future cash outflows not reflected in the measurement of the lease liabilities 72,957 14,036 20,992 7,946 29,983 Purchase obligations 30,758,869 8,279,232 4,910,939 3,151,817 14,416,881 30,831,826 8,293,268 4,931,931 3,159,763 14,446,864 Thousand Euros Dec 2021 Capital outstanding by maturity Total Less than 1 year From 1 to 3 years From 3 to 5 years More than 5 years Future cash outflows not reflected in the measurement of the lease liabilities 34,846 6,252 9,128 3,018 16,448 Purchase obligations 25,727,477 5,922,012 4,542,844 2,572,937 12,689,684 25,762,323 5,928,264 4,551,972 2,575,955 12,706,132 The Group\u2019s contractual commitments shown above relate essentially to agreements and commitments required for current business activities. Specifically, the majority of the commitments are established to guarantee adequate supply of energy to the customers in Europe, North America and Brazil and to comply with medium and long term investment objectives of the Group. As at 31 December 2022, there are commitments from future cash outflows not reflected in the measurement of the lease liabilities which refer to future rents of lease contracts already signed but not yet commenced. The commitments related to the joint ventures are disclosed in note 21. Purchase obligations of 11,288,241 thousand Euros essentially related with very long-term contracts for energy acquisition in the brazilian market (by regulatory imposition) which are updated with the respective projected rates and discounted at present value by a rate that represents the weighted average cost of capital (WACC) of the EDP Brasil Group, as follows: Thousand Euros Dec 2022 Dec 2021 Purchase obligation - Present value 11,288,241 8,984,056 Purchase obligation - Nominal amount 14,970,460 12,893,660 Purchase obligations also include obligations of long term contracts relating to the supply of products and services under the Group\u2019s ordinary course of business. Prices defined under forward contracts are used in estimating the amount of contractual commitments. The nature of purchase obligations breaks down as follows: Thousand Euros Dec 2022 Dec 2021 Fuel acquisition 8,242,498 6,908,075 Electricity acquisition 13,965,208 12,232,819 O&M contracts 1,104,328 838,575 Fixed assets, equipment and miscellaneous materials acquisition 3,835,686 2,337,649 Supply and assembly contract 2,099,320 2,301,643 Other supplies and services 1,511,829 1,108,716 30,758,869 25,727,477 The commitments for fuel and electricity acquisition are disclosed, by maturity, as follows: Thousand Euros Dec 2022 Capital outstanding by maturity Total Less than 1 year From 1 to 3 years From 3 to 5 years More than 5 years Fuel acquisition 8,242,498 1,182,197 881,539 833,253 5,345,509 Electricity acquisition 13,965,208 1,180,135 2,239,989 2,052,073 8,493,011 22,207,706 2,362,332 3,121,528 2,885,326 13,838,520 Thousand Euros Dec 2021 Capital outstanding by maturity Total Less than 1 year From 1 to 3 years From 3 to 5 years More than 5 years Fuel acquisition 6,908,075 902,897 862,739 649,346 4,493,093 Electricity acquisition 12,232,819 977,059 1,888,041 1,702,631 7,665,088 19,140,894 1,879,956 2,750,780 2,351,977 12,158,181 The caption Fuel Purchases corresponds, essentially, to gas acquisition commitments assumed by the Group through long term contracts for liquefied natural gas (LNG) in international terminals (Trinidad and Tobago until 2024 and United States of America until 2040). Some of the transactions related to the disposal of non-controlling interests while retaining control, carried out in previous years, incorporate contingent assets and liabilities according to the terms of the corresponding agreements. Additionally, some of the assets acquisition transactions foresee contingent liabilities which depend on certain milestones and, although EDP Group has recognized the fair value of these liabilities in the consolidated financial statements, changes in the assumptions could change these liabilities. At Company level, the commitments relating to future cash outflows not reflected in the measurement of the lease liabilities and purchase obligations are disclosed, by maturity, as follows: Thousand Euros Dec 2022 Capital outstanding by maturity Total Less than 1 year From 1 to 3 years From 3 to 5 years More than 5 years Future cash outflows not reflected in the measurement of the lease liabilities 1,876,639 897,558 979,081 - - Purchase obligations 7,553,971 515,554 867,485 831,341 5,339,591 9,430,610 1,413,112 1,846,566 831,341 5,339,591 Thousand Euros Dec 2021 Capital outstanding by maturity Total Less than 1 year From 1 to 3 years From 3 to 5 years More than 5 years Future cash outflows not reflected in the measurement of the lease liabilities 62 45 17 - - Purchase obligations 6,235,282 384,121 702,960 653,440 4,494,761 6,235,344 384,166 702,977 653,440 4,494,761 During 2022, EDP Group developed a global vision of energy management, creating a new structure for this purpose, called GEM (\u201cGlobal Energy Management\u201d). As a result, in December 2022, EDP and EDP Produ\u00e7\u00e3o, Hidroel\u00e9trica do Guadiana and Greenvouga entered into the mandate contract for the placement (purchase and sale) of electricity on the market (\u201cContract\u201d) produced by hydroelectric and natural gas combined cycle plants in Portugal during the years 2023 and 2024. Within the scope of this Contract, as of 1 February 2023, EDP will issue dispatch instructions to EDP Produ\u00e7\u00e3o, Hidroel\u00e9trica do Guadiana and Greenvouga, in order to adapt the production of electricity to the offers it makes on the market. In addition, EDP started to assume, in full and upon payment of a substantially fixed consideration, the economic risks and benefits associated with the dispatch of electricity production and subsequent placing on the market and the purchase of fuels and CO2 licenses necessary for the operation of the Thermal Power Plants, with the volatility associated with price and volume variation related to electricity and fuels being substantially assumed by EDP S.A. Within the scope of this Contract, EDP will be responsible for: - issue Dispatch Instructions relating to the electricity to be produced by the Electric Power Plants for placing on the market; - carrying out an adequate programming of the operation of the Electric Power Plants, taking into account the fulfillment of the contractual or legal obligations to which EDP Produ\u00e7\u00e3o, Hidroel\u00e9trica do Guadiana and Greenvouga are bound in their capacity as holder of the production and exploration licenses; - develop all necessary actions for the acquisition and supply of fuels, as well as the CO2 licenses necessary for the operation of the Thermal Power Plants; and - ensure the relationship with the Market Operator and the System Operator, as well as with any other official entities and with counterparties. In turn, EDP Produ\u00e7\u00e3o, Hidroel\u00e9trica do Guadiana and Greenvouga will be responsible for: - ensure the production of electricity in accordance with EDP's dispatch instructions, managing the Electric Power Plants, in order to maximize efficiency, availability and safety, as well as ensuring compliance with all legal, regulatory and contractual requirements in the production of electricity; - fully ensure the operation and maintenance of the Electric Power Plants, bearing all costs associated with this operation and maintenance; - comply with the Dispatch Instructions given by EDP in order to minimize Deviations and ensure the provision of the Complementary Services requested, as well as the applicable System Services, without prejudice to, in a justified and reasoned manner, refuse the execution of a Dispatch Instruction for the production of electricity on a given day and time, in cases where this is necessary to ensure compliance with contractual or legal obligations to which they are attached in their capacity as holders of production and exploration licenses; and - manage the relationship with all public or private entities that intervene in matters that impact the operation of the reservoirs, in activities that interfere with the normal operation of the Electric Power Plants, as well as manage the relationship with REN Gasodutos, as operator of the national network of gas transport, within the scope of the operational management of natural gas. The increase in future cash flows, on an individual basis, includes mainly this contract, which was included in the Transfer (\"Trespasse\") (see note 46). The caption Purchase obligations corresponds, essentially, to the gas acquisitions commitments assumed by EDP SA, through a long-term contract for liquefied natural gas (LNG) in the United States of America. ",
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"f35149": {
"value": "22. Equity instruments at fair value As at 31 December 2022, the movements in Equity Instruments measured at Fair Value are as follows: Thousand Euros Group Dec 2022 Dec 2021 Equity Instruments at Fair Value through Other Comprehensive Income (OCI) 139,270 126,827 Equity Instruments at Fair Value through Results (PL) 77,148 63,115 216,418 189,942 Under IFRS 13 (see note 45), equity instruments at fair value are classified into three levels of fair value: level 1 includes essentially financial investments that are indexed to quoted market prices; level 2 includes the fund of stocks and bonds held by Energia RE; and level 3 covers all other equity instruments at fair value. As at 31 December 2022, there are no equity instruments at fair value within level 1. As at 31 December 2022, this caption is analysed as follows: Thousand Euros Other Comprehensive Income Mercer and Dunas Other (Energ. RE portfolio) EDA Electricid. dos A\u00e7ores, S.A. Results Feedzai - Consult. e Inov. Tecn., S.A. Other Total Balance as at 1 January 2021 89,821 27,290 15,286 46,814 5,537 184,748 Acquisitions - 1,137 - - 3,438 4,575 Disposals - -436 - -8,207 - -8,643 Change in fair value 5,990 2,851 769 - -526 9,084 Other variations - 174 - - 4 178 Balance as at 31 December 2021 95,811 31,016 16,055 38,607 8,453 189,942 Acquisitions - 25,591 - - 6,903 32,494 Disposals - -3,747 - - - -3,747 Change in fair value (see note 32) -12,749 248 494 - 6,588 -5,419 Other variations - 3,100 - - 48 3,148 Balance as at 31 December 2022 83,062 56,208 16,549 38,607 21,992 216,418 As at 31 December 2022, the fair value reserve of equity instruments measured at fair value through other comprehensive income attributable to the Group is as follows: Thousand Euros Dec 2022 Dec 2021 Mercer Funds -3,852 8,897 Defined Crowd Corporation 5,001 6,339 Other 6,581 5,817 7,730 21,053 In equity instruments measured at fair value through profit stands out: i) Feedzai - Consultadoria e Inova\u00e7\u00e3o Tecnol\u00f3gica, S.A., the fair value of 38,607 thousand Euros was determined according to the last transaction on the market; 2) EDA - Electricidade dos A\u00e7ores, S.A., the fair value of 16,549 thousand Euros was determined according to the Dividend Discounted model. The sensitivity analysis, considering a reduction or increase of 50bp in the discounted rate, determines a fair value of 18,8 million Euros and 14,8 million Euros, respectively. During 2022 an increase in the fair value of the Equity Instruments through Profit and Losses, in the amount of 7,082 thousand Euros, was booked against Profit or Loss (see notes 13 and 45). ",
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},
"f35306": {
"value": "23. Investment property The caption is detailed as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Cost 52,601 55,125 150,665 130,851 Accumulated depreciation and impairment losses -25,307 -34,457 -33,388 -29,151 Carrying amount 27,294 20,668 117,277 101,700 The investment properties are mainly lands and buildings held to obtain rents or for capital appreciation and are not materially relevant. On a consolidated basis, Accumulated depreciation and impairment losses in 2022 includes 289 thousand Euros related to charges of the period (see note 12). On an individual basis, Accumulated depreciation and impairment losses in 2022 includes 4,225 thousand Euros related to charges of the period (see note 12). The variation in the caption Cost relates with the transfer of property, plant and equipment and right-of-use assets to investment property of 19,814 thousand Euros (see notes 16 and 17). The impairment tests carried out of Investment Properties are based on assessments using current market practices: the comparative method, in cases where there is an active and comparable market, the income method, through discounted cash flows depending on the property income and the cost method, which considers the market value of the land and the construction costs. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"f35354": {
"value": "24. Deferred tax assets and liabilities EDP Group records the tax effect resulting from temporary differences between the assets and liabilities determined on an accounting basis and on a tax basis. As at 31 December 2022, on a consolidated basis, the movements by nature of Deferred Tax Assets and Liabilities are as follows: Deferred Tax Assets Thousand Euros Balance at 1 January Mov. Results Mov. Reserves Perimeter variations, exchange differences and others Balance at 31 December Tax losses and tax credits 1,205,963 64,229 3,244 87,139 1,360,575 Provisions for social benefits, bad debts and other risks 634,198 -66,601 -87,838 11,733 491,492 Financial instruments 841,687 -23,469 83,794 -104,646 797,366 Property plant and equipment and intangible assets 353,664 -41,758 - 25,811 337,717 Financial and equity instruments at fair value 1,953 209 -2,931 263 -506 Tariff adjustments and tariff deficit 14,370 -16,025 - 1,655 - Allocation of fair value to assets and liabilities acquired 32,445 -36,552 84,915 -1,128 79,680 Fiscal revaluations 265,678 -44,410 - 163 221,431 Use of public property (Brazil) 27,308 1,517 - 3,200 32,025 Other temporary differences 74,041 29,145 -387 9,120 111,919 Assets/liabilities compensation of deferred taxes -1,942,215 -70,484 3,400 361,892 -1,647,407 1,509,092 -204,199 84,197 395,202 1,784,292 Deferred Tax Liabilities Thousand Euros Balance at 1 January Mov. Results Mov. Reserves Perimeter variations, exchange differences and others Balance at 31 December Provisions for social benefits, bad debts and other risks 19,598 -243 -3,179 468 16,644 Financial instruments 609,846 -182,186 -64,755 -64,482 298,423 Property plant and equipment and intangible assets 374,109 37,784 - 103,217 515,110 Reinvested gains 3,705 -30 - -1 3,674 Financial and equity instruments at fair value 7,248 - 14 1,585 8,847 Tariff adjustments and tariff deficit 16,078 -15,518 - - 560 Allocation of fair value to assets and liabilities acquired 1,112,469 -16,738 - 64,159 1,159,890 Fiscal revaluations 52,589 -2,903 - 3,032 52,718 Deferred income relating to CMEC 184,665 -706 - - 183,959 Gains from institutional partnerships in wind farms 383,910 33,154 -92 23,292 440,264 Use of public property (Brazil) 6,919 107 - 820 7,846 Fair value of financial assets (Brazil) 69,235 23,971 - 7,401 100,607 Other temporary differences 90,922 13,651 -244 -871 103,458 Assets/liabilities compensation of deferred taxes -1,942,215 -70,484 3,400 361,892 -1,647,407 989,078 -180,141 -64,856 500,512 1,244,593 As at a 31 December 2021, on a consolidated basis, the movement by nature of Net Deferred Tax Assets and Liabilities are as follows: Net Deferred Tax Assets Thousand Euros Balance at 1 January Mov. Results Mov. Reserves Perimeter variations, exchange differences and others Balance at 31 December * Tax losses and tax credits 1,023,712 138,686 - 43,565 1,205,963 Provisions for social benefits, bad debts and other risks 722,690 -47,751 -17,360 -23,381 634,198 Financial instruments 95,417 -40,724 780,528 6,466 841,687 Property plant and equipment and intangible assets 412,651 -59,693 - 706 353,664 Financial and equity instruments at fair value 2,868 800 -1,889 174 1,953 Tariff adjustments and tariff deficit 37,988 -24,576 - 958 14,370 Allocation of fair value to assets and liabilities acquired 159,529 52,666 - -179,750 32,445 Fiscal revaluations 304,712 -39,034 - - 265,678 Use of public property (Brazil) 23,658 3,376 - 274 27,308 Other temporary differences 87,541 -13,806 -661 967 74,041 Assets/liabilities compensation of deferred taxes -1,664,163 -24,228 4,468 -258,292 -1,942,215 1,206,603 -54,284 765,086 -408,313 1,509,092 Net Deferred Tax Liabilities Thousand Euros Balance at 1 January Mov. Results Mov. Reserves Perimeter variations, exchange differences and others Balance at 31 December * Provisions for social benefits, bad debts and other risks 14,413 3,699 1,494 -8 19,598 Financial instruments 100,911 48,260 456,924 3,751 609,846 Property plant and equipment and intangible assets 366,868 -7,126 - 14,367 374,109 Reinvested gains 3,735 -30 - - 3,705 Financial and equity instruments at fair value 8,959 -1,711 - - 7,248 Tariff adjustments and tariff deficit 149,690 -134,161 -353 902 16,078 Allocation of fair value to assets and liabilities acquired 1,184,420 96,140 2,406 -170,497 1,112,469 Fiscal revaluations 54,737 -2,148 - - 52,589 Deferred income relating to CMEC 187,558 -2,893 - - 184,665 Gains from institutional partnerships in wind farms 344,092 10,580 55 29,183 383,910 Use of public property (Brazil) 7,737 -887 - 69 6,919 Fair value of financial assets (Brazil) 47,643 20,889 - 703 69,235 Other temporary differences 64,642 9,791 - 16,489 90,922 Assets/liabilities compensation of deferred taxes -1,664,163 -24,228 4,468 -258,292 -1,942,215 871,242 16,175 464,994 -363,333 989,078 On a Company basis, EDP, S.A. records the tax effect arising from temporary differences between the assets and liabilities determined on an accounting basis and on a tax basis. As at 31 December 2022, on a Company basis, the movements by nature of Deferred Tax Assets and Liabilities are as follows: Deferred Tax Assets Thousand Euros Balance at 1 January Mov. Results Mov. Reserves Others Balance at 31 December Tax losses and tax credits 163,078 39,563 - -43,290 159,351 Provisions for social benefits, bad debts and other risks 8,125 -381 -616 430 7,558 Financial instruments 225,545 - 54,871 - 280,416 Property plant and equipment 2,025 -136 - - 1,889 Other temporary differences 246 -50 - 2,749 2,945 Assets/liabilities compensation of deferred taxes -361,801 224,402 - - -137,399 37,218 263,398 54,255 -40,111 314,760 Deferred Tax Liabilities Thousand Euros Balance at 1 January Mov. Results Mov. Reserves Others Balance at 31 December Financial instruments 350,009 - -230,191 - 119,818 Allocation of fair value to assets and liabilities acquired 3,546 - - 2,395 5,941 Fiscal revaluations 179 -16 - - 163 Other temporary differences 8,067 3,410 - - 11,477 Assets/liabilities compensation of deferred taxes -361,801 224,402 - - -137,399 - 227,796 -230,191 2,395 - As at a 31 December 2021, on a Company basis, the movement by nature of Net Deferred Tax Assets and Liabilities are as follows: Net Deferred Tax Assets Thousand Euros Balance at 1 January Mov. Results Mov. Reserves Others Balance at 31 December Tax losses and tax credits 139,397 19,879 - 3,802 163,078 Provisions for social benefits, bad debts and other risks 7,817 471 -143 -20 8,125 Financial instruments 28,596 - 196,949 - 225,545 Property plant and equipment 3,965 -1,940 - - 2,025 Other temporary differences 3,273 -3,069 - 42 246 Assets/liabilities compensation of deferred taxes -59,422 -302,379 - - -361,801 123,626 -287,038 196,806 3,824 37,218 Net Deferred Tax Liabilities Thousand Euros Balance at 1 January Mov. Results Mov. Reserves Others Balance at 31 December Financial instruments 47,681 - 302,328 - 350,009 Allocation of fair value to assets and liabilities acquired 3,546 - - - 3,546 Fiscal revaluations 185 -6 - - 179 Other temporary differences 8,010 -5,109 - 5,166 8,067 Assets/liabilities compensation of deferred taxes -59,422 -302,379 - - -361,801 - -307,494 302,328 5,166 - Taxes recorded against reserves are as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Financial instruments and fair value 233,936 317,598 285,062 -105,379 Actuarial gains and losses -88,828 -16,483 -616 -143 Financial instruments and equity instruments at fair value OCI 3,856 -1,271 - - Others 89 248 - - 149,053 300,092 284,446 -105,522 The Group tax losses carried forward are analysed as follows: Thousand Euros Group Dec 2022 Dec 2021 Expiry date: 2022 - 1,344 2023 2,983 10,430 2024 3,245 23,704 2025 8,793 8,155 2026 19,640 531,520 2027 62,870 7,007 2028 a 2040 2,345,321 2,422,283 Without expiry date 3,356,636 1,923,698 5,799,488 4,928,141 Of the total of EDP Group\u2019s tax losses available to carry forward as at 31 December 2022, the amount of 677,374 thousand Euros does not have deferred tax asset, in accordance with the applicable accounting standards since, at the present date, there is still not sufficient visibility about the future period in which such tax losses will be used. ",
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"f36138": {
"value": "26. Debtors and other assets from commercial activities At Group level, Debtors and other assets from commercial activities are as follows: Thousand Euros Non-Current Current Dec 2022 Dec 2021 Dec 2022 Dec 2021 Assets measured at amortised cost: Amounts receivable from tariff adjustments - Electricity - Portugal 441,035 7,328 13,825 62,755 Amounts receivable from tariff adjustments - Electricity - Brazil (see note 38) 12,883 124,604 14,310 101,928 Debtors for other goods and services - - 67,521 39,134 Amounts receivable relating to CMEC 353,619 432,293 249,856 225,441 Amounts receivable from concessions - IFRIC 12 846,875 275,782 1,120,064 933,106 Other assets measured at amortised cost 214,071 118,955 318,137 404,138 Impairment losses on other assets measured at amortised cost Trade receivables at amortised cost: Trade receivables -82 -71 -3,024 -2,370 1,868,401 958,891 1,780,689 1,764,132 108,415 32,856 1,797,683 1,939,214 Impairment losses on trade receivables Assets measured at fair value through other comprehensive income: Amounts receivable from tariff adjustments - Electricity - Portugal -8,810 -3,225 -259,025 -232,100 99,605 29,631 1,538,658 1,707,114 23 483 1,141 563,563 Assets measured at fair value through profit or loss: Amounts receivable from concessions - IFRIC 12 1,012,104 693,785 - - Contract assets: Contract assets receivable from energy sales contracts 4 617 1,452,371 1,729,885 Contract assets receivable from concessions - IFRIC 12 Other assets: Incremental costs of obtaining contracts with customers 729,520 921,412 - - 729,524 922,029 1,452,371 1,729,885 32,219 34,130 7,677 - Other assets from commercial activities 30,250 29,557 107,684 163,310 62,469 63,687 115,361 163,310 3,772,126 2,668,506 4,888,220 5,928,004 At Company level, Debtors and other assets from commercial activities are as follows: Thousand Euros Current Dec 2022 Dec 2021 Assets measured at amortised cost: Debtors for other goods and services 50,959 38,753 Other assets measured at amortised cost 1,119,557 252,319 Impairment losses on other assets measured at amortised cost Trade receivables at amortised cost: Trade receivables - -2 1,170,516 291,070 465,630 897,757 Impairment losses on trade receivables Contract assets: Contract assets receivable from energy sales contracts -210 -226 465,420 897,531 461,937 850,819 Other assets: Other assets from commercial activities 15,919 8,516 2,113,792 2,047,936 27. Other debtors and other assets Other debtors and other assets are as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Debtors and other assets - Non-Current Assets measured at amortised cost: Loans to subsidiaries - - 1,141,944 1,703,778 Loans to related parties 186,885 173,267 90 90 Guarantees rendered to third parties 133,931 102,766 - - Other financial assets at amortised cost (i) 1,751 8,002 256,650 512,042 Assets measured at fair value through profit or loss: Derivative financial instruments (see note 42) 1,035,814 712,710 1,590,973 1,439,961 Contingent price 50,873 155,216 - - Other assets: Excess of the pension fund financing (see note 35) 92,694 13,268 410 42 Other debtors and sundry operations 422,562 675,918 90,078 89,654 Debtors and other assets - Current Assets measured at amortised cost: Loans to subsidiaries 1,924,510 1,841,147 3,080,145 3,745,567 - - 538,550 968,218 Loans to related parties 354,484 100,261 3,490 - Guarantees rendered to third parties 992,370 640,380 720,465 466,453 Subsidiary companies - - 229,858 249,800 Other financial assets at amortised cost (i) 7,386 16,171 260,639 280,060 Assets measured at fair value through profit or loss: Derivative financial instruments (see note 42) 1,539,884 1,640,616 2,449,615 3,852,144 Other financial investments measured at fair value 346 1,858 - - Contingent price 108,636 4,004 - - Other assets: Other debtors and sundry operations 368,689 407,565 23 - 3,371,795 2,810,855 4,202,640 5,816,675 5,296,305 4,652,002 7,282,785 9,562,242 Loans to subsidiaries - Non-Current and Current, for the Company, mainly includes 1,579,546 thousand Euros (31 December 2021: 1,503,659 thousand Euros) of loans granted to E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. (see note 44). For the Loans to subsidiaries, EDP S.A. performs an analysis to evaluate impairment based on the general approach. The company uses several inputs on making its assessment of the credit risk related to these assets, such as the analysis of the historical possible delays and/or impairment losses indications, companies rating (when applicable) and market and macroeconomic data that may change the probability of default and the expectation of delays in the receivable amounts. According to the analysis performed, as per 31 December 2022, impairment was recognized on granted loans to EDP GEM Portugal, S.A. (see note 20). The variation of the caption Loans to related parties - Current, on a consolidated basis, is mainly due to new loans granted to OW FS Offshore, S.A. in the amount of 319,246 thousand Euros, being the total amount of loans granted 326,814 thousand Euros at 31 December 2022. The variation in the item Guarantees rendered to third parties is essentially explained by the significant increase in electricity and gas prices, which originated the need to reinforce collateral/collateral usually requested for transactions in these markets. (i) Other financial assets at amortised cost On a consolidated basis, this caption mainly includes securities issued by Tagus - Sociedade de Titulariza\u00e7\u00e3o de Cr\u00e9ditos, SA, in the context of the transmission of the right to receive tariff adjustments (deviations and deficits) from the National Electric System for credit securitisation companies, acquired by SU Eletricidade, S.A. The detail of the balances arising from these operations is as follows: Thousand Euros Issue date Class R Notes Liquidity Notes Senior Notes Total Overcost from special regime production 2017 Dec 2017 112 - - 112 Overcost from special regime production 2018 Jun 2018 159 32 1,381 1,572 Overcost from special regime production 2019 Jun 2019 313 174 6,168 6,655 584 206 7,549 8,339 On a company basis, this caption includes the bonds issued by EDP Finance B.V. reacquired on market by EDP S.A. On November 2020, EDP S.A. has bought an amount of 53,357 thousand Euros of a private bond placement, issued by EDP Finance B.V. On 1 July 2021, EDP S.A. has bought an amount of 647,040 thousand Euros of nominal debt, related with four bonds issued by EDP Finance B.V. in a market operation, in the total amount of 675,544 thousand Euros. This amount includes a premium and transaction costs amounting to 22,901 thousand Euros and accrued interest as at the acquisition date. During 2022, EDP Finance B.V. repaid, at maturity, in the first quarter an issue of 858 million Euros, of which EDP S.A. had already reacquired 142,141 thousand Euros and in the fourth quarter an issue of 93 million Euros, of which EDP S.A. had already reacquired 53,357 thousand Euros. The detail of these bonds is as follows: Nominal value Acquired Fair Maturity Interest in Currency in Currency Value Issuer date Currency rate '000 '000 '000 EDP Finance B.V. 23 Mar 2023 EUR 2.38% 488,832 111,168 111,172 EDP Finance B.V. 29 Sep 2023 EUR 1.88% 462,465 137,535 136,337 EDP Finance B.V. 12 Feb 2024 EUR 1.13% 743,804 256,196 249,986 The variation of the caption Contingent prices mainly results from the reclassification from Non-Current to Current of the fair value of the contingent consideration in connection with the sale in 2018 and 2020 of a stake in the companies \u00c9oliennes en Mer Dieppe - Le Tr\u00e9port, S.A.S and \u00c9oliennes en Mer \u00celes d'Yeu et de Noirmoutier, SAS to Sumitomo Corporation and to OW Offshore S.L. The caption Other debtors and sundry operations - Non Current includes the financial consideration paid in advance in 2009 for the exploitation of the hydro power plants of Frid\u00e3o and other amounts invested in such hydro power plant (see note 4) and the amount receivable from the sale of its 50% stake in Hydro Global Investment Limited to China International Water & Electric Corporation in December 2022 (see notes 6 and 44). The variation of the caption Other debtors and sundry operations - Current is mainly: i) due to the receivable amount for the sale of the companies E\u00f3lica do Sincelo, S.A. and E\u00f3lica da Linha, S.A. in 2021, corresponding to 355,996 thousand Euros; ii) the reclassification of the amount of 377,148 thousand Euros, previously recorded under Other debtors and sundry operations- Non-Current, which corresponds to amounts receivable due to sale transactions of companies Rosewater Wind Farm LLC in 2020 and Indiana Crossroads Wind Farm LLC in 2021; and iii) the amount to be received of 178,269 thousand Euros for the sale of several wind farms in Brasil in 2022. ",
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"f36139": {
"value": "26. Debtors and other assets from commercial activities At Group level, Debtors and other assets from commercial activities are as follows: Thousand Euros Non-Current Current Dec 2022 Dec 2021 Dec 2022 Dec 2021 Assets measured at amortised cost: Amounts receivable from tariff adjustments - Electricity - Portugal 441,035 7,328 13,825 62,755 Amounts receivable from tariff adjustments - Electricity - Brazil (see note 38) 12,883 124,604 14,310 101,928 Debtors for other goods and services - - 67,521 39,134 Amounts receivable relating to CMEC 353,619 432,293 249,856 225,441 Amounts receivable from concessions - IFRIC 12 846,875 275,782 1,120,064 933,106 Other assets measured at amortised cost 214,071 118,955 318,137 404,138 Impairment losses on other assets measured at amortised cost Trade receivables at amortised cost: Trade receivables -82 -71 -3,024 -2,370 1,868,401 958,891 1,780,689 1,764,132 108,415 32,856 1,797,683 1,939,214 Impairment losses on trade receivables Assets measured at fair value through other comprehensive income: Amounts receivable from tariff adjustments - Electricity - Portugal -8,810 -3,225 -259,025 -232,100 99,605 29,631 1,538,658 1,707,114 23 483 1,141 563,563 Assets measured at fair value through profit or loss: Amounts receivable from concessions - IFRIC 12 1,012,104 693,785 - - Contract assets: Contract assets receivable from energy sales contracts 4 617 1,452,371 1,729,885 Contract assets receivable from concessions - IFRIC 12 Other assets: Incremental costs of obtaining contracts with customers 729,520 921,412 - - 729,524 922,029 1,452,371 1,729,885 32,219 34,130 7,677 - Other assets from commercial activities 30,250 29,557 107,684 163,310 62,469 63,687 115,361 163,310 3,772,126 2,668,506 4,888,220 5,928,004 At Company level, Debtors and other assets from commercial activities are as follows: Thousand Euros Current Dec 2022 Dec 2021 Assets measured at amortised cost: Debtors for other goods and services 50,959 38,753 Other assets measured at amortised cost 1,119,557 252,319 Impairment losses on other assets measured at amortised cost Trade receivables at amortised cost: Trade receivables - -2 1,170,516 291,070 465,630 897,757 Impairment losses on trade receivables Contract assets: Contract assets receivable from energy sales contracts -210 -226 465,420 897,531 461,937 850,819 Other assets: Other assets from commercial activities 15,919 8,516 2,113,792 2,047,936 The movement for the period in Amounts receivable from tariff adjustments - Electricity - Portugal (Non-current and Current) is as follows: Thousand Euros Non-Current Current Balance as at 31 December 2021 7,811 626,318 Receipts through the electricity tariff - -65,848 Securitization of tariff deficit - -558,000 Tariff adjustment of the period (see note 7) 127,855 - Tariff adjustment of 2021 and 2022 - 4,600 Financial expenses (see note 13) 3 108 Transfer to/from tariff adjustment payable (see note 38) 502,119 -188,942 Transfer from Non-Current to Current -196,730 196,730 Balance as at 31 December 2022 441,058 14,966 The tariff deficit securitization results from 4 individual transactions carried out during the first quarter of 2022, by SU Eletricidade, S.A., in the total amount of Euro 558 million of the 2021 tariff deficit. This tariff deficit results from the 5-year deferral of the recovery of the 2021 overcost related with the acquisition of energy from special regime generators (including adjustments for 2019 and 2020). In this sale transaction of assets, SU Eletricidade, S.A., gave in fully and without recourse, the right to receive such amounts and interest. The sale price amounted to 562 million Euros. The tariff adjustment for the period in the amount of 127,855 thousand Euros, mainly related to the amount to be recovered related to the Purchase and Sale of Electricity for Customers Supply of SU Eletricidade, includes 188,942 thousand Euros to be recovered through 2023 tariffs, according to the provisional amount provided by the regulatory entity (see note 38) that has been reclassified to the caption Trade payables and other liabilities from commercial activities. Additionally, the tariff adjustment for the period in the amount of 524,724 thousand Euros presented in the caption Trade payables and other liabilities from commercial activities (see note 38) includes the component of Purchase and Sale of PRE energy of SU Eletricidade in the amount of 525,109 thousand Euros (961,734 thousand Euros to be returned through the 2023 tariffs and 443,776 thousand Euros that has been reclassified to the caption Debtors and other assets from commercial activities, according to the provisional amount provided by the regulatory entity). As at 31 December 2022, the caption Assets measured at fair value through other comprehensive income includes the amount of the tariff deficit classified and measured at fair value through other comprehensive income. According to IFRS 13, the tariff deficit fair value is classified as level 2 (see note 45). The following table provides details for the caption Amounts receivable from tariff adjustments - Electricity - Portugal, by nature and year of establishment, as well as presents the amounts of tariff deficit that have been sold during the period ended 31 December 2022: Thousand Euros Deficit Tariff adj. Sales Total Year: 2016 - 1,449 - 1,449 2019 438 - - 438 2020 45 26,073 - 26,118 2021 558,681 44,262 -558,000 44,943 2022 - 383,076 - 383,076 559,164 454,860 -558,000 456,024 The caption Amounts receivable relating to CMEC is detailed as follows: Thousand Euros Non-Current Current Initial CMEC 241,029 51,381 Final adjustment 112,590 94,072 Revisibility 2014 - 2017 * - 104,403 353,619 249,856 * The revisibility calculation for 2016 to 2017 is still waiting the official approval. The movement of the period in the captions Amounts receivable from concessions - IFRIC 12 and Contract assets receivable from concessions - IFRIC 12 is as follows: Amounts Contract Thousand Euros receivable assets Balance as at 31 December 2021 1,902,673 921,412 Investments of the period - 624,732 Transfer to intangible assets (see note 18) - -306,160 Transfer between Amounts receivable and Contract assets 752,020 -752,020 Exchange differences 91,747 107,624 Perimeter variations and others 232,603 133,932 Balance as at 31 December 2022 2,979,043 729,520 The Perimeter variations and others in the caption Amounts receivable from concessions - IFRIC 12 includes the impact of the acquisition of EDP Goi\u00e1s in the amount of 205,376 thousand Euros (see notes 6 and 49). The movements in Impairment losses on trade receivables and other assets measured at amortised cost are as follows: Thousand Euros Trade receivables Other assets Non- Current Non- Current current current Balance as at 1 January 2021 8,771 253,067 2,894 1,406 Charge of the period 42 100,955 - 1,317 Reversal of impairment losses -615 -65,424 -1,688 -1,759 Charge-off -5,005 -40,432 -1,206 -2 Exchange differences 32 938 - 1 Perimeter variations/Other regularisations - -17,004 71 1,407 Balance as at 31 December 2021 3,225 232,100 71 2,370 Charge of the period 5,391 92,779 5 1,965 Reversal of impairment losses - -38,853 - -1,088 Charge-off - -21,505 - -213 Exchange differences 194 11,001 8 -13 Perimeter variations/Other regularisations - -16,497 -2 3 Balance as at 31 December 2022 8,810 259,025 82 3,024 The geographical market Trade receivables' breakdown and the credit risk analysis are disclosed in note 5, under the Counterparty credit risk management. As at 31 December 2022 and 2021, on a company basis, trade receivables are from Portugal geographical market. Contract assets receivable from energy sales contracts - Current include contract assets relating to energy delivered and not yet invoiced, amounts receivable from REN regarding the CMEC Revisibility of 2016 and 2017 which are awaiting approval, and accruals from UNGE's energy management business. The impairment losses on Trade receivables includes impairment losses related to Contract assets receivable from energy sales contracts. 27. Other debtors and other assets Other debtors and other assets are as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Debtors and other assets - Non-Current Assets measured at amortised cost: Loans to subsidiaries - - 1,141,944 1,703,778 Loans to related parties 186,885 173,267 90 90 Guarantees rendered to third parties 133,931 102,766 - - Other financial assets at amortised cost (i) 1,751 8,002 256,650 512,042 Assets measured at fair value through profit or loss: Derivative financial instruments (see note 42) 1,035,814 712,710 1,590,973 1,439,961 Contingent price 50,873 155,216 - - Other assets: Excess of the pension fund financing (see note 35) 92,694 13,268 410 42 Other debtors and sundry operations 422,562 675,918 90,078 89,654 Debtors and other assets - Current Assets measured at amortised cost: Loans to subsidiaries 1,924,510 1,841,147 3,080,145 3,745,567 - - 538,550 968,218 Loans to related parties 354,484 100,261 3,490 - Guarantees rendered to third parties 992,370 640,380 720,465 466,453 Subsidiary companies - - 229,858 249,800 Other financial assets at amortised cost (i) 7,386 16,171 260,639 280,060 Assets measured at fair value through profit or loss: Derivative financial instruments (see note 42) 1,539,884 1,640,616 2,449,615 3,852,144 Other financial investments measured at fair value 346 1,858 - - Contingent price 108,636 4,004 - - Other assets: Other debtors and sundry operations 368,689 407,565 23 - 3,371,795 2,810,855 4,202,640 5,816,675 5,296,305 4,652,002 7,282,785 9,562,242 ",
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"f36143": {
"value": "26. Debtors and other assets from commercial activities At Group level, Debtors and other assets from commercial activities are as follows: Thousand Euros Non-Current Current Dec 2022 Dec 2021 Dec 2022 Dec 2021 Assets measured at amortised cost: Amounts receivable from tariff adjustments - Electricity - Portugal 441,035 7,328 13,825 62,755 Amounts receivable from tariff adjustments - Electricity - Brazil (see note 38) 12,883 124,604 14,310 101,928 Debtors for other goods and services - - 67,521 39,134 Amounts receivable relating to CMEC 353,619 432,293 249,856 225,441 Amounts receivable from concessions - IFRIC 12 846,875 275,782 1,120,064 933,106 Other assets measured at amortised cost 214,071 118,955 318,137 404,138 Impairment losses on other assets measured at amortised cost Trade receivables at amortised cost: Trade receivables -82 -71 -3,024 -2,370 1,868,401 958,891 1,780,689 1,764,132 108,415 32,856 1,797,683 1,939,214 Impairment losses on trade receivables Assets measured at fair value through other comprehensive income: Amounts receivable from tariff adjustments - Electricity - Portugal -8,810 -3,225 -259,025 -232,100 99,605 29,631 1,538,658 1,707,114 23 483 1,141 563,563 Assets measured at fair value through profit or loss: Amounts receivable from concessions - IFRIC 12 1,012,104 693,785 - - Contract assets: Contract assets receivable from energy sales contracts 4 617 1,452,371 1,729,885 Contract assets receivable from concessions - IFRIC 12 Other assets: Incremental costs of obtaining contracts with customers 729,520 921,412 - - 729,524 922,029 1,452,371 1,729,885 32,219 34,130 7,677 - Other assets from commercial activities 30,250 29,557 107,684 163,310 62,469 63,687 115,361 163,310 3,772,126 2,668,506 4,888,220 5,928,004 The movement of the period in the captions Amounts receivable from concessions - IFRIC 12 and Contract assets receivable from concessions - IFRIC 12 is as follows: Amounts Contract Thousand Euros receivable assets Balance as at 31 December 2021 1,902,673 921,412 Investments of the period - 624,732 Transfer to intangible assets (see note 18) - -306,160 Transfer between Amounts receivable and Contract assets 752,020 -752,020 Exchange differences 91,747 107,624 Perimeter variations and others 232,603 133,932 Balance as at 31 December 2022 2,979,043 729,520 The Perimeter variations and others in the caption Amounts receivable from concessions - IFRIC 12 includes the impact of the acquisition of EDP Goi\u00e1s in the amount of 205,376 thousand Euros (see notes 6 and 49). 27. Other debtors and other assets Other debtors and other assets are as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Debtors and other assets - Non-Current Assets measured at amortised cost: Loans to subsidiaries - - 1,141,944 1,703,778 Loans to related parties 186,885 173,267 90 90 Guarantees rendered to third parties 133,931 102,766 - - Other financial assets at amortised cost (i) 1,751 8,002 256,650 512,042 Assets measured at fair value through profit or loss: Derivative financial instruments (see note 42) 1,035,814 712,710 1,590,973 1,439,961 Contingent price 50,873 155,216 - - Other assets: Excess of the pension fund financing (see note 35) 92,694 13,268 410 42 Other debtors and sundry operations 422,562 675,918 90,078 89,654 Debtors and other assets - Current Assets measured at amortised cost: Loans to subsidiaries 1,924,510 1,841,147 3,080,145 3,745,567 - - 538,550 968,218 Loans to related parties 354,484 100,261 3,490 - Guarantees rendered to third parties 992,370 640,380 720,465 466,453 Subsidiary companies - - 229,858 249,800 Other financial assets at amortised cost (i) 7,386 16,171 260,639 280,060 Assets measured at fair value through profit or loss: Derivative financial instruments (see note 42) 1,539,884 1,640,616 2,449,615 3,852,144 Other financial investments measured at fair value 346 1,858 - - Contingent price 108,636 4,004 - - Other assets: Other debtors and sundry operations 368,689 407,565 23 - 3,371,795 2,810,855 4,202,640 5,816,675 5,296,305 4,652,002 7,282,785 9,562,242 39. Other liabilities and other payables Other liabilities and other payables are as follows: Thousand Euros Gr oup Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Other liabilities and other payables - Non-Current Liabilities measured at amortised cost: Loans from non-controlling interests 659,367 430,001 - - Lease Liabilities 1,252,000 951,751 139,728 143,737 Liabilities measured at fair value through profit or loss: Derivative financial instruments (see note 42) 2,701,116 1,523,949 2,013,300 1,618,247 Amounts payable and contingent prices for acquisitions/sales 152,614 126,484 30,134 62,014 Other Liabilities: Other creditors and sundry operations 394,399 7,790 - - Other liabilities and other payables - Current Liabilities measured at amortised cost: Loans from non-controlling interests 5,159,496 3,039,975 2,183,162 1,823,998 17,582 42,754 - - Dividends attributed to related companies 77,182 68,124 - - Group companies - - 3,857 3,630 Lease Liabilities 135,792 97,697 12,603 12,617 Liabilities measured at fair value through profit or loss: Derivative financial instruments (see note 42) 3,052,590 2,417,295 3,192,332 3,168,309 Amounts payable and contingent prices for acquisitions/sales 274,974 139,396 32,325 51,335 Other Liabilities: Other creditors and sundry operations 42,773 15,835 152,185 194,561 3,600,893 2,781,101 3,393,302 3,430,452 8,760,389 5,821,076 5,576,464 5,254,450 42. Derivative financial instruments In accordance with IFRS 9, the Group classifies derivative financial instruments as fair value hedge of a recognised asset or liability (Fair value hedge), as cash flow hedge of recognised liabilities and highly probable future transactions (Cash flow hedge), as net investment hedge in foreign operations (Net investment hedge), or as held for trading, if or when they are not eligible for hedge accounting. The fair value of the derivative financial instruments in EDP Group is as follows: Thousand Euros Dec 2022 Dec 2021 Assets Liabilities Assets Liabilities Net Investment hedge Cross-currency interest rate swaps 36,986 -211,081 13,917 -64,452 Currency forwards 25,726 -84,063 2,898 -30,313 Fair value hedge Interest rate swaps 479 -34,407 39,022 - Cross-currency interest rate swaps 26,007 -47,711 48,263 -7,829 Cash flow hedge Interest rate swaps 114,670 -1,611 748 -9,142 Swaps related to gas commodity 557,885 -2,279,446 858,421 -1,904,607 Electricity swaps 306,998 -1,262,063 171,230 -645,611 Currency forwards (includes commodities forwards) 71,295 -37,437 84,135 -1,578 Trading Interest rate swaps 14,474 -10,625 515 -6,875 Cross-currency interest rate swaps 11,382 -48,289 8,959 -2,094 Commodity swaps and forwards 1,277,258 -1,680,641 1,061,750 -1,189,754 Currency forwards 81,990 -33,173 12,596 -8,616 CO2 forwards 2,196 -12,116 9,605 -32,981 Currency forwards associated to commodities 48,352 -11,043 41,267 -8,474 Commodity options - - - -28,918 2,575,698 -5,753,706 2,353,326 -3,941,244 As at 31 December 2022, EDP Group holds contracts for the purchase and sale of commodities traded on futures exchange market, namely Chicago Mercantile Exchange, Intercontinental Exchange, European Energy Exchange and OMIP, whose fair value of the contracted operations is settled on a daily basis, and therefore it is not included in the Statement of Financial Position. The notional of these futures contracts amounts to 4,264,301 thousand Euros with maturities ranged between 2023 and 2031 (31 December 2021: 2,971,782 thousand Euros), and the fair value held in EDP Group results and cash flow hedge reserves related to these operations are a negative amount of 102,517 thousand Euros and a positive amount of 280,621 thousand Euros, respectively (31 December 2021: negative amount of 129,223 thousand Euros and positive amount of 295,538 thousand Euros). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f36456": {
"value": "The movements in Impairment losses on trade receivables and other assets measured at amortised cost are as follows: Thousand Euros Trade receivables Other assets Non- Current Non- Current current current Balance as at 1 January 2021 8,771 253,067 2,894 1,406 Charge of the period 42 100,955 - 1,317 Reversal of impairment losses -615 -65,424 -1,688 -1,759 Charge-off -5,005 -40,432 -1,206 -2 Exchange differences 32 938 - 1 Perimeter variations/Other regularisations - -17,004 71 1,407 Balance as at 31 December 2021 3,225 232,100 71 2,370 Charge of the period 5,391 92,779 5 1,965 Reversal of impairment losses - -38,853 - -1,088 Charge-off - -21,505 - -213 Exchange differences 194 11,001 8 -13 Perimeter variations/Other regularisations - -16,497 -2 3 Balance as at 31 December 2022 8,810 259,025 82 3,024 The geographical market Trade receivables' breakdown and the credit risk analysis are disclosed in note 5, under the Counterparty credit risk management. As at 31 December 2022 and 2021, on a company basis, trade receivables are from Portugal geographical market. Contract assets receivable from energy sales contracts - Current include contract assets relating to energy delivered and not yet invoiced, amounts receivable from REN regarding the CMEC Revisibility of 2016 and 2017 which are awaiting approval, and accruals from UNGE's energy management business. The impairment losses on Trade receivables includes impairment losses related to Contract assets receivable from energy sales contracts. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f36565": {
"value": "27. Other debtors and other assets Other debtors and other assets are as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Debtors and other assets - Non-Current Assets measured at amortised cost: Loans to subsidiaries - - 1,141,944 1,703,778 Loans to related parties 186,885 173,267 90 90 Guarantees rendered to third parties 133,931 102,766 - - Other financial assets at amortised cost (i) 1,751 8,002 256,650 512,042 Assets measured at fair value through profit or loss: Derivative financial instruments (see note 42) 1,035,814 712,710 1,590,973 1,439,961 Contingent price 50,873 155,216 - - Other assets: Excess of the pension fund financing (see note 35) 92,694 13,268 410 42 Other debtors and sundry operations 422,562 675,918 90,078 89,654 Debtors and other assets - Current Assets measured at amortised cost: Loans to subsidiaries 1,924,510 1,841,147 3,080,145 3,745,567 - - 538,550 968,218 Loans to related parties 354,484 100,261 3,490 - Guarantees rendered to third parties 992,370 640,380 720,465 466,453 Subsidiary companies - - 229,858 249,800 Other financial assets at amortised cost (i) 7,386 16,171 260,639 280,060 Assets measured at fair value through profit or loss: Derivative financial instruments (see note 42) 1,539,884 1,640,616 2,449,615 3,852,144 Other financial investments measured at fair value 346 1,858 - - Contingent price 108,636 4,004 - - Other assets: Other debtors and sundry operations 368,689 407,565 23 - 3,371,795 2,810,855 4,202,640 5,816,675 5,296,305 4,652,002 7,282,785 9,562,242 Loans to subsidiaries - Non-Current and Current, for the Company, mainly includes 1,579,546 thousand Euros (31 December 2021: 1,503,659 thousand Euros) of loans granted to E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. (see note 44). For the Loans to subsidiaries, EDP S.A. performs an analysis to evaluate impairment based on the general approach. The company uses several inputs on making its assessment of the credit risk related to these assets, such as the analysis of the historical possible delays and/or impairment losses indications, companies rating (when applicable) and market and macroeconomic data that may change the probability of default and the expectation of delays in the receivable amounts. According to the analysis performed, as per 31 December 2022, impairment was recognized on granted loans to EDP GEM Portugal, S.A. (see note 20). The variation of the caption Loans to related parties - Current, on a consolidated basis, is mainly due to new loans granted to OW FS Offshore, S.A. in the amount of 319,246 thousand Euros, being the total amount of loans granted 326,814 thousand Euros at 31 December 2022. The variation in the item Guarantees rendered to third parties is essentially explained by the significant increase in electricity and gas prices, which originated the need to reinforce collateral/collateral usually requested for transactions in these markets. (i) Other financial assets at amortised cost On a consolidated basis, this caption mainly includes securities issued by Tagus - Sociedade de Titulariza\u00e7\u00e3o de Cr\u00e9ditos, SA, in the context of the transmission of the right to receive tariff adjustments (deviations and deficits) from the National Electric System for credit securitisation companies, acquired by SU Eletricidade, S.A. The detail of the balances arising from these operations is as follows: Thousand Euros Issue date Class R Notes Liquidity Notes Senior Notes Total Overcost from special regime production 2017 Dec 2017 112 - - 112 Overcost from special regime production 2018 Jun 2018 159 32 1,381 1,572 Overcost from special regime production 2019 Jun 2019 313 174 6,168 6,655 584 206 7,549 8,339 On a company basis, this caption includes the bonds issued by EDP Finance B.V. reacquired on market by EDP S.A. On November 2020, EDP S.A. has bought an amount of 53,357 thousand Euros of a private bond placement, issued by EDP Finance B.V. On 1 July 2021, EDP S.A. has bought an amount of 647,040 thousand Euros of nominal debt, related with four bonds issued by EDP Finance B.V. in a market operation, in the total amount of 675,544 thousand Euros. This amount includes a premium and transaction costs amounting to 22,901 thousand Euros and accrued interest as at the acquisition date. During 2022, EDP Finance B.V. repaid, at maturity, in the first quarter an issue of 858 million Euros, of which EDP S.A. had already reacquired 142,141 thousand Euros and in the fourth quarter an issue of 93 million Euros, of which EDP S.A. had already reacquired 53,357 thousand Euros. The detail of these bonds is as follows: Nominal value Acquired Fair Maturity Interest in Currency in Currency Value Issuer date Currency rate '000 '000 '000 EDP Finance B.V. 23 Mar 2023 EUR 2.38% 488,832 111,168 111,172 EDP Finance B.V. 29 Sep 2023 EUR 1.88% 462,465 137,535 136,337 EDP Finance B.V. 12 Feb 2024 EUR 1.13% 743,804 256,196 249,986 The variation of the caption Contingent prices mainly results from the reclassification from Non-Current to Current of the fair value of the contingent consideration in connection with the sale in 2018 and 2020 of a stake in the companies \u00c9oliennes en Mer Dieppe - Le Tr\u00e9port, S.A.S and \u00c9oliennes en Mer \u00celes d'Yeu et de Noirmoutier, SAS to Sumitomo Corporation and to OW Offshore S.L. The caption Other debtors and sundry operations - Non Current includes the financial consideration paid in advance in 2009 for the exploitation of the hydro power plants of Frid\u00e3o and other amounts invested in such hydro power plant (see note 4) and the amount receivable from the sale of its 50% stake in Hydro Global Investment Limited to China International Water & Electric Corporation in December 2022 (see notes 6 and 44). The variation of the caption Other debtors and sundry operations - Current is mainly: i) due to the receivable amount for the sale of the companies E\u00f3lica do Sincelo, S.A. and E\u00f3lica da Linha, S.A. in 2021, corresponding to 355,996 thousand Euros; ii) the reclassification of the amount of 377,148 thousand Euros, previously recorded under Other debtors and sundry operations- Non-Current, which corresponds to amounts receivable due to sale transactions of companies Rosewater Wind Farm LLC in 2020 and Indiana Crossroads Wind Farm LLC in 2021; and iii) the amount to be received of 178,269 thousand Euros for the sale of several wind farms in Brasil in 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f36566": {
"value": "27. Other debtors and other assets Other debtors and other assets are as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Debtors and other assets - Non-Current Assets measured at amortised cost: Loans to subsidiaries - - 1,141,944 1,703,778 Loans to related parties 186,885 173,267 90 90 Guarantees rendered to third parties 133,931 102,766 - - Other financial assets at amortised cost (i) 1,751 8,002 256,650 512,042 Assets measured at fair value through profit or loss: Derivative financial instruments (see note 42) 1,035,814 712,710 1,590,973 1,439,961 Contingent price 50,873 155,216 - - Other assets: Excess of the pension fund financing (see note 35) 92,694 13,268 410 42 Other debtors and sundry operations 422,562 675,918 90,078 89,654 Debtors and other assets - Current Assets measured at amortised cost: Loans to subsidiaries 1,924,510 1,841,147 3,080,145 3,745,567 - - 538,550 968,218 Loans to related parties 354,484 100,261 3,490 - Guarantees rendered to third parties 992,370 640,380 720,465 466,453 Subsidiary companies - - 229,858 249,800 Other financial assets at amortised cost (i) 7,386 16,171 260,639 280,060 Assets measured at fair value through profit or loss: Derivative financial instruments (see note 42) 1,539,884 1,640,616 2,449,615 3,852,144 Other financial investments measured at fair value 346 1,858 - - Contingent price 108,636 4,004 - - Other assets: Other debtors and sundry operations 368,689 407,565 23 - 3,371,795 2,810,855 4,202,640 5,816,675 5,296,305 4,652,002 7,282,785 9,562,242 Loans to subsidiaries - Non-Current and Current, for the Company, mainly includes 1,579,546 thousand Euros (31 December 2021: 1,503,659 thousand Euros) of loans granted to E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. (see note 44). For the Loans to subsidiaries, EDP S.A. performs an analysis to evaluate impairment based on the general approach. The company uses several inputs on making its assessment of the credit risk related to these assets, such as the analysis of the historical possible delays and/or impairment losses indications, companies rating (when applicable) and market and macroeconomic data that may change the probability of default and the expectation of delays in the receivable amounts. According to the analysis performed, as per 31 December 2022, impairment was recognized on granted loans to EDP GEM Portugal, S.A. (see note 20). The variation of the caption Loans to related parties - Current, on a consolidated basis, is mainly due to new loans granted to OW FS Offshore, S.A. in the amount of 319,246 thousand Euros, being the total amount of loans granted 326,814 thousand Euros at 31 December 2022. The variation in the item Guarantees rendered to third parties is essentially explained by the significant increase in electricity and gas prices, which originated the need to reinforce collateral/collateral usually requested for transactions in these markets. (i) Other financial assets at amortised cost On a consolidated basis, this caption mainly includes securities issued by Tagus - Sociedade de Titulariza\u00e7\u00e3o de Cr\u00e9ditos, SA, in the context of the transmission of the right to receive tariff adjustments (deviations and deficits) from the National Electric System for credit securitisation companies, acquired by SU Eletricidade, S.A. The detail of the balances arising from these operations is as follows: Thousand Euros Issue date Class R Notes Liquidity Notes Senior Notes Total Overcost from special regime production 2017 Dec 2017 112 - - 112 Overcost from special regime production 2018 Jun 2018 159 32 1,381 1,572 Overcost from special regime production 2019 Jun 2019 313 174 6,168 6,655 584 206 7,549 8,339 On a company basis, this caption includes the bonds issued by EDP Finance B.V. reacquired on market by EDP S.A. On November 2020, EDP S.A. has bought an amount of 53,357 thousand Euros of a private bond placement, issued by EDP Finance B.V. On 1 July 2021, EDP S.A. has bought an amount of 647,040 thousand Euros of nominal debt, related with four bonds issued by EDP Finance B.V. in a market operation, in the total amount of 675,544 thousand Euros. This amount includes a premium and transaction costs amounting to 22,901 thousand Euros and accrued interest as at the acquisition date. During 2022, EDP Finance B.V. repaid, at maturity, in the first quarter an issue of 858 million Euros, of which EDP S.A. had already reacquired 142,141 thousand Euros and in the fourth quarter an issue of 93 million Euros, of which EDP S.A. had already reacquired 53,357 thousand Euros. The detail of these bonds is as follows: Nominal value Acquired Fair Maturity Interest in Currency in Currency Value Issuer date Currency rate '000 '000 '000 EDP Finance B.V. 23 Mar 2023 EUR 2.38% 488,832 111,168 111,172 EDP Finance B.V. 29 Sep 2023 EUR 1.88% 462,465 137,535 136,337 EDP Finance B.V. 12 Feb 2024 EUR 1.13% 743,804 256,196 249,986 The variation of the caption Contingent prices mainly results from the reclassification from Non-Current to Current of the fair value of the contingent consideration in connection with the sale in 2018 and 2020 of a stake in the companies \u00c9oliennes en Mer Dieppe - Le Tr\u00e9port, S.A.S and \u00c9oliennes en Mer \u00celes d'Yeu et de Noirmoutier, SAS to Sumitomo Corporation and to OW Offshore S.L. The caption Other debtors and sundry operations - Non Current includes the financial consideration paid in advance in 2009 for the exploitation of the hydro power plants of Frid\u00e3o and other amounts invested in such hydro power plant (see note 4) and the amount receivable from the sale of its 50% stake in Hydro Global Investment Limited to China International Water & Electric Corporation in December 2022 (see notes 6 and 44). The variation of the caption Other debtors and sundry operations - Current is mainly: i) due to the receivable amount for the sale of the companies E\u00f3lica do Sincelo, S.A. and E\u00f3lica da Linha, S.A. in 2021, corresponding to 355,996 thousand Euros; ii) the reclassification of the amount of 377,148 thousand Euros, previously recorded under Other debtors and sundry operations- Non-Current, which corresponds to amounts receivable due to sale transactions of companies Rosewater Wind Farm LLC in 2020 and Indiana Crossroads Wind Farm LLC in 2021; and iii) the amount to be received of 178,269 thousand Euros for the sale of several wind farms in Brasil in 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f36567": {
"value": "27. Other debtors and other assets Other debtors and other assets are as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Debtors and other assets - Non-Current Assets measured at amortised cost: Loans to subsidiaries - - 1,141,944 1,703,778 Loans to related parties 186,885 173,267 90 90 Guarantees rendered to third parties 133,931 102,766 - - Other financial assets at amortised cost (i) 1,751 8,002 256,650 512,042 Assets measured at fair value through profit or loss: Derivative financial instruments (see note 42) 1,035,814 712,710 1,590,973 1,439,961 Contingent price 50,873 155,216 - - Other assets: Excess of the pension fund financing (see note 35) 92,694 13,268 410 42 Other debtors and sundry operations 422,562 675,918 90,078 89,654 Debtors and other assets - Current Assets measured at amortised cost: Loans to subsidiaries 1,924,510 1,841,147 3,080,145 3,745,567 - - 538,550 968,218 Loans to related parties 354,484 100,261 3,490 - Guarantees rendered to third parties 992,370 640,380 720,465 466,453 Subsidiary companies - - 229,858 249,800 Other financial assets at amortised cost (i) 7,386 16,171 260,639 280,060 Assets measured at fair value through profit or loss: Derivative financial instruments (see note 42) 1,539,884 1,640,616 2,449,615 3,852,144 Other financial investments measured at fair value 346 1,858 - - Contingent price 108,636 4,004 - - Other assets: Other debtors and sundry operations 368,689 407,565 23 - 3,371,795 2,810,855 4,202,640 5,816,675 5,296,305 4,652,002 7,282,785 9,562,242 Loans to subsidiaries - Non-Current and Current, for the Company, mainly includes 1,579,546 thousand Euros (31 December 2021: 1,503,659 thousand Euros) of loans granted to E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. (see note 44). For the Loans to subsidiaries, EDP S.A. performs an analysis to evaluate impairment based on the general approach. The company uses several inputs on making its assessment of the credit risk related to these assets, such as the analysis of the historical possible delays and/or impairment losses indications, companies rating (when applicable) and market and macroeconomic data that may change the probability of default and the expectation of delays in the receivable amounts. According to the analysis performed, as per 31 December 2022, impairment was recognized on granted loans to EDP GEM Portugal, S.A. (see note 20). The variation of the caption Loans to related parties - Current, on a consolidated basis, is mainly due to new loans granted to OW FS Offshore, S.A. in the amount of 319,246 thousand Euros, being the total amount of loans granted 326,814 thousand Euros at 31 December 2022. The variation in the item Guarantees rendered to third parties is essentially explained by the significant increase in electricity and gas prices, which originated the need to reinforce collateral/collateral usually requested for transactions in these markets. (i) Other financial assets at amortised cost On a consolidated basis, this caption mainly includes securities issued by Tagus - Sociedade de Titulariza\u00e7\u00e3o de Cr\u00e9ditos, SA, in the context of the transmission of the right to receive tariff adjustments (deviations and deficits) from the National Electric System for credit securitisation companies, acquired by SU Eletricidade, S.A. The detail of the balances arising from these operations is as follows: Thousand Euros Issue date Class R Notes Liquidity Notes Senior Notes Total Overcost from special regime production 2017 Dec 2017 112 - - 112 Overcost from special regime production 2018 Jun 2018 159 32 1,381 1,572 Overcost from special regime production 2019 Jun 2019 313 174 6,168 6,655 584 206 7,549 8,339 On a company basis, this caption includes the bonds issued by EDP Finance B.V. reacquired on market by EDP S.A. On November 2020, EDP S.A. has bought an amount of 53,357 thousand Euros of a private bond placement, issued by EDP Finance B.V. On 1 July 2021, EDP S.A. has bought an amount of 647,040 thousand Euros of nominal debt, related with four bonds issued by EDP Finance B.V. in a market operation, in the total amount of 675,544 thousand Euros. This amount includes a premium and transaction costs amounting to 22,901 thousand Euros and accrued interest as at the acquisition date. During 2022, EDP Finance B.V. repaid, at maturity, in the first quarter an issue of 858 million Euros, of which EDP S.A. had already reacquired 142,141 thousand Euros and in the fourth quarter an issue of 93 million Euros, of which EDP S.A. had already reacquired 53,357 thousand Euros. The detail of these bonds is as follows: Nominal value Acquired Fair Maturity Interest in Currency in Currency Value Issuer date Currency rate '000 '000 '000 EDP Finance B.V. 23 Mar 2023 EUR 2.38% 488,832 111,168 111,172 EDP Finance B.V. 29 Sep 2023 EUR 1.88% 462,465 137,535 136,337 EDP Finance B.V. 12 Feb 2024 EUR 1.13% 743,804 256,196 249,986 The variation of the caption Contingent prices mainly results from the reclassification from Non-Current to Current of the fair value of the contingent consideration in connection with the sale in 2018 and 2020 of a stake in the companies \u00c9oliennes en Mer Dieppe - Le Tr\u00e9port, S.A.S and \u00c9oliennes en Mer \u00celes d'Yeu et de Noirmoutier, SAS to Sumitomo Corporation and to OW Offshore S.L. The caption Other debtors and sundry operations - Non Current includes the financial consideration paid in advance in 2009 for the exploitation of the hydro power plants of Frid\u00e3o and other amounts invested in such hydro power plant (see note 4) and the amount receivable from the sale of its 50% stake in Hydro Global Investment Limited to China International Water & Electric Corporation in December 2022 (see notes 6 and 44). The variation of the caption Other debtors and sundry operations - Current is mainly: i) due to the receivable amount for the sale of the companies E\u00f3lica do Sincelo, S.A. and E\u00f3lica da Linha, S.A. in 2021, corresponding to 355,996 thousand Euros; ii) the reclassification of the amount of 377,148 thousand Euros, previously recorded under Other debtors and sundry operations- Non-Current, which corresponds to amounts receivable due to sale transactions of companies Rosewater Wind Farm LLC in 2020 and Indiana Crossroads Wind Farm LLC in 2021; and iii) the amount to be received of 178,269 thousand Euros for the sale of several wind farms in Brasil in 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f36572": {
"value": "27. Other debtors and other assets Other debtors and other assets are as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Debtors and other assets - Non-Current Assets measured at amortised cost: Loans to subsidiaries - - 1,141,944 1,703,778 Loans to related parties 186,885 173,267 90 90 Guarantees rendered to third parties 133,931 102,766 - - Other financial assets at amortised cost (i) 1,751 8,002 256,650 512,042 Assets measured at fair value through profit or loss: Derivative financial instruments (see note 42) 1,035,814 712,710 1,590,973 1,439,961 Contingent price 50,873 155,216 - - Other assets: Excess of the pension fund financing (see note 35) 92,694 13,268 410 42 Other debtors and sundry operations 422,562 675,918 90,078 89,654 Debtors and other assets - Current Assets measured at amortised cost: Loans to subsidiaries 1,924,510 1,841,147 3,080,145 3,745,567 - - 538,550 968,218 Loans to related parties 354,484 100,261 3,490 - Guarantees rendered to third parties 992,370 640,380 720,465 466,453 Subsidiary companies - - 229,858 249,800 Other financial assets at amortised cost (i) 7,386 16,171 260,639 280,060 Assets measured at fair value through profit or loss: Derivative financial instruments (see note 42) 1,539,884 1,640,616 2,449,615 3,852,144 Other financial investments measured at fair value 346 1,858 - - Contingent price 108,636 4,004 - - Other assets: Other debtors and sundry operations 368,689 407,565 23 - 3,371,795 2,810,855 4,202,640 5,816,675 5,296,305 4,652,002 7,282,785 9,562,242 39. Other liabilities and other payables Other liabilities and other payables are as follows: Thousand Euros Gr oup Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Other liabilities and other payables - Non-Current Liabilities measured at amortised cost: Loans from non-controlling interests 659,367 430,001 - - Lease Liabilities 1,252,000 951,751 139,728 143,737 Liabilities measured at fair value through profit or loss: Derivative financial instruments (see note 42) 2,701,116 1,523,949 2,013,300 1,618,247 Amounts payable and contingent prices for acquisitions/sales 152,614 126,484 30,134 62,014 Other Liabilities: Other creditors and sundry operations 394,399 7,790 - - Other liabilities and other payables - Current Liabilities measured at amortised cost: Loans from non-controlling interests 5,159,496 3,039,975 2,183,162 1,823,998 17,582 42,754 - - Dividends attributed to related companies 77,182 68,124 - - Group companies - - 3,857 3,630 Lease Liabilities 135,792 97,697 12,603 12,617 Liabilities measured at fair value through profit or loss: Derivative financial instruments (see note 42) 3,052,590 2,417,295 3,192,332 3,168,309 Amounts payable and contingent prices for acquisitions/sales 274,974 139,396 32,325 51,335 Other Liabilities: Other creditors and sundry operations 42,773 15,835 152,185 194,561 3,600,893 2,781,101 3,393,302 3,430,452 8,760,389 5,821,076 5,576,464 5,254,450 42. Derivative financial instruments In accordance with IFRS 9, the Group classifies derivative financial instruments as fair value hedge of a recognised asset or liability (Fair value hedge), as cash flow hedge of recognised liabilities and highly probable future transactions (Cash flow hedge), as net investment hedge in foreign operations (Net investment hedge), or as held for trading, if or when they are not eligible for hedge accounting. The fair value of the derivative financial instruments in EDP Group is as follows: Thousand Euros Dec 2022 Dec 2021 Assets Liabilities Assets Liabilities Net Investment hedge Cross-currency interest rate swaps 36,986 -211,081 13,917 -64,452 Currency forwards 25,726 -84,063 2,898 -30,313 Fair value hedge Interest rate swaps 479 -34,407 39,022 - Cross-currency interest rate swaps 26,007 -47,711 48,263 -7,829 Cash flow hedge Interest rate swaps 114,670 -1,611 748 -9,142 Swaps related to gas commodity 557,885 -2,279,446 858,421 -1,904,607 Electricity swaps 306,998 -1,262,063 171,230 -645,611 Currency forwards (includes commodities forwards) 71,295 -37,437 84,135 -1,578 Trading Interest rate swaps 14,474 -10,625 515 -6,875 Cross-currency interest rate swaps 11,382 -48,289 8,959 -2,094 Commodity swaps and forwards 1,277,258 -1,680,641 1,061,750 -1,189,754 Currency forwards 81,990 -33,173 12,596 -8,616 CO2 forwards 2,196 -12,116 9,605 -32,981 Currency forwards associated to commodities 48,352 -11,043 41,267 -8,474 Commodity options - - - -28,918 2,575,698 -5,753,706 2,353,326 -3,941,244 As at 31 December 2022, EDP Group holds contracts for the purchase and sale of commodities traded on futures exchange market, namely Chicago Mercantile Exchange, Intercontinental Exchange, European Energy Exchange and OMIP, whose fair value of the contracted operations is settled on a daily basis, and therefore it is not included in the Statement of Financial Position. The notional of these futures contracts amounts to 4,264,301 thousand Euros with maturities ranged between 2023 and 2031 (31 December 2021: 2,971,782 thousand Euros), and the fair value held in EDP Group results and cash flow hedge reserves related to these operations are a negative amount of 102,517 thousand Euros and a positive amount of 280,621 thousand Euros, respectively (31 December 2021: negative amount of 129,223 thousand Euros and positive amount of 295,538 thousand Euros). The management of financial risk of EDP, S.A. and other EDP Group companies, is carried out centrally by EDP, S.A. (note 5). On this basis, EDP, S.A. negotiates derivative financial instruments with external entities to hedge its own individual business risks, as well as for other companies of the Group, performing for these entities\u2019 as an intermediate in their contracting. The fair value of the derivative financial instruments at Company level is as follows: Thousand Euros Dec 2 022 Dec 2021 Assets Liabilities Assets Liabilities Cash flow hedge Interest rate swaps 92,527 -57,498 - - Swaps related to gas commodity -187,698 -1,260,430 107,577 -934,872 Electricity swaps 438,952 -142,417 593,502 -82,172 Currency forwards (includes commodities forwards) 60,352 8,382 61,439 -219 Trading Interest rate swaps 36,637 -35,203 38,271 -43,221 Cross-currency interest rate swaps 165,562 -217,572 107,185 -87,542 Commodity swaps 3,143,029 -3,186,752 4,215,967 -3,465,075 Currency forwards 189,713 -189,713 36,494 -31,827 Commodity forwards 33,618 -92,557 59,877 -73,180 Currency forwards associated to commodities 67,896 -31,872 42,875 -10,591 Commodity options - - 28,918 -57,857 4,040,588 -5,205,632 5,292,105 -4,786,556 During the application of hedge accounting with pre-existing derivatives, the value of the Currency forwards associated to commodities has a positive value that corresponds to the variation in the fair value of the instruments since the date of designation, while the contracts as a whole they represent a liability; The asset value of Swaps related to gas commodities has a negative value that corresponds to the change in the fair value of the instruments since the designation date, while the contracts as a whole represent an asset. The fair value of derivative financial instruments is booked in Other debtors and other assets (see note 27) and Other liabilities and other payables (see note 39), according to its nature. Fair value of derivative financial instruments is based on listed market prices, whenever available, or on valuations determined through valuation models that use variables observable on the market. Therefore, according to IFRS 13 requirements, the fair value of the derivative financial instruments is classified as of level 2 (see note 45) and no changes of level were made during this period. These valuation models are based on generally accepted discounted cash flow techniques and option valuation models, using market data obtained through financial information platforms. Derivative financial instruments classified as trading are financial hedging instruments contracted for economic hedging at EDP Group level (see note 5), however such instruments are not eligible for hedge accounting under IFRS. In 2022, the notional amounts per measurement unit of the derivative financial instruments in EDP Group, are as follows: Thousand Units Unit 2023 2024 2025 2026 Following years Total Net Investment hedge Cross-currency interest rate swaps Euros 91,158 878,454 - 436,740 1,638,223 3,044,575 Currency forwards Euros 2,095,122 133,660 - - - 2,228,782 Fair value hedge Interest rate swaps Euros - - 600,000 - - 600,000 Cross-currency interest rate swaps Euros - 410,314 - - 82,971 493,285 Cash flow hedge Interest rate swaps Euros 157,487 53,280 50,522 52,268 2,169,398 2,482,955 Swaps related to gas commodity MWh 47,400 33,375 13,989 1,044 87 95,895 Electricity swaps MWh 127,711 119,474 106,614 68,044 570,945 992,788 Currency forwards (includes 137,503 82,878 - - 1,490,591 commodities forwards) Euros 1,270,210 Trading Interest rate swaps Euros 700 726 300,753 970 9,687 312,836 Cross-currency interest rate swaps Euros 200,319 32,566 - - - 232,885 Swaps related to gas commodity MWh 27,354 5,670 - - - 33,024 Electricity swaps and forwards MWh 29,014 24,389 19,475 12,347 40,556 125,781 Currency forwards Euros 1,595,331 29,497 4,000 4,000 - 1,632,828 CO2 forwards MT 469 - - - - 469 Currency forwards for commodities Euros 353,858 149,580 - - - 503,438 In 2021, the notional amounts per measurement unit of the derivative financial instruments in EDP Group, were as follows: Thousand Units Unit 2022 2023 2024 2025 Following years Total Net Investment hedge Cross-currency interest rate swaps Euros 84,861 52,687 877,009 - 686,740 1,701,297 Currency forwards Euros 1,627,944 - - - - 1,627,944 Fair value hedge Interest rate swaps Euros 857,859 - - 600,000 - 1,457,859 Cross-currency interest rate swaps Euros - - 410,314 - 80,891 491,205 Cash flow hedge Interest rate swaps Euros 49,412 27,929 26,694 9,795 175,102 288,932 Swaps related to gas commodity MWh 62,576 38,639 26,869 12,792 - 140,876 Electricity swaps MWh 7,352 5,759 4,637 2,868 13,451 34,067 Currency forwards for commodities Euros 775,620 451,303 105,768 82,878 - 1,415,570 Trading Interest rate swaps Euros 675 700 726 379,611 121,657 503,369 Cross-currency interest rate swaps Euros 131,707 165,909 - - - 297,616 Swaps related to gas commodity MWh 38,422 25,354 9,963 - - 73,739 Electricity swaps and forwards MWh 28,499 19,215 12,631 8,449 3,602 72,396 Currency forwards Euros 1,986,790 16,613 - - - 2,003,403 CO2 forwards MT 1,861 467 - - - 2,328 Currency forwards for commodities Euros 269,801 236,508 149,580 - - 655,889 Options purchased and sold MWh 1,533 - - - - 1,533 In 2022, the notional amounts per measurement unit of the derivative financial instruments at Company level, are as follows: Thousand Units Unit 2023 2024 2025 2026 Following years Total Cash flow hedge Interest rate swaps Euros - - - - 3,321,992 3,321,992 Swaps related to gas commodity MWh 29,096 22,589 13,836 1,044 87 66,652 Electricity swaps MWh 3,682 1,747 1,774 1,803 14,452 23,458 Currency forwards (includes commodities forwards) Euros 93,236 105,768 82,878 - - 281,882 \"Forwards\" de CO2 MT 425 175 175 175 - 950 Trading Interest rate swaps Euros - - 1,500,000 - - 1,500,000 Cross-currency interest rate swaps Euros 540,392 1,838,068 - 875,516 2,226,730 5,480,706 Swaps related to gas commodity MWh 70,332 30,497 307 - - 101,136 Coal swaps MT 1,722 - - - - 1,722 Electricity swaps MWh 4,633 2,346 2,296 2,245 11,809 23,329 Currency forwards Euros 6,286,550 362,690 8,000 8,000 - 6,665,240 CO2 forwards MT 14,205 - - - - 14,205 Currency forwards for commodities Euros 1,086,421 149,580 - - - 1,236,001 In 2021, the notional amounts per measurement unit of the derivative financial instruments at Company level, were as follows: Thousand Units Unit 2022 2023 2024 2025 Following years Total Cash flow hedge Swaps related to gas commodity MWh 23,658 20,801 16,253 12,792 - 73,504 Electricity swaps MWh 3,346 4,017 3,654 3,359 11,869 26,245 Currency forwards for commodities Euros 126,282 93,236 105,768 82,878 - 408,164 Trading Interest rate swaps Euros 1,857,859 - - 1,500,000 - 3,357,859 Cross-currency interest rate swaps Euros 1,238,569 378,555 1,587,769 - 686,740 3,891,633 Swaps related to gas commodity MWh 117,153 64,232 33,682 - - 215,067 Coal swaps MT 690 - - - - 690 Electricity swaps MWh 14,611 6,298 4,554 4,016 15,808 45,287 Currency forwards Euros 5,766,759 614,890 - - - 6,381,649 CO2 forwards MT 7,018 1,308 250 - - 8,576 Currency forwards for commodities Euros 475,807 266,753 149,580 - - 892,141 Options purchased and sold MWh 4,577 - - - - 4,577 In 2022, the future undiscounted cash flows of the derivative financial instruments in EDP Group, are as follows: Thousand Euros 2023 2024 2025 2026 Following years Total Net Investment hedge Cross-currency interest rate swaps -65,243 -88,562 -35,086 -51,774 -117,093 -357,758 Currency forwards Fair value hedge Interest rate swaps -59,868 1,531 - - - -58,337 -125,111 -87,031 -35,086 -51,774 -117,093 -416,095 -10,364 -12,262 -4,032 - - -26,658 Cross-currency interest rate swaps Cash flow hedge Interest rate swaps 6,728 -18,800 -1 -6 1 -12,078 -3,636 -31,062 -4,033 -6 1 -38,736 8,191 -8,182 -34,742 -35,099 -64,055 -133,887 Swaps related to gas commodity -1,266,828 -720,531 -210,941 -5,441 -879 -2,204,620 Electricity swaps -207,331 -117,583 -136,435 -38,685 -430,713 -930,747 Currency forwards (includes commodities forwards) Trading Interest rate swaps -166 25,453 6,437 - - 31,724 -1,466,134 -820,843 -375,681 -79,225 -495,647 -3,237,530 725 722 401 6,956 5,324 14,128 Cross-currency interest rate swaps 4,134 -24,123 - - - -19,989 Commodity swaps and forwards -67,636 63,166 18,453 5,878 -43,805 -23,944 CO2 forwards -10,236 - - - - -10,236 Currency forwards 51,309 272 -274 -321 - 50,986 Currency forwards for commodities 18,731 18,578 - - - 37,309 -2,973 58,615 18,580 12,513 -38,481 48,254 -1,597,854 -880,321 -396,220 -118,492 -651,220 -3,644,107 In 2021, the future undiscounted cash flows of the derivative financial instruments in EDP Group, are as follows: Thousand Euros 2022 2023 2024 2025 Following years Total Net Investment hedge Cross-currency interest rate swaps -33,806 -33,222 -14,954 -14,863 -39,498 -136,343 Currency forwards -27,946 - - - - -27,946 -61,752 -33,222 -14,954 -14,863 -39,498 -164,289 Fair value hedge Interest rate swaps 26,135 7,453 7,460 5,793 - 46,841 Cross-currency interest rate swaps 18,700 18,730 6,134 - 9,331 52,895 44,835 26,183 13,594 5,793 9,331 99,736 Cash flow hedge Interest rate swaps -6,141 -4,856 -4,117 -3,404 -20,202 -38,720 Swaps related to gas commodity -488,014 -384,245 -133,743 -36,541 - -1,042,543 Electricity swaps -238,650 -101,847 -78,103 -57,666 1,590 -474,676 Currency forwards for commodities 39,311 24,597 19,539 345 - 83,792 -693,494 -466,351 -196,424 -97,266 -18,612 -1,472,147 Trading Interest rate swaps -1,009 -1,029 -1,032 -1,099 515 -3,654 Cross-currency interest rate swaps -3,552 2,687 - - - -865 Commodity swaps and forwards -56,611 -68,809 -4,980 13,049 -9,821 -127,172 CO2 forwards -13,574 -9,672 - - - -23,246 Currency forwards 3,278 -3 - - - 3,275 Currency forwards for commodities 10,135 11,084 11,574 - - 32,793 Options purchased and sold -28,918 - - - - -28,918 -90,251 -65,742 5,562 11,950 -9,306 -147,787 -800,662 -539,132 -192,222 -94,386 -58,085 -1,684,487 In 2022, the future undiscounted cash flows of the derivative financial instruments at Company level, are as follows: Thousand Euros 2023 2024 2025 2026 Following Years Total Cash flow hedge Swaps related to gas commodity 723 -7,772 -7,706 -7,716 -16,172 -38,643 Gas swaps -778,018 -433,267 -208,431 -5,441 -879 -1,426,036 Electricity swaps 45,437 138,742 54,225 29,102 54,147 321,653 Commodity forwards 3,529 -1,347 -1,077 -1,040 - 65 Currency forwards (includes commodities 23,578 26,860 6,437 - - 56,875 forwards) Trading -704,751 -276,784 -156,552 14,905 37,096 -1,086,086 Interest rate swaps 627 629 313 - - 1,569 Cross-currency interest rate swaps -9,988 30 -2,382 -1,452 -31,702 -45,494 Commodity swaps -11,308 -56,806 -18,052 -10,245 -17,799 -114,210 Commodity forwards -47,585 - - - - -47,585 Currency forwards for commodities 17,446 18,578 - - - 36,024 -50,808 -37,569 -20,121 -11,697 -49,501 -169,696 -755,559 -314,353 -176,673 3,208 -12,405 -1,255,782 In 2021, the future undiscounted cash flows of the derivative financial instruments at Company level, are as follows: Thousand Euros 2022 2023 2024 2025 Following Years Total Cash flow hedge Swaps related to gas commodity -482,194 -226,577 -80,941 -36,535 - -826,247 Electricity swaps 309,822 179,373 66,580 13,192 -60,364 508,603 Currency forwards for commodities 24,849 16,492 19,535 345 - 61,221 -147,523 -30,712 5,174 -22,998 -60,364 -256,423 Trading Interest rate swaps -4,260 -1,029 -1,032 -515 - -6,836 Cross-currency interest rate swaps 54,684 -25,601 -11,202 -14,863 -39,498 -36,480 Commodity swaps 782,678 7,393 -21,008 -17,060 4,692 756,695 Currency forwards - - - - - - Commodity forwards -6,028 -8,276 1,078 - - -13,226 Currency forwards for commodities 10,592 10,781 12,105 - 610 34,088 Commodity options purchased and sold -28,939 - - - - -28,939 808,727 -16,732 -20,059 -32,438 -34,196 705,302 661,204 -47,444 -14,885 -55,436 -94,560 448,879 The changes in the fair value, including accrued interest, of hedging instruments and risks being hedged are as follows: Thousand Euros Hedging instrument Hedged risk 2022 2021 Changes in far value Changes in fair value Instrument Risk Instrument Risk Net investment (i) Cross-curr. int. rate swaps Subsidiaries in RON, BRL, GBP, USD, CAD, SGD and COP -154,482 104,984 -143,166 166,650 Fair value Interest rate swap Interest rate -72,950 72,950 -31,493 31,493 Fair value Cross-curr. int. rate swaps Exchange and interest rate -62,138 58,123 17,088 -10,223 Cash flow Interest rate swap Interest rate 121,453 -121,453 14,171 -14,171 Cash flow Currency forwards Exchange rate -48,699 48,699 51,281 -51,281 Cash flow (ii) Commodity swaps Commodity prices -1,156,059 1,125,021 -1,507,088 1,476,050 -1,372,875 1,288,324 -1,599,207 1,598,518 (i) Fair value variation of the hedging instrument on Cross currency interest rate swaps for Net investment includes a negative amount of 25,450 thousand Euros related to the cost of hedging (19,387 thousand Euros net of tax effect), recorded in reserves (see note 32), and ineffectiveness of a negative amount of 24,048 thousand Euros. (ii) Relating to December 2022, fair value variation of the hedging instrument on Commodity swaps for Cash flow includes a negative amount of 31,103 thousand Euros related to ineffectiveness. Considering that hedging derivative financial instruments are contracted with a high correlation of critical terms, namely in the same currency and at the same indexes, the hedge ratio between the hedging instruments and the hedged instruments is 1:1. As at 31 December 2022 and 2021, the following market inputs were considered for the fair value calculation: Cross-curr. int. rate swaps Interest rate swaps Currency forwards Commodity swaps Interest rates: Euribor 3M, Euribor 6M, Libor 3M, Libor 6M, Daily CDI, Wibor 3M, Wibor 6M, CAD Libor 3M e Robor 3M; and exchange rates: EUR/GBP, EUR/BRL, EUR/CAD, EUR/COP, EUR/USD, USD/EUR. Interest rates: Euribor 3M, Euribor 6M, Wibor 6M, US Libor 3M e CAD Libor 3M, COOVIBR, Daily CDI, IPCA and SOFTRATE. Exchange rates: EUR/USD, EUR/PLN, EUR/BRL, EUR/HUF, EUR/CAD, EUR/COP, EUR/JPY, EUR/KRW, EUR/TWD,GBP/EUR, SGD/EUR, USD/CAD, USD/EUR, USD/HUF, USD/PLN, VND/USD. Market quotes of commodities: Brent, NBP Natural Gas, Electricity, Henry Hub, TTF, Coal, CO2, JKM and Mibgas. The changes in the fair value reserve related to cash flow hedges in 2022 and 2021 by nature of derivative financial instruments in EDP Group, were as follows: Thousand Euros Interest rate swaps Commodity swaps Currency forwards for commod. Gross Amount Deferred Tax Total Balance as at 1 January 2021 -7,210 -15,790 16,935 -6,065 1,697 -4,368 Fair value changes -16,240 -1,110,047 31,179 -1,095,108 283,263 -811,845 Transfer to results from hedging -923 24,579 13,841 37,497 -3,339 34,158 Comprehensive Income changes in associates 339 - - 339 856 1,195 Balance as at 31 December 2021 -24,034 -1,101,258 61,955 -1,063,337 282,477 -780,860 Fair value changes 155,175 1,008,064 -49,067 1,114,172 -416,901 697,271 Transfer to results from hedging -243 -1,884,486 37,179 -1,847,550 431,581 -1,415,969 Comprehensive Income changes in associates 14,995 - - 14,995 -10,539 4,456 Balance as at 31 December 2022 145,893 -1,977,680 50,067 -1,781,720 286,618 -1,495,102 The changes in the fair value reserve related to cash flow hedges in 2022 and 2021 by nature of derivative financial instruments at Company level, were as follows: Thousand Euros Interest rate swaps Commodity swaps Currency forwards for commod. Gross Amount Deferred Tax Total Balance as at 1 January 2021 - 52,891 32,001 84,892 -19,139 65,753 Fair value changes - 1,545,107 43,737 1,588,844 -357,490 1,231,354 Transfer to results from hedging - -1,105,974 - 14 518 -1,120,492 252,111 -868,381 Balance as at 31 December 2021 - 492,024 61,220 553,244 -124,518 428,726 Fair value changes 35,029 -662,315 44,692 -582,594 130,644 -451,950 Transfer to results from hedging - -698,148 -37,179 -735,327 154,419 -580,908 Balance as at 31 December 2022 35,029 -868,439 68,733 -764,677 160,545 -604,132 Changes in fair value for the period, on consolidated and individual basis, in the fair value reserve include: (i) future contracts for the purchase and sale of commodities traded on futures exchange market whose fair values are settled on a daily basis, and therefor are not in the statement of financial position; and (ii) fair value variation of derivative financial instruments contracted and settled within the same period. The gains and losses on the financial instruments portfolio, excluding accrued interest, booked in the Income Statement in 2022 and 2021 are as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Commodity derivatives held for trading 323,710 -330,148 640,786 -192,825 Debt derivatives held for trading -23,659 35,940 18,747 28,587 Net investment hedge - ineffectiveness -24,048 -1,090 - - Fair value hedges: -Derivatives -96,760 -24,012 - - -Hedged liabilities 108,871 43,915 - - Cash flow hedges: -Transfer to results from hedging of financial liabilities -243 -923 - - -Transfer to results from hedging of commodity prices -1,728,411 38,420 735,327 1,120,492 -1,440,540 -237,898 1,394,860 956,254 The amount transferred to the Income Statement related to the hedging of commodity derivatives is included in the caption of Revenues and cost of Energy Sales and Services and Other. The effective interest rates of the derivative financial instruments relating to financing operations in EDP Group at 31 December 2022 are as follows: Notional Euro'000 Currency EDP Pays EDP Receives Interest rate contracts: Interest rate swaps (i) 917,089 EUR [ 3.67% - 0.00% ] [ 1.05% - -2.70% ] Interest rate swaps (ii) 1,000,000 EUR n.a. n.a. Interest rate swaps (ii) 938,496 USD n.a. n.a. Interest rate swaps 318,456 USD [ 1.86% - 1.23% ] [ -4.12% - -4.63% ] Interest rate swaps 28,322 PLN [ 2.48% ] [ -7.46% ] Interest rate swaps 314 BRL [ 14.02% - 13.62% ] [ 10.04% - 9.29% ] Interest rate swaps 11,830 CAD [ 2.75% - 2.59% ] [ -4.20% - -4.88% ] Interest rate swaps 163,837 SGD [ 4.45% - 1.81% ] [ 5.15% - 3.10% ] Currency and interest rate contracts: CIRS (currency interest rate swaps) (i) 451,306 EUR/GBP [ 5.26% - 1.35% ] [ 8.63% - 0.00% ] CIRS (currency interest rate swaps) 170,398 EUR/PLN [ 10.05% - 7.16% ] [ 5.12% - 1.58% ] CIRS (currency interest rate swaps) 15,990 EUR/BRL [ 5.95% ] [ -0.44% ] CIRS (currency interest rate swaps) 5,645 EUR/COP [ 4.15% ] [ 2.13% ] CIRS (currency interest rate swaps) 95,378 EUR/CAD [ 5.16% - 4.41% ] [ 2.20% - 1.56% ] CIRS (currency interest rate swaps) (i) 107,391 USD/BRL [ 14.95% - 13.22% ] [ 3.73% - 0.62% ] CIRS (currency interest rate swaps) (i) 2,927,563 USD/EUR [ 5.30% - 2.30% ] [ 3.88% - 0.38% ] (i) EDP pays floating rate and receives fixed rate; (ii) Pre-hedging strategy. The contracts star at a future date. The effective interest rates of the derivative financial instruments relating to financing operations in EDP Group at 31 December 2021 were as follows: Notional Euro'000 Currency EDP Pays EDP Receives Interest rate contracts: Interest rate swaps Euro'000 1,835,976 EUR [ 3,67% - -0,53% ] [ 2,63% - -0,53% ] Interest rate swaps 13,763 PLN [ 2,78% - 2,48% ] [ -0,25% ] Interest rate swaps 86,437 USD [ 4,14% - 1,08% ] [ -0,09% - -3,50% ] Interest rate swaps 190,171 BRL [ 5,96% - 5,59% ] [ 15,07% - 14,35% ] Interest rate swaps 123,812 CAD [ 2,75% - 2,10% ] [ -0,45% - -0,51% ] Currency and interest rate contracts: CIRS (currency interest rate swaps) 451,378 EUR/GBP [ 3,55% - 1,25% ] [ 8,63% ] CIRS (currency interest rate swaps) 32,812 EUR/RON [ 3,11% ] [ -0,57% ] CIRS (currency interest rate swaps) 227,234 EUR/PLN [ 5,69% - -0,57% ] [ 1,96% - -0,58% ] CIRS (currency interest rate swaps) 29,345 EUR/BRL [ 5,95% - 0,03% ] [ -0,44% - -0,58% ] CIRS (currency interest rate swaps) 8,422 EUR/COP [ 3,83% ] [ -0,58% ] CIRS (currency interest rate swaps) 91,378 EUR/CAD [ 0,75% - 0,27% ] [ -0,55% - -0,59% ] CIRS (currency interest rate swaps) 110,209 USD/BRL [ 11,12% - 3,87% ] [ 1,13% - 0,62% ] CIRS (currency interest rate swaps) 1,539,340 USD/EUR [ 3,82% - 2,30% ] [ 1,50% - 0,38% ] The contracted prices of the derivative financial instruments relating to commodities at 31 December 2021 were as follows: Following Unit 2023 2024 2025 2026 Years Electricity swaps Euros/MWh [33,20 - 67] [33,20 - 67] [33,20 - 67] [33,20 - 67] [33,20 - 67] Swaps related to gas commodity Euros/MWh [8,02 - 265] [9,01 - 159,9] [7,99 - 159,9] [43,25 - 46,95] [43,25 - 46,95] CO2 forwards Euros/MT [43,19 - 100,31] [94,5 - 97,05] [97,32 - 100,18] [102,4 - 107] n.a. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f36573": {
"value": "27. Other debtors and other assets Other debtors and other assets are as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Debtors and other assets - Non-Current Assets measured at amortised cost: Loans to subsidiaries - - 1,141,944 1,703,778 Loans to related parties 186,885 173,267 90 90 Guarantees rendered to third parties 133,931 102,766 - - Other financial assets at amortised cost (i) 1,751 8,002 256,650 512,042 Assets measured at fair value through profit or loss: Derivative financial instruments (see note 42) 1,035,814 712,710 1,590,973 1,439,961 Contingent price 50,873 155,216 - - Other assets: Excess of the pension fund financing (see note 35) 92,694 13,268 410 42 Other debtors and sundry operations 422,562 675,918 90,078 89,654 Debtors and other assets - Current Assets measured at amortised cost: Loans to subsidiaries 1,924,510 1,841,147 3,080,145 3,745,567 - - 538,550 968,218 Loans to related parties 354,484 100,261 3,490 - Guarantees rendered to third parties 992,370 640,380 720,465 466,453 Subsidiary companies - - 229,858 249,800 Other financial assets at amortised cost (i) 7,386 16,171 260,639 280,060 Assets measured at fair value through profit or loss: Derivative financial instruments (see note 42) 1,539,884 1,640,616 2,449,615 3,852,144 Other financial investments measured at fair value 346 1,858 - - Contingent price 108,636 4,004 - - Other assets: Other debtors and sundry operations 368,689 407,565 23 - 3,371,795 2,810,855 4,202,640 5,816,675 5,296,305 4,652,002 7,282,785 9,562,242 The variation in the item Guarantees rendered to third parties is essentially explained by the significant increase in electricity and gas prices, which originated the need to reinforce collateral/collateral usually requested for transactions in these markets. 29. Cash and cash equivalents Cash and cash equivalents are as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Cash 636 288 38 29 Bank deposits Current deposits 3,553,609 2,572,979 1,445,638 1,177,071 Term deposits 1,331,823 458,386 450,000 - Specific demand deposits in relation to institutional partnerships 1,633 314 - - Operations pending cash settlement Current deposits 4,887,065 3,031,679 1,895,638 1,177,071 - - 600,000 140,000 Other operations Other short term investments 12,504 205,623 - 200,178 Group Financial System (see note 44) - - 1,649,398 973,175 Held for sale operations: Cash and cash equivalents reclassified as held for sale (see note 41) 4,900,205 3,237,590 4,145,074 2,490,453 - -15,181 - - 4,900,205 3,222,409 4,145,074 2,490,453 Specific demand deposits in relation to institutional partnerships corresponds to funds required to be held in escrow sufficient to pay the remaining construction related costs of projects in institutional equity partnerships (see note 37), which are described in EDP Group accounting policies. 34. Financial debt This caption is as follows: Thousand Euros Gr oup Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Debt and borrowings - Non-current Bank loans: - EDP, S.A 3,333 - 3,333 - - EDP Finance B.V. ** -13,566 -6,796 - - - EDP Brasil Group 284,657 210,050 - - - EDP Renov\u00e1veis Group 936,595 813,616 - - - Others 370 1,305 - - Non-convertible bond loans: - EDP S.A. 1,211,389 1,018,175 3,333 - 1,294,988 743,874 2,694,988 5,143,874 - EDP Finance B.V. 8,244,657 7,047,836 - - - EDP Brasil Group 1,389,029 1,115,680 - - - EDP Espa\u00f1a Group Hybrid bonds: - EDP S.A. - 1,051,954 - - 10,928,674 9,959,344 2,694,988 5,143,874 3,044,554 3,717,072 3,044,554 3,717,072 Commercial paper: - EDP S.A. 3,044,554 3,717,072 3,044,554 3,717,072 - 220,732 - 220,732 - EDP Finance B.V. 339,865 198,658 - - - EDP Brasil Group 250,429 103,009 - - Other loans 590,294 522,399 - 220,732 36,108 26,132 - - Accrued interest 15,811,019 15,243,122 5,742,875 9,081,678 31,482 5,511 - - Other liabilities: - Fair value of the issued debt hedged risk -59,897 50,955 11,195 - Collateral Deposits - Non-current * Total Debt and Borrowings 15,782,604 15,299,588 5,754,070 9,081,678 -23,765 -23,397 - - 15,758,839 15,276,191 5,754,070 9,081,678 * Deposits constituted as collateral for financial guarantee. ** Deferred discount of origination fees on celebrated RCF, which are currently not used. Thousand Euros Gr oup Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Debt and borrowings - Current Bank loans: - EDP, S.A 1,667 - 1,667 - - EDP Finance B.V. 216 - - - - EDP Brasil Group 153,853 120,154 - - - EDP Renov\u00e1veis Group Non-convertible bond loans: - EDP S.A. 432,012 103,093 - - 587,748 223,247 1,667 - 500,000 - 3,500,000 900,000 - EDP Finance B.V. 1,100,288 942,554 - - - EDP Brasil Group Hybrid bonds: - EDP, S.A. 212,976 82,792 - - 1,813,264 1,025,346 3,500,000 900,000 672,800 - 672,800 - Commercial paper: - EDP S.A 672,800 - 672,800 - - - 1,690,000 620,000 - EDP Finance B.V. 750,475 - - - - EDP Brasil Group 117,029 - - - Other loans - Group Financial System (see note 44) 867,504 - 1,690,000 620,000 - - 2,195,726 2,348,605 - Other 3,804 1,395 - - Accrued interest 3,804 1,395 2,195,726 2,348,605 258,232 242,653 97,380 84,016 Other liabilities: - Fair value of the issued debt hedged risk 36,517 25,707 32,059 - Collateral Deposits - Current * Total Debt and Borrowings 4,239,869 1,518,348 8,189,632 3,952,621 -29,336 -26,678 - - 4,210,533 1,491,670 8,189,632 3,952,621 * Deposits constituted as collateral for financial guarantee. The Group has project finance loans with the usual guarantees for such loans, namely pledges or promissory pledges over shares, bank accounts and assets relating to the projects. As at 31 December 2022, these loans amounted to 1,097,179 thousand Euros (31 December 2021: 843,778 thousand Euros) included in financial debt caption. At 31 December 2022, the Group confirms the fulfillment of all the covenants of the Project Finance Portfolio under the Facilities Agreements. Additionally, there are 16,111 thousand Euros of other loans that are guaranteed by EDPR (31 December 2021: 17,329 thousand Euros). 43. Commitments Operating guarantees granted by EDP Group, not included in the consolidated statement of financial position nor in the Notes, are as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Operating guarantees EDP S.A. 966,223 637,968 966,223 637,968 EDP Espa\u00f1a Group 56,894 64,360 - - EDP Brasil Group 158,503 144,133 - - EDP Renov\u00e1veis Group 3,717,511 2,287,997 - - 4,899,131 3,134,458 966,223 637,968 The operating guarantees which are not included in the consolidated statement of financial position or in the Notes, as at 31 December 2022 and 2021, mainly refer to Power Purchase Agreements (PPA), interconnection, permits and market participation guarantees. In addition to the above warranties, the amount of 30.450 thousand Euros refers to guarantees of an operating nature related to Spanish, Polish, Italian and Brazilian entities sold in 2022, but for which EDP assumes the responsibility temporarily until they are effectively replaced. The amount of 152,770 thousand Euros refers to guarantees of a financial nature also related to Brazilian companies sold in 2022, but for which EDP assumes the responsibility until 30 January 2023, when this has been effectively replaced (see note 6). In addition to the guarantees identified above, EDP Group provides financial and operating guarantees related to liabilities assumed by joint ventures and associates in the amount of 595,766 thousand Euros and 475,044 thousand Euros, respectively (31 December 2021: 481,082 thousand Euros and 293,253 thousand Euros). The remaining financial and operating guarantees granted by EDP Group have underlying liabilities that are already reflected in its consolidated statement of financial position and/or disclosed in the Notes. ",
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"f36817": {
"value": "28. Tax assets Current tax assets are as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Non-Current: Special taxes Brazil 109,902 173,846 - - Current: Income tax 188,981 132,109 44,305 48,893 Value added tax (VAT) 516,010 295,789 149,058 44,659 Special taxes Brazil 87,004 93,624 - - Other taxes 22,303 30,320 877 874 814,298 551,842 194,240 94,426 924,200 725,688 194,240 94,426 The Special taxes Brazil caption relates to the following taxes: CSLL (Social Contribution on net profits), PIS (Social integration programme) and COFINS (Social Security Financing Contribution). The increase in the income tax caption corresponds, mainly, to the amount related with the tax paid in the past for the sale of certain companies which Directors and legal experts have estimated recoverable. 40. Tax liabilities Tax liabilities are as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Non Current Special tax Brazil 179,250 124,362 - - Current Income tax 163,784 100,533 28,913 38,971 Withholding tax 85,207 48,203 1,322 1,486 Value Added Tax (VAT) 558,718 244,938 3,097 2,666 Special taxes Brazil 50,510 83,148 - - Other taxes 142,883 105,864 1,370 1,232 1,001,102 582,686 34,702 44,355 1,180,352 707,048 34,702 44,355 The Special taxes Brazil caption relates to the following taxes: CSLL (Social Contribution on net profits), PIS (Social integration programme) and COFINS (Social Security Financing Contribution). ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"f36878": {
"value": "29. Cash and cash equivalents Cash and cash equivalents are as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Cash 636 288 38 29 Bank deposits Current deposits 3,553,609 2,572,979 1,445,638 1,177,071 Term deposits 1,331,823 458,386 450,000 - Specific demand deposits in relation to institutional partnerships 1,633 314 - - Operations pending cash settlement Current deposits 4,887,065 3,031,679 1,895,638 1,177,071 - - 600,000 140,000 Other operations Other short term investments 12,504 205,623 - 200,178 Group Financial System (see note 44) - - 1,649,398 973,175 Held for sale operations: Cash and cash equivalents reclassified as held for sale (see note 41) 4,900,205 3,237,590 4,145,074 2,490,453 - -15,181 - - 4,900,205 3,222,409 4,145,074 2,490,453 Specific demand deposits in relation to institutional partnerships corresponds to funds required to be held in escrow sufficient to pay the remaining construction related costs of projects in institutional equity partnerships (see note 37), which are described in EDP Group accounting policies. As at 31 December 2022, on a company basis, the caption Operations pending cash settlement represents commercial paper issued by EDP S.A. in the amount of 600,000 thousand Euros (31 December 2021: 140.000 thousand Euros), acquired by EDP Finance B.V., which settlement date occurred on 3 January 2023. ",
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"language": "en",
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"f36946": {
"value": "Specific demand deposits in relation to institutional partnerships corresponds to funds required to be held in escrow sufficient to pay the remaining construction related costs of projects in institutional equity partnerships (see note 37), which are described in EDP Group accounting policies. ",
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"f36953": {
"value": "30. Share capital and share premium EDP, S.A. was incorporated as a State-owned company and started its privatisation process in 1997. The second and third phases of the privatisation process were carried out in 1998, the fourth phase in 2000, the fifth phase consisting of a capital increase in 2004 and a sixth phase in 2005. In December 2007, the State issued bonds convertible into shares of EDP, S.A. under the seventh phase of the privatisation process. On 11 May 2012, regarding EDP's eighth privatisation phase, the Portuguese State sold to China Three Gorges (Europe), S.A. (former - CWEI (Europe), S.A.), the ownership of 780,633,782 shares representing 21.35% of the share capital and the voting rights of EDP, S.A. On 21 February 2013, Parp\u00fablica \u2013 Participa\u00e7\u00f5es P\u00fablicas (SGPS) S.A. (Parp\u00fablica) notified EDP that, on 19 February 2013, it sold 151,517,000 shares, which correspond to 4.14% of EDP's share capital. As a result of these last two transactions, Parp\u00fablica no longer has a qualified shareholding position in EDP share capital. On 29 September 2017, China Three Gorges (Europe), S.A. acquired 70,143,242 shares representing around 1.92% of EDP's share capital and voting rights. After this acquisition, an off-market transaction, CTG Europe became the holder of 850,777,024 shares. On 11 August 2020, EDP made a capital increase by issuing 309,143,297 ordinary, book-entry and nominative shares, with a unit face value of 1 Euro, with a unit subscription price of 3.30 Euros, offered to subscription of its shareholders, in the exercise of the respective preemptive rights. The new ordinary shares will be fungible with existing ordinary shares and will entitle their holders to the same rights as those of pre-existing shares. As such, the current share capital of EDP is now of 3,965,681,012 Euros, represented by 3,965,681,012 ordinary, registered, book-entry shares with nominal value 1,00 Euro each. EDP - Energias de Portugal S.A. shareholder structure as at 31 December 2022 is as follows: No. of Shares % Capital % Voting China Three Gorges Corporation 835,980,316 21.08% 21.08% Oppidum Capital, S.L. 285,414,883 7.20% 7.20% BlackRock, Inc. 285,319,442 7.19% 7.19% Canada Pension Plan Investment Board 234,718,462 5.92% 5.92% EDP (Treasury Stock) 18,616,167 0.47% Remaining Shareholders 2,305,631,742 58.14% 3,965,681,012 100.00% Share capital and Share premium are as follows: Thousand Euros Group and Company Share Share capital premium Balance as at 1 January 3,965,681 1,196,522 Movements during the period - - Balance as at 31 December 3,965,681 1,196,522 The earnings per share (EPS) attributable to the equity holders of EDP are as follows: Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Net profit attributable to the equity holders of EDP (in Euros) 679,000,835 656,716,781 848,564,985 824,069,863 Net profit from continuing operations attributable to the equity holders of EDP (in Euros) 679,000,835 656,716,781 848,564,985 824,069,863 Weighted average number of ordinary shares outstanding 3,946,840,015 3,946,530,875 3,946,840,015 3,946,530,875 Weighted average number of diluted ordinary shares outstanding 3,946,840,015 3,946,530,875 3,946,840,015 3,946,530,875 Basic earnings per share attributable to equity holders of EDP (in Euros) 0.17 0.17 0.21 0.21 Diluted earnings per share attributable to equity holders of EDP (in Euros) 0.17 0.17 0.21 0.21 Basic earnings per share from continuing operations (in Euros) 0.17 0.17 0.21 0.21 Diluted earnings per share from continuing operations (in Euros) 0.17 0.17 0.21 0.21 EDP Group calculates basic and diluted earnings per share attributable to equity holders of EDP using the weighted average number of ordinary shares outstanding during the period, net of changes in treasury stock during the period. Basic earnings per share and diluted earnings per share are equal because there are no dilution factors. The average number of shares is determined as follows: Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Ordinary shares issued at the beginning of the period 3,965,681,012 3,965,681,012 3,965,681,012 3,965,681,012 Effect of shares issued during the period - - - - Average number of realised shares Effect of treasury stock 3,965,681,012 3,965,681,012 3,965,681,012 3,965,681,012 -18,840,997 -19,150,137 -18,840,997 -19,150,137 Average number and diluted average number of shares during the period 3,946,840,015 3,946,530,875 3,946,840,015 3,946,530,875 ",
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"f36954": {
"value": "30. Share capital and share premium EDP, S.A. was incorporated as a State-owned company and started its privatisation process in 1997. The second and third phases of the privatisation process were carried out in 1998, the fourth phase in 2000, the fifth phase consisting of a capital increase in 2004 and a sixth phase in 2005. In December 2007, the State issued bonds convertible into shares of EDP, S.A. under the seventh phase of the privatisation process. On 11 May 2012, regarding EDP's eighth privatisation phase, the Portuguese State sold to China Three Gorges (Europe), S.A. (former - CWEI (Europe), S.A.), the ownership of 780,633,782 shares representing 21.35% of the share capital and the voting rights of EDP, S.A. On 21 February 2013, Parp\u00fablica \u2013 Participa\u00e7\u00f5es P\u00fablicas (SGPS) S.A. (Parp\u00fablica) notified EDP that, on 19 February 2013, it sold 151,517,000 shares, which correspond to 4.14% of EDP's share capital. As a result of these last two transactions, Parp\u00fablica no longer has a qualified shareholding position in EDP share capital. On 29 September 2017, China Three Gorges (Europe), S.A. acquired 70,143,242 shares representing around 1.92% of EDP's share capital and voting rights. After this acquisition, an off-market transaction, CTG Europe became the holder of 850,777,024 shares. On 11 August 2020, EDP made a capital increase by issuing 309,143,297 ordinary, book-entry and nominative shares, with a unit face value of 1 Euro, with a unit subscription price of 3.30 Euros, offered to subscription of its shareholders, in the exercise of the respective preemptive rights. The new ordinary shares will be fungible with existing ordinary shares and will entitle their holders to the same rights as those of pre-existing shares. As such, the current share capital of EDP is now of 3,965,681,012 Euros, represented by 3,965,681,012 ordinary, registered, book-entry shares with nominal value 1,00 Euro each. EDP - Energias de Portugal S.A. shareholder structure as at 31 December 2022 is as follows: No. of Shares % Capital % Voting China Three Gorges Corporation 835,980,316 21.08% 21.08% Oppidum Capital, S.L. 285,414,883 7.20% 7.20% BlackRock, Inc. 285,319,442 7.19% 7.19% Canada Pension Plan Investment Board 234,718,462 5.92% 5.92% EDP (Treasury Stock) 18,616,167 0.47% Remaining Shareholders 2,305,631,742 58.14% 3,965,681,012 100.00% Share capital and Share premium are as follows: Thousand Euros Group and Company Share Share capital premium Balance as at 1 January 3,965,681 1,196,522 Movements during the period - - Balance as at 31 December 3,965,681 1,196,522 The earnings per share (EPS) attributable to the equity holders of EDP are as follows: Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Net profit attributable to the equity holders of EDP (in Euros) 679,000,835 656,716,781 848,564,985 824,069,863 Net profit from continuing operations attributable to the equity holders of EDP (in Euros) 679,000,835 656,716,781 848,564,985 824,069,863 Weighted average number of ordinary shares outstanding 3,946,840,015 3,946,530,875 3,946,840,015 3,946,530,875 Weighted average number of diluted ordinary shares outstanding 3,946,840,015 3,946,530,875 3,946,840,015 3,946,530,875 Basic earnings per share attributable to equity holders of EDP (in Euros) 0.17 0.17 0.21 0.21 Diluted earnings per share attributable to equity holders of EDP (in Euros) 0.17 0.17 0.21 0.21 Basic earnings per share from continuing operations (in Euros) 0.17 0.17 0.21 0.21 Diluted earnings per share from continuing operations (in Euros) 0.17 0.17 0.21 0.21 EDP Group calculates basic and diluted earnings per share attributable to equity holders of EDP using the weighted average number of ordinary shares outstanding during the period, net of changes in treasury stock during the period. Basic earnings per share and diluted earnings per share are equal because there are no dilution factors. The average number of shares is determined as follows: Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Ordinary shares issued at the beginning of the period 3,965,681,012 3,965,681,012 3,965,681,012 3,965,681,012 Effect of shares issued during the period - - - - Average number of realised shares Effect of treasury stock 3,965,681,012 3,965,681,012 3,965,681,012 3,965,681,012 -18,840,997 -19,150,137 -18,840,997 -19,150,137 Average number and diluted average number of shares during the period 3,946,840,015 3,946,530,875 3,946,840,015 3,946,530,875 31. Treasury stock This caption is as follows: Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Book value of EDP, S.A.'s treasury stock (thousand Euros) 51,288 52,660 51,288 52,660 Number of shares 18,616,167 19,103,158 18,616,167 19,103,158 Market value per share (in Euros) 4.656 4.832 4.656 4.832 Market value of EDP, S.A.'s treasury stock (thousand Euros) 86,677 92,306 86,677 92,306 Shares' transactions occurred between 1 January and 31 December 2022: EDP, S.A. Volume acquired (number of shares) 250,000 Average purchase price (in Euros) 3.927 Total purchases (thousand Euros) 982 Volume sold (number of shares) i) -736,991 Average selling price (in Euros) 4.441 Total sales (thousand Euros) i) 3,273 Final position (number of shares) 18,616,167 Highest market price (in Euros) 4.441 Lowest market price (in Euros) 3,927 Average market price (in Euros) 4.311 i) Includes the distribution of treasury stocks to employees (see note 10). The treasury stock held by EDP, S.A. is within the limits established by the Company's articles of association and by the \"C\u00f3digo das Sociedades Comerciais\" (Portuguese Commercial Companies Code). Treasury stock is recognised at acquisition cost. 32. Reserves and retained earnings This caption is as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Legal reserve 793,136 782,932 793,136 782,932 Fair value reserve (cash flow hedge) -1,962,818 -1,063,338 -764,676 553,245 Tax effect of fair value reserve (cash flow hedge) 467,716 282,478 160,543 -124,519 Fair value reserve of assets measured at fair value through other comprehensive income 15,847 21,405 - - Tax effect of the fair value reserve of assets measured at fair value through other comprehensive income -187 -4,043 - - Currency translation reserve - Exchange differences arising on consolidation 33,795 -391,219 - - Currency translation reserve - Net investment hedge -860,381 -595,305 - - Currency translation reserve - Net investment hedge - Cost of hedging -62,340 -42,953 - - Treasury stock reserve (EDP, S.A.) 51,288 52,660 51,288 52,660 Other reserves and retained earnings 4,617,477 4,513,932 2,083,548 2,015,173 3,093,533 3,556,549 2,323,839 3,279,491 Legal reserve In accordance with article no. 295 of \"C\u00f3digo das Sociedades Comerciais\" (Portuguese Commercial Companies Code) and EDP, S.A.'s articles of association, the legal reserve must be increased by a minimum of 5% of the annual profit until it reaches 20% of the company\u2019s share capital. This reserve can only be used to cover losses or to increase share capital. Fair value reserve (cash flow hedge) This reserve includes the effective portion of the cumulative net change in the fair value of the cash flow hedging financial derivative instruments. The variation in the caption Fair value reserve (cash flow hedge) reflects, essentially, the impact of the price increase of the indexes associated with electricity and gas, which reflect the current evolution on the market. The reconciliation of the fair value reserve is included in Note 42. Fair value reserve (financial assets at fair value through other comprehensive income) The changes in this consolidated caption for the period are as follows: Thousand Euros Fair Value Reserve Balance Dec 2021 Increases Decreases Perimeter variations Balance Dec 2022 Defined Crowd Corporation (see note 22) 6,339 - -1,338 - 5,001 Mercer and Dunas Funds (Energia RE portfolio) (see note 22) 8,897 - -12,749 - -3,852 SU Eletricidade, S.A. tariff deficit (see note 26) 352 - - - 352 E\u00f3licas P\u00e1ramo de Poza (associate portfolio) - 7,761 - - 7,761 Other (see note 22) 5,817 4,162 -3,398 4 6,585 21,405 11,923 -17,485 4 15,847 Currency translation reserve - Exchange differences arising on consolidation Exchange differences arising on consolidation corresponds to the amounts resulting from changes in the value of net assets of subsidiaries, joint ventures and associated companies resulting from changes in exchange rates. The exchange rates used in the preparation of the financial statements are as follows: Currency Exchange rates Dec 2 022 Dec 2021 Close Average Close Average US Dollar USD 1.067 1.053 1.133 1.183 Brazilian Real BRL 5.639 5.440 6.310 6.378 Macao Pataca MOP 8.566 8.492 9.098 9.469 Canadian Dollar CAD 1.444 1.369 1.439 1.483 Singapure Dollar SGD 1.430 1.451 1.528 1.589 Polish Zloty PLN 4.690 4.688 4.599 4.567 Romanian Leu RON 4.947 4.931 4.948 4.921 Pound Sterling GBP 0.887 0.853 0.840 0.860 Mexican Peso MXN 20.781 21.198 23.275 23.985 Colombian Peso COP 5,133.686 4,470.960 4,527.375 4,425.924 Chinese Yuan CNY 7.358 7.211 7.195 7.628 Korean Won KRW 1,344.090 1,358.073 1,346.380 1,354.057 Japanese Yen JPY 140.660 138.027 130.380 129.877 Australian Dollar AUD 1.579 1.516 1.561 1.575 Indonesian Rupiah IDR 16,474.654 15,625.767 16,100.420 16,914.316 Malaysian Ringgit MYR 4.692 4.629 4.718 4.900 Philippine Peso PHP 58.272 57.313 57.763 58.273 Thai Bath THB 36.648 36.869 37.653 37.809 Vietnamese Dong VND 25,182.430 24,601.278 25,851.600 27,078.746 Hungarian Forint HUF 400.870 391.286 369.190 358.516 The movement for the period in Exchange differences arising on consolidation is mainly due to the effect of the appreciation of the US Dollar and the Brazilian Real against the Euro. Currency translation reserve - Net investment hedge and Cost of hedging The changes in these captions, net of income tax, for the period are as follows: Net Cost of Thousand Euros investment hedging hedge Balance as at 31 December 2021 -595,305 -42,953 Changes in fair value -261,854 -19,387 Transfer to income statement resulting from the sale of a foreign currency subsidiary -3,222 - Balance as at 31 December 2022 -860,381 -62,340 The caption Net investment hedge corresponds to the amounts resulting from the application of hedge accounting to investments in subsidiaries in foreign currencies, mainly in EDPR North America subsidiaries, through financial derivative instruments (see note 42) and debt in foreign currency. The caption Cost of hedging corresponds to the amounts determined in accordance with accounting policies (see note 2 d)). Treasury stock reserve (EDP, S.A.) In accordance with the article 324\u00ba of \"C\u00f3digo das Sociedades Comerciais\" (Portuguese Commercial Companies Code), EDP, S.A. has created an unavailable reserve with an amount equal to the book value amount of treasury stock held in the company statements. Dividends On 06 April 2022, the Shareholders General Meeting of EDP, S.A. approved the dividends distribution to shareholders of the net profit for the year 2021 in the amount of 753,479 thousand Euros, corresponding to a dividend of 0.19 Euros per share (including the treasury stock dividend). This distribution occurred on 28 April 2022. ",
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},
"f37036": {
"value": "The earnings per share (EPS) attributable to the equity holders of EDP are as follows: Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Net profit attributable to the equity holders of EDP (in Euros) 679,000,835 656,716,781 848,564,985 824,069,863 Net profit from continuing operations attributable to the equity holders of EDP (in Euros) 679,000,835 656,716,781 848,564,985 824,069,863 Weighted average number of ordinary shares outstanding 3,946,840,015 3,946,530,875 3,946,840,015 3,946,530,875 Weighted average number of diluted ordinary shares outstanding 3,946,840,015 3,946,530,875 3,946,840,015 3,946,530,875 Basic earnings per share attributable to equity holders of EDP (in Euros) 0.17 0.17 0.21 0.21 Diluted earnings per share attributable to equity holders of EDP (in Euros) 0.17 0.17 0.21 0.21 Basic earnings per share from continuing operations (in Euros) 0.17 0.17 0.21 0.21 Diluted earnings per share from continuing operations (in Euros) 0.17 0.17 0.21 0.21 EDP Group calculates basic and diluted earnings per share attributable to equity holders of EDP using the weighted average number of ordinary shares outstanding during the period, net of changes in treasury stock during the period. Basic earnings per share and diluted earnings per share are equal because there are no dilution factors. The average number of shares is determined as follows: Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Ordinary shares issued at the beginning of the period 3,965,681,012 3,965,681,012 3,965,681,012 3,965,681,012 Effect of shares issued during the period - - - - Average number of realised shares Effect of treasury stock 3,965,681,012 3,965,681,012 3,965,681,012 3,965,681,012 -18,840,997 -19,150,137 -18,840,997 -19,150,137 Average number and diluted average number of shares during the period 3,946,840,015 3,946,530,875 3,946,840,015 3,946,530,875 ",
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"f37156": {
"value": "31. Treasury stock This caption is as follows: Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Book value of EDP, S.A.'s treasury stock (thousand Euros) 51,288 52,660 51,288 52,660 Number of shares 18,616,167 19,103,158 18,616,167 19,103,158 Market value per share (in Euros) 4.656 4.832 4.656 4.832 Market value of EDP, S.A.'s treasury stock (thousand Euros) 86,677 92,306 86,677 92,306 Shares' transactions occurred between 1 January and 31 December 2022: EDP, S.A. Volume acquired (number of shares) 250,000 Average purchase price (in Euros) 3.927 Total purchases (thousand Euros) 982 Volume sold (number of shares) i) -736,991 Average selling price (in Euros) 4.441 Total sales (thousand Euros) i) 3,273 Final position (number of shares) 18,616,167 Highest market price (in Euros) 4.441 Lowest market price (in Euros) 3,927 Average market price (in Euros) 4.311 i) Includes the distribution of treasury stocks to employees (see note 10). The treasury stock held by EDP, S.A. is within the limits established by the Company's articles of association and by the \"C\u00f3digo das Sociedades Comerciais\" (Portuguese Commercial Companies Code). Treasury stock is recognised at acquisition cost. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"f37234": {
"value": "32. Reserves and retained earnings This caption is as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Legal reserve 793,136 782,932 793,136 782,932 Fair value reserve (cash flow hedge) -1,962,818 -1,063,338 -764,676 553,245 Tax effect of fair value reserve (cash flow hedge) 467,716 282,478 160,543 -124,519 Fair value reserve of assets measured at fair value through other comprehensive income 15,847 21,405 - - Tax effect of the fair value reserve of assets measured at fair value through other comprehensive income -187 -4,043 - - Currency translation reserve - Exchange differences arising on consolidation 33,795 -391,219 - - Currency translation reserve - Net investment hedge -860,381 -595,305 - - Currency translation reserve - Net investment hedge - Cost of hedging -62,340 -42,953 - - Treasury stock reserve (EDP, S.A.) 51,288 52,660 51,288 52,660 Other reserves and retained earnings 4,617,477 4,513,932 2,083,548 2,015,173 3,093,533 3,556,549 2,323,839 3,279,491 Legal reserve In accordance with article no. 295 of \"C\u00f3digo das Sociedades Comerciais\" (Portuguese Commercial Companies Code) and EDP, S.A.'s articles of association, the legal reserve must be increased by a minimum of 5% of the annual profit until it reaches 20% of the company\u2019s share capital. This reserve can only be used to cover losses or to increase share capital. Fair value reserve (cash flow hedge) This reserve includes the effective portion of the cumulative net change in the fair value of the cash flow hedging financial derivative instruments. The variation in the caption Fair value reserve (cash flow hedge) reflects, essentially, the impact of the price increase of the indexes associated with electricity and gas, which reflect the current evolution on the market. The reconciliation of the fair value reserve is included in Note 42. Fair value reserve (financial assets at fair value through other comprehensive income) The changes in this consolidated caption for the period are as follows: Thousand Euros Fair Value Reserve Balance Dec 2021 Increases Decreases Perimeter variations Balance Dec 2022 Defined Crowd Corporation (see note 22) 6,339 - -1,338 - 5,001 Mercer and Dunas Funds (Energia RE portfolio) (see note 22) 8,897 - -12,749 - -3,852 SU Eletricidade, S.A. tariff deficit (see note 26) 352 - - - 352 E\u00f3licas P\u00e1ramo de Poza (associate portfolio) - 7,761 - - 7,761 Other (see note 22) 5,817 4,162 -3,398 4 6,585 21,405 11,923 -17,485 4 15,847 Currency translation reserve - Exchange differences arising on consolidation Exchange differences arising on consolidation corresponds to the amounts resulting from changes in the value of net assets of subsidiaries, joint ventures and associated companies resulting from changes in exchange rates. The exchange rates used in the preparation of the financial statements are as follows: Currency Exchange rates Dec 2 022 Dec 2021 Close Average Close Average US Dollar USD 1.067 1.053 1.133 1.183 Brazilian Real BRL 5.639 5.440 6.310 6.378 Macao Pataca MOP 8.566 8.492 9.098 9.469 Canadian Dollar CAD 1.444 1.369 1.439 1.483 Singapure Dollar SGD 1.430 1.451 1.528 1.589 Polish Zloty PLN 4.690 4.688 4.599 4.567 Romanian Leu RON 4.947 4.931 4.948 4.921 Pound Sterling GBP 0.887 0.853 0.840 0.860 Mexican Peso MXN 20.781 21.198 23.275 23.985 Colombian Peso COP 5,133.686 4,470.960 4,527.375 4,425.924 Chinese Yuan CNY 7.358 7.211 7.195 7.628 Korean Won KRW 1,344.090 1,358.073 1,346.380 1,354.057 Japanese Yen JPY 140.660 138.027 130.380 129.877 Australian Dollar AUD 1.579 1.516 1.561 1.575 Indonesian Rupiah IDR 16,474.654 15,625.767 16,100.420 16,914.316 Malaysian Ringgit MYR 4.692 4.629 4.718 4.900 Philippine Peso PHP 58.272 57.313 57.763 58.273 Thai Bath THB 36.648 36.869 37.653 37.809 Vietnamese Dong VND 25,182.430 24,601.278 25,851.600 27,078.746 Hungarian Forint HUF 400.870 391.286 369.190 358.516 The movement for the period in Exchange differences arising on consolidation is mainly due to the effect of the appreciation of the US Dollar and the Brazilian Real against the Euro. Currency translation reserve - Net investment hedge and Cost of hedging The changes in these captions, net of income tax, for the period are as follows: Net Cost of Thousand Euros investment hedging hedge Balance as at 31 December 2021 -595,305 -42,953 Changes in fair value -261,854 -19,387 Transfer to income statement resulting from the sale of a foreign currency subsidiary -3,222 - Balance as at 31 December 2022 -860,381 -62,340 The caption Net investment hedge corresponds to the amounts resulting from the application of hedge accounting to investments in subsidiaries in foreign currencies, mainly in EDPR North America subsidiaries, through financial derivative instruments (see note 42) and debt in foreign currency. The caption Cost of hedging corresponds to the amounts determined in accordance with accounting policies (see note 2 d)). Treasury stock reserve (EDP, S.A.) In accordance with the article 324\u00ba of \"C\u00f3digo das Sociedades Comerciais\" (Portuguese Commercial Companies Code), EDP, S.A. has created an unavailable reserve with an amount equal to the book value amount of treasury stock held in the company statements. ",
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"f37578": {
"value": "Dividends On 06 April 2022, the Shareholders General Meeting of EDP, S.A. approved the dividends distribution to shareholders of the net profit for the year 2021 in the amount of 753,479 thousand Euros, corresponding to a dividend of 0.19 Euros per share (including the treasury stock dividend). This distribution occurred on 28 April 2022. ",
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"f37582": {
"value": "0.19",
"decimals": 2,
"dimensions": {
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"unit": "iso4217:EUR/xbrli:shares"
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"f37592": {
"value": "33. Non-controlling interests This caption is as follows: Thousand Euros Group Dec 2022 Dec 2021 Non-controlling interests in income statement 490,748 447,929 Non-controlling interests in equity and reserves 4,460,411 4,206,827 4,951,159 4,654,756 The movement by subgroup of the non-controlling interests item is analysed as follows: Thousand Euros EDP Renov\u00e1veis Group EDP Brasil Group Other Total Balance as at 31 December 2021 3,553,310 979,334 122,112 4,654,756 Results 362,018 83,921 44,809 490,748 Dividends -84,428 -117,616 - -202,044 Currency Exchange differences 72,587 94,305 -62 166,830 Capital Increases/Decreases -98,356 -47,228 -14 -145,598 Changes in the fair value reserve (cash flow hedge) -92,381 -78 - -92,459 Perimeter variations and Others 44,387 34,752 -213 78,926 Balance as at 31 December 2022 3,757,137 1,027,390 166,632 4,951,159 The summarised financial information for subsidiaries with material non-controlling interests, namely EDP Brasil and EDP Renov\u00e1veis, as at 31 December 2022, is disclosed in the Annex I. ",
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"f37675": {
"value": "34. Financial debt This caption is as follows: Thousand Euros Gr oup Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Debt and borrowings - Non-current Bank loans: - EDP, S.A 3,333 - 3,333 - - EDP Finance B.V. ** -13,566 -6,796 - - - EDP Brasil Group 284,657 210,050 - - - EDP Renov\u00e1veis Group 936,595 813,616 - - - Others 370 1,305 - - Non-convertible bond loans: - EDP S.A. 1,211,389 1,018,175 3,333 - 1,294,988 743,874 2,694,988 5,143,874 - EDP Finance B.V. 8,244,657 7,047,836 - - - EDP Brasil Group 1,389,029 1,115,680 - - - EDP Espa\u00f1a Group Hybrid bonds: - EDP S.A. - 1,051,954 - - 10,928,674 9,959,344 2,694,988 5,143,874 3,044,554 3,717,072 3,044,554 3,717,072 Commercial paper: - EDP S.A. 3,044,554 3,717,072 3,044,554 3,717,072 - 220,732 - 220,732 - EDP Finance B.V. 339,865 198,658 - - - EDP Brasil Group 250,429 103,009 - - Other loans 590,294 522,399 - 220,732 36,108 26,132 - - Accrued interest 15,811,019 15,243,122 5,742,875 9,081,678 31,482 5,511 - - Other liabilities: - Fair value of the issued debt hedged risk -59,897 50,955 11,195 - Collateral Deposits - Non-current * Total Debt and Borrowings 15,782,604 15,299,588 5,754,070 9,081,678 -23,765 -23,397 - - 15,758,839 15,276,191 5,754,070 9,081,678 * Deposits constituted as collateral for financial guarantee. ** Deferred discount of origination fees on celebrated RCF, which are currently not used. Thousand Euros Gr oup Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Debt and borrowings - Current Bank loans: - EDP, S.A 1,667 - 1,667 - - EDP Finance B.V. 216 - - - - EDP Brasil Group 153,853 120,154 - - - EDP Renov\u00e1veis Group Non-convertible bond loans: - EDP S.A. 432,012 103,093 - - 587,748 223,247 1,667 - 500,000 - 3,500,000 900,000 - EDP Finance B.V. 1,100,288 942,554 - - - EDP Brasil Group Hybrid bonds: - EDP, S.A. 212,976 82,792 - - 1,813,264 1,025,346 3,500,000 900,000 672,800 - 672,800 - Commercial paper: - EDP S.A 672,800 - 672,800 - - - 1,690,000 620,000 - EDP Finance B.V. 750,475 - - - - EDP Brasil Group 117,029 - - - Other loans - Group Financial System (see note 44) 867,504 - 1,690,000 620,000 - - 2,195,726 2,348,605 - Other 3,804 1,395 - - Accrued interest 3,804 1,395 2,195,726 2,348,605 258,232 242,653 97,380 84,016 Other liabilities: - Fair value of the issued debt hedged risk 36,517 25,707 32,059 - Collateral Deposits - Current * Total Debt and Borrowings 4,239,869 1,518,348 8,189,632 3,952,621 -29,336 -26,678 - - 4,210,533 1,491,670 8,189,632 3,952,621 * Deposits constituted as collateral for financial guarantee. Non-current Commercial Paper refers to three Commercial Paper programs with firm underwriting commitment for a period of over one year, in the total amount of 363,000 thousand US Dollars and 1,412,000 thousand Brazilian Real. Main events of the period: On 25 February, the extraordinary resolutions regarding IE2 Holdco, S.A.U.'s consent solicitation relating to the \u201c\u20ac500,000,000 2.375 per cent. Notes due 27 November 2023\u201d and \u201c\u20ac550,000,000 2.875 per cent. Notes due 1 June 2026\u201d were passed, which resulted in (i) EDP S.A. replacing IE2 Holdco S.A.U as issuer of the Notes, (ii) the cancellation of Viesgo Holdco, S.A.U guarantee, and (iii) certain other terms and conditions of the Notes being amended to bring them in line with the current issuances of EDP SA under its EMTN Programme. On 14 March, EDP issued a green bond of 1,250 million Euros with final maturity in September 2029, under the EMTN bond program. On 4 August, EDP signed a five-year revolving credit facility (\u2018RCF\u2019), with options to extend for 2 additional years (subject to Lenders\u2019 agreement), in the amount of 3.650 million, which can be drawn in Euros and US Dollars. It is EDP's first sustainability-linked loan and includes two ESG KPIs: reduction of scope 1 and 2 greenhouse gas emissions and an increase in the percentage of installed capacity from renewable sources within EDP Group. On 19 September, Porto de Pec\u00e9m Gera\u00e7\u00e3o de Energia issued its first commercial paper issuance of 1,500 million Brazilian Real, with maturity in July 2027. On 11 October, EDP issued, under the EMTN bond program, two green bonds of 500 million Euros and 500 million US Dollars, maturing in March 2030 and October 2027, respectively. The nominal value of outstanding Bond loans placed with external counterparties, as at 31 December 2022, is as follows: Issuer Issue date Interest rate Type of hedge Conditions/ Redemp. Nominal Value in Million Currency Thousand Euros Group Company Hybrids by EDP S.A. EDP S.A. (iv) Jan-19 Fixed rate EUR 4.496% (v) n.a. Apr-79 1,000 EUR 1,000,000 1,000,000 EDP S.A. (vi) Jan-20 Fixed rate EUR 1.7% (vii) n.a. Jul-80 750 EUR 750,000 750,000 EDP S.A. (viii) Jan-21 Fixed Rate EUR 1.875% (v) n.a. Aug-81 750 EUR 750,000 750,000 EDP S.A. (ix) Sep-21 Fixed Rate EUR 1.5% (v) n.a. Mar-82 750 EUR 750,000 750,000 EDP S.A. (x) Sep-21 Fixed Rate EUR 1.875% (xi) n.a. Mar-82 500 EUR 500,000 500,000 3,750,000 3,750,000 Issued under a Standalone Prospectus EDP S.A. Nov-15 Fixed rate EUR 2,375% n.a. Nov-23 500 EUR 500,000 500,000 EDP S.A. Jun-16 Fixed rate EUR 2,875% n.a. Jun-26 400 EUR 400,000 400,000 EDP S.A. Jul-16 Fixed rate EUR 2,875% n.a. Jun-26 150 EUR 150,000 150,000 1,050,000 1,050,000 Issued under the Euro Medium Term Notes program (EMTN) EDP Finance B.V.(i) Nov-08 Fixed rate GBP 8.625% Fair Value (i) Jan-24 325 GBP 410,314 - EDP Finance B.V. Nov-08 Zero coupon EUR (iii) n.a. Nov-23 160 EUR 160,000 - EDP Finance B.V.(i) Apr-15 Fixed rate EUR 2% Fair Value (i) Apr-25 750 EUR 750,000 - EDP Finance B.V.(ii) Mar-16 Fixed rate EUR 2.375% n.a. Mar-23 489 EUR 488,832 - EDP Finance B.V.(i)(ii) Aug-16 Fixed rate EUR 1.125% Net Invest. (i) Feb-24 744 EUR 743,804 - EDP Finance B.V.(ii) Jan-17 Fixed rate EUR 1.875% n.a. Sep-23 462 EUR 462,465 - EDP Finance B.V. Jun-17 Fixed rate USD 3.625% Net Invest. Jul-24 1000 USD 937,559 - EDP Finance B.V. Nov-17 Fixed rate EUR 1.5% Net Invest.(i)(xii) Nov-27 500 EUR 500,000 - EDP Finance B.V. Jun-18 Fixed rate EUR 1.625% n.a. Jan-26 750 EUR 750,000 - EDP Finance B.V. Oct-18 Fixed rate EUR 1.875% n.a. Oct-25 600 EUR 600,000 - EDP Finance B.V. Sep-19 Fixed rate EUR 0.375% Net Invest.(i)(xii) Sep-26 600 EUR 600,000 - EDP S.A. Apr-20 Fixed rate EUR 1.625% n.a. Apr-27 750 EUR 750,000 750,000 EDP Finance B.V. Sep-20 Fixed rate USD 1.71% Net Invest. Jan-28 850 USD 796,925 - EDP Finance B.V. Mar-22 Fixed rate EUR 1.875% Net Invest.(i)(xii) Sep-29 1.250 EUR 1,250,000 - EDP Finance B.V. Oct-22 Fixed rate EUR 3.875% Net Invest. (i) Mar-30 500 EUR 500,000 - EDP Finance B.V. Oct-22 Fixed rate USD 6.3% Net Invest. Oct-27 500 USD 468,779 - 10,168,678 750,000 (i) These issues by EDP Finance B.V. are associated with interest rate swaps and/or currency swaps; (ii) Consolidated nominal value after the repurchase of securities by EDP - Energias de Portugal, S.A.; (iii) These issues correspond to private placements; (iv) There is a call option exercisable at par by EDP at January 2024 and subsequently, on each interest payment date. Part of this issue was repurchased in January 2023 (see note 46); (v) Fixed rate in the first 5,25 years, subsequently updated every 5 years; (vi) There is a call option exercisable at par by EDP at April 2025 and July 2025 and subsequently, on each interest payment date; (vii) Fixed rate in the first 5,5 years, subsequently updated every 5 years; (viii) There is a call option exercisable at par by EDP from May 2026 until August 2026 and subsequently, on each interest payment date; (ix) There is a call option exercisable at par by EDP from December 2026 until March 2027 and subsequently, on each interest payment date; (x) There is a call option exercisable at par by EDP from June 2029 until September 2029 and subsequently, on each interest payment date; (xi) Fixed rate in the first 7.75 years, subsequently updated every 5 years; (xii) These issues by EDP Finance B.V. are partially associated with interest rate and currency swaps. Issuer Issue date Interest rate Type of hedge Conditions/ Redemp. Nominal Value in Million Currency Thousand Euros Group Company Issued by the EDP Energias do Brasil Group in the Brazilian domestic market Energias do Brasil Sep-15 IPCA + 8.7608% n.a. Sep-24 45 BRL 7,948 - EDP Esp\u00edrito Santo Aug-18 IPCA + 5.91% n.a. Jul-25 242 BRL 42,955 - EDP S\u00e3o Paulo Aug-18 IPCA + 5.91% n.a. Aug-25 331 BRL 58,781 - EDP Transmiss\u00e3o Oct-18 IPCA + 6.72% n.a. Oct-28 1,518 BRL 269,128 - Enerpeixe Dec-18 112.48% CDI n.a. Nov-23 255 BRL 45,224 - EDP Esp\u00edrito Santo Apr-19 106.9% CDI n.a. Mar-24 300 BRL 53,205 - EDP S\u00e3o Paulo Apr-19 107.5% CDI n.a. Mar-24 200 BRL 35,470 - EDP Transmiss\u00e3o Aug-19 IPCA + 4.45% n.a. Jul-39 1,087 BRL 192,699 - EDP S\u00e3o Paulo Feb-21 IPCA + 3.91% n.a. Jan-26 796 BRL 141,119 - EDP Esp\u00edrito Santo Feb-21 IPCA + 3.26% n.a. Jul-25 576 BRL 102,083 - Enerpeixe Mar-21 CDI + 1.75% n.a. Mar-26 275 BRL 48,771 - Lajeado Energia Jun-21 CDI + 1.05% n.a. Jun-24 150 BRL 26,602 - EDP S\u00e3o Paulo Aug-21 CDI + 1.25% n.a. Jul-26 350 BRL 62,072 - EDP Esp\u00edrito Santo Aug-21 CDI + 1.25% n.a. Jul-25 400 BRL 70,939 - EDP Transmiss\u00e3o Nov-21 CDI + 1,10% n.a. Nov-23 525 BRL 93,108 - EDP S\u00e3o Paulo Dec-21 CDI + 1,38% n.a. Dec-26 450 BRL 79,807 - PCH Leopoldina Jan-22 CDI + 1.52% n.a. Jan-24 700 BRL 124,144 - Lajeado Energia May-22 CDI + 1.45% n.a. May-25 200 BRL 35,469 - EDP S\u00e3o Paulo Jun-22 CDI + 1.20% n.a. May-27 450 BRL 79,807 - EDP Esp\u00edrito Santo Jun-22 CDI + 1.20% n.a. May-27 270 BRL 47,884 - 1,617,215 16,585,893 - 5,550,000 Some of the loans contracted by the EDP Group, mainly debt issued under the EMTN, include some usual clauses in this type of operations, namely, \"change-of-control\", \"negative pledge\", \"pari-passu\" and \"cross-default\" clauses, each one only applicable under a restricted set of circumstances. The Group has project finance loans with the usual guarantees for such loans, namely pledges or promissory pledges over shares, bank accounts and assets relating to the projects. As at 31 December 2022, these loans amounted to 1,097,179 thousand Euros (31 December 2021: 843,778 thousand Euros) included in financial debt caption. At 31 December 2022, the Group confirms the fulfillment of all the covenants of the Project Finance Portfolio under the Facilities Agreements. Additionally, there are 16,111 thousand Euros of other loans that are guaranteed by EDPR (31 December 2021: 17,329 thousand Euros). EDP Group has several credit facilities it uses for liquidity management. EDP Group has short-term credit facilities of 255 million Euros, indexed to Euribor for the agreed period of use with spread conditions agreed in advance, all with a firm underwriting commitment. Regarding medium- term credit facilities with a firm underwriting commitment, EDP Group has two Revolving Credit Facilities, namely (i) 3,650 million Euros that mature in 2027, totally available as at 31 December 2022; and (ii) 2,240 million Euros, of which 2,095 million Euros mature in 2025 while the remaining amount matures in 2023, totally available as at 31 December 2022. As at 31 December 2022, future debt and interest payments and origination fees, by type of loan and currency, are as follows: Thousand Euros Dec 2023 Dec 2024 Dec 2025 Dec 2026 Dec 2027 Following years Total Bank loans: Euro 304,500 26,891 13,422 - - 370 345,183 Brazilian Real 168,190 82,457 26,388 17,296 19,698 200,924 514,953 US Dollar 55,812 220,377 21,825 22,727 23,410 219,554 563,705 Other 89,669 44,513 38,413 32,664 25,046 219,285 449,590 Bond loans: Euro 618,171 374,238 100,048 72,687 68,154 640,133 1,873,431 1,717,074 1,121,289 1,350,000 1,900,000 1,250,000 1,750,000 9,088,363 Brazilian Real 252,648 338,293 546,292 209,361 64,845 259,899 1,671,338 US Dollar Hybrid Bonds: Euro 28,177 937,559 - - 468,779 796,925 2,231,440 1,997,899 2,397,141 1,896,292 2,109,361 1,783,624 2,806,824 12,991,141 726,552 - - - - 3,077,200 3,803,752 Commercial paper: Euro 726,552 - - - - 3,077,200 3,803,752 645,000 - - - - - 645,000 Brazilian Real 117,029 104,685 51,480 51,480 42,784 - 367,458 US Dollar 108,384 - 339,865 - - - 448,249 Other loans: Euro 870,413 104,685 391,345 51,480 42,784 - 1,460,707 1,582 1,011 1,031 1,304 1,073 10,955 16,956 Brazilian Real 1,339 - - - - 11,364 12,703 Other 1,306 1,616 753 753 753 5,493 10,674 Fair Value: 4,227 2,627 1,784 2,057 1,826 27,812 40,333 36,517 -17,838 -36,045 - - -6,014 -23,380 Origination Fees: -13,910 -16,833 -4,266 -4,642 -5,540 -78,320 -123,511 4,239,869 2,844,020 2,349,158 2,230,943 1,890,848 6,467,635 20,022,473 As at 31 December 2021, future debt and interest payments and origination fees, by type of loan and currency, are as follows: Thousand Euros Dec 2022 Dec 2023 Dec 2024 Dec 2025 Dec 2026 Following years Total Bank loans: Euro 31,420 31,096 25,224 12,292 324 445 100,801 Brazilian Real 115,418 146,825 51,194 42,088 24,321 203,512 583,358 US Dollar 65,853 18,037 20,274 20,614 21,479 233,449 379,706 Other 25,694 16,471 20,010 10,015 5,021 140,643 217,854 Bond loans: Euro 238,385 212,429 116,702 85,009 51,145 578,049 1,281,719 1,060,831 1,611,297 1,150,773 1,350,000 1,900,000 1,250,000 8,322,901 Brazilian Real 120,986 166,543 191,470 409,168 140,793 222,959 1,251,919 US Dollar 20,355 - 882,924 - - 750,486 1,653,765 Hybrid Bond: Euro 1,202,172 1,777,840 2,225,167 1,759,168 2,040,793 2,223,445 11,228,585 48,081 - - - - 3,750,000 3,798,081 Commercial paper: Brazilian Real 48,081 - - - - 3,750,000 3,798,081 - 55,467 47,543 - - - 103,010 US Dollar 2,769 99,329 - 320,060 - - 422,158 Other loans: Euro 2,769 154,796 47,543 320,060 - - 525,168 2,095 1,202 1,011 1,031 1,052 12,037 18,428 Brazilian Real 409 - - - - 9,799 10,208 Fair Value: 2,504 1,202 1,011 1,031 1,052 21,836 28,636 25,707 - -3,190 14,841 - 39,304 76,662 Origination Fees: -1,270 -23,491 -10,250 -8,164 -5,982 -71,758 -120,915 1,518,348 2,122,776 2,376,983 2,171,945 2,087,008 6,540,876 16,817,936 In accordance with the Group's accounting policies, the financial liabilities whose risks are being hedged by derivative financial instruments and that comply with hedge accounting requirements of IFRS 9, are accounted at fair value. The financial liabilities are booked at amortised cost. ",
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"f37958": {
"value": "Main events of the period: On 25 February, the extraordinary resolutions regarding IE2 Holdco, S.A.U.'s consent solicitation relating to the \u201c\u20ac500,000,000 2.375 per cent. Notes due 27 November 2023\u201d and \u201c\u20ac550,000,000 2.875 per cent. Notes due 1 June 2026\u201d were passed, which resulted in (i) EDP S.A. replacing IE2 Holdco S.A.U as issuer of the Notes, (ii) the cancellation of Viesgo Holdco, S.A.U guarantee, and (iii) certain other terms and conditions of the Notes being amended to bring them in line with the current issuances of EDP SA under its EMTN Programme. On 14 March, EDP issued a green bond of 1,250 million Euros with final maturity in September 2029, under the EMTN bond program. On 4 August, EDP signed a five-year revolving credit facility (\u2018RCF\u2019), with options to extend for 2 additional years (subject to Lenders\u2019 agreement), in the amount of 3.650 million, which can be drawn in Euros and US Dollars. It is EDP's first sustainability-linked loan and includes two ESG KPIs: reduction of scope 1 and 2 greenhouse gas emissions and an increase in the percentage of installed capacity from renewable sources within EDP Group. On 19 September, Porto de Pec\u00e9m Gera\u00e7\u00e3o de Energia issued its first commercial paper issuance of 1,500 million Brazilian Real, with maturity in July 2027. On 11 October, EDP issued, under the EMTN bond program, two green bonds of 500 million Euros and 500 million US Dollars, maturing in March 2030 and October 2027, respectively. 45. Fair value of financial assets and liabilities Fair value of financial instruments is based, whenever available, on listed market prices. Otherwise, fair value is determined through quotations supplied by third parties or through the use of generally accepted valuation models, which are based on cash flow discounting techniques and option valuation models. These models use market data which impacts the financial instruments, namely yield curves, exchange rates and volatility indicators, including credit risk. Market data is available on stock exchanges and/or financial information platforms such as Bloomberg and Reuters. The fair value of financial assets and liabilities is as follows: Thousand Euros Dec 2022 Dec 2021 Carrying amount Fair value Difference Carrying amount Fair value Difference Assets Equity instruments at fair value 216,418 216,418 - 189,942 189,942 - Investment property 27,294 27,294 - 20,668 20,668 - Debtors/other assets from commercial activities 8,660,346 8,660,346 - 8,596,510 8,596,510 - Other debtors and other assets 2,720,607 2,720,607 - 2,298,676 2,298,676 - Derivative financial instruments 2,575,698 2,575,698 - 2,353,326 2,353,326 - Collateral deposits/financial debt 53,101 53,101 - 50,075 50,075 - Cash and cash equivalents 4,900,205 4,900,205 - 3,222,409 3,222,409 - Liabilities Financial debt 19,153,669 19,153,669 - 16,731,606 16,731,606 - 20,022,473 18,938,885 -1,083,588 16,817,936 17,293,095 475,159 Suppliers and accruals 3,805,467 3,805,467 - 2,488,263 2,488,263 - Institutional partnerships 2,212,162 2,212,162 - 2,259,741 2,259,741 - Trade payables and other liabilities from commercial activities 5,241,322 5,241,322 - 4,859,389 4,859,389 - Other liabilities and other payables 3,006,683 3,006,683 - 1,879,832 1,879,832 - Derivative financial instruments 5,753,706 5,753,706 - 3,941,244 3,941,244 - 40,041,813 38,958,225 -1,083,588 32,246,405 32,721,564 475,159 ",
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"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"f38852": {
"value": "35. Employee benefits Employee benefits are as follows: Thousand Euros Non-Current Current Dec 2022 Dec 2021 Dec 2022 Dec 2021 Provisions for pension liabilities 254,005 379,689 92,192 107,212 Provisions for medical liabilities and other benefits 390,294 560,577 34,575 72,322 644,299 940,266 126,767 179,534 The movement in Provisions for employee benefits liabilities for EDP Group is as follows: Thousand Euros Pensions Medical and Other Dec 2022 Dec 2021 Dec 2022 Dec 2021 Balance at the beginning of the period 486,901 629,608 632,899 712,696 Charge for the period 9,023 8,521 20,632 20,157 Past service cost (Curtailment/Plan amendments) 2,243 6,844 1,053 8,469 Actuarial (gains)/losses -114,692 460 -170,852 -53,502 Charge-off -112,802 -122,565 -38,595 -65,621 Fund contributions (see note 44) -6,188 - -34,560 -11,520 Surplus pension funding (see note 27) 76,082 -16,342 3,344 - Transfers, reclassifications and exchange differences 5,630 -19,625 10,948 22,220 Balance at the end of the period 346,197 486,901 424,869 632,899 The breakdown of actuarial gains and losses is as follows: Thousand Euros Pensions Medical and Other Dec 2022 Dec 2021 Dec 2022 Dec 2021 Actuarial gains and losses arising from: - changes in demographic assumptions 935 15,778 - 8,705 - changes in financial assumptions -178,265 -23,233 -220,306 -18,539 - experience adjustments -6,152 76,553 7,259 -5,019 Actuarial gains and losses arising from return on plan assets 64,462 -69,872 42,195 -38,649 Actuarial gains and losses of asset ceiling 4,328 1,234 - - -114,692 460 -170,852 -53,502 The components of the consolidated net cost of the pension plans recognised during the period are as follows: Thousand Euros Dec 2022 Portugal Spain Brazil Group Current service cost (see note 10) 3,870 181 -160 3,891 Past service cost (Curtailment/Plan amendments) (see note 10) 2,243 - - 2,243 Operational component 6,113 181 -160 6,134 Net interest on the net pensions plan liability (see note 13) 869 59 4,204 5,132 Financial component 869 59 4,204 5,132 6,982 240 4,044 11,266 Thousand Euros Dec 2021 Portugal Spain Brazil Group Current service cost (see note 10) 5,569 - -348 5,221 Past service cost (Curtailment/Plan amendments) (see note 10) 6,844 - - 6,844 Operational component 12,413 - -348 12,065 Net interest on the net pensions plan liability (see note 13) 563 1 2,736 3,300 Financial component 563 1 2,736 3,300 12,976 1 2,388 15,365 The components of the consolidated net cost of the medical and other benefits plans recognised during the period are as follows: Thousand Euros Dec 2022 Portugal Spain Brazil Group Current service cost (see note 10) 2,964 2,363 320 5,647 Past service cost (Curtailment/Plan amendments) (see note 10) 65 988 - 1,053 Operational component 3,029 3,351 320 6,700 Net interest on the net medical liabilities and other benefits (see note 13) 2,748 2,985 9,252 14,985 Financial component 2,748 2,985 9,252 14,985 5,777 6,336 9,572 21,685 Thousand Euros Dec 2021 Portugal Spain Brazil Group Current service cost (see note 10) 4,482 1,995 390 6,867 Past service cost (Curtailment/Plan amendments) (see note 10) 200 8,269 - 8,469 Operational component 4,682 10,264 390 15,336 Net interest on the net medical liabilities and other benefits (see note 13) 2,298 3,429 7,563 13,290 Financial component 2,298 3,429 7,563 13,290 6,980 13,693 7,953 28,626 In accordance with accounting policies - note 2 m), the EDP Group opted, upon transition to IFRS, to charge to reserves, the total amount of the deferred actuarial losses existing at that date, for the several employee benefits plans. The impact in reserves at 31 December 2004 amounted to 1,162,000 thousand Euros. In the following periods, actuarial gains and losses were recognised directly in reserves. As at 31 December 2022 gains of 285,544 thousand Euros (31 December 2021: gains of 53,042 thousand Euros). The weighted average duration of the defined benefit liabilities in Portugal is 10 years. Assumptions used to determine EDP Group liabilities related to employee benefits The following financial and actuarial assumptions used in the calculation of the liability for employees defined benefit plans, were updated considering the evolutions occurred in the financial markets during 2022 and 2021: Dec 2022 Dec 2021 Portugal Spain Brazil Portugal Spain Brazil Assumptions Discount rate 3.84% - 3.89% 3.30% 9.86% - 9.95% 0.70% - 0.90% 0.82% 7.57% - 8.77% Salary increase rate 5.35% (b) 2.00% 4.30% 2.30% (f) not applicable 4.05% Pension increase rate 4.30% (c) not applicable 3.50% 1.00% (g) not applicable 3.25% Social Security salary appreciation 4.30% (c) not applicable not applicable 1.70% not applicable not applicable Inflation rate 2.30% 2.00% 3.50% 1.70% 0.57% 3.25% Annual increase rate of medical service costs 2.30% 2.00% 9.71% (d) 1.70% 1.56% 9.45% (h) Estimated administrative expenses per beneficiary per year (Euros) 313\u20ac/year (e) not applicable not applicable 282 \u20ac/year (i) not applicable not applicable Mortality table TV99/01 (all population) PERM/F- 2000P AT-2000 / RP-2000 Geracional TV99/01 (all population) PERM/F- 2000P AT-2000 / RP-2000 Geracional Disability table 50%EKV 80 not applicable TASA 1927 / Wyatt 1985 Class 1 50%EKV 80 not applicable Muller / TASA 1927 Expected % of eligible employees accepting early retirement (a) 35% not applicable not applicable 35% not applicable not applicable (a) Employees entitled to early retirement, as stated in the Collective Labour Agreement: 37 years of service with at least 61 years of age or 40 years of service at any age; (b) 5.35% for 2023 and 2.55% for the remaining years; (c) 4.30% for 2023 and 2.30% for the remaining years; (d) 9.71% in the first year, decreasing linearly to 5.57% in 2031; (e) Increase according to the annual increase rate of medical service costs after 2023; (f) 2.30% for 2022 and 1.95% for the remaining years; (g) 1.00% for 2022 and 1.70% for the remaining years; (h) 9.45% in the first year, decreasing linearly to 5.32% in 2030; (i) Increase of 0.34% for 2023 and increase according to inflation after that date. The discount rates used for the EDP Group pension plan were selected based on an analysis of the rates of return available on the date for the high quality corporate bonds. Bonds with maturities and ratings considered appropriate were selected considering the amount and the periods that the benefits are expected to be paid. As at 31 December 2022 the amount of future benefits expected to be paid, related to the activity in Portugal, Spain and Brazil, is as follows: Thousand Euros Years Pensions Medical and Other Benefits Portugal Spain Brazil Total Portugal Spain Brazil Total 2023 144,614 1,233 19,178 165,025 34,904 21,242 7,633 63,779 2024 119,813 311 19,737 139,861 34,213 31,385 7,987 73,585 2025 100,249 222 20,350 120,821 34,390 11,762 8,394 54,546 2026 84,874 145 20,916 105,935 34,625 9,640 8,784 53,049 2027 and Following 347,283 167 137,723 485,173 208,444 130,821 60,712 399,977 In 2022, the benefits paid by the funds in Portugal amounted 76,654 thousand Euros (31 December 2021: 77,590 thousand Euros) and in Brazil amounted to 18,931 thousand Euros (31 December 2021: 13,850 thousand Euros). The contributions made to the Pension funds in Brazil amounted to 6,188 thousand Euros (31 December 2021: 1,640 thousand Euros), which were fully paid in cash. Following the decision and implementation of the autonomisation of the Medical Plan and Death Subsidy Plan in Portugal, EDP Group has made contributions of 34,560 thousand Euros in 2022 (31 December 2021: 11,520 thousand Euros). In the following years, until the end of 2027 and in the scenario where the liabilities associated with the mentioned plans are not 100% financed, the Group estimates to make additional contributions in the approximate total amount of 104 million Euros, in line with the financing plan approved by Insurance and Pension Funds Supervisory Authority (ASF) (see note 44). The Pension Plans in Portugal, Spain and Brazil are subject to several risks, in which are included the risk of changes in market rates (which impacts the discount rate and the fixed rate of return rate on assets), the risk of changes on the expected lifetime of plan participants, the risk of changes on the pension increase rate and the risk of changes on the social security pension increase, to which are made the following sensitivity analysis for the liabilities at the end of the period: Thousand Euros Portugal Spain Brazil Increase Decrease Increase Decrease Increase Decrease Discount rate (0.5% movement) -29,617 31,790 -108 103 -10,168 11,032 Mortality (increase of 1 year in expected lifetime of plan participants) 32,265 - 3,820 The solvency level of the fund for the financing of pension plan liabilities in Portugal may vary not only from the risks described above, but also from the performance of the different classes of assets that comprise it. Considering the nature of the defined benefit of the plan and despite the fund's low risk profile (mostly composed of fixed income assets), the joint materialization of adverse risks (including those above referred) may lead to the need for additional contributions to the fund. The medical care and other benefits Plans in Portugal, Spain and Brazil are subject to several risks, in which are included the risk of changes in market rates (which impacts the discount rate and the fixed rate of return rate on assets), the risk of changes in the health care costs and the risk of changes on the expected lifetime of plan participants, to which are made the following sensitivity analysis for the liabilities at the end of the period: Health care cost trend (0.5% movement) -14,989 -11,080 - - - - Mortality (increase of 1 year in expected lifetime of plan participants) 11,678 - 7,716 The level of solvency of the fund for the financing of post-employment medical care liabilities in Portugal may vary not only from the risks described above, but also from the performance of the different classes of assets that comprise it. Considering the nature of the defined benefit of the plan and despite the fund's low risk profile (mostly composed of fixed income assets), the joint materialization of adverse risks (including those above referred) may lead to changes in the financing plan approved by ASF. Composition of the assets portfolio funds The assets of the pension funds, medical care and death subsidy in Portugal are as follows: Thousand Euros Fund assets by nature Liquidity Bonds Shares Property Other Total 31 December 2022 13,897 436,910 434,470 200,977 76,523 1,162,777 31 December 2021 15,571 481,123 542,016 198,724 71,473 1,308,907 % Fund assets by nature Liquidity Bonds Shares Property Other Total 31 December 2022 1.20% 37.58% 37.36% 17.28% 6.58% 100.00% 31 December 2021 1.19% 36.76% 41.41% 15.18% 5.46% 100.00% The portfolio of shares and bonds have a quoted market price in an active market. Properties included in the fund, that are being used by the Group amount to 178,866 thousand Euros as at 31 December 2022 (31 December 2021: 180,950 thousand Euros). Bonds includes 3,534 thousand Euros (31 December 2021: 4,919 thousand Euros) relating to bonds issued by EDP Finance B.V. and EDP, S.A. The real return rate on assets of the pension Fund in 2022 was negative in 7.84% (2021: positive in 9.40%). The assets of the pension fund in Brazil are as follows: Thousand Euros Fund assets by nature Liquidity Bonds Shares Property Other Total 31 December 2022 - 225,706 10,098 394 999 237,197 31 December 2021 - 180,448 10,277 672 5,956 197,353 % Fund assets by nature Liquidity Bonds Shares Property Other Total 31 December 2022 - 95.16% 4.25% 0.18% 0.41% 100.00% 31 December 2021 - 91.43% 5.21% 0.34% 3.02% 100.00% The portfolio of shares and bonds have a quoted market price in an active market. The number of participants covered by the pension plans and similar obligations is as follows: 2022 2021 Portugal Spain Brazil Portugal Spain Brazil Retirees and pensioners 17,379 660 1,509 18,022 809 1,484 Active workers 2,080 51 413 2,260 75 432 19,459 711 1,922 20,282 884 1,916 The liability for retirement pensions and related coverage for the Group is as follows: Thousand Euros Dec 2022 Portugal Spain Brazil Group Liability at the end of the period 933,961 2,198 232,048 1,168,207 Plan assets at the end of the period -716,587 - -237,197 -953,784 Surplus pension funding (see note 27) 89,349 - - 89,349 Asset ceiling - - 42,425 42,425 Provision at the end of the period 306,723 2,198 37,276 346,197 Thousand Euros Dec 2021 Portugal Spain Brazil Group Liability at the end of the period 1,266,282 3,814 207,893 1,477,989 Plan assets at the end of the period -838,755 - -197,353 -1,036,108 Surplus pension funding (see note 27) 13,267 - - 13,267 Asset ceiling - - 31,753 31,753 Provision at the end of the period 440,794 3,814 42,293 486,901 The evolution of the present value of the plan liability and fair value of the plan assets of the related Funds is as follows: Thousand Euros 2022 2021 2020 2019 2018 Liability at the end of the period 1,168,207 1,477,989 1,588,058 1,719,435 1,784,521 Plan assets at the end of the period -953,784 -1,036,108 -1,016,216 -1,195,046 -1,136,581 Surplus pension funding 89,349 13,267 29,610 55,506 59,840 Asset ceiling 42,425 31,753 28,156 50,895 51,596 Provision at the end of the period 346,197 486,901 629,608 630,790 759,376 The experience adjustments (effects of the differences between the previous actuarial assumptions and what has really occurred) for the Pension Funds in Portugal and Brazil are as follows: Thousand Euros 2022 2021 2020 2019 2018 Portugal Experience adjustments for the Plan liabilities -22,796 55,794 61,193 -46,993 -91,575 Experience adjustments for the Plan assets 71,073 -79,211 -6,662 60,914 -37,567 Brazil Experience adjustments for the Plan liabilities 16,644 20,759 34,478 -4,974 -6,090 Experience adjustments for the Plan assets -7,471 9,339 13,554 41,036 8,182 The past service liability of the pension plans for the Group is as follows: Thousand Euros Dec 2022 Portugal Spain Brazil Group Liability at the beginning of the period 1,266,282 3,814 207,893 1,477,989 Current service cost 3,870 181 -160 3,891 Net interest on the pensions plan liability 6,083 59 23,659 29,801 Benefits paid -165,959 -2,716 -19,367 -188,042 Past service cost (Curtailment/Plan amendments) (see note 10) 2,243 - - 2,243 Actuarial (gains)/losses -178,507 860 -5,835 -183,482 Transfers, reclassifications and exchange differences -51 - 25,858 25,807 Liability at the end of the period 933,961 2,198 232,048 1,168,207 Thousand Euros Dec 2021 Portugal Spain Brazil Group Liability at the beginning of the period 1,353,388 23,945 210,725 1,588,058 Current service cost 5,569 - -348 5,221 Net interest on the pensions plan liability 3,729 1 17,381 21,111 Benefits paid -178,260 -71 -15,834 -194,165 Past service cost (Curtailment/Plan amendments) 6,844 - - 6,844 Actuarial (gains)/losses 75,137 -12 -6,027 69,098 Transfers, reclassifications and exchange differences -125 -20,049 1,996 -18,178 Liability at the end of the period 1,266,282 3,814 207,893 1,477,989 The evolution of the consolidated assets of the Pension Funds is as follows: Thousand Euros Dec 2022 Portugal Brazil Group Assets value at the beginning of the period 838,755 197,353 1,036,108 Group contribution - 6,188 6,188 Plan participants contributions - 239 239 Benefits paid -56,309 -18,931 -75,240 Interest on the pensions plan assets 5,214 19,455 24,669 Actuarial gains/(losses) -71,073 6,611 -64,462 Transfers, reclassifications and exchange differences - 26,282 26,282 Assets value at the end of the period 716,587 237,197 953,784 Dec 2021 Thousand Euros Portugal Brazil Group Assets value at the beginning of the period 814,128 202,088 1,016,216 Group contribution - 1,640 1,640 Plan participants contributions - 211 211 Benefits paid -57,750 -13,850 -71,600 Interest on the pensions plan assets 3,166 14,645 17,811 Actuarial gains/(losses) 79,211 -9,339 69,872 Transfers, reclassifications and exchange differences - 1,958 1,958 Assets value at the end of the period 838,755 197,353 1,036,108 The caption Asset ceiling refers to the unrecognised assets in the respective accounting periods. The reconciliation between the opening balance and the closing balance is as follows: Thousand Euros Group Dec 2022 Dec 2021 Asset ceiling at the beginning of the period 31,753 28,156 Effect of changes in restricted net assets of benefits to the asset ceiling 4,328 1,234 Exchange differences 6,344 2,363 Asset ceiling at the end of the period 42,425 31,753 The number of participants covered by the medical and other benefits plans is as follows: 2022 2021 Portugal Spain Brazil Portugal Spain Brazil Retirees and pensioners 17,379 2,887 2,755 17,563 3,015 2,819 Active workers 5,733 1,102 845 5,663 466 937 23,112 3,989 3,600 23,226 3,481 3,756 The provision for medical liabilities and other benefits and related coverage for the Group is as follows: Thousand Euros Dec 2022 Portugal Spain Brazil Group Liability at the end of the period 597,628 169,226 100,861 867,715 Plan assets at the end of the period -446,190 - - -446,190 Surplus pension funding 3,344 - - 3,344 Provision at the end of the period 154,782 169,226 100,861 424,869 Thousand Euros Dec 2021 Portugal Spain Brazil Group Liability at the end of the period 806,641 203,978 92,432 1,103,051 Plan assets at the end of the period -470,152 - - -470,152 Provision at the end of the period 336,489 203,978 92,432 632,899 The evolution of the present value of the liability for Medical care and other benefits for the Group is as follows: Thousand Euros 2022 2021 2020 2019 2018 Liability at the end of the period 867,715 1,103,051 1,149,769 1,107,444 923,880 Plan assets at the end of the period -446,190 -470,152 -437,073 -426,565 -275,954 Surplus pension funding 3,344 - - - - Provision at the end of the period 424,869 632,899 712,696 680,879 647,926 The experience adjustments (effects of the differences between the previous actuarial assumptions and what really occurred) for the medical and other benefits Liabilities in Portugal and Brazil and for the Plan Assets in Portugal are as follows: Thousand Euros 2022 2021 2020 2019 2018 Portugal Experience adjustments for the Plan liabilities 3,622 -5,051 11,979 3,214 -1,265 Experience adjustments for the Plan assets 42,195 -38,649 -4,723 22,187 -11,869 Brazil Experience adjustments for the Medical Plan liabilities 3,637 32 -20,086 -1,937 37,773 The past service liability of medical and other benefits plans for the Group is as follows: Thousand Euros Dec 2022 Portugal Spain Brazil Group Liability at the beginning of the period 806,641 203,978 92,432 1,103,051 Current service cost 2,964 2,363 320 5,647 Net interest on the net medical liabilities and other benefits 6,766 2,985 9,252 19,003 Benefits paid -31,954 -18,659 -8,327 -58,940 Past service cost (Curtailment/Plan amendments) (see note 10) 65 988 - 1,053 Actuarial (gains)/losses -186,844 -22,212 -3,991 -213,047 Transfers, reclassifications and exchange differences -10 -217 11,175 10,948 Liability at the end of the period 597,628 169,226 100,861 867,715 Thousand Euros Dec 2021 Portugal Spain Brazil Group Liability at the beginning of the period 833,506 212,451 103,812 1,149,769 Current service cost 4,482 1,995 390 6,867 Net interest on the net medical liabilities and other benefits 5,047 3,429 7,563 16,039 Benefits paid -32,989 -45,974 -6,497 -85,460 Past service cost (Curtailment/Plan amendments) (see note 10) 200 8,269 - 8,469 Actuarial (gains)/losses -3,605 606 -11,854 -14,853 Transfers, reclassifications and exchange differences - 23,202 -982 22,220 Liability at the end of the period 806,641 203,978 92,432 1,103,051 The evolution of the consolidated assets of the Medical care and Other subsidies in Portugal is as follows: Thousand Euros Dec 2022 Dec 2021 Assets value at the beginning of the period 470,152 437,073 Group contribution 34,560 11,520 Benefits paid -20,345 -19,839 Interest on the pensions plan assets 4,018 2,749 Actuarial gains/(losses) -42,195 38,649 Assets value at the end of the period 446,190 470,152 36. Provisions Provisions are as follows: Thousand Euros Non-Current Current Dec 2022 Dec 2021 Dec 2022 Dec 2021 Provision for legal and labour matters and other contingencies 123,230 98,351 2,510 3,067 Provision for customer guarantees under current operation - - 2,092 57,233 Provision for dismantling and decommissioning 498,694 560,007 8,500 8,615 Provision for other liabilities and charges 300,135 318,230 38,183 41,404 922,059 976,588 51,285 110,319 With reference to 31 December 2022, the movement by nature of the Provisions item at the EDP Group level is presented as follows: Guarantees customers Legal, in the Dismantling labour and context of Other risks other current Decommi- Thousand Euros matters activity ssioning and charges Total Balance as at 1 January 2021 100,316 21,691 566,170 566,082 1,254,259 Perimeter variations -1,647 - -18,748 -651 -21,046 Charge for the period 14,758 - - 58,871 73,629 Reversals -9,430 - - -3,689 -13,119 Charge-off for the period -14,293 - -20,023 -46,464 -80,780 Unwinding 13,749 - 3,753 1,771 19,273 Increase of the responsibility - - 29,525 - 29,525 Onerous contracts - 35,542 - - 35,542 Innovative Features Charge-off - - - -69,374 -69,374 Overcompensation revisability CMEC - - - -72,900 -72,900 CMEC - - - 15,014 15,014 \"Lesividad\" - - - -47,233 -47,233 Ancillary services charge-off - - - -48,000 -48,000 Exchange differences and other -1,061 - 14,921 6,262 20,122 Reclassification to Liabilities Held for Sale -974 - -6,976 -55 -8,005 Balance as at 31 December 2021 101,418 57,233 568,622 359,634 1,086,907 Perimeter variations (see note 6) -154 - 13,581 1,859 15,286 Charge for the period 18,993 1,247 - 23,672 43,912 Reversals -12,919 -3 - -16,451 -29,373 Charge-off for the period -14,576 -309 -11,132 -14,262 -40,279 Unwinding (see note 13) 16,455 - 6,609 1,581 24,645 Increase of the responsibility (see note 16) - - 9,841 - 9,841 Assumptions update (see note 16) - - -94,026 - -94,026 Onerous contracts - -56,147 - - -56,147 Innovative Features Charge-off (see note 4) - - - -12,205 -12,205 \"Lesividad\" Charge-off - - - -45,695 -45,695 CMEC - - - 14,823 14,823 Exchange differences and other 16,523 71 13,699 25,362 55,655 Balance as at 31 December 2022 125,740 2,092 507,194 338,318 973,344 EDP and its subsidiaries' Board of Directors, based on the information provided by its legal advisors and on the analysis of pending lawsuits, have recognised provisions to cover the losses estimated as probable, related with litigations in progress. Provision for legal and labour matters and other contingencies includes provisions for litigation in progress and other labour contingencies, which are related essentially with: i) Requests for the refund of tariff increases paid by industrial consumers of the brazilian subsidiaries EDP S\u00e3o Paulo and EDP Esp\u00edrito Santo in the amount of 17,181 thousand Euros (31 December 2021: 12,324 thousand Euros). These requests result from the application of Administrative Orders DNAEE no. 38 of 27 February 1986 and no. 45 of 4 March 1986 - Plano Cruzado, effective from March to November 1986; ii) The remaining legal litigations correspond mainly to indemnities for damages allegedly suffered in consequence of interruption of electricity supply, power accidents and fires. Provisions for customer guarantees under current operations include essentially provisions for commercial losses. Provisions for dismantling and decommissioning includes : (i) 42,525 thousand Euros of the dismantling Trillo nuclear power plant; (ii) 264,762 thousand Euros of the dismantling of wind and solar farms (replacement of sites and land in its original state), mainly, in Europe (110,441 thousand Euros), North America (140,723 thousand Euros), Asia-Pacific (10,913 thousand Euros) and Brazil (2,679 thousand Euros); and (iii) 197,876 thousand Euros of the dismantling and environmental requalification of thermal electro-producing centers in Spain (132,445 thousand Euros) and Portugal (65,431 thousand Euros). These provisions were calculated based on the present value of future liabilities and recorded against an increase in the respective tangible fixed assets, which are amortized over the average useful life of these assets. The calculation of these provisions was based on the following discount and inflation rates: Europe North America Brazil Asia-Pacific Discount Rate [2.24% - 8.75%] [4.02% - 4.42%] [12.40% - 12.50%] [3.50% - 7.67%] Inflation Rate [1.90% - 3.88%] [2.07% - 3.51%] [3.45% - 3.59%] [1.40% - 3.90%] Provision for other liabilities and charges The BOE 223/2017 published during the third quarter of 2017 opened the hearing process of the Order of the Minister of Energy, Tourism and Digital Agenda of 13 September, introducing \"lesividad\" declaration procedure for the public interest Order IET/980/2016, of 10 June, which established the remuneration of electricity distribution companies until 2016. Thus, the remuneration that has been determined has allegedly been higher than that due for the year 2016. Until the \"lesividad\" procedure is finitely resolved, the remuneration of the distribution activity for the years 2016, 2017, 2018 and 2019 is considered provisional. With reference to 31 December 2020, EDP Espa\u00f1a recorded an accumulated provision of 93,105 thousand Euros corresponding to the potential effect of \"lesividad\" for the financial years 2016, 2017, 2018, 2019 and 2020. Since 2016, EDP Espa\u00f1a, like other companies in the sector, have been in place with legal proceedings to resolve the \u201clesividad\u201d procedure. At the same time, companies initiated processes to determine the real value of assets subject to remuneration and proceeded with the reformulation and deposit of their annual accounts from 2014 to 2020, ending this process during 2021. Although no new liquidation or a new regulation has been issued, the companies consider that, in accordance with the order 481/2020 of the Supreme Court, the reformulated and deposited annual accounts must be considered for the calculation of the remuneration. Thus, in 2021, EDP Espa\u00f1a updated the provision for the \u201clesividad\u201d procedure for the years 2016 to 2020, reversing it by approximately 47 million Euros. On 1 June 2022, order TED/490/2022, of 31 May, was published in BOE 130/2022, which executes the judgment of the Federal Supreme Court in relation to the declaration of \"lesividad\" to the public interest of the Order IET/980/2016, of 10 June. The remuneration approved by the Ministry of Ecological Transition and the Demographic Challenge in the referred Order did not take into account the accounts reformulated by the distribution companies, resulting in a notable decrease in their remuneration compared to the expected and accounted values corresponding to a correct execution of the sentence. Subsequently, the \"Comisi\u00f3n Nacional de los Mercados y la Competencia\" (CNMC) settled the payment obligations arising from the \"lesividad\" referring to the years 2016, 2017, 2018, 2019, 2020 and 2022 in the Provisional Agreement 5/2022 (partially corresponding to the year 2022) approved by the CNMC on 14 July 2022 and those corresponding to the 2021 financial year in the \u201c2021 Definitive Settlement of regulated activities in the electricity sector\u201d, approved by the CNMC on 4 November 2022. The distribution companies of the EDP Group filed lawsuits against order TED/490/2022 and against the Final Settlement of 2021, in order to obtain the collection of amounts due from a correct execution of the judgment. Before the publication of order TED/490/2022, the provisions corresponding to the expected impact of the execution of the sentence amounted to approximately 47 million Euros. After its publication, the existing provisions were used for this purpose, with the Group recording a receivable in assets, awaiting the decision of the respective lawsuits filed against order TED/490/2022, corresponding to approximately 63 million Euros for the period from 2016 to 2021, and an amount of around 9 million Euros for the period of 2022. On 3 May 2018, it has come to EDP\u2019s knowledge (through a DGEG\u2019s letter) that the CMEC final adjustment had been officially approved, according to ERSE\u2019s proposal, in the amount of 154 million Euros. EDP reflected this reality in its financial statements as of 31 December 2018, recognising a provision by the difference in the final adjustment amounts already recognised in the Group's revenues. On 31 December 2022 EDP maintains the provision in its accounts (see note 4). On 26 September 2018, DGEG notified EDP about a dispatch issued by the Secretary of State for Energy (SSE) on 29 August 2018, which quantifies at 285 million Euros the alleged overcompensation of EDP related to the calculation of the real availability factor of the plants under the CMEC regime. EDP reflected this in the financial statements as at 31 December 2018, through a provision of the same amount. During 2022, EDP made payments of 12,205 thousand Euros, the amount that was still registered, settling the provision as at 31 December 2022 (see note 4). In their ordinary course of business, EDP Group subsidiaries are involved in several litigations and contingencies (of possible risk) of administrative, civil, tax, labour and other natures. These legal, arbitration or other actions, involve customers, suppliers, employees and administrative authorities. In EDP Group and its legal advisors' opinion, the risk of a loss in these actions is not probable, and the outcome will not affect on a material way its consolidated financial position. The processes whose losses were considered as possible, do not require the recognition of provisions and are periodically reassessed. The detail of possible contingencies is analised as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Administrative and Civil 325,437 255,406 336 330 Fiscal 773,643 656,768 13,321 9,541 Other 125,107 114,305 2,791 2,811 1,224,187 1,026,479 16,448 12,682 The events and possible contingencies more relevant in Portugal, are as follows: i) On 29 July 2016, the Portuguese Competition Authority (AdC) has notified EDP S.A. and EDP Comercial, S.A. with a notice for alleged violation of competition laws, regarding the process of the commercial campaign done in partnership with Modelo Continente, designated as \"Plano EDP Continente\". This was an occasional campaign, limited to two years, which was one of several campaigns usually performed by several other market agents. On 5 May 2017, EDP S.A. and EDP Comercial, S.A. received AdC final decision which applied a fee of 2,900 thousand Euros to EDP S.A. and 25,800 thousand Euros to EDP Comercial. EDP Group is convinced that this campaign has brought real benefits to consumers and competition in markets and that no transgression has been committed. The companies filed their appeal on 19 June 2017 to TCRS. By this court was determined a court hearing that EDP and EDP Comercial would provide security in the amount of 50% of the fine imposed on them by the AdC, and on 19 June 2020, EDP and EDP Comercial provided surety bond and surety in the amounts of 1,450 thousand Euros and 12,900 thousand Euros, respectively. On 30 September 2020, a judgment was issued by the TCRS, which maintained the conviction of the two companies of the EDP Group, as well as Sonae Group's Companies, having also reduced fines by 10%. Fines were determined at 2,610 thousand Euros and 23,220 thousand Euros for EDP and EDP Comercial, respectively. On 30 October 2020, EDP and EDP Comercial appealed the condemnatory sentence handed down by the TCRS, to the Lisbon Court of Appeal. On 6 April 2021, the parties were notified of the judgment handed down by the Court of Appeal of Lisbon, through which it decreed the suspension of the proceedings and the preliminary referral of the case to the Court of Justice of the European Union, under the foreseen mechanism Article 267(b) of the Treaty on the Functioning of the European Union. The case was filed at the Registry of the Court of Justice on 26 May 2021, with written observations having been submitted by the parties on the questions referred by the Lisbon Court of Appeal. The oral trial hearing at the Court of Justice of the European Union took place on 9 November 2022, pending the presentation of conclusions by the Advocate General, which will be followed by the delivery of judgment; ii) On 3 September 2018, the Portuguese Competition Authority (AdC) notified EDP Produ\u00e7\u00e3o with a Statement of Objections, under which EDP Produ\u00e7\u00e3o is accused of abuse of a dominant position in the secondary regulation band market (a part of the ancillary services market). AdC claims that EDP Produ\u00e7\u00e3o has deliberately limited the participation of CMEC plants in the secondary regulation market between 2009 and 2014, benefitting its non-CMEC power plants. The alleged benefit, to the detriment of consumers, would be twofold: receiving higher compensation under CMEC annual adjustment regime; profiting from higher market prices in said market. AdC has estimated that the alleged practice of EDP Produ\u00e7\u00e3o has generated damages to the national electricity system and to consumers of around 140 million Euros. AdC pointed out that the adoption of a Statement of Objections did not determine the result of the investigation, which began in September 2016 and is still in course. On 28 November 2018, EDP Produ\u00e7\u00e3o presented to AdC its facts about the accusation. On 18 September 2019, AdC has notified EDP Produ\u00e7\u00e3o of an alleged infraction to competition rules. This contingency was estimated with a value of 48 million Euros and its graduation was assessed as possible. On 30 October 2019, EDP Produ\u00e7\u00e3o presented an appeal against this decision to the TCRS. On 20 May 2020, EDP Produ\u00e7\u00e3o was notified of a decision by the TCRS, which, among other things, admitted its Judicial Challenge Appeal, establishing a purely return effect and determining the payment of the fine imposed within 20 days. In this regard, EDP Produ\u00e7\u00e3o submitted requests, invoking supervening facts for the demonstration of considerable damage, and arguing defects in the decision that determined the attribution of a mere devolution effect to the Judicial Challenge Appeal. On 16 July 2020, EDP was notified of an order which implied the existence of substantial losses if the fine was paid in advance. Thus, the payment order was therefore suspended. However, on 12 October 2020, EDP Produ\u00e7\u00e3o was notified of the appeal filed by the Public Prosecutor's Office, at the Lisbon Court of Appeal, against the TCRS order of 16 July 2020, and considered the existence of considerable damage in the early payment of the fine and suspended the payment order. On 18 November 2020, EDP Produ\u00e7\u00e3o was notified of a decision by the Lisbon Court of Appeal, granting the appeal presented by the Public Prosecutor and, consequently, revoking the order of TCRS of 16 July 2020. EDP Produ\u00e7\u00e3o appealed this judgment to the Constitutional Court on 30 November 2020. On 22 February 2021, EDP Produ\u00e7\u00e3o was notified of the decision of the Constitutional Court in the sense of not knowing the object of the appeal. The case was returned to the TCRS to establish the effect of the appeal filed, to determine whether EDP Produ\u00e7\u00e3o must pay a fine or provide a guarantee. By order of the same day, the TCRS has scheduled the trial hearing for 27 September, 7, 11 and 25 October, 4, 8, 18, 22 November and 2 and 6 December 2021. On 16 September 2021, the TCRS issued an order that demanded the payment of the fine. Despite having lodged an appeal against this order, on 20 October 2021 EDP Produ\u00e7\u00e3o paid the amount under appeal, and is waiting for a decision on the appeals submitted. The trial hearing, which began in October 2021, continued with several inquiries until the end of March 2022, with closing arguments taking place on 6 July 2022. On 10 August 2022, the TCRS delivered a judgement, through which it confirmed the conviction of EDP Produ\u00e7\u00e3o and the imposition of a fine of 48 million Euros, which had already been paid. On 30 September 2022, EDP Produ\u00e7\u00e3o filed an appeal against the aforementioned decision to the Lisbon Court of Appeal. This was followed by the filing of counter-claims by the AdC and the Public Prosecutor's Office, pending further developments. iii) On 19 July 2021, Celulose Beira Industrial, SA (CELBI), submitted to SU Eletricidade, SA a constitutional request of an Arbitral Tribunal, regarding a conviction of a payment of the energy produced by it under special production in cogeneration, and its interest, since April 2020 (date on which, in accordance with the law and the understanding of DGEG and followed by SU Eletricidade, CELBI has moved to the transitional remuneration scheme provided for in DL No. 23/2010 and Ordinance No. 140/2012), and throughout the term of operation of its Cogeneration Center (which it estimates to be at least 25 years), i.e. at least until 24 March 2035 (supporting this understanding in the fact that the 2002 Remuneration Scheme does not establish any period); or, in the alternative, until 24 March 2030 (claiming that you are entitled to be remunerated under the 2002 Remuneration Scheme for a further 120 months (10 years) from March 2020); or, in the alternative, until November 2020 (claiming that the transition to the 2012 Remuneration Scheme should only take place six months after the effective knowledge of the communication sent by the SRB); or, in the alternative, until August 2020 (in the alternative claiming that the transition from CELBI's remuneration scheme would operate from the beginning of the month following the date of the audit report certifying primary energy savings, which means the transition would operate from August 2020 because the audit report is from July 2020). The overall value of the application amounts to 6,839 thousand Euros and has been classified as possible risk. In October 2021, SU Eletricidade filed a challenge. In February 2022, Procedural Decision no. 1 was delivered, under which the Arbitration Court considered itself competent to adjudicate the dispute between the parties, which was challenged by SU Eletricidade through annulment action filed in March 2022, which is pending at the Central Administrative Court, the pleadings phase has elapsed. In April 2022, the preparatory hearing was held, which was intended in particular to discuss previous questions raised as well as to the fixing of the list of the facts not at issue and the themes of the evidence. In June 2022, the parties filed a joint application alleging supervening facts. The trial hearing took place on 13, 14 and 15 September 2022 and, on 5 of December 2022, the parties presented their final written allegations. On 30 January 2023, the parties were notified of the arbitration judgment, which partially upheld one of the requests made by CELBI (corresponding to 11.75% of them), and SU Eletricidade is currently assessing and considering the respective terms and the possible effects. The possible contingencies more relevant in Brazil, are as follows: i) Investco is involved in a legal action of a civil nature mostly related with indemnity claims resulting from the filling of the hydroelectric reservoir, in the amount of 23,365 thousand Euros (31 December 2021: 17,297 thousand Euros); ii) There is a public civil action filed against EDP S\u00e3o Paulo and EDP Esp\u00edrito Santo by ADIC \u2013 Associa\u00e7\u00e3o de Defesa dos Interesses Colectivos, claiming a compensation arising from a tariff readjustment on part A from 43 concessionaires. The estimated value attributable to EDP S\u00e3o Paulo and EDP Espirito Santo amounts to 74,402 thousand Euros (31 December 2021: 55,031 thousand Euros); iii) EDP S\u00e3o Paulo is a party to a lawsuit related to the COFINS (Contribution for social security financing) from 1993 to 1995 in joinder with AES Eletropaulo, where is discussed the application of the tax amnesty introduced by the Provisional Measures paragraphs 1858-6 and 1858-8, granted to taxpayers who did not collect COFINS, considering it improper. In the trial of 2nd Instance, was partially confirmed the right to amnesty, and applied the Decree-Law 1,025/69, which established the payment of procedural costs in favour of the National Treasury. From this decision, an appeal was presented, which holds trial. The updated amount as at 31 December 2022 is 14,058 thousand Euros (31 December 2021: 12,267 thousand Euros); iv) EDP S\u00e3o Paulo and EDP Esp\u00edrito Santo have administrative and judicial actions regarding tax compensations not ratified by the Brazilian Federal Revenue Bureau, which: (i) are protected by judicially recognised credits (IRPJ - Corporate tax income and CSLL - Social Contribution on net profits) and (ii) that result from tax contributions in 2001 of IRPJ, CSLL, PIS (Social integration programme) and COFINS considered to be excessive as a consequence of the application of \"Parecer COSIT 26/2002\" (Extraordinary Tariff Adjustment - RTE) published by the Brazilian Tax Authorities. According to this opinion, the amounts resulting from tariffs updated under RTE should be recognised and taxed only as of 2002. During 2021 there was a reduction in the amount due to the success obtained in one of the administrative proceedings, cancelling the debt collection. As at 31 December 2022, the updated values amount to 19,736 thousand Euros (31 December 2021: 17,007 thousand Euros); v) Lajeado has a judicial tax action initiated by the Brazilian Tax Authorities in 2014 aimed at collecting tax contributions (IRPJ and CSLL) resulting from the disallowance of expenses regarding goodwill arising from a business combination (acquisition). As at 31 December 2022, this contingency amounts to 27,388 thousand Euros (31 December 2021: 23,030 thousand Euros); vi) Porto do Pec\u00e9m was the subject of tax execution procedure in the amount of 17,673 thousand Euros, resulting from alleged non-taxation under IRPJ and CSLL of financial income and exchange variations related to previous periods (31 December 2021: 14,850 thousand Euros); and vii) Following a period of drought in the State of Cear\u00e1, the local government, through Decree 32,044 of 16 September 2016, introduced an extraordinary rate called the Emergency Water Charge (EHE) over the actual water consumption of thermoelectric power plants, and in particular the Porto do Pec\u00e9m. On 13 October 2016, the Porto do Pec\u00e9m submitted an administrative request to ANEEL for the purpose of transferring this additional cost to the Unit Variable Cost (CVU), in order to restore the economic-financial balance of the contract (CCEAR). ANEEL, through Order 3,293 of 16 December 2016, denied the request of the Porto do Pec\u00e9m, which initiated proceedings against ANEEL. As at 31 December 2022, the lawsuit is estimated in an amount of 31,214 thousand Euros (31 December 2021: 23,087 thousand euros). During 2020 there was a revision of assumptions used to calculate the contingency which previously was considering the estimative of the value of EHE to be paid following the historical average. The new calculation is based on the claim effective risk considering the transference of CVU. Finally, even if EDP Group classifies its risk as remote, it is important to identify the following litigation: i) On 27 October 2009 and 5 January 2010, the EDP Group received two tax settlements regarding 2005 and 2006 taxable income for the EDP tax Group, which included an adjustment of 591 million Euros regarding its subsidiary, EDP Internacional SGPS, related to the tax treatment considered by the EDP Group in relation to a capital loss generated with the liquidation of a subsidiary, whose main assets consisted of investments in operating subsidiaries in Brazil, namely EDP Esp\u00edrito Santo and Enersul. As at 31 December 2022, the amount of this tax contingency amounts to 315 million Euros (31 December 2021: 307 million Euros). Considering the analysis made, the technical advice received and a favourable binding opinion obtained from the tax authorities in relation to the nature of the transaction occurred in the year of the assessment, the EDP Group considers as remote the risk associated with this matter. Under this analysis, the capital loss is tax deductible for income tax purposes as established in article 75 no. 2 of the Corporate Income Tax Code (\"C\u00f3digo do IRC\") based on the wording of the law in force at that date (existing article 81). Given the above, and considering that the EDP Group\u2019s tax procedures comply with applicable Portuguese tax legislation at the date of the events, the Group is currently using all available legal means to contest these additional settlements. Thus, following the implied rejection of the hierarchical appeal, EDP presented a judicial claim, on 6 June 2012. In November 2018, EDP Group was notified with a decision in favour. The Treasury filed an appeal on that decision. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f40930": {
"value": "37. Institutional partnerships in North America The caption Institutional partnerships in North America is as follows: Thousand Euros Group Dec 2022 Dec 2021 Deferred income related to benefits provided 798,363 731,573 Liabilities arising from institutional partnerships 1,413,799 1,528,168 2,212,162 2,259,741 Subsidiaries in North America recognises under this caption the receipts of institutional investors associated with wind and solar projects. This liability is reduced by the amount of tax benefits provided and payments made to the institutional investors during the period. The amount of tax benefits provided is booked as a non-current deferred income, and recognised over a five year period (see note 8). Additionally, this liability is increased by the estimated interest based on the liability outstanding and the expected rate of return of the institutional investors (see note 13). The movements in Institutional partnerships in North America are as follows: Thousand Euros Group Dec 2022 Dec 2021 Balance at the beginning of the period 2,259,741 1,933,542 Proceeds received from institutional investors 53,714 779,825 Cash paid for deferred transaction costs -2,172 -4,131 Cash paid to institutional investors -128,927 -83,530 Other Income (see note 8) -233,505 -177,205 Unwinding (see note 13) 96,955 79,023 Perimeter variations (see note 6) 24,892 - Loss of control of companies with Institutional Partnerships -420,522 Exchange differences 144,123 168,318 Other -2,659 -15,579 Balance at the end of the period 2,212,162 2,259,741 During 2022, EDPR NA, has secured and received proceeds amounting to 53,714 thousand Euros related to institutional equity financing in exchange for an interest in onshore wind projects. Under these partnerships, EDP Group provides operating guarantees to institutional investors in wind and solar projects, which are typical of this type of structure. As at 31 December 2022, the liabilities associated with these guarantees are not expected to exceed the amounts already recognized under the caption Liabilities arising from institutional partnerships. 38. Trade payables and other liabilities from commercial activities At Group level, Trade payables and other liabilities from commercial activities are as follows: Thousand Euros Non-Current Current Dec 2022 Dec 2021 Dec 2022 Dec 2021 Contract liabilities: Energy sales contracts - North America 4,238 4,959 - - Deferred income \u2013 CMEC 24,950 80,566 55,616 61,915 Amounts received from the Fund for systemic sustainability of the energy sector - - 630,053 125,777 Other liabilities: Investment government grants 29,188 85,525 685,669 187,692 327,118 321,870 - - Customer contract obligations 443,517 457,414 - - Amounts payable for tariff adjustments - Electricity - Portugal - 115,941 958,357 1,071,548 Amounts payable for tariff adjustments - Electricity - Brazil 20,767 237,135 184,381 99,365 Amounts payable - securitisations - - 89,027 121,050 Amounts payable - CMEC - - 228,247 215,973 Amounts payable for concessions 211,056 201,820 - - Property, plant and equipment suppliers 202,861 189,124 2,549,047 1,481,620 Suppliers - - 1,256,420 1,006,643 Accrued costs related with commercial activities - - 984,040 1,386,103 Holiday pay, bonus and other charges with employees - - 225,599 173,039 CO2 emission Licenses - - 707,920 300,541 Other creditors and sundry operations 177,947 198,096 536,263 276,437 1,383,266 1,721,400 7,719,301 6,132,319 1,412,454 1,806,925 8,404,970 6,320,011 The caption Deferred income - CMEC is detailed as follows: Initial CMEC -22,887 27,419 Final adjustment 47,837 28,197 24,950 55,616 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f40931": {
"value": "37. Institutional partnerships in North America The caption Institutional partnerships in North America is as follows: Thousand Euros Group Dec 2022 Dec 2021 Deferred income related to benefits provided 798,363 731,573 Liabilities arising from institutional partnerships 1,413,799 1,528,168 2,212,162 2,259,741 Subsidiaries in North America recognises under this caption the receipts of institutional investors associated with wind and solar projects. This liability is reduced by the amount of tax benefits provided and payments made to the institutional investors during the period. The amount of tax benefits provided is booked as a non-current deferred income, and recognised over a five year period (see note 8). Additionally, this liability is increased by the estimated interest based on the liability outstanding and the expected rate of return of the institutional investors (see note 13). The movements in Institutional partnerships in North America are as follows: Thousand Euros Group Dec 2022 Dec 2021 Balance at the beginning of the period 2,259,741 1,933,542 Proceeds received from institutional investors 53,714 779,825 Cash paid for deferred transaction costs -2,172 -4,131 Cash paid to institutional investors -128,927 -83,530 Other Income (see note 8) -233,505 -177,205 Unwinding (see note 13) 96,955 79,023 Perimeter variations (see note 6) 24,892 - Loss of control of companies with Institutional Partnerships -420,522 Exchange differences 144,123 168,318 Other -2,659 -15,579 Balance at the end of the period 2,212,162 2,259,741 During 2022, EDPR NA, has secured and received proceeds amounting to 53,714 thousand Euros related to institutional equity financing in exchange for an interest in onshore wind projects. Under these partnerships, EDP Group provides operating guarantees to institutional investors in wind and solar projects, which are typical of this type of structure. As at 31 December 2022, the liabilities associated with these guarantees are not expected to exceed the amounts already recognized under the caption Liabilities arising from institutional partnerships. 38. Trade payables and other liabilities from commercial activities At Group level, Trade payables and other liabilities from commercial activities are as follows: Thousand Euros Non-Current Current Dec 2022 Dec 2021 Dec 2022 Dec 2021 Contract liabilities: Energy sales contracts - North America 4,238 4,959 - - Deferred income \u2013 CMEC 24,950 80,566 55,616 61,915 Amounts received from the Fund for systemic sustainability of the energy sector - - 630,053 125,777 Other liabilities: Investment government grants 29,188 85,525 685,669 187,692 327,118 321,870 - - Customer contract obligations 443,517 457,414 - - Amounts payable for tariff adjustments - Electricity - Portugal - 115,941 958,357 1,071,548 Amounts payable for tariff adjustments - Electricity - Brazil 20,767 237,135 184,381 99,365 Amounts payable - securitisations - - 89,027 121,050 Amounts payable - CMEC - - 228,247 215,973 Amounts payable for concessions 211,056 201,820 - - Property, plant and equipment suppliers 202,861 189,124 2,549,047 1,481,620 Suppliers - - 1,256,420 1,006,643 Accrued costs related with commercial activities - - 984,040 1,386,103 Holiday pay, bonus and other charges with employees - - 225,599 173,039 CO2 emission Licenses - - 707,920 300,541 Other creditors and sundry operations 177,947 198,096 536,263 276,437 1,383,266 1,721,400 7,719,301 6,132,319 1,412,454 1,806,925 8,404,970 6,320,011 Investment government grants are amortised through the recognition of a revenue in the income statement over the useful life of the related assets, which amounts to 28,579 thousand Euros as at 31 December 2022 (see note 12). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f41060": {
"value": "38. Trade payables and other liabilities from commercial activities At Group level, Trade payables and other liabilities from commercial activities are as follows: Thousand Euros Non-Current Current Dec 2022 Dec 2021 Dec 2022 Dec 2021 Contract liabilities: Energy sales contracts - North America 4,238 4,959 - - Deferred income \u2013 CMEC 24,950 80,566 55,616 61,915 Amounts received from the Fund for systemic sustainability of the energy sector - - 630,053 125,777 Other liabilities: Investment government grants 29,188 85,525 685,669 187,692 327,118 321,870 - - Customer contract obligations 443,517 457,414 - - Amounts payable for tariff adjustments - Electricity - Portugal - 115,941 958,357 1,071,548 Amounts payable for tariff adjustments - Electricity - Brazil 20,767 237,135 184,381 99,365 Amounts payable - securitisations - - 89,027 121,050 Amounts payable - CMEC - - 228,247 215,973 Amounts payable for concessions 211,056 201,820 - - Property, plant and equipment suppliers 202,861 189,124 2,549,047 1,481,620 Suppliers - - 1,256,420 1,006,643 Accrued costs related with commercial activities - - 984,040 1,386,103 Holiday pay, bonus and other charges with employees - - 225,599 173,039 CO2 emission Licenses - - 707,920 300,541 Other creditors and sundry operations 177,947 198,096 536,263 276,437 1,383,266 1,721,400 7,719,301 6,132,319 1,412,454 1,806,925 8,404,970 6,320,011 At Company level, Trade payables and other liabilities from commercial activities are as follows: Thousand Euros Current Dec 2022 Dec 2021 Other liabilities: Suppliers 1,291,273 1,161,903 Accrued costs related with commercial activities 503,498 990,091 Property, plant and equipment suppliers 2,701 506 Holiday pay, bonus and other charges with employees 39,298 34,145 Other creditors and sundry operations 233,728 6,017 2,070,498 2,192,662 At the moment of EDPR NA acquisition, the contracts signed between this subsidiary and its customers, determined under the terms of the Purchase Price Allocation, were valued through discounted cash flow models and market assumptions at 190,400 thousand US Dollars, being booked as a non-current liability under Energy sales contract - North America, and amortised over the useful life of the contracts in Other operating income - Other. The caption Deferred income - CMEC is detailed as follows: Initial CMEC -22,887 27,419 Final adjustment 47,837 28,197 24,950 55,616 The Amounts received from the Fund for Systemic Sustainability of the Energy Sector refer to amounts transferred to SU Eletricidade, S.A. related mainly to amounts from the Environmental Fund and to CESE amounts and are intended to reduce 2023 networks access tariffs. Investment government grants are amortised through the recognition of a revenue in the income statement over the useful life of the related assets, which amounts to 28,579 thousand Euros as at 31 December 2022 (see note 12). The movement for the period in Amounts payable for tariff adjustments - Electricity - Portugal (Non-current and Current) is as follows: Thousand Euros Non-Current Current Balance at the beginning of the period 115,941 1,071,548 Payment through the electricity tariff - -1,071,517 Tariff adjustment of the period (see note 7) 524,724 - Interest expense (see note 13) 1,319 3,165 Transfer to/from tariff adjustment payable (see note 26) 502,119 -188,942 Transfer from Non-Current to Current -1,144,103 1,144,103 Balance at the end of the period - 958,357 The captions Amounts payable and Amounts Receivable for tariff adjustments - Electricity - Brazil, refer to tariff adjustments recognised in EDP S\u00e3o Paulo - Distribui\u00e7\u00e3o de Energia S.A. and EDP Esp\u00edrito Santo - Distribui\u00e7\u00e3o de Energia S.A. Thousand Euros Non-current Current Dec 2022 Dec 2021 Dec 2022 Dec 2021 Amounts payable for tariff adjustments - Electricity - Brazil 20,767 237,135 184,381 99,365 Amounts receivable from tariff adjustments - Electricity - Brazil (see note 26) -12,883 -124,604 -14,310 -101,928 7,884 112,531 170,071 -2,563 The movement for the period in Amounts payable and Amounts Receivable for tariff adjustments - Electricity - Brazil (Non-current and Current) is as follows: Thousand Euros Dec 2022 Balance at the beginning of the period 109,968 Tariff adjustment of the period (see note 7) 112,420 Payment/Receipt through the electricity tariff -54,940 Interest expense/income (see note 13) -585 Effect of exchange differences of the Brazilian Real against the Euro 11,092 Balance at the end of the period 177,955 The movement includes the recognition of 97,327 thousand Euros (548,788 thousand Brazilian Real) of the refund and a negative amount of 16,523 thousand Euros (93,169 thousand Brazilian Real) of unwinding over the amount resulting from the non-inclusion, in 2019, of the amounts of VAT borne in the basis of calculation of PIS and COFINS (1,756,597 thousand Brazilian Real as at 31 December 2019, of which 934,368 thousand Brazilian Real were returned, between 2020 and December 2022, through the electricity tariff, with an unwinding of 147,792 thousand Brazilian Real). In the energy distribution activity, the subsidiaries of EDP Group in Portugal and Spain recover the deficits and tariff adjustment assets through the tariffs charged to their customers. The caption Amounts payable - securitizations includes the amounts payable to entities that have acquired the right to receive these assets in securitisation or direct sales operations in Portugal. The caption Amounts payable - CMEC refers to amounts received by E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A., through the tariff, regarding the CMEC Revisibility of 2016 and 2017, which delivery to REN is awaiting approval. The caption Amounts payable for concessions includes the concession rights for the operation of the hydric domain of Alqueva and Pedr\u00f3g\u00e3o transferred by EDIA in the amount of 125,154 thousand Euros (31 December 2021: 128,467 thousand Euros) and the financial compensation for the use of the public domain related to concession agreements of Investco, S.A. and Enerpeixe, S.A. in Brazil in the amount of 85,903 thousand Euros (31 December 2021: 73,353 thousand Euros). The caption Property, plant and equipment suppliers - Current and Non-current includes amounts payable arising from assets and projects acquisitions in the amount of 332,727 thousand Euros (31 December 2021: 284,521 thousand Euros) and the amounts due related with the construction of windfarms and solar parks in North America in the amount of 1,409,674 thousand Euros (31 December 2021: 969,660 thousand Euros), in Europe in the amount of 466,270 thousand Euros (31 December 2021: 219,780 thousand Euros) and in South America in the amount of 375,583 thousand Euros (31 December 2021: 48,838 thousand Euros). The caption CO2 emission licenses includes the CO2 licenses consumptions during 2022 in Portugal and Spain, in the amount of 149,733 thousand Euros and 558,187 thousand Euros, respectively (31 December 2021: 54,722 thousand Euros and 245,819 thousand Euros). The variation that occurred includes the consumption of 2022 and the return, in 2022, of the licenses related to 2021 consumptions, which are delivered by April of the year following their consumption to the regulatory authorities. The caption Other creditors and sundry operations - Current and Non-current includes, essentially, the amount payable to Mibel for daily energy transactions, amounts referring to the adjustments of the pool's price estimate in accordance with the regulatory mechanism for the renewable generation sector in Spain and amounts payable related to the reinsurance activity. 39. Other liabilities and other payables Other liabilities and other payables are as follows: Thousand Euros Gr oup Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Other liabilities and other payables - Non-Current Liabilities measured at amortised cost: Loans from non-controlling interests 659,367 430,001 - - Lease Liabilities 1,252,000 951,751 139,728 143,737 Liabilities measured at fair value through profit or loss: Derivative financial instruments (see note 42) 2,701,116 1,523,949 2,013,300 1,618,247 Amounts payable and contingent prices for acquisitions/sales 152,614 126,484 30,134 62,014 Other Liabilities: Other creditors and sundry operations 394,399 7,790 - - Other liabilities and other payables - Current Liabilities measured at amortised cost: Loans from non-controlling interests 5,159,496 3,039,975 2,183,162 1,823,998 17,582 42,754 - - Dividends attributed to related companies 77,182 68,124 - - Group companies - - 3,857 3,630 Lease Liabilities 135,792 97,697 12,603 12,617 Liabilities measured at fair value through profit or loss: Derivative financial instruments (see note 42) 3,052,590 2,417,295 3,192,332 3,168,309 Amounts payable and contingent prices for acquisitions/sales 274,974 139,396 32,325 51,335 Other Liabilities: Other creditors and sundry operations 42,773 15,835 152,185 194,561 3,600,893 2,781,101 3,393,302 3,430,452 8,760,389 5,821,076 5,576,464 5,254,450 The caption Loans from non-controlling interests Non-Current and Current mainly includes: Thousand Euros Dec 2022 Dec 2021 ACE Portugal (CTG Group) Fixed rate of 3.75% 20,713 25,760 ACE Poland (CTG Group) Fixed rate of a range between 2.95% / 7.23% 41,026 74,086 ACE Italy (CTG Group) Fixed rate of 4.5% 31,954 43,868 CITIC CWEI Renewables (CTG Group) Fixed rate of 5.5% 38 13,590 Macquarie Super Core Infrastructure Fund SD Holdings S.\u00c0.R.L. Fixed rate of a range between 0.40% / 2.73% 572,124 302,622 665,855 459,926 The variation of the caption Amounts payable and contingent prices for acquisitions/sales results essentially from the recognition of the costs actually incurred in the construction of the respective wind farms, as provided for in the context of the operation to sell projects in North America in 2021, recognition of contingent pricing arising from the sale of the solar project in North America, the recognition of contingent prices due to the acquisition of Xuan Thien Group by Sunseap Group Pte. Ltd. and the acquisition of Kronos by EDP Renewables Europe, S.L.U. (see note 6) (see note 6). The movements in Lease Liabilities - Non Current and Current are as follows: Thousand Euros Dec 2022 Balance at the beginning of the period 1,049,448 Charge for the period 386,378 Unwinding of lease liabilities (see note 13) 46,146 Lease payments (principal and interests) -133,696 Exchange differences 38,978 Perimeter variations and other regularisations 538 Balance at the end of the period 1,387,792 Perimeter variations and other regularisations mainly include the increase resulting from the acquisition of a solar distributed generation portfolio in Southeast Asia and the reduction resulting from Indiana Crossroads Solar Park project in North America sale (see note 6). The nominal value of Lease Liabilities, by maturity, is as follows: Thousand Euros Dec 2022 Capital outstanding by maturity Total Less than 5 year From 5 to 10 years From 10 to 15 years More than 15 years Lease Liabilities 2,195,080 614,008 434,761 419,515 726,796 The caption Lease Liabilities, on a Company basis, includes lease contracts with EDP Pension and Medical and Death Subsidy Funds regarding the building units of Porto headquarters acquired by EDP Pension Fund in December 2015 and the Lisbon headquarters building given as an in- kind contribution to EDP Medical and Death Subsidy Fund in September 2017. These contracts were celebrated for a period of 25 years (see note 44). The variation in the caption Other creditors and sundry operations, Non-Current and Current, results essentially from the recognition of the fair value of the options agreed between the parties regarding the acquisition of the Sunseap Group (56,442 thousand Euros) and the Kronos Group (341,996 thousand Euros ) (see note 6). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f41061": {
"value": "38. Trade payables and other liabilities from commercial activities At Group level, Trade payables and other liabilities from commercial activities are as follows: Thousand Euros Non-Current Current Dec 2022 Dec 2021 Dec 2022 Dec 2021 Contract liabilities: Energy sales contracts - North America 4,238 4,959 - - Deferred income \u2013 CMEC 24,950 80,566 55,616 61,915 Amounts received from the Fund for systemic sustainability of the energy sector - - 630,053 125,777 Other liabilities: Investment government grants 29,188 85,525 685,669 187,692 327,118 321,870 - - Customer contract obligations 443,517 457,414 - - Amounts payable for tariff adjustments - Electricity - Portugal - 115,941 958,357 1,071,548 Amounts payable for tariff adjustments - Electricity - Brazil 20,767 237,135 184,381 99,365 Amounts payable - securitisations - - 89,027 121,050 Amounts payable - CMEC - - 228,247 215,973 Amounts payable for concessions 211,056 201,820 - - Property, plant and equipment suppliers 202,861 189,124 2,549,047 1,481,620 Suppliers - - 1,256,420 1,006,643 Accrued costs related with commercial activities - - 984,040 1,386,103 Holiday pay, bonus and other charges with employees - - 225,599 173,039 CO2 emission Licenses - - 707,920 300,541 Other creditors and sundry operations 177,947 198,096 536,263 276,437 1,383,266 1,721,400 7,719,301 6,132,319 1,412,454 1,806,925 8,404,970 6,320,011 At Company level, Trade payables and other liabilities from commercial activities are as follows: Thousand Euros Current Dec 2022 Dec 2021 Other liabilities: Suppliers 1,291,273 1,161,903 Accrued costs related with commercial activities 503,498 990,091 Property, plant and equipment suppliers 2,701 506 Holiday pay, bonus and other charges with employees 39,298 34,145 Other creditors and sundry operations 233,728 6,017 2,070,498 2,192,662 At the moment of EDPR NA acquisition, the contracts signed between this subsidiary and its customers, determined under the terms of the Purchase Price Allocation, were valued through discounted cash flow models and market assumptions at 190,400 thousand US Dollars, being booked as a non-current liability under Energy sales contract - North America, and amortised over the useful life of the contracts in Other operating income - Other. The caption Deferred income - CMEC is detailed as follows: Initial CMEC -22,887 27,419 Final adjustment 47,837 28,197 24,950 55,616 The Amounts received from the Fund for Systemic Sustainability of the Energy Sector refer to amounts transferred to SU Eletricidade, S.A. related mainly to amounts from the Environmental Fund and to CESE amounts and are intended to reduce 2023 networks access tariffs. Investment government grants are amortised through the recognition of a revenue in the income statement over the useful life of the related assets, which amounts to 28,579 thousand Euros as at 31 December 2022 (see note 12). The movement for the period in Amounts payable for tariff adjustments - Electricity - Portugal (Non-current and Current) is as follows: Thousand Euros Non-Current Current Balance at the beginning of the period 115,941 1,071,548 Payment through the electricity tariff - -1,071,517 Tariff adjustment of the period (see note 7) 524,724 - Interest expense (see note 13) 1,319 3,165 Transfer to/from tariff adjustment payable (see note 26) 502,119 -188,942 Transfer from Non-Current to Current -1,144,103 1,144,103 Balance at the end of the period - 958,357 The captions Amounts payable and Amounts Receivable for tariff adjustments - Electricity - Brazil, refer to tariff adjustments recognised in EDP S\u00e3o Paulo - Distribui\u00e7\u00e3o de Energia S.A. and EDP Esp\u00edrito Santo - Distribui\u00e7\u00e3o de Energia S.A. Thousand Euros Non-current Current Dec 2022 Dec 2021 Dec 2022 Dec 2021 Amounts payable for tariff adjustments - Electricity - Brazil 20,767 237,135 184,381 99,365 Amounts receivable from tariff adjustments - Electricity - Brazil (see note 26) -12,883 -124,604 -14,310 -101,928 7,884 112,531 170,071 -2,563 The movement for the period in Amounts payable and Amounts Receivable for tariff adjustments - Electricity - Brazil (Non-current and Current) is as follows: Thousand Euros Dec 2022 Balance at the beginning of the period 109,968 Tariff adjustment of the period (see note 7) 112,420 Payment/Receipt through the electricity tariff -54,940 Interest expense/income (see note 13) -585 Effect of exchange differences of the Brazilian Real against the Euro 11,092 Balance at the end of the period 177,955 The movement includes the recognition of 97,327 thousand Euros (548,788 thousand Brazilian Real) of the refund and a negative amount of 16,523 thousand Euros (93,169 thousand Brazilian Real) of unwinding over the amount resulting from the non-inclusion, in 2019, of the amounts of VAT borne in the basis of calculation of PIS and COFINS (1,756,597 thousand Brazilian Real as at 31 December 2019, of which 934,368 thousand Brazilian Real were returned, between 2020 and December 2022, through the electricity tariff, with an unwinding of 147,792 thousand Brazilian Real). In the energy distribution activity, the subsidiaries of EDP Group in Portugal and Spain recover the deficits and tariff adjustment assets through the tariffs charged to their customers. The caption Amounts payable - securitizations includes the amounts payable to entities that have acquired the right to receive these assets in securitisation or direct sales operations in Portugal. The caption Amounts payable - CMEC refers to amounts received by E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A., through the tariff, regarding the CMEC Revisibility of 2016 and 2017, which delivery to REN is awaiting approval. The caption Amounts payable for concessions includes the concession rights for the operation of the hydric domain of Alqueva and Pedr\u00f3g\u00e3o transferred by EDIA in the amount of 125,154 thousand Euros (31 December 2021: 128,467 thousand Euros) and the financial compensation for the use of the public domain related to concession agreements of Investco, S.A. and Enerpeixe, S.A. in Brazil in the amount of 85,903 thousand Euros (31 December 2021: 73,353 thousand Euros). The caption Property, plant and equipment suppliers - Current and Non-current includes amounts payable arising from assets and projects acquisitions in the amount of 332,727 thousand Euros (31 December 2021: 284,521 thousand Euros) and the amounts due related with the construction of windfarms and solar parks in North America in the amount of 1,409,674 thousand Euros (31 December 2021: 969,660 thousand Euros), in Europe in the amount of 466,270 thousand Euros (31 December 2021: 219,780 thousand Euros) and in South America in the amount of 375,583 thousand Euros (31 December 2021: 48,838 thousand Euros). The caption CO2 emission licenses includes the CO2 licenses consumptions during 2022 in Portugal and Spain, in the amount of 149,733 thousand Euros and 558,187 thousand Euros, respectively (31 December 2021: 54,722 thousand Euros and 245,819 thousand Euros). The variation that occurred includes the consumption of 2022 and the return, in 2022, of the licenses related to 2021 consumptions, which are delivered by April of the year following their consumption to the regulatory authorities. The caption Other creditors and sundry operations - Current and Non-current includes, essentially, the amount payable to Mibel for daily energy transactions, amounts referring to the adjustments of the pool's price estimate in accordance with the regulatory mechanism for the renewable generation sector in Spain and amounts payable related to the reinsurance activity. 39. Other liabilities and other payables Other liabilities and other payables are as follows: Thousand Euros Gr oup Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Other liabilities and other payables - Non-Current Liabilities measured at amortised cost: Loans from non-controlling interests 659,367 430,001 - - Lease Liabilities 1,252,000 951,751 139,728 143,737 Liabilities measured at fair value through profit or loss: Derivative financial instruments (see note 42) 2,701,116 1,523,949 2,013,300 1,618,247 Amounts payable and contingent prices for acquisitions/sales 152,614 126,484 30,134 62,014 Other Liabilities: Other creditors and sundry operations 394,399 7,790 - - Other liabilities and other payables - Current Liabilities measured at amortised cost: Loans from non-controlling interests 5,159,496 3,039,975 2,183,162 1,823,998 17,582 42,754 - - Dividends attributed to related companies 77,182 68,124 - - Group companies - - 3,857 3,630 Lease Liabilities 135,792 97,697 12,603 12,617 Liabilities measured at fair value through profit or loss: Derivative financial instruments (see note 42) 3,052,590 2,417,295 3,192,332 3,168,309 Amounts payable and contingent prices for acquisitions/sales 274,974 139,396 32,325 51,335 Other Liabilities: Other creditors and sundry operations 42,773 15,835 152,185 194,561 3,600,893 2,781,101 3,393,302 3,430,452 8,760,389 5,821,076 5,576,464 5,254,450 ",
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"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f41062": {
"value": "38. Trade payables and other liabilities from commercial activities At Group level, Trade payables and other liabilities from commercial activities are as follows: Thousand Euros Non-Current Current Dec 2022 Dec 2021 Dec 2022 Dec 2021 Contract liabilities: Energy sales contracts - North America 4,238 4,959 - - Deferred income \u2013 CMEC 24,950 80,566 55,616 61,915 Amounts received from the Fund for systemic sustainability of the energy sector - - 630,053 125,777 Other liabilities: Investment government grants 29,188 85,525 685,669 187,692 327,118 321,870 - - Customer contract obligations 443,517 457,414 - - Amounts payable for tariff adjustments - Electricity - Portugal - 115,941 958,357 1,071,548 Amounts payable for tariff adjustments - Electricity - Brazil 20,767 237,135 184,381 99,365 Amounts payable - securitisations - - 89,027 121,050 Amounts payable - CMEC - - 228,247 215,973 Amounts payable for concessions 211,056 201,820 - - Property, plant and equipment suppliers 202,861 189,124 2,549,047 1,481,620 Suppliers - - 1,256,420 1,006,643 Accrued costs related with commercial activities - - 984,040 1,386,103 Holiday pay, bonus and other charges with employees - - 225,599 173,039 CO2 emission Licenses - - 707,920 300,541 Other creditors and sundry operations 177,947 198,096 536,263 276,437 1,383,266 1,721,400 7,719,301 6,132,319 1,412,454 1,806,925 8,404,970 6,320,011 At Company level, Trade payables and other liabilities from commercial activities are as follows: Thousand Euros Current Dec 2022 Dec 2021 Other liabilities: Suppliers 1,291,273 1,161,903 Accrued costs related with commercial activities 503,498 990,091 Property, plant and equipment suppliers 2,701 506 Holiday pay, bonus and other charges with employees 39,298 34,145 Other creditors and sundry operations 233,728 6,017 2,070,498 2,192,662 At the moment of EDPR NA acquisition, the contracts signed between this subsidiary and its customers, determined under the terms of the Purchase Price Allocation, were valued through discounted cash flow models and market assumptions at 190,400 thousand US Dollars, being booked as a non-current liability under Energy sales contract - North America, and amortised over the useful life of the contracts in Other operating income - Other. The caption Deferred income - CMEC is detailed as follows: Initial CMEC -22,887 27,419 Final adjustment 47,837 28,197 24,950 55,616 The Amounts received from the Fund for Systemic Sustainability of the Energy Sector refer to amounts transferred to SU Eletricidade, S.A. related mainly to amounts from the Environmental Fund and to CESE amounts and are intended to reduce 2023 networks access tariffs. Investment government grants are amortised through the recognition of a revenue in the income statement over the useful life of the related assets, which amounts to 28,579 thousand Euros as at 31 December 2022 (see note 12). The movement for the period in Amounts payable for tariff adjustments - Electricity - Portugal (Non-current and Current) is as follows: Thousand Euros Non-Current Current Balance at the beginning of the period 115,941 1,071,548 Payment through the electricity tariff - -1,071,517 Tariff adjustment of the period (see note 7) 524,724 - Interest expense (see note 13) 1,319 3,165 Transfer to/from tariff adjustment payable (see note 26) 502,119 -188,942 Transfer from Non-Current to Current -1,144,103 1,144,103 Balance at the end of the period - 958,357 The captions Amounts payable and Amounts Receivable for tariff adjustments - Electricity - Brazil, refer to tariff adjustments recognised in EDP S\u00e3o Paulo - Distribui\u00e7\u00e3o de Energia S.A. and EDP Esp\u00edrito Santo - Distribui\u00e7\u00e3o de Energia S.A. Thousand Euros Non-current Current Dec 2022 Dec 2021 Dec 2022 Dec 2021 Amounts payable for tariff adjustments - Electricity - Brazil 20,767 237,135 184,381 99,365 Amounts receivable from tariff adjustments - Electricity - Brazil (see note 26) -12,883 -124,604 -14,310 -101,928 7,884 112,531 170,071 -2,563 The movement for the period in Amounts payable and Amounts Receivable for tariff adjustments - Electricity - Brazil (Non-current and Current) is as follows: Thousand Euros Dec 2022 Balance at the beginning of the period 109,968 Tariff adjustment of the period (see note 7) 112,420 Payment/Receipt through the electricity tariff -54,940 Interest expense/income (see note 13) -585 Effect of exchange differences of the Brazilian Real against the Euro 11,092 Balance at the end of the period 177,955 The movement includes the recognition of 97,327 thousand Euros (548,788 thousand Brazilian Real) of the refund and a negative amount of 16,523 thousand Euros (93,169 thousand Brazilian Real) of unwinding over the amount resulting from the non-inclusion, in 2019, of the amounts of VAT borne in the basis of calculation of PIS and COFINS (1,756,597 thousand Brazilian Real as at 31 December 2019, of which 934,368 thousand Brazilian Real were returned, between 2020 and December 2022, through the electricity tariff, with an unwinding of 147,792 thousand Brazilian Real). In the energy distribution activity, the subsidiaries of EDP Group in Portugal and Spain recover the deficits and tariff adjustment assets through the tariffs charged to their customers. The caption Amounts payable - securitizations includes the amounts payable to entities that have acquired the right to receive these assets in securitisation or direct sales operations in Portugal. The caption Amounts payable - CMEC refers to amounts received by E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A., through the tariff, regarding the CMEC Revisibility of 2016 and 2017, which delivery to REN is awaiting approval. The caption Amounts payable for concessions includes the concession rights for the operation of the hydric domain of Alqueva and Pedr\u00f3g\u00e3o transferred by EDIA in the amount of 125,154 thousand Euros (31 December 2021: 128,467 thousand Euros) and the financial compensation for the use of the public domain related to concession agreements of Investco, S.A. and Enerpeixe, S.A. in Brazil in the amount of 85,903 thousand Euros (31 December 2021: 73,353 thousand Euros). The caption Property, plant and equipment suppliers - Current and Non-current includes amounts payable arising from assets and projects acquisitions in the amount of 332,727 thousand Euros (31 December 2021: 284,521 thousand Euros) and the amounts due related with the construction of windfarms and solar parks in North America in the amount of 1,409,674 thousand Euros (31 December 2021: 969,660 thousand Euros), in Europe in the amount of 466,270 thousand Euros (31 December 2021: 219,780 thousand Euros) and in South America in the amount of 375,583 thousand Euros (31 December 2021: 48,838 thousand Euros). The caption CO2 emission licenses includes the CO2 licenses consumptions during 2022 in Portugal and Spain, in the amount of 149,733 thousand Euros and 558,187 thousand Euros, respectively (31 December 2021: 54,722 thousand Euros and 245,819 thousand Euros). The variation that occurred includes the consumption of 2022 and the return, in 2022, of the licenses related to 2021 consumptions, which are delivered by April of the year following their consumption to the regulatory authorities. The caption Other creditors and sundry operations - Current and Non-current includes, essentially, the amount payable to Mibel for daily energy transactions, amounts referring to the adjustments of the pool's price estimate in accordance with the regulatory mechanism for the renewable generation sector in Spain and amounts payable related to the reinsurance activity. 39. Other liabilities and other payables Other liabilities and other payables are as follows: Thousand Euros Gr oup Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Other liabilities and other payables - Non-Current Liabilities measured at amortised cost: Loans from non-controlling interests 659,367 430,001 - - Lease Liabilities 1,252,000 951,751 139,728 143,737 Liabilities measured at fair value through profit or loss: Derivative financial instruments (see note 42) 2,701,116 1,523,949 2,013,300 1,618,247 Amounts payable and contingent prices for acquisitions/sales 152,614 126,484 30,134 62,014 Other Liabilities: Other creditors and sundry operations 394,399 7,790 - - Other liabilities and other payables - Current Liabilities measured at amortised cost: Loans from non-controlling interests 5,159,496 3,039,975 2,183,162 1,823,998 17,582 42,754 - - Dividends attributed to related companies 77,182 68,124 - - Group companies - - 3,857 3,630 Lease Liabilities 135,792 97,697 12,603 12,617 Liabilities measured at fair value through profit or loss: Derivative financial instruments (see note 42) 3,052,590 2,417,295 3,192,332 3,168,309 Amounts payable and contingent prices for acquisitions/sales 274,974 139,396 32,325 51,335 Other Liabilities: Other creditors and sundry operations 42,773 15,835 152,185 194,561 3,600,893 2,781,101 3,393,302 3,430,452 8,760,389 5,821,076 5,576,464 5,254,450 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f41063": {
"value": "38. Trade payables and other liabilities from commercial activities At Group level, Trade payables and other liabilities from commercial activities are as follows: Thousand Euros Non-Current Current Dec 2022 Dec 2021 Dec 2022 Dec 2021 Contract liabilities: Energy sales contracts - North America 4,238 4,959 - - Deferred income \u2013 CMEC 24,950 80,566 55,616 61,915 Amounts received from the Fund for systemic sustainability of the energy sector - - 630,053 125,777 Other liabilities: Investment government grants 29,188 85,525 685,669 187,692 327,118 321,870 - - Customer contract obligations 443,517 457,414 - - Amounts payable for tariff adjustments - Electricity - Portugal - 115,941 958,357 1,071,548 Amounts payable for tariff adjustments - Electricity - Brazil 20,767 237,135 184,381 99,365 Amounts payable - securitisations - - 89,027 121,050 Amounts payable - CMEC - - 228,247 215,973 Amounts payable for concessions 211,056 201,820 - - Property, plant and equipment suppliers 202,861 189,124 2,549,047 1,481,620 Suppliers - - 1,256,420 1,006,643 Accrued costs related with commercial activities - - 984,040 1,386,103 Holiday pay, bonus and other charges with employees - - 225,599 173,039 CO2 emission Licenses - - 707,920 300,541 Other creditors and sundry operations 177,947 198,096 536,263 276,437 1,383,266 1,721,400 7,719,301 6,132,319 1,412,454 1,806,925 8,404,970 6,320,011 At Company level, Trade payables and other liabilities from commercial activities are as follows: Thousand Euros Current Dec 2022 Dec 2021 Other liabilities: Suppliers 1,291,273 1,161,903 Accrued costs related with commercial activities 503,498 990,091 Property, plant and equipment suppliers 2,701 506 Holiday pay, bonus and other charges with employees 39,298 34,145 Other creditors and sundry operations 233,728 6,017 2,070,498 2,192,662 At the moment of EDPR NA acquisition, the contracts signed between this subsidiary and its customers, determined under the terms of the Purchase Price Allocation, were valued through discounted cash flow models and market assumptions at 190,400 thousand US Dollars, being booked as a non-current liability under Energy sales contract - North America, and amortised over the useful life of the contracts in Other operating income - Other. The caption Deferred income - CMEC is detailed as follows: Initial CMEC -22,887 27,419 Final adjustment 47,837 28,197 24,950 55,616 The Amounts received from the Fund for Systemic Sustainability of the Energy Sector refer to amounts transferred to SU Eletricidade, S.A. related mainly to amounts from the Environmental Fund and to CESE amounts and are intended to reduce 2023 networks access tariffs. Investment government grants are amortised through the recognition of a revenue in the income statement over the useful life of the related assets, which amounts to 28,579 thousand Euros as at 31 December 2022 (see note 12). The movement for the period in Amounts payable for tariff adjustments - Electricity - Portugal (Non-current and Current) is as follows: Thousand Euros Non-Current Current Balance at the beginning of the period 115,941 1,071,548 Payment through the electricity tariff - -1,071,517 Tariff adjustment of the period (see note 7) 524,724 - Interest expense (see note 13) 1,319 3,165 Transfer to/from tariff adjustment payable (see note 26) 502,119 -188,942 Transfer from Non-Current to Current -1,144,103 1,144,103 Balance at the end of the period - 958,357 The captions Amounts payable and Amounts Receivable for tariff adjustments - Electricity - Brazil, refer to tariff adjustments recognised in EDP S\u00e3o Paulo - Distribui\u00e7\u00e3o de Energia S.A. and EDP Esp\u00edrito Santo - Distribui\u00e7\u00e3o de Energia S.A. Thousand Euros Non-current Current Dec 2022 Dec 2021 Dec 2022 Dec 2021 Amounts payable for tariff adjustments - Electricity - Brazil 20,767 237,135 184,381 99,365 Amounts receivable from tariff adjustments - Electricity - Brazil (see note 26) -12,883 -124,604 -14,310 -101,928 7,884 112,531 170,071 -2,563 The movement for the period in Amounts payable and Amounts Receivable for tariff adjustments - Electricity - Brazil (Non-current and Current) is as follows: Thousand Euros Dec 2022 Balance at the beginning of the period 109,968 Tariff adjustment of the period (see note 7) 112,420 Payment/Receipt through the electricity tariff -54,940 Interest expense/income (see note 13) -585 Effect of exchange differences of the Brazilian Real against the Euro 11,092 Balance at the end of the period 177,955 The movement includes the recognition of 97,327 thousand Euros (548,788 thousand Brazilian Real) of the refund and a negative amount of 16,523 thousand Euros (93,169 thousand Brazilian Real) of unwinding over the amount resulting from the non-inclusion, in 2019, of the amounts of VAT borne in the basis of calculation of PIS and COFINS (1,756,597 thousand Brazilian Real as at 31 December 2019, of which 934,368 thousand Brazilian Real were returned, between 2020 and December 2022, through the electricity tariff, with an unwinding of 147,792 thousand Brazilian Real). In the energy distribution activity, the subsidiaries of EDP Group in Portugal and Spain recover the deficits and tariff adjustment assets through the tariffs charged to their customers. The caption Amounts payable - securitizations includes the amounts payable to entities that have acquired the right to receive these assets in securitisation or direct sales operations in Portugal. The caption Amounts payable - CMEC refers to amounts received by E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A., through the tariff, regarding the CMEC Revisibility of 2016 and 2017, which delivery to REN is awaiting approval. The caption Amounts payable for concessions includes the concession rights for the operation of the hydric domain of Alqueva and Pedr\u00f3g\u00e3o transferred by EDIA in the amount of 125,154 thousand Euros (31 December 2021: 128,467 thousand Euros) and the financial compensation for the use of the public domain related to concession agreements of Investco, S.A. and Enerpeixe, S.A. in Brazil in the amount of 85,903 thousand Euros (31 December 2021: 73,353 thousand Euros). The caption Property, plant and equipment suppliers - Current and Non-current includes amounts payable arising from assets and projects acquisitions in the amount of 332,727 thousand Euros (31 December 2021: 284,521 thousand Euros) and the amounts due related with the construction of windfarms and solar parks in North America in the amount of 1,409,674 thousand Euros (31 December 2021: 969,660 thousand Euros), in Europe in the amount of 466,270 thousand Euros (31 December 2021: 219,780 thousand Euros) and in South America in the amount of 375,583 thousand Euros (31 December 2021: 48,838 thousand Euros). The caption CO2 emission licenses includes the CO2 licenses consumptions during 2022 in Portugal and Spain, in the amount of 149,733 thousand Euros and 558,187 thousand Euros, respectively (31 December 2021: 54,722 thousand Euros and 245,819 thousand Euros). The variation that occurred includes the consumption of 2022 and the return, in 2022, of the licenses related to 2021 consumptions, which are delivered by April of the year following their consumption to the regulatory authorities. The caption Other creditors and sundry operations - Current and Non-current includes, essentially, the amount payable to Mibel for daily energy transactions, amounts referring to the adjustments of the pool's price estimate in accordance with the regulatory mechanism for the renewable generation sector in Spain and amounts payable related to the reinsurance activity. 39. Other liabilities and other payables Other liabilities and other payables are as follows: Thousand Euros Gr oup Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Other liabilities and other payables - Non-Current Liabilities measured at amortised cost: Loans from non-controlling interests 659,367 430,001 - - Lease Liabilities 1,252,000 951,751 139,728 143,737 Liabilities measured at fair value through profit or loss: Derivative financial instruments (see note 42) 2,701,116 1,523,949 2,013,300 1,618,247 Amounts payable and contingent prices for acquisitions/sales 152,614 126,484 30,134 62,014 Other Liabilities: Other creditors and sundry operations 394,399 7,790 - - Other liabilities and other payables - Current Liabilities measured at amortised cost: Loans from non-controlling interests 5,159,496 3,039,975 2,183,162 1,823,998 17,582 42,754 - - Dividends attributed to related companies 77,182 68,124 - - Group companies - - 3,857 3,630 Lease Liabilities 135,792 97,697 12,603 12,617 Liabilities measured at fair value through profit or loss: Derivative financial instruments (see note 42) 3,052,590 2,417,295 3,192,332 3,168,309 Amounts payable and contingent prices for acquisitions/sales 274,974 139,396 32,325 51,335 Other Liabilities: Other creditors and sundry operations 42,773 15,835 152,185 194,561 3,600,893 2,781,101 3,393,302 3,430,452 8,760,389 5,821,076 5,576,464 5,254,450 The caption Loans from non-controlling interests Non-Current and Current mainly includes: Thousand Euros Dec 2022 Dec 2021 ACE Portugal (CTG Group) Fixed rate of 3.75% 20,713 25,760 ACE Poland (CTG Group) Fixed rate of a range between 2.95% / 7.23% 41,026 74,086 ACE Italy (CTG Group) Fixed rate of 4.5% 31,954 43,868 CITIC CWEI Renewables (CTG Group) Fixed rate of 5.5% 38 13,590 Macquarie Super Core Infrastructure Fund SD Holdings S.\u00c0.R.L. Fixed rate of a range between 0.40% / 2.73% 572,124 302,622 665,855 459,926 The variation of the caption Amounts payable and contingent prices for acquisitions/sales results essentially from the recognition of the costs actually incurred in the construction of the respective wind farms, as provided for in the context of the operation to sell projects in North America in 2021, recognition of contingent pricing arising from the sale of the solar project in North America, the recognition of contingent prices due to the acquisition of Xuan Thien Group by Sunseap Group Pte. Ltd. and the acquisition of Kronos by EDP Renewables Europe, S.L.U. (see note 6) (see note 6). The movements in Lease Liabilities - Non Current and Current are as follows: Thousand Euros Dec 2022 Balance at the beginning of the period 1,049,448 Charge for the period 386,378 Unwinding of lease liabilities (see note 13) 46,146 Lease payments (principal and interests) -133,696 Exchange differences 38,978 Perimeter variations and other regularisations 538 Balance at the end of the period 1,387,792 Perimeter variations and other regularisations mainly include the increase resulting from the acquisition of a solar distributed generation portfolio in Southeast Asia and the reduction resulting from Indiana Crossroads Solar Park project in North America sale (see note 6). The nominal value of Lease Liabilities, by maturity, is as follows: Thousand Euros Dec 2022 Capital outstanding by maturity Total Less than 5 year From 5 to 10 years From 10 to 15 years More than 15 years Lease Liabilities 2,195,080 614,008 434,761 419,515 726,796 The caption Lease Liabilities, on a Company basis, includes lease contracts with EDP Pension and Medical and Death Subsidy Funds regarding the building units of Porto headquarters acquired by EDP Pension Fund in December 2015 and the Lisbon headquarters building given as an in- kind contribution to EDP Medical and Death Subsidy Fund in September 2017. These contracts were celebrated for a period of 25 years (see note 44). The variation in the caption Other creditors and sundry operations, Non-Current and Current, results essentially from the recognition of the fair value of the options agreed between the parties regarding the acquisition of the Sunseap Group (56,442 thousand Euros) and the Kronos Group (341,996 thousand Euros ) (see note 6). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f41064": {
"value": "38. Trade payables and other liabilities from commercial activities At Group level, Trade payables and other liabilities from commercial activities are as follows: Thousand Euros Non-Current Current Dec 2022 Dec 2021 Dec 2022 Dec 2021 Contract liabilities: Energy sales contracts - North America 4,238 4,959 - - Deferred income \u2013 CMEC 24,950 80,566 55,616 61,915 Amounts received from the Fund for systemic sustainability of the energy sector - - 630,053 125,777 Other liabilities: Investment government grants 29,188 85,525 685,669 187,692 327,118 321,870 - - Customer contract obligations 443,517 457,414 - - Amounts payable for tariff adjustments - Electricity - Portugal - 115,941 958,357 1,071,548 Amounts payable for tariff adjustments - Electricity - Brazil 20,767 237,135 184,381 99,365 Amounts payable - securitisations - - 89,027 121,050 Amounts payable - CMEC - - 228,247 215,973 Amounts payable for concessions 211,056 201,820 - - Property, plant and equipment suppliers 202,861 189,124 2,549,047 1,481,620 Suppliers - - 1,256,420 1,006,643 Accrued costs related with commercial activities - - 984,040 1,386,103 Holiday pay, bonus and other charges with employees - - 225,599 173,039 CO2 emission Licenses - - 707,920 300,541 Other creditors and sundry operations 177,947 198,096 536,263 276,437 1,383,266 1,721,400 7,719,301 6,132,319 1,412,454 1,806,925 8,404,970 6,320,011 At Company level, Trade payables and other liabilities from commercial activities are as follows: Thousand Euros Current Dec 2022 Dec 2021 Other liabilities: Suppliers 1,291,273 1,161,903 Accrued costs related with commercial activities 503,498 990,091 Property, plant and equipment suppliers 2,701 506 Holiday pay, bonus and other charges with employees 39,298 34,145 Other creditors and sundry operations 233,728 6,017 2,070,498 2,192,662 At the moment of EDPR NA acquisition, the contracts signed between this subsidiary and its customers, determined under the terms of the Purchase Price Allocation, were valued through discounted cash flow models and market assumptions at 190,400 thousand US Dollars, being booked as a non-current liability under Energy sales contract - North America, and amortised over the useful life of the contracts in Other operating income - Other. The caption Deferred income - CMEC is detailed as follows: Initial CMEC -22,887 27,419 Final adjustment 47,837 28,197 24,950 55,616 The Amounts received from the Fund for Systemic Sustainability of the Energy Sector refer to amounts transferred to SU Eletricidade, S.A. related mainly to amounts from the Environmental Fund and to CESE amounts and are intended to reduce 2023 networks access tariffs. Investment government grants are amortised through the recognition of a revenue in the income statement over the useful life of the related assets, which amounts to 28,579 thousand Euros as at 31 December 2022 (see note 12). The movement for the period in Amounts payable for tariff adjustments - Electricity - Portugal (Non-current and Current) is as follows: Thousand Euros Non-Current Current Balance at the beginning of the period 115,941 1,071,548 Payment through the electricity tariff - -1,071,517 Tariff adjustment of the period (see note 7) 524,724 - Interest expense (see note 13) 1,319 3,165 Transfer to/from tariff adjustment payable (see note 26) 502,119 -188,942 Transfer from Non-Current to Current -1,144,103 1,144,103 Balance at the end of the period - 958,357 The captions Amounts payable and Amounts Receivable for tariff adjustments - Electricity - Brazil, refer to tariff adjustments recognised in EDP S\u00e3o Paulo - Distribui\u00e7\u00e3o de Energia S.A. and EDP Esp\u00edrito Santo - Distribui\u00e7\u00e3o de Energia S.A. Thousand Euros Non-current Current Dec 2022 Dec 2021 Dec 2022 Dec 2021 Amounts payable for tariff adjustments - Electricity - Brazil 20,767 237,135 184,381 99,365 Amounts receivable from tariff adjustments - Electricity - Brazil (see note 26) -12,883 -124,604 -14,310 -101,928 7,884 112,531 170,071 -2,563 The movement for the period in Amounts payable and Amounts Receivable for tariff adjustments - Electricity - Brazil (Non-current and Current) is as follows: Thousand Euros Dec 2022 Balance at the beginning of the period 109,968 Tariff adjustment of the period (see note 7) 112,420 Payment/Receipt through the electricity tariff -54,940 Interest expense/income (see note 13) -585 Effect of exchange differences of the Brazilian Real against the Euro 11,092 Balance at the end of the period 177,955 The movement includes the recognition of 97,327 thousand Euros (548,788 thousand Brazilian Real) of the refund and a negative amount of 16,523 thousand Euros (93,169 thousand Brazilian Real) of unwinding over the amount resulting from the non-inclusion, in 2019, of the amounts of VAT borne in the basis of calculation of PIS and COFINS (1,756,597 thousand Brazilian Real as at 31 December 2019, of which 934,368 thousand Brazilian Real were returned, between 2020 and December 2022, through the electricity tariff, with an unwinding of 147,792 thousand Brazilian Real). In the energy distribution activity, the subsidiaries of EDP Group in Portugal and Spain recover the deficits and tariff adjustment assets through the tariffs charged to their customers. The caption Amounts payable - securitizations includes the amounts payable to entities that have acquired the right to receive these assets in securitisation or direct sales operations in Portugal. The caption Amounts payable - CMEC refers to amounts received by E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A., through the tariff, regarding the CMEC Revisibility of 2016 and 2017, which delivery to REN is awaiting approval. The caption Amounts payable for concessions includes the concession rights for the operation of the hydric domain of Alqueva and Pedr\u00f3g\u00e3o transferred by EDIA in the amount of 125,154 thousand Euros (31 December 2021: 128,467 thousand Euros) and the financial compensation for the use of the public domain related to concession agreements of Investco, S.A. and Enerpeixe, S.A. in Brazil in the amount of 85,903 thousand Euros (31 December 2021: 73,353 thousand Euros). The caption Property, plant and equipment suppliers - Current and Non-current includes amounts payable arising from assets and projects acquisitions in the amount of 332,727 thousand Euros (31 December 2021: 284,521 thousand Euros) and the amounts due related with the construction of windfarms and solar parks in North America in the amount of 1,409,674 thousand Euros (31 December 2021: 969,660 thousand Euros), in Europe in the amount of 466,270 thousand Euros (31 December 2021: 219,780 thousand Euros) and in South America in the amount of 375,583 thousand Euros (31 December 2021: 48,838 thousand Euros). The caption CO2 emission licenses includes the CO2 licenses consumptions during 2022 in Portugal and Spain, in the amount of 149,733 thousand Euros and 558,187 thousand Euros, respectively (31 December 2021: 54,722 thousand Euros and 245,819 thousand Euros). The variation that occurred includes the consumption of 2022 and the return, in 2022, of the licenses related to 2021 consumptions, which are delivered by April of the year following their consumption to the regulatory authorities. The caption Other creditors and sundry operations - Current and Non-current includes, essentially, the amount payable to Mibel for daily energy transactions, amounts referring to the adjustments of the pool's price estimate in accordance with the regulatory mechanism for the renewable generation sector in Spain and amounts payable related to the reinsurance activity. 39. Other liabilities and other payables Other liabilities and other payables are as follows: Thousand Euros Gr oup Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Other liabilities and other payables - Non-Current Liabilities measured at amortised cost: Loans from non-controlling interests 659,367 430,001 - - Lease Liabilities 1,252,000 951,751 139,728 143,737 Liabilities measured at fair value through profit or loss: Derivative financial instruments (see note 42) 2,701,116 1,523,949 2,013,300 1,618,247 Amounts payable and contingent prices for acquisitions/sales 152,614 126,484 30,134 62,014 Other Liabilities: Other creditors and sundry operations 394,399 7,790 - - Other liabilities and other payables - Current Liabilities measured at amortised cost: Loans from non-controlling interests 5,159,496 3,039,975 2,183,162 1,823,998 17,582 42,754 - - Dividends attributed to related companies 77,182 68,124 - - Group companies - - 3,857 3,630 Lease Liabilities 135,792 97,697 12,603 12,617 Liabilities measured at fair value through profit or loss: Derivative financial instruments (see note 42) 3,052,590 2,417,295 3,192,332 3,168,309 Amounts payable and contingent prices for acquisitions/sales 274,974 139,396 32,325 51,335 Other Liabilities: Other creditors and sundry operations 42,773 15,835 152,185 194,561 3,600,893 2,781,101 3,393,302 3,430,452 8,760,389 5,821,076 5,576,464 5,254,450 The caption Loans from non-controlling interests Non-Current and Current mainly includes: Thousand Euros Dec 2022 Dec 2021 ACE Portugal (CTG Group) Fixed rate of 3.75% 20,713 25,760 ACE Poland (CTG Group) Fixed rate of a range between 2.95% / 7.23% 41,026 74,086 ACE Italy (CTG Group) Fixed rate of 4.5% 31,954 43,868 CITIC CWEI Renewables (CTG Group) Fixed rate of 5.5% 38 13,590 Macquarie Super Core Infrastructure Fund SD Holdings S.\u00c0.R.L. Fixed rate of a range between 0.40% / 2.73% 572,124 302,622 665,855 459,926 The variation of the caption Amounts payable and contingent prices for acquisitions/sales results essentially from the recognition of the costs actually incurred in the construction of the respective wind farms, as provided for in the context of the operation to sell projects in North America in 2021, recognition of contingent pricing arising from the sale of the solar project in North America, the recognition of contingent prices due to the acquisition of Xuan Thien Group by Sunseap Group Pte. Ltd. and the acquisition of Kronos by EDP Renewables Europe, S.L.U. (see note 6) (see note 6). The movements in Lease Liabilities - Non Current and Current are as follows: Thousand Euros Dec 2022 Balance at the beginning of the period 1,049,448 Charge for the period 386,378 Unwinding of lease liabilities (see note 13) 46,146 Lease payments (principal and interests) -133,696 Exchange differences 38,978 Perimeter variations and other regularisations 538 Balance at the end of the period 1,387,792 Perimeter variations and other regularisations mainly include the increase resulting from the acquisition of a solar distributed generation portfolio in Southeast Asia and the reduction resulting from Indiana Crossroads Solar Park project in North America sale (see note 6). The nominal value of Lease Liabilities, by maturity, is as follows: Thousand Euros Dec 2022 Capital outstanding by maturity Total Less than 5 year From 5 to 10 years From 10 to 15 years More than 15 years Lease Liabilities 2,195,080 614,008 434,761 419,515 726,796 The caption Lease Liabilities, on a Company basis, includes lease contracts with EDP Pension and Medical and Death Subsidy Funds regarding the building units of Porto headquarters acquired by EDP Pension Fund in December 2015 and the Lisbon headquarters building given as an in- kind contribution to EDP Medical and Death Subsidy Fund in September 2017. These contracts were celebrated for a period of 25 years (see note 44). The variation in the caption Other creditors and sundry operations, Non-Current and Current, results essentially from the recognition of the fair value of the options agreed between the parties regarding the acquisition of the Sunseap Group (56,442 thousand Euros) and the Kronos Group (341,996 thousand Euros ) (see note 6). ",
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"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"f41763": {
"value": "42. Derivative financial instruments In accordance with IFRS 9, the Group classifies derivative financial instruments as fair value hedge of a recognised asset or liability (Fair value hedge), as cash flow hedge of recognised liabilities and highly probable future transactions (Cash flow hedge), as net investment hedge in foreign operations (Net investment hedge), or as held for trading, if or when they are not eligible for hedge accounting. The fair value of the derivative financial instruments in EDP Group is as follows: Thousand Euros Dec 2022 Dec 2021 Assets Liabilities Assets Liabilities Net Investment hedge Cross-currency interest rate swaps 36,986 -211,081 13,917 -64,452 Currency forwards 25,726 -84,063 2,898 -30,313 Fair value hedge Interest rate swaps 479 -34,407 39,022 - Cross-currency interest rate swaps 26,007 -47,711 48,263 -7,829 Cash flow hedge Interest rate swaps 114,670 -1,611 748 -9,142 Swaps related to gas commodity 557,885 -2,279,446 858,421 -1,904,607 Electricity swaps 306,998 -1,262,063 171,230 -645,611 Currency forwards (includes commodities forwards) 71,295 -37,437 84,135 -1,578 Trading Interest rate swaps 14,474 -10,625 515 -6,875 Cross-currency interest rate swaps 11,382 -48,289 8,959 -2,094 Commodity swaps and forwards 1,277,258 -1,680,641 1,061,750 -1,189,754 Currency forwards 81,990 -33,173 12,596 -8,616 CO2 forwards 2,196 -12,116 9,605 -32,981 Currency forwards associated to commodities 48,352 -11,043 41,267 -8,474 Commodity options - - - -28,918 2,575,698 -5,753,706 2,353,326 -3,941,244 As at 31 December 2022, EDP Group holds contracts for the purchase and sale of commodities traded on futures exchange market, namely Chicago Mercantile Exchange, Intercontinental Exchange, European Energy Exchange and OMIP, whose fair value of the contracted operations is settled on a daily basis, and therefore it is not included in the Statement of Financial Position. The notional of these futures contracts amounts to 4,264,301 thousand Euros with maturities ranged between 2023 and 2031 (31 December 2021: 2,971,782 thousand Euros), and the fair value held in EDP Group results and cash flow hedge reserves related to these operations are a negative amount of 102,517 thousand Euros and a positive amount of 280,621 thousand Euros, respectively (31 December 2021: negative amount of 129,223 thousand Euros and positive amount of 295,538 thousand Euros). The management of financial risk of EDP, S.A. and other EDP Group companies, is carried out centrally by EDP, S.A. (note 5). On this basis, EDP, S.A. negotiates derivative financial instruments with external entities to hedge its own individual business risks, as well as for other companies of the Group, performing for these entities\u2019 as an intermediate in their contracting. The fair value of the derivative financial instruments at Company level is as follows: Thousand Euros Dec 2 022 Dec 2021 Assets Liabilities Assets Liabilities Cash flow hedge Interest rate swaps 92,527 -57,498 - - Swaps related to gas commodity -187,698 -1,260,430 107,577 -934,872 Electricity swaps 438,952 -142,417 593,502 -82,172 Currency forwards (includes commodities forwards) 60,352 8,382 61,439 -219 Trading Interest rate swaps 36,637 -35,203 38,271 -43,221 Cross-currency interest rate swaps 165,562 -217,572 107,185 -87,542 Commodity swaps 3,143,029 -3,186,752 4,215,967 -3,465,075 Currency forwards 189,713 -189,713 36,494 -31,827 Commodity forwards 33,618 -92,557 59,877 -73,180 Currency forwards associated to commodities 67,896 -31,872 42,875 -10,591 Commodity options - - 28,918 -57,857 4,040,588 -5,205,632 5,292,105 -4,786,556 During the application of hedge accounting with pre-existing derivatives, the value of the Currency forwards associated to commodities has a positive value that corresponds to the variation in the fair value of the instruments since the date of designation, while the contracts as a whole they represent a liability; The asset value of Swaps related to gas commodities has a negative value that corresponds to the change in the fair value of the instruments since the designation date, while the contracts as a whole represent an asset. The fair value of derivative financial instruments is booked in Other debtors and other assets (see note 27) and Other liabilities and other payables (see note 39), according to its nature. Fair value of derivative financial instruments is based on listed market prices, whenever available, or on valuations determined through valuation models that use variables observable on the market. Therefore, according to IFRS 13 requirements, the fair value of the derivative financial instruments is classified as of level 2 (see note 45) and no changes of level were made during this period. These valuation models are based on generally accepted discounted cash flow techniques and option valuation models, using market data obtained through financial information platforms. Derivative financial instruments classified as trading are financial hedging instruments contracted for economic hedging at EDP Group level (see note 5), however such instruments are not eligible for hedge accounting under IFRS. ",
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"f41764": {
"value": "42. Derivative financial instruments In accordance with IFRS 9, the Group classifies derivative financial instruments as fair value hedge of a recognised asset or liability (Fair value hedge), as cash flow hedge of recognised liabilities and highly probable future transactions (Cash flow hedge), as net investment hedge in foreign operations (Net investment hedge), or as held for trading, if or when they are not eligible for hedge accounting. The fair value of the derivative financial instruments in EDP Group is as follows: Thousand Euros Dec 2022 Dec 2021 Assets Liabilities Assets Liabilities Net Investment hedge Cross-currency interest rate swaps 36,986 -211,081 13,917 -64,452 Currency forwards 25,726 -84,063 2,898 -30,313 Fair value hedge Interest rate swaps 479 -34,407 39,022 - Cross-currency interest rate swaps 26,007 -47,711 48,263 -7,829 Cash flow hedge Interest rate swaps 114,670 -1,611 748 -9,142 Swaps related to gas commodity 557,885 -2,279,446 858,421 -1,904,607 Electricity swaps 306,998 -1,262,063 171,230 -645,611 Currency forwards (includes commodities forwards) 71,295 -37,437 84,135 -1,578 Trading Interest rate swaps 14,474 -10,625 515 -6,875 Cross-currency interest rate swaps 11,382 -48,289 8,959 -2,094 Commodity swaps and forwards 1,277,258 -1,680,641 1,061,750 -1,189,754 Currency forwards 81,990 -33,173 12,596 -8,616 CO2 forwards 2,196 -12,116 9,605 -32,981 Currency forwards associated to commodities 48,352 -11,043 41,267 -8,474 Commodity options - - - -28,918 2,575,698 -5,753,706 2,353,326 -3,941,244 As at 31 December 2022, EDP Group holds contracts for the purchase and sale of commodities traded on futures exchange market, namely Chicago Mercantile Exchange, Intercontinental Exchange, European Energy Exchange and OMIP, whose fair value of the contracted operations is settled on a daily basis, and therefore it is not included in the Statement of Financial Position. The notional of these futures contracts amounts to 4,264,301 thousand Euros with maturities ranged between 2023 and 2031 (31 December 2021: 2,971,782 thousand Euros), and the fair value held in EDP Group results and cash flow hedge reserves related to these operations are a negative amount of 102,517 thousand Euros and a positive amount of 280,621 thousand Euros, respectively (31 December 2021: negative amount of 129,223 thousand Euros and positive amount of 295,538 thousand Euros). The management of financial risk of EDP, S.A. and other EDP Group companies, is carried out centrally by EDP, S.A. (note 5). On this basis, EDP, S.A. negotiates derivative financial instruments with external entities to hedge its own individual business risks, as well as for other companies of the Group, performing for these entities\u2019 as an intermediate in their contracting. The fair value of the derivative financial instruments at Company level is as follows: Thousand Euros Dec 2 022 Dec 2021 Assets Liabilities Assets Liabilities Cash flow hedge Interest rate swaps 92,527 -57,498 - - Swaps related to gas commodity -187,698 -1,260,430 107,577 -934,872 Electricity swaps 438,952 -142,417 593,502 -82,172 Currency forwards (includes commodities forwards) 60,352 8,382 61,439 -219 Trading Interest rate swaps 36,637 -35,203 38,271 -43,221 Cross-currency interest rate swaps 165,562 -217,572 107,185 -87,542 Commodity swaps 3,143,029 -3,186,752 4,215,967 -3,465,075 Currency forwards 189,713 -189,713 36,494 -31,827 Commodity forwards 33,618 -92,557 59,877 -73,180 Currency forwards associated to commodities 67,896 -31,872 42,875 -10,591 Commodity options - - 28,918 -57,857 4,040,588 -5,205,632 5,292,105 -4,786,556 During the application of hedge accounting with pre-existing derivatives, the value of the Currency forwards associated to commodities has a positive value that corresponds to the variation in the fair value of the instruments since the date of designation, while the contracts as a whole they represent a liability; The asset value of Swaps related to gas commodities has a negative value that corresponds to the change in the fair value of the instruments since the designation date, while the contracts as a whole represent an asset. The fair value of derivative financial instruments is booked in Other debtors and other assets (see note 27) and Other liabilities and other payables (see note 39), according to its nature. Fair value of derivative financial instruments is based on listed market prices, whenever available, or on valuations determined through valuation models that use variables observable on the market. Therefore, according to IFRS 13 requirements, the fair value of the derivative financial instruments is classified as of level 2 (see note 45) and no changes of level were made during this period. These valuation models are based on generally accepted discounted cash flow techniques and option valuation models, using market data obtained through financial information platforms. Derivative financial instruments classified as trading are financial hedging instruments contracted for economic hedging at EDP Group level (see note 5), however such instruments are not eligible for hedge accounting under IFRS. ",
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"concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"f41765": {
"value": "42. Derivative financial instruments In accordance with IFRS 9, the Group classifies derivative financial instruments as fair value hedge of a recognised asset or liability (Fair value hedge), as cash flow hedge of recognised liabilities and highly probable future transactions (Cash flow hedge), as net investment hedge in foreign operations (Net investment hedge), or as held for trading, if or when they are not eligible for hedge accounting. The fair value of the derivative financial instruments in EDP Group is as follows: Thousand Euros Dec 2022 Dec 2021 Assets Liabilities Assets Liabilities Net Investment hedge Cross-currency interest rate swaps 36,986 -211,081 13,917 -64,452 Currency forwards 25,726 -84,063 2,898 -30,313 Fair value hedge Interest rate swaps 479 -34,407 39,022 - Cross-currency interest rate swaps 26,007 -47,711 48,263 -7,829 Cash flow hedge Interest rate swaps 114,670 -1,611 748 -9,142 Swaps related to gas commodity 557,885 -2,279,446 858,421 -1,904,607 Electricity swaps 306,998 -1,262,063 171,230 -645,611 Currency forwards (includes commodities forwards) 71,295 -37,437 84,135 -1,578 Trading Interest rate swaps 14,474 -10,625 515 -6,875 Cross-currency interest rate swaps 11,382 -48,289 8,959 -2,094 Commodity swaps and forwards 1,277,258 -1,680,641 1,061,750 -1,189,754 Currency forwards 81,990 -33,173 12,596 -8,616 CO2 forwards 2,196 -12,116 9,605 -32,981 Currency forwards associated to commodities 48,352 -11,043 41,267 -8,474 Commodity options - - - -28,918 2,575,698 -5,753,706 2,353,326 -3,941,244 As at 31 December 2022, EDP Group holds contracts for the purchase and sale of commodities traded on futures exchange market, namely Chicago Mercantile Exchange, Intercontinental Exchange, European Energy Exchange and OMIP, whose fair value of the contracted operations is settled on a daily basis, and therefore it is not included in the Statement of Financial Position. The notional of these futures contracts amounts to 4,264,301 thousand Euros with maturities ranged between 2023 and 2031 (31 December 2021: 2,971,782 thousand Euros), and the fair value held in EDP Group results and cash flow hedge reserves related to these operations are a negative amount of 102,517 thousand Euros and a positive amount of 280,621 thousand Euros, respectively (31 December 2021: negative amount of 129,223 thousand Euros and positive amount of 295,538 thousand Euros). ",
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"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"f43330": {
"value": "The gains and losses on the financial instruments portfolio, excluding accrued interest, booked in the Income Statement in 2022 and 2021 are as follows: Thousand Euros Group Company Dec 2022 Dec 2021 Dec 2022 Dec 2021 Commodity derivatives held for trading 323,710 -330,148 640,786 -192,825 Debt derivatives held for trading -23,659 35,940 18,747 28,587 Net investment hedge - ineffectiveness -24,048 -1,090 - - Fair value hedges: -Derivatives -96,760 -24,012 - - -Hedged liabilities 108,871 43,915 - - Cash flow hedges: -Transfer to results from hedging of financial liabilities -243 -923 - - -Transfer to results from hedging of commodity prices -1,728,411 38,420 735,327 1,120,492 -1,440,540 -237,898 1,394,860 956,254 ",
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"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"f44024": {
"value": "44. Related parties Shares held by company officers The number of shares of EDP S.A. held or attributable to company officers as at 31 December 2022 and 2021 are as follows: 2022 2021 Nr. of shares Nr. of shares General and Supervisory Board China Three Gorges Corporation (represented by Dingming Zhang) 835,980,316 760,872,884 China Three Gorges International Limited (represented by Shengliang Wu) 835,980,316 760,872,884 China Three Gorges (Europe), S.A. (represented by Ignacio Herrero Ruiz) 835,980,316 760,872,884 Draursa, S.A. (represented by Felipe Fern\u00e1ndez Fern\u00e1ndez) 1,350 1,350 Fernando Maria Masaveu Herrero 285,709,976 285,434,976 Jo\u00e3o Carvalho das Neves 8,060 8,060 Sonatrach (representada por Karim Djebbour) - 87,007,433 Lu\u00eds Maria Viana Palha da Silva 5,479 5,479 Laurie Lee Fitch 40,000 - Executive Board of Directors Miguel Stilwell de Andrade 205,000 180,000 Miguel Nuno Sim\u00f5es Nunes Ferreira Setas 8,104 8,104 Rui Manuel Rodrigues Lopes Teixeira 42,043 39,433 Vera de Morais Pinto Pereira Carneiro 20,000 7,000 EDP S.A bonds and the number of shares of other EDP group companies held or attributable to company officers are disclosed in part I section A Ownership structure of Part III - Corporate governance. Remuneration of company officers In accordance with the Company's by-laws, the remuneration of company officers is set by a Remunerations Committee appointed by the Shareholders\u2019 General Meeting, except for the remuneration of the members of the Executive Board of Directors (EBD), which is set by a Remunerations Committee appointed by the General and Supervisory Board (GSB). Short-term employee benefits During 2022, the annual fixed and variable remuneration cost accounted for the members of the EBD and the fixed remuneration of the GSB, was as follows: President 1,304 515 Members 3,579 1,483 4,883 1,998 The remuneration costs accounted with the EBD includes the amount of 1,702 thousand Euros related to the annual variable remuneration. This amount was calculated considering the best estimation of the variable remuneration for the year of 2022, in accordance with Remunerations Committee policy of the GSB, deducted from the correction of the accrual from the previous year compared with the amount paid. Additionally, the Remunerations Committee policy of the GSB foresees, in certain circumstances, a variable multi-annual remuneration to the EBD members, corresponding to the mandates 2018-2020 and 2021-2023. On this basis, an estimated amount of 14,215 thousand Euros was accrued (31 December 2021: 13,848 thousand Euros). During 2022, the total amount paid as remuneration of the members of the Remunerations Committee of the General Assembly and the Sustainability Committee mounted to 15,000 Euros and 7,000 Euros respectively. Post-employment benefits EDP has not created a supplementary pension fund or pension plan for directors by making, instead, contributions/or co-contributions with the administrator to a Savings Plan (PPR) in a net amount at 10% (ten percent) of their remuneration base. The PPR is subscribed by EDP to the insurer of your choice, indicating the administrator as a insured person, and the defined contribution of EDP is paid in twelve monthly installments. As the characteristics of the PPR corresponds to the usual characteristics on the market for this type of product, be reimbursable before the expiry of the term, in the terms legally applicable to these financial products. The PPR currently available to the members of the Executive Board of Directors may, upon the assent of the Remuneration Committee of the General and Supervisory Board, be replaced by capitalizing insurance linked unit or equivalent vehicle, depending on the offer and market practices each time. ",
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"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"f44026": {
"value": "4. Related parties Shares held by company officers The number of shares of EDP S.A. held or attributable to company officers as at 31 December 2022 and 2021 are as follows: 2022 2021 Nr. of shares Nr. of shares General and Supervisory Board China Three Gorges Corporation (represented by Dingming Zhang) 835,980,316 760,872,884 China Three Gorges International Limited (represented by Shengliang Wu) 835,980,316 760,872,884 China Three Gorges (Europe), S.A. (represented by Ignacio Herrero Ruiz) 835,980,316 760,872,884 Draursa, S.A. (represented by Felipe Fern\u00e1ndez Fern\u00e1ndez) 1,350 1,350 Fernando Maria Masaveu Herrero 285,709,976 285,434,976 Jo\u00e3o Carvalho das Neves 8,060 8,060 Sonatrach (representada por Karim Djebbour) - 87,007,433 Lu\u00eds Maria Viana Palha da Silva 5,479 5,479 Laurie Lee Fitch 40,000 - Executive Board of Directors Miguel Stilwell de Andrade 205,000 180,000 Miguel Nuno Sim\u00f5es Nunes Ferreira Setas 8,104 8,104 Rui Manuel Rodrigues Lopes Teixeira 42,043 39,433 Vera de Morais Pinto Pereira Carneiro 20,000 7,000 EDP S.A bonds and the number of shares of other EDP group companies held or attributable to company officers are disclosed in part I section A Ownership structure of Part III - Corporate governance. Remuneration of company officers In accordance with the Company's by-laws, the remuneration of company officers is set by a Remunerations Committee appointed by the Shareholders\u2019 General Meeting, except for the remuneration of the members of the Executive Board of Directors (EBD), which is set by a Remunerations Committee appointed by the General and Supervisory Board (GSB). Short-term employee benefits During 2022, the annual fixed and variable remuneration cost accounted for the members of the EBD and the fixed remuneration of the GSB, was as follows: President 1,304 515 Members 3,579 1,483 4,883 1,998 The remuneration costs accounted with the EBD includes the amount of 1,702 thousand Euros related to the annual variable remuneration. This amount was calculated considering the best estimation of the variable remuneration for the year of 2022, in accordance with Remunerations Committee policy of the GSB, deducted from the correction of the accrual from the previous year compared with the amount paid. Additionally, the Remunerations Committee policy of the GSB foresees, in certain circumstances, a variable multi-annual remuneration to the EBD members, corresponding to the mandates 2018-2020 and 2021-2023. On this basis, an estimated amount of 14,215 thousand Euros was accrued (31 December 2021: 13,848 thousand Euros). During 2022, the total amount paid as remuneration of the members of the Remunerations Committee of the General Assembly and the Sustainability Committee mounted to 15,000 Euros and 7,000 Euros respectively. Post-employment benefits EDP has not created a supplementary pension fund or pension plan for directors by making, instead, contributions/or co-contributions with the administrator to a Savings Plan (PPR) in a net amount at 10% (ten percent) of their remuneration base. The PPR is subscribed by EDP to the insurer of your choice, indicating the administrator as a insured person, and the defined contribution of EDP is paid in twelve monthly installments. As the characteristics of the PPR corresponds to the usual characteristics on the market for this type of product, be reimbursable before the expiry of the term, in the terms legally applicable to these financial products. The PPR currently available to the members of the Executive Board of Directors may, upon the assent of the Remuneration Committee of the General and Supervisory Board, be replaced by capitalizing insurance linked unit or equivalent vehicle, depending on the offer and market practices each time. Audit and non audit fees In 2022, PwC fees relating to external audit and statutory audit of all subsidiaries of EDP Group, except EDP Brasil Group, amounted to 8,089,454 Euros. Additionally, the total fees charged by PwC for other assurance services, which include quarterly reviews, and other non audit services amounted to 2,181,843 Euros and 15,013 Euros, respectively. In 2022, PwC Portugal fees relating to external audit and statutory audit of all subsidiaries of EDP Group in Portugal, amounted to 2,607,796 Euros. The total fees charged by PwC Portugal for other assurance of reliability services, which include quarterly reviews and other non audit services to subsidiaries of EDP Group in Portugal amounted to 1,776,591 Euros and 15,013 Euros, respectively. Business operations between the Company and the members of the Executive Board of Directors and General and Supervisory Board with qualifying holdings and companies in the group or control relationship with EDP In the course of its activity and regardless of their relevance, EDP concludes businesses and operations under normal market conditions for similar transactions with different entities, namely financial institutions, including holders of qualified shareholdings in EDP's share capital and those related parties. On 11 May 2012, after the Strategic Partnership Agreement concluded with China Three Gorges Corporation (CTG) came into effect in December 2011, this company (and three other group companies) became part of EDP's General and Supervisory Board. Under the Strategic Partnership Agreement with China Three Gorges Corporation, on 28 June 2013, EDP Renov\u00e1veis, S.A. sold for a total final price of 368 million Euros to a CTG Group company (CITIC CWEI Renewables S.C.A.) a 49% shareholding in EDP Renov\u00e1veis Portugal and 25% of the shareholder loans capital and supplementary capital contributions under the applicable rules for additional contributions granted to this company. Also under this partnership, on 6 December 2013, EDP Brasil signed a Memorandum of Understanding with CWE Investment Corporation (CWEI), currently designated as China Three Gorges Corporation, a wholly owned subsidiary of CTG, setting out the main guidelines for a future partnership in joint investments between EDP Brasil and CWEI and that governs parties' participation in joint projects in Brazil. These investments by CWEI Brasil were considered for purposes of fulfilment of the Strategic Partnership Agreement in relation to the total investment of 2 billion Euros made by CTG up to 2015 (including co-funding of operating investments) in ready-to-build and operational renewable energy generation projects. On 19 May 2015, EDP Renov\u00e1veis, S.A. completed the sale to CTG, of a 49% equity shareholding in selected wind farms in Brazil. This transaction was recognised as a sale without loss of control, having the Group recognised non-controlling interests of 50,943 thousand Euros and an impact in reserves attributable to the Group of 10,337 thousand Euros. On 27 October 2016, the transaction relating with the sale of the minority interest in the wind generation assets of EDP Renov\u00e1veis, S.A. in Italy and Poland to CTG, which purchase and sale agreement was signed on 28 December 2015 was concluded. CTG, through ACE Poland S.A.R.L. and ACE Italy S.A.R.L., both owned in 100% by ACE Investment Fund LP, an entity owned by China Three Gorges Hong Kong Ltd, subsidiary of CTG, formalised the payment of approximately 363 million Euros corresponding to the final price agreed between the parties. On 30 June 2017, EDP Renewables, SGPS, S.A. completed the sale to ACE Portugal S.A.R.L. (CTG Group), of a 49% equity shareholding in EDPR PT-PE. This transaction was recognised as a sale without loss of control, having the Group recognised non-controlling interests of 135,679 thousand Euros and an impact in reserves attributable to the Group of 74,419 thousand Euros in 2017. On 28 December 2018, EDP Renov\u00e1veis, S.A. completed the sale to CTG, of a 10% equity stake and respective shareholder loans on Moray Offshore Windfarm (East) Limited, for the total amount of 37.6 million Pounds. On 10 December 2021, following the acquisition of Sunseap by EDP Renov\u00e1veis S.A. and consequent entry into the Asian Market, EDP and CTG updated the Strategic Partnership Agreement (concluded in December 2011). This update aims to make the growth strategies of both companies more flexible, ensuring the application of the most demanding corporate governance standards in their future relationships. On 27 June 2022, EDP Renov\u00e1veis S.A. concluded a sales agreement with CTG for a 100% stake in an operational wind portfolio in Spain for a total amount of 328 million Euros (see note 6). On 23 December 2022, EDP S.A. concluded the sale of its 50% stake in Hydro Global Investment Limited (\u201cHydro Global\u201d) to China International Water & Electric Corporation (\u201cCWE\u201d), a company that belongs to China Three Gorges (\u201cCTG\u201d) group, for a total amount of 68 million US dollars (see note 6). Balances and transactions with companies of China Three Gorges Group In accordance with the EDP/CTG strategic partnership, EDPR Group completed the sale of 49% of EDPR Portugal, EDPR Brasil, EDPR PT-PE, EDPR Italia and EDPR Polska to CTG Group. Following these transactions, CTG Group granted shareholders loans to the EDPR Group in the amount of 93,731 thousand Euros including accrued interests (31 December 2021: 157,304 thousand Euros) (see note 39). During 2022, EDPR Portugal distributed dividends to CTG in the amount of 18,620 thousand Euros. Balances with EDP Pension and Medical and Death Subsidy Funds In December 2015, EDP, S.A. signed a lease contract related with the building units of the Porto headquarters (sold to the EDP Pension Fund in December 2015) for a period of 25 years. As at 31 December 2022, the present value of the lease liability, as a result of the adoption of IFRS 16, amounts to 43,872 thousand Euros (31 December 2021: 45,344 thousand Euros). In September 2017, EDP, S.A. signed a lease contract related with the building of the Lisbon headquarters (given as an in-kind contribution to the EDP Medical and Death Subsidy Funds) for a period of 25 years. As at 31 December 2022, the present value of the lease liability, as a result of the adoption of IFRS 16, amounts to 83,300 thousand Euros (31 December 2021: 85,656 thousand Euros). Following the decision and implementation of the autonomisation of the Medical Plan and Death Subsidy Plan in Portugal, EDP Group has made contributions of 34,560 thousand Euros in 2022 (31 December 2021: 11,520 thousand Euros). In the following years, until the end of 2027 and in the scenario where the liabilities associated with the mentioned plans are not 100% financed, the Group estimates to make additional contributions in the approximate total amount of 104 million Euros, in line with the financing plan approved by Insurance and Pension Funds Supervisory Authority (ASF) (see note 35). Balances and transactions with subsidiaries, joint ventures and associates In their ordinary course of business, EDP Group companies establish commercial transactions and operations with other Group companies, whose terms reflect current market conditions. Assets, liabilities and transactions with related companies, for the Group, are as follows: Assets and Liabilities Thousand Euros 31 December 2022 Assets Liabilities Net Value Joint Ventures Companhia Energ\u00e9tica do JARI - CEJA 4,962 382 4,580 Empresa de Energia S\u00e3o Manoel, S.A. 1,675 8,036 -6,361 OW FS Offshore, S.A. 513,963 - 513,963 Other 4,829 522 4,307 525,429 8,940 516,489 Associates Parque E\u00f3lico Sierra del Madero, S.A. 5,634 - 5,634 Centrais El\u00e9tricas de Santa Catarina, S.A. - Celesc 7,680 826 6,854 Solar Works! B.V. 3,490 - 3,490 E\u00f3lica de S\u00e3o Juli\u00e3o, Lda. 23,257 555 22,702 HC Tudela Cogeneraci\u00f3n, S.L. 1,687 15 1,672 SCNET - Sino-Portuguese Centre - 1,080 -1,080 Other 3,124 50 3,074 44,872 570,301 2,526 11,466 42,346 558,835 Thousand Euros Joint Ventures Companhia Energ\u00e9tica do JARI - CEJA 2,940 342 2,598 Empresa de Energia S\u00e3o Manoel, S.A. 8,031 494 7,537 OW FS Offshore, S.A. 180,544 - 180,544 Other 6,515 6,034 481 198,030 6,870 191,160 Associates Parque E\u00f3lico Sierra del Madero, S.A. 5,621 - 5,621 Eos Pax IIa, S.L. 5,257 - 5,257 Centrais El\u00e9tricas de Santa Catarina, S.A. - Celesc 4,972 2,715 2,257 Solar Works! B.V. 2,594 - 2,594 E\u00f3lica de S\u00e3o Juli\u00e3o, Lda. 16,572 1,638 14,934 Others 2,139 74 2,065 37,155 4,427 32,728 235,185 11,297 223,888 Transactions Thousand Euros 31 December 2022 Operating Income Financial Income Operating Expenses Financial Expenses Joint Ventures Companhia Energ\u00e9tica do JARI - CEJA 450 - 3,048 - Empresa de Energia S\u00e3o Manoel, S.A. 7,276 - 24,171 - OW FS Offshore, S.A. 3,471 15,885 - - Other 2,588 50 1,067 - Associates Eos Pax IIa, S.L. 13,785 15,935 28,286 - 46 - 5,031 - E\u00f3lica de S\u00e3o Juli\u00e3o, Lda 11,170 - 6,571 - HC Tudela Cogeneraci\u00f3n, S.L. 14,644 12 11,355 - Other 1,247 770 111 2,761 27,107 782 23,068 2,761 40,892 16,717 51,354 2,761 Thousand Euros 31 December 2021 Operating Income Financial Income Operating Expenses Financial Expenses Joint Ventures Companhia Energ\u00e9tica do JARI - CEJA 214 - 2,376 - Empresa de Energia S\u00e3o Manoel, S.A. 3,535 - 6,416 - Empresa de Energia Cachoeira Caldeir\u00e3o, S.A. 159 - 2,520 - OW FS Offshore, S.A. 881 5,953 - - Other 12,503 16 9,148 - 17,292 5,969 20,460 - Associates Eos Pax IIa, S.L. 5,739 - - - E\u00f3lica de S\u00e3o Juli\u00e3o, Lda 20,750 - 4,046 - Parque E\u00f3lico Belmonte, S.A. 428 31 - - Parque E\u00f3lico Sierra del Madero, S.A. 8 213 - - Other 823 182 63 - 27,748 426 4,109 - 45,040 6,395 24,569 - During 2022, EDP Group contributed with 12,700 thousand Euros of donations to Funda\u00e7\u00e3o EDP (see note 11). Additionally, management describes other transactions with related parties in the part I section A - Ownership structure of chapter 4 - Corporate governance. The aforementioned chapter includes transactions with holders of qualified shareholding positions as required by the Securities Code which are out of scope of IAS 24. ",
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"f44146": {
"value": "Audit and non audit fees In 2022, PwC fees relating to external audit and statutory audit of all subsidiaries of EDP Group, except EDP Brasil Group, amounted to 8,089,454 Euros. Additionally, the total fees charged by PwC for other assurance services, which include quarterly reviews, and other non audit services amounted to 2,181,843 Euros and 15,013 Euros, respectively. In 2022, PwC Portugal fees relating to external audit and statutory audit of all subsidiaries of EDP Group in Portugal, amounted to 2,607,796 Euros. The total fees charged by PwC Portugal for other assurance of reliability services, which include quarterly reviews and other non audit services to subsidiaries of EDP Group in Portugal amounted to 1,776,591 Euros and 15,013 Euros, respectively. ",
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"f45126": {
"value": "45. Fair value of financial assets and liabilities Fair value of financial instruments is based, whenever available, on listed market prices. Otherwise, fair value is determined through quotations supplied by third parties or through the use of generally accepted valuation models, which are based on cash flow discounting techniques and option valuation models. These models use market data which impacts the financial instruments, namely yield curves, exchange rates and volatility indicators, including credit risk. Market data is available on stock exchanges and/or financial information platforms such as Bloomberg and Reuters. The fair value of financial assets and liabilities is as follows: Thousand Euros Dec 2022 Dec 2021 Carrying amount Fair value Difference Carrying amount Fair value Difference Assets Equity instruments at fair value 216,418 216,418 - 189,942 189,942 - Investment property 27,294 27,294 - 20,668 20,668 - Debtors/other assets from commercial activities 8,660,346 8,660,346 - 8,596,510 8,596,510 - Other debtors and other assets 2,720,607 2,720,607 - 2,298,676 2,298,676 - Derivative financial instruments 2,575,698 2,575,698 - 2,353,326 2,353,326 - Collateral deposits/financial debt 53,101 53,101 - 50,075 50,075 - Cash and cash equivalents 4,900,205 4,900,205 - 3,222,409 3,222,409 - Liabilities Financial debt 19,153,669 19,153,669 - 16,731,606 16,731,606 - 20,022,473 18,938,885 -1,083,588 16,817,936 17,293,095 475,159 Suppliers and accruals 3,805,467 3,805,467 - 2,488,263 2,488,263 - Institutional partnerships 2,212,162 2,212,162 - 2,259,741 2,259,741 - Trade payables and other liabilities from commercial activities 5,241,322 5,241,322 - 4,859,389 4,859,389 - Other liabilities and other payables 3,006,683 3,006,683 - 1,879,832 1,879,832 - Derivative financial instruments 5,753,706 5,753,706 - 3,941,244 3,941,244 - 40,041,813 38,958,225 -1,083,588 32,246,405 32,721,564 475,159 Given that EDP Group\u2019s financial assets and liabilities, recognised at amortised cost, are predominantly short-term and level 2, changes in fair value were not considered. Fair value of EDP Group\u2019s financial debt was determined considering current market, namely listed price (level 1). The market value of financial debt, when no listed market prices are available, is calculated based on the discounted cash flows at market interest rates at the balance sheet date, increased by the best estimate, at the same date, of market conditions applicable to Group's debt. According to IFRS 13 requirements, EDP Group established the way it obtains the fair value of its financial assets and liabilities. The levels used are defined as follows: \u25cf Level 1 \u2013 Fair value based on the available listed price (not adjusted) in the identified active markets for assets and liabilities; \u25cf Level 2 \u2013 Fair value based in market inputs not included in level 1, but observable in the market for the asset or liability, either directly or indirectly; \u25cf Level 3 \u2013 Fair value of the assets and liabilities calculated with inputs that are not based on observable market information. Thousand Euros Dec 2022 Dec 2021 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Equity instruments at fair value through Other comprehensive income (see note 22) - 83,062 56,208 - 95,811 31,016 Profit or loss (see note 22) - - 77,148 - - 63,115 Tariff deficit at fair value through other comprehensive income (see note 26) - 1,164 - - 564,046 - Amounts receivable from concessions-IFRIC 12 at fair value through profit or loss (see note 26) - 1,012,104 - - 693,785 - Investment property - 27,294 - - 20,668 - Derivative financial instruments (see note 42) - 2,575,698 - - 2,353,326 - Financial liabilities Derivative financial instruments (see note 42) - 3,699,322 133,356 - 3,727,636 94,131 - 5,753,706 - - 3,941,244 - - 5,753,706 - - 3,941,244 - The market value of the amounts of tariff deficit at fair value through other comprehensive income is calculated based on the cash flows associated with these assets, discounted at rates which, at the balance sheet date, better reflect the assets risk considering the average term of the assets. The amounts receivable from concessions - IFRIC 12 at fair value through profit or loss are valued based in the methodology of the Value of Replacement as New (VNR). This method requires that each asset is valued, at current prices, for all the expenses needed for its replacement by equivalent asset that performs the same services and has the same capacity as the existing asset. The valuation for each asset is based on (i) Data Bank of Referential Prices - which is defined in the Tariff Adjustment Procedures - PRORET; or (ii) Data Bank of Prices from the Distribution company - which is formed based on the company's own information; or (iii) Referential Budget \u2013 that corresponds to the calculation by comparison of market data, relating to other assets with similar characteristics. ANEEL reviews the VNR, through the valuation report of the Regulatory Remuneration Base, every three years for EDP Esp\u00edrito Santo and every four years for EDP S\u00e3o Paulo, as established in the concession contracts. The market value of investment properties is based on assessments using current market practices: the comparative method, in cases where there is an active and comparable market, the income method, through discounted cash flows and the cost method, which considers the market value of the land and the construction costs. The movement in financial assets and liabilities included in Level 3 is as follows: At fair value through other comprehen- profit or loss Thousand Euros sive income Balance at beginning of period 31,016 63,115 Change in fair value (see note 22) 248 7,082 Acquisitions 25,591 6,903 Disposals -3,747 - Other changes 3,100 48 Balance at the end of the period 56,208 77,148 The assumptions used in the determination of Equity Instruments at Fair Value are described in note 22, as required by IFRS 13. ",
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"f45127": {
"value": "45. Fair value of financial assets and liabilities Fair value of financial instruments is based, whenever available, on listed market prices. Otherwise, fair value is determined through quotations supplied by third parties or through the use of generally accepted valuation models, which are based on cash flow discounting techniques and option valuation models. These models use market data which impacts the financial instruments, namely yield curves, exchange rates and volatility indicators, including credit risk. Market data is available on stock exchanges and/or financial information platforms such as Bloomberg and Reuters. The fair value of financial assets and liabilities is as follows: Thousand Euros Dec 2022 Dec 2021 Carrying amount Fair value Difference Carrying amount Fair value Difference Assets Equity instruments at fair value 216,418 216,418 - 189,942 189,942 - Investment property 27,294 27,294 - 20,668 20,668 - Debtors/other assets from commercial activities 8,660,346 8,660,346 - 8,596,510 8,596,510 - Other debtors and other assets 2,720,607 2,720,607 - 2,298,676 2,298,676 - Derivative financial instruments 2,575,698 2,575,698 - 2,353,326 2,353,326 - Collateral deposits/financial debt 53,101 53,101 - 50,075 50,075 - Cash and cash equivalents 4,900,205 4,900,205 - 3,222,409 3,222,409 - Liabilities Financial debt 19,153,669 19,153,669 - 16,731,606 16,731,606 - 20,022,473 18,938,885 -1,083,588 16,817,936 17,293,095 475,159 Suppliers and accruals 3,805,467 3,805,467 - 2,488,263 2,488,263 - Institutional partnerships 2,212,162 2,212,162 - 2,259,741 2,259,741 - Trade payables and other liabilities from commercial activities 5,241,322 5,241,322 - 4,859,389 4,859,389 - Other liabilities and other payables 3,006,683 3,006,683 - 1,879,832 1,879,832 - Derivative financial instruments 5,753,706 5,753,706 - 3,941,244 3,941,244 - 40,041,813 38,958,225 -1,083,588 32,246,405 32,721,564 475,159 Given that EDP Group\u2019s financial assets and liabilities, recognised at amortised cost, are predominantly short-term and level 2, changes in fair value were not considered. Fair value of EDP Group\u2019s financial debt was determined considering current market, namely listed price (level 1). The market value of financial debt, when no listed market prices are available, is calculated based on the discounted cash flows at market interest rates at the balance sheet date, increased by the best estimate, at the same date, of market conditions applicable to Group's debt. According to IFRS 13 requirements, EDP Group established the way it obtains the fair value of its financial assets and liabilities. The levels used are defined as follows: \u25cf Level 1 \u2013 Fair value based on the available listed price (not adjusted) in the identified active markets for assets and liabilities; \u25cf Level 2 \u2013 Fair value based in market inputs not included in level 1, but observable in the market for the asset or liability, either directly or indirectly; \u25cf Level 3 \u2013 Fair value of the assets and liabilities calculated with inputs that are not based on observable market information. Thousand Euros Dec 2022 Dec 2021 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Equity instruments at fair value through Other comprehensive income (see note 22) - 83,062 56,208 - 95,811 31,016 Profit or loss (see note 22) - - 77,148 - - 63,115 Tariff deficit at fair value through other comprehensive income (see note 26) - 1,164 - - 564,046 - Amounts receivable from concessions-IFRIC 12 at fair value through profit or loss (see note 26) - 1,012,104 - - 693,785 - Investment property - 27,294 - - 20,668 - Derivative financial instruments (see note 42) - 2,575,698 - - 2,353,326 - Financial liabilities Derivative financial instruments (see note 42) - 3,699,322 133,356 - 3,727,636 94,131 - 5,753,706 - - 3,941,244 - - 5,753,706 - - 3,941,244 - The market value of the amounts of tariff deficit at fair value through other comprehensive income is calculated based on the cash flows associated with these assets, discounted at rates which, at the balance sheet date, better reflect the assets risk considering the average term of the assets. The amounts receivable from concessions - IFRIC 12 at fair value through profit or loss are valued based in the methodology of the Value of Replacement as New (VNR). This method requires that each asset is valued, at current prices, for all the expenses needed for its replacement by equivalent asset that performs the same services and has the same capacity as the existing asset. The valuation for each asset is based on (i) Data Bank of Referential Prices - which is defined in the Tariff Adjustment Procedures - PRORET; or (ii) Data Bank of Prices from the Distribution company - which is formed based on the company's own information; or (iii) Referential Budget \u2013 that corresponds to the calculation by comparison of market data, relating to other assets with similar characteristics. ANEEL reviews the VNR, through the valuation report of the Regulatory Remuneration Base, every three years for EDP Esp\u00edrito Santo and every four years for EDP S\u00e3o Paulo, as established in the concession contracts. The market value of investment properties is based on assessments using current market practices: the comparative method, in cases where there is an active and comparable market, the income method, through discounted cash flows and the cost method, which considers the market value of the land and the construction costs. The movement in financial assets and liabilities included in Level 3 is as follows: At fair value through other comprehen- profit or loss Thousand Euros sive income Balance at beginning of period 31,016 63,115 Change in fair value (see note 22) 248 7,082 Acquisitions 25,591 6,903 Disposals -3,747 - Other changes 3,100 48 Balance at the end of the period 56,208 77,148 The assumptions used in the determination of Equity Instruments at Fair Value are described in note 22, as required by IFRS 13. ",
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"f45128": {
"value": "45. Fair value of financial assets and liabilities Fair value of financial instruments is based, whenever available, on listed market prices. Otherwise, fair value is determined through quotations supplied by third parties or through the use of generally accepted valuation models, which are based on cash flow discounting techniques and option valuation models. These models use market data which impacts the financial instruments, namely yield curves, exchange rates and volatility indicators, including credit risk. Market data is available on stock exchanges and/or financial information platforms such as Bloomberg and Reuters. The fair value of financial assets and liabilities is as follows: Thousand Euros Dec 2022 Dec 2021 Carrying amount Fair value Difference Carrying amount Fair value Difference Assets Equity instruments at fair value 216,418 216,418 - 189,942 189,942 - Investment property 27,294 27,294 - 20,668 20,668 - Debtors/other assets from commercial activities 8,660,346 8,660,346 - 8,596,510 8,596,510 - Other debtors and other assets 2,720,607 2,720,607 - 2,298,676 2,298,676 - Derivative financial instruments 2,575,698 2,575,698 - 2,353,326 2,353,326 - Collateral deposits/financial debt 53,101 53,101 - 50,075 50,075 - Cash and cash equivalents 4,900,205 4,900,205 - 3,222,409 3,222,409 - Liabilities Financial debt 19,153,669 19,153,669 - 16,731,606 16,731,606 - 20,022,473 18,938,885 -1,083,588 16,817,936 17,293,095 475,159 Suppliers and accruals 3,805,467 3,805,467 - 2,488,263 2,488,263 - Institutional partnerships 2,212,162 2,212,162 - 2,259,741 2,259,741 - Trade payables and other liabilities from commercial activities 5,241,322 5,241,322 - 4,859,389 4,859,389 - Other liabilities and other payables 3,006,683 3,006,683 - 1,879,832 1,879,832 - Derivative financial instruments 5,753,706 5,753,706 - 3,941,244 3,941,244 - 40,041,813 38,958,225 -1,083,588 32,246,405 32,721,564 475,159 Given that EDP Group\u2019s financial assets and liabilities, recognised at amortised cost, are predominantly short-term and level 2, changes in fair value were not considered. Fair value of EDP Group\u2019s financial debt was determined considering current market, namely listed price (level 1). The market value of financial debt, when no listed market prices are available, is calculated based on the discounted cash flows at market interest rates at the balance sheet date, increased by the best estimate, at the same date, of market conditions applicable to Group's debt. According to IFRS 13 requirements, EDP Group established the way it obtains the fair value of its financial assets and liabilities. The levels used are defined as follows: \u25cf Level 1 \u2013 Fair value based on the available listed price (not adjusted) in the identified active markets for assets and liabilities; \u25cf Level 2 \u2013 Fair value based in market inputs not included in level 1, but observable in the market for the asset or liability, either directly or indirectly; \u25cf Level 3 \u2013 Fair value of the assets and liabilities calculated with inputs that are not based on observable market information. Thousand Euros Dec 2022 Dec 2021 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Equity instruments at fair value through Other comprehensive income (see note 22) - 83,062 56,208 - 95,811 31,016 Profit or loss (see note 22) - - 77,148 - - 63,115 Tariff deficit at fair value through other comprehensive income (see note 26) - 1,164 - - 564,046 - Amounts receivable from concessions-IFRIC 12 at fair value through profit or loss (see note 26) - 1,012,104 - - 693,785 - Investment property - 27,294 - - 20,668 - Derivative financial instruments (see note 42) - 2,575,698 - - 2,353,326 - Financial liabilities Derivative financial instruments (see note 42) - 3,699,322 133,356 - 3,727,636 94,131 - 5,753,706 - - 3,941,244 - - 5,753,706 - - 3,941,244 - The market value of the amounts of tariff deficit at fair value through other comprehensive income is calculated based on the cash flows associated with these assets, discounted at rates which, at the balance sheet date, better reflect the assets risk considering the average term of the assets. The amounts receivable from concessions - IFRIC 12 at fair value through profit or loss are valued based in the methodology of the Value of Replacement as New (VNR). This method requires that each asset is valued, at current prices, for all the expenses needed for its replacement by equivalent asset that performs the same services and has the same capacity as the existing asset. The valuation for each asset is based on (i) Data Bank of Referential Prices - which is defined in the Tariff Adjustment Procedures - PRORET; or (ii) Data Bank of Prices from the Distribution company - which is formed based on the company's own information; or (iii) Referential Budget \u2013 that corresponds to the calculation by comparison of market data, relating to other assets with similar characteristics. ANEEL reviews the VNR, through the valuation report of the Regulatory Remuneration Base, every three years for EDP Esp\u00edrito Santo and every four years for EDP S\u00e3o Paulo, as established in the concession contracts. The market value of investment properties is based on assessments using current market practices: the comparative method, in cases where there is an active and comparable market, the income method, through discounted cash flows and the cost method, which considers the market value of the land and the construction costs. The movement in financial assets and liabilities included in Level 3 is as follows: At fair value through other comprehen- profit or loss Thousand Euros sive income Balance at beginning of period 31,016 63,115 Change in fair value (see note 22) 248 7,082 Acquisitions 25,591 6,903 Disposals -3,747 - Other changes 3,100 48 Balance at the end of the period 56,208 77,148 The assumptions used in the determination of Equity Instruments at Fair Value are described in note 22, as required by IFRS 13. ",
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"f45446": {
"value": "46. Relevant or subsequent events Green hybrid issuance of 1,000 million Euros On 16 January 2023, EDP priced a fixed to reset rate subordinated notes issuance in the total amount of 1,000 million Euros, with an early redemption option exercisable by EDP 5 years after the issue date, final maturity date in April 2083 and a yield of 5.95% (coupon of 5.943%) up to the first reset date to happen 5 years and 3 months after issuance. Notes buyback On 23 January 2023, EDP acquired 672.8 million Euros of the 1,000 million Euros \"Fixed to Reset Rate Subordinated Notes\" with maturity in 2079. As a result of this operation, as at 31 December 2022, said amount was reclassified as short term financial debt (see note 34). EDP completes a asset rotation deal of a 260 MW wind portfolio in Brazil On 30 January 2023, EDP announced through its subsidiary EDPR, the completion of the Sale and Purchase Agreement with Companhia Paranaense de Energia to sell a 100% equity stake in 2 operating wind projects that total 260 MW of capacity, situated in the state of Rio Grande do Norte, Brazil, for an estimated enterprise value of 1.80 billion Brazilian Reais as of 31 December 2021 (300 million Euros) (see notes 6 and 41). Transfer (\"Trespasse\") of the energy management business unit to EDP GEM Portugal, S.A. On 1 February 2023, EDP S.A. entered into a transfer (\"trespasse\") agreement with EDP GEM Portugal, S.A. (EDP GEM) with the aim of transferring its energy management business unit. This transfer of activity results from the global vision of energy management that EDP Group has been developing which includes the transfer to EDP GEM of all assets, liabilities and contractual positions that make up that business unit, as well as its employees and associated means necessary to carry out its activity. The estimated global result of this operation for EDP S.A. is a negative amount of 58 million Euros. This amount can be ajusted accordingly the conditions agreed beetween the parties. On the same day and pursuant to this agreement, EDP S.A., the sole shareholder of EDP GEM, approved the provision of supplementary pecuniary capital contributions under the applicable rules for additional contributions, in the global amount of 1,000 million Euros. EDP secures Power Purchase Agreement in Greece On 14 February 2023, EDP announced through its subsidiary EDPR, that it had secured a long-term Power Purchase Agreement with MYTILINEOS \u2013 Energy & Metals, one of the largest industrial and energy companies in Greece, to sell the green energy produced by a 78 MW wind portfolio. This deal marks EDP\u2019s first Power Purchase Agreement in Greece and it will be covered by a portfolio that consists of 3 wind projects that are expected to enter into operation between the end of 2024 and 2025. ",
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"f45752": {
"value": "49. Business combinations Sunseap Group EDP Renov\u00e1veis, S.A (EDPR) entered in November 2021 into an agreement with BPIN Investment Company Limited (owner of 47% of shares) , Mr. Frank Phuan and Mr. Lawrence Wu (as the \u201cFounder Shareholders\u201d and owners of 14% of shares), and the additional selling shareholders (owners of 36% of shares) for the acquisition of up to 91.4% of the shares of Sunseap Group Pte.Ltd which holds a portfolio including of close to 10 GW of renewable projects at different stages of development. The agreement also includes the acquisition of the subscription rights granted to some shareholders and employees of the company by EDPR and the new issuance of those shares to be paid by EDPR. The completion of this transaction was subject to customary conditions precedent that were completed in February 2022. EDPR acquired 91.4% of the mentioned Group for a total consideration of 659,658 thousand Euros. This transaction is considered under the scope of IFRS 3 - Business combinations. Upon completion of the agreement, Sunseap Group Pte.Ltd performed a capital increase which was subscribed solely by EDP Renov\u00e1veis, S.A and lead to EDP Renov\u00e1veis, S.A holding 92.28% of the total stake of the acquired company. The amount of the capital increase was not considered within the consideration transferred for the business combination. Additionally, EDPR holds call options to acquire the remaining stake of the capital of the Sunseap Group and the sellers have put options to sell their shares. Considering the principles of IFRS 3 Business Combinations and in order to follow consistently the Group's policy in similar situations, EDPR recognized in the Consolidated Financial Statements the put option as a liability, measured at fair value at the date of acquisition (IAS 32), and following the premises stated for the anticipated-acquisition method, would recognize 100% of investment in the Consolidated Financial Statements. This transaction will not give rise to any Non-Controlling Interests (NCI), since EDPR has acquired the 92.28% of Sunseap Group and has assumed an anticipated acquisition of the remaining 7.72% due to the put option over NCI. The exercise price for these options has been determined in an amount equal to 56,442 thousand Euros (see note 39). The Group used the financial statements as at 28 February 2022 of the company acquired, to determine pre-acquisition balance sheet and results, and, consequently, the companies have been consolidated from that date following the full consolidation method. Thus, this acquisition has contributed to the consolidated financial statements with Revenues, mainly from energy sales, in the approximate amount of 108,763 thousand Euros and with a Net profit in the approximate amount of 224 thousand Euros, referring to the ten-month period ended at 31 December 2022. If this acquisition had occurred in the beginning of the exercise, it would have contributed to the consolidated financial statements with revenues, mainly from energy sales, in the approximate amount of 121,430 thousand Euros and with a Net loss for the period in the approximate amount of 7,623 thousand Euros, referring to the twelve-month period ended at 31 December 2022. At the acquisition date, EDPR Group has determined the fair value of the assets acquired and liabilities assumed, with the assistance of a specialized and independent firm. The valuation methodology utilized has been the Multi-Excess Earning Method (MEEM) and the discounted cashflow approach. This valuation methodology assumes that the kind of assets to be valued normally generates cash flows in combination with other tangible and intangible assets and therefore consists in deducting the estimated cost of the use of other assets, such as PP&E or working capital, from the estimated cash flows associated to the asset to be valued. The main components of cashflow, namely production, long term power prices and operational costs were estimated using EDPR\u2019s own methodology using historical data and experience assessing investments of similar solar PV projects in EDR\u2019s portfolio. These internal assumptions used in the preparation of the cashflows of the portfolio have been challenged by the specialized firm. The after tax cash flows were then discounted at the weighted average cost of capital within a range of 6.3-10.8% (blended), that has been calculated by the firm, reflecting the risks of the specific countries and adjusted for the profile of each project. Such valuation has determined a fair value of the net assets acquired in the amount of 296,173 thousand Euros. Fair values of identifiable assets and liabilities at the acquisition date are presented as follows: Thousand Euros Book value at acquisition date Fair value adjustment Fair value at acquisition date Assets Property, plant and equipment 409,589 110,932 520,521 Right-of-use assets 39,000 - 39,000 Intangible assets 422 113,295 113,717 Goodwill 2,159 -2,159 - Investments in joint ventures and associates 9,111 14,842 23,953 Deferred tax assets 9,908 - 9,908 Other debtors and other assets 145,038 - 145,038 Cash and cash equivalents 127,576 - 127,576 Total Assets 742,803 236,910 979,713 Liabilities Financial Debt 264,172 - 264,172 Provisions 6,163 - 6,163 Deferred tax liabilities 1,836 38,836 40,672 Other liabilities and other payables 334,547 - 334,547 Total liabilities 606,718 38,836 645,554 Net Assets 136,085 198,074 334,159 Non-controlling interests -37,986 Net assets acquired at fair value 296,173 Acquisition cost 659,658 Goodwill 363,485 The aforementioned Sunseap's group valuation has determined a fair value for Property, plant and equipment in the amount of 520,521 thousand Euros, generating a fair value adjustment of 110,932 thousand Euros corresponding to the permits, licenses and concessions and an associated deferred tax liability in the amount of 21.472 thousand Euros (see note 16 and 24). Furthermore, the valuation has determined a fair value for Intangible assets in the amount of 113,717 thousand Euros, generating a fair value adjustment of 113,295 thousand Euros corresponding to the power purchase agreements and feed-in-tariffs of the whole portfolio and an associated deferred tax liability in the amount of 17,378 thousand Euros (see note 18). The purchase price allocation exercise carried out in accordance with IFRS 3 resulted in a goodwill recognition in the amount of 363,485 thousand Euros, as per the difference of the net assets acquired at fair value and the consideration transferred for the acquisition of the shares. The aforementioned goodwill recognition resulting from the purchase price allocation, is mainly attributable to EDPR's establishment in the APAC platform within the context of EDP Business plan 2021-2025, allowing EDPR to establish a portfolio for the APAC region of close to 10 GW of solar projects, of which 563 MW operating and under construction, and an experienced team of more than 600 employees spread across 9 markets, providing a growth platform for the region. Xuan Thien EDP Renov\u00e1veis, S.A. (EDPR), through its subsidiary Sunseap Commercial & Industrial Assets (Vietnam) Co., Ltd. entered in 2022 into an agreement with Xuan Thien Group for the acquisition of 99,99% of the shares of Xuan Thien Ninh Thuan JSC and Xuan Thien Thuan Vac JSC, each of one holding a PV project totalling 200 MWac (255MWdc) (see note 6). The completion of this transaction was subject to customary conditions precedent that were completed in 7 September 2022. The total consideration for this transaction was 202,298 thousand Euros (213,030 thousand USD) which includes an amount of 41,288 thousand Euros that corresponds to the retentions that, in accordance with the sale and purchase agreement, will be paid when certain milestones related to financing, module damages repairs and land use rights are fulfilled (see note 39). This transaction is considered under the scope of IFRS 3 - Business combinations. The Group used the financial statements as at 7 September 2022 of the companies acquired, to determine pre-acquisition balance sheet and results, and, consequently, the companies have been consolidated from that date following the full consolidation method. Thus, this acquisition has contributed to the Consolidated Financial Statements with Revenues, mainly from energy sales, in the approximate amount of 9,319 thousand Euros and with a Net profit in the approximate amount of 1,819 thousand Euros, referring to the four months period ended at 31 December 2022. If this acquisition had occurred in the beginning of the exercise, it would have contributed to the consolidated financial statements with revenues, mainly from energy sales, in the approximate amount of 33,225 thousand Euros and with a Net profit for the period in the approximate amount of 8.985 thousand Euros , referring to the twelve-month period ended at 31 December 2022. At the acquisition date, EDPR Group has determined the fair value of the assets acquired and liabilities assumed, with the assistance of a specialized and independent firm. The valuation methodology utilized has been the Multi-Period Excess Earning Method (MEEM) and the discounted cashflow approach. This valuation methodology assumes that the kind of assets to be valued normally generates cash flows in combination with other tangible and intangible assets and therefore consists in deducting the estimated cost of the use of other assets, such as PP&E or working capital, from the estimated cash flows associated to the asset to be valued. The main assumptions of cashflow, namely production, long term power prices and operational costs were estimated using EDPR\u2019s own methodology using historical data and experience assessing investments of similar solar assets in EDPR\u2019s portfolio. These internal assumptions used in the preparation of the cashflows of the portfolio have been challenged by the specialized firm. The after tax cash flows were then discounted at the weighted average cost of capital, that has been calculated by the firm, reflecting the risk of the country and adjusted for the profile of the projects. Such valuation has determined a fair value of the net assets acquired in the amount of 181,062 thousand Euros. Fair value of identifiable assets and liabilities at the acquisition date is presented as follows: Thousand Euros Book value at acquisition date Fair value adjustment Fair value at acquisition date Assets Property, plant and equipment 171,487 26,754 198,241 Intangible assets - 85,476 85,476 Deferred tax assets - 237 237 Other debtors and other assets 18,064 -16 18,048 Cash and cash equivalents 314 - 314 Total Assets 189,865 112,451 302,316 Liabilities Financial Debt 102,777 - 102,777 Provisions 2,303 - 2,303 Deferred tax liabilities - 8,497 8,497 Other liabilities and other payables 4,522 3,155 7,677 Total liabilities 109,602 11,652 121,254 Net Assets 80,263 100,799 181,062 Net assets acquired at fair value 181,062 Acquisition cost 202,298 Goodwill 21,236 The aforementioned Xuan Thien's projects valuation has determined a fair value for Property, plant and equipment in the amount of 198,241 thousand Euros, generating a fair value adjustment of 26,754 thousand Euros corresponding to the permits, licenses and concessions (PLCs) and an associated deferred tax liability in the amount of 2,026 thousand Euros (see note 16 and 24). Furthermore, the valuation has determined a fair value for Intangible assets in the amount of 85,476 thousand Euros, which equals the amount of the fair value adjustment corresponding to the power purchase agreements that these companies have in place and an associated deferred tax liability in the amount of 6,471 thousand Euros. The purchase price allocation exercise carried out in accordance with IFRS 3 resulted in goodwill recognition in the amount of 21,236 thousand Euros, as per the difference of the net assets acquired at fair value and the consideration transferred for the acquisition of the shares. The aforementioned goodwill recognition resulting from the purchase price allocation, which is identified according to what is indicated in note 2.A, is mainly attributable to EDPR doubling its operational capacity in Vietnam, strengthening its presence in the APAC region, a market where it entered in 2021 and has been since reinforced with the integration of Sunseap in February 2022. Kronos Group In the third quarter, EDP Renewables Europe, S.L.U. entered into an agreement with Summercourt Capital GmbH (owner of 85% of the shares) and Bohne-Verm\u00f6gensverwaltungs-GmbH (owner of 15% of the shares) to acquire a 66,80% stake of Kronos Solar Projects Gmbh which holds a solar generation portfolio of 9,4GW under development located in Germany, Netherlands, France and UK (see note 6). The completion of this transaction was subject to customary conditions precedent which were completed in 5 October 2022. Subsequently, Kronos Solar Projects GmbH carried out a capital increase which was fully subscribed by EDP Renewables Europe, S.L.U., thus increasing the total stake in the acquired company to 70% and assumed the anticipated acquisition of the remaining 30% due to the put option on the Non Controlling Interest. The value of the capital increase was not considered in the amount transferred for the business combination. Thus, the total acquisition value of this shareholding amounted to 663,030 thousand Euros, of which the amount of 341,995 thousand Euros corresponds to the estimated value for exercising the agreed put options and the amount of 71,035 thousand Euros relating to the estimate of success fees to be paid to the sellers (see note 39). This transaction is considered under the scope of IFRS 3 - Business Combinations. The Group used the financial statements as at 30 September 2022 of the acquired companies, to determine pre-acquisition balance sheet and results, and, consequently, the companies have been consolidated from that date following the full consolidation method and equity method when applicable. Thus, this acquisition has contributed to the consolidated financial statements with no revenues since none of the projects of the portfolio are operating and no sales of projects have occurred during the period and with a Net loss in the approximate amount of 438 thousand Euros, referring to the four-month period ended at 31 December 2022. If this acquisition had occurred in the beginning of the exercise, it would have contributed to the consolidated financial statements with no revenues since none of the projects of the portfolio are operating and no sales of projects have occurred during the year and with a Net loss in the approximate amount of 1,176 thousand Euros, referring to the twelve month period ended at 31 December 2022. Fair value of identifiable assets and liabilities at the acquisition date is presented as follows: Thousand Euros Book value at acquisition date Fair value adjustment Fair value at acquisition date Assets Property, plant and equipment 4,871 - 4,871 Intangible assets 3,331 - 3,331 Other debtors and other assets 2,045 - 2,045 Cash and cash equivalents 13,423 - 13,423 Total Assets 23,670 - 23,670 Liabilities Provisions 493 - 493 Deferred tax liabilities 151 - 151 Other liabilities and other payables 11,565 - 11,565 Total liabilities 12,209 - 12,209 Net Assets 11,461 - 11,461 Non-controlling interests 88 Net assets acquired at fair value 11,373 Acquisition cost 663,030 Goodwill 651,657 At the acquisition date, EDPR Group has determined internally the fair value of the assets acquired and liabilities assumed. Since the portfolio acquired is still in an early stage of development EDPR has taken a cautious approach and has not allocated any value to specific assets, hence the difference amounting to 651,657 thousand Euros between the consideration transferred and the net assets acquired has been allocated to goodwill. The aforementioned goodwill recognition resulting from the purchase price allocation, which is identified as provisional according to what is indicated in note 2.A, is mainly attributable to the opportunity of entrance in new regions for EDPR (namely Netherlands and Germany), which benefit from ambitious renewables targets given the increased importance of security of supply and energy independence coupled with government initiatives such as the \u201cEaster Package\u201d in Germany that stands out with ambitious renewables capacity targets, with 360 GW of renewable installed capacity until 2030. In that sense almost 50% of the acquired solar development portfolio is located in Germany. Another element to consider within the goodwill is the well-proven know-how and track record of Kronos\u2019s team with 1,4 GW developed through 80 successfully installed projects in 9 countries. Finally, this acquisition is considered to be highly complementary with EDPR geographical current set up, not only allowing the entrance in Germany and Netherlands, but also scaling presence in France and the UK with a fully solar focused business. Longroad EDPR through its subsidiary, EDPR NA Distributed Generation, LLC, entered into an agreement in April 2022 to acquire 100% of the equity interests in eighty four companies owning an aggregate nameplate capacity of 99.3 MW of operating solar plants located throughout the US. The acquisition of these companies has been structured in 8 different transactions (tranches) which are independent from each other. However, given that the seller is the same, the assets have same nature and risks and are all located in the same geography, the Group has opted to present all these transactions aggregated in the same note, grouping the assets and liabilities acquired depending on whether the transaction has generated goodwill or badwill. The completion of this transaction was subject to certain conditions precedent, which were specific for each acquired company, necessitated multiple closings of discrete asset groups in separate tranches. With the aforementioned conditions precedent fulfilled, EDPR acquired the aforementioned 100% equity interests in 84 companies in four tranches, each of which is considered under the scope of IFRS 3 \u2013 Business combinations, for the following cash consideration: Purchase Closing Date Projects Price Capacity acquired thousand (MW dc) Euros 19 April 2022 (1) 7 16,659 6.46 9 August 2022 (2) 3 248 1.82 9 August 2022 (1) 6 3,522 10.65 9 August 2022 (1) 2 2,623 1.22 3 October 2022 (2) 7 38,257 24.19 3 October 2022 (2) 18 22,867 16.93 9 December 2022 (3) 11 3,661 5.94 9 December 2022 (3) 30 45,155 32.09 84 132,992 99.3 (1) acquisitions which generated goodwill (2) acquisitions which generated badwill (3) acquisitions which the purchase price allocation has not yet been finalized The Group used the financial statements as at each respective closing date to determine pre-acquisition results and, consequently, the companies and their operations have been consolidated since that date. The profit and loss and statement of cash flows reflect the activity of these project companies from the respective date of closing presented in the table above. If these acquisitions had occurred at the beginning of 2022, these would have contributed to the consolidated financial statements with Revenues, mainly from energy and environmental attribute (REC) sales, in the approximate amount of 14,244 thousand Euros (15,000 thousand USD) and with Net income for the period in the approximate amount of 2,279 thousand Euros (2,400 thousand USD), referring to the twelve- month period ended at 31 December 2022. At the acquisition dates for each respective tranche, the Group has determined the fair values of the assets acquired and liabilities assumed, based on valuations performed by a third party. The valuation methodology utilized was a discounted cashflow approach, where cash flows for each project were forecasted for the remaining life of the assets. The main components of cashflow, namely production, long term power prices and operational costs were estimated using EDPR\u2019s own methodology using historical data of the assets provided by the seller. The after tax cash flows were then discounted at the weighted average cost of capital of 8.25% reflecting the risk of the debt and equity financing components adjusted for the contracted profile of each project. Lastly to the aggregate value of the portfolio, adjustments were made for one- off items, other balance sheet assets or liabilities and synergies, to reach the final equity valuation. Such valuation has determined a fair value of the net assets acquired in the amount of 77,372 thousand Euros. Inputs and assumptions included in the valuation models relied upon the use of significant estimates including market energy pricing curves, federal income tax rates and other present value factors. Fair values of identifiable assets and liabilities at the acquisition dates for tranches resulting in goodwill from the transaction are presented as follows: Thousand Euros Book value at acquisition date Fair value adjustment Fair value at acquisition date Assets Property, plant and equipment 41,506 - 41,506 Intangible assets - 11,570 11,570 Other debtors and other assets 3,800 - 3,800 Cash and cash equivalents 129 - 129 Total Assets 45,435 11,570 57,005 Liabilities Provisions 4,416 -3,702 714 Institutional partnerships in US 2,821 -212 2,609 Other liabilities and other payables 37 - 37 Total liabilities 7,274 -3,914 3,360 Net Assets 38,161 15,484 53,645 Net assets acquired at fair value 53,645 Acquisition cost 61,372 Goodwill 7,727 The purchase price allocation exercise carried out in accordance with IFRS 3 resulted as a Goodwill recognition in the amount of 7,727 thousand Euros, as per the difference of the net assets acquired at fair value and the consideration transferred for the acquisition of the shares of these projects. This goodwill is mainly attributable to the acquisition of above-market power purchase agreements. Fair values of identifiable assets and liabilities at the acquisition dates for tranches resulting in badwill from the transaction are presented as follows: Thousand Euros Book value at acquisition date Fair value adjustment Fair value at acquisition date Assets Property, plant and equipment 29,273 - 29,273 Intangible assets - 9,097 9,097 Other debtors and other assets 3,516 - 3,516 Cash and cash equivalents 1,662 - 1,662 Total Assets 34,451 9,097 43,548 Liabilities Provisions 1,639 -1,280 359 Institutional partnerships in US 22,071 -2,900 19,171 Other liabilities and other payables 291 - 291 Total liabilities 24,001 -4,180 19,821 Net Assets 10,450 13,277 23,727 Net assets acquired at fair value 23,727 Acquisition cost 22,804 Badwill -923 The purchase price allocation carried out in accordance with IFRS 3 resulted in a badwill recognition in the amount of 923 thousand Euros. Additionally, the purchase price allocation has not yet been finalized for the projects acquired on 9 December 2022. The book value of the net assets of these projects at the acquisition date amounted to 27,578 thousand Euros, with goodwill having been recognized in these transactions in amounting to 21,238 thousand Euros (see note 19). EDP Goi\u00e1s On 14 October 2021, EDP Energias do Brasil S.A, won the public auction for 100% of the equity shares of Celg Transmiss\u00e3o S.A,. Following this auction, on 7 February 2022, EDP - Energias do Brasil acquired 99.99% of Celg Transmiss\u00e3o S.A., later renamed EDP Transmiss\u00e3o Goi\u00e1s S.A., for an amount of 2,114 million brazilian Reais (375 million Euros). This transaction is considered under the scope of IFRS 3 - Business combinations (see note 6). EDP Goi\u00e1s has a portfolio of 755 km of transmission network and operates 14 substations, predominantly through the Brazilian State of Goi\u00e1s, with three contracted concessions until 2043, 2045 and 2046. This transaction reinforces EDP Brasil's growth cycle, with an emphasis on the distribution and transmission segments. The Group used the financial statements as at 31 January 2022 of the company, to determine pre-acquisition balance sheet and results, and, consequently, has consolidated from that date onward using the full consolidation method. Thus, this acquisition has contributed to the Consolidated Financial Statements with Revenues, mainly Revenue from assets assigned to concessions, in the approximate amount of 70,241 thousand Euros and with a Net profit in the approximate amount of 14,497 thousand Euros, referring to the eleven-month period ended at 31 December 2022. If this acquisition had occurred in the beginning of the exercise, it would have contributed to the consolidated financial statements with Revenues, mainly Revenue from assets assigned to concessions, in the approximate amount of 75,465 thousand Euros and with a Net profit for the period in the approximate amount of 15.985 thousand Euros, referring to the twelve-month period ended at 31 December 2022. With reference to the acquisition date, the book value of net assets in this portfolio amounted to 1,071 million Brazilian Reais (170 million Euros), and an external evaluation determined the allocation of its fair value, which resulted, essentially, in the recognition of a concession right (see note 18). The evaluation methodology used was the Multi Period Excess Earning (\u201cMEEM\u201d). Thousand Euros Book value at acquisition date Fair value adjustment Fair value at acquisition date Assets Intangible assets 284 193,728 194,012 Investment property 10,066 -2,027 8,039 Debtors and other assets from commercial activities 209,761 - 209,761 Other debtors and other assets 3,519 - 3,519 Cash and cash equivalents 30,799 - 30,799 Total Assets 254,429 191,701 446,130 Liabilities Financial debt 15,044 - 15,044 Provisions 1,948 - 1,948 Deferred tax liabilities 41,329 - 41,329 Other liabilities and other payables 7,802 - 7,802 Tax liabilities 18,578 - 18,578 Total liabilities 84,701 - 84,701 Net Assets 169,728 191,701 361,429 Non-controlling interests (0,01%) -24 Net assets acquired at fair value 361,405 Acquisition cost 374,861 Exchange Difference 13,456 Goodwill - ",
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"value": "52. Reconciliation of Changes in the responsibilities of Financing activities at 31 December 2022 Institutional Loans Derivative partnerships from Loans Collateral financial in North Lease non-controlling obtained Deposits instruments America Liabilities interests Thousand Euros (Note 34) (Note 34) (Note 42)* (Note 37) (Note 39) (Note 39) Balance as at 31 de December 2020 16,286,763 -32,069 -129,593 1,933,542 1,055,678 590,424 Cash flows: Receipts relating to financial debt (including Collateral Deposits) 3,080,716 - - - - - (Payments) relating to financial debt (including Collateral Deposits) -2,630,334 -19,183 - - - - Interest and similar costs of financial debt including hedge derivatives -471,489 - -9,840 - - - Receipts/(payments) relating to loans from non-controlling interests - - - - - -53,679 Interest and similar costs relating to loans from non-controlling interests - - - - - -18,244 Receipts/(payments) relating to derivative financial instruments - - 10,317 - - - Receipts/(payments) from institutional partnerships - - - 692,164 - - Lease (payments) - - - - -98,772 - Perimeter variations -167,448 1,551 1,426 -413,306 -144,155 -65,017 Exchange differences 348,143 -374 1,050 168,318 51,456 1,955 Fair value changes -67,036 - 112,293 - - Interests and accrued and deferred costs 455,897 - 16,853 9,369 - 17,318 Unwinding - - - 79,023 39,510 - ITC/PTC recognition - - - -177,205 - - Change in Benefits Recognition - - - -32,164 - - New lease contracts/Increments in rent values - - - - 158,285 - Reclassification to Liabilities held for sale -17,276 - -103 - -12,554 -2 Balance as at 31 de December 2021 16,817,936 -50,075 2,403 2,259,741 1,049,448 472,755 Cash flows: Receipts relating to financial debt (including Collateral Deposits) 4,449,800 -985 - - - - (Payments) relating to financial debt (including Collateral Deposits) -1,583,281 - - - - - Interest and similar costs of financial debt including hedge derivatives -679,413 - -37,041 - - - Receipts/(payments) relating to loans from non-controlling interests - - - - - 205,145 Interest and similar costs relating to loans from non-controlling interests - - - - - -12,885 Receipts/(payments) relating to derivative financial instruments - - 21,017 - - - Receipts/(payments) from institutional partnerships - - - -77,385 - - Lease (payments) - - - - -133,696 - Perimeter variations 88,952 2,252 -49,060 24,892 538 -25 Exchange differences 357,553 -4,293 72,089 144,123 38,978 -1,717 Fair value changes -89,546 - 48,673 - - - Interests and accrued and deferred costs 660,472 - 101,165 -2,659 - 13,676 Unwinding - - - 96,955 46,146 - ITC/PTC recognition - - - -233,505 - - New lease contracts/Increments in rent values - - - - 386,378 - Balance as at 31 December 2022 20,022,473 -53,101 159,246 2,212,162 1,387,792 676,949 * The Group considers as financing activities all derivative financial instruments excluding derivatives related with commodities. ",
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