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"f29962": {
"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, Greece, Germany and Netherlands), American (Brazil, Colombia and North America) and Southeast Asia energy sectors.
The accompanying 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 2023 and 2022 and EDP S.A.'s Executive Board of Directors approved them on 29 February 2024. The financial statements are presented in thousand Euros, rounded to the nearest thousand.
2. Accounting policies a) Basis of presentation The accompanying 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 2023 and 2022 and EDP S.A.'s Executive Board of Directors approved them on 29 February 2024. 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 2023 and 2022 were prepared in accordance with IFRS as adopted by the E.U. and effective since 1 January 2023.
Taking into account the amendments to IAS 1, effective on 1 January 2023, regarding the disclosure of accounting policies, the Group reviewed the information disclosed in this note and made the changes deemed relevant.
The accounting policies described in this note have been applied consistently by all the Group companies and in all periods presented in the consolidated and company financial statements. 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.
The preparation of financial statements in accordance with IFRS requires the Board of Directors to make judgments, estimates and assumptions that affect the application of the accounting policies and of the reported amounts of assets, liabilities, income and expenses. The estimates and related assumptions are based on historical experience and other factors considered reasonable in accordance with 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 areas involving the highest degree of judgment or complexity, or for which the assumptions and estimates are considered significant, are disclosed in note 4 - Critical accounting estimates and judgments in preparing the financial statements. As at 31 December 2023, following the Strategic Plan Update 2023-2026, the Executive Board of Directors reorganized the business segments in order to be aligned with this new view, with effect from 1 January 2023. Despite of this change in the composition of the segments, EDP Group has not identified any significant changes in key assumptions used in impairment tests performed in the end of 2022, which could indicate that an asset may be impaired.
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.
Accumulated losses in entities where the Group exercises control 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.
The consolidated financial statements include the Group's attributable share of total reserves and profits or losses of entities where the Group exercises joint control with other partners (joint ventures) and entities where the Group exercises significant influence (associates), 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.
Business combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. Control is the power to govern the financial and operating policies of an entity, obtaining benefits and being exposed to the risks from its activities. In assessing control, the Group takes into consideration potential voting rights that currently are exercisable. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Costs directly attributable to the acquisition of a business, other than those associated with the issue of debt or equity securities, are booked directly in the consolidated income statement. Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. In accordance with IFRS 3 - Business Combinations, if the initial purchase price allocation of assets and 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 and 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. The entire positive goodwill resulting from acquisitions is recognised as an asset and recorded at acquisition cost, and is not subject to amortisation. 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.
Goodwill is not adjustable due to changes in the initial estimate of the contingent considerations and the difference is booked in the income statement. The EDP Group recognises the non-controlling interests at fair value including the portion of goodwill attributable to the non-controlling
interests.
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. On the other hand, if the difference i negative, 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, it is recognised in the income statement in the caption 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.
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).
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, EDP 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, EDP 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, EDP 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 fulfil the conditions to be considered a business is classified as an acquisition of a company out of scope of IFRS 3. 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.
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 joint ventures and associates are eliminated to the extent of the Group's interest in those entities.
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. 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 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 Financial assets EDP Group classifies its financial assets, at the initial recognition, based on the business model for managing the financial assets (\"business model test\") and their contractual cash flow characteristics (\"SPPI test\"). 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 businessmodel.
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. If a factoring transaction results in the transfer of substantially all risks and benefits associated with the assets, the Group proceeds to derecognize the transferred financial assets and recognizes the difference between the carrying amount and the amount received in the income statement (non-recourse factoring).
Financial assets at amortised cost 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. Financial assets measured at fair value through other comprehensive income (FVOCI) 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. 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).
Impairment losses 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, 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 and contract assets EDP Group applies the simplified approach and records lifetime expected credit 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 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 At the commencement date, EDP Group, as 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. Otherwise, the lease is classified as an operating lease. Therefore, at the commencement date, the Group recognises: (i) 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. (ii) 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 Financial liabilities The Group recognises financial liabilities 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.
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.
Lease liabilities 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. 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 being recognised as cost in the period when they occur.
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. 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.
g) Equity instruments Equity instruments issued 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 held 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. 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.
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 20 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
The Group reviews the estimate of the useful life of assets 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. 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 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.
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. If EDP Group remeasures the lease liability (see f)), the corresponding right-of-use assets are 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 Group holds Guarantees of Origin (GOs) as part of its generation and commercialization activities, which are recognised as Inventories and valued at the weighted average cost. The green certificates are considered government support in accordance with IAS 20 and are accounted for under the caption \"Revenues and cost of Energy Sales and Services and Other\". The unsold certificates are 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 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. 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 from sales of Energy and accesses, Revenue from assets assigned to concessions and Other. Energy and accesses Revenue in EDP Group arises essentially from electricity generation, distribution and transmission of electricity and supply of energy (electricity and gas). 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 year\u2019s tariffs \u2013 Tariff Adjustments (see w)).
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, being recognised at a point in time when control of the asset is transferred to the customer, generally on delivery of the energy. 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. 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.
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. 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. EDP Group recognises the revenue related with services rendered over time given that the customer simultaneously receives and consumes the benefits provided. 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. Revenue from assets assigned to concessions In Portugal and Brazil, the distribution and transmission activities are subject to public service concession arrangements, as detailed in z). Contract assets and liabilities 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. 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; the financial expenses (unwinding) related to the discount of the employee benefits liabilities, provisions, institutional partnership in North America and lease liabilities; 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.
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.
Following the amendments made to IAS 12 - Deferred tax related to assets and liabilities arising from a Single Transaction, effective on 1 January 2023, the EDP Group proceeded with the breakdown of deferred tax assets and deferred tax liabilities related with: i) assets under right of use and lease liabilities; and ii) provisions for dismantling and decommissioning and corresponding tangible fixed assets; where and whenever these amounts are not deductible until the payment date. 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 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 related to 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 the best estimation related to contingencies and litigations 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 Stock options remuneration programs enable 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. Following the successful completion of the Public Tender Offer auction to EDP Brasil in the third quarter of 2023, the stock options remuneration program has been terminated.
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. 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 (see note 51).
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. The sale to third parties results from the Decree-Law 165/2008 of 21 August, which allows regulated companies in Portugal to transfer, in whole or in part, the right to receive tariff deviations or deficits through electricity tariffs. 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 and deficits accounted for in the EDP Group financial statements represent the difference between the amounts invoiced by the regulated companies (based on the applicable tariffs published by the respective Regulator) and the regulated revenue calculated based on actual costs. The assets or liabilities resulting from the tariff adjustments and deficits are recovered or returned through the electricity and gas tariffs charged to customers in subsequent periods. Following the existing regulatory legislation, the regulated operators of the electric and gas sectors have the unconditional right to recover the tariff adjustments and deficits, therefore EDP Group recognizes under the income statement caption Revenues from energy sales and services and other \u2013 Energy and access, the effects resulting from the recognition of tariff adjustments and deficits, against the captions 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.
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 5-year recapture period. 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.
2. Accounting policies a) Basis of presentation The accompanying 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 2023 and 2022 and EDP S.A.'s Executive Board of Directors approved them on 29 February 2024. 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 2023 and 2022 were prepared in accordance with IFRS as adopted by the E.U. and effective since 1 January 2023.
Taking into account the amendments to IAS 1, effective on 1 January 2023, regarding the disclosure of accounting policies, the Group reviewed the information disclosed in this note and made the changes deemed relevant.
The accounting policies described in this note have been applied consistently by all the Group companies and in all periods presented in the consolidated and company financial statements. 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.
The preparation of financial statements in accordance with IFRS requires the Board of Directors to make judgments, estimates and assumptions that affect the application of the accounting policies and of the reported amounts of assets, liabilities, income and expenses. The estimates and related assumptions are based on historical experience and other factors considered reasonable in accordance with 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 areas involving the highest degree of judgment or complexity, or for which the assumptions and estimates are considered significant, are disclosed in note 4 - Critical accounting estimates and judgments in preparing the financial statements. As at 31 December 2023, following the Strategic Plan Update 2023-2026, the Executive Board of Directors reorganized the business segments in order to be aligned with this new view, with effect from 1 January 2023. Despite of this change in the composition of the segments, EDP Group has not identified any significant changes in key assumptions used in impairment tests performed in the end of 2022, which could indicate that an asset may be impaired.
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.
Accumulated losses in entities where the Group exercises control 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.
The consolidated financial statements include the Group's attributable share of total reserves and profits or losses of entities where the Group exercises joint control with other partners (joint ventures) and entities where the Group exercises significant influence (associates), 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.
Business combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. Control is the power to govern the financial and operating policies of an entity, obtaining benefits and being exposed to the risks from its activities. In assessing control, the Group takes into consideration potential voting rights that currently are exercisable. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Costs directly attributable to the acquisition of a business, other than those associated with the issue of debt or equity securities, are booked directly in the consolidated income statement. Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. In accordance with IFRS 3 - Business Combinations, if the initial purchase price allocation of assets and 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 and 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. The entire positive goodwill resulting from acquisitions is recognised as an asset and recorded at acquisition cost, and is not subject to amortisation. 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.
Goodwill is not adjustable due to changes in the initial estimate of the contingent considerations and the difference is booked in the income statement. The EDP Group recognises the non-controlling interests at fair value including the portion of goodwill attributable to the non-controlling
interests.
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. On the other hand, if the difference i negative, 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, it is recognised in the income statement in the caption 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.
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).
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, EDP 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, EDP 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, EDP 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 fulfil the conditions to be considered a business is classified as an acquisition of a company out of scope of IFRS 3. 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.
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 joint ventures and associates are eliminated to the extent of the Group's interest in those entities.
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. 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 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 Financial assets EDP Group classifies its financial assets, at the initial recognition, based on the business model for managing the financial assets (\"business model test\") and their contractual cash flow characteristics (\"SPPI test\"). 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 businessmodel.
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. If a factoring transaction results in the transfer of substantially all risks and benefits associated with the assets, the Group proceeds to derecognize the transferred financial assets and recognizes the difference between the carrying amount and the amount received in the income statement (non-recourse factoring).
Financial assets at amortised cost 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. Financial assets measured at fair value through other comprehensive income (FVOCI) 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. 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).
Impairment losses 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, 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 and contract assets EDP Group applies the simplified approach and records lifetime expected credit 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 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 At the commencement date, EDP Group, as 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. Otherwise, the lease is classified as an operating lease. Therefore, at the commencement date, the Group recognises: (i) 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. (ii) 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 Financial liabilities The Group recognises financial liabilities 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.
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.
Lease liabilities 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. 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 being recognised as cost in the period when they occur.
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. 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.
g) Equity instruments Equity instruments issued 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 held 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. 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.
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 20 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
The Group reviews the estimate of the useful life of assets 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. 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 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.
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. If EDP Group remeasures the lease liability (see f)), the corresponding right-of-use assets are 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 Group holds Guarantees of Origin (GOs) as part of its generation and commercialization activities, which are recognised as Inventories and valued at the weighted average cost. The green certificates are considered government support in accordance with IAS 20 and are accounted for under the caption \"Revenues and cost of Energy Sales and Services and Other\". The unsold certificates are 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 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. 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 from sales of Energy and accesses, Revenue from assets assigned to concessions and Other. Energy and accesses Revenue in EDP Group arises essentially from electricity generation, distribution and transmission of electricity and supply of energy (electricity and gas). 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 year\u2019s tariffs \u2013 Tariff Adjustments (see w)).
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, being recognised at a point in time when control of the asset is transferred to the customer, generally on delivery of the energy. 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. 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.
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. 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. EDP Group recognises the revenue related with services rendered over time given that the customer simultaneously receives and consumes the benefits provided. 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. Revenue from assets assigned to concessions In Portugal and Brazil, the distribution and transmission activities are subject to public service concession arrangements, as detailed in z). Contract assets and liabilities 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. 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; the financial expenses (unwinding) related to the discount of the employee benefits liabilities, provisions, institutional partnership in North America and lease liabilities; 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.
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.
Following the amendments made to IAS 12 - Deferred tax related to assets and liabilities arising from a Single Transaction, effective on 1 January 2023, the EDP Group proceeded with the breakdown of deferred tax assets and deferred tax liabilities related with: i) assets under right of use and lease liabilities; and ii) provisions for dismantling and decommissioning and corresponding tangible fixed assets; where and whenever these amounts are not deductible until the payment date. 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 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 related to 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 the best estimation related to contingencies and litigations 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 Stock options remuneration programs enable 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. Following the successful completion of the Public Tender Offer auction to EDP Brasil in the third quarter of 2023, the stock options remuneration program has been terminated.
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. 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 (see note 51).
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. The sale to third parties results from the Decree-Law 165/2008 of 21 August, which allows regulated companies in Portugal to transfer, in whole or in part, the right to receive tariff deviations or deficits through electricity tariffs. 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 and deficits accounted for in the EDP Group financial statements represent the difference between the amounts invoiced by the regulated companies (based on the applicable tariffs published by the respective Regulator) and the regulated revenue calculated based on actual costs. The assets or liabilities resulting from the tariff adjustments and deficits are recovered or returned through the electricity and gas tariffs charged to customers in subsequent periods. Following the existing regulatory legislation, the regulated operators of the electric and gas sectors have the unconditional right to recover the tariff adjustments and deficits, therefore EDP Group recognizes under the income statement caption Revenues from energy sales and services and other \u2013 Energy and access, the effects resulting from the recognition of tariff adjustments and deficits, against the captions 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.
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 5-year recapture period. 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.
2. Accounting policies a) Basis of presentation The accompanying 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 2023 and 2022 and EDP S.A.'s Executive Board of Directors approved them on 29 February 2024. 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 2023 and 2022 were prepared in accordance with IFRS as adopted by the E.U. and effective since 1 January 2023.
Taking into account the amendments to IAS 1, effective on 1 January 2023, regarding the disclosure of accounting policies, the Group reviewed the information disclosed in this note and made the changes deemed relevant.
The accounting policies described in this note have been applied consistently by all the Group companies and in all periods presented in the consolidated and company financial statements. 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.
The preparation of financial statements in accordance with IFRS requires the Board of Directors to make judgments, estimates and assumptions that affect the application of the accounting policies and of the reported amounts of assets, liabilities, income and expenses. The estimates and related assumptions are based on historical experience and other factors considered reasonable in accordance with 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 areas involving the highest degree of judgment or complexity, or for which the assumptions and estimates are considered significant, are disclosed in note 4 - Critical accounting estimates and judgments in preparing the financial statements. As at 31 December 2023, following the Strategic Plan Update 2023-2026, the Executive Board of Directors reorganized the business segments in order to be aligned with this new view, with effect from 1 January 2023. Despite of this change in the composition of the segments, EDP Group has not identified any significant changes in key assumptions used in impairment tests performed in the end of 2022, which could indicate that an asset may be impaired.
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"value": "The accompanying 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 2023 and 2022 and EDP S.A.'s Executive Board of Directors approved them on 29 February 2024. The financial statements are presented in thousand Euros, rounded to the nearest thousand.
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"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 2023 and 2022 were prepared in accordance with IFRS as adopted by the E.U. and effective since 1 January 2023.
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"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f30010": {
"value": "Taking into account the amendments to IAS 1, effective on 1 January 2023, regarding the disclosure of accounting policies, the Group reviewed the information disclosed in this note and made the changes deemed relevant.
3. Recent accounting standards and interpretations issued Standards, amendments and interpretations issued effective for the Group The amendments to standards already issued and effective that the Group applied in the preparation of its financial statements, can be analysed as follows: \u25cf IAS 12 (Amended) - Deferred tax related to assets and liabilities arising from a Single Transaction The IASB amended IAS 12, \"Income taxes\", in order 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 in respect of: - Right-of-use assets and lease liabilities; and - Provision for dismantling, decommissioning and the corresponding tangible fixed assets. As part of the adoption of these amendments, effective on 1 January 2023, the EDP Group proceeded with the breakdown of deferred tax assets and deferred tax liabilities related with: i) assets under right of use and lease liabilities; and ii) provisions for dismantling and decommissioning and corresponding tangible fixed assets, where and whenever these amounts are not deductible until the payment date. Thus, on 31 December 2023, the impacts of this amendment are disclosed in note 25. \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 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 IAS 1 (Amended) - Disclosure of Accounting Policies; \u25cf IAS 8 (Amended) - Definition of Accounting Estimates; and \u25cf IAS 12 (Amended) - International Tax Reform: Pillar 2 Model Rules (see note 15). 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), 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) - Non-current Liabilities with Covenants; \u25cf IFRS 16 (Amended) - Lease liability in a sale and leaseback; \u25cf IAS 21 (Amended) - The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability; and \u25cf IAS 7 and IFRS 7 (Amended) - Supplier Finance Arrangements.
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.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f30031": {
"value": "As at 31 December 2023, following the Strategic Plan Update 2023-2026, the Executive Board of Directors reorganized the business segments in order to be aligned with this new view, with effect from 1 January 2023. Despite of this change in the composition of the segments, EDP Group has not identified any significant changes in key assumptions used in impairment tests performed in the end of 2022, which could indicate that an asset may be impaired.
As at 31 December 2023 the following reclassifications were made to held for sale: Networks Renewables, Clients & EM Other Segments Total Transmission Solar Clients Joint Thousand Euros Ventures Assets Property, plant and equipment (see note 17) - -486,111 - - -486,111 Right\u2010of\u2010use assets (see note 16) -127 -57,478 -96 - -57,701 Investments in joint ventures and associates (see note 22) - - - 11,141 11,141 Amounts receivable from concessions - IFRIC 12 (see note 27) -518,774 - - - -518,774 Other assets -19,108 -6,194 -13,365 - -38,667 Cash and cash equivalents (see note 30) -18,391 9 -4,104 - -22,486 Assets Held for Sale 556,400 549,774 17,565 -11,141 1,112,598 - - - - - Liabilities Financial debt -296,536 -469 - - -297,005 Institutional partnerships in NA wind farms - -207,452 - - -207,452 Provisions (see note 37) -12,195 -2,447 -93 - -14,735 Deferred tax liabilities -46,181 - -1,855 - -48,036 Other liabilities -59,779 -63,447 -2,694 - -125,920 Liabilities Held for Sale 414,691 273,815 4,642 - 693,148 - - - - - The classification of assets and liabilities of EDP Smart Solu\u00e7\u00f5es, S.A. and the North America solar portfolio as held for sale resulted in an impairment losses of 1,600 thousand Euros and 39,866 thousand Euros, respectively, since the fair value (level 3) less costs to sell is lower than its net book value. The remaining reclassifications were made only for financial statement presentation purposes, without impact on the measurement of these assets and liabilities.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f30037": {
"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.
Accumulated losses in entities where the Group exercises control 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.
The consolidated financial statements include the Group's attributable share of total reserves and profits or losses of entities where the Group exercises joint control with other partners (joint ventures) and entities where the Group exercises significant influence (associates), 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.
Business combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. Control is the power to govern the financial and operating policies of an entity, obtaining benefits and being exposed to the risks from its activities. In assessing control, the Group takes into consideration potential voting rights that currently are exercisable. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Costs directly attributable to the acquisition of a business, other than those associated with the issue of debt or equity securities, are booked directly in the consolidated income statement. Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. In accordance with IFRS 3 - Business Combinations, if the initial purchase price allocation of assets and 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 and 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. The entire positive goodwill resulting from acquisitions is recognised as an asset and recorded at acquisition cost, and is not subject to amortisation. 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.
Goodwill is not adjustable due to changes in the initial estimate of the contingent considerations and the difference is booked in the income statement. The EDP Group recognises the non-controlling interests at fair value including the portion of goodwill attributable to the non-controlling
interests.
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. On the other hand, if the difference i negative, 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, it is recognised in the income statement in the caption 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.
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).
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, EDP 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, EDP 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, EDP 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 fulfil the conditions to be considered a business is classified as an acquisition of a company out of scope of IFRS 3. 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.
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 joint ventures and associates are eliminated to the extent of the Group's interest in those entities.
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.
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 Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. Control is the power to govern the financial and operating policies of an entity, obtaining benefits and being exposed to the risks from its activities. In assessing control, the Group takes into consideration potential voting rights that currently are exercisable. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Costs directly attributable to the acquisition of a business, other than those associated with the issue of debt or equity securities, are booked directly in the consolidated income statement. Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. In accordance with IFRS 3 - Business Combinations, if the initial purchase price allocation of assets and 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 and 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. The entire positive goodwill resulting from acquisitions is recognised as an asset and recorded at acquisition cost, and is not subject to amortisation. 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.
Goodwill is not adjustable due to changes in the initial estimate of the contingent considerations and the difference is booked in the income statement. The EDP Group recognises the non-controlling interests at fair value including the portion of goodwill attributable to the non-controlling
interests.
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. On the other hand, if the difference i negative, 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, it is recognised in the income statement in the caption 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.
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).
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, EDP 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, EDP 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, EDP 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 fulfil the conditions to be considered a business is classified as an acquisition of a company out of scope of IFRS 3. 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.
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 joint ventures and associates are eliminated to the extent of the Group's interest in those entities.
Accumulated losses in entities where the Group exercises control are attributed to non-controlling interests in the corresponding proportions held, implying that the Group can recognise negative non-controlling interests.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f30065": {
"value": "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 Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. Control is the power to govern the financial and operating policies of an entity, obtaining benefits and being exposed to the risks from its activities. In assessing control, the Group takes into consideration potential voting rights that currently are exercisable. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Costs directly attributable to the acquisition of a business, other than those associated with the issue of debt or equity securities, are booked directly in the consolidated income statement. Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. In accordance with IFRS 3 - Business Combinations, if the initial purchase price allocation of assets and 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 and 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. The entire positive goodwill resulting from acquisitions is recognised as an asset and recorded at acquisition cost, and is not subject to amortisation. 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.
Goodwill is not adjustable due to changes in the initial estimate of the contingent considerations and the difference is booked in the income statement. The EDP Group recognises the non-controlling interests at fair value including the portion of goodwill attributable to the non-controlling
interests.
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. On the other hand, if the difference i negative, 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, it is recognised in the income statement in the caption 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.
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.
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 Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. Control is the power to govern the financial and operating policies of an entity, obtaining benefits and being exposed to the risks from its activities. In assessing control, the Group takes into consideration potential voting rights that currently are exercisable. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Costs directly attributable to the acquisition of a business, other than those associated with the issue of debt or equity securities, are booked directly in the consolidated income statement. Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. In accordance with IFRS 3 - Business Combinations, if the initial purchase price allocation of assets and 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 and 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. The entire positive goodwill resulting from acquisitions is recognised as an asset and recorded at acquisition cost, and is not subject to amortisation. 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.
Goodwill is not adjustable due to changes in the initial estimate of the contingent considerations and the difference is booked in the income statement. The EDP Group recognises the non-controlling interests at fair value including the portion of goodwill attributable to the non-controlling
interests.
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. On the other hand, if the difference i negative, 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, it is recognised in the income statement in the caption 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f30069": {
"value": "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.
In accordance with IFRS 3 - Business Combinations, if the initial purchase price allocation of assets and 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 and 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. The entire positive goodwill resulting from acquisitions is recognised as an asset and recorded at acquisition cost, and is not subject to amortisation. 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.
Goodwill is not adjustable due to changes in the initial estimate of the contingent considerations and the difference is booked in the income statement. The EDP Group recognises the non-controlling interests at fair value including the portion of goodwill attributable to the non-controlling
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 consolidated financial statements include the Group's attributable share of total reserves and profits or losses of entities where the Group exercises joint control with other partners (joint ventures) and entities where the Group exercises significant influence (associates), 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.
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 consolidated financial statements include the Group's attributable share of total reserves and profits or losses of entities where the Group exercises joint control with other partners (joint ventures) and entities where the Group exercises significant influence (associates), 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.
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 consolidated financial statements include the Group's attributable share of total reserves and profits or losses of entities where the Group exercises joint control with other partners (joint ventures) and entities where the Group exercises significant influence (associates), 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.
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.
In accordance with IFRS 3 - Business Combinations, if the initial purchase price allocation of assets and 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 and 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. The entire positive goodwill resulting from acquisitions is recognised as an asset and recorded at acquisition cost, and is not subject to amortisation. Negative goodwill arising on an acquisition is recognised directly in the income statement in the period when the business combination occurs.
he recoverable amount of the goodwill is assessed annually, regardless of the existence of any impairment triggers. Impairment losses are recognised in the income statementGoodwill is not adjustable due to changes in the initial estimate of the contingent considerations and the difference is booked in the income statement. The EDP Group recognises the non-controlling interests at fair value including the portion of goodwill attributable to the non-controlling
interests.
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.
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.
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.
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 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 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 of the goodwill is assessed annually, regardless of the existence of any impairment triggers. Impairment losses are recognised in the income statement.
Impairment losses 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, 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 and contract assets EDP Group applies the simplified approach and records lifetime expected credit 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 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 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.
",
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},
"f30193": {
"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.
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; the financial expenses (unwinding) related to the discount of the employee benefits liabilities, provisions, institutional partnership in North America and lease liabilities; 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.
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.
",
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}
},
"f30217": {
"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 joint ventures and associates are eliminated to the extent of the Group's interest in those entities.
",
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}
},
"f30247": {
"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. 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 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.
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. 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 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 Financial assets EDP Group classifies its financial assets, at the initial recognition, based on the business model for managing the financial assets (\"business model test\") and their contractual cash flow characteristics (\"SPPI test\"). 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 businessmodel.
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. If a factoring transaction results in the transfer of substantially all risks and benefits associated with the assets, the Group proceeds to derecognize the transferred financial assets and recognizes the difference between the carrying amount and the amount received in the income statement (non-recourse factoring).
Financial assets at amortised cost 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. Financial assets measured at fair value through other comprehensive income (FVOCI) 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. 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).
Impairment losses 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, 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 and contract assets EDP Group applies the simplified approach and records lifetime expected credit 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 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 At the commencement date, EDP Group, as 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. Otherwise, the lease is classified as an operating lease. Therefore, at the commencement date, the Group recognises: (i) 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. (ii) 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.
The Group recognises financial liabilities 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.
g) Equity instruments Equity instruments issued 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 held 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.
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.
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. 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 held 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.
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.
",
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"f30266": {
"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. 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 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.
",
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"f30314": {
"value": "e) Debtors and Other assets Financial assets EDP Group classifies its financial assets, at the initial recognition, based on the business model for managing the financial assets (\"business model test\") and their contractual cash flow characteristics (\"SPPI test\"). 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 businessmodel.
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. If a factoring transaction results in the transfer of substantially all risks and benefits associated with the assets, the Group proceeds to derecognize the transferred financial assets and recognizes the difference between the carrying amount and the amount received in the income statement (non-recourse factoring).
Financial assets at amortised cost 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. Financial assets measured at fair value through other comprehensive income (FVOCI) 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. 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).
Impairment losses 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, 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 and contract assets EDP Group applies the simplified approach and records lifetime expected credit 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 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 At the commencement date, EDP Group, as 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. Otherwise, the lease is classified as an operating lease. Therefore, at the commencement date, the Group recognises: (i) 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. (ii) 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.
Equity instruments held 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. The sale to third parties results from the Decree-Law 165/2008 of 21 August, which allows regulated companies in Portugal to transfer, in whole or in part, the right to receive tariff deviations or deficits through electricity tariffs. 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 and deficits accounted for in the EDP Group financial statements represent the difference between the amounts invoiced by the regulated companies (based on the applicable tariffs published by the respective Regulator) and the regulated revenue calculated based on actual costs. The assets or liabilities resulting from the tariff adjustments and deficits are recovered or returned through the electricity and gas tariffs charged to customers in subsequent periods. Following the existing regulatory legislation, the regulated operators of the electric and gas sectors have the unconditional right to recover the tariff adjustments and deficits, therefore EDP Group recognizes under the income statement caption Revenues from energy sales and services and other \u2013 Energy and access, the effects resulting from the recognition of tariff adjustments and deficits, against the captions Debtors and other assets from commercial activities and Trade payables and other liabilities from commercial activities.
EDP Group classifies its financial assets, at the initial recognition, based on the business model for managing the financial assets (\"business model test\") and their contractual cash flow characteristics (\"SPPI test\"). 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 businessmodel.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f30328": {
"value": "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. If a factoring transaction results in the transfer of substantially all risks and benefits associated with the assets, the Group proceeds to derecognize the transferred financial assets and recognizes the difference between the carrying amount and the amount received in the income statement (non-recourse factoring).
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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f30356": {
"value": "Impairment losses 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, 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 and contract assets EDP Group applies the simplified approach and records lifetime expected credit 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 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:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f30395": {
"value": "Trade receivables and contract assets EDP Group applies the simplified approach and records lifetime expected credit 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 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f30414": {
"value": "Leases \u2013 Lessor perspective At the commencement date, EDP Group, as 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. Otherwise, the lease is classified as an operating lease. Therefore, at the commencement date, the Group recognises: (i) 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. (ii) 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.
Lease liabilities 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. 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 being recognised as cost in the period when they occur.
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. 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.
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. If EDP Group remeasures the lease liability (see f)), the corresponding right-of-use assets are adjusted accordingly.
Financial results include interest costs on borrowings; interest income on funds invested; the financial expenses (unwinding) related to the discount of the employee benefits liabilities, provisions, institutional partnership in North America and lease liabilities; 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.
f) Trade payables and other liabilities Financial liabilities The Group recognises financial liabilities 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.
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.
Lease liabilities 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. 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 being recognised as cost in the period when they occur.
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. 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.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f30437": {
"value": "Financial liabilities The Group recognises financial liabilities 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.
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:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f30473": {
"value": "h) Property, plant and equipment Property, plant and equipment is stated at acquisition cost less accumulated depreciation and impairment losses. 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.
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 20 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
The Group reviews the estimate of the useful life of assets 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. 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 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. Number of years
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 20 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
The Group reviews the estimate of the useful life of assets 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.
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.
g) Equity instruments Equity instruments issued 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 held 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f30504": {
"value": "Equity instruments issued 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f30507": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f30512": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f30531": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f30587": {
"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. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f30598": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f30612": {
"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.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f30624": {
"value": "Acquisition and development of softwareCosts 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f30636": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f30680": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f30691": {
"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 Group holds Guarantees of Origin (GOs) as part of its generation and commercialization activities, which are recognised as Inventories and valued at the weighted average cost. The green certificates are considered government support in accordance with IAS 20 and are accounted for under the caption \"Revenues and cost of Energy Sales and Services and Other\". The unsold certificates are recognised as Inventories in accordance with IAS 2. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f30699": {
"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.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f30707": {
"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 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. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f30709": {
"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 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. 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.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f30812": {
"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 from sales of Energy and accesses, Revenue from assets assigned to concessions and Other. Energy and accesses Revenue in EDP Group arises essentially from electricity generation, distribution and transmission of electricity and supply of energy (electricity and gas). 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 year\u2019s tariffs \u2013 Tariff Adjustments (see w)).
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, being recognised at a point in time when control of the asset is transferred to the customer, generally on delivery of the energy. 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. 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.
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. 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. EDP Group recognises the revenue related with services rendered over time given that the customer simultaneously receives and consumes the benefits provided. 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. Revenue from assets assigned to concessions In Portugal and Brazil, the distribution and transmission activities are subject to public service concession arrangements, as detailed in z). Contract assets and liabilities 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. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f30823": {
"value": "Revenue in EDP Group arises essentially from electricity generation, distribution and transmission of electricity and supply of energy (electricity and gas). 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 year\u2019s tariffs \u2013 Tariff Adjustments (see w)).
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. 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. The sale to third parties results from the Decree-Law 165/2008 of 21 August, which allows regulated companies in Portugal to transfer, in whole or in part, the right to receive tariff deviations or deficits through electricity tariffs. 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 and deficits accounted for in the EDP Group financial statements represent the difference between the amounts invoiced by the regulated companies (based on the applicable tariffs published by the respective Regulator) and the regulated revenue calculated based on actual costs. The assets or liabilities resulting from the tariff adjustments and deficits are recovered or returned through the electricity and gas tariffs charged to customers in subsequent periods. Following the existing regulatory legislation, the regulated operators of the electric and gas sectors have the unconditional right to recover the tariff adjustments and deficits, therefore EDP Group recognizes under the income statement caption Revenues from energy sales and services and other \u2013 Energy and access, the effects resulting from the recognition of tariff adjustments and deficits, against the captions 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f30882": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f30895": {
"value": "p) Financial results Financial results include interest costs on borrowings; interest income on funds invested; the financial expenses (unwinding) related to the discount of the employee benefits liabilities, provisions, institutional partnership in North America and lease liabilities; 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.
p) Financial results Financial results include interest costs on borrowings; interest income on funds invested; the financial expenses (unwinding) related to the discount of the employee benefits liabilities, provisions, institutional partnership in North America and lease liabilities; 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.
p) Financial results Financial results include interest costs on borrowings; interest income on funds invested; the financial expenses (unwinding) related to the discount of the employee benefits liabilities, provisions, institutional partnership in North America and lease liabilities; 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:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f30907": {
"value": "Financial results include interest costs on borrowings; interest income on funds invested; the financial expenses (unwinding) related to the discount of the employee benefits liabilities, provisions, institutional partnership in North America and lease liabilities; 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f30915": {
"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.
Following the amendments made to IAS 12 - Deferred tax related to assets and liabilities arising from a Single Transaction, effective on 1 January 2023, the EDP Group proceeded with the breakdown of deferred tax assets and deferred tax liabilities related with: i) assets under right of use and lease liabilities; and ii) provisions for dismantling and decommissioning and corresponding tangible fixed assets; where and whenever these amounts are not deductible until the payment date. 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 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 related to 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 the best estimation related to contingencies and litigations whenever necessary.
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.
Following the amendments made to IAS 12 - Deferred tax related to assets and liabilities arising from a Single Transaction, effective on 1 January 2023, the EDP Group proceeded with the breakdown of deferred tax assets and deferred tax liabilities related with: i) assets under right of use and lease liabilities; and ii) provisions for dismantling and decommissioning and corresponding tangible fixed assets; where and whenever these amounts are not deductible until the payment date. 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 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 related to 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 the best estimation related to contingencies and litigations whenever necessary.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f30970": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f30981": {
"value": "s) Share based payments Stock options remuneration programs enable 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. Following the successful completion of the Public Tender Offer auction to EDP Brasil in the third quarter of 2023, the stock options remuneration program has been terminated.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f30994": {
"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. 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.
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. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f31018": {
"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).
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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f31030": {
"value": "v) Operating segments The Group presents the operating segments based on internal management information (see note 51).
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f31118": {
"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 5-year recapture period. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f31156": {
"value": "3. Recent accounting standards and interpretations issued Standards, amendments and interpretations issued effective for the Group The amendments to standards already issued and effective that the Group applied in the preparation of its financial statements, can be analysed as follows: \u25cf IAS 12 (Amended) - Deferred tax related to assets and liabilities arising from a Single Transaction The IASB amended IAS 12, \"Income taxes\", in order 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 in respect of: - Right-of-use assets and lease liabilities; and - Provision for dismantling, decommissioning and the corresponding tangible fixed assets. As part of the adoption of these amendments, effective on 1 January 2023, the EDP Group proceeded with the breakdown of deferred tax assets and deferred tax liabilities related with: i) assets under right of use and lease liabilities; and ii) provisions for dismantling and decommissioning and corresponding tangible fixed assets, where and whenever these amounts are not deductible until the payment date. Thus, on 31 December 2023, the impacts of this amendment are disclosed in note 25. \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 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 IAS 1 (Amended) - Disclosure of Accounting Policies; \u25cf IAS 8 (Amended) - Definition of Accounting Estimates; and \u25cf IAS 12 (Amended) - International Tax Reform: Pillar 2 Model Rules (see note 15). 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), 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) - Non-current Liabilities with Covenants; \u25cf IFRS 16 (Amended) - Lease liability in a sale and leaseback; \u25cf IAS 21 (Amended) - The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability; and \u25cf IAS 7 and IFRS 7 (Amended) - Supplier Finance Arrangements.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f31210": {
"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. Decree 397/2023, of 28 November 2023, defined the standard pieces of the public tender procedure for the allocation of low-voltage electricity distribution concessions, namely the procedure program, the standard terms of reference, and the standard concession contract. The initiative to initiate the tender processes is transferred to the municipalities, and there is no date provided in the legislation for their execution or additional involvement by the Government. Although the published Decree does not provide information regarding the delimitation of areas for the tenders, the Government issued a statement on 29 November 2023, indicating that in April 2023, the National Association of Portuguese Municipalities expressed a preference for a territorial area covering the entire mainland territory, \"having this option been integrated into the procedure\", according with the aforementioned statement. 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 2023, 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 27). 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 20). 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 reasonability of the useful lives attributed to the assets, that are the base to the corresponding depreciation rates. When applicable, the Group changes, prospectively, the asset's useful life and, subsequently, the depreciation rates of the period 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 17). Lease contracts 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 18 and 40). 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 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, 27 and 39). 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 15). 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 36). 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 and depreciations than those considered (see note 37). 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.
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. The determination of the fair value and, consequently, of goodwill or gain from a bargain purchase is subject to numerous assumptions and judgments and therefore changes could result in different impacts on results. 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 28 and 40). 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 and, finally, assesses the capability of market participants to continuing to create outputs. 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. In 2014, Dispatch 4694/2014 of 1 April 2014, amended the procedures to be followed in the calculation of the annual revisibility regarding the consideration of revenues obtained in the system services market (secondary regulation band) by the power plants covered by the CMEC mechanism. 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 years 2011 and 2012, the Administrative Court dismissed, in different occasions, the special administrative actions brought by EDP Produ\u00e7\u00e3o, not recognizing these costs with the financing of the Social Tariff for the determination of the amount of the annual adjustment of CMEC relating to 2011 and 2012. EDP Produ\u00e7\u00e3o, not agreeing with these decisions, filed an Appeal for both years.
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 2023 EDP maintains the provision in its accounts (see note 37). 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). 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 generation 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; and - 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 generation 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 generation 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 \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 generation 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 generation for another 3 months, between 1 October and 31 December 2021. Following the temporary suspension of the tax on the generation 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 generation (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 generation 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 generation 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 generation 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. In Portugal, Order 5748/2023, of 22 May, of the Secretary of State for Energy and Climate, also suspended the \u201cClawback\u201d during the year 2023. On 25 January 2024, Dispatch 976/2024 determined the final compensation for the \"Clawback\" related to the year 2021, based on scenario A of the ERSE study from April 2022. This scenario considers the ISP regime as the only internal off-market event to the National Electricity System (SEN), thus establishing a value of 7.10 \u20ac/MWh for hydroelectric, wind, and solar power plants in the market, and a null value for CCGT, as they did not exceed the exemption threshold of 2000 hours of use of their installed capacity. However, in addition to this value not considering all internal off-market events (CESE, Social Tariff, and G-Charge), the Dispatch is not in line with the advance payments applied in 2021, resulting from Dispatch 6740/2020, which set a null value for power plants that support the Social Tariff and CESE. The cost for the EDP Group associated with the publication of Dispatch 976/2024 has already been recorded in the accounts in 2021 and 2022. Social Tariff Scheme EDP Group filed a request to the European Commission whether the compliance of the Social Tariff funding mechanism, which is fully supported by ordinary regime generators, complies with the rules and principles of European Union law. The European Commission has recognized the discriminatory nature of the social tariff funding mechanism in Portugal and has informed that it will maintain surveillance over its evolution, particularly in the context of tariff revisions for 2023.
On 17 November 2023, Decree-Law 104/2023 was published in the Official Gazette, amending the financing model of the social tariff established in Decree-Law 15/2022. The amendment includes, in addition to the producers, the suppliers and other agents in the consumption function as the financing entities for the costs of the social tariff. The allocation of the associated costs is carried out in two phases, with the allocation being made first by activity, followed by the agents within each activity. On 9 January 2024, Directive 1/2024 approved the allocation of costs for the social tariff from 1 January to 17 November 2023, as well as the adjustments from 2018 to 2022. Regarding the allocation of costs from 18 November to 31 December 2023, and for the year 2024, ERSE published a public consultation on 23 January 2024, which also considers the operational procedures of the new social tariff financing mechanism. From 2011 to 2022, EDP has incurred a cost of over 530 million Euros due to the social tariff. Regarding 2023, the EDP Group will have to pay around 77 million Euros. 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 (TRL) on 30 September 2022. On 30 June 2023, an oral hearing was held at the aforementioned Court, which dealt only with legal aspects. By judgment rendered on 25 September 2023, TRL partially rejected the appeal filed by EDP Produ\u00e7\u00e3o, confirming the sentence of TCRS that had convicted it, and also judged the appeal to be valid regarding the reduction of the fine amount. Consequently, TRL decided to reduce the fine imposed on EDP Produ\u00e7\u00e3o from 48 million Euros to 40 million Euros. Given this decision, on 2 October 2023, EDP Produ\u00e7\u00e3o filed a request with TRL to argue various issues in the ruling issued by the said court. On 9 October 2023, a request for an appeal to the Constitutional Court was filed, raising the unconstitutionality issues that had been raised by EDP Produ\u00e7\u00e3o throughout the process and fulfilling the legal requirements necessary for the case to be sent to that jurisdiction. By judgment of 6 December 2023, the TRL dismissed the invalidities invoked by EDP Produ\u00e7\u00e3o, and on 14 December 2023, EDP Produ\u00e7\u00e3o submitted a request for clarification of part of the mentioned judgment. On 22 January 2024, the TRL deemed the request for correction of the judgment issued on 6 December 2023, as unfounded. On 5 February 2024, EDP Produ\u00e7\u00e3o lodged an appeal to the Constitutional Court against the aforementioned TRL judgment that dismissed the request for clarification of part of the judgment of 6 December 2023. The decisions of the Constitutional Court regarding the admissibility of the appeals filed by EDP Produ\u00e7\u00e3o and notification for the submission of written arguments are awaited. Nevertheless, in the context of this process, EDP Produ\u00e7\u00e3o has already been judicially obliged to pay the fine to which it was sentenced by the AdC, even before the trial and the final decision of the TCRS.
The EDP Group still considers that EDP Produ\u00e7\u00e3o did not abuse any dominant position, having acted strictly in accordance with the legal framework in force. In the context of this process, 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 allegedly harmed, 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 rulling was issued in which the court decided, among other things, to suspend the proceedings until a final decision is made in the administrative offense case 309/19.0YUSTR. By rulling on 23 March 2023, adopted following an appeal filled by EDP Produ\u00e7\u00e3o, TRL confirmed the decision to suspend the proceedings. EDP Produ\u00e7\u00e3o filed a common appeal and, alternatively, an exceptional review appeal with the Supreme Court of Justice, and this court dismissed the appeals by ruling on 15 September 2023. 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. 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 between 2019 and 2022, EDP made several payments, thus using the entire provision by 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 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 28). 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 the decision of the Supreme Administrative Court to admit the State's appeal, EDP Produ\u00e7\u00e3o filed an appeal with the Constitutional Court, that was admitted, and EDP Produ\u00e7\u00e3o presented the respective allegations in March 2023 and the State the respective counter- allegations. Recognizing the impact of the decision that the Constitutional Court will adopt, on 5 May 2023, the Supreme Administrative Court issued an order suspending the instance until the result of that appeal is known. By judgment issued on 10 October 2023, the Constitutional Court did not deem unconstitutional the provision of article 185-A, paragraph 3, subparagraph b) of the CPTA, and consequently, dismissed the appeal of EDP Produ\u00e7\u00e3o mentioned above, confirming the decision of the Supreme Administrative Court to admit the appeal for review. On 7 December 2023, EDP Produ\u00e7\u00e3o was notified of the judgment issued by the Supreme Administrative Court, which dismissed the appeal and upheld the arbitral decision condemning the State to reimburse EDP Produ\u00e7\u00e3o the amount of 217,798 thousand Euros. In parallel, on 13 December 2022, EDP Produ\u00e7\u00e3o submitted an application for the execution of the aforementioned Arbitral Decision, demanding the payment of the amount for which the Portuguese State was condemned. The said application was admitted, and on 13 February 2023, the Ministry of Environment and Climate Action opposed the execution, specifically requesting the citation of the Public Prosecutor, as the representative of the Portuguese State. After being cited, the Public Prosecutor presented its opposition on 24 April 2023. EDP Produ\u00e7\u00e3o submitted its Reply on 4 May 2023. By order of 24 July 2023, the Lisbon Administrative Court determined the suspension of the enforcement proceedings until a decision was made in the appeal filed before the Supreme Administrative Court. On 27 September 2023, EDP Produ\u00e7\u00e3o lodged an appeal to the Central Administrative Court of the aforementioned order. In light of the aforementioned judgment issued by the Supreme Administrative Court, which dismissed the appeal and upheld the arbitral decision condemning the State to reimburse EDP Produ\u00e7\u00e3o the amount of 217,798 thousand Euros, EDP Produ\u00e7\u00e3o requested, on 13 December 2023, the continuation of the proceedings within the enforcement process, and on 7 February 2024, the Lisbon Administrative Court ordered the notification of the executed entities to come and inform the court, within 20 days, whether the decision issued on 14 July 2022, by the Arbitration Court has already been executed. 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.
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. Decree 397/2023, of 28 November 2023, defined the standard pieces of the public tender procedure for the allocation of low-voltage electricity distribution concessions, namely the procedure program, the standard terms of reference, and the standard concession contract. The initiative to initiate the tender processes is transferred to the municipalities, and there is no date provided in the legislation for their execution or additional involvement by the Government. Although the published Decree does not provide information regarding the delimitation of areas for the tenders, the Government issued a statement on 29 November 2023, indicating that in April 2023, the National Association of Portuguese Municipalities expressed a preference for a territorial area covering the entire mainland territory, \"having this option been integrated into the procedure\", according with the aforementioned statement. 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 2023, 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 27). 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 20). 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 reasonability of the useful lives attributed to the assets, that are the base to the corresponding depreciation rates. When applicable, the Group changes, prospectively, the asset's useful life and, subsequently, the depreciation rates of the period 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 17). Lease contracts 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 18 and 40). 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 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, 27 and 39). 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 15). 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 36). 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 and depreciations than those considered (see note 37). 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.
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. The determination of the fair value and, consequently, of goodwill or gain from a bargain purchase is subject to numerous assumptions and judgments and therefore changes could result in different impacts on results. 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 28 and 40). 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 and, finally, assesses the capability of market participants to continuing to create outputs. 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. In 2014, Dispatch 4694/2014 of 1 April 2014, amended the procedures to be followed in the calculation of the annual revisibility regarding the consideration of revenues obtained in the system services market (secondary regulation band) by the power plants covered by the CMEC mechanism. 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 years 2011 and 2012, the Administrative Court dismissed, in different occasions, the special administrative actions brought by EDP Produ\u00e7\u00e3o, not recognizing these costs with the financing of the Social Tariff for the determination of the amount of the annual adjustment of CMEC relating to 2011 and 2012. EDP Produ\u00e7\u00e3o, not agreeing with these decisions, filed an Appeal for both years.
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 2023 EDP maintains the provision in its accounts (see note 37). 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). 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 generation 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; and - 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 generation 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 generation 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 \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 generation 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 generation for another 3 months, between 1 October and 31 December 2021. Following the temporary suspension of the tax on the generation 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 generation (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 generation 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 generation 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 generation 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. In Portugal, Order 5748/2023, of 22 May, of the Secretary of State for Energy and Climate, also suspended the \u201cClawback\u201d during the year 2023. On 25 January 2024, Dispatch 976/2024 determined the final compensation for the \"Clawback\" related to the year 2021, based on scenario A of the ERSE study from April 2022. This scenario considers the ISP regime as the only internal off-market event to the National Electricity System (SEN), thus establishing a value of 7.10 \u20ac/MWh for hydroelectric, wind, and solar power plants in the market, and a null value for CCGT, as they did not exceed the exemption threshold of 2000 hours of use of their installed capacity. However, in addition to this value not considering all internal off-market events (CESE, Social Tariff, and G-Charge), the Dispatch is not in line with the advance payments applied in 2021, resulting from Dispatch 6740/2020, which set a null value for power plants that support the Social Tariff and CESE. The cost for the EDP Group associated with the publication of Dispatch 976/2024 has already been recorded in the accounts in 2021 and 2022. Social Tariff Scheme EDP Group filed a request to the European Commission whether the compliance of the Social Tariff funding mechanism, which is fully supported by ordinary regime generators, complies with the rules and principles of European Union law. The European Commission has recognized the discriminatory nature of the social tariff funding mechanism in Portugal and has informed that it will maintain surveillance over its evolution, particularly in the context of tariff revisions for 2023.
On 17 November 2023, Decree-Law 104/2023 was published in the Official Gazette, amending the financing model of the social tariff established in Decree-Law 15/2022. The amendment includes, in addition to the producers, the suppliers and other agents in the consumption function as the financing entities for the costs of the social tariff. The allocation of the associated costs is carried out in two phases, with the allocation being made first by activity, followed by the agents within each activity. On 9 January 2024, Directive 1/2024 approved the allocation of costs for the social tariff from 1 January to 17 November 2023, as well as the adjustments from 2018 to 2022. Regarding the allocation of costs from 18 November to 31 December 2023, and for the year 2024, ERSE published a public consultation on 23 January 2024, which also considers the operational procedures of the new social tariff financing mechanism. From 2011 to 2022, EDP has incurred a cost of over 530 million Euros due to the social tariff. Regarding 2023, the EDP Group will have to pay around 77 million Euros. 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 (TRL) on 30 September 2022. On 30 June 2023, an oral hearing was held at the aforementioned Court, which dealt only with legal aspects. By judgment rendered on 25 September 2023, TRL partially rejected the appeal filed by EDP Produ\u00e7\u00e3o, confirming the sentence of TCRS that had convicted it, and also judged the appeal to be valid regarding the reduction of the fine amount. Consequently, TRL decided to reduce the fine imposed on EDP Produ\u00e7\u00e3o from 48 million Euros to 40 million Euros. Given this decision, on 2 October 2023, EDP Produ\u00e7\u00e3o filed a request with TRL to argue various issues in the ruling issued by the said court. On 9 October 2023, a request for an appeal to the Constitutional Court was filed, raising the unconstitutionality issues that had been raised by EDP Produ\u00e7\u00e3o throughout the process and fulfilling the legal requirements necessary for the case to be sent to that jurisdiction. By judgment of 6 December 2023, the TRL dismissed the invalidities invoked by EDP Produ\u00e7\u00e3o, and on 14 December 2023, EDP Produ\u00e7\u00e3o submitted a request for clarification of part of the mentioned judgment. On 22 January 2024, the TRL deemed the request for correction of the judgment issued on 6 December 2023, as unfounded. On 5 February 2024, EDP Produ\u00e7\u00e3o lodged an appeal to the Constitutional Court against the aforementioned TRL judgment that dismissed the request for clarification of part of the judgment of 6 December 2023. The decisions of the Constitutional Court regarding the admissibility of the appeals filed by EDP Produ\u00e7\u00e3o and notification for the submission of written arguments are awaited. Nevertheless, in the context of this process, EDP Produ\u00e7\u00e3o has already been judicially obliged to pay the fine to which it was sentenced by the AdC, even before the trial and the final decision of the TCRS.
The EDP Group still considers that EDP Produ\u00e7\u00e3o did not abuse any dominant position, having acted strictly in accordance with the legal framework in force. In the context of this process, 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 allegedly harmed, 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 rulling was issued in which the court decided, among other things, to suspend the proceedings until a final decision is made in the administrative offense case 309/19.0YUSTR. By rulling on 23 March 2023, adopted following an appeal filled by EDP Produ\u00e7\u00e3o, TRL confirmed the decision to suspend the proceedings. EDP Produ\u00e7\u00e3o filed a common appeal and, alternatively, an exceptional review appeal with the Supreme Court of Justice, and this court dismissed the appeals by ruling on 15 September 2023. 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. 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 between 2019 and 2022, EDP made several payments, thus using the entire provision by 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 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 28). 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 the decision of the Supreme Administrative Court to admit the State's appeal, EDP Produ\u00e7\u00e3o filed an appeal with the Constitutional Court, that was admitted, and EDP Produ\u00e7\u00e3o presented the respective allegations in March 2023 and the State the respective counter- allegations. Recognizing the impact of the decision that the Constitutional Court will adopt, on 5 May 2023, the Supreme Administrative Court issued an order suspending the instance until the result of that appeal is known. By judgment issued on 10 October 2023, the Constitutional Court did not deem unconstitutional the provision of article 185-A, paragraph 3, subparagraph b) of the CPTA, and consequently, dismissed the appeal of EDP Produ\u00e7\u00e3o mentioned above, confirming the decision of the Supreme Administrative Court to admit the appeal for review. On 7 December 2023, EDP Produ\u00e7\u00e3o was notified of the judgment issued by the Supreme Administrative Court, which dismissed the appeal and upheld the arbitral decision condemning the State to reimburse EDP Produ\u00e7\u00e3o the amount of 217,798 thousand Euros. In parallel, on 13 December 2022, EDP Produ\u00e7\u00e3o submitted an application for the execution of the aforementioned Arbitral Decision, demanding the payment of the amount for which the Portuguese State was condemned. The said application was admitted, and on 13 February 2023, the Ministry of Environment and Climate Action opposed the execution, specifically requesting the citation of the Public Prosecutor, as the representative of the Portuguese State. After being cited, the Public Prosecutor presented its opposition on 24 April 2023. EDP Produ\u00e7\u00e3o submitted its Reply on 4 May 2023. By order of 24 July 2023, the Lisbon Administrative Court determined the suspension of the enforcement proceedings until a decision was made in the appeal filed before the Supreme Administrative Court. On 27 September 2023, EDP Produ\u00e7\u00e3o lodged an appeal to the Central Administrative Court of the aforementioned order. In light of the aforementioned judgment issued by the Supreme Administrative Court, which dismissed the appeal and upheld the arbitral decision condemning the State to reimburse EDP Produ\u00e7\u00e3o the amount of 217,798 thousand Euros, EDP Produ\u00e7\u00e3o requested, on 13 December 2023, the continuation of the proceedings within the enforcement process, and on 7 February 2024, the Lisbon Administrative Court ordered the notification of the executed entities to come and inform the court, within 20 days, whether the decision issued on 14 July 2022, by the Arbitration Court has already been executed. 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.
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. Decree 397/2023, of 28 November 2023, defined the standard pieces of the public tender procedure for the allocation of low-voltage electricity distribution concessions, namely the procedure program, the standard terms of reference, and the standard concession contract. The initiative to initiate the tender processes is transferred to the municipalities, and there is no date provided in the legislation for their execution or additional involvement by the Government. Although the published Decree does not provide information regarding the delimitation of areas for the tenders, the Government issued a statement on 29 November 2023, indicating that in April 2023, the National Association of Portuguese Municipalities expressed a preference for a territorial area covering the entire mainland territory, \"having this option been integrated into the procedure\", according with the aforementioned statement. 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 2023, 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 27). 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 20). 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 reasonability of the useful lives attributed to the assets, that are the base to the corresponding depreciation rates. When applicable, the Group changes, prospectively, the asset's useful life and, subsequently, the depreciation rates of the period 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 17). Lease contracts 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 18 and 40). 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 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, 27 and 39). 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 15). 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 36). 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 and depreciations than those considered (see note 37). 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.
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. The determination of the fair value and, consequently, of goodwill or gain from a bargain purchase is subject to numerous assumptions and judgments and therefore changes could result in different impacts on results. 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 28 and 40). 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 and, finally, assesses the capability of market participants to continuing to create outputs. 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. In 2014, Dispatch 4694/2014 of 1 April 2014, amended the procedures to be followed in the calculation of the annual revisibility regarding the consideration of revenues obtained in the system services market (secondary regulation band) by the power plants covered by the CMEC mechanism. 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 years 2011 and 2012, the Administrative Court dismissed, in different occasions, the special administrative actions brought by EDP Produ\u00e7\u00e3o, not recognizing these costs with the financing of the Social Tariff for the determination of the amount of the annual adjustment of CMEC relating to 2011 and 2012. EDP Produ\u00e7\u00e3o, not agreeing with these decisions, filed an Appeal for both years.
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 2023 EDP maintains the provision in its accounts (see note 37). 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). 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 generation 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; and - 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 generation 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 generation 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 \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 generation 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 generation for another 3 months, between 1 October and 31 December 2021. Following the temporary suspension of the tax on the generation 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 generation (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 generation 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 generation 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 generation 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. In Portugal, Order 5748/2023, of 22 May, of the Secretary of State for Energy and Climate, also suspended the \u201cClawback\u201d during the year 2023. On 25 January 2024, Dispatch 976/2024 determined the final compensation for the \"Clawback\" related to the year 2021, based on scenario A of the ERSE study from April 2022. This scenario considers the ISP regime as the only internal off-market event to the National Electricity System (SEN), thus establishing a value of 7.10 \u20ac/MWh for hydroelectric, wind, and solar power plants in the market, and a null value for CCGT, as they did not exceed the exemption threshold of 2000 hours of use of their installed capacity. However, in addition to this value not considering all internal off-market events (CESE, Social Tariff, and G-Charge), the Dispatch is not in line with the advance payments applied in 2021, resulting from Dispatch 6740/2020, which set a null value for power plants that support the Social Tariff and CESE. The cost for the EDP Group associated with the publication of Dispatch 976/2024 has already been recorded in the accounts in 2021 and 2022. Social Tariff Scheme EDP Group filed a request to the European Commission whether the compliance of the Social Tariff funding mechanism, which is fully supported by ordinary regime generators, complies with the rules and principles of European Union law. The European Commission has recognized the discriminatory nature of the social tariff funding mechanism in Portugal and has informed that it will maintain surveillance over its evolution, particularly in the context of tariff revisions for 2023.
On 17 November 2023, Decree-Law 104/2023 was published in the Official Gazette, amending the financing model of the social tariff established in Decree-Law 15/2022. The amendment includes, in addition to the producers, the suppliers and other agents in the consumption function as the financing entities for the costs of the social tariff. The allocation of the associated costs is carried out in two phases, with the allocation being made first by activity, followed by the agents within each activity. On 9 January 2024, Directive 1/2024 approved the allocation of costs for the social tariff from 1 January to 17 November 2023, as well as the adjustments from 2018 to 2022. Regarding the allocation of costs from 18 November to 31 December 2023, and for the year 2024, ERSE published a public consultation on 23 January 2024, which also considers the operational procedures of the new social tariff financing mechanism. From 2011 to 2022, EDP has incurred a cost of over 530 million Euros due to the social tariff. Regarding 2023, the EDP Group will have to pay around 77 million Euros. 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 (TRL) on 30 September 2022. On 30 June 2023, an oral hearing was held at the aforementioned Court, which dealt only with legal aspects. By judgment rendered on 25 September 2023, TRL partially rejected the appeal filed by EDP Produ\u00e7\u00e3o, confirming the sentence of TCRS that had convicted it, and also judged the appeal to be valid regarding the reduction of the fine amount. Consequently, TRL decided to reduce the fine imposed on EDP Produ\u00e7\u00e3o from 48 million Euros to 40 million Euros. Given this decision, on 2 October 2023, EDP Produ\u00e7\u00e3o filed a request with TRL to argue various issues in the ruling issued by the said court. On 9 October 2023, a request for an appeal to the Constitutional Court was filed, raising the unconstitutionality issues that had been raised by EDP Produ\u00e7\u00e3o throughout the process and fulfilling the legal requirements necessary for the case to be sent to that jurisdiction. By judgment of 6 December 2023, the TRL dismissed the invalidities invoked by EDP Produ\u00e7\u00e3o, and on 14 December 2023, EDP Produ\u00e7\u00e3o submitted a request for clarification of part of the mentioned judgment. On 22 January 2024, the TRL deemed the request for correction of the judgment issued on 6 December 2023, as unfounded. On 5 February 2024, EDP Produ\u00e7\u00e3o lodged an appeal to the Constitutional Court against the aforementioned TRL judgment that dismissed the request for clarification of part of the judgment of 6 December 2023. The decisions of the Constitutional Court regarding the admissibility of the appeals filed by EDP Produ\u00e7\u00e3o and notification for the submission of written arguments are awaited. Nevertheless, in the context of this process, EDP Produ\u00e7\u00e3o has already been judicially obliged to pay the fine to which it was sentenced by the AdC, even before the trial and the final decision of the TCRS.
The EDP Group still considers that EDP Produ\u00e7\u00e3o did not abuse any dominant position, having acted strictly in accordance with the legal framework in force. In the context of this process, 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 allegedly harmed, 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 rulling was issued in which the court decided, among other things, to suspend the proceedings until a final decision is made in the administrative offense case 309/19.0YUSTR. By rulling on 23 March 2023, adopted following an appeal filled by EDP Produ\u00e7\u00e3o, TRL confirmed the decision to suspend the proceedings. EDP Produ\u00e7\u00e3o filed a common appeal and, alternatively, an exceptional review appeal with the Supreme Court of Justice, and this court dismissed the appeals by ruling on 15 September 2023. 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. 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 between 2019 and 2022, EDP made several payments, thus using the entire provision by 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 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 28). 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 the decision of the Supreme Administrative Court to admit the State's appeal, EDP Produ\u00e7\u00e3o filed an appeal with the Constitutional Court, that was admitted, and EDP Produ\u00e7\u00e3o presented the respective allegations in March 2023 and the State the respective counter- allegations. Recognizing the impact of the decision that the Constitutional Court will adopt, on 5 May 2023, the Supreme Administrative Court issued an order suspending the instance until the result of that appeal is known. By judgment issued on 10 October 2023, the Constitutional Court did not deem unconstitutional the provision of article 185-A, paragraph 3, subparagraph b) of the CPTA, and consequently, dismissed the appeal of EDP Produ\u00e7\u00e3o mentioned above, confirming the decision of the Supreme Administrative Court to admit the appeal for review. On 7 December 2023, EDP Produ\u00e7\u00e3o was notified of the judgment issued by the Supreme Administrative Court, which dismissed the appeal and upheld the arbitral decision condemning the State to reimburse EDP Produ\u00e7\u00e3o the amount of 217,798 thousand Euros. In parallel, on 13 December 2022, EDP Produ\u00e7\u00e3o submitted an application for the execution of the aforementioned Arbitral Decision, demanding the payment of the amount for which the Portuguese State was condemned. The said application was admitted, and on 13 February 2023, the Ministry of Environment and Climate Action opposed the execution, specifically requesting the citation of the Public Prosecutor, as the representative of the Portuguese State. After being cited, the Public Prosecutor presented its opposition on 24 April 2023. EDP Produ\u00e7\u00e3o submitted its Reply on 4 May 2023. By order of 24 July 2023, the Lisbon Administrative Court determined the suspension of the enforcement proceedings until a decision was made in the appeal filed before the Supreme Administrative Court. On 27 September 2023, EDP Produ\u00e7\u00e3o lodged an appeal to the Central Administrative Court of the aforementioned order. In light of the aforementioned judgment issued by the Supreme Administrative Court, which dismissed the appeal and upheld the arbitral decision condemning the State to reimburse EDP Produ\u00e7\u00e3o the amount of 217,798 thousand Euros, EDP Produ\u00e7\u00e3o requested, on 13 December 2023, the continuation of the proceedings within the enforcement process, and on 7 February 2024, the Lisbon Administrative Court ordered the notification of the executed entities to come and inform the court, within 20 days, whether the decision issued on 14 July 2022, by the Arbitration Court has already been executed. 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 conflicts between Russia and Ukraine, which began on 24 February 2022, and between Israel and Hamas, which began on 7 October 2023, are having several impacts, namely in the financial markets, due to the volatility they entail, the uncertainty they carry, in a time when Central Banks are starting to announce the end of the tightening cycle and potential rate cuts, as a sign that inflation may now be controlled. 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 conflicts and their 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 derivative financial instruments 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 2023 and 2022, would lead to an increase/(decrease) in the EDP Group results and/or equity as follows: Dec 2023 Dec 2022 Profit or loss Equity Profit or loss Equity Thousand Euros +10% -10% +10% -10% +10% -10% +10% -10% USD 1,166 -1,425 -19,352 23,653 9,696 -11,851 -65,279 79,785 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 analysis of the fair value of financial instruments to interest rate fluctuations. As at 31 December 2023, after the hedging effect of the derivatives 79% of the Group's liabilities are at fixed rate. In 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 following 2 years. Throught 2023, the pre-hedges in EUR were fully executed and the pre-hedges in USD were settled due to the changes in the internal policy, regarding the net investment hedge ratios. 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 2023 and 2022 would lead to an increase/(decrease) in the EDP Group results and/or equity as follows: Dec 2023 Profit or loss Equity Thousand Euros 100 bp increase 100 bp decrease 100 bp increase 100 bp decrease Cash flow effect: Hedged debt -10,103 10,103 - - Unhedged debt -3,814 3,814 - - Fair value effect: Cash flow hedging derivatives - - 28,164 -28,164 Trading derivatives (accounting perspective) 18 -18 - - -13,899 13,899 28,164 -28,164 Dec 2022 Profit or loss Equity Thousand Euros 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 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 Two 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.
- 25% + 25% - 25% + 25% Thousand Euros Dec 2022 Dec 2023 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: Financial instruments - assets 10,032 -9,900 24,881 -24,499 Financial instruments - liabilities -51,387 56,171 -105,539 117,991 Derivative financial instruments -31,352 31,856 -2,686 9,352
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 Group is present in several countries and continents, structured in 4 regional hubs: Europe, Asia-Pacific, North America and South America. It has more than 9.2 million customers in the electricity and gas sectors, 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 2023 Dec 2022 Corporate and private sector: Supply companies 8,654 200 B2B 391,800 496,804 B2C 480,672 425,163 Other 562,336 556,939 1,443,462 1,479,106 Public sector: Debt with payment agreement 418 1,375 Debt without payment agreement 53,799 160,197 54,217 161,572 1,497,679 1,640,678 Trade receivables by geographical market for the Group EDP, is as follows: Dec 2023 Thousand Euros Portugal Spain Brazil USA Other Group Corporate and private sector 644,426 269,146 401,556 27,902 100,432 1,443,462 Public sector 32,806 2,177 18,785 - 449 54,217 677,232 271,323 420,341 27,902 100,881 1,497,679 Thousand Euros Portugal Spain Dec 2022 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 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;
-72,707 78,127 -83,344 102,844
- 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, the large number of customers and their diversity in terms of sectors of activity, as well as the realization of non-recourse factoring operations, 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 2023, 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 2023 Dec 2022 Contract assets related to energy sales: Amounts receivable from the electric sector: Amounts receivable from tariff adjustments - Electricity (see note 27) 401,702 483,217 Amounts receivable relating to CMEC (see note 27) 576,511 603,475 Amounts receivable from concessions - IFRIC 12 (see note 27) 1,695,957 1,966,939 2,674,170 3,053,631 3,931,352 4,503,591
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 35). Considering the military conflicts, the Group assessed the potential impacts on additional liquidity needs, having concluded that the current Liquidity Risk Management Policy remains adequate.
Contract assets receivable from energy sales contracts 1,257,182 1,449,960 1,257,182 1,449,960
The table below shows the contractual undiscounted cash flows and the estimated interests due, computed using the rates available at 31 December 2023: Following Thousand Euros Dec 2024 Dec 2025 Dec 2026 Dec 2027 Dec 2028 years Total Bank loans 705,037 416,489 77,670 81,738 841,667 581,765 2,704,366 Bond loans 2,990,624 1,985,637 2,168,520 1,484,670 1,691,403 3,101,141 13,421,995 Hybrid bond 74,355 - - - - 4,077,200 4,151,555 Commercial paper 123,668 328,054 - - - - 451,722 Other loans 5,967 - 352 - - 16,732 23,051 Interest payments (i) 462,695 529,311 413,464 334,284 289,846 341,318 2,370,918 4,362,346 3,259,491 2,660,006 1,900,692 2,822,916 8,118,156 23,123,607 The table below shows the contractual undiscounted cash flows and the estimated interests due, computed using the rates available at 31 December 2022: Following Thousand Euros Dec 2023 Dec 2024 Dec 2025 Dec 2026 Dec 2027 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 (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) Since 2022, following the strategic decision of implementing in the EDP Group a new platform management model, Energy market risk management is done through the Global Energy Management platform (GEM). GEM acts as an interface between the Generation and Renewable platforms and the Clientes platform, ensuring access to energy markets as a way of optimizing the group's risk positions across different geographies, being the preferred interlocutor in the energy markets. Managing the merchant energy as single portfolio seeks to capture the benefits resulting from the integrated management of the diversified portfolio, achieving an aggregate view of market risk, maximizing knowledge and operation synergies in the market. GEM's main functions are to optimize and manage the risks associated with the Group's position, resulting from the equilibrium between the production of its traditional and renewable assets and the needs of clients, by using short and long term, physical and financial energy markets. The portfolio is managed through the engagement of operations with financial and physical settlement on the forward/future energy markets. The objective of these 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 activity is therefore 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, volume, and shape risk as well as credit risk of the counterparties. The financial instruments traded mainly include energy commodities swaps and futures, for which, in the hedge relationships, the main source of ineffectiveness are: (i) the effect of the counterparty\u2019s and the Group\u2019s own credit risk on the fair value of the 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 and (ii) the timing of the hedged transactions, that may differ from the settlement of the hedging instrument. Monitoring the 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 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.
Dec 2022 Dec 2023 As of September 2023, the most important risk indicator is the Margin@Risk metric, which is a parametric calculation of the Value@Risk that gives visibility on individual risk elements of the Portfolio and different timeframe granularities but at the same time it provides the aggregated overall metric that considers diversification effect. The distribution by business segments is as follows: Margin@Risk distribution for next 24 months by business segment Thousand Euros Dec 2023 Dec 2022 Business Electricity Portfolio Trading 2,996 50,399 Electricity Trading + Hedging 606,061 425,008 Gas Hedging 101,693 622,867 Diversification effect -121,245 -116,768 589,505 981,506 Regarding credit risk, it is noteworthy that derivative financial instruments are traded both in market exchanges and through bilateral contracts (Over-the-counter \u2013 OTC). As per futures, forward derivatives traded in centralized market exchanges, given the requirements for the trading entities, namely margin deposits as collateral, credit risk is mostly mitigated and therefore excluded from exposure detailed below. As per derivative financial instruments contracted OTC, 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 2023 Dec 2022 Credit risk rating (S&P) A+ to A- 16.38% 25.09% BBB+ to BBB- 56.74% 47.47% No rating assigned 26.88% 27.44% 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@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%). Differences Settlement Price - PLD -14,014 12,644 -4,251 3,561
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 derivative financial instruments 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 2023 and 2022, would lead to an increase/(decrease) in the EDP Group results and/or equity as follows: Dec 2023 Dec 2022 Profit or loss Equity Profit or loss Equity Thousand Euros +10% -10% +10% -10% +10% -10% +10% -10% USD 1,166 -1,425 -19,352 23,653 9,696 -11,851 -65,279 79,785 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 analysis of the fair value of financial instruments to interest rate fluctuations. As at 31 December 2023, after the hedging effect of the derivatives 79% of the Group's liabilities are at fixed rate. In 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 following 2 years. Throught 2023, the pre-hedges in EUR were fully executed and the pre-hedges in USD were settled due to the changes in the internal policy, regarding the net investment hedge ratios. 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 2023 and 2022 would lead to an increase/(decrease) in the EDP Group results and/or equity as follows: Dec 2023 Profit or loss Equity Thousand Euros 100 bp increase 100 bp decrease 100 bp increase 100 bp decrease Cash flow effect: Hedged debt -10,103 10,103 - - Unhedged debt -3,814 3,814 - - Fair value effect: Cash flow hedging derivatives - - 28,164 -28,164 Trading derivatives (accounting perspective) 18 -18 - - -13,899 13,899 28,164 -28,164 Dec 2022 Profit or loss Equity Thousand Euros 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 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 Two 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.
- 25% + 25% - 25% + 25% Thousand Euros Dec 2022 Dec 2023 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: Financial instruments - assets 10,032 -9,900 24,881 -24,499 Financial instruments - liabilities -51,387 56,171 -105,539 117,991 Derivative financial instruments -31,352 31,856 -2,686 9,352
-72,707 78,127 -83,344 102,844
Energy market risk management Energy market risk management (excluding the Brazilian operations) Since 2022, following the strategic decision of implementing in the EDP Group a new platform management model, Energy market risk management is done through the Global Energy Management platform (GEM). GEM acts as an interface between the Generation and Renewable platforms and the Clientes platform, ensuring access to energy markets as a way of optimizing the group's risk positions across different geographies, being the preferred interlocutor in the energy markets. Managing the merchant energy as single portfolio seeks to capture the benefits resulting from the integrated management of the diversified portfolio, achieving an aggregate view of market risk, maximizing knowledge and operation synergies in the market. GEM's main functions are to optimize and manage the risks associated with the Group's position, resulting from the equilibrium between the production of its traditional and renewable assets and the needs of clients, by using short and long term, physical and financial energy markets. The portfolio is managed through the engagement of operations with financial and physical settlement on the forward/future energy markets. The objective of these 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 activity is therefore 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, volume, and shape risk as well as credit risk of the counterparties. The financial instruments traded mainly include energy commodities swaps and futures, for which, in the hedge relationships, the main source of ineffectiveness are: (i) the effect of the counterparty\u2019s and the Group\u2019s own credit risk on the fair value of the 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 and (ii) the timing of the hedged transactions, that may differ from the settlement of the hedging instrument. Monitoring the 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 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.
Dec 2022 Dec 2023 As of September 2023, the most important risk indicator is the Margin@Risk metric, which is a parametric calculation of the Value@Risk that gives visibility on individual risk elements of the Portfolio and different timeframe granularities but at the same time it provides the aggregated overall metric that considers diversification effect. The distribution by business segments is as follows: Margin@Risk distribution for next 24 months by business segment Thousand Euros Dec 2023 Dec 2022 Business Electricity Portfolio Trading 2,996 50,399 Electricity Trading + Hedging 606,061 425,008 Gas Hedging 101,693 622,867 Diversification effect -121,245 -116,768 589,505 981,506 Regarding credit risk, it is noteworthy that derivative financial instruments are traded both in market exchanges and through bilateral contracts (Over-the-counter \u2013 OTC). As per futures, forward derivatives traded in centralized market exchanges, given the requirements for the trading entities, namely margin deposits as collateral, credit risk is mostly mitigated and therefore excluded from exposure detailed below. As per derivative financial instruments contracted OTC, 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 2023 Dec 2022 Credit risk rating (S&P) A+ to A- 16.38% 25.09% BBB+ to BBB- 56.74% 47.47% No rating assigned 26.88% 27.44% 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@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%). Differences Settlement Price - PLD -14,014 12,644 -4,251 3,561
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"f32139": {
"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 Group is present in several countries and continents, structured in 4 regional hubs: Europe, Asia-Pacific, North America and South America. It has more than 9.2 million customers in the electricity and gas sectors, 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 2023 Dec 2022 Corporate and private sector: Supply companies 8,654 200 B2B 391,800 496,804 B2C 480,672 425,163 Other 562,336 556,939 1,443,462 1,479,106 Public sector: Debt with payment agreement 418 1,375 Debt without payment agreement 53,799 160,197 54,217 161,572 1,497,679 1,640,678 Trade receivables by geographical market for the Group EDP, is as follows: Dec 2023 Thousand Euros Portugal Spain Brazil USA Other Group Corporate and private sector 644,426 269,146 401,556 27,902 100,432 1,443,462 Public sector 32,806 2,177 18,785 - 449 54,217 677,232 271,323 420,341 27,902 100,881 1,497,679 Thousand Euros Portugal Spain Dec 2022 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 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, the large number of customers and their diversity in terms of sectors of activity, as well as the realization of non-recourse factoring operations, 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 2023, 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 2023 Dec 2022 Contract assets related to energy sales: Amounts receivable from the electric sector: Amounts receivable from tariff adjustments - Electricity (see note 27) 401,702 483,217 Amounts receivable relating to CMEC (see note 27) 576,511 603,475 Amounts receivable from concessions - IFRIC 12 (see note 27) 1,695,957 1,966,939 2,674,170 3,053,631 3,931,352 4,503,591
Contract assets receivable from energy sales contracts 1,257,182 1,449,960 1,257,182 1,449,960
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"f32324": {
"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 35). Considering the military conflicts, 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 2023: Following Thousand Euros Dec 2024 Dec 2025 Dec 2026 Dec 2027 Dec 2028 years Total Bank loans 705,037 416,489 77,670 81,738 841,667 581,765 2,704,366 Bond loans 2,990,624 1,985,637 2,168,520 1,484,670 1,691,403 3,101,141 13,421,995 Hybrid bond 74,355 - - - - 4,077,200 4,151,555 Commercial paper 123,668 328,054 - - - - 451,722 Other loans 5,967 - 352 - - 16,732 23,051 Interest payments (i) 462,695 529,311 413,464 334,284 289,846 341,318 2,370,918 4,362,346 3,259,491 2,660,006 1,900,692 2,822,916 8,118,156 23,123,607 The table below shows the contractual undiscounted cash flows and the estimated interests due, computed using the rates available at 31 December 2022: Following Thousand Euros Dec 2023 Dec 2024 Dec 2025 Dec 2026 Dec 2027 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 (i) The coupons of the hybrid bonds were included taking into consideration the earliest possible call date.
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"f32608": {
"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: Part I - 02 Strategic Approach 2.3 Risk Management: Key Risks - Financial; Risk Appetite - Financial; and 2.4 Strategic Guidelines Compliance - Resilient Portf\u00f3lio. Part III - Report of 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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"f32636": {
"value": "6. Consolidation perimeter During the year of 2023, 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. Chuzhou Huitai Photovoltaic Power Generation Co., Ltd. 100% Fangxian Tianhang New Energy Co., Ltd. 100% Siping Lvsheng Energy Technology Co., Ltd. 100% Sunseap China Energy (Shanghai) Ltd. Jingmen Zhongbei New Energy Co., Ltd. 100% Tianjin Pengling Funeng New Energy Technology Co., Ltd. 100% Jiaxing Luken Energy Technology Co., Ltd. 100% Harbin Panshuo Energy Technology Co., Ltd. 100% Anhui Jinyang New Energy Co., Ltd. 100% RE Capital Co., Ltd. Godo Kaisha NW-3 100% Global Pracima, S.L. (including 3 subsidiaries) 100% EDP Renovables Espa\u00f1a, S.L.U. Energia Geoide VIII, S.L. 100% ICE Tudela S.L. 67,7% (1) EDP Renewables Europe, S.L.U. Harrington Franklin Limited 100% Balnacraig Battery Storage Limited 100% EDPR PT - Promo\u00e7\u00e3o e Opera\u00e7\u00e3o, SPEE - Sociedade Produ\u00e7\u00e3o Energia E\u00f3lica, S.A. 100% Saussignac Solaire, S.A.S. 100% EDPR France Holding, S.A.S. Oxavi 1, S.A.S. 100% Oxavi 2, S.A.S. 100% Solar Italy XXIII, S.r.l. 100% EDP Renewables Italia Holding, S.R.L. Wind Energy Castelluccio, S.r.l. 100% Winderg Valleverde, S.r.l. 60% Wind Energy Monte Cavallo, S.r.l. 51% Farma Fotowoltaiczna I\u0142\u017ca, Sp. z o.o. 100% Farma Fotowoltaiczna Pakos\u0142aw, Sp. z o.o. 100% CSH III Renewables, Sp. z o.o. 100% Maella, Sp. z o.o. 100% EDP Renewables Polska, Sp. z o.o. Wind Farm Debrzno, Sp. z o.o. 100% Wind Farm Gniewkowo, Sp. z o.o. 100% EDPR Polska Wind, Sp. z o.o. 100% EDPR Polska Solar 2, Sp. z o.o. 100% EDPR Polska Storage, Sp. z o.o. 100% Ekoenergia Solar 3, Sp. z o.o. 100% EDPR Sunseap Korea Holdings Pte. Angang Wind Power Corporation 100% Sunseap Commercial & Industrial Millennium Energy Investment Co., Ltd. (including 4 subsidiaries) 100% 11 companies in North America 100% (1) EDP Renovables Espa\u00f1a, S.L.U. acquired a 67,7% stake in the company ICE Tudela S.L., in which it already held a 32,3% stake, increasing its participation to a 100% stake and obtaining control over the company.
Entity holding the stake Company / investment sold % sold Previous % Obs. Additionally, the following companies were acquired in the scope of IFRS 3 \u2013 Business Combinations: \u25cf EDP Comercial - Comercializa\u00e7\u00e3o de Energia, S.A. acquired 100% of Enerdeal Group S.A. and its subsidiaries (see note 20); \u25cf EDP Renov\u00e1veis, S.A., through a North American subsidiary, acquired the 100% stake in a distributed solar generation portfolio, which includes 44 MW solar operational projects, for an amount of 17,294 thousand Euros, and the assessment to determine its fair value allocation is still in progress (see note 20); \u25cf EDP Renovables Espa\u00f1a, S.L.U. acquired a 52.99% stake in the company San Juan de Bargas E\u00f3lica S.L., in which it previously held a 47.01% stake, increasing its participation to a 100% stake and obtaining control over the company. The amount paid for this transaction has been 13,898 thousand Euros and the assets purchase price allocation exercise has been carried out in accordance with their fair value valuation, generating a gain (\"bargain purchase\") in the amount of 8,723 thousand Euros; \u25cf EDP Solar Espa\u00f1a, S.A. acquired a 100% stake in the companies Azul y Verde Energ\u00eda y Sostenibilidad S.L. and Leuk Soluciones Energ\u00e9ticas, S.L.; \u25cf EDP Energias do Brasil, S.A. acquired all remaining shares of Blue Sol Participa\u00e7\u00f5es S.A., in which it previously held a 40% stake, increasing its participation to a 100% stake and obtaining control over the company and its subsidiaries; and \u25cf In the last quarter of 2023, Sunseap (Australia) Investments Pty. Ltd. acquired a 100% stake in ITP Development Pty. Ltd. and its subsidiaries, which own a 730 MW solar generation portfolio located in Australia. The participation was acquired for an amount of 13,648 thousand Euros and the assessment to determine its fair value allocation is still in progress (see note 20). Sale of companies / investments: Sale of companies without loss of control EDP Renewables Canada Ltd. Edgeware BESS Project LP 50% 100% Sale of companies with loss of control EDP Energias do Brasil, S.A. Porto do Pec\u00e9m Gera\u00e7\u00e3o de Energia, S.A. 80% 100% (2) Companies sold EDPR France Holding, S.A.S. Eoles Montjean, S.A.S. 100% 100% (3) Sunseap Australia Investments Pty. Ltd. Todae Solar Pty. Ltd. 49% 49% (4) EDPR Investment Hungary, Kft. 100% 100% (4) EDP Renewables Europe, S.L.U. Viesgo Europa, S.L.U. 100% 100% (5) Viesgo Renovables, S.L.U. 100% 100% EDP Renov\u00e1veis, S.A. / EDP Ventures, S.A. Principle Power, Inc 25.41% 25.41% (6) EDP Ventures, S.A. / Fundo EDP CleanTech FCR Zypho, S.A. 40.27% 40.27% (7) Viesgo Renovables, S.L.U. Ge\u00f3lica Magall\u00f3n, S.L. 36.23% 36.23% (8) Sunseap Group Pte. Ltd. Charge+ Pte. Ltd. 26.25% 26.25% (4) Sunseap Taiwan Solar Holdings Ltd. Sunseap Solutions Taiwan Ltd. 49% 49% (4) EW Dobrzyca, Sp. z o.o. 100% 100% EDP Renewables Polska, Sp. z o.o. Ujazd, Sp. z o.o. 100% 100% (9) Wind Field Wielkopolska, Sp. z o.o. 100% 100% EDP Renov\u00e1veis Brasil, S.A. Central E\u00f3lica Boqueir\u00e3o I and II, S.A. 100% 100% (10) Jerusal\u00e9m Holding, S.A. (including 6 subsidiaries) 100% 100% (2) Sale of 80% of the stake held in Porto do Pec\u00e9m Gera\u00e7\u00e3o de Energia, S.A. and its subsidiaries for an amount of 84,046 thousand Euros (461,361 thousand Brazilian Reais), resulting in the loss of control of the company and generating a loss of 22,720 thousand Euros, which is recognised as (i) a gain in reserves, by allocation of exchange differences reserves, in the amount of 61,748 thousand Euros (see Consolidated Statements of Changes in Equity), and as (ii) a loss in Other costs in the amount of 84,469 thousand Euros (see note 11). This impact includes the effects of the sale of the 80% stake and the reassessment of the remaining stake, which is now accounted as an associated company using the equity method. (3) Sale ocurred in first quarter, for an amount of 1,126 thousand Euros. (4) Sale with no significant impacts in the consolidated financial statements.
(5) In the third quarter, these shares were sold for 482,681 thousand Euros, generating a gain of 184,478 thousand Euros (see notes 8 and 20). (6) Sale of direct stakes held in the associated company to OW Offshore, S.L., for a total amount of 25,816 thousand Euros (25,799 thousand US Dollars), generating a gain of 23,556 thousand Euros (see note 22). (7) Sale of stakes held in the associated company for a total amount of 3,518 thousand Euros, generating a gain of 3,275 thousand Euros (see note 22). (8) Sale of stake held in the associated company, generating a loss of 10,566 thousand Euros (see note 22). (9) Sale occurred in the third quarter for an amount of 346,866 thousand Euros. The transaction generated a net gain, after the impact of associated derivative financial instruments, of 206,846 thousand Euros (see notes 7 and 8). (10) Sale ocurred in the fourt quarter, for an amount of 188,940 thousand Euros, generating a gain, net of transaction costs, of 67,805 thousand Euros (see note 8). Companies liquidated: Entity holding the stake Liquidated company Previous % Obs. Viesgo Renovables, S.L.U. Viesgo Mantenimiento, S.L.U. 100% Sunseap China Energy (Shanghai) Yuzhou Yixing Energy Technology Co., Ltd. 100% EDP Gest\u00e3o Produ\u00e7\u00e3o Energia, S.A. Carri\u00e7o Cogera\u00e7\u00e3o - Sociedade de Gera\u00e7\u00e3o de Electricidade e Calor, S.A. 35% Associated Re Capital Co,. Ltd. Jinan Xingsheng Energy Co., Ltd. 100% EDP Renewables Sask SE GP Ltd 100% EDP Renewables Canada Ltd. EDP Renewables Sask SE Limited Partnership 100% Kennedy Wind Farm GP Ltd 100% Kennedy Wind Farm LP 100% 26 companies in North America 100% 1 company in North America 50% Joint Venture Acquiring company Merged company Previous % Obs. EDPR PT - Promo\u00e7\u00e3o e Opera\u00e7\u00e3o, EDP Renewables SGPS, S.A. 100% S.A. IE2 Portugal, SGPS, S.A. 100% Sunseap Vietnam Pte. Ltd. 100% Sunseap International Pte. Ltd. Sunseap Vietnam Beta Pte. Ltd. 100% Sunseap Vietnam Gamma Pte. Ltd. 100% Sunseap Philippines Solar Holdings Pte. Ltd. 100% Uper Renewable Energy (Singapore) Pte. Ltd. 100% Sunseap Engineering Pte. Ltd. Solar PV Exchange Pte. Ltd. 100% Sunseap Leasing Alpha Pte. Ltd. 100% SolarNova Phase 1 Pte. Ltd. Sunseap Solarnova Pte. Ltd. 100% Sunseap Leasing Beta Pte. Ltd. 100% Sunseap Commercial Assets Pte. Sunseap Vpower Pte. Ltd. 100% Ltd. Sunseap Commercial Holdings Pte. Ltd. 100% Sunseap Energy Ventures Pte. Ltd. Sunseap Solutions Pte. Ltd. 100% Sunseap Delta Holdings Pte. Ltd. Sunseap Commercial & Industrial Assets (S.E.A.) Holdings Pte. Ltd. 100% SolarNova 4 Beta Assets Pte. Ltd. SolarNova 4 Beta Holdings Pte. Ltd. 100% Solarland Alpha Assets Pte. Ltd. Solarland Alpha Holdings Pte. Ltd. 100% Companies merged:
Company Company Companies incorporated: EDP Transmiss\u00e3o Norte 2 S.A. Fengcheng Xingtai New Energy Technology Co., Ltd. EDPR Sicilia Quattro, S.r.l. Gumisan Wind Power Co., Ltd. Desarrollos Renovables de Alfajarin, S.L.U. KS SPV 81 a 85 Limited (5 companies) Central E\u00f3lica Ita\u00fana III, S.A. Central E\u00f3lica S\u00e3o Domingos IV e V, S.A. (2 companies) KSD 41 UG a KSD 60 UG (20 companies) Renewables Energy Colombia S.A.S. EDP Group Brussels Representation Fransol 51 a 70, S.A.S. (20 companies) Putian Xingsheng New Energy Co., Ltd. Jingmen Xingsheng New Energy Co., Ltd. Jiangsu Xingsheng New Energy Technology Co., Ltd. Changchun Xingsheng Jinhu Photovoltaic New Energy Co., Ltd. Wuhu Xingsheng New Energy Co., Ltd. KS SPV 00 Limited Promotores Villarrubia Elevaci\u00f3n, S.L. (owned by 32.9%) Promotores Villarrubia Morata 200KV, S.L. (owned by 43.6%) Vientos de Taltal, SpA Serracapriola, S.r.l. EDPR Terra, Kft. EDPR Sirocco, Kft. EDPR Silvanus, Kft. EDPR Siesta, Kft. EDPR Bora, Kft. EDPR Pampero, Kft. EDPR Mistral, Kft. EDPR Zephyr, Kft. South Branch BESS Project GP Ltd. South Branch BESS Project Limited Partnership EDP SMART SPE 1 a 13 LTDA. (13 companies) Miyagi Motoyoshi Solar GK 48 companies in North America Other changes: \u25cf On 3 March 2023, EDP Renov\u00e1veis S.A. concluded a capital increase of 1,000,000,008 Euros through the issue of 50,968,400 new shares at a subscription price of 19.62 Euros per share. Following the capital increase, EDP kept the same 720,191,372 shares of EDP Renov\u00e1veis that it previously held, and its stake in EDPR and its subsidiaries was diluted from 74.98% to 71.20%. On 4 April 2023, the Annual General Shareholders\u2019s Meeting of EDP Renov\u00e1veis S.A. approved for 2022 profits distribution through a scrip dividend to be executed as a share capital increase, through the issuance of new ordinary shares, with a par value of 5 Euros, without share premium. On 25 May 2023, EDP Renov\u00e1veis S.A. capital increase has been completed, through the incorporation of reserves, for a nominal amount of 62,257,695 Euros and through the issuance of 12,451,539 ordinary shares of the Company with a par value of 5 Euros each, having the scrip dividend been executed by 92.32% of the Shareholders. EDP S.A., as per the intention communicated on 27 February 2023, opted to receive EDPR shares under this Programme, increasing its stake to 71.27% and holding 729,793,922 shares in EDP Renov\u00e1veis. This changes in EDPR's participation resulted in a global gain of 381,579 thousand Euros. As a current operation with non-controlling interests and therefore with no loss of control, this gain was recorded in equity (see Consolidated Statements of Changes in Equity, notes 33 and 34); \u25cf In the second quarter, EDP Ventures, S.A. reduced its stake in the joint venture ARQUILED - Proj. Ilumina\u00e7\u00e3o, S.A. in 32.1%, maintaining a 17.8% financial interest in the company, which is recognized as an Equity Instrument at Fair Value through Profit or Loss. This change generated a loss of 857 thousand Euros, which has been registered within the \u201cJoint Ventures and Associates\u201d caption of the consolidated income statement; \u25cf In the third quarter, and as communicated to the market on 11 July 2023, EDP S.A., through its subsidiary EDP International Investments and Services, S.L., acquired 185,169,240 common shares issued by EDP - Energias do Brasil S.A. (\"EDP Brasil\"), representing 31.86% of its share capital, following the result of the Public Tender Offer (\"Offer\") auction, having reached the quorum for \"Novo Mercado\" Delisting. Therefore the necessary measures were taken for EDP Brasil's Registration Conversion and delisting of its shares from \"Bolsa de Valores B3\". Additionally, on 25 July 2023, and as communicated to the market on 26 July 2023, as a result of the acquisitions carried out in the context of the EDP\u2019s obligation to extend the possibility of sale to those shareholders who did not sell on the Offer's auction during the subsequent three- month period, EDP\u2019s aggregate shareholding in EDP Brasil\u2019s share capital reached 538,259,059 common shares, representing approximately 92.62% of the total common shares issued by EDP Brasil. Therefore, and considering the total number of treasury shares (2.51%), EDP Brasil's outstanding shares came to represent less than 5% of the total common shares issued, reaching the threshold that allowed for the compulsory acquisition of the remaining outstanding shares, under the terms of the Offer notice.
On 30 August 2023, as communicated to the market on the same date, the compulsory acquisition of all the remaining outstanding shares of EDP Brasil (21,494,341 shares, representing 3.70% of its total share capital) was approved at a General Shareholders\u2019 Meeting, with EDP now holding, in aggregate, 100% of EDP Brasil's share capital. As a result of these changes in the context of the Offer for EDP Brasil, a loss of 207,060 thousand Euros has been recognised. Given that these operations occurred with non-controlling interests, and therefore without changes in control, this loss was recorded in equity (see Consolidated Statements of Changes in Equity, notes 33 and 34). \u25cf In the last quarter, EDP Ventures, S.A. increased its stake in the company Energyworx International, B.V., previously classified as an Equity Instrument at Fair Value through Profit or Loss, to a 38.17% financial interest in the company, which is now recognised as an associated company. \u25cf On 26 October 2023, EDP Espa\u00f1a, S.A.U. and Corporaci\u00f3n Masaveu, S.A. established a partnership through which they agreed to the following: (i) Establishment of the \"joint venture\" Hidrocant\u00e1brico JV, S.L., owned 50% by both parties; and (ii) Sale of the 100% stake in the company Abo\u00f1o Generaciones El\u00e9tricas, S.L.U to the \"joint venture\" established. During the fourth quarter, EDP Espa\u00f1a, S.A.U. carried out the split of Abono I and II, through the separation of assets and liabilities, rights and obligations, legal-labor relations, contractual positions, protocols and licenses associated with the power plants, resulting in the incorporation of the new company, Abo\u00f1o Generaciones El\u00e9ctricas, S.L.U. Subsequently, EDP Espa\u00f1a, S.A.U. sold this company to the aforementioned \"joint venture\" for a total amount of 180 million Euros, generating a gain of 104,198 thousand Euros, recognised under the Other Income caption (see notes 8, 42, and 45); and \u25cf In the last quarter, an additional 40% stake in the subsidiary Ningbo Jiangbei Baoyi Enterprise Management Consulting Partnership LP 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 2023 are disclosed in Annex I.
22. Investments in joint ventures and associates This caption is as follows: Thousand Euros Group Dec 2023 Dec 2022 Investments in joint ventures 1,269,906 1,333,871 Investments in associates 288,211 271,872 1,558,117 1,605,743 As at 31 December 2023, for the Group, this caption includes goodwill in investments in joint ventures of 8,047 thousand Euros (31 December 2022: 8,047 thousand Euros) and goodwill in investments in associates of 19,273 thousand Euros (31 December 2022: 28,131 thousand Euros). The movement in Investments in joint ventures and associates, for the Group, is as follows: Thousand Euros Group Dec 2023 Group Dec 2022 Balance at the beginning of the period 1,605,743 1,350,445 Acquisitions/Entries 18,886 25,058 Increases/Decreases of share capital 55,908 -929 Disposals (see note 6) -28,610 -49,276 Share of profit for the period 71,176 208,587 Dividends -76,972 -74,311 Exchange differences 3,415 69,381 Cash flow hedging reserve -87,652 47,579 Transfer to Assets held for sale (see note 42) 11,141 56,496 Other -14,918 -27,287 Balance at the end of the period 1,558,117 1,605,743 The caption Increases/Decreases of share capital essentially refers to a capital increase of 73,428 thousand Euros of EDP Renov\u00e1veis S.A. in OW Offshore, S.L. and a capital decrease of 18,515 thousand Euros of EDP Energias do Brasil, S.A. in Companhia Energ\u00e9tica do JARI - CEJA. The caption Joint ventures and associates in the Consolidated Income Statement includes: i) a positive amount of 71,176 thousand Euros from result of these investments; ii) gains of 23,556 thousand Euros and 3,275 thousand Euros, respectively, from the sale of Principle Power, Inc and Zypho, S.A. stake (see note 6); iii) a loss of 10,566 thousand Euros from the sale of Ge\u00f3lica Magall\u00f3n, S.L. (see note 6); iv) Impairements in the amount of 12,206 thousand Euros related to these investments; and v) a gain of 2,477 thousand Euros resulting from the sale of smaller investments. 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 2023: 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 275,793 300,850 637,767 231,193 176,022 297,047 Current Assets 28,083 -59 59,811 26,087 9,339 8,686 Cash and cash equivalents 14,007 40 38,438 19,004 8,328 - Total Equity 165,845 217,389 324,246 103,637 177,947 206,674 Long term Financial debt 63,682 - 332,342 126,533 - - Non-Current Liabilities 92,051 77,168 345,049 135,671 4,296 96,387 Short term Financial debt 10,125 - 18,613 12,488 - 39 Current Liabilities 45,980 6,234 28,283 17,972 3,118 2,672 Revenues 62,699 16,115 82,752 32,359 9,243 24,911 Property plant and equipment and intangibles amortization/impairment -9,760 -9,708 -22,936 -8,489 -14,341 -8,867 Other financial expenses -7,023 -3,202 -38,108 -15,252 -58 -2,317 Income tax expense -1,151 - 2,728 386 - - Net profit for the period 35,046 18,046 -5,333 -744 -18,775 29,868 Amounts proportionally attributed to EDP Group Net assets 109,253 96,905 108,084 52,062 90,063 40,327 Goodwill - - - - - - Dividends paid 12,717 2,530 - - 14,940 3,313
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 594,753 193,094 3,582,387 502,088 451,808 650,212 Current Assets 9,257 949 575,929 11,599 13,871 154,413 Cash and cash equivalents 200 - 222,488 1 1 43,262 Total Equity 108,645 151,444 1,004,825 219,159 121,934 297,168 Long term Financial debt - - 1,534,036 - - 6,024 Non-Current Liabilities 473,348 39,310 2,606,330 288,169 338,364 39,484 Short term Financial debt 536 23 6,323 146 152 2,016 Current Liabilities 22,017 3,289 547,161 6,359 5,382 467,973 Revenues 34,922 10,990 69,363 39,421 30,107 82,986 Property plant and equipment and intangibles amortization/impairment -24,027 -10,180 -8,700 -22,014 -18,222 -20,582 Other financial expenses -18,105 -1,623 -161,732 -13,390 -16,378 -1,764 Income tax expense - - 3,986 - - 499 Net profit for the period 30,739 9,850 -20,760 37,554 24,879 -8,157 Amounts proportionally attributed to EDP Group Net assets 47,788 68,630 450,073 62,557 43,493 100,672 Goodwill - - 5,352 - - 2,695 Dividends paid 4,005 3,332 - 4,448 4,200 8,565 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 associates whose investment is included in the Group consolidated accounts under the equity method, as at 31 December 2023: Thousand Euros Porto Pec\u00e9m Celesc Gera\u00e7\u00e3o de Energia, S.A. Parque E\u00f3lico Madero E\u00f3lica de S\u00e3o Juli\u00e3o, Lda. Other Companies' financial information of associates Non-Current Assets 595,037 338,199 39,330 4,942 49,540 Current Assets 60,802 136,915 36,301 25,984 40,146 Total Equity 608,380 173,874 54,369 14,928 29,101 Non-Current Liabilities 5,508 198,748 4,365 8,901 33,735 Current Liabilities 41,951 102,492 16,897 7,097 26,850 Revenues - 166,362 12,195 11,827 61,558 Net profit for the period 119,602 68,930 2,995 5,522 -7,092 Amounts proportionally attributed to EDP Group Net assets 176,937 21,113 22,835 25,609 41,717 Goodwill - - - 1,457 17,816 Dividends paid 13,877 - - - 5,045 Other include companies with Financial Statements as of 31 December 2023, 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 2023. 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
The column Other include companies with financial statements as of 31 December 2023, 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 2023. As at 31 December 2023, 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. 324,246 33.33% - - - 108,084 Energ\u00e9tica JARI - CEJA 165,845 50.00% 26,330 - - 109,253 Flat Rock Windpower LLC 177,947 50.00% - - 1,090 90,063 Energia Cachoeira Caldeir\u00e3o 103,637 50.00% 243 - - 52,062 Goldfinger Vento 151,444 50.00% -7,092 - - 68,630 OW Offshore, S.L. 1,004,825 50.00% -53,875 5,352 -3,816 450,073 Portfolio Vento XVII 219,159 20.00% 18,725 - - 62,557 Portfolio Vento XIX 121,934 20.00% 19,106 - - 43,493 Portfolio Vento XX 108,645 20.00% 26,059 - - 47,788 Sol V - Riverstart 206,674 20.00% -1,008 - - 40,327 Goldfinger Vento II 217,389 50.00% -11,790 - - 96,905 Centrais el\u00e9ctricas de Santa Catarina, S.A. - Celesc 608,380 29.90% - - -4,948 176,937 Porto do Pec\u00e9m Gera\u00e7\u00e3o de Energia, S.A. 173,874 20.00% -13,263 - -398 21,113 Parque E\u00f3lico Sierra del Madero S.A. 54,369 42.00% 22,835 - 22,835 E\u00f3lica de S\u00e3o Juli\u00e3o, Lda. 14,928 45.00% - 1,457 17,434 25,609 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 2023 and 2022, 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: Capital outstanding by maturity Thousand Euros Dec 2023 Dec 2022 Less than 1 year 302,949 315,451 From 1 to 3 years 16,107 15,109 From 3 to 5 years 3,582 3,635 More than 5 years 55,350 55,228 377,988 389,423 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 North America, and to commitments assumed by EDP Brasil related to its joint ventures operating obligations.
34. Non-controlling interests This caption is as follows: Thousand Euros Group Dec 2023 Dec 2022 Non-controlling interests in income statement 379,042 490,748 Non-controlling interests in equity and reserves 4,725,122 4,460,411 5,104,164 4,951,159 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 2022 3,757,137 1,027,390 166,632 4,951,159 Results 295,140 57,123 26,779 379,042 Dividends -136,500 -52,002 -1 -188,503 Currency Exchange differences -18,557 63,707 9 45,159 Capital Increases/Decreases 33,969 -774 - 33,195 Changes in the fair value reserve 175,624 - 324 175,948 Perimeter variations and Others 584,851 -880,002 3,315 -291,836 Balance as at 31 December 2023 4,691,664 215,442 197,058 5,104,164 The movement in Perimeter variations and Others reflects, essentially, the dilution effect resulting from EDPR's capital increase, by issuing new shares, not accompanied by EDP, and the scrip dividend in the amount of 606,913 thousand Euros and the Offer for EDP - Energias do Brasil S.A. in the amount of 875,668 thousand Euros (see Consolidated Statements of Changes in Equity and note 6). The summarised financial information for subsidiaries with material non-controlling interests, namely EDP Brasil and EDP Renov\u00e1veis, as at 31 December 2023, is disclosed in the Annex I.
Group Company 31-Dec-23 Euro'000 Net Profit/(Loss) % % Revenues 31-Dec-23 Euro'000 Equity 31-Dec-23 Euro'000 Liabilities 31-Dec-23 Euro'000 Assets 31-Dec-23 Euro'000 Share capital / Currency HeadOffice Subsidiaries 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 4,184,021,624 EUR 24,589,859 14,674,229 9,915,630 2,899,510 823,636 CNET - Centre for New Energy Technologies, S.A. Sacav\u00e9m 300,000 EUR 8,230 7,820 410 765 10 60.00% EDP Estudos e Consultoria, S.A Lisbon 50,000 EUR 2,931 108 2,822 59 -223 100.00% 100.00% EDP Global Solutions - Gest\u00e3o Integrada de Servi\u00e7os S.A. Lisbon 15,000,000 EUR 140,035 52,467 87,568 58,863 -467 100.00% 100.00% EDP Inova\u00e7\u00e3o, S.A. Lisbon 36,446,960 EUR 63,100 23,498 39,603 12,220 1,805 100.00% 100.00% EDP Internacional, S.A. Lisbon 12,500,000 EUR 25,168 456 24,712 698 308 100.00% 100.00% EDP IS \u2013 Investimentos e Servi\u00e7os, Sociedade Unipessoal, Lda Lisbon 140,309,500 EUR 438,116 88,074 350,042 - 19,085 100.00% EDP Ventures - Sociedade de capital de risco, S.A. Lisbon 125,000 EUR 1,042 32 1,010 98 2 100.00% EDP Ventures, S.A. Lisbon 50,000 EUR 68,841 36,516 32,326 234 3,638 100.00% Fundo EDP CleanTech FCR Lisbon 19,895,723 EUR 17,617 413 17,204 - -6,246 60.00% LABELEC - Estudos, Desenvolvimento e Actividades Laboratoriais, S.A. Sacav\u00e9m 2,200,000 EUR 38,786 27,891 10,895 18,910 1,213 100.00% 100.00% S\u00e3vida - Medicina Apoiada, S.A Lisbon 450,000 EUR 19,847 10,009 9,837 23,379 1,244 100.00% 100.00% Other Countries: EDP - \u00c1sia Solu\u00e7\u00f5es Energ\u00e9ticas Limitada Macao 1,500,000 MOP 1,034 23 1,012 - -540 100.00% 5.00% EDP Finance BV Amsterdam 2,000,000 EUR 9,977,689 9,855,034 122,654 - 2,237 100.00% 100.00% EDP Group Brussels Representation Brussels 1,000,000 EUR 827 53 774 - -226 100.00% 100.00% EDP International Investments and Services, S.L. Oviedo 43,851,442 EUR 2,208,752 76,782 2,131,969 - 42,154 100.00% 100.00% EDP Servicios Financieros Espa\u00f1a, S.A.U. Oviedo 10,300,058 EUR 3,871,918 3,352,265 519,653 - 16,391 100.00% 100.00% Energia RE - Sociedade Cativa de Resseguro Luxembourg 3,000,000 EUR 182,596 108,061 74,536 3 -1,026 100.00% 100.00% Electricity and Gas Activity - Portugal: Electricity Generation: EDP Gest\u00e3o Produ\u00e7\u00e3o Energia, S.A. Lisbon 449,343,195 EUR 4,821,816 3,705,861 1,115,954 1,249,107 400,680 100.00% 100.00% Empresa Hidroel\u00e9ctrica do Guadiana, S.A. Lisbon 113,763,680 EUR 375,239 195,459 179,780 80,316 29,551 100.00% FISIGEN - Empresa de Cogera\u00e7\u00e3o, S.A. Lisbon 50,000 EUR 30,136 21,889 8,247 39,390 -222 51.00% Greenvouga - Sociedade Gestora do Aproveitamento Hidroel\u00e9ctrico de Ribeiradio- Lisbon 115,370,603 EUR 228,172 66,100 162,072 19,762 -6,898 100.00% TERGEN - Opera\u00e7\u00e3o e Manuten\u00e7\u00e3o de Centrais Termoel\u00e9ctricas, S.A. Carregado 250,000 EUR 4,848 3,058 1,790 7,482 262 100.00% Electricity Distribution: E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. Lisbon 2,259,580,950 EUR 4,610,751 1,411,955 3,198,796 1,440,201 129,314 100.00% 100.00% Electricity Supply: EDP Comercial - Comercializa\u00e7\u00e3o de Energia, S.A. Lisbon 64,500,005 EUR 1,383,071 1,131,694 251,378 3,189,982 166,981 100.00% 100.00% EDP Mediadora, S.A. Lisbon 50,000 EUR 6,663 924 5,740 1,223 -126 100.00% Effizency, S.A. Lisbon 128,132 EUR 3,668 1,065 2,603 1,866 127 96.86% SU Eletricidade, S.A. Lisbon 10,110,110 EUR 1,016,560 970,602 45,959 4,339,817 21,968 100.00% 100.00% Gas Supply: EDP G\u00e1s Servi\u00e7o Universal, S.A. Other activities: Oporto 1,050,996 EUR 14,262 5,049 9,212 26,609 479 100.00% 100.00% EDP GEM Portugal, S.A. Lisbon 800,050,000 EUR 4,235,190 3,198,207 1,036,984 5,021,812 260,648 100.00% 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 3,176,893 767,278 2,409,615 2,252,715 27,571 100.00% 100.00% Biomasa Puente Nuevo S.L.U. Oviedo 3,000 EUR 31 124 -93 - -91 100.00% Central Termica Ciclo Combinado Grupo 4, S.L. Oviedo 2,117,000 EUR 329,735 112,735 217,000 386,393 26,451 100.00% Ceprastur, A.I.E. Oviedo 360,607 EUR 294 4 290 - 2 100.00% Generaciones El\u00e9ctricas Andaluc\u00eda, S.L.U. Oviedo 25,000,000 EUR 218,504 124,850 93,654 166,280 716 100.00% H2 Abo\u00f1o, S.A.U. Oviedo 1,000,000 EUR 1,009 20 989 - -11 100.00% H2 Los Barrios, S.A.U. Oviedo 1,000,000 EUR 963 3 960 - -29 100.00% H2 Soto, S.A.U. Oviedo 1,000,000 EUR 920 - 920 - -80 100.00% IBERENERGIA, SAU Oviedo 60,200 EUR 172,853 91,399 81,454 74,708 14,313 100.00% Electricity Distribution: Barras El\u00e9ctricas Galaico-Asturianas, S.A. Lugo 15,689,797 EUR 400,687 244,990 155,697 57,976 15,585 75.05% EDP Redes Espa\u00f1a, S.L.U. Oviedo 10,000,000 EUR 2,490,072 2,400,246 89,826 - -21,045 75.10% Electra Llobregat Energ\u00eda, S.L. Barcelona 90,000 EUR 4,932 3,047 1,886 335 -50 56.32% Hidrocant\u00e1brico Distribucion El\u00e9ctrica, S.A.U. Oviedo 44,002,000 EUR 1,212,493 823,990 388,503 211,754 67,292 75.10% Viesgo Distribuci\u00f3n El\u00e9ctrica, S.L. Santander 77,792,000 EUR 1,209,180 829,444 379,737 178,741 49,511 75.10% Electricity Supply: Azul y Verde Energ\u00eda y Sostenibilidad, S.L. Cordoba 3,000 EUR 59 53 6 159 -60 100.00% Comercializadora Energ\u00e9tica Sostenible, S.A. Bilbao 60,000 EUR 192 65 127 326 52 100.00% EDP Clientes, S.A. Oviedo 1,000,000 EUR 859,741 921,981 -62,240 1,061,592 -113,382 100.00% EDP Energia Ib\u00e9rica, S.A. Oviedo 60,200 EUR 52 12,979 -12,927 - -1 100.00% EDP Solar Espa\u00f1a, S.A. Oviedo 1,000,000 EUR 76,235 58,266 17,969 87,640 -11,090 100.00% Leuk Soluciones Energ\u00e9ticas, S.L. Cordoba 3,000 EUR 1,416 1,234 182 1,445 -291 100.00% Other activities: EDP GEM Espa\u00f1a, S.A. Oviedo 1,000,000 EUR 1,250 49 1,202 333 39 100.00% EDP Iberia, S.L. Bilbao 130,260,000 EUR 1,339,058 164,375 1,174,683 - -43,593 100.00% EDP Ventures Espa\u00f1a, S.A. Oviedo 60,000 EUR 242 206 36 - -13 100.00% Transporte GNL, S.A. Bilbao 1,000,000 EUR 137,731 111,980 25,751 82,105 16,204 100.00% Viesgo Infraestructuras Energ\u00e9ticas, S.L. Santander 147,195,418 EUR 574,110 148,107 426,003 51,208 9,308 75.10% Electricity and Gas Activity - Other Countries: Electricity Supply: EDP Energie Deutschland GmbH Frankfurt am Main 25,000 EUR 2,941 3,072 -130 - -145 100.00% EDP Energia Italia S.R.L. Milan 3,610,000 EUR 134,303 131,753 2,549 69,713 -3,625 100.00% EDP Energia Polska Warsaw 8,505,000 PLN 95,205 99,487 -4,282 29,707 -2,562 100.00% EDP Energie France Paris 80,000 EUR 1,107 1,329 -223 - -286 100.00% Enerdeal Group S.A. Ixelles 100,000 EUR 4,257 3,569 688 - -14 100.00% Enerdeal Luxembourg Sarl Windhof 12,000 EUR 4,946 4,571 375 9,081 114 100.00% Enerdeal NV Zaventem 161,500 EUR 14,261 10,031 4,230 19,559 1,239 100.00% Enerdeal Solar Invest SA Ixelles 250,000 EUR 1,737 1,550 187 364 13 100.00% Enerdeal Solar Invest II SA Ixelles 61,500 EUR 3,184 3,160 24 62 -38 100.00% Enerdeal Solar Luxembourg Sarl Windhof 100,000 EUR 100 4 96 - -4 100.00% Enertel Group S.r.l. Verona 200,000 EUR 32,334 31,129 1,205 37,660 -431 100.00% Neopark SA Charleroi 100,000 EUR 99 - 99 - -2 51.00% Smart Energy Invest II SA Mont-Saint-Guibert 90,000 EUR 1,317 1,264 53 220 11 60.00% SOON Energy Polska sp z.o.o. Warsaw 100,000 PLN 23,354 21,527 1,827 15,397 -607 100.00% Zielona-Energia.com Czestochowa 2,170,000 PLN 14,395 12,929 1,466 8,721 -2,498 100.00% Electricity Activity - Brazil: Parent company and Related Activities: EDP Energias do Brasil, S.A. (EDP Brasil Subgroup Parent Company) S\u00e3o Paulo 6,002,715,947 BRL 2,300,597 261,657 2,038,940 1,049 216,235 100.00%
Electricity Generation: Enerpeixe, S.A. S\u00e3o Paulo 219,735,967 BRL 320,161 197,237 122,923 44,281 1,706 60.00% Investco, S.A. Tocantins 804,458,843 BRL 234,544 53,552 180,992 36,341 16,888 40.78% Lajeado Energia, S.A. S\u00e3o Paulo 6,867,541 BRL 270,477 145,275 125,202 138,472 65,473 55.86% PCH Santa Leopoldina S.A. Esp\u00edrito Santo 341,210,000 BRL 459,389 415,176 44,214 - -8,559 100.00% Resende Engenharia e Assessoria, Ltda. S\u00e3o Paulo 21,573,318 BRL 3,954 10 3,944 - -3 100.00% Electricity Distribution: EDP Esp\u00edrito Santo Distribui\u00e7\u00e3o de Energia S.A. Esp\u00edrito Santo 893,995,761 BRL 1,305,303 997,895 307,409 957,385 69,281 100.00% EDP S\u00e3o Paulo Distribui\u00e7\u00e3o de Energia S.A. S\u00e3o Paulo 596,669,107 BRL 1,373,243 1,164,984 208,259 1,115,755 88,115 100.00% Electricity Supply: Blue Sol Energia Solar S\u00e3o Paulo 21,261,996 BRL 4,838 10,463 -5,625 - - 100.00% Blue Sol Franquia S\u00e3o Paulo 1,000 BRL 919 1,023 -104 - - 100.00% Blue Sol Participa\u00e7\u00f5es S.A. S\u00e3o Paulo 24,483,565 BRL 1,269 5,900 -4,631 - - 100.00% Contrata Sol S\u00e3o Paulo 2,977,497 BRL 211 378 -167 - - 100.00% EDP Smart SPE Ltda. S\u00e3o Paulo 143,091,252 BRL 29,511 2,639 26,872 2,346 129 100.00% EDP Smart Energia, Ltda S\u00e3o Paulo 23,704,068 BRL 162,964 150,319 12,645 99,813 5,866 100.00% EDP Smart Servi\u00e7os, S.A. Esp\u00edrito Santo 766,536,011 BRL 262,468 143,784 118,684 67,216 -4,327 100.00% EDP Smart Solu\u00e7\u00f5es, S.A. Rio Grande do Sul 124,072,773 BRL 19,929 4,642 15,287 10,445 579 100.00% EDP Smart SPE V Ltda. S\u00e3o Paulo 55,541,069 BRL 53,848 43,185 10,663 584 96 100.00% EDP SMART SPE 1 LTDA. S\u00e3o Paulo 85,495,443 BRL 18,494 2,549 15,945 - - 100.00% EDP SMART SPE 2 LTDA. S\u00e3o Paulo 23,544,947 BRL 4,425 34 4,391 - - 100.00% EDP SMART SPE 3 LTDA. S\u00e3o Paulo 17,901,206 BRL 4,334 995 3,339 - - 100.00% EDP SMART SPE 4 LTDA. S\u00e3o Paulo 43,325,288 BRL 14,423 6,342 8,080 - - 100.00% EDP SMART SPE 5 LTDA. S\u00e3o Paulo 1,000 BRL 1,103 1,103 - - - 100.00% EDP SMART SPE 6 LTDA. S\u00e3o Paulo 2,806,690 BRL 6,105 5,582 523 - - 100.00% EDP SMART SPE 7 LTDA. S\u00e3o Paulo 17,979,697 BRL 5,206 1,853 3,353 - - 100.00% EDP SMART SPE 8 LTDA. S\u00e3o Paulo 5,099,410 BRL 1,283 332 951 - - 100.00% EDP SMART SPE 9 LTDA. S\u00e3o Paulo 39,801,799 BRL 11,714 4,291 7,423 - - 100.00% EDP SMART SPE 10 LTDA. S\u00e3o Paulo 1,000 BRL 322 322 - - - 100.00% EDP SMART SPE 11 LTDA. S\u00e3o Paulo 1,000 BRL - - - - - 100.00% EDP SMART SPE 12 LTDA. S\u00e3o Paulo 1,000 BRL - - - - - 100.00% EDP SMART SPE 13 LTDA. S\u00e3o Paulo - BRL 1,480 1,480 - - - 100.00% EDP Trading Comercializa\u00e7\u00e3o e Servi\u00e7os de Energia, S.A. S\u00e3o Paulo 221,679,595 BRL 620,759 527,722 93,037 564,137 27,580 100.00% ENERGIA I SPE S.A. Esp\u00edrito Santo 1,000 BRL - 5,122 -5,122 - -5,085 100.00% Energia Solar I SPE LTDA. Esp\u00edrito Santo 1,203,819 BRL 391 410 -19 - -32 100.00% Energia Solar II SPE LTDA. Esp\u00edrito Santo - BRL - - - - - 100.00% Nova Gera\u00e7\u00e3o Solar LTDA. S\u00e3o Paulo 2,538,124 BRL 537 553 -17 - -43 100.00% Transmission of Electricity: EDP Transmiss\u00e3o Alian\u00e7a SC, S.A. Esp\u00edrito Santo 340,500,999 BRL 475,648 373,178 102,469 65,545 12,444 90.00% EDP Transmiss\u00e3o Goi\u00e1s S.A. Goias 328,750,229 BRL 475,763 325,529 150,234 100,337 42,305 100.00% EDP Transmiss\u00e3o Litoral Sul S.A. S\u00e3o Paulo 342,755,430 BRL 82,659 6,528 76,130 19,721 17,161 100.00% EDP Transmiss\u00e3o Norte S.A. Esp\u00edrito Santo 223,157,000 BRL 93,572 51,083 42,489 61,476 1,537 100.00% EDP Transmiss\u00e3o Norte 2 S.A. S\u00e3o Paulo 3,501,000 BRL 12,517 11,664 853 10,179 260 100.00% EDP Transmiss\u00e3o SP-MG, S.A. Esp\u00edrito Santo 33,000,999 BRL 531,324 445,578 85,746 76,271 16,417 100.00% ENERGIA SPE II S.A. Esp\u00edrito Santo - BRL - - - - - 100.00% Mata Grande Transmissora de Energia LTDA. Paran\u00e1 60,329,870 BRL 24,989 14,405 10,584 3,144 582 100.00% Other Activities: EDP Ventures Brasil S.A. S\u00e3o Paulo 52,156,475 BRL 5,569 1,306 4,263 - -4,225 100.00% Renewable Energy Activity: Parent company and Related Activities: EDP Renov\u00e1veis, S.A. (EDP Renov\u00e1veis Subgroup Parent Company) Asturias 5,119,890,505 EUR 13,155,067 4,744,468 8,410,599 88,022 -248,843 71.27% 71.27% EDP Renov\u00e1veis Servicios Financieros, S.A. Asturias 84,691,368 EUR 8,104,977 7,443,025 661,952 50,603 20,454 71.27% Europe Geography / Platform: Spain: EDP Renewables Europe, S.L.U. (EDPR EU Subgroup Parent Company) Asturias 249,498,800 EUR 3,895,306 1,517,884 2,377,422 116,158 915,710 71.27% Acampo Arias, S.L. Zaragoza 3,314,300 EUR 39,699 24,888 14,811 10,498 5,333 67.71% Agos Fotovoltaicas, S.L. Asturias 3,000 EUR 785 223 562 - - 71.27% Aplicaciones Industriales de Energ\u00edas Limpias, S.L. Zaragoza 131,288 EUR 2,026 8 2,018 - 1,851 43.83% Canerde, S.L. Madrid 4,000 EUR 244 244 - - - 57.02% Compa\u00f1\u00eda E\u00f3lica Aragonesa, S.A.U. Zaragoza 6,701,165 EUR 174,727 21,540 153,187 23,374 8,798 71.27% Corona Fotovoltaicas, S.L. Asturias 3,000 EUR 1,334 350 984 - - 71.27% Desarrollos E\u00f3licos de Teruel, S.L. Teruel 18,890,100 EUR 64,040 37,195 26,845 10,570 4,655 36.35% Desarrollos Renovables de Alfajarin, S.L.U. Zaragoza 6,000 EUR 4 1 3 - - 71.27% Desarrollos Renovables de Allande, S.L.U. Asturias 6,000 EUR 3 - 3 - - 71.27% Desarrollos Renovables de la Frontera, S.L.U. C\u00e1diz 6,000 EUR 3 - 3 - -1 71.27% Desarrollos Renovables de Teruel, S.L. C\u00e1diz 3,000 EUR 3 3 - - -2 36.35% EDP Renovables Espa\u00f1a, S.L.U. Asturias 46,128,100 EUR 1,735,508 343,429 1,392,079 239,037 255,568 71.27% EDPR M\u00e9xico, S.L.U. Asturias 7,000 EUR 5 1 4 - - 71.27% EDPR Terral S.L.U. Madrid 3,000 EUR 627 629 -2 - - 71.27% EDPR Yield, S.A.U. Asturias 99,405,403 EUR 274,328 5,405 268,922 - 26,300 71.27% Energia Geoide VIII, S.L. Asturias 3,000 EUR 2 - 2 - - 71.27% E\u00f3lica Arlanz\u00f3n, S.A. Madrid 4,508,980 EUR 12,878 3,130 9,748 5,296 1,912 60.58% E\u00f3lica Campollano, S.A. Madrid 6,559,994 EUR 50,228 9,356 40,871 17,177 4,818 53.45% E\u00f3lica Fontesilva, S.L.U. La Coru\u00f1a 6,860,000 EUR 35,781 5,313 30,469 6,501 2,140 71.27% E\u00f3lica La Br\u00fajula, S.A.U. Madrid 3,294,000 EUR 46,984 6,029 40,955 9,845 2,777 71.27% Global Pracima, S.L. Asturias 3,600 EUR 5,325 64 5,261 - -24 71.27% IAM Caecius, S.L. Madrid 6,000 EUR 4 1 4 - - 71.27% Iberia Aprovechamientos E\u00f3licos, S.A. Zaragoza 1,918,728 EUR 16,722 3,046 13,676 5,288 2,219 66.99% ICE Tudela S.L. Madrid 3,002 EUR 3 - 3 - - 71.27% Jul Solar, S.L. Asturias 3,000 EUR 795 216 579 - - 71.27% Palma Hive, S.L. Madrid 3,000 EUR 5,311 4,924 387 - - 71.27% Parque E\u00f3lico Altos del Voltoya, S.A. Madrid 6,434,349 EUR 47,150 15,137 32,014 8,651 1,661 65.93% Parque E\u00f3lico de Abrazadilla, S.L.U. Madrid 7,000 EUR 4 1 3 - -1 71.27% Parque E\u00f3lico La Sotonera, S.L. Zaragoza 2,000,000 EUR 11,892 1,960 9,933 4,035 1,864 49.77% Parque E\u00f3lico Los Cantales, S.L.U. Zaragoza 1,963,050 EUR 15,786 2,457 13,329 3,620 1,256 71.27% Parque E\u00f3lico Santa Quiteria, S.L. Zaragoza 63,006 EUR 15,219 4,474 10,745 5,491 2,095 59.84% Pedregal Hive, S.L. Madrid 3,000 EUR 1,943 1,525 418 - - 71.27% Renovables Castilla La Mancha, S.A. Madrid 60,102 EUR 20,407 10,220 10,186 5,396 1,604 64.14% Rocio Hive, S.L. Madrid 3,000 EUR 23,116 22,803 313 - -125 71.27% San Juan de Bargas E\u00f3lica, S.L. Zaragoza 2,000,000 EUR 10,754 4,413 6,341 1,554 491 71.27% Site Sunwind Energy, S.L. Madrid 6,000 EUR 4 1 4 - - 71.27% T\u00e9bar E\u00f3lica, S.A.U. Madrid 4,720,400 EUR 35,984 8,258 27,726 6,541 2,611 71.27% Portugal: EDP Renov\u00e1veis Portugal, S.A. Oporto 7,500,000 EUR 417,166 215,015 202,150 134,217 50,413 36.35% EDPR Cross Solutions, S.A. Oporto 50,000 EUR 665 529 136 1,397 125 71.27% EDPR PT - Parques E\u00f3licos, S.A. Oporto 50,000 EUR 83,120 32,739 50,382 - 12,729 36.35% EDPR PT - Promo\u00e7\u00e3o e Opera\u00e7\u00e3o, S.A. Oporto 57,500 EUR 448,442 92,422 356,020 15,160 1,797 71.27% E\u00f3lica da Coutada, S.A. Soutelo de Aguiar 50,000 EUR 134,477 56,448 78,029 29,558 11,631 36.35% E\u00f3lica da Coutada II, S.A. Oporto 50,000 EUR 24,466 20,775 3,691 1,633 675 71.27% E\u00f3lica da Serra das Alturas, S.A. Boticas 50,000 EUR 11,607 1,749 9,858 3,661 1,920 18.21% E\u00f3lica da Terra do Mato, S.A. Oporto 50,000 EUR 38,079 21,360 16,719 8,212 2,689 36.35% E\u00f3lica das Serras das Beiras, S.A. Pi\u00f3d\u00e3o - Arganil 50,000 EUR 81,750 25,533 56,217 19,477 7,263 36.35%
E\u00f3lica de Alagoa, S.A. Arcos de Valdevez 50,000 EUR 6,434 1,205 5,229 3,090 1,590 21.81% E\u00f3lica de Montenegrelo, S.A. Vila Pouca de Aguiar 50,000 EUR 16,915 2,271 14,643 6,254 2,851 18.21% E\u00f3lica do Alto da Lagoa, S.A. Oporto 50,000 EUR 18,904 4,139 14,765 5,726 2,647 36.35% E\u00f3lica do Alto da Teixosa, S.A. Alh\u00f5es 50,000 EUR 22,292 7,415 14,877 5,940 2,422 36.35% E\u00f3lica do Alto do Mourisco, S.A. Cerdedo 50,000 EUR 20,496 7,566 12,930 5,532 2,485 36.35% E\u00f3lica do Espig\u00e3o, S.A. Vila Nova CMV 50,000 EUR 23,139 5,040 18,099 6,784 2,946 36.35% E\u00f3lica dos Altos de Salgueiros-Guilhado, S.A. Vila Pouca de Aguiar 50,000 EUR 9,709 3,606 6,103 2,580 1,088 36.35% Fotovoltaica Flutuante do Grande Lago, S.A. Oporto 50,000 EUR 2,200 4,130 -1,930 - -481 71.27% Fotovoltaica Lote A, S.A. Oporto 50,000 EUR 162,977 142,846 20,131 1,718 5,659 71.27% Malhadizes - Energia E\u00f3lica, S.A. Oporto 50,000 EUR 30,245 16,228 14,017 4,474 1,680 36.35% Parque E\u00f3lico do Barlavento, S.A. Oporto 60,000 EUR 49,378 8,426 40,952 16,611 8,893 64.13% S.E.E. - Sul Energ\u00eda E\u00f3lica, S.A. Oporto 150,000 EUR 9,185 1,077 8,108 2,561 1,251 71.27% SPEE - Sociedade Produ\u00e7\u00e3o de Energia E\u00f3lica, S.A. Oporto 350,000 EUR 598 186 412 - 62 71.27% France: EDPR France Holding, S.A.S. Paris 79,900,000 EUR 388,551 283,593 104,958 47,501 -151 71.27% EDPR Energies France, S.A.S. Paris 215,000 EUR 24,857 24,977 -119 469 394 71.27% Fransol 11, S.A.S. Boulogne-Billancourt 1 EUR 79 109 -30 - -18 60.58% Fransol 12, S.A.S. Boulogne-Billancourt 1 EUR 23 139 -116 - -86 60.58% Fransol 13, S.A.S. Boulogne-Billancourt 1 EUR 75 114 -39 - -19 60.58% Fransol 14, S.A.S. Paris 1,013,701 EUR 1,313 310 1,003 - -5 71.27% Fransol 15, S.A.S. Boulogne-Billancourt 1 EUR 21 133 -112 - -77 60.58% Fransol 16, S.A.S. Boulogne-Billancourt 1 EUR 89 160 -72 - -20 60.58% Fransol 17, S.A.S. Boulogne-Billancourt 1 EUR 18 106 -89 - -73 60.58% Fransol 18, S.A.S. Boulogne-Billancourt 1 EUR 106 153 -47 - -23 60.58% Fransol 19, S.A.S. Boulogne-Billancourt 1 EUR 17 104 -87 - -73 60.58% Fransol 20, S.A.S. Boulogne-Billancourt 1 EUR 31 196 -165 - -106 60.58% Fransol 21, S.A.S. Boulogne-Billancourt 11,805 EUR 242 187 56 - -20 71.27% Fransol 22, S.A.S. Boulogne-Billancourt 1 EUR 15 91 -76 - -72 60.58% Fransol 23, S.A.S. Boulogne-Billancourt 1 EUR 16 96 -80 - -69 60.58% Fransol 24, S.A.S. Boulogne-Billancourt 1 EUR 87 144 -57 - -24 60.58% Fransol 25, S.A.S. Boulogne-Billancourt 1 EUR 25 154 -128 - -108 60.58% Fransol 26, S.A.S. Boulogne-Billancourt 1 EUR 17 105 -87 - -74 60.58% Fransol 27, S.A.S. Boulogne-Billancourt 13,969 EUR 232 188 44 - -21 71.27% Fransol 28, S.A.S. Boulogne-Billancourt 1 EUR 111 190 -78 - -31 60.58% Fransol 29, S.A.S. Boulogne-Billancourt 1 EUR 17 102 -85 - -72 60.58% Fransol 30, S.A.S. Boulogne-Billancourt 1 EUR 87 130 -43 - -20 60.58% Fransol 31, S.A.S. Boulogne-Billancourt 1 EUR 21 126 -105 - -88 60.58% Fransol 32, S.A.S. Boulogne-Billancourt 1 EUR 47 86 -39 - -21 60.58% Fransol 33, S.A.S. Boulogne-Billancourt 1 EUR 10 60 -50 - -40 60.58% Fransol 34, S.A.S. Boulogne-Billancourt 1 EUR 15 91 -76 - -53 60.58% Fransol 35, S.A.S. Boulogne-Billancourt 1 EUR 54 83 -29 - -20 60.58% Fransol 36, S.A.S. Boulogne-Billancourt 1 EUR 62 100 -37 - -25 60.58% Fransol 37, S.A.S. Boulogne-Billancourt 1 EUR 62 114 -52 - -26 60.58% Fransol 38, S.A.S. Boulogne-Billancourt 1 EUR 11 69 -57 - -50 60.58% Fransol 39, S.A.S. Boulogne-Billancourt 1 EUR 12 75 -62 - -49 60.58% Fransol 40, S.A.S. Boulogne-Billancourt 1 EUR 11 66 -56 - -46 60.58% Fransol 41, S.A.S. Boulogne-Billancourt 1 EUR 15 88 -73 - -73 60.58% Fransol 42, S.A.S. Boulogne-Billancourt 1 EUR 9 57 -47 - -47 60.58% Fransol 43, S.A.S. Boulogne-Billancourt 1 EUR 10 59 -49 - -49 60.58% Fransol 44, S.A.S. Boulogne-Billancourt 1 EUR 18 109 -91 - -91 60.58% Fransol 45, S.A.S. Boulogne-Billancourt 1 EUR 11 67 -56 - -56 60.58% Fransol 46, S.A.S. Boulogne-Billancourt 1 EUR 87 523 -436 - -436 60.58% Fransol 47, S.A.S. Boulogne-Billancourt 1 EUR 29 173 -144 - -144 60.58% Fransol 48, S.A.S. Boulogne-Billancourt 1 EUR 9 57 -48 - -48 60.58% Fransol 49, S.A.S. Boulogne-Billancourt 1 EUR 10 59 -49 - -49 60.58% Fransol 50, S.A.S. Boulogne-Billancourt 1 EUR 9 52 -43 - -43 60.58% Fransol 51, S.A.S. Boulogne-Billancourt 1 EUR 10 61 -51 - -51 60.58% Fransol 52, S.A.S. Boulogne-Billancourt 1 EUR 6 36 -30 - -30 60.58% Fransol 53, S.A.S. Boulogne-Billancourt 1 EUR 10 63 -52 - -52 60.58% Fransol 54, S.A.S. Boulogne-Billancourt 1 EUR 13 78 -65 - -65 60.58% Fransol 55, S.A.S. Boulogne-Billancourt 1 EUR 7 40 -34 - -34 60.58% Fransol 56, S.A.S. Boulogne-Billancourt 1 EUR 5 31 -26 - -26 60.58% Fransol 57, S.A.S. Boulogne-Billancourt 1 EUR 10 62 -52 - -52 60.58% Fransol 58, S.A.S. Boulogne-Billancourt 1 EUR 7 40 -34 - -34 60.58% Fransol 59, S.A.S. Boulogne-Billancourt 1 EUR 7 41 -34 - -34 60.58% Fransol 60, S.A.S. Boulogne-Billancourt 1 EUR 9 56 -47 - -47 60.58% Fransol 61, S.A.S. Boulogne-Billancourt 1 EUR 6 34 -28 - -28 60.58% Fransol 62, S.A.S. Boulogne-Billancourt 1 EUR 6 39 -32 - -32 60.58% Fransol 63, S.A.S. Boulogne-Billancourt 1 EUR 10 63 -52 - -52 60.58% Fransol 64, S.A.S. Boulogne-Billancourt 1 EUR 11 69 -58 - -58 60.58% Fransol 65, S.A.S. Boulogne-Billancourt 1 EUR 9 54 -45 - -45 60.58% Fransol 66, S.A.S. Boulogne-Billancourt 1 EUR 12 70 -58 - -58 60.58% Fransol 67, S.A.S. Boulogne-Billancourt 1 EUR 13 74 -62 - -62 60.58% Fransol 68, S.A.S. Boulogne-Billancourt 1 EUR 11 64 -53 - -53 60.58% Fransol 69, S.A.S. Boulogne-Billancourt 1 EUR 13 69 -57 - -57 60.58% Fransol 70, S.A.S. Boulogne-Billancourt 1 EUR 5 30 -25 - -25 60.58% Kronos IB Vogt 15, S.A.S. Saint-Louis 1 EUR 216 248 -32 - -24 60.58% Kronos IB Vogt 16, S.A.S. Saint-Louis 1 EUR 68 96 -28 - -20 60.58% Kronos 18 Fain, S.A.S. Saint-Louis 160,307 EUR 368 226 142 - -4 71.27% Kronos IB Vogt 19, S.A.S. Saint-Louis 1 EUR 23 88 -65 - -57 60.58% Kronos IB Vogt 20, S.A.S. Saint-Louis 1 EUR 61 149 -87 - -78 60.58% Kronos IB Vogt 22, S.A.S. Saint-Louis 1 EUR 117 150 -33 - -25 60.58% Kronos IB Vogt 25, S.A.S. Saint-Louis 1 EUR 101 132 -31 - -23 60.58% Kronos Solar France, S.A.S. Boulogne-Billancourt 20,000 EUR 5,275 4,283 993 3,963 901 71.27% Kronosol 11, S.A.R.L. Saint-Louis 1 EUR 23 83 -60 53 -1 60.58% Kronosol 12, S.A.R.L. Saint-Louis 59,656 EUR 333 288 45 - -10 71.27% Kronosol 13, S.A.R.L. Paris 189,112 EUR 6,346 6,209 137 10 -42 71.27% Kronosol 14, S.A.R.L. Paris 898,216 EUR 10,991 10,129 862 - -16 71.27% Kronosol 15, S.A.R.L. Saint-Louis 236,721 EUR 731 527 203 - -9 71.27% Monts de la Madeleine Energie, S.A.S. Paris 88,000 EUR 1,426 1,404 21 - -4 71.27% Monts du Forez Energie, S.A.S. Paris 200,000 EUR 1,731 1,642 89 - -6 71.27% Oxavi 1, S.A.S. Paris 3,000 EUR 2 - 1 - - 71.27% Oxavi 2, S.A.S. Paris 3,000 EUR 2 - 1 - - 71.27% Parc \u00c9olien d\u2019Entrains-sur-Nohain, S.A.S. Paris 266,000 EUR 179 - 179 - -3 64.14% Parc Eolien de Dionay, S.A.S. Paris 215,000 EUR 2,182 2,107 74 - -9 71.27% Saussignac Solaire, S.A.S. Paris 5,000 EUR 3 7 -3 - - 71.27% Transition Euroise Roman II, S.A.S. Paris 603,000 EUR 12,160 11,055 1,105 1,383 146 60.58% Vanosc Energie, S.A.S. Paris 1,000 EUR 874 892 -18 - -4 71.27% Poland: Budzyn, Sp. z o.o. Warsaw 5,000 PLN 7 68 -61 - -21 36.35% CSH III Renewables, Sp. z o.o. Warsaw 5,000 PLN 690 737 -47 - -46 71.27% EDP Renewables Polska HoldCo, S.A. Warsaw 100,100 PLN 276,123 39,309 236,814 - -43 36.35% EDP Renewables Polska Solar, Sp. Z o.o. Warsaw 5,000 PLN 38,467 40,663 -2,196 1,032 -468 71.27% EDP Renewables Polska, Sp. z o.o. Warsaw 435,045,000 PLN 677,673 138,317 539,356 9,613 268,280 71.27% EDPR Polska Wind, Sp. z o.o. Warsaw 5,000 PLN - -1 1 - - 71.27% EDPR Polska Solar 2, Sp. z o.o. Warsaw 5,000 PLN - -1 1 - - 71.27% EDPR Polska Storage, Sp. z o.o. Warsaw 5,000 PLN - -1 1 - - 71.27%
Ekoenergia Solar 3, Sp. z o.o. Warsaw 6,000 PLN 99 118 -19 - -9 71.27% Elektrownia Kamienica, Sp. z o.o. Warsaw 5,000 PLN 1,671 1,726 -56 - -20 71.27% Elektrownia Wiatrowa Kresy I, Sp. z o.o. Warsaw 70,210 PLN 130,517 17,399 113,117 29,748 12,162 36.35% Farma Fotowoltaiczna Budzyn, Sp. z o.o. Warsaw 5,000 PLN 5,466 5,505 -39 - -11 71.27% Farma Fotowoltaiczna Dobrzyca, Sp. z o.o. Warsaw 5,000 PLN 138 153 -15 - -13 71.27% Farma Fotowoltaiczna I\u0142\u017ca, Sp. z o.o. Warsaw 5,000 PLN 1 - 1 - -1 71.27% Farma Fotowoltaiczna Koden, Sp. z o.o. Warsaw 5,000 PLN 1,443 1,529 -86 - -58 71.27% Farma Fotowoltaiczna Pakos\u0142aw, Sp. z o.o. Warsaw 5,000 PLN 4 8 -4 - -5 71.27% Farma Fotowoltaiczna Poturzyn, Sp. z o.o. Warsaw 5,000 PLN 7 14 -7 - -8 71.27% Farma Fotowoltaiczna Radziej\u00f3w, Sp. z o.o. Warsaw 5,000 PLN 14 37 -23 - -15 71.27% Farma Fotowoltaiczna Tomasz\u00f3w, Sp. z o.o. Warsaw 5,000 PLN 10 31 -22 - -17 71.27% Farma Fotowoltaiczna Ujazd, Sp. z o.o. Warsaw 5,000 PLN 59 75 -16 - -13 71.27% Farma Fotowoltaiczna Warta, Sp. z o.o. Warsaw 5,000 PLN 37 92 -55 - -47 71.27% Farma Fotowoltaiczna Wielkopolska, Sp. z o.o. Warsaw 5,000 PLN 102 86 16 - 17 71.27% Farma Wiatrowa Starozreby, Sp. z o.o. Warsaw 466,000 PLN 267 2 265 - -18 71.27% FW Warta, Sp. z o.o. Pozna\u0144 10,000 PLN 56,238 55,677 561 9,584 -1,024 71.27% Gudziki Wind Farm, Sp. z o.o. Warsaw 35,715,400 PLN 56,349 39,095 17,254 13,949 1,431 36.35% Korsze Wind Farm, Sp. z o.o. Warsaw 35,754,000 PLN 79,208 29,900 49,308 26,260 11,112 36.35% Masovia Wind Farm I, Sp. z o.o. Warsaw 1,258,000 PLN 191 296 -105 - -25 71.27% Miramit Investments, Sp. z o.o. Warsaw 55,000 PLN 482 381 100 - -39 71.27% Molen Wind II, Sp. z o.o. Warsaw 14,600 PLN 65,258 29,668 35,590 16,496 5,864 36.35% Neo Solar Chotk\u00f3w, Sp. z o.o. Warsaw 5,000 PLN 43,341 44,157 -816 163 -551 71.27% Neo Solar Farm, Sp. z o.o. Warsaw 5,000 PLN 155,817 153,318 2,500 7,378 3,671 71.27% Neo Solar Przykona II, Sp. z o.o. Warsaw 5,000 PLN 1,863 1,959 -96 - -34 71.27% R.Wind, Sp. z o.o. Warsaw 6,000 PLN 713 895 -182 - -25 71.27% Radziej\u00f3w Wind Farm, Sp. z o.o. Warsaw 27,605,000 PLN 29,458 22,597 6,860 6,292 245 36.35% Rampton, Sp. z o.o. Warsaw 11,005,000 PLN 3,685 1,329 2,356 1,681 -69 71.27% Relax Wind Park I, Sp. z o.o. Warsaw 46,540,000 PLN 116,365 45,660 70,705 34,818 12,156 36.35% Relax Wind Park III, Sp. z o.o. Warsaw 59,603,000 PLN 273,605 228,854 44,751 40,665 3,658 36.35% Rowy-Karpacka Mala Energetyka, Sp. z o.o. Warsaw 50,000 PLN 99 651 -552 - -61 71.27% WF Energy III, Sp. z o.o. Warsaw 5,000 PLN 423 437 -14 - -7 71.27% Wind Farm Debrzno, Sp. z o.o. Warsaw 5,000 PLN - -1 1 - - 71.27% Wind Farm Gniewkowo, Sp. z o.o. Warsaw 5,000 PLN - -1 1 - - 71.27% Romania: Beta Wind, S.R.L. Bucharest 207,470 RON 5,758 1,062 4,696 - -206 71.27% EDPR Rom\u00e2nia, S.R.L. Bucharest 1,491,259,750 RON 637,342 152,247 485,095 157,921 61,726 71.27% Energopark, S.R.L. Bucharest 133,720 RON 2,008 2,334 -326 - -220 71.27% Fravezac, S.R.L. Bucharest 5,815,810 RON 2,001 1,588 413 - -127 71.27% International Solar Energy, S.R.L. Bucharest 200 RON 1,282 2,668 -1,387 - -1,147 71.27% Solar Phoenix, S.R.L. Bucharest 79,300 RON 548 958 -410 - -142 71.27% Great Britain: EDP Renewables UK Limited Edinburgh 8,000 GBP 6,626 13,306 -6,680 993 -3,221 71.27% Altnabreac Wind Farm Limited Edinburgh 100 GBP 172 3,128 -2,956 - -1,022 71.27% Balmeanach Wind Farm Limited Edinburgh 100 GBP 2,318 3,663 -1,344 - -689 71.27% Balnacraig Battery Storage Limited Edinburgh - GBP - - - - - 71.27% Ben Sca Wind Farm Limited Edinburgh 100 GBP 3,472 5,049 -1,577 - -695 71.27% Drummarnock Wind Farm Limited Edinburgh 100 GBP 1,951 3,297 -1,346 - -666 71.27% Harrington Franklin Limited Leeds - GBP - - - - - 71.27% Kronos Solar Projects Limited Newmarket 1 GBP 2,431 1,701 731 2,011 708 71.27% KS SPV 00 Limited Newmarket 1 GBP 37 225 -188 - -188 71.27% KS SPV 46 Limited Newmarket 1 GBP 82 518 -436 - -408 71.27% KS SPV 62 Limited Newmarket 1 GBP 20 335 -315 - -36 71.27% KS SPV 64 Limited Newmarket 1 GBP 8 64 -55 - -44 71.27% KS SPV 65 Limited Newmarket 1 GBP 22 153 -131 - -107 71.27% KS SPV 67 Limited Newmarket 1 GBP 19 126 -107 - -97 71.27% KS SPV 68 Limited Newmarket 1 GBP - 69 -69 - -59 71.27% KS SPV 69 Limited Newmarket 1 GBP - 149 -149 - -140 71.27% KS SPV 70 Limited Newmarket 1 GBP 239 315 -76 - -50 71.27% KS SPV 71 Limited Newmarket 1 GBP 126 184 -58 - -42 71.27% KS SPV 72 Limited Newmarket 1 GBP 16 107 -90 - -81 71.27% KS SPV 73 Limited Newmarket 1 GBP 19 124 -105 - -97 71.27% KS SPV 74 Limited Newmarket 1 GBP - 169 -169 - -162 71.27% KS SPV 75 Limited Newmarket 1 GBP 80 502 -422 - -411 71.27% KS SPV 76 Limited Newmarket 1 GBP - 88 -88 - -81 71.27% KS SPV 77 Limited Newmarket 1 GBP 27 170 -143 - -137 71.27% KS SPV 78 Limited Newmarket 1 GBP 9 63 -53 - -47 71.27% KS SPV 79 Limited Newmarket 1 GBP 17 108 -91 - -84 71.27% KS SPV 80 Limited Newmarket 1 GBP - 129 -129 - -122 71.27% KS SPV 81 Limited Newmarket 1 GBP - 54 -54 - -54 71.27% KS SPV 82 Limited Newmarket 1 GBP 28 178 -149 - -149 71.27% KS SPV 83 Limited Newmarket 1 GBP 21 131 -110 - -110 71.27% KS SPV 84 Limited Newmarket 1 GBP - 77 -77 - -77 71.27% KS SPV 85 Limited Newmarket 1 GBP - 52 -52 - -52 71.27% Lurg Hill Wind Farm Ltd Edinburgh 100 GBP 822 1,892 -1,070 - -313 71.27% Moorshield Wind Farm Limited Edinburgh 100 GBP 1,988 3,254 -1,266 - -612 71.27% Muirake Wind Farm Ltd Edinburgh 100 GBP 4,878 1,791 3,088 2,672 1,500 56.30% Italy: AW 2, S.r.l. Milan 100,000 EUR 20,571 18,071 2,500 5,198 2,428 53.45% C & C Tre Energy S.r.l. Milan 100,000 EUR 41,049 38,685 2,365 4,018 1,520 71.27% Custolito, S.R.L. Milan 10,000 EUR 306 290 16 - -6 71.27% EDP Renewables Italia Holding, S.R.L. Milan 347,000 EUR 394,994 99,727 295,267 23,672 14,603 71.27% EDP Renewables Italia, S.R.L. Milan 34,439,343 EUR 184,695 110,579 74,116 19,851 19,478 36.35% EDPR Basilicata, S.r.l. Milan 10,000 EUR 318 244 74 - -23 71.27% EDPR Centro Italia PV, S.r.l. Milan 10,000 EUR 2,129 1,855 274 - -10 71.27% EDPR Puglia Due, S.r.l. Milan 10,000 EUR 411 472 -61 - -71 71.27% EDPR Sicilia Tre, S.r.l. Milan 10,000 EUR 7 13 -6 - -15 71.27% EDPR Sardegna, S.r.l. Milan 10,000 EUR 928 933 -4 - -11 71.27% EDPR Sicilia Due, S.r.l. Milan 10,000 EUR 138 44 94 - -9 71.27% EDPR Sicilia PV, S.R.L. Milan 10,000 EUR 9,335 9,154 181 - -37 71.27% EDPR Sicilia Quattro, S.r.l. Milan 10,000 EUR 277 276 1 - -9 71.27% EDPR Sicilia Uno, S.r.l. Milan 10,000 EUR 724 638 86 - -8 71.27% EDPR Sicilia Wind, S.r.l. Milan 10,000 EUR 51,808 52,603 -795 - -1,058 71.27% EDPR Sud Italia, S.r.l. Milan 10,000 EUR 1,740 1,694 45 - -17 71.27% EDPR Villa Galla, S.R.L. Milan 9,000,000 EUR 96,758 24,767 71,992 20,185 10,059 36.35% Energia Emissioni Zero 4, S.r.l. Naples 10,000 EUR 38,492 30,787 7,704 9,243 4,754 42.76% Giglio, S.r.l. Milan 20,000 EUR 41,981 38,732 3,248 2,721 1,084 42.76% Re Plus, S.R.L. Milan 100,000 EUR 722 616 106 - -9 71.27% Sarve, S.r.l. Milan 10,000 EUR 54,226 50,834 3,392 8,364 2,419 71.27% Serracapriola, S.r.l. Milan 10,000 EUR 37,602 37,088 513 490 232 71.27% Solar Italy I, S.r.l. Milan 10,000 EUR 47,512 44,343 3,169 - -495 71.27% Solar Italy II, S.r.l. Milan 10,000 EUR 25,996 25,384 612 - -174 71.27% Solar Italy IV, S.r.l. Milan 10,000 EUR 36,719 33,897 2,822 - -370 71.27% Solar Italy XXIII, S.r.l. Milan 10,000 EUR 3,236 2,943 293 - -138 71.27% T Power, S.p.A. Cesena 1,000,000 EUR 1,343 20 1,322 - -29 71.27% Tivano, S.R.L. Milan 100,000 EUR 20,407 18,500 1,907 3,524 1,653 53.45% VRG Wind 153, S.r.l. Milan 10,000 EUR 46,200 40,918 5,282 7,089 2,297 71.27%
Wind Energy Castelluccio, S.r.l. Milan 10,000 EUR 10,380 10,198 182 - -99 71.27% Wind Energy Monte Cavallo, S.r.l. Pescara 10,000 EUR 51 46 5 - - 36.35% Wind Energy San Giorgio, S.r.l. Milan 20,000 EUR 52,265 48,994 3,271 3,953 1,256 42.76% Winderg Valleverde, S.r.l. Milan 180,000 EUR 9,401 9,098 303 - -3 42.76% Greece: Aeolos Evias Energiaki, M.A.E. Athens 4,125,000 EUR 4,756 1,702 3,054 - -387 71.27% Aioliki Oitis Energiaki A.E. Athens 1,993,050 EUR 2,064 88 1,977 - -238 71.27% Aioliko Parko Fthiotidos Erimia A.E. Athens 880,080 EUR 32,052 32,243 -191 - -1,655 71.27% EDPR Hellas 1 M.A.E. Athens 2,855,000 EUR 38,760 37,686 1,074 - -926 71.27% EDPR Hellas 2 M.A.E. Athens 670,000 EUR 37,481 36,922 559 - -897 71.27% Energiaki Arvanikou E.P.E. Athens 1,312,380 EUR 57,191 41,949 15,242 5,823 -1,097 71.27% Kadmeios Anemos Energiaki, A.E. Athens 2,825,000 EUR 4,719 3,685 1,034 - -405 71.27% Voiotikos Anemos Energy, A.E. Athens 1,225,000 EUR 8,420 8,245 174 - -481 71.27% Wind Park Aerorrachi M.A.E. Athens 496,020 EUR 3,927 6,714 -2,788 - -172 71.27% Wind Shape A.E. Athens 549,850 EUR 4,580 4,160 420 - -359 71.27% Germany: EDP Renewables Germany GmbH Munich 25,000 EUR 727 4,535 -3,808 - -3,807 71.27% Kronos Projektgesellschaft mbH Munich 25,000 EUR 13,199 14,467 -1,268 1,290 -1,287 71.27% Kronos Solar Projects France UG Munich 1,000 EUR 2,403 386 2,017 - 6,385 60.58% Kronos Solar Projects GmbH Munich 27,669 EUR 73,666 3,839 69,827 6,749 6,271 71.27% KSD 11 UG B\u00fctow 1,000 EUR 282 332 -50 - -27 71.27% KSD 12 UG Munich 1,000 EUR 571 623 -52 - -40 71.27% KSD 13 UG Munich 1,000 EUR 284 325 -41 - -28 71.27% KSD 14 UG Munich 1,000 EUR 2,429 2,528 -100 - -87 71.27% KSD 15 UG Munich 1,000 EUR 38 136 -97 - -89 71.27% KSD 16 UG Munich 1,000 EUR 62 230 -168 - -162 71.27% KSD 17 GmbH Munich 25,000 EUR 2,743 2,791 -48 - -64 71.27% KSD 18 UG Munich 1,000 EUR 143 173 -29 - -24 71.27% KSD 19 UG Munich 1,000 EUR 171 202 -31 - -25 71.27% KSD 21 UG Munich 1,000 EUR 50 181 -131 - -125 71.27% KSD 22 UG Munich 1,000 EUR 40 146 -106 - -100 71.27% KSD 23 UG Munich 1,000 EUR 268 301 -33 - -24 71.27% KSD 24 UG Munich 1,000 EUR 48 175 -127 - -121 71.27% KSD 25 UG Munich 1,000 EUR 301 332 -31 - -24 71.27% KSD 26 UG Munich 1,000 EUR 81 270 -189 - -186 71.27% KSD 27 UG Munich 1,000 EUR 84 342 -259 - -256 71.27% KSD 28 UG Munich 1,000 EUR 50 156 -107 - -103 71.27% KSD 29 UG Munich 1,000 EUR 51 164 -112 - -109 71.27% KSD 30 UG Munich 1,000 EUR 57 184 -127 - -124 71.27% KSD 31 UG Munich 1,000 EUR 72 240 -168 - -165 71.27% KSD 32 UG Munich 1,000 EUR 150 183 -33 - -30 71.27% KSD 33 UG Munich 1,000 EUR 34 100 -65 - -62 71.27% KSD 34 UG Munich 1,000 EUR 50 156 -107 - -104 71.27% KSD 35 UG Munich 1,000 EUR 127 218 -91 - -88 71.27% KSD 36 UG Munich 1,000 EUR 107 203 -96 - -93 71.27% KSD 37 UG Munich 1,000 EUR 65 213 -148 - -145 71.27% KSD 38 UG Munich 1,000 EUR 72 237 -165 - -162 71.27% KSD 39 UG Munich 1,000 EUR 87 184 -97 - -94 71.27% KSD 40 UG Munich 1,000 EUR 63 205 -142 - -139 71.27% KSD 41 UG Munich 1,000 EUR 5 8 -4 - -5 71.27% KSD 42 UG Munich 1,000 EUR 5 8 -4 - -5 71.27% KSD 43 UG Munich 1,000 EUR 5 8 -4 - -5 71.27% KSD 44 UG Munich 1,000 EUR 5 11 -6 - -7 71.27% KSD 45 UG Munich 1,000 EUR 5 8 -4 - -5 71.27% KSD 46 UG Munich 1,000 EUR 5 8 -4 - -5 71.27% KSD 47 UG Munich 1,000 EUR 5 8 -4 - -5 71.27% KSD 48 UG Munich 1,000 EUR 5 8 -4 - -5 71.27% KSD 49 UG Munich 1,000 EUR 5 8 -4 - -5 71.27% KSD 50 UG Munich 1,000 EUR 5 8 -4 - -5 71.27% KSD 51 UG Munich 1,000 EUR 5 8 -4 - -5 71.27% KSD 52 UG Munich 1,000 EUR 5 8 -4 - -5 71.27% KSD 53 UG Munich 1,000 EUR 5 8 -4 - -5 71.27% KSD 54 UG Munich 1,000 EUR 5 8 -4 - -5 71.27% KSD 55 UG Munich 1,000 EUR 5 8 -4 - -5 71.27% KSD 56 UG Munich 1,000 EUR 5 8 -4 - -5 71.27% KSD 57 UG Munich 1,000 EUR 5 8 -4 - -5 71.27% KSD 58 UG Munich 1,000 EUR 5 8 -4 - -5 71.27% KSD 59 UG Munich 1,000 EUR 5 8 -4 - -5 71.27% KSD 60 UG Munich 1,000 EUR 5 8 -4 - -5 71.27% The Netherlands: EDPR International Investments, B.V. Amesterdam 20,000 EUR 134,078 123,748 10,330 - -5,015 71.27% Kronos Solar Projects NL, B.V. Arnhem 5,000 EUR 1,367 1,238 129 1,248 87 71.27% KS NL10, B.V. Arnhem 0 EUR 43 69 -26 - -18 71.27% KS NL12, B.V. Arnhem 0 EUR 2 44 -42 - -35 71.27% KS NL13, B.V. Arnhem 0 EUR 403 504 -101 - -64 71.27% KS NL14, B.V. Arnhem 0 EUR 8,932 9,126 -195 - -147 71.27% KS NL16, B.V. Arnhem 0 EUR 2 43 -42 - -37 71.27% KS NL17, B.V. Arnhem 0 EUR 36 101 -65 - -24 71.27% KS NL20, B.V. Arnhem 0 EUR 173 223 -50 - -42 71.27% KS NL23, B.V. Arnhem 0 EUR 398 531 -133 - -96 71.27% KS NL24, B.V. Arnhem 0 EUR 4 41 -37 - -33 71.27% KS NL25, B.V. Arnhem 0 EUR 36 59 -24 - -17 71.27% KS NL27, B.V. Arnhem 0 EUR 131 219 -88 - -31 71.27% KS NL28, B.V. Arnhem 0 EUR 10,321 10,558 -237 - -200 71.27% KS NL29, B.V. Arnhem 0 EUR 17 46 -29 - -16 71.27% KS NL3, B.V. Arnhem 0 EUR 1,370 1,469 -98 - -55 71.27% KS NL30, B.V. Arnhem 0 EUR 15 37 -22 - -12 71.27% KS NL31, B.V. Arnhem 0 EUR 3 48 -45 - -32 71.27% KS NL32, B.V. Arnhem 0 EUR 1,447 1,629 -181 - -116 71.27% KS NL33, B.V. Arnhem 0 EUR 26 66 -40 - -13 71.27% KS NL34, B.V. Arnhem 0 EUR 1,335 1,476 -141 - -76 71.27% KS NL35, B.V. Arnhem 1 EUR 24 53 -29 - -14 71.27% KS NL36, B.V. Arnhem 1 EUR 2 40 -38 - -27 71.27% KS NL37, B.V. Arnhem 1 EUR 4 53 -50 - -33 71.27% KS NL38, B.V. Arnhem 1 EUR 19 41 -22 - -15 71.27% KS NL39, B.V. Arnhem 1 EUR 2 31 -29 - -20 71.27% KS NL40, B.V. Arnhem 1 EUR 15 35 -19 - -13 71.27% KS NL41, B.V. Arnhem 1 EUR 110 160 -50 - -40 71.27% KS NL42, B.V. Arnhem 1 EUR 15 36 -20 - -16 71.27% KS NL43, B.V. Arnhem 1 EUR 4 74 -69 - -57 71.27% KS NL44, B.V. Arnhem 1 EUR 2 39 -37 - -29 71.27% KS NL45, B.V. Arnhem 1 EUR 10 49 -40 - -24 71.27% KS NL46, B.V. Arnhem 1 EUR 14 34 -20 - -12 71.27% KS NL47, B.V. Arnhem 1 EUR 11 38 -27 - -21 71.27% KS NL48, B.V. Arnhem 1 EUR 1 41 -40 - -34 71.27% KS NL49, B.V. Arnhem 1 EUR 1 26 -25 - -20 71.27% KS NL50, B.V. Arnhem 1 EUR 25 55 -29 - -14 71.27%
KS NL6, B.V. Arnhem 0 EUR 4 46 -42 - -27 71.27% KS NL8, B.V. Arnhem 0 EUR 9,662 9,949 -287 - -258 71.27% Other Countries: EDP Renewables Belgium, S.A. Brussels 286,500 EUR 19,681 16,409 3,272 2,967 995 71.27% EDP Renewables Hungary Budapest 30,200,000 HUF 3,239 3,133 106 1,632 -777 71.27% EDPR Bora, Kft. Budapest 3,000,000 HUF 8 2 6 - -2 71.27% EDPR Mistral, Kft. Budapest 3,000,000 HUF 8 2 6 - -2 71.27% EDPR Pampero, Kft. Budapest 3,000,000 HUF 8 2 6 - -2 71.27% EDPR Siesta, Kft. Budapest 3,000,000 HUF 8 2 6 - -2 71.27% EDPR Silvanus, Kft. Budapest 3,000,000 HUF 8 2 6 - -2 71.27% EDPR Sirocco, Kft. Budapest 3,000,000 HUF 8 2 6 - -2 71.27% EDPR Terra, Kft. Budapest 3,000,000 HUF 8 2 6 - -2 71.27% EDPR Zephyr, Kft. Budapest 3,000,000 HUF 8 2 6 - -2 71.27% Napenergia, Kft. Budapest 3,000,000 HUF 9,381 11,496 -2,115 - -1,470 71.27% Ny\u00edrs\u00e9g Watt, Kft. Budapest 313,000,000 HUF 5,074 4,702 372 - -479 71.27% Sunglare Capture, Kft. Budapest 3,100,000 HUF 1,289 1,974 -685 - -366 71.27% Sunglare Expert, Kft. Budapest 3,100,000 HUF 1,293 1,965 -672 - -359 71.27% Sunlight Solar, Kft. Budapest 5,100,000 HUF 1,340 2,560 -1,220 - 478 60.58% Szabadsolar, Kft. Budapest 3,100,000 HUF 553 1,924 -1,371 - -979 71.27% North America Geography / Platform: United States of America: EDP Renewables North America LLC (USA Subgroup Parent Company) Delaware 7,424,416,018 USD 6,993,401 1,041,581 5,951,820 150,541 -33,722 71.27% 10 Point Solar Park LLC Delaware 598 USD 352 352 - - -1 71.27% 17th Star Wind Farm LLC Delaware - USD - - - - - 71.27% 2007 Vento I LLC Delaware 476,593,283 USD 494,951 9,490 485,461 7,824 641 71.27% 2007 Vento II LLC Delaware 174,362,141 USD 152,679 335 152,344 - -195 36.35% 2008 Vento III LLC Delaware 277,598,196 USD 245,334 493 244,841 - -84 36.35% 2009 Vento V LLC Delaware -11,594,159 USD -11,693 32 -11,725 - -27 36.35% 2011 Vento IX LLC Delaware 31,730,766 USD 27,408 116 27,292 - -133 36.35% 2014 Sol I LLC Delaware 53,206,066 USD 47,428 43 47,384 - -108 35.64% 2014 Vento XI LLC Delaware 170,341,605 USD 155,507 1,515 153,992 - -63 36.35% 2014 Vento XII LLC Delaware 80,513,337 USD 72,739 42 72,697 - -47 36.35% 2015 Vento XIII LLC Delaware 234,192,975 USD 211,584 810 210,774 - -184 36.35% 2015 Vento XIV LLC Delaware 202,580,084 USD 182,491 53 182,438 - -141 36.35% 2016 Vento XV LLC Delaware 442,402,498 USD 413,130 13,781 399,349 - -314 71.27% 2016 Vento XVI LLC Delaware 132,490,809 USD 119,134 64 119,070 - -161 71.27% 2017 Sol II LLC Delaware 102,663,400 USD 93,056 376 92,680 - -54 71.27% 2018 Vento XVIII LLC Delaware 406,755,980 USD 367,639 225 367,414 - -161 71.27% 2019 Vento XXI LLC Delaware 266,979,241 USD 248,298 7,362 240,936 - -446 71.27% 2020 Vento XXII LLC Delaware 996,595,061 USD 898,420 3,893 894,527 - -2,769 71.27% 2021 DG Agora Holdings LLC Delaware 16,344,219 USD 14,786 - 14,786 - -5 60.58% 2021 DG Agora Ventures I LLC Delaware 16,338,961 USD 77,637 61,257 16,380 - 1,361 60.58% 2021 DG Apollo Sol II LLC Delaware 8,228 USD 6 - 6 - -1 60.58% 2021 DG Apollo Ventures II LLC Delaware 1,189 USD - - - - -1 60.58% 2021 DG CA Agora Ventures I LLC Delaware 45,069 USD 33 - 33 - -1 60.58% 2021 DG CA Apollo Sol II LLC Delaware 1,159 USD - - - - -1 60.58% 2021 DG CA Apollo Ventures II LLC Delaware 1,159 USD - - - - -1 60.58% 2021 Vento XXIII LLC Delaware 268,099,086 USD 261,472 18,993 242,479 - -39 71.27% 2022 SOL VI LLC Delaware 257,855,073 USD 233,354 1 233,353 - 1 71.27% 2022 SOL VII LLC Delaware 94,107,018 USD 85,208 29 85,179 - 17 71.27% 2023 SOL IX LLC Delaware 155,848,313 USD 141,057 9 141,048 - 9 71.27% 2023 SOL VIII LLC Delaware 280,759,203 USD 254,081 - 254,081 - - 71.27% 2023 Vento XXIV LLC Delaware 89,296,411 USD 80,811 - 80,811 - - 71.27% Alabama Ledge Wind Farm LLC Delaware - USD - - - - - 71.27% Alabama Solar Park LLC Delaware 3,996,530 USD 3,856 245 3,611 - -6 71.27% Antelope Ridge Wind Power Project LLC Delaware 12,828,809 USD - - - - - 71.27% Arbuckle Mountain Wind Farm LLC Delaware 136,987,859 USD 126,444 9,753 116,691 8,122 2,564 36.35% Arkwright Summit Wind Farm LLC Delaware 165,347,648 USD 177,270 16,752 160,518 11,671 -280 71.27% Arlington Wind Power Project LLC Delaware 41,238,914 USD 88,235 6,571 81,664 12,925 3,773 36.35% Aroostook Wind Energy LLC Delaware 48,102,146 USD 38,853 294 38,559 - -44 71.27% Ashford Wind Farm LLC Delaware - USD - - - - - 71.27% Athena-Weston Wind Power Project II LLC Delaware - USD - - - - - 71.27% Athena-Weston Wind Power Project LLC Delaware - USD - - - - - 71.27% Avondale Solar Park LLC Delaware 2,365,843 USD 2,724 582 2,141 - 3 71.27% AZ Solar LLC Delaware - USD - - - - - 71.27% Azalea Springs Solar Park LLC Delaware 22,320,144 USD 46,549 27,084 19,465 - -5 71.27% Bar Harbor Community Solar LLC Delaware 7,917,235 USD 7,169 12 7,157 - -3 60.58% Bayou Bend Solar Park LLC Delaware 991,342 USD 898 1 897 - - 71.27% BC2 Maple Ridge Holdings LLC Delaware - USD - - - - - 71.27% BC2 Maple Ridge Wind LLC Delaware 268,810,946 USD 98,549 4,936 93,613 - -9,387 71.27% Bear Peak Beccaria LLC Delaware 157,433 USD - 5 -5 - -151 60.58% Bear Peak Brady LLC Delaware - USD - 5 -5 - -5 60.58% Bear Peak East Carroll LLC Delaware 216,677 USD 210 15 195 - -1 60.58% Bear Peak Glen Hope LLC Delaware 233,880 USD 219 11 208 - -3 60.58% Bear Peak Jennerstown LLC Delaware 146,220 USD 141 9 131 - -1 60.58% Bear Peak Juniata LLC Delaware - USD - - - - - 60.58% Bear Peak Paint II LLC Delaware 143,607 USD 137 8 129 - -1 60.58% Bear Peak Richmond LLC Delaware 162,535 USD 154 8 146 - -1 60.58% Big River Solar Park LLC Delaware - USD - - - - - 71.27% Big River Wind Power Project LLC Delaware 953 USD - - - - -1 71.27% Black Prairie Solar Park II LLC Delaware - USD - - - - - 71.27% Black Prairie Solar Park LLC Delaware 1,672,434 USD 1,618 105 1,514 - - 71.27% Black Prairie Storage II LLC Delaware - USD - - - - - 71.27% Black Prairie Storage LLC Delaware - USD - - - - - 71.27% Black Prairie Wind Farm II LLC Delaware - USD - - - - - 71.27% Black Prairie Wind Farm III LLC Delaware - USD - - - - - 71.27% Black Prairie Wind Farm LLC Delaware 1,183,528 USD 1,069 1 1,069 - - 71.27% Black River Solar Park LLC Delaware - USD - - - - - 71.27% Blackford County Solar Park LLC Delaware 1,142 USD - 1 -1 - -3 71.27% Blackford County Wind Farm LLC Delaware - USD - - - - - 71.27% Blackstone Wind Farm II LLC Delaware 160,921,587 USD 252,559 87,544 165,014 19,609 149 71.27% Blackstone Wind Farm III LLC Delaware 6,275,439 USD - - - - - 71.27% Blackstone Wind Farm IV LLC Delaware - USD - - - - - 71.27% Blackstone Wind Farm LLC Delaware 70,720,559 USD 113,360 39,948 73,412 11,183 840 71.27% Blackstone Wind Farm V LLC Delaware - USD - - - - - 71.27% Blissville Road LLC Delaware 2,146,051 USD 2,022 126 1,896 129 -19 60.58% Blue Canyon Windpower II LLC Texas 279,027,157 USD 210,396 19,576 190,820 15,021 -7,532 71.27% Blue Canyon Windpower III LLC Texas - USD - - - - - 71.27% Blue Canyon Windpower IV LLC Texas - USD - - - - - 71.27% Blue Canyon Windpower V LLC Texas -12,922,119 USD 98,967 7,358 91,609 18,830 5,043 36.35% Blue Canyon Windpower VI LLC Delaware 89,648,552 USD 91,191 7,565 83,626 998 -9,915 71.27% Blue Canyon Windpower VII LLC Delaware - USD - - - - - 71.27% Blue Harvest Solar Park LLC Delaware 46,604,622 USD 86,305 41,722 44,583 855 170 71.27% Blue Marmot I LLC Delaware - USD - - - - - 71.27% Blue Marmot II LLC Delaware - USD - - - - - 71.27% Blue Marmot IV LLC Delaware - USD - - - - - 71.27% Blue Marmot IX LLC Delaware 4,095,342 USD 3,705 3 3,702 - - 71.27% Blue Marmot Solar Park LLC Delaware - USD - - - - - 71.27%
Blue Marmot V LLC Delaware - USD - - - - - 71.27% Blue Marmot VI LLC Delaware - USD - - - - - 71.27% Blue Marmot VII LLC Delaware - USD - - - - - 71.27% Blue Marmot VIII LLC Delaware - USD - - - - - 71.27% Blue Marmot XI LLC Delaware - USD - - - - - 71.27% Bluebird Prairie Solar Park LLC Delaware - USD - - - - - 71.27% Bright Stalk Solar Park LLC Delaware 1,142 USD - 2 -2 - -3 71.27% Broadlands Wind Farm II LLC Delaware - USD - - - - - 71.27% Broadlands Wind Farm III LLC Delaware - USD - - - - - 71.27% Buffalo Bluff Wind Farm LLC Delaware 5,297,080 USD 4,865 72 4,793 - - 71.27% Buffalo Lick Solar Park LLC Delaware - USD - - - - - 71.27% C2 Alpha Holdings LLC Delaware 77,453 USD - - - - -1 60.58% C2 Bristol I LLC Delaware 8,223,468 USD 7,685 346 7,339 - -85 60.58% C2 Bristol II LLC Delaware 1,840,882 USD 1,622 7 1,614 - -30 60.58% C2 CB 2017 Holdings LLC Delaware 19,752,927 USD 16,618 -999 17,618 - -255 60.58% C2 Centrica MT LLC Delaware 3,395,441 USD 15,599 1,058 14,541 - -85 60.58% C2 CI Holdings 2 LLC Delaware 2,276 USD - - - - -1 60.58% C2 CT Fund 1 Holding LLC Delaware 33,378,300 USD 43,299 -140 43,439 - 281 60.58% C2 Energy Development LLC Delaware 191,477,066 USD 171,164 18 171,146 - -520 60.58% C2 MA Adams II LLC Delaware 1,324,889 USD 3,781 2,477 1,304 570 -221 60.58% C2 MA DEPCOM 2017 LLC Delaware 3,680,848 USD 3,596 -355 3,951 - 137 60.58% C2 MA Dudley II LLC Delaware 1,182,083 USD 2,725 1,808 917 - -1 60.58% C2 MA FKW Holdings LLC Delaware 2,955,575 USD 2,560 302 2,258 - -102 60.58% C2 MA Kelly Way Solar LLC Delaware 1,155,882 USD 1,193 155 1,039 161 -103 60.58% C2 MA Lakeville Holdings LLC Delaware 8,411,816 USD 7,505 -156 7,661 - -103 60.58% C2 MA Lakeville LLC Delaware 8,218,439 USD 7,614 272 7,342 741 -575 60.58% C2 MA Managing Member II LLC Delaware 2,957,098 USD 2,675 - 2,675 - -1 60.58% C2 MA New Salem LLC Delaware 1,111,088 USD 2,771 1,597 1,174 375 -69 60.58% C2 MN Hopkins LLC Delaware 3,080,349 USD 2,741 121 2,619 124 -57 60.58% C2 NC Kitty Hawk LLC Delaware - USD - - - - - 60.58% C2 NJ Andover I LLC Delaware -237,975 USD 2,149 1,231 917 298 -129 60.58% C2 NY Brookhaven LLC Delaware 8,739,833 USD 8,184 923 7,261 108 -73 60.58% C2 NY Sentinel Heights Solar LLC Delaware 9,474,372 USD 9,061 605 8,456 89 -100 60.58% C2 OH New Lebanon LLC Delaware 346 USD - - - - - 60.58% C2 OH Otsego II LLC Delaware -53,594 USD 2,622 1,484 1,139 285 -142 60.58% C2 Omega Holding Company LLC Delaware 20,168 USD - - - - -3 60.58% C2 RI Hopkinton LLC Delaware 3,021,065 USD 3,092 484 2,607 181 -73 60.58% C2 Scripps 3 LLC Delaware 1,004,070 USD 1,297 546 752 56 -63 60.58% C2 Scripps 4 LLC Delaware 1,439,968 USD 1,963 814 1,149 90 -58 60.58% C2 SH 2019 LLC Delaware 2,397,188 USD 2,167 - 2,167 - -1 60.58% C2 Starratt Solar LLC Delaware 13,690,506 USD 12,118 573 11,545 692 -262 60.58% C2 WM 2020 Holdings LLC Delaware 2,732 USD - - - - -1 60.58% C2 WM Arizona 1 LLC Delaware 978,342 USD 907 45 862 53 -12 60.58% C2 WM Arizona 10 LLC Delaware 756,045 USD 689 30 659 42 -14 60.58% C2 WM Arizona 1512 LLC Delaware 1,153,213 USD 1,041 2 1,039 - -3 60.58% C2 WM Arizona 1549 LLC Delaware 1,085,774 USD 1,233 96 1,136 140 56 60.58% C2 WM Arizona 2 LLC Delaware 1,586,693 USD 1,446 61 1,384 86 -15 60.58% C2 WM Arizona 2112 LLC Delaware 786,386 USD 856 61 795 92 27 60.58% C2 WM Arizona 3 LLC Delaware 2,321,781 USD 2,097 87 2,009 128 -33 60.58% C2 WM Arizona 3360 LLC Delaware 821,139 USD 884 70 814 94 23 60.58% C2 WM Arizona 3465 LLC Delaware 761,604 USD 929 80 849 114 49 60.58% C2 WM Arizona 3799 LLC Delaware 1,205,915 USD 1,293 95 1,199 127 34 60.58% C2 WM Arizona 3833 LLC Delaware 1,209,082 USD 1,295 95 1,200 128 39 60.58% C2 WM Arizona 3861 LLC Delaware 1,197,043 USD 1,272 94 1,178 125 35 60.58% C2 WM Arizona 4 LLC Delaware 1,872,666 USD 1,677 74 1,604 99 -50 60.58% C2 WM Arizona 4451 LLC Delaware 959,125 USD 1,083 95 987 122 47 60.58% C2 WM Arizona 5 LLC Delaware 1,564,891 USD 1,404 58 1,346 78 -22 60.58% C2 WM Arizona 5768 LLC Delaware - USD - - - - - 60.58% C2 WM Arizona 6 LLC Delaware 1,984,753 USD 1,780 75 1,705 107 -41 60.58% C2 WM Arizona 7 LLC Delaware 2,766,374 USD 2,075 94 1,981 127 -19 60.58% C2 WM Arizona 8 LLC Delaware 2,173,367 USD 1,972 87 1,885 116 -24 60.58% C2 WM Arizona 9 LLC Delaware 2,051,000 USD 1,863 82 1,781 109 -29 60.58% C2 WM Arizona Holdings LLC Delaware 3,033 USD - - - - -1 60.58% C2 WM California 1789 LLC Delaware 612,293 USD 712 54 658 90 35 60.58% C2 WM California 1988 LLC Delaware 431,555 USD 487 37 449 53 18 60.58% C2 WM California 4202 LLC Delaware 322,890 USD 318 20 298 27 -2 60.58% C2 WM California 4317 LLC Delaware 1,125,974 USD 1,071 65 1,007 - -9 60.58% C2 WM California 5890 LLC Delaware 641,387 USD 629 38 591 46 -4 60.58% C2 WM California Holdings LLC Delaware 6,586 USD - - - - -5 60.58% C2 WM DSA Holdings LLC Delaware -447,080 USD 15,218 15,601 -383 - -115 60.58% C2 WM Greenwood Leasing LLC Delaware 540,143 USD 620 118 501 50 41 60.58% C2 WM Holdings LLC Delaware 76,562 USD 65 - 65 - -3 60.58% C2 WM Illinois 1404 LLC Delaware 680,802 USD 1,028 77 951 179 113 60.58% C2 WM Illinois 1489 LLC Delaware 563,308 USD 779 58 722 143 66 60.58% C2 WM Illinois 1548 LLC Delaware 550,545 USD 617 51 566 103 57 60.58% C2 WM Illinois 1553 LLC Delaware 503,230 USD 798 61 737 174 94 60.58% C2 WM Illinois 1761 LLC Delaware 643,770 USD 833 68 766 145 70 60.58% C2 WM Illinois 1848 LLC Delaware 401,103 USD 761 56 705 194 115 60.58% C2 WM Illinois 1933 LLC Delaware 497,786 USD 819 61 758 183 103 60.58% C2 WM Illinois 2215 LLC Delaware 549,881 USD 902 71 831 204 117 60.58% C2 WM Illinois 2491 LLC Delaware 745,184 USD 1,199 101 1,098 225 151 60.58% C2 WM Illinois 253 LLC Delaware 765,793 USD 1,184 96 1,088 212 136 60.58% C2 WM Illinois 5442 LLC Delaware 460,004 USD 655 47 608 126 63 60.58% C2 WM Illinois 612 LLC Delaware 532,640 USD 686 56 629 130 83 60.58% C2 WM Illinois 891 LLC Delaware 576,649 USD 1,002 77 925 237 137 60.58% C2 WM Illinois Holdings LLC Delaware 39,417 USD - - - - -1 60.58% C2 WM Laurens Leasing LLC Delaware 2,366,938 USD 3,004 1,000 2,003 82 -20 60.58% C2 WM Louisiana 309 LLC Delaware - USD - - - - - 60.58% C2 WM Louisiana 539 LLC Delaware 732,694 USD 740 85 655 - -5 60.58% C2 WM Louisiana 87 LLC Delaware 514,725 USD 527 35 492 49 13 60.58% C2 WM Louisiana Holdings LLC Delaware - USD - - - - - 60.58% C2 WM Maryland 1715 LLC Delaware 846,025 USD 819 47 772 76 50 60.58% C2 WM Maryland 2436 LLC Delaware 1,125,356 USD 1,093 69 1,025 96 46 60.58% C2 WM Maryland Holdings LLC Delaware 2,857 USD - - - - -1 60.58% C2 WM New Jersey 1 LLC Delaware 4,975,006 USD 5,033 161 4,873 539 18 60.58% C2 WM New Jersey 1807 LLC Delaware 845,953 USD 765 3 762 - -3 60.58% C2 WM New Jersey 1844 LLC Delaware 176,122 USD - 1 -1 - -163 60.58% C2 WM New Jersey 1869 LLC Delaware 171,337 USD - 1 -1 - -159 60.58% C2 WM New Jersey 1977 LLC Delaware - USD - - - - - 60.58% C2 WM New Jersey 2195 LLC Delaware 863,115 USD 1,022 69 953 235 186 60.58% C2 WM New Jersey 3795 LLC Delaware 1,175,488 USD 1,255 70 1,184 151 98 60.58% C2 WM New Jersey Holdings LLC Delaware 20,428 USD - - - - -18 60.58% C2 WM Phase 3 Holdings LLC Delaware 2,156 USD - - - - -1 60.58% C2 WM Phase 3 Sponsor LLC Delaware 4,315 USD 2 - 2 - -1 60.58% C2 WM Powdersville Leasing LLC Delaware 730,660 USD 690 83 607 34 16 60.58% C2 WM Regent Dev Holdings 2020 LLC Delaware 2,002 USD - - - - -1 60.58% C2 WM Simpsonville Leasing LLC Delaware 935,029 USD 1,013 179 834 72 66 60.58% C2 Woodbury Solar LLC Delaware 9,871,538 USD 8,912 - 8,912 - -6 60.58% CA Gettysburg Solar Farm LLC Delaware 9,761,842 USD 8,926 152 8,774 - -40 60.58%
CA Marinwood Solar LLC Delaware 695,186 USD 622 - 622 - -3 60.58% CA Olde Thompson Solar LLC Delaware -359,812 USD 920 1,263 -343 64 10 60.58% CA Syracuse Solar LLC Delaware - USD - - - - - 60.58% CA Tours Solar LLC Delaware - USD - - - - - 60.58% Camden PV PSEG Solar LLC Delaware 117,159 USD - - - - -45 60.58% Camden PV Solar LLC Delaware 6,995,645 USD 6,065 221 5,845 789 -58 60.58% Cameron Solar LLC South Carolina 33,209,498 USD 33,142 2,831 30,310 1,974 -87 71.27% Carpenter Wind Farm LLC Delaware - USD - - - - - 71.27% Casa Grande Carmel Solar LLC Delaware - USD - - - - - 71.27% Castle Valley Wind Farm LLC Delaware - USD - - - - - 71.27% Cattlemen Solar Park II LLC Delaware 41,704,039 USD 81,353 46,223 35,130 - -11 71.27% Cattlemen Solar Park LLC Delaware 155,859,825 USD 307,505 174,362 133,143 322 -3,742 71.27% CF OH Solar County Hwy 58, Upper Sandusky LLC Delaware 568,359 USD 529 15 514 - - 60.58% CF OH Solar Lincoln Hwy, Bucyrus1 LLC Delaware 328,936 USD 306 8 298 - - 60.58% CF OH Solar N Dixie Hwy Lima LLC Delaware 299,013 USD 271 - 271 - - 60.58% CF OH Solar Rd N, Pandora LLC Delaware 269,802 USD 261 17 244 - - 60.58% CF OH Solar SR 309, Kenton LLC Delaware 179,469 USD 195 33 162 - - 60.58% CF OH Solar SR 81 Ada LLC Delaware 569,112 USD 532 17 515 - - 60.58% CF OH Solar St RT 118, Ansonia LLC Delaware 115,001 USD 120 16 104 - - 60.58% CF OH Solar St RT 118, Rossburg LLC Delaware 257,799 USD 275 42 233 - - 60.58% Chateaugay River Wind Farm LLC Delaware - USD - - - - - 71.27% Cheboygan Solar Farm LLC Delaware - USD - - - - - 71.27% Cielo Solar Park LLC Delaware - USD - - - - - 71.27% Citizens Dickenson Solar LLC Delaware 3,066,424 USD 3,349 576 2,773 - -2 60.58% Citizens Westmoreland Solar LLC Delaware 10,160,201 USD 9,915 725 9,190 - -5 60.58% Clinton County Wind Farm LLC Delaware 182,741,057 USD 165,370 - 165,370 - - 71.27% Cloud County Wind Farm LLC Delaware 103,768,962 USD 162,591 12,378 150,213 20,854 3,963 36.35% Clover Creek Solar Project II LLC Delaware - USD - - - - - 71.27% Clover Creek Solar Project LLC Delaware 33,233,337 USD 30,273 242 30,032 - -20 71.27% Coldwater Solar Park LLC Delaware - USD - - - - - 71.27% Coos Curry Wind Power Project LLC Delaware - USD - - - - - 71.27% Cortland-Virgil Road Solar LLC Delaware 6,694,654 USD 6,238 872 5,366 146 -84 60.58% Creed Road Solar 1 LLC Delaware - USD - - - - - 60.58% Crescent Bar Solar Park LLC Delaware - USD - - - - - 71.27% Crooked Lake Solar II LLC Delaware - USD - - - - - 71.27% Crooked Lake Solar III LLC Delaware - USD - - - - - 71.27% Crooked Lake Solar LLC Delaware 236,594,130 USD 263,556 33,969 229,587 - 1,512 71.27% Cropsey Ridge Wind Farm LLC Delaware - USD - - - - - 71.27% Crossing Trails Wind Power Project II LLC Delaware 48,757 USD 72 119 -47 - -90 71.27% Crossing Trails Wind Power Project LLC Delaware 152,457,502 USD 146,005 16,589 129,416 3,628 -5,058 71.27% Cypress Knee Solar Park LLC Delaware 1,142 USD - 3 -3 - -4 71.27% Daffodil Grove Storage LLC Delaware - USD - - - - - 71.27% Dairy Hills Wind Farm LLC Delaware - USD - - - - - 71.27% DC Michigan Solar LLC Delaware - USD - - - - - 60.58% Diamond Power Partners LLC Delaware - USD - - - - - 71.27% Drake Peak Solar Park LLC Delaware - USD - - - - - 71.27% Dry Creek Solar Park LLC Delaware - USD - - - - - 71.27% Duff Solar Park II LLC Delaware - USD - 2 -2 - -2 71.27% Duff Solar Park LLC Delaware - USD - - - - - 71.27% Duff Storage LLC Delaware - USD - - - - - 71.27% Eagle Creek Solar Park LLC Delaware 3,370,484 USD 3,937 888 3,048 - -1 71.27% East Klickitat Wind Power Project LLC Delaware - USD - - - - - 71.27% East River Solar LLC Delaware 5,762,907 USD 5,885 840 5,045 187 -44 60.58% Eastmill Solar Park LLC Delaware 1,142 USD - - - - -1 71.27% EDPR Aurora Holdings LLC Delaware 2,648 USD 1 1 - - - 71.27% EDPR CA Solar Park II LLC Delaware 112,312,592 USD 105,302 9,809 95,493 - -5,554 71.27% EDPR CA Solar Park III LLC Delaware 11,915,006 USD 11,882 1,139 10,743 - -1 71.27% EDPR CA Solar Park IV LLC Delaware - USD - - - - - 71.27% EDPR CA Solar Park LLC Delaware 213,800,560 USD 208,311 15,839 192,472 34 -337 71.27% EDPR CA Solar Park V LLC Delaware 953 USD - 9 -9 - -10 71.27% EDPR CA Solar Park VI LLC Delaware 13,868,452 USD 15,164 2,902 12,262 - -4 71.27% EDPR Dahlia DevCo LLC Delaware - USD - - - - - 71.27% EDPR Dahlia Holdings LLC Delaware - USD - - - - - 71.27% EDPR Magnolia DevCo LLC Delaware - USD - - - - - 71.27% EDPR Magnolia Holdings LLC Delaware - USD - - - - - 71.27% EDPR NA DG Holding LLC Delaware 226,907,766 USD 205,304 26 205,278 - -17 71.27% EDPR NA DG MN SLP LLC Delaware 2,127 USD - - - - -1 60.58% EDPR NA DG MN YMCA LLC Delaware 1,847,133 USD 1,676 37 1,639 26 -21 60.58% EDPR NA Distributed Generation LLC Delaware 215,503,773 USD 446,273 232,468 213,805 83 -15,923 60.58% EDPR NA Greenfield Solar Park LLC Delaware - USD - - - - - 71.27% EDPR NA Shelby Solar Park LLC Delaware - USD - - - - - 71.27% EDPR Northeast Allen Solar Park II LLC Delaware 598 USD - 2 -2 - -2 71.27% EDPR Northeast Allen Solar Park III LLC Delaware - USD - - - - - 71.27% EDPR Northeast Allen Solar Park LLC Delaware 1,540,341 USD 1,444 51 1,393 - -1 71.27% EDPR RS LLC Delaware - USD - - - - - 71.27% EDPR Scarlet I LLC Delaware 1,000 USD 1 50 -49 - -51 71.27% EDPR Scarlet II BESS LLC Delaware 30,098 USD - 11,757 -11,757 - -12,043 71.27% EDPR Scarlet II LLC Delaware 57,735,740 USD 245,195 268,803 -23,608 - -12,888 71.27% EDPR Scarlet III LLC Delaware - USD - - - - - 71.27% EDPR Solar Ventures I LLC Delaware 26,018,380 USD 48,150 3,682 44,468 - 135 35.64% EDPR Solar Ventures II LLC Delaware 51,353,422 USD 92,908 14,814 78,094 - 116 71.27% EDPR Solar Ventures III LLC Delaware 70,771,042 USD 82,861 158 82,703 - 4,828 71.27% EDPR Solar Ventures IV LLC Delaware 82,932,357 USD 108,974 139 108,835 - 8,913 71.27% EDPR Solar Ventures IX LLC Delaware -7,525,193 USD 141,039 147,849 -6,810 - - 71.27% EDPR Solar Ventures V LLC Delaware 40,017,667 USD 51,969 - 51,969 - 1,578 71.27% EDPR Solar Ventures VI LLC Delaware 260,342 USD 233,352 233,102 251 - 15 71.27% EDPR Solar Ventures VII LLC Delaware 31,342,292 USD 85,165 55,634 29,531 - 1,202 71.27% EDPR Solar Ventures VIII LLC Delaware 224,885,798 USD 254,081 50,564 203,517 - - 71.27% EDPR South Table LLC Nebraska - USD - - - - - 71.27% EDPR Vento I Holding LLC Delaware 234,177,080 USD 211,925 - 211,925 - - 71.27% EDPR Vento II Holding LLC Delaware - USD - - - - - 71.27% EDPR Vento III Holding LLC Delaware - USD - - - - - 71.27% EDPR Vento IV Holding LLC Delaware 124,699,780 USD 168,895 38,928 129,967 - - 71.27% EDPR WF LLC Delaware 45,647,816 USD 41,310 - 41,310 - - 71.27% EDPR Wind Ventures XI LLC Delaware 6,840,618 USD 154,155 68,970 85,185 - 13,544 36.35% EDPR Wind Ventures XII LLC Delaware 21,925,271 USD 72,863 36,172 36,691 - 5,054 36.35% EDPR Wind Ventures XIII LLC Delaware 65,265,396 USD 211,939 95,558 116,382 - 11,686 36.35% EDPR Wind Ventures XIV LLC Delaware 24,046,734 USD 183,330 99,057 84,274 - 14,201 36.35% EDPR Wind Ventures XIX LLC Delaware -93,040,497 USD 25,109 6,260 18,849 - 3,656 71.27% EDPR Wind Ventures XV LLC Delaware 111,383,070 USD 400,364 208,003 192,362 - 18,621 71.27% EDPR Wind Ventures XVI LLC Delaware 46,950,504 USD 119,901 59,841 60,060 - 4,897 71.27% EDPR Wind Ventures XVII LLC Delaware -172,371,835 USD 42,400 2,808 39,591 - 6,057 71.27% EDPR Wind Ventures XVIII LLC Delaware 149,222,752 USD 368,105 177,066 191,039 - 15,433 71.27% EDPR Wind Ventures XX LLC Delaware -93,058,731 USD 30,783 2,040 28,743 - 748 71.27% EDPR Wind Ventures XXI LLC Delaware 133,670,213 USD 241,610 99,245 142,365 - 8,953 71.27% EDPR Wind Ventures XXII LLC Delaware 367,771,752 USD 901,896 521,432 380,464 - 22,026 71.27% EDPR Wind Ventures XXIII LLC Delaware 124,852,320 USD 242,624 112,301 130,323 - 10,710 71.27% EDPR Wind Ventures XXIV LLC Delaware 85,768,411 USD 229,708 152,090 77,618 - - 71.27% EDPRNA Bar Harbor Holdings LLC Delaware 7,918,940 USD 7,165 4 7,161 - -5 60.58%
EDPRNA DG Bristol Solar LLC Delaware 126,861 USD 127 12 115 - - 60.58% EDPRNA DG CA 2016 Holdings LLC Delaware 1,573,850 USD 1,408 15 1,393 - -28 60.58% EDPRNA DG CA CLNS Fairfield LLC Delaware 25,156 USD - - - - -23 60.58% EDPRNA DG CA Mbusa LLC Delaware 45 USD - - - - - 60.58% EDPRNA DG California Development LLC Delaware 154,548 USD 8 21 -13 - -156 60.58% EDPRNA DG CI Sponsor 2 LLC Delaware 4,435 USD 2 - 2 - -1 60.58% EDPRNA DG CT Fund 1 MM LLC Delaware 19,221,533 USD 33,592 14,947 18,644 - -435 60.58% EDPRNA DG Distributed Sun Holding LLC Delaware 17,841,206 USD 16,541 434 16,107 - -39 60.58% EDPRNA DG Eaton Solar LLC Delaware 255,921 USD 232 - 232 - - 60.58% EDPRNA DG Energy Holdings Inc. Delaware 71,802 USD - - - - -21 60.58% EDPRNA DG Franklin LLC Delaware 3,535,633 USD 3,193 - 3,193 - -1 60.58% EDPRNA DG Gamma Holdings LLC Delaware 3,527,723 USD 3,056 - 3,056 - -6 60.58% EDPRNA DG Georgia Development LLC Delaware 290,844 USD 92 24 67 - -186 60.58% EDPRNA DG Illinois Development LLC Delaware 273,863 USD - 44 -44 - -187 60.58% EDPRNA DG Indiana Development LLC Delaware 42,772 USD - - - - -40 60.58% EDPRNA DG Kentucky Development LLC Delaware 155,264 USD 4 9 -5 - -149 60.58% EDPRNA DG Lessee Holdings LLC Delaware 2,485 USD - - - - -1 60.58% EDPRNA DG Livermore Solar LLC Delaware 469,721 USD 428 3 425 - - 60.58% EDPRNA DG LS RANCHO CUCAMONGA LLC Delaware 94 USD - - - - - 60.58% EDPRNA DG MA 2016 Holdings LLC Delaware 1,977,676 USD 1,599 4 1,595 - -40 60.58% EDPRNA DG MA Adams I Holdings LLC Delaware 11,659,350 USD 8,977 -9 8,986 - -837 60.58% EDPRNA DG MA Adams I LLC Delaware 9,862,532 USD 9,271 392 8,880 1,126 -13 60.58% EDPRNA DG MA Depcom Sponsor LLC Delaware 3,683,399 USD 3,331 - 3,331 - -1 60.58% EDPRNA DG MA Lakeville Sponsor LLC Delaware 8,418,325 USD 7,613 - 7,613 - -1 60.58% EDPRNA DG MA Managing Member LLC Delaware 20,822,632 USD 18,842 - 18,842 - -1 60.58% EDPRNA DG MA Owner LLC Delaware 20,820,095 USD 19,396 557 18,839 - -1 60.58% EDPRNA DG MA Swansea Holdings LLC Delaware 6,719,902 USD 5,118 593 4,525 - -730 60.58% EDPRNA DG MA Swansea LLC Delaware 5,652,372 USD 6,867 664 6,204 1,265 216 60.58% EDPRNA DG Manassas LLC Delaware 5,473,594 USD 4,975 23 4,953 - -1 60.58% EDPRNA DG Manning Solar LLC Delaware 329,493 USD 298 - 298 - - 60.58% EDPRNA DG Maryland Development LLC Delaware 4,733 USD - - - - -4 60.58% EDPRNA DG Michigan Development LLC Delaware 30,498 USD - 1 -1 - -29 60.58% EDPRNA DG Mississippi Development LLC Delaware 151,950 USD - 1 -1 - -66 60.58% EDPRNA DG Missouri Development LLC Delaware 26,539 USD - - - - -7 60.58% EDPRNA DG Morin LLC Delaware 1,821,394 USD 1,393 49 1,344 48 -163 60.58% EDPRNA DG Morton Solar LLC Delaware 87,155 USD 34 - 34 - -45 60.58% EDPRNA DG New York Development LLC Delaware 309,886 USD 53 7 46 - -93 60.58% EDPRNA DG O&M Services LLC Delaware -5,042 USD 13 - 13 - 25 60.58% EDPRNA DG OH Continental Solar LLC Delaware 152,979 USD 76 - 76 - -64 60.58% EDPRNA DG OH Massie Solar LLC Delaware 185,889 USD 123 - 123 - -47 60.58% EDPRNA DG Ohio Development LLC Delaware 3,100,875 USD 1,972 120 1,851 - -666 60.58% EDPRNA DG Pennsylvania Development LLC Delaware 99,259 USD - 18 -18 - -107 60.58% EDPRNA DG PR Aguadilla LLC Delaware 63,060 USD 69 15 54 - -3 60.58% EDPRNA DG PR Radar LLC Delaware 247,274 USD 118 17 101 - -125 60.58% EDPRNA DG Rho LLC Delaware 38,769,029 USD 74,333 29,436 44,897 5,466 4,198 60.58% EDPRNA DG Ridgefield BOE LLC Delaware 152,497 USD 145 17 128 - -48 60.58% EDPRNA DG RT ADDISON LLC Delaware 94 USD - - - - - 60.58% EDPRNA DG RT BEDFORD PARK, LLC Delaware 94 USD - - - - - 60.58% EDPRNA DG RT CHICAGO, LLC Delaware 79 USD - - - - - 60.58% EDPRNA DG Scripps 1 LLC Delaware 1,551,004 USD 2,108 983 1,125 103 -82 60.58% EDPRNA DG Solar Portfolio IV LLC Delaware -1,010,772 USD -933 - -933 - -19 60.58% EDPRNA DG Solar WF Portfolio LLC Delaware -10,904,841 USD -9,869 - -9,869 - -1 60.58% EDPRNA DG Starratt Sponsor LLC Delaware 19,755,595 USD 17,876 - 17,876 - -1 60.58% EDPRNA DG Texas Development LLC Delaware 129,224 USD - 1 -1 - -70 60.58% EDPRNA DG Virginia Development LLC Delaware 57,295 USD - - - - -53 60.58% EDPRNA DG Washington Solar LLC Delaware 45,877 USD 13 - 13 - -29 60.58% EDPRNA DG Wisconsin Development LLC Delaware 103,872 USD - - - - -32 60.58% EDPRNA DG WM 2020 Parent LLC Delaware 4,054 USD 2 - 2 - -1 60.58% EDPRNA DG WM Chester Leasing LLC Delaware 387,212 USD 367 52 315 19 10 60.58% EDPRNA DG WM DSA Sponsor LLC Delaware -3,191,724 USD 7,742 10,344 -2,602 - -379 60.58% EDPRNA DG WM Illinois 1998 LLC Delaware - USD - - - - - 60.58% EDPRNA DG WM Illinois 3459 LLC Delaware - USD - - - - - 60.58% EDPRNA DG WM Indian Land Leasing LLC Delaware 762,614 USD 735 104 632 40 26 60.58% EDPRNA DG WM Lake Wylie Leasing LLC Delaware 772,723 USD 748 108 640 41 27 60.58% EDPRNA DG WM Leasing LLC Delaware 2,504,817 USD 2,215 -49 2,264 - -1 60.58% EDPRNA DG WM Phase 1 Holdings LLC Delaware 2,447,502 USD 2,047 - 2,047 - -106 60.58% EDPRNA DG WM Pickens Leasing LLC Delaware 328,702 USD 347 52 294 17 17 60.58% EDPRNA DG XII Holdings LLC Delaware 26,941,367 USD 24,381 - 24,381 - -1 60.58% EDPRNA DG York County Sun LLC Delaware - USD - - - - - 60.58% EDPRNA DG-REA Solar LLC Delaware 9,885,048 USD 8,774 -166 8,940 - -1 60.58% Edwardsport Solar Park LLC Delaware - USD - 18 -18 - -18 71.27% Eighty South Solar Park LLC Delaware - USD - - - - - 71.27% Esker Solar Park II LLC Delaware - USD - - - - - 71.27% Esker Solar Park LLC Delaware 178,069 USD 175 14 161 - - 71.27% Estill Solar I LLC South Carolina 36,543,500 USD 34,382 1,825 32,557 1,573 -415 71.27% Five-Spot LLC Delaware - USD - - - - - 71.27% Flatland Storage LLC Delaware - USD - - - - - 71.27% Ford Wind Farm LLC Delaware - USD - - - - - 71.27% Franklin Wind Farm LLC Delaware - USD - - - - - 71.27% FRV CSU Power II LLC Delaware 8,873,310 USD 8,698 230 8,468 561 176 60.58% FRV SI Transport Solar L.P. Delaware 4,727,818 USD 4,501 137 4,364 272 90 60.58% Generate USF Fairburn LLC Delaware 40,246 USD 44 8 36 - -1 60.58% Generate USF Las Vegas LLC Delaware 62,993 USD 78 22 56 - -1 60.58% Generate USF Livermore LLC Delaware 3,209,370 USD 2,891 - 2,891 - -14 60.58% Generate USF Loveland LLC Delaware 39,902 USD 41 6 35 - 36 60.58% Generate USF McClellan LLC Delaware 3,495,799 USD 3,159 9 3,150 - -14 60.58% Generate USF N Las Vegas LLC Delaware 415,625 USD 396 20 375 - -1 60.58% Generate USF Phoenix LLC Delaware 69,484 USD 68 6 62 - -1 60.58% German Community Solar LLC Delaware 10,033,208 USD 10,751 1,744 9,006 483 -24 60.58% Gilpatrick Solar LLC Delaware 931,159 USD 846 4 842 - -1 60.58% Goldfinger Ventures III LLC Delaware - USD - - - - - 71.27% Green Country Wind Farm LLC Delaware - USD - - - - - 71.27% Green Power Offsets LLC Delaware 10,515 USD - - - - - 71.27% Greenbow Solar Park LLC Delaware 1,142 USD - 89 -89 - -92 71.27% Gulf Coast Windpower Management Company LLC Delaware - USD - - - - - 53.45% Hampton Solar II LLC South Carolina 33,073,438 USD 32,761 1,519 31,242 1,818 -165 71.27% HB Steel Community Solar LLC Delaware 2,982,910 USD 3,242 554 2,688 - -11 60.58% Headwaters Wind Farm II LLC Delaware 258,155,070 USD 267,256 90,422 176,834 12,507 5,164 71.27% Headwaters Wind Farm III LLC Delaware 5,514,296 USD 27,826 4,991 22,835 - -3 71.27% Headwaters Wind Farm IV LLC Delaware - USD - - - - - 71.27% Headwaters Wind Farm LLC Delaware 171,834,918 USD 273,355 27,713 245,642 28,030 9,367 36.35% Helena Harbor Solar Park LLC Delaware - USD - - - - - 71.27% Hickory Solar LLC Delaware 25,137,512 USD 105,730 62,637 43,094 - -755 71.27% Hidalgo Wind Farm II LLC Delaware 68,401,087 USD 66,975 20,235 46,739 -1,171 -6,302 71.27% Hidalgo Wind Farm LLC Delaware 346,070,125 USD 301,892 28,405 273,486 -7,598 -29,586 71.27% High Prairie Wind Farm II LLC Delaware 36,173,173 USD 82,559 12,760 69,799 11,398 1,882 36.35% High Trail Wind Farm LLC Delaware 110,235,588 USD 192,167 15,925 176,242 19,613 -3,899 71.27% Hobolochitto Solar Park LLC Delaware - USD - - - - - 71.27% Holly Hill Solar Park LLC Delaware - USD - - - - - 71.27%
Horizon Wind Chocolate Bayou I LLC Delaware - USD - - - - - 71.27% Horizon Wind Energy Midwest IX LLC Delaware - USD - - - - - 71.27% Horizon Wind Energy Northwest I LLC Delaware - USD - - - - - 71.27% Horizon Wind Energy Northwest IV LLC Delaware - USD - - - - - 71.27% Horizon Wind Energy Northwest VII LLC Delaware 253,177 USD - 146 -146 - -246 71.27% Horizon Wind Energy Northwest X LLC Delaware - USD - - - - - 71.27% Horizon Wind Energy Northwest XI LLC Delaware - USD - - - - - 71.27% Horizon Wind Energy Panhandle I LLC Delaware - USD - - - - - 71.27% Horizon Wind Energy Southwest I LLC Delaware - USD - - - - - 71.27% Horizon Wind Energy Southwest II LLC Delaware - USD - - - - - 71.27% Horizon Wind Energy Southwest III LLC Delaware - USD - - - - - 71.27% Horizon Wind Energy Southwest IV LLC Delaware - USD - - - - - 71.27% Horizon Wind Energy Valley I LLC Delaware - USD - - - - - 71.27% Horizon Wind Freeport Windpower I LLC Delaware - USD - - - - - 71.27% Horizon Wind MREC Iowa Partners LLC Delaware - USD - - - - - 53.45% Horizon Wind Ventures I LLC Delaware -240,989,722 USD 872,818 316,517 556,301 - 4,838 71.27% Horizon Wind Ventures III LLC Delaware -66,209,587 USD -10,492 2,864 -13,357 - 454 36.35% Horizon Wind Ventures IX LLC Delaware -6,548,888 USD 28,716 32,836 -4,121 - 1,729 36.35% Horizon Wyoming Transmission LLC Delaware - USD - - - - - 71.27% Horse Mountain Wind Farm LLC Delaware - USD - - - - - 71.27% Indiana Crossroads Solar Park II LLC Delaware - USD - 5 -5 - -5 71.27% Indiana Crossroads Wind Farm II LLC Delaware 85,768,411 USD 334,965 256,738 78,227 689 663 71.27% Indiana Crossroads Wind Ventures LLC Delaware - USD - 12 -12 - -13 71.27% Iron Valley Solar Park LLC Delaware - USD - - - - - 71.27% Jericho Rise Wind Farm LLC Delaware 110,437,893 USD 123,471 8,250 115,220 11,579 2,024 71.27% Jericho Solar Park LLC Delaware - USD - - - - - 71.27% Juniper Wind Power Partners LLC Delaware - USD - - - - - 71.27% Leprechaun Solar Park LLC Delaware - USD - - - - - 71.27% Lexington Chenoa Wind Farm II LLC Delaware 2,576,411 USD 2,208 421 1,787 - - 71.27% Lexington Chenoa Wind Farm III LLC Delaware - USD - - - - - 71.27% Lime Hollow Solar LLC Delaware 6,786,962 USD 6,311 881 5,429 206 -121 60.58% Little Brook Solar Park LLC Delaware - USD - - - - - 71.27% Loblolly Hill Solar Park LLC Delaware - USD - - - - - 71.27% Loki Solar Park LLC Delaware - USD - - - - - 71.27% Loma de la Gloria Solar Park LLC Delaware - USD - - - - - 71.27% Lone Valley Solar Park I LLC Delaware 20,280,953 USD 22,672 1,709 20,963 2,049 500 35.64% Lone Valley Solar Park II LLC Delaware 32,126,648 USD 42,325 3,365 38,960 4,372 1,645 35.64% Long Hollow Wind Farm LLC Delaware - USD - - - - - 71.27% Longleaf Storage LLC Delaware - USD - - - - - 71.27% Longroad ASD1 LLC Delaware 65,897 USD 69 4 65 10 6 60.58% Longroad CPA CDC1 LLC Delaware 1,007,145 USD 1,144 87 1,057 198 148 60.58% Longroad CPA CSU3 LLC Delaware 102,178 USD 180 46 135 58 43 60.58% Longroad CPA CSU4 LLC Delaware 559,044 USD 556 24 532 39 27 60.58% Longroad DG Portfolio I LLC Delaware 753,548 USD 2,927 2,209 718 2 37 60.58% Longroad Fund III Holdings LLC Delaware 19,686,395 USD 17,918 82 17,836 - 20 60.58% Longroad SD LLC Delaware 327,045 USD 619 150 469 172 177 60.58% Longroad SIT1 Hoboken LLC Delaware 98,628 USD 122 16 106 23 17 60.58% Longroad Solar Fund III LLC Delaware 19,369,318 USD 17,577 2 17,575 - 47 60.58% Longroad Solar Portfolio III LLC Delaware 2,685,126 USD 2,430 - 2,430 - - 60.58% Longroad ST6 Stockton LLC Delaware 542,275 USD 547 68 479 9 -12 60.58% Longroad WF7 Cheshire LLC Delaware 128,175 USD 136 22 114 8 -2 60.58% Longroad WGNJ1 LLC Delaware 205,311 USD 235 31 204 40 19 60.58% Longroad WGNJ2 LLC Delaware 43,328 USD 66 21 45 24 6 60.58% Lost Lakes Wind Farm LLC Delaware 112,082,181 USD 104,055 12,575 91,479 13,259 -1,531 71.27% Lotus Blocker LLC Delaware 151 USD - - - - - 71.27% Lotus DevCo II LLC Delaware 3,027 USD - - - - - 71.27% Lowland Solar Park LLC Delaware 16,530 USD - 4 -4 - -10 71.27% Loyal Wind Farm LLC Delaware - USD - - - - - 71.27% Lumberjack Storage LLC Delaware - USD - - - - - 71.27% Machias Wind Farm LLC Delaware - USD - - - - - 71.27% Madison Windpower LLC Delaware 19,905,225 USD 2,782 388 2,394 693 -869 71.27% Marathon Wind Farm LLC Delaware 3,891,464 USD 3,813 316 3,498 - - 71.27% Marble River LLC Delaware 182,733,302 USD 291,860 91,143 200,717 18,301 -4,780 71.27% Martinsdale Wind Farm LLC Delaware 5,272,577 USD 4,608 306 4,302 - -1 71.27% Mastamho Holdings LLC Delaware 48,344 USD 41 - 41 - -1 60.58% McLean Solar 2 LLC Delaware 6,181,205 USD 6,044 923 5,121 255 -41 60.58% ME Dover Foxcroft Solar LLC Delaware 1,390,625 USD 1,240 3 1,237 - -19 60.58% ME Ellsworth Solar LLC Delaware 934,963 USD 843 - 843 - -1 60.58% ME New Vineyard Solar LLC Delaware 287,825 USD - 10 -10 - -271 60.58% ME Rocky Hill Solar LLC Delaware 523,483 USD 479 7 471 - -2 60.58% ME Sandy Hill Solar LLC Delaware 244,078 USD 224 6 218 - -2 60.58% Meadow Lake Wind Farm II LLC Delaware 136,940,704 USD 111,778 12,817 98,961 10,483 -4,046 71.27% Meadow Lake Wind Farm III LLC Delaware 78,678,464 USD 124,828 42,124 82,704 11,375 1,554 71.27% Meadow Lake Wind Farm IV LLC Delaware 81,684,602 USD 100,913 33,981 66,932 8,264 -279 71.27% Meadow Lake Wind Farm LLC Delaware 171,743,789 USD 207,876 71,330 136,546 15,239 -2,349 71.27% Meadow Lake Wind Farm VIII LLC Delaware -203 USD - 29 -29 - -29 71.27% Mesquite Wind LLC Delaware 94,327,707 USD 147,208 7,064 140,143 8,820 -11,030 71.27% MidCoast C2 Solar LLC Delaware - USD - - - - - 60.58% Mineral Springs Solar Park LLC Delaware - USD - - - - - 71.27% Misenheimer Solar LLC Delaware 44,165,072 USD 139,448 99,486 39,962 - -7 71.27% MMA Belmar Power LP Delaware 219,943 USD 759 240 519 484 304 60.58% MMA BWS Power LP Delaware 88,449 USD 308 84 225 195 123 60.58% MMA CCC Power LP Delaware 98,701 USD 149 37 112 52 19 60.58% MMA DAS Power LP Delaware 596,966 USD 1,183 130 1,054 587 506 60.58% MMA Fresno Power LP Delaware 398,453 USD 585 153 432 221 39 60.58% MMA GDC Power LP Delaware 450,434 USD 695 73 623 267 188 60.58% MMA Happy Valley Power LP Delaware 52,314 USD 157 19 138 85 75 60.58% MMA LHIW Power LP Delaware 172,142 USD 214 66 148 42 -15 60.58% MMA MDS Power I LP Delaware 519,548 USD 520 125 394 66 -83 60.58% MMA MDS Power II LP Delaware 1,700,546 USD 1,573 336 1,237 93 -323 60.58% MMA MDS Power IV LP Delaware 286,511 USD 446 139 307 134 22 60.58% MMA Mission Bay Power LP Delaware 48,723 USD 138 32 107 101 47 60.58% MMA Renewable Ventures Solar Fund III LLC Delaware 6,503,429 USD 6,005 135 5,870 - -18 60.58% MMA Rita Power LLC Delaware -29,114 USD 396 177 219 258 230 60.58% MMA RMS Power LP Delaware 535,403 USD 366 118 248 41 -265 60.58% MMA Solar Fund III GP Sub Delaware - USD - - - - - 60.58% MMA SROSA Power LP Delaware -115,782 USD 369 102 268 36 370 60.58% MMA WBF Power LP Delaware 1,202,035 USD 1,187 177 1,010 7 -105 60.58% MN CSG 2 LLC Delaware 9,848,120 USD 9,008 592 8,416 462 -196 60.58% Mohave Power Holdings LLC Delaware 16,097,546 USD 14,567 - 14,567 - -1 60.58% Mohave Power LLC Delaware 16,096,950 USD 72,780 60,445 12,335 47 -1,788 60.58% Moonshine Solar Park LLC Delaware 1,798,265 USD 1,708 82 1,626 - - 71.27% Morgan Road Solar East LLC Delaware 9,300,828 USD 9,138 730 8,409 - -1 60.58% Morgan Road Solar West LLC Delaware 7,353,255 USD 7,700 1,053 6,646 - -1 60.58% MT Plentywood Solar I LLC Delaware - USD - - - - - 60.58% MT Plentywood Solar II LLC Delaware - USD - - - - - 60.58% NC Loy Farm Solar LLC Delaware - USD - - - - - 60.58% ND Crystal Solar I LLC Delaware - USD - - - - - 60.58% NDIW California RE LLC Delaware - USD - - - - - 71.27%
New Road Power LLC Delaware - USD - 56 -56 - -58 71.27% New Trail Wind Farm LLC Delaware - USD - - - - - 71.27% NH Hinsdale Solar LLC Delaware - USD - - - - - 60.58% North Coast Highway Solar 1 LLC Delaware 383,806 USD 316 4 312 - -36 60.58% North Coast Highway Solar 2 LLC Delaware 303,132 USD 243 3 240 - -35 60.58% North Slope Wind Farm LLC Delaware - USD - - - - - 71.27% Norton Solar I LLC Delaware 1,367,863 USD 1,705 54 1,651 321 20 60.58% Norton Solar II LLC Delaware 1,474,514 USD 1,681 54 1,628 319 14 60.58% Number Nine Wind Farm LLC Delaware - USD - - - - - 71.27% NV Solar Sparks LLC Delaware - USD - - - - - 60.58% NY CSG 2 Holdings LLC Delaware 27,150,409 USD 29,639 58 29,581 - -221 60.58% NY CSG 2 Sponsor LLC Delaware 27,158,992 USD 24,571 - 24,571 - -1 60.58% NY Hemlock Hills Solar LLC Delaware 3,195,155 USD 3,549 737 2,812 - -80 60.58% NY Mines Press Solar LLC Delaware 3,541,571 USD 7,228 4,223 3,005 322 -105 60.58% NY Morgan Solar LLC Delaware 16,637,678 USD 15,072 - 15,072 - -1 60.58% NY OG 1 Solar LLC Delaware 2,306 USD - - - - -1 60.58% OH FP COMMERCE CENTER LLC Delaware 94 USD - - - - - 60.58% Old Trail Wind Farm LLC Delaware 63,072,078 USD 197,444 14,696 182,748 33,549 10,447 36.35% Omega CSG 1 LLC Delaware -2,170,656 USD 11 - 11 - 157 60.58% OPQ Property LLC Delaware -203,019 USD - - - - - 71.27% Pacific Southwest Wind Farm LLC Delaware - USD - - - - - 71.27% Paulding Wind Farm II LLC Delaware 30,283,190 USD 121,671 18,576 103,095 19,516 7,715 36.35% Paulding Wind Farm III LLC Delaware 131,391,636 USD 162,077 17,266 144,811 11,346 3,641 71.27% Paulding Wind Farm IV LLC Delaware 205,967,245 USD 200,511 69,292 131,219 9,816 -278 71.27% Paulding Wind Farm LLC Delaware 36,645 USD - 2 -2 - -3 71.27% Paulding Wind Farm V LLC Delaware - USD - - - - - 71.27% Paulding Wind Farm VI LLC Delaware - USD - - - - - 71.27% Pearl River Solar Park LLC Delaware 75,762,528 USD 229,726 151,911 77,815 - 1,479 71.27% Penn Yan Solar I LLC Delaware 7,780,479 USD 9,628 2,435 7,193 803 217 60.58% Peterson Power Partners LLC Delaware - USD - - - - - 71.27% Pioneer Prairie Wind Farm I LLC Delaware 126,085,318 USD 299,299 31,127 268,173 49,587 12,033 36.35% Piscataquis Valley Solar LLC Delaware 1,370,005 USD 1,239 9 1,230 - -9 60.58% Pleasantville Solar Park LLC Delaware 2,549,633 USD 3,355 1,050 2,305 - - 71.27% Plum Nellie Wind Farm LLC Delaware 4,529,744 USD 4,817 771 4,046 - 4 71.27% Poplar Camp Wind Farm LLC Delaware - USD - - - - - 71.27% Poplarville Solar Park LLC Delaware - USD - - - - - 71.27% Post Oak Wind LLC Delaware 101,518,327 USD 160,861 6,466 154,396 9,258 -13,637 36.35% Potsdam Community Solar LLC Delaware 6,706,926 USD 8,016 1,763 6,253 516 188 60.58% Prospector Solar Park LLC Delaware - USD - - - - - 71.27% Pueblo Norte Solar Park LLC Delaware - USD - - - - - 71.27% Quilt Block Wind Farm II LLC Delaware 845 USD - - - - -1 71.27% Ragsdale Solar II LLC Delaware 1,619 USD 3,648 3,648 - - -1 71.27% Ragsdale Solar LLC Delaware 31,322,450 USD 69,730 34,558 35,172 - 899 71.27% Rail Splitter Wind Farm II LLC Delaware 2,109,420 USD 1,951 43 1,909 - - 71.27% Rail Splitter Wind Farm LLC Delaware 186,629,152 USD 121,329 14,471 106,858 8,518 -4,770 71.27% Randolph Solar Park LLC Delaware 73,432,102 USD 220,534 154,294 66,241 - -84 71.27% RE Scarlet LLC Delaware 117,752,681 USD 105,814 31,193 74,621 8 -18,216 71.27% REA-EDPRNA DG 2016 Lessee LLC Delaware 8,121,223 USD 6,331 16 6,315 - -592 60.58% Reloj del Sol Wind Farm LLC Delaware 312,554,226 USD 288,014 35,946 252,067 2,464 -2,291 71.27% Renewable Ventures Solar Fund V GP LLC Delaware 18,224,931 USD 16,493 - 16,493 - -1 60.58% Renewable Ventures Solar Fund V LLC Delaware 18,016,959 USD 16,307 14 16,293 - -12 60.58% Renewable Ventures V Equity Holdings LLC Delaware 17,951,167 USD 16,114 - 16,114 - -104 60.58% Renewable Ventures V GP Holdings LLC Delaware - USD - - - - - 60.58% Renville County Wind Farm LLC Delaware 1,965,004 USD 1,832 54 1,777 - -1 71.27% RevEnergy C2 Franklin LLC Delaware 1,666,535 USD 1,825 208 1,618 262 -32 60.58% RI Abrava Solar LLC Delaware 7,585,567 USD 8,119 1,347 6,773 435 85 60.58% RI- Moo Cow Delaware 4,524,181 USD 4,104 11 4,093 - -2 60.58% RI Quarry Solar LLC Delaware 327,506 USD 299 6 293 - -1 60.58% RI Sposato Solar LLC Delaware 281,836 USD 1,637 1,349 288 127 45 60.58% Rio Blanco Wind Farm LLC Delaware 3,108,784 USD 2,815 2 2,813 - - 71.27% Rising Tree Wind Farm II LLC Delaware 19,268,399 USD 26,954 2,057 24,897 2,762 531 36.35% Rising Tree Wind Farm III LLC Delaware 96,812,598 USD 147,704 2,570 145,134 19,415 6,290 36.35% Rising Tree Wind Farm LLC Delaware 61,107,869 USD 117,455 2,123 115,333 17,950 7,902 36.35% Riverstart Solar Park II LLC Delaware 396 USD - 2 -2 - -2 71.27% Riverstart Solar Park III LLC Delaware 56,765,484 USD 161,322 110,121 51,201 - -3,175 71.27% Riverstart Solar Park IV LLC Delaware 7,471,048 USD 12,367 1,822 10,546 - 997 71.27% Riverstart Solar Park V LLC Delaware 598 USD - 29 -29 - -31 71.27% Riverstart Solar Park VI LLC Delaware - USD - - - - - 71.27% Rock Dane Solar Park LLC Delaware - USD - - - - - 71.27% Rolling Upland Wind Farm LLC Delaware 1,142 USD - - - - -1 71.27% Rose Run Solar Park LLC Delaware 516 USD - - - - - 71.27% Rosewater Ventures LLC Delaware - USD - - - - - 71.27% Route 13 Solar LLC Delaware 7,021,280 USD 6,461 937 5,524 141 -138 60.58% Route 149 LLC Delaware 2,471,272 USD 2,366 208 2,158 148 -28 60.58% RS Holyoke 3 LLC Delaware 1,767,341 USD 1,671 152 1,519 188 -101 60.58% RSBF Jeffco II LLC Delaware 2,129,277 USD 1,943 83 1,860 222 -56 60.58% RTSW Solar Park II LLC Delaware - USD - - - - - 71.27% RTSW Solar Park III LLC Delaware - USD - - - - - 71.27% RTSW Solar Park IV LLC Delaware - USD - - - - - 71.27% RTSW Solar Park LLC Delaware - USD - - - - - 71.27% RTSW Solar Park V LLC Delaware - USD - - - - - 71.27% RTSW Solar Park VI LLC Delaware - USD - - - - - 71.27% Rush County Wind Farm LLC Delaware 2,920,496 USD 2,662 19 2,643 - - 71.27% RV CSU Power LLC Delaware 4,204,822 USD 4,736 198 4,539 664 381 60.58% Rye Patch Solar Park LLC Delaware - USD - - - - - 71.27% Saddleback Wind Power Project LLC Delaware 1,354,487 USD 11 7 4 - - 71.27% Sagebrush Power Partners LLC Delaware 134,939,688 USD 125,414 8,331 117,083 12,838 -38 71.27% Sailor Springs Solar Park LLC Delaware 520 USD 7 401 -394 - -403 71.27% Salt Lick Solar Park LLC Delaware 1,142 USD - - - - -1 71.27% San Clemente Solar Park LLC Delaware - USD - - - - - 71.27% Sandrini BESS Storage LLC Delaware - USD - - - - - 71.27% Sandrini LandCo LLC Delaware - USD - - - - - 71.27% Sardinia Windpower LLC Delaware - USD - - - - - 71.27% Sawmill Junction Solar Park LLC Delaware 3,584,685 USD 3,688 445 3,244 - - 71.27% SC Beaufort Jasper Solar LLC Delaware 196,377 USD 9 5 4 - -167 60.58% SC Southern Wesleyan Solar LLC Delaware - USD - - - - - 60.58% Sedge Meadow Solar Park LLC Delaware - USD - 26 -26 - -26 71.27% Shields Drive LLC Delaware 2,401,451 USD 2,201 116 2,084 132 -38 60.58% Shullsburg Wind Farm LLC Delaware - USD - - - - - 71.27% Shy Place Solar Park LLC Delaware - USD - - - - - 71.27% Signal Hill Wind Power Project LLC Delaware 4,502 USD - - - - - 71.27% Simpson Ridge Wind Farm II LLC Delaware - USD - - - - - 71.27% Simpson Ridge Wind Farm III LLC Delaware - USD - - - - - 71.27% Simpson Ridge Wind Farm IV LLC Delaware - USD - - - - - 71.27% Simpson Ridge Wind Farm LLC Delaware - USD - - - - - 71.27% Simpson Ridge Wind Farm V LLC Delaware - USD - - - - - 71.27% SLX Project 1080 LLC Delaware 1,555,984 USD 1,631 167 1,464 229 -74 60.58% Smart Sunscribe LLC Delaware 2,196 USD - - - - -1 60.58% Solar Ventures Purchasing LLC Delaware -25,067,457 USD 1,572 2,339 -767 - -1 71.27%
Soteria Solar Services LLC Delaware 5,703,348 USD 4,584 8 4,575 - -170 60.58% Spruce Ridge Wind Farm LLC Delaware - USD - - - - - 71.27% Stinson Mills Wind Farm LLC Delaware 4,704,419 USD 4,200 32 4,167 - - 71.27% Stone North Solar Park LLC Delaware - USD - - - - - 71.27% Strawberry Solar Farm LLC Delaware 3,645,700 USD 3,735 391 3,344 238 92 60.58% Sugar Plum Solar Park LLC Delaware - USD - - - - - 71.27% SunE Bristow MS LLC Delaware 58,345 USD 72 11 61 20 8 60.58% SunE CPA CDC2 LLC Delaware 799,604 USD 926 80 846 227 125 60.58% SunE CPA CSU5 LLC Delaware 16,980 USD 119 40 79 73 47 60.58% SunE CPA CTS1 LLC Delaware 135,587 USD 219 32 186 78 65 60.58% SunE D14 ATC-A Holdings LLC Delaware 1,168,981 USD 1,393 163 1,230 101 176 60.58% SunE D14 DGS-A Holdings LLC Delaware 5,828,096 USD 6,056 392 5,664 550 398 60.58% SunE D14 KHL-A Holdings LLC Delaware 2,313,674 USD 2,609 283 2,326 357 237 60.58% SunE D14 MISC-A Holdings LLC Delaware 9,317,492 USD 9,435 976 8,459 661 28 60.58% SunE D14 MISC-B Holdings LLC Delaware 2,496,235 USD 2,622 297 2,325 269 67 60.58% SunE D14 SPLS-A Holdings LLC Delaware 2,385,930 USD 2,757 376 2,381 378 226 60.58% SunE D14 WMT-A Holdings LLC Delaware 630,610 USD 905 211 694 219 126 60.58% SunE Fairfield SSD LLC Delaware 834,354 USD 919 73 846 184 92 60.58% SunE H3 Holdings LLC Delaware 1,238,310 USD 3,973 1,003 2,971 1,798 1,450 60.58% SunE Lakeland Center LLC Delaware 174,813 USD 222 33 188 53 31 60.58% SunE M5 Holdings LLC Delaware -3,739,375 USD 6,476 10,044 -3,568 666 -188 60.58% SunE M5B Holdings LLC Delaware 3,888,524 USD 8,239 4,726 3,513 335 -6 60.58% SunE M5C Holdings LLC Delaware -935,893 USD 6,347 7,179 -832 516 16 60.58% SunE MCPS Clarksburg LLC Delaware 181,761 USD 231 34 197 39 33 60.58% SunE MCPS FSK LLC Delaware 60,123 USD 78 11 67 15 13 60.58% SunE MCPS Gardens LLC Delaware 54,367 USD 64 9 55 8 5 60.58% SunE MCPS Lakelands LLC Delaware 71,042 USD 91 14 78 16 14 60.58% SunE MCPS Montgomery LLC Delaware 71,452 USD 93 13 80 17 16 60.58% SunE MCPS Parkland LLC Delaware 95,149 USD 126 18 108 24 22 60.58% SunE MCPS Quince Orchard LLC Delaware 151,838 USD 203 28 175 40 38 60.58% SunE MCPS Shriver LLC Delaware 62,738 USD 78 11 67 13 10 60.58% SunE Multnomah JBY LLC Delaware 169,951 USD 191 30 162 21 8 60.58% SunE Multnomah JJC LLC Delaware 199,595 USD 223 33 190 23 9 60.58% SunE NC Progress1 LLC Delaware 734,977 USD 977 76 901 313 241 60.58% SunE NLB-2 LLC Delaware 677,679 USD 806 78 729 171 118 60.58% SunE PD Oak LLC Delaware 236,977 USD 351 61 289 149 77 60.58% SunE PD Sycamore LLC Delaware 146,617 USD 184 30 154 48 22 60.58% SunE PD Willow LLC Delaware 73,249 USD 112 20 92 38 26 60.58% SunE PNMC Roof LLC Delaware -6,000 USD 13 12 - 8 6 60.58% SunE Solar IV LLC Delaware -1,055,275 USD 1,965 2,892 -927 - 32 60.58% SunE Solar V LLC Delaware 3,321,785 USD -129 -2,738 2,609 18 -406 60.58% SunE Solar VI LLC Delaware 2,033,703 USD 1,829 - 1,829 - -11 60.58% SunE Solar XII LLC Delaware 26,609,483 USD 24,346 281 24,065 - -16 60.58% SunE Solar XIV LLC Delaware 2,669,307 USD 23,640 21,248 2,392 - -24 60.58% SunE SR1 Arvada5 LLC Delaware 466,973 USD 513 41 473 87 51 60.58% SunE SR1 NREL LLC Delaware 389,022 USD 590 49 541 245 193 60.58% SunE SR1 Rifle PS LLC Delaware -40,875 USD 321 39 282 238 225 60.58% SunE U6 Holdings LLC Delaware 1,880,161 USD 10,013 8,155 1,857 737 177 60.58% SunE W12DG-A LLC Delaware 8,406,088 USD 8,427 791 7,636 1,014 -77 60.58% SunE W12DG-B LLC Delaware 5,841,946 USD 6,413 644 5,769 754 411 60.58% SunE W12DG-C LLC Delaware 8,952,983 USD 10,114 1,288 8,825 1,757 499 60.58% SunE W12DG-D LLC Delaware 2,227,026 USD 2,610 325 2,286 491 192 60.58% SunE WF3 KHL A Holdings LLC Delaware 4,089,203 USD 5,125 816 4,309 1,043 622 60.58% SunE WF3 KHL B Holdings LLC Delaware 3,197,308 USD 4,667 875 3,792 1,268 918 60.58% SunE WF3-BART Holdings LLC Delaware 193,113 USD 265 51 214 71 41 60.58% SunE WF3-Broomfield Holdings LLC Delaware 111,753 USD 198 42 156 77 56 60.58% SunE WF3-ST Holdings LLC Delaware 3,031,143 USD 3,924 598 3,327 761 596 60.58% SunE WF3-WG Holdings LLC Delaware 2,877,064 USD 3,751 674 3,077 812 484 60.58% SunE WMT PR2 LLC Delaware 1,472,758 USD 1,452 124 1,328 147 -2 60.58% SunE H4 Holdings LLC Delaware 2,171,497 USD 1,656 -160 1,816 385 -26 60.58% SunE Solar III LLC Delaware -11,195,728 USD 1,386 11,537 -10,151 - -18 60.58% Sustaining Power Solutions LLC Delaware 184,755,078 USD 39,937 17,410 22,527 23,253 -5,418 71.27% Sweet Acres Solar Park LLC Delaware - USD - - - - - 71.27% Sweet Stream Wind Farm LLC Delaware - USD - - - - - 71.27% Telocaset Wind Power Partners LLC Delaware -32,058,163 USD 84,288 7,740 76,548 21,073 8,208 36.35% Three Lakes Solar LLC Delaware - USD - - - - - 71.27% Tillman Solar Park II LLC Delaware - USD - - - - - 71.27% Tillman Solar Park LLC Delaware 396 USD - 2 -2 - -2 71.27% Tillman Storage LLC Delaware - USD - - - - - 71.27% Timber Road II Storage LLC Delaware - USD - - - - - 71.27% Timber Road III Storage LLC Delaware - USD - - - - - 71.27% Timber Road Solar Park II LLC Delaware 92 USD 266 266 - - - 71.27% Timber Road Solar Park III LLC Delaware - USD - - - - - 71.27% Timber Road Solar Park LLC Delaware 47,542,355 USD 87,968 42,615 45,353 868 154 71.27% Top Crop I Storage LLC Delaware - USD - - - - - 71.27% Top Crop II Storage LLC Delaware - USD - - - - - 71.27% Trailing Springs Storage LLC Delaware - USD - - - - - 71.27% Trolley Barn Storage LLC Delaware - USD - - - - - 71.27% Tug Hill Windpower LLC Delaware - USD - - - - - 71.27% Tumbleweed Wind Power Project LLC Delaware 4,003 USD - - - - - 71.27% Turtle Creek Wind Farm LLC Delaware 240,892,465 USD 264,115 22,105 242,010 17,137 3,839 71.27% Twenty North Solar Park LLC Delaware - USD - - - - - 71.27% Twin Groves I Storage LLC Delaware - USD - - - - - 71.27% Twin Groves II Storage LLC Delaware - USD - - - - - 71.27% Upper Road LLC Delaware 2,265,780 USD 2,244 189 2,055 137 -24 60.58% VT Stone Valley LLC Delaware 2,294 USD - - - - -1 60.58% Waverly Wind Farm II LLC Delaware - USD - - - - - 71.27% Waverly Wind Farm LLC Delaware 201,650,518 USD 232,822 13,405 219,416 20,791 3,761 36.35% Western Trail Wind Project I LLC Delaware 4,574,547 USD - 5 -5 - -4,236 71.27% Wheat field Holding LLC Delaware -42,174,601 USD -38,303 26 -38,329 - -38 36.35% Wheat field Wind Power Project LLC Delaware -42,325,200 USD 76,994 23,786 53,208 13,081 5,343 36.35% Whiskey Ridge Power Partners LLC Delaware - USD - - - - - 71.27% Whistling Wind WI Energy Center LLC Delaware - USD - - - - - 71.27% White Stone Solar Park LLC Delaware - USD - - - - - 71.27% Whitestone Wind Purchasing LLC Delaware 137,732,545 USD 563,052 413,475 149,577 - -4,789 71.27% Wildcat Creek Wind Farm LLC Delaware 263,914,334 USD 253,968 19,365 234,603 19,257 -2,242 71.27% Wilson Creek Power Project LLC Delaware - USD - - - - - 71.27% Wind Turbine Prometheus LP Delaware 5,990 USD - - - - - 71.27% Winding Canyon Wind LLC Delaware - USD - - - - - 71.27% Wolf Run Solar LLC Delaware 96,904 USD 190,456 154,238 36,218 - -1,087 71.27% Wrangler Solar Park LLC Delaware - USD - - - - - 71.27% WTP Management Company LLC Delaware - USD - - - - - 71.27% Canada: Blue Bridge Solar Park GP Ltd British Columbia - CAD 4 4 - - - 71.27% Blue Bridge Solar Park LP Alberta - CAD 83 357 -274 - -21 71.27% Bromhead Solar Park GP Ltd British Columbia - CAD - - - - - 71.27% Bromhead Solar Park LP Saskatchewan - CAD 82 337 -254 - -1 71.27% Edgeware BESS Project GP Ltd. British Columbia - CAD - - - - - 71.27%
Edgeware BESS Project LP Ont\u00e1rio - CAD - - - - - 35.64% EDP Renewables Canada Ltd. British Columbia 290,352,084 CAD 363,298 174,207 189,092 - -3,486 71.27% EDP Renewables Canada Management Services Ltd British Columbia -3,806,022 CAD 7,310 9,910 -2,599 744 - 71.27% EDP Renewables SH II Project GP Ltd British Columbia - CAD - - - - - 71.27% EDP Renewables SH II Project LP Alberta - CAD - - - - - 71.27% EDP Renewables Sharp Hills Project GP Ltd. British Columbia 15,495 CAD 11 9 1 - -8 71.27% EDP Renewables Sharp Hills Project LP Alberta 154,947,568 CAD 406,039 305,919 100,120 2,941 -466 71.27% Halbrite Solar Park GP Ltd British Columbia - CAD - - - - - 71.27% Halbrite Solar Park LP Saskatchewan - CAD 82 337 -254 - -1 71.27% Nation Rise Wind Farm GP Inc. British Columbia 1,690 CAD 13 42 -29 - -6 71.27% Nation Rise Wind Farm LP Ont\u00e1rio 74,644,443 CAD 203,538 146,535 57,003 13,016 -1,021 35.63% SBWF GP Inc. British Columbia -687 CAD 1 - - - - 36.35% Sounding Creek Solar Park GP Ltd. British Columbia - CAD - - - - - 71.27% Sounding Creek Solar Park LP Alberta - CAD - - - - - 71.27% South Branch BESS Project GP Ltd. Ont\u00e1rio - CAD - - - - - 71.27% South Branch BESS Project Limited Partnership Ont\u00e1rio - CAD - - - - - 71.27% South Branch Wind Farm II GP Inc. British Columbia - CAD - - - - - 71.27% South Branch Wind Farm II LP Ont\u00e1rio 1,223,326 CAD 2,076 1,747 330 - -7 71.27% South Dundas Wind Farm LP Ont\u00e1rio -9,451,030 CAD 43,876 18,942 24,934 6,423 2,665 36.35% Mexico: EDPR Servicios de M\u00e9xico, S. de R.L. de C.V. Mexico City 167,088,650 MXN 7,709 1,042 6,667 1,836 261 71.27% E\u00f3lica de Coahuila, S.A. de C.V. Mexico City 7,792,042 USD 270,760 225,702 45,058 47,164 2,331 36.35% Parque Solar Los Cuervos, S. de R.L. de C.V. Mexico City 180,244,480 USD 252,580 75,383 177,198 18,397 8,379 71.27% Vientos de Coahuila, S.A. de C.V. Mexico City 145,594,263 USD 205,905 86,599 119,306 3,844 -6,192 71.27% South America Geography / Platform: Brazil: EDP Renov\u00e1veis Brasil, S.A. (EDPR BR Subgroup Parent Company) S\u00e3o Paulo 3,876,263,545 BRL 1,043,199 217,876 825,323 8,725 57,738 71.27% Central E\u00f3lica Amanhecer I, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central E\u00f3lica Amanhecer II, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central E\u00f3lica Amanhecer III, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central E\u00f3lica Amanhecer IV, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central E\u00f3lica Amanhecer V, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central E\u00f3lica Amanhecer VI, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central E\u00f3lica Amanhecer VII, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central E\u00f3lica Asas de Zabel\u00ea I, S.A. S\u00e3o Paulo 50 BRL - - - - - 71.27% Central E\u00f3lica Asas de Zabel\u00ea II, S.A. S\u00e3o Paulo 50 BRL - - - - - 71.27% Central E\u00f3lica Asas de Zabel\u00ea III, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central E\u00f3lica Asas de Zabel\u00ea IV, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central E\u00f3lica Asas de Zabel\u00ea V, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central E\u00f3lica Asas de Zabel\u00ea VI, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central E\u00f3lica Asas de Zabel\u00ea VII, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central E\u00f3lica Aventura I, S.A. S\u00e3o Paulo 81,678,829 BRL 25,643 9,940 15,703 3,030 -367 36.35% Central E\u00f3lica Baixa do Feij\u00e3o I, S.A. S\u00e3o Paulo 39,216,713 BRL 24,328 14,567 9,761 3,223 119 36.35% Central E\u00f3lica Baixa do Feij\u00e3o II, S.A. S\u00e3o Paulo 40,551,200 BRL 23,898 13,740 10,158 3,027 -137 36.35% Central E\u00f3lica Baixa do Feij\u00e3o III, S.A. S\u00e3o Paulo 67,416,713 BRL 26,665 15,050 11,615 2,956 -751 36.35% Central E\u00f3lica Baixa do Feij\u00e3o IV, S.A. S\u00e3o Paulo 44,433,110 BRL 23,104 13,995 9,108 2,937 -405 36.35% Central E\u00f3lica Borborema I, S.A. S\u00e3o Paulo 4,946,440 BRL 871 1,660 -788 - -22 71.27% Central E\u00f3lica Borborema II, S.A. S\u00e3o Paulo 4,834,670 BRL 894 2,227 -1,333 - -12 71.27% Central E\u00f3lica Borborema III, S.A. S\u00e3o Paulo 505,500 BRL 616 1,371 -755 - -24 71.27% Central E\u00f3lica Borborema IV, S.A. S\u00e3o Paulo 505,500 BRL 572 1,605 -1,034 - -15 71.27% Central E\u00f3lica Catanduba I, S.A. S\u00e3o Paulo 46,948,500 BRL 62,927 54,471 8,456 - 21 71.27% Central E\u00f3lica Catanduba II, S.A. S\u00e3o Paulo 46,948,500 BRL 58,534 49,905 8,629 6 -84 71.27% Central E\u00f3lica Ita\u00fana I, S.A. S\u00e3o Paulo 50 BRL 5,455 5,475 -21 - -20 71.27% Central E\u00f3lica Ita\u00fana II, S.A. S\u00e3o Paulo 50 BRL 7,273 7,293 -20 - -20 71.27% Central E\u00f3lica Ita\u00fana III, S.A. S\u00e3o Paulo 50 BRL 12,718 12,746 -28 - -28 71.27% Central E\u00f3lica JAU, S.A. S\u00e3o Paulo 174,051,904 BRL 77,283 34,000 43,283 9,305 344 36.35% Central E\u00f3lica Monte Verde I, S.A. Lagoa Nova 80,156,000 BRL 62,494 44,689 17,805 10,023 4,679 71.27% Central E\u00f3lica Monte Verde II, S.A. Lagoa Nova 80,156,000 BRL 67,935 55,351 12,584 7,454 -1,388 71.27% Central E\u00f3lica Monte Verde III, S.A. Lagoa Nova 70,136,600 BRL 59,768 47,996 11,772 7,427 -444 71.27% Central E\u00f3lica Monte Verde IV, S.A. Lagoa Nova 55,106,000 BRL 63,234 53,081 10,152 6,953 576 71.27% Central E\u00f3lica Monte Verde V, S.A. Lagoa Nova 40,077,400 BRL 37,291 30,534 6,757 4,397 -221 71.27% Central E\u00f3lica Monte Verde VI, S.A. Lagoa Nova 52,306,600 BRL 50,483 41,212 9,271 6,077 103 71.27% Central E\u00f3lica S\u00e3o Domingos I, S.A. S\u00e3o Paulo 50 BRL 9,090 9,114 -24 - -24 71.27% Central E\u00f3lica S\u00e3o Domingos II, S.A. S\u00e3o Paulo 50 BRL 10,908 10,937 -29 - -29 71.27% Central E\u00f3lica S\u00e3o Domingos III, S.A. S\u00e3o Paulo 50 BRL 5,454 5,471 -17 - -17 71.27% Central E\u00f3lica S\u00e3o Domingos IV, S.A. S\u00e3o Paulo 50 BRL 7,267 7,283 -16 - -16 71.27% Central E\u00f3lica S\u00e3o Domingos V, S.A. S\u00e3o Paulo 50 BRL 3,633 3,641 -8 - -8 71.27% Central Geradora Fotovoltaica Monte Verde Solar I, S.A. S\u00e3o Paulo 50 BRL - 4 -4 - -4 71.27% Central Geradora Fotovoltaica Monte Verde Solar II, S.A. S\u00e3o Paulo 45,727,311 BRL 37,339 28,965 8,374 7 -66 71.27% Central Geradora Fotovoltaica Monte Verde Solar III, S.A. S\u00e3o Paulo 45,727,311 BRL 47,377 39,038 8,340 6 -100 71.27% Central Geradora Fotovoltaica Monte Verde Solar IV, S.A. S\u00e3o Paulo 45,727,311 BRL 35,506 27,083 8,423 - -17 71.27% Central Geradora Fotovoltaica Monte Verde Solar V, S.A. S\u00e3o Paulo 45,727,311 BRL 35,360 27,031 8,329 - -110 71.27% Central Geradora Fotovoltaica Monte Verde Solar VI, S.A. S\u00e3o Paulo 50 BRL - 4 -4 - -4 71.27% Central Geradora Fotovoltaica Monte Verde Solar VII, S.A. S\u00e3o Paulo 59,699,200 BRL 35,466 24,740 10,726 - -319 71.27% Central Nacional de Energia E\u00f3lica, S.A. S\u00e3o Paulo 12,396,000 BRL 5,559 2,048 3,511 2,302 935 36.35% Central Solar F\u00eanix I, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central Solar F\u00eanix II, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central Solar F\u00eanix IV, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central Solar F\u00eanix V, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central Solar F\u00eanix VI, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central Solar Lagoa I, S.A. S\u00e3o Paulo 2,390,000 BRL 2,141 1,752 388 - -27 71.27% Central Solar Lagoa II, S.A. S\u00e3o Paulo 2,210,000 BRL 2,065 1,709 355 - -27 71.27% Central Solar Minas do Sol II, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central Solar Minas do Sol III, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central Solar Minas do Sol IV, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central Solar Minas do Sol V, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central Solar Minas do Sol VI, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central Solar Minas do Sol VIII, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central Solar Novo Oriente I, S.A. S\u00e3o Paulo 58,950,500 BRL 27,164 18,163 9,001 - -19 71.27% Central Solar Novo Oriente II, S.A. S\u00e3o Paulo 53,670,500 BRL 25,903 18,110 7,793 - -17 71.27% Central Solar Novo Oriente III, S.A. S\u00e3o Paulo 57,850,500 BRL 26,543 15,800 10,743 - -37 71.27% Central Solar Novo Oriente IV, S.A. S\u00e3o Paulo 43,440,500 BRL 27,185 19,161 8,024 - -73 71.27% Central Solar Novo Oriente V, S.A. S\u00e3o Paulo 78,150,500 BRL 38,846 24,406 14,440 - -130 71.27% Central Solar Novo Oriente VI, S.A. S\u00e3o Paulo 22,800,500 BRL 28,678 24,871 3,807 - -95 71.27% Central Solar Pereira Barreto I, S.A. Pereira Barreto 114,206,475 BRL 29,592 5,681 23,910 3,449 1,445 71.27% Central Solar Pereira Barreto II, S.A. Pereira Barreto 107,135,544 BRL 28,233 5,521 22,712 3,323 1,426 71.27% Central Solar Pereira Barreto III, S.A. Pereira Barreto 170,593,505 BRL 37,168 3,446 33,721 3,148 1,050 71.27% Central Solar Pereira Barreto IV, S.A. Pereira Barreto 116,198,114 BRL 28,933 5,453 23,480 3,181 1,326 71.27% Central Solar Pereira Barreto V, S.A. Pereira Barreto 117,915,000 BRL 27,362 4,785 22,577 2,810 1,117 71.27% Central Solar Presidente JK I, S.A. S\u00e3o Paulo 3,186,366 BRL 1 1 - - -2 71.27% Central Solar Presidente JK VII, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central Solar Presidente JK XI, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central Solar Zebu I, S.A. S\u00e3o Paulo 3,599,032 BRL 582 1 580 - -1 71.27% Central Solar Zebu II, S.A. S\u00e3o Paulo 50 BRL - - - - - 71.27% Central Solar Zebu III, S.A. S\u00e3o Paulo 50 BRL - - - - - 71.27% Central Solar Zebu IV, S.A. S\u00e3o Paulo 50 BRL - - - - - 71.27% Central Solar Zebu V, S.A. S\u00e3o Paulo 50 BRL - - - - - 71.27%
Central Solar Zebu VI, S.A. S\u00e3o Paulo 50 BRL - - - - - 71.27% Central Solar Zebu VII, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central E\u00f3lica Barra I, S.A. Lagoa Nova 10,000 BRL 1 1 1 - -1 71.27% Central E\u00f3lica Barra II, S.A. Lagoa Nova 10,000 BRL 1 1 1 - -1 71.27% Central E\u00f3lica Barra III, S.A. Lagoa Nova 10,000 BRL 1 1 1 - -1 71.27% Central E\u00f3lica Barra IV, S.A. Lagoa Nova 10,000 BRL 1 1 1 - -1 71.27% Central E\u00f3lica Barra V, S.A. Lagoa Nova 10,000 BRL 1 1 1 - -1 71.27% Central E\u00f3lica Barra VI, S.A. Lagoa Nova 10,000 BRL 1 1 1 - -1 71.27% Central E\u00f3lica Barra VII, S.A. Lagoa Nova 10,000 BRL 1 1 1 - -1 71.27% Central E\u00f3lica Barra VIII, S.A. Lagoa Nova 10,000 BRL 1 1 1 - -1 71.27% Central E\u00f3lica Barra IX, S.A. Lagoa Nova 10,000 BRL 2 1 1 - -1 71.27% Central E\u00f3lica Barra X, S.A. Lagoa Nova 10,000 BRL 2 1 1 - -1 71.27% Central E\u00f3lica Barra XI, S.A. Lagoa Nova 10,000 BRL 2 1 1 - -1 71.27% Central Solar Barra I, S.A. Lagoa Nova 10,000 BRL 1 1 1 - -1 71.27% Central Solar Barra II, S.A. Lagoa Nova 10,000 BRL 1 1 1 - -1 71.27% Central Solar Barra III, S.A. Lagoa Nova 10,000 BRL 2 1 1 - -1 71.27% Central Solar Barra IV, S.A. Lagoa Nova 10,000 BRL 2 1 1 - -1 71.27% Elebr\u00e1s Projetos, S.A. S\u00e3o Paulo 103,779,268 BRL 48,843 18,083 30,760 25,838 12,908 36.35% Monte Verde Holding, S.A. S\u00e3o Paulo 377,879,100 BRL 135,576 66,417 69,159 - 3,294 71.27% Colombia: Elipse Energ\u00eda, S.A.S. E.S.P. Bogot\u00e1 709,567,000 COP 41 516 -475 - -512 71.27% Eolos Energ\u00eda, S.A.S. E.S.P. Bogot\u00e1 63,037,706,700 COP 290,430 280,783 9,647 67,667 -76,488 71.27% Kappa Energ\u00eda, S.A.S. E.S.P. Bogot\u00e1 707,971,000 COP 103 369 -266 - -341 71.27% Omega Energ\u00eda, S.A.S. E.S.P. Bogot\u00e1 707,951,000 COP 39 260 -221 - -313 71.27% Parque Solar Fotovoltaico El Copey, S.A.S. E.S.P. Bogot\u00e1 1,270,000,000 COP 1,735 2,877 -1,142 - -800 71.27% Renewables Energy Colombia S.A.S. Bogot\u00e1 - COP - 826 -826 - -746 71.27% Solar Power Solutions, S.A.S. E.S.P. Bogot\u00e1 2,697,093,500 COP 5,206 769 4,437 - -382 71.27% Vientos del Norte, S.A.S. E.S.P. Bogot\u00e1 46,204,115,100 COP 230,401 291,343 -60,941 47,611 -110,815 71.27% Chile: EDP Renewables Chile, SpA Santiago 11,961,123 USD 73,586 66,973 6,613 4,353 -2,614 71.27% Los Llanos Solar, SpA Santiago 592 USD 1,557 3,114 -1,557 - -588 71.27% Parque E\u00f3lico Punta de Talca, SpA Santiago 358,550 USD 99,689 103,993 -4,304 - -2,357 71.27% Parque E\u00f3lico San Andr\u00e9s, SpA Santiago 438,894 USD 5,005 10,275 -5,270 - -4,663 71.27% Parque E\u00f3lico Victoria, SpA Santiago 1,311,374 USD 471 1,572 -1,101 - -521 71.27% Vientos de Taltal, SpA Santiago 581 USD 2,074 2,074 1 - - 71.27% Asia-Pacific Geography / Platform: Australia: Energy Democracy Management Pty. Ltd. Canberra - AUD - - - - - 71.27% ITP Development Pty. Ltd. Canberra 2,200 AUD 5,874 7,148 -1,274 - -157 71.27% ITP-NHT Devco Pty. Ltd. Canberra 1,200 AUD 1,130 534 595 - -4 71.27% Merino Solar Farm Pty. Ltd. Canberra 100 AUD 26 34 -8 - - 71.27% Merino Solar Farm Trust Canberra - AUD - - - - - 71.27% Orange Community Renewable Energy Park Pty. Ltd. Canberra - AUD 509 495 14 - - 71.27% Orange Community Renewable Energy Park Trust Canberra - AUD - - - - - 71.27% Sunseap Assets (Australia) Pty. Ltd. Balwyn, Victoria 20,000 AUD 13 13 - - -1 71.27% Sunseap (Australia) Investments Pty. Ltd. Balwyn, Victoria 3,000,000 AUD 15,565 19,009 -3,444 - -2,106 71.27% Sunseap (Australia) Pty. Ltd. Balwyn, Victoria 1 AUD 14 721 -707 - -12 71.27% Yoogali Solar Farm Pty. Ltd. Canberra - AUD - - - - - 71.27% China: Anhui Jinyang New Energy Co., Ltd. Anhui City 4,293,000 CNY 2,877 2,336 541 - -6 71.27% Changchun Xingsheng Jinhu Photovoltaic New Energy Co., Ltd. Changzhou City - CNY 7 7 - - - 71.27% Changzhou Jingyi New Energy Technology Co., Ltd. Changzhou City 5,000,000 CNY 3,612 2,207 1,405 244 -31 64.30% Chongqing Xingzhi New Energy Technology Co., Ltd. Chongqing City 14,570,018 CNY 8,145 6,215 1,930 243 76 71.27% Chuzhou Huitai Photovoltaic Power Generation Co., Ltd. Chuzhou City 19,540,724 CNY 13,856 10,691 3,165 1,450 692 71.27% Dongguan Jiehuang New Energy Technology Co., Ltd. Dongguan City 14,970,238 CNY 7,467 5,311 2,156 593 258 71.27% Dongying Daoli New Energy Co., Ltd. Dongying City 3,793,000 CNY 1,991 1,498 493 181 14 71.27% Fangxian Tianhang New Energy Co., Ltd. Fangxian City 14,911,509 CNY 1,264 175 1,089 - -830 71.27% Fengcheng Xingtai New Energy Technology Co., Ltd. Fengcheng City 50,000 CNY 43 41 2 - -5 71.27% Foshan YingYuan New Energy Technology Co., Ltd. Foshan City 100,000 CNY 787 537 250 105 21 64.30% Harbin Panshuo Energy Technology Co., Ltd. Harbin City 100,000 CNY 214 205 9 - -4 71.27% Hefei Yiman New Energy Technology Co., Ltd. Hefei City 1,333,000 CNY 540 299 241 76 28 64.30% Heze Dechen New Energy Co., Ltd. Heze City 3,076,843 CNY 1,713 1,325 388 80 -2 71.27% Hubei Jianghui New Energy Co., Ltd. Jingzhou City 13,600,238 CNY 7,746 6,119 1,627 227 -105 71.27% Jiangsu Xingsheng New Energy Technology Co., Ltd. Jiangsu City 1,314,400 CNY 868 704 164 7 -4 71.27% Jiaxing Luken Energy Technology Co., Ltd. Jiaxing City 1,974,117 CNY 835 586 249 5 -3 71.27% Jingmen Xingsheng New Energy Co., Ltd. Jingmen City 300,000 CNY 36 1 35 - -3 71.27% Jingmen Zhongbei New Energy Co., Ltd. Jingmen City 19,750,000 CNY 7,307 4,743 2,564 113 49 71.27% Jining Yihang New Energy Technology Co., Ltd. Jining City 17,618,000 CNY 10,442 7,930 2,512 942 107 64.30% Liyang Yushun Power New Energy Co., Ltd. Liyang City 2,000,000 CNY 3,160 1,923 1,237 267 12 64.30% Nantong Eaton Guoyun Photovoltaic New Energy Co., Ltd. Nantong City 4,740,000 CNY 2,050 1,319 731 211 92 61.09% Ningbo Jiangbei Baoyi Enterprise Management Consulting Partnership LP Ningbo city 1,095,945 CNY 210 39 171 55 -170 71.27% Putian Xingsheng New Energy Co., Ltd. Putian City 52,000 CNY 15 10 5 - -1 71.27% Qingdao Xingqi Energy Co., Ltd. Qingdao 1,187,444 CNY 730 561 169 90 20 71.27% Qinghe County Xinou Funeng New Energy Technology Co., Ltd. Xingtai City 3,346,308 CNY 2,068 1,588 480 236 57 71.27% Rongcheng Xingyi New Energy Technology Co., Ltd. Weihai City 19,783,764 CNY 2,480 17 2,463 - -35 71.27% Shanghai Jingwen Equity Investment Center LP Shanghai 72,200,000 CNY 8,347 321 8,026 - -228 64.30% Shanghai Yihuang New Energy Technology Co., Ltd. Shanghai 8,913,000 CNY 1,137 2 1,135 - -0 64.30% Shanghai Yikuang New Technology Co., Ltd. Shanghai 30,000,000 CNY 4,808 27 4,781 - 24 64.30% Siping Lvsheng Energy Technology Co., Ltd. Sipiang City 3,000,000 CNY 399 23 376 - -6 71.27% State Cloud Sunseap Equity Investment Partnership LP Jinan City 4,024,281 CNY 512 6 506 - -5 57.25% Sunseap China Energy (Qingdao) Co., Ltd. Qingdao 35,389 CNY 1 - 1 - -3 71.27% Sunseap China Energy (Shanghai) Ltd. Shanghai 200,877,970 CNY 27,080 4,457 22,623 6,227 -3,807 71.27% Suzhou Haoruitian Power New Energy Co., Ltd. Kunshan City 1,720,000 CNY 147 383 -236 34 -521 64.30% Suzhou Liansong New Energy Technology Co., Ltd. Suzhou City 5,871,882 CNY 2,706 1,956 749 26 2 71.27% Suzhou Xingdao New Energy Technology Co., Ltd. Suzhou City 2,172,571 CNY 1,018 735 283 58 9 71.27% Suzhou Xingyi Energy Engineering Co., Ltd. Suzhou City 2,318,256 CNY 1,397 1,089 308 103 15 71.27% Tianjin Baoyi New Energy Technology Co., Ltd. Tianjin City 5,000,000 CNY 1,426 599 827 111 27 64.30% Tianjin Pengling Funeng New Energy Technology Co., Ltd. Tianjin City 3,036,000 CNY 971 586 385 - -2 71.27% Tianjin Xingrun Energy Development Co., Ltd. Tianjin City - CNY - - - - - 71.27% Tianjin Xingsheng Energy Development Co., Ltd. Tianjin City 8,472,000 CNY 3,794 2,729 1,065 - -12 71.27% Tianjin Yuntong New Energy Technology Co., Ltd. Tianjin City 15,000,000 CNY 2,246 3 2,243 - -1 64.30% Weihai Deao New Energy Technology Co., Ltd. Weihai City 3,688,686 CNY 2,046 1,544 502 149 34 71.27% Wenzhou Xingyi New Energy Technology Co., Ltd. Wenzhou City 4,487,000 CNY 3,429 2,619 810 308 152 64.30% Wuhan Panshuo Energy Technology Co., Ltd. Wuhan City 8,000,000 CNY 3,426 2,367 1,059 145 43 71.27% Wuxi Lingzhong New Energy Technology Co., Ltd. Wuxi City 9,998,864 CNY 5,551 4,192 1,359 171 88 71.27% Wuhu Xingsheng New Energy Co., Ltd. Wuhu City 2,341,141 CNY 618 323 295 - -4 71.27% Yancheng Baoyi New Energy Technology Co., Ltd. Yancheng City 7,734,000 CNY 1,279 260 1,019 88 15 64.30% Yancheng Qingneng Power Technology Co., Ltd. Yancheng City 6,987,997 CNY 2,274 1,785 489 178 -410 71.27% Zhenjiang Ruichengda New Energy Co., Ltd. Zhenjiang City 784,296 CNY 445 344 102 50 2 71.27% Indonesia: PT Green Corridor Indonesia Kota Batam 10,000,000,000 IDR 4,335 4,843 -508 663 -772 70.56% PT Right People Renewable Energy Jakarta 10,100,001,750 IDR 224 257 -33 - -25 71.27% PT Sunseap Commercial Industrial Indonesia Asset Jakarta 10,000,000,000 IDR 1,227 814 413 - -137 70.56%
Singapore: Data4Eco Holdings Pte. Ltd. Singapore 50,000 SGD 11 103 -92 - -49 42.76% EDPR Sunseap Korea Holdings Pte. Ltd. Singapore 4,903,633 SGD 3,357 266 3,091 - -252 71.27% LYS Energy Investment Pte. Ltd. Singapore 10,674,707 USD 9,613 2,247 7,367 - -260 71.27% Solarland Alpha Assets Pte. Ltd. Singapore 1 SGD 80,996 115,780 -34,783 1,175 -1,227 71.27% SolarNova 4 Beta Assets Pte. Ltd. Singapore 57,694,278 SGD 112,916 100,829 12,088 6,119 -2,888 71.27% SolarNova Phase 1 Pte. Ltd. Singapore 1 SGD 64,593 51,666 12,928 9,595 2,745 71.27% Sunseap Australia Holdings Pte. Ltd. Singapore 1 SGD 409 3,953 -3,544 - -141 71.27% Sunseap Batam Pte. Ltd. Singapore 1 SGD 1,331 1,487 -156 - 32 71.27% Sunseap China Pte. Ltd. Singapore 39,295,389 SGD 35,701 9,074 26,627 - -133 71.27% Sunseap CMX RE Solar Holdings Pte. Ltd. Singapore 10 SGD 54,174 39,161 15,013 - 1,531 71.27% Sunseap Commercial Assets Pte. Ltd. Singapore 3,807,355 SGD 86,102 74,506 11,596 6,230 928 71.27% Sunseap Delta Holdings Pte. Ltd. Singapore 1 SGD 5,021 5,255 -235 - -33 71.27% Sunseap Energy Pte. Ltd. Singapore 68,953,673 SGD 5,079 1,579 3,500 6,565 -485 71.27% Sunseap Energy Ventures Pte. Ltd. Singapore 1 SGD 8,260 5,693 2,566 387 221 71.27% Sunseap Engineering Pte. Ltd. Singapore 2,100,001 SGD 70,280 75,612 -5,332 62,075 -2,847 71.27% Sunseap Gamma Assets Pte. Ltd. Singapore 1 SGD - - - - 68 71.27% Sunseap Gamma Holdings Pte. Ltd. Singapore 1 SGD - 55 -55 - -36 71.27% Sunseap Group Pte. Ltd. Singapore 685,478,529 SGD 501,955 67,003 434,953 22,516 2,924 71.27% Sunseap Indonesia Pte. Ltd. Singapore 1 SGD 992 1,061 -69 - 54 71.27% Sunseap International Pte. Ltd. Singapore 55,405,387 SGD 120,998 100,193 20,805 53 372 71.27% Sunseap Japan Pte. Ltd. Singapore 1 SGD 6,295 6,696 -401 - -29 71.27% Sunseap Leasing Pte. Ltd. Singapore 111,854,175 SGD 172,777 99,678 73,099 14,360 -1,727 71.27% Sunseap Links Daklong Pte. Ltd. Singapore 40 SGD 605 6,972 -6,366 - -32 67.71% Sunseap Links Pte. Ltd. Singapore 10 SGD 6,390 11,796 -5,406 - -51 57.02% Sunseap Taiwan Pte. Ltd. Singapore 1 SGD 14,476 14,839 -363 - -113 71.27% Trung Song SG Pte. Ltd. Singapore 10,674,707 USD 9,693 838 8,855 - -171 71.27% Thailand: Sunseap Energy (Thailand) Co., Ltd. Bangkok 45,000,000 THB 1,380 1,074 306 - -34 68.06% Thai-Sunseap Asset Co. Ltd. Bangkok 68,000,000 THB 7,086 4,965 2,121 144 15 47.75% Thai-Sunseap Co., Ltd. Bangkok 225,823,000 THB 5,364 4 5,361 15 11 47.75% Thai-Sunseap Energy Solutions Co. Ltd. Bangkok 250,000 THB 20 50 -31 10 -2 47.75% Vietnam: Bien Dong Energy Investment Co., Ltd. Long An Province 9,000,000,000 VND 706 489 217 79 -22 71.27% CMX RE Sunseap Vietnam Solar Power Co., Ltd. Ninh Thuan Province 1,065,557,560,000 VND 133,171 81,339 51,832 20,386 4,531 39.20% Dai Linh Phat Co., Ltd. Ho Chi Minh City 14,500,000,000 VND 1,102 570 532 161 -50 71.27% DKT Energy Investment Co., Ltd. Ho Chi Minh City 103,900,000,000 VND 3,852 10 3,842 - -9 71.27% EDP Renewables Vietnam Company Limited Ho Chi Minh City 7,200,000,000 VND 5,269 7,720 -2,452 200 -115 71.27% H2A Co., Ltd. Long An Province 9,000,000,000 VND 713 449 264 96 -50 71.27% H2HA Co., Ltd. Long An Province 9,000,000,000 VND 692 469 223 71 -67 71.27% H2HD Co., Ltd. Long An Province 9,000,000,000 VND 689 479 210 69 -69 71.27% H2HO Co., Ltd. Long An Province 9,000,000,000 VND 700 461 239 80 -60 71.27% H2HU Co., Ltd. Long An Province 9,000,000,000 VND 711 434 277 92 -49 71.27% H2K Co., Ltd. Long An Province 9,000,000,000 VND 695 446 249 75 -46 71.27% H2ML Co., Ltd. Long An Province 9,000,000,000 VND 707 423 284 89 -32 71.27% H2O Ben Luc Investment Co., Ltd. Long An Province 6,800,000,000 VND 664 457 206 85 -47 71.27% H2S Co., Ltd. Long An Province 9,000,000,000 VND 703 449 254 85 -55 71.27% H2T Co., Ltd. Long An Province 9,000,000,000 VND 694 474 220 75 -64 71.27% H2TR Solar Co., Ltd. Long An Province 9,000,000,000 VND 711 434 277 93 -49 71.27% H2VP Co., Ltd. Long An Province 9,000,000,000 VND 709 462 247 92 -51 71.27% Hao Thanh Dat Investment Co., Ltd. Long An Province 9,000,000,000 VND 701 488 213 77 -23 71.27% HTD Vietnam Investment Development Co., Ltd. Ho Chi Minh City 9,000,000,000 VND 1,016 675 341 161 -50 71.27% HTT Binh Duong Investment Development Co., Ltd. Ho Chi Minh City 30,000,000,000 VND 1,766 633 1,133 239 -55 71.27% Incom International Investment and Development Co., Ltd. Long An Province 14,100,000,000 VND 1,413 950 463 173 -67 71.27% Kim Cuong Energy Investment Co., Ltd. Long An Province 9,000,000,000 VND 707 501 206 88 -35 71.27% Lam Gia Luat Co., Ltd. Ho Chi Minh City 14,500,000,000 VND 1,016 564 451 134 -65 71.27% Long Dai Phat Investment Co., Ltd. Ho Chi Minh City 71,539,000,000 VND 2,669 11 2,658 - -2 71.27% Millennium Energy Investment Co., Ltd. Ho Chi Minh City 70,000,000,000 VND 2,636 1 2,635 - 25 71.27% Phu An Energy Investment Co., Ltd. Long An Province 9,000,000,000 VND 702 503 198 84 -38 71.27% Quang Lam Printing Import Export Co., Ltd. Long An Province 12,360,000,000 VND 1,403 952 450 188 -57 71.27% SSKT Beta Energy Co., Ltd. Ho Chi Minh City 5,484,000,000 VND 781 493 288 114 12 42.05% STP5 Energy Production Trading Co., Ltd. Ho Chi Minh City 13,031,646,000 VND 1,841 1,287 554 292 -18 64.07% STP6 Energy Trading Technical Co., Ltd. Ho Chi Minh City 14,609,528,000 VND 2,046 1,467 579 320 -46 64.07% STP7 Energy Development Co., Ltd. Ho Chi Minh City 4,511,677,000 VND 605 444 161 95 -14 64.07% STP8 Energy Investment Co., Ltd. Ho Chi Minh City 9,235,861,000 VND 1,335 970 364 216 -22 64.07% Sun Times 1 Energy Co., Ltd. Ho Chi Minh City 4,851,036,000 VND 649 469 180 104 -12 64.07% Sun Times 3 Energy Co., Ltd. Ho Chi Minh City 14,347,796,000 VND 2,138 1,548 591 310 -30 64.07% Sun Times 4 Energy Co., Ltd. Ho Chi Minh City 4,851,036,000 VND 646 477 169 99 -16 64.07% Sun Times 5 Energy Co., Ltd. Ho Chi Minh City 14,008,437,000 VND 1,964 1,418 546 294 -42 64.07% Sun Times 6 Energy Co., Ltd. Ho Chi Minh City 14,135,538,000 VND 1,987 1,453 534 303 -49 64.07% Sun Times 7 Energy Co., Ltd. Ho Chi Minh City 9,229,812,000 VND 1,300 960 340 189 -41 64.07% Sunseap Commercial & Industrial Assets (Vietnam) Co., Ltd. Ho Chi Minh City 123,517,702,000 VND 234,774 237,665 -2,891 3,994 -1,369 71.27% Sunseap KTG Energy Investment Co., Ltd. Ho Chi Minh City 5,484,000,000 VND 209 1 208 - 15 42.05% Sunseap Sun Times Solar Investment Co., Ltd. Ho Chi Minh City 102,912,367,000 VND 5,832 2,015 3,818 - - 64.07% Thiet Thanh Cong Investment Co., Ltd. Long An Province 9,000,000,000 VND 716 520 196 78 -43 71.27% Trung Son Energy Development LLC Khanh Hoa Province 197,000,000,000 VND 22,871 15,283 7,587 3,004 -52 71.27% Uper Renewable Energy Vietnam Co., Ltd. Ho Chi Minh City 2,310,000,000 VND 166 11 155 1,074 41 71.27% Xuan Thien Ninh Thuan Co., Ltd. Ninh Thuan Province 890,000,000,000 VND 105,763 66,554 39,209 21,330 1,660 71.27% Xuan Thien Thuan Bac Co., Ltd. Ninh Thuan Province 550,000,000,000 VND 65,845 43,654 22,191 12,673 487 71.27% Other: Angang Wind Power Corporation Gyeongsangbuk-do 1,141,000,000 KRW 255 96 159 - -643 71.27% EDPR Korea, Ltd. Yeosu 2,300,000,000 KRW 891 2,645 -1,754 170 -2,570 71.27% Godo Kaisha NW-3 Tokyo 100,000 JPY 24,607 24,840 -233 - -23 71.27% Gumisan Wind Power Co., Ltd. Gyeongsangbuk-do 1,426,000,000 KRW 1,106 150 956 - -35 71.27% Hoya Energy Ltd. Taipei City 199,000,000 TWD 17,596 11,735 5,861 1,509 -6 71.27% Miyagi Motoyoshi Solar GK Tokyo 100,000 JPY 6,121 6,132 -11 - -12 71.27% OMA Haedori Co., Ltd. Goheung-gun 497,624,000 KRW 1,761 2,613 -852 376 1 53.45% Pacific Sunseap Energy Ltd. Taipei City 347,000,000 TWD 10,197 8 10,189 - -9 46.33% Re Capital Co,. Ltd. Tokyo 204,970,000 JPY 3,926 5,268 -1,342 488 -993 71.27% Shuangjian Photoelectric Ltd. Taipei City 52,000,000 TWD 4,909 3,467 1,442 486 -44 49.89% Sunseap Advance Green Technology Ltd. Taipei City 100,000,000 TWD 22,515 23,106 -592 813 -3,624 71.27% Sunseap Advance International Ltd. Taipei City 5,000,000 TWD 134 7 127 - -4 71.27% Sunseap Energy (Malaysia) Sdn. Bhd. Kuala Lumpur 7,582,477 MYR 1,270 1,446 -176 10 -752 71.27% Sunseap Solar Cambodia Co., Ltd. Phnom Penh City 1,000 USD 1 - 1 - 23 71.27% Sunseap Taiwan Solar Holdings Ltd. Taipei City 456,289,510 TWD 20,330 7,712 12,618 1,791 29 71.27% Top Green Energy Ltd. Taipei City 341,000,000 TWD 51,755 41,192 10,564 4,776 5 46.33%
The main financial indicators of the joint ventures entities, as at 31 December 2022, are presented as follows: Electricity Generation: Abo\u00f1o Generaciones El\u00e9ctricas, S.L.U. Abo\u00f1o - Carre\u00f1o 5,000,000 EUR 50.00% Bioastur, A.I.E. Ser\u00edn 60,101 EUR 50.00% Companhia Energ\u00e9tica do JARI - CEJA S\u00e3o Paulo 650,823,746 BRL 50.00% Empresa de Energia Cachoeira Caldeir\u00e3o, S.A. Amap\u00e1 728,600,000 BRL 50.00% Empresa de Energia S\u00e3o Manoel S.A. Rio de Janeiro 2,409,974,102 BRL 33.33% Kosorkuntza, A.I.E. Bilbao - EUR 25.00% Hidrocant\u00e1brico JV, S.L. Abo\u00f1o - Carre\u00f1o 3,000 EUR 50.00% Saltos del Navia, C.B Cear\u00e1 - EUR 50.00% Renewable Energy Activity: Cenergi Sunseap Energy Solutions Sdn. Bhd. Kuala Lumpur 10,000,000 MYR 28.51% Centrale Eolienne D'Occey, S.A.S. Paris 484,844 EUR 36.35% Desarrollos Energ\u00e9ticos Canarios, S.A. Las Palmas 15,025 EUR 35.56% Desarrollos Energ\u00e9ticos del Val, S.L. Soria 137,070 EUR 17.82% Evoikos Voreas A.E. Athens 196,000 EUR 36.35% Evoluci\u00f3n 2000, S.L. Albacete 117,994 EUR 35.03% Flat Rock Windpower II LLC Delaware 215,826,269 USD 35.64% Flat Rock Windpower LLC Delaware 548,339,611 USD 35.64% Goldfinger Ventures II LLC Delaware 199,600,493 USD 35.64% Goldfinger Ventures LLC Delaware 145,982,278 USD 35.64% Kronos IBV UK Berlin 25,000 EUR 35.64% KSD 20 UG Munich 1,000 EUR 35.64% Lomartico Investments, Sp. z o.o. Warsaw 5,000 PLN 35.64% Medsteville Investments, Sp. z o.o. Warsaw 5,000 PLN 35.64% Ondentille Investments, Sp. z o.o. Warsaw 5,000 PLN 35.64% OW Offshore, S.L. Madrid 72,205,252 EUR 35.64% Riverstart Development LLC Delaware - USD 14.25% Riverstart Ventures LLC Delaware 233,362,536 USD 14.25% RL Sunseap Energy Sdn. Bhd. Sarawak 2,500,000 MYR 34.92% Sistemas E\u00f3licos Tres Cruces, S.L. Soria 50,000 EUR 17.82% Sofrano A.E. Athens 900,000 EUR 36.35% Solar Ventures Acquisition LLC Delaware -44,981,007 USD 35.64% Sunseap Asset (Cambodia) Co., Ltd. Phnom Penh City 2,760,000 USD 36.35% Sunseap Energy (Cambodia) Co., Ltd. Phnom Penh City 365,000 USD 34.92% Sunseap LCS Energy Sdn. Bhd. Kuala Lumpur 100,000 MYR 34.92% 2018 Vento XIX LLC Delaware 51,622,039 USD 14.25% 2017 Vento XVII LLC Delaware 166,785,700 USD 14.25% 2019 Vento XX LLC Delaware 209,041,781 USD 14.25% Other Activities: Energia \u00c1sia Consultoria, Limitada Macao 200,000 MOP 50.00% 49.00% EnergyWorx International, B.V. Houten 226 EUR 38.17% MABE Constru\u00e7\u00e3o e Administra\u00e7\u00e3o de Projectos, Ltda. Cear\u00e1 566,151,831 BRL 50.00% Sud Solar Energy Invest II SA Esch-sur-Alzette 550,000 EUR 50.00%
The companies where the Group has significant influence, as at 31 December 2022, are as follows: Electricity Generation: HC Tudela Cogeneraci\u00f3n, S.L. Abo\u00f1o - Carre\u00f1o 306,030 EUR 50.10% Porto do Pec\u00e9m Gera\u00e7\u00e3o de Energia, S.A. Cear\u00e1 508,504,849 BRL 20.00% Electricity Distribution: % Company % Group Share capital / Currency HeadOffice Associated companies * % Company % Group Share capital / Currency HeadOffice Joint Ventures entities * AMBERTREE - Tecnologia para Redes de Energia Electrica, Lda Renewable Energy Activity: Lisbon 5,000 EUR 26.00% Biomasas del Pirineo, S.A. Huesca 454,896 EUR 21.38% Blue Canyon Windpower LLC Texas 63,851,000 USD 18.74% Desarrollos E\u00f3licos de Canarias, S.A. Las Palmas 1,817,130 EUR 31.89% E\u00f3lica de S\u00e3o Juli\u00e3o, Lda. Lourinh\u00e3 500,000 EUR 32.07% Eos Pax IIa, S.L. La Coru\u00f1a 6,010 EUR 34.57% Hytlantic, S.A. Sines 50,000 EUR 20.31% Parque E\u00f3lico Belmonte, S.A. Madrid 120,400 EUR 21.31% Parque E\u00f3lico Sierra del Madero, S.A. Madrid 7,193,970 EUR 29.93% Powersource Sunseap Corp. Makati City - PHP 28.51% Powersource Sunseap Solar Solution Corp. Makati City - PHP 28.51% Promotores Villarrubia Elevaci\u00f3n, S.L. Madrid 3,018 EUR 23.43% Promotores Villarrubia Morata 200KV, S.L. Madrid 3,000 EUR 31.09% Solar Siglo XXI, S.A. Ciudad Real 80,000 EUR 17.82% Uni\u00f3n de Generadores de Energ\u00eda, S.L. Zaragoza 23,044 EUR 35.64% Other Activities: Centrais El\u00e9tricas de Santa Catarina, S.A. - Celesc Santa Catarina 2,480,000,000 BRL 29.90% Endeco Technologies Limited Dublin 15,756,606 EUR 16.90% SCNET - Sino-Portuguese Centre Shanghai 21,600,000 CNY 40.00% Solar Works! B.V. Rotterdam 10,388,188 USD 36.38% 36.38% Vertequip, Equipamentos e Trabalhos Verticais, Lda Chamusca 347,139 EUR 23.66% WPVT, S.A. Oporto 75,000 EUR 20.00%
6. Consolidation perimeter During the year of 2023, 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. Chuzhou Huitai Photovoltaic Power Generation Co., Ltd. 100% Fangxian Tianhang New Energy Co., Ltd. 100% Siping Lvsheng Energy Technology Co., Ltd. 100% Sunseap China Energy (Shanghai) Ltd. Jingmen Zhongbei New Energy Co., Ltd. 100% Tianjin Pengling Funeng New Energy Technology Co., Ltd. 100% Jiaxing Luken Energy Technology Co., Ltd. 100% Harbin Panshuo Energy Technology Co., Ltd. 100% Anhui Jinyang New Energy Co., Ltd. 100% RE Capital Co., Ltd. Godo Kaisha NW-3 100% Global Pracima, S.L. (including 3 subsidiaries) 100% EDP Renovables Espa\u00f1a, S.L.U. Energia Geoide VIII, S.L. 100% ICE Tudela S.L. 67,7% (1) EDP Renewables Europe, S.L.U. Harrington Franklin Limited 100% Balnacraig Battery Storage Limited 100% EDPR PT - Promo\u00e7\u00e3o e Opera\u00e7\u00e3o, SPEE - Sociedade Produ\u00e7\u00e3o Energia E\u00f3lica, S.A. 100% Saussignac Solaire, S.A.S. 100% EDPR France Holding, S.A.S. Oxavi 1, S.A.S. 100% Oxavi 2, S.A.S. 100% Solar Italy XXIII, S.r.l. 100% EDP Renewables Italia Holding, S.R.L. Wind Energy Castelluccio, S.r.l. 100% Winderg Valleverde, S.r.l. 60% Wind Energy Monte Cavallo, S.r.l. 51% Farma Fotowoltaiczna I\u0142\u017ca, Sp. z o.o. 100% Farma Fotowoltaiczna Pakos\u0142aw, Sp. z o.o. 100% CSH III Renewables, Sp. z o.o. 100% Maella, Sp. z o.o. 100% EDP Renewables Polska, Sp. z o.o. Wind Farm Debrzno, Sp. z o.o. 100% Wind Farm Gniewkowo, Sp. z o.o. 100% EDPR Polska Wind, Sp. z o.o. 100% EDPR Polska Solar 2, Sp. z o.o. 100% EDPR Polska Storage, Sp. z o.o. 100% Ekoenergia Solar 3, Sp. z o.o. 100% EDPR Sunseap Korea Holdings Pte. Angang Wind Power Corporation 100% Sunseap Commercial & Industrial Millennium Energy Investment Co., Ltd. (including 4 subsidiaries) 100% 11 companies in North America 100% (1) EDP Renovables Espa\u00f1a, S.L.U. acquired a 67,7% stake in the company ICE Tudela S.L., in which it already held a 32,3% stake, increasing its participation to a 100% stake and obtaining control over the company.
Entity holding the stake Company / investment sold % sold Previous % Obs. Additionally, the following companies were acquired in the scope of IFRS 3 \u2013 Business Combinations: \u25cf EDP Comercial - Comercializa\u00e7\u00e3o de Energia, S.A. acquired 100% of Enerdeal Group S.A. and its subsidiaries (see note 20); \u25cf EDP Renov\u00e1veis, S.A., through a North American subsidiary, acquired the 100% stake in a distributed solar generation portfolio, which includes 44 MW solar operational projects, for an amount of 17,294 thousand Euros, and the assessment to determine its fair value allocation is still in progress (see note 20); \u25cf EDP Renovables Espa\u00f1a, S.L.U. acquired a 52.99% stake in the company San Juan de Bargas E\u00f3lica S.L., in which it previously held a 47.01% stake, increasing its participation to a 100% stake and obtaining control over the company. The amount paid for this transaction has been 13,898 thousand Euros and the assets purchase price allocation exercise has been carried out in accordance with their fair value valuation, generating a gain (\"bargain purchase\") in the amount of 8,723 thousand Euros; \u25cf EDP Solar Espa\u00f1a, S.A. acquired a 100% stake in the companies Azul y Verde Energ\u00eda y Sostenibilidad S.L. and Leuk Soluciones Energ\u00e9ticas, S.L.; \u25cf EDP Energias do Brasil, S.A. acquired all remaining shares of Blue Sol Participa\u00e7\u00f5es S.A., in which it previously held a 40% stake, increasing its participation to a 100% stake and obtaining control over the company and its subsidiaries; and \u25cf In the last quarter of 2023, Sunseap (Australia) Investments Pty. Ltd. acquired a 100% stake in ITP Development Pty. Ltd. and its subsidiaries, which own a 730 MW solar generation portfolio located in Australia. The participation was acquired for an amount of 13,648 thousand Euros and the assessment to determine its fair value allocation is still in progress (see note 20). Sale of companies / investments: Sale of companies without loss of control EDP Renewables Canada Ltd. Edgeware BESS Project LP 50% 100% Sale of companies with loss of control EDP Energias do Brasil, S.A. Porto do Pec\u00e9m Gera\u00e7\u00e3o de Energia, S.A. 80% 100% (2) Companies sold EDPR France Holding, S.A.S. Eoles Montjean, S.A.S. 100% 100% (3) Sunseap Australia Investments Pty. Ltd. Todae Solar Pty. Ltd. 49% 49% (4) EDPR Investment Hungary, Kft. 100% 100% (4) EDP Renewables Europe, S.L.U. Viesgo Europa, S.L.U. 100% 100% (5) Viesgo Renovables, S.L.U. 100% 100% EDP Renov\u00e1veis, S.A. / EDP Ventures, S.A. Principle Power, Inc 25.41% 25.41% (6) EDP Ventures, S.A. / Fundo EDP CleanTech FCR Zypho, S.A. 40.27% 40.27% (7) Viesgo Renovables, S.L.U. Ge\u00f3lica Magall\u00f3n, S.L. 36.23% 36.23% (8) Sunseap Group Pte. Ltd. Charge+ Pte. Ltd. 26.25% 26.25% (4) Sunseap Taiwan Solar Holdings Ltd. Sunseap Solutions Taiwan Ltd. 49% 49% (4) EW Dobrzyca, Sp. z o.o. 100% 100% EDP Renewables Polska, Sp. z o.o. Ujazd, Sp. z o.o. 100% 100% (9) Wind Field Wielkopolska, Sp. z o.o. 100% 100% EDP Renov\u00e1veis Brasil, S.A. Central E\u00f3lica Boqueir\u00e3o I and II, S.A. 100% 100% (10) Jerusal\u00e9m Holding, S.A. (including 6 subsidiaries) 100% 100% (2) Sale of 80% of the stake held in Porto do Pec\u00e9m Gera\u00e7\u00e3o de Energia, S.A. and its subsidiaries for an amount of 84,046 thousand Euros (461,361 thousand Brazilian Reais), resulting in the loss of control of the company and generating a loss of 22,720 thousand Euros, which is recognised as (i) a gain in reserves, by allocation of exchange differences reserves, in the amount of 61,748 thousand Euros (see Consolidated Statements of Changes in Equity), and as (ii) a loss in Other costs in the amount of 84,469 thousand Euros (see note 11). This impact includes the effects of the sale of the 80% stake and the reassessment of the remaining stake, which is now accounted as an associated company using the equity method. (3) Sale ocurred in first quarter, for an amount of 1,126 thousand Euros. (4) Sale with no significant impacts in the consolidated financial statements.
(5) In the third quarter, these shares were sold for 482,681 thousand Euros, generating a gain of 184,478 thousand Euros (see notes 8 and 20). (6) Sale of direct stakes held in the associated company to OW Offshore, S.L., for a total amount of 25,816 thousand Euros (25,799 thousand US Dollars), generating a gain of 23,556 thousand Euros (see note 22). (7) Sale of stakes held in the associated company for a total amount of 3,518 thousand Euros, generating a gain of 3,275 thousand Euros (see note 22). (8) Sale of stake held in the associated company, generating a loss of 10,566 thousand Euros (see note 22). (9) Sale occurred in the third quarter for an amount of 346,866 thousand Euros. The transaction generated a net gain, after the impact of associated derivative financial instruments, of 206,846 thousand Euros (see notes 7 and 8). (10) Sale ocurred in the fourt quarter, for an amount of 188,940 thousand Euros, generating a gain, net of transaction costs, of 67,805 thousand Euros (see note 8). Companies liquidated: Entity holding the stake Liquidated company Previous % Obs. Viesgo Renovables, S.L.U. Viesgo Mantenimiento, S.L.U. 100% Sunseap China Energy (Shanghai) Yuzhou Yixing Energy Technology Co., Ltd. 100% EDP Gest\u00e3o Produ\u00e7\u00e3o Energia, S.A. Carri\u00e7o Cogera\u00e7\u00e3o - Sociedade de Gera\u00e7\u00e3o de Electricidade e Calor, S.A. 35% Associated Re Capital Co,. Ltd. Jinan Xingsheng Energy Co., Ltd. 100% EDP Renewables Sask SE GP Ltd 100% EDP Renewables Canada Ltd. EDP Renewables Sask SE Limited Partnership 100% Kennedy Wind Farm GP Ltd 100% Kennedy Wind Farm LP 100% 26 companies in North America 100% 1 company in North America 50% Joint Venture Acquiring company Merged company Previous % Obs. EDPR PT - Promo\u00e7\u00e3o e Opera\u00e7\u00e3o, EDP Renewables SGPS, S.A. 100% S.A. IE2 Portugal, SGPS, S.A. 100% Sunseap Vietnam Pte. Ltd. 100% Sunseap International Pte. Ltd. Sunseap Vietnam Beta Pte. Ltd. 100% Sunseap Vietnam Gamma Pte. Ltd. 100% Sunseap Philippines Solar Holdings Pte. Ltd. 100% Uper Renewable Energy (Singapore) Pte. Ltd. 100% Sunseap Engineering Pte. Ltd. Solar PV Exchange Pte. Ltd. 100% Sunseap Leasing Alpha Pte. Ltd. 100% SolarNova Phase 1 Pte. Ltd. Sunseap Solarnova Pte. Ltd. 100% Sunseap Leasing Beta Pte. Ltd. 100% Sunseap Commercial Assets Pte. Sunseap Vpower Pte. Ltd. 100% Ltd. Sunseap Commercial Holdings Pte. Ltd. 100% Sunseap Energy Ventures Pte. Ltd. Sunseap Solutions Pte. Ltd. 100% Sunseap Delta Holdings Pte. Ltd. Sunseap Commercial & Industrial Assets (S.E.A.) Holdings Pte. Ltd. 100% SolarNova 4 Beta Assets Pte. Ltd. SolarNova 4 Beta Holdings Pte. Ltd. 100% Solarland Alpha Assets Pte. Ltd. Solarland Alpha Holdings Pte. Ltd. 100% Companies merged:
Company Company Companies incorporated: EDP Transmiss\u00e3o Norte 2 S.A. Fengcheng Xingtai New Energy Technology Co., Ltd. EDPR Sicilia Quattro, S.r.l. Gumisan Wind Power Co., Ltd. Desarrollos Renovables de Alfajarin, S.L.U. KS SPV 81 a 85 Limited (5 companies) Central E\u00f3lica Ita\u00fana III, S.A. Central E\u00f3lica S\u00e3o Domingos IV e V, S.A. (2 companies) KSD 41 UG a KSD 60 UG (20 companies) Renewables Energy Colombia S.A.S. EDP Group Brussels Representation Fransol 51 a 70, S.A.S. (20 companies) Putian Xingsheng New Energy Co., Ltd. Jingmen Xingsheng New Energy Co., Ltd. Jiangsu Xingsheng New Energy Technology Co., Ltd. Changchun Xingsheng Jinhu Photovoltaic New Energy Co., Ltd. Wuhu Xingsheng New Energy Co., Ltd. KS SPV 00 Limited Promotores Villarrubia Elevaci\u00f3n, S.L. (owned by 32.9%) Promotores Villarrubia Morata 200KV, S.L. (owned by 43.6%) Vientos de Taltal, SpA Serracapriola, S.r.l. EDPR Terra, Kft. EDPR Sirocco, Kft. EDPR Silvanus, Kft. EDPR Siesta, Kft. EDPR Bora, Kft. EDPR Pampero, Kft. EDPR Mistral, Kft. EDPR Zephyr, Kft. South Branch BESS Project GP Ltd. South Branch BESS Project Limited Partnership EDP SMART SPE 1 a 13 LTDA. (13 companies) Miyagi Motoyoshi Solar GK 48 companies in North America Other changes: \u25cf On 3 March 2023, EDP Renov\u00e1veis S.A. concluded a capital increase of 1,000,000,008 Euros through the issue of 50,968,400 new shares at a subscription price of 19.62 Euros per share. Following the capital increase, EDP kept the same 720,191,372 shares of EDP Renov\u00e1veis that it previously held, and its stake in EDPR and its subsidiaries was diluted from 74.98% to 71.20%. On 4 April 2023, the Annual General Shareholders\u2019s Meeting of EDP Renov\u00e1veis S.A. approved for 2022 profits distribution through a scrip dividend to be executed as a share capital increase, through the issuance of new ordinary shares, with a par value of 5 Euros, without share premium. On 25 May 2023, EDP Renov\u00e1veis S.A. capital increase has been completed, through the incorporation of reserves, for a nominal amount of 62,257,695 Euros and through the issuance of 12,451,539 ordinary shares of the Company with a par value of 5 Euros each, having the scrip dividend been executed by 92.32% of the Shareholders. EDP S.A., as per the intention communicated on 27 February 2023, opted to receive EDPR shares under this Programme, increasing its stake to 71.27% and holding 729,793,922 shares in EDP Renov\u00e1veis. This changes in EDPR's participation resulted in a global gain of 381,579 thousand Euros. As a current operation with non-controlling interests and therefore with no loss of control, this gain was recorded in equity (see Consolidated Statements of Changes in Equity, notes 33 and 34); \u25cf In the second quarter, EDP Ventures, S.A. reduced its stake in the joint venture ARQUILED - Proj. Ilumina\u00e7\u00e3o, S.A. in 32.1%, maintaining a 17.8% financial interest in the company, which is recognized as an Equity Instrument at Fair Value through Profit or Loss. This change generated a loss of 857 thousand Euros, which has been registered within the \u201cJoint Ventures and Associates\u201d caption of the consolidated income statement; \u25cf In the third quarter, and as communicated to the market on 11 July 2023, EDP S.A., through its subsidiary EDP International Investments and Services, S.L., acquired 185,169,240 common shares issued by EDP - Energias do Brasil S.A. (\"EDP Brasil\"), representing 31.86% of its share capital, following the result of the Public Tender Offer (\"Offer\") auction, having reached the quorum for \"Novo Mercado\" Delisting. Therefore the necessary measures were taken for EDP Brasil's Registration Conversion and delisting of its shares from \"Bolsa de Valores B3\". Additionally, on 25 July 2023, and as communicated to the market on 26 July 2023, as a result of the acquisitions carried out in the context of the EDP\u2019s obligation to extend the possibility of sale to those shareholders who did not sell on the Offer's auction during the subsequent three- month period, EDP\u2019s aggregate shareholding in EDP Brasil\u2019s share capital reached 538,259,059 common shares, representing approximately 92.62% of the total common shares issued by EDP Brasil. Therefore, and considering the total number of treasury shares (2.51%), EDP Brasil's outstanding shares came to represent less than 5% of the total common shares issued, reaching the threshold that allowed for the compulsory acquisition of the remaining outstanding shares, under the terms of the Offer notice.
On 30 August 2023, as communicated to the market on the same date, the compulsory acquisition of all the remaining outstanding shares of EDP Brasil (21,494,341 shares, representing 3.70% of its total share capital) was approved at a General Shareholders\u2019 Meeting, with EDP now holding, in aggregate, 100% of EDP Brasil's share capital. As a result of these changes in the context of the Offer for EDP Brasil, a loss of 207,060 thousand Euros has been recognised. Given that these operations occurred with non-controlling interests, and therefore without changes in control, this loss was recorded in equity (see Consolidated Statements of Changes in Equity, notes 33 and 34). \u25cf In the last quarter, EDP Ventures, S.A. increased its stake in the company Energyworx International, B.V., previously classified as an Equity Instrument at Fair Value through Profit or Loss, to a 38.17% financial interest in the company, which is now recognised as an associated company. \u25cf On 26 October 2023, EDP Espa\u00f1a, S.A.U. and Corporaci\u00f3n Masaveu, S.A. established a partnership through which they agreed to the following: (i) Establishment of the \"joint venture\" Hidrocant\u00e1brico JV, S.L., owned 50% by both parties; and (ii) Sale of the 100% stake in the company Abo\u00f1o Generaciones El\u00e9tricas, S.L.U to the \"joint venture\" established. During the fourth quarter, EDP Espa\u00f1a, S.A.U. carried out the split of Abono I and II, through the separation of assets and liabilities, rights and obligations, legal-labor relations, contractual positions, protocols and licenses associated with the power plants, resulting in the incorporation of the new company, Abo\u00f1o Generaciones El\u00e9ctricas, S.L.U. Subsequently, EDP Espa\u00f1a, S.A.U. sold this company to the aforementioned \"joint venture\" for a total amount of 180 million Euros, generating a gain of 104,198 thousand Euros, recognised under the Other Income caption (see notes 8, 42, and 45); and \u25cf In the last quarter, an additional 40% stake in the subsidiary Ningbo Jiangbei Baoyi Enterprise Management Consulting Partnership LP 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 2023 are disclosed in Annex I.
Group Company 31-Dec-23 Euro'000 Net Profit/(Loss) % % Revenues 31-Dec-23 Euro'000 Equity 31-Dec-23 Euro'000 Liabilities 31-Dec-23 Euro'000 Assets 31-Dec-23 Euro'000 Share capital / Currency HeadOffice Subsidiaries 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 4,184,021,624 EUR 24,589,859 14,674,229 9,915,630 2,899,510 823,636 CNET - Centre for New Energy Technologies, S.A. Sacav\u00e9m 300,000 EUR 8,230 7,820 410 765 10 60.00% EDP Estudos e Consultoria, S.A Lisbon 50,000 EUR 2,931 108 2,822 59 -223 100.00% 100.00% EDP Global Solutions - Gest\u00e3o Integrada de Servi\u00e7os S.A. Lisbon 15,000,000 EUR 140,035 52,467 87,568 58,863 -467 100.00% 100.00% EDP Inova\u00e7\u00e3o, S.A. Lisbon 36,446,960 EUR 63,100 23,498 39,603 12,220 1,805 100.00% 100.00% EDP Internacional, S.A. Lisbon 12,500,000 EUR 25,168 456 24,712 698 308 100.00% 100.00% EDP IS \u2013 Investimentos e Servi\u00e7os, Sociedade Unipessoal, Lda Lisbon 140,309,500 EUR 438,116 88,074 350,042 - 19,085 100.00% EDP Ventures - Sociedade de capital de risco, S.A. Lisbon 125,000 EUR 1,042 32 1,010 98 2 100.00% EDP Ventures, S.A. Lisbon 50,000 EUR 68,841 36,516 32,326 234 3,638 100.00% Fundo EDP CleanTech FCR Lisbon 19,895,723 EUR 17,617 413 17,204 - -6,246 60.00% LABELEC - Estudos, Desenvolvimento e Actividades Laboratoriais, S.A. Sacav\u00e9m 2,200,000 EUR 38,786 27,891 10,895 18,910 1,213 100.00% 100.00% S\u00e3vida - Medicina Apoiada, S.A Lisbon 450,000 EUR 19,847 10,009 9,837 23,379 1,244 100.00% 100.00% Other Countries: EDP - \u00c1sia Solu\u00e7\u00f5es Energ\u00e9ticas Limitada Macao 1,500,000 MOP 1,034 23 1,012 - -540 100.00% 5.00% EDP Finance BV Amsterdam 2,000,000 EUR 9,977,689 9,855,034 122,654 - 2,237 100.00% 100.00% EDP Group Brussels Representation Brussels 1,000,000 EUR 827 53 774 - -226 100.00% 100.00% EDP International Investments and Services, S.L. Oviedo 43,851,442 EUR 2,208,752 76,782 2,131,969 - 42,154 100.00% 100.00% EDP Servicios Financieros Espa\u00f1a, S.A.U. Oviedo 10,300,058 EUR 3,871,918 3,352,265 519,653 - 16,391 100.00% 100.00% Energia RE - Sociedade Cativa de Resseguro Luxembourg 3,000,000 EUR 182,596 108,061 74,536 3 -1,026 100.00% 100.00% Electricity and Gas Activity - Portugal: Electricity Generation: EDP Gest\u00e3o Produ\u00e7\u00e3o Energia, S.A. Lisbon 449,343,195 EUR 4,821,816 3,705,861 1,115,954 1,249,107 400,680 100.00% 100.00% Empresa Hidroel\u00e9ctrica do Guadiana, S.A. Lisbon 113,763,680 EUR 375,239 195,459 179,780 80,316 29,551 100.00% FISIGEN - Empresa de Cogera\u00e7\u00e3o, S.A. Lisbon 50,000 EUR 30,136 21,889 8,247 39,390 -222 51.00% Greenvouga - Sociedade Gestora do Aproveitamento Hidroel\u00e9ctrico de Ribeiradio- Lisbon 115,370,603 EUR 228,172 66,100 162,072 19,762 -6,898 100.00% TERGEN - Opera\u00e7\u00e3o e Manuten\u00e7\u00e3o de Centrais Termoel\u00e9ctricas, S.A. Carregado 250,000 EUR 4,848 3,058 1,790 7,482 262 100.00% Electricity Distribution: E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. Lisbon 2,259,580,950 EUR 4,610,751 1,411,955 3,198,796 1,440,201 129,314 100.00% 100.00% Electricity Supply: EDP Comercial - Comercializa\u00e7\u00e3o de Energia, S.A. Lisbon 64,500,005 EUR 1,383,071 1,131,694 251,378 3,189,982 166,981 100.00% 100.00% EDP Mediadora, S.A. Lisbon 50,000 EUR 6,663 924 5,740 1,223 -126 100.00% Effizency, S.A. Lisbon 128,132 EUR 3,668 1,065 2,603 1,866 127 96.86% SU Eletricidade, S.A. Lisbon 10,110,110 EUR 1,016,560 970,602 45,959 4,339,817 21,968 100.00% 100.00% Gas Supply: EDP G\u00e1s Servi\u00e7o Universal, S.A. Other activities: Oporto 1,050,996 EUR 14,262 5,049 9,212 26,609 479 100.00% 100.00% EDP GEM Portugal, S.A. Lisbon 800,050,000 EUR 4,235,190 3,198,207 1,036,984 5,021,812 260,648 100.00% 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 3,176,893 767,278 2,409,615 2,252,715 27,571 100.00% 100.00% Biomasa Puente Nuevo S.L.U. Oviedo 3,000 EUR 31 124 -93 - -91 100.00% Central Termica Ciclo Combinado Grupo 4, S.L. Oviedo 2,117,000 EUR 329,735 112,735 217,000 386,393 26,451 100.00% Ceprastur, A.I.E. Oviedo 360,607 EUR 294 4 290 - 2 100.00% Generaciones El\u00e9ctricas Andaluc\u00eda, S.L.U. Oviedo 25,000,000 EUR 218,504 124,850 93,654 166,280 716 100.00% H2 Abo\u00f1o, S.A.U. Oviedo 1,000,000 EUR 1,009 20 989 - -11 100.00% H2 Los Barrios, S.A.U. Oviedo 1,000,000 EUR 963 3 960 - -29 100.00% H2 Soto, S.A.U. Oviedo 1,000,000 EUR 920 - 920 - -80 100.00% IBERENERGIA, SAU Oviedo 60,200 EUR 172,853 91,399 81,454 74,708 14,313 100.00% Electricity Distribution: Barras El\u00e9ctricas Galaico-Asturianas, S.A. Lugo 15,689,797 EUR 400,687 244,990 155,697 57,976 15,585 75.05% EDP Redes Espa\u00f1a, S.L.U. Oviedo 10,000,000 EUR 2,490,072 2,400,246 89,826 - -21,045 75.10% Electra Llobregat Energ\u00eda, S.L. Barcelona 90,000 EUR 4,932 3,047 1,886 335 -50 56.32% Hidrocant\u00e1brico Distribucion El\u00e9ctrica, S.A.U. Oviedo 44,002,000 EUR 1,212,493 823,990 388,503 211,754 67,292 75.10% Viesgo Distribuci\u00f3n El\u00e9ctrica, S.L. Santander 77,792,000 EUR 1,209,180 829,444 379,737 178,741 49,511 75.10% Electricity Supply: Azul y Verde Energ\u00eda y Sostenibilidad, S.L. Cordoba 3,000 EUR 59 53 6 159 -60 100.00% Comercializadora Energ\u00e9tica Sostenible, S.A. Bilbao 60,000 EUR 192 65 127 326 52 100.00% EDP Clientes, S.A. Oviedo 1,000,000 EUR 859,741 921,981 -62,240 1,061,592 -113,382 100.00% EDP Energia Ib\u00e9rica, S.A. Oviedo 60,200 EUR 52 12,979 -12,927 - -1 100.00% EDP Solar Espa\u00f1a, S.A. Oviedo 1,000,000 EUR 76,235 58,266 17,969 87,640 -11,090 100.00% Leuk Soluciones Energ\u00e9ticas, S.L. Cordoba 3,000 EUR 1,416 1,234 182 1,445 -291 100.00% Other activities: EDP GEM Espa\u00f1a, S.A. Oviedo 1,000,000 EUR 1,250 49 1,202 333 39 100.00% EDP Iberia, S.L. Bilbao 130,260,000 EUR 1,339,058 164,375 1,174,683 - -43,593 100.00% EDP Ventures Espa\u00f1a, S.A. Oviedo 60,000 EUR 242 206 36 - -13 100.00% Transporte GNL, S.A. Bilbao 1,000,000 EUR 137,731 111,980 25,751 82,105 16,204 100.00% Viesgo Infraestructuras Energ\u00e9ticas, S.L. Santander 147,195,418 EUR 574,110 148,107 426,003 51,208 9,308 75.10% Electricity and Gas Activity - Other Countries: Electricity Supply: EDP Energie Deutschland GmbH Frankfurt am Main 25,000 EUR 2,941 3,072 -130 - -145 100.00% EDP Energia Italia S.R.L. Milan 3,610,000 EUR 134,303 131,753 2,549 69,713 -3,625 100.00% EDP Energia Polska Warsaw 8,505,000 PLN 95,205 99,487 -4,282 29,707 -2,562 100.00% EDP Energie France Paris 80,000 EUR 1,107 1,329 -223 - -286 100.00% Enerdeal Group S.A. Ixelles 100,000 EUR 4,257 3,569 688 - -14 100.00% Enerdeal Luxembourg Sarl Windhof 12,000 EUR 4,946 4,571 375 9,081 114 100.00% Enerdeal NV Zaventem 161,500 EUR 14,261 10,031 4,230 19,559 1,239 100.00% Enerdeal Solar Invest SA Ixelles 250,000 EUR 1,737 1,550 187 364 13 100.00% Enerdeal Solar Invest II SA Ixelles 61,500 EUR 3,184 3,160 24 62 -38 100.00% Enerdeal Solar Luxembourg Sarl Windhof 100,000 EUR 100 4 96 - -4 100.00% Enertel Group S.r.l. Verona 200,000 EUR 32,334 31,129 1,205 37,660 -431 100.00% Neopark SA Charleroi 100,000 EUR 99 - 99 - -2 51.00% Smart Energy Invest II SA Mont-Saint-Guibert 90,000 EUR 1,317 1,264 53 220 11 60.00% SOON Energy Polska sp z.o.o. Warsaw 100,000 PLN 23,354 21,527 1,827 15,397 -607 100.00% Zielona-Energia.com Czestochowa 2,170,000 PLN 14,395 12,929 1,466 8,721 -2,498 100.00% Electricity Activity - Brazil: Parent company and Related Activities: EDP Energias do Brasil, S.A. (EDP Brasil Subgroup Parent Company) S\u00e3o Paulo 6,002,715,947 BRL 2,300,597 261,657 2,038,940 1,049 216,235 100.00%
Electricity Generation: Enerpeixe, S.A. S\u00e3o Paulo 219,735,967 BRL 320,161 197,237 122,923 44,281 1,706 60.00% Investco, S.A. Tocantins 804,458,843 BRL 234,544 53,552 180,992 36,341 16,888 40.78% Lajeado Energia, S.A. S\u00e3o Paulo 6,867,541 BRL 270,477 145,275 125,202 138,472 65,473 55.86% PCH Santa Leopoldina S.A. Esp\u00edrito Santo 341,210,000 BRL 459,389 415,176 44,214 - -8,559 100.00% Resende Engenharia e Assessoria, Ltda. S\u00e3o Paulo 21,573,318 BRL 3,954 10 3,944 - -3 100.00% Electricity Distribution: EDP Esp\u00edrito Santo Distribui\u00e7\u00e3o de Energia S.A. Esp\u00edrito Santo 893,995,761 BRL 1,305,303 997,895 307,409 957,385 69,281 100.00% EDP S\u00e3o Paulo Distribui\u00e7\u00e3o de Energia S.A. S\u00e3o Paulo 596,669,107 BRL 1,373,243 1,164,984 208,259 1,115,755 88,115 100.00% Electricity Supply: Blue Sol Energia Solar S\u00e3o Paulo 21,261,996 BRL 4,838 10,463 -5,625 - - 100.00% Blue Sol Franquia S\u00e3o Paulo 1,000 BRL 919 1,023 -104 - - 100.00% Blue Sol Participa\u00e7\u00f5es S.A. S\u00e3o Paulo 24,483,565 BRL 1,269 5,900 -4,631 - - 100.00% Contrata Sol S\u00e3o Paulo 2,977,497 BRL 211 378 -167 - - 100.00% EDP Smart SPE Ltda. S\u00e3o Paulo 143,091,252 BRL 29,511 2,639 26,872 2,346 129 100.00% EDP Smart Energia, Ltda S\u00e3o Paulo 23,704,068 BRL 162,964 150,319 12,645 99,813 5,866 100.00% EDP Smart Servi\u00e7os, S.A. Esp\u00edrito Santo 766,536,011 BRL 262,468 143,784 118,684 67,216 -4,327 100.00% EDP Smart Solu\u00e7\u00f5es, S.A. Rio Grande do Sul 124,072,773 BRL 19,929 4,642 15,287 10,445 579 100.00% EDP Smart SPE V Ltda. S\u00e3o Paulo 55,541,069 BRL 53,848 43,185 10,663 584 96 100.00% EDP SMART SPE 1 LTDA. S\u00e3o Paulo 85,495,443 BRL 18,494 2,549 15,945 - - 100.00% EDP SMART SPE 2 LTDA. S\u00e3o Paulo 23,544,947 BRL 4,425 34 4,391 - - 100.00% EDP SMART SPE 3 LTDA. S\u00e3o Paulo 17,901,206 BRL 4,334 995 3,339 - - 100.00% EDP SMART SPE 4 LTDA. S\u00e3o Paulo 43,325,288 BRL 14,423 6,342 8,080 - - 100.00% EDP SMART SPE 5 LTDA. S\u00e3o Paulo 1,000 BRL 1,103 1,103 - - - 100.00% EDP SMART SPE 6 LTDA. S\u00e3o Paulo 2,806,690 BRL 6,105 5,582 523 - - 100.00% EDP SMART SPE 7 LTDA. S\u00e3o Paulo 17,979,697 BRL 5,206 1,853 3,353 - - 100.00% EDP SMART SPE 8 LTDA. S\u00e3o Paulo 5,099,410 BRL 1,283 332 951 - - 100.00% EDP SMART SPE 9 LTDA. S\u00e3o Paulo 39,801,799 BRL 11,714 4,291 7,423 - - 100.00% EDP SMART SPE 10 LTDA. S\u00e3o Paulo 1,000 BRL 322 322 - - - 100.00% EDP SMART SPE 11 LTDA. S\u00e3o Paulo 1,000 BRL - - - - - 100.00% EDP SMART SPE 12 LTDA. S\u00e3o Paulo 1,000 BRL - - - - - 100.00% EDP SMART SPE 13 LTDA. S\u00e3o Paulo - BRL 1,480 1,480 - - - 100.00% EDP Trading Comercializa\u00e7\u00e3o e Servi\u00e7os de Energia, S.A. S\u00e3o Paulo 221,679,595 BRL 620,759 527,722 93,037 564,137 27,580 100.00% ENERGIA I SPE S.A. Esp\u00edrito Santo 1,000 BRL - 5,122 -5,122 - -5,085 100.00% Energia Solar I SPE LTDA. Esp\u00edrito Santo 1,203,819 BRL 391 410 -19 - -32 100.00% Energia Solar II SPE LTDA. Esp\u00edrito Santo - BRL - - - - - 100.00% Nova Gera\u00e7\u00e3o Solar LTDA. S\u00e3o Paulo 2,538,124 BRL 537 553 -17 - -43 100.00% Transmission of Electricity: EDP Transmiss\u00e3o Alian\u00e7a SC, S.A. Esp\u00edrito Santo 340,500,999 BRL 475,648 373,178 102,469 65,545 12,444 90.00% EDP Transmiss\u00e3o Goi\u00e1s S.A. Goias 328,750,229 BRL 475,763 325,529 150,234 100,337 42,305 100.00% EDP Transmiss\u00e3o Litoral Sul S.A. S\u00e3o Paulo 342,755,430 BRL 82,659 6,528 76,130 19,721 17,161 100.00% EDP Transmiss\u00e3o Norte S.A. Esp\u00edrito Santo 223,157,000 BRL 93,572 51,083 42,489 61,476 1,537 100.00% EDP Transmiss\u00e3o Norte 2 S.A. S\u00e3o Paulo 3,501,000 BRL 12,517 11,664 853 10,179 260 100.00% EDP Transmiss\u00e3o SP-MG, S.A. Esp\u00edrito Santo 33,000,999 BRL 531,324 445,578 85,746 76,271 16,417 100.00% ENERGIA SPE II S.A. Esp\u00edrito Santo - BRL - - - - - 100.00% Mata Grande Transmissora de Energia LTDA. Paran\u00e1 60,329,870 BRL 24,989 14,405 10,584 3,144 582 100.00% Other Activities: EDP Ventures Brasil S.A. S\u00e3o Paulo 52,156,475 BRL 5,569 1,306 4,263 - -4,225 100.00% Renewable Energy Activity: Parent company and Related Activities: EDP Renov\u00e1veis, S.A. (EDP Renov\u00e1veis Subgroup Parent Company) Asturias 5,119,890,505 EUR 13,155,067 4,744,468 8,410,599 88,022 -248,843 71.27% 71.27% EDP Renov\u00e1veis Servicios Financieros, S.A. Asturias 84,691,368 EUR 8,104,977 7,443,025 661,952 50,603 20,454 71.27% Europe Geography / Platform: Spain: EDP Renewables Europe, S.L.U. (EDPR EU Subgroup Parent Company) Asturias 249,498,800 EUR 3,895,306 1,517,884 2,377,422 116,158 915,710 71.27% Acampo Arias, S.L. Zaragoza 3,314,300 EUR 39,699 24,888 14,811 10,498 5,333 67.71% Agos Fotovoltaicas, S.L. Asturias 3,000 EUR 785 223 562 - - 71.27% Aplicaciones Industriales de Energ\u00edas Limpias, S.L. Zaragoza 131,288 EUR 2,026 8 2,018 - 1,851 43.83% Canerde, S.L. Madrid 4,000 EUR 244 244 - - - 57.02% Compa\u00f1\u00eda E\u00f3lica Aragonesa, S.A.U. Zaragoza 6,701,165 EUR 174,727 21,540 153,187 23,374 8,798 71.27% Corona Fotovoltaicas, S.L. Asturias 3,000 EUR 1,334 350 984 - - 71.27% Desarrollos E\u00f3licos de Teruel, S.L. Teruel 18,890,100 EUR 64,040 37,195 26,845 10,570 4,655 36.35% Desarrollos Renovables de Alfajarin, S.L.U. Zaragoza 6,000 EUR 4 1 3 - - 71.27% Desarrollos Renovables de Allande, S.L.U. Asturias 6,000 EUR 3 - 3 - - 71.27% Desarrollos Renovables de la Frontera, S.L.U. C\u00e1diz 6,000 EUR 3 - 3 - -1 71.27% Desarrollos Renovables de Teruel, S.L. C\u00e1diz 3,000 EUR 3 3 - - -2 36.35% EDP Renovables Espa\u00f1a, S.L.U. Asturias 46,128,100 EUR 1,735,508 343,429 1,392,079 239,037 255,568 71.27% EDPR M\u00e9xico, S.L.U. Asturias 7,000 EUR 5 1 4 - - 71.27% EDPR Terral S.L.U. Madrid 3,000 EUR 627 629 -2 - - 71.27% EDPR Yield, S.A.U. Asturias 99,405,403 EUR 274,328 5,405 268,922 - 26,300 71.27% Energia Geoide VIII, S.L. Asturias 3,000 EUR 2 - 2 - - 71.27% E\u00f3lica Arlanz\u00f3n, S.A. Madrid 4,508,980 EUR 12,878 3,130 9,748 5,296 1,912 60.58% E\u00f3lica Campollano, S.A. Madrid 6,559,994 EUR 50,228 9,356 40,871 17,177 4,818 53.45% E\u00f3lica Fontesilva, S.L.U. La Coru\u00f1a 6,860,000 EUR 35,781 5,313 30,469 6,501 2,140 71.27% E\u00f3lica La Br\u00fajula, S.A.U. Madrid 3,294,000 EUR 46,984 6,029 40,955 9,845 2,777 71.27% Global Pracima, S.L. Asturias 3,600 EUR 5,325 64 5,261 - -24 71.27% IAM Caecius, S.L. Madrid 6,000 EUR 4 1 4 - - 71.27% Iberia Aprovechamientos E\u00f3licos, S.A. Zaragoza 1,918,728 EUR 16,722 3,046 13,676 5,288 2,219 66.99% ICE Tudela S.L. Madrid 3,002 EUR 3 - 3 - - 71.27% Jul Solar, S.L. Asturias 3,000 EUR 795 216 579 - - 71.27% Palma Hive, S.L. Madrid 3,000 EUR 5,311 4,924 387 - - 71.27% Parque E\u00f3lico Altos del Voltoya, S.A. Madrid 6,434,349 EUR 47,150 15,137 32,014 8,651 1,661 65.93% Parque E\u00f3lico de Abrazadilla, S.L.U. Madrid 7,000 EUR 4 1 3 - -1 71.27% Parque E\u00f3lico La Sotonera, S.L. Zaragoza 2,000,000 EUR 11,892 1,960 9,933 4,035 1,864 49.77% Parque E\u00f3lico Los Cantales, S.L.U. Zaragoza 1,963,050 EUR 15,786 2,457 13,329 3,620 1,256 71.27% Parque E\u00f3lico Santa Quiteria, S.L. Zaragoza 63,006 EUR 15,219 4,474 10,745 5,491 2,095 59.84% Pedregal Hive, S.L. Madrid 3,000 EUR 1,943 1,525 418 - - 71.27% Renovables Castilla La Mancha, S.A. Madrid 60,102 EUR 20,407 10,220 10,186 5,396 1,604 64.14% Rocio Hive, S.L. Madrid 3,000 EUR 23,116 22,803 313 - -125 71.27% San Juan de Bargas E\u00f3lica, S.L. Zaragoza 2,000,000 EUR 10,754 4,413 6,341 1,554 491 71.27% Site Sunwind Energy, S.L. Madrid 6,000 EUR 4 1 4 - - 71.27% T\u00e9bar E\u00f3lica, S.A.U. Madrid 4,720,400 EUR 35,984 8,258 27,726 6,541 2,611 71.27% Portugal: EDP Renov\u00e1veis Portugal, S.A. Oporto 7,500,000 EUR 417,166 215,015 202,150 134,217 50,413 36.35% EDPR Cross Solutions, S.A. Oporto 50,000 EUR 665 529 136 1,397 125 71.27% EDPR PT - Parques E\u00f3licos, S.A. Oporto 50,000 EUR 83,120 32,739 50,382 - 12,729 36.35% EDPR PT - Promo\u00e7\u00e3o e Opera\u00e7\u00e3o, S.A. Oporto 57,500 EUR 448,442 92,422 356,020 15,160 1,797 71.27% E\u00f3lica da Coutada, S.A. Soutelo de Aguiar 50,000 EUR 134,477 56,448 78,029 29,558 11,631 36.35% E\u00f3lica da Coutada II, S.A. Oporto 50,000 EUR 24,466 20,775 3,691 1,633 675 71.27% E\u00f3lica da Serra das Alturas, S.A. Boticas 50,000 EUR 11,607 1,749 9,858 3,661 1,920 18.21% E\u00f3lica da Terra do Mato, S.A. Oporto 50,000 EUR 38,079 21,360 16,719 8,212 2,689 36.35% E\u00f3lica das Serras das Beiras, S.A. Pi\u00f3d\u00e3o - Arganil 50,000 EUR 81,750 25,533 56,217 19,477 7,263 36.35%
E\u00f3lica de Alagoa, S.A. Arcos de Valdevez 50,000 EUR 6,434 1,205 5,229 3,090 1,590 21.81% E\u00f3lica de Montenegrelo, S.A. Vila Pouca de Aguiar 50,000 EUR 16,915 2,271 14,643 6,254 2,851 18.21% E\u00f3lica do Alto da Lagoa, S.A. Oporto 50,000 EUR 18,904 4,139 14,765 5,726 2,647 36.35% E\u00f3lica do Alto da Teixosa, S.A. Alh\u00f5es 50,000 EUR 22,292 7,415 14,877 5,940 2,422 36.35% E\u00f3lica do Alto do Mourisco, S.A. Cerdedo 50,000 EUR 20,496 7,566 12,930 5,532 2,485 36.35% E\u00f3lica do Espig\u00e3o, S.A. Vila Nova CMV 50,000 EUR 23,139 5,040 18,099 6,784 2,946 36.35% E\u00f3lica dos Altos de Salgueiros-Guilhado, S.A. Vila Pouca de Aguiar 50,000 EUR 9,709 3,606 6,103 2,580 1,088 36.35% Fotovoltaica Flutuante do Grande Lago, S.A. Oporto 50,000 EUR 2,200 4,130 -1,930 - -481 71.27% Fotovoltaica Lote A, S.A. Oporto 50,000 EUR 162,977 142,846 20,131 1,718 5,659 71.27% Malhadizes - Energia E\u00f3lica, S.A. Oporto 50,000 EUR 30,245 16,228 14,017 4,474 1,680 36.35% Parque E\u00f3lico do Barlavento, S.A. Oporto 60,000 EUR 49,378 8,426 40,952 16,611 8,893 64.13% S.E.E. - Sul Energ\u00eda E\u00f3lica, S.A. Oporto 150,000 EUR 9,185 1,077 8,108 2,561 1,251 71.27% SPEE - Sociedade Produ\u00e7\u00e3o de Energia E\u00f3lica, S.A. Oporto 350,000 EUR 598 186 412 - 62 71.27% France: EDPR France Holding, S.A.S. Paris 79,900,000 EUR 388,551 283,593 104,958 47,501 -151 71.27% EDPR Energies France, S.A.S. Paris 215,000 EUR 24,857 24,977 -119 469 394 71.27% Fransol 11, S.A.S. Boulogne-Billancourt 1 EUR 79 109 -30 - -18 60.58% Fransol 12, S.A.S. Boulogne-Billancourt 1 EUR 23 139 -116 - -86 60.58% Fransol 13, S.A.S. Boulogne-Billancourt 1 EUR 75 114 -39 - -19 60.58% Fransol 14, S.A.S. Paris 1,013,701 EUR 1,313 310 1,003 - -5 71.27% Fransol 15, S.A.S. Boulogne-Billancourt 1 EUR 21 133 -112 - -77 60.58% Fransol 16, S.A.S. Boulogne-Billancourt 1 EUR 89 160 -72 - -20 60.58% Fransol 17, S.A.S. Boulogne-Billancourt 1 EUR 18 106 -89 - -73 60.58% Fransol 18, S.A.S. Boulogne-Billancourt 1 EUR 106 153 -47 - -23 60.58% Fransol 19, S.A.S. Boulogne-Billancourt 1 EUR 17 104 -87 - -73 60.58% Fransol 20, S.A.S. Boulogne-Billancourt 1 EUR 31 196 -165 - -106 60.58% Fransol 21, S.A.S. Boulogne-Billancourt 11,805 EUR 242 187 56 - -20 71.27% Fransol 22, S.A.S. Boulogne-Billancourt 1 EUR 15 91 -76 - -72 60.58% Fransol 23, S.A.S. Boulogne-Billancourt 1 EUR 16 96 -80 - -69 60.58% Fransol 24, S.A.S. Boulogne-Billancourt 1 EUR 87 144 -57 - -24 60.58% Fransol 25, S.A.S. Boulogne-Billancourt 1 EUR 25 154 -128 - -108 60.58% Fransol 26, S.A.S. Boulogne-Billancourt 1 EUR 17 105 -87 - -74 60.58% Fransol 27, S.A.S. Boulogne-Billancourt 13,969 EUR 232 188 44 - -21 71.27% Fransol 28, S.A.S. Boulogne-Billancourt 1 EUR 111 190 -78 - -31 60.58% Fransol 29, S.A.S. Boulogne-Billancourt 1 EUR 17 102 -85 - -72 60.58% Fransol 30, S.A.S. Boulogne-Billancourt 1 EUR 87 130 -43 - -20 60.58% Fransol 31, S.A.S. Boulogne-Billancourt 1 EUR 21 126 -105 - -88 60.58% Fransol 32, S.A.S. Boulogne-Billancourt 1 EUR 47 86 -39 - -21 60.58% Fransol 33, S.A.S. Boulogne-Billancourt 1 EUR 10 60 -50 - -40 60.58% Fransol 34, S.A.S. Boulogne-Billancourt 1 EUR 15 91 -76 - -53 60.58% Fransol 35, S.A.S. Boulogne-Billancourt 1 EUR 54 83 -29 - -20 60.58% Fransol 36, S.A.S. Boulogne-Billancourt 1 EUR 62 100 -37 - -25 60.58% Fransol 37, S.A.S. Boulogne-Billancourt 1 EUR 62 114 -52 - -26 60.58% Fransol 38, S.A.S. Boulogne-Billancourt 1 EUR 11 69 -57 - -50 60.58% Fransol 39, S.A.S. Boulogne-Billancourt 1 EUR 12 75 -62 - -49 60.58% Fransol 40, S.A.S. Boulogne-Billancourt 1 EUR 11 66 -56 - -46 60.58% Fransol 41, S.A.S. Boulogne-Billancourt 1 EUR 15 88 -73 - -73 60.58% Fransol 42, S.A.S. Boulogne-Billancourt 1 EUR 9 57 -47 - -47 60.58% Fransol 43, S.A.S. Boulogne-Billancourt 1 EUR 10 59 -49 - -49 60.58% Fransol 44, S.A.S. Boulogne-Billancourt 1 EUR 18 109 -91 - -91 60.58% Fransol 45, S.A.S. Boulogne-Billancourt 1 EUR 11 67 -56 - -56 60.58% Fransol 46, S.A.S. Boulogne-Billancourt 1 EUR 87 523 -436 - -436 60.58% Fransol 47, S.A.S. Boulogne-Billancourt 1 EUR 29 173 -144 - -144 60.58% Fransol 48, S.A.S. Boulogne-Billancourt 1 EUR 9 57 -48 - -48 60.58% Fransol 49, S.A.S. Boulogne-Billancourt 1 EUR 10 59 -49 - -49 60.58% Fransol 50, S.A.S. Boulogne-Billancourt 1 EUR 9 52 -43 - -43 60.58% Fransol 51, S.A.S. Boulogne-Billancourt 1 EUR 10 61 -51 - -51 60.58% Fransol 52, S.A.S. Boulogne-Billancourt 1 EUR 6 36 -30 - -30 60.58% Fransol 53, S.A.S. Boulogne-Billancourt 1 EUR 10 63 -52 - -52 60.58% Fransol 54, S.A.S. Boulogne-Billancourt 1 EUR 13 78 -65 - -65 60.58% Fransol 55, S.A.S. Boulogne-Billancourt 1 EUR 7 40 -34 - -34 60.58% Fransol 56, S.A.S. Boulogne-Billancourt 1 EUR 5 31 -26 - -26 60.58% Fransol 57, S.A.S. Boulogne-Billancourt 1 EUR 10 62 -52 - -52 60.58% Fransol 58, S.A.S. Boulogne-Billancourt 1 EUR 7 40 -34 - -34 60.58% Fransol 59, S.A.S. Boulogne-Billancourt 1 EUR 7 41 -34 - -34 60.58% Fransol 60, S.A.S. Boulogne-Billancourt 1 EUR 9 56 -47 - -47 60.58% Fransol 61, S.A.S. Boulogne-Billancourt 1 EUR 6 34 -28 - -28 60.58% Fransol 62, S.A.S. Boulogne-Billancourt 1 EUR 6 39 -32 - -32 60.58% Fransol 63, S.A.S. Boulogne-Billancourt 1 EUR 10 63 -52 - -52 60.58% Fransol 64, S.A.S. Boulogne-Billancourt 1 EUR 11 69 -58 - -58 60.58% Fransol 65, S.A.S. Boulogne-Billancourt 1 EUR 9 54 -45 - -45 60.58% Fransol 66, S.A.S. Boulogne-Billancourt 1 EUR 12 70 -58 - -58 60.58% Fransol 67, S.A.S. Boulogne-Billancourt 1 EUR 13 74 -62 - -62 60.58% Fransol 68, S.A.S. Boulogne-Billancourt 1 EUR 11 64 -53 - -53 60.58% Fransol 69, S.A.S. Boulogne-Billancourt 1 EUR 13 69 -57 - -57 60.58% Fransol 70, S.A.S. Boulogne-Billancourt 1 EUR 5 30 -25 - -25 60.58% Kronos IB Vogt 15, S.A.S. Saint-Louis 1 EUR 216 248 -32 - -24 60.58% Kronos IB Vogt 16, S.A.S. Saint-Louis 1 EUR 68 96 -28 - -20 60.58% Kronos 18 Fain, S.A.S. Saint-Louis 160,307 EUR 368 226 142 - -4 71.27% Kronos IB Vogt 19, S.A.S. Saint-Louis 1 EUR 23 88 -65 - -57 60.58% Kronos IB Vogt 20, S.A.S. Saint-Louis 1 EUR 61 149 -87 - -78 60.58% Kronos IB Vogt 22, S.A.S. Saint-Louis 1 EUR 117 150 -33 - -25 60.58% Kronos IB Vogt 25, S.A.S. Saint-Louis 1 EUR 101 132 -31 - -23 60.58% Kronos Solar France, S.A.S. Boulogne-Billancourt 20,000 EUR 5,275 4,283 993 3,963 901 71.27% Kronosol 11, S.A.R.L. Saint-Louis 1 EUR 23 83 -60 53 -1 60.58% Kronosol 12, S.A.R.L. Saint-Louis 59,656 EUR 333 288 45 - -10 71.27% Kronosol 13, S.A.R.L. Paris 189,112 EUR 6,346 6,209 137 10 -42 71.27% Kronosol 14, S.A.R.L. Paris 898,216 EUR 10,991 10,129 862 - -16 71.27% Kronosol 15, S.A.R.L. Saint-Louis 236,721 EUR 731 527 203 - -9 71.27% Monts de la Madeleine Energie, S.A.S. Paris 88,000 EUR 1,426 1,404 21 - -4 71.27% Monts du Forez Energie, S.A.S. Paris 200,000 EUR 1,731 1,642 89 - -6 71.27% Oxavi 1, S.A.S. Paris 3,000 EUR 2 - 1 - - 71.27% Oxavi 2, S.A.S. Paris 3,000 EUR 2 - 1 - - 71.27% Parc \u00c9olien d\u2019Entrains-sur-Nohain, S.A.S. Paris 266,000 EUR 179 - 179 - -3 64.14% Parc Eolien de Dionay, S.A.S. Paris 215,000 EUR 2,182 2,107 74 - -9 71.27% Saussignac Solaire, S.A.S. Paris 5,000 EUR 3 7 -3 - - 71.27% Transition Euroise Roman II, S.A.S. Paris 603,000 EUR 12,160 11,055 1,105 1,383 146 60.58% Vanosc Energie, S.A.S. Paris 1,000 EUR 874 892 -18 - -4 71.27% Poland: Budzyn, Sp. z o.o. Warsaw 5,000 PLN 7 68 -61 - -21 36.35% CSH III Renewables, Sp. z o.o. Warsaw 5,000 PLN 690 737 -47 - -46 71.27% EDP Renewables Polska HoldCo, S.A. Warsaw 100,100 PLN 276,123 39,309 236,814 - -43 36.35% EDP Renewables Polska Solar, Sp. Z o.o. Warsaw 5,000 PLN 38,467 40,663 -2,196 1,032 -468 71.27% EDP Renewables Polska, Sp. z o.o. Warsaw 435,045,000 PLN 677,673 138,317 539,356 9,613 268,280 71.27% EDPR Polska Wind, Sp. z o.o. Warsaw 5,000 PLN - -1 1 - - 71.27% EDPR Polska Solar 2, Sp. z o.o. Warsaw 5,000 PLN - -1 1 - - 71.27% EDPR Polska Storage, Sp. z o.o. Warsaw 5,000 PLN - -1 1 - - 71.27%
Ekoenergia Solar 3, Sp. z o.o. Warsaw 6,000 PLN 99 118 -19 - -9 71.27% Elektrownia Kamienica, Sp. z o.o. Warsaw 5,000 PLN 1,671 1,726 -56 - -20 71.27% Elektrownia Wiatrowa Kresy I, Sp. z o.o. Warsaw 70,210 PLN 130,517 17,399 113,117 29,748 12,162 36.35% Farma Fotowoltaiczna Budzyn, Sp. z o.o. Warsaw 5,000 PLN 5,466 5,505 -39 - -11 71.27% Farma Fotowoltaiczna Dobrzyca, Sp. z o.o. Warsaw 5,000 PLN 138 153 -15 - -13 71.27% Farma Fotowoltaiczna I\u0142\u017ca, Sp. z o.o. Warsaw 5,000 PLN 1 - 1 - -1 71.27% Farma Fotowoltaiczna Koden, Sp. z o.o. Warsaw 5,000 PLN 1,443 1,529 -86 - -58 71.27% Farma Fotowoltaiczna Pakos\u0142aw, Sp. z o.o. Warsaw 5,000 PLN 4 8 -4 - -5 71.27% Farma Fotowoltaiczna Poturzyn, Sp. z o.o. Warsaw 5,000 PLN 7 14 -7 - -8 71.27% Farma Fotowoltaiczna Radziej\u00f3w, Sp. z o.o. Warsaw 5,000 PLN 14 37 -23 - -15 71.27% Farma Fotowoltaiczna Tomasz\u00f3w, Sp. z o.o. Warsaw 5,000 PLN 10 31 -22 - -17 71.27% Farma Fotowoltaiczna Ujazd, Sp. z o.o. Warsaw 5,000 PLN 59 75 -16 - -13 71.27% Farma Fotowoltaiczna Warta, Sp. z o.o. Warsaw 5,000 PLN 37 92 -55 - -47 71.27% Farma Fotowoltaiczna Wielkopolska, Sp. z o.o. Warsaw 5,000 PLN 102 86 16 - 17 71.27% Farma Wiatrowa Starozreby, Sp. z o.o. Warsaw 466,000 PLN 267 2 265 - -18 71.27% FW Warta, Sp. z o.o. Pozna\u0144 10,000 PLN 56,238 55,677 561 9,584 -1,024 71.27% Gudziki Wind Farm, Sp. z o.o. Warsaw 35,715,400 PLN 56,349 39,095 17,254 13,949 1,431 36.35% Korsze Wind Farm, Sp. z o.o. Warsaw 35,754,000 PLN 79,208 29,900 49,308 26,260 11,112 36.35% Masovia Wind Farm I, Sp. z o.o. Warsaw 1,258,000 PLN 191 296 -105 - -25 71.27% Miramit Investments, Sp. z o.o. Warsaw 55,000 PLN 482 381 100 - -39 71.27% Molen Wind II, Sp. z o.o. Warsaw 14,600 PLN 65,258 29,668 35,590 16,496 5,864 36.35% Neo Solar Chotk\u00f3w, Sp. z o.o. Warsaw 5,000 PLN 43,341 44,157 -816 163 -551 71.27% Neo Solar Farm, Sp. z o.o. Warsaw 5,000 PLN 155,817 153,318 2,500 7,378 3,671 71.27% Neo Solar Przykona II, Sp. z o.o. Warsaw 5,000 PLN 1,863 1,959 -96 - -34 71.27% R.Wind, Sp. z o.o. Warsaw 6,000 PLN 713 895 -182 - -25 71.27% Radziej\u00f3w Wind Farm, Sp. z o.o. Warsaw 27,605,000 PLN 29,458 22,597 6,860 6,292 245 36.35% Rampton, Sp. z o.o. Warsaw 11,005,000 PLN 3,685 1,329 2,356 1,681 -69 71.27% Relax Wind Park I, Sp. z o.o. Warsaw 46,540,000 PLN 116,365 45,660 70,705 34,818 12,156 36.35% Relax Wind Park III, Sp. z o.o. Warsaw 59,603,000 PLN 273,605 228,854 44,751 40,665 3,658 36.35% Rowy-Karpacka Mala Energetyka, Sp. z o.o. Warsaw 50,000 PLN 99 651 -552 - -61 71.27% WF Energy III, Sp. z o.o. Warsaw 5,000 PLN 423 437 -14 - -7 71.27% Wind Farm Debrzno, Sp. z o.o. Warsaw 5,000 PLN - -1 1 - - 71.27% Wind Farm Gniewkowo, Sp. z o.o. Warsaw 5,000 PLN - -1 1 - - 71.27% Romania: Beta Wind, S.R.L. Bucharest 207,470 RON 5,758 1,062 4,696 - -206 71.27% EDPR Rom\u00e2nia, S.R.L. Bucharest 1,491,259,750 RON 637,342 152,247 485,095 157,921 61,726 71.27% Energopark, S.R.L. Bucharest 133,720 RON 2,008 2,334 -326 - -220 71.27% Fravezac, S.R.L. Bucharest 5,815,810 RON 2,001 1,588 413 - -127 71.27% International Solar Energy, S.R.L. Bucharest 200 RON 1,282 2,668 -1,387 - -1,147 71.27% Solar Phoenix, S.R.L. Bucharest 79,300 RON 548 958 -410 - -142 71.27% Great Britain: EDP Renewables UK Limited Edinburgh 8,000 GBP 6,626 13,306 -6,680 993 -3,221 71.27% Altnabreac Wind Farm Limited Edinburgh 100 GBP 172 3,128 -2,956 - -1,022 71.27% Balmeanach Wind Farm Limited Edinburgh 100 GBP 2,318 3,663 -1,344 - -689 71.27% Balnacraig Battery Storage Limited Edinburgh - GBP - - - - - 71.27% Ben Sca Wind Farm Limited Edinburgh 100 GBP 3,472 5,049 -1,577 - -695 71.27% Drummarnock Wind Farm Limited Edinburgh 100 GBP 1,951 3,297 -1,346 - -666 71.27% Harrington Franklin Limited Leeds - GBP - - - - - 71.27% Kronos Solar Projects Limited Newmarket 1 GBP 2,431 1,701 731 2,011 708 71.27% KS SPV 00 Limited Newmarket 1 GBP 37 225 -188 - -188 71.27% KS SPV 46 Limited Newmarket 1 GBP 82 518 -436 - -408 71.27% KS SPV 62 Limited Newmarket 1 GBP 20 335 -315 - -36 71.27% KS SPV 64 Limited Newmarket 1 GBP 8 64 -55 - -44 71.27% KS SPV 65 Limited Newmarket 1 GBP 22 153 -131 - -107 71.27% KS SPV 67 Limited Newmarket 1 GBP 19 126 -107 - -97 71.27% KS SPV 68 Limited Newmarket 1 GBP - 69 -69 - -59 71.27% KS SPV 69 Limited Newmarket 1 GBP - 149 -149 - -140 71.27% KS SPV 70 Limited Newmarket 1 GBP 239 315 -76 - -50 71.27% KS SPV 71 Limited Newmarket 1 GBP 126 184 -58 - -42 71.27% KS SPV 72 Limited Newmarket 1 GBP 16 107 -90 - -81 71.27% KS SPV 73 Limited Newmarket 1 GBP 19 124 -105 - -97 71.27% KS SPV 74 Limited Newmarket 1 GBP - 169 -169 - -162 71.27% KS SPV 75 Limited Newmarket 1 GBP 80 502 -422 - -411 71.27% KS SPV 76 Limited Newmarket 1 GBP - 88 -88 - -81 71.27% KS SPV 77 Limited Newmarket 1 GBP 27 170 -143 - -137 71.27% KS SPV 78 Limited Newmarket 1 GBP 9 63 -53 - -47 71.27% KS SPV 79 Limited Newmarket 1 GBP 17 108 -91 - -84 71.27% KS SPV 80 Limited Newmarket 1 GBP - 129 -129 - -122 71.27% KS SPV 81 Limited Newmarket 1 GBP - 54 -54 - -54 71.27% KS SPV 82 Limited Newmarket 1 GBP 28 178 -149 - -149 71.27% KS SPV 83 Limited Newmarket 1 GBP 21 131 -110 - -110 71.27% KS SPV 84 Limited Newmarket 1 GBP - 77 -77 - -77 71.27% KS SPV 85 Limited Newmarket 1 GBP - 52 -52 - -52 71.27% Lurg Hill Wind Farm Ltd Edinburgh 100 GBP 822 1,892 -1,070 - -313 71.27% Moorshield Wind Farm Limited Edinburgh 100 GBP 1,988 3,254 -1,266 - -612 71.27% Muirake Wind Farm Ltd Edinburgh 100 GBP 4,878 1,791 3,088 2,672 1,500 56.30% Italy: AW 2, S.r.l. Milan 100,000 EUR 20,571 18,071 2,500 5,198 2,428 53.45% C & C Tre Energy S.r.l. Milan 100,000 EUR 41,049 38,685 2,365 4,018 1,520 71.27% Custolito, S.R.L. Milan 10,000 EUR 306 290 16 - -6 71.27% EDP Renewables Italia Holding, S.R.L. Milan 347,000 EUR 394,994 99,727 295,267 23,672 14,603 71.27% EDP Renewables Italia, S.R.L. Milan 34,439,343 EUR 184,695 110,579 74,116 19,851 19,478 36.35% EDPR Basilicata, S.r.l. Milan 10,000 EUR 318 244 74 - -23 71.27% EDPR Centro Italia PV, S.r.l. Milan 10,000 EUR 2,129 1,855 274 - -10 71.27% EDPR Puglia Due, S.r.l. Milan 10,000 EUR 411 472 -61 - -71 71.27% EDPR Sicilia Tre, S.r.l. Milan 10,000 EUR 7 13 -6 - -15 71.27% EDPR Sardegna, S.r.l. Milan 10,000 EUR 928 933 -4 - -11 71.27% EDPR Sicilia Due, S.r.l. Milan 10,000 EUR 138 44 94 - -9 71.27% EDPR Sicilia PV, S.R.L. Milan 10,000 EUR 9,335 9,154 181 - -37 71.27% EDPR Sicilia Quattro, S.r.l. Milan 10,000 EUR 277 276 1 - -9 71.27% EDPR Sicilia Uno, S.r.l. Milan 10,000 EUR 724 638 86 - -8 71.27% EDPR Sicilia Wind, S.r.l. Milan 10,000 EUR 51,808 52,603 -795 - -1,058 71.27% EDPR Sud Italia, S.r.l. Milan 10,000 EUR 1,740 1,694 45 - -17 71.27% EDPR Villa Galla, S.R.L. Milan 9,000,000 EUR 96,758 24,767 71,992 20,185 10,059 36.35% Energia Emissioni Zero 4, S.r.l. Naples 10,000 EUR 38,492 30,787 7,704 9,243 4,754 42.76% Giglio, S.r.l. Milan 20,000 EUR 41,981 38,732 3,248 2,721 1,084 42.76% Re Plus, S.R.L. Milan 100,000 EUR 722 616 106 - -9 71.27% Sarve, S.r.l. Milan 10,000 EUR 54,226 50,834 3,392 8,364 2,419 71.27% Serracapriola, S.r.l. Milan 10,000 EUR 37,602 37,088 513 490 232 71.27% Solar Italy I, S.r.l. Milan 10,000 EUR 47,512 44,343 3,169 - -495 71.27% Solar Italy II, S.r.l. Milan 10,000 EUR 25,996 25,384 612 - -174 71.27% Solar Italy IV, S.r.l. Milan 10,000 EUR 36,719 33,897 2,822 - -370 71.27% Solar Italy XXIII, S.r.l. Milan 10,000 EUR 3,236 2,943 293 - -138 71.27% T Power, S.p.A. Cesena 1,000,000 EUR 1,343 20 1,322 - -29 71.27% Tivano, S.R.L. Milan 100,000 EUR 20,407 18,500 1,907 3,524 1,653 53.45% VRG Wind 153, S.r.l. Milan 10,000 EUR 46,200 40,918 5,282 7,089 2,297 71.27%
Wind Energy Castelluccio, S.r.l. Milan 10,000 EUR 10,380 10,198 182 - -99 71.27% Wind Energy Monte Cavallo, S.r.l. Pescara 10,000 EUR 51 46 5 - - 36.35% Wind Energy San Giorgio, S.r.l. Milan 20,000 EUR 52,265 48,994 3,271 3,953 1,256 42.76% Winderg Valleverde, S.r.l. Milan 180,000 EUR 9,401 9,098 303 - -3 42.76% Greece: Aeolos Evias Energiaki, M.A.E. Athens 4,125,000 EUR 4,756 1,702 3,054 - -387 71.27% Aioliki Oitis Energiaki A.E. Athens 1,993,050 EUR 2,064 88 1,977 - -238 71.27% Aioliko Parko Fthiotidos Erimia A.E. Athens 880,080 EUR 32,052 32,243 -191 - -1,655 71.27% EDPR Hellas 1 M.A.E. Athens 2,855,000 EUR 38,760 37,686 1,074 - -926 71.27% EDPR Hellas 2 M.A.E. Athens 670,000 EUR 37,481 36,922 559 - -897 71.27% Energiaki Arvanikou E.P.E. Athens 1,312,380 EUR 57,191 41,949 15,242 5,823 -1,097 71.27% Kadmeios Anemos Energiaki, A.E. Athens 2,825,000 EUR 4,719 3,685 1,034 - -405 71.27% Voiotikos Anemos Energy, A.E. Athens 1,225,000 EUR 8,420 8,245 174 - -481 71.27% Wind Park Aerorrachi M.A.E. Athens 496,020 EUR 3,927 6,714 -2,788 - -172 71.27% Wind Shape A.E. Athens 549,850 EUR 4,580 4,160 420 - -359 71.27% Germany: EDP Renewables Germany GmbH Munich 25,000 EUR 727 4,535 -3,808 - -3,807 71.27% Kronos Projektgesellschaft mbH Munich 25,000 EUR 13,199 14,467 -1,268 1,290 -1,287 71.27% Kronos Solar Projects France UG Munich 1,000 EUR 2,403 386 2,017 - 6,385 60.58% Kronos Solar Projects GmbH Munich 27,669 EUR 73,666 3,839 69,827 6,749 6,271 71.27% KSD 11 UG B\u00fctow 1,000 EUR 282 332 -50 - -27 71.27% KSD 12 UG Munich 1,000 EUR 571 623 -52 - -40 71.27% KSD 13 UG Munich 1,000 EUR 284 325 -41 - -28 71.27% KSD 14 UG Munich 1,000 EUR 2,429 2,528 -100 - -87 71.27% KSD 15 UG Munich 1,000 EUR 38 136 -97 - -89 71.27% KSD 16 UG Munich 1,000 EUR 62 230 -168 - -162 71.27% KSD 17 GmbH Munich 25,000 EUR 2,743 2,791 -48 - -64 71.27% KSD 18 UG Munich 1,000 EUR 143 173 -29 - -24 71.27% KSD 19 UG Munich 1,000 EUR 171 202 -31 - -25 71.27% KSD 21 UG Munich 1,000 EUR 50 181 -131 - -125 71.27% KSD 22 UG Munich 1,000 EUR 40 146 -106 - -100 71.27% KSD 23 UG Munich 1,000 EUR 268 301 -33 - -24 71.27% KSD 24 UG Munich 1,000 EUR 48 175 -127 - -121 71.27% KSD 25 UG Munich 1,000 EUR 301 332 -31 - -24 71.27% KSD 26 UG Munich 1,000 EUR 81 270 -189 - -186 71.27% KSD 27 UG Munich 1,000 EUR 84 342 -259 - -256 71.27% KSD 28 UG Munich 1,000 EUR 50 156 -107 - -103 71.27% KSD 29 UG Munich 1,000 EUR 51 164 -112 - -109 71.27% KSD 30 UG Munich 1,000 EUR 57 184 -127 - -124 71.27% KSD 31 UG Munich 1,000 EUR 72 240 -168 - -165 71.27% KSD 32 UG Munich 1,000 EUR 150 183 -33 - -30 71.27% KSD 33 UG Munich 1,000 EUR 34 100 -65 - -62 71.27% KSD 34 UG Munich 1,000 EUR 50 156 -107 - -104 71.27% KSD 35 UG Munich 1,000 EUR 127 218 -91 - -88 71.27% KSD 36 UG Munich 1,000 EUR 107 203 -96 - -93 71.27% KSD 37 UG Munich 1,000 EUR 65 213 -148 - -145 71.27% KSD 38 UG Munich 1,000 EUR 72 237 -165 - -162 71.27% KSD 39 UG Munich 1,000 EUR 87 184 -97 - -94 71.27% KSD 40 UG Munich 1,000 EUR 63 205 -142 - -139 71.27% KSD 41 UG Munich 1,000 EUR 5 8 -4 - -5 71.27% KSD 42 UG Munich 1,000 EUR 5 8 -4 - -5 71.27% KSD 43 UG Munich 1,000 EUR 5 8 -4 - -5 71.27% KSD 44 UG Munich 1,000 EUR 5 11 -6 - -7 71.27% KSD 45 UG Munich 1,000 EUR 5 8 -4 - -5 71.27% KSD 46 UG Munich 1,000 EUR 5 8 -4 - -5 71.27% KSD 47 UG Munich 1,000 EUR 5 8 -4 - -5 71.27% KSD 48 UG Munich 1,000 EUR 5 8 -4 - -5 71.27% KSD 49 UG Munich 1,000 EUR 5 8 -4 - -5 71.27% KSD 50 UG Munich 1,000 EUR 5 8 -4 - -5 71.27% KSD 51 UG Munich 1,000 EUR 5 8 -4 - -5 71.27% KSD 52 UG Munich 1,000 EUR 5 8 -4 - -5 71.27% KSD 53 UG Munich 1,000 EUR 5 8 -4 - -5 71.27% KSD 54 UG Munich 1,000 EUR 5 8 -4 - -5 71.27% KSD 55 UG Munich 1,000 EUR 5 8 -4 - -5 71.27% KSD 56 UG Munich 1,000 EUR 5 8 -4 - -5 71.27% KSD 57 UG Munich 1,000 EUR 5 8 -4 - -5 71.27% KSD 58 UG Munich 1,000 EUR 5 8 -4 - -5 71.27% KSD 59 UG Munich 1,000 EUR 5 8 -4 - -5 71.27% KSD 60 UG Munich 1,000 EUR 5 8 -4 - -5 71.27% The Netherlands: EDPR International Investments, B.V. Amesterdam 20,000 EUR 134,078 123,748 10,330 - -5,015 71.27% Kronos Solar Projects NL, B.V. Arnhem 5,000 EUR 1,367 1,238 129 1,248 87 71.27% KS NL10, B.V. Arnhem 0 EUR 43 69 -26 - -18 71.27% KS NL12, B.V. Arnhem 0 EUR 2 44 -42 - -35 71.27% KS NL13, B.V. Arnhem 0 EUR 403 504 -101 - -64 71.27% KS NL14, B.V. Arnhem 0 EUR 8,932 9,126 -195 - -147 71.27% KS NL16, B.V. Arnhem 0 EUR 2 43 -42 - -37 71.27% KS NL17, B.V. Arnhem 0 EUR 36 101 -65 - -24 71.27% KS NL20, B.V. Arnhem 0 EUR 173 223 -50 - -42 71.27% KS NL23, B.V. Arnhem 0 EUR 398 531 -133 - -96 71.27% KS NL24, B.V. Arnhem 0 EUR 4 41 -37 - -33 71.27% KS NL25, B.V. Arnhem 0 EUR 36 59 -24 - -17 71.27% KS NL27, B.V. Arnhem 0 EUR 131 219 -88 - -31 71.27% KS NL28, B.V. Arnhem 0 EUR 10,321 10,558 -237 - -200 71.27% KS NL29, B.V. Arnhem 0 EUR 17 46 -29 - -16 71.27% KS NL3, B.V. Arnhem 0 EUR 1,370 1,469 -98 - -55 71.27% KS NL30, B.V. Arnhem 0 EUR 15 37 -22 - -12 71.27% KS NL31, B.V. Arnhem 0 EUR 3 48 -45 - -32 71.27% KS NL32, B.V. Arnhem 0 EUR 1,447 1,629 -181 - -116 71.27% KS NL33, B.V. Arnhem 0 EUR 26 66 -40 - -13 71.27% KS NL34, B.V. Arnhem 0 EUR 1,335 1,476 -141 - -76 71.27% KS NL35, B.V. Arnhem 1 EUR 24 53 -29 - -14 71.27% KS NL36, B.V. Arnhem 1 EUR 2 40 -38 - -27 71.27% KS NL37, B.V. Arnhem 1 EUR 4 53 -50 - -33 71.27% KS NL38, B.V. Arnhem 1 EUR 19 41 -22 - -15 71.27% KS NL39, B.V. Arnhem 1 EUR 2 31 -29 - -20 71.27% KS NL40, B.V. Arnhem 1 EUR 15 35 -19 - -13 71.27% KS NL41, B.V. Arnhem 1 EUR 110 160 -50 - -40 71.27% KS NL42, B.V. Arnhem 1 EUR 15 36 -20 - -16 71.27% KS NL43, B.V. Arnhem 1 EUR 4 74 -69 - -57 71.27% KS NL44, B.V. Arnhem 1 EUR 2 39 -37 - -29 71.27% KS NL45, B.V. Arnhem 1 EUR 10 49 -40 - -24 71.27% KS NL46, B.V. Arnhem 1 EUR 14 34 -20 - -12 71.27% KS NL47, B.V. Arnhem 1 EUR 11 38 -27 - -21 71.27% KS NL48, B.V. Arnhem 1 EUR 1 41 -40 - -34 71.27% KS NL49, B.V. Arnhem 1 EUR 1 26 -25 - -20 71.27% KS NL50, B.V. Arnhem 1 EUR 25 55 -29 - -14 71.27%
KS NL6, B.V. Arnhem 0 EUR 4 46 -42 - -27 71.27% KS NL8, B.V. Arnhem 0 EUR 9,662 9,949 -287 - -258 71.27% Other Countries: EDP Renewables Belgium, S.A. Brussels 286,500 EUR 19,681 16,409 3,272 2,967 995 71.27% EDP Renewables Hungary Budapest 30,200,000 HUF 3,239 3,133 106 1,632 -777 71.27% EDPR Bora, Kft. Budapest 3,000,000 HUF 8 2 6 - -2 71.27% EDPR Mistral, Kft. Budapest 3,000,000 HUF 8 2 6 - -2 71.27% EDPR Pampero, Kft. Budapest 3,000,000 HUF 8 2 6 - -2 71.27% EDPR Siesta, Kft. Budapest 3,000,000 HUF 8 2 6 - -2 71.27% EDPR Silvanus, Kft. Budapest 3,000,000 HUF 8 2 6 - -2 71.27% EDPR Sirocco, Kft. Budapest 3,000,000 HUF 8 2 6 - -2 71.27% EDPR Terra, Kft. Budapest 3,000,000 HUF 8 2 6 - -2 71.27% EDPR Zephyr, Kft. Budapest 3,000,000 HUF 8 2 6 - -2 71.27% Napenergia, Kft. Budapest 3,000,000 HUF 9,381 11,496 -2,115 - -1,470 71.27% Ny\u00edrs\u00e9g Watt, Kft. Budapest 313,000,000 HUF 5,074 4,702 372 - -479 71.27% Sunglare Capture, Kft. Budapest 3,100,000 HUF 1,289 1,974 -685 - -366 71.27% Sunglare Expert, Kft. Budapest 3,100,000 HUF 1,293 1,965 -672 - -359 71.27% Sunlight Solar, Kft. Budapest 5,100,000 HUF 1,340 2,560 -1,220 - 478 60.58% Szabadsolar, Kft. Budapest 3,100,000 HUF 553 1,924 -1,371 - -979 71.27% North America Geography / Platform: United States of America: EDP Renewables North America LLC (USA Subgroup Parent Company) Delaware 7,424,416,018 USD 6,993,401 1,041,581 5,951,820 150,541 -33,722 71.27% 10 Point Solar Park LLC Delaware 598 USD 352 352 - - -1 71.27% 17th Star Wind Farm LLC Delaware - USD - - - - - 71.27% 2007 Vento I LLC Delaware 476,593,283 USD 494,951 9,490 485,461 7,824 641 71.27% 2007 Vento II LLC Delaware 174,362,141 USD 152,679 335 152,344 - -195 36.35% 2008 Vento III LLC Delaware 277,598,196 USD 245,334 493 244,841 - -84 36.35% 2009 Vento V LLC Delaware -11,594,159 USD -11,693 32 -11,725 - -27 36.35% 2011 Vento IX LLC Delaware 31,730,766 USD 27,408 116 27,292 - -133 36.35% 2014 Sol I LLC Delaware 53,206,066 USD 47,428 43 47,384 - -108 35.64% 2014 Vento XI LLC Delaware 170,341,605 USD 155,507 1,515 153,992 - -63 36.35% 2014 Vento XII LLC Delaware 80,513,337 USD 72,739 42 72,697 - -47 36.35% 2015 Vento XIII LLC Delaware 234,192,975 USD 211,584 810 210,774 - -184 36.35% 2015 Vento XIV LLC Delaware 202,580,084 USD 182,491 53 182,438 - -141 36.35% 2016 Vento XV LLC Delaware 442,402,498 USD 413,130 13,781 399,349 - -314 71.27% 2016 Vento XVI LLC Delaware 132,490,809 USD 119,134 64 119,070 - -161 71.27% 2017 Sol II LLC Delaware 102,663,400 USD 93,056 376 92,680 - -54 71.27% 2018 Vento XVIII LLC Delaware 406,755,980 USD 367,639 225 367,414 - -161 71.27% 2019 Vento XXI LLC Delaware 266,979,241 USD 248,298 7,362 240,936 - -446 71.27% 2020 Vento XXII LLC Delaware 996,595,061 USD 898,420 3,893 894,527 - -2,769 71.27% 2021 DG Agora Holdings LLC Delaware 16,344,219 USD 14,786 - 14,786 - -5 60.58% 2021 DG Agora Ventures I LLC Delaware 16,338,961 USD 77,637 61,257 16,380 - 1,361 60.58% 2021 DG Apollo Sol II LLC Delaware 8,228 USD 6 - 6 - -1 60.58% 2021 DG Apollo Ventures II LLC Delaware 1,189 USD - - - - -1 60.58% 2021 DG CA Agora Ventures I LLC Delaware 45,069 USD 33 - 33 - -1 60.58% 2021 DG CA Apollo Sol II LLC Delaware 1,159 USD - - - - -1 60.58% 2021 DG CA Apollo Ventures II LLC Delaware 1,159 USD - - - - -1 60.58% 2021 Vento XXIII LLC Delaware 268,099,086 USD 261,472 18,993 242,479 - -39 71.27% 2022 SOL VI LLC Delaware 257,855,073 USD 233,354 1 233,353 - 1 71.27% 2022 SOL VII LLC Delaware 94,107,018 USD 85,208 29 85,179 - 17 71.27% 2023 SOL IX LLC Delaware 155,848,313 USD 141,057 9 141,048 - 9 71.27% 2023 SOL VIII LLC Delaware 280,759,203 USD 254,081 - 254,081 - - 71.27% 2023 Vento XXIV LLC Delaware 89,296,411 USD 80,811 - 80,811 - - 71.27% Alabama Ledge Wind Farm LLC Delaware - USD - - - - - 71.27% Alabama Solar Park LLC Delaware 3,996,530 USD 3,856 245 3,611 - -6 71.27% Antelope Ridge Wind Power Project LLC Delaware 12,828,809 USD - - - - - 71.27% Arbuckle Mountain Wind Farm LLC Delaware 136,987,859 USD 126,444 9,753 116,691 8,122 2,564 36.35% Arkwright Summit Wind Farm LLC Delaware 165,347,648 USD 177,270 16,752 160,518 11,671 -280 71.27% Arlington Wind Power Project LLC Delaware 41,238,914 USD 88,235 6,571 81,664 12,925 3,773 36.35% Aroostook Wind Energy LLC Delaware 48,102,146 USD 38,853 294 38,559 - -44 71.27% Ashford Wind Farm LLC Delaware - USD - - - - - 71.27% Athena-Weston Wind Power Project II LLC Delaware - USD - - - - - 71.27% Athena-Weston Wind Power Project LLC Delaware - USD - - - - - 71.27% Avondale Solar Park LLC Delaware 2,365,843 USD 2,724 582 2,141 - 3 71.27% AZ Solar LLC Delaware - USD - - - - - 71.27% Azalea Springs Solar Park LLC Delaware 22,320,144 USD 46,549 27,084 19,465 - -5 71.27% Bar Harbor Community Solar LLC Delaware 7,917,235 USD 7,169 12 7,157 - -3 60.58% Bayou Bend Solar Park LLC Delaware 991,342 USD 898 1 897 - - 71.27% BC2 Maple Ridge Holdings LLC Delaware - USD - - - - - 71.27% BC2 Maple Ridge Wind LLC Delaware 268,810,946 USD 98,549 4,936 93,613 - -9,387 71.27% Bear Peak Beccaria LLC Delaware 157,433 USD - 5 -5 - -151 60.58% Bear Peak Brady LLC Delaware - USD - 5 -5 - -5 60.58% Bear Peak East Carroll LLC Delaware 216,677 USD 210 15 195 - -1 60.58% Bear Peak Glen Hope LLC Delaware 233,880 USD 219 11 208 - -3 60.58% Bear Peak Jennerstown LLC Delaware 146,220 USD 141 9 131 - -1 60.58% Bear Peak Juniata LLC Delaware - USD - - - - - 60.58% Bear Peak Paint II LLC Delaware 143,607 USD 137 8 129 - -1 60.58% Bear Peak Richmond LLC Delaware 162,535 USD 154 8 146 - -1 60.58% Big River Solar Park LLC Delaware - USD - - - - - 71.27% Big River Wind Power Project LLC Delaware 953 USD - - - - -1 71.27% Black Prairie Solar Park II LLC Delaware - USD - - - - - 71.27% Black Prairie Solar Park LLC Delaware 1,672,434 USD 1,618 105 1,514 - - 71.27% Black Prairie Storage II LLC Delaware - USD - - - - - 71.27% Black Prairie Storage LLC Delaware - USD - - - - - 71.27% Black Prairie Wind Farm II LLC Delaware - USD - - - - - 71.27% Black Prairie Wind Farm III LLC Delaware - USD - - - - - 71.27% Black Prairie Wind Farm LLC Delaware 1,183,528 USD 1,069 1 1,069 - - 71.27% Black River Solar Park LLC Delaware - USD - - - - - 71.27% Blackford County Solar Park LLC Delaware 1,142 USD - 1 -1 - -3 71.27% Blackford County Wind Farm LLC Delaware - USD - - - - - 71.27% Blackstone Wind Farm II LLC Delaware 160,921,587 USD 252,559 87,544 165,014 19,609 149 71.27% Blackstone Wind Farm III LLC Delaware 6,275,439 USD - - - - - 71.27% Blackstone Wind Farm IV LLC Delaware - USD - - - - - 71.27% Blackstone Wind Farm LLC Delaware 70,720,559 USD 113,360 39,948 73,412 11,183 840 71.27% Blackstone Wind Farm V LLC Delaware - USD - - - - - 71.27% Blissville Road LLC Delaware 2,146,051 USD 2,022 126 1,896 129 -19 60.58% Blue Canyon Windpower II LLC Texas 279,027,157 USD 210,396 19,576 190,820 15,021 -7,532 71.27% Blue Canyon Windpower III LLC Texas - USD - - - - - 71.27% Blue Canyon Windpower IV LLC Texas - USD - - - - - 71.27% Blue Canyon Windpower V LLC Texas -12,922,119 USD 98,967 7,358 91,609 18,830 5,043 36.35% Blue Canyon Windpower VI LLC Delaware 89,648,552 USD 91,191 7,565 83,626 998 -9,915 71.27% Blue Canyon Windpower VII LLC Delaware - USD - - - - - 71.27% Blue Harvest Solar Park LLC Delaware 46,604,622 USD 86,305 41,722 44,583 855 170 71.27% Blue Marmot I LLC Delaware - USD - - - - - 71.27% Blue Marmot II LLC Delaware - USD - - - - - 71.27% Blue Marmot IV LLC Delaware - USD - - - - - 71.27% Blue Marmot IX LLC Delaware 4,095,342 USD 3,705 3 3,702 - - 71.27% Blue Marmot Solar Park LLC Delaware - USD - - - - - 71.27%
Blue Marmot V LLC Delaware - USD - - - - - 71.27% Blue Marmot VI LLC Delaware - USD - - - - - 71.27% Blue Marmot VII LLC Delaware - USD - - - - - 71.27% Blue Marmot VIII LLC Delaware - USD - - - - - 71.27% Blue Marmot XI LLC Delaware - USD - - - - - 71.27% Bluebird Prairie Solar Park LLC Delaware - USD - - - - - 71.27% Bright Stalk Solar Park LLC Delaware 1,142 USD - 2 -2 - -3 71.27% Broadlands Wind Farm II LLC Delaware - USD - - - - - 71.27% Broadlands Wind Farm III LLC Delaware - USD - - - - - 71.27% Buffalo Bluff Wind Farm LLC Delaware 5,297,080 USD 4,865 72 4,793 - - 71.27% Buffalo Lick Solar Park LLC Delaware - USD - - - - - 71.27% C2 Alpha Holdings LLC Delaware 77,453 USD - - - - -1 60.58% C2 Bristol I LLC Delaware 8,223,468 USD 7,685 346 7,339 - -85 60.58% C2 Bristol II LLC Delaware 1,840,882 USD 1,622 7 1,614 - -30 60.58% C2 CB 2017 Holdings LLC Delaware 19,752,927 USD 16,618 -999 17,618 - -255 60.58% C2 Centrica MT LLC Delaware 3,395,441 USD 15,599 1,058 14,541 - -85 60.58% C2 CI Holdings 2 LLC Delaware 2,276 USD - - - - -1 60.58% C2 CT Fund 1 Holding LLC Delaware 33,378,300 USD 43,299 -140 43,439 - 281 60.58% C2 Energy Development LLC Delaware 191,477,066 USD 171,164 18 171,146 - -520 60.58% C2 MA Adams II LLC Delaware 1,324,889 USD 3,781 2,477 1,304 570 -221 60.58% C2 MA DEPCOM 2017 LLC Delaware 3,680,848 USD 3,596 -355 3,951 - 137 60.58% C2 MA Dudley II LLC Delaware 1,182,083 USD 2,725 1,808 917 - -1 60.58% C2 MA FKW Holdings LLC Delaware 2,955,575 USD 2,560 302 2,258 - -102 60.58% C2 MA Kelly Way Solar LLC Delaware 1,155,882 USD 1,193 155 1,039 161 -103 60.58% C2 MA Lakeville Holdings LLC Delaware 8,411,816 USD 7,505 -156 7,661 - -103 60.58% C2 MA Lakeville LLC Delaware 8,218,439 USD 7,614 272 7,342 741 -575 60.58% C2 MA Managing Member II LLC Delaware 2,957,098 USD 2,675 - 2,675 - -1 60.58% C2 MA New Salem LLC Delaware 1,111,088 USD 2,771 1,597 1,174 375 -69 60.58% C2 MN Hopkins LLC Delaware 3,080,349 USD 2,741 121 2,619 124 -57 60.58% C2 NC Kitty Hawk LLC Delaware - USD - - - - - 60.58% C2 NJ Andover I LLC Delaware -237,975 USD 2,149 1,231 917 298 -129 60.58% C2 NY Brookhaven LLC Delaware 8,739,833 USD 8,184 923 7,261 108 -73 60.58% C2 NY Sentinel Heights Solar LLC Delaware 9,474,372 USD 9,061 605 8,456 89 -100 60.58% C2 OH New Lebanon LLC Delaware 346 USD - - - - - 60.58% C2 OH Otsego II LLC Delaware -53,594 USD 2,622 1,484 1,139 285 -142 60.58% C2 Omega Holding Company LLC Delaware 20,168 USD - - - - -3 60.58% C2 RI Hopkinton LLC Delaware 3,021,065 USD 3,092 484 2,607 181 -73 60.58% C2 Scripps 3 LLC Delaware 1,004,070 USD 1,297 546 752 56 -63 60.58% C2 Scripps 4 LLC Delaware 1,439,968 USD 1,963 814 1,149 90 -58 60.58% C2 SH 2019 LLC Delaware 2,397,188 USD 2,167 - 2,167 - -1 60.58% C2 Starratt Solar LLC Delaware 13,690,506 USD 12,118 573 11,545 692 -262 60.58% C2 WM 2020 Holdings LLC Delaware 2,732 USD - - - - -1 60.58% C2 WM Arizona 1 LLC Delaware 978,342 USD 907 45 862 53 -12 60.58% C2 WM Arizona 10 LLC Delaware 756,045 USD 689 30 659 42 -14 60.58% C2 WM Arizona 1512 LLC Delaware 1,153,213 USD 1,041 2 1,039 - -3 60.58% C2 WM Arizona 1549 LLC Delaware 1,085,774 USD 1,233 96 1,136 140 56 60.58% C2 WM Arizona 2 LLC Delaware 1,586,693 USD 1,446 61 1,384 86 -15 60.58% C2 WM Arizona 2112 LLC Delaware 786,386 USD 856 61 795 92 27 60.58% C2 WM Arizona 3 LLC Delaware 2,321,781 USD 2,097 87 2,009 128 -33 60.58% C2 WM Arizona 3360 LLC Delaware 821,139 USD 884 70 814 94 23 60.58% C2 WM Arizona 3465 LLC Delaware 761,604 USD 929 80 849 114 49 60.58% C2 WM Arizona 3799 LLC Delaware 1,205,915 USD 1,293 95 1,199 127 34 60.58% C2 WM Arizona 3833 LLC Delaware 1,209,082 USD 1,295 95 1,200 128 39 60.58% C2 WM Arizona 3861 LLC Delaware 1,197,043 USD 1,272 94 1,178 125 35 60.58% C2 WM Arizona 4 LLC Delaware 1,872,666 USD 1,677 74 1,604 99 -50 60.58% C2 WM Arizona 4451 LLC Delaware 959,125 USD 1,083 95 987 122 47 60.58% C2 WM Arizona 5 LLC Delaware 1,564,891 USD 1,404 58 1,346 78 -22 60.58% C2 WM Arizona 5768 LLC Delaware - USD - - - - - 60.58% C2 WM Arizona 6 LLC Delaware 1,984,753 USD 1,780 75 1,705 107 -41 60.58% C2 WM Arizona 7 LLC Delaware 2,766,374 USD 2,075 94 1,981 127 -19 60.58% C2 WM Arizona 8 LLC Delaware 2,173,367 USD 1,972 87 1,885 116 -24 60.58% C2 WM Arizona 9 LLC Delaware 2,051,000 USD 1,863 82 1,781 109 -29 60.58% C2 WM Arizona Holdings LLC Delaware 3,033 USD - - - - -1 60.58% C2 WM California 1789 LLC Delaware 612,293 USD 712 54 658 90 35 60.58% C2 WM California 1988 LLC Delaware 431,555 USD 487 37 449 53 18 60.58% C2 WM California 4202 LLC Delaware 322,890 USD 318 20 298 27 -2 60.58% C2 WM California 4317 LLC Delaware 1,125,974 USD 1,071 65 1,007 - -9 60.58% C2 WM California 5890 LLC Delaware 641,387 USD 629 38 591 46 -4 60.58% C2 WM California Holdings LLC Delaware 6,586 USD - - - - -5 60.58% C2 WM DSA Holdings LLC Delaware -447,080 USD 15,218 15,601 -383 - -115 60.58% C2 WM Greenwood Leasing LLC Delaware 540,143 USD 620 118 501 50 41 60.58% C2 WM Holdings LLC Delaware 76,562 USD 65 - 65 - -3 60.58% C2 WM Illinois 1404 LLC Delaware 680,802 USD 1,028 77 951 179 113 60.58% C2 WM Illinois 1489 LLC Delaware 563,308 USD 779 58 722 143 66 60.58% C2 WM Illinois 1548 LLC Delaware 550,545 USD 617 51 566 103 57 60.58% C2 WM Illinois 1553 LLC Delaware 503,230 USD 798 61 737 174 94 60.58% C2 WM Illinois 1761 LLC Delaware 643,770 USD 833 68 766 145 70 60.58% C2 WM Illinois 1848 LLC Delaware 401,103 USD 761 56 705 194 115 60.58% C2 WM Illinois 1933 LLC Delaware 497,786 USD 819 61 758 183 103 60.58% C2 WM Illinois 2215 LLC Delaware 549,881 USD 902 71 831 204 117 60.58% C2 WM Illinois 2491 LLC Delaware 745,184 USD 1,199 101 1,098 225 151 60.58% C2 WM Illinois 253 LLC Delaware 765,793 USD 1,184 96 1,088 212 136 60.58% C2 WM Illinois 5442 LLC Delaware 460,004 USD 655 47 608 126 63 60.58% C2 WM Illinois 612 LLC Delaware 532,640 USD 686 56 629 130 83 60.58% C2 WM Illinois 891 LLC Delaware 576,649 USD 1,002 77 925 237 137 60.58% C2 WM Illinois Holdings LLC Delaware 39,417 USD - - - - -1 60.58% C2 WM Laurens Leasing LLC Delaware 2,366,938 USD 3,004 1,000 2,003 82 -20 60.58% C2 WM Louisiana 309 LLC Delaware - USD - - - - - 60.58% C2 WM Louisiana 539 LLC Delaware 732,694 USD 740 85 655 - -5 60.58% C2 WM Louisiana 87 LLC Delaware 514,725 USD 527 35 492 49 13 60.58% C2 WM Louisiana Holdings LLC Delaware - USD - - - - - 60.58% C2 WM Maryland 1715 LLC Delaware 846,025 USD 819 47 772 76 50 60.58% C2 WM Maryland 2436 LLC Delaware 1,125,356 USD 1,093 69 1,025 96 46 60.58% C2 WM Maryland Holdings LLC Delaware 2,857 USD - - - - -1 60.58% C2 WM New Jersey 1 LLC Delaware 4,975,006 USD 5,033 161 4,873 539 18 60.58% C2 WM New Jersey 1807 LLC Delaware 845,953 USD 765 3 762 - -3 60.58% C2 WM New Jersey 1844 LLC Delaware 176,122 USD - 1 -1 - -163 60.58% C2 WM New Jersey 1869 LLC Delaware 171,337 USD - 1 -1 - -159 60.58% C2 WM New Jersey 1977 LLC Delaware - USD - - - - - 60.58% C2 WM New Jersey 2195 LLC Delaware 863,115 USD 1,022 69 953 235 186 60.58% C2 WM New Jersey 3795 LLC Delaware 1,175,488 USD 1,255 70 1,184 151 98 60.58% C2 WM New Jersey Holdings LLC Delaware 20,428 USD - - - - -18 60.58% C2 WM Phase 3 Holdings LLC Delaware 2,156 USD - - - - -1 60.58% C2 WM Phase 3 Sponsor LLC Delaware 4,315 USD 2 - 2 - -1 60.58% C2 WM Powdersville Leasing LLC Delaware 730,660 USD 690 83 607 34 16 60.58% C2 WM Regent Dev Holdings 2020 LLC Delaware 2,002 USD - - - - -1 60.58% C2 WM Simpsonville Leasing LLC Delaware 935,029 USD 1,013 179 834 72 66 60.58% C2 Woodbury Solar LLC Delaware 9,871,538 USD 8,912 - 8,912 - -6 60.58% CA Gettysburg Solar Farm LLC Delaware 9,761,842 USD 8,926 152 8,774 - -40 60.58%
CA Marinwood Solar LLC Delaware 695,186 USD 622 - 622 - -3 60.58% CA Olde Thompson Solar LLC Delaware -359,812 USD 920 1,263 -343 64 10 60.58% CA Syracuse Solar LLC Delaware - USD - - - - - 60.58% CA Tours Solar LLC Delaware - USD - - - - - 60.58% Camden PV PSEG Solar LLC Delaware 117,159 USD - - - - -45 60.58% Camden PV Solar LLC Delaware 6,995,645 USD 6,065 221 5,845 789 -58 60.58% Cameron Solar LLC South Carolina 33,209,498 USD 33,142 2,831 30,310 1,974 -87 71.27% Carpenter Wind Farm LLC Delaware - USD - - - - - 71.27% Casa Grande Carmel Solar LLC Delaware - USD - - - - - 71.27% Castle Valley Wind Farm LLC Delaware - USD - - - - - 71.27% Cattlemen Solar Park II LLC Delaware 41,704,039 USD 81,353 46,223 35,130 - -11 71.27% Cattlemen Solar Park LLC Delaware 155,859,825 USD 307,505 174,362 133,143 322 -3,742 71.27% CF OH Solar County Hwy 58, Upper Sandusky LLC Delaware 568,359 USD 529 15 514 - - 60.58% CF OH Solar Lincoln Hwy, Bucyrus1 LLC Delaware 328,936 USD 306 8 298 - - 60.58% CF OH Solar N Dixie Hwy Lima LLC Delaware 299,013 USD 271 - 271 - - 60.58% CF OH Solar Rd N, Pandora LLC Delaware 269,802 USD 261 17 244 - - 60.58% CF OH Solar SR 309, Kenton LLC Delaware 179,469 USD 195 33 162 - - 60.58% CF OH Solar SR 81 Ada LLC Delaware 569,112 USD 532 17 515 - - 60.58% CF OH Solar St RT 118, Ansonia LLC Delaware 115,001 USD 120 16 104 - - 60.58% CF OH Solar St RT 118, Rossburg LLC Delaware 257,799 USD 275 42 233 - - 60.58% Chateaugay River Wind Farm LLC Delaware - USD - - - - - 71.27% Cheboygan Solar Farm LLC Delaware - USD - - - - - 71.27% Cielo Solar Park LLC Delaware - USD - - - - - 71.27% Citizens Dickenson Solar LLC Delaware 3,066,424 USD 3,349 576 2,773 - -2 60.58% Citizens Westmoreland Solar LLC Delaware 10,160,201 USD 9,915 725 9,190 - -5 60.58% Clinton County Wind Farm LLC Delaware 182,741,057 USD 165,370 - 165,370 - - 71.27% Cloud County Wind Farm LLC Delaware 103,768,962 USD 162,591 12,378 150,213 20,854 3,963 36.35% Clover Creek Solar Project II LLC Delaware - USD - - - - - 71.27% Clover Creek Solar Project LLC Delaware 33,233,337 USD 30,273 242 30,032 - -20 71.27% Coldwater Solar Park LLC Delaware - USD - - - - - 71.27% Coos Curry Wind Power Project LLC Delaware - USD - - - - - 71.27% Cortland-Virgil Road Solar LLC Delaware 6,694,654 USD 6,238 872 5,366 146 -84 60.58% Creed Road Solar 1 LLC Delaware - USD - - - - - 60.58% Crescent Bar Solar Park LLC Delaware - USD - - - - - 71.27% Crooked Lake Solar II LLC Delaware - USD - - - - - 71.27% Crooked Lake Solar III LLC Delaware - USD - - - - - 71.27% Crooked Lake Solar LLC Delaware 236,594,130 USD 263,556 33,969 229,587 - 1,512 71.27% Cropsey Ridge Wind Farm LLC Delaware - USD - - - - - 71.27% Crossing Trails Wind Power Project II LLC Delaware 48,757 USD 72 119 -47 - -90 71.27% Crossing Trails Wind Power Project LLC Delaware 152,457,502 USD 146,005 16,589 129,416 3,628 -5,058 71.27% Cypress Knee Solar Park LLC Delaware 1,142 USD - 3 -3 - -4 71.27% Daffodil Grove Storage LLC Delaware - USD - - - - - 71.27% Dairy Hills Wind Farm LLC Delaware - USD - - - - - 71.27% DC Michigan Solar LLC Delaware - USD - - - - - 60.58% Diamond Power Partners LLC Delaware - USD - - - - - 71.27% Drake Peak Solar Park LLC Delaware - USD - - - - - 71.27% Dry Creek Solar Park LLC Delaware - USD - - - - - 71.27% Duff Solar Park II LLC Delaware - USD - 2 -2 - -2 71.27% Duff Solar Park LLC Delaware - USD - - - - - 71.27% Duff Storage LLC Delaware - USD - - - - - 71.27% Eagle Creek Solar Park LLC Delaware 3,370,484 USD 3,937 888 3,048 - -1 71.27% East Klickitat Wind Power Project LLC Delaware - USD - - - - - 71.27% East River Solar LLC Delaware 5,762,907 USD 5,885 840 5,045 187 -44 60.58% Eastmill Solar Park LLC Delaware 1,142 USD - - - - -1 71.27% EDPR Aurora Holdings LLC Delaware 2,648 USD 1 1 - - - 71.27% EDPR CA Solar Park II LLC Delaware 112,312,592 USD 105,302 9,809 95,493 - -5,554 71.27% EDPR CA Solar Park III LLC Delaware 11,915,006 USD 11,882 1,139 10,743 - -1 71.27% EDPR CA Solar Park IV LLC Delaware - USD - - - - - 71.27% EDPR CA Solar Park LLC Delaware 213,800,560 USD 208,311 15,839 192,472 34 -337 71.27% EDPR CA Solar Park V LLC Delaware 953 USD - 9 -9 - -10 71.27% EDPR CA Solar Park VI LLC Delaware 13,868,452 USD 15,164 2,902 12,262 - -4 71.27% EDPR Dahlia DevCo LLC Delaware - USD - - - - - 71.27% EDPR Dahlia Holdings LLC Delaware - USD - - - - - 71.27% EDPR Magnolia DevCo LLC Delaware - USD - - - - - 71.27% EDPR Magnolia Holdings LLC Delaware - USD - - - - - 71.27% EDPR NA DG Holding LLC Delaware 226,907,766 USD 205,304 26 205,278 - -17 71.27% EDPR NA DG MN SLP LLC Delaware 2,127 USD - - - - -1 60.58% EDPR NA DG MN YMCA LLC Delaware 1,847,133 USD 1,676 37 1,639 26 -21 60.58% EDPR NA Distributed Generation LLC Delaware 215,503,773 USD 446,273 232,468 213,805 83 -15,923 60.58% EDPR NA Greenfield Solar Park LLC Delaware - USD - - - - - 71.27% EDPR NA Shelby Solar Park LLC Delaware - USD - - - - - 71.27% EDPR Northeast Allen Solar Park II LLC Delaware 598 USD - 2 -2 - -2 71.27% EDPR Northeast Allen Solar Park III LLC Delaware - USD - - - - - 71.27% EDPR Northeast Allen Solar Park LLC Delaware 1,540,341 USD 1,444 51 1,393 - -1 71.27% EDPR RS LLC Delaware - USD - - - - - 71.27% EDPR Scarlet I LLC Delaware 1,000 USD 1 50 -49 - -51 71.27% EDPR Scarlet II BESS LLC Delaware 30,098 USD - 11,757 -11,757 - -12,043 71.27% EDPR Scarlet II LLC Delaware 57,735,740 USD 245,195 268,803 -23,608 - -12,888 71.27% EDPR Scarlet III LLC Delaware - USD - - - - - 71.27% EDPR Solar Ventures I LLC Delaware 26,018,380 USD 48,150 3,682 44,468 - 135 35.64% EDPR Solar Ventures II LLC Delaware 51,353,422 USD 92,908 14,814 78,094 - 116 71.27% EDPR Solar Ventures III LLC Delaware 70,771,042 USD 82,861 158 82,703 - 4,828 71.27% EDPR Solar Ventures IV LLC Delaware 82,932,357 USD 108,974 139 108,835 - 8,913 71.27% EDPR Solar Ventures IX LLC Delaware -7,525,193 USD 141,039 147,849 -6,810 - - 71.27% EDPR Solar Ventures V LLC Delaware 40,017,667 USD 51,969 - 51,969 - 1,578 71.27% EDPR Solar Ventures VI LLC Delaware 260,342 USD 233,352 233,102 251 - 15 71.27% EDPR Solar Ventures VII LLC Delaware 31,342,292 USD 85,165 55,634 29,531 - 1,202 71.27% EDPR Solar Ventures VIII LLC Delaware 224,885,798 USD 254,081 50,564 203,517 - - 71.27% EDPR South Table LLC Nebraska - USD - - - - - 71.27% EDPR Vento I Holding LLC Delaware 234,177,080 USD 211,925 - 211,925 - - 71.27% EDPR Vento II Holding LLC Delaware - USD - - - - - 71.27% EDPR Vento III Holding LLC Delaware - USD - - - - - 71.27% EDPR Vento IV Holding LLC Delaware 124,699,780 USD 168,895 38,928 129,967 - - 71.27% EDPR WF LLC Delaware 45,647,816 USD 41,310 - 41,310 - - 71.27% EDPR Wind Ventures XI LLC Delaware 6,840,618 USD 154,155 68,970 85,185 - 13,544 36.35% EDPR Wind Ventures XII LLC Delaware 21,925,271 USD 72,863 36,172 36,691 - 5,054 36.35% EDPR Wind Ventures XIII LLC Delaware 65,265,396 USD 211,939 95,558 116,382 - 11,686 36.35% EDPR Wind Ventures XIV LLC Delaware 24,046,734 USD 183,330 99,057 84,274 - 14,201 36.35% EDPR Wind Ventures XIX LLC Delaware -93,040,497 USD 25,109 6,260 18,849 - 3,656 71.27% EDPR Wind Ventures XV LLC Delaware 111,383,070 USD 400,364 208,003 192,362 - 18,621 71.27% EDPR Wind Ventures XVI LLC Delaware 46,950,504 USD 119,901 59,841 60,060 - 4,897 71.27% EDPR Wind Ventures XVII LLC Delaware -172,371,835 USD 42,400 2,808 39,591 - 6,057 71.27% EDPR Wind Ventures XVIII LLC Delaware 149,222,752 USD 368,105 177,066 191,039 - 15,433 71.27% EDPR Wind Ventures XX LLC Delaware -93,058,731 USD 30,783 2,040 28,743 - 748 71.27% EDPR Wind Ventures XXI LLC Delaware 133,670,213 USD 241,610 99,245 142,365 - 8,953 71.27% EDPR Wind Ventures XXII LLC Delaware 367,771,752 USD 901,896 521,432 380,464 - 22,026 71.27% EDPR Wind Ventures XXIII LLC Delaware 124,852,320 USD 242,624 112,301 130,323 - 10,710 71.27% EDPR Wind Ventures XXIV LLC Delaware 85,768,411 USD 229,708 152,090 77,618 - - 71.27% EDPRNA Bar Harbor Holdings LLC Delaware 7,918,940 USD 7,165 4 7,161 - -5 60.58%
EDPRNA DG Bristol Solar LLC Delaware 126,861 USD 127 12 115 - - 60.58% EDPRNA DG CA 2016 Holdings LLC Delaware 1,573,850 USD 1,408 15 1,393 - -28 60.58% EDPRNA DG CA CLNS Fairfield LLC Delaware 25,156 USD - - - - -23 60.58% EDPRNA DG CA Mbusa LLC Delaware 45 USD - - - - - 60.58% EDPRNA DG California Development LLC Delaware 154,548 USD 8 21 -13 - -156 60.58% EDPRNA DG CI Sponsor 2 LLC Delaware 4,435 USD 2 - 2 - -1 60.58% EDPRNA DG CT Fund 1 MM LLC Delaware 19,221,533 USD 33,592 14,947 18,644 - -435 60.58% EDPRNA DG Distributed Sun Holding LLC Delaware 17,841,206 USD 16,541 434 16,107 - -39 60.58% EDPRNA DG Eaton Solar LLC Delaware 255,921 USD 232 - 232 - - 60.58% EDPRNA DG Energy Holdings Inc. Delaware 71,802 USD - - - - -21 60.58% EDPRNA DG Franklin LLC Delaware 3,535,633 USD 3,193 - 3,193 - -1 60.58% EDPRNA DG Gamma Holdings LLC Delaware 3,527,723 USD 3,056 - 3,056 - -6 60.58% EDPRNA DG Georgia Development LLC Delaware 290,844 USD 92 24 67 - -186 60.58% EDPRNA DG Illinois Development LLC Delaware 273,863 USD - 44 -44 - -187 60.58% EDPRNA DG Indiana Development LLC Delaware 42,772 USD - - - - -40 60.58% EDPRNA DG Kentucky Development LLC Delaware 155,264 USD 4 9 -5 - -149 60.58% EDPRNA DG Lessee Holdings LLC Delaware 2,485 USD - - - - -1 60.58% EDPRNA DG Livermore Solar LLC Delaware 469,721 USD 428 3 425 - - 60.58% EDPRNA DG LS RANCHO CUCAMONGA LLC Delaware 94 USD - - - - - 60.58% EDPRNA DG MA 2016 Holdings LLC Delaware 1,977,676 USD 1,599 4 1,595 - -40 60.58% EDPRNA DG MA Adams I Holdings LLC Delaware 11,659,350 USD 8,977 -9 8,986 - -837 60.58% EDPRNA DG MA Adams I LLC Delaware 9,862,532 USD 9,271 392 8,880 1,126 -13 60.58% EDPRNA DG MA Depcom Sponsor LLC Delaware 3,683,399 USD 3,331 - 3,331 - -1 60.58% EDPRNA DG MA Lakeville Sponsor LLC Delaware 8,418,325 USD 7,613 - 7,613 - -1 60.58% EDPRNA DG MA Managing Member LLC Delaware 20,822,632 USD 18,842 - 18,842 - -1 60.58% EDPRNA DG MA Owner LLC Delaware 20,820,095 USD 19,396 557 18,839 - -1 60.58% EDPRNA DG MA Swansea Holdings LLC Delaware 6,719,902 USD 5,118 593 4,525 - -730 60.58% EDPRNA DG MA Swansea LLC Delaware 5,652,372 USD 6,867 664 6,204 1,265 216 60.58% EDPRNA DG Manassas LLC Delaware 5,473,594 USD 4,975 23 4,953 - -1 60.58% EDPRNA DG Manning Solar LLC Delaware 329,493 USD 298 - 298 - - 60.58% EDPRNA DG Maryland Development LLC Delaware 4,733 USD - - - - -4 60.58% EDPRNA DG Michigan Development LLC Delaware 30,498 USD - 1 -1 - -29 60.58% EDPRNA DG Mississippi Development LLC Delaware 151,950 USD - 1 -1 - -66 60.58% EDPRNA DG Missouri Development LLC Delaware 26,539 USD - - - - -7 60.58% EDPRNA DG Morin LLC Delaware 1,821,394 USD 1,393 49 1,344 48 -163 60.58% EDPRNA DG Morton Solar LLC Delaware 87,155 USD 34 - 34 - -45 60.58% EDPRNA DG New York Development LLC Delaware 309,886 USD 53 7 46 - -93 60.58% EDPRNA DG O&M Services LLC Delaware -5,042 USD 13 - 13 - 25 60.58% EDPRNA DG OH Continental Solar LLC Delaware 152,979 USD 76 - 76 - -64 60.58% EDPRNA DG OH Massie Solar LLC Delaware 185,889 USD 123 - 123 - -47 60.58% EDPRNA DG Ohio Development LLC Delaware 3,100,875 USD 1,972 120 1,851 - -666 60.58% EDPRNA DG Pennsylvania Development LLC Delaware 99,259 USD - 18 -18 - -107 60.58% EDPRNA DG PR Aguadilla LLC Delaware 63,060 USD 69 15 54 - -3 60.58% EDPRNA DG PR Radar LLC Delaware 247,274 USD 118 17 101 - -125 60.58% EDPRNA DG Rho LLC Delaware 38,769,029 USD 74,333 29,436 44,897 5,466 4,198 60.58% EDPRNA DG Ridgefield BOE LLC Delaware 152,497 USD 145 17 128 - -48 60.58% EDPRNA DG RT ADDISON LLC Delaware 94 USD - - - - - 60.58% EDPRNA DG RT BEDFORD PARK, LLC Delaware 94 USD - - - - - 60.58% EDPRNA DG RT CHICAGO, LLC Delaware 79 USD - - - - - 60.58% EDPRNA DG Scripps 1 LLC Delaware 1,551,004 USD 2,108 983 1,125 103 -82 60.58% EDPRNA DG Solar Portfolio IV LLC Delaware -1,010,772 USD -933 - -933 - -19 60.58% EDPRNA DG Solar WF Portfolio LLC Delaware -10,904,841 USD -9,869 - -9,869 - -1 60.58% EDPRNA DG Starratt Sponsor LLC Delaware 19,755,595 USD 17,876 - 17,876 - -1 60.58% EDPRNA DG Texas Development LLC Delaware 129,224 USD - 1 -1 - -70 60.58% EDPRNA DG Virginia Development LLC Delaware 57,295 USD - - - - -53 60.58% EDPRNA DG Washington Solar LLC Delaware 45,877 USD 13 - 13 - -29 60.58% EDPRNA DG Wisconsin Development LLC Delaware 103,872 USD - - - - -32 60.58% EDPRNA DG WM 2020 Parent LLC Delaware 4,054 USD 2 - 2 - -1 60.58% EDPRNA DG WM Chester Leasing LLC Delaware 387,212 USD 367 52 315 19 10 60.58% EDPRNA DG WM DSA Sponsor LLC Delaware -3,191,724 USD 7,742 10,344 -2,602 - -379 60.58% EDPRNA DG WM Illinois 1998 LLC Delaware - USD - - - - - 60.58% EDPRNA DG WM Illinois 3459 LLC Delaware - USD - - - - - 60.58% EDPRNA DG WM Indian Land Leasing LLC Delaware 762,614 USD 735 104 632 40 26 60.58% EDPRNA DG WM Lake Wylie Leasing LLC Delaware 772,723 USD 748 108 640 41 27 60.58% EDPRNA DG WM Leasing LLC Delaware 2,504,817 USD 2,215 -49 2,264 - -1 60.58% EDPRNA DG WM Phase 1 Holdings LLC Delaware 2,447,502 USD 2,047 - 2,047 - -106 60.58% EDPRNA DG WM Pickens Leasing LLC Delaware 328,702 USD 347 52 294 17 17 60.58% EDPRNA DG XII Holdings LLC Delaware 26,941,367 USD 24,381 - 24,381 - -1 60.58% EDPRNA DG York County Sun LLC Delaware - USD - - - - - 60.58% EDPRNA DG-REA Solar LLC Delaware 9,885,048 USD 8,774 -166 8,940 - -1 60.58% Edwardsport Solar Park LLC Delaware - USD - 18 -18 - -18 71.27% Eighty South Solar Park LLC Delaware - USD - - - - - 71.27% Esker Solar Park II LLC Delaware - USD - - - - - 71.27% Esker Solar Park LLC Delaware 178,069 USD 175 14 161 - - 71.27% Estill Solar I LLC South Carolina 36,543,500 USD 34,382 1,825 32,557 1,573 -415 71.27% Five-Spot LLC Delaware - USD - - - - - 71.27% Flatland Storage LLC Delaware - USD - - - - - 71.27% Ford Wind Farm LLC Delaware - USD - - - - - 71.27% Franklin Wind Farm LLC Delaware - USD - - - - - 71.27% FRV CSU Power II LLC Delaware 8,873,310 USD 8,698 230 8,468 561 176 60.58% FRV SI Transport Solar L.P. Delaware 4,727,818 USD 4,501 137 4,364 272 90 60.58% Generate USF Fairburn LLC Delaware 40,246 USD 44 8 36 - -1 60.58% Generate USF Las Vegas LLC Delaware 62,993 USD 78 22 56 - -1 60.58% Generate USF Livermore LLC Delaware 3,209,370 USD 2,891 - 2,891 - -14 60.58% Generate USF Loveland LLC Delaware 39,902 USD 41 6 35 - 36 60.58% Generate USF McClellan LLC Delaware 3,495,799 USD 3,159 9 3,150 - -14 60.58% Generate USF N Las Vegas LLC Delaware 415,625 USD 396 20 375 - -1 60.58% Generate USF Phoenix LLC Delaware 69,484 USD 68 6 62 - -1 60.58% German Community Solar LLC Delaware 10,033,208 USD 10,751 1,744 9,006 483 -24 60.58% Gilpatrick Solar LLC Delaware 931,159 USD 846 4 842 - -1 60.58% Goldfinger Ventures III LLC Delaware - USD - - - - - 71.27% Green Country Wind Farm LLC Delaware - USD - - - - - 71.27% Green Power Offsets LLC Delaware 10,515 USD - - - - - 71.27% Greenbow Solar Park LLC Delaware 1,142 USD - 89 -89 - -92 71.27% Gulf Coast Windpower Management Company LLC Delaware - USD - - - - - 53.45% Hampton Solar II LLC South Carolina 33,073,438 USD 32,761 1,519 31,242 1,818 -165 71.27% HB Steel Community Solar LLC Delaware 2,982,910 USD 3,242 554 2,688 - -11 60.58% Headwaters Wind Farm II LLC Delaware 258,155,070 USD 267,256 90,422 176,834 12,507 5,164 71.27% Headwaters Wind Farm III LLC Delaware 5,514,296 USD 27,826 4,991 22,835 - -3 71.27% Headwaters Wind Farm IV LLC Delaware - USD - - - - - 71.27% Headwaters Wind Farm LLC Delaware 171,834,918 USD 273,355 27,713 245,642 28,030 9,367 36.35% Helena Harbor Solar Park LLC Delaware - USD - - - - - 71.27% Hickory Solar LLC Delaware 25,137,512 USD 105,730 62,637 43,094 - -755 71.27% Hidalgo Wind Farm II LLC Delaware 68,401,087 USD 66,975 20,235 46,739 -1,171 -6,302 71.27% Hidalgo Wind Farm LLC Delaware 346,070,125 USD 301,892 28,405 273,486 -7,598 -29,586 71.27% High Prairie Wind Farm II LLC Delaware 36,173,173 USD 82,559 12,760 69,799 11,398 1,882 36.35% High Trail Wind Farm LLC Delaware 110,235,588 USD 192,167 15,925 176,242 19,613 -3,899 71.27% Hobolochitto Solar Park LLC Delaware - USD - - - - - 71.27% Holly Hill Solar Park LLC Delaware - USD - - - - - 71.27%
Horizon Wind Chocolate Bayou I LLC Delaware - USD - - - - - 71.27% Horizon Wind Energy Midwest IX LLC Delaware - USD - - - - - 71.27% Horizon Wind Energy Northwest I LLC Delaware - USD - - - - - 71.27% Horizon Wind Energy Northwest IV LLC Delaware - USD - - - - - 71.27% Horizon Wind Energy Northwest VII LLC Delaware 253,177 USD - 146 -146 - -246 71.27% Horizon Wind Energy Northwest X LLC Delaware - USD - - - - - 71.27% Horizon Wind Energy Northwest XI LLC Delaware - USD - - - - - 71.27% Horizon Wind Energy Panhandle I LLC Delaware - USD - - - - - 71.27% Horizon Wind Energy Southwest I LLC Delaware - USD - - - - - 71.27% Horizon Wind Energy Southwest II LLC Delaware - USD - - - - - 71.27% Horizon Wind Energy Southwest III LLC Delaware - USD - - - - - 71.27% Horizon Wind Energy Southwest IV LLC Delaware - USD - - - - - 71.27% Horizon Wind Energy Valley I LLC Delaware - USD - - - - - 71.27% Horizon Wind Freeport Windpower I LLC Delaware - USD - - - - - 71.27% Horizon Wind MREC Iowa Partners LLC Delaware - USD - - - - - 53.45% Horizon Wind Ventures I LLC Delaware -240,989,722 USD 872,818 316,517 556,301 - 4,838 71.27% Horizon Wind Ventures III LLC Delaware -66,209,587 USD -10,492 2,864 -13,357 - 454 36.35% Horizon Wind Ventures IX LLC Delaware -6,548,888 USD 28,716 32,836 -4,121 - 1,729 36.35% Horizon Wyoming Transmission LLC Delaware - USD - - - - - 71.27% Horse Mountain Wind Farm LLC Delaware - USD - - - - - 71.27% Indiana Crossroads Solar Park II LLC Delaware - USD - 5 -5 - -5 71.27% Indiana Crossroads Wind Farm II LLC Delaware 85,768,411 USD 334,965 256,738 78,227 689 663 71.27% Indiana Crossroads Wind Ventures LLC Delaware - USD - 12 -12 - -13 71.27% Iron Valley Solar Park LLC Delaware - USD - - - - - 71.27% Jericho Rise Wind Farm LLC Delaware 110,437,893 USD 123,471 8,250 115,220 11,579 2,024 71.27% Jericho Solar Park LLC Delaware - USD - - - - - 71.27% Juniper Wind Power Partners LLC Delaware - USD - - - - - 71.27% Leprechaun Solar Park LLC Delaware - USD - - - - - 71.27% Lexington Chenoa Wind Farm II LLC Delaware 2,576,411 USD 2,208 421 1,787 - - 71.27% Lexington Chenoa Wind Farm III LLC Delaware - USD - - - - - 71.27% Lime Hollow Solar LLC Delaware 6,786,962 USD 6,311 881 5,429 206 -121 60.58% Little Brook Solar Park LLC Delaware - USD - - - - - 71.27% Loblolly Hill Solar Park LLC Delaware - USD - - - - - 71.27% Loki Solar Park LLC Delaware - USD - - - - - 71.27% Loma de la Gloria Solar Park LLC Delaware - USD - - - - - 71.27% Lone Valley Solar Park I LLC Delaware 20,280,953 USD 22,672 1,709 20,963 2,049 500 35.64% Lone Valley Solar Park II LLC Delaware 32,126,648 USD 42,325 3,365 38,960 4,372 1,645 35.64% Long Hollow Wind Farm LLC Delaware - USD - - - - - 71.27% Longleaf Storage LLC Delaware - USD - - - - - 71.27% Longroad ASD1 LLC Delaware 65,897 USD 69 4 65 10 6 60.58% Longroad CPA CDC1 LLC Delaware 1,007,145 USD 1,144 87 1,057 198 148 60.58% Longroad CPA CSU3 LLC Delaware 102,178 USD 180 46 135 58 43 60.58% Longroad CPA CSU4 LLC Delaware 559,044 USD 556 24 532 39 27 60.58% Longroad DG Portfolio I LLC Delaware 753,548 USD 2,927 2,209 718 2 37 60.58% Longroad Fund III Holdings LLC Delaware 19,686,395 USD 17,918 82 17,836 - 20 60.58% Longroad SD LLC Delaware 327,045 USD 619 150 469 172 177 60.58% Longroad SIT1 Hoboken LLC Delaware 98,628 USD 122 16 106 23 17 60.58% Longroad Solar Fund III LLC Delaware 19,369,318 USD 17,577 2 17,575 - 47 60.58% Longroad Solar Portfolio III LLC Delaware 2,685,126 USD 2,430 - 2,430 - - 60.58% Longroad ST6 Stockton LLC Delaware 542,275 USD 547 68 479 9 -12 60.58% Longroad WF7 Cheshire LLC Delaware 128,175 USD 136 22 114 8 -2 60.58% Longroad WGNJ1 LLC Delaware 205,311 USD 235 31 204 40 19 60.58% Longroad WGNJ2 LLC Delaware 43,328 USD 66 21 45 24 6 60.58% Lost Lakes Wind Farm LLC Delaware 112,082,181 USD 104,055 12,575 91,479 13,259 -1,531 71.27% Lotus Blocker LLC Delaware 151 USD - - - - - 71.27% Lotus DevCo II LLC Delaware 3,027 USD - - - - - 71.27% Lowland Solar Park LLC Delaware 16,530 USD - 4 -4 - -10 71.27% Loyal Wind Farm LLC Delaware - USD - - - - - 71.27% Lumberjack Storage LLC Delaware - USD - - - - - 71.27% Machias Wind Farm LLC Delaware - USD - - - - - 71.27% Madison Windpower LLC Delaware 19,905,225 USD 2,782 388 2,394 693 -869 71.27% Marathon Wind Farm LLC Delaware 3,891,464 USD 3,813 316 3,498 - - 71.27% Marble River LLC Delaware 182,733,302 USD 291,860 91,143 200,717 18,301 -4,780 71.27% Martinsdale Wind Farm LLC Delaware 5,272,577 USD 4,608 306 4,302 - -1 71.27% Mastamho Holdings LLC Delaware 48,344 USD 41 - 41 - -1 60.58% McLean Solar 2 LLC Delaware 6,181,205 USD 6,044 923 5,121 255 -41 60.58% ME Dover Foxcroft Solar LLC Delaware 1,390,625 USD 1,240 3 1,237 - -19 60.58% ME Ellsworth Solar LLC Delaware 934,963 USD 843 - 843 - -1 60.58% ME New Vineyard Solar LLC Delaware 287,825 USD - 10 -10 - -271 60.58% ME Rocky Hill Solar LLC Delaware 523,483 USD 479 7 471 - -2 60.58% ME Sandy Hill Solar LLC Delaware 244,078 USD 224 6 218 - -2 60.58% Meadow Lake Wind Farm II LLC Delaware 136,940,704 USD 111,778 12,817 98,961 10,483 -4,046 71.27% Meadow Lake Wind Farm III LLC Delaware 78,678,464 USD 124,828 42,124 82,704 11,375 1,554 71.27% Meadow Lake Wind Farm IV LLC Delaware 81,684,602 USD 100,913 33,981 66,932 8,264 -279 71.27% Meadow Lake Wind Farm LLC Delaware 171,743,789 USD 207,876 71,330 136,546 15,239 -2,349 71.27% Meadow Lake Wind Farm VIII LLC Delaware -203 USD - 29 -29 - -29 71.27% Mesquite Wind LLC Delaware 94,327,707 USD 147,208 7,064 140,143 8,820 -11,030 71.27% MidCoast C2 Solar LLC Delaware - USD - - - - - 60.58% Mineral Springs Solar Park LLC Delaware - USD - - - - - 71.27% Misenheimer Solar LLC Delaware 44,165,072 USD 139,448 99,486 39,962 - -7 71.27% MMA Belmar Power LP Delaware 219,943 USD 759 240 519 484 304 60.58% MMA BWS Power LP Delaware 88,449 USD 308 84 225 195 123 60.58% MMA CCC Power LP Delaware 98,701 USD 149 37 112 52 19 60.58% MMA DAS Power LP Delaware 596,966 USD 1,183 130 1,054 587 506 60.58% MMA Fresno Power LP Delaware 398,453 USD 585 153 432 221 39 60.58% MMA GDC Power LP Delaware 450,434 USD 695 73 623 267 188 60.58% MMA Happy Valley Power LP Delaware 52,314 USD 157 19 138 85 75 60.58% MMA LHIW Power LP Delaware 172,142 USD 214 66 148 42 -15 60.58% MMA MDS Power I LP Delaware 519,548 USD 520 125 394 66 -83 60.58% MMA MDS Power II LP Delaware 1,700,546 USD 1,573 336 1,237 93 -323 60.58% MMA MDS Power IV LP Delaware 286,511 USD 446 139 307 134 22 60.58% MMA Mission Bay Power LP Delaware 48,723 USD 138 32 107 101 47 60.58% MMA Renewable Ventures Solar Fund III LLC Delaware 6,503,429 USD 6,005 135 5,870 - -18 60.58% MMA Rita Power LLC Delaware -29,114 USD 396 177 219 258 230 60.58% MMA RMS Power LP Delaware 535,403 USD 366 118 248 41 -265 60.58% MMA Solar Fund III GP Sub Delaware - USD - - - - - 60.58% MMA SROSA Power LP Delaware -115,782 USD 369 102 268 36 370 60.58% MMA WBF Power LP Delaware 1,202,035 USD 1,187 177 1,010 7 -105 60.58% MN CSG 2 LLC Delaware 9,848,120 USD 9,008 592 8,416 462 -196 60.58% Mohave Power Holdings LLC Delaware 16,097,546 USD 14,567 - 14,567 - -1 60.58% Mohave Power LLC Delaware 16,096,950 USD 72,780 60,445 12,335 47 -1,788 60.58% Moonshine Solar Park LLC Delaware 1,798,265 USD 1,708 82 1,626 - - 71.27% Morgan Road Solar East LLC Delaware 9,300,828 USD 9,138 730 8,409 - -1 60.58% Morgan Road Solar West LLC Delaware 7,353,255 USD 7,700 1,053 6,646 - -1 60.58% MT Plentywood Solar I LLC Delaware - USD - - - - - 60.58% MT Plentywood Solar II LLC Delaware - USD - - - - - 60.58% NC Loy Farm Solar LLC Delaware - USD - - - - - 60.58% ND Crystal Solar I LLC Delaware - USD - - - - - 60.58% NDIW California RE LLC Delaware - USD - - - - - 71.27%
New Road Power LLC Delaware - USD - 56 -56 - -58 71.27% New Trail Wind Farm LLC Delaware - USD - - - - - 71.27% NH Hinsdale Solar LLC Delaware - USD - - - - - 60.58% North Coast Highway Solar 1 LLC Delaware 383,806 USD 316 4 312 - -36 60.58% North Coast Highway Solar 2 LLC Delaware 303,132 USD 243 3 240 - -35 60.58% North Slope Wind Farm LLC Delaware - USD - - - - - 71.27% Norton Solar I LLC Delaware 1,367,863 USD 1,705 54 1,651 321 20 60.58% Norton Solar II LLC Delaware 1,474,514 USD 1,681 54 1,628 319 14 60.58% Number Nine Wind Farm LLC Delaware - USD - - - - - 71.27% NV Solar Sparks LLC Delaware - USD - - - - - 60.58% NY CSG 2 Holdings LLC Delaware 27,150,409 USD 29,639 58 29,581 - -221 60.58% NY CSG 2 Sponsor LLC Delaware 27,158,992 USD 24,571 - 24,571 - -1 60.58% NY Hemlock Hills Solar LLC Delaware 3,195,155 USD 3,549 737 2,812 - -80 60.58% NY Mines Press Solar LLC Delaware 3,541,571 USD 7,228 4,223 3,005 322 -105 60.58% NY Morgan Solar LLC Delaware 16,637,678 USD 15,072 - 15,072 - -1 60.58% NY OG 1 Solar LLC Delaware 2,306 USD - - - - -1 60.58% OH FP COMMERCE CENTER LLC Delaware 94 USD - - - - - 60.58% Old Trail Wind Farm LLC Delaware 63,072,078 USD 197,444 14,696 182,748 33,549 10,447 36.35% Omega CSG 1 LLC Delaware -2,170,656 USD 11 - 11 - 157 60.58% OPQ Property LLC Delaware -203,019 USD - - - - - 71.27% Pacific Southwest Wind Farm LLC Delaware - USD - - - - - 71.27% Paulding Wind Farm II LLC Delaware 30,283,190 USD 121,671 18,576 103,095 19,516 7,715 36.35% Paulding Wind Farm III LLC Delaware 131,391,636 USD 162,077 17,266 144,811 11,346 3,641 71.27% Paulding Wind Farm IV LLC Delaware 205,967,245 USD 200,511 69,292 131,219 9,816 -278 71.27% Paulding Wind Farm LLC Delaware 36,645 USD - 2 -2 - -3 71.27% Paulding Wind Farm V LLC Delaware - USD - - - - - 71.27% Paulding Wind Farm VI LLC Delaware - USD - - - - - 71.27% Pearl River Solar Park LLC Delaware 75,762,528 USD 229,726 151,911 77,815 - 1,479 71.27% Penn Yan Solar I LLC Delaware 7,780,479 USD 9,628 2,435 7,193 803 217 60.58% Peterson Power Partners LLC Delaware - USD - - - - - 71.27% Pioneer Prairie Wind Farm I LLC Delaware 126,085,318 USD 299,299 31,127 268,173 49,587 12,033 36.35% Piscataquis Valley Solar LLC Delaware 1,370,005 USD 1,239 9 1,230 - -9 60.58% Pleasantville Solar Park LLC Delaware 2,549,633 USD 3,355 1,050 2,305 - - 71.27% Plum Nellie Wind Farm LLC Delaware 4,529,744 USD 4,817 771 4,046 - 4 71.27% Poplar Camp Wind Farm LLC Delaware - USD - - - - - 71.27% Poplarville Solar Park LLC Delaware - USD - - - - - 71.27% Post Oak Wind LLC Delaware 101,518,327 USD 160,861 6,466 154,396 9,258 -13,637 36.35% Potsdam Community Solar LLC Delaware 6,706,926 USD 8,016 1,763 6,253 516 188 60.58% Prospector Solar Park LLC Delaware - USD - - - - - 71.27% Pueblo Norte Solar Park LLC Delaware - USD - - - - - 71.27% Quilt Block Wind Farm II LLC Delaware 845 USD - - - - -1 71.27% Ragsdale Solar II LLC Delaware 1,619 USD 3,648 3,648 - - -1 71.27% Ragsdale Solar LLC Delaware 31,322,450 USD 69,730 34,558 35,172 - 899 71.27% Rail Splitter Wind Farm II LLC Delaware 2,109,420 USD 1,951 43 1,909 - - 71.27% Rail Splitter Wind Farm LLC Delaware 186,629,152 USD 121,329 14,471 106,858 8,518 -4,770 71.27% Randolph Solar Park LLC Delaware 73,432,102 USD 220,534 154,294 66,241 - -84 71.27% RE Scarlet LLC Delaware 117,752,681 USD 105,814 31,193 74,621 8 -18,216 71.27% REA-EDPRNA DG 2016 Lessee LLC Delaware 8,121,223 USD 6,331 16 6,315 - -592 60.58% Reloj del Sol Wind Farm LLC Delaware 312,554,226 USD 288,014 35,946 252,067 2,464 -2,291 71.27% Renewable Ventures Solar Fund V GP LLC Delaware 18,224,931 USD 16,493 - 16,493 - -1 60.58% Renewable Ventures Solar Fund V LLC Delaware 18,016,959 USD 16,307 14 16,293 - -12 60.58% Renewable Ventures V Equity Holdings LLC Delaware 17,951,167 USD 16,114 - 16,114 - -104 60.58% Renewable Ventures V GP Holdings LLC Delaware - USD - - - - - 60.58% Renville County Wind Farm LLC Delaware 1,965,004 USD 1,832 54 1,777 - -1 71.27% RevEnergy C2 Franklin LLC Delaware 1,666,535 USD 1,825 208 1,618 262 -32 60.58% RI Abrava Solar LLC Delaware 7,585,567 USD 8,119 1,347 6,773 435 85 60.58% RI- Moo Cow Delaware 4,524,181 USD 4,104 11 4,093 - -2 60.58% RI Quarry Solar LLC Delaware 327,506 USD 299 6 293 - -1 60.58% RI Sposato Solar LLC Delaware 281,836 USD 1,637 1,349 288 127 45 60.58% Rio Blanco Wind Farm LLC Delaware 3,108,784 USD 2,815 2 2,813 - - 71.27% Rising Tree Wind Farm II LLC Delaware 19,268,399 USD 26,954 2,057 24,897 2,762 531 36.35% Rising Tree Wind Farm III LLC Delaware 96,812,598 USD 147,704 2,570 145,134 19,415 6,290 36.35% Rising Tree Wind Farm LLC Delaware 61,107,869 USD 117,455 2,123 115,333 17,950 7,902 36.35% Riverstart Solar Park II LLC Delaware 396 USD - 2 -2 - -2 71.27% Riverstart Solar Park III LLC Delaware 56,765,484 USD 161,322 110,121 51,201 - -3,175 71.27% Riverstart Solar Park IV LLC Delaware 7,471,048 USD 12,367 1,822 10,546 - 997 71.27% Riverstart Solar Park V LLC Delaware 598 USD - 29 -29 - -31 71.27% Riverstart Solar Park VI LLC Delaware - USD - - - - - 71.27% Rock Dane Solar Park LLC Delaware - USD - - - - - 71.27% Rolling Upland Wind Farm LLC Delaware 1,142 USD - - - - -1 71.27% Rose Run Solar Park LLC Delaware 516 USD - - - - - 71.27% Rosewater Ventures LLC Delaware - USD - - - - - 71.27% Route 13 Solar LLC Delaware 7,021,280 USD 6,461 937 5,524 141 -138 60.58% Route 149 LLC Delaware 2,471,272 USD 2,366 208 2,158 148 -28 60.58% RS Holyoke 3 LLC Delaware 1,767,341 USD 1,671 152 1,519 188 -101 60.58% RSBF Jeffco II LLC Delaware 2,129,277 USD 1,943 83 1,860 222 -56 60.58% RTSW Solar Park II LLC Delaware - USD - - - - - 71.27% RTSW Solar Park III LLC Delaware - USD - - - - - 71.27% RTSW Solar Park IV LLC Delaware - USD - - - - - 71.27% RTSW Solar Park LLC Delaware - USD - - - - - 71.27% RTSW Solar Park V LLC Delaware - USD - - - - - 71.27% RTSW Solar Park VI LLC Delaware - USD - - - - - 71.27% Rush County Wind Farm LLC Delaware 2,920,496 USD 2,662 19 2,643 - - 71.27% RV CSU Power LLC Delaware 4,204,822 USD 4,736 198 4,539 664 381 60.58% Rye Patch Solar Park LLC Delaware - USD - - - - - 71.27% Saddleback Wind Power Project LLC Delaware 1,354,487 USD 11 7 4 - - 71.27% Sagebrush Power Partners LLC Delaware 134,939,688 USD 125,414 8,331 117,083 12,838 -38 71.27% Sailor Springs Solar Park LLC Delaware 520 USD 7 401 -394 - -403 71.27% Salt Lick Solar Park LLC Delaware 1,142 USD - - - - -1 71.27% San Clemente Solar Park LLC Delaware - USD - - - - - 71.27% Sandrini BESS Storage LLC Delaware - USD - - - - - 71.27% Sandrini LandCo LLC Delaware - USD - - - - - 71.27% Sardinia Windpower LLC Delaware - USD - - - - - 71.27% Sawmill Junction Solar Park LLC Delaware 3,584,685 USD 3,688 445 3,244 - - 71.27% SC Beaufort Jasper Solar LLC Delaware 196,377 USD 9 5 4 - -167 60.58% SC Southern Wesleyan Solar LLC Delaware - USD - - - - - 60.58% Sedge Meadow Solar Park LLC Delaware - USD - 26 -26 - -26 71.27% Shields Drive LLC Delaware 2,401,451 USD 2,201 116 2,084 132 -38 60.58% Shullsburg Wind Farm LLC Delaware - USD - - - - - 71.27% Shy Place Solar Park LLC Delaware - USD - - - - - 71.27% Signal Hill Wind Power Project LLC Delaware 4,502 USD - - - - - 71.27% Simpson Ridge Wind Farm II LLC Delaware - USD - - - - - 71.27% Simpson Ridge Wind Farm III LLC Delaware - USD - - - - - 71.27% Simpson Ridge Wind Farm IV LLC Delaware - USD - - - - - 71.27% Simpson Ridge Wind Farm LLC Delaware - USD - - - - - 71.27% Simpson Ridge Wind Farm V LLC Delaware - USD - - - - - 71.27% SLX Project 1080 LLC Delaware 1,555,984 USD 1,631 167 1,464 229 -74 60.58% Smart Sunscribe LLC Delaware 2,196 USD - - - - -1 60.58% Solar Ventures Purchasing LLC Delaware -25,067,457 USD 1,572 2,339 -767 - -1 71.27%
Soteria Solar Services LLC Delaware 5,703,348 USD 4,584 8 4,575 - -170 60.58% Spruce Ridge Wind Farm LLC Delaware - USD - - - - - 71.27% Stinson Mills Wind Farm LLC Delaware 4,704,419 USD 4,200 32 4,167 - - 71.27% Stone North Solar Park LLC Delaware - USD - - - - - 71.27% Strawberry Solar Farm LLC Delaware 3,645,700 USD 3,735 391 3,344 238 92 60.58% Sugar Plum Solar Park LLC Delaware - USD - - - - - 71.27% SunE Bristow MS LLC Delaware 58,345 USD 72 11 61 20 8 60.58% SunE CPA CDC2 LLC Delaware 799,604 USD 926 80 846 227 125 60.58% SunE CPA CSU5 LLC Delaware 16,980 USD 119 40 79 73 47 60.58% SunE CPA CTS1 LLC Delaware 135,587 USD 219 32 186 78 65 60.58% SunE D14 ATC-A Holdings LLC Delaware 1,168,981 USD 1,393 163 1,230 101 176 60.58% SunE D14 DGS-A Holdings LLC Delaware 5,828,096 USD 6,056 392 5,664 550 398 60.58% SunE D14 KHL-A Holdings LLC Delaware 2,313,674 USD 2,609 283 2,326 357 237 60.58% SunE D14 MISC-A Holdings LLC Delaware 9,317,492 USD 9,435 976 8,459 661 28 60.58% SunE D14 MISC-B Holdings LLC Delaware 2,496,235 USD 2,622 297 2,325 269 67 60.58% SunE D14 SPLS-A Holdings LLC Delaware 2,385,930 USD 2,757 376 2,381 378 226 60.58% SunE D14 WMT-A Holdings LLC Delaware 630,610 USD 905 211 694 219 126 60.58% SunE Fairfield SSD LLC Delaware 834,354 USD 919 73 846 184 92 60.58% SunE H3 Holdings LLC Delaware 1,238,310 USD 3,973 1,003 2,971 1,798 1,450 60.58% SunE Lakeland Center LLC Delaware 174,813 USD 222 33 188 53 31 60.58% SunE M5 Holdings LLC Delaware -3,739,375 USD 6,476 10,044 -3,568 666 -188 60.58% SunE M5B Holdings LLC Delaware 3,888,524 USD 8,239 4,726 3,513 335 -6 60.58% SunE M5C Holdings LLC Delaware -935,893 USD 6,347 7,179 -832 516 16 60.58% SunE MCPS Clarksburg LLC Delaware 181,761 USD 231 34 197 39 33 60.58% SunE MCPS FSK LLC Delaware 60,123 USD 78 11 67 15 13 60.58% SunE MCPS Gardens LLC Delaware 54,367 USD 64 9 55 8 5 60.58% SunE MCPS Lakelands LLC Delaware 71,042 USD 91 14 78 16 14 60.58% SunE MCPS Montgomery LLC Delaware 71,452 USD 93 13 80 17 16 60.58% SunE MCPS Parkland LLC Delaware 95,149 USD 126 18 108 24 22 60.58% SunE MCPS Quince Orchard LLC Delaware 151,838 USD 203 28 175 40 38 60.58% SunE MCPS Shriver LLC Delaware 62,738 USD 78 11 67 13 10 60.58% SunE Multnomah JBY LLC Delaware 169,951 USD 191 30 162 21 8 60.58% SunE Multnomah JJC LLC Delaware 199,595 USD 223 33 190 23 9 60.58% SunE NC Progress1 LLC Delaware 734,977 USD 977 76 901 313 241 60.58% SunE NLB-2 LLC Delaware 677,679 USD 806 78 729 171 118 60.58% SunE PD Oak LLC Delaware 236,977 USD 351 61 289 149 77 60.58% SunE PD Sycamore LLC Delaware 146,617 USD 184 30 154 48 22 60.58% SunE PD Willow LLC Delaware 73,249 USD 112 20 92 38 26 60.58% SunE PNMC Roof LLC Delaware -6,000 USD 13 12 - 8 6 60.58% SunE Solar IV LLC Delaware -1,055,275 USD 1,965 2,892 -927 - 32 60.58% SunE Solar V LLC Delaware 3,321,785 USD -129 -2,738 2,609 18 -406 60.58% SunE Solar VI LLC Delaware 2,033,703 USD 1,829 - 1,829 - -11 60.58% SunE Solar XII LLC Delaware 26,609,483 USD 24,346 281 24,065 - -16 60.58% SunE Solar XIV LLC Delaware 2,669,307 USD 23,640 21,248 2,392 - -24 60.58% SunE SR1 Arvada5 LLC Delaware 466,973 USD 513 41 473 87 51 60.58% SunE SR1 NREL LLC Delaware 389,022 USD 590 49 541 245 193 60.58% SunE SR1 Rifle PS LLC Delaware -40,875 USD 321 39 282 238 225 60.58% SunE U6 Holdings LLC Delaware 1,880,161 USD 10,013 8,155 1,857 737 177 60.58% SunE W12DG-A LLC Delaware 8,406,088 USD 8,427 791 7,636 1,014 -77 60.58% SunE W12DG-B LLC Delaware 5,841,946 USD 6,413 644 5,769 754 411 60.58% SunE W12DG-C LLC Delaware 8,952,983 USD 10,114 1,288 8,825 1,757 499 60.58% SunE W12DG-D LLC Delaware 2,227,026 USD 2,610 325 2,286 491 192 60.58% SunE WF3 KHL A Holdings LLC Delaware 4,089,203 USD 5,125 816 4,309 1,043 622 60.58% SunE WF3 KHL B Holdings LLC Delaware 3,197,308 USD 4,667 875 3,792 1,268 918 60.58% SunE WF3-BART Holdings LLC Delaware 193,113 USD 265 51 214 71 41 60.58% SunE WF3-Broomfield Holdings LLC Delaware 111,753 USD 198 42 156 77 56 60.58% SunE WF3-ST Holdings LLC Delaware 3,031,143 USD 3,924 598 3,327 761 596 60.58% SunE WF3-WG Holdings LLC Delaware 2,877,064 USD 3,751 674 3,077 812 484 60.58% SunE WMT PR2 LLC Delaware 1,472,758 USD 1,452 124 1,328 147 -2 60.58% SunE H4 Holdings LLC Delaware 2,171,497 USD 1,656 -160 1,816 385 -26 60.58% SunE Solar III LLC Delaware -11,195,728 USD 1,386 11,537 -10,151 - -18 60.58% Sustaining Power Solutions LLC Delaware 184,755,078 USD 39,937 17,410 22,527 23,253 -5,418 71.27% Sweet Acres Solar Park LLC Delaware - USD - - - - - 71.27% Sweet Stream Wind Farm LLC Delaware - USD - - - - - 71.27% Telocaset Wind Power Partners LLC Delaware -32,058,163 USD 84,288 7,740 76,548 21,073 8,208 36.35% Three Lakes Solar LLC Delaware - USD - - - - - 71.27% Tillman Solar Park II LLC Delaware - USD - - - - - 71.27% Tillman Solar Park LLC Delaware 396 USD - 2 -2 - -2 71.27% Tillman Storage LLC Delaware - USD - - - - - 71.27% Timber Road II Storage LLC Delaware - USD - - - - - 71.27% Timber Road III Storage LLC Delaware - USD - - - - - 71.27% Timber Road Solar Park II LLC Delaware 92 USD 266 266 - - - 71.27% Timber Road Solar Park III LLC Delaware - USD - - - - - 71.27% Timber Road Solar Park LLC Delaware 47,542,355 USD 87,968 42,615 45,353 868 154 71.27% Top Crop I Storage LLC Delaware - USD - - - - - 71.27% Top Crop II Storage LLC Delaware - USD - - - - - 71.27% Trailing Springs Storage LLC Delaware - USD - - - - - 71.27% Trolley Barn Storage LLC Delaware - USD - - - - - 71.27% Tug Hill Windpower LLC Delaware - USD - - - - - 71.27% Tumbleweed Wind Power Project LLC Delaware 4,003 USD - - - - - 71.27% Turtle Creek Wind Farm LLC Delaware 240,892,465 USD 264,115 22,105 242,010 17,137 3,839 71.27% Twenty North Solar Park LLC Delaware - USD - - - - - 71.27% Twin Groves I Storage LLC Delaware - USD - - - - - 71.27% Twin Groves II Storage LLC Delaware - USD - - - - - 71.27% Upper Road LLC Delaware 2,265,780 USD 2,244 189 2,055 137 -24 60.58% VT Stone Valley LLC Delaware 2,294 USD - - - - -1 60.58% Waverly Wind Farm II LLC Delaware - USD - - - - - 71.27% Waverly Wind Farm LLC Delaware 201,650,518 USD 232,822 13,405 219,416 20,791 3,761 36.35% Western Trail Wind Project I LLC Delaware 4,574,547 USD - 5 -5 - -4,236 71.27% Wheat field Holding LLC Delaware -42,174,601 USD -38,303 26 -38,329 - -38 36.35% Wheat field Wind Power Project LLC Delaware -42,325,200 USD 76,994 23,786 53,208 13,081 5,343 36.35% Whiskey Ridge Power Partners LLC Delaware - USD - - - - - 71.27% Whistling Wind WI Energy Center LLC Delaware - USD - - - - - 71.27% White Stone Solar Park LLC Delaware - USD - - - - - 71.27% Whitestone Wind Purchasing LLC Delaware 137,732,545 USD 563,052 413,475 149,577 - -4,789 71.27% Wildcat Creek Wind Farm LLC Delaware 263,914,334 USD 253,968 19,365 234,603 19,257 -2,242 71.27% Wilson Creek Power Project LLC Delaware - USD - - - - - 71.27% Wind Turbine Prometheus LP Delaware 5,990 USD - - - - - 71.27% Winding Canyon Wind LLC Delaware - USD - - - - - 71.27% Wolf Run Solar LLC Delaware 96,904 USD 190,456 154,238 36,218 - -1,087 71.27% Wrangler Solar Park LLC Delaware - USD - - - - - 71.27% WTP Management Company LLC Delaware - USD - - - - - 71.27% Canada: Blue Bridge Solar Park GP Ltd British Columbia - CAD 4 4 - - - 71.27% Blue Bridge Solar Park LP Alberta - CAD 83 357 -274 - -21 71.27% Bromhead Solar Park GP Ltd British Columbia - CAD - - - - - 71.27% Bromhead Solar Park LP Saskatchewan - CAD 82 337 -254 - -1 71.27% Edgeware BESS Project GP Ltd. British Columbia - CAD - - - - - 71.27%
Edgeware BESS Project LP Ont\u00e1rio - CAD - - - - - 35.64% EDP Renewables Canada Ltd. British Columbia 290,352,084 CAD 363,298 174,207 189,092 - -3,486 71.27% EDP Renewables Canada Management Services Ltd British Columbia -3,806,022 CAD 7,310 9,910 -2,599 744 - 71.27% EDP Renewables SH II Project GP Ltd British Columbia - CAD - - - - - 71.27% EDP Renewables SH II Project LP Alberta - CAD - - - - - 71.27% EDP Renewables Sharp Hills Project GP Ltd. British Columbia 15,495 CAD 11 9 1 - -8 71.27% EDP Renewables Sharp Hills Project LP Alberta 154,947,568 CAD 406,039 305,919 100,120 2,941 -466 71.27% Halbrite Solar Park GP Ltd British Columbia - CAD - - - - - 71.27% Halbrite Solar Park LP Saskatchewan - CAD 82 337 -254 - -1 71.27% Nation Rise Wind Farm GP Inc. British Columbia 1,690 CAD 13 42 -29 - -6 71.27% Nation Rise Wind Farm LP Ont\u00e1rio 74,644,443 CAD 203,538 146,535 57,003 13,016 -1,021 35.63% SBWF GP Inc. British Columbia -687 CAD 1 - - - - 36.35% Sounding Creek Solar Park GP Ltd. British Columbia - CAD - - - - - 71.27% Sounding Creek Solar Park LP Alberta - CAD - - - - - 71.27% South Branch BESS Project GP Ltd. Ont\u00e1rio - CAD - - - - - 71.27% South Branch BESS Project Limited Partnership Ont\u00e1rio - CAD - - - - - 71.27% South Branch Wind Farm II GP Inc. British Columbia - CAD - - - - - 71.27% South Branch Wind Farm II LP Ont\u00e1rio 1,223,326 CAD 2,076 1,747 330 - -7 71.27% South Dundas Wind Farm LP Ont\u00e1rio -9,451,030 CAD 43,876 18,942 24,934 6,423 2,665 36.35% Mexico: EDPR Servicios de M\u00e9xico, S. de R.L. de C.V. Mexico City 167,088,650 MXN 7,709 1,042 6,667 1,836 261 71.27% E\u00f3lica de Coahuila, S.A. de C.V. Mexico City 7,792,042 USD 270,760 225,702 45,058 47,164 2,331 36.35% Parque Solar Los Cuervos, S. de R.L. de C.V. Mexico City 180,244,480 USD 252,580 75,383 177,198 18,397 8,379 71.27% Vientos de Coahuila, S.A. de C.V. Mexico City 145,594,263 USD 205,905 86,599 119,306 3,844 -6,192 71.27% South America Geography / Platform: Brazil: EDP Renov\u00e1veis Brasil, S.A. (EDPR BR Subgroup Parent Company) S\u00e3o Paulo 3,876,263,545 BRL 1,043,199 217,876 825,323 8,725 57,738 71.27% Central E\u00f3lica Amanhecer I, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central E\u00f3lica Amanhecer II, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central E\u00f3lica Amanhecer III, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central E\u00f3lica Amanhecer IV, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central E\u00f3lica Amanhecer V, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central E\u00f3lica Amanhecer VI, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central E\u00f3lica Amanhecer VII, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central E\u00f3lica Asas de Zabel\u00ea I, S.A. S\u00e3o Paulo 50 BRL - - - - - 71.27% Central E\u00f3lica Asas de Zabel\u00ea II, S.A. S\u00e3o Paulo 50 BRL - - - - - 71.27% Central E\u00f3lica Asas de Zabel\u00ea III, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central E\u00f3lica Asas de Zabel\u00ea IV, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central E\u00f3lica Asas de Zabel\u00ea V, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central E\u00f3lica Asas de Zabel\u00ea VI, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central E\u00f3lica Asas de Zabel\u00ea VII, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central E\u00f3lica Aventura I, S.A. S\u00e3o Paulo 81,678,829 BRL 25,643 9,940 15,703 3,030 -367 36.35% Central E\u00f3lica Baixa do Feij\u00e3o I, S.A. S\u00e3o Paulo 39,216,713 BRL 24,328 14,567 9,761 3,223 119 36.35% Central E\u00f3lica Baixa do Feij\u00e3o II, S.A. S\u00e3o Paulo 40,551,200 BRL 23,898 13,740 10,158 3,027 -137 36.35% Central E\u00f3lica Baixa do Feij\u00e3o III, S.A. S\u00e3o Paulo 67,416,713 BRL 26,665 15,050 11,615 2,956 -751 36.35% Central E\u00f3lica Baixa do Feij\u00e3o IV, S.A. S\u00e3o Paulo 44,433,110 BRL 23,104 13,995 9,108 2,937 -405 36.35% Central E\u00f3lica Borborema I, S.A. S\u00e3o Paulo 4,946,440 BRL 871 1,660 -788 - -22 71.27% Central E\u00f3lica Borborema II, S.A. S\u00e3o Paulo 4,834,670 BRL 894 2,227 -1,333 - -12 71.27% Central E\u00f3lica Borborema III, S.A. S\u00e3o Paulo 505,500 BRL 616 1,371 -755 - -24 71.27% Central E\u00f3lica Borborema IV, S.A. S\u00e3o Paulo 505,500 BRL 572 1,605 -1,034 - -15 71.27% Central E\u00f3lica Catanduba I, S.A. S\u00e3o Paulo 46,948,500 BRL 62,927 54,471 8,456 - 21 71.27% Central E\u00f3lica Catanduba II, S.A. S\u00e3o Paulo 46,948,500 BRL 58,534 49,905 8,629 6 -84 71.27% Central E\u00f3lica Ita\u00fana I, S.A. S\u00e3o Paulo 50 BRL 5,455 5,475 -21 - -20 71.27% Central E\u00f3lica Ita\u00fana II, S.A. S\u00e3o Paulo 50 BRL 7,273 7,293 -20 - -20 71.27% Central E\u00f3lica Ita\u00fana III, S.A. S\u00e3o Paulo 50 BRL 12,718 12,746 -28 - -28 71.27% Central E\u00f3lica JAU, S.A. S\u00e3o Paulo 174,051,904 BRL 77,283 34,000 43,283 9,305 344 36.35% Central E\u00f3lica Monte Verde I, S.A. Lagoa Nova 80,156,000 BRL 62,494 44,689 17,805 10,023 4,679 71.27% Central E\u00f3lica Monte Verde II, S.A. Lagoa Nova 80,156,000 BRL 67,935 55,351 12,584 7,454 -1,388 71.27% Central E\u00f3lica Monte Verde III, S.A. Lagoa Nova 70,136,600 BRL 59,768 47,996 11,772 7,427 -444 71.27% Central E\u00f3lica Monte Verde IV, S.A. Lagoa Nova 55,106,000 BRL 63,234 53,081 10,152 6,953 576 71.27% Central E\u00f3lica Monte Verde V, S.A. Lagoa Nova 40,077,400 BRL 37,291 30,534 6,757 4,397 -221 71.27% Central E\u00f3lica Monte Verde VI, S.A. Lagoa Nova 52,306,600 BRL 50,483 41,212 9,271 6,077 103 71.27% Central E\u00f3lica S\u00e3o Domingos I, S.A. S\u00e3o Paulo 50 BRL 9,090 9,114 -24 - -24 71.27% Central E\u00f3lica S\u00e3o Domingos II, S.A. S\u00e3o Paulo 50 BRL 10,908 10,937 -29 - -29 71.27% Central E\u00f3lica S\u00e3o Domingos III, S.A. S\u00e3o Paulo 50 BRL 5,454 5,471 -17 - -17 71.27% Central E\u00f3lica S\u00e3o Domingos IV, S.A. S\u00e3o Paulo 50 BRL 7,267 7,283 -16 - -16 71.27% Central E\u00f3lica S\u00e3o Domingos V, S.A. S\u00e3o Paulo 50 BRL 3,633 3,641 -8 - -8 71.27% Central Geradora Fotovoltaica Monte Verde Solar I, S.A. S\u00e3o Paulo 50 BRL - 4 -4 - -4 71.27% Central Geradora Fotovoltaica Monte Verde Solar II, S.A. S\u00e3o Paulo 45,727,311 BRL 37,339 28,965 8,374 7 -66 71.27% Central Geradora Fotovoltaica Monte Verde Solar III, S.A. S\u00e3o Paulo 45,727,311 BRL 47,377 39,038 8,340 6 -100 71.27% Central Geradora Fotovoltaica Monte Verde Solar IV, S.A. S\u00e3o Paulo 45,727,311 BRL 35,506 27,083 8,423 - -17 71.27% Central Geradora Fotovoltaica Monte Verde Solar V, S.A. S\u00e3o Paulo 45,727,311 BRL 35,360 27,031 8,329 - -110 71.27% Central Geradora Fotovoltaica Monte Verde Solar VI, S.A. S\u00e3o Paulo 50 BRL - 4 -4 - -4 71.27% Central Geradora Fotovoltaica Monte Verde Solar VII, S.A. S\u00e3o Paulo 59,699,200 BRL 35,466 24,740 10,726 - -319 71.27% Central Nacional de Energia E\u00f3lica, S.A. S\u00e3o Paulo 12,396,000 BRL 5,559 2,048 3,511 2,302 935 36.35% Central Solar F\u00eanix I, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central Solar F\u00eanix II, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central Solar F\u00eanix IV, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central Solar F\u00eanix V, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central Solar F\u00eanix VI, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central Solar Lagoa I, S.A. S\u00e3o Paulo 2,390,000 BRL 2,141 1,752 388 - -27 71.27% Central Solar Lagoa II, S.A. S\u00e3o Paulo 2,210,000 BRL 2,065 1,709 355 - -27 71.27% Central Solar Minas do Sol II, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central Solar Minas do Sol III, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central Solar Minas do Sol IV, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central Solar Minas do Sol V, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central Solar Minas do Sol VI, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central Solar Minas do Sol VIII, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central Solar Novo Oriente I, S.A. S\u00e3o Paulo 58,950,500 BRL 27,164 18,163 9,001 - -19 71.27% Central Solar Novo Oriente II, S.A. S\u00e3o Paulo 53,670,500 BRL 25,903 18,110 7,793 - -17 71.27% Central Solar Novo Oriente III, S.A. S\u00e3o Paulo 57,850,500 BRL 26,543 15,800 10,743 - -37 71.27% Central Solar Novo Oriente IV, S.A. S\u00e3o Paulo 43,440,500 BRL 27,185 19,161 8,024 - -73 71.27% Central Solar Novo Oriente V, S.A. S\u00e3o Paulo 78,150,500 BRL 38,846 24,406 14,440 - -130 71.27% Central Solar Novo Oriente VI, S.A. S\u00e3o Paulo 22,800,500 BRL 28,678 24,871 3,807 - -95 71.27% Central Solar Pereira Barreto I, S.A. Pereira Barreto 114,206,475 BRL 29,592 5,681 23,910 3,449 1,445 71.27% Central Solar Pereira Barreto II, S.A. Pereira Barreto 107,135,544 BRL 28,233 5,521 22,712 3,323 1,426 71.27% Central Solar Pereira Barreto III, S.A. Pereira Barreto 170,593,505 BRL 37,168 3,446 33,721 3,148 1,050 71.27% Central Solar Pereira Barreto IV, S.A. Pereira Barreto 116,198,114 BRL 28,933 5,453 23,480 3,181 1,326 71.27% Central Solar Pereira Barreto V, S.A. Pereira Barreto 117,915,000 BRL 27,362 4,785 22,577 2,810 1,117 71.27% Central Solar Presidente JK I, S.A. S\u00e3o Paulo 3,186,366 BRL 1 1 - - -2 71.27% Central Solar Presidente JK VII, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central Solar Presidente JK XI, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central Solar Zebu I, S.A. S\u00e3o Paulo 3,599,032 BRL 582 1 580 - -1 71.27% Central Solar Zebu II, S.A. S\u00e3o Paulo 50 BRL - - - - - 71.27% Central Solar Zebu III, S.A. S\u00e3o Paulo 50 BRL - - - - - 71.27% Central Solar Zebu IV, S.A. S\u00e3o Paulo 50 BRL - - - - - 71.27% Central Solar Zebu V, S.A. S\u00e3o Paulo 50 BRL - - - - - 71.27%
Central Solar Zebu VI, S.A. S\u00e3o Paulo 50 BRL - - - - - 71.27% Central Solar Zebu VII, S.A. S\u00e3o Paulo 50 BRL - 1 -1 - -1 71.27% Central E\u00f3lica Barra I, S.A. Lagoa Nova 10,000 BRL 1 1 1 - -1 71.27% Central E\u00f3lica Barra II, S.A. Lagoa Nova 10,000 BRL 1 1 1 - -1 71.27% Central E\u00f3lica Barra III, S.A. Lagoa Nova 10,000 BRL 1 1 1 - -1 71.27% Central E\u00f3lica Barra IV, S.A. Lagoa Nova 10,000 BRL 1 1 1 - -1 71.27% Central E\u00f3lica Barra V, S.A. Lagoa Nova 10,000 BRL 1 1 1 - -1 71.27% Central E\u00f3lica Barra VI, S.A. Lagoa Nova 10,000 BRL 1 1 1 - -1 71.27% Central E\u00f3lica Barra VII, S.A. Lagoa Nova 10,000 BRL 1 1 1 - -1 71.27% Central E\u00f3lica Barra VIII, S.A. Lagoa Nova 10,000 BRL 1 1 1 - -1 71.27% Central E\u00f3lica Barra IX, S.A. Lagoa Nova 10,000 BRL 2 1 1 - -1 71.27% Central E\u00f3lica Barra X, S.A. Lagoa Nova 10,000 BRL 2 1 1 - -1 71.27% Central E\u00f3lica Barra XI, S.A. Lagoa Nova 10,000 BRL 2 1 1 - -1 71.27% Central Solar Barra I, S.A. Lagoa Nova 10,000 BRL 1 1 1 - -1 71.27% Central Solar Barra II, S.A. Lagoa Nova 10,000 BRL 1 1 1 - -1 71.27% Central Solar Barra III, S.A. Lagoa Nova 10,000 BRL 2 1 1 - -1 71.27% Central Solar Barra IV, S.A. Lagoa Nova 10,000 BRL 2 1 1 - -1 71.27% Elebr\u00e1s Projetos, S.A. S\u00e3o Paulo 103,779,268 BRL 48,843 18,083 30,760 25,838 12,908 36.35% Monte Verde Holding, S.A. S\u00e3o Paulo 377,879,100 BRL 135,576 66,417 69,159 - 3,294 71.27% Colombia: Elipse Energ\u00eda, S.A.S. E.S.P. Bogot\u00e1 709,567,000 COP 41 516 -475 - -512 71.27% Eolos Energ\u00eda, S.A.S. E.S.P. Bogot\u00e1 63,037,706,700 COP 290,430 280,783 9,647 67,667 -76,488 71.27% Kappa Energ\u00eda, S.A.S. E.S.P. Bogot\u00e1 707,971,000 COP 103 369 -266 - -341 71.27% Omega Energ\u00eda, S.A.S. E.S.P. Bogot\u00e1 707,951,000 COP 39 260 -221 - -313 71.27% Parque Solar Fotovoltaico El Copey, S.A.S. E.S.P. Bogot\u00e1 1,270,000,000 COP 1,735 2,877 -1,142 - -800 71.27% Renewables Energy Colombia S.A.S. Bogot\u00e1 - COP - 826 -826 - -746 71.27% Solar Power Solutions, S.A.S. E.S.P. Bogot\u00e1 2,697,093,500 COP 5,206 769 4,437 - -382 71.27% Vientos del Norte, S.A.S. E.S.P. Bogot\u00e1 46,204,115,100 COP 230,401 291,343 -60,941 47,611 -110,815 71.27% Chile: EDP Renewables Chile, SpA Santiago 11,961,123 USD 73,586 66,973 6,613 4,353 -2,614 71.27% Los Llanos Solar, SpA Santiago 592 USD 1,557 3,114 -1,557 - -588 71.27% Parque E\u00f3lico Punta de Talca, SpA Santiago 358,550 USD 99,689 103,993 -4,304 - -2,357 71.27% Parque E\u00f3lico San Andr\u00e9s, SpA Santiago 438,894 USD 5,005 10,275 -5,270 - -4,663 71.27% Parque E\u00f3lico Victoria, SpA Santiago 1,311,374 USD 471 1,572 -1,101 - -521 71.27% Vientos de Taltal, SpA Santiago 581 USD 2,074 2,074 1 - - 71.27% Asia-Pacific Geography / Platform: Australia: Energy Democracy Management Pty. Ltd. Canberra - AUD - - - - - 71.27% ITP Development Pty. Ltd. Canberra 2,200 AUD 5,874 7,148 -1,274 - -157 71.27% ITP-NHT Devco Pty. Ltd. Canberra 1,200 AUD 1,130 534 595 - -4 71.27% Merino Solar Farm Pty. Ltd. Canberra 100 AUD 26 34 -8 - - 71.27% Merino Solar Farm Trust Canberra - AUD - - - - - 71.27% Orange Community Renewable Energy Park Pty. Ltd. Canberra - AUD 509 495 14 - - 71.27% Orange Community Renewable Energy Park Trust Canberra - AUD - - - - - 71.27% Sunseap Assets (Australia) Pty. Ltd. Balwyn, Victoria 20,000 AUD 13 13 - - -1 71.27% Sunseap (Australia) Investments Pty. Ltd. Balwyn, Victoria 3,000,000 AUD 15,565 19,009 -3,444 - -2,106 71.27% Sunseap (Australia) Pty. Ltd. Balwyn, Victoria 1 AUD 14 721 -707 - -12 71.27% Yoogali Solar Farm Pty. Ltd. Canberra - AUD - - - - - 71.27% China: Anhui Jinyang New Energy Co., Ltd. Anhui City 4,293,000 CNY 2,877 2,336 541 - -6 71.27% Changchun Xingsheng Jinhu Photovoltaic New Energy Co., Ltd. Changzhou City - CNY 7 7 - - - 71.27% Changzhou Jingyi New Energy Technology Co., Ltd. Changzhou City 5,000,000 CNY 3,612 2,207 1,405 244 -31 64.30% Chongqing Xingzhi New Energy Technology Co., Ltd. Chongqing City 14,570,018 CNY 8,145 6,215 1,930 243 76 71.27% Chuzhou Huitai Photovoltaic Power Generation Co., Ltd. Chuzhou City 19,540,724 CNY 13,856 10,691 3,165 1,450 692 71.27% Dongguan Jiehuang New Energy Technology Co., Ltd. Dongguan City 14,970,238 CNY 7,467 5,311 2,156 593 258 71.27% Dongying Daoli New Energy Co., Ltd. Dongying City 3,793,000 CNY 1,991 1,498 493 181 14 71.27% Fangxian Tianhang New Energy Co., Ltd. Fangxian City 14,911,509 CNY 1,264 175 1,089 - -830 71.27% Fengcheng Xingtai New Energy Technology Co., Ltd. Fengcheng City 50,000 CNY 43 41 2 - -5 71.27% Foshan YingYuan New Energy Technology Co., Ltd. Foshan City 100,000 CNY 787 537 250 105 21 64.30% Harbin Panshuo Energy Technology Co., Ltd. Harbin City 100,000 CNY 214 205 9 - -4 71.27% Hefei Yiman New Energy Technology Co., Ltd. Hefei City 1,333,000 CNY 540 299 241 76 28 64.30% Heze Dechen New Energy Co., Ltd. Heze City 3,076,843 CNY 1,713 1,325 388 80 -2 71.27% Hubei Jianghui New Energy Co., Ltd. Jingzhou City 13,600,238 CNY 7,746 6,119 1,627 227 -105 71.27% Jiangsu Xingsheng New Energy Technology Co., Ltd. Jiangsu City 1,314,400 CNY 868 704 164 7 -4 71.27% Jiaxing Luken Energy Technology Co., Ltd. Jiaxing City 1,974,117 CNY 835 586 249 5 -3 71.27% Jingmen Xingsheng New Energy Co., Ltd. Jingmen City 300,000 CNY 36 1 35 - -3 71.27% Jingmen Zhongbei New Energy Co., Ltd. Jingmen City 19,750,000 CNY 7,307 4,743 2,564 113 49 71.27% Jining Yihang New Energy Technology Co., Ltd. Jining City 17,618,000 CNY 10,442 7,930 2,512 942 107 64.30% Liyang Yushun Power New Energy Co., Ltd. Liyang City 2,000,000 CNY 3,160 1,923 1,237 267 12 64.30% Nantong Eaton Guoyun Photovoltaic New Energy Co., Ltd. Nantong City 4,740,000 CNY 2,050 1,319 731 211 92 61.09% Ningbo Jiangbei Baoyi Enterprise Management Consulting Partnership LP Ningbo city 1,095,945 CNY 210 39 171 55 -170 71.27% Putian Xingsheng New Energy Co., Ltd. Putian City 52,000 CNY 15 10 5 - -1 71.27% Qingdao Xingqi Energy Co., Ltd. Qingdao 1,187,444 CNY 730 561 169 90 20 71.27% Qinghe County Xinou Funeng New Energy Technology Co., Ltd. Xingtai City 3,346,308 CNY 2,068 1,588 480 236 57 71.27% Rongcheng Xingyi New Energy Technology Co., Ltd. Weihai City 19,783,764 CNY 2,480 17 2,463 - -35 71.27% Shanghai Jingwen Equity Investment Center LP Shanghai 72,200,000 CNY 8,347 321 8,026 - -228 64.30% Shanghai Yihuang New Energy Technology Co., Ltd. Shanghai 8,913,000 CNY 1,137 2 1,135 - -0 64.30% Shanghai Yikuang New Technology Co., Ltd. Shanghai 30,000,000 CNY 4,808 27 4,781 - 24 64.30% Siping Lvsheng Energy Technology Co., Ltd. Sipiang City 3,000,000 CNY 399 23 376 - -6 71.27% State Cloud Sunseap Equity Investment Partnership LP Jinan City 4,024,281 CNY 512 6 506 - -5 57.25% Sunseap China Energy (Qingdao) Co., Ltd. Qingdao 35,389 CNY 1 - 1 - -3 71.27% Sunseap China Energy (Shanghai) Ltd. Shanghai 200,877,970 CNY 27,080 4,457 22,623 6,227 -3,807 71.27% Suzhou Haoruitian Power New Energy Co., Ltd. Kunshan City 1,720,000 CNY 147 383 -236 34 -521 64.30% Suzhou Liansong New Energy Technology Co., Ltd. Suzhou City 5,871,882 CNY 2,706 1,956 749 26 2 71.27% Suzhou Xingdao New Energy Technology Co., Ltd. Suzhou City 2,172,571 CNY 1,018 735 283 58 9 71.27% Suzhou Xingyi Energy Engineering Co., Ltd. Suzhou City 2,318,256 CNY 1,397 1,089 308 103 15 71.27% Tianjin Baoyi New Energy Technology Co., Ltd. Tianjin City 5,000,000 CNY 1,426 599 827 111 27 64.30% Tianjin Pengling Funeng New Energy Technology Co., Ltd. Tianjin City 3,036,000 CNY 971 586 385 - -2 71.27% Tianjin Xingrun Energy Development Co., Ltd. Tianjin City - CNY - - - - - 71.27% Tianjin Xingsheng Energy Development Co., Ltd. Tianjin City 8,472,000 CNY 3,794 2,729 1,065 - -12 71.27% Tianjin Yuntong New Energy Technology Co., Ltd. Tianjin City 15,000,000 CNY 2,246 3 2,243 - -1 64.30% Weihai Deao New Energy Technology Co., Ltd. Weihai City 3,688,686 CNY 2,046 1,544 502 149 34 71.27% Wenzhou Xingyi New Energy Technology Co., Ltd. Wenzhou City 4,487,000 CNY 3,429 2,619 810 308 152 64.30% Wuhan Panshuo Energy Technology Co., Ltd. Wuhan City 8,000,000 CNY 3,426 2,367 1,059 145 43 71.27% Wuxi Lingzhong New Energy Technology Co., Ltd. Wuxi City 9,998,864 CNY 5,551 4,192 1,359 171 88 71.27% Wuhu Xingsheng New Energy Co., Ltd. Wuhu City 2,341,141 CNY 618 323 295 - -4 71.27% Yancheng Baoyi New Energy Technology Co., Ltd. Yancheng City 7,734,000 CNY 1,279 260 1,019 88 15 64.30% Yancheng Qingneng Power Technology Co., Ltd. Yancheng City 6,987,997 CNY 2,274 1,785 489 178 -410 71.27% Zhenjiang Ruichengda New Energy Co., Ltd. Zhenjiang City 784,296 CNY 445 344 102 50 2 71.27% Indonesia: PT Green Corridor Indonesia Kota Batam 10,000,000,000 IDR 4,335 4,843 -508 663 -772 70.56% PT Right People Renewable Energy Jakarta 10,100,001,750 IDR 224 257 -33 - -25 71.27% PT Sunseap Commercial Industrial Indonesia Asset Jakarta 10,000,000,000 IDR 1,227 814 413 - -137 70.56%
Singapore: Data4Eco Holdings Pte. Ltd. Singapore 50,000 SGD 11 103 -92 - -49 42.76% EDPR Sunseap Korea Holdings Pte. Ltd. Singapore 4,903,633 SGD 3,357 266 3,091 - -252 71.27% LYS Energy Investment Pte. Ltd. Singapore 10,674,707 USD 9,613 2,247 7,367 - -260 71.27% Solarland Alpha Assets Pte. Ltd. Singapore 1 SGD 80,996 115,780 -34,783 1,175 -1,227 71.27% SolarNova 4 Beta Assets Pte. Ltd. Singapore 57,694,278 SGD 112,916 100,829 12,088 6,119 -2,888 71.27% SolarNova Phase 1 Pte. Ltd. Singapore 1 SGD 64,593 51,666 12,928 9,595 2,745 71.27% Sunseap Australia Holdings Pte. Ltd. Singapore 1 SGD 409 3,953 -3,544 - -141 71.27% Sunseap Batam Pte. Ltd. Singapore 1 SGD 1,331 1,487 -156 - 32 71.27% Sunseap China Pte. Ltd. Singapore 39,295,389 SGD 35,701 9,074 26,627 - -133 71.27% Sunseap CMX RE Solar Holdings Pte. Ltd. Singapore 10 SGD 54,174 39,161 15,013 - 1,531 71.27% Sunseap Commercial Assets Pte. Ltd. Singapore 3,807,355 SGD 86,102 74,506 11,596 6,230 928 71.27% Sunseap Delta Holdings Pte. Ltd. Singapore 1 SGD 5,021 5,255 -235 - -33 71.27% Sunseap Energy Pte. Ltd. Singapore 68,953,673 SGD 5,079 1,579 3,500 6,565 -485 71.27% Sunseap Energy Ventures Pte. Ltd. Singapore 1 SGD 8,260 5,693 2,566 387 221 71.27% Sunseap Engineering Pte. Ltd. Singapore 2,100,001 SGD 70,280 75,612 -5,332 62,075 -2,847 71.27% Sunseap Gamma Assets Pte. Ltd. Singapore 1 SGD - - - - 68 71.27% Sunseap Gamma Holdings Pte. Ltd. Singapore 1 SGD - 55 -55 - -36 71.27% Sunseap Group Pte. Ltd. Singapore 685,478,529 SGD 501,955 67,003 434,953 22,516 2,924 71.27% Sunseap Indonesia Pte. Ltd. Singapore 1 SGD 992 1,061 -69 - 54 71.27% Sunseap International Pte. Ltd. Singapore 55,405,387 SGD 120,998 100,193 20,805 53 372 71.27% Sunseap Japan Pte. Ltd. Singapore 1 SGD 6,295 6,696 -401 - -29 71.27% Sunseap Leasing Pte. Ltd. Singapore 111,854,175 SGD 172,777 99,678 73,099 14,360 -1,727 71.27% Sunseap Links Daklong Pte. Ltd. Singapore 40 SGD 605 6,972 -6,366 - -32 67.71% Sunseap Links Pte. Ltd. Singapore 10 SGD 6,390 11,796 -5,406 - -51 57.02% Sunseap Taiwan Pte. Ltd. Singapore 1 SGD 14,476 14,839 -363 - -113 71.27% Trung Song SG Pte. Ltd. Singapore 10,674,707 USD 9,693 838 8,855 - -171 71.27% Thailand: Sunseap Energy (Thailand) Co., Ltd. Bangkok 45,000,000 THB 1,380 1,074 306 - -34 68.06% Thai-Sunseap Asset Co. Ltd. Bangkok 68,000,000 THB 7,086 4,965 2,121 144 15 47.75% Thai-Sunseap Co., Ltd. Bangkok 225,823,000 THB 5,364 4 5,361 15 11 47.75% Thai-Sunseap Energy Solutions Co. Ltd. Bangkok 250,000 THB 20 50 -31 10 -2 47.75% Vietnam: Bien Dong Energy Investment Co., Ltd. Long An Province 9,000,000,000 VND 706 489 217 79 -22 71.27% CMX RE Sunseap Vietnam Solar Power Co., Ltd. Ninh Thuan Province 1,065,557,560,000 VND 133,171 81,339 51,832 20,386 4,531 39.20% Dai Linh Phat Co., Ltd. Ho Chi Minh City 14,500,000,000 VND 1,102 570 532 161 -50 71.27% DKT Energy Investment Co., Ltd. Ho Chi Minh City 103,900,000,000 VND 3,852 10 3,842 - -9 71.27% EDP Renewables Vietnam Company Limited Ho Chi Minh City 7,200,000,000 VND 5,269 7,720 -2,452 200 -115 71.27% H2A Co., Ltd. Long An Province 9,000,000,000 VND 713 449 264 96 -50 71.27% H2HA Co., Ltd. Long An Province 9,000,000,000 VND 692 469 223 71 -67 71.27% H2HD Co., Ltd. Long An Province 9,000,000,000 VND 689 479 210 69 -69 71.27% H2HO Co., Ltd. Long An Province 9,000,000,000 VND 700 461 239 80 -60 71.27% H2HU Co., Ltd. Long An Province 9,000,000,000 VND 711 434 277 92 -49 71.27% H2K Co., Ltd. Long An Province 9,000,000,000 VND 695 446 249 75 -46 71.27% H2ML Co., Ltd. Long An Province 9,000,000,000 VND 707 423 284 89 -32 71.27% H2O Ben Luc Investment Co., Ltd. Long An Province 6,800,000,000 VND 664 457 206 85 -47 71.27% H2S Co., Ltd. Long An Province 9,000,000,000 VND 703 449 254 85 -55 71.27% H2T Co., Ltd. Long An Province 9,000,000,000 VND 694 474 220 75 -64 71.27% H2TR Solar Co., Ltd. Long An Province 9,000,000,000 VND 711 434 277 93 -49 71.27% H2VP Co., Ltd. Long An Province 9,000,000,000 VND 709 462 247 92 -51 71.27% Hao Thanh Dat Investment Co., Ltd. Long An Province 9,000,000,000 VND 701 488 213 77 -23 71.27% HTD Vietnam Investment Development Co., Ltd. Ho Chi Minh City 9,000,000,000 VND 1,016 675 341 161 -50 71.27% HTT Binh Duong Investment Development Co., Ltd. Ho Chi Minh City 30,000,000,000 VND 1,766 633 1,133 239 -55 71.27% Incom International Investment and Development Co., Ltd. Long An Province 14,100,000,000 VND 1,413 950 463 173 -67 71.27% Kim Cuong Energy Investment Co., Ltd. Long An Province 9,000,000,000 VND 707 501 206 88 -35 71.27% Lam Gia Luat Co., Ltd. Ho Chi Minh City 14,500,000,000 VND 1,016 564 451 134 -65 71.27% Long Dai Phat Investment Co., Ltd. Ho Chi Minh City 71,539,000,000 VND 2,669 11 2,658 - -2 71.27% Millennium Energy Investment Co., Ltd. Ho Chi Minh City 70,000,000,000 VND 2,636 1 2,635 - 25 71.27% Phu An Energy Investment Co., Ltd. Long An Province 9,000,000,000 VND 702 503 198 84 -38 71.27% Quang Lam Printing Import Export Co., Ltd. Long An Province 12,360,000,000 VND 1,403 952 450 188 -57 71.27% SSKT Beta Energy Co., Ltd. Ho Chi Minh City 5,484,000,000 VND 781 493 288 114 12 42.05% STP5 Energy Production Trading Co., Ltd. Ho Chi Minh City 13,031,646,000 VND 1,841 1,287 554 292 -18 64.07% STP6 Energy Trading Technical Co., Ltd. Ho Chi Minh City 14,609,528,000 VND 2,046 1,467 579 320 -46 64.07% STP7 Energy Development Co., Ltd. Ho Chi Minh City 4,511,677,000 VND 605 444 161 95 -14 64.07% STP8 Energy Investment Co., Ltd. Ho Chi Minh City 9,235,861,000 VND 1,335 970 364 216 -22 64.07% Sun Times 1 Energy Co., Ltd. Ho Chi Minh City 4,851,036,000 VND 649 469 180 104 -12 64.07% Sun Times 3 Energy Co., Ltd. Ho Chi Minh City 14,347,796,000 VND 2,138 1,548 591 310 -30 64.07% Sun Times 4 Energy Co., Ltd. Ho Chi Minh City 4,851,036,000 VND 646 477 169 99 -16 64.07% Sun Times 5 Energy Co., Ltd. Ho Chi Minh City 14,008,437,000 VND 1,964 1,418 546 294 -42 64.07% Sun Times 6 Energy Co., Ltd. Ho Chi Minh City 14,135,538,000 VND 1,987 1,453 534 303 -49 64.07% Sun Times 7 Energy Co., Ltd. Ho Chi Minh City 9,229,812,000 VND 1,300 960 340 189 -41 64.07% Sunseap Commercial & Industrial Assets (Vietnam) Co., Ltd. Ho Chi Minh City 123,517,702,000 VND 234,774 237,665 -2,891 3,994 -1,369 71.27% Sunseap KTG Energy Investment Co., Ltd. Ho Chi Minh City 5,484,000,000 VND 209 1 208 - 15 42.05% Sunseap Sun Times Solar Investment Co., Ltd. Ho Chi Minh City 102,912,367,000 VND 5,832 2,015 3,818 - - 64.07% Thiet Thanh Cong Investment Co., Ltd. Long An Province 9,000,000,000 VND 716 520 196 78 -43 71.27% Trung Son Energy Development LLC Khanh Hoa Province 197,000,000,000 VND 22,871 15,283 7,587 3,004 -52 71.27% Uper Renewable Energy Vietnam Co., Ltd. Ho Chi Minh City 2,310,000,000 VND 166 11 155 1,074 41 71.27% Xuan Thien Ninh Thuan Co., Ltd. Ninh Thuan Province 890,000,000,000 VND 105,763 66,554 39,209 21,330 1,660 71.27% Xuan Thien Thuan Bac Co., Ltd. Ninh Thuan Province 550,000,000,000 VND 65,845 43,654 22,191 12,673 487 71.27% Other: Angang Wind Power Corporation Gyeongsangbuk-do 1,141,000,000 KRW 255 96 159 - -643 71.27% EDPR Korea, Ltd. Yeosu 2,300,000,000 KRW 891 2,645 -1,754 170 -2,570 71.27% Godo Kaisha NW-3 Tokyo 100,000 JPY 24,607 24,840 -233 - -23 71.27% Gumisan Wind Power Co., Ltd. Gyeongsangbuk-do 1,426,000,000 KRW 1,106 150 956 - -35 71.27% Hoya Energy Ltd. Taipei City 199,000,000 TWD 17,596 11,735 5,861 1,509 -6 71.27% Miyagi Motoyoshi Solar GK Tokyo 100,000 JPY 6,121 6,132 -11 - -12 71.27% OMA Haedori Co., Ltd. Goheung-gun 497,624,000 KRW 1,761 2,613 -852 376 1 53.45% Pacific Sunseap Energy Ltd. Taipei City 347,000,000 TWD 10,197 8 10,189 - -9 46.33% Re Capital Co,. Ltd. Tokyo 204,970,000 JPY 3,926 5,268 -1,342 488 -993 71.27% Shuangjian Photoelectric Ltd. Taipei City 52,000,000 TWD 4,909 3,467 1,442 486 -44 49.89% Sunseap Advance Green Technology Ltd. Taipei City 100,000,000 TWD 22,515 23,106 -592 813 -3,624 71.27% Sunseap Advance International Ltd. Taipei City 5,000,000 TWD 134 7 127 - -4 71.27% Sunseap Energy (Malaysia) Sdn. Bhd. Kuala Lumpur 7,582,477 MYR 1,270 1,446 -176 10 -752 71.27% Sunseap Solar Cambodia Co., Ltd. Phnom Penh City 1,000 USD 1 - 1 - 23 71.27% Sunseap Taiwan Solar Holdings Ltd. Taipei City 456,289,510 TWD 20,330 7,712 12,618 1,791 29 71.27% Top Green Energy Ltd. Taipei City 341,000,000 TWD 51,755 41,192 10,564 4,776 5 46.33%
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
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"f33269": {
"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 Dec 2023 Dec 2022 Company Dec 2023 Dec 2022 Energy and access 14,601,447 19,061,010 588,920 7,431,624 Revenue from assets assigned to concessions 962,988 813,943 - - Other 637,873 775,811 2,310,590 1,652,603 16,202,308 20,650,764 2,899,510 9,084,227 Revenues from energy sales and services and other, by geographical market, for the Group, are as follows: Thousand Euros Portugal Spain Dec 2023 Brazil USA Other Group Energy and access 7,303,578 3,100,615 2,586,314 642,461 968,479 14,601,447 Revenue from assets assigned to concessions 321,215 - 641,773 - - 962,988 Other 361,961 64,010 149,600 25,580 36,722 637,873 7,986,754 3,164,625 3,377,687 668,041 1,005,201 16,202,308 Thousand Euros Portugal Spain Dec 2022 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
The caption Energy and access in Portugal, on a consolidated basis, includes a net revenue of 1,443,854 thousand Euros (cost in 31 December 2022: 396,869 thousand Euros) regarding tariff adjustments of the period (see note 27). This caption also includes, in Brazil, a net cost of 155,511 thousand Euros (31 December 2022: net cost of 112,420 thousand Euros) related to recognition of tariff adjustments for the period (see note 39).
Additionally, the caption Energy and access includes, on a consolidated basis, a positive amount of 37,763 thousand Euros (31 December 2022: positive amount of 45,271 thousand Euros) related to the contractual stability compensation (CMEC) as a result of the power purchase agreements (PPA) termination, including an income of 18,794 thousand Euros related to the CMEC final adjustment (31 December 2022: positive amount of 19,566 thousand Euros), net from the recognised provision due to the final adjustment official approval. The caption Others includes, on a consolidated and individual basis, 322,112 thousand Euros (31 December 2022: 523,653 thousand Euros) and 2,044,467 thousand Euros (31 December 2022: 1,426,709 thousand Euros), respectively, related to the sale of CO2 licenses. Dec 2023 Reported Operating Segments Thousand Euros Renewables, Networks Total Other Segments Group Dec 2022* Reported Operating Segments Thousand Euros Renewables, Networks Total Other Segments Group
The caption Energy and access, on a company basis, includes 258,042 thousand Euros (31 December 2022: 2,152,785 thousand Euros) related with energy sales under the purchase and sale agreement of evolutive energy between EDP, S.A. and EDP Comercial S.A. This agreement was included in the transfer of the energy management business unit to EDP GEM Portugal S.A. (see note 13). The breakdown of Revenues from energy sales and services and other by segment, are as follows (see note 51 - Operating Segments): Energy and access Clients & EM 13,881,961 719,587 14,601,548 -100 14,601,448 Revenue from assets assigned to concessions 526 962,462 962,988 - 962,988 Other 521,412 107,837 629,249 8,623 637,872 14,403,899 1,789,886 16,193,785 8,523 16,202,308 Energy and access Clients & EM 18,421,505 639,547 19,061,052 -42 19,061,010 Revenue from assets assigned to concessions 221 813,721 813,942 1 813,943 Other 661,296 101,920 763,216 12,595 775,811 19,083,022 1,555,188 20,638,210 12,554 20,650,764 * Includes restatement originated by the reorganization of the business segments The segment \"Renewables, Clients & Energy Management\" includes sales of renewable energy, hydro and wind, carried out by EDP S.A.'s energy management business unit, as part of its intermediation activity. This activity was transferred to EDP GEM Portugal, S.A. under the signed transfer agreement (see note 13).
Revenues from energy sales and services and other by segment are considered globally as \"overtime\" and not as \"at a point in time\". 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 2023 Dec 2022 Revenue from assets assigned to concessions 962,988 813,943 Expenditure with assets assigned to concessions Subcontracts and other materials -653,214 -550,833 Personnel costs capitalised (see note 10) -73,011 -75,779 Capitalised borrowing costs (see note 14) -6,355 -4,442 -732,580 -631,054
",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"f33271": {
"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 Dec 2023 Dec 2022 Company Dec 2023 Dec 2022 Energy and access 14,601,447 19,061,010 588,920 7,431,624 Revenue from assets assigned to concessions 962,988 813,943 - - Other 637,873 775,811 2,310,590 1,652,603 16,202,308 20,650,764 2,899,510 9,084,227 Revenues from energy sales and services and other, by geographical market, for the Group, are as follows: Thousand Euros Portugal Spain Dec 2023 Brazil USA Other Group Energy and access 7,303,578 3,100,615 2,586,314 642,461 968,479 14,601,447 Revenue from assets assigned to concessions 321,215 - 641,773 - - 962,988 Other 361,961 64,010 149,600 25,580 36,722 637,873 7,986,754 3,164,625 3,377,687 668,041 1,005,201 16,202,308 Thousand Euros Portugal Spain Dec 2022 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
The caption Energy and access in Portugal, on a consolidated basis, includes a net revenue of 1,443,854 thousand Euros (cost in 31 December 2022: 396,869 thousand Euros) regarding tariff adjustments of the period (see note 27). This caption also includes, in Brazil, a net cost of 155,511 thousand Euros (31 December 2022: net cost of 112,420 thousand Euros) related to recognition of tariff adjustments for the period (see note 39).
Additionally, the caption Energy and access includes, on a consolidated basis, a positive amount of 37,763 thousand Euros (31 December 2022: positive amount of 45,271 thousand Euros) related to the contractual stability compensation (CMEC) as a result of the power purchase agreements (PPA) termination, including an income of 18,794 thousand Euros related to the CMEC final adjustment (31 December 2022: positive amount of 19,566 thousand Euros), net from the recognised provision due to the final adjustment official approval. The caption Others includes, on a consolidated and individual basis, 322,112 thousand Euros (31 December 2022: 523,653 thousand Euros) and 2,044,467 thousand Euros (31 December 2022: 1,426,709 thousand Euros), respectively, related to the sale of CO2 licenses. Dec 2023 Reported Operating Segments Thousand Euros Renewables, Networks Total Other Segments Group Dec 2022* Reported Operating Segments Thousand Euros Renewables, Networks Total Other Segments Group
The caption Energy and access, on a company basis, includes 258,042 thousand Euros (31 December 2022: 2,152,785 thousand Euros) related with energy sales under the purchase and sale agreement of evolutive energy between EDP, S.A. and EDP Comercial S.A. This agreement was included in the transfer of the energy management business unit to EDP GEM Portugal S.A. (see note 13). The breakdown of Revenues from energy sales and services and other by segment, are as follows (see note 51 - Operating Segments): Energy and access Clients & EM 13,881,961 719,587 14,601,548 -100 14,601,448 Revenue from assets assigned to concessions 526 962,462 962,988 - 962,988 Other 521,412 107,837 629,249 8,623 637,872 14,403,899 1,789,886 16,193,785 8,523 16,202,308 Energy and access Clients & EM 18,421,505 639,547 19,061,052 -42 19,061,010 Revenue from assets assigned to concessions 221 813,721 813,942 1 813,943 Other 661,296 101,920 763,216 12,595 775,811 19,083,022 1,555,188 20,638,210 12,554 20,650,764 * Includes restatement originated by the reorganization of the business segments The segment \"Renewables, Clients & Energy Management\" includes sales of renewable energy, hydro and wind, carried out by EDP S.A.'s energy management business unit, as part of its intermediation activity. This activity was transferred to EDP GEM Portugal, S.A. under the signed transfer agreement (see note 13).
Revenues from energy sales and services and other by segment are considered globally as \"overtime\" and not as \"at a point in time\". 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 2023 Dec 2022 Revenue from assets assigned to concessions 962,988 813,943 Expenditure with assets assigned to concessions Subcontracts and other materials -653,214 -550,833 Personnel costs capitalised (see note 10) -73,011 -75,779 Capitalised borrowing costs (see note 14) -6,355 -4,442 -732,580 -631,054
Revenue from assets assigned to concessions include 628,476 thousand Euros (31 December 2022: 548,829 thousand Euros) 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 27). Thousand Euros Non-Current Dec 2023 Dec 2022 Current Dec 2023 Dec 2022 Assets measured at amortised cost: Amounts receivable from tariff adjustments - Electricity - Portugal 234,903 441,035 4,929 13,825 Amounts receivable from tariff adjustments - Electricity - Brazil (see note 39) 41,284 12,883 6,578 14,310 Debtors for other goods and services - - 60,320 67,521 Amounts receivable relating to CMEC 312,088 353,619 264,423 249,856 Amounts receivable from concessions - IFRIC 12 499,531 846,875 1,196,426 1,120,064 Other assets measured at amortised cost 247,217 214,071 335,243 318,137 Impairment losses on other assets measured at amortised cost -244 -82 -5,924 -3,024 1,334,779 1,868,401 1,861,995 1,780,689 Trade receivables at amortised cost: Trade receivables 142,955 108,415 1,624,514 1,797,683 Impairment losses on trade receivables -7,934 -8,810 -264,231 -259,025 135,021 99,605 1,360,283 1,538,658 Assets measured at fair value through other comprehensive income: Amounts receivable from tariff adjustments - Electricity - Portugal 90,839 23 23,169 1,141 Assets measured at fair value through profit or loss: Amounts receivable from concessions - IFRIC 12 1,365,311 1,012,104 - - Contract assets: Contract assets receivable from energy sales contracts 3,070 4 1,256,487 1,452,371 Contract assets receivable from concessions - IFRIC 12 887,223 729,520 - - 890,293 729,524 1,256,487 1,452,371 Other assets: Incremental costs of obtaining contracts with customers 46,796 32,219 7,966 7,677 Other assets from commercial activities 52,903 30,250 117,754 107,684 99,699 62,469 125,720 115,361 3,915,942 3,772,126 4,627,654 4,888,220
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 energy management business. The impairment losses on Trade receivables includes impairment losses related to Contract assets receivable from energy sales contracts.
At Group level, Trade payables and other liabilities from commercial activities are as follows: Thousand Euros Non-Current Dec 2023 Dec 2022 Current Dec 2023 Dec 2022 Contract liabilities: Energy sales contracts - North America 3,301 4,238 - - Deferred income - CMEC (see note 27) 17,091 24,950 48,713 55,616 Amounts received from the Fund for systemic sustainability of the energy sector - - - 630,053 20,392 29,188 48,713 685,669 Other liabilities: Investment government grants 301,524 327,118 - - Customer contract obligations 437,845 443,517 - - Amounts payable for tariff adjustments - Electricity - Portugal (see note 27) 9,466 - 466,294 958,357 Amounts payable for tariff adjustments - Electricity - Brazil 63,174 20,767 128,690 184,381 Amounts payable - securitisations - - 70,246 89,027 Amounts payable - CMEC - - 296,406 228,247 Amounts payable for concessions 205,981 211,056 - - Property, plant and equipment suppliers 196,215 202,861 2,832,163 2,549,047 Suppliers - - 1,029,189 1,256,420 Accrued costs related with commercial activities - - 910,347 984,040 Holiday pay, bonus and other charges with employees - - 235,807 225,599 CO2 emission Licenses - - 156,638 707,920 Other creditors and sundry operations 176,160 177,947 330,319 536,263 1,390,365 1,383,266 6,456,099 7,719,301 1,410,757 1,412,454 6,504,812 8,404,970
Revenues from energy sales and services and other, by geographical market, for the Group, are as follows: Thousand Euros Portugal Spain Dec 2023 Brazil USA Other Group Energy and access 7,303,578 3,100,615 2,586,314 642,461 968,479 14,601,447 Revenue from assets assigned to concessions 321,215 - 641,773 - - 962,988 Other 361,961 64,010 149,600 25,580 36,722 637,873 7,986,754 3,164,625 3,377,687 668,041 1,005,201 16,202,308 Thousand Euros Portugal Spain Dec 2022 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
Dec 2023 Reported Operating Segments Thousand Euros Renewables, Networks Total Other Segments Group Dec 2022* Reported Operating Segments Thousand Euros Renewables, Networks Total Other Segments Group
The breakdown of Revenues from energy sales and services and other by segment, are as follows (see note 51 - Operating Segments): Energy and access Clients & EM 13,881,961 719,587 14,601,548 -100 14,601,448 Revenue from assets assigned to concessions 526 962,462 962,988 - 962,988 Other 521,412 107,837 629,249 8,623 637,872 14,403,899 1,789,886 16,193,785 8,523 16,202,308 Energy and access Clients & EM 18,421,505 639,547 19,061,052 -42 19,061,010 Revenue from assets assigned to concessions 221 813,721 813,942 1 813,943 Other 661,296 101,920 763,216 12,595 775,811 19,083,022 1,555,188 20,638,210 12,554 20,650,764 * Includes restatement originated by the reorganization of the business segments The segment \"Renewables, Clients & Energy Management\" includes sales of renewable energy, hydro and wind, carried out by EDP S.A.'s energy management business unit, as part of its intermediation activity. This activity was transferred to EDP GEM Portugal, S.A. under the signed transfer agreement (see note 13).
51. Operating segments 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 Information to assess and release each business operating performance, as well as to allocate resources. Following the Strategic Plan Update 2023-2026, announced in the last 2 March 2023, the Executive Board of Directors reorganized the business segments in order to be aligned with this new view, with effect from 1 January 2023. For comparability purposes and regarding the changes occurred in the segments' composition, a corresponding restatement of the previous year information was made. The new segments defined by the Group are the following: \u2022 Renewables, Clients & Energy Management, and \u2022 Networks The Renewables, Clients & Energy Management segment corresponds to the activity of generation of electricity from renewable sources, mainly hydro, wind and solar. This segment also 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.; \u2022 EDP Espa\u00f1a, S.A.U.; \u2022 EDP Renov\u00e1veis, S.A. and all EDPR Group subsidiaries; \u2022 Enerpeixe, S.A.; \u2022 Investco, S.A.; \u2022 Lajeado 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.; \u2022 EDP GEM Portugal, 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 - 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 Goi\u00e1s S.A.; \u2022 EDP Transmiss\u00e3o Alian\u00e7a SC, S.A.; \u2022 EDP Transmiss\u00e3o SP-MG, 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, 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 segment, Operational Investment includes the increases of the year in Property, Plant and Equipment; Intangibles and Amounts receivable under the concession under the financial asset model, excluding CO2 Licenses and Green Certificates, net of increases of the year of Investment Subsidies for Fixed Assets, customer contributions, and property disposals in the current year. The disclosures of \"goodwill\" are presented in note 20. 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.
EDP Group Operating Segments Information as at 31 December 2023 Revenues inter-segments -101,184 2,525,753 2,424,569 Revenues from third parties 14,403,899 1,789,886 16,193,785 Gross Profit 4,544,101 2,454,406 6,998,507 Other income 972,059 64,778 1,036,837 Supplies and services -894,896 -393,598 -1,288,494 Personnel costs and employee benefits -444,829 -223,926 -668,755 Other costs -613,706 -373,756 -987,462 Impairment losses on trade receivables and debtors -37,343 -27,374 -64,717 Joint ventures and associates 26,435 96 26,531 Gross Operating Profit 3,551,821 1,500,626 5,052,447 Provisions -18,238 -10,281 -28,519 Amortisation and impairment -1,598,113 -547,486 -2,145,599 Operating Profit 1,935,470 942,859 2,878,329 Assets 30,093,475 6,311,999 36,405,474 Financial assets - Investments in joint ventures and associates 1,376,894 129 1,377,023 Operating Investment 4,771,328 979,155 5,750,483
Revenues from energy sales and services and other 14,302,715 4,315,639 18,618,354
Total of ReportedOther Segments Adjustments and Inter-segments Total of EDP
Reconciliation of information between Operating Segments and Financial Statements for 31 December 2023 Thousand Euros Total Revenues from energy sales and services and other of Reported Segments 18,618,354 Revenues from energy sales and services and others from Other Segments 329,478 Adjustments and Inter-segments eliminations* -2,745,524 Total Revenues from energy sales and services and other of EDP Group 16,202,308 Total Gross Profit of Reported Segments 6,998,507 Gross Profit from Other Segments 329,444 Adjustments and Inter-segments eliminations* -330,991 Total Gross Profit of EDP Group 6,996,960 Total Gross Operating Profit of Reported Segments 5,052,447 Gross Operating Profit from Other Segments -13,936 Adjustments and Inter-segments eliminations* -18,485 Total Gross Operating Profit of EDP Group 5,020,026 Total Operating Profit of Reported Segments 2,878,329 Operating Profit from Other Segments -71,593 Adjustments and Inter-segments eliminations* -8,566 Total Operating Profit of EDP Group 2,798,170 Total Assets of Reported Segments 36,405,474 Assets Not Allocated 19,630,789 Financial Assets 4,818,443 Trade Receivables and Other Debtors 8,543,596 Inventories 805,448 Deferred Tax Assets and Tax Assets 2,362,249 Other Assets 3,101,053 Assets from Other Segments 697,073 Inter-segments assets eliminations* -36,662 Total Assets of EDP Group 56,696,674 Total Equity accounted Investments in joint ventures and associates of Reported Segments 1,377,023 Equity accounted Investments in joint ventures and associates from Other Segments 181,094 Total Equity accounted Investments in joint ventures and associates of EDP Group 1,558,117 Total Operating Investment of Reported Segments 5,750,483 Operating Investment from Other Segments 99,976 Total Operating Investment of EDP Group 5,850,459 Dismantling/decommissioning of PP&E 26,434 CO2 Emission Licenses 1,086,622 Concession Rights - IFRIC 12 ** -729,925 Investment Grants -1,918 Other Investments 20,021 Total Fixed Assets additions of EDP Group (Notes 17 and 19) 6,251,693 eliminations* Other income 1,036,837 17,045 -17,191 1,036,691 Supplies and services -1,288,494 -205,239 317,819 -1,175,914 Personnel costs and employee benefits -668,755 -154,633 4,129 -819,259 Other costs -987,462 -46,002 2,030 -1,031,434 Impairment losses on trade receivables and debtors -64,717 -13 - -64,730 Joint ventures and associates 26,531 45,462 5,719 77,712 Provisions -28,519 -1,132 -1,621 -31,272 Amortisation and impairment -2,145,599 -56,526 11,541 -2,190,584 * Mainly related with intragroup balances and transactions eliminations. ** See Note 27 - Debtors and Other Assets from Commercial Activities
EDP Group Operating Segments Information as at 31 December 2022 * Thousand Euros Renewables, Clients & EM Networks Total Segments Revenues from energy sales and services and other 19,256,632 4,054,001 23,310,633 Revenues inter-segments 173,610 2,498,813 2,672,423 Revenues from third parties 19,083,022 1,555,188 20,638,210 Gross Profit 3,775,497 2,348,777 6,124,274 Other income 814,274 75,354 889,628 Supplies and services -816,846 -364,496 -1,181,342 Personnel costs and employee benefits -436,981 -202,921 -639,902 Other costs -475,162 -323,523 -798,685 Impairment losses on trade receivables and debtors -32,426 -27,810 -60,236 Joint ventures and associates 186,123 318 186,441 Gross Operating Profit 3,014,479 1,505,699 4,520,178 Provisions -10,638 -2,038 -12,676 Amortisation and impairment -1,419,334 -519,270 -1,938,604 Operating Profit 1,584,507 984,391 2,568,898 Assets (31 December 2022) 28,616,881 6,374,655 34,991,536 Financial assets - Investments in joint ventures and associates Assets (31 December 2022) 1,441,056 248 1,441,304 Operating Investment 3,650,365 837,889 4,488,254 * Includes restatement originated by the reorganization of the business segments
Reconciliation of information between Operating Segments and Financial Statements for 31 December 2022 Thousand Euros Total Revenues from energy sales and services and others of Reported Segments 23,310,633 Revenues from energy sales and services and others from Other Segments 262,292 Adjustments and Inter-segments eliminations* -2,922,161 Total Revenues from energy sales and services and others of EDP Group 20,650,764 Total Gross Profit of Reported Segments 6,124,274 Gross Profit from Other Segments 260,865 Adjustments and Inter-segments eliminations* -264,088 Total Gross Profit of EDP Group 6,121,051 Total Gross Operating Profit of Reported Segments 4,520,178 Gross Operating Profit from Other Segments * 25,870 Adjustments and Inter-segments eliminations* -22,509 Total Gross Operating Profit of EDP Group 4,523,539 Total Operating Profit of Reported Segments 2,568,898 Operating Profit from Other Segments -26,656 Adjustments and Inter-segments eliminations* -12,249 Total Operating Profit of EDP Group 2,529,993 Total Assets of Reported Segments (31 December 2022) 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 Deferred Tax Assets and 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 (31 December 2022) 58,816,411 Total Equity accounted Investments in joint ventures and associates of Reported Segments (31 December 2022) 1,441,304 Equity accounted Investments in joint ventures and associates from Other Segments 164,439 Total Equity accounted Investments in joint ventures and associates of EDP Group (31 December 2022) 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/decommissioning of PP&E 9,841 CO2 Emission Licenses 467,690 Concession Rights - IFRIC 12 ** -624,732 Investment Grants -5,877 Other Investments 30,566 Total Fixed Assets additions of EDP Group 4,435,775 eliminations* Other income 889,628 59,339 -21,517 927,450 Supplies and services -1,181,342 -180,940 258,614 -1,103,668 Personnel costs and employee benefits -639,902 -133,244 2,346 -770,800 Other costs -798,685 -32,735 1,696 -829,724 Impairment losses on trade receivables and debtors -60,236 37 - -60,199 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 27 - Debtors and other assets from commercial activities
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"f33375": {
"value": "The caption Energy and access in Portugal, on a consolidated basis, includes a net revenue of 1,443,854 thousand Euros (cost in 31 December 2022: 396,869 thousand Euros) regarding tariff adjustments of the period (see note 27). This caption also includes, in Brazil, a net cost of 155,511 thousand Euros (31 December 2022: net cost of 112,420 thousand Euros) related to recognition of tariff adjustments for the period (see note 39).
Financial income and expenses, for the Group, are as follows: Thousand Euros Group Dec 2023 Dec 2022 Financial income Interest income from bank deposits and other investments 133,522 80,689 Interest from derivative financial instruments 72,521 33,600 Interest income on tariff deficit: - Portugal - Electricity (see note 27) 37,166 111 - Brazil - Electricity (see note 39) 6,257 16,664 Other interest income 87,809 65,002 Derivative financial instruments 288,965 223,328 Foreign exchange gains 283,784 353,572 CMEC: - Interest on the initial CMEC 20,404 23,950 - Financial effect considered in the calculation 6,667 7,147 Other financial income 42,403 38,937 979,498 843,000 Financial expenses Interest expense on financial debt 836,313 705,812 Bonds buyback 4,802 - Capitalised borrowing costs: - Assigned to concessions (see note 7) -6,355 -4,442 - Other (see note 17) -131,176 -41,405 Interest from derivative financial instruments 211,419 134,765 Interest expense on tariff deficit: - Portugal - Electricity (see note 27) 2,306 4,484 - Brazil - Electricity (see note 39) 9,253 16,079 Other interest expense 38,182 40,063 Derivative financial instruments 465,797 259,167 Foreign exchange losses 161,920 356,958 CMEC 3,006 5,231 Unwinding of discounted liabilities 138,191 140,955 Unwinding of lease liabilities (see note 40) 47,718 46,146 Net interest on the net pensions plan liability (see note 36) 9,610 5,132 Net interest on the medical liabilities and other benefits (see note 36) 20,029 14,985 Other financial expenses 78,679 69,290 1,889,694 1,753,220 Financial income/(expenses) -910,196 -910,220
At Group level, Debtors and other assets from commercial activities are as follows: Thousand Euros Non-Current Dec 2023 Dec 2022 Current Dec 2023 Dec 2022 Assets measured at amortised cost: Amounts receivable from tariff adjustments - Electricity - Portugal 234,903 441,035 4,929 13,825 Amounts receivable from tariff adjustments - Electricity - Brazil (see note 39) 41,284 12,883 6,578 14,310 Debtors for other goods and services - - 60,320 67,521 Amounts receivable relating to CMEC 312,088 353,619 264,423 249,856 Amounts receivable from concessions - IFRIC 12 499,531 846,875 1,196,426 1,120,064 Other assets measured at amortised cost 247,217 214,071 335,243 318,137 Impairment losses on other assets measured at amortised cost -244 -82 -5,924 -3,024 1,334,779 1,868,401 1,861,995 1,780,689 Trade receivables at amortised cost: Trade receivables 142,955 108,415 1,624,514 1,797,683 Impairment losses on trade receivables -7,934 -8,810 -264,231 -259,025 135,021 99,605 1,360,283 1,538,658 Assets measured at fair value through other comprehensive income: Amounts receivable from tariff adjustments - Electricity - Portugal 90,839 23 23,169 1,141 Assets measured at fair value through profit or loss: Amounts receivable from concessions - IFRIC 12 1,365,311 1,012,104 - - Contract assets: Contract assets receivable from energy sales contracts 3,070 4 1,256,487 1,452,371 Contract assets receivable from concessions - IFRIC 12 887,223 729,520 - - 890,293 729,524 1,256,487 1,452,371 Other assets: Incremental costs of obtaining contracts with customers 46,796 32,219 7,966 7,677 Other assets from commercial activities 52,903 30,250 117,754 107,684 99,699 62,469 125,720 115,361 3,915,942 3,772,126 4,627,654 4,888,220
The captions Amounts receivable and Amounts payable for tariff adjustments - Electricity - Portugal refer to tariff adjustments recognised in E- Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. and in SU Eletricidade, S.A. Thousand Euros Non-current Dec 2023 Dec 2022 Current Dec 2023 Dec 2022 Amounts payable for tariff adjustments - Electricity - Portugal 325,742 441,058 28,098 14,966 Amounts receivable from tariff adjustments - Electricity - Portugal (see note 39) -9,466 - -466,294 -958,357 316,276 441,058 -438,196 -943,391
The movement for the period in Amounts receivable and Amounts payable from tariff adjustments - Electricity - Portugal (Non-current and Current) is as follows: Thousand Euros Dec 2023 Balance at the beginning of the period -502,333 Tariff adjustment of the period (see note 7) 1,443,854 Receipts/payments through the electricity tariff 880,068 Securitization of tariff adjustment -1,958,898 Fair value of the tariff deficit measured at fair value through other comprehensive income (see note 33) -1,224 Interest income/expense (see note 14) 34,860 Adjustments related to previous years -18,247 Balance at the end of the period -121,920 During the last quarter of 2023, SU Eletricidade, S.A. agreed the securitization of 898 million Euros of the 2024 tariff deficit, by the amount of 930 million Euros. This tariff deficit resulted from the 5-year deferral of the recovery of the additional costs to be incurred by SU Eletricidade, S.A. in 2024, including the adjustments from the 2 previous years (2022 and 2023), related to the purchase of electricity from generators that benefit from guaranteed remuneration schemes or other subsidized regimes. SU Eletricidade, S.A. also agreed, through 3 individual transactions, the fully and without recourse sale of 1,061 million Euros of the 2024 tariff deficit, for a total amount of 1,102 million Euros. This tariff deficit resulted from the 5-year deferral of the recovery of the additional cost to be incurred by SU Eletricidade, S.A. in 2024, including the adjustments from the 2 previous years (2022 and 2023), related to the purchase of electricity from generators that benefit from guaranteed remuneration schemes or other subsidized regimes. The sale operations of the 2024 tariff deficit generated gains, net of transaction costs, of 13,306 thousand Euros (4,575 thousand Euros related to the securitization and 8,731 thousand Euros related to direct sales). The gain was calculated in accordance with article 3 of Ordinance No. 300/2023, of 4 October, and deducted by half of the amount calculated to be passed on to the UGS tariff (see note 14). Additionally, SU Eletricidade, S.A. repurchased the full amount of the 2022 tariff adjustment sold on 28 September, related to the sale and purchase of electricity from generators that benefit from guaranteed remuneration schemes, for 300 million Euros. The tariff adjustment at the end of period corresponds to an amount of 121,920 thousand Euros to be returned and includes 475,760 thousand Euros of Amounts payable from tariff adjustments - Electricity - Portugal (see note 39) and 353,840 thousand Euros of Amounts receivable from tariff adjustments - Electricity - Portugal. 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 46). The following table provides details for the caption Amounts receivable and Amounts payable 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 2023: Thousand Euros Deficit Tariff adj. Sales Total Year: 2016 - 1,449 - 1,449 2020 23 1,333 - 1,356 2021 220 50,270 - 50,490 2022 - -48,481 - -48,481 2023 - 34,332 - 34,332 2024 1,797,832 - -1,958,898 -161,066 1,798,075 38,903 -1,958,898 -121,920 The 2023 tariff adjustment includes 1,376,247 thousand Euros of SU Eletricidade S.A. tariff adjustment of the period, which has been deducted from the provisional adjustment related with the purchase of electricity from generators that benefit from guaranteed remuneration schemes or other subsidised regimes, in the amount of 1,418,986 thousand Euros, since it is included in 2024 tariff deficit. The 2024 tariff deficit includes 2,068,670 thousand Euros from SU Eletricidade, S.A., which has been deducted from the 2024 overcost accrual related with the purchase of electricity from generators that benefit from guaranteed remuneration schemes or other subsidised regimes in the amount of 266,100 thousand Euros.
At Group level, Trade payables and other liabilities from commercial activities are as follows: Thousand Euros Non-Current Dec 2023 Dec 2022 Current Dec 2023 Dec 2022 Contract liabilities: Energy sales contracts - North America 3,301 4,238 - - Deferred income - CMEC (see note 27) 17,091 24,950 48,713 55,616 Amounts received from the Fund for systemic sustainability of the energy sector - - - 630,053 20,392 29,188 48,713 685,669 Other liabilities: Investment government grants 301,524 327,118 - - Customer contract obligations 437,845 443,517 - - Amounts payable for tariff adjustments - Electricity - Portugal (see note 27) 9,466 - 466,294 958,357 Amounts payable for tariff adjustments - Electricity - Brazil 63,174 20,767 128,690 184,381 Amounts payable - securitisations - - 70,246 89,027 Amounts payable - CMEC - - 296,406 228,247 Amounts payable for concessions 205,981 211,056 - - Property, plant and equipment suppliers 196,215 202,861 2,832,163 2,549,047 Suppliers - - 1,029,189 1,256,420 Accrued costs related with commercial activities - - 910,347 984,040 Holiday pay, bonus and other charges with employees - - 235,807 225,599 CO2 emission Licenses - - 156,638 707,920 Other creditors and sundry operations 176,160 177,947 330,319 536,263 1,390,365 1,383,266 6,456,099 7,719,301 1,410,757 1,412,454 6,504,812 8,404,970
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 Dec 2023 Dec 2022 Current Dec 2023 Dec 2022 Amounts payable for tariff adjustments - Electricity - Brazil 63,174 20,767 128,690 184,381 Amounts receivable from tariff adjustments - Electricity - Brazil (see note 27) -41,284 -12,883 -6,578 -14,310 21,890 7,884 122,112 170,071 The tariff adjustment - Electricity - Brazil at the end of period corresponds to an amount payable of 144,002 thousand Euros and includes 47,862 thousand Euros of Amounts receivable from tariff adjustments - Electricity - Brazil (see note 27) and 191,864 thousand Euros of Amounts payable from tariff adjustments - Electricity - Brazil.
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 2023 Balance at the beginning of the period 177,955 Tariff adjustment of the period (see note 7) 155,511 Payment/Receipt through the electricity tariff -201,335 Interest expense/income (see note 14) 2,996 Effect of exchange differences of the Brazilian Real against the Euro 8,875 Balance at the end of the period 144,002 The movement includes the recognition of 179,158 thousand Euros (960,612 thousand Brazilian Real) of the refund and a negative amount of 109 thousand Euros (582 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 1,894,980 thousand Brazilian Real were returned, between 2020 and December 2023, through the electricity tariff, with a negative unwinding of 148,374 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.
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"f33478": {
"value": "Cost of energy sales and other are as follows: Thousand Euros Group Dec 2023 Dec 2022 Comp Dec 2023 any Dec 2022 Cost of energy 6,689,522 10,438,274 395,133 6,028,210 Expenditure with assets assigned to concessions 732,580 631,054 - - Changes in inventories and cost of raw materials and consumables used Fuel, steam and ashes 352,584 609,930 - - CO2 Licenses 683,462 1,203,024 2,037,223 1,424,142 Gas and other costs 747,200 1,647,431 18,666 1,313,895 1,783,246 3,460,385 2,055,889 2,738,037 9,205,348 14,529,713 2,451,022 8,766,247
26. Inventories This caption is as follows: Thousand Euros Group Dec 2023 Dec 2022 Merchandise 139,457 402,133 Finished, intermediate products and sub-products 79,706 37,284 Raw and subsidiary materials and consumables (coal, gas and other fuels) 61,904 260,952 Nuclear fuel 15,008 14,446 CO2 licenses 10,413 30,875 Guarantees of origin 4,177 - Green certificates 171,668 172,658 Other 323,115 337,952 805,448 1,256,300 The caption Other include materials for building energy distribution networks and photovoltaic solar panels. The variation of the caption Inventories is essentially explained by the decrease in the value of gas and coal stocks. The movements in the portfolio of CO2 Licenses held for trading and classified as inventories are as follows: CO2 (Ton) Group Dec 2023 Dec 2022 CO2 Licenses held for trading on 1 January 382,212 1,000,000 Licenses negotiated in the market 8,824,000 832,010 Emission Licenses transferred from trading portfolio to intangibles -9,071,421 -1,449,798 CO2 Licenses held for trading on 31 December 134,791 382,212 CO2 Licenses for trading on 31 December (in thousand Euros) 10,413 30,875 Fair value corresponds to the spot price (closing price) at the end of December in each period. On an individual basis, the changes that occurred in this caption is justified by the transfer of the energy management activity on 1 February 2023 to EDP GEM Portugal, S.A. and the consequent transfer of the CO2 trading portfolio from EDP S.A. to EDP GEM Portugal S.A. (see note 13).
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"f33541": {
"value": "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 2023 Dec 2022 Revenue from assets assigned to concessions 962,988 813,943 Expenditure with assets assigned to concessions Subcontracts and other materials -653,214 -550,833 Personnel costs capitalised (see note 10) -73,011 -75,779 Capitalised borrowing costs (see note 14) -6,355 -4,442 -732,580 -631,054
Revenue from assets assigned to concessions include 628,476 thousand Euros (31 December 2022: 548,829 thousand Euros) 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 27). 11. Other expenses Other Expenses are as follows: Thousand Euros Group Dec 2023 Dec 2022 Concession rents paid to local authorities and others 307,029 286,968 Direct and indirect taxes 389,413 374,965 Donations 21,677 21,570 Write-off of tangible assets 54,704 40,591 Losses on disposals - electricity business assets - Pec\u00e9m (see note 6) 84,469 - Other 174,142 105,630 1,031,434 829,724 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.
Intangible Concession CO2 Other assets Thousand Euros rights Licenses intangibles in progress Total 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 Gross amount 12,844,546 6,237 2,662,180 237,744 15,750,707 Accumulated amortisation and impairment losses 9,943,336 - 982,598 - 10,925,934 Carrying Amount at 31 December 2023 2,901,210 6,237 1,679,582 237,744 4,824,773 Balance as at 1 January 2022 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 Additions 1,126 1,086,622 4,193 167,683 1,259,624 Amortisation and impairment (see note 12) -416,861 - -147,824 - -564,685 Disposals/Write-offs -4,549 -1,105,936 -558 -1,885 -1,112,928 Transfers 211,921 - 145,807 -162,373 195,355 Exchange Differences 30,726 - -10,192 91 20,625 Perimeter Variations and Other 2,529 - 41,403 -1,152 42,780 Balance as at 31 December 2023 2,901,210 6,237 1,679,582 237,744 4,824,773
Thousand Euros Non-Current Dec 2023 Dec 2022 Current Dec 2023 Dec 2022 Assets measured at amortised cost: Amounts receivable from tariff adjustments - Electricity - Portugal 234,903 441,035 4,929 13,825 Amounts receivable from tariff adjustments - Electricity - Brazil (see note 39) 41,284 12,883 6,578 14,310 Debtors for other goods and services - - 60,320 67,521 Amounts receivable relating to CMEC 312,088 353,619 264,423 249,856 Amounts receivable from concessions - IFRIC 12 499,531 846,875 1,196,426 1,120,064 Other assets measured at amortised cost 247,217 214,071 335,243 318,137 Impairment losses on other assets measured at amortised cost -244 -82 -5,924 -3,024 1,334,779 1,868,401 1,861,995 1,780,689 Trade receivables at amortised cost: Trade receivables 142,955 108,415 1,624,514 1,797,683 Impairment losses on trade receivables -7,934 -8,810 -264,231 -259,025 135,021 99,605 1,360,283 1,538,658 Assets measured at fair value through other comprehensive income: Amounts receivable from tariff adjustments - Electricity - Portugal 90,839 23 23,169 1,141 Assets measured at fair value through profit or loss: Amounts receivable from concessions - IFRIC 12 1,365,311 1,012,104 - - Contract assets: Contract assets receivable from energy sales contracts 3,070 4 1,256,487 1,452,371 Contract assets receivable from concessions - IFRIC 12 887,223 729,520 - - 890,293 729,524 1,256,487 1,452,371 Other assets: Incremental costs of obtaining contracts with customers 46,796 32,219 7,966 7,677 Other assets from commercial activities 52,903 30,250 117,754 107,684 99,699 62,469 125,720 115,361 3,915,942 3,772,126 4,627,654 4,888,220
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: Thousand Euros Amounts receivable Contract assets Balance as at 31 December 2022 2,979,043 729,520 Investments of the period - 729,925 Transfer to intangible assets (see note 19) - -196,172 Transfer between Amounts receivable and Contract assets 386,966 -386,966 Exchange differences 92,548 34,105 Perimeter variations and others -397,289 -23,189 Balance as at 31 December 2023 3,061,268 887,223 The Perimeter variations and others includes the impact of the reclassification of some transmission assets in Brazil to non-current assets held for sale, in the amount of 518,774 thousand Euros (see note 42).
8. Other income Other income, for the Group, are as follows: Thousand Euros Group Dec 2023 Dec 2022 Income arising from institutional partnerships (see note 38) 231,055 233,505 Gains on disposals - electricity business assets - Asset Rotation 511,107 411,372 Gains on disposals - electricity business assets 104,198 - Gains from contractual indemnities and insurance companies 41,333 71,537 Other 148,998 211,036 1,036,691 927,450
The caption Gains on disposals - electricity business assets - Asset Rotation corresponds to gains from asset rotation strategy. As at 31 December 2023, the caption includes essentially i) the gains resulting from the sale of three companies 100% owned by EDP Renewables Polska, Sp. z o.o.; ii) the gains from the sale of two companies fully owned by EDP Renewables Europe, S.L.U.; and iii) the gains resulting from the sale of nine companies 100% owned by EDP Renov\u00e1veis Brasil, S.A. (see note 6).
8. Other income Other income, for the Group, are as follows: Thousand Euros Group Dec 2023 Dec 2022 Income arising from institutional partnerships (see note 38) 231,055 233,505 Gains on disposals - electricity business assets - Asset Rotation 511,107 411,372 Gains on disposals - electricity business assets 104,198 - Gains from contractual indemnities and insurance companies 41,333 71,537 Other 148,998 211,036 1,036,691 927,450
The caption Gains on disposals - electricity business assets - Asset Rotation corresponds to gains from asset rotation strategy. As at 31 December 2023, the caption includes essentially i) the gains resulting from the sale of three companies 100% owned by EDP Renewables Polska, Sp. z o.o.; ii) the gains from the sale of two companies fully owned by EDP Renewables Europe, S.L.U.; and iii) the gains resulting from the sale of nine companies 100% owned by EDP Renov\u00e1veis Brasil, S.A. (see note 6).
11. Other expenses Other Expenses are as follows: Thousand Euros Group Dec 2023 Dec 2022 Concession rents paid to local authorities and others 307,029 286,968 Direct and indirect taxes 389,413 374,965 Donations 21,677 21,570 Write-off of tangible assets 54,704 40,591 Losses on disposals - electricity business assets - Pec\u00e9m (see note 6) 84,469 - Other 174,142 105,630 1,031,434 829,724 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 caption Direct and indirect taxes includes the social tariff, the windfall taxes in Romania and Poland and the new tax of 1.2% on the turnover of companies in the energy sector in Spain. The caption \"Write-off\" of tangible fixed assets includes, essentially, the write-off of tangible fixed assets resulting from project discontinuation and 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; ii) losses on the sale of property, plant and equipment; iii) operational costs related to compensations and availability bonuses for O&M suppliers; and iv) the amount of 6,760 thousand Euros related to changes in the fair value of the contingent prices, related to operations carried out in previous years. Other income, for the Group, are as follows: Thousand Euros Group Dec 2023 Dec 2022 Income arising from institutional partnerships (see note 38) 231,055 233,505 Gains on disposals - electricity business assets - Asset Rotation 511,107 411,372 Gains on disposals - electricity business assets 104,198 - Gains from contractual indemnities and insurance companies 41,333 71,537 Other 148,998 211,036 1,036,691 927,450
The caption Gains on disposals - electricity business assets - Asset Rotation corresponds to gains from asset rotation strategy. As at 31 December 2023, the caption includes essentially i) the gains resulting from the sale of three companies 100% owned by EDP Renewables Polska, Sp. z o.o.; ii) the gains from the sale of two companies fully owned by EDP Renewables Europe, S.L.U.; and iii) the gains resulting from the sale of nine companies 100% owned by EDP Renov\u00e1veis Brasil, S.A. (see note 6).
42. 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)). These captions are as follows: Thousand Euros Group Dec 2023 Dec 2022 Assets held for sale Electricity transmission 556,400 - Clients - Brazil 15,965 - Electricity generation - Solar - North America 509,908 - Electricity generation - Joint Ventures 81,561 92,702 Electricity generation - Onshore wind - Other 6,694 9,198 Total Assets held for sale 1,170,528 101,900 Liabilities held for sale Electricity transmission 414,691 - Clients - Brazil 4,642 - Electricity generation - Solar - North America 273,815 - Total Liabilities held for sale 693,148 - Net amount of held for sale 477,380 101,900 During the fourth quarter of 2022, EDP Group started the process of selling its electricity production joint venture Energia \u00c1sia Consultoria, Lda. On 29 December 2023, EDP entered into a contract with China Three Gorges for the sale of its 50% stake in this company. The asset associated with this investment was presented in non-current assets held for sale. During the second quarter of 2023, the EDP Brasil Group, as part of its decarbonisation plan, started the process of selling Porto do Pec\u00e9m Gera\u00e7\u00e3o de Energia, S.A., which owns its coal power plant in Brazil. In September 2023, the EDP Brasil Group entered into an agreement with a group of Brazilian investors coordinated by Mercurio Asset for the sale of 80% of the stake in this company and, under certain conditions, a put option for the sale of the remaining 20% up to the end of the PPA (in 2027). Assets and liabilities associated with this company were presented in non-current assets and liabilities held for sale. The classification of assets and liabilities of Porto de Pec\u00e9m Gera\u00e7\u00e3o de Energia, S.A. as held for sale resulted in an impairment loss of 106,868 thousand Euros (577,195 thousand Reais) (see note 12), since the fair value less costs to sell is lower than its book value. During the fourth quarter of 2023, EDP Brasil Group announced the closing of this transaction (see note 6).
During the second quarter of 2023, EDPR Group, as part of its asset rotation program, started the process of selling an onshore wind portfolio in Spain. Assets and liabilities associated with this portfolio were presented in non-current assets and liabilities held for sale. During the third quarter of 2023, EDPR Group announced the closing of this transaction (see note 6). During the third quarter of 2023, 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. During the fourth quarter of 2023, EDPR Group announced the closing of this transaction (see note 6). During the third quarter of 2023, the EDP Brasil Group started the asset rotation process of two transmission lines with a total length of 857 kilometers: EDP Transmiss\u00e3o SP-MG, S.A. e Mata Grande Transmissora de Energia LTDA. Assets and liabilities associated with this portfolio was presented in non-current assets and liabilities held for sale. During the third quarter of 2023, the EDP Espa\u00f1a Group, as part of its decarbonisation plan, started the process of selling a company, which owns its Abo\u00f1o coal power plant in Spain. Assets and liabilities associated with this company were presented in non-current assets and liabilities held for sale. On 31 December 2023, once the precedent conditions for the transaction were verified, the sale of this company was concluded (see notes 6 and 47). The divestments that occurred in 2023 in the coal generation assets Pec\u00e9m and Abo\u00f1o, as well as the requests for authorization to the power system operator to close the coal-fired plants Abo\u00f1o I, Soto 3, and Los Barrios in Spain, are important milestones within EDP's strategic goal of being \"coal free\" by 2025 (see note 49). During the fourth quarter of 2023, EDPR Group, as part of its asset rotation program, started the process of selling an solar portfolio in North America. Assets and liabilities associated with this portfolio were presented in non-current assets and liabilities held for sale. During the fourth quarter of 2023, EDP Brasil Group started the process of selling EDP Smart Solu\u00e7\u00f5es, S.A. Assets and liabilities associated with this portfolio were presented in non-current assets and liabilities held for sale. As at 31 December 2023 the following reclassifications were made to held for sale: Networks Renewables, Clients & EM Other Segments Total Transmission Solar Clients Joint Thousand Euros Ventures Assets Property, plant and equipment (see note 17) - -486,111 - - -486,111 Right\u2010of\u2010use assets (see note 16) -127 -57,478 -96 - -57,701 Investments in joint ventures and associates (see note 22) - - - 11,141 11,141 Amounts receivable from concessions - IFRIC 12 (see note 27) -518,774 - - - -518,774 Other assets -19,108 -6,194 -13,365 - -38,667 Cash and cash equivalents (see note 30) -18,391 9 -4,104 - -22,486 Assets Held for Sale 556,400 549,774 17,565 -11,141 1,112,598 - - - - - Liabilities Financial debt -296,536 -469 - - -297,005 Institutional partnerships in NA wind farms - -207,452 - - -207,452 Provisions (see note 37) -12,195 -2,447 -93 - -14,735 Deferred tax liabilities -46,181 - -1,855 - -48,036 Other liabilities -59,779 -63,447 -2,694 - -125,920 Liabilities Held for Sale 414,691 273,815 4,642 - 693,148 - - - - - The classification of assets and liabilities of EDP Smart Solu\u00e7\u00f5es, S.A. and the North America solar portfolio as held for sale resulted in an impairment losses of 1,600 thousand Euros and 39,866 thousand Euros, respectively, since the fair value (level 3) less costs to sell is lower than its net book value. The remaining reclassifications were made only for financial statement presentation purposes, without impact on the measurement of these assets and liabilities.
Other income, for the Group, are as follows: Thousand Euros Group Dec 2023 Dec 2022 Income arising from institutional partnerships (see note 38) 231,055 233,505 Gains on disposals - electricity business assets - Asset Rotation 511,107 411,372 Gains on disposals - electricity business assets 104,198 - Gains from contractual indemnities and insurance companies 41,333 71,537 Other 148,998 211,036 1,036,691 927,450
The caption Gains on disposals - electricity business assets - Asset Rotation corresponds to gains from asset rotation strategy. As at 31 December 2023, the caption includes essentially i) the gains resulting from the sale of three companies 100% owned by EDP Renewables Polska, Sp. z o.o.; ii) the gains from the sale of two companies fully owned by EDP Renewables Europe, S.L.U.; and iii) the gains resulting from the sale of nine companies 100% owned by EDP Renov\u00e1veis Brasil, S.A. (see note 6).
42. 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)). These captions are as follows: Thousand Euros Group Dec 2023 Dec 2022 Assets held for sale Electricity transmission 556,400 - Clients - Brazil 15,965 - Electricity generation - Solar - North America 509,908 - Electricity generation - Joint Ventures 81,561 92,702 Electricity generation - Onshore wind - Other 6,694 9,198 Total Assets held for sale 1,170,528 101,900 Liabilities held for sale Electricity transmission 414,691 - Clients - Brazil 4,642 - Electricity generation - Solar - North America 273,815 - Total Liabilities held for sale 693,148 - Net amount of held for sale 477,380 101,900 During the fourth quarter of 2022, EDP Group started the process of selling its electricity production joint venture Energia \u00c1sia Consultoria, Lda. On 29 December 2023, EDP entered into a contract with China Three Gorges for the sale of its 50% stake in this company. The asset associated with this investment was presented in non-current assets held for sale. During the second quarter of 2023, the EDP Brasil Group, as part of its decarbonisation plan, started the process of selling Porto do Pec\u00e9m Gera\u00e7\u00e3o de Energia, S.A., which owns its coal power plant in Brazil. In September 2023, the EDP Brasil Group entered into an agreement with a group of Brazilian investors coordinated by Mercurio Asset for the sale of 80% of the stake in this company and, under certain conditions, a put option for the sale of the remaining 20% up to the end of the PPA (in 2027). Assets and liabilities associated with this company were presented in non-current assets and liabilities held for sale. The classification of assets and liabilities of Porto de Pec\u00e9m Gera\u00e7\u00e3o de Energia, S.A. as held for sale resulted in an impairment loss of 106,868 thousand Euros (577,195 thousand Reais) (see note 12), since the fair value less costs to sell is lower than its book value. During the fourth quarter of 2023, EDP Brasil Group announced the closing of this transaction (see note 6).
During the second quarter of 2023, EDPR Group, as part of its asset rotation program, started the process of selling an onshore wind portfolio in Spain. Assets and liabilities associated with this portfolio were presented in non-current assets and liabilities held for sale. During the third quarter of 2023, EDPR Group announced the closing of this transaction (see note 6). During the third quarter of 2023, 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. During the fourth quarter of 2023, EDPR Group announced the closing of this transaction (see note 6). During the third quarter of 2023, the EDP Brasil Group started the asset rotation process of two transmission lines with a total length of 857 kilometers: EDP Transmiss\u00e3o SP-MG, S.A. e Mata Grande Transmissora de Energia LTDA. Assets and liabilities associated with this portfolio was presented in non-current assets and liabilities held for sale. During the third quarter of 2023, the EDP Espa\u00f1a Group, as part of its decarbonisation plan, started the process of selling a company, which owns its Abo\u00f1o coal power plant in Spain. Assets and liabilities associated with this company were presented in non-current assets and liabilities held for sale. On 31 December 2023, once the precedent conditions for the transaction were verified, the sale of this company was concluded (see notes 6 and 47). The divestments that occurred in 2023 in the coal generation assets Pec\u00e9m and Abo\u00f1o, as well as the requests for authorization to the power system operator to close the coal-fired plants Abo\u00f1o I, Soto 3, and Los Barrios in Spain, are important milestones within EDP's strategic goal of being \"coal free\" by 2025 (see note 49). During the fourth quarter of 2023, EDPR Group, as part of its asset rotation program, started the process of selling an solar portfolio in North America. Assets and liabilities associated with this portfolio were presented in non-current assets and liabilities held for sale. During the fourth quarter of 2023, EDP Brasil Group started the process of selling EDP Smart Solu\u00e7\u00f5es, S.A. Assets and liabilities associated with this portfolio were presented in non-current assets and liabilities held for sale. As at 31 December 2023 the following reclassifications were made to held for sale: Networks Renewables, Clients & EM Other Segments Total Transmission Solar Clients Joint Thousand Euros Ventures Assets Property, plant and equipment (see note 17) - -486,111 - - -486,111 Right\u2010of\u2010use assets (see note 16) -127 -57,478 -96 - -57,701 Investments in joint ventures and associates (see note 22) - - - 11,141 11,141 Amounts receivable from concessions - IFRIC 12 (see note 27) -518,774 - - - -518,774 Other assets -19,108 -6,194 -13,365 - -38,667 Cash and cash equivalents (see note 30) -18,391 9 -4,104 - -22,486 Assets Held for Sale 556,400 549,774 17,565 -11,141 1,112,598 - - - - - Liabilities Financial debt -296,536 -469 - - -297,005 Institutional partnerships in NA wind farms - -207,452 - - -207,452 Provisions (see note 37) -12,195 -2,447 -93 - -14,735 Deferred tax liabilities -46,181 - -1,855 - -48,036 Other liabilities -59,779 -63,447 -2,694 - -125,920 Liabilities Held for Sale 414,691 273,815 4,642 - 693,148 - - - - - The classification of assets and liabilities of EDP Smart Solu\u00e7\u00f5es, S.A. and the North America solar portfolio as held for sale resulted in an impairment losses of 1,600 thousand Euros and 39,866 thousand Euros, respectively, since the fair value (level 3) less costs to sell is lower than its net book value. The remaining reclassifications were made only for financial statement presentation purposes, without impact on the measurement of these assets and liabilities.
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"f33630": {
"value": "9. Supplies and services Supplies and services are as follows: Group Company Thousand Euros Dec 2023 Dec 2022 Dec 2023 Dec 2022 Consumables and communications 34.878 34.182 5.233 6.470 Rents and leases 48.607 53.034 4.437 4.969 Maintenance and repairs 460.074 424.092 35.868 27.434 Specialised works: - Commercial activity 188.592 179.800 157 21 - IT services, legal and advisory fees 175.335 165.547 92.073 78.861 - Other services 90.172 88.658 34.536 32.928 Provided personnel - - 11.329 8.573 Other supplies and services 178.256 158.355 32.111 36.073 1.175.914 1.103.668 215.744 195.329
Thousand Euros Group Dec 2023 Dec 2022 Financial income Interest income from bank deposits and other investments 133,522 80,689 Interest from derivative financial instruments 72,521 33,600 Interest income on tariff deficit: - Portugal - Electricity (see note 27) 37,166 111 - Brazil - Electricity (see note 39) 6,257 16,664 Other interest income 87,809 65,002 Derivative financial instruments 288,965 223,328 Foreign exchange gains 283,784 353,572 CMEC: - Interest on the initial CMEC 20,404 23,950 - Financial effect considered in the calculation 6,667 7,147 Other financial income 42,403 38,937 979,498 843,000 Financial expenses Interest expense on financial debt 836,313 705,812 Bonds buyback 4,802 - Capitalised borrowing costs: - Assigned to concessions (see note 7) -6,355 -4,442 - Other (see note 17) -131,176 -41,405 Interest from derivative financial instruments 211,419 134,765 Interest expense on tariff deficit: - Portugal - Electricity (see note 27) 2,306 4,484 - Brazil - Electricity (see note 39) 9,253 16,079 Other interest expense 38,182 40,063 Derivative financial instruments 465,797 259,167 Foreign exchange losses 161,920 356,958 CMEC 3,006 5,231 Unwinding of discounted liabilities 138,191 140,955 Unwinding of lease liabilities (see note 40) 47,718 46,146 Net interest on the net pensions plan liability (see note 36) 9,610 5,132 Net interest on the medical liabilities and other benefits (see note 36) 20,029 14,985 Other financial expenses 78,679 69,290 1,889,694 1,753,220 Financial income/(expenses) -910,196 -910,220
18. Right-of-use assets This caption is as follows, for the Group: Thousand Euros Land and natural resources Buildings and other construct. Plant and machinery Other tangible assets Total 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 Gross amount 1,062,510 281,433 195,001 16,351 1,555,295 Accumulated depreciation and impairment losses 150,164 84,585 84,883 10,233 329,865 Carrying Amount at 31 December 2023 912,346 196,848 110,118 6,118 1,225,430 Balance as at 1 January 2022 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 and Other 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 Additions 80,680 22,739 27,295 3,790 134,504 Depreciation and impairment (see note 12) -40,010 -27,117 -47,101 -3,148 -117,376 Disposals/Write-offs -1,312 -2,090 -1,766 -280 -5,448 Transfers (see note 42) -68,037 10,373 20 -57 -57,701 Exchange Differences -18,641 -107 -3,168 110 -21,806 Perimeter Variations and Other -24,495 178 -2,557 -139 -27,013 Balance as at 31 December 2023 912,346 196,848 110,118 6,118 1,225,430
This caption is as follows, for the Company: Thousand Euros Buildings and other construct. Other tangible assets Total 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 Gross amount 118,111 470 118,581 Accumulated depreciation and impairment losses 24,788 214 25,002 Carrying Amount at 31 December 2023 93,323 256 93,579 Balance as at 1 January 2022 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 2,604 153 2,757 Depreciation and impairment (see note 12) -5,637 -187 -5,824 Disposals/Write-offs -199 - -199 Balance as at 31 December 2023 93,323 256 93,579 Additions include, essentially, new lease contracts registered, under IFRS 16, in Europe, North America and Southeast Asia. Transfers include the reclassification of some solar generation assets in North America and transmission and customer solutions assets in Brazil to non-current assets held for sale (see note 42). Perimeter Variations and Other include the impact of the sales of onshore wind portfolios in Spain, Poland and Brazil in the amount of 22,213 thousand Euros, as well as of the sale of Porto do Pec\u00e9m Gera\u00e7\u00e3o de Energia, S.A., amounting to 2,682 thousand Euros (see note 6). Thousand Euros Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Other liabilities and other payables - Non-Current Liabilities measured at amortised cost: Loans from non-controlling interests 637,221 659,367 - - Lease Liabilities 1,176,456 1,252,000 136,162 139,728 Liabilities measured at fair value through profit or loss: Derivative financial instruments (see note 43) 984,989 2,701,116 700,437 2,013,300 Amounts payable and contingent prices for acquisitions/sales 148,317 152,614 33,196 30,134 Other Liabilities: Other creditors and sundry operations 352,952 394,399 - - 3,299,935 5,159,496 869,795 2,183,162 Other liabilities and other payables - Current Liabilities measured at amortised cost: Loans from non-controlling interests 57,828 17,582 - - Dividends attributed to related companies 54,089 77,182 - - Group companies - - 10,890 3,857 Lease Liabilities 136,274 135,792 12,146 12,603 Liabilities measured at fair value through profit or loss: Derivative financial instruments (see note 43) 886,978 3,052,590 898,181 3,192,332 Amounts payable and contingent prices for acquisitions/sales 190,296 274,974 30,511 32,325 Other Liabilities: Other creditors and sundry operations 45,342 42,773 548,385 152,185 1,370,807 3,600,893 1,500,113 3,393,302 4,670,742 8,760,389 2,369,908 5,576,464
The movements in Lease Liabilities - Non Current and Current are as follows: Thousand Euros Dec 2023 Dec 2022 Balance at the beginning of the period 1,387,792 1,049,448 Charge for the period 134,453 386,378 Unwinding of lease liabilities (see note 14) 47,718 46,146 Lease payments (principal and interests) -141,864 -133,696 Exchange differences -22,211 38,978 Perimeter variations and other regularisations -93,158 538 Balance at the end of the period 1,312,730 1,387,792 The nominal value of Lease Liabilities, by maturity, is as follows: Dec 2023 Capital outstanding by maturity Less From From More Thousand Euros Total than 5 5 to 10 10 to 15 year years years than 15 years Lease Liabilities 2,282,472 602,266 450,960 427,579 801,667
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: Dec 2023 Capital outstanding by maturity Less From From More than 1 1 to 3 3 to 5 than 5 Thousand Euros Total year years years Years Lease Liabilities 221,777 24,557 30,434 17,842 148,944 Purchase obligations 25,026,126 6,471,282 4,836,559 2,876,536 10,841,749 25,247,903 6,495,839 4,866,993 2,894,378 10,990,693 Dec 2022 Capital outstanding by maturity Less From From More than 1 1 to 3 3 to 5 than 5 Thousand Euros Total year years years years 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 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 2023, there are commitments from lease liabilities which refer to future rents of lease contracts already signed but not yet commenced.
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"f33632": {
"value": "9. Supplies and services Supplies and services are as follows: Group Company Thousand Euros Dec 2023 Dec 2022 Dec 2023 Dec 2022 Consumables and communications 34.878 34.182 5.233 6.470 Rents and leases 48.607 53.034 4.437 4.969 Maintenance and repairs 460.074 424.092 35.868 27.434 Specialised works: - Commercial activity 188.592 179.800 157 21 - IT services, legal and advisory fees 175.335 165.547 92.073 78.861 - Other services 90.172 88.658 34.536 32.928 Provided personnel - - 11.329 8.573 Other supplies and services 178.256 158.355 32.111 36.073 1.175.914 1.103.668 215.744 195.329
11. Other expenses Other Expenses are as follows: Thousand Euros Group Dec 2023 Dec 2022 Concession rents paid to local authorities and others 307,029 286,968 Direct and indirect taxes 389,413 374,965 Donations 21,677 21,570 Write-off of tangible assets 54,704 40,591 Losses on disposals - electricity business assets - Pec\u00e9m (see note 6) 84,469 - Other 174,142 105,630 1,031,434 829,724 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 caption Direct and indirect taxes includes the social tariff, the windfall taxes in Romania and Poland and the new tax of 1.2% on the turnover of companies in the energy sector in Spain. The caption \"Write-off\" of tangible fixed assets includes, essentially, the write-off of tangible fixed assets resulting from project discontinuation and 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; ii) losses on the sale of property, plant and equipment; iii) operational costs related to compensations and availability bonuses for O&M suppliers; and iv) the amount of 6,760 thousand Euros related to changes in the fair value of the contingent prices, related to operations carried out in previous years. 10. Personnel costs and employee benefits Personnel costs and employee benefits are as follows: Thousand Euros Group Dec 2023 Dec 2022 Company Dec 2023 Dec 2022 Personnel costs Board of Directors remuneration 18,644 17,379 5,876 5,597 Employees' remuneration 634,224 573,279 50,669 50,617 Social charges on remuneration 147,930 133,603 13,004 12,774 Performance, assiduity and seniority bonus 126,468 131,077 19,482 19,063 Other costs 31,000 31,746 1,835 2,496 Own work capitalised: - Assigned to concessions (see note 7) -73,011 -75,779 - - - Other (see note 17) -154,545 -126,948 -8,675 -9,613 730,710 684,357 82,191 80,934 Employee benefits Pension plans costs 24,499 24,175 1,782 1,656 Medical plans costs and other benefits (see note 36) 4,129 5,647 321 11 Pension plans past service cost (Curtailment/Plan amendments) (see note 36) 616 2,243 - - Other benefits plans past service cost (Curtailment/Plan amendments) (see note 36) 25 1,053 - - Other 59,280 53,325 4,041 5,495 88,549 86,443 6,144 7,162 819,259 770,800 88,335 88,096 Pension plans costs include 2,717 thousand Euros (31 December 2022: 3,891 thousand Euros) related to defined benefit plans (see note 36) and 21,782 thousand Euros (31 December 2022: 20,284 thousand Euros) related with defined contribution plans. During the first semester of 2023, EDP Group distributed treasury stocks to employees (843,800 shares) totalling 4,176 thousand Euros. The breakdown by management positions and category of professional staff is as follows: Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Executive Board of Directors 5 5 5 5 Senior management 392 386 61 68 Managers 1,209 1,323 56 62 Specialists 6,610 6,469 461 524 Support, Operational and Administrative Technicians 4,825 5,028 49 60 13,041 13,211 632 719
Thousand Euros Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Debtors and other assets - Non-Current Assets measured at amortised cost: Loans to subsidiaries - - 2,915,267 1,141,944 Loans to related parties 439,282 186,885 90 90 Guarantees rendered to third parties 154,439 133,931 - - Other financial assets at amortised cost (i) 44,724 1,751 19 256,650 Assets measured at fair value through profit or loss: Derivative financial instruments (see note 43) 568,373 1,035,814 662,405 1,590,973 Contingent price 62,100 50,873 - - Other assets: Excess of the pension fund financing (see note 36) 194,740 92,694 714 410 Other debtors and sundry operations 320,309 422,562 90,078 90,078 1,783,967 1,924,510 3,668,573 3,080,145 Debtors and other assets - Current Assets measured at amortised cost: Loans to subsidiaries - - 50,671 538,550 Dividends attributed by subsidiaries - - 25,000 - Loans to related parties 131,317 354,484 - 3,490 Guarantees rendered to third parties 229,741 992,370 79,037 720,465 Subsidiary companies - - 425,441 229,858 Other financial assets at amortised cost (i) 9,842 7,386 259,172 260,639 Assets measured at fair value through profit or loss: Derivative financial instruments (see note 43) 549,152 1,539,884 899,571 2,449,615 Other financial investments measured at fair value 778 346 - - Contingent price 121,165 108,636 - - Other assets: Other debtors and sundry operations 249,747 368,689 535,240 23 1,291,742 3,371,795 2,274,132 4,202,640 3,075,709 5,296,305 5,942,705 7,282,785
36. Employee benefits Employee benefits are as follows: Thousand Euros Non-Current Dec 2023 Dec 2022 Current Dec 2023 Dec 2022 Provisions for pension liabilities 186,977 254,005 74,185 92,192 Provisions for medical liabilities and other benefits 353,182 390,294 50,525 34,575 540,159 644,299 124,710 126,767 The movement in Provisions for employee benefits liabilities for EDP Group is as follows: Pensions Pensions Medical and Other Thousand Euros Dec 2023 Dec 2022 Dec 2023 Dec 2022 Balance at the beginning of the period 346,197 486,901 424,869 632,899 Charge for the period 12,327 9,023 24,158 20,632 Past service cost (Curtailment/Plan amendments) 616 2,243 25 1,053 Actuarial (gains)/losses -104,085 -114,692 -15,012 -170,852 Charge-off -94,184 -112,802 -32,175 -38,595 Fund contributions (see note 45) -9,580 -6,188 -5,585 -34,560 Surplus pension funding (see note 28) 98,229 76,082 3,817 3,344 Transfers, reclassifications and exchange differences 11,642 5,630 3,610 10,948 Balance at the end of the period 261,162 346,197 403,707 424,869
The breakdown of actuarial gains and losses is as follows: Pensions Pensions Medical and Other Thousand Euros Dec 2023 Dec 2022 Dec 2023 Dec 2022 Actuarial gains and losses arising from: - changes in demographic assumptions -41,186 935 -1,888 - - changes in financial assumptions 35,699 -178,265 22,623 -220,306 - experience adjustments -7,085 -6,152 13,289 7,259 Actuarial gains and losses arising from return on plan assets -74,990 64,462 -49,036 42,195 Actuarial gains and losses of asset ceiling -16,523 4,328 - - -104,085 -114,692 -15,012 -170,852 The components of the consolidated net cost of the pension plans recognised during the period are as follows: Thousand Euros Portugal Dec 2023 Spain Brazil Group Current service cost (see note 10) 2,689 194 -166 2,717 Past service cost (Curtailment/Plan amendments) (see note 10) 635 -19 - 616 Operational component 3,324 175 -166 3,333 Net interest on the net pensions plan liability (see note 14) 6,031 27 3,552 9,610 Financial component 6,031 27 3,552 9,610 9,355 202 3,386 12,943 Dec 2022 Thousand Euros 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 14) 869 59 4,204 5,132 Financial component 869 59 4,204 5,132 6,982 240 4,044 11,266 The components of the consolidated net cost of the medical and other benefits plans recognised during the period are as follows: Thousand Euros Portugal Dec 2023 Spain Brazil Group Current service cost (see note 10) 2,892 986 251 4,129 Past service cost (Curtailment/Plan amendments) (see note 10) 14 11 - 25 Operational component 2,906 997 251 4,154 Net interest on the net medical liabilities and other benefits (see note 14) 5,601 4,412 10,016 20,029 Financial component 5,601 4,412 10,016 20,029 8,507 5,409 10,26 7 24,183 Thousand Euros Portugal Dec 2022 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 14) 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 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 2023 gains of 119,097 thousand Euros (31 December 2022: gains of 285,544 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 2023 and 2022: Salary increase rate 5.20% (b) 2.00% 4.30% 5.35% (g) 2.00% 4.30% Pension increase rate Social Security salary appreciation 4.27% (c) 5.00% (d) not applicable not applicable 3.50% not applicable 4.30% (h) 4.30% (c) not applicable not applicable 3.50% not applicable Inflation rate 2.30% 2.00% 3.50% 2.30% 2.00% 3.50% Annual increase rate of medical service costs 2.30% not applicable 9.71% (e) 2.30% 2.00% 9.71% (i) Estimated administrative expenses per 353 \u20ac/year not not 313\u20ac/year not not beneficiary per year (Euros) (f) applicable applicable (j) applicable applicable Mortality table TV99/01 PERM/F- AT-2000 / TV99/01 PERM/F- AT-2000 / 2000P RP-2000 2000P RP-2000 Geracional Geracional Disability table not TASA 1927 / not TASA 1927 / 50%EKV 80 applicable Wyatt 1985 50%EKV 80 applicable Wyatt 1985 Class 1 Class 1 Expected % of eligible employees 20% not not 35% not not accepting early retirement (a) applicable applicable applicable 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) 5.20% for 2024 and 2.55% for the remaining years; (c) 4.27% for 2024 and 2.30% for the remaining years; (d) 5.00% for 2024 and 2.30% for the remaining years; (e) 9.71% in the first year, decreasing linearly to 5.57% in 2032; (f) Increase according to the annual increase rate of medical service costs after 2024; (g) 5.35% for 2023 and 2.55% for the remaining years; (h) 4.30% for 2023 and 2.30% for the remaining years; (i) 9.71% in the first year, decreasing linearly to 5.57% in 2031; (j) Increase according to the annual increase rate of medical service costs after 2023. 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 2023 the amount of future benefits expected to be paid, related to the activity in Portugal, Spain and Brazil, is as follows: Thousand Euros Years Portugal Pensions Spain Brazil Total Portugal Medical and Other Benefits Spain Brazil Total 2024 115,754 242 21,158 137,154 36,448 15,049 8,336 59,833 2025 95,526 195 21,752 117,473 35,711 12,184 8,724 56,619 2026 81,158 133 22,356 103,647 35,982 9,980 9,139 55,101 2027 69,378 75 23,046 92,499 36,236 7,772 9,568 53,576 2028 and following 291,866 101 150,740 442,707 216,117 160,656 65,236 442,009 In 2023, the benefits paid by the funds in Portugal amounted 75,580 thousand Euros (31 December 2022: 76,654 thousand Euros) and in Brazil amounted to 19,664 thousand Euros (31 December 2022: 18,931 thousand Euros). The contributions made to the Pension funds in Brazil amounted to 9,580 thousand Euros (31 December 2022: 6,188 thousand Euros), which were fully paid in cash. Dec 2023 Dec 2022 Portugal Spain Brazil Portugal Spain Brazil Assumptions Discount rate 3.33% - 3.89% 3.8% 9.54% - 10.48% 3.84% - 3.89% 3.3% 9.86% - 9.95%
Brazil Increase Decrease Spain Increase Decrease Decrease Increase Thousand Euros Portugal Following the decision and implementation of the autonomisation of the Medical Plan and Death Subsidy Plan in Portugal, EDP Group has made contributions of 5,585 thousand Euros in 2023 (31 December 2022: 34,560 thousand Euros). We noticed that as of 31 December 2022 and 2023, the liabilities for Death Subsidy Plan in Portugal were fully financed. Therefore, in the following years, until the end of 2027 and in the scenario where the liabilities associated with the Medical Plan are not 100% financed, the Group estimates to make additional contributions in the approximate total amount of 44,676 thousand Euros, in line with the financing plan approved by Insurance and Pension Funds Supervisory Authority (ASF) (see note 45). 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: Discount rate (0.5% movement) -26,477 28,473 -132 122 -11,441 12,419 Mortality (increase of 1 year in expected lifetime of plan participants) 30,970 - 4,724 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: Thousand Euros Portugal Increase Decrease Increase Spain Decrease Increase Brazil Decrease Discount rate (0.5% movement) -36,701 40,509 -2,935 9,491 -8,814 5,911 Health care cost trend (0.5% movement) 12,465 -11,527 - - - - Mortality (increase of 1 year in expected lifetime of plan participants) 12,851 - 4,521 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 Liquidity Bonds Fund assets Shares by nature Property Other Total 31 December 2023 17,563 612,803 359,223 188,453 83,212 1,261,254 31 December 2022 13,897 436,910 434,470 200,977 76,523 1,162,777 % Liquidity Bonds Fund assets Shares by nature Property Other Total 31 December 2023 1.39% 48.59% 28.48% 14.94% 6.60% 100.00% 31 December 2022 1.20% 37.58% 37.36% 17.28% 6.58% 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 186,488 thousand Euros as at 31 December 2023 (31 December 2022: 178,866 thousand Euros). Bonds includes 3,847 thousand Euros (31 December 2022: 3,534 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 2023 was positive in 14.96% (2022: negative in 7.84%)The assets of the pension fund in Brazil are as follows: Thousand Euros Liquidity Bonds Fund assets Shares by nature Property Other Total 31 December 2023 - 243,046 6,406 - 2,413 251,865 31 December 2022 - 225,706 10,098 394 999 237,197 % Liquidity Bonds Fund assets Shares by nature Property Other Total 31 December 2023 - 96.50% 2.54% - 0.96% 100.00% 31 December 2022 - 95.16% 4.25% 0.18% 0.41% 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: Portugal 2023 Spain Brazil Portugal 2022 Spain Brazil Retirees and pensioners 16,806 618 1,517 17,379 660 1,509 Active workers 1,915 50 369 2,080 51 413 18,721 668 1,886 19,459 711 1,922 The liability for retirement pensions and related coverage for the Group is as follows: Thousand Euros Portugal Dec 2023 Spain Brazil Group Liability at the end of the period 794,729 1,831 261,579 1,058,139 Plan assets at the end of the period -765,363 - -251,865 -1,017,228 Surplus pension funding (see note 28) 187,578 - - 187,578 Asset ceiling - - 32,673 32,673 Provision at the end of the period 216,944 1,831 42,387 261,162 Thousand Euros Portugal Dec 2022 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 28) 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 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 2023 2022 2021 2020 2019 Liability at the end of the period 1,058,139 1,168,207 1,477,989 1,588,058 1,719,435 Plan assets at the end of the period -1,017,228 -953,784 -1,036,108 -1,016,216 -1,195,046 Surplus pension funding 187,578 89,349 13,267 29,610 55,506 Asset ceiling 32,673 42,425 31,753 28,156 50,895 Provision at the end of the period 261,162 346,197 486,901 629,608 630,790 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 2023 2022 2021 2020 2019 Portugal Experience adjustments for the Plan liabilities -11,419 -22,796 55,794 61,193 -46,993 Experience adjustments for the Plan assets -77,595 71,073 -79,211 -6,662 60,914 Brazil Experience adjustments for the Plan liabilities 3,693 16,644 20,759 34,478 -4,974 Experience adjustments for the Plan assets 2,605 -7,471 9,339 13,554 41,036
The past service liability of the pension plans for the Group is as follows: Thousand Euros Portugal Dec 2023 Spain Brazil Group Liability at the beginning of the period 933,961 2,198 232,048 1,168,207 Current service cost 2,689 194 -166 2,717 Net interest on the pensions plan liability 31,450 27 27,489 58,966 Benefits paid -146,472 -1,324 -20,290 -168,086 Past service cost (Curtailment/Plan amendments) (see note 10) 635 -19 - 616 Actuarial (gains)/losses -27,534 641 14,321 -12,572 Transfers, reclassifications and exchange differences - 114 8,177 8,291 Liability at the end of the period 794,729 1,831 261,579 1,058,139 Thousand Euros Portugal Dec 2022 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) 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 The evolution of the consolidated assets of the Pension Funds is as follows: Thousand Euros Portugal Dec 2023 Brazil Group Assets value at the beginning of the period 716,587 237,197 953,784 Group contribution - 9,580 9,580 Plan participants contributions - 241 241 Benefits paid -54,238 -19,664 -73,902 Interest on the pensions plan assets 25,419 23,937 49,356 Actuarial gains/(losses) 77,595 -2,605 74,990 Transfers, reclassifications and exchange differences - 3,179 3,179 Assets value at the end of the period 765,363 251,865 1,017,228 Thousand Euros Portugal Dec 2022 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 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 2023 Dec 2022 Asset ceiling at the beginning of the period 42,425 31,753 Effect of changes in restricted net assets of benefits to the asset ceiling -16,523 4,328 Exchange differences 6,771 6,344 Asset ceiling at the end of the period 32,673 42,425 The number of participants covered by the medical and other benefits plans is as follows: Portugal 2023 Spain Brazil Portugal 2022 Spain Brazil Retirees and pensioners 17,045 2,844 2,667 17,379 2,887 2,755 Active workers 5,764 1,151 957 5,733 1,102 845 22,809 3,995 3,624 23,112 3,989 3,600
The provision for medical liabilities and other benefits and related coverage for the Group is as follows: Thousand Euros Portugal Dec 2023 Spain Brazil Group Liability at the end of the period 643,960 135,267 113,210 892,437 Plan assets at the end of the period -495,891 - - -495,891 Surplus pension funding 7,161 - - 7,161 Provision at the end of the period 155,230 135,267 113,210 403,707 Thousand Euros Portugal Dec 2022 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 The evolution of the present value of the liability for Medical care and other benefits for the Group is as follows: Thousand Euros 2023 2022 2021 2020 2019 Liability at the end of the period 892,437 867,715 1,103,051 1,149,769 1,107,444 Plan assets at the end of the period -495,891 -446,190 -470,152 -437,073 -426,565 Surplus pension funding 7,161 3,344 - - - Provision at the end of the period 403,707 424,869 632,899 712,696 680,879 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 2023 2022 2021 2020 2019 Portugal Experience adjustments for the Plan liabilities 13,509 3,622 -5,051 11,979 3,214 Experience adjustments for the Plan assets -49,036 42,195 -38,649 -4,723 22,187 Brazil Experience adjustments for the Medical Plan liabilities -220 3,637 32 -20,086 -1,937 The past service liability of medical and other benefits plans for the Group is as follows: Thousand Euros Portugal Dec 2023 Spain Brazil Group Liability at the beginning of the period 597,628 169,226 100,861 867,715 Current service cost 2,892 986 251 4,129 Net interest on the net medical liabilities and other benefits 22,023 4,412 10,016 36,451 Benefits paid -32,757 -12,114 -8,646 -53,517 Past service cost (Curtailment/Plan amendments) (see note 10) 14 11 - 25 Actuarial (gains)/losses 54,160 -25,604 5,468 34,024 Transfers, reclassifications and exchange differences - -1,650 5,260 3,610 Liability at the end of the period 643,960 135,267 113,210 892,437 Thousand Euros Portugal Dec 2022 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 The evolution of the consolidated assets of the Medical care and Other subsidies in Portugal is as follows: Thousand Euros Dec 2023 Dec 2022 Assets value at the beginning of the period 446,190 470,152 Group contribution 5,585 34,560 Benefits paid -21,342 -20,345 Interest on the pensions plan assets 16,422 4,018 Actuarial gains/(losses) 49,036 -42,195 Assets value at the end of the period 495,891 446,190
The breakdown by management positions and category of professional staff is as follows: Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Executive Board of Directors 5 5 5 5 Senior management 392 386 61 68 Managers 1,209 1,323 56 62 Specialists 6,610 6,469 461 524 Support, Operational and Administrative Technicians 4,825 5,028 49 60 13,041 13,211 632 719
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f33884": {
"value": "12. Amortisation and impairment Amortisation and impairment are as follows: Thousand Euros Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Depreciation/impairment of Property, plant and equipment (see note 17) 1,376,625 1,371,272 6,158 6,156 Depreciation/impairment of Right of use asset (see note 18) 117,376 113,380 5,824 5,219 Amortisation/impairment of Intangible assets (see note 19) 564,685 514,968 23,840 19,359 Impairment of Non-Current assets held for sale (see note 42) 148,334 - - - 2,207,020 1,999,620 35,822 30,734 Amortisation/impairment of Investment property (see note 24) 287 289 3,718 4,225 2,207,307 1,999,909 39,540 34,959 Compensation of depreciation Partially-funded property, plant and equipment (see note 39) -29,287 -28,579 - - Amortisation of Incremental costs of obtaining contracts with customers 7,966 7,677 - - Impairment of Goodwill (see note 20) 4,598 - - - 2,190,584 1,979,007 39,540 34,959
During 2023, due to the revision of market assumptions (in mainly, commodity prices and energy sales prices), the discount rates 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. In the impairment tests carried out, EDP's energy transition strategy, namely the strategic goal of being \"coal free\" by 2025, was also considered, with a significant impact on the tests performed on the thermal generation assets (see note 49). The above impairment tests carried out led to the recording of the following impairments on assets in Portugal: 35,291 thousand Euros in the Lares combined cycle thermoelectric power plant, 51,321 thousand Euros in the Ribatejo combined cycle thermoelectric power plant and 22,074 thousans Euros in Greenvouga. Additionally, were also impairments in Colombia in the assets under construction at the wind farms of Eolos Energia and Ventos de Norte due to the delay in the start of operations (178,329 thousand Euros) and impairments were reversed in Romania in the amount of 37,797 thousand Euros(see note 17). The discount rates after taxes used reflect the best estimate of the specific risks of each cash generating unit, presenting the following variation bands: 2023 2022 Europe (EUR) 4,4% - 8,2% 3,7% - 4,8% North America (USD) 6,4%-8,2% 5,7% - 7,1% Brazil (BRL) 9,3% - 11,3% 7,9% - 9,6% Colombia (COP) 11% 9,3% APAC (SGD) 6,1% - 6,3% n.a. 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: 5,485 thousand Euros in Lares, 6,712 thousand Euros in Ribatejo, 14,822 thousand Euros in Greenvouga and 46,425 thousand Euros in Eolos Energia wind farms and Ventos del Norte in Colombia. Additionally, given the changes in market conditions, impairments amounting to 4,206 thousand in the coal-fired power plant in Spain in Los barrios and 28,982 thousand in the coal-fired power plant in Soto3 were performed (see note 17).
Depreciation and impairment includes: i) impairment in combined cycle thermoelectric plants in Portugal, amounting to 35,291 thousand Euros in Lares and 51,321 thousand Euros in Ribatejo; ii) 22,074 thousand Euros related to Greenvouga hydroelectric plant; iii) 33,188 thousand Euros related to coal-fired power plants in Spain and; iv) 178,329 thousand Euros related to assets in Colombia. Additionally, it reflects the reversal of impairments in Romania in the amount of 37,797 thousand Euros (see note 12). In the impairment tests carried out, EDP's energy transition strategy, namely the strategic goal of being \"coal free\" by 2025, was also considered, with a significant impact on the tests performed on the thermal generation assets (see note 49).
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 of assets correponds to the higher of their fair value less costs to sell and 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. Following the Strategic Plan Update 2023-2026, announced in the last 2 March 2023, the Executive Board of Directors reorganized the business segments in order to be aligned with this new view, with effect from 1 January 2023 (see note 51). EDP Group segments based on which the Group monitors its activity are as follows: \u2022 Renewables, Clients & Energy Management - corresponds to the activity of generation of electricity from renewable sources, mainly hydro, wind and solar. This segment also 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; and \u2022 Networks - corresponds to the electricity distribution and transmission activity, including regulated energy retailers; 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, Clients & Energy Management 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 and reflect EDP Group\u2019s best estimate of the risks specific to each CGU (see note 12). Impairment tests were performed taking into account the regulatory changes in each country known at the end 2023. The impairment tests carried out on Goodwill did not lead to any impairment registration in 2023. Goodwill impairment test analysis \u2013 Networks 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 are disclosed in Note 12. 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; and - 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.
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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"f33888": {
"value": "Amortisation and impairment are as follows: Thousand Euros Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Depreciation/impairment of Property, plant and equipment (see note 17) 1,376,625 1,371,272 6,158 6,156 Depreciation/impairment of Right of use asset (see note 18) 117,376 113,380 5,824 5,219 Amortisation/impairment of Intangible assets (see note 19) 564,685 514,968 23,840 19,359 Impairment of Non-Current assets held for sale (see note 42) 148,334 - - - 2,207,020 1,999,620 35,822 30,734 Amortisation/impairment of Investment property (see note 24) 287 289 3,718 4,225 2,207,307 1,999,909 39,540 34,959 Compensation of depreciation Partially-funded property, plant and equipment (see note 39) -29,287 -28,579 - - Amortisation of Incremental costs of obtaining contracts with customers 7,966 7,677 - - Impairment of Goodwill (see note 20) 4,598 - - - 2,190,584 1,979,007 39,540 34,959
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 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 Gross Amount 110,026 366,002 38,542,979 676,932 6,698,684 46,394,623 Accumulated depreciation and impairment losses - 184,321 19,259,620 531,520 340,400 20,315,861 Carrying Amount at 31 December 2023 110,026 181,681 19,283,359 145,412 6,358,284 26,078,762 Balance as at 1 January 2022 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 Additions 3,308 1,169 217,718 21,149 4,748,725 4,992,069 Depreciation and impairment (see note 12) - -9,147 -1,132,060 -51,623 -183,795 -1,376,625 Disposals/Write-offs -261 -372 -4,370 -1,463 -21,022 -27,488 Transfers (see note 42) 155 3,749 2,734,869 30,299 -3,255,183 -486,111 Exchange Differences 943 5,841 -196,840 -11 15,791 -174,276 Perimeter Variations and Other 5,968 -50,036 -1,002,999 347 -18,894 -1,065,614 Balance as at 31 December 2023 110,026 181,681 19,283,359 145,412 6,358,284 26,078,762
This caption is as follows, for the Group: Thousand Euros Land and natural resources Buildings and other construct. Plant and machinery Other tangible assets Total 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 Gross amount 1,062,510 281,433 195,001 16,351 1,555,295 Accumulated depreciation and impairment losses 150,164 84,585 84,883 10,233 329,865 Carrying Amount at 31 December 2023 912,346 196,848 110,118 6,118 1,225,430 Balance as at 1 January 2022 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 and Other 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 Additions 80,680 22,739 27,295 3,790 134,504 Depreciation and impairment (see note 12) -40,010 -27,117 -47,101 -3,148 -117,376 Disposals/Write-offs -1,312 -2,090 -1,766 -280 -5,448 Transfers (see note 42) -68,037 10,373 20 -57 -57,701 Exchange Differences -18,641 -107 -3,168 110 -21,806 Perimeter Variations and Other -24,495 178 -2,557 -139 -27,013 Balance as at 31 December 2023 912,346 196,848 110,118 6,118 1,225,430
This caption is as follows, for the Group: Intangible Concession CO2 Other assets Thousand Euros rights Licenses intangibles in progress Total 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 Gross amount 12,844,546 6,237 2,662,180 237,744 15,750,707 Accumulated amortisation and impairment losses 9,943,336 - 982,598 - 10,925,934 Carrying Amount at 31 December 2023 2,901,210 6,237 1,679,582 237,744 4,824,773 Balance as at 1 January 2022 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 Additions 1,126 1,086,622 4,193 167,683 1,259,624 Amortisation and impairment (see note 12) -416,861 - -147,824 - -564,685 Disposals/Write-offs -4,549 -1,105,936 -558 -1,885 -1,112,928 Transfers 211,921 - 145,807 -162,373 195,355 Exchange Differences 30,726 - -10,192 91 20,625 Perimeter Variations and Other 2,529 - 41,403 -1,152 42,780 Balance as at 31 December 2023 2,901,210 6,237 1,679,582 237,744 4,824,773
The caption is detailed as follows: Thousand Euros Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Cost 50,515 52,601 187,858 150,665 Accumulated depreciation and impairment losses -25,171 -25,307 -35,675 -33,388 Carrying amount 25,344 27,294 152,183 117,277
On a consolidated basis, Accumulated depreciation and impairment losses, in 2023, includes 287 thousand Euros related to charges of the period (see note 12).
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"f34030": {
"value": "14. Financial income and expenses Financial income and expenses, for the Group, are as follows: Thousand Euros Group Dec 2023 Dec 2022 Financial income Interest income from bank deposits and other investments 133,522 80,689 Interest from derivative financial instruments 72,521 33,600 Interest income on tariff deficit: - Portugal - Electricity (see note 27) 37,166 111 - Brazil - Electricity (see note 39) 6,257 16,664 Other interest income 87,809 65,002 Derivative financial instruments 288,965 223,328 Foreign exchange gains 283,784 353,572 CMEC: - Interest on the initial CMEC 20,404 23,950 - Financial effect considered in the calculation 6,667 7,147 Other financial income 42,403 38,937 979,498 843,000 Financial expenses Interest expense on financial debt 836,313 705,812 Bonds buyback 4,802 - Capitalised borrowing costs: - Assigned to concessions (see note 7) -6,355 -4,442 - Other (see note 17) -131,176 -41,405 Interest from derivative financial instruments 211,419 134,765 Interest expense on tariff deficit: - Portugal - Electricity (see note 27) 2,306 4,484 - Brazil - Electricity (see note 39) 9,253 16,079 Other interest expense 38,182 40,063 Derivative financial instruments 465,797 259,167 Foreign exchange losses 161,920 356,958 CMEC 3,006 5,231 Unwinding of discounted liabilities 138,191 140,955 Unwinding of lease liabilities (see note 40) 47,718 46,146 Net interest on the net pensions plan liability (see note 36) 9,610 5,132 Net interest on the medical liabilities and other benefits (see note 36) 20,029 14,985 Other financial expenses 78,679 69,290 1,889,694 1,753,220 Financial income/(expenses) -910,196 -910,220
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 17 and 19), 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 funding rates, in use in 2023, ranged from 1.52% to 4.63% in Portugal, from 1.05% to 4.69% in Spain and from 2.28% to 8.22% in North America, depending on related assets under construction and related financing.
The costs related to the Unwinding of discounted liabilities refer essentially to: (i) the unwinding of the provision for dismantling and decommissioning of production assets in the amount of 16,804 thousand Euros (31 December 2022: 6,609 thousand Euros) (see note 37); (ii) the implied financial return in institutional partnerships of 81,058 thousand Euros (31 December 2022: 96,955 thousand Euros) (see note 38); 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 12,230 thousand Euros (31 December 2022: 20,700 thousand Euros). The Derivative financial instruments caption includes income and expenses related with financial assets and liabilities measured at fair value through profit and loss, while the remaining captions of financial income and expenses arise from financial instruments are registered at amortised cost, based on the effective interest rate method. The caption Other financial income includes the sale of the electricity tariff deficit of 2024 that generated a gain, after deducting all transactional expenses, in the amount of 13,306 thousand Euros (see note 27). Financial income and expenses, for the Company, are as follows: Thousand Euros Compa Dec 2023 ny Dec 2022 Financial income Interest income from loans to subsidiaries and related parties (see note 45) 130,328 36,156 Interest from derivative financial instruments 191,577 106,745 Derivative financial instruments 510,795 444,047 Income from equity investments (see note 45) 930,118 1,003,733 Reversal of impairments on equity investments and shareholders loans 26,630 - Other financial income 24,961 59,747 1,814,409 1,650,428 Financial expenses Interest expense on financial debt 297,618 194,411 Bonds Buyback 4,802 17,882 Interest from derivative financial instruments 199,873 119,570 Derivative financial instruments 487,327 425,300 Unwinding of lease liabilities 5,733 5,874 Impairment on equity investments and shareholders loans 5,888 26,630 Other financial expenses 48,441 69,058 1,049,682 858,725 Financial income/(expenses) 764,727 791,703 On January 2023, EDP S.A. has repurchased an amount of 672,800 thousand Euros from the issue \"EUR1.000.000.000 Fixed to Reset Rate Subordinated Notes due 2079\", recognising a cost of 4,802 thousand Euros, on a consolidated and individual basis. The caption Other financial income includes 5,397 thousand Euros related to nominal interests from bonds issued by EDP Finance B.V., repurchased by EDP S.A. (see notes 28 and 45). The effective interest of these instruments amounts to 1,291 thousand Euros (includes the recognition in profit or loss 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.
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"f34036": {
"value": "Financial income and expenses, for the Group, are as follows: Thousand Euros Group Dec 2023 Dec 2022 Financial income Interest income from bank deposits and other investments 133,522 80,689 Interest from derivative financial instruments 72,521 33,600 Interest income on tariff deficit: - Portugal - Electricity (see note 27) 37,166 111 - Brazil - Electricity (see note 39) 6,257 16,664 Other interest income 87,809 65,002 Derivative financial instruments 288,965 223,328 Foreign exchange gains 283,784 353,572 CMEC: - Interest on the initial CMEC 20,404 23,950 - Financial effect considered in the calculation 6,667 7,147 Other financial income 42,403 38,937 979,498 843,000 Financial expenses Interest expense on financial debt 836,313 705,812 Bonds buyback 4,802 - Capitalised borrowing costs: - Assigned to concessions (see note 7) -6,355 -4,442 - Other (see note 17) -131,176 -41,405 Interest from derivative financial instruments 211,419 134,765 Interest expense on tariff deficit: - Portugal - Electricity (see note 27) 2,306 4,484 - Brazil - Electricity (see note 39) 9,253 16,079 Other interest expense 38,182 40,063 Derivative financial instruments 465,797 259,167 Foreign exchange losses 161,920 356,958 CMEC 3,006 5,231 Unwinding of discounted liabilities 138,191 140,955 Unwinding of lease liabilities (see note 40) 47,718 46,146 Net interest on the net pensions plan liability (see note 36) 9,610 5,132 Net interest on the medical liabilities and other benefits (see note 36) 20,029 14,985 Other financial expenses 78,679 69,290 1,889,694 1,753,220 Financial income/(expenses) -910,196 -910,220
Average Close Average Close Currency Dez 2022 Dec 2023 Exchange rates
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: US Dollar USD 1.105 1.081 1.067 1.053 Brazilian Real BRL 5.362 5.401 5.639 5.440 Macao Pataca MOP 8.890 8.719 8.566 8.492 Canadian Dollar CAD 1.464 1.459 1.444 1.369 Singapure Dollar SGD 1.459 1.452 1.430 1.451 Polish Zloty PLN 4.348 4.544 4.690 4.688 Romanian Leu RON 4.975 4.946 4.947 4.931 Pound Sterling GBP 0.869 0.870 0.887 0.853 Mexican Peso MXN 18.690 19.167 20.781 21.198 Colombian Peso COP 4,222.028 4,677.062 5,133.686 4,470.960 Chinese Yuan CNY 7.851 7.660 7.358 7.211 Korean Won WON 1,433.660 1,412.880 1,344.090 1,358.073 Japanese Yen JPY 156.330 151.990 140.660 138.027 Australian Dollar AUD 1.626 1.629 1.579 1.516 Indonesian Rupiah IDR 17,079.710 16,479.616 16,474.654 15,625.767 Malaysian Ringgit MYR 5.078 4.932 4.692 4.629 Thai Bath THB 37.973 37.631 36.648 36.869 Vietnamese Dong VND 26,807.300 25,827.814 25,182.430 24,601.278 Hungarian Forint HUF 382.800 381.853 400.870 391.286 The movement for the period in Exchange differences arising on consolidation is mainly due to the effect of the deppreciation of the US Dollar and the appreciation of 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: Thousand Euros Net investment hedge Cost of Hedging Balance as at 31 December 2022 -860,381 -62,340 Changes in fair value 162,607 45,695 Transfer to income statement resulting from the sale of a foreign currency subsidiary -2,976 - Balance as at 31 December 2023 -700,750 -16,645 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 43) and debt in foreign currency. The caption Cost of hedging corresponds to the amounts determined in accordance with accounting policies (see note 2 d)).
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"f34039": {
"value": "Thousand Euros Group Dec 2023 Dec 2022 Financial income Interest income from bank deposits and other investments 133,522 80,689 Interest from derivative financial instruments 72,521 33,600 Interest income on tariff deficit: - Portugal - Electricity (see note 27) 37,166 111 - Brazil - Electricity (see note 39) 6,257 16,664 Other interest income 87,809 65,002 Derivative financial instruments 288,965 223,328 Foreign exchange gains 283,784 353,572 CMEC: - Interest on the initial CMEC 20,404 23,950 - Financial effect considered in the calculation 6,667 7,147 Other financial income 42,403 38,937 979,498 843,000 Financial expenses Interest expense on financial debt 836,313 705,812 Bonds buyback 4,802 - Capitalised borrowing costs: - Assigned to concessions (see note 7) -6,355 -4,442 - Other (see note 17) -131,176 -41,405 Interest from derivative financial instruments 211,419 134,765 Interest expense on tariff deficit: - Portugal - Electricity (see note 27) 2,306 4,484 - Brazil - Electricity (see note 39) 9,253 16,079 Other interest expense 38,182 40,063 Derivative financial instruments 465,797 259,167 Foreign exchange losses 161,920 356,958 CMEC 3,006 5,231 Unwinding of discounted liabilities 138,191 140,955 Unwinding of lease liabilities (see note 40) 47,718 46,146 Net interest on the net pensions plan liability (see note 36) 9,610 5,132 Net interest on the medical liabilities and other benefits (see note 36) 20,029 14,985 Other financial expenses 78,679 69,290 1,889,694 1,753,220 Financial income/(expenses) -910,196 -910,220
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 17 and 19), 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 funding rates, in use in 2023, ranged from 1.52% to 4.63% in Portugal, from 1.05% to 4.69% in Spain and from 2.28% to 8.22% in North America, depending on related assets under construction and related financing.
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"f34043": {
"value": "Thousand Euros Group Dec 2023 Dec 2022 Financial income Interest income from bank deposits and other investments 133,522 80,689 Interest from derivative financial instruments 72,521 33,600 Interest income on tariff deficit: - Portugal - Electricity (see note 27) 37,166 111 - Brazil - Electricity (see note 39) 6,257 16,664 Other interest income 87,809 65,002 Derivative financial instruments 288,965 223,328 Foreign exchange gains 283,784 353,572 CMEC: - Interest on the initial CMEC 20,404 23,950 - Financial effect considered in the calculation 6,667 7,147 Other financial income 42,403 38,937 979,498 843,000 Financial expenses Interest expense on financial debt 836,313 705,812 Bonds buyback 4,802 - Capitalised borrowing costs: - Assigned to concessions (see note 7) -6,355 -4,442 - Other (see note 17) -131,176 -41,405 Interest from derivative financial instruments 211,419 134,765 Interest expense on tariff deficit: - Portugal - Electricity (see note 27) 2,306 4,484 - Brazil - Electricity (see note 39) 9,253 16,079 Other interest expense 38,182 40,063 Derivative financial instruments 465,797 259,167 Foreign exchange losses 161,920 356,958 CMEC 3,006 5,231 Unwinding of discounted liabilities 138,191 140,955 Unwinding of lease liabilities (see note 40) 47,718 46,146 Net interest on the net pensions plan liability (see note 36) 9,610 5,132 Net interest on the medical liabilities and other benefits (see note 36) 20,029 14,985 Other financial expenses 78,679 69,290 1,889,694 1,753,220 Financial income/(expenses) -910,196 -910,220
Thousand Euros Group Dec 2023 Dec 2022 Financial income Interest income from bank deposits and other investments 133,522 80,689 Interest from derivative financial instruments 72,521 33,600 Interest income on tariff deficit: - Portugal - Electricity (see note 27) 37,166 111 - Brazil - Electricity (see note 39) 6,257 16,664 Other interest income 87,809 65,002 Derivative financial instruments 288,965 223,328 Foreign exchange gains 283,784 353,572 CMEC: - Interest on the initial CMEC 20,404 23,950 - Financial effect considered in the calculation 6,667 7,147 Other financial income 42,403 38,937 979,498 843,000 Financial expenses Interest expense on financial debt 836,313 705,812 Bonds buyback 4,802 - Capitalised borrowing costs: - Assigned to concessions (see note 7) -6,355 -4,442 - Other (see note 17) -131,176 -41,405 Interest from derivative financial instruments 211,419 134,765 Interest expense on tariff deficit: - Portugal - Electricity (see note 27) 2,306 4,484 - Brazil - Electricity (see note 39) 9,253 16,079 Other interest expense 38,182 40,063 Derivative financial instruments 465,797 259,167 Foreign exchange losses 161,920 356,958 CMEC 3,006 5,231 Unwinding of discounted liabilities 138,191 140,955 Unwinding of lease liabilities (see note 40) 47,718 46,146 Net interest on the net pensions plan liability (see note 36) 9,610 5,132 Net interest on the medical liabilities and other benefits (see note 36) 20,029 14,985 Other financial expenses 78,679 69,290 1,889,694 1,753,220 Financial income/(expenses) -910,196 -910,220
Thousand Euros Group Dec 2023 Dec 2022 Financial income Interest income from bank deposits and other investments 133,522 80,689 Interest from derivative financial instruments 72,521 33,600 Interest income on tariff deficit: - Portugal - Electricity (see note 27) 37,166 111 - Brazil - Electricity (see note 39) 6,257 16,664 Other interest income 87,809 65,002 Derivative financial instruments 288,965 223,328 Foreign exchange gains 283,784 353,572 CMEC: - Interest on the initial CMEC 20,404 23,950 - Financial effect considered in the calculation 6,667 7,147 Other financial income 42,403 38,937 979,498 843,000 Financial expenses Interest expense on financial debt 836,313 705,812 Bonds buyback 4,802 - Capitalised borrowing costs: - Assigned to concessions (see note 7) -6,355 -4,442 - Other (see note 17) -131,176 -41,405 Interest from derivative financial instruments 211,419 134,765 Interest expense on tariff deficit: - Portugal - Electricity (see note 27) 2,306 4,484 - Brazil - Electricity (see note 39) 9,253 16,079 Other interest expense 38,182 40,063 Derivative financial instruments 465,797 259,167 Foreign exchange losses 161,920 356,958 CMEC 3,006 5,231 Unwinding of discounted liabilities 138,191 140,955 Unwinding of lease liabilities (see note 40) 47,718 46,146 Net interest on the net pensions plan liability (see note 36) 9,610 5,132 Net interest on the medical liabilities and other benefits (see note 36) 20,029 14,985 Other financial expenses 78,679 69,290 1,889,694 1,753,220 Financial income/(expenses) -910,196 -910,220
Thousand Euros Group Dec 2023 Dec 2022 Financial income Interest income from bank deposits and other investments 133,522 80,689 Interest from derivative financial instruments 72,521 33,600 Interest income on tariff deficit: - Portugal - Electricity (see note 27) 37,166 111 - Brazil - Electricity (see note 39) 6,257 16,664 Other interest income 87,809 65,002 Derivative financial instruments 288,965 223,328 Foreign exchange gains 283,784 353,572 CMEC: - Interest on the initial CMEC 20,404 23,950 - Financial effect considered in the calculation 6,667 7,147 Other financial income 42,403 38,937 979,498 843,000 Financial expenses Interest expense on financial debt 836,313 705,812 Bonds buyback 4,802 - Capitalised borrowing costs: - Assigned to concessions (see note 7) -6,355 -4,442 - Other (see note 17) -131,176 -41,405 Interest from derivative financial instruments 211,419 134,765 Interest expense on tariff deficit: - Portugal - Electricity (see note 27) 2,306 4,484 - Brazil - Electricity (see note 39) 9,253 16,079 Other interest expense 38,182 40,063 Derivative financial instruments 465,797 259,167 Foreign exchange losses 161,920 356,958 CMEC 3,006 5,231 Unwinding of discounted liabilities 138,191 140,955 Unwinding of lease liabilities (see note 40) 47,718 46,146 Net interest on the net pensions plan liability (see note 36) 9,610 5,132 Net interest on the medical liabilities and other benefits (see note 36) 20,029 14,985 Other financial expenses 78,679 69,290 1,889,694 1,753,220 Financial income/(expenses) -910,196 -910,220
Thousand Euros Group Dec 2023 Dec 2022 Financial income Interest income from bank deposits and other investments 133,522 80,689 Interest from derivative financial instruments 72,521 33,600 Interest income on tariff deficit: - Portugal - Electricity (see note 27) 37,166 111 - Brazil - Electricity (see note 39) 6,257 16,664 Other interest income 87,809 65,002 Derivative financial instruments 288,965 223,328 Foreign exchange gains 283,784 353,572 CMEC: - Interest on the initial CMEC 20,404 23,950 - Financial effect considered in the calculation 6,667 7,147 Other financial income 42,403 38,937 979,498 843,000 Financial expenses Interest expense on financial debt 836,313 705,812 Bonds buyback 4,802 - Capitalised borrowing costs: - Assigned to concessions (see note 7) -6,355 -4,442 - Other (see note 17) -131,176 -41,405 Interest from derivative financial instruments 211,419 134,765 Interest expense on tariff deficit: - Portugal - Electricity (see note 27) 2,306 4,484 - Brazil - Electricity (see note 39) 9,253 16,079 Other interest expense 38,182 40,063 Derivative financial instruments 465,797 259,167 Foreign exchange losses 161,920 356,958 CMEC 3,006 5,231 Unwinding of discounted liabilities 138,191 140,955 Unwinding of lease liabilities (see note 40) 47,718 46,146 Net interest on the net pensions plan liability (see note 36) 9,610 5,132 Net interest on the medical liabilities and other benefits (see note 36) 20,029 14,985 Other financial expenses 78,679 69,290 1,889,694 1,753,220 Financial income/(expenses) -910,196 -910,220
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f34239": {
"value": "15. 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 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 this annual Integrated Report. The general principles concerning EDP Group's mission and tax policy are also addressed in the same report as well as on its website (www.edp.com). This document also describes the key principles with respect to the transfer pricing policy applicable to 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, EDP Group fully complies with the annual obligation of communication and report, which results from the transposition into 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 OECD 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 2023 Dec 2022 Europe: Portugal 21% - 31.5% 21% - 31.5% Spain 24% - 25% 24% - 25% Netherlands 19% - 25.8% 15% - 25.8% France 25% 25% Italy 24% - 28.8% 24% - 28.8% Poland 19% 19% Romania 16% 16% Greece 22% 22% Asia Singapore 17% 17% Vietnam 20% 20% America: Brazil 34% 34% Colombia 35% 35% United States of America 24.91% 24.91% Canada 23% - 26.5% 23% - 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, the corporate income tax for a fiscal year may be subject to review and reassessment by the tax authorities during a limited period of time. In Portugal, this period is 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. In Spain, the general period is 4 years, in the Netherlands and in Brazil it is 5 years and in the USA it is 3 years. In other key jurisdictions, the statute of limitation period ranges between 2 and 12 years. Tax losses generated in each year are also subject to the tax authorities' review and reassessment and may be carried forward and set off against income over a time period and limits established in each jurisdiction. In Portugal, Spain, USA, Brazil and the Netherlands, tax losses may be carried forward indefinitely. 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, the 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 represent an extra source of revenue per unit of electricity, over the first 10 years of the asset\u2019s life. Wind and Solar facilities that achieve commercial operations by 2022 or later qualify for the application of the Production Tax Credits ($2.75/KWh being adjusted for inflation in subsequent years). Alternatively, EDP Group companies can, instead of the production tax credit, choose to benefit from the Investment Tax Credit which avails solar and wind projects to a credit based upon its capital expenditures. This credit amount equates to 30% for projects that achieve commercial operations by 2022 or later. Additionally, this credit can increase to 40% or 50% dependent on the i) the use of domestic made equipment and/or ii) locating a project in an economically depressed area or an area that once had a traditional energy facility. Relevant events for EDP Group in 2023 On 22 December 2022, European Union adopted Directive 2022/2523 (Pillar 2), on ensuring a global minimum level of taxation for multinational enterprise groups and large-scale domestic groups in the Union. These rules aim to ensure that multinational enterprises that operate in EU pay an effective minimum rate of tax of 15% on their profits, regardless of the country in which those profits are generated. The directive should have been transposed by Member States by 31 December 2023. Taking into account the preliminary analysis carried out and EDP Group\u00b4s consolidated revenues, it is expected that the Group will be subject to this tax regulation. Portugal did not comply with the transposition deadlines, although it is expected that such transposition occurs during 2024. However, assuming that the transposition will strictly follow the Directive, no top-up tax is expected to be paid by EDP Group. In the countries where EDP Group carries out its activities and where the Pillar 2 rules were already enacted, we expect the safe harbours will apply and therefore no additional tax will be due.
Corporate income tax provision Income tax expense provision is as follows: Thousand Euros Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Current tax -232,239 -374,432 99,701 22,068 Deferred tax -274,980 -24,058 -79,414 35,602 -507,219 -398,490 20,287 57,670 Reconciliation between the theoretical and the effective income tax expense The effective income tax rate is as follows: Thousand Euros Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Profit before tax and CESE 1,887,974 1,619,773 803,349 790,895 Income tax expense -507,219 -398,490 20,287 57,670 Effective income tax rate 26.9% 24.6% -2.5% -7.3% The difference between the theoretical and the effective income tax expense results from the application of the tax law provisions, in the various countries where EDP operates, in accordance with the accounting standards that are the basis for the preparation and disclousure of its financial statements, 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 2023 and 2022, is as follows: Thousand Euros Dec 2023 Dec 2022 Profit before income tax and CESE 1,887,974 1,619,773 Theoretical income tax rate * 29.5% 29.5% Theoretical income tax expense 556,952 477,833 Different tax rates (includes state surcharge) and CIT rate changes 20,327 5,212 Tax losses, tax credits and benefits -27,687 -113,884 Dividends 6,863 -22,179 Differences between accounting and fiscal provisions/depreciations 7,614 80,891 Accounting/fiscal differences on the recognition/derecognition of assets -81,110 7,634 Taxable differences attributable to non-controlling interests -15,178 -18,870 Other adjustments and changes in estimates 39,438 -18,147 Effective income tax expense as per the Consolidated Income Statement 507,219 398,490 * The average rate that best represents the distribution of the various applicable tax rates for EDP Group companies taking into account their activity. In December 2022. 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 impact related to the non-taxation of capital gains resulting from the sale of a set of wind farms in Europe (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 December 2023 and 2022, is as follows: Thousand Euros Dec 2023 Dec 2022 Profit before income tax 803,349 790,895 Nominal income tax rate 21% 21% Theoretical income tax expense 168,703 166,088 Tax losses, tax credits and benefits 7,813 -11,943 Dividends -193,705 -209,151 Accounting/fiscal temporary differences on the recognition / derecognition of assets -272 -9,780 Other adjustments and changes in estimates -2,826 7,116 Effective income tax expense as per the Company Income Statement -20,287 -57,670
25. 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 2023, on a consolidated basis, the movements by nature of Deferred Tax Assets and Liabilities are as follows: Deferred Tax Assets Perimeter variations, Balance at 1 Mov. Results Mov. exchange Balance at 31 January Reserves differences December and Thousand Euros others Tax losses and tax credits 1,360,575 -99,049 1,291 -117,124 1,145,693 Provisions for social benefits, bad debts, dismt. and other risks 603,822 -30,167 -35,088 1,477 540,044 Derivative financial instruments and Equity investments 796,860 -364,395 19,503 253,592 705,560 Property plant and equipment and intangible assets 265,413 -17,682 619 558 248,908 Allocation of fair value to assets and liabilities acquired 79,680 -13,933 -87,854 31,870 9,763 Fiscal revaluations 221,431 -50,112 - - 171,319 Lease liabilities and other temporary differences 348,882 46,208 -1,146 1,184 395,128 Assets/liabilities compensation of deferred taxes -1,892,371 -79,215 378 164,125 -1,807,083 1,784,292 -608,345 -102,297 335,682 1,409,332 Deferred Tax Liabilities Perimeter variations, Balance at 1 Mov. Results Mov. exchange Balance at 31 January Reserves differences December and Thousand Euros others Provisions for social benefits, bad debts, dismt. and other risks 16,644 601 2,043 - 19,288 Derivative financial instruments and Equity investments 307,270 -318,674 335,196 -4,907 318,885 Property plant and equip., intang. assets and right-of-use 758,981 82,081 - -24,097 816,965 Allocation of fair value to assets and liabilities acquired 1,159,890 -51,265 1,841 98,152 1,208,618 Fiscal revaluations 52,718 -2,645 - - 50,073 Deferred income relating to CMEC 183,959 -2,702 - - 181,257 Gains from institutional partnerships in wind farms 440,264 6,325 90 -15,424 431,255 Fair value of financial assets (Brazil) 100,607 22,056 - 5,355 128,018 Other temporary differences 116,631 10,073 -3,707 8,950 131,947 Assets/liabilities compensation of deferred taxes -1,892,371 -79,215 378 164,125 -1,807,083 1,244,593 -333,365 335,841 232,154 1,479,223 Provisions for social benefits, bad debts, dismt. and other risks, Lease liabilities and other temporary differences and Property plant and equip., intang. assets and right-of-use include deferred tax assets and deferred tax liabilities related with the recognition of provisions for dismantling, as well as deferred tax assets and deferred tax liabilities relating to lease contracts, pursuant to the amendments to IAS 12 - Income taxes as mentioned in note 3.
As at a 31 December 2022, on a consolidated basis, the movement by nature of Net Deferred Tax Assets and Liabilities are as follows: Net Deferred Tax Assets Perimeter variations, Balance at 1 Mov. Results Mov. exchange Balance at 31 January Reserves differences December and Thousand Euros others Tax losses and tax credits 1,205,963 64,229 3,244 87,139 1,360,575 Provisions for social benefits, bad debts, dismt. and other risks 694,421 -54,095 -87,838 51,334 603,822 Derivative financial instruments and Equity investments 843,640 -23,260 80,863 -104,383 796,860 Property plant and equipment and intangible assets 320,510 -52,640 - -2,457 265,413 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 Lease liabilities and other temporary differences 73,999 29,038 -387 246,232 348,882 Assets/liabilities compensation of deferred taxes -1,942,215 -70,484 3,400 116,928 -1,892,371 1,508,811 -204,199 84,197 395,483 1,784,292 Net Deferred Tax Liabilities Perimeter variations, Balance at 1 Mov. Results Mov. exchange Balance at 31 January Reserves differences December and Thousand Euros others Provisions for social benefits, bad debts and other risks 19,598 -243 -3,179 468 16,644 Derivative financial instruments and Equity investments 617,094 -182,186 -64,741 -62,897 307,270 Property plant and equip., intang. assets and right-of-use 376,071 37,784 - 345,126 758,981 Reinvested gains 3,705 -30 - -1 3,674 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 Fair value of financial assets (Brazil) 69,235 23,971 - 7,401 100,607 Other temporary differences 95,879 13,758 -244 3,004 112,397 Assets/liabilities compensation of deferred taxes -1,942,215 -70,484 3,400 116,928 -1,892,371 989,078 -180,141 -64,856 500,512 1,244,593 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 2023, on a Company basis, the movements by nature of Deferred Tax Assets and Liabilities are as follows: Deferred Tax Assets Balance Mov. Balance at 31 at 1 Mov. Results Reserves Others December Thousand Euros January Tax losses and tax credits 159,351 -83,716 - -21,786 53,849 Provisions for social benefits, bad debts and other risks 7,558 130 -303 133 7,518 Derivative financial instruments 280,416 - -280,401 - 15 Property plant and equipment 1,889 242 - 1 2,132 Other temporary differences 2,945 -9 - -21 2,915 Assets/liabilities compensation of deferred taxes -137,399 3,939 114,811 1 -18,648 314,760 -79,414 -165,893 -21,672 47,781 Deferred Tax Liabilities Balance Mov. Balance at 31 at 1 Mov. Results Reserves Others December Thousand Euros January Derivative financial instruments 119,818 - -114,811 - 5,007 Allocation of fair value to assets and liabilities acquired 5,941 - - - 5,941 Fiscal revaluations 163 -5 - - 158 Other temporary differences 11,477 -3,934 - -1 7,542 Assets/liabilities compensation of deferred taxes -137,399 3,939 114,811 1 -18,648 - - - - -
On an individual basis, the variations of these captions are justified by the transfer of the energy management activity on 1 February 2023 to EDP GEM Portugal, S.A. (see note 13). As at a 31 December 2022, on a Company basis, the movement by nature of Net Deferred Tax Assets and Liabilities are as follows: Net Deferred Tax Assets Balance Mov. Balance at 31 at 1 Mov. Results Reserves Others December Thousand Euros January 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 -3,394 230,191 -2,395 -137,399 37,218 35,602 284,446 -42,506 314,760 Net Deferred Tax Liabilities Balance Mov. Balance at 31 at 1 Mov. Results Reserves Others December Thousand Euros January 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 -3,394 230,191 -2,395 -137,399 - - - - - Taxes recorded against reserves are as follows: Group Company Thousand Euros Dec 2023 Dec 2022 Dec 2023 Dec 2022 Financial instruments and fair value -390,719 233,936 -165,590 285,062 Actuarial gains and losses -35,544 -88,828 -303 -616 Financial instruments and equity instruments at fair value OCI -1,568 3,856 - - Others 3,311 89 - - -424,520 149,053 -165,893 284,446 The Group tax losses carried forward are analysed as follows: Thousand Euros Group Dec 2023 Dec 2022 Expiry date: 2023 - 2,983 2024 10,271 3,245 2025 32,383 8,793 2026 54,002 19,640 2027 34,759 62,870 2028 35,613 4,985 2029 to 2040 2,391,428 2,340,336 Without expiry date 2,180,982 3,356,636 4,739,440 5,799,488 Of the total of EDP Group\u2019s tax losses available to carry forward as at 31 December 2023, the amount of 705,235 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. In addition to the above, EDPR North America LLC has State tax losses and the associated deferred tax asset amounts to 70,642 thousand Euros as at 31 December 2023 (78,566 thousand Euros as at 31 December 2022).
29. Tax assets Current tax assets are as follows: Thousand Euros Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Non-Current: Special taxes Brazil 122,749 109,902 - - Current: Income tax 316,446 188,981 142,134 44,305 Value added tax (VAT) 375,171 516,010 7,502 149,058 Special taxes Brazil 78,171 87,004 - - Other taxes 60,380 22,303 876 877 830,168 814,298 150,512 194,240 952,917 924,200 150,512 194,240 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). On an individual basis, the variation of the caption Value added tax (VAT) is justified by the transfer of the energy management activity on 1 February 2023 to EDP GEM Portugal, S.A. (see note 13).
41. Tax liabilities Tax liabilities are as follows: Thousand Euros Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Non Current Special tax Brazil 138,834 179,250 - - Current Income tax 223,894 163,784 140,751 28,913 Withholding tax 68,224 85,207 1,137 1,322 Value Added Tax (VAT) 196,314 558,718 390 3,097 Special taxes Brazil 88,948 50,510 - - Other taxes 156,443 142,883 1,347 1,370 733,823 1,001,102 143,625 34,702 872,657 1,180,352 143,625 34,702 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). On an individual basis, the variation of the caption Income Tax is justified by the transfer of the energy management activity on 1 February 2023 to EDP GEM Portugal, S.A. (see note 13).
17. 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 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 Gross Amount 110,026 366,002 38,542,979 676,932 6,698,684 46,394,623 Accumulated depreciation and impairment losses - 184,321 19,259,620 531,520 340,400 20,315,861 Carrying Amount at 31 December 2023 110,026 181,681 19,283,359 145,412 6,358,284 26,078,762 Balance as at 1 January 2022 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 Additions 3,308 1,169 217,718 21,149 4,748,725 4,992,069 Depreciation and impairment (see note 12) - -9,147 -1,132,060 -51,623 -183,795 -1,376,625 Disposals/Write-offs -261 -372 -4,370 -1,463 -21,022 -27,488 Transfers (see note 42) 155 3,749 2,734,869 30,299 -3,255,183 -486,111 Exchange Differences 943 5,841 -196,840 -11 15,791 -174,276 Perimeter Variations and Other 5,968 -50,036 -1,002,999 347 -18,894 -1,065,614 Balance as at 31 December 2023 110,026 181,681 19,283,359 145,412 6,358,284 26,078,762
This caption is as follows, for the Company: Land and Buildings Plant Other Assets Thousand Euros natural resources and other construct. and machinery tangible assets under construct. Total 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 Gross Amount 1,618 25,546 737 96,650 18,482 143,033 Accumulated depreciation and impairment losses - 23,398 308 76,286 - 99,992 Carrying Amount at 31 December 2023 1,618 2,148 429 20,364 18,482 43,041 Balance as at 1 January 2022 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 Additions - - - 3,463 13,597 17,060 Depreciation and impairment (see note 12) - -97 -59 -6,002 - -6,158 Disposals/Write-offs -3 - - -146 -104 -253 Transfers - 323 - 3,632 -3,955 - Other -2,960 -7,126 -111 -312 -647 -11,156 Balance as at 31 December 2023 1,618 2,148 429 20,364 18,482 43,041 Gross amount of Assets under construction are as follows: Thousand Euros Dec 2023 Dec 2022 Wind and solar farms in North America 3,675,125 2,589,575 Wind and solar farms in Europe 1,085,830 1,072,644 Wind and solar farms in South America 1,389,904 1,098,165 Wind and solar farms in Southeast Asia 78,085 108,299 Conventional generation, energy management and client solutions assets 244,802 174,707 Other assets under construction 224,938 153,035 6,698,684 5,196,425 The capitalised costs for Property, plant and equipment for the period, except Land and natural resources, are as follows: Thousand Euros Dec 2023 Dec 2022 Subcontracts and other materials 4,570,818 3,540,948 Purchase price allocation 105,788 74,213 Dismantling and decommissioning costs (see note 37) 26,434 9,841 Personnel costs (see note 10) 154,545 126,948 Borrowing costs (see note 14) 131,176 41,405 4,988,761 3,793,355 Additions mainly include the investment in wind and solar farms by EDP Renov\u00e1veis. Depreciation and impairment includes: i) impairment in combined cycle thermoelectric plants in Portugal, amounting to 35,291 thousand Euros in Lares and 51,321 thousand Euros in Ribatejo; ii) 22,074 thousand Euros related to Greenvouga hydroelectric plant; iii) 33,188 thousand Euros related to coal-fired power plants in Spain and; iv) 178,329 thousand Euros related to assets in Colombia. Additionally, it reflects the reversal of impairments in Romania in the amount of 37,797 thousand Euros (see note 12). In the impairment tests carried out, EDP's energy transition strategy, namely the strategic goal of being \"coal free\" by 2025, was also considered, with a significant impact on the tests performed on the thermal generation assets (see note 49).
Transfers include the reclassification of some solar generation assets in North America to non-current assets held for sale (see note 42). Perimeter Variations and Other include decreases in the amount of 708,626 thousand Euros, resulting from the sales of onshore wind portfolios in Spain, Poland and Brazil, and in the amount of 433,030 thousand Euros, resulting from the sales of the companies owning the coal-fired power plants in Spain and in Brazil. Additionally, it includes an increase of 98,311 thousand Euros from the acquisitions of Enerdeal Group S.A. and its subsidiaries, of the company San Juan de Bargas E\u00f3lica, S.L. and of a distributed solar generation portfolio in North America (see note 6). ",
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"f35145": {
"value": "19. Intangible assets This caption is as follows, for the Group: Intangible Concession CO2 Other assets Thousand Euros rights Licenses intangibles in progress Total 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 Gross amount 12,844,546 6,237 2,662,180 237,744 15,750,707 Accumulated amortisation and impairment losses 9,943,336 - 982,598 - 10,925,934 Carrying Amount at 31 December 2023 2,901,210 6,237 1,679,582 237,744 4,824,773 Balance as at 1 January 2022 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 Additions 1,126 1,086,622 4,193 167,683 1,259,624 Amortisation and impairment (see note 12) -416,861 - -147,824 - -564,685 Disposals/Write-offs -4,549 -1,105,936 -558 -1,885 -1,112,928 Transfers 211,921 - 145,807 -162,373 195,355 Exchange Differences 30,726 - -10,192 91 20,625 Perimeter Variations and Other 2,529 - 41,403 -1,152 42,780 Balance as at 31 December 2023 2,901,210 6,237 1,679,582 237,744 4,824,773
This caption is as follows, for the Company: Other Intangible assets Thousand Euros intangibles in progress Total 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 Gross amount 257,050 70,987 328,037 Accumulated amortisation and impairment losses 182,167 - 182,167 Carrying Amount at 31 December 2023 74,883 70,987 145,870 Balance as at 1 January 2022 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 29,695 29,695 Amortisation and impairment (see note 12) -23,840 -23,840 Transfers 13,626 -24,306 -10,680 Balance as at 31 December 2023 74,883 70,987 145,870 Additions of CO2 Licenses include CO2 Licenses granted free of charge to EDP Group power plants and licenses purchased in the market for own consumption. Disposals/Write-offs mainly include the delivery, in April 2023, of the licenses relating to 2022 consumption. Additions of Intangible assets in progress essentially include the implementation and development of information systems projects. Transfers essentially refer to the intangible assets assigned to concessions that became operational, in the amount of 196,172 thousand Euros (see note 27). On an individual basis, Transfers include the impact of the transfer of the energy management activity on 1 February 2023 to EDP GEM Portugal, S.A. (see note 13). Perimeter Variations and Other includes the impact of the acquisition of a distributed solar generation portfolio in North America (see notes 6). The capitalised costs of the period related to construction of intangible assets are included in own work capitalised in notes 7, 10 and 14. 19. Intangible assets This caption is as follows, for the Group: Intangible Concession CO2 Other assets Thousand Euros rights Licenses intangibles in progress Total 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 Gross amount 12,844,546 6,237 2,662,180 237,744 15,750,707 Accumulated amortisation and impairment losses 9,943,336 - 982,598 - 10,925,934 Carrying Amount at 31 December 2023 2,901,210 6,237 1,679,582 237,744 4,824,773 Balance as at 1 January 2022 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 Additions 1,126 1,086,622 4,193 167,683 1,259,624 Amortisation and impairment (see note 12) -416,861 - -147,824 - -564,685 Disposals/Write-offs -4,549 -1,105,936 -558 -1,885 -1,112,928 Transfers 211,921 - 145,807 -162,373 195,355 Exchange Differences 30,726 - -10,192 91 20,625 Perimeter Variations and Other 2,529 - 41,403 -1,152 42,780 Balance as at 31 December 2023 2,901,210 6,237 1,679,582 237,744 4,824,773
This caption is as follows, for the Company: Other Intangible assets Thousand Euros intangibles in progress Total 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 Gross amount 257,050 70,987 328,037 Accumulated amortisation and impairment losses 182,167 - 182,167 Carrying Amount at 31 December 2023 74,883 70,987 145,870 Balance as at 1 January 2022 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 29,695 29,695 Amortisation and impairment (see note 12) -23,840 -23,840 Transfers 13,626 -24,306 -10,680 Balance as at 31 December 2023 74,883 70,987 145,870 Additions of CO2 Licenses include CO2 Licenses granted free of charge to EDP Group power plants and licenses purchased in the market for own consumption. Disposals/Write-offs mainly include the delivery, in April 2023, of the licenses relating to 2022 consumption. Additions of Intangible assets in progress essentially include the implementation and development of information systems projects. Transfers essentially refer to the intangible assets assigned to concessions that became operational, in the amount of 196,172 thousand Euros (see note 27). On an individual basis, Transfers include the impact of the transfer of the energy management activity on 1 February 2023 to EDP GEM Portugal, S.A. (see note 13). Perimeter Variations and Other includes the impact of the acquisition of a distributed solar generation portfolio in North America (see notes 6). The capitalised costs of the period related to construction of intangible assets are included in own work capitalised in notes 7, 10 and 14. 20. 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 Networks Renewables, Clients & EM Total Balance as at 1 January 2022 673,834 1,705,552 2,379,386 Increases - 1,093,149 1,093,149 Decreases/Regularisations - -52,478 -52,478 Exchange differences - 49,171 49,171 Balance as at 31 December 2022 673,834 2,795,394 3,469,228 Increases - 49,083 49,083 Decreases/Regularisations - -101,818 -101,818 Impairment (see note 12) - - 4 598 - 4 598 Exchange differences - -33,092 -33,092 Balance as at 31 December 2023 673,834 2,704,969 3,378,803 Renewables, Clients & Energy Management As at 31 December 2023, increases in goodwill include (i) 10,030 thousand Euros related with the acquisition of the company Enerdeal Group S.A. and its subsidiaries, (ii) 14,511 thousand Euros related with the acquisition of a distributed solar generation portfolio in North America, and (iii) 16,983 thousand Euros from the acquisition of the company ITP Development Pty. Ltd. and its subsidiaries (see note 6). The Decreases/Regularisations include the impact of the sale of an onshore wind generation portfolio in Spain, in the amount of 53,888 thousand Euros (see note 6), as well as adjustments resulting from business combinations carried out over the last 12 months and whose assessment to determine the fair value of assets and liabilities is still ongoing. Additionally, include the amount of 2,830 thousand Euros referring to the reclassification of goodwill related to a solar portfolio in North America to non-current assets held for sale (see note 42). 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 of assets correponds to the higher of their fair value less costs to sell and 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. Following the Strategic Plan Update 2023-2026, announced in the last 2 March 2023, the Executive Board of Directors reorganized the business segments in order to be aligned with this new view, with effect from 1 January 2023 (see note 51). EDP Group segments based on which the Group monitors its activity are as follows: \u2022 Renewables, Clients & Energy Management - corresponds to the activity of generation of electricity from renewable sources, mainly hydro, wind and solar. This segment also 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; and \u2022 Networks - corresponds to the electricity distribution and transmission activity, including regulated energy retailers; 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, Clients & Energy Management 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 and reflect EDP Group\u2019s best estimate of the risks specific to each CGU (see note 12). Impairment tests were performed taking into account the regulatory changes in each country known at the end 2023. The impairment tests carried out on Goodwill did not lead to any impairment registration in 2023. Goodwill impairment test analysis \u2013 Networks 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 are disclosed in Note 12. 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; and - 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. 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 Networks Renewables, Clients & EM Total Balance as at 1 January 2022 673,834 1,705,552 2,379,386 Increases - 1,093,149 1,093,149 Decreases/Regularisations - -52,478 -52,478 Exchange differences - 49,171 49,171 Balance as at 31 December 2022 673,834 2,795,394 3,469,228 Increases - 49,083 49,083 Decreases/Regularisations - -101,818 -101,818 Impairment (see note 12) - - 4 598 - 4 598 Exchange differences - -33,092 -33,092 Balance as at 31 December 2023 673,834 2,704,969 3,378,803 Renewables, Clients & Energy Management As at 31 December 2023, increases in goodwill include (i) 10,030 thousand Euros related with the acquisition of the company Enerdeal Group S.A. and its subsidiaries, (ii) 14,511 thousand Euros related with the acquisition of a distributed solar generation portfolio in North America, and (iii) 16,983 thousand Euros from the acquisition of the company ITP Development Pty. Ltd. and its subsidiaries (see note 6). The Decreases/Regularisations include the impact of the sale of an onshore wind generation portfolio in Spain, in the amount of 53,888 thousand Euros (see note 6), as well as adjustments resulting from business combinations carried out over the last 12 months and whose assessment to determine the fair value of assets and liabilities is still ongoing. Additionally, include the amount of 2,830 thousand Euros referring to the reclassification of goodwill related to a solar portfolio in North America to non-current assets held for sale (see note 42). 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 of assets correponds to the higher of their fair value less costs to sell and 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. Following the Strategic Plan Update 2023-2026, announced in the last 2 March 2023, the Executive Board of Directors reorganized the business segments in order to be aligned with this new view, with effect from 1 January 2023 (see note 51). EDP Group segments based on which the Group monitors its activity are as follows: \u2022 Renewables, Clients & Energy Management - corresponds to the activity of generation of electricity from renewable sources, mainly hydro, wind and solar. This segment also 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; and \u2022 Networks - corresponds to the electricity distribution and transmission activity, including regulated energy retailers; 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, Clients & Energy Management 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 and reflect EDP Group\u2019s best estimate of the risks specific to each CGU (see note 12). Impairment tests were performed taking into account the regulatory changes in each country known at the end 2023. The impairment tests carried out on Goodwill did not lead to any impairment registration in 2023. Goodwill impairment test analysis \u2013 Networks 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 are disclosed in Note 12. 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; and - 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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},
"f35646": {
"value": "22. Investments in joint ventures and associates This caption is as follows: Thousand Euros Group Dec 2023 Dec 2022 Investments in joint ventures 1,269,906 1,333,871 Investments in associates 288,211 271,872 1,558,117 1,605,743 As at 31 December 2023, for the Group, this caption includes goodwill in investments in joint ventures of 8,047 thousand Euros (31 December 2022: 8,047 thousand Euros) and goodwill in investments in associates of 19,273 thousand Euros (31 December 2022: 28,131 thousand Euros). The movement in Investments in joint ventures and associates, for the Group, is as follows: Thousand Euros Group Dec 2023 Group Dec 2022 Balance at the beginning of the period 1,605,743 1,350,445 Acquisitions/Entries 18,886 25,058 Increases/Decreases of share capital 55,908 -929 Disposals (see note 6) -28,610 -49,276 Share of profit for the period 71,176 208,587 Dividends -76,972 -74,311 Exchange differences 3,415 69,381 Cash flow hedging reserve -87,652 47,579 Transfer to Assets held for sale (see note 42) 11,141 56,496 Other -14,918 -27,287 Balance at the end of the period 1,558,117 1,605,743 The caption Increases/Decreases of share capital essentially refers to a capital increase of 73,428 thousand Euros of EDP Renov\u00e1veis S.A. in OW Offshore, S.L. and a capital decrease of 18,515 thousand Euros of EDP Energias do Brasil, S.A. in Companhia Energ\u00e9tica do JARI - CEJA. The caption Joint ventures and associates in the Consolidated Income Statement includes: i) a positive amount of 71,176 thousand Euros from result of these investments; ii) gains of 23,556 thousand Euros and 3,275 thousand Euros, respectively, from the sale of Principle Power, Inc and Zypho, S.A. stake (see note 6); iii) a loss of 10,566 thousand Euros from the sale of Ge\u00f3lica Magall\u00f3n, S.L. (see note 6); iv) Impairements in the amount of 12,206 thousand Euros related to these investments; and v) a gain of 2,477 thousand Euros resulting from the sale of smaller investments. 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 2023: 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 275,793 300,850 637,767 231,193 176,022 297,047 Current Assets 28,083 -59 59,811 26,087 9,339 8,686 Cash and cash equivalents 14,007 40 38,438 19,004 8,328 - Total Equity 165,845 217,389 324,246 103,637 177,947 206,674 Long term Financial debt 63,682 - 332,342 126,533 - - Non-Current Liabilities 92,051 77,168 345,049 135,671 4,296 96,387 Short term Financial debt 10,125 - 18,613 12,488 - 39 Current Liabilities 45,980 6,234 28,283 17,972 3,118 2,672 Revenues 62,699 16,115 82,752 32,359 9,243 24,911 Property plant and equipment and intangibles amortization/impairment -9,760 -9,708 -22,936 -8,489 -14,341 -8,867 Other financial expenses -7,023 -3,202 -38,108 -15,252 -58 -2,317 Income tax expense -1,151 - 2,728 386 - - Net profit for the period 35,046 18,046 -5,333 -744 -18,775 29,868 Amounts proportionally attributed to EDP Group Net assets 109,253 96,905 108,084 52,062 90,063 40,327 Goodwill - - - - - - Dividends paid 12,717 2,530 - - 14,940 3,313
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 594,753 193,094 3,582,387 502,088 451,808 650,212 Current Assets 9,257 949 575,929 11,599 13,871 154,413 Cash and cash equivalents 200 - 222,488 1 1 43,262 Total Equity 108,645 151,444 1,004,825 219,159 121,934 297,168 Long term Financial debt - - 1,534,036 - - 6,024 Non-Current Liabilities 473,348 39,310 2,606,330 288,169 338,364 39,484 Short term Financial debt 536 23 6,323 146 152 2,016 Current Liabilities 22,017 3,289 547,161 6,359 5,382 467,973 Revenues 34,922 10,990 69,363 39,421 30,107 82,986 Property plant and equipment and intangibles amortization/impairment -24,027 -10,180 -8,700 -22,014 -18,222 -20,582 Other financial expenses -18,105 -1,623 -161,732 -13,390 -16,378 -1,764 Income tax expense - - 3,986 - - 499 Net profit for the period 30,739 9,850 -20,760 37,554 24,879 -8,157 Amounts proportionally attributed to EDP Group Net assets 47,788 68,630 450,073 62,557 43,493 100,672 Goodwill - - 5,352 - - 2,695 Dividends paid 4,005 3,332 - 4,448 4,200 8,565 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 associates whose investment is included in the Group consolidated accounts under the equity method, as at 31 December 2023: Thousand Euros Porto Pec\u00e9m Celesc Gera\u00e7\u00e3o de Energia, S.A. Parque E\u00f3lico Madero E\u00f3lica de S\u00e3o Juli\u00e3o, Lda. Other Companies' financial information of associates Non-Current Assets 595,037 338,199 39,330 4,942 49,540 Current Assets 60,802 136,915 36,301 25,984 40,146 Total Equity 608,380 173,874 54,369 14,928 29,101 Non-Current Liabilities 5,508 198,748 4,365 8,901 33,735 Current Liabilities 41,951 102,492 16,897 7,097 26,850 Revenues - 166,362 12,195 11,827 61,558 Net profit for the period 119,602 68,930 2,995 5,522 -7,092 Amounts proportionally attributed to EDP Group Net assets 176,937 21,113 22,835 25,609 41,717 Goodwill - - - 1,457 17,816 Dividends paid 13,877 - - - 5,045 Other include companies with Financial Statements as of 31 December 2023, 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 2023. 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
The column Other include companies with financial statements as of 31 December 2023, 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 2023. As at 31 December 2023, 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. 324,246 33.33% - - - 108,084 Energ\u00e9tica JARI - CEJA 165,845 50.00% 26,330 - - 109,253 Flat Rock Windpower LLC 177,947 50.00% - - 1,090 90,063 Energia Cachoeira Caldeir\u00e3o 103,637 50.00% 243 - - 52,062 Goldfinger Vento 151,444 50.00% -7,092 - - 68,630 OW Offshore, S.L. 1,004,825 50.00% -53,875 5,352 -3,816 450,073 Portfolio Vento XVII 219,159 20.00% 18,725 - - 62,557 Portfolio Vento XIX 121,934 20.00% 19,106 - - 43,493 Portfolio Vento XX 108,645 20.00% 26,059 - - 47,788 Sol V - Riverstart 206,674 20.00% -1,008 - - 40,327 Goldfinger Vento II 217,389 50.00% -11,790 - - 96,905 Centrais el\u00e9ctricas de Santa Catarina, S.A. - Celesc 608,380 29.90% - - -4,948 176,937 Porto do Pec\u00e9m Gera\u00e7\u00e3o de Energia, S.A. 173,874 20.00% -13,263 - -398 21,113 Parque E\u00f3lico Sierra del Madero S.A. 54,369 42.00% 22,835 - 22,835 E\u00f3lica de S\u00e3o Juli\u00e3o, Lda. 14,928 45.00% - 1,457 17,434 25,609 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 2023 and 2022, 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: Capital outstanding by maturity Thousand Euros Dec 2023 Dec 2022 Less than 1 year 302,949 315,451 From 1 to 3 years 16,107 15,109 From 3 to 5 years 3,582 3,635 More than 5 years 55,350 55,228 377,988 389,423 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 North America, 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: HC Tudela Cogeneraci\u00f3n, S.L. Abo\u00f1o - Carre\u00f1o 306,030 EUR 50.10% Porto do Pec\u00e9m Gera\u00e7\u00e3o de Energia, S.A. Cear\u00e1 508,504,849 BRL 20.00% Electricity Distribution: % Company % Group Share capital / Currency HeadOffice Associated companies * % Company % Group Share capital / Currency HeadOffice Joint Ventures entities * AMBERTREE - Tecnologia para Redes de Energia Electrica, Lda Renewable Energy Activity: Lisbon 5,000 EUR 26.00% Biomasas del Pirineo, S.A. Huesca 454,896 EUR 21.38% Blue Canyon Windpower LLC Texas 63,851,000 USD 18.74% Desarrollos E\u00f3licos de Canarias, S.A. Las Palmas 1,817,130 EUR 31.89% E\u00f3lica de S\u00e3o Juli\u00e3o, Lda. Lourinh\u00e3 500,000 EUR 32.07% Eos Pax IIa, S.L. La Coru\u00f1a 6,010 EUR 34.57% Hytlantic, S.A. Sines 50,000 EUR 20.31% Parque E\u00f3lico Belmonte, S.A. Madrid 120,400 EUR 21.31% Parque E\u00f3lico Sierra del Madero, S.A. Madrid 7,193,970 EUR 29.93% Powersource Sunseap Corp. Makati City - PHP 28.51% Powersource Sunseap Solar Solution Corp. Makati City - PHP 28.51% Promotores Villarrubia Elevaci\u00f3n, S.L. Madrid 3,018 EUR 23.43% Promotores Villarrubia Morata 200KV, S.L. Madrid 3,000 EUR 31.09% Solar Siglo XXI, S.A. Ciudad Real 80,000 EUR 17.82% Uni\u00f3n de Generadores de Energ\u00eda, S.L. Zaragoza 23,044 EUR 35.64% Other Activities: Centrais El\u00e9tricas de Santa Catarina, S.A. - Celesc Santa Catarina 2,480,000,000 BRL 29.90% Endeco Technologies Limited Dublin 15,756,606 EUR 16.90% SCNET - Sino-Portuguese Centre Shanghai 21,600,000 CNY 40.00% Solar Works! B.V. Rotterdam 10,388,188 USD 36.38% 36.38% Vertequip, Equipamentos e Trabalhos Verticais, Lda Chamusca 347,139 EUR 23.66% WPVT, S.A. Oporto 75,000 EUR 20.00%
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f35648": {
"value": "22. Investments in joint ventures and associates This caption is as follows: Thousand Euros Group Dec 2023 Dec 2022 Investments in joint ventures 1,269,906 1,333,871 Investments in associates 288,211 271,872 1,558,117 1,605,743 As at 31 December 2023, for the Group, this caption includes goodwill in investments in joint ventures of 8,047 thousand Euros (31 December 2022: 8,047 thousand Euros) and goodwill in investments in associates of 19,273 thousand Euros (31 December 2022: 28,131 thousand Euros). The movement in Investments in joint ventures and associates, for the Group, is as follows: Thousand Euros Group Dec 2023 Group Dec 2022 Balance at the beginning of the period 1,605,743 1,350,445 Acquisitions/Entries 18,886 25,058 Increases/Decreases of share capital 55,908 -929 Disposals (see note 6) -28,610 -49,276 Share of profit for the period 71,176 208,587 Dividends -76,972 -74,311 Exchange differences 3,415 69,381 Cash flow hedging reserve -87,652 47,579 Transfer to Assets held for sale (see note 42) 11,141 56,496 Other -14,918 -27,287 Balance at the end of the period 1,558,117 1,605,743 The caption Increases/Decreases of share capital essentially refers to a capital increase of 73,428 thousand Euros of EDP Renov\u00e1veis S.A. in OW Offshore, S.L. and a capital decrease of 18,515 thousand Euros of EDP Energias do Brasil, S.A. in Companhia Energ\u00e9tica do JARI - CEJA. The caption Joint ventures and associates in the Consolidated Income Statement includes: i) a positive amount of 71,176 thousand Euros from result of these investments; ii) gains of 23,556 thousand Euros and 3,275 thousand Euros, respectively, from the sale of Principle Power, Inc and Zypho, S.A. stake (see note 6); iii) a loss of 10,566 thousand Euros from the sale of Ge\u00f3lica Magall\u00f3n, S.L. (see note 6); iv) Impairements in the amount of 12,206 thousand Euros related to these investments; and v) a gain of 2,477 thousand Euros resulting from the sale of smaller investments. 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 2023: 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 275,793 300,850 637,767 231,193 176,022 297,047 Current Assets 28,083 -59 59,811 26,087 9,339 8,686 Cash and cash equivalents 14,007 40 38,438 19,004 8,328 - Total Equity 165,845 217,389 324,246 103,637 177,947 206,674 Long term Financial debt 63,682 - 332,342 126,533 - - Non-Current Liabilities 92,051 77,168 345,049 135,671 4,296 96,387 Short term Financial debt 10,125 - 18,613 12,488 - 39 Current Liabilities 45,980 6,234 28,283 17,972 3,118 2,672 Revenues 62,699 16,115 82,752 32,359 9,243 24,911 Property plant and equipment and intangibles amortization/impairment -9,760 -9,708 -22,936 -8,489 -14,341 -8,867 Other financial expenses -7,023 -3,202 -38,108 -15,252 -58 -2,317 Income tax expense -1,151 - 2,728 386 - - Net profit for the period 35,046 18,046 -5,333 -744 -18,775 29,868 Amounts proportionally attributed to EDP Group Net assets 109,253 96,905 108,084 52,062 90,063 40,327 Goodwill - - - - - - Dividends paid 12,717 2,530 - - 14,940 3,313
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 594,753 193,094 3,582,387 502,088 451,808 650,212 Current Assets 9,257 949 575,929 11,599 13,871 154,413 Cash and cash equivalents 200 - 222,488 1 1 43,262 Total Equity 108,645 151,444 1,004,825 219,159 121,934 297,168 Long term Financial debt - - 1,534,036 - - 6,024 Non-Current Liabilities 473,348 39,310 2,606,330 288,169 338,364 39,484 Short term Financial debt 536 23 6,323 146 152 2,016 Current Liabilities 22,017 3,289 547,161 6,359 5,382 467,973 Revenues 34,922 10,990 69,363 39,421 30,107 82,986 Property plant and equipment and intangibles amortization/impairment -24,027 -10,180 -8,700 -22,014 -18,222 -20,582 Other financial expenses -18,105 -1,623 -161,732 -13,390 -16,378 -1,764 Income tax expense - - 3,986 - - 499 Net profit for the period 30,739 9,850 -20,760 37,554 24,879 -8,157 Amounts proportionally attributed to EDP Group Net assets 47,788 68,630 450,073 62,557 43,493 100,672 Goodwill - - 5,352 - - 2,695 Dividends paid 4,005 3,332 - 4,448 4,200 8,565 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 associates whose investment is included in the Group consolidated accounts under the equity method, as at 31 December 2023: Thousand Euros Porto Pec\u00e9m Celesc Gera\u00e7\u00e3o de Energia, S.A. Parque E\u00f3lico Madero E\u00f3lica de S\u00e3o Juli\u00e3o, Lda. Other Companies' financial information of associates Non-Current Assets 595,037 338,199 39,330 4,942 49,540 Current Assets 60,802 136,915 36,301 25,984 40,146 Total Equity 608,380 173,874 54,369 14,928 29,101 Non-Current Liabilities 5,508 198,748 4,365 8,901 33,735 Current Liabilities 41,951 102,492 16,897 7,097 26,850 Revenues - 166,362 12,195 11,827 61,558 Net profit for the period 119,602 68,930 2,995 5,522 -7,092 Amounts proportionally attributed to EDP Group Net assets 176,937 21,113 22,835 25,609 41,717 Goodwill - - - 1,457 17,816 Dividends paid 13,877 - - - 5,045 Other include companies with Financial Statements as of 31 December 2023, 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 2023. 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
The column Other include companies with financial statements as of 31 December 2023, 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 2023. As at 31 December 2023, 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. 324,246 33.33% - - - 108,084 Energ\u00e9tica JARI - CEJA 165,845 50.00% 26,330 - - 109,253 Flat Rock Windpower LLC 177,947 50.00% - - 1,090 90,063 Energia Cachoeira Caldeir\u00e3o 103,637 50.00% 243 - - 52,062 Goldfinger Vento 151,444 50.00% -7,092 - - 68,630 OW Offshore, S.L. 1,004,825 50.00% -53,875 5,352 -3,816 450,073 Portfolio Vento XVII 219,159 20.00% 18,725 - - 62,557 Portfolio Vento XIX 121,934 20.00% 19,106 - - 43,493 Portfolio Vento XX 108,645 20.00% 26,059 - - 47,788 Sol V - Riverstart 206,674 20.00% -1,008 - - 40,327 Goldfinger Vento II 217,389 50.00% -11,790 - - 96,905 Centrais el\u00e9ctricas de Santa Catarina, S.A. - Celesc 608,380 29.90% - - -4,948 176,937 Porto do Pec\u00e9m Gera\u00e7\u00e3o de Energia, S.A. 173,874 20.00% -13,263 - -398 21,113 Parque E\u00f3lico Sierra del Madero S.A. 54,369 42.00% 22,835 - 22,835 E\u00f3lica de S\u00e3o Juli\u00e3o, Lda. 14,928 45.00% - 1,457 17,434 25,609 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 2023 and 2022, 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: Capital outstanding by maturity Thousand Euros Dec 2023 Dec 2022 Less than 1 year 302,949 315,451 From 1 to 3 years 16,107 15,109 From 3 to 5 years 3,582 3,635 More than 5 years 55,350 55,228 377,988 389,423 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 North America, 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: Abo\u00f1o Generaciones El\u00e9ctricas, S.L.U. Abo\u00f1o - Carre\u00f1o 5,000,000 EUR 50.00% Bioastur, A.I.E. Ser\u00edn 60,101 EUR 50.00% Companhia Energ\u00e9tica do JARI - CEJA S\u00e3o Paulo 650,823,746 BRL 50.00% Empresa de Energia Cachoeira Caldeir\u00e3o, S.A. Amap\u00e1 728,600,000 BRL 50.00% Empresa de Energia S\u00e3o Manoel S.A. Rio de Janeiro 2,409,974,102 BRL 33.33% Kosorkuntza, A.I.E. Bilbao - EUR 25.00% Hidrocant\u00e1brico JV, S.L. Abo\u00f1o - Carre\u00f1o 3,000 EUR 50.00% Saltos del Navia, C.B Cear\u00e1 - EUR 50.00% Renewable Energy Activity: Cenergi Sunseap Energy Solutions Sdn. Bhd. Kuala Lumpur 10,000,000 MYR 28.51% Centrale Eolienne D'Occey, S.A.S. Paris 484,844 EUR 36.35% Desarrollos Energ\u00e9ticos Canarios, S.A. Las Palmas 15,025 EUR 35.56% Desarrollos Energ\u00e9ticos del Val, S.L. Soria 137,070 EUR 17.82% Evoikos Voreas A.E. Athens 196,000 EUR 36.35% Evoluci\u00f3n 2000, S.L. Albacete 117,994 EUR 35.03% Flat Rock Windpower II LLC Delaware 215,826,269 USD 35.64% Flat Rock Windpower LLC Delaware 548,339,611 USD 35.64% Goldfinger Ventures II LLC Delaware 199,600,493 USD 35.64% Goldfinger Ventures LLC Delaware 145,982,278 USD 35.64% Kronos IBV UK Berlin 25,000 EUR 35.64% KSD 20 UG Munich 1,000 EUR 35.64% Lomartico Investments, Sp. z o.o. Warsaw 5,000 PLN 35.64% Medsteville Investments, Sp. z o.o. Warsaw 5,000 PLN 35.64% Ondentille Investments, Sp. z o.o. Warsaw 5,000 PLN 35.64% OW Offshore, S.L. Madrid 72,205,252 EUR 35.64% Riverstart Development LLC Delaware - USD 14.25% Riverstart Ventures LLC Delaware 233,362,536 USD 14.25% RL Sunseap Energy Sdn. Bhd. Sarawak 2,500,000 MYR 34.92% Sistemas E\u00f3licos Tres Cruces, S.L. Soria 50,000 EUR 17.82% Sofrano A.E. Athens 900,000 EUR 36.35% Solar Ventures Acquisition LLC Delaware -44,981,007 USD 35.64% Sunseap Asset (Cambodia) Co., Ltd. Phnom Penh City 2,760,000 USD 36.35% Sunseap Energy (Cambodia) Co., Ltd. Phnom Penh City 365,000 USD 34.92% Sunseap LCS Energy Sdn. Bhd. Kuala Lumpur 100,000 MYR 34.92% 2018 Vento XIX LLC Delaware 51,622,039 USD 14.25% 2017 Vento XVII LLC Delaware 166,785,700 USD 14.25% 2019 Vento XX LLC Delaware 209,041,781 USD 14.25% Other Activities: Energia \u00c1sia Consultoria, Limitada Macao 200,000 MOP 50.00% 49.00% EnergyWorx International, B.V. Houten 226 EUR 38.17% MABE Constru\u00e7\u00e3o e Administra\u00e7\u00e3o de Projectos, Ltda. Cear\u00e1 566,151,831 BRL 50.00% Sud Solar Energy Invest II SA Esch-sur-Alzette 550,000 EUR 50.00%
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f35650": {
"value": "22. Investments in joint ventures and associates This caption is as follows: Thousand Euros Group Dec 2023 Dec 2022 Investments in joint ventures 1,269,906 1,333,871 Investments in associates 288,211 271,872 1,558,117 1,605,743 As at 31 December 2023, for the Group, this caption includes goodwill in investments in joint ventures of 8,047 thousand Euros (31 December 2022: 8,047 thousand Euros) and goodwill in investments in associates of 19,273 thousand Euros (31 December 2022: 28,131 thousand Euros). The movement in Investments in joint ventures and associates, for the Group, is as follows: Thousand Euros Group Dec 2023 Group Dec 2022 Balance at the beginning of the period 1,605,743 1,350,445 Acquisitions/Entries 18,886 25,058 Increases/Decreases of share capital 55,908 -929 Disposals (see note 6) -28,610 -49,276 Share of profit for the period 71,176 208,587 Dividends -76,972 -74,311 Exchange differences 3,415 69,381 Cash flow hedging reserve -87,652 47,579 Transfer to Assets held for sale (see note 42) 11,141 56,496 Other -14,918 -27,287 Balance at the end of the period 1,558,117 1,605,743 The caption Increases/Decreases of share capital essentially refers to a capital increase of 73,428 thousand Euros of EDP Renov\u00e1veis S.A. in OW Offshore, S.L. and a capital decrease of 18,515 thousand Euros of EDP Energias do Brasil, S.A. in Companhia Energ\u00e9tica do JARI - CEJA. The caption Joint ventures and associates in the Consolidated Income Statement includes: i) a positive amount of 71,176 thousand Euros from result of these investments; ii) gains of 23,556 thousand Euros and 3,275 thousand Euros, respectively, from the sale of Principle Power, Inc and Zypho, S.A. stake (see note 6); iii) a loss of 10,566 thousand Euros from the sale of Ge\u00f3lica Magall\u00f3n, S.L. (see note 6); iv) Impairements in the amount of 12,206 thousand Euros related to these investments; and v) a gain of 2,477 thousand Euros resulting from the sale of smaller investments. 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 2023: 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 275,793 300,850 637,767 231,193 176,022 297,047 Current Assets 28,083 -59 59,811 26,087 9,339 8,686 Cash and cash equivalents 14,007 40 38,438 19,004 8,328 - Total Equity 165,845 217,389 324,246 103,637 177,947 206,674 Long term Financial debt 63,682 - 332,342 126,533 - - Non-Current Liabilities 92,051 77,168 345,049 135,671 4,296 96,387 Short term Financial debt 10,125 - 18,613 12,488 - 39 Current Liabilities 45,980 6,234 28,283 17,972 3,118 2,672 Revenues 62,699 16,115 82,752 32,359 9,243 24,911 Property plant and equipment and intangibles amortization/impairment -9,760 -9,708 -22,936 -8,489 -14,341 -8,867 Other financial expenses -7,023 -3,202 -38,108 -15,252 -58 -2,317 Income tax expense -1,151 - 2,728 386 - - Net profit for the period 35,046 18,046 -5,333 -744 -18,775 29,868 Amounts proportionally attributed to EDP Group Net assets 109,253 96,905 108,084 52,062 90,063 40,327 Goodwill - - - - - - Dividends paid 12,717 2,530 - - 14,940 3,313
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 594,753 193,094 3,582,387 502,088 451,808 650,212 Current Assets 9,257 949 575,929 11,599 13,871 154,413 Cash and cash equivalents 200 - 222,488 1 1 43,262 Total Equity 108,645 151,444 1,004,825 219,159 121,934 297,168 Long term Financial debt - - 1,534,036 - - 6,024 Non-Current Liabilities 473,348 39,310 2,606,330 288,169 338,364 39,484 Short term Financial debt 536 23 6,323 146 152 2,016 Current Liabilities 22,017 3,289 547,161 6,359 5,382 467,973 Revenues 34,922 10,990 69,363 39,421 30,107 82,986 Property plant and equipment and intangibles amortization/impairment -24,027 -10,180 -8,700 -22,014 -18,222 -20,582 Other financial expenses -18,105 -1,623 -161,732 -13,390 -16,378 -1,764 Income tax expense - - 3,986 - - 499 Net profit for the period 30,739 9,850 -20,760 37,554 24,879 -8,157 Amounts proportionally attributed to EDP Group Net assets 47,788 68,630 450,073 62,557 43,493 100,672 Goodwill - - 5,352 - - 2,695 Dividends paid 4,005 3,332 - 4,448 4,200 8,565 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 associates whose investment is included in the Group consolidated accounts under the equity method, as at 31 December 2023: Thousand Euros Porto Pec\u00e9m Celesc Gera\u00e7\u00e3o de Energia, S.A. Parque E\u00f3lico Madero E\u00f3lica de S\u00e3o Juli\u00e3o, Lda. Other Companies' financial information of associates Non-Current Assets 595,037 338,199 39,330 4,942 49,540 Current Assets 60,802 136,915 36,301 25,984 40,146 Total Equity 608,380 173,874 54,369 14,928 29,101 Non-Current Liabilities 5,508 198,748 4,365 8,901 33,735 Current Liabilities 41,951 102,492 16,897 7,097 26,850 Revenues - 166,362 12,195 11,827 61,558 Net profit for the period 119,602 68,930 2,995 5,522 -7,092 Amounts proportionally attributed to EDP Group Net assets 176,937 21,113 22,835 25,609 41,717 Goodwill - - - 1,457 17,816 Dividends paid 13,877 - - - 5,045 Other include companies with Financial Statements as of 31 December 2023, 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 2023. 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
The column Other include companies with financial statements as of 31 December 2023, 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 2023. As at 31 December 2023, 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. 324,246 33.33% - - - 108,084 Energ\u00e9tica JARI - CEJA 165,845 50.00% 26,330 - - 109,253 Flat Rock Windpower LLC 177,947 50.00% - - 1,090 90,063 Energia Cachoeira Caldeir\u00e3o 103,637 50.00% 243 - - 52,062 Goldfinger Vento 151,444 50.00% -7,092 - - 68,630 OW Offshore, S.L. 1,004,825 50.00% -53,875 5,352 -3,816 450,073 Portfolio Vento XVII 219,159 20.00% 18,725 - - 62,557 Portfolio Vento XIX 121,934 20.00% 19,106 - - 43,493 Portfolio Vento XX 108,645 20.00% 26,059 - - 47,788 Sol V - Riverstart 206,674 20.00% -1,008 - - 40,327 Goldfinger Vento II 217,389 50.00% -11,790 - - 96,905 Centrais el\u00e9ctricas de Santa Catarina, S.A. - Celesc 608,380 29.90% - - -4,948 176,937 Porto do Pec\u00e9m Gera\u00e7\u00e3o de Energia, S.A. 173,874 20.00% -13,263 - -398 21,113 Parque E\u00f3lico Sierra del Madero S.A. 54,369 42.00% 22,835 - 22,835 E\u00f3lica de S\u00e3o Juli\u00e3o, Lda. 14,928 45.00% - 1,457 17,434 25,609 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 2023 and 2022, 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: Capital outstanding by maturity Thousand Euros Dec 2023 Dec 2022 Less than 1 year 302,949 315,451 From 1 to 3 years 16,107 15,109 From 3 to 5 years 3,582 3,635 More than 5 years 55,350 55,228 377,988 389,423 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 North America, and to commitments assumed by EDP Brasil related to its joint ventures operating obligations.
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"value": "As at 31 December 2023 and 2022, 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: Capital outstanding by maturity Thousand Euros Dec 2023 Dec 2022 Less than 1 year 302,949 315,451 From 1 to 3 years 16,107 15,109 From 3 to 5 years 3,582 3,635 More than 5 years 55,350 55,228 377,988 389,423 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 North America, and to commitments assumed by EDP Brasil related to its joint ventures operating obligations.
37. Provisions Provisions are as follows: Thousand Euros Non-Current Dec 2023 Dec 2022 Current Dec 2023 Dec 2022 Provision for legal and labour matters and other contingencies 149,532 123,230 2,506 2,510 Provision for customer guarantees under current operation - - 2,478 2,092 Provision for dismantling and decommissioning 481,458 498,694 26,351 8,500 Provision for other liabilities and charges 240,029 300,135 20,373 38,183 871,019 922,059 51,708 51,285 With reference to 31 December 2023, the movement by nature of the Provisions item at the EDP Group level is presented as follows: Thousand Euros Legal, labour and other matters Guarantees customers in the context of current activity Dismantl- ing and Decommi- ssioning Other risks and charges Total Balance as at 1 January 2022 101,418 57,233 568,622 359,634 1,086,907 Perimeter variations -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 16,455 - 6,609 1,581 24,645 Increase of the responsibility - - 9,841 - 9,841 Assumptions update - - -94,026 - -94,026 Onerous contracts - -56,147 - - -56,147 Innovative Features Charge-off - - - -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 Perimeter variations (see note 6) -520 - -27,973 -1,672 -30,165 Charge for the period 39,295 1,089 - 9,437 49,821 Reversals -14,515 -169 - -3,865 -18,549 Charge-off for the period -24,301 -581 -4,732 -7,555 -37,169 Unwinding (see note 14) 27,154 - 16,804 1,893 45,851 Increase of the responsibility (see note 17) - - 26,434 - 26,434 CMEC - - - 14,195 14,195 Hydro power plants of Frid\u00e3o (see note 4) - - - -86,189 -86,189 Exchange differences and other 9,443 47 -7,471 -2,130 -111 Reclassification to Liabilities Held for Sale (see note 42) -10,258 - -2,447 -2,030 -14,735 Balance as at 31 December 2023 152,038 2,478 507,809 260,402 922,727 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 20,773 thousand Euros (31 December 2022: 17,181 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) 40,161 thousand Euros of the dismantling Trillo nuclear power plant; (ii) 294,730 thousand Euros of the dismantling of wind and solar farms (replacement of sites and land in its original state), mainly, in Europe (116,758 thousand Euros), North America (133,033 thousand Euros), Asia-Pacific (40,330 thousand Euros) and Brazil (4,609 thousand Euros); and (iii) 172,918 thousand Euros of the dismantling and environmental requalification of thermal electro-producing centers in Spain (101,620 thousand Euros) and Portugal (71,298 thousand Euros). As part of its energy transition strategy, the Group has been progressing in the dismantling and reconversion of its coal-fired power plants. This commitment is evidenced by the ongoing process at the Sines coal-fired power plant in Portugal, which is already being dismantled and has plans to convert into hydrogen. In this regard, a request was also made during the year 2023 for authorisation from the Spanish electricity system operator (Red El\u00e9ctrica) to close the Abo\u00f1o I coal-fired power plant, as well as the remaining EDP coal-fired power plants in Spain (Soto 3 and Los Barrios). EDP has been investing in the adaptation of these facilities in Spain (Abono, Soto, and Los Barrios) to new technologies, specifically in the creation of Hydrogen and Storage Hubs (see note 49). 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 [2.74% - 7.09%] [3.85% - 11.34%] [11.73% - 11.83%] [1.43% - 5.12%] Inflation Rate [1.96% - 6.07%] [2.01% - 3.95%] [3.62% - 4.50%] [1.31% - 3.68%] 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. During 2023, the legal proceedings opened against the order TED/490/2022 by the EDP Group continued to evolve as expected, with a favourable decision being received for Viesgo Distribuci\u00f3n El\u00e9ctrica on 17 January 2024. In the case of Hidrocant\u00e1brico Distribuci\u00f3n El\u00e9ctrica, the vote and judgment are scheduled for 9 April 2024. The amount expected to be received for the period 2016-2022 amounts to 72 million Euros, with an additional amount of about 9 million Euros for the financial year 2023.
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 2023 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. As at 31 December 2023 this provision has been fully utilized (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 Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Administrative and Civil 396,009 325,437 330 336 Fiscal 862,930 773,643 10,732 13,321 Other 115,572 125,107 2,791 2,791 1,374,511 1,224,187 13,853 16,448 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. Following the oral trial hearing at the Court of Justice of the European Union held on 9 November 2022, EDP and EDP Comercial were notified on 2 March 2023 of the Advocate General's conclusions. The judgment of the Court of Justice of the European Union was delivered on 26 October 2023, following the referral questions raised by the Lisbon Court of Appeal, referring the decision on some of the questions to the latter. On 19 February, the Lisbon Court of Appeal issued a judgment confirming the TCRS's sentence. EDP and EDP Comercial are currently analyzing the aforementioned judgment and the possible forms of reaction;
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 (see note 4). 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. On 30 June 2023, the trial hearing was held before the Lisbon Court of Appeal. On 25 September 2023, the Lisbon Court of Appeal partially rejected the appeal filed by EDP Produ\u00e7\u00e3o, confirming the conviction of the TCRS, and also ruled in favor of reducing the fine amount from 48 million Euros to 40 million Euros. On 2 October 2023, EDP Produ\u00e7\u00e3o filed a request with the Lisbon Court of Appeal to challenge the flaws in the ruling. On 9 October 2023, a request for an appeal was submitted to the Constitutional Court, raising the unconstitutionalities alleged by EDP Produ\u00e7\u00e3o throughout the process. A decision from the Constitutional Court is awaited on the admissibility of the appeal and notification to present written arguments against the decision of the Lisbon Court of Appeal. By a judgment of 6 December 2023, the Lisbon Court of Appeal rejected the invalidities invoked by EDP Produ\u00e7\u00e3o and the latter, as a result, on 14 December 2023, submitted a request for clarification of part of the judgment delivered by the Lisbon Court of Appeal. On 22 January 2024, the Lisbon Court of Appeal dismissed EDP Produ\u00e7\u00e3o's request for correction of the aforementioned judgment delivered on 6 December 2023. On 5 February 2024, EDP Produ\u00e7\u00e3o filed an appeal with the Constitutional Court against this judgment of the Lisbon Court of Appeal, which dismissed the aforementioned request for clarification of part of the judgment of 6 December 2023. The decisions of the Constitutional Court on the admissibility of the two appeals and the notification to submit written arguments are awaited. Nevertheless, as previously mentioned, in the context of this Proceeding, EDP Produ\u00e7\u00e3o has already been judicially obliged to pay the fine to which it was sentenced by the AdC even before the judgment and the final decision of the TCRS. Still in the context of this process, on 29 September 2021, EDP Produ\u00e7\u00e3o was cited in the class action filed by the IUS Omnibus Association based on the alleged abusive behavior of dominant market position in the secondary regulation band market between the beginning of 2009 and the end of 2013, requesting, on behalf of the allegedly harmed consumers, compensation in the amount of 94.8 million Euros, according to one of the estimates of the AdC within the scope of the PRC/2016/05 process. EDP Produ\u00e7\u00e3o submitted its respective response within the established legal deadline. An order was issued in which the court decided, among other things, to suspend the proceedings until a final decision is made in the administrative offense case no. 309/19.0YUSTR. By judgment of 23 March 2023, adopted following an appeal by EDP Produ\u00e7\u00e3o, the Lisbon Court of Appeal confirmed the decision to suspend the proceedings. EDP Produ\u00e7\u00e3o filed a common appeal and an exceptional appeal to the Supreme Court of Justice, which dismissed the appeals by judgment of 15 September 2023.
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 issued, by which the Arbitral Tribunal considered itself competent to adjudicate the dispute between the parties, which was challenged by SU Eletricidade through annulment action filed in March 2022, currently pending at the Central Administrative Court, the pleadings phase having 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 the respective final written arguments. On 30 January 2023, the parties were notified of the arbitral award, which partially upheld one of the claims filed by CELBI (corresponding to 11.75% of them). On 31 March 2023, SU Eletricidade filed an action to annul the arbitral award at the South Administrative Central Court. 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 15,895 thousand Euros (31 December 2022: 23,365 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 91,618 thousand Euros (31 December 2022: 74,402 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 2023 is 15,165 thousand Euros (31 December 2022: 14,058 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 2023, the updated values amount to 23,158 thousand Euros (31 December 2022: 19,736 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 2023, this contingency amounts to 12.951 thousand Euros (31 December 2022: 27,388 thousand Euros). In 2023, there was a reduction in the contingency amount, due to a favorable decision that canceled the fine and closed the discussion at the administrative level, in addition to the exclusion of the statutory fine with the related interest and charges, related to the judicial discussion. Currently, the judgment in the judicial sphere is awaited for the remaining amounts.
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 2023, the amount of this tax contingency amounts to 326 million Euros (31 December 2022: 315 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.
44. Commitments Operating guarantees granted by EDP Group, not included in the consolidated statement of financial position nor in the Notes, are as follows: Group Company Thousand Euros Dec 2023 Dec 2022 Dec 2023 Dec 2022 Operating guarantees EDP S.A. 938,811 966,223 938,811 966,223 EDP Espa\u00f1a Group 57,378 56,894 - - EDP Brasil Group 196,756 158,503 - - EDP Renov\u00e1veis Group 4,554,985 3,717,511 - - 5,747,930 4,899,131 938,811 966,223 The operating guarantees which are not included in the consolidated statement of financial position or in the Notes, as at 31 December 2023 and 2022, mainly refer to Power Purchase Agreements (PPA), interconnection, permits and market participation guarantees. In 2023, in addition to the above warranties, the amount of 10,268 thousand Euros refers to guarantees of an operating nature related to Spanish and Polish entities sold in 2023, but for which EDP assumes the responsibility temporarily until they are effectively replaced (see note 6).
In 2022, 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. Additionally there are guarantees of an operational nature in the amount of 112,865 thousand Euros, associated with the portfolio of EDP Renewables of companies that were classified as held for sale on 31 December 2023 (see note 42). 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 1,026,688 thousand Euros and 655,322 thousand Euros, respectively (31 December 2022: 595,766 thousand Euros and 475,044 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: Dec 2023 Capital outstanding by maturity Less From From More than 1 1 to 3 3 to 5 than 5 Thousand Euros Total year years years Years Lease Liabilities 221,777 24,557 30,434 17,842 148,944 Purchase obligations 25,026,126 6,471,282 4,836,559 2,876,536 10,841,749 25,247,903 6,495,839 4,866,993 2,894,378 10,990,693 Dec 2022 Capital outstanding by maturity Less From From More than 1 1 to 3 3 to 5 than 5 Thousand Euros Total year years years years 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 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 2023, there are commitments from 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 22. Purchase obligations of 10,775,090 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 2023 Dec 2022 Purchase obligation - Present value 10,775,090 11,288,241 Purchase obligation - Nominal amount 13,743,387 14,970,460 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 2023 Dec 2022 Fuel acquisition 4,225,850 8,242,498 Electricity acquisition 12,859,935 13,965,208 O&M contracts 1,162,718 1,104,328 Fixed assets, equipment and miscellaneous materials acquisition 2,553,046 3,835,686 Supply and assembly contract 2,535,691 2,099,320 Other supplies and services 1,688,886 1,511,829 25,026,126 30,758,869 The commitments for fuel and electricity acquisition are disclosed, by maturity, as follows: Dec 2023 Capital outstanding by maturity Less From From More than 1 1 to 3 3 to 5 than 5 Thousand Euros Total year years years years Fuel acquisition 4,225,850 320,725 502,092 557,062 2,845,971 Electricity acquisition 12,859,935 1,249,865 2,169,602 2,050,160 7,390,308 17,085,785 1,570,590 2,671,694 2,607,222 10,236,279 Dec 2022 Capital outstanding by maturity Less From From More than 1 1 to 3 3 to 5 than 5 Thousand Euros Total year years years 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 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.
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 71,298 thousand Euros and 101,620 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 2023, the provisions amount to 294,730 thousand Euros. Additionally, the provision to dismantle the Trillo nuclear power plant amounts to 40,161 thousand Euros (see notes 2 n) and 37).
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.
As at 31 December 2023 and 2022, 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: Capital outstanding by maturity Thousand Euros Dec 2023 Dec 2022 Less than 1 year 302,949 315,451 From 1 to 3 years 16,107 15,109 From 3 to 5 years 3,582 3,635 More than 5 years 55,350 55,228 377,988 389,423 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 North America, and to commitments assumed by EDP Brasil related to its joint ventures operating obligations.
44. Commitments Operating guarantees granted by EDP Group, not included in the consolidated statement of financial position nor in the Notes, are as follows: Group Company Thousand Euros Dec 2023 Dec 2022 Dec 2023 Dec 2022 Operating guarantees EDP S.A. 938,811 966,223 938,811 966,223 EDP Espa\u00f1a Group 57,378 56,894 - - EDP Brasil Group 196,756 158,503 - - EDP Renov\u00e1veis Group 4,554,985 3,717,511 - - 5,747,930 4,899,131 938,811 966,223 The operating guarantees which are not included in the consolidated statement of financial position or in the Notes, as at 31 December 2023 and 2022, mainly refer to Power Purchase Agreements (PPA), interconnection, permits and market participation guarantees. In 2023, in addition to the above warranties, the amount of 10,268 thousand Euros refers to guarantees of an operating nature related to Spanish and Polish entities sold in 2023, but for which EDP assumes the responsibility temporarily until they are effectively replaced (see note 6).
In 2022, 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. Additionally there are guarantees of an operational nature in the amount of 112,865 thousand Euros, associated with the portfolio of EDP Renewables of companies that were classified as held for sale on 31 December 2023 (see note 42). 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 1,026,688 thousand Euros and 655,322 thousand Euros, respectively (31 December 2022: 595,766 thousand Euros and 475,044 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: Dec 2023 Capital outstanding by maturity Less From From More than 1 1 to 3 3 to 5 than 5 Thousand Euros Total year years years Years Lease Liabilities 221,777 24,557 30,434 17,842 148,944 Purchase obligations 25,026,126 6,471,282 4,836,559 2,876,536 10,841,749 25,247,903 6,495,839 4,866,993 2,894,378 10,990,693 Dec 2022 Capital outstanding by maturity Less From From More than 1 1 to 3 3 to 5 than 5 Thousand Euros Total year years years years 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 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 2023, there are commitments from 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 22. Purchase obligations of 10,775,090 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 2023 Dec 2022 Purchase obligation - Present value 10,775,090 11,288,241 Purchase obligation - Nominal amount 13,743,387 14,970,460 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 2023 Dec 2022 Fuel acquisition 4,225,850 8,242,498 Electricity acquisition 12,859,935 13,965,208 O&M contracts 1,162,718 1,104,328 Fixed assets, equipment and miscellaneous materials acquisition 2,553,046 3,835,686 Supply and assembly contract 2,535,691 2,099,320 Other supplies and services 1,688,886 1,511,829 25,026,126 30,758,869 The commitments for fuel and electricity acquisition are disclosed, by maturity, as follows: Dec 2023 Capital outstanding by maturity Less From From More than 1 1 to 3 3 to 5 than 5 Thousand Euros Total year years years years Fuel acquisition 4,225,850 320,725 502,092 557,062 2,845,971 Electricity acquisition 12,859,935 1,249,865 2,169,602 2,050,160 7,390,308 17,085,785 1,570,590 2,671,694 2,607,222 10,236,279 Dec 2022 Capital outstanding by maturity Less From From More than 1 1 to 3 3 to 5 than 5 Thousand Euros Total year years years 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 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.
As at 31 December 2023 and 2022, 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: Capital outstanding by maturity Thousand Euros Dec 2023 Dec 2022 Less than 1 year 302,949 315,451 From 1 to 3 years 16,107 15,109 From 3 to 5 years 3,582 3,635 More than 5 years 55,350 55,228 377,988 389,423 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 North America, and to commitments assumed by EDP Brasil related to its joint ventures operating obligations.
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 Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Administrative and Civil 396,009 325,437 330 336 Fiscal 862,930 773,643 10,732 13,321 Other 115,572 125,107 2,791 2,791 1,374,511 1,224,187 13,853 16,448 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. Following the oral trial hearing at the Court of Justice of the European Union held on 9 November 2022, EDP and EDP Comercial were notified on 2 March 2023 of the Advocate General's conclusions. The judgment of the Court of Justice of the European Union was delivered on 26 October 2023, following the referral questions raised by the Lisbon Court of Appeal, referring the decision on some of the questions to the latter. On 19 February, the Lisbon Court of Appeal issued a judgment confirming the TCRS's sentence. EDP and EDP Comercial are currently analyzing the aforementioned judgment and the possible forms of reaction;
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 (see note 4). 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. On 30 June 2023, the trial hearing was held before the Lisbon Court of Appeal. On 25 September 2023, the Lisbon Court of Appeal partially rejected the appeal filed by EDP Produ\u00e7\u00e3o, confirming the conviction of the TCRS, and also ruled in favor of reducing the fine amount from 48 million Euros to 40 million Euros. On 2 October 2023, EDP Produ\u00e7\u00e3o filed a request with the Lisbon Court of Appeal to challenge the flaws in the ruling. On 9 October 2023, a request for an appeal was submitted to the Constitutional Court, raising the unconstitutionalities alleged by EDP Produ\u00e7\u00e3o throughout the process. A decision from the Constitutional Court is awaited on the admissibility of the appeal and notification to present written arguments against the decision of the Lisbon Court of Appeal. By a judgment of 6 December 2023, the Lisbon Court of Appeal rejected the invalidities invoked by EDP Produ\u00e7\u00e3o and the latter, as a result, on 14 December 2023, submitted a request for clarification of part of the judgment delivered by the Lisbon Court of Appeal. On 22 January 2024, the Lisbon Court of Appeal dismissed EDP Produ\u00e7\u00e3o's request for correction of the aforementioned judgment delivered on 6 December 2023. On 5 February 2024, EDP Produ\u00e7\u00e3o filed an appeal with the Constitutional Court against this judgment of the Lisbon Court of Appeal, which dismissed the aforementioned request for clarification of part of the judgment of 6 December 2023. The decisions of the Constitutional Court on the admissibility of the two appeals and the notification to submit written arguments are awaited. Nevertheless, as previously mentioned, in the context of this Proceeding, EDP Produ\u00e7\u00e3o has already been judicially obliged to pay the fine to which it was sentenced by the AdC even before the judgment and the final decision of the TCRS. Still in the context of this process, on 29 September 2021, EDP Produ\u00e7\u00e3o was cited in the class action filed by the IUS Omnibus Association based on the alleged abusive behavior of dominant market position in the secondary regulation band market between the beginning of 2009 and the end of 2013, requesting, on behalf of the allegedly harmed consumers, compensation in the amount of 94.8 million Euros, according to one of the estimates of the AdC within the scope of the PRC/2016/05 process. EDP Produ\u00e7\u00e3o submitted its respective response within the established legal deadline. An order was issued in which the court decided, among other things, to suspend the proceedings until a final decision is made in the administrative offense case no. 309/19.0YUSTR. By judgment of 23 March 2023, adopted following an appeal by EDP Produ\u00e7\u00e3o, the Lisbon Court of Appeal confirmed the decision to suspend the proceedings. EDP Produ\u00e7\u00e3o filed a common appeal and an exceptional appeal to the Supreme Court of Justice, which dismissed the appeals by judgment of 15 September 2023.
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 issued, by which the Arbitral Tribunal considered itself competent to adjudicate the dispute between the parties, which was challenged by SU Eletricidade through annulment action filed in March 2022, currently pending at the Central Administrative Court, the pleadings phase having 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 the respective final written arguments. On 30 January 2023, the parties were notified of the arbitral award, which partially upheld one of the claims filed by CELBI (corresponding to 11.75% of them). On 31 March 2023, SU Eletricidade filed an action to annul the arbitral award at the South Administrative Central Court. 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 15,895 thousand Euros (31 December 2022: 23,365 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 91,618 thousand Euros (31 December 2022: 74,402 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 2023 is 15,165 thousand Euros (31 December 2022: 14,058 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 2023, the updated values amount to 23,158 thousand Euros (31 December 2022: 19,736 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 2023, this contingency amounts to 12.951 thousand Euros (31 December 2022: 27,388 thousand Euros). In 2023, there was a reduction in the contingency amount, due to a favorable decision that canceled the fine and closed the discussion at the administrative level, in addition to the exclusion of the statutory fine with the related interest and charges, related to the judicial discussion. Currently, the judgment in the judicial sphere is awaited for the remaining amounts.
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 2023, the amount of this tax contingency amounts to 326 million Euros (31 December 2022: 315 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.
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.
As at 31 December 2023 and 2022, 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: Capital outstanding by maturity Thousand Euros Dec 2023 Dec 2022 Less than 1 year 302,949 315,451 From 1 to 3 years 16,107 15,109 From 3 to 5 years 3,582 3,635 More than 5 years 55,350 55,228 377,988 389,423 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 North America, and to commitments assumed by EDP Brasil related to its joint ventures operating obligations.
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 Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Administrative and Civil 396,009 325,437 330 336 Fiscal 862,930 773,643 10,732 13,321 Other 115,572 125,107 2,791 2,791 1,374,511 1,224,187 13,853 16,448 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. Following the oral trial hearing at the Court of Justice of the European Union held on 9 November 2022, EDP and EDP Comercial were notified on 2 March 2023 of the Advocate General's conclusions. The judgment of the Court of Justice of the European Union was delivered on 26 October 2023, following the referral questions raised by the Lisbon Court of Appeal, referring the decision on some of the questions to the latter. On 19 February, the Lisbon Court of Appeal issued a judgment confirming the TCRS's sentence. EDP and EDP Comercial are currently analyzing the aforementioned judgment and the possible forms of reaction;
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 (see note 4). 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. On 30 June 2023, the trial hearing was held before the Lisbon Court of Appeal. On 25 September 2023, the Lisbon Court of Appeal partially rejected the appeal filed by EDP Produ\u00e7\u00e3o, confirming the conviction of the TCRS, and also ruled in favor of reducing the fine amount from 48 million Euros to 40 million Euros. On 2 October 2023, EDP Produ\u00e7\u00e3o filed a request with the Lisbon Court of Appeal to challenge the flaws in the ruling. On 9 October 2023, a request for an appeal was submitted to the Constitutional Court, raising the unconstitutionalities alleged by EDP Produ\u00e7\u00e3o throughout the process. A decision from the Constitutional Court is awaited on the admissibility of the appeal and notification to present written arguments against the decision of the Lisbon Court of Appeal. By a judgment of 6 December 2023, the Lisbon Court of Appeal rejected the invalidities invoked by EDP Produ\u00e7\u00e3o and the latter, as a result, on 14 December 2023, submitted a request for clarification of part of the judgment delivered by the Lisbon Court of Appeal. On 22 January 2024, the Lisbon Court of Appeal dismissed EDP Produ\u00e7\u00e3o's request for correction of the aforementioned judgment delivered on 6 December 2023. On 5 February 2024, EDP Produ\u00e7\u00e3o filed an appeal with the Constitutional Court against this judgment of the Lisbon Court of Appeal, which dismissed the aforementioned request for clarification of part of the judgment of 6 December 2023. The decisions of the Constitutional Court on the admissibility of the two appeals and the notification to submit written arguments are awaited. Nevertheless, as previously mentioned, in the context of this Proceeding, EDP Produ\u00e7\u00e3o has already been judicially obliged to pay the fine to which it was sentenced by the AdC even before the judgment and the final decision of the TCRS. Still in the context of this process, on 29 September 2021, EDP Produ\u00e7\u00e3o was cited in the class action filed by the IUS Omnibus Association based on the alleged abusive behavior of dominant market position in the secondary regulation band market between the beginning of 2009 and the end of 2013, requesting, on behalf of the allegedly harmed consumers, compensation in the amount of 94.8 million Euros, according to one of the estimates of the AdC within the scope of the PRC/2016/05 process. EDP Produ\u00e7\u00e3o submitted its respective response within the established legal deadline. An order was issued in which the court decided, among other things, to suspend the proceedings until a final decision is made in the administrative offense case no. 309/19.0YUSTR. By judgment of 23 March 2023, adopted following an appeal by EDP Produ\u00e7\u00e3o, the Lisbon Court of Appeal confirmed the decision to suspend the proceedings. EDP Produ\u00e7\u00e3o filed a common appeal and an exceptional appeal to the Supreme Court of Justice, which dismissed the appeals by judgment of 15 September 2023.
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 issued, by which the Arbitral Tribunal considered itself competent to adjudicate the dispute between the parties, which was challenged by SU Eletricidade through annulment action filed in March 2022, currently pending at the Central Administrative Court, the pleadings phase having 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 the respective final written arguments. On 30 January 2023, the parties were notified of the arbitral award, which partially upheld one of the claims filed by CELBI (corresponding to 11.75% of them). On 31 March 2023, SU Eletricidade filed an action to annul the arbitral award at the South Administrative Central Court. 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 15,895 thousand Euros (31 December 2022: 23,365 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 91,618 thousand Euros (31 December 2022: 74,402 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 2023 is 15,165 thousand Euros (31 December 2022: 14,058 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 2023, the updated values amount to 23,158 thousand Euros (31 December 2022: 19,736 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 2023, this contingency amounts to 12.951 thousand Euros (31 December 2022: 27,388 thousand Euros). In 2023, there was a reduction in the contingency amount, due to a favorable decision that canceled the fine and closed the discussion at the administrative level, in addition to the exclusion of the statutory fine with the related interest and charges, related to the judicial discussion. Currently, the judgment in the judicial sphere is awaited for the remaining amounts.
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 2023, the amount of this tax contingency amounts to 326 million Euros (31 December 2022: 315 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.
44. Commitments Operating guarantees granted by EDP Group, not included in the consolidated statement of financial position nor in the Notes, are as follows: Group Company Thousand Euros Dec 2023 Dec 2022 Dec 2023 Dec 2022 Operating guarantees EDP S.A. 938,811 966,223 938,811 966,223 EDP Espa\u00f1a Group 57,378 56,894 - - EDP Brasil Group 196,756 158,503 - - EDP Renov\u00e1veis Group 4,554,985 3,717,511 - - 5,747,930 4,899,131 938,811 966,223 The operating guarantees which are not included in the consolidated statement of financial position or in the Notes, as at 31 December 2023 and 2022, mainly refer to Power Purchase Agreements (PPA), interconnection, permits and market participation guarantees. In 2023, in addition to the above warranties, the amount of 10,268 thousand Euros refers to guarantees of an operating nature related to Spanish and Polish entities sold in 2023, but for which EDP assumes the responsibility temporarily until they are effectively replaced (see note 6).
In 2022, 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. Additionally there are guarantees of an operational nature in the amount of 112,865 thousand Euros, associated with the portfolio of EDP Renewables of companies that were classified as held for sale on 31 December 2023 (see note 42). 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 1,026,688 thousand Euros and 655,322 thousand Euros, respectively (31 December 2022: 595,766 thousand Euros and 475,044 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: Dec 2023 Capital outstanding by maturity Less From From More than 1 1 to 3 3 to 5 than 5 Thousand Euros Total year years years Years Lease Liabilities 221,777 24,557 30,434 17,842 148,944 Purchase obligations 25,026,126 6,471,282 4,836,559 2,876,536 10,841,749 25,247,903 6,495,839 4,866,993 2,894,378 10,990,693 Dec 2022 Capital outstanding by maturity Less From From More than 1 1 to 3 3 to 5 than 5 Thousand Euros Total year years years years 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 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 2023, there are commitments from 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 22. Purchase obligations of 10,775,090 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 2023 Dec 2022 Purchase obligation - Present value 10,775,090 11,288,241 Purchase obligation - Nominal amount 13,743,387 14,970,460 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 2023 Dec 2022 Fuel acquisition 4,225,850 8,242,498 Electricity acquisition 12,859,935 13,965,208 O&M contracts 1,162,718 1,104,328 Fixed assets, equipment and miscellaneous materials acquisition 2,553,046 3,835,686 Supply and assembly contract 2,535,691 2,099,320 Other supplies and services 1,688,886 1,511,829 25,026,126 30,758,869 The commitments for fuel and electricity acquisition are disclosed, by maturity, as follows: Dec 2023 Capital outstanding by maturity Less From From More than 1 1 to 3 3 to 5 than 5 Thousand Euros Total year years years years Fuel acquisition 4,225,850 320,725 502,092 557,062 2,845,971 Electricity acquisition 12,859,935 1,249,865 2,169,602 2,050,160 7,390,308 17,085,785 1,570,590 2,671,694 2,607,222 10,236,279 Dec 2022 Capital outstanding by maturity Less From From More than 1 1 to 3 3 to 5 than 5 Thousand Euros Total year years years 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 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.
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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},
"f36743": {
"value": "23. Equity instruments at fair value As at 31 December 2023, the movements in Equity Instruments measured at Fair Value are as follows: Thousand Euros Group Dec 2023 Dec 2022 Equity Instruments at Fair Value through Other Comprehensive Income (OCI) 128,531 139,270 Equity Instruments at Fair Value through Profit or Loss (PL) 76,221 77,148 204,752 216,418 Under IFRS 13 (see note 46), 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 2023, the Group holds equity instruments at fair value within level 1, Lhyfe S.A.S. . As at 31 December 2023, this caption is analysed as follows: Thousand Euros Lhyfe, S.A.S Other Comprehensive Income Mercer and Dunas Other (Energ. RE portfolio) EDA Electricid. dos A\u00e7ores, S.A. Profit or Loss Feedzai - Consult. e Inov. Tecn., S.A. Other Total Balance as at 1 January 2022 - 95,811 31,016 16,055 38,607 8,453 189,942 Acquisitions 25,000 - 591 - - 6,903 32,494 Disposals - - -3,747 - - - -3,747 Change in fair value -286 3,026 534 494 - 6,588 10,356 Other variations - - 3,100 - - 48 3,148 Balance as at 31 December 2022 24,714 83,062 31,494 16,549 38,607 21,992 216,418 Acquisitions - - 1,313 - - 6,849 8,162 Disposals - - -285 - - -1,300 -1,585 Change in fair value (see note 33) - 10 314 8,548 -10,023 580 - -7,096 -18,305 Other variations - - 22 - - 40 62 Balance as at 31 December 2023 14,400 91,610 22,521 17,129 38,607 20,485 204,752 As at 31 December 2023, 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 2023 Dec 2022 Mercer Funds and Dunas 4,695 -3,852 Defined Crowd Corporation -1,193 5,001 Lhyfe, S.A.S -7,555 -214 Other 3,520 6,797 -533 7,732 In equity instruments measured at fair value through profit or loss stands out: i) Feedzai - Consultadoria e Inova\u00e7\u00e3o Tecnol\u00f3gica, S.A., whose the fair value of 38,607 thousand Euros was determined according to the last transaction on the market; 2) EDA, S.A., whose the fair value of 17,129 thousand Euros was determined according to the Dividend Discounted model. Regarding EDA, S.A., the sensitivity analysis, considering a reduction or increase of 50bp in the discounted rate, determines a fair value of 19,014 thousand Euros and 15,581 thousand Euros, respectively. During 2023 a decrease in the fair value of the Equity Instruments through Profit and Losses, in the amount of 6,516 thousand Euros, was booked against Profit or Loss (see notes 14 and 46).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f36900": {
"value": "24. Investment property The caption is detailed as follows: Thousand Euros Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Cost 50,515 52,601 187,858 150,665 Accumulated depreciation and impairment losses -25,171 -25,307 -35,675 -33,388 Carrying amount 25,344 27,294 152,183 117,277
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 2023, includes 287 thousand Euros related to charges of the period (see note 12).
On an individual basis, Accumulated depreciation and impairment losses, in 2023, includes 3,718 thousand Euros related to charges of the period (see note 12). The variation in the caption Cost mainly relates to the increase in investment made during the period. 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.
25. 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 2023, on a consolidated basis, the movements by nature of Deferred Tax Assets and Liabilities are as follows: Deferred Tax Assets Perimeter variations, Balance at 1 Mov. Results Mov. exchange Balance at 31 January Reserves differences December and Thousand Euros others Tax losses and tax credits 1,360,575 -99,049 1,291 -117,124 1,145,693 Provisions for social benefits, bad debts, dismt. and other risks 603,822 -30,167 -35,088 1,477 540,044 Derivative financial instruments and Equity investments 796,860 -364,395 19,503 253,592 705,560 Property plant and equipment and intangible assets 265,413 -17,682 619 558 248,908 Allocation of fair value to assets and liabilities acquired 79,680 -13,933 -87,854 31,870 9,763 Fiscal revaluations 221,431 -50,112 - - 171,319 Lease liabilities and other temporary differences 348,882 46,208 -1,146 1,184 395,128 Assets/liabilities compensation of deferred taxes -1,892,371 -79,215 378 164,125 -1,807,083 1,784,292 -608,345 -102,297 335,682 1,409,332 Deferred Tax Liabilities Perimeter variations, Balance at 1 Mov. Results Mov. exchange Balance at 31 January Reserves differences December and Thousand Euros others Provisions for social benefits, bad debts, dismt. and other risks 16,644 601 2,043 - 19,288 Derivative financial instruments and Equity investments 307,270 -318,674 335,196 -4,907 318,885 Property plant and equip., intang. assets and right-of-use 758,981 82,081 - -24,097 816,965 Allocation of fair value to assets and liabilities acquired 1,159,890 -51,265 1,841 98,152 1,208,618 Fiscal revaluations 52,718 -2,645 - - 50,073 Deferred income relating to CMEC 183,959 -2,702 - - 181,257 Gains from institutional partnerships in wind farms 440,264 6,325 90 -15,424 431,255 Fair value of financial assets (Brazil) 100,607 22,056 - 5,355 128,018 Other temporary differences 116,631 10,073 -3,707 8,950 131,947 Assets/liabilities compensation of deferred taxes -1,892,371 -79,215 378 164,125 -1,807,083 1,244,593 -333,365 335,841 232,154 1,479,223 Provisions for social benefits, bad debts, dismt. and other risks, Lease liabilities and other temporary differences and Property plant and equip., intang. assets and right-of-use include deferred tax assets and deferred tax liabilities related with the recognition of provisions for dismantling, as well as deferred tax assets and deferred tax liabilities relating to lease contracts, pursuant to the amendments to IAS 12 - Income taxes as mentioned in note 3.
As at a 31 December 2022, on a consolidated basis, the movement by nature of Net Deferred Tax Assets and Liabilities are as follows: Net Deferred Tax Assets Perimeter variations, Balance at 1 Mov. Results Mov. exchange Balance at 31 January Reserves differences December and Thousand Euros others Tax losses and tax credits 1,205,963 64,229 3,244 87,139 1,360,575 Provisions for social benefits, bad debts, dismt. and other risks 694,421 -54,095 -87,838 51,334 603,822 Derivative financial instruments and Equity investments 843,640 -23,260 80,863 -104,383 796,860 Property plant and equipment and intangible assets 320,510 -52,640 - -2,457 265,413 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 Lease liabilities and other temporary differences 73,999 29,038 -387 246,232 348,882 Assets/liabilities compensation of deferred taxes -1,942,215 -70,484 3,400 116,928 -1,892,371 1,508,811 -204,199 84,197 395,483 1,784,292 Net Deferred Tax Liabilities Perimeter variations, Balance at 1 Mov. Results Mov. exchange Balance at 31 January Reserves differences December and Thousand Euros others Provisions for social benefits, bad debts and other risks 19,598 -243 -3,179 468 16,644 Derivative financial instruments and Equity investments 617,094 -182,186 -64,741 -62,897 307,270 Property plant and equip., intang. assets and right-of-use 376,071 37,784 - 345,126 758,981 Reinvested gains 3,705 -30 - -1 3,674 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 Fair value of financial assets (Brazil) 69,235 23,971 - 7,401 100,607 Other temporary differences 95,879 13,758 -244 3,004 112,397 Assets/liabilities compensation of deferred taxes -1,942,215 -70,484 3,400 116,928 -1,892,371 989,078 -180,141 -64,856 500,512 1,244,593 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 2023, on a Company basis, the movements by nature of Deferred Tax Assets and Liabilities are as follows: Deferred Tax Assets Balance Mov. Balance at 31 at 1 Mov. Results Reserves Others December Thousand Euros January Tax losses and tax credits 159,351 -83,716 - -21,786 53,849 Provisions for social benefits, bad debts and other risks 7,558 130 -303 133 7,518 Derivative financial instruments 280,416 - -280,401 - 15 Property plant and equipment 1,889 242 - 1 2,132 Other temporary differences 2,945 -9 - -21 2,915 Assets/liabilities compensation of deferred taxes -137,399 3,939 114,811 1 -18,648 314,760 -79,414 -165,893 -21,672 47,781 Deferred Tax Liabilities Balance Mov. Balance at 31 at 1 Mov. Results Reserves Others December Thousand Euros January Derivative financial instruments 119,818 - -114,811 - 5,007 Allocation of fair value to assets and liabilities acquired 5,941 - - - 5,941 Fiscal revaluations 163 -5 - - 158 Other temporary differences 11,477 -3,934 - -1 7,542 Assets/liabilities compensation of deferred taxes -137,399 3,939 114,811 1 -18,648 - - - - -
On an individual basis, the variations of these captions are justified by the transfer of the energy management activity on 1 February 2023 to EDP GEM Portugal, S.A. (see note 13). As at a 31 December 2022, on a Company basis, the movement by nature of Net Deferred Tax Assets and Liabilities are as follows: Net Deferred Tax Assets Balance Mov. Balance at 31 at 1 Mov. Results Reserves Others December Thousand Euros January 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 -3,394 230,191 -2,395 -137,399 37,218 35,602 284,446 -42,506 314,760 Net Deferred Tax Liabilities Balance Mov. Balance at 31 at 1 Mov. Results Reserves Others December Thousand Euros January 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 -3,394 230,191 -2,395 -137,399 - - - - - Taxes recorded against reserves are as follows: Group Company Thousand Euros Dec 2023 Dec 2022 Dec 2023 Dec 2022 Financial instruments and fair value -390,719 233,936 -165,590 285,062 Actuarial gains and losses -35,544 -88,828 -303 -616 Financial instruments and equity instruments at fair value OCI -1,568 3,856 - - Others 3,311 89 - - -424,520 149,053 -165,893 284,446 The Group tax losses carried forward are analysed as follows: Thousand Euros Group Dec 2023 Dec 2022 Expiry date: 2023 - 2,983 2024 10,271 3,245 2025 32,383 8,793 2026 54,002 19,640 2027 34,759 62,870 2028 35,613 4,985 2029 to 2040 2,391,428 2,340,336 Without expiry date 2,180,982 3,356,636 4,739,440 5,799,488 Of the total of EDP Group\u2019s tax losses available to carry forward as at 31 December 2023, the amount of 705,235 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. In addition to the above, EDPR North America LLC has State tax losses and the associated deferred tax asset amounts to 70,642 thousand Euros as at 31 December 2023 (78,566 thousand Euros as at 31 December 2022).
",
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"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f37659": {
"value": "27. Debtors and other assets from commercial activities At Group level, Debtors and other assets from commercial activities are as follows: Thousand Euros Non-Current Dec 2023 Dec 2022 Current Dec 2023 Dec 2022 Assets measured at amortised cost: Amounts receivable from tariff adjustments - Electricity - Portugal 234,903 441,035 4,929 13,825 Amounts receivable from tariff adjustments - Electricity - Brazil (see note 39) 41,284 12,883 6,578 14,310 Debtors for other goods and services - - 60,320 67,521 Amounts receivable relating to CMEC 312,088 353,619 264,423 249,856 Amounts receivable from concessions - IFRIC 12 499,531 846,875 1,196,426 1,120,064 Other assets measured at amortised cost 247,217 214,071 335,243 318,137 Impairment losses on other assets measured at amortised cost -244 -82 -5,924 -3,024 1,334,779 1,868,401 1,861,995 1,780,689 Trade receivables at amortised cost: Trade receivables 142,955 108,415 1,624,514 1,797,683 Impairment losses on trade receivables -7,934 -8,810 -264,231 -259,025 135,021 99,605 1,360,283 1,538,658 Assets measured at fair value through other comprehensive income: Amounts receivable from tariff adjustments - Electricity - Portugal 90,839 23 23,169 1,141 Assets measured at fair value through profit or loss: Amounts receivable from concessions - IFRIC 12 1,365,311 1,012,104 - - Contract assets: Contract assets receivable from energy sales contracts 3,070 4 1,256,487 1,452,371 Contract assets receivable from concessions - IFRIC 12 887,223 729,520 - - 890,293 729,524 1,256,487 1,452,371 Other assets: Incremental costs of obtaining contracts with customers 46,796 32,219 7,966 7,677 Other assets from commercial activities 52,903 30,250 117,754 107,684 99,699 62,469 125,720 115,361 3,915,942 3,772,126 4,627,654 4,888,220
The captions Amounts receivable and Amounts payable for tariff adjustments - Electricity - Portugal refer to tariff adjustments recognised in E- Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. and in SU Eletricidade, S.A. Thousand Euros Non-current Dec 2023 Dec 2022 Current Dec 2023 Dec 2022 Amounts payable for tariff adjustments - Electricity - Portugal 325,742 441,058 28,098 14,966 Amounts receivable from tariff adjustments - Electricity - Portugal (see note 39) -9,466 - -466,294 -958,357 316,276 441,058 -438,196 -943,391
The movement for the period in Amounts receivable and Amounts payable from tariff adjustments - Electricity - Portugal (Non-current and Current) is as follows: Thousand Euros Dec 2023 Balance at the beginning of the period -502,333 Tariff adjustment of the period (see note 7) 1,443,854 Receipts/payments through the electricity tariff 880,068 Securitization of tariff adjustment -1,958,898 Fair value of the tariff deficit measured at fair value through other comprehensive income (see note 33) -1,224 Interest income/expense (see note 14) 34,860 Adjustments related to previous years -18,247 Balance at the end of the period -121,920 During the last quarter of 2023, SU Eletricidade, S.A. agreed the securitization of 898 million Euros of the 2024 tariff deficit, by the amount of 930 million Euros. This tariff deficit resulted from the 5-year deferral of the recovery of the additional costs to be incurred by SU Eletricidade, S.A. in 2024, including the adjustments from the 2 previous years (2022 and 2023), related to the purchase of electricity from generators that benefit from guaranteed remuneration schemes or other subsidized regimes. SU Eletricidade, S.A. also agreed, through 3 individual transactions, the fully and without recourse sale of 1,061 million Euros of the 2024 tariff deficit, for a total amount of 1,102 million Euros. This tariff deficit resulted from the 5-year deferral of the recovery of the additional cost to be incurred by SU Eletricidade, S.A. in 2024, including the adjustments from the 2 previous years (2022 and 2023), related to the purchase of electricity from generators that benefit from guaranteed remuneration schemes or other subsidized regimes. The sale operations of the 2024 tariff deficit generated gains, net of transaction costs, of 13,306 thousand Euros (4,575 thousand Euros related to the securitization and 8,731 thousand Euros related to direct sales). The gain was calculated in accordance with article 3 of Ordinance No. 300/2023, of 4 October, and deducted by half of the amount calculated to be passed on to the UGS tariff (see note 14). Additionally, SU Eletricidade, S.A. repurchased the full amount of the 2022 tariff adjustment sold on 28 September, related to the sale and purchase of electricity from generators that benefit from guaranteed remuneration schemes, for 300 million Euros. The tariff adjustment at the end of period corresponds to an amount of 121,920 thousand Euros to be returned and includes 475,760 thousand Euros of Amounts payable from tariff adjustments - Electricity - Portugal (see note 39) and 353,840 thousand Euros of Amounts receivable from tariff adjustments - Electricity - Portugal. 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 46). The following table provides details for the caption Amounts receivable and Amounts payable 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 2023: Thousand Euros Deficit Tariff adj. Sales Total Year: 2016 - 1,449 - 1,449 2020 23 1,333 - 1,356 2021 220 50,270 - 50,490 2022 - -48,481 - -48,481 2023 - 34,332 - 34,332 2024 1,797,832 - -1,958,898 -161,066 1,798,075 38,903 -1,958,898 -121,920 The 2023 tariff adjustment includes 1,376,247 thousand Euros of SU Eletricidade S.A. tariff adjustment of the period, which has been deducted from the provisional adjustment related with the purchase of electricity from generators that benefit from guaranteed remuneration schemes or other subsidised regimes, in the amount of 1,418,986 thousand Euros, since it is included in 2024 tariff deficit. The 2024 tariff deficit includes 2,068,670 thousand Euros from SU Eletricidade, S.A., which has been deducted from the 2024 overcost accrual related with the purchase of electricity from generators that benefit from guaranteed remuneration schemes or other subsidised regimes in the amount of 266,100 thousand Euros.
The captions Amounts receivable relating to CMEC and Deferred income - CMEC are as follows: Thousand Euros Non-Current Current Amounts receivable relating to CMEC 312,088 264,423 Deferred income - CMEC (see note 39) -17,091 -48,713 294,997 215,710 Thousand Euros Non-Current Current Initial CMEC 225,728 36,470 Final adjustment 69,269 77,174 Revisibility 2014 - 2017 * - 102,066 294,997 215,710 * 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: Thousand Euros Amounts receivable Contract assets Balance as at 31 December 2022 2,979,043 729,520 Investments of the period - 729,925 Transfer to intangible assets (see note 19) - -196,172 Transfer between Amounts receivable and Contract assets 386,966 -386,966 Exchange differences 92,548 34,105 Perimeter variations and others -397,289 -23,189 Balance as at 31 December 2023 3,061,268 887,223 The Perimeter variations and others includes the impact of the reclassification of some transmission assets in Brazil to non-current assets held for sale, in the amount of 518,774 thousand Euros (see note 42).
The movements in Impairment losses on trade receivables and other assets measured at amortised cost are as follows: Trade receivables Other assets Non- Current Non- Current Thousand Euros current current Balance as at 1 January 2022 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 Charge of the period 103 118,226 156 3,350 Reversal of impairment losses -1,424 -53,725 - -1,956 Charge-off - -27,355 - -2 Exchange differences 445 5,857 6 61 Perimeter variations/Other regularisations - -37,797 - 1,447 Balance as at 31 December 2023 7,934 264,231 244 5,924 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 2023 and 2022, 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 energy management business. The impairment losses on Trade receivables includes impairment losses related to Contract assets receivable from energy sales contracts.
Thousand Euros Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Debtors and other assets - Non-Current Assets measured at amortised cost: Loans to subsidiaries - - 2,915,267 1,141,944 Loans to related parties 439,282 186,885 90 90 Guarantees rendered to third parties 154,439 133,931 - - Other financial assets at amortised cost (i) 44,724 1,751 19 256,650 Assets measured at fair value through profit or loss: Derivative financial instruments (see note 43) 568,373 1,035,814 662,405 1,590,973 Contingent price 62,100 50,873 - - Other assets: Excess of the pension fund financing (see note 36) 194,740 92,694 714 410 Other debtors and sundry operations 320,309 422,562 90,078 90,078 1,783,967 1,924,510 3,668,573 3,080,145 Debtors and other assets - Current Assets measured at amortised cost: Loans to subsidiaries - - 50,671 538,550 Dividends attributed by subsidiaries - - 25,000 - Loans to related parties 131,317 354,484 - 3,490 Guarantees rendered to third parties 229,741 992,370 79,037 720,465 Subsidiary companies - - 425,441 229,858 Other financial assets at amortised cost (i) 9,842 7,386 259,172 260,639 Assets measured at fair value through profit or loss: Derivative financial instruments (see note 43) 549,152 1,539,884 899,571 2,449,615 Other financial investments measured at fair value 778 346 - - Contingent price 121,165 108,636 - - Other assets: Other debtors and sundry operations 249,747 368,689 535,240 23 1,291,742 3,371,795 2,274,132 4,202,640 3,075,709 5,296,305 5,942,705 7,282,785
At Group level, Debtors and other assets from commercial activities are as follows: Thousand Euros Non-Current Dec 2023 Dec 2022 Current Dec 2023 Dec 2022 Assets measured at amortised cost: Amounts receivable from tariff adjustments - Electricity - Portugal 234,903 441,035 4,929 13,825 Amounts receivable from tariff adjustments - Electricity - Brazil (see note 39) 41,284 12,883 6,578 14,310 Debtors for other goods and services - - 60,320 67,521 Amounts receivable relating to CMEC 312,088 353,619 264,423 249,856 Amounts receivable from concessions - IFRIC 12 499,531 846,875 1,196,426 1,120,064 Other assets measured at amortised cost 247,217 214,071 335,243 318,137 Impairment losses on other assets measured at amortised cost -244 -82 -5,924 -3,024 1,334,779 1,868,401 1,861,995 1,780,689 Trade receivables at amortised cost: Trade receivables 142,955 108,415 1,624,514 1,797,683 Impairment losses on trade receivables -7,934 -8,810 -264,231 -259,025 135,021 99,605 1,360,283 1,538,658 Assets measured at fair value through other comprehensive income: Amounts receivable from tariff adjustments - Electricity - Portugal 90,839 23 23,169 1,141 Assets measured at fair value through profit or loss: Amounts receivable from concessions - IFRIC 12 1,365,311 1,012,104 - - Contract assets: Contract assets receivable from energy sales contracts 3,070 4 1,256,487 1,452,371 Contract assets receivable from concessions - IFRIC 12 887,223 729,520 - - 890,293 729,524 1,256,487 1,452,371 Other assets: Incremental costs of obtaining contracts with customers 46,796 32,219 7,966 7,677 Other assets from commercial activities 52,903 30,250 117,754 107,684 99,699 62,469 125,720 115,361 3,915,942 3,772,126 4,627,654 4,888,220
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: Thousand Euros Amounts receivable Contract assets Balance as at 31 December 2022 2,979,043 729,520 Investments of the period - 729,925 Transfer to intangible assets (see note 19) - -196,172 Transfer between Amounts receivable and Contract assets 386,966 -386,966 Exchange differences 92,548 34,105 Perimeter variations and others -397,289 -23,189 Balance as at 31 December 2023 3,061,268 887,223 The Perimeter variations and others includes the impact of the reclassification of some transmission assets in Brazil to non-current assets held for sale, in the amount of 518,774 thousand Euros (see note 42).
Other debtors and other assets are as follows: Thousand Euros Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Debtors and other assets - Non-Current Assets measured at amortised cost: Loans to subsidiaries - - 2,915,267 1,141,944 Loans to related parties 439,282 186,885 90 90 Guarantees rendered to third parties 154,439 133,931 - - Other financial assets at amortised cost (i) 44,724 1,751 19 256,650 Assets measured at fair value through profit or loss: Derivative financial instruments (see note 43) 568,373 1,035,814 662,405 1,590,973 Contingent price 62,100 50,873 - - Other assets: Excess of the pension fund financing (see note 36) 194,740 92,694 714 410 Other debtors and sundry operations 320,309 422,562 90,078 90,078 1,783,967 1,924,510 3,668,573 3,080,145 Debtors and other assets - Current Assets measured at amortised cost: Loans to subsidiaries - - 50,671 538,550 Dividends attributed by subsidiaries - - 25,000 - Loans to related parties 131,317 354,484 - 3,490 Guarantees rendered to third parties 229,741 992,370 79,037 720,465 Subsidiary companies - - 425,441 229,858 Other financial assets at amortised cost (i) 9,842 7,386 259,172 260,639 Assets measured at fair value through profit or loss: Derivative financial instruments (see note 43) 549,152 1,539,884 899,571 2,449,615 Other financial investments measured at fair value 778 346 - - Contingent price 121,165 108,636 - - Other assets: Other debtors and sundry operations 249,747 368,689 535,240 23 1,291,742 3,371,795 2,274,132 4,202,640 3,075,709 5,296,305 5,942,705 7,282,785
35. Financial debt This caption is as follows: Thousand Euros Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Debt and borrowings - Non-current Bank loans: - EDP, S.A 1,667 3,333 1,667 3,333 - EDP Finance B.V. ** 661,753 -13,566 - - - EDP Servicios Financieros Espa\u00f1a, S.A.U. 75,000 - - - - EDP Brasil Group 320,340 284,657 - - - EDP Renov\u00e1veis Group 900,043 936,595 - - - Others 3,868 370 - - 1,962,671 1,211,389 1,667 3,333 Non-convertible bond loans: - EDP S.A. 2,042,527 1,294,988 3,842,527 2,694,988 - EDP Finance B.V. 5,819,422 8,244,657 - - - EDP Servicios Financieros Espa\u00f1a, S.A.U. 1,335,395 - - - - EDP Brasil Group 1,186,800 1,389,029 - - 10,384,144 10,928,674 3,842,527 2,694,988 Hybrid bonds: - EDP S.A. 4,043,243 3,044,554 4,043,243 3,044,554 4,043,243 3,044,554 4,043,243 3,044,554 Commercial paper: - EDP Finance B.V. 328,054 339,865 - - - EDP Brasil Group - 250,429 - - 328,054 590,294 - - Other loans 17,084 36,108 - - 16,735,196 15,811,019 7,887,437 5,742,875 Accrued interest - 31,482 - - Other liabilities: - Fair value of the issued debt hedged risk -7,085 -59,897 15,015 11,195 Total Debt and Borrowings 16,728,111 15,782,604 7,902,452 5,754,070 Collateral Deposits - Non-current * -35,512 -23,765 - - 16,692,599 15,758,839 7,902,452 5,754,070 * Deposits constituted as collateral for financial guarantee. ** Deferred discount of origination fees on celebrated RCF, which are currently
not used. Thousand Euros Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Debt and borrowings - Current Bank loans: - EDP, S.A 1,667 1,667 1,667 1,667 - EDP Finance B.V. - 216 - - - EDP Brasil Group 351,504 153,853 - - - EDP Renov\u00e1veis Group 295,434 432,012 - - - Other 1,260 - - - 649,865 587,748 1,667 1,667 Non-convertible bond loans: - EDP S.A. - 500,000 1,399,056 3,500,000 - EDP Finance B.V. 2,351,761 1,100,288 - - - EDP Brasil Group 398,514 212,976 - - 2,750,275 1,813,264 1,399,056 3,500,000 Hybrid bonds: - EDP, S.A. - 672,800 - 672,800 - 672,800 - 672,800 Commercial paper: - EDP S.A - - 440,000 1,690,000 - EDP Finance B.V. 65,000 750,475 - - - EDP Brasil Group 55,951 117,029 - - 120,951 867,504 440,000 1,690,000 Other loans - Group Financial System (see note 45) - - 1,879,565 2,195,726 - Other 4,160 3,804 - - 4,160 3,804 1,879,565 2,195,726 Accrued interest 367,473 258,232 129,755 97,380 Other liabilities: - Fair value of the issued debt hedged risk 11,856 36,517 10,022 32,059 Total Debt and Borrowings 3,904,580 4,239,869 3,860,065 8,189,632 Collateral Deposits - Current * -35,219 -29,336 - - 3,869,361 4,210,533 3,860,065 8,189,632 * Deposits constituted as collateral for financial guarantee.
Non-current Commercial Paper refers to two Commercial Paper programs with firm underwriting commitment for a period of over one year, in the total amount of 362,500 thousand US Dollars. Main events of the period: On 16 January 2023, EDP issued a subordinated hybrid green bond of 1,000 million Euros, which are non-callable up to 5.25 years respectively, and final maturity in April 2083. In January 2023, EDP S.A. repurchased 672.800 thousand Euros of an issue called \"EUR1,000,000,000 Fixed to Reset Rate Subordinated Notes due 2079\" (see note 14). On April 2023, EDP has signed a five-year loan facility, in the amount of 1,000 million Singapore Dollar (SGD), strengthening its commitment with the APAC region. On 19 June 2023, under its \"Debt Issuance Program (EMTN)\", EDP issued a green bond of 750 million Euros maturing in June 2028. On 28 July 2023, 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 3.000 million, which can be drawn in Euros, US Dollars and Pound Sterling (up to 500 million GBP). The RCF is a 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. This new RCF replaces the previous 2,240 million Euros RCF, which would reach maturity in March 2025. On 1 October 2023, under its \"Debt Issuance Program (EMTN)\", EDP issued green bonds of 750 million Euros and 600 million Euros, maturing in April 2032 and April 2029, respectively.
The nominal value of outstanding Bond loans placed with external counterparties, as at 31 December 2023, is as follows: Nominal Issuer Issue Interest Type Conditions/ Value in date rate of hedge Redemp. Million Thousand Euros Currency Group Company Hybrids by EDP S.A. EDP S.A. (iii) Jan-19 Fixed rate EUR 4.496% (iv) n.a. Apr-79 327 EUR 327,200 327,200 EDP S.A. (v) Jan-20 Fixed rate EUR 1.7% (vi) n.a. Jul-80 750 EUR 750,000 750,000 EDP S.A. (vii) Jan-21 Fixed Rate EUR 1.875% (iv) n.a. Aug-81 750 EUR 750,000 750,000 EDP S.A. (viii) Sep-21 Fixed Rate EUR 1.5% (iv) n.a. Mar-82 750 EUR 750,000 750,000 EDP S.A. (ix) Sep-21 Fixed Rate EUR 1.875% (x) n.a. Mar-82 500 EUR 500,000 500,000 EDP S.A. (i) Jan-23 Fixed rate EUR 5.943% (ii) n.a. Apr-83 1,000 EUR 1,000,000 1,000,000 4,077,200 4,077,200 Issued under a Standalone Prospectus 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 150,000 150,000 550,000 550,000 Issued under the Euro Medium Term Notes program (EMTN) EDP Finance B.V. Nov-08 Fixed rate GBP 8.625% Fair Value (i) Jan-24 325 GBP 410,314 - EDP Finance B.V. Apr-15 Fixed rate EUR 2% Fair Value (i) Apr-25 750 EUR 750,000 - EDP Finance B.V.(ii) Aug-16 Fixed rate EUR 1.125% Net Invest. (i) Feb-24 744 EUR 743,804 - 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)(xi) 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)(xi) 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)(xi) 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. (i) Oct-27 500 USD 468,779 - EDP S.A. Jun-23 Fixed rate EUR 3.875% n.a. Jun-28 750 EUR 750,000 750,000 EDPP SFE Oct-23 Fixed rate EUR 4.375% n.a. Apr-32 750 EUR 750,000 - EDPP SFE Oct-23 Fixed rate EUR 4.125% n.a. Apr-29 600 EUR 600,000 - 11,157,381 1,500,000 (i) These issues 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) 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 47); (iv) Fixed rate in the first 5,25 years, subsequently updated every 5 years; (v) There is a call option exercisable at par by EDP at April 2025 and July 2025 and subsequently, on each interest payment date; (vi) Fixed rate in the first 5,5 years, subsequently updated every 5 years; (vii) There is a call option exercisable at par by EDP from May 2026 until August 2026 and subsequently, on each interest payment date; (viii) There is a call option exercisable at par by EDP from December 2026 until March 2027 and subsequently, on each interest payment date; (ix) There is a call option exercisable at par by EDP from June 2029 until September 2029 and subsequently, on each interest payment date; (x) Fixed rate in the first 7.75 years, subsequently updated every 5 years; (xi)
These issues by EDP Finance B.V. are partially associated with interest rate and currency swapsIssuer Issue date Interest rate Type of hedge Conditions/ Redemp. Nominal Value in Million Thousand Euros Currency 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 22 BRL 4,152 - EDP Esp\u00edrito Santo Aug-18 IPCA + 5.91% n.a. Jul-25 169 BRL 31,688 - EDP S\u00e3o Paulo Aug-18 IPCA + 5.91% n.a. Aug-25 231 BRL 43,146 - EDP Transmiss\u00e3o Oct-18 IPCA + 6.72% n.a. Oct-28 1.530 BRL 285,446 - EDP Esp\u00edrito Santo Apr-19 106.9% CDI n.a. Mar-24 300 BRL 55,951 - EDP S\u00e3o Paulo Apr-19 107.5% CDI n.a. Mar-24 200 BRL 37,301 - EDP S\u00e3o Paulo Feb-21 IPCA + 3.91% n.a. Jan-26 834 BRL 155,572 - EDP Esp\u00edrito Santo Feb-21 IPCA + 3.26% n.a. Jul-25 597 BRL 111,421 - Enerpeixe Mar-21 CDI + 1.75% n.a. Mar-26 275 BRL 51,289 - Lajeado Energia Jun-21 CDI + 1.05% n.a. Jun-24 150 BRL 27,976 - EDP S\u00e3o Paulo Aug-21 CDI + 1.25% n.a. Jul-26 350 BRL 65,277 - EDP Esp\u00edrito Santo Aug-21 CDI + 1.25% n.a. Jul-25 400 BRL 74,602 - EDP S\u00e3o Paulo Dec-21 CDI + 1,38% n.a. Dec-26 450 BRL 83,927 - PCH Leopoldina Jan-22 CDI + 1.52% n.a. Jan-24 700 BRL 130,553 - Lajeado Energia May-22 CDI + 1.45% n.a. May-25 200 BRL 37,301 - EDP S\u00e3o Paulo Jun-22 CDI + 1.20% n.a. May-27 450 BRL 83,927 - EDP Esp\u00edrito Santo Jun-22 CDI + 1.20% n.a. May-27 270 BRL 50,356 - EDP S\u00e3o Paulo Oct-23 CDI + 1.25% n.a. Set-28 600 BRL 111,903 - CELG Dec-23 CDI + 1.20% n.a. Dec-28 367 BRL 68,385 - CELG Dec-23 CDI + 1.40% n.a. Dec-30 183 BRL 34,193 - 1,544,366 - 17,328,947 6,127,200 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 funding that include the usual guarantees on this type of financings, namely the pledge or a promise of pledge of bank accounts and assets of the related projects. As of 31 December 2023, these financings amount to 1,034,866 thousand Euros (31 December 2022: 1,097,179 thousand Euros), within the financial debt caption. At 31 December 2023 the Group confirms the fulfilment of all the covenants of the Project Finance Portfolio under the Facilities Agreements.
As at 31 December 2023, the Group has the following credit facilities, all of which with underwriting commitments, which it uses for liquidity management: Maximum Available Maturity Million Units Amount Amount Revolving Credit Facility 3.650 EUR 3.650 EUR 2028 Revolving Credit Facility 3.000 EUR 3.000 EUR 2,028 Credit Lines (spread conditions agreed in advance indexed to Euribor and Ester) 255 EUR 255 EUR Renewable Commercial Paper Programmes 363 USD 0 USD 2025 Commercial Paper Programmes 200 EUR 200 EUR 2025 EDP extended the maturity of the 3,650 million Euros RCF, signed in 2022, to August 2028. As at 31 December 2023, future debt and interest payments and origination fees, by type of loan and currency, are as follows: Thousand Euros Dec 2024 Dec 2025 Dec 2026 Dec 2027 Dec 2028 Following years Total Bank loans: Euro 131,434 13,507 68 26 75,006 3,683 223,724 Brazilian Real 296,759 34,098 23,840 23,691 22,946 218,512 619,846 US Dollar 216,158 313,311 30,654 39,237 33,858 188,881 822,099 Singapore Dollar 12,533 27,435 - - 685,354 - 725,322 Other 48,153 28,138 23,108 18,784 24,503 170,689 313,375 705,037 416,489 77,670 81,738 841,667 581,765 2,704,366 Bond loans: Euro 1,253,066 1,350,000 1,900,000 1,250,000 750,000 3,100,000 9,603,066 Brazilian Real 473,548 635,637 268,520 114,198 172,172 1,141 1,665,216 US Dollar 1,264,010 - - 120,472 769,231 - 2,153,713 2,990,624 1,985,637 2,168,520 1,484,670 1,691,403 3,101,141 13,421,995 Hybrid Bonds: Euro 74,355 - - - - 4,077,200 4,151,555 74,355 - - - - 4,077,200 4,151,555 Commercial paper: Euro 65,000 - - - - - 65,000 Brazilian Real 55,951 - - - - - 55,951 US Dollar 2,717 328,054 - - - - 330,771 123,668 328,054 - - - - 451,722 Other loans: Euro 1,788 - 352 - - 6 2,146 Brazilian Real 1,347 - - - - 11,272 12,619 Other 2,832 - - - - 5,454 8,286 5,967 - 352 - - 16,732 23,051 Fair Value 11,856 -17,868 - - - 10,783 4,771 Origination Fees -6,927 -2,455 -3,286 -4,402 -25,329 -82,370 -124,769 3,904,580 2,709,857 2,243,256 1,562,006 2,507,741 7,705,251 20,632,691 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 25,046 219,285 449,590 618,171 374,238 100,048 72,687 68,154 640,133 1,873,431 Bond loans: Euro 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 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 Hybrid Bonds: Euro 726,552 - - - - 3,077,200 3,803,752 726,552 - - - - 3,077,200 3,803,752 Commercial paper: Euro 645,000 - - - - - 645,000 Brazilian Real 117,029 104,685 51,480 51,480 42,784 - 367,458 US Dollar 108,384 - 339,865 - - - 448,249 870,413 104,685 391,345 51,480 42,784 - 1,460,707 Other loans: Euro 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 4,227 2,627 1,784 2,057 1,826 27,812 40,333 Fair Value: 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 2023, future debt and interest payments and origination fees, by type of loan, fully denominated in Euros, on an individual basis, are as follows: Following Thousand Euros Dec 2024 Dec 2025 Dec 2026 Dec 2027 Dec 2028 years Total Bank loans: 1,732 1,667 - - - - 3,399 Bond loans: 1,455,129 800,000 550,000 1,750,000 750,000 - 5,305,129 Hybrid Bonds: 74,355 - - - - 4,077,200 4,151,555 Commercial paper: 440,206 - - - - - 440,206 Other loans: 1,879,565 - - - - - 1,879,565 Fair Value: 10,022 - - - - 15,015 25,037 Origination Fees: -944 - - - - -41,430 -42,374 3,860,065 801,667 550,000 1,750,000 750,000 4,050,785 11,762,517 As at 31 December 2022, future debt and interest payments and origination fees, by type of loan, fully denominated in Euros, on an individual basis, are as follows: Following Thousand Euros Dec 2023 Dec 2024 Dec 2025 Dec 2026 Dec 2027 years Total Bank loans: 1,692 1,667 1,667 - - - 5,026 Bond loans: 3,542,763 - 400,000 550,000 1,750,000 - 6,242,763 Hybrid Bonds: 726,552 - - - - 3,077,200 3,803,752 Commercial paper: 1,690,840 - - - - - 1,690,840 Other loans: 2,195,726 - - - - - 2,195,726 Fair Value: 32,059 - - - - 11,195 43,254 Origination Fees: - - - - - -37,659 -37,659 8,189,632 1,667 401,667 550,000 1,750,000 3,050,736 13,943,702 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. The Group aims to promote greater alignment between its financial policy and its sustainability strategy, increasing market awareness for this topic. In this regard, since 2018, the year in which the first green debt issuance was made, the Group has been prioritising financing through green financial instruments for the development or acquisition of renewable generation assets. As of 31 December 2023, sustainable financing accounted for 58% of nominal debt, with the Group targeting 60% of its financing from sustainable sources by 2026 (see note 49).
Other liabilities and other payables are as follows: Thousand Euros Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Other liabilities and other payables - Non-Current Liabilities measured at amortised cost: Loans from non-controlling interests 637,221 659,367 - - Lease Liabilities 1,176,456 1,252,000 136,162 139,728 Liabilities measured at fair value through profit or loss: Derivative financial instruments (see note 43) 984,989 2,701,116 700,437 2,013,300 Amounts payable and contingent prices for acquisitions/sales 148,317 152,614 33,196 30,134 Other Liabilities: Other creditors and sundry operations 352,952 394,399 - - 3,299,935 5,159,496 869,795 2,183,162 Other liabilities and other payables - Current Liabilities measured at amortised cost: Loans from non-controlling interests 57,828 17,582 - - Dividends attributed to related companies 54,089 77,182 - - Group companies - - 10,890 3,857 Lease Liabilities 136,274 135,792 12,146 12,603 Liabilities measured at fair value through profit or loss: Derivative financial instruments (see note 43) 886,978 3,052,590 898,181 3,192,332 Amounts payable and contingent prices for acquisitions/sales 190,296 274,974 30,511 32,325 Other Liabilities: Other creditors and sundry operations 45,342 42,773 548,385 152,185 1,370,807 3,600,893 1,500,113 3,393,302 4,670,742 8,760,389 2,369,908 5,576,464
43. 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: Dec 2023 Dec 2022 Thousand Euros Assets Liabilities Assets Liabilities Net Investment hedge Cross-currency interest rate swaps 80,590 -101,183 36,986 -211,081 Currency forwards 555 -10,321 25,726 -84,063 Fair value hedge Interest rate swaps - -21,232 479 -34,407 Cross-currency interest rate swaps 24,325 -40,833 26,007 -47,711 Cash flow hedge Interest rate swaps 16,013 -17,306 114,670 -1,611 Swaps related to gas commodity 181,525 -402,369 557,885 -2,279,446 Electricity swaps 229,578 -634,238 306,998 -1,262,063 Currency forwards (includes commodities and capex forwards) 29,771 -18,993 71,295 -37,437 CO2 forwards 2,082 -8,261 - - Trading Interest rate swaps 37,766 -12,876 14,474 -10,625 Cross-currency interest rate swaps 317 -29,793 11,382 -48,289 Commodity swaps and forwards 482,056 -507,746 1,277,258 -1,680,641 Currency forwards 11,239 -60,969 81,990 -33,173 CO2 forwards 2,545 -3,721 2,196 -12,116 Currency forwards associated to commodities 19,163 -2,126 48,352 -11,043
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 46) 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 2023, the notional amounts per measurement unit of the derivative financial instruments in EDP Group, are as follows: Following Thousand Units Unit 2024 2025 2026 2027 years Total Net Investment hedge Cross-currency interest rate swaps Euros 1,170,939 - 47,252 150,000 1,810,599 3,178,790 Currency forwards Euros 257,184 25,118 - - - 282,302 Fair value hedge Interest rate swaps Euros - 600,000 - - - 600,000 Cross-currency interest rate swaps Euros 410,314 - - - - 410,314 Cash flow hedge Interest rate swaps Euros 89,064 87,481 53,071 29,544 696,042 955,202 Cross-currency interest rate swaps Euros 82,912 - - - 82,912 165,824 Swaps related to gas commodity MWh 32,340 -47,696 -99,998 -124,227 - -239,581 Electricity swaps MWh 167,947 190,145 157,465 152,282 982,585 1,650,424 CO2 forwards MT 54,797 17,290 18,199 - - 90,286 Currency forwards (includes commodities and capex forwards) Euros 418,385 82,878 - - - 501,263 Trading Interest rate swaps Euros - 499,648 130,553 - 173,345 803,546 Cross-currency interest rate swaps Euros 353,331 288,149 35,889 - - 677,369 Swaps related to gas commodity MWh 4,517 5,375 -3,986 -4,423 - 1,483 Electricity swaps and forwards MWh 384,349 271,830 83,146 51,470 25,676.0 816,471 Currency forwards Euros 1,808,793 67,254 4,000 - - 1,880,047 CO2 forwards MT -85,789 - 1 - - -85,788 Currency forwards for commodities Euros 149,580 - - - - 149,580
In 2022, the notional amounts per measurement unit of the derivative financial instruments in EDP Group, were as follows: Following Thousand Units Unit 2023 2024 2025 2026 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 2,166,472 2,480,029 Cross-currency interest rate swaps Euros - - - - 2,926 2,926 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 for commodities Euros 1,270,210 137,503 82,878 - - 1,490,591 Trading Interest rate swaps Euros 700 726 300,753 190,628 133,707 626,514 Cross-currency interest rate swaps Euros 200,319 245,149 - - - 445,468 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 1,675,816 29,497 4,000 4,000 - 1,713,313 CO2 forwards MT 469 - - - - 469 Currency forwards for commodities Euros 353,858 149,580 - - - 503,438
In 2022, the notional amounts per measurement unit of the derivative financial instruments at Company level, were 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 2023, the future undiscounted cash flows of the derivative financial instruments in EDP Group, are as follows: Thousand Euros 2024 2025 2026 2027 Following years Total Net Investment hedge Cross-currency interest rate swaps -64,136 -31,338 -31,918 -48,843 -69,044 -245,279 Currency forwards -9,172 -432 - - - -9,604 -73,308 -31,770 -31,918 -48,843 -69,044 -254,883 Fair value hedge Interest rate swaps -20,179 -7,575 - - - -27,754 Cross-currency interest rate swaps -12,960 - - - -3,202 -16,162 -33,139 -7,575 - - -3,202 -43,916 Cash flow hedge Interest rate swaps 7,313 5,994 5,697 5,223 49,425 73,652 Swaps related to gas commodity -217,365 -105,814 -2,874 5,275 - -320,778 Electricity swaps -66,789 -76,811 -35,773 -37,257 -254,143 -470,773 CO2 forwards -547 -2,788 -3,271 - - -6,606 Currency forwards (includes commodities and capex forwards) 6,919 4,430 - - - 11,349 -270,469 -174,989 -36,221 -26,759 -204,718 -713,156 Trading Interest rate swaps 629 21,979 15,199 - -71 37,736 Cross-currency interest rate swaps -2,743 -12,274 -1,620 - - -16,637 Commodity swaps and forwards 35,415 6,384 18,317 13,257 -2,563 70,810 CO2 forwards -1,206 - - - - -1,206 Currency forwards -47,793 -1,603 -1,041 - - -50,437 Currency forwards for commodities 17,053 - - - - 17,053 1,355 14,486 30,855 13,257 -2,634 57,319 -375,561 -199,848 -37,284 -62,345 -279,598 -954,636
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 -59,868 1,531 - - - -58,337 -125,111 -87,031 -35,086 -51,774 -117,093 -416,095 Fair value hedge Interest rate swaps -10,364 -12,262 -4,032 - - -26,658 Cross-currency interest rate swaps 6,728 -18,800 -1 -6 1 -12,078 -3,636 -31,062 -4,033 -6 1 -38,736 Cash flow hedge Interest rate swaps 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) -166 25,453 6,437 - - 31,724 -1,466,134 -820,843 -375,681 -79,225 -495,647 -3,237,530 Trading Interest rate swaps 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
The changes in the fair value, including accrued interest, of hedging instruments and risks being hedged are as follows: 2023 2022 Changes in fair value Changes in fair value Thousand Euros Hedging instrument Hedged risk Instrument Risk Instrument Risk Net investment (i) Cross-curr. int. rate swaps Subsidiaries in BRL, GBP, USD, CAD, SGD, COP, CNY, TWD and PLN 202,073 -172,678 -154,482 104,984 Fair value Interest rate swap Interest rate 12,696 -12,696 -72,950 72,950 Fair value Cross-curr. int. rate swaps Exchange and interest rate 5,196 9,956 -62,138 58,123 Cash flow Interest rate swap Interest rate -114,352 114,352 121,453 -121,453 Cash flow CO2 forwards Commodity prices -6,179 6,179 - - Cash flow Currency forwards Exchange rate -23,080 23,080 -48,699 48,699 Cash flow (ii) Commodity swaps Commodity prices 2,051,122 -2,059,602 -1,156,059 1,125,021 2,127,476 -2,091,409 -1,372,875 1,288,324 (i) Fair value variation of the hedging instrument on Cross currency interest rate swaps for Net investment includes a negative amount of 58,893 thousand Euros related to the cost of hedging (45,695 thousand Euros net of tax effect), recorded in reserves (see note 33), and ineffectiveness of a negative amount of 29,498 thousand Euros. (ii) Relating to December 2023, fair value variation of the hedging instrument on Commodity swaps for Cash flow includes a negative amount of 8,480 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 2023 and 2022, 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, EUR/SGD and EUR/PLN. Interest rates: Euribor 3M, Euribor 6M, Wibor 6M, US Libor 3M e CAD Libor 3M, COOVIBR, Daily CDI, IPCA, SOFR and SORA. Exchange rates: EUR/USD, EUR/PLN, EUR/BRL, EUR/HUF, EUR/COP, EUR/JPY, EUR/KRW, EUR/CAD, EUR/TWD, GBP/EUR, SGD/EUR, USD/CAD, USD/HUF, USD/PLN, VND/USD, EUR/AUD, PLN/USD, SGD/CNY, SGD/TWD, SGD/USD, USD/COP, USD/JPY and VND/USD. Market quotes of commodities: Brent, Electricity, Henry Hub, TTF, Coal, CO2, JKM, NBP, and Mibgas. The changes in the fair value reserve related to cash flow hedges in 2023 and 2022 by nature of derivative financial instruments in EDP Group, were as follows: Thousand Euros Interest rate swaps Commodity swaps Currency forwards for capex and commod. Gross Amount Deferred Tax Total Balance as at 1 January 2022 -24,034 -1,101,258 61,955 -1,063,337 282,477 -780,860 Fair value changes -25,922 1,008,064 -49,067 933,075 -237,152 695,923 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 -9,189 5,806 Balance as at 31 December 2022 -35,204 -1,977,680 50,067 -1,962,817 467,717 -1,495,100 Fair value changes 62,872 3,117,980 -54,591 3,126,261 -836,093 2,290,168 Transfer to results from hedging -2,959 -1,569,363 22,056 -1,550,266 490,770 -1,059,496 Comprehensive Income changes in associates -64,116 - - -64,116 15,399 -48,717 Balance as at 31 December 2023 -39,407 -429,063 17,532 -450,938 137,793 -313,145 Instrument Fair value indexed to the following market inputs
Notional Currency EDP Pays EDP Receives The changes in the fair value reserve related to cash flow hedges in 2023 and 2022 by nature of derivative financial instruments at Company level, were as follows: Thousand Euros Interest rate swaps Commodity swaps Currency forwards for capex and commod. Gross Amount Deferred Tax Total Balance as at 1 January 2022 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 -735,327 154,418 -580,909 Balance as at 31 December 2022 35,029 -868,439 68,733 -764,677 160,544 -604,133 Fair value changes -8,386 -274,434 2,327 -253,495 58,904 -194,591 Transfer to results from hedging -2,795 1,142,873 -71,060 1,042,021 -224,494 817,527 Balance as at 31 December 2023 23,848 - - 23,849 -5,046 18,803 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 2023 and 2022 are as follows: Group Company Thousand Euros Dec 2023 Dec 2022 Dec 2023 Dec 2022 Commodity derivatives held for trading 621,379 323,710 -866,346 640,786 Debt derivatives held for trading -121,160 -23,659 23,468 18,747 Net investment hedge - ineffectiveness -29,498 -24,048 - - Fair value hedges: -Derivatives 26,419 -96,760 - - -Hedged liabilities -49,634 108,871 - - Cash flow hedges: -Transfer to results from hedging of financial liabilities -2,959 -243 - - -Transfer to results from hedging of commodity prices -1,612,624 -1,728,411 -64,406 735,327 -1,168,077 -1,440,540 -907,284 1,394,860
The amount transferred to the Income Statement related to the hedging of commodity derivatives and the amount related to the portfolio of derivatives associated with commodities is included in the caption of Revenues and cost of Energy Sales and Services and Other. The remaining amounts presented in the table above are included in the items of financial expenses and income. The effective interest rates of the derivative financial instruments relating to financing operations in EDP Group at 31 December 2023 are as follows: Interest rate contracts: Interest rate swaps (i) Euro'000 902,256 EUR [ 4.13% - 0.00% ] [ 3.95% - 0.18% ] Interest rate swaps 251,751 USD [ 1.86% - 1.23% ] [ 5.65% - 0.13% ] Interest rate swaps 43,991 PLN [ 2.78% ] [ 5.82% ] Interest rate swaps 330,201 BRL [ 14.29% - 13.16% ] [ 10.87% - 8.09% ] Interest rate swaps 112,253 CAD [ 2.75% - 2.59% ] [ 5.44% ] Interest rate swaps 512,085 SGD [ 3.11% - 2.94% ] [ 0.01% ] Interest rate swaps 173,345 TWD [ 1.74% - 1.47% ] [ 1.49% ] Interest rate swaps 32,866 VND [ 4.45% ] [ 5.58% ] Currency and interest rate contracts: CIRS (currency interest rate swaps) (i) 451,106 EUR/GBP [ 8.04% - 0.00% ] [ 8.63% - 0.00% ] CIRS (currency interest rate swaps) 148,300 EUR/PLN [ 8.72% - 6.65% ] [ 5.78% - 3.93% ] CIRS (currency interest rate swaps) 231,339 EUR/BRL [ 10.72% - 0.04% ] [ 3.93% ] CIRS (currency interest rate swaps) 54,647 EUR/CAD [ 5.67% - 5.15% ] [ 3.97% - 3.93% ] CIRS (currency interest rate swaps) (i) 733,705 USD/BRL [ 14.46% - 10.71% ] [ 6.79% - 2.89% ] CIRS (currency interest rate swaps) (i) 2,813,198 USD/EUR [ 5.30% - 1.83% ] [ 3.88% - 0.38% ] (i) EDP pays floating rate and receives fixed rate; Notional Currency EDP Pays EDP Receives The effective interest rates of the derivative financial instruments relating to financing operations in EDP Group at 31 December 2022 were as follows: Interest rate contracts: Interest rate swaps (i) Euro'000 917,089 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 321,382 USD [ 14.95% - 1.23% ] [ 2.27% - -4.63% ] Interest rate swaps 28,322 PLN [ 2.48% ] [ -7.46% ] Interest rate swaps 311,065 BRL [ 14.02% - 13.62% ] [ 10.04% - 9.29% ] Interest rate swaps 26,354 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) 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) 319,975 USD/BRL [ 14.95% - 13.22% ] [ 3.73% - 0.62% ] CIRS (currency interest rate swaps) 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 start at a future date. The contracted prices of the derivative financial instruments relating to commodities at 31 December 2023 were as follows: Unit 2024 2025 2026 2027 Following Years Electricity swaps Euros/ [33.20 - [33.20 - [33.20 - [33.20 - [33.20 - MWh 144.89] 159.37] 67.00] 67.00] 67.00] Swaps related to gas commodity Euros/ [8.70 - [7.71 - [12.19 - [12.12 - n.a MWh 159.90] 159.90] 57.02] 46.95] CO2 forwards Euros/MT [76.10 - [97.32 - [102.40 - n.a n.a 97.05] 100.18] 107.00] The contracted prices of the derivative financial instruments relating to commodities at 31 December 2022 were as follows: Unit 2023 2024 2025 2026 Following Years Electricity swaps Euros/ [33.20 - [33.20 - [33.20 - [33.20 - [33.20 - MWh 67.00] 67.00] 67.00] 67.00] 67.00] Swaps related to gas commodity Euros/ [8.02 - [9.01 - [7.99 - [43.25 - [43.25 - MWh 265.00] 159.90] 159.90] 46.95] 46.95] CO2 forwards Euros/MT [43.19 - [94.50 - [97.32 - [102.40 - n.a. 100.31] 97.05] 100.18] 107.00]
46. 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: Dec 2023 Dec 2022 Carrying Fair value Difference Carrying Fair value Difference Thousand Euros amount amount Assets Equity instruments at fair value 204,752 204,752 - 216,418 216,418 - Investment property 25,344 25,344 - 27,294 27,294 - Debtors/other assets from commercial activities 8,543,596 8,543,596 - 8,660,346 8,660,346 - Other debtors and other assets Derivative financial instruments 1,117,525 1,117,525 - 2,575,698 2,575,698 - Loans to related parties - OW FS 429,098 323,143 -105,955 184,644 138,864 -45,780 Other 1,529,086 1,529,086 - 2,535,963 2,535,963 - Collateral deposits/financial debt 70,731 70,731 - 53,101 53,101 - Cash and cash equivalents 3,372,432 3,372,432 - 4,900,205 4,900,205 - 15,292,564 15,186,609 -105,955 19,153,669 19,107,889 -45,780 Liabilities Financial debt 20,632,691 20,291,137 -341,554 20,022,473 18,938,885 -1,083,588 Trade payables/other liabilities from commercial activities Suppliers and accruals 3,861,352 3,861,352 - 3,805,467 3,805,467 - Other 4 054 217 4,054,217 - 6 011 957 6,011,957 - Institutional partnerships 2,188,245 2,188,245 - 2,212,162 2,212,162 - Other liabilities and other payables Derivative financial instruments 1,871,967 1,871,967 - 5,753,706 5,753,706 - Other 2,798,775 2,798,775 - 3,006,683 3,006,683 - 35,407,247 35,065,693 -341,554 40,812,448 39,728,860 -1,083,588
Given that EDP Group\u2019s financial assets and liabilities, recognised at amortised cost, are predominantly short-term, 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. Loans to related parties - OW FS regards long-term maturity loans granted to OW FS Offshore, S.A. (see note 28). These loans bear interest at market rates, which are fixed or with reference rate indexed, such as Euribor and SOFR, plus a market spread. Given the long-term maturity, for fixed rate loans fair value has been calculated based on the discounted cash flows at market interest rates at the balance sheet date. 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: Thousand Euros Level 1 Dec 2023 Level 2 Level 3 Level 1 Dec 2022 Level 2 Level 3 Financial assets Equity instruments at fair value through Other comprehensive income (note 23) 14,400 91,610 22,521 24,714 83,062 31,494 Profit or loss (note 23) - - 76,221 - - 77,148 Tariff deficit at fair value through other comprehensive income (note 27) - 114,008 - - 1,164 - Amounts receivable from concessions-IFRIC 12 at fair value through profit or loss (note 27) - 1,365,311 - - 1,012,104 - Investment property (note 24) - 25,344 - - 27,294 - Derivative financial instruments (note 43) - 1,117,525 - - 2,575,698 - 14,400 2,713,798 98,742 24,714 3,699,322 108,642 Financial liabilities Derivative financial instruments (note 43) - 1,871,967 - - 5,753,706 - - 1,871,967 - - 5,753,706 - 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 Thousand Euros comprehen- sive income profit or loss Balance at beginning of period 31,494 77,148 Change in fair value (see note 23) -10,023 -6,516 Acquisitions 1,313 6,849 Disposals -285 -1,300 Other changes 22 40 Balance at the end of the period 22,521 76,221 The assumptions used in the determination of Equity Instruments at Fair Value are described in note 23, as required by IFRS 13.
Thousand Euros Non-Current Dec 2023 Dec 2022 Current Dec 2023 Dec 2022 Assets measured at amortised cost: Amounts receivable from tariff adjustments - Electricity - Portugal 234,903 441,035 4,929 13,825 Amounts receivable from tariff adjustments - Electricity - Brazil (see note 39) 41,284 12,883 6,578 14,310 Debtors for other goods and services - - 60,320 67,521 Amounts receivable relating to CMEC 312,088 353,619 264,423 249,856 Amounts receivable from concessions - IFRIC 12 499,531 846,875 1,196,426 1,120,064 Other assets measured at amortised cost 247,217 214,071 335,243 318,137 Impairment losses on other assets measured at amortised cost -244 -82 -5,924 -3,024 1,334,779 1,868,401 1,861,995 1,780,689 Trade receivables at amortised cost: Trade receivables 142,955 108,415 1,624,514 1,797,683 Impairment losses on trade receivables -7,934 -8,810 -264,231 -259,025 135,021 99,605 1,360,283 1,538,658 Assets measured at fair value through other comprehensive income: Amounts receivable from tariff adjustments - Electricity - Portugal 90,839 23 23,169 1,141 Assets measured at fair value through profit or loss: Amounts receivable from concessions - IFRIC 12 1,365,311 1,012,104 - - Contract assets: Contract assets receivable from energy sales contracts 3,070 4 1,256,487 1,452,371 Contract assets receivable from concessions - IFRIC 12 887,223 729,520 - - 890,293 729,524 1,256,487 1,452,371 Other assets: Incremental costs of obtaining contracts with customers 46,796 32,219 7,966 7,677 Other assets from commercial activities 52,903 30,250 117,754 107,684 99,699 62,469 125,720 115,361 3,915,942 3,772,126 4,627,654 4,888,220
28. Other debtors and other assets Other debtors and other assets are as follows: Thousand Euros Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Debtors and other assets - Non-Current Assets measured at amortised cost: Loans to subsidiaries - - 2,915,267 1,141,944 Loans to related parties 439,282 186,885 90 90 Guarantees rendered to third parties 154,439 133,931 - - Other financial assets at amortised cost (i) 44,724 1,751 19 256,650 Assets measured at fair value through profit or loss: Derivative financial instruments (see note 43) 568,373 1,035,814 662,405 1,590,973 Contingent price 62,100 50,873 - - Other assets: Excess of the pension fund financing (see note 36) 194,740 92,694 714 410 Other debtors and sundry operations 320,309 422,562 90,078 90,078 1,783,967 1,924,510 3,668,573 3,080,145 Debtors and other assets - Current Assets measured at amortised cost: Loans to subsidiaries - - 50,671 538,550 Dividends attributed by subsidiaries - - 25,000 - Loans to related parties 131,317 354,484 - 3,490 Guarantees rendered to third parties 229,741 992,370 79,037 720,465 Subsidiary companies - - 425,441 229,858 Other financial assets at amortised cost (i) 9,842 7,386 259,172 260,639 Assets measured at fair value through profit or loss: Derivative financial instruments (see note 43) 549,152 1,539,884 899,571 2,449,615 Other financial investments measured at fair value 778 346 - - Contingent price 121,165 108,636 - - Other assets: Other debtors and sundry operations 249,747 368,689 535,240 23 1,291,742 3,371,795 2,274,132 4,202,640 3,075,709 5,296,305 5,942,705 7,282,785
Loans to subsidiaries - Non-Current and Current, on an individual basis, mainly include 2,545,477 thousand Euros of loans granted to EDP Gest\u00e3o Produ\u00e7\u00e3o Energia, S.A. and 351,226 thousand Euros (31 December 2022: 1,579,546 thousand Euros) of loans granted to E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. (see note 45). 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 2023, impairment was reversed on granted loans to EDP GEM Portugal, S.A. (see note 21). The caption Loans to related parties, on a consolidated basis, is mainly due to loans granted to OW FS Offshore, S.A. in the amount of 429,098 thousand Euros in Non-Current (31 December 2022: 184,644 thousand Euros) and 105,537 thousand Euros in Current (31 December 2022: 326,730 thousand Euros). The variation in the item Guarantees rendered to third parties is essentially explained by the significant decrease in electricity and gas prices. (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 (adjustments 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 Total Notes Overcost from special regime production 2019 Jun 2019 14 13 926 953 Overcost from special regime production 2022-2024 Dec 2023 416 7,087 45,240 52,743 430 7,100 46,166 53,696 On a company basis, this caption includes the bonds issued by EDP Finance B.V. repurchased on market by EDP S.A. During 2023, EDP Finance B.V. repaid, at maturity, in the first quarter, an issuance of 489 million Euros, of which EDP S.A. had already repurchased 111,168 thousand Euros and in the third quarter an issuance of 462 million Euros, of which EDP S.A. had already repurchased 137,535 thousand Euros. The detail of these bonds is as follows: Maturity Interest Nominal value date Currency rate in Currency Acquired in Currency Fair Value Issuer '000 '000 '000 EDP Finance B.V. 12 Feb 2024 EUR 1.13% 743,804 256,196 255,333 The variation of the caption Contingent prices mainly results from the recognition of the contingent prices of the sale by EDP Renewables Europe, S.L.U. of its stakes in Viesgo Europa S.L.U. and Viesgo Renovables S.L.U., the sale by EDP Renov\u00e1veis Brasil, S.A. of its stakes in Central E\u00f3lica Boqueirao I S.A., Central E\u00f3lica Boqueirao II S.A., and Central E\u00f3lica Jerusalem Holding, S.A. and its subsidiaries (see note 6) and from the receipt of the contingent consideration in connection with the sales 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., respectively. The variation of the caption Other debtors and sundry operations - Current is mainly from the recognition of the consideration to be received in the amount of 180,000 thousand Euros for the sale of 50% of stake in the company Abo\u00f1o Generaciones El\u00e9ctricas, S.L.U. (see note 6) and from the receipts in the amounts of 184,778 thousand Euros and 91,318 thousand Euros related to the sale of several wind farms in Brasil and Indiana Crossroads Solar Park project in North America, respectively, both carried out in 2022. On an individual basis, the variation of the caption Other debtors and sundry operations is justified by the transfer of the energy management activity on 1 February 2023 to EDP GEM Portugal, S.A. (see note 13).
Thousand Euros Non-Current Dec 2023 Dec 2022 Current Dec 2023 Dec 2022 Assets measured at amortised cost: Amounts receivable from tariff adjustments - Electricity - Portugal 234,903 441,035 4,929 13,825 Amounts receivable from tariff adjustments - Electricity - Brazil (see note 39) 41,284 12,883 6,578 14,310 Debtors for other goods and services - - 60,320 67,521 Amounts receivable relating to CMEC 312,088 353,619 264,423 249,856 Amounts receivable from concessions - IFRIC 12 499,531 846,875 1,196,426 1,120,064 Other assets measured at amortised cost 247,217 214,071 335,243 318,137 Impairment losses on other assets measured at amortised cost -244 -82 -5,924 -3,024 1,334,779 1,868,401 1,861,995 1,780,689 Trade receivables at amortised cost: Trade receivables 142,955 108,415 1,624,514 1,797,683 Impairment losses on trade receivables -7,934 -8,810 -264,231 -259,025 135,021 99,605 1,360,283 1,538,658 Assets measured at fair value through other comprehensive income: Amounts receivable from tariff adjustments - Electricity - Portugal 90,839 23 23,169 1,141 Assets measured at fair value through profit or loss: Amounts receivable from concessions - IFRIC 12 1,365,311 1,012,104 - - Contract assets: Contract assets receivable from energy sales contracts 3,070 4 1,256,487 1,452,371 Contract assets receivable from concessions - IFRIC 12 887,223 729,520 - - 890,293 729,524 1,256,487 1,452,371 Other assets: Incremental costs of obtaining contracts with customers 46,796 32,219 7,966 7,677 Other assets from commercial activities 52,903 30,250 117,754 107,684 99,699 62,469 125,720 115,361 3,915,942 3,772,126 4,627,654 4,888,220
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: Thousand Euros Amounts receivable Contract assets Balance as at 31 December 2022 2,979,043 729,520 Investments of the period - 729,925 Transfer to intangible assets (see note 19) - -196,172 Transfer between Amounts receivable and Contract assets 386,966 -386,966 Exchange differences 92,548 34,105 Perimeter variations and others -397,289 -23,189 Balance as at 31 December 2023 3,061,268 887,223 The Perimeter variations and others includes the impact of the reclassification of some transmission assets in Brazil to non-current assets held for sale, in the amount of 518,774 thousand Euros (see note 42).
Thousand Euros Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Debtors and other assets - Non-Current Assets measured at amortised cost: Loans to subsidiaries - - 2,915,267 1,141,944 Loans to related parties 439,282 186,885 90 90 Guarantees rendered to third parties 154,439 133,931 - - Other financial assets at amortised cost (i) 44,724 1,751 19 256,650 Assets measured at fair value through profit or loss: Derivative financial instruments (see note 43) 568,373 1,035,814 662,405 1,590,973 Contingent price 62,100 50,873 - - Other assets: Excess of the pension fund financing (see note 36) 194,740 92,694 714 410 Other debtors and sundry operations 320,309 422,562 90,078 90,078 1,783,967 1,924,510 3,668,573 3,080,145 Debtors and other assets - Current Assets measured at amortised cost: Loans to subsidiaries - - 50,671 538,550 Dividends attributed by subsidiaries - - 25,000 - Loans to related parties 131,317 354,484 - 3,490 Guarantees rendered to third parties 229,741 992,370 79,037 720,465 Subsidiary companies - - 425,441 229,858 Other financial assets at amortised cost (i) 9,842 7,386 259,172 260,639 Assets measured at fair value through profit or loss: Derivative financial instruments (see note 43) 549,152 1,539,884 899,571 2,449,615 Other financial investments measured at fair value 778 346 - - Contingent price 121,165 108,636 - - Other assets: Other debtors and sundry operations 249,747 368,689 535,240 23 1,291,742 3,371,795 2,274,132 4,202,640 3,075,709 5,296,305 5,942,705 7,282,785
Thousand Euros Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Other liabilities and other payables - Non-Current Liabilities measured at amortised cost: Loans from non-controlling interests 637,221 659,367 - - Lease Liabilities 1,176,456 1,252,000 136,162 139,728 Liabilities measured at fair value through profit or loss: Derivative financial instruments (see note 43) 984,989 2,701,116 700,437 2,013,300 Amounts payable and contingent prices for acquisitions/sales 148,317 152,614 33,196 30,134 Other Liabilities: Other creditors and sundry operations 352,952 394,399 - - 3,299,935 5,159,496 869,795 2,183,162 Other liabilities and other payables - Current Liabilities measured at amortised cost: Loans from non-controlling interests 57,828 17,582 - - Dividends attributed to related companies 54,089 77,182 - - Group companies - - 10,890 3,857 Lease Liabilities 136,274 135,792 12,146 12,603 Liabilities measured at fair value through profit or loss: Derivative financial instruments (see note 43) 886,978 3,052,590 898,181 3,192,332 Amounts payable and contingent prices for acquisitions/sales 190,296 274,974 30,511 32,325 Other Liabilities: Other creditors and sundry operations 45,342 42,773 548,385 152,185 1,370,807 3,600,893 1,500,113 3,393,302 4,670,742 8,760,389 2,369,908 5,576,464
Dec 2023 Dec 2022 Thousand Euros Assets Liabilities Assets Liabilities Net Investment hedge Cross-currency interest rate swaps 80,590 -101,183 36,986 -211,081 Currency forwards 555 -10,321 25,726 -84,063 Fair value hedge Interest rate swaps - -21,232 479 -34,407 Cross-currency interest rate swaps 24,325 -40,833 26,007 -47,711 Cash flow hedge Interest rate swaps 16,013 -17,306 114,670 -1,611 Swaps related to gas commodity 181,525 -402,369 557,885 -2,279,446 Electricity swaps 229,578 -634,238 306,998 -1,262,063 Currency forwards (includes commodities and capex forwards) 29,771 -18,993 71,295 -37,437 CO2 forwards 2,082 -8,261 - - Trading Interest rate swaps 37,766 -12,876 14,474 -10,625 Cross-currency interest rate swaps 317 -29,793 11,382 -48,289 Commodity swaps and forwards 482,056 -507,746 1,277,258 -1,680,641 Currency forwards 11,239 -60,969 81,990 -33,173 CO2 forwards 2,545 -3,721 2,196 -12,116 Currency forwards associated to commodities 19,163 -2,126 48,352 -11,043
1,117,525 -1,871,967 2,575,698 -5,753,706
In 2023, the notional amounts per measurement unit of the derivative financial instruments in EDP Group, are as follows: Following Thousand Units Unit 2024 2025 2026 2027 years Total Net Investment hedge Cross-currency interest rate swaps Euros 1,170,939 - 47,252 150,000 1,810,599 3,178,790 Currency forwards Euros 257,184 25,118 - - - 282,302 Fair value hedge Interest rate swaps Euros - 600,000 - - - 600,000 Cross-currency interest rate swaps Euros 410,314 - - - - 410,314 Cash flow hedge Interest rate swaps Euros 89,064 87,481 53,071 29,544 696,042 955,202 Cross-currency interest rate swaps Euros 82,912 - - - 82,912 165,824 Swaps related to gas commodity MWh 32,340 -47,696 -99,998 -124,227 - -239,581 Electricity swaps MWh 167,947 190,145 157,465 152,282 982,585 1,650,424 CO2 forwards MT 54,797 17,290 18,199 - - 90,286 Currency forwards (includes commodities and capex forwards) Euros 418,385 82,878 - - - 501,263 Trading Interest rate swaps Euros - 499,648 130,553 - 173,345 803,546 Cross-currency interest rate swaps Euros 353,331 288,149 35,889 - - 677,369 Swaps related to gas commodity MWh 4,517 5,375 -3,986 -4,423 - 1,483 Electricity swaps and forwards MWh 384,349 271,830 83,146 51,470 25,676.0 816,471 Currency forwards Euros 1,808,793 67,254 4,000 - - 1,880,047 CO2 forwards MT -85,789 - 1 - - -85,788 Currency forwards for commodities Euros 149,580 - - - - 149,580
In 2022, the notional amounts per measurement unit of the derivative financial instruments in EDP Group, were as follows: Following Thousand Units Unit 2023 2024 2025 2026 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 2,166,472 2,480,029 Cross-currency interest rate swaps Euros - - - - 2,926 2,926 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 for commodities Euros 1,270,210 137,503 82,878 - - 1,490,591 Trading Interest rate swaps Euros 700 726 300,753 190,628 133,707 626,514 Cross-currency interest rate swaps Euros 200,319 245,149 - - - 445,468 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 1,675,816 29,497 4,000 4,000 - 1,713,313 CO2 forwards MT 469 - - - - 469 Currency forwards for commodities Euros 353,858 149,580 - - - 503,438
In 2023, the future undiscounted cash flows of the derivative financial instruments in EDP Group, are as follows: Thousand Euros 2024 2025 2026 2027 Following years Total Net Investment hedge Cross-currency interest rate swaps -64,136 -31,338 -31,918 -48,843 -69,044 -245,279 Currency forwards -9,172 -432 - - - -9,604 -73,308 -31,770 -31,918 -48,843 -69,044 -254,883 Fair value hedge Interest rate swaps -20,179 -7,575 - - - -27,754 Cross-currency interest rate swaps -12,960 - - - -3,202 -16,162 -33,139 -7,575 - - -3,202 -43,916 Cash flow hedge Interest rate swaps 7,313 5,994 5,697 5,223 49,425 73,652 Swaps related to gas commodity -217,365 -105,814 -2,874 5,275 - -320,778 Electricity swaps -66,789 -76,811 -35,773 -37,257 -254,143 -470,773 CO2 forwards -547 -2,788 -3,271 - - -6,606 Currency forwards (includes commodities and capex forwards) 6,919 4,430 - - - 11,349 -270,469 -174,989 -36,221 -26,759 -204,718 -713,156 Trading Interest rate swaps 629 21,979 15,199 - -71 37,736 Cross-currency interest rate swaps -2,743 -12,274 -1,620 - - -16,637 Commodity swaps and forwards 35,415 6,384 18,317 13,257 -2,563 70,810 CO2 forwards -1,206 - - - - -1,206 Currency forwards -47,793 -1,603 -1,041 - - -50,437 Currency forwards for commodities 17,053 - - - - 17,053 1,355 14,486 30,855 13,257 -2,634 57,319 -375,561 -199,848 -37,284 -62,345 -279,598 -954,636
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 -59,868 1,531 - - - -58,337 -125,111 -87,031 -35,086 -51,774 -117,093 -416,095 Fair value hedge Interest rate swaps -10,364 -12,262 -4,032 - - -26,658 Cross-currency interest rate swaps 6,728 -18,800 -1 -6 1 -12,078 -3,636 -31,062 -4,033 -6 1 -38,736 Cash flow hedge Interest rate swaps 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) -166 25,453 6,437 - - 31,724 -1,466,134 -820,843 -375,681 -79,225 -495,647 -3,237,530 Trading Interest rate swaps 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
The movements in Impairment losses on trade receivables and other assets measured at amortised cost are as follows: Trade receivables Other assets Non- Current Non- Current Thousand Euros current current Balance as at 1 January 2022 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 Charge of the period 103 118,226 156 3,350 Reversal of impairment losses -1,424 -53,725 - -1,956 Charge-off - -27,355 - -2 Exchange differences 445 5,857 6 61 Perimeter variations/Other regularisations - -37,797 - 1,447 Balance as at 31 December 2023 7,934 264,231 244 5,924 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 2023 and 2022, 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 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",
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"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f38126": {
"value": "28. Other debtors and other assets Other debtors and other assets are as follows: Thousand Euros Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Debtors and other assets - Non-Current Assets measured at amortised cost: Loans to subsidiaries - - 2,915,267 1,141,944 Loans to related parties 439,282 186,885 90 90 Guarantees rendered to third parties 154,439 133,931 - - Other financial assets at amortised cost (i) 44,724 1,751 19 256,650 Assets measured at fair value through profit or loss: Derivative financial instruments (see note 43) 568,373 1,035,814 662,405 1,590,973 Contingent price 62,100 50,873 - - Other assets: Excess of the pension fund financing (see note 36) 194,740 92,694 714 410 Other debtors and sundry operations 320,309 422,562 90,078 90,078 1,783,967 1,924,510 3,668,573 3,080,145 Debtors and other assets - Current Assets measured at amortised cost: Loans to subsidiaries - - 50,671 538,550 Dividends attributed by subsidiaries - - 25,000 - Loans to related parties 131,317 354,484 - 3,490 Guarantees rendered to third parties 229,741 992,370 79,037 720,465 Subsidiary companies - - 425,441 229,858 Other financial assets at amortised cost (i) 9,842 7,386 259,172 260,639 Assets measured at fair value through profit or loss: Derivative financial instruments (see note 43) 549,152 1,539,884 899,571 2,449,615 Other financial investments measured at fair value 778 346 - - Contingent price 121,165 108,636 - - Other assets: Other debtors and sundry operations 249,747 368,689 535,240 23 1,291,742 3,371,795 2,274,132 4,202,640 3,075,709 5,296,305 5,942,705 7,282,785
Loans to subsidiaries - Non-Current and Current, on an individual basis, mainly include 2,545,477 thousand Euros of loans granted to EDP Gest\u00e3o Produ\u00e7\u00e3o Energia, S.A. and 351,226 thousand Euros (31 December 2022: 1,579,546 thousand Euros) of loans granted to E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. (see note 45). 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 2023, impairment was reversed on granted loans to EDP GEM Portugal, S.A. (see note 21). The caption Loans to related parties, on a consolidated basis, is mainly due to loans granted to OW FS Offshore, S.A. in the amount of 429,098 thousand Euros in Non-Current (31 December 2022: 184,644 thousand Euros) and 105,537 thousand Euros in Current (31 December 2022: 326,730 thousand Euros). The variation in the item Guarantees rendered to third parties is essentially explained by the significant decrease in electricity and gas prices. (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 (adjustments 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 Total Notes Overcost from special regime production 2019 Jun 2019 14 13 926 953 Overcost from special regime production 2022-2024 Dec 2023 416 7,087 45,240 52,743 430 7,100 46,166 53,696 On a company basis, this caption includes the bonds issued by EDP Finance B.V. repurchased on market by EDP S.A. During 2023, EDP Finance B.V. repaid, at maturity, in the first quarter, an issuance of 489 million Euros, of which EDP S.A. had already repurchased 111,168 thousand Euros and in the third quarter an issuance of 462 million Euros, of which EDP S.A. had already repurchased 137,535 thousand Euros. The detail of these bonds is as follows: Maturity Interest Nominal value date Currency rate in Currency Acquired in Currency Fair Value Issuer '000 '000 '000 EDP Finance B.V. 12 Feb 2024 EUR 1.13% 743,804 256,196 255,333 The variation of the caption Contingent prices mainly results from the recognition of the contingent prices of the sale by EDP Renewables Europe, S.L.U. of its stakes in Viesgo Europa S.L.U. and Viesgo Renovables S.L.U., the sale by EDP Renov\u00e1veis Brasil, S.A. of its stakes in Central E\u00f3lica Boqueirao I S.A., Central E\u00f3lica Boqueirao II S.A., and Central E\u00f3lica Jerusalem Holding, S.A. and its subsidiaries (see note 6) and from the receipt of the contingent consideration in connection with the sales 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., respectively. The variation of the caption Other debtors and sundry operations - Current is mainly from the recognition of the consideration to be received in the amount of 180,000 thousand Euros for the sale of 50% of stake in the company Abo\u00f1o Generaciones El\u00e9ctricas, S.L.U. (see note 6) and from the receipts in the amounts of 184,778 thousand Euros and 91,318 thousand Euros related to the sale of several wind farms in Brasil and Indiana Crossroads Solar Park project in North America, respectively, both carried out in 2022. On an individual basis, the variation of the caption Other debtors and sundry operations is justified by the transfer of the energy management activity on 1 February 2023 to EDP GEM Portugal, S.A. (see note 13).
28. Other debtors and other assets Other debtors and other assets are as follows: Thousand Euros Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Debtors and other assets - Non-Current Assets measured at amortised cost: Loans to subsidiaries - - 2,915,267 1,141,944 Loans to related parties 439,282 186,885 90 90 Guarantees rendered to third parties 154,439 133,931 - - Other financial assets at amortised cost (i) 44,724 1,751 19 256,650 Assets measured at fair value through profit or loss: Derivative financial instruments (see note 43) 568,373 1,035,814 662,405 1,590,973 Contingent price 62,100 50,873 - - Other assets: Excess of the pension fund financing (see note 36) 194,740 92,694 714 410 Other debtors and sundry operations 320,309 422,562 90,078 90,078 1,783,967 1,924,510 3,668,573 3,080,145 Debtors and other assets - Current Assets measured at amortised cost: Loans to subsidiaries - - 50,671 538,550 Dividends attributed by subsidiaries - - 25,000 - Loans to related parties 131,317 354,484 - 3,490 Guarantees rendered to third parties 229,741 992,370 79,037 720,465 Subsidiary companies - - 425,441 229,858 Other financial assets at amortised cost (i) 9,842 7,386 259,172 260,639 Assets measured at fair value through profit or loss: Derivative financial instruments (see note 43) 549,152 1,539,884 899,571 2,449,615 Other financial investments measured at fair value 778 346 - - Contingent price 121,165 108,636 - - Other assets: Other debtors and sundry operations 249,747 368,689 535,240 23 1,291,742 3,371,795 2,274,132 4,202,640 3,075,709 5,296,305 5,942,705 7,282,785
Loans to subsidiaries - Non-Current and Current, on an individual basis, mainly include 2,545,477 thousand Euros of loans granted to EDP Gest\u00e3o Produ\u00e7\u00e3o Energia, S.A. and 351,226 thousand Euros (31 December 2022: 1,579,546 thousand Euros) of loans granted to E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. (see note 45). 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 2023, impairment was reversed on granted loans to EDP GEM Portugal, S.A. (see note 21). The caption Loans to related parties, on a consolidated basis, is mainly due to loans granted to OW FS Offshore, S.A. in the amount of 429,098 thousand Euros in Non-Current (31 December 2022: 184,644 thousand Euros) and 105,537 thousand Euros in Current (31 December 2022: 326,730 thousand Euros). The variation in the item Guarantees rendered to third parties is essentially explained by the significant decrease in electricity and gas prices. (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 (adjustments 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 Total Notes Overcost from special regime production 2019 Jun 2019 14 13 926 953 Overcost from special regime production 2022-2024 Dec 2023 416 7,087 45,240 52,743 430 7,100 46,166 53,696 On a company basis, this caption includes the bonds issued by EDP Finance B.V. repurchased on market by EDP S.A. During 2023, EDP Finance B.V. repaid, at maturity, in the first quarter, an issuance of 489 million Euros, of which EDP S.A. had already repurchased 111,168 thousand Euros and in the third quarter an issuance of 462 million Euros, of which EDP S.A. had already repurchased 137,535 thousand Euros. The detail of these bonds is as follows: Maturity Interest Nominal value date Currency rate in Currency Acquired in Currency Fair Value Issuer '000 '000 '000 EDP Finance B.V. 12 Feb 2024 EUR 1.13% 743,804 256,196 255,333 The variation of the caption Contingent prices mainly results from the recognition of the contingent prices of the sale by EDP Renewables Europe, S.L.U. of its stakes in Viesgo Europa S.L.U. and Viesgo Renovables S.L.U., the sale by EDP Renov\u00e1veis Brasil, S.A. of its stakes in Central E\u00f3lica Boqueirao I S.A., Central E\u00f3lica Boqueirao II S.A., and Central E\u00f3lica Jerusalem Holding, S.A. and its subsidiaries (see note 6) and from the receipt of the contingent consideration in connection with the sales 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., respectively. The variation of the caption Other debtors and sundry operations - Current is mainly from the recognition of the consideration to be received in the amount of 180,000 thousand Euros for the sale of 50% of stake in the company Abo\u00f1o Generaciones El\u00e9ctricas, S.L.U. (see note 6) and from the receipts in the amounts of 184,778 thousand Euros and 91,318 thousand Euros related to the sale of several wind farms in Brasil and Indiana Crossroads Solar Park project in North America, respectively, both carried out in 2022. On an individual basis, the variation of the caption Other debtors and sundry operations is justified by the transfer of the energy management activity on 1 February 2023 to EDP GEM Portugal, S.A. (see note 13).
28. Other debtors and other assets Other debtors and other assets are as follows: Thousand Euros Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Debtors and other assets - Non-Current Assets measured at amortised cost: Loans to subsidiaries - - 2,915,267 1,141,944 Loans to related parties 439,282 186,885 90 90 Guarantees rendered to third parties 154,439 133,931 - - Other financial assets at amortised cost (i) 44,724 1,751 19 256,650 Assets measured at fair value through profit or loss: Derivative financial instruments (see note 43) 568,373 1,035,814 662,405 1,590,973 Contingent price 62,100 50,873 - - Other assets: Excess of the pension fund financing (see note 36) 194,740 92,694 714 410 Other debtors and sundry operations 320,309 422,562 90,078 90,078 1,783,967 1,924,510 3,668,573 3,080,145 Debtors and other assets - Current Assets measured at amortised cost: Loans to subsidiaries - - 50,671 538,550 Dividends attributed by subsidiaries - - 25,000 - Loans to related parties 131,317 354,484 - 3,490 Guarantees rendered to third parties 229,741 992,370 79,037 720,465 Subsidiary companies - - 425,441 229,858 Other financial assets at amortised cost (i) 9,842 7,386 259,172 260,639 Assets measured at fair value through profit or loss: Derivative financial instruments (see note 43) 549,152 1,539,884 899,571 2,449,615 Other financial investments measured at fair value 778 346 - - Contingent price 121,165 108,636 - - Other assets: Other debtors and sundry operations 249,747 368,689 535,240 23 1,291,742 3,371,795 2,274,132 4,202,640 3,075,709 5,296,305 5,942,705 7,282,785
Loans to subsidiaries - Non-Current and Current, on an individual basis, mainly include 2,545,477 thousand Euros of loans granted to EDP Gest\u00e3o Produ\u00e7\u00e3o Energia, S.A. and 351,226 thousand Euros (31 December 2022: 1,579,546 thousand Euros) of loans granted to E-Redes \u2013 Distribui\u00e7\u00e3o de Eletricidade, S.A. (see note 45). 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 2023, impairment was reversed on granted loans to EDP GEM Portugal, S.A. (see note 21). The caption Loans to related parties, on a consolidated basis, is mainly due to loans granted to OW FS Offshore, S.A. in the amount of 429,098 thousand Euros in Non-Current (31 December 2022: 184,644 thousand Euros) and 105,537 thousand Euros in Current (31 December 2022: 326,730 thousand Euros). The variation in the item Guarantees rendered to third parties is essentially explained by the significant decrease in electricity and gas prices. (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 (adjustments 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 Total Notes Overcost from special regime production 2019 Jun 2019 14 13 926 953 Overcost from special regime production 2022-2024 Dec 2023 416 7,087 45,240 52,743 430 7,100 46,166 53,696 On a company basis, this caption includes the bonds issued by EDP Finance B.V. repurchased on market by EDP S.A. During 2023, EDP Finance B.V. repaid, at maturity, in the first quarter, an issuance of 489 million Euros, of which EDP S.A. had already repurchased 111,168 thousand Euros and in the third quarter an issuance of 462 million Euros, of which EDP S.A. had already repurchased 137,535 thousand Euros. The detail of these bonds is as follows: Maturity Interest Nominal value date Currency rate in Currency Acquired in Currency Fair Value Issuer '000 '000 '000 EDP Finance B.V. 12 Feb 2024 EUR 1.13% 743,804 256,196 255,333 The variation of the caption Contingent prices mainly results from the recognition of the contingent prices of the sale by EDP Renewables Europe, S.L.U. of its stakes in Viesgo Europa S.L.U. and Viesgo Renovables S.L.U., the sale by EDP Renov\u00e1veis Brasil, S.A. of its stakes in Central E\u00f3lica Boqueirao I S.A., Central E\u00f3lica Boqueirao II S.A., and Central E\u00f3lica Jerusalem Holding, S.A. and its subsidiaries (see note 6) and from the receipt of the contingent consideration in connection with the sales 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., respectively. The variation of the caption Other debtors and sundry operations - Current is mainly from the recognition of the consideration to be received in the amount of 180,000 thousand Euros for the sale of 50% of stake in the company Abo\u00f1o Generaciones El\u00e9ctricas, S.L.U. (see note 6) and from the receipts in the amounts of 184,778 thousand Euros and 91,318 thousand Euros related to the sale of several wind farms in Brasil and Indiana Crossroads Solar Park project in North America, respectively, both carried out in 2022. On an individual basis, the variation of the caption Other debtors and sundry operations is justified by the transfer of the energy management activity on 1 February 2023 to EDP GEM Portugal, S.A. (see note 13).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f38143": {
"value": "Thousand Euros Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Debtors and other assets - Non-Current Assets measured at amortised cost: Loans to subsidiaries - - 2,915,267 1,141,944 Loans to related parties 439,282 186,885 90 90 Guarantees rendered to third parties 154,439 133,931 - - Other financial assets at amortised cost (i) 44,724 1,751 19 256,650 Assets measured at fair value through profit or loss: Derivative financial instruments (see note 43) 568,373 1,035,814 662,405 1,590,973 Contingent price 62,100 50,873 - - Other assets: Excess of the pension fund financing (see note 36) 194,740 92,694 714 410 Other debtors and sundry operations 320,309 422,562 90,078 90,078 1,783,967 1,924,510 3,668,573 3,080,145 Debtors and other assets - Current Assets measured at amortised cost: Loans to subsidiaries - - 50,671 538,550 Dividends attributed by subsidiaries - - 25,000 - Loans to related parties 131,317 354,484 - 3,490 Guarantees rendered to third parties 229,741 992,370 79,037 720,465 Subsidiary companies - - 425,441 229,858 Other financial assets at amortised cost (i) 9,842 7,386 259,172 260,639 Assets measured at fair value through profit or loss: Derivative financial instruments (see note 43) 549,152 1,539,884 899,571 2,449,615 Other financial investments measured at fair value 778 346 - - Contingent price 121,165 108,636 - - Other assets: Other debtors and sundry operations 249,747 368,689 535,240 23 1,291,742 3,371,795 2,274,132 4,202,640 3,075,709 5,296,305 5,942,705 7,282,785
Thousand Euros Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Other liabilities and other payables - Non-Current Liabilities measured at amortised cost: Loans from non-controlling interests 637,221 659,367 - - Lease Liabilities 1,176,456 1,252,000 136,162 139,728 Liabilities measured at fair value through profit or loss: Derivative financial instruments (see note 43) 984,989 2,701,116 700,437 2,013,300 Amounts payable and contingent prices for acquisitions/sales 148,317 152,614 33,196 30,134 Other Liabilities: Other creditors and sundry operations 352,952 394,399 - - 3,299,935 5,159,496 869,795 2,183,162 Other liabilities and other payables - Current Liabilities measured at amortised cost: Loans from non-controlling interests 57,828 17,582 - - Dividends attributed to related companies 54,089 77,182 - - Group companies - - 10,890 3,857 Lease Liabilities 136,274 135,792 12,146 12,603 Liabilities measured at fair value through profit or loss: Derivative financial instruments (see note 43) 886,978 3,052,590 898,181 3,192,332 Amounts payable and contingent prices for acquisitions/sales 190,296 274,974 30,511 32,325 Other Liabilities: Other creditors and sundry operations 45,342 42,773 548,385 152,185 1,370,807 3,600,893 1,500,113 3,393,302 4,670,742 8,760,389 2,369,908 5,576,464
43. 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: Dec 2023 Dec 2022 Thousand Euros Assets Liabilities Assets Liabilities Net Investment hedge Cross-currency interest rate swaps 80,590 -101,183 36,986 -211,081 Currency forwards 555 -10,321 25,726 -84,063 Fair value hedge Interest rate swaps - -21,232 479 -34,407 Cross-currency interest rate swaps 24,325 -40,833 26,007 -47,711 Cash flow hedge Interest rate swaps 16,013 -17,306 114,670 -1,611 Swaps related to gas commodity 181,525 -402,369 557,885 -2,279,446 Electricity swaps 229,578 -634,238 306,998 -1,262,063 Currency forwards (includes commodities and capex forwards) 29,771 -18,993 71,295 -37,437 CO2 forwards 2,082 -8,261 - - Trading Interest rate swaps 37,766 -12,876 14,474 -10,625 Cross-currency interest rate swaps 317 -29,793 11,382 -48,289 Commodity swaps and forwards 482,056 -507,746 1,277,258 -1,680,641 Currency forwards 11,239 -60,969 81,990 -33,173 CO2 forwards 2,545 -3,721 2,196 -12,116 Currency forwards associated to commodities 19,163 -2,126 48,352 -11,043
1,117,525 -1,871,967 2,575,698 -5,753,706
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 46) 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 2023, the notional amounts per measurement unit of the derivative financial instruments in EDP Group, are as follows: Following Thousand Units Unit 2024 2025 2026 2027 years Total Net Investment hedge Cross-currency interest rate swaps Euros 1,170,939 - 47,252 150,000 1,810,599 3,178,790 Currency forwards Euros 257,184 25,118 - - - 282,302 Fair value hedge Interest rate swaps Euros - 600,000 - - - 600,000 Cross-currency interest rate swaps Euros 410,314 - - - - 410,314 Cash flow hedge Interest rate swaps Euros 89,064 87,481 53,071 29,544 696,042 955,202 Cross-currency interest rate swaps Euros 82,912 - - - 82,912 165,824 Swaps related to gas commodity MWh 32,340 -47,696 -99,998 -124,227 - -239,581 Electricity swaps MWh 167,947 190,145 157,465 152,282 982,585 1,650,424 CO2 forwards MT 54,797 17,290 18,199 - - 90,286 Currency forwards (includes commodities and capex forwards) Euros 418,385 82,878 - - - 501,263 Trading Interest rate swaps Euros - 499,648 130,553 - 173,345 803,546 Cross-currency interest rate swaps Euros 353,331 288,149 35,889 - - 677,369 Swaps related to gas commodity MWh 4,517 5,375 -3,986 -4,423 - 1,483 Electricity swaps and forwards MWh 384,349 271,830 83,146 51,470 25,676.0 816,471 Currency forwards Euros 1,808,793 67,254 4,000 - - 1,880,047 CO2 forwards MT -85,789 - 1 - - -85,788 Currency forwards for commodities Euros 149,580 - - - - 149,580
In 2022, the notional amounts per measurement unit of the derivative financial instruments in EDP Group, were as follows: Following Thousand Units Unit 2023 2024 2025 2026 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 2,166,472 2,480,029 Cross-currency interest rate swaps Euros - - - - 2,926 2,926 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 for commodities Euros 1,270,210 137,503 82,878 - - 1,490,591 Trading Interest rate swaps Euros 700 726 300,753 190,628 133,707 626,514 Cross-currency interest rate swaps Euros 200,319 245,149 - - - 445,468 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 1,675,816 29,497 4,000 4,000 - 1,713,313 CO2 forwards MT 469 - - - - 469 Currency forwards for commodities Euros 353,858 149,580 - - - 503,438
In 2022, the notional amounts per measurement unit of the derivative financial instruments at Company level, were 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 2023, the future undiscounted cash flows of the derivative financial instruments in EDP Group, are as follows: Thousand Euros 2024 2025 2026 2027 Following years Total Net Investment hedge Cross-currency interest rate swaps -64,136 -31,338 -31,918 -48,843 -69,044 -245,279 Currency forwards -9,172 -432 - - - -9,604 -73,308 -31,770 -31,918 -48,843 -69,044 -254,883 Fair value hedge Interest rate swaps -20,179 -7,575 - - - -27,754 Cross-currency interest rate swaps -12,960 - - - -3,202 -16,162 -33,139 -7,575 - - -3,202 -43,916 Cash flow hedge Interest rate swaps 7,313 5,994 5,697 5,223 49,425 73,652 Swaps related to gas commodity -217,365 -105,814 -2,874 5,275 - -320,778 Electricity swaps -66,789 -76,811 -35,773 -37,257 -254,143 -470,773 CO2 forwards -547 -2,788 -3,271 - - -6,606 Currency forwards (includes commodities and capex forwards) 6,919 4,430 - - - 11,349 -270,469 -174,989 -36,221 -26,759 -204,718 -713,156 Trading Interest rate swaps 629 21,979 15,199 - -71 37,736 Cross-currency interest rate swaps -2,743 -12,274 -1,620 - - -16,637 Commodity swaps and forwards 35,415 6,384 18,317 13,257 -2,563 70,810 CO2 forwards -1,206 - - - - -1,206 Currency forwards -47,793 -1,603 -1,041 - - -50,437 Currency forwards for commodities 17,053 - - - - 17,053 1,355 14,486 30,855 13,257 -2,634 57,319 -375,561 -199,848 -37,284 -62,345 -279,598 -954,636
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 -59,868 1,531 - - - -58,337 -125,111 -87,031 -35,086 -51,774 -117,093 -416,095 Fair value hedge Interest rate swaps -10,364 -12,262 -4,032 - - -26,658 Cross-currency interest rate swaps 6,728 -18,800 -1 -6 1 -12,078 -3,636 -31,062 -4,033 -6 1 -38,736 Cash flow hedge Interest rate swaps 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) -166 25,453 6,437 - - 31,724 -1,466,134 -820,843 -375,681 -79,225 -495,647 -3,237,530 Trading Interest rate swaps 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
The changes in the fair value, including accrued interest, of hedging instruments and risks being hedged are as follows: 2023 2022 Changes in fair value Changes in fair value Thousand Euros Hedging instrument Hedged risk Instrument Risk Instrument Risk Net investment (i) Cross-curr. int. rate swaps Subsidiaries in BRL, GBP, USD, CAD, SGD, COP, CNY, TWD and PLN 202,073 -172,678 -154,482 104,984 Fair value Interest rate swap Interest rate 12,696 -12,696 -72,950 72,950 Fair value Cross-curr. int. rate swaps Exchange and interest rate 5,196 9,956 -62,138 58,123 Cash flow Interest rate swap Interest rate -114,352 114,352 121,453 -121,453 Cash flow CO2 forwards Commodity prices -6,179 6,179 - - Cash flow Currency forwards Exchange rate -23,080 23,080 -48,699 48,699 Cash flow (ii) Commodity swaps Commodity prices 2,051,122 -2,059,602 -1,156,059 1,125,021 2,127,476 -2,091,409 -1,372,875 1,288,324 (i) Fair value variation of the hedging instrument on Cross currency interest rate swaps for Net investment includes a negative amount of 58,893 thousand Euros related to the cost of hedging (45,695 thousand Euros net of tax effect), recorded in reserves (see note 33), and ineffectiveness of a negative amount of 29,498 thousand Euros. (ii) Relating to December 2023, fair value variation of the hedging instrument on Commodity swaps for Cash flow includes a negative amount of 8,480 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 2023 and 2022, 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, EUR/SGD and EUR/PLN. Interest rates: Euribor 3M, Euribor 6M, Wibor 6M, US Libor 3M e CAD Libor 3M, COOVIBR, Daily CDI, IPCA, SOFR and SORA. Exchange rates: EUR/USD, EUR/PLN, EUR/BRL, EUR/HUF, EUR/COP, EUR/JPY, EUR/KRW, EUR/CAD, EUR/TWD, GBP/EUR, SGD/EUR, USD/CAD, USD/HUF, USD/PLN, VND/USD, EUR/AUD, PLN/USD, SGD/CNY, SGD/TWD, SGD/USD, USD/COP, USD/JPY and VND/USD. Market quotes of commodities: Brent, Electricity, Henry Hub, TTF, Coal, CO2, JKM, NBP, and Mibgas. The changes in the fair value reserve related to cash flow hedges in 2023 and 2022 by nature of derivative financial instruments in EDP Group, were as follows: Thousand Euros Interest rate swaps Commodity swaps Currency forwards for capex and commod. Gross Amount Deferred Tax Total Balance as at 1 January 2022 -24,034 -1,101,258 61,955 -1,063,337 282,477 -780,860 Fair value changes -25,922 1,008,064 -49,067 933,075 -237,152 695,923 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 -9,189 5,806 Balance as at 31 December 2022 -35,204 -1,977,680 50,067 -1,962,817 467,717 -1,495,100 Fair value changes 62,872 3,117,980 -54,591 3,126,261 -836,093 2,290,168 Transfer to results from hedging -2,959 -1,569,363 22,056 -1,550,266 490,770 -1,059,496 Comprehensive Income changes in associates -64,116 - - -64,116 15,399 -48,717 Balance as at 31 December 2023 -39,407 -429,063 17,532 -450,938 137,793 -313,145 Instrument Fair value indexed to the following market inputs
Notional Currency EDP Pays EDP Receives The changes in the fair value reserve related to cash flow hedges in 2023 and 2022 by nature of derivative financial instruments at Company level, were as follows: Thousand Euros Interest rate swaps Commodity swaps Currency forwards for capex and commod. Gross Amount Deferred Tax Total Balance as at 1 January 2022 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 -735,327 154,418 -580,909 Balance as at 31 December 2022 35,029 -868,439 68,733 -764,677 160,544 -604,133 Fair value changes -8,386 -274,434 2,327 -253,495 58,904 -194,591 Transfer to results from hedging -2,795 1,142,873 -71,060 1,042,021 -224,494 817,527 Balance as at 31 December 2023 23,848 - - 23,849 -5,046 18,803 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 2023 and 2022 are as follows: Group Company Thousand Euros Dec 2023 Dec 2022 Dec 2023 Dec 2022 Commodity derivatives held for trading 621,379 323,710 -866,346 640,786 Debt derivatives held for trading -121,160 -23,659 23,468 18,747 Net investment hedge - ineffectiveness -29,498 -24,048 - - Fair value hedges: -Derivatives 26,419 -96,760 - - -Hedged liabilities -49,634 108,871 - - Cash flow hedges: -Transfer to results from hedging of financial liabilities -2,959 -243 - - -Transfer to results from hedging of commodity prices -1,612,624 -1,728,411 -64,406 735,327 -1,168,077 -1,440,540 -907,284 1,394,860
The amount transferred to the Income Statement related to the hedging of commodity derivatives and the amount related to the portfolio of derivatives associated with commodities is included in the caption of Revenues and cost of Energy Sales and Services and Other. The remaining amounts presented in the table above are included in the items of financial expenses and income. The effective interest rates of the derivative financial instruments relating to financing operations in EDP Group at 31 December 2023 are as follows: Interest rate contracts: Interest rate swaps (i) Euro'000 902,256 EUR [ 4.13% - 0.00% ] [ 3.95% - 0.18% ] Interest rate swaps 251,751 USD [ 1.86% - 1.23% ] [ 5.65% - 0.13% ] Interest rate swaps 43,991 PLN [ 2.78% ] [ 5.82% ] Interest rate swaps 330,201 BRL [ 14.29% - 13.16% ] [ 10.87% - 8.09% ] Interest rate swaps 112,253 CAD [ 2.75% - 2.59% ] [ 5.44% ] Interest rate swaps 512,085 SGD [ 3.11% - 2.94% ] [ 0.01% ] Interest rate swaps 173,345 TWD [ 1.74% - 1.47% ] [ 1.49% ] Interest rate swaps 32,866 VND [ 4.45% ] [ 5.58% ] Currency and interest rate contracts: CIRS (currency interest rate swaps) (i) 451,106 EUR/GBP [ 8.04% - 0.00% ] [ 8.63% - 0.00% ] CIRS (currency interest rate swaps) 148,300 EUR/PLN [ 8.72% - 6.65% ] [ 5.78% - 3.93% ] CIRS (currency interest rate swaps) 231,339 EUR/BRL [ 10.72% - 0.04% ] [ 3.93% ] CIRS (currency interest rate swaps) 54,647 EUR/CAD [ 5.67% - 5.15% ] [ 3.97% - 3.93% ] CIRS (currency interest rate swaps) (i) 733,705 USD/BRL [ 14.46% - 10.71% ] [ 6.79% - 2.89% ] CIRS (currency interest rate swaps) (i) 2,813,198 USD/EUR [ 5.30% - 1.83% ] [ 3.88% - 0.38% ] (i) EDP pays floating rate and receives fixed rate; EDP Receives The effective interest rates of the derivative financial instruments relating to financing operations in EDP Group at 31 December 2022 were as follows: Interest rate contracts: Interest rate swaps (i) Euro'000 917,089 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 321,382 USD [ 14.95% - 1.23% ] [ 2.27% - -4.63% ] Interest rate swaps 28,322 PLN [ 2.48% ] [ -7.46% ] Interest rate swaps 311,065 BRL [ 14.02% - 13.62% ] [ 10.04% - 9.29% ] Interest rate swaps 26,354 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) 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) 319,975 USD/BRL [ 14.95% - 13.22% ] [ 3.73% - 0.62% ] CIRS (currency interest rate swaps) 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 start at a future date. The contracted prices of the derivative financial instruments relating to commodities at 31 December 2023 were as follows: Unit 2024 2025 2026 2027 Following Years Electricity swaps Euros/ [33.20 - [33.20 - [33.20 - [33.20 - [33.20 - MWh 144.89] 159.37] 67.00] 67.00] 67.00] Swaps related to gas commodity Euros/ [8.70 - [7.71 - [12.19 - [12.12 - n.a MWh 159.90] 159.90] 57.02] 46.95] CO2 forwards Euros/MT [76.10 - [97.32 - [102.40 - n.a n.a 97.05] 100.18] 107.00] The contracted prices of the derivative financial instruments relating to commodities at 31 December 2022 were as follows: Unit 2023 2024 2025 2026 Following Years Electricity swaps Euros/ [33.20 - [33.20 - [33.20 - [33.20 - [33.20 - MWh 67.00] 67.00] 67.00] 67.00] 67.00] Swaps related to gas commodity Euros/ [8.02 - [9.01 - [7.99 - [43.25 - [43.25 - MWh 265.00] 159.90] 159.90] 46.95] 46.95] CO2 forwards Euros/MT [43.19 - [94.50 - [97.32 - [102.40 - n.a. 100.31] 97.05] 100.18] 107.00]
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"f38145": {
"value": "Thousand Euros Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Debtors and other assets - Non-Current Assets measured at amortised cost: Loans to subsidiaries - - 2,915,267 1,141,944 Loans to related parties 439,282 186,885 90 90 Guarantees rendered to third parties 154,439 133,931 - - Other financial assets at amortised cost (i) 44,724 1,751 19 256,650 Assets measured at fair value through profit or loss: Derivative financial instruments (see note 43) 568,373 1,035,814 662,405 1,590,973 Contingent price 62,100 50,873 - - Other assets: Excess of the pension fund financing (see note 36) 194,740 92,694 714 410 Other debtors and sundry operations 320,309 422,562 90,078 90,078 1,783,967 1,924,510 3,668,573 3,080,145 Debtors and other assets - Current Assets measured at amortised cost: Loans to subsidiaries - - 50,671 538,550 Dividends attributed by subsidiaries - - 25,000 - Loans to related parties 131,317 354,484 - 3,490 Guarantees rendered to third parties 229,741 992,370 79,037 720,465 Subsidiary companies - - 425,441 229,858 Other financial assets at amortised cost (i) 9,842 7,386 259,172 260,639 Assets measured at fair value through profit or loss: Derivative financial instruments (see note 43) 549,152 1,539,884 899,571 2,449,615 Other financial investments measured at fair value 778 346 - - Contingent price 121,165 108,636 - - Other assets: Other debtors and sundry operations 249,747 368,689 535,240 23 1,291,742 3,371,795 2,274,132 4,202,640 3,075,709 5,296,305 5,942,705 7,282,785
Cash and cash equivalents are as follows: Thousand Euros Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Cash 828 636 35 38 Bank deposits Current deposits 2,080,812 3,553,609 391,572 1,445,638 Term deposits 1,300,189 1,331,823 355,000 450,000 Specific demand deposits in relation to institutional partnerships 2,947 1,633 - - 3,383,948 4,887,065 746,572 1,895,638 Operations pending cash settlement Current deposits - - - 600,000 Other operations Other short term investments 10,142 12,504 - - Group Financial System (see note 44) - - 239,698 1,649,398 3,394,918 4,900,205 986,305 4,145,074 Held for sale operations: Cash and cash equivalents reclassified as held for sale (see note 42) -22,486 - - - 3,372,432 4,900,205 986,305 4,145,074 The caption Captive deposits related to institutional partnerships corresponds to the escrow funds necessary to pay the remaining construction costs of projects in institutional equity partnerships, which are described in EDP Group accounting policies (see note 38).
This caption is as follows: Thousand Euros Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Debt and borrowings - Non-current Bank loans: - EDP, S.A 1,667 3,333 1,667 3,333 - EDP Finance B.V. ** 661,753 -13,566 - - - EDP Servicios Financieros Espa\u00f1a, S.A.U. 75,000 - - - - EDP Brasil Group 320,340 284,657 - - - EDP Renov\u00e1veis Group 900,043 936,595 - - - Others 3,868 370 - - 1,962,671 1,211,389 1,667 3,333 Non-convertible bond loans: - EDP S.A. 2,042,527 1,294,988 3,842,527 2,694,988 - EDP Finance B.V. 5,819,422 8,244,657 - - - EDP Servicios Financieros Espa\u00f1a, S.A.U. 1,335,395 - - - - EDP Brasil Group 1,186,800 1,389,029 - - 10,384,144 10,928,674 3,842,527 2,694,988 Hybrid bonds: - EDP S.A. 4,043,243 3,044,554 4,043,243 3,044,554 4,043,243 3,044,554 4,043,243 3,044,554 Commercial paper: - EDP Finance B.V. 328,054 339,865 - - - EDP Brasil Group - 250,429 - - 328,054 590,294 - - Other loans 17,084 36,108 - - 16,735,196 15,811,019 7,887,437 5,742,875 Accrued interest - 31,482 - - Other liabilities: - Fair value of the issued debt hedged risk -7,085 -59,897 15,015 11,195 Total Debt and Borrowings 16,728,111 15,782,604 7,902,452 5,754,070 Collateral Deposits - Non-current * -35,512 -23,765 - - 16,692,599 15,758,839 7,902,452 5,754,070 * Deposits constituted as collateral for financial guarantee. ** Deferred discount of origination fees on celebrated RCF, which are currently
not usedThousand Euros Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Debt and borrowings - Current Bank loans: - EDP, S.A 1,667 1,667 1,667 1,667 - EDP Finance B.V. - 216 - - - EDP Brasil Group 351,504 153,853 - - - EDP Renov\u00e1veis Group 295,434 432,012 - - - Other 1,260 - - - 649,865 587,748 1,667 1,667 Non-convertible bond loans: - EDP S.A. - 500,000 1,399,056 3,500,000 - EDP Finance B.V. 2,351,761 1,100,288 - - - EDP Brasil Group 398,514 212,976 - - 2,750,275 1,813,264 1,399,056 3,500,000 Hybrid bonds: - EDP, S.A. - 672,800 - 672,800 - 672,800 - 672,800 Commercial paper: - EDP S.A - - 440,000 1,690,000 - EDP Finance B.V. 65,000 750,475 - - - EDP Brasil Group 55,951 117,029 - - 120,951 867,504 440,000 1,690,000 Other loans - Group Financial System (see note 45) - - 1,879,565 2,195,726 - Other 4,160 3,804 - - 4,160 3,804 1,879,565 2,195,726 Accrued interest 367,473 258,232 129,755 97,380 Other liabilities: - Fair value of the issued debt hedged risk 11,856 36,517 10,022 32,059 Total Debt and Borrowings 3,904,580 4,239,869 3,860,065 8,189,632 Collateral Deposits - Current * -35,219 -29,336 - - 3,869,361 4,210,533 3,860,065 8,189,632 * Deposits constituted as collateral for financial guarantee.
The Group has project finance funding that include the usual guarantees on this type of financings, namely the pledge or a promise of pledge of bank accounts and assets of the related projects. As of 31 December 2023, these financings amount to 1,034,866 thousand Euros (31 December 2022: 1,097,179 thousand Euros), within the financial debt caption. At 31 December 2023 the Group confirms the fulfilment of all the covenants of the Project Finance Portfolio under the Facilities Agreements.
Operating guarantees granted by EDP Group, not included in the consolidated statement of financial position nor in the Notes, are as follows: Group Company Thousand Euros Dec 2023 Dec 2022 Dec 2023 Dec 2022 Operating guarantees EDP S.A. 938,811 966,223 938,811 966,223 EDP Espa\u00f1a Group 57,378 56,894 - - EDP Brasil Group 196,756 158,503 - - EDP Renov\u00e1veis Group 4,554,985 3,717,511 - - 5,747,930 4,899,131 938,811 966,223 The operating guarantees which are not included in the consolidated statement of financial position or in the Notes, as at 31 December 2023 and 2022, mainly refer to Power Purchase Agreements (PPA), interconnection, permits and market participation guarantees. In 2023, in addition to the above warranties, the amount of 10,268 thousand Euros refers to guarantees of an operating nature related to Spanish and Polish entities sold in 2023, but for which EDP assumes the responsibility temporarily until they are effectively replaced (see note 6).
In 2022, 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. Additionally there are guarantees of an operational nature in the amount of 112,865 thousand Euros, associated with the portfolio of EDP Renewables of companies that were classified as held for sale on 31 December 2023 (see note 42). 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 1,026,688 thousand Euros and 655,322 thousand Euros, respectively (31 December 2022: 595,766 thousand Euros and 475,044 thousand Euros).
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"f38373": {
"value": "29. Tax assets Current tax assets are as follows: Thousand Euros Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Non-Current: Special taxes Brazil 122,749 109,902 - - Current: Income tax 316,446 188,981 142,134 44,305 Value added tax (VAT) 375,171 516,010 7,502 149,058 Special taxes Brazil 78,171 87,004 - - Other taxes 60,380 22,303 876 877 830,168 814,298 150,512 194,240 952,917 924,200 150,512 194,240 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). On an individual basis, the variation of the caption Value added tax (VAT) is justified by the transfer of the energy management activity on 1 February 2023 to EDP GEM Portugal, S.A. (see note 13).
41. Tax liabilities Tax liabilities are as follows: Thousand Euros Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Non Current Special tax Brazil 138,834 179,250 - - Current Income tax 223,894 163,784 140,751 28,913 Withholding tax 68,224 85,207 1,137 1,322 Value Added Tax (VAT) 196,314 558,718 390 3,097 Special taxes Brazil 88,948 50,510 - - Other taxes 156,443 142,883 1,347 1,370 733,823 1,001,102 143,625 34,702 872,657 1,180,352 143,625 34,702 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). On an individual basis, the variation of the caption Income Tax is justified by the transfer of the energy management activity on 1 February 2023 to EDP GEM Portugal, S.A. (see note 13).
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},
"f38434": {
"value": "30. Cash and cash equivalents Cash and cash equivalents are as follows: Thousand Euros Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Cash 828 636 35 38 Bank deposits Current deposits 2,080,812 3,553,609 391,572 1,445,638 Term deposits 1,300,189 1,331,823 355,000 450,000 Specific demand deposits in relation to institutional partnerships 2,947 1,633 - - 3,383,948 4,887,065 746,572 1,895,638 Operations pending cash settlement Current deposits - - - 600,000 Other operations Other short term investments 10,142 12,504 - - Group Financial System (see note 44) - - 239,698 1,649,398 3,394,918 4,900,205 986,305 4,145,074 Held for sale operations: Cash and cash equivalents reclassified as held for sale (see note 42) -22,486 - - - 3,372,432 4,900,205 986,305 4,145,074 The caption Captive deposits related to institutional partnerships corresponds to the escrow funds necessary to pay the remaining construction costs of projects in institutional equity partnerships, which are described in EDP Group accounting policies (see note 38).
",
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"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f38440": {
"value": "Cash and cash equivalents are as follows: Thousand Euros Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Cash 828 636 35 38 Bank deposits Current deposits 2,080,812 3,553,609 391,572 1,445,638 Term deposits 1,300,189 1,331,823 355,000 450,000 Specific demand deposits in relation to institutional partnerships 2,947 1,633 - - 3,383,948 4,887,065 746,572 1,895,638 Operations pending cash settlement Current deposits - - - 600,000 Other operations Other short term investments 10,142 12,504 - - Group Financial System (see note 44) - - 239,698 1,649,398 3,394,918 4,900,205 986,305 4,145,074 Held for sale operations: Cash and cash equivalents reclassified as held for sale (see note 42) -22,486 - - - 3,372,432 4,900,205 986,305 4,145,074 The caption Captive deposits related to institutional partnerships corresponds to the escrow funds necessary to pay the remaining construction costs of projects in institutional equity partnerships, which are described in EDP Group accounting policies (see note 38).
",
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"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f38514": {
"value": "31. 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. On 3 March 2023, EDP carried out, through an accelerated bookbuilding process (\"ABB\") without pre-emption rights, in compliance with the authorization given to the Executive Board of Directors for the latter to increase the share capital in an amount of up to 10% of EDP\u2019s share capital, under Article 4(4) of EDP\u2019s by-laws, a capital increase by issuing 218,340,612 ordinary, book-entry and nominative shares, with a unit face value of 1 Euro, with a unit subscription price of 4.58 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 4,184,021,624 Euros, represented by 4,184,021,624 ordinaries, registered, book-entry shares with nominal value 1,00 Euro each.
EDP - Energias de Portugal S.A. shareholder structure as at 31 December 2023 is as follows: No. of Shares % Capital % Voting China Three Gorges Corporation 878,970,301 21.01% 21.01% Oppidum Capital, S.L. 285,414,883 6.82% 6.82% BlackRock, Inc. 264,886,769 6.33% 6.33% Canada Pension Plan Investment Board 224,813,093 5.37% 5.37% EDP (Treasury Stock) 22,448,920 0.54% Remaining Shareholders 2,507,487,658 59.93% 4,184,021,624 100.00% Share capital and Share premium are as follows: Thousand Euros Group and Share capital Company Share premium Balance as at 1 January 3,965,681 1,196,522 Movements during the period 218,341 774,474 Balance as at 31 December 4,184,022 1,970,996 The earnings per share (EPS) attributable to the equity holders of EDP are as follows: Group Dec 2023 Dec 2022 Company Dec 2023 Dec 2022 Net profit attributable to the equity holders of EDP (in Euros) 952,347,808 679,000,835 823,636,271 848,564,985 Net profit from continuing operations attributable to the equity holders of EDP (in Euros) 952,347,808 679,000,835 823,636,271 848,564,985 Weighted average number of ordinary shares outstanding 4,128,985,676 3,946,840,015 4,128,985,676 3,946,840,015 Weighted average number of diluted ordinary shares outstanding 4,128,985,676 3,946,840,015 4,128,985,676 3,946,840,015 Basic earnings per share attributable to equity holders of EDP (in Euros) 0.23 0.17 0.20 0.21 Diluted earnings per share attributable to equity holders of EDP (in Euros) 0.23 0.17 0.20 0.21 Basic earnings per share from continuing operations (in Euros) 0.23 0.17 0.20 0.21 Diluted earnings per share from continuing operations (in Euros) 0.23 0.17 0.20 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 and Dec 2023 Company Dec 2022 Ordinary shares issued at the beginning of the period 3,965,681,012 3,965,681,012 Effect of shares issued during the period 181,950,510 - Average number of realised shares 4,147,631,522 3,965,681,012 Effect of treasury stock -18,645,846 -18,840,997 Average number and diluted average number of shares during the period 4,128,985,676 3,946,840,015
",
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"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f38516": {
"value": "31. 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. On 3 March 2023, EDP carried out, through an accelerated bookbuilding process (\"ABB\") without pre-emption rights, in compliance with the authorization given to the Executive Board of Directors for the latter to increase the share capital in an amount of up to 10% of EDP\u2019s share capital, under Article 4(4) of EDP\u2019s by-laws, a capital increase by issuing 218,340,612 ordinary, book-entry and nominative shares, with a unit face value of 1 Euro, with a unit subscription price of 4.58 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 4,184,021,624 Euros, represented by 4,184,021,624 ordinaries, registered, book-entry shares with nominal value 1,00 Euro each.
EDP - Energias de Portugal S.A. shareholder structure as at 31 December 2023 is as follows: No. of Shares % Capital % Voting China Three Gorges Corporation 878,970,301 21.01% 21.01% Oppidum Capital, S.L. 285,414,883 6.82% 6.82% BlackRock, Inc. 264,886,769 6.33% 6.33% Canada Pension Plan Investment Board 224,813,093 5.37% 5.37% EDP (Treasury Stock) 22,448,920 0.54% Remaining Shareholders 2,507,487,658 59.93% 4,184,021,624 100.00% Share capital and Share premium are as follows: Thousand Euros Group and Share capital Company Share premium Balance as at 1 January 3,965,681 1,196,522 Movements during the period 218,341 774,474 Balance as at 31 December 4,184,022 1,970,996 The earnings per share (EPS) attributable to the equity holders of EDP are as follows: Group Dec 2023 Dec 2022 Company Dec 2023 Dec 2022 Net profit attributable to the equity holders of EDP (in Euros) 952,347,808 679,000,835 823,636,271 848,564,985 Net profit from continuing operations attributable to the equity holders of EDP (in Euros) 952,347,808 679,000,835 823,636,271 848,564,985 Weighted average number of ordinary shares outstanding 4,128,985,676 3,946,840,015 4,128,985,676 3,946,840,015 Weighted average number of diluted ordinary shares outstanding 4,128,985,676 3,946,840,015 4,128,985,676 3,946,840,015 Basic earnings per share attributable to equity holders of EDP (in Euros) 0.23 0.17 0.20 0.21 Diluted earnings per share attributable to equity holders of EDP (in Euros) 0.23 0.17 0.20 0.21 Basic earnings per share from continuing operations (in Euros) 0.23 0.17 0.20 0.21 Diluted earnings per share from continuing operations (in Euros) 0.23 0.17 0.20 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 and Dec 2023 Company Dec 2022 Ordinary shares issued at the beginning of the period 3,965,681,012 3,965,681,012 Effect of shares issued during the period 181,950,510 - Average number of realised shares 4,147,631,522 3,965,681,012 Effect of treasury stock -18,645,846 -18,840,997 Average number and diluted average number of shares during the period 4,128,985,676 3,946,840,015
32. Treasury stock This caption is as follows: Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Book value of EDP, S.A.'s treasury stock (thousand Euros) 69,607 51,288 69,607 51,288 Number of shares 22,448,920 18,616,167 22,448,920 18,616,167 Market value per share (in Euros) 4.555 4.656 4.555 4.656 Market value of EDP, S.A.'s treasury stock (thousand Euros) 102,255 86,677 102,255 86,677
Shares' transactions occurred between 1 January and 31 December 2023: EDP, S.A. Volume acquired (number of shares) 4,676,553 Average purchase price (in Euros) 4.461 Total purchases (thousand Euros) 20,862 Volume sold (number of shares) i) -843,800 Average selling price (in Euros) 4.949 Total sales (thousand Euros) i) 4,176 Final position (number of shares) 22,448,920 Highest market price (in Euros) 4.949 Lowest market price (in Euros) 4.250 Average market price (in Euros) 4.536 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.
33. Reserves and retained earnings This caption is as follows: Thousand Euros Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Legal reserve 835,564 793,136 835,564 793,136 Fair value reserve (cash flow hedge) -450,940 -1,962,818 23,850 -764,676 Tax effect of fair value reserve (cash flow hedge) 137,795 467,716 -5,047 160,543 Fair value reserve of assets measured at fair value through other comprehensive income -2,894 15,847 - - Tax effect of the fair value reserve of assets measured at fair value through other comprehensive income -1,338 -187 - - Currency translation reserve - Exchange differences arising on consolidation -426,827 33,795 - - Currency translation reserve - Net investment hedge -700,750 -860,381 - - Currency translation reserve - Net investment hedge - Cost of hedging -16,645 -62,340 - - Treasury stock reserve (EDP, S.A.) 69,607 51,288 69,607 51,288 Other reserves and retained earnings 5,071,308 4,617,477 2,082,609 2,083,548 4,514,880 3,093,533 3,006,583 2,323,839 The movement in Other reserves and retained earnings reflects the dilution effect resulting from EDPR's capital increase, in March 2023 by issuing new shares, not accompanied by EDP and the scrip dividend and the Offer for EDP - Energias do Brasil S.A. (see Consolidated Statements of Changes in Equity and note 6). 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 decrease 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 43.
Balance Increases Fair Value Reserve Decreases Perimeter Balance Average Close Average Close Currency Dez 2022 Dec 2023 Exchange rates
Fair value reserve (financial assets at fair value through other comprehensive income) The changes in this consolidated caption for the period are as follows: Milhares de Euros Dec 2022 variations Dec 2023 Defined Crowd Corporation (see note 23) 5,001 - -6,194 - -1,193 Mercer and Dunas Funds (Energia RE portfolio) (see note 23) -3,852 8,547 - - 4,695 Lhyfe S.A.S (see note 23) -214 - -7,341 - -7,555 Other (see note 23) 6,797 487 -3,523 -241 3,520 SU Eletricidade, S.A. tariff deficit (seet note 27) 352 - -1,224 - -872 Associate portfolios 7,761 - -8,862 -388 -1,489 15,845 9,034 -27,144 -629 -2,894 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: US Dollar USD 1.105 1.081 1.067 1.053 Brazilian Real BRL 5.362 5.401 5.639 5.440 Macao Pataca MOP 8.890 8.719 8.566 8.492 Canadian Dollar CAD 1.464 1.459 1.444 1.369 Singapure Dollar SGD 1.459 1.452 1.430 1.451 Polish Zloty PLN 4.348 4.544 4.690 4.688 Romanian Leu RON 4.975 4.946 4.947 4.931 Pound Sterling GBP 0.869 0.870 0.887 0.853 Mexican Peso MXN 18.690 19.167 20.781 21.198 Colombian Peso COP 4,222.028 4,677.062 5,133.686 4,470.960 Chinese Yuan CNY 7.851 7.660 7.358 7.211 Korean Won WON 1,433.660 1,412.880 1,344.090 1,358.073 Japanese Yen JPY 156.330 151.990 140.660 138.027 Australian Dollar AUD 1.626 1.629 1.579 1.516 Indonesian Rupiah IDR 17,079.710 16,479.616 16,474.654 15,625.767 Malaysian Ringgit MYR 5.078 4.932 4.692 4.629 Thai Bath THB 37.973 37.631 36.648 36.869 Vietnamese Dong VND 26,807.300 25,827.814 25,182.430 24,601.278 Hungarian Forint HUF 382.800 381.853 400.870 391.286 The movement for the period in Exchange differences arising on consolidation is mainly due to the effect of the deppreciation of the US Dollar and the appreciation of 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: Thousand Euros Net investment hedge Cost of Hedging Balance as at 31 December 2022 -860,381 -62,340 Changes in fair value 162,607 45,695 Transfer to income statement resulting from the sale of a foreign currency subsidiary -2,976 - Balance as at 31 December 2023 -700,750 -16,645 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 43) 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 12 April 2023, the Shareholders General Meeting of EDP, S.A. approved the dividends distribution to shareholders of the net profit for the year 2022 in the amount of 794,964 thousand Euros, corresponding to a dividend of 0.19 Euros per share (including the treasury stock dividend). This distribution occurred on 03 May 2023.
The earnings per share (EPS) attributable to the equity holders of EDP are as follows: Group Dec 2023 Dec 2022 Company Dec 2023 Dec 2022 Net profit attributable to the equity holders of EDP (in Euros) 952,347,808 679,000,835 823,636,271 848,564,985 Net profit from continuing operations attributable to the equity holders of EDP (in Euros) 952,347,808 679,000,835 823,636,271 848,564,985 Weighted average number of ordinary shares outstanding 4,128,985,676 3,946,840,015 4,128,985,676 3,946,840,015 Weighted average number of diluted ordinary shares outstanding 4,128,985,676 3,946,840,015 4,128,985,676 3,946,840,015 Basic earnings per share attributable to equity holders of EDP (in Euros) 0.23 0.17 0.20 0.21 Diluted earnings per share attributable to equity holders of EDP (in Euros) 0.23 0.17 0.20 0.21 Basic earnings per share from continuing operations (in Euros) 0.23 0.17 0.20 0.21 Diluted earnings per share from continuing operations (in Euros) 0.23 0.17 0.20 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 and Dec 2023 Company Dec 2022 Ordinary shares issued at the beginning of the period 3,965,681,012 3,965,681,012 Effect of shares issued during the period 181,950,510 - Average number of realised shares 4,147,631,522 3,965,681,012 Effect of treasury stock -18,645,846 -18,840,997 Average number and diluted average number of shares during the period 4,128,985,676 3,946,840,015
",
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"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f38675": {
"value": "32. Treasury stock This caption is as follows: Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Book value of EDP, S.A.'s treasury stock (thousand Euros) 69,607 51,288 69,607 51,288 Number of shares 22,448,920 18,616,167 22,448,920 18,616,167 Market value per share (in Euros) 4.555 4.656 4.555 4.656 Market value of EDP, S.A.'s treasury stock (thousand Euros) 102,255 86,677 102,255 86,677
Shares' transactions occurred between 1 January and 31 December 2023: EDP, S.A. Volume acquired (number of shares) 4,676,553 Average purchase price (in Euros) 4.461 Total purchases (thousand Euros) 20,862 Volume sold (number of shares) i) -843,800 Average selling price (in Euros) 4.949 Total sales (thousand Euros) i) 4,176 Final position (number of shares) 22,448,920 Highest market price (in Euros) 4.949 Lowest market price (in Euros) 4.250 Average market price (in Euros) 4.536 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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"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f38747": {
"value": "This caption is as follows: Thousand Euros Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Legal reserve 835,564 793,136 835,564 793,136 Fair value reserve (cash flow hedge) -450,940 -1,962,818 23,850 -764,676 Tax effect of fair value reserve (cash flow hedge) 137,795 467,716 -5,047 160,543 Fair value reserve of assets measured at fair value through other comprehensive income -2,894 15,847 - - Tax effect of the fair value reserve of assets measured at fair value through other comprehensive income -1,338 -187 - - Currency translation reserve - Exchange differences arising on consolidation -426,827 33,795 - - Currency translation reserve - Net investment hedge -700,750 -860,381 - - Currency translation reserve - Net investment hedge - Cost of hedging -16,645 -62,340 - - Treasury stock reserve (EDP, S.A.) 69,607 51,288 69,607 51,288 Other reserves and retained earnings 5,071,308 4,617,477 2,082,609 2,083,548 4,514,880 3,093,533 3,006,583 2,323,839 The movement in Other reserves and retained earnings reflects the dilution effect resulting from EDPR's capital increase, in March 2023 by issuing new shares, not accompanied by EDP and the scrip dividend and the Offer for EDP - Energias do Brasil S.A. (see Consolidated Statements of Changes in Equity and note 6). 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 decrease 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 43.
Balance Increases Fair Value Reserve Decreases Perimeter Balance Average Close Average Close Currency Dez 2022 Dec 2023 Exchange rates
Fair value reserve (financial assets at fair value through other comprehensive income) The changes in this consolidated caption for the period are as follows: Milhares de Euros Dec 2022 variations Dec 2023 Defined Crowd Corporation (see note 23) 5,001 - -6,194 - -1,193 Mercer and Dunas Funds (Energia RE portfolio) (see note 23) -3,852 8,547 - - 4,695 Lhyfe S.A.S (see note 23) -214 - -7,341 - -7,555 Other (see note 23) 6,797 487 -3,523 -241 3,520 SU Eletricidade, S.A. tariff deficit (seet note 27) 352 - -1,224 - -872 Associate portfolios 7,761 - -8,862 -388 -1,489 15,845 9,034 -27,144 -629 -2,894 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: US Dollar USD 1.105 1.081 1.067 1.053 Brazilian Real BRL 5.362 5.401 5.639 5.440 Macao Pataca MOP 8.890 8.719 8.566 8.492 Canadian Dollar CAD 1.464 1.459 1.444 1.369 Singapure Dollar SGD 1.459 1.452 1.430 1.451 Polish Zloty PLN 4.348 4.544 4.690 4.688 Romanian Leu RON 4.975 4.946 4.947 4.931 Pound Sterling GBP 0.869 0.870 0.887 0.853 Mexican Peso MXN 18.690 19.167 20.781 21.198 Colombian Peso COP 4,222.028 4,677.062 5,133.686 4,470.960 Chinese Yuan CNY 7.851 7.660 7.358 7.211 Korean Won WON 1,433.660 1,412.880 1,344.090 1,358.073 Japanese Yen JPY 156.330 151.990 140.660 138.027 Australian Dollar AUD 1.626 1.629 1.579 1.516 Indonesian Rupiah IDR 17,079.710 16,479.616 16,474.654 15,625.767 Malaysian Ringgit MYR 5.078 4.932 4.692 4.629 Thai Bath THB 37.973 37.631 36.648 36.869 Vietnamese Dong VND 26,807.300 25,827.814 25,182.430 24,601.278 Hungarian Forint HUF 382.800 381.853 400.870 391.286 The movement for the period in Exchange differences arising on consolidation is mainly due to the effect of the deppreciation of the US Dollar and the appreciation of 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: Thousand Euros Net investment hedge Cost of Hedging Balance as at 31 December 2022 -860,381 -62,340 Changes in fair value 162,607 45,695 Transfer to income statement resulting from the sale of a foreign currency subsidiary -2,976 - Balance as at 31 December 2023 -700,750 -16,645 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 43) 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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"value": "Dividends On 12 April 2023, the Shareholders General Meeting of EDP, S.A. approved the dividends distribution to shareholders of the net profit for the year 2022 in the amount of 794,964 thousand Euros, corresponding to a dividend of 0.19 Euros per share (including the treasury stock dividend). This distribution occurred on 03 May 2023.
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"f39075": {
"value": "0.19",
"decimals": 2,
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"value": "34. Non-controlling interests This caption is as follows: Thousand Euros Group Dec 2023 Dec 2022 Non-controlling interests in income statement 379,042 490,748 Non-controlling interests in equity and reserves 4,725,122 4,460,411 5,104,164 4,951,159 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 2022 3,757,137 1,027,390 166,632 4,951,159 Results 295,140 57,123 26,779 379,042 Dividends -136,500 -52,002 -1 -188,503 Currency Exchange differences -18,557 63,707 9 45,159 Capital Increases/Decreases 33,969 -774 - 33,195 Changes in the fair value reserve 175,624 - 324 175,948 Perimeter variations and Others 584,851 -880,002 3,315 -291,836 Balance as at 31 December 2023 4,691,664 215,442 197,058 5,104,164 The movement in Perimeter variations and Others reflects, essentially, the dilution effect resulting from EDPR's capital increase, by issuing new shares, not accompanied by EDP, and the scrip dividend in the amount of 606,913 thousand Euros and the Offer for EDP - Energias do Brasil S.A. in the amount of 875,668 thousand Euros (see Consolidated Statements of Changes in Equity and note 6). The summarised financial information for subsidiaries with material non-controlling interests, namely EDP Brasil and EDP Renov\u00e1veis, as at 31 December 2023, is disclosed in the Annex I.
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"value": "35. Financial debt This caption is as follows: Thousand Euros Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Debt and borrowings - Non-current Bank loans: - EDP, S.A 1,667 3,333 1,667 3,333 - EDP Finance B.V. ** 661,753 -13,566 - - - EDP Servicios Financieros Espa\u00f1a, S.A.U. 75,000 - - - - EDP Brasil Group 320,340 284,657 - - - EDP Renov\u00e1veis Group 900,043 936,595 - - - Others 3,868 370 - - 1,962,671 1,211,389 1,667 3,333 Non-convertible bond loans: - EDP S.A. 2,042,527 1,294,988 3,842,527 2,694,988 - EDP Finance B.V. 5,819,422 8,244,657 - - - EDP Servicios Financieros Espa\u00f1a, S.A.U. 1,335,395 - - - - EDP Brasil Group 1,186,800 1,389,029 - - 10,384,144 10,928,674 3,842,527 2,694,988 Hybrid bonds: - EDP S.A. 4,043,243 3,044,554 4,043,243 3,044,554 4,043,243 3,044,554 4,043,243 3,044,554 Commercial paper: - EDP Finance B.V. 328,054 339,865 - - - EDP Brasil Group - 250,429 - - 328,054 590,294 - - Other loans 17,084 36,108 - - 16,735,196 15,811,019 7,887,437 5,742,875 Accrued interest - 31,482 - - Other liabilities: - Fair value of the issued debt hedged risk -7,085 -59,897 15,015 11,195 Total Debt and Borrowings 16,728,111 15,782,604 7,902,452 5,754,070 Collateral Deposits - Non-current * -35,512 -23,765 - - 16,692,599 15,758,839 7,902,452 5,754,070 * Deposits constituted as collateral for financial guarantee. ** Deferred discount of origination fees on celebrated RCF, which are currently
not used. Thousand Euros Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Debt and borrowings - Current Bank loans: - EDP, S.A 1,667 1,667 1,667 1,667 - EDP Finance B.V. - 216 - - - EDP Brasil Group 351,504 153,853 - - - EDP Renov\u00e1veis Group 295,434 432,012 - - - Other 1,260 - - - 649,865 587,748 1,667 1,667 Non-convertible bond loans: - EDP S.A. - 500,000 1,399,056 3,500,000 - EDP Finance B.V. 2,351,761 1,100,288 - - - EDP Brasil Group 398,514 212,976 - - 2,750,275 1,813,264 1,399,056 3,500,000 Hybrid bonds: - EDP, S.A. - 672,800 - 672,800 - 672,800 - 672,800 Commercial paper: - EDP S.A - - 440,000 1,690,000 - EDP Finance B.V. 65,000 750,475 - - - EDP Brasil Group 55,951 117,029 - - 120,951 867,504 440,000 1,690,000 Other loans - Group Financial System (see note 45) - - 1,879,565 2,195,726 - Other 4,160 3,804 - - 4,160 3,804 1,879,565 2,195,726 Accrued interest 367,473 258,232 129,755 97,380 Other liabilities: - Fair value of the issued debt hedged risk 11,856 36,517 10,022 32,059 Total Debt and Borrowings 3,904,580 4,239,869 3,860,065 8,189,632 Collateral Deposits - Current * -35,219 -29,336 - - 3,869,361 4,210,533 3,860,065 8,189,632 * Deposits constituted as collateral for financial guarantee.
Non-current Commercial Paper refers to two Commercial Paper programs with firm underwriting commitment for a period of over one year, in the total amount of 362,500 thousand US Dollars. Main events of the period: On 16 January 2023, EDP issued a subordinated hybrid green bond of 1,000 million Euros, which are non-callable up to 5.25 years respectively, and final maturity in April 2083. In January 2023, EDP S.A. repurchased 672.800 thousand Euros of an issue called \"EUR1,000,000,000 Fixed to Reset Rate Subordinated Notes due 2079\" (see note 14). On April 2023, EDP has signed a five-year loan facility, in the amount of 1,000 million Singapore Dollar (SGD), strengthening its commitment with the APAC region. On 19 June 2023, under its \"Debt Issuance Program (EMTN)\", EDP issued a green bond of 750 million Euros maturing in June 2028. On 28 July 2023, 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 3.000 million, which can be drawn in Euros, US Dollars and Pound Sterling (up to 500 million GBP). The RCF is a 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. This new RCF replaces the previous 2,240 million Euros RCF, which would reach maturity in March 2025. On 1 October 2023, under its \"Debt Issuance Program (EMTN)\", EDP issued green bonds of 750 million Euros and 600 million Euros, maturing in April 2032 and April 2029, respectively.
The nominal value of outstanding Bond loans placed with external counterparties, as at 31 December 2023, is as follows: Nominal Issuer Issue Interest Type Conditions/ Value in date rate of hedge Redemp. Million Thousand Euros Currency Group Company Hybrids by EDP S.A. EDP S.A. (iii) Jan-19 Fixed rate EUR 4.496% (iv) n.a. Apr-79 327 EUR 327,200 327,200 EDP S.A. (v) Jan-20 Fixed rate EUR 1.7% (vi) n.a. Jul-80 750 EUR 750,000 750,000 EDP S.A. (vii) Jan-21 Fixed Rate EUR 1.875% (iv) n.a. Aug-81 750 EUR 750,000 750,000 EDP S.A. (viii) Sep-21 Fixed Rate EUR 1.5% (iv) n.a. Mar-82 750 EUR 750,000 750,000 EDP S.A. (ix) Sep-21 Fixed Rate EUR 1.875% (x) n.a. Mar-82 500 EUR 500,000 500,000 EDP S.A. (i) Jan-23 Fixed rate EUR 5.943% (ii) n.a. Apr-83 1,000 EUR 1,000,000 1,000,000 4,077,200 4,077,200 Issued under a Standalone Prospectus 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 150,000 150,000 550,000 550,000 Issued under the Euro Medium Term Notes program (EMTN) EDP Finance B.V. Nov-08 Fixed rate GBP 8.625% Fair Value (i) Jan-24 325 GBP 410,314 - EDP Finance B.V. Apr-15 Fixed rate EUR 2% Fair Value (i) Apr-25 750 EUR 750,000 - EDP Finance B.V.(ii) Aug-16 Fixed rate EUR 1.125% Net Invest. (i) Feb-24 744 EUR 743,804 - 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)(xi) 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)(xi) 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)(xi) 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. (i) Oct-27 500 USD 468,779 - EDP S.A. Jun-23 Fixed rate EUR 3.875% n.a. Jun-28 750 EUR 750,000 750,000 EDPP SFE Oct-23 Fixed rate EUR 4.375% n.a. Apr-32 750 EUR 750,000 - EDPP SFE Oct-23 Fixed rate EUR 4.125% n.a. Apr-29 600 EUR 600,000 - 11,157,381 1,500,000 (i) These issues 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) 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 47); (iv) Fixed rate in the first 5,25 years, subsequently updated every 5 years; (v) There is a call option exercisable at par by EDP at April 2025 and July 2025 and subsequently, on each interest payment date; (vi) Fixed rate in the first 5,5 years, subsequently updated every 5 years; (vii) There is a call option exercisable at par by EDP from May 2026 until August 2026 and subsequently, on each interest payment date; (viii) There is a call option exercisable at par by EDP from December 2026 until March 2027 and subsequently, on each interest payment date; (ix) There is a call option exercisable at par by EDP from June 2029 until September 2029 and subsequently, on each interest payment date; (x) Fixed rate in the first 7.75 years, subsequently updated every 5 years; (xi)
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 Thousand Euros Currency 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 22 BRL 4,152 - EDP Esp\u00edrito Santo Aug-18 IPCA + 5.91% n.a. Jul-25 169 BRL 31,688 - EDP S\u00e3o Paulo Aug-18 IPCA + 5.91% n.a. Aug-25 231 BRL 43,146 - EDP Transmiss\u00e3o Oct-18 IPCA + 6.72% n.a. Oct-28 1.530 BRL 285,446 - EDP Esp\u00edrito Santo Apr-19 106.9% CDI n.a. Mar-24 300 BRL 55,951 - EDP S\u00e3o Paulo Apr-19 107.5% CDI n.a. Mar-24 200 BRL 37,301 - EDP S\u00e3o Paulo Feb-21 IPCA + 3.91% n.a. Jan-26 834 BRL 155,572 - EDP Esp\u00edrito Santo Feb-21 IPCA + 3.26% n.a. Jul-25 597 BRL 111,421 - Enerpeixe Mar-21 CDI + 1.75% n.a. Mar-26 275 BRL 51,289 - Lajeado Energia Jun-21 CDI + 1.05% n.a. Jun-24 150 BRL 27,976 - EDP S\u00e3o Paulo Aug-21 CDI + 1.25% n.a. Jul-26 350 BRL 65,277 - EDP Esp\u00edrito Santo Aug-21 CDI + 1.25% n.a. Jul-25 400 BRL 74,602 - EDP S\u00e3o Paulo Dec-21 CDI + 1,38% n.a. Dec-26 450 BRL 83,927 - PCH Leopoldina Jan-22 CDI + 1.52% n.a. Jan-24 700 BRL 130,553 - Lajeado Energia May-22 CDI + 1.45% n.a. May-25 200 BRL 37,301 - EDP S\u00e3o Paulo Jun-22 CDI + 1.20% n.a. May-27 450 BRL 83,927 - EDP Esp\u00edrito Santo Jun-22 CDI + 1.20% n.a. May-27 270 BRL 50,356 - EDP S\u00e3o Paulo Oct-23 CDI + 1.25% n.a. Set-28 600 BRL 111,903 - CELG Dec-23 CDI + 1.20% n.a. Dec-28 367 BRL 68,385 - CELG Dec-23 CDI + 1.40% n.a. Dec-30 183 BRL 34,193 - 1,544,366 - 17,328,947 6,127,200 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 funding that include the usual guarantees on this type of financings, namely the pledge or a promise of pledge of bank accounts and assets of the related projects. As of 31 December 2023, these financings amount to 1,034,866 thousand Euros (31 December 2022: 1,097,179 thousand Euros), within the financial debt caption. At 31 December 2023 the Group confirms the fulfilment of all the covenants of the Project Finance Portfolio under the Facilities Agreements.
As at 31 December 2023, the Group has the following credit facilities, all of which with underwriting commitments, which it uses for liquidity management: Maximum Available Maturity Million Units Amount Amount Revolving Credit Facility 3.650 EUR 3.650 EUR 2028 Revolving Credit Facility 3.000 EUR 3.000 EUR 2,028 Credit Lines (spread conditions agreed in advance indexed to Euribor and Ester) 255 EUR 255 EUR Renewable Commercial Paper Programmes 363 USD 0 USD 2025 Commercial Paper Programmes 200 EUR 200 EUR 2025 EDP extended the maturity of the 3,650 million Euros RCF, signed in 2022, to August 2028. As at 31 December 2023, future debt and interest payments and origination fees, by type of loan and currency, are as follows: Thousand Euros Dec 2024 Dec 2025 Dec 2026 Dec 2027 Dec 2028 Following years Total Bank loans: Euro 131,434 13,507 68 26 75,006 3,683 223,724 Brazilian Real 296,759 34,098 23,840 23,691 22,946 218,512 619,846 US Dollar 216,158 313,311 30,654 39,237 33,858 188,881 822,099 Singapore Dollar 12,533 27,435 - - 685,354 - 725,322 Other 48,153 28,138 23,108 18,784 24,503 170,689 313,375 705,037 416,489 77,670 81,738 841,667 581,765 2,704,366 Bond loans: Euro 1,253,066 1,350,000 1,900,000 1,250,000 750,000 3,100,000 9,603,066 Brazilian Real 473,548 635,637 268,520 114,198 172,172 1,141 1,665,216 US Dollar 1,264,010 - - 120,472 769,231 - 2,153,713 2,990,624 1,985,637 2,168,520 1,484,670 1,691,403 3,101,141 13,421,995 Hybrid Bonds: Euro 74,355 - - - - 4,077,200 4,151,555 74,355 - - - - 4,077,200 4,151,555 Commercial paper: Euro 65,000 - - - - - 65,000 Brazilian Real 55,951 - - - - - 55,951 US Dollar 2,717 328,054 - - - - 330,771 123,668 328,054 - - - - 451,722 Other loans: Euro 1,788 - 352 - - 6 2,146 Brazilian Real 1,347 - - - - 11,272 12,619 Other 2,832 - - - - 5,454 8,286 5,967 - 352 - - 16,732 23,051 Fair Value 11,856 -17,868 - - - 10,783 4,771 Origination Fees -6,927 -2,455 -3,286 -4,402 -25,329 -82,370 -124,769 3,904,580 2,709,857 2,243,256 1,562,006 2,507,741 7,705,251 20,632,691 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 25,046 219,285 449,590 618,171 374,238 100,048 72,687 68,154 640,133 1,873,431 Bond loans: Euro 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 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 Hybrid Bonds: Euro 726,552 - - - - 3,077,200 3,803,752 726,552 - - - - 3,077,200 3,803,752 Commercial paper: Euro 645,000 - - - - - 645,000 Brazilian Real 117,029 104,685 51,480 51,480 42,784 - 367,458 US Dollar 108,384 - 339,865 - - - 448,249 870,413 104,685 391,345 51,480 42,784 - 1,460,707 Other loans: Euro 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 4,227 2,627 1,784 2,057 1,826 27,812 40,333 Fair Value: 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 2023, future debt and interest payments and origination fees, by type of loan, fully denominated in Euros, on an individual basis, are as follows: Following Thousand Euros Dec 2024 Dec 2025 Dec 2026 Dec 2027 Dec 2028 years Total Bank loans: 1,732 1,667 - - - - 3,399 Bond loans: 1,455,129 800,000 550,000 1,750,000 750,000 - 5,305,129 Hybrid Bonds: 74,355 - - - - 4,077,200 4,151,555 Commercial paper: 440,206 - - - - - 440,206 Other loans: 1,879,565 - - - - - 1,879,565 Fair Value: 10,022 - - - - 15,015 25,037 Origination Fees: -944 - - - - -41,430 -42,374 3,860,065 801,667 550,000 1,750,000 750,000 4,050,785 11,762,517 As at 31 December 2022, future debt and interest payments and origination fees, by type of loan, fully denominated in Euros, on an individual basis, are as follows: Following Thousand Euros Dec 2023 Dec 2024 Dec 2025 Dec 2026 Dec 2027 years Total Bank loans: 1,692 1,667 1,667 - - - 5,026 Bond loans: 3,542,763 - 400,000 550,000 1,750,000 - 6,242,763 Hybrid Bonds: 726,552 - - - - 3,077,200 3,803,752 Commercial paper: 1,690,840 - - - - - 1,690,840 Other loans: 2,195,726 - - - - - 2,195,726 Fair Value: 32,059 - - - - 11,195 43,254 Origination Fees: - - - - - -37,659 -37,659 8,189,632 1,667 401,667 550,000 1,750,000 3,050,736 13,943,702 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. The Group aims to promote greater alignment between its financial policy and its sustainability strategy, increasing market awareness for this topic. In this regard, since 2018, the year in which the first green debt issuance was made, the Group has been prioritising financing through green financial instruments for the development or acquisition of renewable generation assets. As of 31 December 2023, sustainable financing accounted for 58% of nominal debt, with the Group targeting 60% of its financing from sustainable sources by 2026 (see note 49).
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"f39464": {
"value": "Main events of the period: On 16 January 2023, EDP issued a subordinated hybrid green bond of 1,000 million Euros, which are non-callable up to 5.25 years respectively, and final maturity in April 2083. In January 2023, EDP S.A. repurchased 672.800 thousand Euros of an issue called \"EUR1,000,000,000 Fixed to Reset Rate Subordinated Notes due 2079\" (see note 14). On April 2023, EDP has signed a five-year loan facility, in the amount of 1,000 million Singapore Dollar (SGD), strengthening its commitment with the APAC region. On 19 June 2023, under its \"Debt Issuance Program (EMTN)\", EDP issued a green bond of 750 million Euros maturing in June 2028. On 28 July 2023, 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 3.000 million, which can be drawn in Euros, US Dollars and Pound Sterling (up to 500 million GBP). The RCF is a 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. This new RCF replaces the previous 2,240 million Euros RCF, which would reach maturity in March 2025. On 1 October 2023, under its \"Debt Issuance Program (EMTN)\", EDP issued green bonds of 750 million Euros and 600 million Euros, maturing in April 2032 and April 2029, respectively.
The fair value of financial assets and liabilities is as follows: Dec 2023 Dec 2022 Carrying Fair value Difference Carrying Fair value Difference Thousand Euros amount amount Assets Equity instruments at fair value 204,752 204,752 - 216,418 216,418 - Investment property 25,344 25,344 - 27,294 27,294 - Debtors/other assets from commercial activities 8,543,596 8,543,596 - 8,660,346 8,660,346 - Other debtors and other assets Derivative financial instruments 1,117,525 1,117,525 - 2,575,698 2,575,698 - Loans to related parties - OW FS 429,098 323,143 -105,955 184,644 138,864 -45,780 Other 1,529,086 1,529,086 - 2,535,963 2,535,963 - Collateral deposits/financial debt 70,731 70,731 - 53,101 53,101 - Cash and cash equivalents 3,372,432 3,372,432 - 4,900,205 4,900,205 - 15,292,564 15,186,609 -105,955 19,153,669 19,107,889 -45,780 Liabilities Financial debt 20,632,691 20,291,137 -341,554 20,022,473 18,938,885 -1,083,588 Trade payables/other liabilities from commercial activities Suppliers and accruals 3,861,352 3,861,352 - 3,805,467 3,805,467 - Other 4 054 217 4,054,217 - 6 011 957 6,011,957 - Institutional partnerships 2,188,245 2,188,245 - 2,212,162 2,212,162 - Other liabilities and other payables Derivative financial instruments 1,871,967 1,871,967 - 5,753,706 5,753,706 - Other 2,798,775 2,798,775 - 3,006,683 3,006,683 - 35,407,247 35,065,693 -341,554 40,812,448 39,728,860 -1,083,588
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f40530": {
"value": "36. Employee benefits Employee benefits are as follows: Thousand Euros Non-Current Dec 2023 Dec 2022 Current Dec 2023 Dec 2022 Provisions for pension liabilities 186,977 254,005 74,185 92,192 Provisions for medical liabilities and other benefits 353,182 390,294 50,525 34,575 540,159 644,299 124,710 126,767 The movement in Provisions for employee benefits liabilities for EDP Group is as follows: Pensions Pensions Medical and Other Thousand Euros Dec 2023 Dec 2022 Dec 2023 Dec 2022 Balance at the beginning of the period 346,197 486,901 424,869 632,899 Charge for the period 12,327 9,023 24,158 20,632 Past service cost (Curtailment/Plan amendments) 616 2,243 25 1,053 Actuarial (gains)/losses -104,085 -114,692 -15,012 -170,852 Charge-off -94,184 -112,802 -32,175 -38,595 Fund contributions (see note 45) -9,580 -6,188 -5,585 -34,560 Surplus pension funding (see note 28) 98,229 76,082 3,817 3,344 Transfers, reclassifications and exchange differences 11,642 5,630 3,610 10,948 Balance at the end of the period 261,162 346,197 403,707 424,869
The breakdown of actuarial gains and losses is as follows: Pensions Pensions Medical and Other Thousand Euros Dec 2023 Dec 2022 Dec 2023 Dec 2022 Actuarial gains and losses arising from: - changes in demographic assumptions -41,186 935 -1,888 - - changes in financial assumptions 35,699 -178,265 22,623 -220,306 - experience adjustments -7,085 -6,152 13,289 7,259 Actuarial gains and losses arising from return on plan assets -74,990 64,462 -49,036 42,195 Actuarial gains and losses of asset ceiling -16,523 4,328 - - -104,085 -114,692 -15,012 -170,852 The components of the consolidated net cost of the pension plans recognised during the period are as follows: Thousand Euros Portugal Dec 2023 Spain Brazil Group Current service cost (see note 10) 2,689 194 -166 2,717 Past service cost (Curtailment/Plan amendments) (see note 10) 635 -19 - 616 Operational component 3,324 175 -166 3,333 Net interest on the net pensions plan liability (see note 14) 6,031 27 3,552 9,610 Financial component 6,031 27 3,552 9,610 9,355 202 3,386 12,943 Dec 2022 Thousand Euros 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 14) 869 59 4,204 5,132 Financial component 869 59 4,204 5,132 6,982 240 4,044 11,266 The components of the consolidated net cost of the medical and other benefits plans recognised during the period are as follows: Thousand Euros Portugal Dec 2023 Spain Brazil Group Current service cost (see note 10) 2,892 986 251 4,129 Past service cost (Curtailment/Plan amendments) (see note 10) 14 11 - 25 Operational component 2,906 997 251 4,154 Net interest on the net medical liabilities and other benefits (see note 14) 5,601 4,412 10,016 20,029 Financial component 5,601 4,412 10,016 20,029 8,507 5,409 10,26 7 24,183 Thousand Euros Portugal Dec 2022 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 14) 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 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 2023 gains of 119,097 thousand Euros (31 December 2022: gains of 285,544 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 2023 and 2022: Salary increase rate 5.20% (b) 2.00% 4.30% 5.35% (g) 2.00% 4.30% Pension increase rate Social Security salary appreciation 4.27% (c) 5.00% (d) not applicable not applicable 3.50% not applicable 4.30% (h) 4.30% (c) not applicable not applicable 3.50% not applicable Inflation rate 2.30% 2.00% 3.50% 2.30% 2.00% 3.50% Annual increase rate of medical service costs 2.30% not applicable 9.71% (e) 2.30% 2.00% 9.71% (i) Estimated administrative expenses per 353 \u20ac/year not not 313\u20ac/year not not beneficiary per year (Euros) (f) applicable applicable (j) applicable applicable Mortality table TV99/01 PERM/F- AT-2000 / TV99/01 PERM/F- AT-2000 / 2000P RP-2000 2000P RP-2000 Geracional Geracional Disability table not TASA 1927 / not TASA 1927 / 50%EKV 80 applicable Wyatt 1985 50%EKV 80 applicable Wyatt 1985 Class 1 Class 1 Expected % of eligible employees 20% not not 35% not not accepting early retirement (a) applicable applicable applicable 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) 5.20% for 2024 and 2.55% for the remaining years; (c) 4.27% for 2024 and 2.30% for the remaining years; (d) 5.00% for 2024 and 2.30% for the remaining years; (e) 9.71% in the first year, decreasing linearly to 5.57% in 2032; (f) Increase according to the annual increase rate of medical service costs after 2024; (g) 5.35% for 2023 and 2.55% for the remaining years; (h) 4.30% for 2023 and 2.30% for the remaining years; (i) 9.71% in the first year, decreasing linearly to 5.57% in 2031; (j) Increase according to the annual increase rate of medical service costs after 2023. 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 2023 the amount of future benefits expected to be paid, related to the activity in Portugal, Spain and Brazil, is as follows: Thousand Euros Years Portugal Pensions Spain Brazil Total Portugal Medical and Other Benefits Spain Brazil Total 2024 115,754 242 21,158 137,154 36,448 15,049 8,336 59,833 2025 95,526 195 21,752 117,473 35,711 12,184 8,724 56,619 2026 81,158 133 22,356 103,647 35,982 9,980 9,139 55,101 2027 69,378 75 23,046 92,499 36,236 7,772 9,568 53,576 2028 and following 291,866 101 150,740 442,707 216,117 160,656 65,236 442,009 In 2023, the benefits paid by the funds in Portugal amounted 75,580 thousand Euros (31 December 2022: 76,654 thousand Euros) and in Brazil amounted to 19,664 thousand Euros (31 December 2022: 18,931 thousand Euros). The contributions made to the Pension funds in Brazil amounted to 9,580 thousand Euros (31 December 2022: 6,188 thousand Euros), which were fully paid in cash. Dec 2023 Dec 2022 Portugal Spain Brazil Portugal Spain Brazil Assumptions Discount rate 3.33% - 3.89% 3.8% 9.54% - 10.48% 3.84% - 3.89% 3.3% 9.86% - 9.95%
Brazil Increase Decrease Spain Increase Decrease Decrease Increase Thousand Euros Portugal Following the decision and implementation of the autonomisation of the Medical Plan and Death Subsidy Plan in Portugal, EDP Group has made contributions of 5,585 thousand Euros in 2023 (31 December 2022: 34,560 thousand Euros). We noticed that as of 31 December 2022 and 2023, the liabilities for Death Subsidy Plan in Portugal were fully financed. Therefore, in the following years, until the end of 2027 and in the scenario where the liabilities associated with the Medical Plan are not 100% financed, the Group estimates to make additional contributions in the approximate total amount of 44,676 thousand Euros, in line with the financing plan approved by Insurance and Pension Funds Supervisory Authority (ASF) (see note 45). 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: Discount rate (0.5% movement) -26,477 28,473 -132 122 -11,441 12,419 Mortality (increase of 1 year in expected lifetime of plan participants) 30,970 - 4,724 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: Thousand Euros Portugal Increase Decrease Increase Spain Decrease Increase Brazil Decrease Discount rate (0.5% movement) -36,701 40,509 -2,935 9,491 -8,814 5,911 Health care cost trend (0.5% movement) 12,465 -11,527 - - - - Mortality (increase of 1 year in expected lifetime of plan participants) 12,851 - 4,521 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 Liquidity Bonds Fund assets Shares by nature Property Other Total 31 December 2023 17,563 612,803 359,223 188,453 83,212 1,261,254 31 December 2022 13,897 436,910 434,470 200,977 76,523 1,162,777 % Liquidity Bonds Fund assets Shares by nature Property Other Total 31 December 2023 1.39% 48.59% 28.48% 14.94% 6.60% 100.00% 31 December 2022 1.20% 37.58% 37.36% 17.28% 6.58% 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 186,488 thousand Euros as at 31 December 2023 (31 December 2022: 178,866 thousand Euros). Bonds includes 3,847 thousand Euros (31 December 2022: 3,534 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 2023 was positive in 14.96% (2022: negative in 7.84%). The assets of the pension fund in Brazil are as follows: Thousand Euros Liquidity Bonds Fund assets Shares by nature Property Other Total 31 December 2023 - 243,046 6,406 - 2,413 251,865 31 December 2022 - 225,706 10,098 394 999 237,197 % Liquidity Bonds Fund assets Shares by nature Property Other Total 31 December 2023 - 96.50% 2.54% - 0.96% 100.00% 31 December 2022 - 95.16% 4.25% 0.18% 0.41% 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: Portugal 2023 Spain Brazil Portugal 2022 Spain Brazil Retirees and pensioners 16,806 618 1,517 17,379 660 1,509 Active workers 1,915 50 369 2,080 51 413 18,721 668 1,886 19,459 711 1,922 The liability for retirement pensions and related coverage for the Group is as follows: Thousand Euros Portugal Dec 2023 Spain Brazil Group Liability at the end of the period 794,729 1,831 261,579 1,058,139 Plan assets at the end of the period -765,363 - -251,865 -1,017,228 Surplus pension funding (see note 28) 187,578 - - 187,578 Asset ceiling - - 32,673 32,673 Provision at the end of the period 216,944 1,831 42,387 261,162 Thousand Euros Portugal Dec 2022 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 28) 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 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 2023 2022 2021 2020 2019 Liability at the end of the period 1,058,139 1,168,207 1,477,989 1,588,058 1,719,435 Plan assets at the end of the period -1,017,228 -953,784 -1,036,108 -1,016,216 -1,195,046 Surplus pension funding 187,578 89,349 13,267 29,610 55,506 Asset ceiling 32,673 42,425 31,753 28,156 50,895 Provision at the end of the period 261,162 346,197 486,901 629,608 630,790 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 2023 2022 2021 2020 2019 Portugal Experience adjustments for the Plan liabilities -11,419 -22,796 55,794 61,193 -46,993 Experience adjustments for the Plan assets -77,595 71,073 -79,211 -6,662 60,914 Brazil Experience adjustments for the Plan liabilities 3,693 16,644 20,759 34,478 -4,974 Experience adjustments for the Plan assets 2,605 -7,471 9,339 13,554 41,036
The past service liability of the pension plans for the Group is as follows: Thousand Euros Portugal Dec 2023 Spain Brazil Group Liability at the beginning of the period 933,961 2,198 232,048 1,168,207 Current service cost 2,689 194 -166 2,717 Net interest on the pensions plan liability 31,450 27 27,489 58,966 Benefits paid -146,472 -1,324 -20,290 -168,086 Past service cost (Curtailment/Plan amendments) (see note 10) 635 -19 - 616 Actuarial (gains)/losses -27,534 641 14,321 -12,572 Transfers, reclassifications and exchange differences - 114 8,177 8,291 Liability at the end of the period 794,729 1,831 261,579 1,058,139 Thousand Euros Portugal Dec 2022 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) 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 The evolution of the consolidated assets of the Pension Funds is as follows: Thousand Euros Portugal Dec 2023 Brazil Group Assets value at the beginning of the period 716,587 237,197 953,784 Group contribution - 9,580 9,580 Plan participants contributions - 241 241 Benefits paid -54,238 -19,664 -73,902 Interest on the pensions plan assets 25,419 23,937 49,356 Actuarial gains/(losses) 77,595 -2,605 74,990 Transfers, reclassifications and exchange differences - 3,179 3,179 Assets value at the end of the period 765,363 251,865 1,017,228 Thousand Euros Portugal Dec 2022 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 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 2023 Dec 2022 Asset ceiling at the beginning of the period 42,425 31,753 Effect of changes in restricted net assets of benefits to the asset ceiling -16,523 4,328 Exchange differences 6,771 6,344 Asset ceiling at the end of the period 32,673 42,425 The number of participants covered by the medical and other benefits plans is as follows: Portugal 2023 Spain Brazil Portugal 2022 Spain Brazil Retirees and pensioners 17,045 2,844 2,667 17,379 2,887 2,755 Active workers 5,764 1,151 957 5,733 1,102 845 22,809 3,995 3,624 23,112 3,989 3,600
The provision for medical liabilities and other benefits and related coverage for the Group is as follows: Thousand Euros Portugal Dec 2023 Spain Brazil Group Liability at the end of the period 643,960 135,267 113,210 892,437 Plan assets at the end of the period -495,891 - - -495,891 Surplus pension funding 7,161 - - 7,161 Provision at the end of the period 155,230 135,267 113,210 403,707 Thousand Euros Portugal Dec 2022 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 The evolution of the present value of the liability for Medical care and other benefits for the Group is as follows: Thousand Euros 2023 2022 2021 2020 2019 Liability at the end of the period 892,437 867,715 1,103,051 1,149,769 1,107,444 Plan assets at the end of the period -495,891 -446,190 -470,152 -437,073 -426,565 Surplus pension funding 7,161 3,344 - - - Provision at the end of the period 403,707 424,869 632,899 712,696 680,879 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 2023 2022 2021 2020 2019 Portugal Experience adjustments for the Plan liabilities 13,509 3,622 -5,051 11,979 3,214 Experience adjustments for the Plan assets -49,036 42,195 -38,649 -4,723 22,187 Brazil Experience adjustments for the Medical Plan liabilities -220 3,637 32 -20,086 -1,937 The past service liability of medical and other benefits plans for the Group is as follows: Thousand Euros Portugal Dec 2023 Spain Brazil Group Liability at the beginning of the period 597,628 169,226 100,861 867,715 Current service cost 2,892 986 251 4,129 Net interest on the net medical liabilities and other benefits 22,023 4,412 10,016 36,451 Benefits paid -32,757 -12,114 -8,646 -53,517 Past service cost (Curtailment/Plan amendments) (see note 10) 14 11 - 25 Actuarial (gains)/losses 54,160 -25,604 5,468 34,024 Transfers, reclassifications and exchange differences - -1,650 5,260 3,610 Liability at the end of the period 643,960 135,267 113,210 892,437 Thousand Euros Portugal Dec 2022 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 The evolution of the consolidated assets of the Medical care and Other subsidies in Portugal is as follows: Thousand Euros Dec 2023 Dec 2022 Assets value at the beginning of the period 446,190 470,152 Group contribution 5,585 34,560 Benefits paid -21,342 -20,345 Interest on the pensions plan assets 16,422 4,018 Actuarial gains/(losses) 49,036 -42,195 Assets value at the end of the period 495,891 446,190
37. Provisions Provisions are as follows: Thousand Euros Non-Current Dec 2023 Dec 2022 Current Dec 2023 Dec 2022 Provision for legal and labour matters and other contingencies 149,532 123,230 2,506 2,510 Provision for customer guarantees under current operation - - 2,478 2,092 Provision for dismantling and decommissioning 481,458 498,694 26,351 8,500 Provision for other liabilities and charges 240,029 300,135 20,373 38,183 871,019 922,059 51,708 51,285 With reference to 31 December 2023, the movement by nature of the Provisions item at the EDP Group level is presented as follows: Thousand Euros Legal, labour and other matters Guarantees customers in the context of current activity Dismantl- ing and Decommi- ssioning Other risks and charges Total Balance as at 1 January 2022 101,418 57,233 568,622 359,634 1,086,907 Perimeter variations -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 16,455 - 6,609 1,581 24,645 Increase of the responsibility - - 9,841 - 9,841 Assumptions update - - -94,026 - -94,026 Onerous contracts - -56,147 - - -56,147 Innovative Features Charge-off - - - -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 Perimeter variations (see note 6) -520 - -27,973 -1,672 -30,165 Charge for the period 39,295 1,089 - 9,437 49,821 Reversals -14,515 -169 - -3,865 -18,549 Charge-off for the period -24,301 -581 -4,732 -7,555 -37,169 Unwinding (see note 14) 27,154 - 16,804 1,893 45,851 Increase of the responsibility (see note 17) - - 26,434 - 26,434 CMEC - - - 14,195 14,195 Hydro power plants of Frid\u00e3o (see note 4) - - - -86,189 -86,189 Exchange differences and other 9,443 47 -7,471 -2,130 -111 Reclassification to Liabilities Held for Sale (see note 42) -10,258 - -2,447 -2,030 -14,735 Balance as at 31 December 2023 152,038 2,478 507,809 260,402 922,727 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 20,773 thousand Euros (31 December 2022: 17,181 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) 40,161 thousand Euros of the dismantling Trillo nuclear power plant; (ii) 294,730 thousand Euros of the dismantling of wind and solar farms (replacement of sites and land in its original state), mainly, in Europe (116,758 thousand Euros), North America (133,033 thousand Euros), Asia-Pacific (40,330 thousand Euros) and Brazil (4,609 thousand Euros); and (iii) 172,918 thousand Euros of the dismantling and environmental requalification of thermal electro-producing centers in Spain (101,620 thousand Euros) and Portugal (71,298 thousand Euros). As part of its energy transition strategy, the Group has been progressing in the dismantling and reconversion of its coal-fired power plants. This commitment is evidenced by the ongoing process at the Sines coal-fired power plant in Portugal, which is already being dismantled and has plans to convert into hydrogen. In this regard, a request was also made during the year 2023 for authorisation from the Spanish electricity system operator (Red El\u00e9ctrica) to close the Abo\u00f1o I coal-fired power plant, as well as the remaining EDP coal-fired power plants in Spain (Soto 3 and Los Barrios). EDP has been investing in the adaptation of these facilities in Spain (Abono, Soto, and Los Barrios) to new technologies, specifically in the creation of Hydrogen and Storage Hubs (see note 49). 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 [2.74% - 7.09%] [3.85% - 11.34%] [11.73% - 11.83%] [1.43% - 5.12%] Inflation Rate [1.96% - 6.07%] [2.01% - 3.95%] [3.62% - 4.50%] [1.31% - 3.68%] 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. During 2023, the legal proceedings opened against the order TED/490/2022 by the EDP Group continued to evolve as expected, with a favourable decision being received for Viesgo Distribuci\u00f3n El\u00e9ctrica on 17 January 2024. In the case of Hidrocant\u00e1brico Distribuci\u00f3n El\u00e9ctrica, the vote and judgment are scheduled for 9 April 2024. The amount expected to be received for the period 2016-2022 amounts to 72 million Euros, with an additional amount of about 9 million Euros for the financial year 2023.
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 2023 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. As at 31 December 2023 this provision has been fully utilized (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 Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Administrative and Civil 396,009 325,437 330 336 Fiscal 862,930 773,643 10,732 13,321 Other 115,572 125,107 2,791 2,791 1,374,511 1,224,187 13,853 16,448 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. Following the oral trial hearing at the Court of Justice of the European Union held on 9 November 2022, EDP and EDP Comercial were notified on 2 March 2023 of the Advocate General's conclusions. The judgment of the Court of Justice of the European Union was delivered on 26 October 2023, following the referral questions raised by the Lisbon Court of Appeal, referring the decision on some of the questions to the latter. On 19 February, the Lisbon Court of Appeal issued a judgment confirming the TCRS's sentence. EDP and EDP Comercial are currently analyzing the aforementioned judgment and the possible forms of reaction;
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 (see note 4). 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. On 30 June 2023, the trial hearing was held before the Lisbon Court of Appeal. On 25 September 2023, the Lisbon Court of Appeal partially rejected the appeal filed by EDP Produ\u00e7\u00e3o, confirming the conviction of the TCRS, and also ruled in favor of reducing the fine amount from 48 million Euros to 40 million Euros. On 2 October 2023, EDP Produ\u00e7\u00e3o filed a request with the Lisbon Court of Appeal to challenge the flaws in the ruling. On 9 October 2023, a request for an appeal was submitted to the Constitutional Court, raising the unconstitutionalities alleged by EDP Produ\u00e7\u00e3o throughout the process. A decision from the Constitutional Court is awaited on the admissibility of the appeal and notification to present written arguments against the decision of the Lisbon Court of Appeal. By a judgment of 6 December 2023, the Lisbon Court of Appeal rejected the invalidities invoked by EDP Produ\u00e7\u00e3o and the latter, as a result, on 14 December 2023, submitted a request for clarification of part of the judgment delivered by the Lisbon Court of Appeal. On 22 January 2024, the Lisbon Court of Appeal dismissed EDP Produ\u00e7\u00e3o's request for correction of the aforementioned judgment delivered on 6 December 2023. On 5 February 2024, EDP Produ\u00e7\u00e3o filed an appeal with the Constitutional Court against this judgment of the Lisbon Court of Appeal, which dismissed the aforementioned request for clarification of part of the judgment of 6 December 2023. The decisions of the Constitutional Court on the admissibility of the two appeals and the notification to submit written arguments are awaited. Nevertheless, as previously mentioned, in the context of this Proceeding, EDP Produ\u00e7\u00e3o has already been judicially obliged to pay the fine to which it was sentenced by the AdC even before the judgment and the final decision of the TCRS. Still in the context of this process, on 29 September 2021, EDP Produ\u00e7\u00e3o was cited in the class action filed by the IUS Omnibus Association based on the alleged abusive behavior of dominant market position in the secondary regulation band market between the beginning of 2009 and the end of 2013, requesting, on behalf of the allegedly harmed consumers, compensation in the amount of 94.8 million Euros, according to one of the estimates of the AdC within the scope of the PRC/2016/05 process. EDP Produ\u00e7\u00e3o submitted its respective response within the established legal deadline. An order was issued in which the court decided, among other things, to suspend the proceedings until a final decision is made in the administrative offense case no. 309/19.0YUSTR. By judgment of 23 March 2023, adopted following an appeal by EDP Produ\u00e7\u00e3o, the Lisbon Court of Appeal confirmed the decision to suspend the proceedings. EDP Produ\u00e7\u00e3o filed a common appeal and an exceptional appeal to the Supreme Court of Justice, which dismissed the appeals by judgment of 15 September 2023.
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 issued, by which the Arbitral Tribunal considered itself competent to adjudicate the dispute between the parties, which was challenged by SU Eletricidade through annulment action filed in March 2022, currently pending at the Central Administrative Court, the pleadings phase having 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 the respective final written arguments. On 30 January 2023, the parties were notified of the arbitral award, which partially upheld one of the claims filed by CELBI (corresponding to 11.75% of them). On 31 March 2023, SU Eletricidade filed an action to annul the arbitral award at the South Administrative Central Court. 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 15,895 thousand Euros (31 December 2022: 23,365 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 91,618 thousand Euros (31 December 2022: 74,402 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 2023 is 15,165 thousand Euros (31 December 2022: 14,058 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 2023, the updated values amount to 23,158 thousand Euros (31 December 2022: 19,736 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 2023, this contingency amounts to 12.951 thousand Euros (31 December 2022: 27,388 thousand Euros). In 2023, there was a reduction in the contingency amount, due to a favorable decision that canceled the fine and closed the discussion at the administrative level, in addition to the exclusion of the statutory fine with the related interest and charges, related to the judicial discussion. Currently, the judgment in the judicial sphere is awaited for the remaining amounts.
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 2023, the amount of this tax contingency amounts to 326 million Euros (31 December 2022: 315 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.
",
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"value": "38. Institutional partnerships in North America The caption Institutional partnerships in North America is as follows: Thousand Euros Group Dec 2023 Dec 2022 Deferred income related to benefits provided 769,191 798,363 Liabilities arising from institutional partnerships 1,419,054 1,413,799 2,188,245 2,212,162 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 14). The movements in Institutional partnerships in North America are as follows: Thousand Euros Group Dec 2023 Dec 2022 Balance at the beginning of the period 2,212,162 2,259,741 Proceeds received from institutional investors 505,922 53,714 Cash paid for deferred transaction costs -4,311 -2,172 Cash paid to institutional investors -130,745 -128,927 Other Income (see note 8) -231,055 -233,505 Unwinding (see note 14) 81,058 96,955 Perimeter variations (see note 6) 45,581 24,892 Transfer to Liabilities held for sale (see note 42) -207,452 - Exchange differences -78,038 144,123 Other -4,877 -2,659 Balance at the end of the period 2,188,245 2,212,162 During 2023, EDPR NA, has secured and received proceeds amounting to 505,922 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 2023, the liabilities associated with these guarantees are not expected to exceed the amounts already recognized under the caption Liabilities arising from institutional partnerships.
At Group level, Trade payables and other liabilities from commercial activities are as follows: Thousand Euros Non-Current Dec 2023 Dec 2022 Current Dec 2023 Dec 2022 Contract liabilities: Energy sales contracts - North America 3,301 4,238 - - Deferred income - CMEC (see note 27) 17,091 24,950 48,713 55,616 Amounts received from the Fund for systemic sustainability of the energy sector - - - 630,053 20,392 29,188 48,713 685,669 Other liabilities: Investment government grants 301,524 327,118 - - Customer contract obligations 437,845 443,517 - - Amounts payable for tariff adjustments - Electricity - Portugal (see note 27) 9,466 - 466,294 958,357 Amounts payable for tariff adjustments - Electricity - Brazil 63,174 20,767 128,690 184,381 Amounts payable - securitisations - - 70,246 89,027 Amounts payable - CMEC - - 296,406 228,247 Amounts payable for concessions 205,981 211,056 - - Property, plant and equipment suppliers 196,215 202,861 2,832,163 2,549,047 Suppliers - - 1,029,189 1,256,420 Accrued costs related with commercial activities - - 910,347 984,040 Holiday pay, bonus and other charges with employees - - 235,807 225,599 CO2 emission Licenses - - 156,638 707,920 Other creditors and sundry operations 176,160 177,947 330,319 536,263 1,390,365 1,383,266 6,456,099 7,719,301 1,410,757 1,412,454 6,504,812 8,404,970
38. Institutional partnerships in North America The caption Institutional partnerships in North America is as follows: Thousand Euros Group Dec 2023 Dec 2022 Deferred income related to benefits provided 769,191 798,363 Liabilities arising from institutional partnerships 1,419,054 1,413,799 2,188,245 2,212,162 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 14). The movements in Institutional partnerships in North America are as follows: Thousand Euros Group Dec 2023 Dec 2022 Balance at the beginning of the period 2,212,162 2,259,741 Proceeds received from institutional investors 505,922 53,714 Cash paid for deferred transaction costs -4,311 -2,172 Cash paid to institutional investors -130,745 -128,927 Other Income (see note 8) -231,055 -233,505 Unwinding (see note 14) 81,058 96,955 Perimeter variations (see note 6) 45,581 24,892 Transfer to Liabilities held for sale (see note 42) -207,452 - Exchange differences -78,038 144,123 Other -4,877 -2,659 Balance at the end of the period 2,188,245 2,212,162 During 2023, EDPR NA, has secured and received proceeds amounting to 505,922 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 2023, the liabilities associated with these guarantees are not expected to exceed the amounts already recognized under the caption Liabilities arising from institutional partnerships.
At Group level, Trade payables and other liabilities from commercial activities are as follows: Thousand Euros Non-Current Dec 2023 Dec 2022 Current Dec 2023 Dec 2022 Contract liabilities: Energy sales contracts - North America 3,301 4,238 - - Deferred income - CMEC (see note 27) 17,091 24,950 48,713 55,616 Amounts received from the Fund for systemic sustainability of the energy sector - - - 630,053 20,392 29,188 48,713 685,669 Other liabilities: Investment government grants 301,524 327,118 - - Customer contract obligations 437,845 443,517 - - Amounts payable for tariff adjustments - Electricity - Portugal (see note 27) 9,466 - 466,294 958,357 Amounts payable for tariff adjustments - Electricity - Brazil 63,174 20,767 128,690 184,381 Amounts payable - securitisations - - 70,246 89,027 Amounts payable - CMEC - - 296,406 228,247 Amounts payable for concessions 205,981 211,056 - - Property, plant and equipment suppliers 196,215 202,861 2,832,163 2,549,047 Suppliers - - 1,029,189 1,256,420 Accrued costs related with commercial activities - - 910,347 984,040 Holiday pay, bonus and other charges with employees - - 235,807 225,599 CO2 emission Licenses - - 156,638 707,920 Other creditors and sundry operations 176,160 177,947 330,319 536,263 1,390,365 1,383,266 6,456,099 7,719,301 1,410,757 1,412,454 6,504,812 8,404,970
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 29,287 thousand Euros as at 31 December 2023 (see note 12).
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"f42560": {
"value": "39. 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 Dec 2023 Dec 2022 Current Dec 2023 Dec 2022 Contract liabilities: Energy sales contracts - North America 3,301 4,238 - - Deferred income - CMEC (see note 27) 17,091 24,950 48,713 55,616 Amounts received from the Fund for systemic sustainability of the energy sector - - - 630,053 20,392 29,188 48,713 685,669 Other liabilities: Investment government grants 301,524 327,118 - - Customer contract obligations 437,845 443,517 - - Amounts payable for tariff adjustments - Electricity - Portugal (see note 27) 9,466 - 466,294 958,357 Amounts payable for tariff adjustments - Electricity - Brazil 63,174 20,767 128,690 184,381 Amounts payable - securitisations - - 70,246 89,027 Amounts payable - CMEC - - 296,406 228,247 Amounts payable for concessions 205,981 211,056 - - Property, plant and equipment suppliers 196,215 202,861 2,832,163 2,549,047 Suppliers - - 1,029,189 1,256,420 Accrued costs related with commercial activities - - 910,347 984,040 Holiday pay, bonus and other charges with employees - - 235,807 225,599 CO2 emission Licenses - - 156,638 707,920 Other creditors and sundry operations 176,160 177,947 330,319 536,263 1,390,365 1,383,266 6,456,099 7,719,301 1,410,757 1,412,454 6,504,812 8,404,970
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 29,287 thousand Euros as at 31 December 2023 (see note 12).
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 Dec 2023 Dec 2022 Current Dec 2023 Dec 2022 Amounts payable for tariff adjustments - Electricity - Brazil 63,174 20,767 128,690 184,381 Amounts receivable from tariff adjustments - Electricity - Brazil (see note 27) -41,284 -12,883 -6,578 -14,310 21,890 7,884 122,112 170,071 The tariff adjustment - Electricity - Brazil at the end of period corresponds to an amount payable of 144,002 thousand Euros and includes 47,862 thousand Euros of Amounts receivable from tariff adjustments - Electricity - Brazil (see note 27) and 191,864 thousand Euros of Amounts payable from tariff adjustments - Electricity - Brazil.
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 2023 Balance at the beginning of the period 177,955 Tariff adjustment of the period (see note 7) 155,511 Payment/Receipt through the electricity tariff -201,335 Interest expense/income (see note 14) 2,996 Effect of exchange differences of the Brazilian Real against the Euro 8,875 Balance at the end of the period 144,002 The movement includes the recognition of 179,158 thousand Euros (960,612 thousand Brazilian Real) of the refund and a negative amount of 109 thousand Euros (582 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 1,894,980 thousand Brazilian Real were returned, between 2020 and December 2023, through the electricity tariff, with a negative unwinding of 148,374 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 (see note 27). 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 121,624 thousand Euros (31 December 2022: 125,154 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 84,357 thousand Euros (31 December 2022: 85,903 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 316,339 thousand Euros (31 December 2022: 332,727 thousand Euros) and the amounts due related with the construction of windfarms and solar parks in North America in the amount of 1,993,372 thousand Euros (31 December 2022: 1,409,674 thousand Euros), in Europe in the amount of 325,029 thousand Euros (31 December 2022: 466,270 thousand Euros) and in South America in the amount of 195,340 thousand Euros (31 December 2022: 375,583 thousand Euros). The caption CO2 emission licenses includes the licenses corresponding to CO2 emissions made during 2023 in Portugal and Spain, in the amount of 53,181 thousand Euros and 103,457 thousand Euros, respectively (31 December 2022: 149,733 thousand Euros and 558,187 thousand Euros). The variation that occurred includes the consumption of 2023 and return, in 2023, of the licenses related to 2022 consumptions, which are delivered by September 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. Thousand Euros Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Other liabilities and other payables - Non-Current Liabilities measured at amortised cost: Loans from non-controlling interests 637,221 659,367 - - Lease Liabilities 1,176,456 1,252,000 136,162 139,728 Liabilities measured at fair value through profit or loss: Derivative financial instruments (see note 43) 984,989 2,701,116 700,437 2,013,300 Amounts payable and contingent prices for acquisitions/sales 148,317 152,614 33,196 30,134 Other Liabilities: Other creditors and sundry operations 352,952 394,399 - - 3,299,935 5,159,496 869,795 2,183,162 Other liabilities and other payables - Current Liabilities measured at amortised cost: Loans from non-controlling interests 57,828 17,582 - - Dividends attributed to related companies 54,089 77,182 - - Group companies - - 10,890 3,857 Lease Liabilities 136,274 135,792 12,146 12,603 Liabilities measured at fair value through profit or loss: Derivative financial instruments (see note 43) 886,978 3,052,590 898,181 3,192,332 Amounts payable and contingent prices for acquisitions/sales 190,296 274,974 30,511 32,325 Other Liabilities: Other creditors and sundry operations 45,342 42,773 548,385 152,185 1,370,807 3,600,893 1,500,113 3,393,302 4,670,742 8,760,389 2,369,908 5,576,464
39. 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 Dec 2023 Dec 2022 Current Dec 2023 Dec 2022 Contract liabilities: Energy sales contracts - North America 3,301 4,238 - - Deferred income - CMEC (see note 27) 17,091 24,950 48,713 55,616 Amounts received from the Fund for systemic sustainability of the energy sector - - - 630,053 20,392 29,188 48,713 685,669 Other liabilities: Investment government grants 301,524 327,118 - - Customer contract obligations 437,845 443,517 - - Amounts payable for tariff adjustments - Electricity - Portugal (see note 27) 9,466 - 466,294 958,357 Amounts payable for tariff adjustments - Electricity - Brazil 63,174 20,767 128,690 184,381 Amounts payable - securitisations - - 70,246 89,027 Amounts payable - CMEC - - 296,406 228,247 Amounts payable for concessions 205,981 211,056 - - Property, plant and equipment suppliers 196,215 202,861 2,832,163 2,549,047 Suppliers - - 1,029,189 1,256,420 Accrued costs related with commercial activities - - 910,347 984,040 Holiday pay, bonus and other charges with employees - - 235,807 225,599 CO2 emission Licenses - - 156,638 707,920 Other creditors and sundry operations 176,160 177,947 330,319 536,263 1,390,365 1,383,266 6,456,099 7,719,301 1,410,757 1,412,454 6,504,812 8,404,970
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 29,287 thousand Euros as at 31 December 2023 (see note 12).
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 Dec 2023 Dec 2022 Current Dec 2023 Dec 2022 Amounts payable for tariff adjustments - Electricity - Brazil 63,174 20,767 128,690 184,381 Amounts receivable from tariff adjustments - Electricity - Brazil (see note 27) -41,284 -12,883 -6,578 -14,310 21,890 7,884 122,112 170,071 The tariff adjustment - Electricity - Brazil at the end of period corresponds to an amount payable of 144,002 thousand Euros and includes 47,862 thousand Euros of Amounts receivable from tariff adjustments - Electricity - Brazil (see note 27) and 191,864 thousand Euros of Amounts payable from tariff adjustments - Electricity - Brazil.
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 2023 Balance at the beginning of the period 177,955 Tariff adjustment of the period (see note 7) 155,511 Payment/Receipt through the electricity tariff -201,335 Interest expense/income (see note 14) 2,996 Effect of exchange differences of the Brazilian Real against the Euro 8,875 Balance at the end of the period 144,002 The movement includes the recognition of 179,158 thousand Euros (960,612 thousand Brazilian Real) of the refund and a negative amount of 109 thousand Euros (582 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 1,894,980 thousand Brazilian Real were returned, between 2020 and December 2023, through the electricity tariff, with a negative unwinding of 148,374 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 (see note 27). 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 121,624 thousand Euros (31 December 2022: 125,154 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 84,357 thousand Euros (31 December 2022: 85,903 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 316,339 thousand Euros (31 December 2022: 332,727 thousand Euros) and the amounts due related with the construction of windfarms and solar parks in North America in the amount of 1,993,372 thousand Euros (31 December 2022: 1,409,674 thousand Euros), in Europe in the amount of 325,029 thousand Euros (31 December 2022: 466,270 thousand Euros) and in South America in the amount of 195,340 thousand Euros (31 December 2022: 375,583 thousand Euros). The caption CO2 emission licenses includes the licenses corresponding to CO2 emissions made during 2023 in Portugal and Spain, in the amount of 53,181 thousand Euros and 103,457 thousand Euros, respectively (31 December 2022: 149,733 thousand Euros and 558,187 thousand Euros). The variation that occurred includes the consumption of 2023 and return, in 2023, of the licenses related to 2022 consumptions, which are delivered by September 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. Thousand Euros Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Other liabilities and other payables - Non-Current Liabilities measured at amortised cost: Loans from non-controlling interests 637,221 659,367 - - Lease Liabilities 1,176,456 1,252,000 136,162 139,728 Liabilities measured at fair value through profit or loss: Derivative financial instruments (see note 43) 984,989 2,701,116 700,437 2,013,300 Amounts payable and contingent prices for acquisitions/sales 148,317 152,614 33,196 30,134 Other Liabilities: Other creditors and sundry operations 352,952 394,399 - - 3,299,935 5,159,496 869,795 2,183,162 Other liabilities and other payables - Current Liabilities measured at amortised cost: Loans from non-controlling interests 57,828 17,582 - - Dividends attributed to related companies 54,089 77,182 - - Group companies - - 10,890 3,857 Lease Liabilities 136,274 135,792 12,146 12,603 Liabilities measured at fair value through profit or loss: Derivative financial instruments (see note 43) 886,978 3,052,590 898,181 3,192,332 Amounts payable and contingent prices for acquisitions/sales 190,296 274,974 30,511 32,325 Other Liabilities: Other creditors and sundry operations 45,342 42,773 548,385 152,185 1,370,807 3,600,893 1,500,113 3,393,302 4,670,742 8,760,389 2,369,908 5,576,464
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f42564": {
"value": "39. 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 Dec 2023 Dec 2022 Current Dec 2023 Dec 2022 Contract liabilities: Energy sales contracts - North America 3,301 4,238 - - Deferred income - CMEC (see note 27) 17,091 24,950 48,713 55,616 Amounts received from the Fund for systemic sustainability of the energy sector - - - 630,053 20,392 29,188 48,713 685,669 Other liabilities: Investment government grants 301,524 327,118 - - Customer contract obligations 437,845 443,517 - - Amounts payable for tariff adjustments - Electricity - Portugal (see note 27) 9,466 - 466,294 958,357 Amounts payable for tariff adjustments - Electricity - Brazil 63,174 20,767 128,690 184,381 Amounts payable - securitisations - - 70,246 89,027 Amounts payable - CMEC - - 296,406 228,247 Amounts payable for concessions 205,981 211,056 - - Property, plant and equipment suppliers 196,215 202,861 2,832,163 2,549,047 Suppliers - - 1,029,189 1,256,420 Accrued costs related with commercial activities - - 910,347 984,040 Holiday pay, bonus and other charges with employees - - 235,807 225,599 CO2 emission Licenses - - 156,638 707,920 Other creditors and sundry operations 176,160 177,947 330,319 536,263 1,390,365 1,383,266 6,456,099 7,719,301 1,410,757 1,412,454 6,504,812 8,404,970
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 29,287 thousand Euros as at 31 December 2023 (see note 12).
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 Dec 2023 Dec 2022 Current Dec 2023 Dec 2022 Amounts payable for tariff adjustments - Electricity - Brazil 63,174 20,767 128,690 184,381 Amounts receivable from tariff adjustments - Electricity - Brazil (see note 27) -41,284 -12,883 -6,578 -14,310 21,890 7,884 122,112 170,071 The tariff adjustment - Electricity - Brazil at the end of period corresponds to an amount payable of 144,002 thousand Euros and includes 47,862 thousand Euros of Amounts receivable from tariff adjustments - Electricity - Brazil (see note 27) and 191,864 thousand Euros of Amounts payable from tariff adjustments - Electricity - Brazil.
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 2023 Balance at the beginning of the period 177,955 Tariff adjustment of the period (see note 7) 155,511 Payment/Receipt through the electricity tariff -201,335 Interest expense/income (see note 14) 2,996 Effect of exchange differences of the Brazilian Real against the Euro 8,875 Balance at the end of the period 144,002 The movement includes the recognition of 179,158 thousand Euros (960,612 thousand Brazilian Real) of the refund and a negative amount of 109 thousand Euros (582 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 1,894,980 thousand Brazilian Real were returned, between 2020 and December 2023, through the electricity tariff, with a negative unwinding of 148,374 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 (see note 27). 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 121,624 thousand Euros (31 December 2022: 125,154 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 84,357 thousand Euros (31 December 2022: 85,903 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 316,339 thousand Euros (31 December 2022: 332,727 thousand Euros) and the amounts due related with the construction of windfarms and solar parks in North America in the amount of 1,993,372 thousand Euros (31 December 2022: 1,409,674 thousand Euros), in Europe in the amount of 325,029 thousand Euros (31 December 2022: 466,270 thousand Euros) and in South America in the amount of 195,340 thousand Euros (31 December 2022: 375,583 thousand Euros). The caption CO2 emission licenses includes the licenses corresponding to CO2 emissions made during 2023 in Portugal and Spain, in the amount of 53,181 thousand Euros and 103,457 thousand Euros, respectively (31 December 2022: 149,733 thousand Euros and 558,187 thousand Euros). The variation that occurred includes the consumption of 2023 and return, in 2023, of the licenses related to 2022 consumptions, which are delivered by September 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. 40. Other liabilities and other payables Other liabilities and other payables are as follows: Thousand Euros Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Other liabilities and other payables - Non-Current Liabilities measured at amortised cost: Loans from non-controlling interests 637,221 659,367 - - Lease Liabilities 1,176,456 1,252,000 136,162 139,728 Liabilities measured at fair value through profit or loss: Derivative financial instruments (see note 43) 984,989 2,701,116 700,437 2,013,300 Amounts payable and contingent prices for acquisitions/sales 148,317 152,614 33,196 30,134 Other Liabilities: Other creditors and sundry operations 352,952 394,399 - - 3,299,935 5,159,496 869,795 2,183,162 Other liabilities and other payables - Current Liabilities measured at amortised cost: Loans from non-controlling interests 57,828 17,582 - - Dividends attributed to related companies 54,089 77,182 - - Group companies - - 10,890 3,857 Lease Liabilities 136,274 135,792 12,146 12,603 Liabilities measured at fair value through profit or loss: Derivative financial instruments (see note 43) 886,978 3,052,590 898,181 3,192,332 Amounts payable and contingent prices for acquisitions/sales 190,296 274,974 30,511 32,325 Other Liabilities: Other creditors and sundry operations 45,342 42,773 548,385 152,185 1,370,807 3,600,893 1,500,113 3,393,302 4,670,742 8,760,389 2,369,908 5,576,464
The caption Loans from non-controlling interests Non-Current and Current mainly includes: Thousand Euros Dec 2023 Dec 2022 ACE Portugal (CTG Group) Fixed rate of 3.75% 15,382 20,713 ACE Poland (CTG Group) Fixed rate of a range between 2.95% / 7.23% 35,390 41,026 ACE Italy (CTG Group) Fixed rate of 4.5% 30,527 31,954 Macquarie Super Core Infrastructure Fund SD Holdings S.\u00c0.R.L. Fixed rate of a range between 0.40% / 2.73% 568,149 572,124 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 and 2022. The movements in Lease Liabilities - Non Current and Current are as follows: Thousand Euros Dec 2023 Dec 2022 Balance at the beginning of the period 1,387,792 1,049,448 Charge for the period 134,453 386,378 Unwinding of lease liabilities (see note 14) 47,718 46,146 Lease payments (principal and interests) -141,864 -133,696 Exchange differences -22,211 38,978 Perimeter variations and other regularisations -93,158 538 Balance at the end of the period 1,312,730 1,387,792 The nominal value of Lease Liabilities, by maturity, is as follows: Dec 2023 Capital outstanding by maturity Less From From More Thousand Euros Total than 5 5 to 10 10 to 15 year years years than 15 years Lease Liabilities 2,282,472 602,266 450,960 427,579 801,667
649,448 665,817 On an individual basis, the changes that occurred in the caption Other creditors and sundry operations is justified by the transfer of the energy management activity on 1 February 2023 to EDP GEM Portugal, S.A. (see note 13). 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 45).
39. 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 Dec 2023 Dec 2022 Current Dec 2023 Dec 2022 Contract liabilities: Energy sales contracts - North America 3,301 4,238 - - Deferred income - CMEC (see note 27) 17,091 24,950 48,713 55,616 Amounts received from the Fund for systemic sustainability of the energy sector - - - 630,053 20,392 29,188 48,713 685,669 Other liabilities: Investment government grants 301,524 327,118 - - Customer contract obligations 437,845 443,517 - - Amounts payable for tariff adjustments - Electricity - Portugal (see note 27) 9,466 - 466,294 958,357 Amounts payable for tariff adjustments - Electricity - Brazil 63,174 20,767 128,690 184,381 Amounts payable - securitisations - - 70,246 89,027 Amounts payable - CMEC - - 296,406 228,247 Amounts payable for concessions 205,981 211,056 - - Property, plant and equipment suppliers 196,215 202,861 2,832,163 2,549,047 Suppliers - - 1,029,189 1,256,420 Accrued costs related with commercial activities - - 910,347 984,040 Holiday pay, bonus and other charges with employees - - 235,807 225,599 CO2 emission Licenses - - 156,638 707,920 Other creditors and sundry operations 176,160 177,947 330,319 536,263 1,390,365 1,383,266 6,456,099 7,719,301 1,410,757 1,412,454 6,504,812 8,404,970
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 29,287 thousand Euros as at 31 December 2023 (see note 12).
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 Dec 2023 Dec 2022 Current Dec 2023 Dec 2022 Amounts payable for tariff adjustments - Electricity - Brazil 63,174 20,767 128,690 184,381 Amounts receivable from tariff adjustments - Electricity - Brazil (see note 27) -41,284 -12,883 -6,578 -14,310 21,890 7,884 122,112 170,071 The tariff adjustment - Electricity - Brazil at the end of period corresponds to an amount payable of 144,002 thousand Euros and includes 47,862 thousand Euros of Amounts receivable from tariff adjustments - Electricity - Brazil (see note 27) and 191,864 thousand Euros of Amounts payable from tariff adjustments - Electricity - Brazil.
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 2023 Balance at the beginning of the period 177,955 Tariff adjustment of the period (see note 7) 155,511 Payment/Receipt through the electricity tariff -201,335 Interest expense/income (see note 14) 2,996 Effect of exchange differences of the Brazilian Real against the Euro 8,875 Balance at the end of the period 144,002 The movement includes the recognition of 179,158 thousand Euros (960,612 thousand Brazilian Real) of the refund and a negative amount of 109 thousand Euros (582 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 1,894,980 thousand Brazilian Real were returned, between 2020 and December 2023, through the electricity tariff, with a negative unwinding of 148,374 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 (see note 27). 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 121,624 thousand Euros (31 December 2022: 125,154 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 84,357 thousand Euros (31 December 2022: 85,903 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 316,339 thousand Euros (31 December 2022: 332,727 thousand Euros) and the amounts due related with the construction of windfarms and solar parks in North America in the amount of 1,993,372 thousand Euros (31 December 2022: 1,409,674 thousand Euros), in Europe in the amount of 325,029 thousand Euros (31 December 2022: 466,270 thousand Euros) and in South America in the amount of 195,340 thousand Euros (31 December 2022: 375,583 thousand Euros). The caption CO2 emission licenses includes the licenses corresponding to CO2 emissions made during 2023 in Portugal and Spain, in the amount of 53,181 thousand Euros and 103,457 thousand Euros, respectively (31 December 2022: 149,733 thousand Euros and 558,187 thousand Euros). The variation that occurred includes the consumption of 2023 and return, in 2023, of the licenses related to 2022 consumptions, which are delivered by September 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. 40. Other liabilities and other payables Other liabilities and other payables are as follows: Thousand Euros Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Other liabilities and other payables - Non-Current Liabilities measured at amortised cost: Loans from non-controlling interests 637,221 659,367 - - Lease Liabilities 1,176,456 1,252,000 136,162 139,728 Liabilities measured at fair value through profit or loss: Derivative financial instruments (see note 43) 984,989 2,701,116 700,437 2,013,300 Amounts payable and contingent prices for acquisitions/sales 148,317 152,614 33,196 30,134 Other Liabilities: Other creditors and sundry operations 352,952 394,399 - - 3,299,935 5,159,496 869,795 2,183,162 Other liabilities and other payables - Current Liabilities measured at amortised cost: Loans from non-controlling interests 57,828 17,582 - - Dividends attributed to related companies 54,089 77,182 - - Group companies - - 10,890 3,857 Lease Liabilities 136,274 135,792 12,146 12,603 Liabilities measured at fair value through profit or loss: Derivative financial instruments (see note 43) 886,978 3,052,590 898,181 3,192,332 Amounts payable and contingent prices for acquisitions/sales 190,296 274,974 30,511 32,325 Other Liabilities: Other creditors and sundry operations 45,342 42,773 548,385 152,185 1,370,807 3,600,893 1,500,113 3,393,302 4,670,742 8,760,389 2,369,908 5,576,464
The caption Loans from non-controlling interests Non-Current and Current mainly includes: Thousand Euros Dec 2023 Dec 2022 ACE Portugal (CTG Group) Fixed rate of 3.75% 15,382 20,713 ACE Poland (CTG Group) Fixed rate of a range between 2.95% / 7.23% 35,390 41,026 ACE Italy (CTG Group) Fixed rate of 4.5% 30,527 31,954 Macquarie Super Core Infrastructure Fund SD Holdings S.\u00c0.R.L. Fixed rate of a range between 0.40% / 2.73% 568,149 572,124 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 and 2022. The movements in Lease Liabilities - Non Current and Current are as follows: Thousand Euros Dec 2023 Dec 2022 Balance at the beginning of the period 1,387,792 1,049,448 Charge for the period 134,453 386,378 Unwinding of lease liabilities (see note 14) 47,718 46,146 Lease payments (principal and interests) -141,864 -133,696 Exchange differences -22,211 38,978 Perimeter variations and other regularisations -93,158 538 Balance at the end of the period 1,312,730 1,387,792 The nominal value of Lease Liabilities, by maturity, is as follows: Dec 2023 Capital outstanding by maturity Less From From More Thousand Euros Total than 5 5 to 10 10 to 15 year years years than 15 years Lease Liabilities 2,282,472 602,266 450,960 427,579 801,667
649,448 665,817 On an individual basis, the changes that occurred in the caption Other creditors and sundry operations is justified by the transfer of the energy management activity on 1 February 2023 to EDP GEM Portugal, S.A. (see note 13). 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 45).
39. 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 Dec 2023 Dec 2022 Current Dec 2023 Dec 2022 Contract liabilities: Energy sales contracts - North America 3,301 4,238 - - Deferred income - CMEC (see note 27) 17,091 24,950 48,713 55,616 Amounts received from the Fund for systemic sustainability of the energy sector - - - 630,053 20,392 29,188 48,713 685,669 Other liabilities: Investment government grants 301,524 327,118 - - Customer contract obligations 437,845 443,517 - - Amounts payable for tariff adjustments - Electricity - Portugal (see note 27) 9,466 - 466,294 958,357 Amounts payable for tariff adjustments - Electricity - Brazil 63,174 20,767 128,690 184,381 Amounts payable - securitisations - - 70,246 89,027 Amounts payable - CMEC - - 296,406 228,247 Amounts payable for concessions 205,981 211,056 - - Property, plant and equipment suppliers 196,215 202,861 2,832,163 2,549,047 Suppliers - - 1,029,189 1,256,420 Accrued costs related with commercial activities - - 910,347 984,040 Holiday pay, bonus and other charges with employees - - 235,807 225,599 CO2 emission Licenses - - 156,638 707,920 Other creditors and sundry operations 176,160 177,947 330,319 536,263 1,390,365 1,383,266 6,456,099 7,719,301 1,410,757 1,412,454 6,504,812 8,404,970
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 29,287 thousand Euros as at 31 December 2023 (see note 12).
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 Dec 2023 Dec 2022 Current Dec 2023 Dec 2022 Amounts payable for tariff adjustments - Electricity - Brazil 63,174 20,767 128,690 184,381 Amounts receivable from tariff adjustments - Electricity - Brazil (see note 27) -41,284 -12,883 -6,578 -14,310 21,890 7,884 122,112 170,071 The tariff adjustment - Electricity - Brazil at the end of period corresponds to an amount payable of 144,002 thousand Euros and includes 47,862 thousand Euros of Amounts receivable from tariff adjustments - Electricity - Brazil (see note 27) and 191,864 thousand Euros of Amounts payable from tariff adjustments - Electricity - Brazil.
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 2023 Balance at the beginning of the period 177,955 Tariff adjustment of the period (see note 7) 155,511 Payment/Receipt through the electricity tariff -201,335 Interest expense/income (see note 14) 2,996 Effect of exchange differences of the Brazilian Real against the Euro 8,875 Balance at the end of the period 144,002 The movement includes the recognition of 179,158 thousand Euros (960,612 thousand Brazilian Real) of the refund and a negative amount of 109 thousand Euros (582 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 1,894,980 thousand Brazilian Real were returned, between 2020 and December 2023, through the electricity tariff, with a negative unwinding of 148,374 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 (see note 27). 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 121,624 thousand Euros (31 December 2022: 125,154 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 84,357 thousand Euros (31 December 2022: 85,903 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 316,339 thousand Euros (31 December 2022: 332,727 thousand Euros) and the amounts due related with the construction of windfarms and solar parks in North America in the amount of 1,993,372 thousand Euros (31 December 2022: 1,409,674 thousand Euros), in Europe in the amount of 325,029 thousand Euros (31 December 2022: 466,270 thousand Euros) and in South America in the amount of 195,340 thousand Euros (31 December 2022: 375,583 thousand Euros). The caption CO2 emission licenses includes the licenses corresponding to CO2 emissions made during 2023 in Portugal and Spain, in the amount of 53,181 thousand Euros and 103,457 thousand Euros, respectively (31 December 2022: 149,733 thousand Euros and 558,187 thousand Euros). The variation that occurred includes the consumption of 2023 and return, in 2023, of the licenses related to 2022 consumptions, which are delivered by September 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. 40. Other liabilities and other payables Other liabilities and other payables are as follows: Thousand Euros Group Dec 2023 Dec 2022 Compa Dec 2023 ny Dec 2022 Other liabilities and other payables - Non-Current Liabilities measured at amortised cost: Loans from non-controlling interests 637,221 659,367 - - Lease Liabilities 1,176,456 1,252,000 136,162 139,728 Liabilities measured at fair value through profit or loss: Derivative financial instruments (see note 43) 984,989 2,701,116 700,437 2,013,300 Amounts payable and contingent prices for acquisitions/sales 148,317 152,614 33,196 30,134 Other Liabilities: Other creditors and sundry operations 352,952 394,399 - - 3,299,935 5,159,496 869,795 2,183,162 Other liabilities and other payables - Current Liabilities measured at amortised cost: Loans from non-controlling interests 57,828 17,582 - - Dividends attributed to related companies 54,089 77,182 - - Group companies - - 10,890 3,857 Lease Liabilities 136,274 135,792 12,146 12,603 Liabilities measured at fair value through profit or loss: Derivative financial instruments (see note 43) 886,978 3,052,590 898,181 3,192,332 Amounts payable and contingent prices for acquisitions/sales 190,296 274,974 30,511 32,325 Other Liabilities: Other creditors and sundry operations 45,342 42,773 548,385 152,185 1,370,807 3,600,893 1,500,113 3,393,302 4,670,742 8,760,389 2,369,908 5,576,464
The caption Loans from non-controlling interests Non-Current and Current mainly includes: Thousand Euros Dec 2023 Dec 2022 ACE Portugal (CTG Group) Fixed rate of 3.75% 15,382 20,713 ACE Poland (CTG Group) Fixed rate of a range between 2.95% / 7.23% 35,390 41,026 ACE Italy (CTG Group) Fixed rate of 4.5% 30,527 31,954 Macquarie Super Core Infrastructure Fund SD Holdings S.\u00c0.R.L. Fixed rate of a range between 0.40% / 2.73% 568,149 572,124 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 and 2022. The movements in Lease Liabilities - Non Current and Current are as follows: Thousand Euros Dec 2023 Dec 2022 Balance at the beginning of the period 1,387,792 1,049,448 Charge for the period 134,453 386,378 Unwinding of lease liabilities (see note 14) 47,718 46,146 Lease payments (principal and interests) -141,864 -133,696 Exchange differences -22,211 38,978 Perimeter variations and other regularisations -93,158 538 Balance at the end of the period 1,312,730 1,387,792 The nominal value of Lease Liabilities, by maturity, is as follows: Dec 2023 Capital outstanding by maturity Less From From More Thousand Euros Total than 5 5 to 10 10 to 15 year years years than 15 years Lease Liabilities 2,282,472 602,266 450,960 427,579 801,667
649,448 665,817 On an individual basis, the changes that occurred in the caption Other creditors and sundry operations is justified by the transfer of the energy management activity on 1 February 2023 to EDP GEM Portugal, S.A. (see note 13). 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 45).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f43321": {
"value": "The fair value of the derivative financial instruments in EDP Group is as follows: Dec 2023 Dec 2022 Thousand Euros Assets Liabilities Assets Liabilities Net Investment hedge Cross-currency interest rate swaps 80,590 -101,183 36,986 -211,081 Currency forwards 555 -10,321 25,726 -84,063 Fair value hedge Interest rate swaps - -21,232 479 -34,407 Cross-currency interest rate swaps 24,325 -40,833 26,007 -47,711 Cash flow hedge Interest rate swaps 16,013 -17,306 114,670 -1,611 Swaps related to gas commodity 181,525 -402,369 557,885 -2,279,446 Electricity swaps 229,578 -634,238 306,998 -1,262,063 Currency forwards (includes commodities and capex forwards) 29,771 -18,993 71,295 -37,437 CO2 forwards 2,082 -8,261 - - Trading Interest rate swaps 37,766 -12,876 14,474 -10,625 Cross-currency interest rate swaps 317 -29,793 11,382 -48,289 Commodity swaps and forwards 482,056 -507,746 1,277,258 -1,680,641 Currency forwards 11,239 -60,969 81,990 -33,173 CO2 forwards 2,545 -3,721 2,196 -12,116 Currency forwards associated to commodities 19,163 -2,126 48,352 -11,043
1,117,525 -1,871,967 2,575,698 -5,753,706
In 2023, the notional amounts per measurement unit of the derivative financial instruments in EDP Group, are as follows: Following Thousand Units Unit 2024 2025 2026 2027 years Total Net Investment hedge Cross-currency interest rate swaps Euros 1,170,939 - 47,252 150,000 1,810,599 3,178,790 Currency forwards Euros 257,184 25,118 - - - 282,302 Fair value hedge Interest rate swaps Euros - 600,000 - - - 600,000 Cross-currency interest rate swaps Euros 410,314 - - - - 410,314 Cash flow hedge Interest rate swaps Euros 89,064 87,481 53,071 29,544 696,042 955,202 Cross-currency interest rate swaps Euros 82,912 - - - 82,912 165,824 Swaps related to gas commodity MWh 32,340 -47,696 -99,998 -124,227 - -239,581 Electricity swaps MWh 167,947 190,145 157,465 152,282 982,585 1,650,424 CO2 forwards MT 54,797 17,290 18,199 - - 90,286 Currency forwards (includes commodities and capex forwards) Euros 418,385 82,878 - - - 501,263 Trading Interest rate swaps Euros - 499,648 130,553 - 173,345 803,546 Cross-currency interest rate swaps Euros 353,331 288,149 35,889 - - 677,369 Swaps related to gas commodity MWh 4,517 5,375 -3,986 -4,423 - 1,483 Electricity swaps and forwards MWh 384,349 271,830 83,146 51,470 25,676.0 816,471 Currency forwards Euros 1,808,793 67,254 4,000 - - 1,880,047 CO2 forwards MT -85,789 - 1 - - -85,788 Currency forwards for commodities Euros 149,580 - - - - 149,580
In 2022, the notional amounts per measurement unit of the derivative financial instruments in EDP Group, were as follows: Following Thousand Units Unit 2023 2024 2025 2026 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 2,166,472 2,480,029 Cross-currency interest rate swaps Euros - - - - 2,926 2,926 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 for commodities Euros 1,270,210 137,503 82,878 - - 1,490,591 Trading Interest rate swaps Euros 700 726 300,753 190,628 133,707 626,514 Cross-currency interest rate swaps Euros 200,319 245,149 - - - 445,468 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 1,675,816 29,497 4,000 4,000 - 1,713,313 CO2 forwards MT 469 - - - - 469 Currency forwards for commodities Euros 353,858 149,580 - - - 503,438
In 2023, the future undiscounted cash flows of the derivative financial instruments in EDP Group, are as follows: Thousand Euros 2024 2025 2026 2027 Following years Total Net Investment hedge Cross-currency interest rate swaps -64,136 -31,338 -31,918 -48,843 -69,044 -245,279 Currency forwards -9,172 -432 - - - -9,604 -73,308 -31,770 -31,918 -48,843 -69,044 -254,883 Fair value hedge Interest rate swaps -20,179 -7,575 - - - -27,754 Cross-currency interest rate swaps -12,960 - - - -3,202 -16,162 -33,139 -7,575 - - -3,202 -43,916 Cash flow hedge Interest rate swaps 7,313 5,994 5,697 5,223 49,425 73,652 Swaps related to gas commodity -217,365 -105,814 -2,874 5,275 - -320,778 Electricity swaps -66,789 -76,811 -35,773 -37,257 -254,143 -470,773 CO2 forwards -547 -2,788 -3,271 - - -6,606 Currency forwards (includes commodities and capex forwards) 6,919 4,430 - - - 11,349 -270,469 -174,989 -36,221 -26,759 -204,718 -713,156 Trading Interest rate swaps 629 21,979 15,199 - -71 37,736 Cross-currency interest rate swaps -2,743 -12,274 -1,620 - - -16,637 Commodity swaps and forwards 35,415 6,384 18,317 13,257 -2,563 70,810 CO2 forwards -1,206 - - - - -1,206 Currency forwards -47,793 -1,603 -1,041 - - -50,437 Currency forwards for commodities 17,053 - - - - 17,053 1,355 14,486 30,855 13,257 -2,634 57,319 -375,561 -199,848 -37,284 -62,345 -279,598 -954,636
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 -59,868 1,531 - - - -58,337 -125,111 -87,031 -35,086 -51,774 -117,093 -416,095 Fair value hedge Interest rate swaps -10,364 -12,262 -4,032 - - -26,658 Cross-currency interest rate swaps 6,728 -18,800 -1 -6 1 -12,078 -3,636 -31,062 -4,033 -6 1 -38,736 Cash flow hedge Interest rate swaps 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) -166 25,453 6,437 - - 31,724 -1,466,134 -820,843 -375,681 -79,225 -495,647 -3,237,530 Trading Interest rate swaps 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
The fair value of the derivative financial instruments in EDP Group is as follows: Dec 2023 Dec 2022 Thousand Euros Assets Liabilities Assets Liabilities Net Investment hedge Cross-currency interest rate swaps 80,590 -101,183 36,986 -211,081 Currency forwards 555 -10,321 25,726 -84,063 Fair value hedge Interest rate swaps - -21,232 479 -34,407 Cross-currency interest rate swaps 24,325 -40,833 26,007 -47,711 Cash flow hedge Interest rate swaps 16,013 -17,306 114,670 -1,611 Swaps related to gas commodity 181,525 -402,369 557,885 -2,279,446 Electricity swaps 229,578 -634,238 306,998 -1,262,063 Currency forwards (includes commodities and capex forwards) 29,771 -18,993 71,295 -37,437 CO2 forwards 2,082 -8,261 - - Trading Interest rate swaps 37,766 -12,876 14,474 -10,625 Cross-currency interest rate swaps 317 -29,793 11,382 -48,289 Commodity swaps and forwards 482,056 -507,746 1,277,258 -1,680,641 Currency forwards 11,239 -60,969 81,990 -33,173 CO2 forwards 2,545 -3,721 2,196 -12,116 Currency forwards associated to commodities 19,163 -2,126 48,352 -11,043
1,117,525 -1,871,967 2,575,698 -5,753,706
In 2023, the notional amounts per measurement unit of the derivative financial instruments in EDP Group, are as follows: Following Thousand Units Unit 2024 2025 2026 2027 years Total Net Investment hedge Cross-currency interest rate swaps Euros 1,170,939 - 47,252 150,000 1,810,599 3,178,790 Currency forwards Euros 257,184 25,118 - - - 282,302 Fair value hedge Interest rate swaps Euros - 600,000 - - - 600,000 Cross-currency interest rate swaps Euros 410,314 - - - - 410,314 Cash flow hedge Interest rate swaps Euros 89,064 87,481 53,071 29,544 696,042 955,202 Cross-currency interest rate swaps Euros 82,912 - - - 82,912 165,824 Swaps related to gas commodity MWh 32,340 -47,696 -99,998 -124,227 - -239,581 Electricity swaps MWh 167,947 190,145 157,465 152,282 982,585 1,650,424 CO2 forwards MT 54,797 17,290 18,199 - - 90,286 Currency forwards (includes commodities and capex forwards) Euros 418,385 82,878 - - - 501,263 Trading Interest rate swaps Euros - 499,648 130,553 - 173,345 803,546 Cross-currency interest rate swaps Euros 353,331 288,149 35,889 - - 677,369 Swaps related to gas commodity MWh 4,517 5,375 -3,986 -4,423 - 1,483 Electricity swaps and forwards MWh 384,349 271,830 83,146 51,470 25,676.0 816,471 Currency forwards Euros 1,808,793 67,254 4,000 - - 1,880,047 CO2 forwards MT -85,789 - 1 - - -85,788 Currency forwards for commodities Euros 149,580 - - - - 149,580
In 2022, the notional amounts per measurement unit of the derivative financial instruments in EDP Group, were as follows: Following Thousand Units Unit 2023 2024 2025 2026 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 2,166,472 2,480,029 Cross-currency interest rate swaps Euros - - - - 2,926 2,926 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 for commodities Euros 1,270,210 137,503 82,878 - - 1,490,591 Trading Interest rate swaps Euros 700 726 300,753 190,628 133,707 626,514 Cross-currency interest rate swaps Euros 200,319 245,149 - - - 445,468 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 1,675,816 29,497 4,000 4,000 - 1,713,313 CO2 forwards MT 469 - - - - 469 Currency forwards for commodities Euros 353,858 149,580 - - - 503,438
In 2023, the future undiscounted cash flows of the derivative financial instruments in EDP Group, are as follows: Thousand Euros 2024 2025 2026 2027 Following years Total Net Investment hedge Cross-currency interest rate swaps -64,136 -31,338 -31,918 -48,843 -69,044 -245,279 Currency forwards -9,172 -432 - - - -9,604 -73,308 -31,770 -31,918 -48,843 -69,044 -254,883 Fair value hedge Interest rate swaps -20,179 -7,575 - - - -27,754 Cross-currency interest rate swaps -12,960 - - - -3,202 -16,162 -33,139 -7,575 - - -3,202 -43,916 Cash flow hedge Interest rate swaps 7,313 5,994 5,697 5,223 49,425 73,652 Swaps related to gas commodity -217,365 -105,814 -2,874 5,275 - -320,778 Electricity swaps -66,789 -76,811 -35,773 -37,257 -254,143 -470,773 CO2 forwards -547 -2,788 -3,271 - - -6,606 Currency forwards (includes commodities and capex forwards) 6,919 4,430 - - - 11,349 -270,469 -174,989 -36,221 -26,759 -204,718 -713,156 Trading Interest rate swaps 629 21,979 15,199 - -71 37,736 Cross-currency interest rate swaps -2,743 -12,274 -1,620 - - -16,637 Commodity swaps and forwards 35,415 6,384 18,317 13,257 -2,563 70,810 CO2 forwards -1,206 - - - - -1,206 Currency forwards -47,793 -1,603 -1,041 - - -50,437 Currency forwards for commodities 17,053 - - - - 17,053 1,355 14,486 30,855 13,257 -2,634 57,319 -375,561 -199,848 -37,284 -62,345 -279,598 -954,636
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 -59,868 1,531 - - - -58,337 -125,111 -87,031 -35,086 -51,774 -117,093 -416,095 Fair value hedge Interest rate swaps -10,364 -12,262 -4,032 - - -26,658 Cross-currency interest rate swaps 6,728 -18,800 -1 -6 1 -12,078 -3,636 -31,062 -4,033 -6 1 -38,736 Cash flow hedge Interest rate swaps 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) -166 25,453 6,437 - - 31,724 -1,466,134 -820,843 -375,681 -79,225 -495,647 -3,237,530 Trading Interest rate swaps 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
The fair value of the derivative financial instruments in EDP Group is as follows: Dec 2023 Dec 2022 Thousand Euros Assets Liabilities Assets Liabilities Net Investment hedge Cross-currency interest rate swaps 80,590 -101,183 36,986 -211,081 Currency forwards 555 -10,321 25,726 -84,063 Fair value hedge Interest rate swaps - -21,232 479 -34,407 Cross-currency interest rate swaps 24,325 -40,833 26,007 -47,711 Cash flow hedge Interest rate swaps 16,013 -17,306 114,670 -1,611 Swaps related to gas commodity 181,525 -402,369 557,885 -2,279,446 Electricity swaps 229,578 -634,238 306,998 -1,262,063 Currency forwards (includes commodities and capex forwards) 29,771 -18,993 71,295 -37,437 CO2 forwards 2,082 -8,261 - - Trading Interest rate swaps 37,766 -12,876 14,474 -10,625 Cross-currency interest rate swaps 317 -29,793 11,382 -48,289 Commodity swaps and forwards 482,056 -507,746 1,277,258 -1,680,641 Currency forwards 11,239 -60,969 81,990 -33,173 CO2 forwards 2,545 -3,721 2,196 -12,116 Currency forwards associated to commodities 19,163 -2,126 48,352 -11,043
1,117,525 -1,871,967 2,575,698 -5,753,706
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 2023, the notional amounts per measurement unit of the derivative financial instruments in EDP Group, are as follows: Following Thousand Units Unit 2024 2025 2026 2027 years Total Net Investment hedge Cross-currency interest rate swaps Euros 1,170,939 - 47,252 150,000 1,810,599 3,178,790 Currency forwards Euros 257,184 25,118 - - - 282,302 Fair value hedge Interest rate swaps Euros - 600,000 - - - 600,000 Cross-currency interest rate swaps Euros 410,314 - - - - 410,314 Cash flow hedge Interest rate swaps Euros 89,064 87,481 53,071 29,544 696,042 955,202 Cross-currency interest rate swaps Euros 82,912 - - - 82,912 165,824 Swaps related to gas commodity MWh 32,340 -47,696 -99,998 -124,227 - -239,581 Electricity swaps MWh 167,947 190,145 157,465 152,282 982,585 1,650,424 CO2 forwards MT 54,797 17,290 18,199 - - 90,286 Currency forwards (includes commodities and capex forwards) Euros 418,385 82,878 - - - 501,263 Trading Interest rate swaps Euros - 499,648 130,553 - 173,345 803,546 Cross-currency interest rate swaps Euros 353,331 288,149 35,889 - - 677,369 Swaps related to gas commodity MWh 4,517 5,375 -3,986 -4,423 - 1,483 Electricity swaps and forwards MWh 384,349 271,830 83,146 51,470 25,676.0 816,471 Currency forwards Euros 1,808,793 67,254 4,000 - - 1,880,047 CO2 forwards MT -85,789 - 1 - - -85,788 Currency forwards for commodities Euros 149,580 - - - - 149,580
In 2022, the notional amounts per measurement unit of the derivative financial instruments in EDP Group, were as follows: Following Thousand Units Unit 2023 2024 2025 2026 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 2,166,472 2,480,029 Cross-currency interest rate swaps Euros - - - - 2,926 2,926 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 for commodities Euros 1,270,210 137,503 82,878 - - 1,490,591 Trading Interest rate swaps Euros 700 726 300,753 190,628 133,707 626,514 Cross-currency interest rate swaps Euros 200,319 245,149 - - - 445,468 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 1,675,816 29,497 4,000 4,000 - 1,713,313 CO2 forwards MT 469 - - - - 469 Currency forwards for commodities Euros 353,858 149,580 - - - 503,438
In 2023, the future undiscounted cash flows of the derivative financial instruments in EDP Group, are as follows: Thousand Euros 2024 2025 2026 2027 Following years Total Net Investment hedge Cross-currency interest rate swaps -64,136 -31,338 -31,918 -48,843 -69,044 -245,279 Currency forwards -9,172 -432 - - - -9,604 -73,308 -31,770 -31,918 -48,843 -69,044 -254,883 Fair value hedge Interest rate swaps -20,179 -7,575 - - - -27,754 Cross-currency interest rate swaps -12,960 - - - -3,202 -16,162 -33,139 -7,575 - - -3,202 -43,916 Cash flow hedge Interest rate swaps 7,313 5,994 5,697 5,223 49,425 73,652 Swaps related to gas commodity -217,365 -105,814 -2,874 5,275 - -320,778 Electricity swaps -66,789 -76,811 -35,773 -37,257 -254,143 -470,773 CO2 forwards -547 -2,788 -3,271 - - -6,606 Currency forwards (includes commodities and capex forwards) 6,919 4,430 - - - 11,349 -270,469 -174,989 -36,221 -26,759 -204,718 -713,156 Trading Interest rate swaps 629 21,979 15,199 - -71 37,736 Cross-currency interest rate swaps -2,743 -12,274 -1,620 - - -16,637 Commodity swaps and forwards 35,415 6,384 18,317 13,257 -2,563 70,810 CO2 forwards -1,206 - - - - -1,206 Currency forwards -47,793 -1,603 -1,041 - - -50,437 Currency forwards for commodities 17,053 - - - - 17,053 1,355 14,486 30,855 13,257 -2,634 57,319 -375,561 -199,848 -37,284 -62,345 -279,598 -954,636
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 -59,868 1,531 - - - -58,337 -125,111 -87,031 -35,086 -51,774 -117,093 -416,095 Fair value hedge Interest rate swaps -10,364 -12,262 -4,032 - - -26,658 Cross-currency interest rate swaps 6,728 -18,800 -1 -6 1 -12,078 -3,636 -31,062 -4,033 -6 1 -38,736 Cash flow hedge Interest rate swaps 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) -166 25,453 6,437 - - 31,724 -1,466,134 -820,843 -375,681 -79,225 -495,647 -3,237,530 Trading Interest rate swaps 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
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"f44822": {
"value": "The gains and losses on the financial instruments portfolio, excluding accrued interest, booked in the Income Statement in 2023 and 2022 are as follows: Group Company Thousand Euros Dec 2023 Dec 2022 Dec 2023 Dec 2022 Commodity derivatives held for trading 621,379 323,710 -866,346 640,786 Debt derivatives held for trading -121,160 -23,659 23,468 18,747 Net investment hedge - ineffectiveness -29,498 -24,048 - - Fair value hedges: -Derivatives 26,419 -96,760 - - -Hedged liabilities -49,634 108,871 - - Cash flow hedges: -Transfer to results from hedging of financial liabilities -2,959 -243 - - -Transfer to results from hedging of commodity prices -1,612,624 -1,728,411 -64,406 735,327 -1,168,077 -1,440,540 -907,284 1,394,860
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"f45533": {
"value": "45. 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 2023 and 2022 are as follows: 2023 2022 Nr. of shares Nr. of shares General and Supervisory Board China Three Gorges Corporation (represented by Dingming Zhang) 878,970,301 835,980,316 China Three Gorges International Corp. (represented by Shengliang Wu) 878,970,301 835,980,316 China Three Gorges (Europe), S.A. (represented by Ignacio Herrero Ruiz) 878,970,301 835,980,316 Draursa, S.A. (represented by Felipe Fern\u00e1ndez Fern\u00e1ndez) 1,350 1,350 Fernando Maria Masaveu Herrero 285,709,976 285,709,976 Jo\u00e3o Carvalho das Neves 16,000 8,060 Lu\u00eds Maria Viana Palha da Silva 5,479 5,479 Laurie Lee Fitch 40,000 40,000 Executive Board of Directors Miguel Stilwell de Andrade 250,000 205,000 Miguel Nuno Sim\u00f5es Nunes Ferreira Setas - 8,104 Rui Manuel Rodrigues Lopes Teixeira 44,543 42,043 Vera de Morais Pinto Pereira Carneiro 20,000 20,000 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 Report. 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 2023, the annual fixed and variable remuneration cost accounted for the members of the EBD and the fixed remuneration of the GSB, was as follows: Thousand Euros EBD GSB President 1,459 515 Members 4,164 1,483 5,623 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 2023, 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 2019-2021 and 2021-2024. On this basis, an estimated amount of 13,585 thousand Euros was accrued (31 December 2022: 14,215 thousand Euros). During 2023, the remuneration costs of the members of the Remunerations Committee of the General Assembly and the Sustainability Committee mounted to 50,000 Euros and 21,000 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 2023, PwC fees relating to external audit and statutory audit of all subsidiaries of EDP Group amounted to 9,463,541 Euros. Additionally, the total fees charged by PwC for other assurance services, which include quarterly reviews, and other non audit services amounted to 2,115,304 Euros and 11,501 Euros, respectively. In 2023, PwC Portugal fees relating to external audit and statutory audit of all subsidiaries of EDP Group in Portugal, amounted to 2,839,403 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 1,354,719 Euros and 9,975 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). On 29 December 2023, EDP S.A. through its 71.27% owned subsidiary EDP Renov\u00e1veis S.A. (\u201cEDPR\u201d), has agreed with two entities sponsored by China Three Gorges - ACE Investment Fund I LP and ACE Investment Fund II LP (\u201cACE Funds\u201d) - the buy-back of their 49% stakes in EDPR\u2019s wind portfolios in Portugal, Poland and Italy, for a total price consideration of 570 milh\u00f5es de Euros . On 29 December 2023, EDP S.A. has entered into an agreement for the sale of EDP\u2019s 50% stake in Energia \u00c1sia Consultoria, Lda. (\u201cEnergia \u00c1sia\u201d), to China Three Gorges, for a total consideration of c. 100 million Euros, subject to customary adjustments until completion. On 27 October 2023, EDP announced important steps to ensure the delivery of its coal free commitment by the end of 2025 through the following decisions: i) Conversion of the Abo\u00f1o II thermal plant, in Spain, from coal into gas fired, expected to occur by middle of 2025 and representing an investment of mid double-digit million Euros, while continuing to co-fire blast furnace gases, a case study of circular economy in Europe through the valorization of this by-product, avoiding the emission of 1 million tons of CO2/year; ii) Establishment of a new partnership with the Asturian based industrial Group Corporaci\u00f3n Masaveu, S.A. (\u201cCM\u201d), through the sale of a 50% stake in Abo\u00f1o, for an Enterprise Value of c. 350 million Euros and an Equity Value of 60 million Euros for 100% of the asset; and iii) Authorization requested from the electricity system operator (Red El\u00e9ctrica) to close Abo\u00f1o I coal plant, as well as EDP\u2019s last remaining coal plants in Spain (Soto 3 and Los Barrios). Abo\u00f1o consists of two thermal groups (Abo\u00f1o I and II) with a combined capacity of 904 MW, near Gij\u00f3n and the port of Musel, which plays a key role supporting the security of electricity supply to the Asturias region. The new EDP/CM industrial partnership, consolidated by EDP through equity method, foresees joint-control in the management of Abo\u00f1o and transfer of liabilities related to the power plant. EDP will retain full ownership and development of the Just Transition projects in Abo\u00f1o, such as hydrogen and renewables projects. On 31 December 2023, once the conditions precedent to the transaction were met, the sale process was completed (see note 6 and 42). 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 81,299 thousand Euros including accrued interests (31 December 2022: 93,731 thousand Euros) (see note 40). During 2023, EDPR Portugal distributed dividends to CTG in the amount of 17,150 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 2023, the present value of the lease liability amounts to 42,984 thousand Euros (31 December 2022: 43,872 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 2023, the present value of the lease liability amounts to 82,074 thousand Euros (31 December 2022: 83,300 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 5,585 thousand Euros in 2022 (31 December 2022: 34,560 thousand Euros). We note that as of 31 December 2023, Death Subsidy Funds were fully financed. Therefore, 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 44,476 thousand Euros, in line with the financing plan approved by Insurance and Pension Funds Supervisory Authority (ASF) (see note 36). 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 31 December 2023 Thousand Euros Assets Liabilities Net Value Joint Ventures Hidrocant\u00e1brico JV, S.L. 180,010 - 180,010 Abo\u00f1o Generaciones El\u00e9ctricas, S.L.U. - 37,358 -37,358 Companhia Energ\u00e9tica do JARI - CEJA 5,606 443 5,163 Empresa de Energia S\u00e3o Manoel, S.A. 249 10,860 -10,611 OW FS Offshore, S.A. 535,686 - 535,686 OW Offshore, S.L. 77,464 292 77,172 Other 10,967 12,925 -1,958 809,982 61,878 748,104 Associates Parque E\u00f3lico Sierra del Madero, S.A. 5,644 - 5,644 Centrais El\u00e9tricas de Santa Catarina, S.A. - Celesc 10,850 655 10,195 E\u00f3lica de S\u00e3o Juli\u00e3o, Lda. 5,591 431 5,160 Other 3,024 1,094 1,930 25,109 2,180 22,929 835,091 64,058 771,033
31 December 2022 Thousand Euros 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 2,526 42,346 570,301 11,466 558,835 Transactions Operating 31 December 2023 Financial Operating Financial Thousand Euros Income Income Expenses Expenses Joint Ventures Companhia Energ\u00e9tica do JARI - CEJA 233 - 3,315 - Empresa de Energia S\u00e3o Manoel S.A. 3,682 - 14,196 - OW FS Offshore, S.A. 17,166 26,559 - - Meadow Lake Wind Farm VI LLC 1,498 - 4,467 - Riverstart Solar Park LLC 728 - 9,328 - Lexington Chenoa Wind Farm LLC 1,500 - 7,369 - Outras 16,126 315 2,284 8 40,933 26,874 40,959 8 Associates E\u00f3lica de S\u00e3o Juli\u00e3o, Lda 3,670 - 20,735 - HC Tudela Cogeneraci\u00f3n, S.L. 1,419 38 3,692 - Other 1,033 461 130 233 6,122 499 24,557 233 47,055 27,373 65,516 241 Thousand Euros Operating Income 31 December Financial Income 2022 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 - 13,785 15,935 28,286 - Associates Eos Pax IIa, S.L. 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 During 2023, 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 Part III - Corporate Governance Report. 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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"f45537": {
"value": "Shares held by company officers The number of shares of EDP S.A. held or attributable to company officers as at 31 December 2023 and 2022 are as follows: 2023 2022 Nr. of shares Nr. of shares General and Supervisory Board China Three Gorges Corporation (represented by Dingming Zhang) 878,970,301 835,980,316 China Three Gorges International Corp. (represented by Shengliang Wu) 878,970,301 835,980,316 China Three Gorges (Europe), S.A. (represented by Ignacio Herrero Ruiz) 878,970,301 835,980,316 Draursa, S.A. (represented by Felipe Fern\u00e1ndez Fern\u00e1ndez) 1,350 1,350 Fernando Maria Masaveu Herrero 285,709,976 285,709,976 Jo\u00e3o Carvalho das Neves 16,000 8,060 Lu\u00eds Maria Viana Palha da Silva 5,479 5,479 Laurie Lee Fitch 40,000 40,000 Executive Board of Directors Miguel Stilwell de Andrade 250,000 205,000 Miguel Nuno Sim\u00f5es Nunes Ferreira Setas - 8,104 Rui Manuel Rodrigues Lopes Teixeira 44,543 42,043 Vera de Morais Pinto Pereira Carneiro 20,000 20,000 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 Report. 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 2023, the annual fixed and variable remuneration cost accounted for the members of the EBD and the fixed remuneration of the GSB, was as follows: Thousand Euros EBD GSB President 1,459 515 Members 4,164 1,483 5,623 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 2023, 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 2019-2021 and 2021-2024. On this basis, an estimated amount of 13,585 thousand Euros was accrued (31 December 2022: 14,215 thousand Euros). During 2023, the remuneration costs of the members of the Remunerations Committee of the General Assembly and the Sustainability Committee mounted to 50,000 Euros and 21,000 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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"f45629": {
"value": "Audit and non audit fees In 2023, PwC fees relating to external audit and statutory audit of all subsidiaries of EDP Group amounted to 9,463,541 Euros. Additionally, the total fees charged by PwC for other assurance services, which include quarterly reviews, and other non audit services amounted to 2,115,304 Euros and 11,501 Euros, respectively. In 2023, PwC Portugal fees relating to external audit and statutory audit of all subsidiaries of EDP Group in Portugal, amounted to 2,839,403 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 1,354,719 Euros and 9,975 Euros, respectively.
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"f46588": {
"value": "46. 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: Dec 2023 Dec 2022 Carrying Fair value Difference Carrying Fair value Difference Thousand Euros amount amount Assets Equity instruments at fair value 204,752 204,752 - 216,418 216,418 - Investment property 25,344 25,344 - 27,294 27,294 - Debtors/other assets from commercial activities 8,543,596 8,543,596 - 8,660,346 8,660,346 - Other debtors and other assets Derivative financial instruments 1,117,525 1,117,525 - 2,575,698 2,575,698 - Loans to related parties - OW FS 429,098 323,143 -105,955 184,644 138,864 -45,780 Other 1,529,086 1,529,086 - 2,535,963 2,535,963 - Collateral deposits/financial debt 70,731 70,731 - 53,101 53,101 - Cash and cash equivalents 3,372,432 3,372,432 - 4,900,205 4,900,205 - 15,292,564 15,186,609 -105,955 19,153,669 19,107,889 -45,780 Liabilities Financial debt 20,632,691 20,291,137 -341,554 20,022,473 18,938,885 -1,083,588 Trade payables/other liabilities from commercial activities Suppliers and accruals 3,861,352 3,861,352 - 3,805,467 3,805,467 - Other 4 054 217 4,054,217 - 6 011 957 6,011,957 - Institutional partnerships 2,188,245 2,188,245 - 2,212,162 2,212,162 - Other liabilities and other payables Derivative financial instruments 1,871,967 1,871,967 - 5,753,706 5,753,706 - Other 2,798,775 2,798,775 - 3,006,683 3,006,683 - 35,407,247 35,065,693 -341,554 40,812,448 39,728,860 -1,083,588
Given that EDP Group\u2019s financial assets and liabilities, recognised at amortised cost, are predominantly short-term, 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. Loans to related parties - OW FS regards long-term maturity loans granted to OW FS Offshore, S.A. (see note 28). These loans bear interest at market rates, which are fixed or with reference rate indexed, such as Euribor and SOFR, plus a market spread. Given the long-term maturity, for fixed rate loans fair value has been calculated based on the discounted cash flows at market interest rates at the balance sheet date. 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: Thousand Euros Level 1 Dec 2023 Level 2 Level 3 Level 1 Dec 2022 Level 2 Level 3 Financial assets Equity instruments at fair value through Other comprehensive income (note 23) 14,400 91,610 22,521 24,714 83,062 31,494 Profit or loss (note 23) - - 76,221 - - 77,148 Tariff deficit at fair value through other comprehensive income (note 27) - 114,008 - - 1,164 - Amounts receivable from concessions-IFRIC 12 at fair value through profit or loss (note 27) - 1,365,311 - - 1,012,104 - Investment property (note 24) - 25,344 - - 27,294 - Derivative financial instruments (note 43) - 1,117,525 - - 2,575,698 - 14,400 2,713,798 98,742 24,714 3,699,322 108,642 Financial liabilities Derivative financial instruments (note 43) - 1,871,967 - - 5,753,706 - - 1,871,967 - - 5,753,706 - 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 Thousand Euros comprehen- sive income profit or loss Balance at beginning of period 31,494 77,148 Change in fair value (see note 23) -10,023 -6,516 Acquisitions 1,313 6,849 Disposals -285 -1,300 Other changes 22 40 Balance at the end of the period 22,521 76,221 The assumptions used in the determination of Equity Instruments at Fair Value are described in note 23, as required by IFRS 13.
46. 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: Dec 2023 Dec 2022 Carrying Fair value Difference Carrying Fair value Difference Thousand Euros amount amount Assets Equity instruments at fair value 204,752 204,752 - 216,418 216,418 - Investment property 25,344 25,344 - 27,294 27,294 - Debtors/other assets from commercial activities 8,543,596 8,543,596 - 8,660,346 8,660,346 - Other debtors and other assets Derivative financial instruments 1,117,525 1,117,525 - 2,575,698 2,575,698 - Loans to related parties - OW FS 429,098 323,143 -105,955 184,644 138,864 -45,780 Other 1,529,086 1,529,086 - 2,535,963 2,535,963 - Collateral deposits/financial debt 70,731 70,731 - 53,101 53,101 - Cash and cash equivalents 3,372,432 3,372,432 - 4,900,205 4,900,205 - 15,292,564 15,186,609 -105,955 19,153,669 19,107,889 -45,780 Liabilities Financial debt 20,632,691 20,291,137 -341,554 20,022,473 18,938,885 -1,083,588 Trade payables/other liabilities from commercial activities Suppliers and accruals 3,861,352 3,861,352 - 3,805,467 3,805,467 - Other 4 054 217 4,054,217 - 6 011 957 6,011,957 - Institutional partnerships 2,188,245 2,188,245 - 2,212,162 2,212,162 - Other liabilities and other payables Derivative financial instruments 1,871,967 1,871,967 - 5,753,706 5,753,706 - Other 2,798,775 2,798,775 - 3,006,683 3,006,683 - 35,407,247 35,065,693 -341,554 40,812,448 39,728,860 -1,083,588
Given that EDP Group\u2019s financial assets and liabilities, recognised at amortised cost, are predominantly short-term, 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. Loans to related parties - OW FS regards long-term maturity loans granted to OW FS Offshore, S.A. (see note 28). These loans bear interest at market rates, which are fixed or with reference rate indexed, such as Euribor and SOFR, plus a market spread. Given the long-term maturity, for fixed rate loans fair value has been calculated based on the discounted cash flows at market interest rates at the balance sheet date. 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: Thousand Euros Level 1 Dec 2023 Level 2 Level 3 Level 1 Dec 2022 Level 2 Level 3 Financial assets Equity instruments at fair value through Other comprehensive income (note 23) 14,400 91,610 22,521 24,714 83,062 31,494 Profit or loss (note 23) - - 76,221 - - 77,148 Tariff deficit at fair value through other comprehensive income (note 27) - 114,008 - - 1,164 - Amounts receivable from concessions-IFRIC 12 at fair value through profit or loss (note 27) - 1,365,311 - - 1,012,104 - Investment property (note 24) - 25,344 - - 27,294 - Derivative financial instruments (note 43) - 1,117,525 - - 2,575,698 - 14,400 2,713,798 98,742 24,714 3,699,322 108,642 Financial liabilities Derivative financial instruments (note 43) - 1,871,967 - - 5,753,706 - - 1,871,967 - - 5,753,706 - 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 Thousand Euros comprehen- sive income profit or loss Balance at beginning of period 31,494 77,148 Change in fair value (see note 23) -10,023 -6,516 Acquisitions 1,313 6,849 Disposals -285 -1,300 Other changes 22 40 Balance at the end of the period 22,521 76,221 The assumptions used in the determination of Equity Instruments at Fair Value are described in note 23, as required by IFRS 13.
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"value": "47. Relevant or subsequent events Chairman of EDP's General and Supervisory Board informs that he will not integrate EDP's Corporate Bodies in the next term-of-office On 4 January 2024, EDP received a letter from the Chairman of the General and Supervisory Board, Jo\u00e3o Talone, informing of its unavailability to integrate the supervisory board of EDP for the upcoming term-of-office (2024-2026). EDP signs Asset Rotation deal for a 340MWac solar portfolio in US On 4 January 2024, EDP, through its subsidiary EDPR, signed a Sale and Purchase Agreement with a global energy player to sell an 80% equity stake in a portfolio of 340 MWac from two operating solar projects in Ohio and one operating solar project in Texas. On 15 February 2024, EDP, has completed the aforementioned agreement for an Enterprise Value of 400 million Euros.
Green hybrid issuance of 750 million Euros On 9 January 2024, EDP, through its subsidiary EDP Servicios Financieiros Espa\u00f1a, S.A.U., priced today an issuance of senior green debt instruments in the amount of 750 million Euros, maturing in July 2030 and with a coupon of 3.5%. Cash tender offer for oustanding 500,000,000 USD 6.300 PER CENT. NOTES DUE 2027 On 12 January 2024, EDP, through its subsidiary EDP Servicios Financieiros Espa\u00f1a, S.A.U., launched an invitation for cash tender offer for the debt securities issued by EDP Finance BV \"$500,000,000 6.3%. Notes due 2027\". On 29 January 2024, as a result of that cash tender offer, EDP Servicios Financieiros Espa\u00f1a, S.A.U. acquired 366,878 thousand American Dollars. EDP celebrates its first PPA in Germany On 24 January 2024, EDP, through Kronos Solar EDPR, has secured a 15-year Power Purchase Agreement with Lhyfe S.A., a European producer and supplier of green and renewable hydrogen with whom EDPR has a partnership agreement to create value and leverage upon complementary skills and synergies in the promotion of renewable H2 projects, the solar project in Germany with a capacity of 39 MWac (55 MWdc) is expected to come into operation in 2025. EDP celebrates a PPA in Spain On 7 February 2024, EDP, through its subsidiary EDPR, has secured a 15-year Power Purchase Agreement with a global corporate client to sell the green energy produced by a 250 MW portfolio in Spain, consists of 4 solar projects amounting to 205MWdc (168MWac) and 1 wind project with 45 MW of capacity, all of them expected to enter in operation in 2025. EDP awarded with 20-year CfD for 100 MW in Italy On 12 February 2024, EDP, through its subsidiary EDPR, at the latest renewable auction in Italy promoted by the Gestore Servizi Energetici has been awarded with 20-year contracts for difference for 100 MW of wind renewable capacity. These CfDs were attributed to 3 onshore wind projects located in the south of Italy, which are expected to enter in operation by 2026. EDP signs Asset Rotation deal for a 297MW wind project in Canada On 14 February 2024, EDP, through its subsidiary EDPR, signed a Sale and Purchase Agreement with Connor, Clark & Lunn Infrastructure to sell an 80% equity stake in a 297 MW operating wind project located in Alberta, Canada, for an estimated Enterprise Value of 600 million Euros. EDP concludes Asset Rotation deal related to transmission line in Brazil On 20 February 2024, EDP, through its subsidiary EDP Energias do Brasil, has completed the disposal to Edify Empreendimentos e Participa\u00e7\u00f5es S.A, a society managed by Actis, of a transmission line named EDP Transmiss\u00e3o SP-MG, with a total length of 743 Kilometers and 288.5 million Brazilian Real in Annual Allowed Revenue. The total consideration for the transaction corresponds to an enterprise value of 2,602 million Brazilian Real (482 million Euros).
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"f48048": {
"value": "52. Reconciliation of Changes in the responsibilities of Financing activities Group Financial debt and Derivative financial instruments (including Collateral Deposits) Institutional Loans Derivative partnerships from Loans Collateral financial in North Lease non-controlling obtained Deposits instruments America Liabilities interests Thousand Euros (Note 35) (Note 35) (Note 43)* (Note 38) (Note 40) (Note 40) 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 de December 2022 20.022.473 -53.101 159.246 2.212.162 1.387.792 676.949 Cash flows: Receipts relating to financial debt (including Collateral Deposits) 5.321.535 - - - - - (Payments) relating to financial debt (including Collateral Deposits) -4.189.812 -19.776 - - - - Interest and similar costs of financial debt including hedge derivatives -694.013 - -155.608 - - - Receipts/(payments) relating to loans from non-controlling interests - - - - - -9.355 Interest and similar costs relating to loans from non-controlling interests - - - - - -15.176 Receipts/(payments) relating to derivative financial instruments - - -170.244 - - - Receipts/(payments) from institutional partnerships - - - 370.866 - - Lease (payments) - - - - -141.864 - Perimeter variations -379.776 4.319 - 45.581 -34.046 23.384 Exchange differences 103.916 -2.173 13.935 -78.038 -22.211 2.772 Fair value changes 41.830 - 137.481 - - - Interests and accrued and deferred costs 703.542 - 138.898 -4.877 - 16.475 Unwinding - - - 81.058 47.718 - ITC/PTC recognition - - - -231.055 - - New lease contracts/Increments in rent values - - - - 134.453 - Reclassification to Liabilities held for sale -297.004 - - -207.452 -59.112 - Balance as at 31 December 2023 20.632.691 -70.731 123.708 2.188.245 1.312.730 695.049 * The Group considers as financing activities all derivative financial instruments excluding derivatives related with commodities. Company Financial debt and Derivative financial instruments Derivative Loans financial Lease Group obtained instruments Liabilities companies Thousand Euros (Note 35) (Note 43)* (Note 40) (Note 40) Balance as at 31 de 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 Cash flows: Receipts relating to financial debt (including Collateral Deposits) 3.990.000 - - - (Payments) relating to financial debt (including Collateral Deposits) -5.864.456 - - - Interest and similar costs of financial debt including hedge derivatives -288.245 -8.938 - - Receipts/(payments) relating to loans from related parties -316.161 - - - Receipts/(payments) relating to derivative financial instruments - 36.820 - - Lease (payments) - - -12.842 - Fair value changes - -15.083 - - Unwinding - - 5.732 - Interests and accrued and deferred costs 297.677 8.296 - 7.033 New lease contracts/Increments in rent values - - 3.087 - Balance as at 31 December 2023 11.762.517 36.642 148.308 10.890 * The Group considers as financing activities all derivative financial instruments excluding derivatives related with commodities.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:529900CLC3WDMGI9VH80",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}