European Union authorities are opening a probe into the 2007 concession to Portuguese utility EDP Energias de Portugal S.A. (EDP.LB) of public water resources, saying the price paid may not have been "adequate."
European Union authorities are opening a probe into the 2007 concession
to Portuguese utility EDP Energias de Portugal S.A. (EDP.LB) of public water
resources, saying the price paid may not have been "adequate."
The European Commission said that in 2007,
Portugal
extended concessions to EDP for using public water for electricity generation
in return for a 759 million euro ($1 billion) payment.
Portugal
didn't notify the concessions to the EU as a state aid measure at the time.
In a statement Wednesday, the EU said its anti-trust authorities have
"doubts that EDP paid an adequate price for the concessions."
"At this stage, the (European) Commission doubts that such aid would be
compatible with the EU internal market," the EU said. Authorities also
said they believe "the long duration" of the water resource contracts
may also restrict competition in
Portugal
's
electricity market.
The EU's executive arm said it is also requesting preliminary information about
the granting or extension of concessions for use of water for hydro-power
generation in other member countries.
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