“With regard to the dams issue, the reality is that we have not yet been notified. We probably know as much as you do, or even less, since we only see the news and don’t have access to the documents,” stated Miguel Stilwell d’Andrade during a press conference for the presentation of EDP’s strategic plan for 2026-2028.
The executive emphasized that, under these circumstances, “he is unable to comment on something he only knows about through the media,” but reiterated that “it was a perfectly normal, transparent transaction, similar to many other companies.”
“This is the only possible structure to carry out this type of transaction—a demerger, creating a company with all assets, people, systems, contracts, and then selling that company,” he added.
Miguel Stilwell d’Andrade also mentioned that EDP is “always cooperative with the Tax Authority and the various entities involved” and that “it will pay the taxes required,” although “it reserves the right to decide based on what is determined.”
When asked if the company intends to set aside a provision for the payment in question, the executive replied that “there is no need to do so: This has been dragging on for a few years, and we think that once the facts are presented, there will be no doubts.”
The Public Prosecutor’s Office shelved the allegations of tax fraud regarding the sale of six EDP dams to Engie, but concluded that the state is owed 335.2 million euros in “unpaid taxes,” including Stamp Duty, IMT, and IRC, plus interest.
The inquiry, led by the Central Department of Investigation and Prosecution (DCIAP), excluded criminal contours in the operation but determined that the Tax Authority should proceed with collecting the “missing and unpaid” taxes.
The sale of the dams—Miranda, Bemposta, Picote, Foz Tua, Baixo Sabor, and Feiticeiro—was agreed upon at the end of 2019 and completed between December 2020 and January 2021, for 2.2 billion euros, through a demerger and merger operation between companies created by EDP and the buying consortium led by Engie.
