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| | | | | | | | | | | |   
| | | | | | | | | Index| 2|   
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| | | | | | | | | | | |   
| | | | | | | | | Index| 3|   
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EDP, S.A. (“EDP”), has its head office in Lisbon, Avenida 24 de 

Julho 12 and its shares listed on the Euronext Lisbon stock 

exchange. The group’s businesses are currently focused on the 

generation, transmission, distribution and supply of electricity and 

supply of natural gas. Although complementary, the group also 

operates in related areas such as engineering, laboratory tests, 

professional training, energy services and property management.

EDP operates essentially in the European, American and APAC 

energy sectors.

Since 2022, EDP has been publishing an Integrated Annual 

Report, which includes, in the same document: its strategy, 

operational and sustainability performance, financial statements, 

corporate governance and remunerations report.

The Integrated Annual Report is prepared in accordance with the 

provisions set out on Portuguese Companies Code and Securities 

Code and in compliance with the provisions set out on CMVM’s 

Regulations no. 4/2013 and no. 4/2023, concerning Corporate 

Governance and Disclosure Requirements of the publicly traded 

companies and under the terms of the Corporate Governance 

Code of the Portuguese Corporate Governance Institute, revised 

in 2023.

Its sustainability performance is prepared in accordance with the 

European Sustainability Reporting Standards (ESRS), as defined 

in Commission Delegated Regulation EU 2023/2772 of 31 July 

2023, which complements the requirements of the Corporate 

Sustainability Reporting Directive and it is disclosed under Art. 

66-B and Art. 65 of the Commercial Companies Code. It also 

follows other regulatory reporting frameworks, namely those set 

by the Portuguese Securities Market Commission (CMVM), the 

International Financial Reporting Standards Sustainability 

Standards (IFRS S), Sustainable Finance Disclosures Regulation 

(SFDR), Pillar 3, Benchmark Regulation and EU Climate Law.

The financial statements presented in the report are prepared in 

accordance with the International Financial Reporting Standards 

(IFRS), adopted in the European Union. Thus, under the combined 

terms of articles 29th-G and 29th-L of the Portuguese Securities 

Code, the documents included in this Report were prepared in the 

ESEF Format and in accordance with the specifications provided 

for by the Commission Delegated Regulation (EU) 2019/815 of 17th

December 2018, and in accordance with the subsequent 

amendments, also taking into account the guidance provided by 

the European Securities and Markets Authority (ESMA) through 

the updated version of the ESEF Reporting Manual.

This report covers the calendar year 2024 and has been structured 

in four major blocks:

• Part I – Management Report

• Part II – Financial Statements

• Part III – Corporate Governance

• Part IV – Remunerations Report.

EDP also publishes an additional set of reports available at 

www.edp.com:

• Annual Report of the General and Supervisory Board

• Annual sectoral reports, in particular: Safety and Business

Continuity Report, Internal Audit Report, Ethics Ombudsperson’s

Report and Social Investment Report

• Bi-annual sectoral reports: Human and Labour Rights Report,

Biodiversity Report, Circular Economy Report

• Annual and sustainability reports of the companies EDP -

Energias do Brasil and EDP Renováveis.

Additionally, EDP is including the status report of the Climate 

Transition Plan, approved at the AGM of 2022, in the 

Sustainability Statement included in Part I - Management 

Report. The Climate Transition Plan marked a significant step 

towards a sustainable future, outlining the company's 

commitment to decarbonization and the transition to renewable 

energy sources.

With the introduction of the Corporate Sustainability Reporting 

Directive (CSRD) and the European Sustainability Reporting 

Standards (ESRS), the status on EDP's Climate Transition Plan 

has been integrated into the Sustainability Statement. This 

inclusion ensures compliance with the new reporting standards, 

specifically addressing the requirements of the ESRS E1 

standard, which focuses on climate-related disclosures.

This Report is a free translation of the Integrated Annual Report 

originally issued in Portuguese. In the event of discrepancies, 

the Portuguese language version prevails.

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| | | | | | | | | Index| 4|   
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Dear Shareholders and Stakeholders,

In 2024, the energy sector faced a pivotal moment, encountering both significant challenges

and promising opportunities. Carbon emissions rose, capital costs remained high and

shifting political dynamics introduced new uncertainties – particularly with the implications

of the new U.S. administration for the clean energy sector yet to be clarified. Stronger

competition and delays in renewable project deployment – mainly due to permitting and

grid connection barriers – also posed significant challenges to the renewables business

case.

Nonetheless, these challenges have not altered the long-term outlook for clean energy.

Beyond environmental and sustainability concerns, energy affordability and

competitiveness gained prominence, and the urgency of energy security became

undeniable. Renewable energy remains a critical part of the solution to the energy trilemma.

According to the International Energy Agency (IEA), global electricity consumption is set to

rise at an unprecedented pace while electricity supply is projected to grow by over 25% by

2030, with renewables leading the way. Record-breaking growth in solar PV and wind is

expected, with hydropower continuing to provide essential flexibility to power systems.

Batteries have emerged as the fastest-growing source of short-term dispatchable capacity,

playing a crucial role in energy storage and grid stability. The expansion of distributed solar

generation (DG) will continue transforming the energy landscape, enabling consumers to

actively participate in energy markets while enhancing grid resilience. Grid infrastructure

expansion and maintenance will be critical to enabling electrification and integrating

renewables and industrial customers.

At EDP, we successfully navigated a rapidly evolving environment, particularly within our

renewables business. The business segment mix evolved differently from what was

expected two years ago, with stronger-than-anticipated performance from our integrated

generation and supply business in Iberia, as well as our electricity networks business. This

highlights the value of our integrated utility business model and the benefits of portfolio

diversification. Additionally, we prioritized operational excellence, execution, and

profitability over scale.

I am proud to share that 95% of our energy generation came from renewable sources (hydro,

wind, and solar), surpassing our business plan target. We also achieved an outstanding 64%

reduction in emissions intensity compared to the previous year. By year-end, we had

invested 5.4 billion euros and delivered on the financial targets set in our 2024-2026

strategic plan, including EBITDA, net profit, and financial leverage.

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| | | | | | | | | Index| 5|   
| | | | | | | | | | | |   
  
Our Renewable Generation Assets 

In 2024, our Renewables business faced one of the most

challenging landscapes the sector has ever seen. Yet, we

continued to grow, adding 4.0 GW to our portfolio – our highest

annual capacity expansion to date!

We now manage end-to-end asset operations across our regions

– Europe, North America, South America, and Asia-Pacific – with

a total capacity of 27 GW worldwide, including wind, solar, hydro,

hybrid, and storage projects, that generated 54.6 TWh of energy

in 2024.

Our offshore wind investment, through the 50/50 Ocean Winds

joint venture with ENGIE, has expanded to 2.3 GW of installed

capacity, with an additional 1.0 GW under construction.

Our Networks

This year, our networks, spanning 389 thousand kilometres

across Portugal, Spain, and Brazil (equivalent to 9.7 times the

Earth's circumference), distributed 90 TWh of energy. Investing in

grid expansion and modernization remains crucial, which is why

in 2024 we allocated over 930 million euros to our networks,

bringing our total Remunerated Asset Base (RAB) to 7.2 billion

euros.

In Portugal and Spain, we successfully completed a large-scale

multi-year smart meter installation campaign, achieving 100%

smart network connectivity for our clients.

In Brazil, EDP made significant strides in transmission, securing

three new lots with a total length of 1,388 kilometres. Additionally,

our electricity distribution concessions in Espírito Santo and São

Paulo became eligible for a 30-year extension under new

legislation introduced this year.

Our Clients Solutions

In 2024, we secured over 2 GWac of new Power Purchase

Agreements (PPAs), 65% of which were signed with major tech

companies, further solidifying EDP’s position as a key partner for

data centers.

In Distributed Solar Generation (DG), we achieved a historic

milestone, installing 1.5 GWac and contracting 2.9 GWp across

our operations globally.

Within our Retail B2B operations, we supplied over 20 TWh of

energy to customers in a challenging environment marked by

volume deviation pressures and market-to-market dynamics. In

Retail B2C operations in Portugal, our teams successfully

maintained a strong client base of over 3 million clients and

achieved a record service penetration rate of 27%, despite

intensified competition challenging our incumbent position.

Our Strengthened Sustainable Practices

This year was pivotal for our organizational transformation. We

launched and implemented a new operating model featuring a

strengthened regional presence, globally integrated business

platforms and improved functions to support operations. The

new structure offers significant synergies, economies of scale,

and a simplified governance and decision-making model.

Our commitment to creating an exceptional workplace earned

EDP continued recognition as one of the world’s top employers

for 2025 by the Top Employers Institute, achieving our highest

score in three years (90%). More importantly, this year’s internal

climate survey revealed that most employees take pride in being

part of EDP and would recommend it as a good place to work.

We remain dedicated to strengthening this culture and

enhancing the employee experience.

Ethics and Compliance remain at the core of our business. In

2024, EDP was again recognized by the Ethisphere Institute as

one of the World’s Most Ethical Companies. We also received

certifications from accredited external entities for our compliance

management system and anti-bribery and corruption

management system, reinforcing our leadership in corporate

integrity.

We have further strengthened our digital transformation efforts.

Our “move to cloud” strategy has improved application

performance by 70%, addressing critical vulnerabilities. EDP is

also a leader in Data & AI, turning data into actionable

intelligence. We successfully delivered over 300 digital products

and identified 130 use cases for Generative AI.

Innovation continued to thrive in 2024. Key initiatives included

energy storage, automation in solar power plant construction to

accelerate project execution, technologies to speed up electricity

grid expansion, and drones for asset maintenance and inspection.

We also continued investing in transformative startups in key

areas such as smart heat pumps, grid flexibility, thermal storage,

and carbon removal.

EDP reinforced its position as a global sustainability leader: we

maintained our place in the Dow Jones Best-in-Class Indices,

marking 17 consecutive years as the only Portuguese company in

the index. Additionally, EDP was included in the Top 5% of S&P’s

2025 Global Sustainability Yearbook.

For the seventh consecutive year, EDP was recognized by CDP

for its leadership in climate action, earning the prestigious

‘Leadership A’ rating, reaffirming our unwavering commitment to

environmental stewardship. Climate risk is an increasing concern,

and I would like to highlight the outstanding efforts of our teams in

responding to extreme weather events that impacted our

operations in 2024, including Hurricane Kirk in Portugal, Dana in

Spain, floods in Brazil, and Hurricanes Beryl, Helene, and Milton in

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the U.S. By working closely with local partners and authorities, we

ensured the swift restoration of electricity to affected

communities.

This year, we began reporting in line with the new Corporate

Sustainability Reporting Directive (CSRD) – a significant step

forward in non-financial transparency, enabling stakeholders to

better assess corporate performance. However, there is still room

for improvement in the legislative framework to simplify reporting

requirements and reduce complexity.

As part of our social impact strategy, we remain committed to

advancing a fair energy transition. Our Hope Fund supports social

entrepreneurs in Portugal, Spain, and Latin America who promote

energy access and equity. The 6th edition of the A2E Fund, with 1

million euros in funding, is set to improve health and education for

over 5 million people in Africa. Through our Solidarity Solar

project, we continue to bring renewable energy to schools and

underserved communities in Portugal, Spain, Brazil, the U.S., and

Greece.

Most importantly, Safety: in 2024, EDP achieved a 33%

reduction in the Serious Injuries and Fatalities (SIF) indicator.

However, we tragically lost six lives in our operations. This is not

acceptable and reinforces the urgent need to further strengthen

our safety practices, particularly with service providers, while

addressing the leading causes of accidents: electrical hazards

and high-level falls. Safety must remain our absolute priority.

Zero Accidents is our unwavering goal for 2025 and beyond.

Our Financial Performance

In 2024, EDP delivered record results, demonstrating the

resilience and value of our diversified portfolio. Recurring EBITDA

reached 5.0 billion euros, driven by the integrated business in

Iberia, including strong hydro conditions and solid network

performance, partially offset by weaker renewable resource and

high curtailment. There were also strong efficiency efforts at

OPEX level, which saw a 4% reduction year-on-year in absolute

terms despite growing activity. Recurring Net Profit reached 1.4

billion euros, marking an 8% increase year-on-year.

We made the difficult decision to exit our 0.5 GW wind project in

Colombia due to adverse conditions that compromised its

economic viability, resulting in a 0.4 billion euros impairment for

EDP. Additionally, uncertainty surrounding U.S. offshore projects

impacted our results, as Ocean Winds recorded a provision for

potential project delays, affecting EDP by 0.1 billion euros – the

only financial impact so far from the new U.S. administration’s

changes to renewable energy policies.

We reinforced our balance sheet through key financing

initiatives, including the issuance of 2.5 billion euros in green

bonds, tax equity financing in the U.S., and 1.1 billion euros in tariff

deficit securitization. These and other measures diversified our

long-term funding sources, strengthened liquidity, and extended

our average debt maturity profile under competitive conditions.

Despite rising interest rates in Brazil, we successfully reduced

the Group’s average cost of debt from 5% to 4.5%, further

reinforcing our BBB credit metrics. Our FFO/Net Debt ratio

improved to 21.5%, surpassing both last year’s level and our

latest guidance (21%).

EDP’s Total Shareholder Return (TSR) was significantly

impacted by the TSR of the subsidiary EDP Renewables, which

was in turn affected by the challenging renewables sector

environment and the downward revision of financial

performance expectations. While EDP’s consolidated results

remain strong, the weaker performance of EDP Renewables,

coupled with its visibility as a listed company, had a larger

impact than the positive performance of our integrated

generation and supply business and electricity networks in

Portugal, Spain, and Brazil.

EDP continues focused on delivering the financial targets for the

2025-2026 period, and we expect the positive trend of 2024 to

continue. I remain confident in our ability to deliver sustained

long-term value for our shareholders.

My appreciation

I am incredibly proud of everything we have accomplished this

year – it was so much in such a challenging context! EDP has

once again proven its ability to adapt, and 2024 has been a

remarkable milestone in that journey.

I want to express my deepest gratitude to every EDP team around

the world and to my colleagues on the Executive Board of

Directors for their resilience and dedication. A special thank you

to the Chair of the General and Supervisory Board, António Lobo

Xavier, as he embarks on his first year at EDP, and to all its

members for their guidance and support.

I also extend my sincere thanks to our shareholders for their trust

and commitment over the past year, despite the challenging

context.

Finally, a word of appreciation to our stakeholders – our

customers, suppliers, regulators, partners, and communities: our

impact on the global energy landscape would not be possible

without our collective efforts and shared vision.

I look forward to updating our strategic plan for the years ahead,

aligned with the evolving global landscape.

EDP has the right teams and capabilities in place to drive a

successful future and remains committed to delivering superior

value to our shareholders while accelerating the transition to a

cleaner, fairer, and more sustainable global energy system.

Miguel Stilwell d’Andrade

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| | | | | | | | | Index| 7|   
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| | | | | | | | | Index| 8|   
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---  
9  
  
---  
603  
  
---  
474  
  
---  
574  
  
---  
757  
  
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| | | | | | | | Index| Part I| 9|   
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| | | | | | | | Index| Part I| 10|   
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---  
12  
  
---  
24  
  
---  
57  
  
---  
83  
  
---  
363  
  
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| | | | | | | | Index| Part I| 11|   
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| | | | | | | | | | | |   
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| | | | | | | | | | | |   
| | | | | | | | Index| Part I| 12|   
| | | | | | | | | | | |   
  
|   
---|---  
1.1. Main achievements | 13  
1.2. Key metrics | 14  
1.3. Global presence | 16  
1.4. Shareholder structure | 17  
1.5. Corporate governance| 17  
1.6. EDP Group operational model| 18  
1.7. Corporate bodies | 19  
1.8. Business model | 21  
1.9. Stakeholder management | 22  
1.10. Ethics & Compliance | 23  
  
| | | | | | | | | | | |   
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| | | | | | | | | | | |   
| | | | | | | | Index| Part I| 13|   
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| | | | | | | | | | | |   
| | | | | | | | Index| Part I| 14|   
| | | | | | | | | | | |   
  
29%

27%

28%

0.22

0.31

5.2

5.0

3.4

3.3

€4.5 Bn

€5.0 Bn

€4.8 Bn

€0.7 Bn

€1.0 Bn

€0.8 Bn

€4.5 Bn

€5.0 Bn

€5.0 Bn

€4.7 Bn

€4.1 Bn

€15.6 Bn

1\. Net profit attributable equity shareholders.2. Considers CAPEX of EDP Group, financial investment €704m (31 Dec 2023 €288m) and asset rotation -€1,616m (31 Dec 2023 -€2,020m).3.Non-recurring adjustments: In 2024: -€153m, related to impairment from Ocean Winds (-€147m), HR reestructuring (-€5m) and 

gain from the Completion of CEM Macau disposal (-€0.6m). In 2023: -€3m, including at Hydro+Clients & EM Brazil the one-off related to loss on Pecém disposal (-€84m); including at Hydro+Clients & EM Iberia a gain at Aboño disposal (+€104m); at Wind & Solar the cancellation of Southcoast PPA, at Ocean Winds 

(-€10m) and others (-€13m). 4. Adjustments and non-recurring items impact at net profit level: In 2024 -€592m, associated with the following one-offs: Colombia impairment (-€420m), OW impairment (-€105m), other impairments at EDPR level (-€7m), HR restructuring costs (-€20m), liability management (-€13m), 

other impairments at EDP level (-€6m), CEM gain (+€1m) and others(-€22m). In 2023 -€337m, including: i) Iberian conventional generation impairments and gains (-€32m), ii) EDPR impairments (-€130m), iii) Pecém impairment and loss (-€132m) and other impairments (-€24m); iv) other one-offs at EDPR (-€16m) 

and other at financial results level (-€4m).

€1.4 Bn

€0.9 Bn

€1.3 Bn

€3.8 Bn

4.3

3.5

0.33

€13.2 Bn

€15.3 Bn

21.5%

20%

21%

| | | | | | | | | | | |   
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| | | | | | | | | | | |   
| | | | | | | | Index| Part I| 15|   
| | | | | | | | | | | |   
  
27 GW

57 TWh

89.6 TWh

389,052 km

8,880 k

29 gCO2/kWh

€28m

29%

66%

87%

+12% vs 2023

+2% vs 2023

+4% vs 2023

+1% vs 2023

-3% vs 2023

-64% vs 2023

-9 p.p. vs 2023

-17% vs 2023

+0.1 p.p. vs 2023

+4 p.p. vs 2023

Renewable installed 

capacity Equity + EBITDA

Generation output

Distributed energy

Distribution and

transmission operating

network 

Electricity and

gas customers

SBTi: CO2e emissions 

intensity (scope 1 and 2)

Total recovered waste

Global investment

in communities

Women employees

Suppliers

compliant with

ESG Due Diligence

| | | | | | | | | | | |   
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| | | | | | | | | | | |   
| | | | | | | | Index| Part I| 16|   
| | | | | | | | | | | |   
  
9,766

1,060

1,033

359

3,846

100

3,939

3,050

12,135

289

4,941

8,127

95%

57

12,596

9,766

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The share capital of EDP, S.A. is 4,184,021,624 euros and is fully paid up, 

as provided for in article 4 of the Company Statutes, being represented 

by 4,184,021,624 shares with a nominal value of 1 euro each.

EDP has a dual model governance structure, as the separation of management and 

supervision roles is embodied in an Executive Board of Directors, responsible for the 

management of the Company’s business, and in a General and Supervisory Board, 

the highest supervisory body. 

21.40%

China Three 

Gorges

6.85%

Blackrock, Inc.

6.82%

Oppidum

5.63%

Norges Bank 

Investment Management

53.37%

Remaining 

Shareholders

0.48%

EDP (Treasury stock)

5.44%

Canada Pension Plan 

Investment Board

Within EDP's share capital, 82% are institutional investors, 11% are retail 

investors and 7% are other type of investors. Among the institutional 

investors, the volume of the Socially Responsible Investors (SRI) represent 

52% of EDP's share capital. In terms of geographical breakdown, 50% are 

located in Europe being the rest located in United States (19%), Canada 

(12%), Asia Pacific (8%) and Rest of the World (11%).

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Four business platforms and a set of global business enablement functions, organised in five global regions.

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• €15.6 Bn financial net debt

• €16.2 Bn equity

• 29 GW installed capacity 

(25 GW renewable)

• Shop network

• €150m investment 

in innovation/R&D

• Brand

• 12,596 employees 

• Contractors

• €18m donations

• Business partners

• Renewable resources: wind, hydro and solar

• Non-renewable resources: gas, coal

• €1.4 Bn recurring net profit

• Debt management

• Quality and efficiency 

of energy supply

• 89.6 TWh distributed

• Innovative products 

and services

• Knowledge generated

• 29% female employees

• 28 hours of training/employee

• 1.72 frequency rate

(EDP + contractors)

• €28m social investment

• 20,419 hours of EDP

volunteering time

• 77% customer satisfaction

• 29 tCO2/GWh emissions

• 46.63 thousand TJ energy 

consumption

• Waste and water management

• Minimizing financial risks

• Debt reduction

• Ensuring the quality and 

efficiency of energy supply

• Promotion of safety of facilities 

and equipment

• Promotion of innovation and research

• Leveraging generated knowledge

• Promotion of diversity and equal opportunity

• Promotion of employee skills development

• Promotion of occupation health and safety

• Employee satisfaction

• Reputation and recognition

• Promotion of social investment

• Promotion of customer satisfaction

• Promotion of an ethical culture with suppliers

• -81% specific emissions reduction S1+S2 (vs 2020)

• 7 TWh saved energy by customers (since 2015)

• Preservation of biodiversity

Generation is the first

activity in the value

chain of the electricity

sector. Power plants

transform the various

energy sources into

electricity.

In the supply activity

the distributed energy

arrives at the supply

point and is sold by the

supplier. Throughout

the electricity and gas

value chain, supply is

the closest activity to

the customer.

In the transmission the

energy generated is

delivered to the

transport network,

which is made of very

high voltage lines and

which then channels

the energy to the

distribution network.

In the distribution

activity the transported

energy is channelled to

the distribution grid.

The distribution network

allows the flow of energy

to the supply points.

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Stakeholder Management has the absolute purpose of transparency 

and openness towards society, particularly all those affected by 

EDP's activities.

The baseline to EDP Group' s policies is listening, understanding and 

working alongside with the stakeholders following a dynamic 

process that creates shared value, which allows to anticipate 

challenges, minimise business risks and create new opportunities.

To ensure the balance between company objectives and 

stakeholder interests, it is important to define and create strong 

stakeholder management plans, beginning with identifying 

stakeholders, their roles, and the impact they have. At EDP, 

stakeholders are organised into four categories, as shown on the 

right side of the page, according to their characteristics and 

interests.

Engaging with stakeholders is an extremely demanding exercise for 

companies, that involves sharing information and being transparent 

in their relationship with society and, in particular, with all who are 

affected by their activities. EDP seeks to achieve this through its 

Stakeholder Management Policy and Methodology and its Local 

Stakeholder Engagement Policy and Local Stakeholder Engagement 

Procedures, all based in four major Guiding Commitments:

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The Compliance Management System is anchored in

the Global Ethics & Compliance Program and several 

Specific Compliance Programs (SCPs). The Global 

Ethics & Compliance Program is implemented at the 

corporate level and encompasses all activities, 

platforms, and regions. It defines the organizational and 

operational model for Ethics & Compliance and identifies 

key regulatory areas of relevance, for which the 

development of Specific Compliance Programs is 

planned.

The Compliance Management System, as well as its 

associated SCPs, is continuously monitored by the E&C 

and subjected to periodic internal audits, conducted in 

line with the annual Internal Audit activity plan or 

outsourced to third-party entities.

External audits are also performed, which may identify 

opportunities for improvement that are incorporated into 

the ongoing enhancement of compliance management.

The EDP Group is committed to acting in accordance 

with the highest ethical and integrity standards, carrying 

out its activity in accordance with these standards and in 

strict compliance with current legislation and regulations, 

with a zero-tolerance policy regarding any non-

compliance with applicable legal and regulatory rules, 

namely regarding practices associated with bribery, 

corruption or money laundering.

This commitment is reflected in the Code of Ethics, 

which applies to all employees and members of the 

governing bodies across all group companies. It is 

supported by a robust governance structure, where the 

Ethics Commission-composed of independent 

members— ensure the continuous appropriateness of 

the Code of Ethics and analyses the processes of 

infringement of the Code submitted through the 

whistleblowing channels. Furthermore, the Executive 

Board of Directors and the General Supervisory Board, 

through the Financial Matters Committee, ensure the 

"tone at the top" and oversee compliance management 

matters.

To ensure the group acts in accordance with these high 

standards, a Compliance Management System has 

been implemented. This system is based on eight key 

elements and aims to prevent, detect, and respond to 

instances of non-compliance, mitigating the risk of 

regulatory or ethical violations.

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---|---  
2.1. Business environment| 26  
2.2. Risk management| 41  
2.3. Strategic priorities| 53  
2.4. Double materiality| 56  
  
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2.1. Business environment

2.1.1. 2024 overview

Geopolitical tensions and regional conflicts continued throughout 2024, significantly impacting

global stability and energy systems. The ongoing war in Ukraine remained a focal point, with

continued international sanctions against Russia and military support for Ukraine defining

geopolitical alliances. In the Middle East, heightened tensions raised fears of a broader regional

conflict. These conflicts contributed to energy price volatility, as disruptions in supply chains and

production capacities led to fluctuating prices.

In 2024, inflation kept on following the downward trend already felt in 2023. In the Eurozone

inflation was 2.4% by 2024, a drop from 5.4% in 2023, while in the United States, it stood at 2.9%

against 4.1% in 2023 (source: Focus Economics). There was a decreasing trend across markets for

commodity prices, when considering average annual prices.

The Brent price was around 80 dollars per barrel ($/bbl) at the beginning of the year and started to

increase to reach the maximum of €90/bbl by April, following the geopolitical tensions in Russia and

the Middle East, and the concerns over the potential supply disruptions. Prices decreased towards

the end of the year with an average price of $75/bbl in the last trimester. The year ended with an

average price of $81 /bbl, very close to the 2023 price of $83/bbl.

In 2024, average gas prices decreased both in the US and in Europe. This was especially driven by

the lower prices in the first half of the year, with a milder winter on average in the northern

hemisphere, good gas storage levels in Europe, and new Liquefied natural gas (LNG) projects

coming online and reinforcing supply. Henry Hub – reference index in the US - reached an average

price of 2.1 dollars per million British thermal units ($/MMBtu) in 2024, compared to $2.5/MMBtu in

2023\. The European reference gas index (Title Transfer Facility or TTF) price had an average price

of €33/MWh in 2024, a ≈18% decrease compared to the average price of €41/MWh in 2023.

In Europe, the reference carbon price of the European Emissions Trading System (ETS) was on

average €65/ton in 2024, decreasing from the €84/ton average price in 2023, following additional

supply and lower emissions.

2024 was a year with multiple political changes and elections taking place in several countries

worldwide. Of all, at least three should be highlighted, as they may bring significant changes to the

energy sector. In June, a new European Parliament was elected, with centrist parties ensuring the

majority and right-wing parties gaining seats, which could weaken net-zero target ambitions.

Secondly, the UK election brought to power the Labour Party bringing forward strong ambition on

renewables and nuclear deployment. And thirdly, the elections in the US with a victory for the

Republican party potentially threatening the climate transition pathway the country has been

pursuing in the past years.

Electricity demand keeps growing worldwide with special attention on artificial intelligence and

data centres, a source of additional demand with big growth potential in the coming years. The

electrification of other end-uses such as road transport is a key trend for the energy sector with the

unprecedented growth of electric vehicles, which reached 7 million in global sales in the first half of

2024 (25% more than in 1H2023), mainly led by China with over 4 million (source: IEA WEO 2024).

| |   
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| |   
| Global warming in 20242024 has become the warmest year on record, according to the European Earth Observation Programme, “Copernicus”. Unprecedented global temperatures led 2024 to become the hottest year ever registered, overtaking 2023. From January to September, global mean surface air temperature was 1.54°C warmer than the 1850-1900 pre-industrial level, boosted by the warming event El Niño. 2024 is the year in which the threshold of the 1.5°C agreed under the Paris Climate Agreement is surpassed. Global warming has already caused devastating disruptions in ecosystems, populations, and economies all around the globe, and impacts seem to be increasingly catastrophic. The year 2024 was no exception and important climate-related events caused widespread damage all around the world. Italy and South America were hit by severe droughts, while there were extreme floods in Nepal, Sudan, and Europe. Heatwaves in Mexico, Mali, and Saudi Arabia killed thousands and the US, and the Philippines experienced devastating cyclones (source: Reuters). |   
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| Climate negotiations: 29th Conference of the Parties of the UNFCCC (COP 29)The 2024 United Nations Conference of the Parties (COP) took place in Baku, Azerbaijan from November 11th to 22nd.A new climate finance goal was agreed upon, targeting investment for the developing nations and their climate efforts. Developed countries committed to mobilize at least $300 Bn annually for developing countries by 2035 (previous commitment was $100 Bn set in 2009 for the 2020-2025 period), with a long-term goal to scale up to $1.3 trillion per year by 2035, from all public and private sources. After many years of negotiations, the rules and guidelines on international carbon trading were finalised and formally adopted (Article 6 of the Paris Agreement). With this program, it will be possible for countries to trade carbon credits from greenhouse gas reductions or removals, and in this way help other countries meet their climate goals, allowing as well the private sector to participate. |   
| |   
  
European Energy Policy

In 2024, European energy policy saw several significant developments aimed at enhancing energy

security, sustainability, and the transition to a net-zero future. In February, the European

Commission presented a climate assessment setting targets for 2040, including a 55% reduction in

greenhouse gas emissions compared to 1990 levels, a 45% share of renewable energy in the EU's

energy mix, and a 40% improvement in energy efficiency. Moreover, there was relevant progress on

legislative pieces.

The revision of the Regulation and Directive on the Internal Electricity Market came into force in

July 2024, aiming to stabilise electricity prices while ensuring a resilient electricity system fit to meet

the ambitious decarbonization targets. The revision promotes price predictability through

enhancing the uptake of Power Purchase Agreements (PPAs) and 2-ways contracts for differences

(CfDs). Resiliency is ensured by identifying capacity mechanisms as structural elements of the

market design, complemented by non-fossil flexibility support schemes. Anticipatory investments in

grids are recognized to support the energy transition, while customers benefit from additional

protection mechanisms.

The Regulation on Wholesale Energy Market Integrity and Transparency (REMIT) was

strengthened to prevent market manipulation and increase transparency. The revised REMIT came

into force in May 2024. The amendments included enhanced monitoring and enforcement

mechanisms, better alignment with financial market regulations, and increased penalties for non-

compliance.

The Net Zero Industry Act (NZIA) came into force in July 2024 to strengthen European

manufacturing capacity and promote measures to overcome barriers to the scaling up of such

capacity, facilitating market access for net-zero products. The Regulation also includes provisions

for financial support, innovation incentives, and the development of a skilled workforce in the net-

zero technology sector.

To secure the supply of critical and strategic raw materials, the Critical Raw Materials Act entered

into force in May 2024. The Regulation identifies lists of raw materials needed for key technologies

for the EU's green ambitions and goals. It sets benchmarks to be achieved by 2030: the EU should

mine 10% of its annual needs, process 40% of its needs, and cover 25% of its needs through

recycling. It also promotes international partnerships and sustainable sourcing practices.

The Energy Performance of Buildings Directive was revised and entered into force in May 2024.

The revision aimed to increase the rate of building renovations and support decarbonisation. An

implementation guide was launched in November 2024 to help stakeholders enhance energy

efficiency in buildings. The Directive also includes measures to promote smart technologies and

protect vulnerable consumers.

Additionally, the Hydrogen and Gas Decarbonisation Package came into force in July 2024,

introducing a new regulatory framework for hydrogen infrastructure, promoting the development of

a competitive hydrogen market, and an update on EU natural gas market rules. The hydrogen

regulatory framework includes provisions for the certification of renewable and low-carbon

hydrogen, the repurposing of existing natural gas infrastructure for hydrogen transport, and the

establishment of hydrogen networks. It aims to facilitate the integration of hydrogen into the energy

system and support the EU's hydrogen strategy.

Finally, to strengthen EU competitiveness, Mario Draghi was tasked by the European Commission to

prepare a report on his vision for the future of European competitiveness.  The Draghi Report,

published in September 2024, looks at the challenges faced by the industry and companies in the

single market and offers recommendations for sectoral policies, including on energy, clean

technologies, and energy-intensive industries. The findings of the report will contribute to the

development of the new Clean Industrial Deal, which will be presented in the first 100 days of the new

Commission mandate.

1 “Renewables 2024” released in October 2024

2 Forecasts made by experts including IEA, BNEF and S&P

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US Energy Policy

2024 regulatory framework in the United States has been impacted by Federal Energy Regulatory

Commission's (FERC) long-term transmission planning rule and the result of Presidential elections.

FERC's Order No. 1920, published on May 13, 2024, mandates comprehensive long-term

transmission planning to enhance grid reliability, requiring transmission providers to develop 20-

year regional plans every five years, considering various scenarios and benefits, including options

for enhancing existing facilities ("right-sizing"), and deploying grid enhancing technologies. An

amended version, Order 1920A, issued in December, clarifies the state's role in planning, allowing

states to request additional scenarios and incremental cost considerations. Transmission providers

must detail costs and benefits of potential Long-Term Regional Transmission (LTRT) facilities on a

zonal basis, and if states agree on a cost allocation approach, it must be filed with FERC. Costs can

be assigned based on specific benefits, and states can request an additional six months for cost

allocation negotiations, extending the compliance period and planning cycles.

In the November federal elections, Republicans gained control of the presidency, Senate, and the

House. Immediately following President Trump’s inauguration on January 20th, he signed a litany of

Executive Orders, three of which directly impact the renewables sector. A positive implication of

these orders is a streamlining to the permitting processes and regulations surrounding energy.

Negatively, the orders ban federal leases for offshore wind projects, attempt to pause onshore wind

by restricting federal permitting, and temporarily pause on regulation that has not yet take full effect.

These orders will not directly affect the ITC and PTC within the IRA. These orders did not include

details on the timelines and scopes of their reach; however, in the coming weeks and months as

Trump appointees assume their respective offices across federal agencies and budget

reconciliation discussions continue, specifics on how these Executive Orders will affect the

renewables sector will become more clear. This shift will certainly bring change to clean energy

policy, but Republicans remain split on IRA repeal. A full repeal of the IRA remains unlikely, but it will

face political and fiscal pressures.

Tariffs under the new administration are expected to be more targeted despite Trump’s broad

campaign promises. Policies will emphasize domestic manufacturing but may also face opposition

from key industries. The Manchin-Barrasso Energy Permitting Reform Act is expected to stall; focus

may shift towards oil and gas-friendly policies and limited federal land use for clean energy projects.

FERC’s Democratic majority will persist until 2026 but could shift under new leadership. State-level

policies could become more influential in response to federal changes.

2.1.2. The evolution of renewables around the world in 2024

The International Energy Agency (IEA) 1 reports that global renewable energy capacity grew by

approximately 18% in 2024 compared to the previous year. Capacity additions reached an

estimated 666 GW, surpassing the 600 GW threshold for the first time, with solar photovoltaic (PV)

contributing around three-quarters of the total. This substantial growth underscores the potential for

even faster expansion over the next five years, improving the likelihood of tripling global renewable

capacity by 2030—a goal set during the COP 28 Climate Change Conference. The IEA projects

annual additions will climb from 666 GW in 2024 to nearly 935 GW by 2030, with renewables

expected to account for almost half of the world’s electricity generation by the decade's end.

The remarkable growth in renewables is driven more by economic factors than climate policies. In

many countries, renewables—particularly solar power—have become the most cost-effective

option for new power generation. China is poised to solidify its position as the leader in renewable

energy, increasing wind and solar PV capacity of 18% and 45% respectively. Meanwhile, the

European Union and the United States are projected to double their renewable growth rates

between 2024 and 2030, and India is anticipated to achieve the fastest growth rate among major

economies.

Wind power in 2024: record additions but uneven expansion

Onshore

According to IEA estimations, global wind additions could have reached 126 GW in 2024. This

would represent the highest figure ever seen, mainly due to a strong performance of the offshore

wind sector, with around 20 GW commissioned. Long-term fundaments remain strong for the

coming years, and supportive policies in China, the US and Europe, are expected to boost wind

additions in the coming years. However, short and medium-term challenges in project execution

remain.

New installations in China could have hit a record and grow around 80 GW, with data from the

National Energy Administration pointing to a total wind installed capacity of 521 GW at the end of

November 2024.

In the US, new installations have grown at a moderate pace, with around 6-7.5 GW built in 2024 2.

The Inflation Reduction Act, approved in 2022, has played a key role in fuelling wind energy

1 Data released by the German Wind Energy Association (BWE) and engineering federation VDMA Power Systems.

2 Data released by the National Electricity Energy Agency (ANEEL)

3 Experts consulted include IEA, S&P and BNEF

4 Experts consulted include IEA, SEIA (Solar Energy Industries Association), American Clean Power Association, S&P and Bloomberg New Energy Finance

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investments and strengthening the domestic supply chain. However, following Trump's re-election,

there are concerns that the US's climate ambitions could be rolled back. Despite these concerns, an

outright repeal of the IRA is unlikely according to experts, given the popularity of its tax credits and

the economic benefits they bring to many Republican-leaning states.

According to preliminary figures from Wind Europe, approximately 15 GW of wind capacity may

have been commissioned in Europe in 2024, a decrease from 18.3 GW in 2023. The EU only added

13 GW of wind capacity in 2024, significantly below the 30 GW per year required to meet its 2030

energy targets. However, there are reasons for optimism. Onshore wind permitting reached record

levels in the first half of 2024, driven largely by new EU permitting rules and progress in

implementing the Renewable Energy Directive (RED III). Additionally, Europe awarded 37 GW of

wind in 2024, more than ever before, and turbine orders also saw improvements during the same

period. Germany was the largest market, installing 3.2 GW of onshore wind, of which, around a third,

came from repowering projects. In addition, 14 GW of wind were permitted in 2024 and 11 GW were

awarded in auctions1. Other major onshore markets in 2024 include Finland, France, Spain and

Sweden.

In the UK, the National Energy System Independent Operator (NESO) reported that in 2024, wind

was the largest source of electricity generation in the country for the first time in its history,

representing 30% of total generation.

In South America, Brazil remains the largest wind market, with record additions of 4.3 GW2. This

growth could bring Brazil’s total installed capacity to more than 34 GW, making it the country’s

second-largest generating technology, after large-scale hydro.

Offshore

According to experts3, between 14 and 21 GW of new offshore wind projects could have been

commissioned across the world. Developers still struggle with higher costs, supply chain constraints

and regulatory uncertainty.

China is expected to be the largest contributor after the government prioritized offshore wind in its

14th Five-year Plan. Experts forecast that around 9-14 GW could have been added in the country.

According to Wind Europe preliminary data, Europe commissioned 2.3 GW of offshore wind

capacity, less than the 3.8 GW witnessed in 2023. Most of this capacity was installed in Germany,

France and the UK.

2024: a record-breaking year for solar PV global installations

2024 is on course to become another record-breaking year for solar PV, with the IEA forecasting

around 505 GW of new installed capacity, a 18.5% increase compared to 2023. Solar PV accounted

for nearly three-quarters of all renewable energy additions globally, highlighting its pivotal role in the

transition to clean energy. According to preliminary forecasts, around 60% of new solar PV capacity

would be utility-scale projects and the remaining ones small-scale (mainly residential and

commercial systems).

China is expected to have significantly expanded its solar PV capacity in 2024, installing

approximately 277 GW according to data released by China’s National Energy Administration

(NEA). With these results, China consolidates its position as the largest player in the global solar PV

industry, both in terms of manufacturing and installed capacity. Its dominance is a result of

comprehensive policy initiatives, massive investments and economies of scale. India also saw a

great surge in solar installations in 2024. Only in the first six months of 2024, India had already

installed more solar capacity than it did in the whole 2023, (15 GW vs 10 GW in 2023) reaching 24,5

GW at the end of 2024.

In the US, approximately 38-43 GW of solar PV capacity could have been added in 2024,

according to analysts consulted4. Solar PV is the fastest-growing source of electricity in the US,

making up almost half of all new power capacity in the first three quarters of 2024. As reported by

the American Clean Power Association, 19.5 GW of utility-scale solar capacity was commissioned

during the first three quarters of 2024, more than twice the amount installed by the same time in

2023.

In 2024, the EU achieved a record-breaking installation of 65.5 GW of solar capacity, marking a 4%

increase compared to 2023, as reported by Solar Power Europe. Solar PV has surpassed in 2024 all

other technologies in terms of new capacity added, bringing the EU's total operational solar power

capacity to 338 GW. After several years of remarkable growth, with a 41-53% increase observed

between 2021 and 2023, the sector has experienced a significant slowdown in deployment.

According to Solar Power Europe, this deceleration is attributed to the stabilization of energy bills for

1 Analysts consulted include S&P, BNEF and Wood MacKenzie

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consumers, along with other challenges such as permitting issues, grid bottlenecks, limited energy

system flexibility, and low power prices, particularly during solar PV hours, which impact profitability.

At the national level, Solar Power Europe reported that five of the top ten EU solar markets—Spain,

Poland, the Netherlands, Austria, and Hungary—installed less solar capacity in 2024 compared to

2023\. In contrast, Germany, Italy, France, Greece and Portugal achieved modest increases, with

most adding approximately 1 GW more than the previous year. Germany continues to lead the

European solar PV market, adding 16.2 GW of new capacity in 2024, according to the German

Federal Network Agency (BNetzA). These additions bring the country's total installed capacity to

nearly 100 GW, accounting for approximately 14% of its electricity consumption.

In South America, Brazil remains a leader in solar energy, surpassing 50 GW of operational solar

capacity in 2024. With this milestone, Brazil joins an elite group of six countries—China, the United

States, Germany, India, and Japan—that have achieved over 50 GW of installed solar capacity.

Storage and flexibility: key drivers for a resilient and decarbonized energy future

The global energy system is undergoing a profound transformation, driven primarily by the

increasing share of renewable energy, the deployment of distributed energy resources, and progress

in digitalization. However, to successfully achieve the clean energy transition and ensure secure and

resilient power systems, flexibility must be integrated throughout the entire system.

Energy system flexibility refers to the ability to adjust supply and demand to achieve an energy

balance. It has become a critical priority because larger shares of variable renewables (in particular

wind and solar PV) increase the potential for imbalances, curtailment and negative prices.

There are different tools and technologies to increase flexibility, including electricity storage,

stronger grids, demand-side response and dispatchable lower-emissions sources of power.

The global energy storage market has been rapidly increasing since 2020 and is set for another

record year, with experts forecasting around 64-69 GW of additions 1, of which around 50% would

be in China.

Hydro pumped storage remains the dominant form of energy storage today, accounting for the

majority of global storage capacity. As a mature and well-established technology, it plays a crucial

role in balancing supply and demand, providing grid stability, and supporting the integration of

renewable energy. By using surplus electricity to pump water to a higher elevation and then

releasing it to generate power when needed, hydro pumped storage has been a reliable and efficient

solution for decades. However, as the energy landscape evolves, new storage technologies, such as

batteries, are emerging to complement hydro pumped storage.

Batteries—particularly lithium-ion batteries—are becoming an increasingly vital component of

energy systems. Their widespread deployment could transform the global energy landscape by

enabling sustainable technologies to meet demand, ultimately reducing global emissions and

accelerating the transition to clean energy. Batteries are also versatile, serving both grid-scale

applications and smaller, behind-the-meter uses in residential and commercial settings to optimize

energy consumption.

As battery costs continue to fall due to lower raw material prices and expanded manufacturing

capacity, they are becoming more cost-competitive, with further reductions anticipated as electric

vehicle production scales up. However, challenges remain. Energy storage must be integrated into

national energy plans, with dedicated support mechanisms established to ensure long-term revenue

stability and predictability. A well-designed market, including effective capacity markets and

flexible market mechanisms, is also essential to fully unlock the potential of storage. In the context of

European market design, the development of such markets will be crucial to promote efficient

integration of storage technologies and enhance grid stability. Furthermore, conducting

comprehensive flexibility assessments will be key to optimizing the role of storage in balancing

supply and demand. Additionally, diversifying and strengthening supply chains is crucial, as battery

production is currently concentrated in specific regions, posing potential security of supply risks.

Grid infrastructure and interconnectors are vital for flexibility, as they enable electricity to flow

across countries and within national borders, helping to balance geographic fluctuations in wind and

solar power generation. While global investments in grids have significantly increased in recent

years, delays in grid improvements and extensions remain a major obstacle to the wider deployment

of renewable energy. However, these challenges can be addressed through: (i) long-term grid

planning, (ii) anticipatory investments, (iii) faster permitting processes, (iv) implementation of smart

grid technologies, and (v) new mechanisms to reduce connection backlogs, among other measures.

In 2024, at COP 29, countries acknowledged that energy storage and grid infrastructure are

essential for building resilient and decarbonized energy systems. This was crystallized in their

commitment to (i) achieving 1,500 GW of energy storage in the global power sector by 2030, more

than six times the level in 2022, and (ii) enhancing grid capacity through a global goal of adding or

refurbishing 25 million kilometres of grid infrastructure by 2030.

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2.1.3. Regulatory framework

Renewables

Portugal

Remuneration scheme

• Wind farms commissioned before 2006 are subject to a Feed-in-tariff (FiT) whose value is

correlated with production and indexed to CPI. Initial tenure was the soonest of 15 years (or until

2020) or 33 GWh/MW but it was increased 7 years (tariff extension) with a cap and floor scheme

in exchange of annual payments between 2013 and 2020.

• Wind farms under the new regime (COD after 2006) are subject to a FiT for the soonest of 20

years from COD or 44 GWh/MW. Tariff value is also indexed to CPI.

• Since 2019, solar projects are awarded following a new auction system. There are currently no

auctions schedule for the short term.

• Floating PV projects awarded in 2022 auction have a 15 years CfD contract with a negative

strike price (the original project pays for injecting the energy in the grid in exchange of securing

grid capacity that can be used by over equipment and hybrid).

2024 main regulatory developments

• In order to continue the path of the energy transition, focusing on the continuous decarbonization

of various sectors, several measures were approved in Portugal, including:

• The constitution of the Mission Structure for the Licensing of Renewable Energy Projects 2030

(EMER 2030), with the mission of ensuring the achievement with the objectives of the PNEC

2030 and accelerating the implementation of renewable energy projects (mandate until

31/12/2030).

• The attribution of an Incentive to Companies called "Network and Storage Flexibility", included

in the investment RP-C21-i08, of the Recovery and Resilience Plan, with a total allocation of

€99.75m (maximum financing per beneficiary of €30m).

• The approval of the update of the PNEC 2030.

• The amendment of the national regulatory framework applicable to renewable energies,

partially transposing the European Renewable Energy Directive (RED III) into national law, with

an impact, among others, on over-equipment, re-equipment, hybridization, and storage.

• The extension of the exceptional measures to simplifying the procedures for energy generation

from renewable sources until 31 December 2026. These measures include, among others, the

simplification of environmental impact assessment for projects outside sensitive areas, the

adaptation of environmental regimes for hydrogen projects by electrolysis and the

compensation to municipalities for the installation of generation and storage plants.

• The suspension of the measures related to the constitution of a Hydro Strategic (“Reserva

Estratégica Hídrica"), which, since October 1, 2022, determined the temporary suspension of

the use of water resources of 15 hydropower plants (13 belonging to EDP), until the minimum

levels of storage of their useful capacity are reached.

Spain

Remuneration scheme

• Under RD 413/2014, wind energy projects receive pool price and a premium per MW in order to

achieve a target return defined by regulation.

• RDL 17/2019 has set the target return (TRF) @7.398% for WF’s prior to 2013 for the next two

regulatory periods (until 2031) and @7.09% for new installations for the current regulatory period

(until 2026).

• Premium calculation is based on standard assets (standard load factor, production and costs).

• Since 2016, all the new renewable capacity is allocated through competitive auctions.

• In 2020, RD 960/2020 defined the framework for a new auction mechanism.

• Since 2021 several auctions have taken place to grant the new scheme.

2024 main regulatory developments

• The Resolution of June 27, 2024, of the CNMC, approved the detailed specifications for

determining the generation access capacity to the transmission and distribution networks.

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• By Royal Decree 662/2024, of July 9, the legal regime for the authorizations and administrative

concessions that enable the commissioning of floating photovoltaic solar installations located in

reservoirs in the public hydraulic domain was developed.

• Royal Decree 962/2024, of September 24, established the regulation of the production of

electricity from renewable sources in installations located at sea, regarding the competitive

procedure necessary for its authorization and certain provisions related to innovative installations

and those located in ports of General State Interest.

• By Resolution of November 9, of the Directorate General of Water, the withdrawal of the public

tender procedure for the exploitation of the hydroelectric use of the La Riera Power Plant in the

Somiedo River and the Morteras Stream, Somiedo municipality (Asturias), was agreed.

France

Remuneration scheme

• Old wind farms receive Feed-in tariffs for 15 years, with values depending on their COD and load

factors achieved.

• A transitory Contract-for-difference scheme was released in December 2016 in which wind

farms having requested a PPA in 2016 would receive a 15-year CfD, being the strike price very

similar to the previous FiT. This scheme was closed in December 2019.

From 2017 onwards:

• Wind farms with 6 wind turbines (or less, and with 3MW/WTG maximum) can request a 20-year

CfD which strike price ranges from €72/MWh to €74/MWh depending on turbine’s diameter and

may include a FiT reduction when a yearly generation cap is reached. Since April 2022,

additional tip height restriction (below 132m) has been implemented

• Wind farms not eligible to CR17 need to participate in competitive tenders in order to obtain a 20-

year CfD

• A new set of rules (“Cahier des Charges”) that will govern auctions (both technology-specific and

neutral) from H2 2021 until 2026 were published in August 2021

2024 main regulatory developments

• In April 2024, the government released the Decree 2024-318 on Agri-PV, developing the

requirements and conditions that Agri-PV plants must fulfil.

Belgium

Remuneration scheme

• Green certificate scheme (GC).

• Wind farms receive market price plus GCs per MWh produced.

• Number of GC/MWh (kECO) for existing plants’ contracts was revised in 2019, 2021, 2022

(exceptional update), 2023, and 2024.

• Last update (Dec-24, for 2025 onwards) the kECO increased from 0 to 0.215 GC/MWh due to

lower electricity prices.

• The minimum price for GCs is set at €65/GC in Wallonia.

2024 main regulatory developments

• The Walloon decree, effective July 1, 2024, accelerates the deployment of renewable energy by

creating "renewable acceleration zones", simplifying permitting processes, and enhancing

infrastructure for integrating renewable projects into the grid.

Poland

Remuneration scheme

• Electricity price can be established through bilateral contracts.

• Wind farms commissioned before 2018 are supported through a Green Certificate scheme (GC).

Wind receives 1 GC/MWh during a 15-year period. Electricity suppliers have a substitution fee for

non-compliance with GC obligations.

• Since 2018, wind farms are supported by 15-year two-side Contracts-for difference awarded

through auctions.

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2024 main regulatory developments

• In August 2024, the government decided to increase the GC quota for 2025 to 8,5% (from

previous 5%).

• The Real State Tax was amended in 2024, clarifying that taxation rules will remain unchanged for

renewable projects.

Germany

Remuneration scheme

• Renewable Energy Sources Act (EEG 23) defines a floating market premium (one-way CfD) on

top of market revenues for renewable energy plants that is awarded via tender (pay-as-bid) for

each technology with a tenure of 20 years.

• The market premium is reduced to €0/MWh if there are at least 4 consecutive hours with

negative prices. Subsidies during negative hours will be phased out in 2025, with the latest

reform in EEG.

• Generators are responsible for their balancing costs.

• GoO revenue is not compatible with the EEG scheme, i.e. GoOs cannot be sold for assets that

have selected the market premium as form of sale.

2024 main regulatory developments

• A new package of measures to support Solar PV projects “Solar Package I” was adopted in April

2024

• New amendments on the German Federal Emission Control Act were adopted in July 2024,

aimed at expediting wind permitting procedures

UK

Remuneration scheme

• Since 2013, renewables are supported through a 15-year two-way Contracts-for-difference,

awarded through auctions, that have progressively replaced the former Green Certificate

scheme.

• The “established technologies” which include onshore wind and solar PV, compete for budgets in

each allocation round. Less mature technologies have a separate “pot” of allocated budget.

Offshore has its own pot separated from other technologies.

2024 main regulatory developments

• The moratorium for onshore wind was lifted in July 2024.

• In November 2024, the government confirmed the introduction of the CfD Clean Industry Bonus

to incentivize offshore wind developers to invest in sustainable supply chains, from AR7 onwards.

• The UK’s Clean Power 2030 Action Plan was approved in December 2024, outlining the

government’s strategy to achieve a fully decarbonized electricity system by 2030.

Italy

Remuneration scheme

• Wind farms in operation prior to the end of 2012 are under the Green Certificates scheme,

applicable during the first 15 years of operation (solar PV had access but preferred participating

in the Conto Energia scheme).

• Solar PV in operation prior to the end of 2012 are under the Conto Energia I-IV support scheme: a

feed-in-premium scheme applicable during the first 20 years of operation.

• Between 2012 and July 2013, Solar PV were supported by the Conto Energia V scheme, under

which they could sign for a feed-in premium for the share of energy self-consumed or a CfD for

energy fed into the grid for 20 years.

• Wind farms commissioned from 2013 to 2017 are supported by a 20-year floor CfD scheme,

awarded through competitive auctions (DM/1012 and DM/2016).

• Since 2019, Solar PV and wind farms are supported by a 20-year two-sided CfD scheme (FER1 or

DM/2019).

2024 main regulatory developments

• In May 2024 the Agriculture Decree-Law was approved banning new ground-mounted PV

plants on agricultural land (some exceptions are included).

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• In June 2024, the “Suitable Areas Decree” was approved, identifying the areas where

renewables can be installed.

• In November 2024 Italy approved the “Testo Unico” regulation, which consolidates and

streamlines the permitting process for renewable energy projects.

• In December, the “DL Ambiente” was approved, aimed to expedite the Environmental Impact

Assessment (EIA) process for renewable energy projects.

• In January 2025, the Transitory FER X Decree, which will govern auctions in 2025, was approved.

Romania

Remuneration scheme

Green Certificates (GCs) scheme, granted for 15 years:

• GCs are traded in the market under a Cap & Floor system (cap €35, floor €29.4). However, prices

have been on the floor for the last years.

Wind assets:

• Installed before 2013: Received 2 GC/MWh until 2017 and 1 GC/MWh after 2017. 1 out of the 2 GC

earned until Mar-2017 is postponed and can only be recovered gradually from Jan-2018.

• Installed post-2013: Receive 1.5 GC/MWh until 2017 and 0.75 GC/MWh.

Solar PV assets:

• Installed before 2013: Received 6 GC/MWh. 2 out of the 6 GC earned until Dec-2020 are

postponed and may only be recovered gradually from 2025.

• Installed post-2014: Receive 3 GC/MWh.

• The GCs issued after April 2017 and the GCs postponed to trading from July 2013 will remain

valid and may be traded until March 2032.

CfD scheme:

• The auction awards a 15 year, two-side euro-denominated CfD financed by the EU

Modernization Funds with €3Bn funds.

• Strike prices: Pay as bid, in €/MWh. Maximum prices are €82/MWh for onshore and €78/MWh

for PV.

• Indexation only applies if the Euro Area HICP surpasses 10% cumulatively every 3 years.

Payments will be made in lei.

Remuneration scheme:

• The Reference Price for the settlement of the CfD top up payments has been set as a technology-

specific captured price by projects awarded in the auction.

• ANRE reserves the right to adjust the Reference Price or the methodology for the Reference Price

in the case that it is no longer reflective of market prices, such that it over-compensates the

generators or increasing costs to consumers.

• Besides standard termination events, OPCOM has the right to terminate the contract without

reasons in exchange of a compensation. However, according to EDP price forecast termination

amount would almost always be zero, owing to higher revenues in the first years.

2024 main regulatory developments

• In April 2024, the general framework for a new support scheme (introducing competitive auctions

to grant 15-years CfDs) was adopted.

• In November, Romania’s Constitutional Court ruled that the clawback tax for electricity

generation (revenues exceeding 400 RON/MWh) violated principles of fair taxation and was,

therefore, unconstitutional. According to the ruling, energy producers which submitted court

claims against the clawback tax regulation, are entitled to be reimbursed.

Greece

Remuneration scheme

• Renewable projects in Greece are supported by a 20-year feed-in premium (Contract-for-

Difference) awarded through auctions.

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• In 2022, Greece launched a new support system, based on two-way contract-for difference

contracts, awarded through auctions:

• For both onshore wind and solar installations, support will be awarded through a joint

competitive tendering procedure, with minimum reserves per technology of 30%.

2024 main regulatory developments

In 2024, Greece has enacted two regulations to address developers’ challenges to secure grid

connection:

• Law 5095/2024 providing a faster pathway for securing connection conditions for renewable

projects that have Power Purchase Agreements.

• Law 51/2024, introducing measures to enhance the capacity of the electrical grid to

accommodate additional renewable projects. Under this law, renewable projects participating in

RES auctions can choose between accepting power output limitations or installing Battery

Energy Storage Systems (BESS) to support grid integration.

Hungary

Remuneration scheme

• Renewable projects before 2016 benefited from a feed-in tariff scheme (“KÁT system”).

• In 2016 the FiT was closed to new projects and replaced by a new support system (“MÉTAR

system”) consisting of 15- year Contracts-for-Difference granted through technology-neutral

tenders.

2024 main regulatory developments

• In 2024 stricter rules for land reclassification and for local zoning plan modification have been

approved, making more difficult to identify suitable land for wind and solar PV projects.

• Rules promoting hybridization have been adopted in 2024.

United States

Remuneration scheme

• Market-Based Compensation: In the U.S., energy producers are typically compensated through

competitive wholesale electricity markets. Prices are determined by supply and demand

dynamics, with regional transmission organizations (RTOs) and independent system operators

(ISOs) facilitating these markets.

• Power Purchase Agreements (PPAs): Developers often enter into long-term PPAs with utilities or

large consumers, securing a fixed price for the energy produced, which provides revenue

certainty and facilitates project financing.

• Incentive Programs: Federal incentives, such as the Investment Tax Credit (ITC) and Production

Tax Credit (PTC), offer financial benefits for renewable energy projects. State-level Renewable

Portfolio Standards (RPS) mandate that a certain percentage of electricity comes from renewable

sources.

• RECs Trading: Renewable Energy Credits (RECs) represent proof that one megawatt-hour

(MWh) of electricity was generated from a renewable source. These certificates can be sold

separately from the actual electricity.

2024 and 2025 main regulatory developments

• Beginning in 2025, the IRA replaced traditional ITC/PTC with the technology-neutral tax credits.

• Also in 2025, the Treasury released final rules for the Clean Hydrogen Production Tax Credit. This

clarified eligibility and incentive structures.

• The Internal Revenue Service (IRS) provided updated guidance in 2024 expanding the

availability of direct pay (refundability) for tax credits and the ability to transfer credits.

Canada

Remuneration scheme

• Provincial Programs: Energy policy in Canada is largely determined at the provincial level, leading

to a variety of remuneration schemes. Provinces like Ontario and Alberta have utilized

competitive procurement processes and PPAs to promote renewable energy development.

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• Feed-In Tariffs (FITs): Some provinces have implemented FIT programs, offering fixed, long-term

prices for renewable energy producers to encourage investment.

• Carbon Pricing: Canada's federal carbon pricing strategy incentivizes low-carbon energy

projects by assigning a cost to greenhouse gas emissions.

2024 main regulatory developments

• In December 2024, Canada published the finalized Clean Electricity Regulations, aiming to

achieve a net-zero electricity grid by 2035. The CER establishes stringent carbon dioxide (CO₂)

emission limits for fossil fuel-based electricity generation units with a capacity of at least 25 MW.

Mexico

Remuneration scheme

• Long-Term Auctions: Mexico has implemented long-term energy auctions where renewable

energy developers can secure 15- to 20-year contracts to sell electricity and Clean Energy

Certificates (CELs) to the national grid, providing stable revenue streams.

• Private PPAs: Despite regulatory changes, private PPAs remain a viable option, allowing

developers to sell energy directly to large industrial consumers, often at negotiated rates.

2024 main regulatory developments

• In October 2024, President Claudia Sheinbaum signed a constitutional reform altering the legal

status of the Federal Electricity Commission (CFE) and Pemex to "public companies." This reform

ensures that CFE supplies at least 54% of electricity to the national grid, prioritizing state control

over energy resources.

• The National Electrical System Development Program, released in May 2024, outlines plans to

integrate an additional 94 GW of installed capacity over the next 15 years. The strategy includes

significant investments in wind, battery, and storage.

Brazil

Remuneration scheme

• Old wind farms receive support under a feed-in program (“PROINFA”).

• Since 2008, competitive auctions award 20-year PPAs to winning projects.

• Electricity may also be sold under private PPAs.

2024 main regulatory developments

• The exponential increase in the installed capacity of renewable power plants in recent years,

combined with the locational preferences of these projects in regions with higher wind and solar

energy potential in the country, in addition to the challenge of expanding the transmission system,

has resulted in an increase in the curtailment, causing financial impacts for these agents.

Chile

Remuneration scheme

• Technology-neutral auctions, for renewable and non-renewable technologies award 20-year

power purchase agreements (or 15, depending on the tender session specifications) with

distribution companies.

• Large non-regulated customers can also enter into PPAs directly with generators or organize a

public auction.

2024 main regulatory developments

• In June 2024, Chile implemented new regulations related to capacity market payments for

energy storage systems. These regulations are designed to incentivize the deployment of energy

storage technologies, which are crucial for integrating renewable energy sources and enhancing

grid stability.

• In December 2024, the Chilean retail electricity market took a step forward toward liberalization,

following the decision by the Ministry of Energy to lower the access threshold for the non-

regulated segment. According to the decision, users with 300 kW or more will be able to migrate

between the regulated and non-regulated spheres (previously, the threshold was set at 500 kW).

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• Also in December 2024, Chile released its Energy Transition Law (Law No. 21,721), aiming to

encourage infrastructure development, promote competition, and boost energy storage through

increased facilities and efficiency within the electricity market.

Vietnam

Remuneration scheme

• Onshore wind projects were supported under two different Feed-in-tariff regimes:

• Projects were granted a 20-year PPA with EVN, the state utility.

• As the latest feed-in-tariff was closed for new projects, a new support scheme is expected to

be released soon - most likely, competitive auctions will be introduced.

• Solar PV projects have also been remunerated under two different feed-in-tariff regimes and the

government is also planning to introduce a pilot auction program.

• FiT schemes are no longer available; however a transitional scheme has been published for

renewable projects that had a FiT signed but failed to COD on time. Transitional scheme would

be subject to a price negotiation with EVN.

• Onsite PPAs available, direct PPA mechanism (physical and virtual) approved in July 2024.

2024 main regulatory developments

• In March 2024, a decision which regulates the mechanism for adjusting average retail electricity

tariffs was signed. This new regulation allows Vietnam Electricity group (EVN) to adjust electricity

prices every three months, shortening the previous six-month adjustment period.

• In April 2024, Vietnam’s PDP8 was approved, outlining an energy transition roadmap to 2050. It

includes onshore and offshore wind projects, 2,600 MW of rooftop solar by 2030, and increased

electricity imports from Laos. The plan aims to reduce coal reliance to 5.3%, increase renewables

to 67.5%-71.5%, and cut emissions.

• In July 2024, the DPPA Program Decree was approved, enabling off-takers to directly procure

renewable energy through Physical or Virtual DPPAs. In December 2024, MOIT released a draft

decree on DPPA, implementing the new Electricity Law effective February 1, 2025. The draft

updated the current DPPA Decree, including guidelines for RE GENCOs' sale of excess power to

EVN and removing qualification restrictions for more consumers and retailers to join the synthetic

DPPA mechanism.

• In October 2024, decree for governing the mechanism and policy for incentivising the

development of self-consumption RTS was introduced. Net metering available for self-

consumption RTS with feed-in-rates of up to 20% (in the northern region) and 10% (rest of the

country). Net metering tariff for surplus power will match the average electricity price from the

previous year; confirmation awaited

• In November 2024, the National Assembly approved the amended Electricity Law, effective

February 1, 2025, restructuring state-owned enterprises, mandating bidding for power projects,

enabling foreign investor flexibility through English PPAs and PSLAs, and continuing recognition

of both physical and virtual DPPA models, while also restarting nuclear power development in

alignment with the electricity development master plan.

Singapore

Remuneration scheme

• No support is given to large-scale renewable energy.

• Solar PV development is mainly incentivized through public agencies tenders like the SolarNova

programme or JTC tenders:

• Solarnova was launched in 2014 by the Housing Development Board (HDB). It aggregates

demand for solar PV across some government agencies buildings to achieve economies of

scale. Since 2014, 8 SolarNova tenders have been launched.

• JTC is a government agency under the Ministry of Trade and Industry that launched several

Solar PV tenders under the Solarland and SolarRoof programme. There have been fewer and

smaller auctions than in solarnova's program.

• PPAs available with onsite PPA preferred as most generation is DG.

• Net metering available.

2024 main regulatory developments

• In August 2024, the Ministry of Trade and Industry (MTI) introduced the Energy Transition

Measures and Other Amendments Bill on August 6, proposing a $5 Bn Future Energy Fund for

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low-carbon energy investments, establishing a Central Gas Entity (CGE) for centralized gas

procurement, and granting the Energy Market Authority (EMA) authority to ensure access to

critical energy infrastructure for energy security.

• In November 2024, Energy Market Authority (EMA) and the Singapore Exchange (SGX)

discontinued the Electricity Futures Market (EFM) due to limited usage since 2022 and the

availability of alternative hedging options for electricity retailers.

Taiwan

Remuneration scheme

• 20-year FiT: The government introduced a FiT system in 2009 to encourage operators to

establish renewable power generation systems. Taipower, the integrated power utility and a

monopoly in Taiwan, publishes two FiT rates for solar, one is H1 rate, the other is H2 rate.

2024 main regulatory developments

• In March 2024, Taipower revised its regulations, requiring renewable energy enterprises to

submit detailed plans, power generation licenses, and compliance documents for grid connection

and power transfer, along with adhering to standardized contracts, 15-minute interval billing, and

grid upgrade fees.

• In May 2024, New Feed-in-tariffs were announced, revealing minor reduction in solar PV tariffs

compared to the ones applying in 2023.

Clients & Energy Management

Portugal

Portugal approved other measures in the pursuit of the decarbonization targets, namely:

• The establishment of a Voluntary Carbon Market in Portugal, which will allow the involvement and

participation of several agents, at an individual or organisational level, public or private, in the

mitigation of GHG emissions in the national territory and the fulfilment of national commitments.

• The definition of the General Conditions of Access Agreements with Restrictions for generation or

autonomous storage facilities, applicable to connection requests to the transport and distribution

networks, with their approval being the responsibility of ERSE.

After the end of the suspension of the generation tax in Spain, the application of the clawback

mechanism was resumed in Portugal. As the Spanish Government determined the phased

reintroduction of that tax regime, for 2024 a similar phased payment was defined following the

evolution in Spain.

Concerning the retail activity, the scope of application of the reduced VAT rate on electricity

consumption has been expanded for contracted power up to 6.9 kVA for consumption up to 200

kWh, increased to 300 kWh for large families, effective from 1 January 2025.

In the electricity tariffs, the regulator (ERSE) carried out an exceptional tariff review for the period

from June to December 2024, with an increase of €33/MWh in the network access tariffs (TAR) for

low voltage normal (BTN), offset by a decrease, of the same magnitude, in the energy Tariff, resulting

into a marginal reduction of the BTN tariff of 0.1%. Regarding the overall evolution of TAR, there was

an average increase of €21/MWh. For 2025, an increase in the BTN tariff of 2.1% was approved, and

an average price for the TAR of €95/MWh for BTN and €60/MWh for the average consumers was

established.

The tariff debt of the electricity sector amounted to €1,995m at the end of 2024, as a result of the

intertemporal transfer of €1,717m of the costs of general economic interest (CIEG) in the 2024 tariffs.

Regarding gas tariffs, for the gas year 2024-2025, ERSE approved an increase in the transitory

tariff to the end users of 6.9% and an increase in the TAR across the various pressure levels of

12.9%, on average, to be in force between 1 October 2024 and 30 September 2025.

Spain

Resolution of January 15, 2024, of the Secretary of State for Industry, established the value for the

year 2024 of the ratio between annual consumption and gross value added to qualify as an electro-

intensive consumer.

Order TED/268/2024, of March 20, set the energy saving obligations for the year 2024.

Resolution of May 23, 2024, of the CNMC, approved the operating rules for the daily and intraday

electricity markets.

By Royal Decree-law 4/2024, of June 26, certain existing measures were extended: (i) temporary

extension of the discounts of the social electricity bonus, (ii) maintenance of the prohibition of

interruption of water, electricity, and gas supplies until December 31, 2024, (iii) extension of the

temporary flexibility of electricity supply contracts until December 31, 2024, (iv) extension of the

support mechanism to ensure the competitiveness of the electro-intensive industry until December

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31, 2024, (v) modification of the Corporate Tax regarding the freedom of amortization for certain

vehicles and new recharging infrastructures, (vi) flexibility of the requirements for companies to

access aid for the compensation of additional costs due to the exceptional increase in natural gas

prices during 2022 regulated in Article 59 of Royal Decree-law 20/2022, and (vii) definitive

increase of the discounts of the Social Bonus for vulnerable consumers to 35%, and for severely

vulnerable consumers to 50%.

By Royal Decree 986/2024, of September 24, the update of the National Integrated Energy and

Climate Plan 2023-2030 was approved.

By Royal Decree-law 6/2024, of November 5, certain new measures were introduced in the field of

contracting.

Royal Decree-law 7/2024, of November 11, introduced certain measures for the areas affected by

the DANA, including flexibility of electricity contracts, temporary suspension of electricity contracts,

guarantee of electricity supply, and investments for the reconstruction of electricity transmission and

distribution networks, among others.

Resolution of November 7, 2024, of the CNMC, approved the reserve price for the allocation of the

active demand response service for the 2025 season through auction.

The Resolution of November 29, 2024, of the CNMC, established the amount of 199,827,997 euros

for the congestion rents with France, allocated to financing the electricity interconnection project

between Spain and France through the Bay of Biscay, for the costs derived from the investments

made by Red Eléctrica de España SAU.

Resolution of November 28, 2024, of the CNMC, established the value of the Global Index of Ratios

for the year 2025 (IGR2025) for companies engaged in electricity transmission and distribution, as

well as transportation, regasification, underground storage, and distribution of natural gas.

Finally, Order TED/1487/2024, of December 26, established various regulated costs and the

following distribution percentages of the amounts to be financed related to the social bonus and the

cost of electricity supply to consumers by activity, in addition to the charges applicable in 2025 as

already mentioned: Production: 40.63%; Transmission: 1.74%; Distribution: 8.36%; Marketing:

48.45%; and Direct consumers in the market: 0.82%.

Brazil

Regarding the liberalization of the Brazilian power market, since January 2024 consumers with less

than 500kW load and voltage levels equal to or greater than 2,3kV, represented by retailers, can

choose their own energy suppliers. The Ministry of Mines and Energy launched a Public Consultation

to discuss the market liberalization for low voltage consumers from 2026. To choose their energy

supplier, low voltage consumers must also be represented by a retailer. The result of this Public

Consultation has not yet been published.

The approval of Law 14.300/22 constituted the regulatory framework for mini and micro distributed

generation in Brazil. The Law established a transition period after which distributed generation will

have to start paying for the grid fees according to the amount of electricity injected into the grid. The

enactment of this Law brings legal security and regulatory stability to foster these investments,

incentivizing clean energy sources. The main topics addressed by the Law are:

• Existent distribution generation (grid fees exemption until 2045): mini and micro distributed

generation already installed will only pay a partial grid fee if there is a positive difference

between the total energy consumption and the energy production injected into the grid. Also,

mini and micro distributed generation that have requested access to the grid until January 6th,

2023, can benefit from the exemption regime.

• New distributed generation (tariff transition): the Law created a transition period, varying from

6 to 8 years, for new distributed generation to gradually pay for grid fees until 2028. The

subsidy is matched by resources from Conta de Desenvolvimento Energético - CDE.

Networks

Portugal

In the electricity distribution activity, a Commission was created with the aim of presenting to the

member of the Government responsible for the energy sector, by 15 December 2024, a new proposal

for the timetable and guidelines for the competitive procedure for the award of LV concessions

(revoking the dates foreseen in the Resolution of the Council of Ministers 27/2024, of February 23).

Spain

By means of the Resolution of December 21, 2023, of the CNMC, a transitional remuneration regime

was set for the year 2024, applying the remuneration approved by Order TED/749/2022, of July 27,

to the settlements of that year. This regime was established without prejudice to the effects on the

remuneration of said year derived from the contentious-administrative appeals filed against Order

TED/490/2022, of May 31.

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The Resolution of December 21, 2023, of the CNMC, regarding the activity of electricity distribution,

established the value of the global index of ratios for 2024.

By the Resolution of January 18, 2024, the CNMC established the methodology for calculating the

adjustment to the annual remuneration of electricity distribution companies for the use of optical

fiber in activities other than electricity distribution.

By the Resolution of January 25, 2024, of the Secretary of State for Energy, it was agreed to hold a

capacity contest under the terms established in Royal Decree 1183/2020, of December 29, at the

Pesoz 400 kV (Asturias), Juia 220 kV (Catalonia), Jundiz 220 kV (Basque Country), and Vitoria 220

kV (Basque Country) nodes.

By means of Order TED/113/2024, of February 9, the prices applicable to the different tariff

segments of the electrical system charges were established as of February 15, 2024.

Order TED/345/2024, of April 9, established the regulatory framework for the procedure and the

guiding requirements for granting access capacity to evacuate electricity for synchronous electricity

generation modules from renewable sources or synchronous storage installations at the just

transition nodes Garoña 220 kV, Guardo 220 kV, Lada 400 kV, Mudéjar 400 kV, and Robla 400 kV.

Resolution of May 16, 2024, of the CNMC, approved the formats for the new information exchange

files between electricity distributors and marketers.

By Resolution of June 19, 2024, of the Secretary of State for Energy, it was agreed to hold a capacity

contest for a total of 49 nodes of the transmission network.

By Resolution of June 27, 2024, of the CNMC, the remuneration adjustment for the years 2020,

2021, 2022, 2023, and 2024 was established for electricity transmission and distribution

companies for the use of regulated assets and resources in activities other than the transmission and

distribution of electricity.

By means of the Resolution of July 31, 2024, of the CNMC, the new remuneration amount for the

electricity distribution activity for the year 2020 was set.

Resolution of November 28, 2024, of the CNMC, established the value of the Global Index of Ratios

for the year 2025 (IGR2025) for companies engaged in electricity transmission and distribution, as

well as transportation, regasification, underground storage, and distribution of natural gas.

Orders TED/1471/2024, TED1469/2024 and TED/1470/2024, of December 19, approved,

respectively, the bases of the tender at the Narcea 400 kV, Meirama 220 kV, and La Pereda 220 kV

just transition nodes.

Brazil

In May 2024, ANEEL opened Public Consultation 08/2024, with the aim of obtaining contributions

regarding the regulation of Decree 11.314/22. Additionally, in December 2024, ANEEL opened the

second phase of the Public Consultation 08/2024, to obtain contributions on the compensation of

expiring concessions.

On June 21, 2024, Decree 12.068/24 was published, containing the guidelines to be followed for the

extension of electricity distribution concessions. Among the guidelines of the Decree, the possibility

of extending the concession for another 30 years without cost stands out, provided that the

concessionaires meet the minimum criteria for service quality and financial sustainability, and the

possibility of anticipating the effects of the extension provided that it is requested within 30 days

from the publication of the draft of the addendum to the concession contract. The rules are valid for

contracts expiring between 2025 and 2031.

On October 15, 2024, ANEEL opened the Public Consultation 27/2024, with the aim of discussing

the draft of the Addendum to the Concession Contract for electricity distributors. The agents

submitted their contributions to the Public Consultation and are awaiting for the publication of the

final draft contract Addendum.

With regard to transmission companies, Decree 11.314/22 determined that transmission

concessions are to face new bidding processes at the end of their contractual term, being the

concession renewal the exception (unfeasibility of bidding or in case of any prejudice for the public

interest). This Decree was preceded by a Public Consultation opened by the MME in which EDP

included some contributions.

Between 2024 and 2032, 24 transmission concession agreements will expire. It is worth noting that

EDP's first transmission contract expires in January 2043.

1 IIA Institute of Internal Auditors, Position Paper, [The IIA’s Three Lines Model: An update of the Three Lines of Defense](https://www.theiia.org/globalassets/documents/resources/the-iias-three-lines-model-an-update-of-the-three-lines-of-defense-july-2020/three-lines-model-updated-english.pdf), July 2020

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2.2. Risk management

2.2.1. Risk governance model

The EDP Group adopts a risk governance model, widely accepted in most relevant literature, that

relies on the idea of three internal lines of defence for the organisation - which can be supplemented,

in certain situations, by a fourth external line of defence, in the form of external auditing and

regulation/ supervision 1.

The Three Lines of Defence Risk Governance Model

Each line of defence has designated entities and forums that are officially set up to implement each

line of defence at Corporate, Platform and Region levels, preventing any overlap or omission and

encouraging collaboration and coordination between the different areas.

Risk management is embodied by the Risk Business Enablement Function (RISK), encompassed by

overarching Centres of Excellence (CoE) and Platform Business Partners (BP), ensuring fluid

articulation and communication throughout EDP regarding the main sources of exposure and risk

mitigation measures. Additionally, Regional focal points are also defined to ensure an overarching

perspective of the risk of each region and serve as a link to the Region organization.

Moreover, the group has several Risk Committees, where top management and relevant specialists

meet to examine, discuss, and advise on key risk exposures for the group, their limits and mitigation

actions.

The Internal Audit Business Enablement Function, as the third line of defence, performs internal

audits on the group’s processes that manage, control, and monitor the different risks it faces. To do

this, annually, it decides which audit activities should be part of the next year's activity plan, based

on, among other things, the inputs and concerns of the first and second lines of defence. In this

regard, for 2024, the Internal Audit Business Enablement Function did internal audits to the risk

management process, giving continuity to the verification initiated in 2023 of the operationalization

of the counterparty risk management policy in the main business units of the EDP Group, carrying out

specific assignments regarding the EDP Group Risk Appetite Framework Policy and executing

internal audits on other topics, such as security and cybersecurity or compliance with policies and

procedures promoted by the second lines in the areas of Compliance and Internal Control. The Head

of the Internal Audit Business Enablement Function is part of the Risk Committees, thus facilitating

the monitoring of projects carried out by RISK.

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RISK regularly meets with the General and Supervisory Board (GSB) and the Financial Matters

Committee (FMC) to monitor the effectiveness of the risk management system. The Financial

Matters Committee defines in its annual planning sessions dedicated to monitoring the main

exposures and risk management issues, addressing matters related to financial, strategic, ESG,

business and operational risks. In 2024, RISK had three meetings with the General and Supervisory

Board, three with the Financial Matters Committee and the yearly meeting of the Audit Committees,

addressing several risk issues, namely the monitoring of EDP’s main exposures and Key Risk

Indicators (KRIs), an overview of the RISK execution plan (financial and non-financial risks, including

ESG risks with detail on climate risks), risk reporting mechanisms, ESG investments criteria, long-

term contracting strategy, foreign exchange risk management policy, risk appetite framework

review and RISK strategic priorities for 2025\. In June 2023, a presentation was also made to this

Commission on the project that began in 2024 to prepare the company for the Sustainability

Reporting Directive (CSRD), regarding the Internal Control System for Sustainability Reporting

(ICSSR), as well as climate risk analysis and the ESG risk framework.

EDP’s external audits also contribute to assess the degree of internal compliance with the risk

management system. The last external audit took place in 2022 and focused on assessing the level

of maturity of the Enterprise Risk Management system at Group and Business Unit levels.

A description of those involved in the EDP Group's risk governance model, as well as their respective

responsibilities, is available in the Corporate Governance Report and, in more detail, on the EDP

website: [EDP Group Risk Governance Model | edp.com](https://www.edp.com/en/edp-group/risk-management#risk-governance-model).

Corporate Functions

2  These include, among others, the [Enterprise Risk Management Policy](https://www.edp.com/en/edp-group/risk-management#risk-management-policy), the Risk Appetite Framework Policy, the Energy Risk Management Policy, the [Financial Management Policy](https://www.edp.com/en/edp-group/financial-management-policy), the Counterparty Risk Policy, the Insurable Risk Management Policy, the [Occupational Health and Safety Policy](https://www.edp.com/en/sustainability/health-and-safety-work-policy), the [Information Security ](https://www.edp.com/en/edp-group/information-security-policy)

[Policy](https://www.edp.com/en/edp-group/information-security-policy) and the [Business Continuity Policy](https://www.edp.com/en/investors/corporate-governance/business-continuity-policy).

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2.2.2. Risk appetite

The EDP Group is exposed to several risks due to its size and diversity of businesses and

geographies in which it operates. Therefore, it recognises risk-taking as an integral and unavoidable

component of its activity, both in terms of threat and opportunity. In this context, the group explicitly

and implicitly establishes its risk appetite with its stakeholders, at Corporate and Platform/ Region

level, through a series of mechanisms:

• the development and periodic approval by the Executive Board of Directors of the group's

Business Plan, which sets out and explains the main strategic guidelines over a three-to-five-

year horizon

• rigorous assessment of the risk associated with investment and divestment opportunities carried

out by the Regions and approved by the Executive Board of Directors, supported by the opinion of

the Investment Committee

• the development of risk management policies, establishing guidelines, assessment

methodologies and exposure limits for key risks 2

• periodic risk maps based on objective, quantitative and comparable criteria, with the aim of

analysing exposure to the most relevant risks and taking preventive action to deal with excessive

exposure in relation to the established risk tolerance

• the development of periodic risk reports for the main risk categories, making it possible to

regularly monitor the evolution of current and emerging risks and compare the various exposures

against the established limits. Dissemination of said reports in line with the group's strategy and

performance metrics to the Executive Board of Directors and General and Supervisory Board

• the definition of an internal Risk Appetite Framework, approved by the Executive Board of

Directors.

The EDP Group's risk appetite framework is structured around four pillars:

• the governance model identifies the main players in the risk appetite process and their

responsibilities

• the risk appetite statement formally defines a set of risk appetite statements complemented by

risk indicators and thresholds. In terms of positioning, the group has established maintaining a

controlled risk profile as a fundamental pillar of its strategy

• monitoring and follow-up, defining the key processes of monitoring, update and action plan

• and the reporting platform, embodied in a risk appetite dashboard, that allows the EDP Group's

risk appetite to be monitored.

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2.2.3. Risk appetite statement

| | | | |   
---|---|---|---|---|---  
| 1st Level Declaration| | 2nd Level Declaration| | KRI (Objective)  
| Balanced businessControlled risk utility, with a strong share of regulated/Long Term contracted activities, diversified both geographically and across the value chain, with a strong growth focus on renewables.| | GEOGRAPHICAL CONCENTRATIONGeographical diversification and focus on geographies/markets with reduced country risk.| | Max EBITDA by Market/Country (<50% in Iberia)Max EBITDA in Emerging Countries (<20% in Brazil)  
| | BUSINESS SEGMENTSDiversified portfolio across the value chain with a strong growth focus in medium to long-term viable renewable generation and grids.| | Max EBITDA by Technology   
| | REGULATED/Long Term CONTRACTEDActivity focused mainly in regulated or long-term contracted operations.| | Min Regulated EBITDA / LT ContractedMin Contracted Duration of Generation Assets   
| | Short Term ENERGY MARKET POSITIONControlled short-medium term energy market risk and limited proprietary trading exposure.| | Max Portfolio Value at Risk Min Net Position in Iberia (coverage of ≈70-80% for hydro and ≈80-90% for  wind and solar)   
| | REGULATORY MONITORINGForesight of possible high impacting regulatory/political changes in current portfolio and potential new geographies.| | Max Expected Loss of Regulatory Risk   
| Solid financialsCredible business plan with sound financials, aiming for a solid investment grade rating and sustainable dividend policy.| | RATINGAlignment between business and financial profiles to target a solid Investment Grade.| | Min Long-Term Rating (BBB target)Min Funds from Operations/Net Debt (>20%)  
| | DIVIDENDSPredictability and sustainability of dividend policy as a fundamental element of the shareholders’ value proposition.| | Max Payout Ratio (recurring Net Income) (target payout of 60-70%)Max Net Income Recurring @Risk   
| | LIQUIDITYMaintenance of liquidity reserves enough to cover cash needs in short-medium term in times of stress.| | Min Survival Period (coverage > 100%)  
| | FINANCIAL MARKET RISKProactive management of the exposure to financial markets, namely FX and Interest Rate, controlling the impacts on the business activity. Investments are financed in local currency if possible.| | Max P95% Net Investment Loss - Foreign ExchangeMax % Variable Rate Debt in EUR and USDMin Duration of group Debt in EUR and USD   
| | CREDIT & COUNTERPARTYControlled exposure to credit & counterparty risk, favouring higher rated counterparties.| | Max Expected Portfolio Loss Max Exposure to non-Investment Grade Counterparties  Max Concentration of counterparty exposure   
| | IMPLEMENTATION OF THE INVESTMENT PLANInvestment in projects with an attractive risk adjusted profitability, limited market exposure and short time to cash.| | Min IRR P90 / WACC (1x)  
| | SOCIAL LIABILITIESFull coverage of funded social liabilities, through a diversified asset portfolio of limited duration gap, with new pension plans as defined contribution.| | Min Funded Pension Coverage Ratio Max V@R of the Assets-Liabilities Position   
  
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---|---|---|---|---|---  
| 1st Level Declaration| | 2nd Level Declaration| | KRI (Objective)  
| ESG ExcellenceBuild a future-proof organization adherent to key ESG principles.| | ENVIRONMENTLeading the energy transition to create superior value accounting for climate change resilience and limiting the environmental impact of the group activities.| | Min Percentage of Renewable Generation (93% in 2026) Min Percentage of Revenues aligned with the EU taxonomy (70% in 2025)  
| | SOCIALPeople-oriented way-of-working, with zero tolerance for non-compliance with safety measures, assuring Human and Labour Rights, attracting and retaining diverse top talent, and empowering communities.| | Max Rate of Work AccidentsMax Work-Related Fatalities (target of 0 fatal accidents)  
| | GOVERNANCEMaintain the highest standards of ethical behaviour, transparency and accountability, with zero tolerance to corruption and to any other illicit behaviour or non-compliance with laws and/or regulations, and continuously work towards the enhancement of our governance practices for the benefit of our stakeholders. | | Max Outstanding Value of Passive Legal ContingencyMax High Integrity Risk Counterparties Min RepRisk Score Leading Position in the DJSI Index   
| Operational excellencePrudent operational risk management, following best-practices and assuring business continuity.| | DEVELOPMENT/CONSTRUCTION OF PHYSICAL ASSETSExcellence in project management, limiting risk of CAPEX deviation and COD delays, allowing the fulfilment of the Investment plan.| | Max CAPEX Weighted Deviation Max COD Weighted Deviation   
| | AVAILABILITY AND INTEGRITY OF PHYSICAL ASSETS AND ENERGY LOSSESPrudent O&M and security of physical assets, complemented with insurance and contingency and recovery planning, guarantying limited operational losses, outstanding quality of service and assets availability. Control of technical and non-technical losses in electrical grid through adequate tech, maintenance, operation and fraud anticipation processes.| | Max Losses after Insurance in Physical Assets   
| | SECURITY, CONFIDENTIALITY, INTEGRITY AND AVAILABILITY OF SYSTEMSPrudent management, targeted maintenance, security and availability of IT and OT systems and related services, ensuring resiliency capability under abnormal/disruptive situations.| | Min Bitsight Security Performance Rating  
| | PROCESSESPursue of increasingly efficient and adequately controlled processes, digitalization and, for business critical and intersecting processes, assurance of business continuity and recovery under abnormal/disruptive situations and minimization of procedural errors.| | Min Digitised Processes  
| | SUPPLY CHAINReinforcement of the effectiveness, sustainability, resilience and continuity of the supply chain, providing service excellence to customers and partners in a secure manner, while ensuring supplier compliance.| | Max Supply of High-Risk Regions Max Suppliers Concentration by Product  
  
Monitoring Risk

EDP has a comprehensive risk monitoring framework to safeguard its operations and investments,

reporting on a recurring basis to the Executive Board of Directors and Risk Committees.

At the forefront of this strategy is the annual mapping of risks, complemented by monthly interim

updates, to identify, quantify and prioritise the risks of the different categories of the risk taxonomy.

The quarterly risk appetite dashboard is a vital tool that systematically assesses the company's risk

exposure, comparing the value of the Key Risk Indicators with the limits defined in the Risk Appetite

Statement. In the table above are some examples of these limits, within brackets.

In addition, RISK prepares a monthly report focused on monitoring the exposures for all the risk limits,

which is presented and discussed in the Risk Monitoring Committee.

At a platform level, there are dedicated reports for monitoring risk, focused on more operational

metrics, some of which updated daily.

To reinforce the risk monitoring infrastructure, EDP has a Global Risk Committee, which includes four

annual meetings, as well as other dedicated risk committees (Risk Monitoring Committee &

Financial Risk Committee). These committees play a key role in monitoring risk exposure and

defining risk mitigation policies and measures, as well as discussing new analysis and policies.

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2.2.4. Risk management for the year

The EDP Group's risk management endeavours to act in an integrated manner across five fundamental pillars:

Risk management activities overview

| | | | | | |   
---|---|---|---|---|---|---|---  
| | | Recurring activities | | Developments in 2024 | | Priorities for 2025  
| | | | | | |   
| In-depth knowledge  about key main sources of risk exposure| | • Development of the risk map with the main risks for the following year and the Business Plan horizon, with updates for the main risks during the year.• Quantitative analysis of exposures (based on expected loss and maximum loss).• Development of the climate risk assessment.• Presence at national and international forums on risk management.| | • Finalization of a project to develop an Ethical Risk framework.• Update of the main strategic and emerging risks analysis for the EDP Group.• In-depth analysis of the main IT/ OT risks.• In-depth analysis of the main operational risks.• Deep-dive analysis of inflation and interest rate risk.• Detailed analysis on operational assets availability and curtailment.| | • Strategic reflection on insurance coverage in the group.• Develop in-depth risk analysis of each region.• Revision of Climate Risk quantification leveraging an external tool.  
|   
| Definition of risk  management strategy| | • Support for explaining and reflecting on risk-return trade-offs (and risk appetite) in key management decisions.• Periodic updating of the risk appetite statement, formalised and disclosed in the Annual Report and Accounts.• Periodic updating of specific risk management policies.| | • Finalization of the Enterprise Risk Management Roadmap.• Extension of the Counterparty Risk Project to the other Platforms. • Fine-tuning of EDP Group's energy management risk policy and creation of a market risk policy for the retail business.• Creation of a framework for analysing and controlling inflation risk.• Definition of limits for off-shore business exposure.| | • Creation of a Financial Risk Policy at group level.• Development of an analysis of the current and future contracted profile.  
|   
| Active participation  of risk in key management decisions and processes| | • Risk advice on the Business Plan and Budget exercises.• Support for investment decisions (including participation in the Investment Committee). • Support in defining coverage strategies for key exposures.• Analyses and advice on topics with possible impact on the group's risk profile.• Follow-up and control of key exposures (through periodic reports at group level and for the most relevant Platforms).• Periodical Risk Committees (for debate of key sources of risk exposures and treatment measures).| | • Standardization of risk investment inputs, namely contingencies for BOP/BOS and COD buffers.| | • Standardization of contingencies for Main Equipment.• Introduction of an ESG framework analysis in new investments.  
|   
| Formalisation of the  risk governance model| | • Updating the EDP Group's risk management policies and principles.| | • Updating of EDP Group's Enterprise Risk Management Manual.| | • Complete revision of EDP Group's Enterprise Risk Management under the new organization.  
|   
| Promoting a solid risk  culture throughout the organisation| | Carrying out a wide range of awareness initiatives, adapted to the different target audiences:• Training on risk issues and new trends in risk management at the Annual Meeting of the Audit Committees, for members of the General and Supervisory Board.• Specialised courses for all employees (e.g., ethics, health and safety, cyber security).• Annual Risk Summit to promote a risk culture and train risk teams, as well as members of the Risk Committee (such as Internal Audit) and members of the General and Supervisory Board.• Programme to boost the EDP Group's network of risk teams: annual planning meeting, sharing of information in the Enterprise Risk Management Repository, quarterly masterclasses and participation in Risk Committees.| | • Development of several sessions dedicated to risk for senior management (executives and non-executives): four Risk Committees dedicated to analysing the main risk issues with senior executive management; participation in three sessions of the Financial Matters Committee and three plenary sessions with the General and Supervisory Board.• Training workshop for the General and Supervisory Board on main ESG risks. • Definition of a development plan for all members of the risk teams, based on an exhaustive competences’ diagnosis.| | • Implementation of quarterly townhalls with all members of risk teams.  
|   
  
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2.2.5. Main risks for 2025

EDP Group seeks to have a comprehensive view over the key risks it is exposed to, at strategic and

ESG, business, financial and operational levels, establishing processes to ensure their monitoring

and proactive management. The year 2024 was marked by a relevant decline in energy prices, after

the significantly high prices from the European energy crisis. The financial markets also continued

with high uncertainty regarding inflation, interest rates and exchange rate. Risk management

reaffirmed its importance, playing an essential role in this disruptive context.

A detailed description of the various risks relevant to the EDP Group is available on the EDP website:

[Risk Taxonomy | Risk Management](https://www.edp.com/en/edp-group/risk-management#risk-taxonomy). The table below details the risks expected to have the greatest

potential impact on the group's EBITDA in 2025, in an adverse scenario.

Macro Categories of EDP's Risk Taxonomy

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Risks

| | | |   
---|---|---|---|---  
| Risk Description | Evolution compared to 2024 | Mitigation Measures (not exhaustive)  
1 | Capital Gains on Asset  Rotation| Reduction of capital gains expected from asset rotation activity due to a decrease in  the value of assets, because of lower market appetite, a generalised rise in interest rates, lower energy prices or exchange rate variations.| ↗ | • Diversification of asset rotation across different geographies (Europe, North America, South America, APAC, etc.) and currencies (EUR, USD, BRL, PLN, etc.).• Exchange rate risk hedging (Net Investment and transactional), within the framework of the group's financial risk management policy.• Financing structure in the different currencies (namely variable rate percentage and duration) aligned with the characteristics of the assets, offering risk mitigation to interest rate hikes.  
2 | Renewable Production  Volumes| The EDP Group has a material degree of exposure to variations in renewable energy generation volumes, particularly regarding hydro volume, but also wind and solar. A dry year and/or a year with lower wind or solar resources can have a negative impact on the company's results.| ↘ | • Geographical and production portfolio diversification.• Long net position in the various markets, with continuous monitoring, protecting the company from the risk of becoming over hedged even in scenarios where there are low renewable resources.• For Iberia, compensating for lower hydro years with greater thermal production.• Appraisal of instruments to hedge the volume of renewable generation (hydro and wind).  
3 | Commodity Prices | Changes in commodity prices, essentially due to market exposure in Iberia to electricity, coal, gas and CO2 prices, but also in EDPR's other markets (residual exposure not covered by PPA). These changes may be due to various factors, namely fluctuations arising from supply and demand dynamics or regulatory changes (national or international) and may impact the company's results.| ↘ | • EDP's business with a high percentage of forward contracts with PPAs, being very protected from price variations within these contracts.• Integration of generation with retail in several of the most important geographies.• Prudent management strategy for residual energy not covered by PPAs, by the Global Energy Management Unit, which negotiates and manages coal, gas and CO 2 licence contracts, and is also responsible for mitigating price risk via hedging (including exchange rate risk in US dollars, in coordination with the Corporate Finance).  
4 | Physical Assets under  Construction| Risk associated with CAPEX deviations and/or COD delay beyond what was  estimated in the investment decision, leading to potential impacts on the current year (less revenue and more costs) and on the profitability of investments. This risk is mostly concentrated in Renewables investments due to the proportion of new investments foreseen in the Business Plan.| ↘ | • Timely contacting of equipment and EPC, to reduce the risk of cost increases or unavailability of the supply chain after commitments to projects have been made.• Introduction of a buffer between the expected COD and the PPA start, to reduce the risk of incurring penalties and/ or the need to purchase energy to fulfil the contract.• Prudence in defining contingencies and assumptions of stress analysis (COD and CAPEX deviation) in the investment decision-making process.  
5 | Counterparty | Risk associated with the potential default (or increase in relation to the expected  level of default) of contractual obligations from customers, energy counterparties,  financial counterparties (essentially associated with deposits with financial institutions and financial derivatives) and / or suppliers.| ↘ | • Diversification of counterparties, with limits on the concentration and percentage of exposures below Investment Grade.• Careful analysis of counterparties, differentiating risk limits between counterparties, promoting contracts with those with the best credit quality.• Continuous monitoring of the evolution of the credit quality of the group's counterparties.• Use of counterparty risk mitigation instruments, such as financial guarantees, clearing and credit insurance.• Implementation of credit risk premiums in contracts where the EDP Group is a price-setter, differentiating between counterparties and compensating for Expected Losses.   
6 | Regulation | Risks related to legislative and regulatory changes that the group is obliged to  comply with in the different geographies and markets in which it operates (namely  sector packages, regulatory models, environmental legislation, taxes and other).  Adverse regulatory changes could have a negative impact on the company's  results.| ↘ | • High business diversification both geographically and in the energy value chain.• Proactive management through careful monitoring and preparation of the several dossiers, as well as the adoption of a constructive and cooperative stance when discussing them, making it possible to anticipate and minimise the materialisation of options that are unsuited to the reality of the various market contexts in which the group operates.  
  
The quantification of EDP's risks is based on the potential loss in EBITDA, in a P95% scenario,

estimated through the application of Monte Carlo simulations. Monte Carlo simulation, through the

definition of probabilistic distributions for each risk factor/variable, allows to simulate possible future

outcomes; for each simulation, different values are randomly generated for each of the probability

distributions of the various risk variables (inputs). The result of a Monte Carlo simulation is a

probability distribution, i.e., a representation of the different possible future outcomes and their

probability of occurrence. In addition, EDP also makes a qualitative assessment of the potential

financial impact and probability/ likelihood of each risk, and the impact matrix for the main risks

identified above is presented in the next page (EDP Group Risk Heatmap).

EDP favours risk management based on quantitative analysis and continuous monitoring of the risks

that may affect its business. For this purpose, the company regularly carries out sensitivity analyses

of financial and non-financial risks, as well as analyses of stressed scenarios, using Monte Carlo

analysis, or focusing on some specific stress scenarios.

As an example, every year, when analysing the risk of the budget for the following year, EDP carries

out a sensitivity analysis of various risk factors, namely renewable volume (hydro, wind and solar),

electricity price, gas price, electricity demand, inflation, exchange rate, inflation rate, among other

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specific operational sensitivities for the different markets which impact EDP's business. The impact

on EDP's EBITDA of the variation in some risk factors is presented below, namely:

• Hydro volume: a significant risk factor for EDP given its portfolio and high volatility of the variable,

impacting the company's generation capacity. Assuming a price of €80/MWh, a 20% reduction

in the expected volume impacts EDP's EBITDA by ≈€100-140m. It should be noted that EDP's

financial performance in 1Q2022 was strongly impacted by the extreme drought in Portugal in

the winter of 2021/2022 (≈-30% compared to the historical average hydro production)

• Unavailability of assets: assuming an average 1% reduction in the availability of all EDP's

generation assets (conventional and renewable), the impact on EDP would be ≈€30-40m.

Also, in the process of evaluating risk in the budget exercise, as a way of assessing execution risk,

stress analyses are carried out using Monte Carlo analysis. This type of analysis is applied to

EBITDA, EBT, NI, FFO/ND and all relevant output variables at group level and broken down by

platform, technology, Business Unit, among others.

In addition, liquidity/solvency stress analysis are also carried out to assess the company's ability to

continue operating in a highly stressful situation, i.e., to maintain sufficient liquidity/cash levels to

continue operating. Two different scenarios are considered (generalised liquidity crisis scenario for 1

year and EDP-specific stress scenario for 2 years), for which the company's ability to survive is

assessed. EDP must have available liquidity, in cash and available credit lines, to cover these stress

scenarios.

A climate risk analysis exercise is also carried out every year using 3 different scenarios, which can

be consulted in greater detail in EDP's Sustainability Statement.

EDP Group Risk Heatmap

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2.2.6. Emerging risks

In addition to closely monitoring the main risks inherent to the group's activity, the main trends (at

global and sectoral level) that may translate into threats and opportunities for the group are also

comprehensively mapped, and appropriate mitigation strategies are proactively developed. In

2024, the mapping of emerging risks was updated, with an assessment by the EDP Group's top,

executive and non-executive management.

In 2024, the following stand out: (1) economic wars and sanctions impacting EDP’s geographies; (2)

military conflicts causing business instability; (3) climate risks from extreme weather, reduced

precipitation, and regulatory transitions; (4) weakening climate transition efforts; (5) rising

cyberattacks threatening operations; (6) labour shortages in renewable energy; and (7) changes in

the insurance landscape with higher costs and reduced coverage.

| | | | | | | |   
---|---|---|---|---|---|---|---|---  
| | | | Description | | Potential Impacts | | Mitigation Measures  
| Economic Wars and Tensions at Global Level leading to sanctions/ tariffs in EDP geographies  | | | Increasing use of economic tools, policies, and sanctions as instruments of geopolitical  competition. Instead of traditional warfare, nations leverage trade restrictions, tariffs, currency manipulation, and supply chain disruptions to achieve strategic objectives or  assert dominance.| | • The intensification of economic wars and geopolitical tensions presents a risk for EDP, especially in the context of the energy sector. These disputes, often manifesting as sanctions, tariffs, and other trade barriers, can disrupt supply chains, inflate costs, and limit market access.| | • Geographical and business diversification.• Value chain diversification by contracting different equipment suppliers in different geographical areas (e.g., First Solar in the United States).• Geographical Risk Appetite: establishment of limits for investment in specific geographies.• Establishment of Frame Agreements with main equipment suppliers to secure future MWs volume (with fixed price). • Compliance Integrity Due Diligence screening of most relevant stakeholders.• Financial counterparty analysis for all relevant counterparties with exposure limits depending on the risk level.• Continuous monitoring of geopolitical events with external advisors (identifying and quantifying main potential risks).• Duty of Care in the process of being updated for travelling collaborators.  
| Military Conflict  between World Powers leading to business environment instability | | | Significant risk to the global business environment by creating widespread instability.  Escalations between major nations can disrupt trade routes, supply chains, and critical resource access, leading to market volatility and economic uncertainty. | | • Trigger of widespread economic disruptions, including supply chain interruptions restricting access to key resources, increased commodity prices, heightened  market volatility.|   
| Climate risks, Physical extreme  events and precipitation reduction, regulatory transition risks| | | Adverse effects of climate change include extreme weather events, chronic changes in  physical parameters, and the economic, regulatory, social, and technological shifts required for a low-carbon future.| | • Continuous rise in the number and severity of extreme weather events worldwide (e.g., storms, wildfires, heavy precipitation and floods, and landslides events).  Reliability of infrastructure to more frequent and severe extreme climate events  and overall costs increase (inc. insurance) are major risks. | | • Structured climate risks assessment (TCFD) and integration of climate criteria in investment analysis (project in development) with support tool (from Swiss Re). • Reduction of hydro share in EDP portfolio.• Prudent energy management through long positions to safeguard against extreme  weather conditions.• Development of specific climate adaption plans, for example:◦ Revision of the dam safety plan in Brazil.◦ Greater involvement with suppliers to ensure the resilience of assets.• Replacement of conventional grids with compact grids.  
  
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| | | | Description | | Potential Impacts | | Mitigation Measures  
| Weakening Climate  Transition Efforts| | | The energy transition faces a growing risk from waning political support, which can  adversely affect policy stability, funding, and long-term investment in renewable energy  projects. Political shifts or a lack of consensus may result in delays or rollbacks of critical initiatives, creating uncertainty for stakeholders and undermining momentum. This challenge is further compounded by increasing social resistance to project approvals, as local communities increasingly oppose new developments due to perceived environmental, economic, or social impacts. Such opposition is often driven by misinformation or inadequate stakeholder engagement, further delaying the deployment of essential energy infrastructure. Together, these factors jeopardize the pace and success of the energy transition, hindering global efforts to combat climate change and  achieve sustainable energy systems.| | • Delayed EDP projects in countries where environmental requirements are increased.• Cancellation of EDP projects in pipeline that are not profitable with a reduction in  incentives (e.g., tax credits).• Increase in curtailment for operational EDP assets in case there is a lower investment in preparing networks for a decentralized generation world.• Community resistance (Not In My Backyard) and misinformation slow infrastructure deployment and strain relationships, limiting projects’ development and risking reputational damage. • Regulatory uncertainty complicates compliance and adds financial pressure.• Hindered progress toward sustainability goals, reduce access to green financing, and divert resources from innovation, affecting long-term competitiveness .| | • Close monitoring of regulatory evolution and active participation in discussions at international & national levels.• Geographic diversification (top EBITDA per country: 40% Portugal, 18% Spain, 17%, United States, 19% Brazil) and Technological diversification (top EBITDA per technology: 32% wind, 29% grids, 24% hydro, 8% solar).• Introduction of contractual buffers or merchant nose periods between CODs and PPA start dates to mitigate the possible impact of COD delays due to environmental permits.• Exposure limits to offshore business.• Limits to investment in projects that still have not reached the Final Investment  Decision.  
| Increase in Cyber- attacks | | | EDP, as an energy utility company, has become heavily reliant on its digital infrastructure  for efficient operations and service delivery. However, this increased technological  sophistication and integration also heightens its exposure to various types of cyber risks.EDP is actively pursuing a digital transformation to further enhance business  performance, with cyber resilience as a key component. Despite all the efforts made by  organizations, there is probable risk that cyber-attacks become more frequent and with higher magnitude.| | • The economic and reputational impact of cybersecurity issues remains a concern, with the frequency and sophistication of cyberattacks expected to continue rising. The impact may affect both IT and OT levels (e.g., attacks on EDP’s generation and distribution assets), particularly in the following areas:◦ Losses resulting from the unavailability of critical EDP systems (e.g.,  dispatch/plants, billing, customer service).◦ In extreme cases, damage or destruction to physical assets and potential harm to human lives.◦ Data breaches or data loss (personal and other sensitive information).◦ Fines incurred due to GDPR violations.◦ Increased costs driven by higher investments in cybersecurity measures.◦ Damage to EDP’s reputation in the event of a cyberattack that affects power availability or compromises data privacy.| | • Dedicated Global SOC (ISO 27001 certified) for continuous security monitoring, detection, and response for the group's IT and OT infrastructure. • Cyber Executive Committee with top management participation.• Online and in-person training sessions, phishing simulations, and cyber exercises.• Cyber risk insurance.• Ongoing compliance initiatives to adhere to various and dispersed regulations.• Implementation of a Zero Trust Cybersecurity roadmap based on five key pillars: Security by Design, Resilient Architecture, Integration and Automation, Uniform Governance, Risk and Compliance, and Human Behaviour Security.• Specific OT cybersecurity roadmaps to address cyber risks in mission-critical infrastructures (e.g., networks, generation, energy management).• IT/OT Risk Project for identifying and managing the most critical IT/OT assets.• Participation at strategic, tactical, and operational levels in local and global cyber groups (e.g., World Economic Forum).  
  
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| | | | Description | | Potential Impacts | | Mitigation Measures  
| Social Risk Gap in labour market  and risk of unavailability of talent for renewable energy companies | | | The renewable energy sector is currently in a phase of rapid expansion, fuelled by a  growing demand for clean energy solutions and government initiatives aimed at facilitating the transition to low-carbon economies. This increase in the renewable  energy industry is expected to create a substantial demand for qualified professionals in various fields, such as engineering, project management, installation, and maintenance. At the same time, demographic trends indicate a projected decline in the working-age population in Europe, along with a stabilization in the United States. This demographic shift, along with a projected increase in the need for workers in renewable assets (which is expected to increase 3-4 times by 2030 in the EU), is set to result in a global shortage of skilled labour in the green economy, reaching 7 million by the year 2030, predominantly in the solar and wind sectors.This shortage of skilled labour represents a notable risk to EDP's business plan. The  company has ambitious targets for the years 2023-26, with the aim of deploying approximately 17 gigawatts of additional renewable capacity, with an expected overall increase in the workforce of around 6%. Specifically, in the wind and solar sectors, a percentage increase in the number of employees of around 30% is expected. In the digital and innovation sectors, the expected increase in headcount is around 20%.| | • Increased competition in attracting and retaining talent, leading to more competitive and aggressive recruitment and retention strategies in the market.• Companies, such as EDP, will need to become more involved in strategic workforce planning to identify critical roles, assess skills gaps, and implement measures to mitigate the impact of workforce shortages. • Heavier investment in innovation and automation to reduce reliance on manual labour, streamline processes, and boost efficiency, as well as invest in research and development.• Delayed project deadlines and risk of execution of the Business Plan.• Increased global mobility of the workforce, attracting talent from regions where  there is a surplus of qualified labour in the renewable energy sector, increasing global collaboration, and the diversity of the workforce.• Significant investment in training and development programs to improve the skills of current employees and prepare them for roles in the renewable energy sector.| | • Implement a proactive and strategic global recruitment strategy to attract young, qualified professionals by creating internship and apprenticeship programs that  offer first-hand experience to students interested in the renewable energy sector, fostering long-term. relationships and retention, and more specific opportunities for experienced profiles.• Develop and implement strategies to retain existing skilled workers, offering competitive compensation packages, providing career development opportunities, and cultivating a positive work environment to minimize turnover and enhance knowledge management.• Conduct regular workforce needs assessments to identify critical roles and develop strategic learning plans to address skills gaps.• Allocate resources to comprehensive training programs, focusing on upskilling and reskilling existing workers to prepare them for roles in the renewable energy sector through partnerships with educational institutions, companies in the sector, or other strategic partners.• Promote a flexible, diverse, and inclusive workplace that welcomes and leverages the strengths of a diverse workforce, ensuring talent retention regardless of demographic or professional characteristics.• EDP has been working on innovative projects within automation to overcome the labour shortage challenge and to increase efficiency. It also advocates for government and institutional support through policies, incentives, and funding to bolster workforce development efforts.  
| Change in insurance  landscape| | | The insurance landscape is shifting as insurers reevaluate coverage in a fast-changing  environment. On one hand, increasingly severe natural disasters driven by climate change are leading to higher premiums, stricter exclusions, and reduced availability of coverage for events like floods, wildfires, and hurricanes. At the same time, the escalating frequency and sophistication of cyberattacks are prompting insurers to tighten policy terms, lower limits, and introduce exclusions for specific cyber outcomes (e.g., impact on physical assets). Additionally, heightened regulatory scrutiny and litigation risks related to environmental legal claims (e.g., concentration of chemical components) are causing insurers to reevaluate liability coverage, raising premiums or limiting options for affected industries.| | • The overall shift in insurance policies drives up expenses associated with securing adequate coverage or addressing existing risks, meaning that EDP will have a higher cost with insurance premiums and/or decrease the ability to mitigate risk through insurance.• Lack of protection for insurance also leads to additional costs with infrastructure fortification for EDP assets, advanced cybersecurity measures, and alternative  risk transfer mechanisms to mitigate gaps in coverage and ensure business continuity.| | • Enhance Infrastructure Resilience, through investment in climate-resilient infrastructure and fortification of assets against extreme weather events to reduce vulnerability and potential damages.• Insure assets in bundles both of geographies (globally) and types of assets (e.g., generation and network assets), offering a more attractive portfolio which enables an improved negotiating stance (easier to ensure assets/ risks are not excluded).• Work closely with insurers to enable an accurate assessment of the asset base risks, avoiding that risk premiums and exclusions are inappropriate.• Implement robust cybersecurity measures, including advanced threat detection systems, regular vulnerability assessments, and employee training to mitigate cyber risks.• Diversify Risk Transfer Strategies, exploring alternative risk transfer mechanisms, such as catastrophe bonds, captives, or risk-sharing partnerships, to offset gaps in traditional insurance coverage.• Improve Risk Assessment and Planning, conducting regular risk evaluations and integrating advanced analytics to anticipate and prepare for emerging threats,  including climate, cyber, and liability risks.• Engage in Stakeholder Collaboration, partnering with insurers and industry peers to advocate for fair and sustainable insurance solutions and share best practices for risk management.• Increase Compliance and Safety Standards, by proactively adhere to evolving regulations and improve safety protocols to minimize liability risks associated with hazardous substances and chemical components.• Build Financial Reserves for Self-Insurance, allocating financial resources to self-insure against high-probability risks, reducing reliance on external coverage.  
  
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2.3. Strategic priorities

Today’s world is changing very fast and is very volatile, and this environment requires businesses to

adapt quickly. EDP has a resilient business plan focused on driving growth and making sure that

EDP can navigate through world’s volatile environment. With this business plan in place until 2026,

EDP is promoting renewables as a source of energy, reinforcing its position in electricity networks,

and supporting collaborators, clients, communities, shareholders, and partners in achieving a

climate positive world.

Vision

EDP's vision is to be a leader in the energy transition, while creating superior value. To achieve this,

EDP is strategically positioning itself with a low-risk, cross-diversified and resilient profile, which

enables the company to create distinctive conditions for the execution of a value-creation strategy

in the challenging context of low ecological footprint leveraged in sustainable growth.

By prioritizing sustainability and innovation, EDP is committed to being at the forefront of the energy

industry and aims to create value for all stakeholders while minimizing its environmental impact.

With its forward-thinking approach and strong focus on sustainability, EDP aims to drive the energy

transition and contribute to a more sustainable future. As our business expands, our purpose and

commitment to the planet grows stronger.

Strategic pillars

Based on its Vision, EDP has identified four strategic pillars:

• Accelerated and focused growth

• ESG excellence and future proof organization

• Distinctive and resilient portfolio

• Superior value creation for stakeholders.

EDP aims to achieve accelerated and focused growth by implementing its investment plan until

2026 that will reinforce EDP’s position as a leader of the energy transition. Accordingly, EDP's

capital allocation follows a clear investment framework via a selective and disciplined approach,

while focusing on sustainable growth and low risk profile. With the goal to be net-zero by 2040, and

on the path to be all green by 2030, EDP has clearly defined its strategy towards decarbonization.

The deployment of renewables capacity will be combined with the intended sale of majority stakes

in selected renewable assets, in line with EDP's asset rotation strategy, to enable growth through a

less capital-intensive model.

The focus on building a future-proof organization will drive the EDP of the future. EDP is focused on

accelerated and sustained growth, being a more global, agile and efficient organisation by

improving its decision-making process and simplifying its organisational structure. By having digital

at the core of its strategy and being fast adopters on innovation while continuously investing in

talent, it will achieve its targets.

EDP has a distinctive and resilient portfolio with a low-risk profile and focused geographic presence,

with a BBB credit rating, 21.5% FFO/Net  Debt and 78% EBITDA in high-rated markets such as

Europe and North America. EDP is leveraging a superior portfolio and infrastructure as a competitive

advantage for increased renewables deployment such as hybridization, repowering, storage and

hydrogen.

EDP is committed to delivering attractive returns through a sustainable dividend policy based on a

target pay-out ratio of 60 to 70 per cent., with a dividend floor at €0.20 per share in 2024. EDP is

focused on delivering value to shareholders through a sustainable business model for the long term.

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Gross investment 2023-24

Gross additions

Revenues from coal

Emissions intensity (Scope 1 & 2)

Total emissions reduction (vs 2020)

Credit rating

FFO / Net Debt2

EBITDA in high-rated markets (Europe and North America)

EBITDA1

Net income1

DPS floor

1\. Recurring Values. 2. FFO/ND with a formula consistent with the methodology of rating agencies, considering EDP’s definition of recurring EBITDA

≈€12 Bn

≈4 GW

€11 Bn

4 GW

-

-

-

0.3%

29 gCO2e/kWh

-42%

BBB

21%

>80%

BBB

21.5%

78%

€5.0 Bn

€1.2-1.3 Bn

€0.195

€5.0 Bn

€1.4 Bn

€0.20

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SBTi: Scope 1 + Scope 2, gCO2e/kWh (% vs. 2020)

SBTi: Scope 3, MtCO 2e (% vs. 2020)

Renewables generation

Global investment in communities (€m)1

Social impact investment beneficiaries (#m)1

New hires (#)

Total recovered waste

Projects with Net Gain Biodiversity tracking system

Suppliers compliant with ESG Due Diligence

Purchases volume aligned with EDP ESG goals2

Fatal accidents (#)

Women employees

Women employees in leadership

Employees receiving training

1\. The reported values include contributions in time, cash donations and management costs. Following B4SI best practices, previous activities that were considered as social investment have been excluded from the reported values. 2. The volume of purchases associated with critical suppliers whose decarbonization, 

environmental (biodiversity and circular economy), and human rights goals are consistent with EDP's ESG objectives is considered aligned.

29 (-81%)

9.5 (-1%)

95%

-64%

+18%

+8 p.p.

Through the double 

materiality assessment, EDP 

identifies and prioritizes key 

topics for both financial and 

impact perspectives, 

integrating them into its 

strategic pillars. Based on 

these pillars, EDP sets 

objectives aligned with its 

long-term vision, ensuring 

effective resource 

management, market 

competitiveness.

28

2

950

-17%

-37%

-33%

87%

30%

-9 p.p.

+8p.p

66%

59%

+4 p.p.

+9 p.p.

6

29%

26%

100%

+1

+0.1 p.p.

-3 p.p.

-

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E#, S#, G1- relation to topical ESRS

E-S- Entity-specific, in accordance with ESRS standards

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|   
---|---  
3.1. Business area performance| 59  
3.2. Group’s financial performance| 66  
3.3. Share performance| 70  
3.4. ESG performance| 73  
  
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3.1. Business area performance

3.1.1. Renewables, Clients and Energy Management

Financial analysis

| | |   
---|---|---|---  
| | |   
| EBITDA Renewables, Clients and Energy Management€3,329m-5% vs. 2023| | Renewables, Clients and Energy Management EBITDA (Wind & Solar generation plus Hydro, Client Solutions and Energy Management activity) decreased 5% vs. 2023 to 3,329 million euros, supported by:• Wind and Solar EBITDA decreased to €1,537m in December 2024 mostly driven by lower gains from asset rotations 2024 comparatively to 2023. Excluding asset rotation gains, wind and solar increased 9% YoY in recurrent figures driven mainly by higher production, efficient cost control strategy and lower clawback taxes in Europe slightly offset by lower average selling prices. • EBITDA from Hydro, Client Solutions and Energy Management (hydro and thermal generation, supply and energy management), increased to €1,666m detailed by:• In Iberia: EBITDA increased to €1,482m in 2024, mainly reflecting: (i) strong hydro volumes (+20% YoY) offsetting decreased energy prices, with electricity spot price in Spain decreasing 28% YoY; and ii) lower gas sourcing costs, more than offsetting the impact from coal deconsolidation (€40m of Aboño coal plant in 2023).• In Brazil, EBITDA decreased €54m YoY to €184m, resulting from our strategy to be coal free with the conclusion of the sale of Pecém and its deconsolidation from the company’s portfolio in the end of 2023.  
  
Operational analysis

Total: 17,790

Total: 15,490

Total: 36,554

Total: 34,594

Wind and solar generation

• The group's wind and solar generation portfolio corresponds to a total of 19.2 GW of installed

capacity (EBITDA + Equity), an increase of 2.6 GW (+16%) explained by the growth of the

portfolio of EDP Renováveis (“EDPR”) net of deconsolidations resulting from the asset rotation

strategy.

• In 2024, EDPR added a total of 3.8 GW, including the acquisition of an offshore wind technology

in the United Kingdom (0.4 GW).

• Regarding the EBITDA portfolio, EDPR added: i) 362 MW of onshore wind technology: 162 MW in

Europe (20 MW in Spain, 70 MW in Greece and 72 MW in Italy) and 201 MW in Brazil; ii) 2,693

MW of solar utility scale: 1,674 MW in the United States, 751 MW in Europe (65 MW in Poland, 273

MW in Spain, 40 MW in Netherlands, 35 MW in France, 74 MW in Hungary, 215 MW in Italy, 49

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MW in Romania), 255 MW in Brazil and 14 in Singapore; iii) 137 MW of solar DG technology: 19

MW in the United States and 118 MW in APAC; iv) 191 MW of storage in the United States.

• Following the asset rotation strategy, EDPR concluded the following sales: 191 MW in Italy, 26 MW

in Poland and 80% of 297 MW in Canada in onshore wind portfolios. EDPR also concluded the

sale of 214 MW of a portfolio in Poland, and 80% of 340 MW in the USA of solar PV technology.

Regarding the non-consolidated portfolio, OW sold 16.6% of 950 MW of an offshore wind

technology project.

• Wind and solar generation increased 6% YoY, as a result of higher installed capacity (+16%),

which was mitigated by: i) concentration of annual capacity additions in 4Q24, ii) wind resources

below LT average iii) increase of solar capacity weight, with lower load factors vs wind, iv) impact

of asset rotation transactions throughout the year 2024.

• At the end of 2024, EDPR had 2 GW of capacity under construction, of which 0.6 GW related to

onshore wind, 0.8 GW solar, 0.3 GW offshore wind and 0.3 GW storage. Regarding onshore wind,

239 MW in Europe (88 MW in Spain, 29 MW in France, 63 MW in Italy and 58 MW in Greece),

124 MW in Brazil and 200 MW in the United States. Solar utility scale projects respect to 250 MW

in Europe (63 MW in Portugal, 55 MW in Spain, 12 MW in France, 62 MW in Italy and 58 MW in

Germany), 480 MW in the United States and 35 MW in Japan. On wind offshore, EDPR had 309

MW under construction in France. As for decentralized solar, 52 MW in the USA and 48 MW in

APAC (of which 30 MW in Singapore). Storage with the following capacities were under

construction: 202 MW in the USA, 50 MW in the United Kingdom, and 2 MW in APAC.

Hydro generation

Total: 6,923

Total: 6,921

Total: 17,546

Total: 14,099

Iberia

• EDP's hydro production portfolio in the Iberia includes a total of 5.5 GW of installed capacity, of

which 43% includes pumping.

• Hydro generation in 2024 increased 20% year on year (+2 TWh), to 11.8 TWh, reflecting the

above average hydro reservoir levels in Portugal, with hydro generation coefficient of 1.16 in

Portugal, compared with a coefficient of 0.99 in 2023.

Brazil

• The Hydro generation portfolio in Brazil includes a total of 1.4 GW of installed capacity. The

portfolio also includes 0.6 GW of equity installed capacity (Jari, Cachoeira-Caldeirão and S.

Manoel).

• In 2024, the average GSF reached 87%, registering a decrease of 3% vs 2023. Consequently,

the volume of energy production, considering the consolidated companies, was 5.8 TWh, an

increase of 34% year-on-year.

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| EDP Integrated Annual Report 2024Performance | Business area performance| | | | | | | | | |   
| | | | | | | Index| Part I| 61|   
| | | | | | | | | |   
  
Risk outlook

• Renewable generation volumes: uncertainty regarding hydro generation levels, with high

volatility, being 2022 an example of a year with very low production in the Iberian Peninsula;

uncertainty regarding the remaining technologies with less annual volatility in a normal scenario,

but which could be strongly affected by extreme meteorological scenarios (e.g., El Niño in 2023).

• Prices for generation to market: high volatility of market prices (albeit with lower base values),

including electricity prices, green certificates, and RECs (Renewable Energy Credits).

• Policy/regulatory support for renewables: uncertainty regarding long-term regulatory

frameworks (i.e., incentives, capacity, among others), as well as potential clawbacks to

inframarginal technologies.

• Political/social risk in EDP geographies: risk of political uncertainty and instability in EDP

geographies.

• Counterparty: possibility of counterparties defaulting on their obligations (i.e., energy sales

contracts, equipment purchase contracts, among others).

• Interest rates and capital gains: increased volatility of reference interest rates, impacting the

expected profitability of new investments and impacting the lower-than-expected selling price

of parks for some projects, leading to lower capital gains.

• Inflation: uncertainty regarding the evolution of inflation in the different geographies, with an

impact mainly on the costs (CAPEX and OPEX) of operational projects and new projects.

• FX: potential evolution of key currencies leading to lower results in EUR.

• Construction and asset development: delays in the allocation of construction permits and

potential CAPEX deviations and delays in the commissioning date, due to supply chain related

constraints and cost increases.

• Asset operation and availability: uncertainty regarding damage of assets and/ or loss of profit

(including IT/OT failures), risk of delays in maintenance and construction due to logistical and

supply chain constraints.

• Legal & Compliance: uncertainty regarding legal & compliance processes outcome.

Thermal generation

Total: 3,975

Total: 3,975

Total: 3,965

Total: 8,623

Iberia

• The Iberian thermal generation portfolio has an installed capacity of 3.8 GW, with most of the

capacity being CCGT (76% or 2.9 GW) and coal (24% or 0.9 GW), and, residually, cogeneration

(17MW).

• Thermal generation decreased 62% compared to 2023 (-4.6 TWh), to 2.9TWh, reflecting the

new 50%/50% partnership in Aboño Coal Plant in Spain (deconsolidated in December 2023), as

well as the above-average performance of hydro production and EDP's trend towards producing

energy from renewable sources.

Brazil

• In Brazil, 80% of Pecém plant was sold in 4Q23, therefore there is no thermal installed capacity in

2023 and 2024.

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| | | | | | | Index| Part I| 62|   
| | | | | | | | | |   
  
Supply

Total: 8,316

Total: 8,580

Total: 68,849

Total: 69,303

Total: 564

Total: 591

Total: 4,514

Total: 5,025

Europe

• 2024 was a year with a more stable context and normalization of prices to pre-crisis levels, but

still challenging in terms of the commercialization of energy products and services. Over the past

few years, the Energy Transition has gained even more prominence in all global forums, where

countries and companies have come together to accelerate Net Zero environmental goals.

• A greater focus on green energy and energy independence has increased the demand for more

sustainable solutions, and, consequently, the prices of solar panels and Electric Charges have

been affected.

• In Portugal the regulated electricity business (operated by EDP under SU ELETRICIDADE)

decreased 7% vs 2023 in number of clients to 860 thousand, consequently, the electricity sold

decreased by 13%, to 2.6 TWh.

• In the liberalized electricity business in Portugal, EDP saw a 7% reduction in number of clients to

3.5 million, and a reduction of 7% in the volumes sold to 15.9 TWh, reflecting also a decrease in

customer consumption.

• The liberalized gas business lost competitiveness, and therefore EDP portfolio of gas customers

in Portugal reduced by 6% to 453 thousand, and volumes sold decreased by 23% to 1.7 TWh.

• In Spain, EDP also registered a decrease of 13% in electricity sold to 8.3 TWh and a decrease of

2% in gas volume sold to 2.4 TWh.

• In the services sector, among the main traditional services, emphasis should be placed on

“Funciona” portfolio, which grew by 16% vs 2023 to 695 thousand customers and “EDP Saúde”,

which registered a total number of 283 thousand customers in Portugal, 20% more than in 2023.

• The commitment and the focus on to new services more focused on efficiency and energy

transition remain, EDP positions itself as a brand that looks for offering to all its clients (residential,

small and medium-sized companies, large business groups, and government entities) solutions

that allow energetic autonomy and independence. Hence, solar DG and Electric Mobility are the

present bet thinking about the future. In Iberia, EDP is proud of having installed 180 MWac of solar

DG and 2,2 thousand chargers both public and private.

• Regarding the ambition of geographical expansion, EDP has been investing in companies

providing service related to solar DG, with the purchase of Enertel (Italy) in 2021, Soon Energy and

Zielona (Poland) in 2022, and Enerdeal (Belgium and Luxembourg) in 2023. Therefore, during

2024 EDP installed 92 MWac in these countries.

Brazil

• The total volume of energy sold in 2024 increased by 73% to 5.2 TWh.

• The focus on solar DG is also a reality in EDP Brasil, with 87 MWac installed in 2024.

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• The customer portfolio in the liberalized market increased by 89% to 672.

Risk outlook

• Market price: high volatility of market prices (albeit with lower base values), including electricity

prices, as well as fuel prices with an impact on the Energy Management activity. Potential

differences in electricity and gas hedges in indices other than the original exposure (both gas and

electricity) with basis risk (especially relevant in cases of energy crisis).

• Risk on thermal revenue: possibility of a fall in thermal generation spreads.

• Retail margin/market share: uncertainty regarding the evolution of retail margin or loss of

market share, marketing of new products and services and potential deviations in demand vs.

energy previously contracted.

• Political/social risk in EDP geographies: risk of political uncertainty and instability in EDP

geographies.

• Counterparty: possibility of counterparties defaulting on their obligations (i.e., energy sales

contracts, energy purchase contracts, equipment purchase contracts, among others).

• Operation and availability of assets: uncertainty regarding damage to assets and/or loss of

profits (including IT/OT failures), risk of delays in maintenance and construction due to logistical

and supply chain constraints.

• Legal & Compliance: uncertainty regarding legal & compliance processes outcome.

• Liquidity risk: the risk of a sudden increase in liquidity needs (e.g., margin calls) that may exceed

current sources of funding. Liquidity risk increased significantly with the energy crisis in Europe,

however, in recent months it has shown a downward trend, associated with the reduction in

market prices.

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| EDP Integrated Annual Report 2024Performance | Business area performance| | | | | | | | | |   
| | | | | | | Index| Part I| 64|   
| | | | | | | | | |   
  
3.1.2. Networks

| | |   
---|---|---|---  
| | |   
| EBITDA Networks€1,590m+4% vs. 2023| | Financial analysis• EBITDA from networks at €1,590m, increasing 4% vs 2023, mostly reflecting the strong performance in Brazil, which was positively impacted by (i) the asset rotation gain related to the disposal of the transmission lines in Brazil, (ii) the start of operation of Lot 1 (July) and Lot 2 (December), (iii) EDP Goiás periodic tariff revision, (iv) market growth, on the back of high temperatures, (v) lower overcontracting and (vi) strong operational performance.• In Iberia, EBITDA stood relatively stable -2%YoY to €860m. Excluding asset rotation gains, EBITDA increased €35mYoY in recurrent figures.  
  
Operational analysis

Total: 389

Total: 387

Total: 89,631

Total: 86,438

Distribution

Iberia

• The Distribution network in Iberia reached the length of 289,204 km in 2024, corresponding to a

slight increase of 1% vs 2023.

• At the end of 2023, EDP reached 8.0 million smart meters installed in the entire distribution

network in the Iberian Peninsula. Smart meters are aligned with the efficiency, digitalization and

innovation strategies and are considered a strong bet in the group, especially in Portugal where

there was an increase of 17% against 2023.

• In 2024 the volume of electricity distributed in Iberia registered an increase of around 2%

compared to 2023, reaching 59.8 TWh.

• The Installed Capacity Equivalent Interruption Time (ICEIT) in Portugal registered a slight

increase vs 2023, reaching the value of 51 minutes, which is still below the regulator’s

benchmark. In Spain, the registered ICEIT value was of 19 minutes, remaining the same as the

value recorded in the previous year.

• Regarding energy losses in the network, Portugal registered a slight increase in the indicator

(measured based on energy input into the grid) which reached 7.9% in 2024 (+0.1pp vs 2023),

remaining below the upper regulatory limit of 9.00%. In Spain (measured based on energy input

into the grid), losses stayed at 4.8%.

Brazil

• The Distribution network in Brazil reached the length of 99,848 km in 2024, corresponding to an

increase of 1% vs 2023.

• In 2024, the volume of energy distributed increased 7.3%, (5.3% at EDP SP and 10.3% at EDP

ES). This reflects the increase in the number of connected costumers and weather fluctuations.

• Regarding service quality indicators, both distribution companies show a slight improvement (vs

2023) of the Equivalent Duration of Interruption (DEC) with EDP SP at 363 minutes and EDP ES

at 437 minutes. As for Equivalent Frequency of Interruption (FEC), there was a worsening vs the

previous year, with the values reaching 3.1 in EDP SP and 3.2 in EDP ES.

• As for energy losses in the network, both distribution companies showed improvements with EDP

SP reaching a value of 7.0% (-0.2p.p. vs 2023) and EDP ES reaching 11.4% (-0.4p.p. vs 2023).

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| EDP Integrated Annual Report 2024Performance | Business area performance| | | | | | | | | |   
| | | | | | | Index| Part I| 65|   
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Transmission Brazil

• In 2024, EDP Brazil concluded the sale of a transmission line (EDP Transmissão SP-MG, 743km).

• EDP Brasil acquired 3 transmission lots at auction, totalling 1,388 km in Bahia, Maranhão, Piauí,

and Tocantins.

• At the end of 2024, EDP Brasil concluded the agreement to sell its 90% stake in a transmission

line (Lote 21) in Santa Catarina, totalling 435 km.

Risk outlook

• Low voltage network concessions (Portugal): uncertainty as to the timing of the launch of the

tender and its terms, with possible fragmentation of the activity and possible increased costs for

the system.

• Political/social risk: risk of political uncertainty and instability in EDP geographies.

• Counterparty: possibility of default or failure of counterparties to meet their obligations, leading

to possible delays, penalties or lost revenue.

• Construction and asset development: delays in the allocation of construction permits and

potential CAPEX deviations and delays in the commissioning date due to supply chain related

constraints and cost increases.

• Asset operation and availability: uncertainty regarding damage of assets (including IT/OT

failures); risk of delays in maintenance and construction due to logistical and supply chain

constraints.

• Business continuity: impact of extreme events with possible materialization in a prolonged

interruption of operations.

• Legal & Compliance: uncertainty regarding legal & compliance processes outcome.

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| EDP Integrated Annual Report 2024Performance | Group's financial performance| | | | | | | |   
| | | | | Index| Part I| 66|   
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3.2. Group’s financial performance

3.2.1. Income statement

| | | |   
---|---|---|---|---  
EURO MILLION | 2024 | 2023 | Δ % | Δ ABS.   
Gross Profit | 6,873 | 6,997 | -2%| -123  
Operating Costs | 1,949 | 1,995 | -2%| -46  
Other Revenues/(Costs) | -88 | -59 | -48%| +29  
Joint Ventures and Associates | -35 | 78 | - | -43  
EBITDA | 4,801 | 5,020 | -4%| -219  
EBIT | 2,262 | 2,798 | -19%| -536  
Net Profit for the period | 825 | 1,331 | -38%| -506  
Net Profit attributable to EDP shareholders | 801 | 952 | -16%| -151  
Non-controlling interests | 24 | 379 | +94% | +355  
  
| | |   
---|---|---|---  
| | |   
| EBITDA€4,801m-4% vs. 2023| | • Reported EBITDA in 2024 decreased 4% YoY to €4,801m, driven by lower capital gains vs 2023 and coal divestments. Excluding one-off impacts (+€153m) related to Ocean Wind impairment, recurring EBITDA decreased 1% YoY. ForEx had an impact of -€72m YoY, mainly from devaluation of BRL. In 2024, 89% of EBITDA was derived from Energy Transition related activities of which 33% comes from Networks.• Renewables, Clients and Energy Management EBITDA decreased 5% vs. 20231 to €3,329m. On EDPR, recurring EBITDA decreased to €1,668m in December 2024 with YoY evolution explained mainly by lower Asset rotation gains at €179m (vs. the outstanding €460m AR gains in 2023). Hydro, Clients & Energy Management Iberia increased to €1,482m in 2024 mainly reflecting: (i) strong hydro volumes (+20% YoY) offsetting decreased energy prices, with electricity spot price in Spain decreasing 28% YoY, and ii) lower gas sourcing costs, more than offsetting the impact from coal deconsolidation (€40m of Aboño coal plant in 2023). Hydro, Clients & Energy Management Brazil EBITDA in 2024 decreased €54m YoY to €184m resulting from the conclusion of the sale of Pecém and its deconsolidation from the company’s portfolio in the end of 2023. • Electricity Networks EBITDA increased by 4% vs. 20231 reaching €1,590m, mostly reflecting the strong performance in Brazil (+18% YoY), which was positively impacted by (i) the asset rotation gain related to the disposal of the transmission lines in Brazil, (ii) market growth, (iii) lower overcontracting, (iv) increase in electricity distribution on the back of high temperatures and (v) strong operational performance. 1 Includes restatement originated by the reorganization of Centrais Elétricas de Santa Catarina, S.A. - Celesc to the Networks segment and reorganization of EDP Renováveis, S.A., EDP Renováveis Servicios Financieros, S.A., SU Eletricidade, S.A., Gás SU, S.A., EDPR Cross Solutions, S.A., OW Offshore, S.L. and EDPR International Investments, B.V. to Other Segments.  
  
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| EDP Integrated Annual Report 2024Performance | Group's financial performance| | | | | | | |   
| | | | | Index| Part I| 67|   
| | | | | | | |   
  
| | |   
---|---|---|---  
| | |   
| EBIT€2,262m-19% vs. 2023| | • OPEX costs decreased 2% vs. 2023 to €1,949m benefiting from thermal asset sales and headcount reduction. • Other net operating revenues/(costs) decreased to -€88m, explained by the difference of the asset rotation gains vs 2023.• EBIT decreased 19% vs. 2023 to €2,262m, reflecting higher provisions and depreciation & amortization mainly related to Colombian impact.• Net Financial results decreased 3% YoY to €882m in 2024, including €17m impact of liability management costs. Excluding these one-offs financial results stood at €865m, mainly explained by the increase in capitalized financial costs resulting from interest payments related to asset under construction incorporated in expansion CAPEX.  
  
| | |   
---|---|---|---  
| | |   
| Net profitAttributable to EDP Shareholders€801m-16% vs. 2023| | • Income taxes amounted to €506m, representing an effective tax rate of 37% in 2024, higher YoY due to lower asset rotation gains YoY with tax exemption and Colombia impact. • Non-controlling interests decreased 94% YoY to €24m impacted by Colombia impairment. Excluding one-offs, non-controlling interest stood at €248m in 2024. In 2024, this amount includes: (i) -€32m related to EDPR (-€328m YoY and -€190m QoQ), mainly explained by impact of Colombia impairment (€169m non-recurring impact minorities in 4Q24 vs. €51m in 4Q23); (ii) €32m related to EDP Brasil (-€25m YoY), following the full acquisition of EDP Brazil's minority interests at holding level in 3Q23.• Net profit attributable to EDP reached €801m in 2024, reflecting the negative impact of divestment decision of Colombia. Excluding non-recurring items, net profit increased +8% vs 2023 to €1,393m in 2024 supported by lower minority interests following EDP Brasil minorities buyout, regulated Networks performance including asset rotation gains from transmission lines in Brazil and integrated Iberian business performance.  
  
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| EDP Integrated Annual Report 2024Performance | Group's financial performance| | | | | | | |   
| | | | | Index| Part I| 68|   
| | | | | | | |   
  
3.2.2. Investment activity

| | |   
---|---|---|---  
| | |   
| Gross investment€5,449m-11% vs. 2023| | Expansion Investments (including Expansion CAPEX and Financial Investments), €4,821m (-12% vs. 2023)• Expansion Investments (expansion CAPEX + financial investments) in 2024 decreased 12% (-€670m) vs. 2023, amounting to €4.8Bn. Expansion investments were largely dedicated to renewables globally (≈83%).• €4.0Bn investment in new renewable capacity  was distributed between Europe (44%), North America (43%), South America (10%) and APAC (3%).• €0.5Bn investment in networks, in line with the investment made in 2023. In local currency, CAPEX in distribution Brazil decreased by 9% YoY, as 2023 had the highest historical level of CAPEX in the distribution business, being now a cycle of work/improvements. Additionally, it is also related to the timing of execution, with some investments skewed towards 2025.Maintenance CAPEX, €628m (-3% vs. 2023)Maintenance CAPEX amounted to €628m in 2024 and was mostly dedicated to our electricity networks business (73% of total), including the roll out of digitalization in Iberia and Brazil.  
  
| | |   
---|---|---|---  
| | |   
| Asset rotation€1,616m| | The execution of our asset rotation strategy was lower than the outstanding performance in 2023:In 2024 we announced and closed several asset rotation deals, of which it’s worth highlighting: (i) a 191 MW wind portfolio in Italy (€0.3 Bn), (ii) a 297 MW wind project in Canada (€0.3 Bn), (iii) a 240 MW wind portfolio in Poland (€0.3 Bn), (iv) a 272 MW wind portfolio in US (€0.2 Bn); and transmission lines.  
  
3.2.3. Net debt

| | |   
---|---|---|---  
| | |   
| Net debt€15,565m+2% vs. 2023| | As of December 2024, net debt amounted to €15.6Bn, +2% vs. December 2023, reflecting the acceleration in the investments in renewables and networks.  
  
| | | | | | | | | | | |   
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| EDP Integrated Annual Report 2024Performance | Group's financial performance| | | | | | | |   
| | | | | Index| Part I| 69|   
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3.2.4. Funding policy

• Centralized policy for financial debt at EDP, S.A., EDP Finance BV and EDP SFE (approximately

84% of gross debt), while the remainder is divided between EDP Brasil (ring fenced vs. the rest of

the group), project finance at some EDP Renováveis subsidiaries.

• In 2024, the average cost of debt decreased to 4.5% (from 5.0% in 2023), mainly driven by Brazil

due to currency depreciation offset by higher nominal average debt YoY, despite positive impact

of the decrease in the amount of debt in USD vs. the increase weight of debt in EUR. Excluding

Brazil, cost of debt remained flat YoY.

• Fixed interest rate debt represents 78% of overall gross financial debt.

Gross Debt by Currency in Dec-24 (1)

1 After FX-derivatives

Bond issues

All EDP issuances in 2024 were green notes, detailed as follow:

| | | |   
---|---|---|---|---  
ISIN CODE | CURRENCY | AMOUNT | COUPON | MATURITY  
XS2747766090 | EUR | 750,000,000 | 3.5%| 16/07/2030  
PTEDPZOM0011 | EUR | 750,000,000 | 4.75%| 29/05/2054  
PTEDPSOM0002 | EUR | 1,000,000,000 | 4.625%| 16/09/2054  
XS2934657037 | EUR | 200,000,000 | 3.125%| 06/05/2030  
  
Rating

Regarding EDP’s rating, in May 2023, Moody’s upgraded EDP’s rating from Baa3, with a positive

outlook, to Baa2, with stable outlook. Throughout the second half of 2023 and 2024, EDP

maintained its rating, namely S&P’s rating of BBB with stable outlook, and Fitch’s rating of BBB with

stable outlook

| | |   
---|---|---|---  
| LONG-TERM | SHORT-TERM | OUTLOOK  
S&P | BBB | A-2 | Stable  
Moody's | Baa2 | P2 | Stable  
Fitch | BBB | F2 | Stable  
  
| | | | | | | | | | | |   
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| EDP Integrated Annual Report 2024Performance | Share performance| | | | | | | | | |   
| | | | | | | Index| Part I| 70|   
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3.3. Share performance

3.3.1. Share

EDP market price was €3.091 per share at the end of 2024, 32.1% below the €4.555 per share at the

end of 2023. Based on the payment of dividends to shareholders released on April 10 th, 2024

(€0.195 per share), which implied a dividend yield of 6.3% (considering 2024’s year-end closing

price), in 2024 EDP generated a total shareholder return (TSR) of -28.4%, assuming automatic

reinvestment of the dividends received into new shares.

3.3.2. Market performance

In 2024, European Equities benchmark index, Eurostoxx 600, yielded a positive TSR of +10.2%

driven by strong corporate earnings, particularly in the luxury and banking sectors, optimism

surrounding potential Russia-Ukraine peace talks, increased investor interest due to attractive stock

valuations, and overall positive market sentiment that boosted capital inflows into European

markets.

The Eurostoxx600 exhibited total return of +2.2% (vs. +18% in 2023), reflecting a more challenging

environment compared to the strong performance in the previous year. During 2024, European

utilities performance was impacted by a strong decline in prices in the beginning of the year

recovered in the second half of the year, bond yields increase in the first and last quarter and Europe

and US political uncertainty led investors to favour growth in regulated assets in UK, Germany and

US as opposed to renewables.

In 2024, the global benchmark for clean energy-related businesses, S&P Global Clean Energy

Index registered a TSR of -26%, mainly attributed to the underperformance of pure renewables

companies compared to utilities, resulting mainly from volatility in energy prices, increase in bond

yields, US presidential elections with uncertainty around the implications for the 2022 Inflation

Reduction Act and political uncertainty in Europe which negatively affected the index.

EDP’s TSR of -28.4% in 2024 underperformed both European and Utilities benchmark Indexes,

impacted by the sharp decline in EDPR’s stock price, which remains a key driver of the group’s

performance. The continued underperformance of EDPR, impacted by the adverse of

macroeconomic conditions and specific issues, including downward revision of 2024 guidance, exit

the Colombian projects and lower asset rotation gains, partially compensated by EDP outperforming

in hydro and gas.

Total shareholder return

1  (1) 2018 Payout based on Net Profit excluding regulatory impacts (-€208m), impairments at coal plants in Iberia (-€21m), restructuring costs (-€21m), net gain on disposals (+€64m), debt prepayment fees and others (-€26m) and the extraordinary contribution for the energy sector (-€65m).

(2) 2019 Payout based on Net Profit excluding impairments (-€224m), the provision for Fridão (-€59m), provision reversal at S. Manoel and the gain on the revaluation of Feedzai (+€28m), restructuring costs (-€8m), provision for the sharing of some gains with customers and gains following the change in medical plan of 

employees in Brazil (-€12m) and the extraordinary contribution for the energy sector (-€66m).

(3) 2020 Payout based on Net Profit excluding the net gain from disposals and investments (+€325m), impairments (-€252m, mainly thermal in Iberia), liability management costs (-€55m), regulation related items and other (-€18m) and HR restructuring costs (-€38m).

(4) 2021 Payout based on Net Profit excluding (i) impairments, mostly CCGTs in Iberia (-€164m), (ii) acquisition of debt in minority stake in Spain (+€36m); (iii) provision on competition authority penalty (-€33m), (iv) gain from CIDE disposal (+€21m), (v) debt buyback prepayment fees (-€19m), (vi) curtailment costs in 

(-€10m).

(5) 2022 Payout based on Net Profit excluding (i) impairments in thermal assets and other (-€154m) and EDPR (-€41m); and (ii) net gain related to portfolio optimization in South America (+€6m) and HR restructuring costs (-€3m).

(6) 2023 Payout based on Net Profit excluding (i) Iberian conventional generation impairments and gains (-€32m), ii) EDPR impairments (-€130m), iii) Pecém impairment and loss (-€132m) and other impairments (-€24m); iv) other one-offs at EDPR (-€16m) and other at financial results level (-€4m)

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| | | | | | | | | |   
  
3.3.3. Dividend

In the Strategic Update held on March 3rd, 2023, EDP reiterated its dividend policy, comprising a

dividend floor of €0.19 per share on the dividend going forward, which we delivered in 2023 and

confirmed in the updated guidance in May 2024. The announced dividend policy dictates that the

dividend should continue to evolve in tandem to earnings per share, within a payout ratio interval of

60% to 70% with a minimum DPS of €0.20 in 2026.

The Executive Board of Directors will propose to the General Shareholders' Meeting the distribution

of a dividend for the year 2024 in the amount of €0.20 per share with a payout of 60%.

Dividend per share (€cent)

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---  
| 5.0%| | 6.8%| | 7.7%| | 8.1%| | 6.9%| | 5.7%| | 5.6%| | 6.6%| | 6.6%| | 6.2%| | 4.9%| | 3.7%| | 4.1%| | 4.1%| | 4.3%| | 6.5%| | Dividend  yield  
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |   
| 55%| | 58%| | 60%| | 67%| | 67%| | 65%| | 74%| | 72%| | 62%| | 87%| | 81%| | 90%| | 91%| | 90%| | 63%| | 60%| | Payout  
  
Source: Bloomberg

Accordingly, for the 2023 financial year the Executive Board of Directors of EDP submitted to the

approval of the General Shareholders’ Meeting of April 10th, 2024, a proposal for the allocation of

2023 profits, including €812m to be distributed to shareholders in the form of dividends. The

proposal was approved at the General Meeting and a gross dividend of €0.195 per share was paid

on the May 8th, 2024. 1

3.3.4. Analyst’s recommendations

There are currently 24 Equity sell side analysts with active coverage of EDP. During 2024, the weight

of Buy recommendations by equity sell side analysts deteriorated to 79%, representing 17 p.p.

decrease, due the worsened in outlook for renewable players, high interest rates, regulatory

uncertainty, weak power prices and the uncertainty in the US. Hold recommendations increased

from 4% to 21%, whereas Sell recommendations remain 0%. The average Price Target as of

December 31st, 2024, was €4.398 per share, according to Bloomberg, implying a 42% upside

potential.

Analysts' recommendations

96%

79%

21%

Source: Bloomberg

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3.3.5. Volumes

EDP‘s ordinary shares are publicly traded not only in its main market (Euronext Lisbon), but also in

other 23 stock exchanges (including Turquoise and Chi-X Europe) and 9 Over-the-Counter

markets (including BATS Chi-X Europe and BOAT).

Average daily trading volume per type of market in 2024 (million shares)

-6%

-36%

14%

21%

Source: Bloomberg

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| | | | | | | Index| Part I| 73|   
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The fight against climate change demands an urgent acceleration in global decarbonization. The

electricity sector plays a key role by leveraging renewables to electrify transport, buildings, and industry.

Given its business nature, EDP is at the forefront of this collective effort, making it a core part of its global

strategy.

As a pioneer in the power sector, EDP was among the first companies to align its strategy with the CO2

reduction trajectory needed to meet global climate goals.

In 2005, renewable energy accounted for only 21% of EDP’s generation portfolio. By 2024, this share has

surpassed 95%, reflecting significant progress in decarbonization and strengthening EDP’s alignment with

sustainable investment criteria. On the path to be all green by 2030, EDP is reinforcing its position as a

global leader in the energy transition, driving the shift toward a cleaner and more sustainable energy future.

At the heart of this strategy sits a Business Plan with global investments focused to boost sustainable

growth over the longer term through scaling up renewables and reinforcing our position in electricity

networks, all while supporting our employees, clients, communities, shareholders, and partners in achieving

a climate positive world, in line with our ambition to be Net Zero in 2040.

In 2024, EDP achieved its lowest ever Scope 1+2 emissions intensity at 29 gCO2e/

kWh, marking an 81% reduction compared to the baseline year 20201. Additionally, the

overall absolute emissions decreased more than 40% across all scopes compared to

2020 (equivalent to ≈8 MtCO2e reduction).

Scope 1: Emissions reduced 66% in the last 12 months, heavily influenced by a high hydro

year, followed by the reduction in coal and CCGT generation (includes deconsolidation of

Aboño and Pecém coal power plants2).

Scope 2: Emissions decreased 19% YoY, considering only the technical losses, which was

driven by lower electricity market emission factors.

Scope 3: Although there were reductions on emissions from gas sold to clients and fuel

and energy related activities, scope 3 emissions increased by 18%. While this was a year

with higher renewables added (4.0 GW in 2024 vs 2.7 GW in 2023) and therefore higher

emissions, EDP continued data quality improvement through more engagement with

suppliers, in a sustained effort for a decarbonized supply chain. However, the main reason

for the increase in Scope 3 emissions lies on the inclusion of emissions from EDP’s stakes

in Aboño’s and Pecém’s coal power plants, no longer accounted for in Scope 1 after their

deconsolidation2.

95%

+8p.p. vs 2023

Renewables

generation

42%

vs 2020

Emission

reduction

0.3%

-4p.p. vs 2023

Revenues

from coal

29 gCO2e/kWh

-64% vs 2023

Scope 1 + 2

1\. Re-baselining of 2020 emissions can be found in the Sustainability Statement chapter under E1 Climate Change section.

2\. Through the sale of an 80% stake, closed in December 2023, in Pecém, and via the 50/50 partnership with Masaveu for Aboño, finalized in February 2024. 

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| | | | | | | Index| Part I| 74|   
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The Local Stakeholder Engagement Policy is of particular importance to EDP, especially in relation to its

local communities. It aims to foster a culture of transparency, strengthen relationships, encourage active and

effective participation, and minimize impacts, ensuring appropriate interaction with those stakeholders.

Reflecting this commitment, EDP develops both a preventive and an engaging approach with

communities. The preventive approach begins by assessing local communities, informing them about

planned projects, and incorporating their input into action plans, which include supportive, developmental,

energy transition-reinforcing measures. EDP has a set of pre-defined steps to follow during each project’s

phase to ensure a successful local stakeholder engagement:

Communities'

complaints solved

Human and labour rights

incidents reported

100%

0

In 2021, EDP and Vestas joined forces to create the former Keep It Local program,

renamed to Skills - Energy Professionals, with the objective to provide training within the

energy sector to boost employment opportunities for young people living in rural areas.

The program offers scholarships to subsidise enrolment on Wind Farm Technical

Maintenance or Solar Technicians courses for free and aims to contribute to youth training

and help create employment to fight local depopulation, leveraging the development of

renewable projects in rural areas to improve employability. The program also allows to

offer the young participants the opportunity to enter the labour market close to where they

live, becoming drivers of the local economy.

In 2024, EDP trained almost 100 professionals in Brazil. This year, the training was made

available both in person and online for the first time, which allowed a record participation

comparing to the previous editions, including the ones that have taken place this year in

Spain and Italy.

EDP is proud to support the development of the communities surrounding its sites, while

increasing the visibility of wind energy as a potential career path and the opportunities

provided for prospective wind workers.

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| | | | | | | Index| Part I| 75|   
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The second approach when engaging with local stakeholders is materialized in contributions to local

communities through own initiatives, donations, and volunteering. Volunteering is an integral part of

EDP’s culture, with employees given four hours per month to participate in social initiatives.

Given its importance, EDP has conducted a strategic review of its social investment and, in 2024, developed

and approved a new Social Investment Policy and a Volunteering Policy. Accordingly, EDP’s new strategic

pillars for social impact are Fair Energy Transition (includes energy inclusion, access to energy,

environmental and upskilling/reskilling projects), Culture (includes support to arts and culture, cultural

heritage protection), and other social needs (includes support for other needs identified in local

communities, encompassing emergency relief).

Within Fair Energy Transition, the overarching global theme, EDP is focused on the following areas:

1\. The reported values include contributions in time, cash donations and management costs. Following B4SI best practices, previous activities that were considered 

as social investment have been excluded from the reported values. 2. The reported value no longer considers employees who contributed in cash, only in time.

€28m

-17% vs 2023

Investment in social impact1

24%

-10p.p. vs 2023

Employees are volunteers2

Impact

Since the creation of this project, more than 1,700

solar panels have been implemented, impacting

more than 6,300 people, with savings on their

energy invoice and the avoidance of 220 tons of

CO2 emissions.

Global reach

The countries where this has been developed

include Portugal, Spain, Brazil, Greece, USA,

with expansion for other countries in the future.

+1,700

Solar panels installed

+6,300

People impacted

220

Tons of CO2 emissions

Avoid

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| EDP Integrated Annual Report 2024Performance | ESG performance| | | | | | | | | |   
| | | | | | | Index| Part I| 76|   
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EDP has a defined approach to biodiversity protection and enhancement, integrating it into its broader

environmental management strategy. EDP has made a first exercise following the LEAP approach (TNFD) to

assess nature-related impacts and dependencies, ensuring a structured approach to identifying risks and

opportunities. Moreover, in 2024, EDP became a TNFD adopter, planning to report TNFD-aligned

disclosures in 2026. EDP’s commitment to biodiversity is reflected in its Environmental Policy, which

prioritizes the mitigation hierarchy, aiming for a net positive impact on biodiversity in the long term.

Furthermore, EDP upholds a strict commitment to not developing new power generation facilities in

UNESCO World Heritage Sites, ensuring that those infrastructure do not interfere with areas of exceptional

ecological and cultural value.

EDP has established a structured approach to biodiversity risk management, embedded within its

corporate Environmental Management System. This process is based on a comprehensive assessment of

both internal and external factors, enabling the identification of key biodiversity risks and opportunities. Risk

screenings are conducted using internationally recognized datasets such as the World Database of Key

Biodiversity Areas (KBA), the World Database on Protected Areas (WDPA), and the IUCN Red List of

Threatened Species, ensuring informed decision-making.

Moreover, biodiversity action plans are being developed and implemented for all sites recognized as posing

significant risks to biodiversity, ensuring that conservation measures are effectively integrated into

operations. Through continuous monitoring, strategic partnerships, and local engagement, EDP reinforces its

commitment to enhancing biodiversity and ecosystem resilience within its areas of operation.

EDP is pioneering agrivoltaics as a sustainable solution that integrates solar energy

generation with agricultural practices, enabling the dual use of land. This approach

encompasses various activities, including crop cultivation, grazing, and pollination

projects. Each project is tailored to the specific environmental and economic conditions

of the site, ensuring benefits for both energy production and local farming communities. In

addition to generating clean energy, landowners receive lease payments, providing them

with a stable, weather-resistant income stream.

As part of this commitment, EDP partnered with the University of Évora to study and test

agricultural solutions linked to solar energy production, leading to the Agrivoltaic

Potential Study in Portugal. Launched in 2024, this research analyses advanced

agrivoltaic technologies, European models, and business frameworks for utilities,

farmers, and local communities. The study’s findings will be released in 2025, with the

Alentejo region hosting the first pilot project.

EDP is also testing agrivoltaic solutions in other parts of Europe and North America,

integrating grazing and pollination initiatives. These initiatives aim to mitigate

biodiversity impacts and create value for communities while advancing the global

energy transition.

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| | | | | | | Index| Part I| 77|   
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EDP’s circular economy strategy is built on the principles of reducing, optimizing, and recovering

resources throughout its operations. The strategy emphasizes the efficient use of natural resources and

integrates circular design into the business model to minimize material extraction and consumption. EDP

focuses on reducing resource and material inputs while enhancing waste recovery and promoting material

reuse across its value chain. By prioritizing circularity, EDP is committed to minimizing environmental

impact, promoting sustainable resource management, and driving the transition toward a circular economy

across industries. This is achieved through the implementation of seven key action areas.

A key component of EDP's circular economy approach is to work closely with its business partners to

increase the circularity levels of the materials and equipment's used in the company activities. By enhancing

supplier assessments and promoting sustainable practices within its supply chain, EDP ensures that

circular economy principles are embedded in the sourcing, production, and end-of-life management of

materials. Through these initiatives, EDP contributes to the broader adoption of circular practices and

resource optimization in its sector.

The Close the Loop program is an industry-leading initiative to promote circular

economy principles and minimize waste. The program collaborates with over 20

recycling partners specializing in materials recycling, refurbishing, and resale of products

and components. While solar panels and wind turbines are the most obvious

components, every renewable energy project includes other materials that can also be

recycled, such as solvents and oils, rare-earth minerals, as well as cables, concrete, steel,

and various metals. As the need for battery storage systems increases, battery recycling

will become critical to minimize the mining of virgin materials and to decrease battery

materials in landfills. Responsible materials management becomes increasingly

important as the number of repowering and decommissioning projects grow.

One notable partnership is with SOLARCYCLE, whose patented recycling process

extracts more than 95% of the value in a solar panel, including aluminium, silver,

silicon, and glass, and aims to return those materials back into supply chains to help grow

the domestic solar manufacturing industry. In 2024, SOLARCYCLE made significant

progress by supporting EDP's circular economy practices on six projects in four

different states across the United States of America. In collaboration with EDP´s

Engineering, Procurement, Construction, and Operations and Maintenance contractors,

SOLARCYCLE ensured materials were recycled efficiently, reducing the environmental

impact of solar projects.

1.1 t/GWh

-73% vs 2023

Total waste generated

87%

-9p.p. vs 2023

Total recovered waste

61%

-11p.p. vs 2023

Hazardous waste recovered

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| EDP Integrated Annual Report 2024Performance | ESG performance| | | | | | | | | |   
| | | | | | | Index| Part I| 78|   
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EDP believes in working in partnership, fostering collaboration with suppliers and stakeholders who are

aligned with the same objectives, building transparent and responsible relationships that drive sustainable

progress. The effective integration of ESG criteria into the supply chain strengthens EDP’s risk

management and resilience in an evolving global landscape. Given the dynamic nature of ESG

requirements, it is essential to continuously adapt by implementing strategies that involve data collection

and ongoing stakeholder engagement, ensuring long-term competitiveness.

EDP has established a supplier strategy that plays a key role in achieving its sustainability and

decarbonization goals. A rigorous due diligence process is in place to ensure that suppliers align with EDP’s

ethical and sustainability commitments. This process includes assessing suppliers' policies, targets, and

strategies, as well as incorporating contractual clauses covering human rights, greenhouse gas emissions,

and circular economy principles.

Beyond compliance, EDP actively engages its suppliers in the transition to more sustainable practices,

integrating circular economy and decarbonization criteria into procurement processes. The company

fosters collaboration to enhance supply chain data quality, map priorities for green procurement, and drive

supplier engagement. This structured approach is critical to increasing circularity in business operations and

ensuring a resilient, sustainable supply chain.

Number of suppliers 

with ESG information, 

including, third party 

certifications and HSE 

inspections

66%

+4p.p. vs 2023

Suppliers compliant with ESG

Due Diligence

59%

+9p.p. vs 2023

Purchases volume aligned

with EDP ESG goals

#593

Number of suppliers 

with advanced ESG 

screening, including 

information shared by 

the supplier, third-party 

sources, and one-to-one 

meetings

#491

Number of suppliers 

monitored during 

a contract, including 

third party certifications, 

HSE Inspections, or ESG 

assessments

#370

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| EDP Integrated Annual Report 2024Performance | ESG performance| | | | | | | | | |   
| | | | | | | Index| Part I| 79|   
| | | | | | | | | |   
  
EDP's global purpose "Our energy and heart drive a better tomorrow" guides its People and Organization

strategy, ensuring the company remains agile, efficient, and future-proof. "Our Energy" represents the

strength and motivation of EDP's people to deliver green energy, "Our Heart" reflects the fundamental role of

employees in fulfilling commitments to stakeholders, and "Our Drive" highlights the company's agility and

boldness in leading the energy transition.

Building on this foundation, EDP prioritizes delivering an inclusive and meaningful employee experience

by creating development opportunities, promoting well-being, and offering flexibility measures. The

company places a strong emphasis on attracting and retaining top talent, fostering a culture of collaboration

and internal mobility. Leadership development is a key priority, empowering leaders to drive team growth

and support organizational goals.

Diversity, equity, and inclusion are essential drivers of innovation, enhancing EDP's ability to adapt and

thrive in an evolving context. To further strengthen agility and operational efficiency, EDP is committed to

digitalization and standardization, streamlining decision-making, and equipping leaders with the tools to

drive strategic planning on a global scale.

12,596

-3% vs 2023

People

70

+3% vs 2023

Nationalities

29%

+0.1p.p. vs 2023

Women

In 2024, EDP has defined a new operating model to create a more streamlined,

efficient, and agile organization that can support the growth and successful delivery of

EDP's Business Plan.

This new model assumes a matrix organization characterized by a dual reporting

system composed of Platforms, Regions, Business Enablement Functions (BEF), and

Global Business Services (GBS), with the following key tenets: Platforms and Regions co-

exist to deliver a collaborative P&L; an integrated EDP presence with a single go-to-

market approach for our customers and stakeholders; streamlined BEFs with a single

Corporate Center to create optimized functional end-to-end support; a GBS to create a

scaled high-quality service portfolio to drive efficiency and consistency, improving costs;

and a simplified governance model with clear decision guidelines and accountabilities.

The matrix is available in chapter 1.6. EDP group operational model.

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| | | | | | | Index| Part I| 80|   
| | | | | | | | | |   
  
The Health and Safety of all those who contribute to the development of EDP Group – employees,

suppliers, service providers, customers, and other stakeholders – is deemed a key value and a priority for

EDP. The consolidation of a positive safety culture is only possible with the involvement of everyone through

a participatory and collaborative attitude towards safety at work.

In special to matters related to Occupational Health and Safety (OH&S), EDP recognizes it as essential for its

sustainable development, placing particular focus on its ambition of “Zero accidents, no personal harm”.

EDP is determined to constantly strengthen the OH&S culture by developing awareness, deepening

willingness and making available the resources required for:

1.72

-17% vs 2023

Accident frequency rate

6

+1 vs 2023

Fatal accidents

138

-22% vs 2023

Accidents

To cultivate a strong safety culture throughout the organization, EDP launched the

PlayItSafe Program in 2021, aiming to increase awareness about the importance of safe

habits among employees. Since then, the initiative has been focusing on safety practices

to increase continuous improvement in safety performance.

Within PlayItSafe, EDP has also been dedicated to eliminating SIF (Serious Injuries and

Fatalities), through regular training, reinforced leadership presence in the field, more

control in the field, risk assessments, and the integration of safety measures into daily

operations, resulting in a YoY reduction of 33% in SIF accidents and a 73% completion in

safety leadership training. Building on these efforts, during the year 2024, EDP remained

persistent in fostering a zero-accident culture within the group, emphasizing:

A safe and healthy work environment

Ensuring compliance with legislation and other requirements

Promoting the training and formation of employees

Protecting facilities and equipment with the best techniques

Ensuring the participation and consultation of employees and their representatives

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| EDP Integrated Annual Report 2024Performance | ESG performance| | | | | | | | | |   
| | | | | | | Index| Part I| 81|   
| | | | | | | | | |   
  
EDP's global research and innovation operating model is built on a fast adopter approach, with a clear

purpose: accelerating impactful new businesses and driving the rapid adoption of innovative solutions

while exploring new pathways to lead the energy transition, aligning with the company’s strategic priorities.

By integrating new technologies, processes, products, and business models, EDP follows an Open

Innovation philosophy, engaging stakeholders and fostering adoption through parallel and

complementary innovation pathways.

42

New emerging 

business opportunities 

submitted to the Global 

Innovation Steering

1st

Scale-up project 

deployed

into EDP business

18

Pilots approved 

(doubling YoY) across 

all 4 platforms and in 

multiple geographies

3rd place

In World Innovation 

Conference for Best 

Innovation Practice 

(Energy Starter)

€5m

Invested in Start-Ups 

and existing 

investments with

strategic fit with EDP

EDPV ranked on global

climatech ranking and

on CVC sub-ranking

by Climate50

41

Ongoing projects 

focused on EDP’s 

decarbonization 

targets

€25m

Secured in financial 

EU Funding since 2015 

related to more than

40 projects1

1\. By NEW (CNET-CENTRE NEW ENERGY TECHNOLOGIES), EDP Group's research and development centre

13th/3rd

EDP is testing the construction of its first solar park using automation technology. The

AutoPV project, located in Peñaflor, Valladolid, Spain, use Hyperflex automation

technology developed by Comau. This pilot project will automate 3MW of the total

122MW capacity, aiming to increase efficiency and safety in solar park construction.

The Hyperflex system includes a mobile factory and a rover for assembling and

positioning photovoltaic structures. EDP expects to reduce the assembly time of solar

panel structures by up to 50%.

This initiative is part of EDP's strategy to accelerate the energy transition. The

collaboration with Comau highlights the importance of automation in the renewable

energy sector, enhancing quality, efficiency, and reducing overall costs. By leveraging

advanced technology, EDP aims to create a balance between technological strength and

human expertise, ensuring continuous improvements and faster construction of solar

parks, thus contributing to a more sustainable future.

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| | | | | | | Index| Part I| 82|   
| | | | | | | | | |   
  
The Simplifica Program represented a significant milestone in EDP’s digital

transformation in Brazil. It was also a pioneering project among utilities in this region by

focusing on the transformation of the ERP to the SAP S/4HANA version through a

greenfield implementation, fully covering the corporate and business areas.

The project implementation promoted greater digitalization of processes, increasing

innovation and flexibility for the business, and significantly decreasing the time to

market, thus enabling EDP to respond more quickly to market demands in Brazil.

The Simplifica Program's main benefits include financial recognition, cost reduction, HR

mobility and efficiency, inventory optimization, standardization and compliance,

efficiency in service measurement, and better analytical tools.

94%

Standardization 

among all functionalities 

covered within scope

250

People engaged in an 

extensive collaboration over 

the course of 18 months

EDP considers it crucial to maximize digital and technological value creation, setting the group's global

vision and strategy in this field and then implementing them in full partnership with the business. This

strategy is focused on creating value across four key dimensions:

3.22

Target 2024: 3.05 

Digital

Acceleration Index

3.38

Target 2024: 2.7

Agile Maturity

Level

-78%

Target 2024: -30%

Critical incidents

occurrence

810

Target 2024: 800

Zero trust security

BitSight cybersecurity rating

score, 1st worldwide

among utilities

| | | | | | | | | | | |   
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| | | | | | | Index| Part I| 83|   
| | | | | | | | | |   
  
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| | | | | | | | | | |   
| | | | | | | Index| Part I| 84|   
| | | | | | | | | |   
  
|   
---|---  
4.1. General information| 85  
4.2. Environmental information| 128  
4.3. Social information| 244  
4.4. Governance information| 332  
4.5. Other material topics| 341  
  
| | | | | | | | | | | |   
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| EDP Integrated Annual Report 2024Sustainability Statement | General information| | | | | | | | |   
| | | | | | Index| Part I| 85|   
| | | | | | | | |   
  
4.1. General information

ESRS 2 General disclosures

BP-1_01 \- Basis for preparation of sustainability statement

The Sustainability statement is presented in a consolidated form.

BP-1_02 - Scope of consolidation of consolidated sustainability statement is same 

as for financial statements

The scope of consolidation is the same as that of the financial statements.

BP-1_03 - Indication of subsidiary undertakings included in consolidation that are 

exempted from individual or consolidated sustainability reporting

The EDP Group's sustainability performance is reported on a consolidated basis and includes the

group's subsidiaries. EDP discloses the list of companies and corresponding geographies included

in its consolidation perimeter in Part IV - Financial Statements and Notes to this report.

BP-1_04 - Disclosure of extent to which sustainability statement covers upstream 

and downstream value chain

The value chain of EDP can be divided into three main phases: upstream, own operations, and

downstream.

In the upstream phase, there is the supply chain; in its own operations, EDP focuses on generating

electricity and managing the energy distribution network to deliver electricity to consumers. In the

downstream phase, EDP focuses on selling electricity and natural gas to residential, commercial and

industrial customers.

To define impacts, risks and opportunities, all activities that are part of EDP's value chain were

included, including EDP's upstream and downstream activities. For further details, see SBM-3_01

and SBM-3_02.

BP-1_05 - Option to omit specific piece of information corresponding to intellectual 

property, know-how or results of innovation has been used

EDP did not omit information corresponding to intellectual property, know-how or innovation results.

BP-1_06 - Option allowed by Member State to omit disclosure of impending 

developments or matters in course of negotiation has been used

EDP did not use the exemption of omitting the disclosure of impending developments or matters in

course of negotiation.

BP-2_01 \- Disclosure of definitions of medium- or long-term time horizons

• Short-term: the period adopted by EDP as the reporting period in its financial statements , i.e.

within one-year

• Medium-term: from the end of the short-term reporting period up to 5 years

• Long-term: more than 5 years.

BP-2_02 - Disclosure of reasons for applying different definitions of time horizons

The adopted time horizons comply with ESRS 1 section 6.4 Definition of short-, medium- and long-

term for reporting purposes

BP-2_03 \- Disclosure of metrics that include value chain data estimated using 

indirect sources / BP-2_04 - Description of basis for preparation of metrics that 

include value chain data estimated using indirect sources / BP-2_05 - Description 

of resulting level of accuracy of metrics that include value chain data estimated 

using indirect sources / BP-2_06 - Description of planned actions to improve 

accuracy in future of metrics that include value chain data estimated using indirect 

sources

EDP does not utilize estimates in the calculation of Supply chain metrics. Instead, we employ direct

sources of information from our suppliers.

1 Notwithstanding the governance model in force at EDP, for the purposes of this report, non-executive members are considered to be the members of

the General and Supervisory Board.

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BP-2_07 - Disclosure of quantitative metrics and monetary amounts disclosed that 

are subject to high level of measurement uncertainty / BP-2_08 - Disclosure of 

sources of measurement uncertainty / BP-2_09 - Disclosure of assumptions, 

approximations and judgements made in measurement

Estimates were made for part of the calculation of energy consumption presented in datapoints

E4-5_03, E1-5_01, E1-5_02, E1-5_05, E1-5_07, E1-5_08 and E1-5_14. The assumptions made were

disclosed in these datapoints.

BP-2_10 - Explanation of changes in preparation and presentation of sustainability 

information and reasons for them

With regard to changes in preparation of sustainability information compared to the previous

reporting period, if applicable, this is identified together with the information.

BP-2_11 - Adjustment of comparative information for one or more prior periods is 

impracticable / BP-2_12 - Disclosure of difference between figures disclosed in 

preceding period and revised comparative figures

Comparative figures are provided for metrics that have been disclosed in one or more prior periods,

where their definition and scope were aligned with the ESRS requirements or required only minor

adjustments. In accordance with the ESRS transitional provision, no comparative figures are

disclosed for new metrics introduced in 2024.

BP-2_13 - Disclosure of nature of prior period material errors / BP-2_14 - Disclosure 

of corrections for prior periods included in sustainability statement / BP-2_15 - 

Disclosure of why correction of prior period errors is not practicable

No material errors were identified in the previous reporting period.

BP-2_16 - Disclosure of other legislation or generally accepted sustainability 

reporting standards and frameworks based on which information has been 

included in sustainability statement / BP-2_17 - Disclosure of reference to 

paragraphs of standard or framework applied

The Sustainability Statement was prepared in accordance with the European Sustainability

Reporting Standards (ESRS), as defined in Commission Delegated Regulation EU 2023/2772 of 31

July 2023, which complements the requirements of the Corporate Sustainability Reporting

Directive, Directive (EU) 2022/2464 of the European Parliament and of the Council of 14 December

2022 (Corporate Sustainability Reporting Directive or CSRD). This Regulation is not yet transposed

into Portuguese law.

This CSRD covers companies such as EDP, which are covered by the Non-Financial Reporting

Directive (NFRD), and which was transposed into Spanish law by Royal Legislative Decree 1/2010 of

2 July, and Law 22/2015 of 20 July.

In accordance with ESRS 1, paragraph 35, EDP presents a correspondence table between the ESRS

and the Sustainable Finance Disclosures Regulation (SFDR), Pillar 3, Benchmark Regulation and EU

Climate Law.

BP-2_20 - List of DRs or DPs incorporated by reference 

No information has been incorporated by reference.

GOV-1_01 \- Number of executive members / GOV-1_02 - Number of non-

executive members

General Supervisory Board and Executive Board of Directors

| | | |   
---|---|---|---|---  
| UN | MALE | FEMALE | TOTAL  
Number of executive members | # | 3 | 2 | 5  
Number of non-executive members 1| # | 10 | 6 | 16  
  
GOV-1_03 \- Information about representation of employees and other workers 

EDP does not include employee or worker representation within its administrative, management, and

supervisory bodies.

1 Average ratio of female to male board members

2 Average ratio of female to male board members

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GOV-1_04 \- Information about the composition and diversity of the members of the 

undertaking’s administrative, management and supervisory bodies: experience 

relevant to the sectors, products and geographic locations of the undertaking 

The members of EDP’s General and Supervisory Board and the Executive Board of Directors are

selected in accordance to the Policy on Selection of the Members of the General and Supervisory

Board and the Executive Board of Directors of EDP (dated December 13, 2018). This internal policy

ensures that both corporate bodies comprise members who reflect diversity—particularly in terms of

age, gender, geographical origin, skills, competencies, qualifications -, and experience. Additionally,

this policy aims at ensuring that both boards collectively possess the expertise necessary for

effective management, including risk management, industry knowledge, and sustainability.

The Executive Board of Directors consists of five members with diverse experiences and

backgrounds. Most notably, many Directors have significant experience in the energy sector across

other regions where EDP operates, such as Spain, Brazil, and Asia.

The Executive Board of Directors is supported by internal Sustainability and Risk Management

Committees, composed of technical specialists in this field, who assist the Board in making

decisions related to sustainability matters, particularly regarding the assessment of material

impacts, risks, and opportunities.

On the other hand, the General and Supervisory Board is responsible, among other functions, for

monitoring and assessing sustainability-related matters (Article 23(1)(i) of EDP’s Articles of

Association). The composition of this body ensures that its members collectively bring expertise in

the energy sector, particularly in Europe, Asia and USA/UK, as well as in the financial sector. The

General and Supervisory Board may contract expert services for assistance with specific tasks,

when considered adequate for the performance of its duties (Article 4 (6) of Internal Regulation of

the GSB).

The General and Supervisory Board also includes two specialized Committees: the Corporate

Governance and Sustainability Committee and the Financial Matters Committee. The Corporate

Governance and Sustainability Committee, which focuses on sustainability issues is composed by

António Lobo Xavier, Fernando Masaveu Herrero, Guobin Qin, Ignacio Herrero Ruiz, Lisa Frantzis,

María José García Beato, and Stephen Vaughan. In turn, the Financial Matters Committee, with

competence defined, namely in matters of supervising the Company’s financial and anon-financial

information is composed by Gonçalo Moura Martins, María José García Beato, Sofia Salgado Pinto

and Victor Roza Fresno. While all members of the General and Supervisory Board are responsible for

addressing sustainability matters, these individuals bring specific expertise to oversee such issues

effectively.

GOV-1_05 - Percentage of members of administrative, management and 

supervisory bodies by gender and other aspects of diversity/ GOV-1_06 \- Board's 

gender diversity ratio / GOV-1_07 \- Percentage of independent board members

| |   
---|---|---  
EXECUTIVE BOARD OF DIRECTORS | UN | 2024  
Board's gender diversity ratio  1| X | 0.67  
  
| |   
---|---|---  
GSB | UN | 2024  
Board's gender diversity ratio 2| X | 0.60  
Percentage of independent board members | % | 56.25  
  
| |   
---|---|---  
COMMITTEES | UN | 2024  
Corporate Governance and Sustainability Committee | |   
Board's gender diversity ratio | X | 0.40  
Percentage of independent board members | % | 57.14  
Financial Matters Committee | |   
Board's gender diversity ratio | X | 1.00  
Percentage of independent board members | % | 75.00  
Remuneration Committee apointed by the GSB | |   
Board's gender diversity ratio | X | 0.25  
Percentage of independent board members | % | 60.00  
United States of America Business Affairs Monitoring Committee | |   
Board's gender diversity ratio | X | 1.00  
Percentage of independent board members | % | 83.33  
  
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| | | | | | | | |   
  
GOV-1_08 - Information about identity of administrative, management and 

supervisory bodies or individual(s) within body responsible for oversight of impacts, 

risks and opportunities

Pursuant to EDP’s corporate governance model, the Executive Board of Directors is the corporate

body generally responsible for managing the company’s business affairs and performing all the acts

and operations relating to the corporate purpose (Article 18 (1) (b) of EDP Articles of Association),

including to ensure that the company’s risks are identified, evaluated, controlled and managed, to

define targets in terms of risks, to set the risk profile of the Company and to coordinate decisions

related to the material risk management (Article 4 (2) (n) of the Internal Regulation of the EBD). Since

the Executive Board of Directors acts as a body, all its five members are collegially responsible for

oversight of impacts, risks and opportunities. Notwithstanding, the CFO, Rui Teixeira, is especially

responsible for ESG (Environmental, Social, and Governance) matters within the Executive Board of

Directors.

In its turn, the General and Supervisory Board has powers to monitor and assess matters relating to

sustainability (Article 23 (1) (i) of EDP Articles of Association). For these purposes, the General and

Supervisory Board counts with two specialized Committees, the Corporate Governance and

Sustainability Committee and the Financial Matters Committee. The Corporate Governance and

Sustainability Committee is responsible for oversee and supervise sustainability in all its dimensions

(Article 2 (1) (b) of Committee’s Internal Regulation). The members that are part of this Committee are

António Lobo Xavier, Fernando Masaveu Herrero, Guobin Qin, Ignacio Herrero Ruiz, Lisa Frantzis,

María José García Beato and Stephen Vaughan. The Financial Matters Committee is responsible

for monitor and supervise the sustainability policies, procedures and practices, especially those that

have an impact on reporting and matters related to risk management. The members that are part of

this Committee are Gonçalo Moura Martins, María José García Beato, Sofia Salgado Pinto and

Victor Roza Fresno. Without prejudice to duties that bound all the members, those are the members

on which the General and Supervisory Board rely on for expertise to oversee sustainability matters.

GOV-1_09 - Disclosure of how body's or individuals within body responsibilities for 

impacts, risks and opportunities are reflected in undertaking's terms of reference, 

board mandates and other related policies

The responsibilities of each corporate body regarding sustainability matters are primarily outlined in

EDP’s Articles of Association and further detailed in the Internal Regulations of the Executive Board

of Directors and of the General and Supervisory Board.

In particular, the Executive Board of Directors is responsible for managing the company’s business

affairs (Article 18(1)(b) of EDP’s Articles of Association), which includes ensuring that the company’s

risks are identified, assessed, controlled, and managed. It is tasked with defining risk targets, setting

the company’s risk profile, and coordinating decisions related to material risk management (Article

4(2)(n) of the Internal Regulations of the Executive Board of Directors). Within the Executive Board of

Directors, the CFO, Rui Teixeira, holds specific responsibility for ESG (Environmental, Social, and

Governance) matters.

Meanwhile, the General and Supervisory Board, primarily through its specialized committees,

oversees all sustainability matters. As part of its responsibilities, the General and Supervisory Board

is responsible, among other things, for constantly monitoring and periodically assessing internal

procedures relating to accounting and auditing matters, the company's risk policy and profile, the

effectiveness of risk management, the internal control system and the internal auditing system, as

well as issuing an opinion on the management report and accounts for the year, including the

consolidated non-financial statements. For its part, in carrying out its duties, the Financial Matters

Committee should pay particular attention to the definition of sustainability policies and strategies,

in their different dimensions with an impact on sustainability reporting, significant exposures to

financial and non-financial risks, namely ESG (Environmental, Social and Governance) risks, the

development of good corporate governance practices in terms of the internal control system for

financial and sustainability information, the identification, assessment, control and management of

risks and the assessment of the degree of internal compliance with the company's risk management

system, continuously monitoring its performance and effectiveness, in conjunction with the

Executive Board of Directors, namely monitoring risk control policies, the identification of key risk

indicators (KRI) and integrated risk assessment methodologies, among others. The Corporate

Governance and Sustainability Committee is responsible for supporting and monitoring the

definition of the company's sustainability policies and strategies, in their three dimensions

Environmental, Social and Governance (ESG), as well as their implementation, monitoring and

conducting regular analyses of the main trends and developments in regulations and best practices

in ESG matters that are relevant to the company's activity, monitoring and conducting regular

analyses of the main trends and developments in regulations and best practices in ESG matters that

are relevant to the company's activity, monitoring the process of calculating, defining and densifying

the concept of dual materiality, among others.

From a material standpoint, EDP has adopted several internal policies and strategic documents that

establish its commitments and objectives regarding sustainability. These include the Climate

Transition Plan, the Code of Ethics, the Sustainable Development Principles, and the Corporate Risk

Management Policy. These policies and documents guide the activities of the corporate bodies,

inform decision-making processes, and serve as benchmarks for compliance assessments.

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Finally, the outcomes of compliance evaluations with these defined objectives and internal policies

are primarily reported in the Integrated Annual Report, the Transition Plan Progress Report, and the

Annual Report of the General and Supervisory Board.

GOV-1_10 \- Description of management's role in governance processes, controls 

and procedures used to monitor, manage and oversee impacts, risks and 

opportunities

The Executive Board of Directors is generally responsible for managing the company’s business

affairs, defining strategies and internal procedures and monitor the business risks. The Executive

Board of Directors plays a central role approving the group’s Business Plan, investment budget and

forecast and its Sustainability Strategy, including decarbonization pathway, all supported by an

overall risk management process aligned with different climate scenarios. In what concerns to

sustainability, the strategy is defined after a previous discussion with the relevant Platforms and

Regions. Regarding risk management, the Executive Board of Directors is ultimately responsible for

the decision, supervising and controlling risk management, and setting the EDP Group's

management objectives and policies. In addition, it is also responsible for defining the Risk Appetite

set out in the Business Plan, defining the EDP Group's risk policies (in particular, the respective

exposure limits by risk category) and for allocating resources in accordance with the risk-return

profile of the various options available. The Executive Board of Director is supported in this task by

the management committees, that contribute to the decision-making process, namely the Risk

Committees and the Sustainability Committee, and by internal departments, namely the

Departments of Investor Relations & ESG, Risk and Regulation, Markets & Stakeholders, including in

what concerns to the monitorization of defined strategy implementation.

GOV-1_11 - Description of how oversight is exercised over management-level 

position or committee to which management's role is delegated to

It is the responsibility of the General and Supervisory Board to oversee and assess issues related to

corporate governance, sustainability, internal codes of ethics and conduct and their compliance,

and systems for evaluating and resolving conflicts of interest, including relations between the

company and shareholders, and to issue opinions on these matters. Additionally, they are tasked

with continuously monitoring and evaluating internal procedures related to accounting and auditing

matters (Article 23(1)(i) of EDP’s Articles of Association), as well as the effectiveness of the risk

management system, the internal control system, and the internal audit system, including the

reception and handling of complaints and related inquiries, both from employees and external

sources (Article 23(1)(d) of EDP’s Articles of Association). The General and Supervisory Board relies

on two internal Committees, the Corporate Governance and Sustainability Committee, which is

tasked with overseeing and supervising sustainability in all its dimensions (Article 2(1)(b) of the

Committee’s Internal Regulations) and the Financial Matters Committee whose mission is to

continuously monitor and oversee policies, procedures, and practices in sustainability matters,

particularly those affecting the respective reporting (Article 2(1)(b) of the Internal Regulations of the

Committee).

Without prejudice to the support of internal departments, the Executive Board of Directors does not

delegate any powers, including those related to sustainability matters, to Committees. As such, the

powers concerning the definition of processes, controls, and procedures to monitor, manage, and

oversee impacts, risks, and opportunities related to sustainability matters are collectively exercised

by the Board. Notwithstanding, the CFO, Rui Teixeira, holds specific responsibility for ESG matters

within the Executive Board of Directors.

GOV-1_12 - Information about reporting lines to administrative, management and 

supervisory bodies

Two main internal committees support the Executive Board of Directors in defining and monitoring

sustainability strategies, procedures, and responsibilities. These are the Sustainability Committee,

which supports the development of corporate policies and procedures/regulations and monitors

their implementation by Platforms and Regions, and the Risk Committee, which analyses and

provides opinions on policies, procedures, significant risks, and exposure limits. These committees

liaise with different areas and report to the Executive Board of Directors on an ongoing basis. The

Executive Board of Directors is supported by the Investor Relations & ESG Department, which

reviews and discusses investor relations and ESG strategy, analysing financial and ESG information

to be published, monitoring ESG performance and the implementation of key sustainability

initiatives. The General and Supervisory Board oversees the implementation of sustainability issues

and EDP’s Climate Strategy implementation through Corporate Governance and Sustainability

Committee and Financial Matters Committee. The Corporate Governance and Sustainability

Committee meets with the Executive Board of Directors on ESG issues three to four times per year,

with Climate at the top of this meetings’ agenda. This Committee monitors and supervises matters

relevant to strategic sustainability and tracks ESG performance. The Financial Matters Committee

also has the mission to continuously monitor and oversee policies, procedures, and practices in

sustainability matters, especially those affecting the respective reporting.

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| | | | | | | | |   
  
GOV-1_13 \- Disclosure of how dedicated controls and procedures are integrated 

with other internal functions

The sustainability strategy is transversal to all EDP's activities, which is why the Sustainability and

Risk Management Committees that support the Executive Board of Directors are composed of

members from, and are in contact with, the relevant business areas. Additionally, the Risk

Management is also part of key committees, namely Investment Committee, Regulatory Committee,

and others Committees, guaranteeing the strategic alignment.

In turn, the Corporate Governance and Sustainability Committee of the General and Supervisory

Board provides specific oversight of these matters, in conjunction with other aspects related to

integrity, corporate governance, and ethics and the Financial Matters Committee monitors and

supervises sustainability and risk policies, procedures and practices, especially those with an

impact on reporting.

Additional information on internal controls, please refer to ESRS 2 GOV-5.

GOV-1_14 \- Disclosure of how administrative, management and supervisory bodies 

and senior executive management oversee setting of targets related to material 

impacts, risks and opportunities and how progress towards them is monitored

EDP ensures that its administrative, management, and supervisory bodies, along with senior

executive management, effectively oversee the setting of targets related to material impacts, risks,

and opportunities, and monitor progress towards these targets through several key mechanisms:

• GSB competence matrix \- The Competence Matrix is used to evaluate and disclose the skills

and expertise of the General and Supervisory Board (GSB) members. This matrix highlights,

among others, the experience and leadership of its members in sustainability and risk

management matters, ensuring they can understand and manage sustainability risks and

impacts across the corporation’s value chain

• Specialized committees \- The Corporate Governance and Sustainability Committee, a key

committee within the General and Supervisory Board, focuses on sustainability issues, including

the assessment of material impacts, risks and opportunities; for its part, the Financial Matters

Committee monitors and supervises sustainability and risk policies, procedures and practices,

especially those that have an impact on reporting. These Committees liaise with the Executive

Board of Directors, which is supported by the Sustainability and Risk Management Committees,

made up of technical experts who help make decisions related to sustainability

• Policy on selection of members \- The Policy on Selection of the Members of the General and

Supervisory Board and the Executive Board of Directors ensures that both boards collectively

possess the expertise necessary for effective management, including risk management, industry

knowledge, and sustainability. This policy emphasizes diversity in terms of age, gender,

geographical origin, skills, competencies, qualifications, and experience

• Continuous development \- EDP engages in regular training and development programs for its

board members to keep them updated on the latest sustainability practices and trends. This

continuous improvement ensures that board members can effectively oversee and manage

sustainability-related risks and opportunities

• Double materiality process \- EDP's double materiality process identifies and prioritizes critical

topics and sensitive issues for the business, enabling the company to optimize its strategic

orientation and internal management. This process supports the definition and revision of the

sustainability strategy, ensuring that the company can effectively manage material impacts,

risks, and opportunities

• Public disclosure \- The training and competences of the members of the General and

Supervisory Board are publicly disclosed in a competences matrix. The competences of the

members of the Executive Board of Directors and the General and Supervisory Board are

disclosed in their CVs. This transparency ensures that stakeholders are aware of the skills and

knowledge of Board members related to sustainability at EDP

• Monitoring and reporting \- The Executive Board of Directors monitors the implementation of the

sustainability strategy and objectives, preparing regular reports. This monitoring process

includes evaluating the skills and expertise of Board members and identifying potential areas for

improvement. The Investor Relations & ESG Department supports this process by analysing and

discussing the ESG strategy, defining sustainability metrics and objectives, coordinating

sustainability reporting, and benchmarking sustainability trends

• Integration of ESG factors \- The CFO, Rui Teixeira, holds specific responsibility for ESG matters

within the Executive Board of Directors, ensuring that sustainability considerations are integrated

into the company's financial and strategic decision-making processes

• Business plan \- EDP's Business Plan for 2023-2026 outlines the company's commitment to the

energy transition and sustainable growth. The plan includes targets for increasing renewable

energy capacity, reducing carbon emissions, and investing in innovative technologies. These

targets are aligned with the company's sustainability strategy and are monitored through regular

progress reports and performance evaluations.

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By leveraging these mechanisms, EDP ensures that its administrative, management, and

supervisory bodies, along with senior executive management, are well-equipped to set and monitor

targets related to material impacts, risks, and opportunities, thereby supporting the company's

overall sustainability strategy and objectives.

GOV-1_15 \- Disclosure of how administrative, management and supervisory bodies 

determine whether appropriate skills and expertise are available or will be 

developed to oversee sustainability matters

The Corporate Governance and Sustainability Committee, a key commission within the General and

Supervisory Board, is tasked with overseeing and supervising all sustainability matters. Among its

responsibilities is monitoring the process of calculating, defining, and refining the concept of dual

materiality.

Within the scope of its functions, this committee also defines the policy on selection of the members

of the General and Supervisory Board and the Executive Board of Directors. The members of EDP’s

General and Supervisory Board and the Executive Board of Directors are selected in accordance to

the [Policy on Selection of the Members of the General and Supervisory Board and the Executive](https://www.edp.com/sites/default/files/2023-02/Pol%C3%ADtica%20selec%20membros%20CGS%20e%20CAE_EN_3.pdf)[ ](https://www.edp.com/sites/default/files/2023-02/Pol%C3%ADtica%20selec%20membros%20CGS%20e%20CAE_EN_3.pdf)

[Board of Directors of EDP (dated December 13, 2018)](https://www.edp.com/sites/default/files/2023-02/Pol%C3%ADtica%20selec%20membros%20CGS%20e%20CAE_EN_3.pdf). This internal policy ensures that both

corporate bodies comprise members who reflect diversity—particularly in terms of age, gender,

geographical origin, skills, competencies, qualifications -, and experience. Additionally, this policy

aims at ensuring that both boards collectively possess the expertise necessary for effective

management, including risk management, industry knowledge, and sustainability. The collective

skills and expertise ensure that the different corporate bodies are able to adequately assess the

impacts, risks, and opportunities, taking into account EDP's specific business and the geographies

where it operates. The formation and expertise of the members of General and Supervisory Board

are publicly disclosed in a competence matrix. The EDP board's [matrix of skills](https://www.edp.com/sites/default/files/2024-07/Competence_Matrix_GSB_Members_2024.pdf) highlights the

experience and leadership of its members in sustainability matters. This expertise is essential for

board members to understand the sustainability risks and impacts across the corporation’s value

chain, as well as how these factors might affect the business model and competitive positioning of

the corporation. The formation and expertise of the members of Executive Board of Directors are

also publicly disclosed in their respective CVs. In addition, the members of the General and

Supervisory Board Committees are selected on the basis of appropriate qualifications and

experience, according to the information on their CVs.

Additionally, the Financial Matters Committee of the General and Supervisory Board has the mission

of overseeing and supervising, on a permanent basis, the sustainability policies, procedures, and

practices, as well as the internal mechanisms and procedures for the Internal Control System for

Sustainability Reporting (ICSSR).

The Executive Board of Directors monitors the implementation of the sustainability strategy and

objectives, preparing a reporting report. In this monitoring process, the Board evaluates the skills and

expertise and the potential need to improve them and is accompanied by the Investor Relations &

ESG Department, whose main responsibilities are to analyse and discuss the ESG strategy, namely

the definition of the sustainability strategy and policies for EDP, in accordance with the EDP Group's

ESG ambition and business needs, defining the group's sustainability metrics and respective

objectives, coordinating sustainability reporting, communication, training and mobilisation

activities, supervising external financial and ESG-related communications, benchmarking the main

sustainability trends and coordinating EDP's climate strategy and net-zero programme.

Notwithstanding, the CFO, Rui Teixeira, holds specific responsibility for ESG matters within the

Executive Board of Directors.

To ensure continuous improvement and alignment with best practices, EDP also engages in regular

training and development programs for its board members. These programs are designed to keep

members updated on the latest sustainability practices and trends, further enhancing their ability to

oversee and manage sustainability-related risks and opportunities effectively.

GOV-1_16 \- Information about sustainability-related expertise that bodies either 

directly possess or can leverage

The Executive Board of Directors consists of five members with diverse experiences and

backgrounds. Most notably, many Directors have significant experience in the energy sector across

other regions where EDP operates, such as Spain, Brazil, and Asia. The Executive Board of Directors

is supported by internal Sustainability and Risk Management Committees, composed of technical

specialists in this field, who assist the Board in making decisions related to sustainability matters,

particularly regarding the assessment of material impacts, risks, and opportunities.

The composition of General and Supervisory Board ensures that its members collectively bring

expertise in the energy sector as well as in the financial sector. The General and Supervisory Board

may contract expert services for assistance with specific tasks, when considered adequate for the

performance of its duties. The General and Supervisory Board also includes a specialized Corporate

Governance and Sustainability Committee, which focuses on sustainability issues. Furthermore, the

Financial Matters Committee is tasked with overseeing and supervising, on a permanent basis, the

sustainability policies, procedures, and practices, as well as the internal mechanisms and

procedures for the Internal Control System for Sustainability Reporting (ICSSR).

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The members of the Financial Matters Committee of the General and Supervisory Board took part in

a training conducted by PwC on 9 September 2024 under the theme: "Non-financial reporting:

evolution of the regulatory framework and progress status of the group/Challenge 2025". This

training was provided as part of the 11th Meeting of EDP's Audit Committees on September 9th and

10th, 2024. Additionally, one training session was conducted for all the members of the General and

Supervisory Board, by KPMG and internal experts, on the implementation of the Corporate

Sustainability Reporting Directive (CSRD) at EDP, on October 2nd 2024.

GOV-1_17 - Disclosure of how sustainability-related skills and expertise relate to 

material impacts, risks and opportunities

The members of EDP’s General and Supervisory Board and the Executive Board of Directors are

selected in accordance to the Policy on Selection of the Members of the General and Supervisory

Board and the Executive Board of Directors of EDP (dated December 13, 2018). This internal policy

ensures that both corporate bodies comprise members who reflect diversity—particularly in terms of

age, gender, geographical origin, skills, competencies, qualifications and experience. Additionally,

EDP ensures that its administrative, management, and supervisory bodies possess the necessary

sustainability-related skills and expertise to effectively oversee material impacts, risks, and

opportunities. This is achieved through several key mechanisms:

• GSB competence matrix \- EDP utilizes a Competence Matrix to evaluate and disclose the skills

and expertise of its General and Supervisory Board (GSB) members. This matrix highlights the

experience and leadership of its members in sustainability and risk management matters,

ensuring they can understand and manage sustainability risks and impacts across the

corporation’s value chain

• Specialized committees \- The Corporate Governance and Sustainability Committee, a key

committee within the General and Supervisory Board, focuses on sustainability issues, including

the assessment of material impacts, risks and opportunities; for its part, the Financial Matters

Committee monitors and supervises sustainability and risk policies, procedures and practices,

especially those that have an impact on reporting. These Committees liaise with the Executive

Board of Directors, which is supported by the Sustainability and Risk Management Committees,

made up of technical experts who help make decisions related to sustainability

• Policy on selection of members \- The Policy on Selection of the Members of the General and

Supervisory Board and the Executive Board of Directors ensures that both boards collectively

possess the expertise necessary for effective management, including risk management, industry

knowledge, and sustainability. This policy emphasizes diversity in terms of age, gender,

geographical origin, skills, competencies, qualifications, and experience

• Continuous development \- EDP engages in regular training and development programs for its

board members to keep them updated on the latest sustainability practices and trends. This

continuous improvement ensures that board members can effectively oversee and manage

sustainability-related risks and opportunities

• Double materiality process \- EDP's double materiality process identifies and prioritizes critical

topics and sensitive issues for the business, enabling the company to optimize its strategic

orientation and internal management. This process supports the definition and revision of the

sustainability strategy, ensuring that the company can effectively manage material impacts,

risks, and opportunities

• Public disclosure \- The training and competences of the members of the General and

Supervisory Board are publicly disclosed in a competences matrix. The competences of the

members of the Executive Board of Directors and the General and Supervisory Board are

disclosed in their CVs. This transparency ensures that stakeholders are aware of the skills and

knowledge of Board members related to sustainability at EDP.

By leveraging these mechanisms, EDP ensures that its sustainability-related skills and expertise are

directly aligned with the management of material impacts, risks, and opportunities, thereby

supporting the company's overall sustainability strategy and objectives.

GOV-2_01 \- Disclosure of whether, by whom and how frequently administrative,

management and supervisory bodies are informed about material impacts, risks

and opportunities, implementation of due diligence, and results and effectiveness of

policies, actions, metrics and targets adopted to address them

The administrative, management, and supervisory bodies are regularly informed about material

impacts, risks, and opportunities, as well as the implementation of due diligence and the results and

effectiveness of policies, actions, metrics, and targets. This occurs at least quarterly through the

meetings of the General and Supervisory Board (GSB), Corporate Governance and Sustainability

Committee (CGSC), and Financial Matters Committee (FMC).

This information is provided by various the Business Enablement Functions (BEFs), including:

• Corporate Governance Support: Ethics & Compliance (E&C)

• Resources: People & Organization (P&O), Procurement (PROC), and Digital (DGU)

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• Strategy & Finance: Investor Relations & ESG (IR&ESG)

• Risk, Security & Social: Risk and Safety, Security & Business Continuity (SS&BC).

These BEFs compile detailed reports and presentations for the quarterly review meetings. The

reports include comprehensive data on material impacts, identified risks and opportunities, and the

status of due diligence processes. Additionally, the effectiveness of implemented policies and

actions is evaluated using specific metrics and targets, and the results are discussed in these

meetings.

Feedback from GSB and Committees is collected and used to refine and improve future policies and

actions, ensuring continuous improvement in managing sustainability-related matters.

Specifically for the Financial Matters Committee, the Risk Management function meets quarterly to

provide an overview of the most relevant impacts, risks and opportunities, namely presenting EDPs

Risk Appetite Dashboard, and the Annual Risk Map. ESG function also meets periodically with FMC.

One particularly important topic discussed was the challenge associated with sustainability

reporting. This included aspects such as our current reporting methods, data reliability, new

requirements, the impact of technology, internal control of this information, and process governance.

These issues were addressed seven times during the regular meetings held throughout the year by

the members of the FMC.

GOV-2_02- Disclosure of how administrative, management and supervisory 

bodies consider impacts, risks and opportunities when overseeing strategy, 

decisions on major transactions and risk management process

A strategic plan for 2023-2026 was approved and updated by EDP and is currently being

implemented. This plan incorporates a strong sustainability dimension, including goals related to

decarbonization, community enhancement, planet protection, the promotion of a strong ESG culture,

the safeguarding and empowerment of human life, and measures to engage EDP’s partners in the

climate transition. In this context, medium-term targets are established to ensure the achievement of

these objectives.

The Executive Board of Directors and the General and Supervisory Board are fully committed to the

strategy, as both were involved in its development and approval, and they consider it in the exercise

of their respective functions. The General and Supervisory Board, in particular the Financial Matters

Committee, is responsible for permanently monitoring the effectiveness of the risk management

system, namely in terms of identifying, evaluating, controlling and managing risks and assessing the

degree of internal compliance with the company's risk management system, continuously

monitoring its performance and effectiveness, in liaison with the Executive Board of Directors,

namely risk control policies, the identification of key risk indicators (KRI) and integrated risk

assessment methodologies, and shall assess and comment on the EDP Group's strategic lines and

corporate risk management policy prior to their final approval by the Executive Board of Directors.

The Financial Matters Committee defines in its annual planning sessions dedicated to risk

management issues, in order to monitor the evolution of the group's main exposures and key risk

indicators, as well as addressing issues related to financial, strategic, ESG, business and operational

risks. In turn, the Executive Board of Directors is ultimately responsible for deciding, supervising and

controlling risk management, and is responsible for setting the EDP Group's management objectives

and policies. In addition to sharing the responsibilities defined, it is also responsible for defining the

Risk Appetite contained in the Business Plan, defining risk policies for the EDP Group (namely the

respective exposure limits by risk category) and allocating resources according to the risk-return

profile of the various options available.

In the context of verifying the strategy’s implementation and assessing its impacts, risks, and

opportunities, both the Climate Transition Plan approved by EDP and the Climate Transition Plan

Progress Report are necessarily considered. These documents are fundamental tools for assessing

the outcomes of the strategy and EDP’s contribution to sustainability.

At EDP, the risk management function follows a three lines of defence governance model, in which

Executive Board of Directors, Management Teams, the General Supervisory Board and its

Commissions play a role on the implementation of risk strategy, definition of risk strategy and

supervision of risk strategy implementation.

As previously referred to guarantee that the strategy is defined taking into consideration the risks,

opportunities and potential impacts, Risk Management is also part of key committees, namely

Investment Committees, Regulatory Committees, and others.

Additional, the Risk Management functions has Risk Committees where the Executive Board of

Directors and Heads of key Platforms and Regions as well as relevant Business Enablement

Functions are present, to follow up and discuss relevant matters regarding risk strategy.

GOV-2_03 \- Disclosure of list of material impacts, risks and opportunities 

addressed by administrative, management and supervisory bodies or their relevant 

committees

When defining its strategy, EDP considers and assesses material impacts, risks, and opportunities of

various natures related to its activities. These assessments are conducted based on the Regions and

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Platform level of the EDP Group. The primary guideline for this process is the Climate Transition Plan,

which identifies and evaluates chronic risks (such as temperature increases, water availability, and

extreme temperatures) and acute risks (such as extreme weather events and wildfires). Transition

risks are also identified and assessed, including regulatory and legal risks, market risks,

technological risks, and reputational risks. Additionally, significant opportunities related to the

transition are identified, assessed, and quantified across the following segments: energy sources,

products and services, resource efficiency, markets, and resilience.

Specifically for the Financial Matters Committee, the Risk Management function meets quarterly to

provide an overview of the most relevant impacts, risks and opportunities, namely presenting EDPs

Risk Appetite Dashboard, and the Annual Risk Map. ESG function also meets periodically with

Financial Matters Committee. One particularly important topic discussed was the challenge

associated with sustainability reporting. This included aspects such as our current reporting

methods, data reliability, new requirements, the impact of technology, internal control of this

information, and process governance. These issues were addressed seven times during the regular

meetings held throughout the year by the members of the Financial Matters Committee. The

Corporate Governance and Sustainability Committee, for its part, also monitors the process of

calculating, defining and densifying the concept of double materiality, supports and monitors the

definition of the company's sustainability policies and strategies, in their three dimensions

Environmental, Social and Governance (ESG), as well as their implementation, regularly monitoring

and analysing the main trends and developments in regulations and best practices in ESG matters

that are relevant to the company's activity.

Additional, the Risk Management functions has Risk Committees where the Executive Board of

Directors and Heads of key Platforms and Regions as well as relevant Business Enablement

Functions are present, where the list of material impacts, risks and opportunities are addressed

periodically.

The result from Double Materiality Assessment is approved by the Executive Board of Directors and

presented to the Financial Matters Committee and the Corporate Governance and Sustainability

Committee of the General and Supervisory Board.

GOV-3_01 \- Incentive schemes and remuneration policies linked to sustainability 

matters for members of administrative, management and supervisory bodies exist / 

GOV-3_02 - Description of key characteristics of incentive schemes

There are two distinct remuneration policies currently in effect at EDP, approved at the most recent

annual general shareholders’ meeting held in 2024. One Remuneration Policy applies to the

members of the Executive Board of Directors, while the other applies to the members of the

remaining corporate bodies.

According to the Remuneration Policy of the members of the Executive Board of Directors, the

remuneration of the members of the Executive Board of Directors must be aligned with the interests

of shareholders, be focused on the creation of long-term value and be compatible with adequate

and rigorous risk management, thus contributing to the Company's strategy, to its long-term values

and interests and for its sustainability. This Policy ensures a (fixed) base remuneration, the payment

of which is not dependent on performance evaluation. The Policy also foresees for a variable

remuneration, with an annual component, and a multi-annual component, with the nature of reward/

incentive appropriate to the individual and collective performance of the members of the Executive

Board of Directors and the promotion of good conduct, considering EDP's short- and long-term,

financial, and non-financial objectives that are achieved, and the way in which they were achieved.

In addition, the members of the Executive Board of Directors also benefit from the following fringe

benefits: (i) payment of an annual premium for Life Insurance and also Personal Accident Insurance

(together with the other associated costs) under the terms that will take as reference the policies in

force at EDP; (ii) payment of an annual premium for / co-payment of / access to Health Insurance,

extended to spouse and children (together with the other associated costs) and (iii) use of a car,

under the terms of the culture and practice consistently followed at EDP for service cars, which

includes, for members of the Executive Board of Directors, the assignment of a driver, the payment of

costs and expenses related to the car and its use.

In its turn, according to the Remuneration Policy of the members of the remaining corporate bodies,

the remuneration of the members of the General and Supervisory Board is of a fixed nature,

considering the duties performed.

GOV-3_03 - Description of specific sustainability-related targets and (or) impacts 

used to assess performance of members of administrative, management and 

supervisory bodies

The variable component of the Directors' remuneration is calculated considering, among other

factors, ESG indicators, as outlined in the Remuneration Policy for the members of the Executive

Board of Directors. ESG indicators are used to determine both the annual component and the multi-

annual component of the variable remuneration.

With regard to the annual component, the ESG indicators considered include Dow Jones

Sustainability Index Results, Performance in the employees’ yearly climate study and Performance in

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the customer satisfaction index. For the multi-annual component, the ESG performance indicators

considered are Increase of share of renewable energy production, Emissions’ reduction and

Bloomberg Gender Index Performance.

GOV-3_04 - Disclosure of how sustainability-related performance metrics are 

considered as performance benchmarks or included in remuneration policies

The ESG performance indicators considered in determining the variable component of the

remuneration of the members of the Executive Board of Directors include benchmarks for the annual

and multi-annual components. In the annual variable component, the main indicators considered

include the results of the Dow Jones Sustainability Index, performance in the annual employee

climate survey and performance in the customer satisfaction index. In the multi-annual variable

component, the main indicators considered include the increase in the penetration of renewables,

the reduction in emissions and the Bloomberg Gender Index Performance.

GOV-3_05 - Percentage of variable remuneration dependent on sustainability-

related targets and (or) impacts

| |   
---|---|---  
REMUNERATION DEPENDENT ON SUSTAINABILITY | UN | 2024  
Percentage of variable remuneration dependent on sustainability-related  targets and (or) impacts - Annual Variable Remuneration| % | 20  
Percentage of variable remuneration dependent on sustainability-related  targets and (or) impacts - Multiannual Variable Remuneration| % | 20  
  
GOV-3_06 - Description of level in undertaking at which terms of incentive 

schemes are approved and updated

The Remuneration Policy for the members of the Executive Board of Directors is approved by the

General Shareholders’ Meeting based on a proposal from the Remuneration Committee of the

General and Supervisory Board. An updated version of the Remuneration Policy is subject to the

approval of the General Shareholders' Meeting at least every four years, or whenever a significant

change occurs.

At the General Shareholders‘ Meeting of EDP held on 14 April 2021, the proposal for the

Remuneration Policy of the members of the Executive Board of Directors, drawn up and submitted

by the Remuneration Committee appointed by the General and Supervisory Board, and the proposal

for the remuneration policy of the members of the other governing bodies, including the General and

Supervisory Board, submitted by the Remuneration Committee elected by the General

Shareholders’ Meeting, were approved. The EDP General Shareholders‘ Meeting held on 10 April

2024 approved the proposed Remuneration Policy for the members of the Executive Board of

Directors, drawn up by the Remuneration Committee appointed by the General and Supervisory

Board, and the Remuneration Policy for the members of the other governing bodies, including the

General and Supervisory Board, drawn up by the Remuneration Committee elected by the General

Shareholders’ Meeting.

GOV-4_01 \- Disclosure of mapping of information provided in sustainability 

statement about due diligence process 

EDP's due diligence process is a comprehensive approach to integrating sustainability into all

aspects of our operations. The core elements of this process include:

• Embedding sustainability due diligence - This involves incorporating sustainability

considerations into governance structures, strategic planning, and business models. It ensures

that sustainability is a fundamental part of decision-making at all levels of the organization and

integrated in the company business plan. (ESRS 2: GOV -1, GOV-2, GOV-3, SBM-3)

• Double materiality assessment - The structuring process of EDP’s Due Diligence process is the

materiality assessment. EDP employs a double materiality assessment to identify the main

material topics for the company and its stakeholders, identifying both the topics that are

significant for stakeholders, including their social and environmental impacts and the topics that

are significant for EDP's business operations, including financial impacts, risks, and opportunities.

(ESRS 2: GOV-2, IRO-1)

• Engaging with affected stakeholders - EDP actively involves stakeholders, enabling the

company to understand their concerns and expectations, ensuring that the actions are aligned

with their interests. (ESRS 2 SBM-2, MDR-P; S1-2, S2-2, S3-2, S4-2)

• Identifying and assessing adverse impacts - EDP systematically identifies and assesses

potential adverse impacts on society and the environment. This assessment helps prioritize

actions and allocate resources effectively. (ESRS 2: IRO-1, SMB-3)

• Taking actions to address adverse impacts - Based on these assessments, EDP implements

targeted actions to mitigate or eliminate adverse impacts. These actions are integrated into the

broader sustainability strategies and plans. (ESRS 2: MDR-A; E1-3, E3-2, E4-3, E5-2, S1-4,

S2-4, S3-4, S4-4)

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• Tracking effectiveness and communicating - EDP monitors the effectiveness of these efforts

through established metrics and targets. Regular reporting ensures transparency and

accountability, allowing stakeholders to track progress and hold EDP accountable. (ESRS 2:

MDR-M, MDR-T; E1-4, E3-3, E4-4, E5-3, S1-5, S2-5, S3-5, S4-5).

GOV-5_01 \- Description of scope, main features and components of risk 

management and internal control processes and systems in relation to 

sustainability reporting

EDP Group is committed to implementing robust and effective governance practices to ensure

proper oversight of our sustainability initiatives. Our governance structure is designed to integrate

sustainability at all levels of the organization, ensuring that strategic and operational decisions

consider environmental, social, and governance (ESG) impacts. To make this happen, the

component of Risk Management and internal controls over sustainability must be one of the drivers

of the company's governance in terms of sustainability.

Taking all these aspects into consideration, the EDP Group is developing a project to implement an

Internal Control System for Sustainability Reporting (ICSSR) under the shared management of the

areas of Ethics & Compliance and Investor Relations & ESG.

This project is based on: (i) a scope definition model, which includes the calculation, assessment,

and documentation of double materiality exercise, as well as the identification of mandatory

disclosures in line with the assumptions and obligations arising from current regulations, for the EDP

Group; (ii) a gap analysis of sustainability reporting disclosures, focusing on mandatory information,

mapping the processes, and identifying reporting disclosures risks associated with those processes;

(iii) the identification and gap analysis of controls; and (iv) the definition of an implementation plan to

address the identified gaps.

GOV-5_02 - Description of risk assessment approach followed

EDP Group applies a comprehensive risk management framework to identify and assess

sustainability-related risks. This includes environmental, social, and governance (ESG) risks across

our value chain that could impact our operations, reputation, and financial performance.

The aim of the Risk Assessment phase is to identify the sources of risk, and subsequently assess

whether they could result in a material misstatement in the Sustainability Disclosures. Risk

assessment has two distinct parts: (i) identifying the risk (realising "what could go wrong"); and (ii)

evaluating the risk (determining the significance of each risk). The internal methodology that is being

defined for Risk Assessment in the Sustainability Disclosures consists of characterising two

dimensions of risk. The first is Magnitude and the second dimension is Likelihood, which evaluates

the probability of identified risks materializing.

GOV-5_03 - Description of main risks identified and their mitigation strategies

Since the mentioned project is still ongoing, we are currently in the phase of mapping that risks,

processes, and controls. Globally, the risks being mapped are related to: (i) completeness and

integrity of the data (risks associated with missing or incomplete data and ensuring the reliability

and accuracy of the information collected), (ii) accuracy of estimation results (risks related to

potential errors or inaccuracies in estimation methodologies or calculations) and (iii) timely

availability of information across the entire data reporting value chain (risks concerning delays in

data collection, processing or reporting that could impact reporting timelines), among others.

To address these risks, mitigation strategies are being developed and will be implemented, which

will include, for example, implementing robust data validation and verification procedures to ensure

completeness and accuracy; enhancing estimation methodologies and documentation standards to

minimize errors and inconsistencies in results; streamlining data collection and reporting processes

by defining clear roles, responsibilities, and timelines across the value chain to ensure timely

availability of information; establishing automated systems and tools to improve data quality and

reduce manual interventions; developing training programs for internal teams to strengthen their

understanding of the reporting requirements and processes.

For the next reporting period, EDP aims to provide more detailed information on this matter.

GOV-5_04 - Description of how findings of risk assessment and internal controls 

as regards sustainability reporting process have been integrated into relevant 

internal functions and processes

Since the mentioned project is still ongoing, we are currently in the phase of mapping processes,

identifying associated risks and defining controls.

Once this phase is complete, the findings will be systematically integrated into relevant internal

functions and processes. This integration will involve: i) Ensuring that identified risks and controls are

assigned to appropriate teams or departments for oversight and management; ii) Embedding the

findings into key processes, such as data collection, validation, and reporting, to ensure consistency

and reliability in sustainability disclosures; iii) Addressing identified gaps by defining action plans,

implementing new controls, and improving existing procedures to minimize risks; iv) Providing

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targeted training to internal teams to ensure understanding of updated processes and controls, as

well as the implications for sustainability reporting; v) Establishing mechanisms for ongoing

monitoring and periodic review to assess the effectiveness of integrated processes and controls,

making adjustments as necessary.

GOV-5_05 - Description of periodic reporting of findings of risk assessment and 

internal controls to administrative, management and supervisory bodies

Once the implementation project of the Internal Control System for Sustainability Reporting (ICSSR)

is completed, the periodic reporting to the supervisory bodies should follow the same reporting line

as the other internal control matters of EDP Group. On a quarterly basis, or whenever requested or

deemed necessary, Ethics & Compliance reports to the EBD (Executive Board of Directors) and the

FMC (Financial Matters Committee) of the EDP Group on the status of the ICSSR's work:

• monitoring the annual activity plan, approved by the EBD and FMC

• monitoring the External Auditor's work on the ICSSR assessment (when applicable)

• monitoring the design and effectiveness non-conformities and/or opportunities for improvement,

respective implementation plans, dates and implementation status (if applicable)

• other matters deemed relevant in the respective reporting period.

SBM-1_01 \- Description of significant groups of products and (or) services offered 

EDP offers a range of products and services, such as:

• supply of electricity and natural gas to residences and businesses

• distributed generation, with the installation of solar photovoltaic systems for self-consumption

and adapted to customers and local characteristics, including energy communities, to

residencies and businesses

• electric mobility solutions, such as infrastructure and solutions for charging electric cars, including

domestic and public chargers

• energy efficiency products and services, such as more efficient equipment and lighting such as

LED lamps, high-efficiency motors, electronic variable speed drives and heat pumps, as well as

advisory services and energy audits, inspections and certifications to improve the energy

efficiency of properties, and consumption management solutions

• technical assistance services, such as EDP Funciona, which includes equipment maintenance

and repair

• service packs that offer green electricity, technical assistance services and discounts on partner

products

• health plans for customers and their pets, offering benefits in medical care.

SBM-1_02 - Description of significant markets and (or) customer groups served 

The EDP Group operates in the energy sector in the regulated and liberalized market, mainly in five

regions:

• in Iberia, it mainly operates in the supply of electricity and natural gas

• in Europe, in addition to Iberia, it is present in other European countries, focusing mainly on

renewable energy

• in North America, it operates in the United States and Canada, with a special focus on wind and

solar energy projects

• in South America, it operates in the renewable energy market

• in Asia-Pacific, it has investments in solar energy.

SBM-1_03 - Total number of employees (head count)

| |   
---|---|---  
EMPLOYEE HEAD COUNT BY REGION | UN | 2024  
Iberia | # | 7,519  
Rest of Europe | # | 608  
South America | # | 3,050  
North America | # | 1,060  
Asia Pacific | # | 359  
Total | # | 12,596  
  
1 Mainly related with intragroup balances and transactions eliminations

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SBM-1_06 - Total revenue

| | | | | |   
---|---|---|---|---|---|---  
2024  
| | Reported Operating Segments | Other  Segments| Group  
REVENUE | UN| Renewables,  Clients & EM| Networks | Total  
Energy and access | 000€ | 8,921,576| 2,282,620| 11,204,196| 2,054,645| 13,258,841  
Revenue from assets assigned to  concessions| 000€ | -486| 957,794| 957,308| —| 957,308  
Other | 000€ | 619,411| 99,000| 718,411| 31,202| 749,613  
| 000€ | 9,540,501| 3,339,414| 12,879,915| 2,085,847| 14,965,762  
  
| |   
---|---|---  
REVENUE| UN| 2024  
Total Revenues from energy sales and services and other of Reported Segments | 000€ | 14,137,963  
Revenues from energy sales and services and others from Other Segments | 000€ | 2,307,868  
Adjustments and Inter-segments eliminations 1| 000€ | -1,480,069  
Total Revenues from energy sales and services and other of EDP Group | 000€ | 14,965,762  
  
SBM-1_09 - Undertaking is active in fossil fuel (coal, oil and gas) sector 

EDP has revenues from the fossil fuel sector, namely coal and gas, however, with little significance in

the total revenues.

SBM-1_10 \- Revenue from fossil fuel (coal, oil and gas) sector/ SBM-1_11 - Revenue 

from coal / SBM-1_13 - Revenue from gas/ SBM-1_14 - Revenue from Taxonomy-

aligned economic activities related to fossil gas

| |   
---|---|---  
REVENUE FROM: | UN | 2024  
Oil | € | N/A  
Coal | € | 41,172,530  
Gas | € | 266,136,061  
Taxonomy-aligned economic activities related to fossil gas | € | 0  
  
SBM-1_21 - Description of sustainability-related goals in terms of significant 

groups of products and services, customer categories, geographical areas and 

relationships with stakeholders / SBM-1_22 - Disclosure of assessment of current 

significant products and (or) services, and significant markets and customer 

groups, in relation to sustainability-related goals

The EDP's goals for 2026 are as follows:

• in terms of decarbonisation, the company aims to reduce Scope 1 and Scope 2 emissions by 77%,

reaching 36 gCO2e/kWh, and achieve 93% renewable generation

• regarding communities, EDP plans to invest approximately €200m in social initiatives until 2026

and make over 3,000 new hires

• concerning the planet, the goal is to recover 90% of waste annually

• for partners, EDP aims to have 100% of suppliers compliant with ESG due diligence and align

90% of the purchase volume with the company's ESG goals

• in the area of ESG culture, EDP aims to have zero fatal accidents, achieve 31% woman

employees, and 31% female leadership.

These targets are being monitored, and EDP continues to actively contribute to them, focusing on

capital allocation to prioritize the most attractive returns.

SBM-1_23 - Disclosure of elements of strategy that relate to or impact 

sustainability matters

EDP's vision is to be a leader in the energy transition, while creating superior value. To achieve this,

EDP is strategically positioning itself with a low-risk, cross-diversified and resilient profile, which

enables the company to create distinctive conditions for the execution of a value-creation strategy

in the challenging context of low ecological footprint leveraged in sustainable growth.

By prioritizing sustainability and innovation, EDP is committed to being at the forefront of the energy

industry and aims to create value for all stakeholders while minimizing its environmental impact.

With its forward-thinking approach and strong focus on sustainability, EDP aims to drive the energy

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transition and contribute to a more sustainable future. As our business expands, our purpose and

commitment to the planet grows stronger.

Based on its Vision, EDP has identified four strategic pillars:

• Accelerated and focused growth

• ESG excellence and future proof organization

• Distinctive and resilient portfolio

• Superior value creation for stakeholders.

SBM-1_25 - Description of business model and value chain / SBM-1_28 - 

Description of main features of upstream and downstream value chain and 

undertakings position in value chain

The value chain of EDP can be divided into three main phases: upstream, own operations, and

downstream.

In the upstream phase, there is the supply chain, namely:

• suppliers of raw materials for electricity production, such as materials for renewable energy

assets or fossil fuels like coal and natural gas. The logistics and transportation of raw materials to

the energy generation facilities are also part of this phase

• contractors and subcontractors, such as construction workers and individuals working on

maintenance of facilities

• service providers, such as workers providing services for EDP.

In its own operations, EDP focuses on:

• generating electricity from various sources such as wind, hydro, solar, natural gas, and coal, with

an emphasis on renewable energies

• implements energy storage solutions to ensure continuity of supply

• manages the energy distribution network to deliver electricity efficiently and safely to consumers

• commercialisation of energy (electricity and gas) to final consumers.

In addition, it is involved in activities in the areas of engineering, laboratory testing, professional

training, energy services and property management.

The production activity is the first activity in the business model of the electricity sector. This is

followed by the transmission activity, where the energy generated is delivered to the transport

network, which consists of very high voltage lines and which subsequently channels the energy to

the distribution network. In the distribution activity, the transported energy is channelled to the

distribution network. This network allows the flow of energy to the supply points. Finally, in the supply

activity, the distributed energy reaches the supply point and is then sold by the supplier.

In the downstream phase, EDP is dedicated to:

• supplying electricity and natural gas for residential, commercial, and industrial customers.

EDP's end users include people who use electricity and natural gas for domestic consumption, small

and medium-sized enterprises that depend on electricity and natural gas for their daily operations,

and large industries that require large amounts of energy for their production processes.

SBM-1_26 - Description of inputs and approach to gathering, developing and 

securing inputs

The value chain is impacted by various stakeholders and market trends and forces. The EDP Group

has several resources that impact the value chain, including:

• financial resources such as third-party capital, income, financing, stocks

• infrastructural resources such as assets, shop networks, property and other facilities (such as raw

materials)

• intellectual resources such as brand, patent, innovation and partnerships

• human resources such as employees and suppliers

• social resources such as qualified skills of employees and suppliers and business partnerships

• natural resources such as renewable resources (wind, water and solar) and non-renewable

resources (gas and coal).

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SBM-1_27 - Description of outputs and outcomes in terms of current and expected 

benefits for customers, investors and other stakeholders

The results obtained and their respective impacts were as follows:

• at the Financial level, profits and remuneration of third-party capital and dividends were

obtained, financial risks were minimized and debt was reduced

• at the Infrastructure level, the quality and efficiency of the energy supply was guaranteed and

the safety of facilities and equipment was promoted

• at the Intellectual level, it was ensured that products and services are innovative and knowledge

was generated by promoting innovation and research and capitalizing on acquired knowledge

• at the Human Resources level, a diverse workforce was ensured by promoting diversity and

equal opportunities, an adequate amount of training by promoting the development of employee

skills, remuneration and social benefits for employees by promoting employee satisfaction, and

occupational health and safety were promoted

• at the Social level, the brand's reputation and recognition were maintained, social investment

and volunteering were promoted, customer experience and satisfaction were promoted, and the

contractual relationship with suppliers was taken advantage of to develop these stakeholders

• at the Natural Value level, CO2 emissions and air pollutants were reduced, consumption of

natural resources was reduced, water quality was ensured and energy consumption was reduced

through energy efficiency measures, as well as biodiversity was preserved.

SBM-2_01 \- Description of stakeholder engagement

EDP has a Stakeholder Management Policy, from 2013 and under permanent update for the

Supervisory Board by the Stakeholder Team/ Center of Excellence. This Policy had a further

Methodology published by 2015, and a specific Local Stakeholder Engagement Policy published in

2023, with an extensive set of Procedures approved by the EBD and shared only under internal

communication.

The stakeholder engagement has a Strategic Vision, Mission and Objectives subject to public

evidence under the Policy and EDP website under sustainability/ stakeholder management

approach. Its methodology requires an internal and an external views withdrawn from independent

assessments, from which an action plan has to be drawn, with specific monitoring and reporting

criteria, defined per project and project phase.

Within double materiality assessment:

Own workforce

• Internal Studies - The results of the climate study were used to analyse EDP employees'

perceptions on several relevant ESG topics.

• Meetings with Focal Points - Direct evaluations of IROs were conducted with several internal

focal points. These focal points assessed their assigned risks and opportunities using defined

scales and criteria. This evaluation involved key departments across Business Enablement

Functions, covering all Platforms and Regions.

Workers in the value chain

• Surveys - EDP developed and distributed surveys to several suppliers to gather insights on

potential impacts.

Surveys were structured around key questions where stakeholders assessed EDP’s impacts on

the environment and society for potential material topics. They were asked to rate these impacts

on a scale from -4 (significant negative impact) to 4 (significant positive impact). Additionally,

stakeholders were asked to choose 3 topics that they felt most knowledgeable about,

considering EDP’s activities. Stakeholders were then asked to assess EDP’s impacts on

environment and society for the potential material sub-topics of the selected topics. The scale for

the sub-topics assessment was the same (from -4 to 4). Finally, suppliers were invited to list any

additional topics they believed were important but had not yet been covered in the survey.

Affected communities

• EDP has established stakeholder management procedures and a Local Stakeholder

Engagement Policy to ensure effective community engagement. These procedures outline the

steps for identifying, segmenting, and prioritizing stakeholders, as well as methods for

engagement and performance monitoring. The Local Stakeholder Engagement Policy supports

these procedures by detailing the responsibilities and governance for affected community

engagement. EDP teams gather information about affected communities' concerns through

internal focal points, who act as direct links between EDP and these communities. This ensures

that the perspectives of affected communities inform decisions and activities aimed at managing

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actual and potential impacts. The procedures also include methods for continuous disclosure,

consultation, and reporting to stakeholders, ensuring transparency and responsiveness to

community needs.

The double materiality assessment, included focal points that when consulted would ensure that

community perspectives and concerns were considered and included in the evaluation of IROs.

Consumers and end-users

• Internal Studies - The findings from various customer surveys and studies were analysed to

assess their perceptions on key ESG topics.

The process for affected stakeholder consultation is described in IRO-1_05.

SBM-2_02 - Description of key stakeholders / SBM-2_03 - Description of 

categories of stakeholders for which engagement occurs / SBM-2_04 - 

Description of how stakeholder engagement is organised

Under the Sustainability webpage for EDP, the "Who are they" section disclosures the stakeholder

mapping that EDP uses for its general engagement, monitored at CoE level: the mapping has 4 areas

(Democracy, Market, Value Chain and Social/local communities), identifying different groups of

stakeholders to be endorsed and monitored throughout the year by various areas of EDP.

There are 24 different groups identified, under the 4 main groups of stakeholders: Democracy,

Market, Value Chain and Social/local communities. These have a further description disclosed at

the Policy, Methodology and at EDP's website.

The Value Chain segment tends to value as critical issues such as: energy tariffs and prices, the

composition of electric bills, climate change (namely the promotion of energy efficiency in

consumption) and innovation (smart grids).

The Market segment considers as critical issues such as financial sustainability (including debt,

macroeconomic context and the EDP Group’s strategy) and regulations, fees and subsidies

(regulatory context).

The Democracy segment identifies as the most relevant issues climate change, promoting energy

efficiency in consumption, investment in renewable energies and energy tariffs and prices (tariff

deficit).

The Social and Local Communities segment gives particular emphasis to issues such as public

lighting, climate change (promoting energy efficiency in consumption and investment in renewable

energies) and rates and energy prices (price of electricity and tariff deficit); engaging through energy

transition's impacts on communities and biodiversity, preventing major shock waves and promoting

shared value approaches; public lightning as a baseline of well-being.

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Highlighting External Representation

During 2024 EDP actively engaged with institutional stakeholders (European Council, European

Parliament and European Commission) on the future priorities of the EU in the energy and climate

policy domain, either directly or in the framework of public consultations, leveraging in many

instances on the advocacy activities of associations.

EDP has advocated for a continuous commitment of the EU in the decarbonization journey, as a way

to ensure climate neutrality, while also contributing to competitiveness and security.

a. Prioritizing the objectives of the EU Green Deal policies and legislations focusing on investments

in renewables, storage, power grids and electrification technologies. This will work geo

strategically as an engine of growth and security (Joint Statement of June 2024, cosigned with

EU companies, associations, local entities and NGOs)

b. Similar actions were taken at the main European sectoral associations, in particular Eurelectric,

WindEurope, Solar Power Europe, EASE, ChargeUp Europe, European Distribution System

Operators (E.DSO) or the European Federation of Energy Traders (EFET).

Also highlighting another fundamental engagement process that EDP pursues with its European

Union stakeholder, the European Funds.

EDP is deeply committed to identifying and securing European funding opportunities to support

innovative projects that align with our strategic goals of sustainability, innovation, and energy

transition. By actively engaging with European funding mechanisms such as Horizon Europe, the

Innovation Fund, and national programs such as Recovery and Resilient Plan, EDP strives to

accelerate the development and implementation of cutting-edge solutions that address critical

challenges in renewable energy, decarbonization, and digital transformation.

Since 2021, EDP has been involved in over 187 approved projects, securing more than €200m in

funding. 2024 was an especially productive year, with over 46 proposals submitted (most still

waiting for results), already representing more than €40m in approved funding. Among the

highlights of 2024 are two projects approved under the highly competitive Innovation Fund, the EU’s

most prestigious funding program. These include Big Batt, a 150 MW battery project at the

Carregado cogeneration plant in Portugal, which stands out as the only Innovation Fund project

approved in the country this year. The second project is Green Ammonia in Spain, focusing on

producing green ammonia at the off-taker facility using innovative electrolysis technology to

channel hydrogen produced at the Aboño plant.

SBM-2_05 - Description of purpose of stakeholder engagement / SBM-2_06 - 

Description of how outcome of stakeholder engagement is taken into account / 

SBM-2_07 - Description of understanding of interests and views of key 

stakeholders as they relate to undertaking's strategy and business model

The stakeholder engagement has a Strategic Vision, Mission and Objectives subject to public

evidence under the Policy and EDP website under sustainability/ stakeholder management

approach. Its methodology requires an internal and an external views withdrawn from independent

assessments, from which an action plan has to be drawn, with specific monitoring and reporting

criteria, defined per project and project phase.

The involvement of stakeholders in governance models is more than an example of good business

practice: it is a competitive lever with a positive impact on the EDP Group’s performance.

The goals are:

• To dynamically and systematically identify the stakeholders that influence and are influenced by

the activities of EDP Group

• To be familiar with the perceptions EDP Group stakeholders have of the company and what

issues they consider relevant in to interaction with the organization

• To strengthen the relationship of trust, transparency and proximity to all EDP stakeholders

• To integrate stakeholders’ expectations with the management of the EDP Group

• To identify emerging risks and opportunities in the relationship with the stakeholders

• To identify, explore and develop new opportunities to create value either through dialogue with

the various areas and business units of the EDP Group, or through the promotion of multi levelled

projects with the stakeholders

• To turn the stakeholder management into a tangible exercise with a positive impact in the

company.

SBM-2_08 - Description of amendments to strategy and (or) business model / 

SBM-2_09 - Description of how strategy and (or) business model have been 

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amended or are expected to be amended to address interests and views of 

stakeholders

There were no amendments to EDP’s strategy or business model.

SBM-2_10 - Description of any further steps that are being planned and in what 

timeline

The strategy for stakeholder management will remain, although developing further tools towards

measuring impact and outcomes of community engagement ( also develloped in external groups at

global associations like WBCSD or WEF), as well as the content enhancement for advocacy and

positioning on the energy transition, with the SCOPE 360 project with coordinators from all EDP

Regions.

SBM-2_11 - Further steps that are being planned are likely to modify relationship 

with and views of stakeholders

Affected Communities will have a deeper and further assessment, fastening the preventive side of

operation, avoiding risk and promoting the energy transition. The SCOPE 360 tool will also reinforce

EDP positioning at major external entities, promoting an intelligence sharing and knowledge

assisting on all strategy plans defined ahead, as well as assisting the Board through systemic and

better prepared intelligence.

SBM-2_12 - Description of how administrative, management and supervisory 

bodies are informed about views and interests of affected stakeholders with regard 

to sustainability-related impacts

The Supervisory Board and the Executive Board are permanently informed on stakeholder

engagement developments, at various levels of stakeholder management, being so the Regulation

updates; the Global Policy updates and the annual presentations on stakeholder engagement at

External Representation entities and Local Community operations.

SBM-3_01 \- Description of material impacts resulting from materiality assessment

E1 - Climate change

| | | |   
---|---|---|---|---  
| Positive vs.  negative| Actual vs.  potential| Time Horizon | Value chain origin  
Climate adaptation strategyClimate adaptation plans ensure infrastructure resilience| Positive | Actual | n/a | Upstream Direct operations  
Greenhouse gas emissionsHigh GHG emissions from energy activities worsen climate change and environmental impact| Negative | Actual | n/a | Upstream Direct operations Downstream  
Climate mitigation strategyClimate mitigation strategies reduce GHG emissions | Positive | Actual | n/a | Direct operations  
Low carbon solutionsInvesting in renewable energy and efficiency helps mitigate climate change| Positive | Actual | n/a | Upstream Direct operations  
Decentralized generationDecentralized renewable energy reduces reliance on fossil fuels| Positive | Actual | n/a | Direct operations  
  
E3 - Water and marine resources

| | | |   
---|---|---|---|---  
| Positive vs.  negative| Actual vs.  potential| Time Horizon | Value chain origin  
Water consumptionWater consumption in water-stressed areas adds pressure on local resources| Negative | Actual | n/a | Direct operations  
  
E4 - Biodiversity and ecosystems

| | | |   
---|---|---|---|---  
| Positive vs.  negative| Actual vs.  potential| Time Horizon | Value chain origin  
Biodiversity loss and habitat degradationOperations can cause biodiversity loss and habitat degradation| Negative | Actual | n/a | Direct operations  
  
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E5 - Resource use and circular economy

| | | |   
---|---|---|---|---  
| Positive vs.  negative| Actual vs.  potential| Time Horizon | Value chain origin  
Improving operational efficiency and moving towards circular practicesRecycling and upcycling reduce environmental impact and preserve resources | Positive | Potential | Short-term | Direct operations  
  
S1 - Own workforce

| | | |   
---|---|---|---|---  
| Positive vs.  negative| Actual vs.  potential| Time Horizon | Value chain origin  
Diverse and inclusive workplaceCreating a workplace that embraces diversity fosters a fairer society| Positive | Actual | n/a | Direct operations  
Wage disparityWage disparities based on identity factors perpetuate financial inequality, limit career growth, and reduce job satisfaction, motivation, and productivity| Negative | Actual | n/a | Direct operations  
Inclusive recruitmentEmploying people with disabilities promotes their financial stability, growth, social integration, and a more inclusive society| Positive | Actual | n/a | Direct operations  
Fair and equal career opportunitiesEqual career opportunities promote diversity and motivation| Positive | Actual | n/a | Direct operations  
Injuries and illnessesInadequate health and safety measures lead to injuries and illnesses, which can result in harmful consequences  for individuals' safety| Negative | Actual | n/a | Upstream Direct operations Downstream  
Safety cultureSafety initiatives reduce accidents and ensure a healthy work environment| Positive | Actual | n/a | Direct operations  
Mental issues awarenessMental health initiatives promote a healthy work environment| Positive | Actual | n/a | Direct operations  
Psychosocial risk assessmentAssessment of psychosocial risks among employees, contributes to the improvement of working conditions and the promotes mental health| Positive | Actual | n/a | Direct operations  
Flexible working setupsFlexible working improves work-life balance| Positive | Actual | n/a | Direct operations  
  
| | | |   
---|---|---|---|---  
| Positive vs.  negative| Actual vs.  potential| Time Horizon | Value chain origin  
Preventive health care programsHealth programs promote a safe, healthy work environment | Positive | Actual | n/a | Direct operations  
Failure to meet a well-being cultureFailing to prioritize reasonable working hours and discouraging work overload can lead to negative impacts on workers| Negative | Actual | n/a | Direct operations  
Employee social supportPsychosocial support services improve employee well-being| Positive | Actual | n/a | Direct operations  
Worker participation and consultationWorker participation and involvement in decision-making, enhances communication and engagement| Positive | Actual | n/a | Direct operations  
Association and collective bargainingAssociation and collective bargaining empowers employees to negotiate better conditions, provides a voice in the workplace, ensures job security, offers professional development, and protection against discrimination and unfair treatment| Positive | Actual | n/a | Upstream Direct operations Downstream  
Professional growth and career progressionCareer paths, mentorship, and leadership development  boost motivation, purpose, growth, and workforce well-being| Positive | Actual | n/a | Direct operations  
Establish collaborative relations with employee representativesMaintaining constructive relations with official bodies and employee representatives enhances their voice, rights, well-being, and satisfaction| Positive | Actual | n/a | Direct operations  
  
S2 - Workers in the value chain

| | | |   
---|---|---|---|---  
| Positive vs.  negative| Actual vs.  potential| Time Horizon | Value chain origin  
Inappropriate labour practicesNeglecting to monitor working conditions can lead to labour exploitation, human rights abuses, and discrimination, harming individuals and society| Negative | Potential | Medium-term | Upstream Direct operations  
  
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S3 - Affected communities

| | | |   
---|---|---|---|---  
| Positive vs.  negative| Actual vs.  potential| Time Horizon | Value chain origin  
Environmental awareness and educationEnvironmental awareness programs promote sustainability| Positive | Actual | n/a | Upstream Direct operations  
Energy access and affordability Reliable energy access improves quality of life for communities| Positive | Actual | n/a | Direct operations  
Renewable energy communitiesSolar neighbourhoods reduce electricity costs and promote sustainability| Positive | Actual | n/a | Direct operations  
Communities' economic, social and cultural, civil and political rightsFair employment practices promote economic development| Positive | Actual | n/a | Direct operations  
Perpetuation of inequality and marginalization within the broader communityUnfair treatment based on race, gender, ethnicity, or socioeconomic status| Negative | Potential | Medium-term | Upstream Direct operations Downstream  
Indigenous rights Recognizing and respecting Indigenous People's rights| Positive | Actual | n/a | Upstream Direct operations Downstream  
  
S4 - Consumers and end-users

| | | |   
---|---|---|---|---  
| Positive vs.  negative| Actual vs.  potential| Time Horizon | Value chain origin  
Energy price volatilityEnergy price volatility increases costs for essential goods and services| Negative | Actual | n/a | Upstream  
Sustainable offerSustainable products drive positive impact and support clean energy| Positive | Actual | n/a | Direct operations  
Customer centric approachActively addressing customer feedback enhances products, services, and customer satisfaction, leading to personalized solutions and improved customer experience| Positive | Actual | n/a | Direct operations Downstream  
Fighting energy povertyEfforts to address energy poverty focusing on providing affordable, reliable energy to underserved populations, improving well-being, economic opportunities, and quality of life| Positive | Actual | n/a | Direct operations  
Customized energy solutionsTailored products meet critical customer needs| Positive | Actual | n/a | Direct operations  
  
G1 - Business conduct

| | | |   
---|---|---|---|---  
| Positive vs.  negative| Actual vs.  potential| Time Horizon | Value chain origin  
Healthy corporate environmentA favourable corporate environment, guided by leadership principles and ethical practices| Positive | Actual | n/a | Direct operations Downstream  
Transparent disclosure of sustainability practicesStrengthening ESG disclosure fosters stakeholder's trust| Positive | Actual | n/a | Direct operations  
Informed consumer choiceEthical market practices ensure transparency about products and supply chains, allowing customers to make informed, ethical choices| Positive | Actual | n/a | Upstream Direct operations Downstream  
Transparent communication with stakeholdersStrengthening ESG disclosure fosters stakeholder's trust| Positive | Actual | n/a | Direct operations  
  
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Entity-specific - Fair energy transition

| | | |   
---|---|---|---|---  
| Positive vs.  negative| Actual vs.  potential| Time Horizon | Value chain origin  
Requalification and job creationReskilling initiatives reduce unemployment and stimulate growth| Positive | Actual | n/a | Direct operations  
Safety analysis and measuresNeglecting robust safety measures during decommissioning endangers workers, local communities, and public health| Negative | Potential | Medium-term | Direct operations  
  
Entity-specific - Digital Transformation and innovation

| | | |   
---|---|---|---|---  
| Positive vs.  negative| Actual vs.  potential| Time Horizon | Value chain origin  
Job reductions Digital transformation and AI could change job profiles and causing labour unrest| Negative | Potential | Medium-Term | Upstream Direct operations  
Widening social inequalitiesFocusing on unaffordable technologies can worsen social inequities | Negative | Potential | Medium-Term | Upstream Direct operations  
Digital GAPDecreasing the digital and social gap by promoting digital inclusion| Positive | Actual | n/a | Direct operations Downstream  
  
Entity-specific - Responsible investment and sustainable finance

| | | |   
---|---|---|---|---  
| Positive vs.  negative| Actual vs.  potential| Time Horizon | Value chain origin  
Positive impact projectsInvesting in ESG-focused projects can greatly benefit the environment and society | Positive | Potential | Long-Term | Direct operations  
  
Entity-specific - Business continuity and resilience

| | | |   
---|---|---|---|---  
| Positive vs.  negative| Actual vs.  potential| Time Horizon | Value chain origin  
Infrastructure failure leading to service disruptionInsufficiently resilient infrastructure can cause service outages, disrupting consumers and the broader economy, including businesses, healthcare, and daily life| Negative | Potential | Medium-Term | Upstream Direct operations Downstream  
  
Entity-specific - Information privacy and security

| | | |   
---|---|---|---|---  
| Positive vs.  negative| Actual vs.  potential| Time Horizon | Value chain origin  
Data breachesData breaches that result in data loss or exposure can lead to societal impacts | Negative | Potential | Short-Term | Upstream Direct operations Downstream  
  
SBM-3_02 \- Description of material risks and opportunities resulting from 

materiality assessment 

E1 - Climate change

| | |   
---|---|---|---  
| Risk / Opportunity | Time Horizon | Value chain origin  
Climate physical risks - acuteSevere weather events pose risks to facilities, increasing costs and efficiency losses| Risk | Medium-Term | Upstream Direct operations Downstream  
Climate physical risks - chronicLong-term climate changes threaten operations, causing damage and disruptions| Risk | Long-Term | Upstream Direct operations Downstream  
Climate transition risksDepending on the nature, speed, and focus of these changes, transition risks may pose varying levels of financial and reputational risk| Risk | Long-Term | Upstream Direct operations  
  
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| Risk / Opportunity | Time Horizon | Value chain origin  
Carbon pricing mechanismsRisk of potential increases in operating costs due to higher prices for GHG emissions and potential reductions in the allocation of emission allowances| Risk | Short-Term | Upstream Direct operations  
Energy efficiencyEnergy efficiency measures lower costs and improve environmental performance | Opportunity | Short-Term | Direct operations Downstream  
Energy from renewable sourcesTransitioning to renewable energy  offers cost savings and reduces reliance on non-renewable sources| Opportunity | Short-Term | Direct operations  
Reduction of emissions and better utilization of electricity produced from renewablesPromoting electric mobility encourages the adoption of electric vehicles to reduce transport emissions and  optimize renewable energy use| Opportunity | Short-Term | Direct operations  
Charging infrastructure Attract new customers and generate revenue by offering efficient charging solutions| Opportunity | Medium-Term | Direct operations  
Decentralized generationDiversify revenue by adopting decentralized renewable energy| Opportunity | Medium-Term | Direct operations  
  
E3 - Water and marine resources

| | |   
---|---|---|---  
| Risk / Opportunity | Time Horizon | Value chain origin  
Operations in water stress areasHydropower generation depends on water, and restricted availability poses a financial risk| Risk | Short-Term | Direct operations  
  
E4 - Biodiversity and ecosystems

| | |   
---|---|---|---  
| Risk / Opportunity | Time Horizon | Value chain origin  
Conservation and restoration initiativesConservation and restoration initiatives reinforces the license to operate| Opportunity | Short-Term | Direct operations  
  
E5 - Resource use and circular economy

| | |   
---|---|---|---  
| Risk / Opportunity | Time Horizon | Value chain origin  
Embracing circular principlesCircular principles optimize resource use and promote sustainability| Opportunity | Short-Term | Upstream Direct operations  
Resource scarcityResource scarcity encompasses the restricted availability of raw materials and essential inputs crucial for production processes| Risk | Medium-Term | Upstream Direct operations  
New business models Circular economy principles enhance sustainability, minimize waste, and improve efficiency while fostering profitability| Opportunity | Short-Term | Direct operations  
  
S1 - Own workforce

| | |   
---|---|---|---  
| Risk / Opportunity | Time Horizon | Value chain origin  
Women in STEMIncreasing women's participation in STEM enhances innovation,  competitiveness, and culture. Investing in supportive initiatives ensures long-term success in a diverse industry| Opportunity | Long-Term | Direct operations  
Fair and equal career opportunitiesA positive work environment attracts talent and drives innovation| Opportunity | Medium-Term | Direct operations  
Generation diversityA diverse workforce boosts innovation and adaptability | Opportunity | Medium-Term | Direct operations  
Inclusive working environmentInclusivity drives innovation and  competitiveness| Opportunity | Medium-Term | Direct operations  
Safety cultureProtects employees, saves resources, enhances culture, ensures compliance, attracts talent, gains an edge, and  drives sustainability and growth| Opportunity | Medium-Term | Direct operations Downstream  
Failure to acknowledge mental issuesIgnoring workplace mental health issues can reduce well-being, productivity, and performance, increase turnover, pose legal risks, damage reputation, and negatively affect diversity, inclusion, innovation, and creativity| Risk | Medium-Term | Upstream Direct operations Downstream  
  
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---|---|---|---  
| Risk / Opportunity | Time Horizon | Value chain origin  
Flexible working setupsAdaptable work arrangements increase satisfaction, a better work-life balance and productivity| Opportunity | Short-Term | Direct operations  
Attractiveness strategyStrong employer branding attracts talent, retains skilled employees,  valuable knowledge and fosters robust partnerships| Opportunity | Medium-Term | Direct operations  
Depletion of knowledge due to employee turnover Employee turnover leads to loss of knowledge, higher training costs,  operational disruptions, and reduced  productivity, impacting efficiency, innovation, and financial performance| Risk | Short-Term | Direct operations  
Lack of talent on the job marketTalent shortages and competition challenge recruitment| Risk | Short-Term | Upstream Direct operations  
Association and collective bargainingDenying association and collective bargaining can lower investor confidence, reduce efficiency, and lead to regulatory penalties| Risk | Short-Term | Upstream Direct operations Downstream  
Career progression frameworksTransparent career paths and  mentorship enhance skill development,  productivity, engagement, retention, and knowledge consolidation| Opportunity | Medium-Term | Direct operations  
Grievance mechanisms Creating accessible channels for stakeholders to voice concerns can help minimize financial risks| Opportunity | Short-Term | Upstream Direct operations Downstream  
  
S2 - Workers in the value chain

| | |   
---|---|---|---  
| Risk / Opportunity | Time Horizon | Value chain origin  
Child labour in the value chainChild labour violations result non compliance with the law, affects stability and damages trust| Risk | Short-Term | Upstream  
Human rights due diligenceAny form of child or forced labour, or labour rights abuses across the value chain, can lead to indirect risks of non-compliance, resulting in financial and  reputational consequences| Risk | Short-Term | Upstream  
  
| | |   
---|---|---|---  
| Risk / Opportunity | Time Horizon | Value chain origin  
Grievance mechanisms Creating accessible channels for stakeholders to voice concerns can help minimize financial risks| Opportunity | Short-Term | Upstream Downstream  
Corporate sustainability due diligenceNon-compliance can lead to legal consequences, regulatory penalties, and fines due to failing to meet sustainability standards and legal obligations| Risk | Medium-Term | Upstream Direct operations  
Reduced dependenceSupplier diversification reduces reliance on a single supplier, minimizes disruptions, and lowers exposure to risks| Opportunity | Medium-Term | Upstream Direct operations  
Hiring process transparencyNon-transparent procurement processes or biased selection criteria can lead to disputes with suppliers or competitors, potentially resulting in fines| Risk | Medium-Term | Upstream  
  
S3 - Affected communities

| | |   
---|---|---|---  
| Risk / Opportunity | Time Horizon | Value chain origin  
Social dialogue and stakeholder engagement Effective communication through social dialogue fosters valuable insights that  shape responsive business strategies,  enables proactive issue resolution, and strengthens a social licence to operate| Opportunity | Medium-Term | Direct operations  
Community collaborationCommunity collaboration, through digital tools and virtual global communities, fosters collective problem-solving, innovation, and inclusivity| Opportunity | Short-Term | Direct operations Downstream  
Grievance mechanisms Creating accessible channels for stakeholders to voice concerns can help minimize financial risks| Opportunity | Short-Term | Upstream Downstream  
  
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---|---|---|---  
| Risk / Opportunity | Time Horizon | Value chain origin  
Community resistanceCommunity resistance can result in delays, increased costs, reputational damage, or even project cancellations| Risk | Short-Term | Direct operations  
Failure to address indigenous property rights Failing to address indigenous property rights and failure to build trust within communities poses legal, reputational, financial, and operational risks| Risk | Short-Term | Upstream  
  
S4 - Consumers and end-users

| | |   
---|---|---|---  
| Risk / Opportunity | Time Horizon | Value chain origin  
Energy price volatilityEnergy market volatility may impact financial performance, investments, supply chain, compliance, and competitiveness| Risk | Short-Term | Upstream  
Portfolio diversificationDiversifying services captures a broader customer base| Opportunity | Short-Term | Direct operations  
Shift in consumer behaviourGrowing consumer focus on sustainability drives demand on sustainability products and services| Opportunity | Short-Term | Downstream  
Customer centric approachPrioritizing customer satisfaction and comprehensive solutions positions a company for growth and competitiveness, enhancing its reputation as a trusted brand| Opportunity | Medium-Term | Direct operations  
Customer churn Poor satisfaction leads to customer churn| Risk | Medium-Term | Direct operations Downstream  
Efficient complaint submission channelsAccessible feedback pathways enhance satisfaction, reputation, trust, innovation, and loyalty| Opportunity | Medium-Term | Direct operations  
Broad and cost-effective selection of sustainable servicesOffering eco-friendly services meets customer needs| Opportunity | Medium-Term | Direct operations  
Customer debtCustomer debt poses risks| Risk | Short-Term | Downstream  
  
| | |   
---|---|---|---  
| Risk / Opportunity | Time Horizon | Value chain origin  
Legal compliance and regulatory standardsEnsuring all products and services meet the highest safety standards| Risk | Short-Term | Direct operations  
Grievance mechanisms Creating accessible channels for stakeholders to voice concerns can help minimize financial risks| Opportunity | Short-Term | Upstream Direct operations Downstream  
  
G1 - Business conduct

| | |   
---|---|---|---  
| Risk / Opportunity | Time Horizon | Value chain origin  
Fair and robust payment practicesFair and solid payment practices improve relations with current suppliers, reduce late payments or fines| Opportunity | Medium-Term | Direct operations  
Public scrutinyOperating in diverse regulatory environments makes a company vulnerable to scrutiny over its tax  practices, with any perceived missteps potentially leading to reputational damage and public backlash| Risk | Short-Term | Upstream Direct operations  
Representation of interests and market accessRepresentation of interests and market access can create growth opportunities| Opportunity | Medium-Term | Upstream Direct operations Downstream  
Scrutiny from regulatorsEngaging in unfair practices risk fines, penalties, reputational damage, and lawsuits| Risk | Short-Term | Direct operations  
Accountability and transparencyEnsuring accountability and transparency in business practices| Opportunity | Medium-Term | Direct operations  
A thriving organizational cultureFostering dedication and productivity through cultural transformation| Opportunity | Short-Term | Direct operations  
Public perceptionMisleading or incomplete reports can distort stakeholders' perception | Risk | Short-Term | Upstream Direct operations Downstream  
Access to capitalTransparent communication and reporting can build positive relationships with investors and  financial institutions| Opportunity | Short-Term | Upstream Direct operations Downstream  
  
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| Risk / Opportunity | Time Horizon | Value chain origin  
Ethical marketing principlesAligning with consumer values boosts brand reputation| Opportunity | Short-Term | Direct operations  
Disclosure of ESG ratings and rankings Reporting ESG data reinforces a company's image, strengthen stakeholder relations, and facilitate access to capital, leading to cost  efficiencies| Opportunity | Short-Term | Upstream Direct operations Downstream  
Project development & innovationFostering innovation through cooperation and resource integration drives industry progress and generates ideas, leading to increased revenues| Opportunity | Medium-Term | Direct operations  
Build strategic partnershipsBuilding strategic partnerships fosters knowledge exchange| Opportunity | Medium-Term | Direct operations  
Effectively managing relationships with investorsTransparent interactions attract new  capital and align strategies| Opportunity | Short-Term | Direct operations  
Inappropriate media involvementLimited engagement risks brand reputation and consumer trust| Risk | Short-Term | Upstream Direct operations Downstream  
Financial misconduct and illicit practicesBribery, corruption, or money laundering result in legal repercussions, financial fines, business expansion impediments, financial setbacks, and disruptions | Risk | Short-Term | Direct operations  
Compliance with ESG regulationsNon-compliance affects investment prospects and reputation| Risk | Medium-Term | Direct operations  
  
Entity-specific - Fair energy transition

| | |   
---|---|---|---  
| Risk / Opportunity | Time Horizon | Value chain origin  
Requalification and job creationImplementing reskilling initiatives and supporting new job opportunities helps reduce unemployment, improve productivity, and stimulate innovation and economic growth in local communities| Opportunity | Medium-Term | Direct operations  
  
Entity-specific - Digital transformation and innovation

| | |   
---|---|---|---  
| Risk / Opportunity | Time Horizon | Value chain origin  
Innovative projects Reducing carbon emissions by integrating advanced technologies | Opportunity | Long-Term | Direct operations  
Increasing employee productivity as a result of technological innovationIncreases employee knowledge and productivity, improving motivation and work-life balance | Opportunity | Medium-Term | Upstream Direct operations  
Digital productsLeveraging AI for maintenance prediction, due diligence automation, and cloud security| Opportunity | Medium-Term | Upstream Direct operations  
Operational disruptionsTransitioning to digital platforms can cause productivity losses and customer dissatisfaction| Risk | Short-Term | Upstream Direct operations  
Operational efficiencyDigital transformation optimizes processes, leading to cost savings and efficiency| Opportunity | Medium-Term | Upstream Direct operations  
InnovationInvesting in cutting-edge technologies enhances efficiency and reputation | Opportunity | Medium-Term | Direct operations  
  
Entity-specific - Responsible investment and sustainable finance

| | |   
---|---|---|---  
| Risk / Opportunity | Time Horizon | Value chain origin  
Greenwashing allegationsMisleading practices damage reputation and have legal consequences, including negative publicity, loss of consumer trust, regulatory investigations, fines, decreased sales, and potential lawsuits| Risk | Short-Term | Upstream Direct operations Downstream  
Reduced long-term costsInvestments in energy efficiency, resource conservation, and renewable  energy can reduce operational costs and improve resource management over time| Opportunity | Long-Term | Direct operations  
  
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Entity-specific - Business continuity and resilience

| | |   
---|---|---|---  
| Risk / Opportunity | Time Horizon | Value chain origin  
Infrastructure optimizationEmbracing infrastructure improvements enhances reliability and resilience, mitigates disruptions and power outages, reduces operational costs, and improves investor confidence | Opportunity | Medium-Term | Upstream Direct operations Downstream  
Disaster recovery and business continuity plansInsufficient disaster recovery and business continuity plans can leave a  company exposed to prolonged disruptions and financial losses| Risk | Short-Term | Upstream Direct operations  
Social and political instabilityOperating in unstable regions exposes a company to risks like policy changes, corruption, and civil unrest, which can  disrupt operations and increase financial volatility| Risk | Short-Term | Upstream Direct operations Downstream  
  
Entity-specific - Information privacy and security

| | |   
---|---|---|---  
| Risk / Opportunity | Time Horizon | Value chain origin  
Cyberattacks incidentsRapid technological advancements like automation and AI can create new cyber vulnerabilities, leading to financial, reputational, and operational damage| Risk | Short-Term | Upstream Direct operations Downstream  
Non-compliance with the GDPRGDPR non-compliance can lead to reputational damage and carry legal and financial risks| Risk | Short-Term | Upstream Direct operations Downstream  
Data monetizationAnonymized data monetization opportunities, such as partnering with companies interested in analysing energy trends, while ensuring compliance with data privacy regulations| Opportunity | Short-Term | Upstream Direct operations Downstream  
  
SBM-3_03 - Disclosure of current and anticipated effects of material impacts, risks 

and opportunities on business model, value chain, strategy and decision-making, 

and how undertaking has responded or plans to respond to these effects / 

SBM-3_04 - Disclosure of how material negative and positive impacts affect (or 

are likely to affect) people or environment / SBM-3_05 - Disclosure of whether and 

how material impacts originate from or are connected to strategy and business 

model

These data points are addressed in the topical ESRS SBM-3 datapoints.

SBM-3_06 - Disclosure of reasonably expected time horizons of material impacts

Answered in the tables for datapoints SBM-3_01.

SBM-3_07 - Description of nature of activities or business relationships through 

which undertaking is involved with material impacts

Answered in the tables for datapoints SBM-3_01 and SBM-3_02.

SBM-3_08 \- Disclosure of current financial effects of material risks and 

opportunities on financial position, financial performance and cash flows and 

material risks and opportunities for which there is significant risk of material 

adjustment within next annual reporting period to carrying amounts of assets and 

liabilities reported in related financial statements

The main risks identified that impacted EDP's current financial position are related to social and

political instability, leading to policy and regulatory changes, and increased costs in doing business.

EDP, through its subsidiary EDP Renováveis, decided not to proceed with the remaining investments

in wind farms in this region, concluding that the investments made will not be recovered.

Consequently, the assets linked to these projects have been impaired. The impairment of the wind

portfolio in Colombia resulted in a significant financial adjustment. As of December 31, 2024, the

total impaired amount is 552,881 thousand Euros. Additionally a 118,576 thousand Euros provision

was recognized regarding guarantees granted by group companies.

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No future material adjustments are foreseen at the time of this Report's publication.

SBM-3_10 - Information about resilience of strategy and business model regarding 

capacity to address material impacts and risks and to take advantage of material 

opportunities

This data point is addressed in E1.SBM-3.

SBM-3_11 - Disclosure of changes to material impacts, risks and opportunities 

compared to previous reporting period

Not applicable. This is the first year EDP implementing the Double Materiality Assessment under the

CSRD.

SBM-3_12 - Disclosure of specification of impacts, risks and opportunities that are 

covered by ESRS Disclosure Requirements as opposed to those covered by 

additional entity-specific disclosures

Answered in the tables for datapoints SBM-3_01 (impacts) and SBM-3_02 (risks and opportunities).

IRO-1_01 \- Description of methodologies and assumptions applied in process to 

identify impacts, risks and opportunities

The identification of impacts, risks, and opportunities (IROs) within EDP is established by the

Enterprise Risk Management (ERM) framework, following EDP Group's risk taxonomy, which is

structured around four categories: Strategic & ESG, Business, Financial, and Operational. There are

several processes established that complement each other, guaranteeing a solid and integrated

risks management.

Focusing on outside-in impacts, three wide processes are established:

• EDP Group Risk Map - Overview of key risks and impacts of budget and business plan

execution, focusing on business, financial and operational risks. It involves the entire group,

focusing on the different geographies and businesses. This exercise is performed annually and

continuously reviewed, monitored and updated throughout the year. The risk quantification is

based on the potential loss in EBITDA, in a P95% scenario, estimated through the application of

Monte Carlo simulations. Monte Carlo simulation, through the definition of probabilistic

distributions for each risk factor/variable, allows to simulate possible future outcomes; for each

simulation, different values are randomly generated for each of the probability distributions of the

various risk variables (inputs). The result of a Monte Carlo simulation is a probability distribution,

i.e., a representation of the different possible future outcomes and their probability of occurrence.

In addition, EDP also makes a qualitative assessment of the potential financial impact and

probability/ likelihood of each risk, and the impact matrix for the main risks identified above is

presented below

• EDP Group emerging risks assessment - survey of most relevant strategic and ESG risks and

impacts to EDP Group's business activities and geographies. This exercise is updated every 2

years

• EDP Group climate risk assessment and quantification process - annual analysis

spearheaded by the Risk and Sustainability departments that evaluates the primary physical and

transition climate risks and opportunities across all businesses and regions. See more detail in the

Climate change section.

A more overarching process, aligned with CSRD, is the Double Materiality process described here

on.

Methodologies

Regarding the double materiality analysis and identification of potential IROs, the following

methodological approach was carried out, allowing information from multiple sources to be cross-

referenced and identify the major topics, subtopics and IROs:

• Previous EDP's reports and materiality assessment results \- the results of previous materiality

assessments conducted by EDP were also considered

• Desk research and benchmark analysis \- conducted to identify and classify IROs based on

their relevance to EDP’s operations and value chain

• ESRS topical standards \- the list of sustainability matters in the topical ESRS (ESRS 1 – AR 16)

was consulted to identify material topics. This list served as a starting point, as EDP followed the

ESRS guidance, which states that organizations must conduct their own comprehensive

assessment to determine material matters based on their specific circumstances.

• International institutions and reporting standards - relevant reporting and rating frameworks

were reviewed to identify key topics. The analysis focused on sector-specific standards

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• Internal meetings \- meetings were held with key departments (IR&ESG, Risk, EU Affairs, Policy &

Stakeholders, Internal Control, People & Organisation) to identify emerging trends, risks, and

opportunities. These sessions promoted crossed-functional collaboration and helped align

insights with the company's strategic priorities and risk plans

• Library of IROs \- a library of IROs from specialized consultant was used to identify sector-

agnostic and sector-specific IROs

• Stakeholder engagement \- surveys and consultations with stakeholders to gather insights on

potential impacts and material issues.

The process to identify IROs involved multiple iterations and reviews with various stakeholders to

finalize the list. During this process, the connections between impacts and dependencies, along with

the associated risks and opportunities, were identified and duly considered.

Impact materiality

Each impact  was classified according to criteria defined by the ESRS, namely:

• Impacts were classified as actual or potential, positive or negative on people or the

environment over the short-, medium- or long-term and according to whether they related to

the upstream value chain, downstream or direct operations

• Assessment criteria, methodology, and thresholds were established to provide a structured

framework for evaluating the materiality of impacts. Scales and criteria were based on EDP’s risk

analysis methodology (by ERM) and on ESRS guidance. The scope of the assessment included all

activities of EDP Group.

Assessment scales and criteria

a. Severity

• Scale - how grave the negative impact is or how beneficial the positive impact is for people or

the environment

• Scope -: how widespread the negative or positive impacts are. In the case of environmental

impacts, the scope may be understood as the extent of environmental damage or a

geographical perimeter. In the case of impacts on people, the scope may be understood as the

number of people adversely affected

• Irremediability - whether and to what extent the negative impacts could be remediated, i.e.,

restoring the environment or affected people to their prior state.

b. Likelihood - likelihood of occurrence of identified potential impacts.

Severity

|   
---|---  
Scale |   
4 - Very high | Regarding environmental impacts, critical damage to the water, soil, air, climate, ecosystems, posing a  severe threat to ecosystems and the overall environment; Concerning impacts on people and society, widespread and severe impact on individuals, especially those in vulnerable situations, with long-lasting consequences.  
3 - High | Regarding environmental impacts, significant and potentially long-lasting impact, causing substantial  damage to the water, soil, air, climate, ecosystems; Concerning impacts on people and society, many individuals are affected, with a notable impact on their vulnerabilities.  
2 - Medium | Regarding environmental impacts, noticeable impact on the water, soil, air, climate, ecosystems, requiring  attention and mitigation efforts, but not causing severe damage; Concerning impacts on people and society, some individuals experience a moderate impact on their vulnerabilities, requiring support or adaptation.  
1 - Reduced | Regarding environmental impacts, the impact on the water, soil, air, climate, ecosystems is reduced;  Concerning impacts on people and society, individuals are not significantly affected, and there is little to no impact on their economic, social, or other vulnerabilities.  
  
|   
---|---  
Scope |   
Global/total | The impact is totally spread throughout the universe of the IRO. Regarding environmental impacts, the  extent of environmental damage or geographical perimeter is global; Concerning impacts on people and society, the entirety of the considered universe is impacted.  
Widespread | The impact is significantly spread throughout the universe of the IRO, but not in its entirety. Regarding  environmental impacts, widespread extent of environmental damage or geographical perimeter; Concerning impacts on people and society, a significant majority of the considered universe is impacted.  
Moderate | The impact is moderately spread throughout the universe of the IRO. Regarding environmental impacts, the  extent of environmental damage or geographical perimeter is moderate; Concerning impacts on people and society, a moderate number of individuals in the considered universe are impacted.  
Minimal | The impact is minimal in a specific location in the context of the IRO. Regarding environmental impacts, the  extent of environmental damage or geographical perimeter is minimal; Concerning impacts on people and society, a minimal number of individuals in the considered universe are impacted.  
  
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|   
---|---  
Irremediability |   
Irreversible damage | The negative impacts cannot be remediated, even with significant effort and resources. The environmental  or social damage is irreversible.  
Long-term reversible damage  | Remediation is possible, but it would be extremely challenging and expensive. It may require advanced  technology, extensive resources, or be achievable in the long term.  
Medium- term reversible damage | Remediation is possible, but it would be difficult and require a significant investment, or it could be  achievable in the medium term. It would take time and money to restore the environment or affected people to their prior state.  
Short-term reversible damage | Remediation is possible with minimal effort (time and cost) in the short-term. The negative impacts can be  reversed relatively easily and efficiently.  
  
Likelihood

|   
---|---  
Likelihood |   
3 - High (>50%) | Occurs punctually or regularly. It is known and could be recurrent. There are defined controls however it is  likely to occur. It may be possible to prevent the event with a different approach or process.  
2 - Medium (5-50%) | It could happen but the Likelihood is low, or it only occurs sporadically. The threat is not expected to occur,  although the possibility is real. It is usually sufficient to prevent this type of event. There are controls in place,  but additional actions will be necessary.  
1 - Low (<5%) | The threat may only occur in exceptional situations. Defined controls and processes are stable and in  operation.  
  
Financial materiality

Each risk and opportunity  was classified according to criteria defined by the ESRS, namely

• risks and opportunities were classified over the short-, medium- or long-term and according to

their position in the value chain (upstream, downstream or direct operations)

• the assessment is based on their magnitude (reputation and economic impact) and likelihood,

the assessment criteria was defined by EDP. The specific dimensions of Magnitude and their

respective assessment scales were adopted from the EDP Risk Department.

Assessment scales and criteria

a. Magnitude - potential magnitude of financial effects.

b. Likelihood - likelihood of occurrence of identified risks and opportunities.

Magnitude

|   
---|---  
Reputation |   
4 - Very high | Risk of international or national media coverage, without the possibility of mitigation and likely impact on  the group's credibility   
3 - High | Risk of national media coverage, reduced possibility of mitigation and possible impact on the group's  credibility  
2 - Medium | Risk of local or national media diffusion and possible partial resolution  
1 - Reduced | Risk of dissemination to a restricted group of stakeholders, with reduced media coverage and possible  resolution in its entirety  
NA - Not applicable | Manifestation of risk has no effect  
  
|   
---|---  
Economic impact |   
4 - Very high | >€100m (catastrophic if >€500m)  
3 - High | €20m-€100m  
2 - Medium | €5m-€20m  
1 - Reduced | <€5m  
NA - Not applicable | Manifestation of risk has no effect  
  
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Likelihood

|   
---|---  
Likelihood |   
3 - High (>50%) | Occurs punctually or regularly. It is known and could be recurrent. There are defined controls however it is  likely to occur. It may be possible to prevent the event with a different approach or process.  
2 - Medium (5-50%) | It could happen but the Likelihood is low, or it only occurs sporadically. The threat is not expected to occur,  although the possibility is real. It is usually sufficient to prevent this type of event. There are controls in place,  but additional actions will be necessary.  
1 - Low (<5%) | The threat may only occur in exceptional situations. Defined controls and processes are stable and in  operation.  
  
Not material topics

The topical standard E2 Pollution resulted as not material. The process to identify actual and

potential pollution-related impacts, risks and opportunities followed the same methodology and

steps as for all other IROs. Pollution was ranked by direct evaluation, considering internal information

from the environmental management system in place, using namely the risk environmental process

detailed in E4.IRO-1_02 and environmental concerns raised by local communities. Both these

instruments are used at site level.

IRO-1_02 \- Description of process to identify, assess, prioritise and monitor 

potential and actual impacts on people and environment, informed by due diligence 

process / IRO-1_07 - Description of process used to identify, assess, prioritise and 

monitor risks and opportunities that have or may have financial effects / IRO-1_09 - 

Description of how likelihood, magnitude, and nature of effects of identified risks 

and opportunities have been assessed 

The process to identify impacts, risks and opportunities under the double materiality analysis, is

described in IRO-1_01 .

Assessment

• Surveys - EDP developed and distributed surveys to different stakeholder groups to gather

insights on potential impacts.

Surveys were structured around key questions where stakeholders assessed EDP’s impacts on

the environment and society for potential material topics. They were asked to rate these impacts

on a scale from -4 (significant negative impact) to 4 (significant positive impact). Additionally,

stakeholders were asked to choose 3 topics that they felt most knowledgeable about,

considering EDP’s activities. Stakeholders were then asked to assess EDP’s impacts on

environment and society for the potential material sub-topics of the selected topics. The scale for

the sub-topics assessment was the same (from -4 to 4). Finally, stakeholders were invited to list

any additional topics they believed were important but had not yet been covered in the survey.

• Internal studies - EDP conducted internal surveys and studies to analyse and quantify the

perceptions of employees, clients, and investors on several relevant impacts, risks and

opportunities

• Direct evaluation - several internal focal points assessed their assigned impacts, risks and

opportunities using defined scales and criteria. This evaluation involved all Platforms and Regions

covering all business areas, including Risk; IR&ESG; People & Organisation; Energy Planning;

Procurement; Ethics & Compliance; Policy, Competition & Stakeholders; Safety & Business

Continuity; Finance; Legal & Governance; and others.

Consolidation of inputs

• Combining data - each impact final score was calculated by averaging the assessment criteria

(IRO-1_01), taking into consideration the combined inputs from desk research, stakeholder

engagement, and internal evaluations. The final score for each risk and opportunity is

determined by averaging the focal points' evaluations for reputation, economic impact, and

likelihood

• Materiality threshold - A threshold value (e.g., ≥2) was set to determine which IROs were

considered material. Those that meet or exceed this threshold are prioritized for reporting

• Calibration and validation - after consolidating inputs, the preliminary results were presented to

the Executive Board of Directors for validation and final calibration.

Materiality assessment results

The materiality assessment results were approved by EDP's Board of Directors. The DMA results

were presented to both the Financial Matters Committee and the Corporate Governance and

Sustainability Committee of the General and Supervisory Board.

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Monitoring of impacts

i. Continuous monitoring

• Regular tracking - regularly tracking and reviewing the identified IROs to ensure they remain

relevant and up-to-date

• Stakeholder feedback - ongoing engagement with stakeholders to gather feedback and

insights on the effectiveness of the measures implemented

ii. Reporting Requirements

• Reporting and disclosure - transparent communication of the identified material impacts in

company reports, aligning with the ESRS.

• Double materiality assessment - The DMA will be conducted every two to three years,

aligning with the release of new Business Plans. If required, EDP may shorten the period in

between assessments, in accordance with the CSRD recommendations.

IRO-1_03 \- Description of how process focuses on specific activities, business 

relationships, geographies or other factors that give rise to heightened risk of 

adverse impacts

In the DMA assessment, EDP engaged focal points from key departments covering all business

areas. This involvement enabled the identification and assessment of impacts, providing a broader

and more comprehensive view of emerging trends with a particular focus on specific activities,

business relationships, geographies, or other factors that may give rise to a heightened risk of

adverse impacts. It also enabled the collection of insights to ensure alignment with EDP’s strategic

priorities and risk mitigation plans.

IRO-1_04 \- Description of how process considers impacts with which undertaking 

is involved through own operations or as result of business relationships

Each impact, whether potential or actual, positive or negative, was identified within the value chain

through rigorous due diligence. These impacts originated either upstream (such as from suppliers

and raw material extraction), in direct operations (including energy generation and facility

maintenance), or downstream (affecting end-users and local communities). EDP is involved through

its operations by implementing predictive maintenance strategies to maximize asset value and

leveraging its global scale for competitive procurement processes. Additionally, EDP's due diligence

process includes screening suppliers for compliance and integrity, monitoring critical suppliers

during service delivery, and ensuring adherence to ESG requirements through contractual clauses

and regular audits.

IRO-1_05 \- Description of how process includes consultation with affected 

stakeholders to understand how they may be impacted and with external experts

Within Double Materiality Assessment:

Identification of stakeholders

• Stakeholder groups - EDP identified stakeholder groups based EDP’s stakeholder

segmentation, following ESRS guidelines for identifying stakeholders based on their relevance to

the materiality assessment process. These groups included employees, suppliers, NGOs,

international institutions & associations, partners, clients, investors, analysts and media & opinion

leaders.

• Selection criteria - Stakeholders were selected based on their representativeness and

geographical scope, ensuring a diverse and comprehensive consultation process.

Engagement methods

• Surveys - EDP developed and distributed surveys to different stakeholder groups to gather

insights on potential impacts.

Surveys were structured around key questions where stakeholders assessed EDP’s impacts on

the environment and society for potential material topics. They were asked to rate these impacts

on a scale from -4 (significant negative impact) to 4 (significant positive impact). Additionally,

stakeholders were asked to choose 3 topics that they felt most knowledgeable about,

considering EDP’s activities. Stakeholders were then asked to assess EDP’s impacts on

environment and society for the potential material sub-topics of the selected topics. The scale for

the sub-topics assessment was the same (from -4 to 4). Finally, stakeholders were invited to list

any additional topics they believed were important but had not yet been covered in the survey.

• Internal studies - EDP conducted internal surveys and studies to analyse and quantify the

perceptions of employees, clients, and investors on several relevant impacts.

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Additionally, EDP:

• did a peer group analysis, focusing on the sustainability reports, materiality assessments, and

strategic approaches of peer companies to identify key sustainability issues and strategic

approaches

• consulted relevant reporting and rating frameworks/standards

• consulted indirect external sources, such as:

• media analysis: to access media news about all topics related to EDP, ensuring

comprehensive coverage and accuracy in identifying relevant articles

• public information: analysed public information from key associations and rating agencies to

identify main themes addressed in their publications.

IRO-1_06 \- Description of how process prioritises negative impacts based on their 

relative severity and likelihood and positive impacts based on their relative scale, 

scope and likelihood and determines which sustainability matters are material for 

reporting purposes

For negative impacts, the DMA process evaluates the additional criterion of 'irremediability,'

considering the extent to which these impacts can be remedied. For potential negative impacts

related to human rights, 'severity' takes precedence over 'likelihood.Information on how to process to

identify, assess, prioritise and monitor potential and actual impacts, please refer to IRO-1_02.

IRO-1_08 \- Description of how connections of impacts and dependencies with risks 

and opportunities that may arise from those impacts and dependencies have been 

considered

Within Double Materiality Assessment:

Impact analysis

• Identification of impacts - EDP identifies the effects its operations, along its value chain, have

on the environment and society. This includes both positive and negative impacts, which can be

actual (currently occurring) or potential (may occur in the future)

• Classification of impacts - impacts are classified based on their severity (scale, scope,

irremediability) and likelihood. This supports EDP in understanding the extent and significance of

each impact. For the criteria used to assess different impacts (actual vs. potential, positive vs.

negative), please refer to IRO-1_02.

Dependency analysis

• Identification of dependencies - EDP evaluates how its operations depend on external factors

such as natural resources, regulatory environments, and social conditions

• Assessment of dependencies - dependencies are assessed to determine their criticality and the

potential risks and opportunities they present. The dependencies are inherent to the risks and

opportunities assessed.

Integrated approach

• Linking impacts and dependencies - EDP integrates the analysis of impacts and dependencies

to provide a holistic view. This involves identifying how EDP impacts on the environment and

society can create dependencies, and vice versa

• Risks and opportunities identification - by linking impacts and dependencies, EDP can identify

specific risks and opportunities.

IRO-1_10 - Description of how sustainability-related risks relative to other types of 

risks have been prioritised

The result from Double Materiality Assessment is approved by the Executive Board of Directors and

presented to the Financial Matters Committee and the Corporate Governance and Sustainability

Committee of the General and Supervisory Board. The objective is to highlight the most relevant

risks and opportunities of the company regarding ESG topics, which is complemented by other

assessments focusing in other categories (namely business, financial and operational related). To be

actionable, there are mitigation actions identified for the most relevant guaranteeing that each

priority is adequately managed.

Some additional assessments complement / reinforce the priority of certain topics, namely the

Emerging Risks Assessment, which highlight the most relevant priorities for the company strategy

for the next 10 years (focusing on strategic and ESG impacts, risks and opportunities) and the

Climate Risk Assessment and Quantification process that evaluates the primary physical and

transition climate risks and opportunities across all businesses and regions.

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IRO-1_11 \- Description of decision-making process and related internal control 

procedures

The strategy defined by the company in its Business Plan exercises has an underlying risk strategy

which is after embodied by EDP's Risk Appetite Statement, where states its position regarding

several risk categories, namely ESG related, and is periodically reviewed to guarantee adherence to

reality.

According to EDP risk governance model, the risk strategy is defined by the second line of defence,

embodied by the Executive Board of Directors together with risk management, sustainability and

other relevant Business Enablement Functions.

To assure the risk strategy is implemented, the third line of defence, embodied by the General

Supervisory Board and the Internal Audit function supervise its implementation, producing

recommendations for improvement whenever necessary.

IRO-1_12 \- Description of extent to which and how process to identify, assess and 

manage impacts and risks is integrated into overall risk management process and 

used to evaluate overall risk profile and risk management processes / IRO-1_13 - 

Description of extent to which and how process to identify, assess and manage 

opportunities is integrated into overall management process

The process follows the risk management process established in EDP Group Enterprise Risk

management framework, structures around five main phases:

• identification - the identification of impacts, risks, and opportunities (IROs) follows EDP Group's

risk taxonomy, which is structured around four categories: Strategic & ESG, Business, Financial,

and Operational. There are several processes established that complement each other,

guaranteeing a solid and integrated risks management

• analysis - risk analysis involves establishing criteria to assess their nature and materiality, as well

as analysing their individual and aggregate exposure in accordance with the criteria defined

• evaluation - risk evaluation consists of comparing the risk profile with the group's risk exposure

appetite (explicit or implicit), as well as the consequent definition of appropriate strategies for the

respective treatment, when necessary

• treatment - risk treatment consists of properly implementing the risk mitigation strategies

previously established, including the definition of appropriate control mechanisms

• monitoring - risk monitorization ensures effective action on the risks identified, both in terms of

control and periodic reporting of the position of the various risk factors, and in terms of the

effective implementation of the policies, standards and procedures established for risk

management.

Additionally, and as the EDP Group is exposed to several risks due to its size, and the diversity of

businesses and geographies in which it operates, it recognizes risk-taking as an integral and

unavoidable component of its activity, both in terms of threat and opportunity. In this context, the

group explicitly and implicitly establishes its risk appetite with its stakeholders, at both the corporate

and Business Unit levels, through a series of mechanisms:

• the development and periodic approval by the Board of Directors of the group's Business Plan,

which sets out and explains the main strategic guidelines over a three-to-five-year horizon

• rigorous assessment of the risk associated with investment and divestment opportunities carried

out by the Business Units and approved by the Executive Board of Directors, supported by the

opinion of the Investment Committee

• the development of risk management policies, both at the corporate and Business Unit levels,

establishing guidelines, assessment methodologies, and exposure limits for key risks

• periodic risk maps based on objective, quantitative, and comparable criteria, to analyse exposure

to the most relevant risks and take preventive action to deal with excessive exposure concerning

the established risk tolerance

• the development of periodic risk reports for the main risk categories, making it possible to

regularly monitor the evolution of current and emerging risks and compare the various exposures

against the established limits. Dissemination of said reports in line with the group's strategy and

performance metrics to the EBD and GSB

• the definition of an internal Risk Appetite Framework, approved by the EBD.

The EDP Group's risk appetite framework is structured around four pillars:

• the governance model identifies the main players in the risk appetite process and their

responsibilities

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• the risk appetite statement formally defines a set of risk appetite statements complemented by

risk indicators and thresholds. In terms of positioning, the group has established maintaining a

controlled risk profile as a fundamental pillar of its strategy

• monitoring and follow-up, defining the key processes of monitoring, updating, and action

planning

• the reporting platform, embodied in a risk appetite dashboard, that allows the EDP Group's risk

appetite to be monitored.

IRO-1_14 \- Description of input parameters used in process to identify, assess and 

manage material impacts, risks and opportunities 

EDP has in place an internal climate risk management governance model, integrated into the global

risk management process, to annually review and report on the resilience of EDP's strategy to

climate change. One of its phases is Climate scenario alignment which includes the validation and

updating of the physical and transition sub-scenarios, as well as the main climate variables

(physical and transition).

In brief, the inputs considered for physical and transition risks are:

• Physical Risks - These include both acute risks (event-driven, such as extreme weather events)

and chronic risks (longer-term shifts in climate patterns, such as sustained higher temperatures).

• Transition Risks - These include risks related to the transition to a lower-carbon economy, such

as policy changes, market shifts, and technological advancements.

| |   
---|---|---  
PHYSICAL RISK | |   
RISK CATEGORY | RISK | VARIABLE  
CHRONIC | Temperature increase | Average temperature rise  
| Sea level rise | Rise of sea level  
| Water availability | Average precipitation variation Average days with rainfall <1mm var  
| Wind availability | Average wind speed  
ACUTE | Extreme hot days | Days w/ temperature >35ºC  
| Extremely consecutive hot days | Consecutive days w/ temperature >35ºC  
| Extreme cold days | Days w/ temperature <0ºC  
| Extremely consecutive cold days | Consecutive days w/ temperature <0ºC  
| Extreme wind events | Extreme events per year  
| Extreme rain events  
| Extreme wildfire events | Wildfires per 100ha  
  
| |   
---|---|---  
TRANSITION RISK | |   
| | VARIABLE  
PRICES | | CO2  
| | Electricity price  
FOREIGN EXCHANGE | | EUR/USD  
| | EUR/BRL  
GENERATION MIX | | Hydro  
| | Thermal  
| | CHP  
| | Nuclear  
| | Wind  
| | Solar  
RENEWABLE ADJUSTMENT FACTORS | | WAF  
| SAF  
ELECTRICITY DEMAND | |   
  
IRO-1_15 - Description of how process to identify, assess and manage impacts, 

risks and opportunities has changed compared to prior reporting period 

Not applicable, as EDP only began conducting the double materiality analysis, fully aligned with

CSRD, in 2024.

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IRO-2_01 \- Disclosure of list of data points that derive from other EU legislation and information on their location in sustainability statement 

| | | | | | | |   
---|---|---|---|---|---|---|---|---  
DR | Paragraph | Name | SFDR: Annex 1  | Pillar reference (Note 1) | Benchmark Regulation  reference (Note 2)| EU Climate Law  reference (Note 3)| DMA results | Page  
GOV-1 | 21 d  | Board's gender diversity ratio | Indicator no. 13 - Table 1 Statement on principal adverse  impacts of investment decisions on sustainability factors| | Commission Delegated Regulation  (EU) 2020/1816, Annex II| | Material | 87  
GOV-1 | 21 e | Percentage of independent board members | - | | Commission Delegated Regulation  (EU) 2020/1816, Annex II| | Material | 87  
GOV-4 | 30 | Disclosure of mapping of information provided in  sustainability statement about due diligence process | Indicator no. 10 - Table 3 Additional indicators for social  and employee, respect for human rights, anti-corruption  and anti-bribery matters| | | | Material | 95  
SBM-1 | 40 d i  | Disaggregation of revenues derived from coal,  from oil and from gas, as well as the revenues derived from Taxonomy-aligned economic activities related to fossil gas as required under Article 8(7)(a) of Commission Delegated Regulation 2021/217818 | Indicator no. 4 - Table 1 Statement on principal adverse  impacts of investment decisions on sustainability factors| Article 449a Regulation (EU) No 575/2013;  Commission Implementing Regulation (EU) 2022/245328| Commission Delegated Regulation  (EU) 2020/1816, Annex II| | Material | 98  
SBM-1 | 40 d ii | Involvement in activities related to chemical  production| Indicator no. 9 - Table 2 Additional climate and other  environment-related indicators | | Commission Delegated Regulation  (EU) 2020/1816, Annex II| | Not applicable |   
SBM-1 | 40 d iii | Involvement in activities related to controversial  weapons | Indicator no. 14 - Table 1 Statement on principal adverse  impacts of investment decisions on sustainability factors| | Commission Delegated Regulation  (EU) 2020/1816, Annex IICommission Delegated Regulation  (EU) 2020/1818, Article 12| | Not applicable |   
SBM-1 | 40 d iv | Involvement in activities related to cultivation  and production of tobacco| | | Commission Delegated Regulation  (EU) 2020/1816, Annex IICommission Delegated Regulation  (EU) 2020/1818, Article 12| | Not applicable |   
E1-1 | 14 | Transition plan to reach climate neutrality by  2050| | | | Regulation (EU) 2021/1119,  Article 2(1)| Material | 168  
E1-1 | 16 g) | Undertakings excluded from Paris-aligned  Benchmarks| | Article 449a Regulation (EU) No575/2013;  Commission Implementing Regulation (EU) 2022/2453 Template 1: Banking book Climate  Change transition risk: Credit quality of exposures by  sector, emissions and residual maturity| Delegated Regulation (EU)  2020/1818, Article12.1 (d) to (g), and Article 12.2| | Material | 169  
E1-4  | 34 | GHG emission reduction targets | Indicator no. 4 - Table 2 Additional climate and other  environment-related indicators | Article 449a Regulation (EU) No 575/2013;  Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book – Climate change transition risk: alignment metrics| Delegated Regulation (EU)  2020/1818, Article 6| | Material | 193  
E1-5 | 37 | Total energy consumption related to own  operations| Indicator no. 5 - Table 1 Statement on principal adverse  impacts of investment decisions on sustainability factors| | | | Material | 196  
E1-5 | 38 | Fuel consumption from coal and coal products | Indicator no. 5 - Table 1 Statement on principal adverse  impacts of investment decisions on sustainability factors and Indicator no. 5 - Table 2 Additional climate and other environment-related indicators| | | | Material | 196  
E1-5 | 40 to 43 | Energy intensity from activities in high climate  impact sectors | Indicator no. 6 - Table 1 Statement on principal adverse  impacts of investment decisions on sustainability factors| | | | Material | 197  
E1-6 | 44 | Gross Scope 1, 2, 3 and Total GHG emissions  | Indicators n.os 1 and 2 - Table 1 Statement on principal  adverse impacts of investment decisions on sustainability factors| Article 449a; Regulation (EU) No 575/2013;  Commission Implementing Regulation (EU) 2022/2453 Template 1:Banking book – Climate  change transition risk: Credit quality of exposures by sector, emissions and residual maturity| Delegated Regulation (EU)  2020/1818, Article 5(1), 6 and 8(1)| | Material | 198  
  
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| | | | | | | |   
---|---|---|---|---|---|---|---|---  
DR | Paragraph | Name | SFDR: Annex 1  | Pillar reference (Note 1) | Benchmark Regulation  reference (Note 2)| EU Climate Law  reference (Note 3)| DMA results | Page  
E1-6 | 53 to 55 | Gross GHG emissions intensity | Indicator no. 3 - Table 1 Statement on principal adverse  impacts of investment decisions on sustainability factors| Article 449a Regulation (EU) No 575/2013;  Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book – Climate change transition risk: alignment metrics| Delegated Regulation (EU)  2020/1818, Article 8(1| | Material | 202  
E1-7 | 56 |  GHG removals and carbon credits | | | | Regulation (EU) 2021/1119,  Article 2(1)| Material | 202  
E1-9 | 66 | Exposure of the benchmark portfolio to climate- related physical risks| | | Delegated Regulation (EU)  2020/1818, Annex II Delegated Regulation (EU) 2020/1816, Annex II| | Material | Not Stated  
E1-9 | 66 a) | Disaggregation of monetary amounts by acute  and chronic physical risk | | Article 449a Regulation (EU) No 575/2013;  Commission Implementing Regulation (EU) 2022/2453 paragraphs 46 and 47; Template 5: Banking book - Climate change physical risk: Exposures subject to physical risk.| | | Material | Not Stated  
E1-9 | 66 c) | Location of significant assets at material  physical risk| | Article 449a Regulation (EU) No 575/2013;  Commission Implementing Regulation (EU) 2022/2453 paragraphs 46 and 47; Template 5: Banking book - Climate change physical risk: Exposures subject to physical risk.| | | Material | Not Stated  
E1-9 | 67 c) | Breakdown of the carrying value of its real estate  assets by energy-efficiency classes | | Article 449a Regulation (EU) No  575/2013;Commission Implementing Regulation (EU) 2022/2453 paragraph 34;Template 2:Banking book  -Climate change transition risk: Loans collateralised by immovable property - Energy efficiency of the collateral| | | Material | Not Stated  
E1-9 | 69 |  Degree of exposure of the portfolio to climate  related opportunities| | | Delegated Regulation (EU)  2020/1818, Annex II| | Material | Not Stated  
E2-4  | 28 | Amount of each pollutant listed in Annex II of the  E-PRTR Regulation (European Pollutant Release  and Transfer Register) emitted to air, water and soil | Indicator no. 8 - Table 1 Statement on principal adverse  impacts of investment decisions on sustainability factors; Indicators no. 1, 2 and 3 - Table 2 Additional climate and other environment-related indicators | | | | Not material |   
E3-1 | 9 | The undertaking shall describe its policies  adopted to manage its material impacts, risks  and opportunities related to water and marine resources72| Indicator no. 7 Table 2 Additional climate and other  environment-related indicators| | | | Material | 208  
E3-1 | 13 | If at least one of the sites of the undertaking is  located in an area of high-water stress and it is  not covered by a policy, the undertaking shall state this to be the case and provide reasons for not having adopted such a policy. The undertaking may disclose a timeframe in which it aims to adopt such a policy | Indicator no. 8 - Table 2 Additional climate and other  environment-related indicators | | | | Material | Not  applicable  
E3-1 | 14 | Activities negatively affecting sustainable  oceans and seas | Indicator no. 12 - Table 2 Additional climate and other  environment-related indicators| | | | | Not  applicable  
E3-4 | 28 c | Total water recycled and reused | Indicator no. 6.2 - Table 2 Additional climate and other  environment-related indicators| | | | Not material |   
E3-4 | 29 | Water intensity ratio | Indicator no. 6.1 - Table 2 Additional climate and other  environment-related indicators| | | | Material | 215  
E4.SBM-3 | 16 a i | Activities negatively affecting biodiversity- sensitive areas| Indicator no. 7 - Table 1 Statement on principal adverse  impacts of investment decisions on sustainability factors| | | | Material | 218  
E4.SBM-3 | 16 b | Activities leading to land degradation,  desertification, soil sealing| Indicator no. 10 Table 2 Additional climate and other  environment-related indicators| | | | Material | 221  
  
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| | | | | | | |   
---|---|---|---|---|---|---|---|---  
DR | Paragraph | Name | SFDR: Annex 1  | Pillar reference (Note 1) | Benchmark Regulation  reference (Note 2)| EU Climate Law  reference (Note 3)| DMA results | Page  
E4.SBM-3 | 16 c | Activities negatively affecting natural species  and protected areas| Indicator no. 14 Table 2 Additional climate and other  environment-related indicators| | | | Material | 222  
E4-2 | 24 b | Policies and practices related to sustainable  land/agriculture practices| Indicator no. 11 Table 2 Additional climate and other  environment-related indicators| | | | Material | 230  
E4-2 | 24 c | Policies and practices related to sustainable  oceans/seas practices| Indicator no. 12 Table 2 Additional climate and other  environment-related indicators| | | | Not material |   
E4-2 | 24 d | Policies to address deforestation have been  adopted | Indicator no. 15 - Table 1 Statement on principal adverse  impacts of investment decisions on sustainability factors| | | | Material | 230  
E5-5 | 37 d | Non-recycled waste | Indicator no. 13 - Table 2 Additional climate and other  environment-related indicators| | | | Not material |   
E5-5 | 39 | Total amount of hazardous waste | Indicator no. 9 - Table 2 Additional climate and other  environment-related indicators | | | | Not material |   
S1.SBM-3 | 14 f | Information about type of operations at  significant risk of incidents of forced labour or compulsory labour | Indicator no. 13 - Table 3 Additional indicators for social  and employee, respect for human rights, anti-corruption  and anti-bribery matters| | | | Material | 246  
S1.SBM-3 | 14 g | Information about type of operations at  significant risk of incidents of child labour | Indicator no. 12 - Table 3 Additional indicators for social  and employee, respect for human rights, anti-corruption  and anti-bribery matters| | | | Material | 246  
S1-1 | 20 | Description of relevant human rights policy  commitments relevant to own workforce | Indicator no. 9 - Table 3 Additional indicators for social  and employee, respect for human rights, anti-corruption  and anti-bribery matters; Indicator no. 11 - Table 1 Statement on principal adverse impacts of investment decisions on sustainability factors| | | | Material |  248 / 249  
S1-1 | 21 | Due diligence policies on issues addressed by  the fundamental International Labour Organisation Conventions 1 to 8 | | | Delegated Regulation (EU)  2020/1816, Annex II| | Material | 250  
S1-1 | 22 | Processes and measures for preventing  trafficking in human beings| Indicator no. 11 - Table 3 Additional indicators for social  and employee, respect for human rights, anti-corruption  and anti-bribery matters| | | | Material | 251  
S1-1 | 23 | Workplace accident prevention policy or  management system is in place| Indicator no. 1 - Table 3 Additional indicators for social  and employee, respect for human rights, anti-corruption  and anti-bribery matters; Indicator no. 11 - Table 1 Statement on principal adverse impacts of investment decisions on sustainability factors| | | | Material | 251  
S1-3 | 32c | Grievance or complaints handling mechanisms  related to employee matters exist | Indicator no. 5 - Table 3 Additional indicators for social  and employee, respect for human rights, anti-corruption  and anti-bribery matters; Indicator no. 11 - Table 1 Statement on principal adverse impacts of investment decisions on sustainability factors| | | | Material | 255  
S1-14 | 88 b) e c) | Number of fatalities and number and rate of  work-related accidents paragraph | Indicator no. 2 - Table 3 Additional indicators for social  and employee, respect for human rights, anti-corruption  and anti-bribery matters| | Delegated Regulation (EU)  2020/1816, Annex II| | Material | 269  
S1-14 | 88 e) | Number of days lost to injuries, accidents,  fatalities or illness | Indicator no. 3 - Table 3 Additional indicators for social  and employee, respect for human rights, anti-corruption  and anti-bribery matters| | | | Material | 270  
S1-16 | 97 a) | Unadjusted gender pay gap | Indicator no. 12 - Table 1 Statement on principal adverse  impacts of investment decisions on sustainability factors| | Delegated Regulation (EU)  2020/1816, Annex II| | Material | 271  
S1-16 | 97 b | Excessive CEO pay ratio | Indicator no. 8 - Table 3 Additional indicators for social  and employee, respect for human rights, anti-corruption  and anti-bribery matters| | | | Not material |   
  
| | | | | | | | | | | |   
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| EDP Integrated Annual Report 2024Sustainability Statement | General information| | | | | | | | |   
| | | | | | Index| Part I| 123|   
| | | | | | | | |   
  
| | | | | | | |   
---|---|---|---|---|---|---|---|---  
DR | Paragraph | Name | SFDR: Annex 1  | Pillar reference (Note 1) | Benchmark Regulation  reference (Note 2)| EU Climate Law  reference (Note 3)| DMA results | Page  
S1-17 | 103 a) | Incidents of discrimination | Indicator no. 7 - Table 3 Additional indicators for social  and employee, respect for human rights, anti-corruption  and anti-bribery matters| | | | Material | 271  
S1-17 | 104 a) | Non-respect of UNGPs on Business and Human  Rights and OECD guidelines| Indicator no. 10 - Table 1 Statement on principal adverse  impacts of investment decisions on sustainability factors and Indicator no. 14 - Table 3 Additional indicators for social and employee, respect for human rights, anti-corruption and anti-bribery matters | | Delegated Regulation (EU)  2020/1816, Annex II Delegated Regulation (EU) 2020/1818 Art 12 (1)| | Material | 272  
S2.SBM-3 | 11 b | Significant risk of child labour or forced labour in  the value chain| Indicators no. 12 and 13 - Table 3 Additional indicators  for social and employee, respect for human rights, anti-corruption and anti-bribery matters| | | | Material | 273  
S2-1 | 17 | Human rights policy commitments | Indicator no. 9 - Table 3 Additional indicators for social  and employee, respect for human rights, anti-corruption  and anti-bribery matters and Indicator no. 11 - Table 1 Statement on principal adverse impacts of investment decisions on sustainability factors| | | | Material | 276  
S2-1 | 18 | Policies related to value chain workers | Indicators no. 4 and 11 - Table 3 Additional indicators for  social and employee, respect for human rights, anti- corruption and anti-bribery matters | | | | Material | 278 / 278  
S2-1 | 19 | Non-respect of UNGPs on Business and Human  Rights and OECD guidelines| Indicator no. 10 - Table 1 Statement on principal adverse  impacts of investment decisions on sustainability factors | | Delegated Regulation (EU)  2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1)| | Material | 278 / 279  
S2-1 | 19 | Due diligence policies on issues addressed by  the fundamental International Labour Organisation Conventions 1 to 8 | | | Delegated Regulation (EU)  2020/1816, Annex II| | Material | 278 / 279  
S2-4 | 36 | Human rights issues and incidents connected to  its upstream and downstream value chain| Indicator no. 14 - Table 3 Additional indicators for social  and employee, respect for human rights, anti-corruption  and anti-bribery matters| | | | Material | 286  
S3-1 | 16 | Description of relevant human rights policy  commitments relevant to affected communities | Indicator no. 9 - Table 3 Additional indicators for social  and employee, respect for human rights, anti-corruption  and anti-bribery matters and Indicator no. 11 - Table 1 Statement on principal adverse impacts of investment decisions on sustainability factors| | | | Material | 294  
S3-1 | 17 | Non-respect of UNGPs on Business and Human  Rights and OECD guidelines| Indicator no. 10 - Table 1 Statement on principal adverse  impacts of investment decisions on sustainability factors and Indicator no. 14 - Table 3 Additional indicators for social and employee, respect for human rights, anti-corruption and anti-bribery matters | | Delegated Regulation (EU)  2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1)| | Material | 296  
S3-4 | 36 | Human rights issues and incidents | Indicator no. 14 - Table 3 Additional indicators for social  and employee, respect for human rights, anti-corruption  and anti-bribery matters| | | | Material | 312  
S4-1 | 16 | Policies related to consumers and end-users | Indicator no. 11 - Table 1 Statement on principal adverse  impacts of investment decisions on sustainability factors and Indicator no. 9 - Table 3 Additional indicators for social and employee, respect for human rights, anti-corruption and anti-bribery matters| | | | Not material |   
S4-1 | 17 | Non-respect of UNGPs on Business and Human  Rights and OECD guidelines| Indicator no. 10 - Table 1 Statement on principal adverse  impacts of investment decisions on sustainability factors | | Delegated Regulation (EU)  2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1)| | Material | 321  
  
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| EDP Integrated Annual Report 2024Sustainability Statement | General information| | | | | | | | |   
| | | | | | Index| Part I| 124|   
| | | | | | | | |   
  
| | | | | | | |   
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DR | Paragraph | Name | SFDR: Annex 1  | Pillar reference (Note 1) | Benchmark Regulation  reference (Note 2)| EU Climate Law  reference (Note 3)| DMA results | Page  
S4-4 | 35 | Human rights issues and incidents | Indicator no. 14 - Table 3 Additional indicators for social  and employee, respect for human rights, anti-corruption  and anti-bribery matters| | | | Not material |   
G1-1 | 10 b | United Nations Convention against Corruption | Indicator no. 15 - Table 3 Additional indicators for social  and employee, respect for human rights, anti-corruption  and anti-bribery matters| | | | Not applicable |   
G1-1 | 10 d | Protection of whistle- blowers | Indicator no. 6 - Table 3 Additional indicators for social  and employee, respect for human rights, anti-corruption  and anti-bribery matters| | | | Not applicable |   
G1-4 | 24 a | Fines for violation of anti-corruption and anti- bribery laws| Indicator no. 17 - Table 3 Additional indicators for social  and employee, respect for human rights, anti-corruption  and anti-bribery matters| | Delegated Regulation (EU)  2020/1816, Annex II)| | Material | 337  
G1-4 | 24 b | Standards of anti- corruption and anti- bribery | Indicator no. 16 - Table 3 Additional indicators for social  and employee, respect for human rights, anti-corruption  and anti-bribery matters| | | | Material | 338  
  
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| EDP Integrated Annual Report 2024Sustainability Statement | General information| | | | | | | | |   
| | | | | | Index| Part I| 125|   
| | | | | | | | |   
  
IRO-2_02 \- Disclosure of list of ESRS Disclosure Requirements complied with in 

preparing sustainability statement following outcome of materiality assessment

| |   
---|---|---  
| Disclosure  requirements| Page  
ESRS 2 General disclosures | BP-1 | 85  
BP-2 | 85  
GOV-1 | 86  
GOV-2 | 92  
GOV-3 | 94  
GOV-4 | 95  
GOV-5 | 96  
SBM-1 | 97  
SBM-2 | 100  
SBM-3 | 103  
IRO-1 | 112  
IRO-2 | 125  
  
| |   
---|---|---  
| Disclosure  requirements| Page  
E1 Climate change | GOV-3 | 167  
SBM-3 | 171  
IRO-1 | 175  
E1-1 | 168  
E1-2 | 189  
E1-3 | 191  
E1-4 | 192  
E1-5 | 196  
E1-6 | 198  
E1-7 | 202  
E1-8 | 204  
E1-9 | Not responded (1 year phase-in)  
  
| |   
---|---|---  
| Disclosure  requirements| Page  
E2 Pollution | IRO-1 | 206  
E2-1 | Not material  
E2-2 | Not material  
E2-3 | Not material  
E2-4 | Not material  
E2-5 | Not material  
E2-6 | Not material  
  
| |   
---|---|---  
| Disclosure  requirements| Page  
E3 Water and marine  resources| IRO-1 | 207  
E3-1 | 208  
E3-2 | 212  
E3-3 | 213  
E3-4 | 214  
E3-5 | 215  
  
| |   
---|---|---  
| Disclosure  requirements| Page  
E4 Biodiversity and  ecosystems| SBM-3 | 217  
IRO-1 | 222  
E4-1 | 228  
E4-2 | 228  
E4-3 | 231  
E4-4 | 232  
E4-5 | 233  
  
| | | | | | | | | | | |   
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| | | | | | Index| Part I| 126|   
| | | | | | | | |   
  
| |   
---|---|---  
| Disclosure  requirements| Page  
E5 Circular economy | IRO-1 | 235  
E5-1 | 236  
E5-2 | 237  
E5-3 | Not material  
E5-4 | 239  
E5-5 | 241  
E5-6 | 242  
  
| |   
---|---|---  
| Data requirement | Page  
S1 Own workforce | SBM-3 | 244  
S1-1 | 247  
S1-2 | 253  
S1-3 | 255  
S1-4 | 257  
S1-5 | 261  
S1-6 | 263  
S1-7 | Not responded (1 year phase-in)  
S1-8 | 265  
S1-9 | 266  
S1-10 | 266  
S1-11 | 266  
S1-12 | 268  
S1-13 | 268  
S1-14 | 269  
S1-15 | 270  
S1-16 | 271  
S1-17 | 271  
  
| |   
---|---|---  
| Data requirement | Page  
S2 Workers in the value  chain| SBM-3 | 273  
S2-1 | 276  
S2-2 | 279  
S2-3 | 280  
S2-4 | 283  
S2-5 | 287  
  
| |   
---|---|---  
| Data requirement | Page  
S3 Affected communities | SBM-3 | 289  
S3-1 | 294  
S3-2 | 298  
S3-3 | 302  
S3-4 | 306  
S3-5 | 315  
  
| |   
---|---|---  
| Data requirement | Page  
S4 Consumers and end- users| SBM-3 | 319  
S4-1 | 321  
S4-2 | 321  
S4-3 | 323  
S4-4 | 326  
S4-5 | 330  
  
| |   
---|---|---  
| Data requirement | Page  
G1 Business conduct | GOV-1 | 332  
G1-1 | 333  
G1-2 | 335  
G1-3 | 336  
G1-4 | 337  
G1-5 | 338  
| G1-6 | 339  
  
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IRO-2_13 \- Explanation of how material information to be disclosed in relation to 

material impacts, risks and opportunities has been determined 

To determine which information should be disclosed, EDP identified and correlated the assessed

Impacts, Risks, and Opportunities (IROs) to each data point. If one or more IROs were deemed

material, then the corresponding data point was required to be reported.

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4.2. Environmental information

EU Taxonomy Regulation and KPIs under article 8th of EU Taxonomy

| | |   
---|---|---|---  
Alignment with the SDGs  | Objectives | KPIs 2024 | Target 2026  
| Turnover in line with the EU’s  Taxonomy  | 45%| >70% (2025)  
| CAPEX in line with the EU’s Taxonomy  | 93%| >95% (2026)  
  
Background

The European Union Taxonomy Regulation (Taxonomy) published in the official journal of the

European Union on June 18, 2020 (EU 2020/852) sets out the criteria for an activity to be qualified

as environmentally sustainable. It is the key instrument to achieve the path of carbon neutrality

proposed by the European Commission and adopted in 2019 with the European green deal. It is also

a forward-looking tool for the transition finance process purpose of the companies. Concerning

capital expenditure, EDP has set a goal of achieving more than 95% aligned with the taxonomy by

2026 and 100% aligned by 2030. The Taxonomy has the following main parts according to article

3rd:

• the performance levels of activities which are making a substantial contribution (SC) to at least

one of the six EU’s environmental objectives as defined in the articles 10th to 15th regulation of the

Taxonomy (1. Climate change mitigation; 2. Climate change adaptation; 3. Protection and

restoration of biodiversity & ecosystems; 4. Transition to a circular economy; 5. Sustainable use

and protection of water and marine resources; 6. Pollution prevention and control) and complies

with technical screening criteria that have been established in accordance with Articles 10th to

15th (point A and B of this section)

• doing no significant harm (DNSH) to any of the other five environmental objectives as stipulated

in the article 17th of Taxonomy (point C of this section), and

• complying with minimum social safeguards (MSS) as stipulated in the article 18th of the

Taxonomy, meaning complying with governance standards and not violating social norms,

including human rights and labour rights (point D of this section).

This section presents the outcomes of the taxonomy assessment in the form of KPIs, which are

required to be disclosed in tabular form by using predefined reporting templates (point E) to fulfil the

requirements of the article 8, point 4, of the Taxonomy Regulation. To achieve these indicators, we

must follow the main steps mentioned previously.

EU Taxonomy key dates

2020 – Taxonomy Regulation | Regulation (EU) 2020/852 of the Parliament and of the Council of

June 2020.

2021 – Climate Taxonomy | Commission Delegated Regulation (EU) 2021/2139 of 4 June 2021

(applicable from 1 January 2022) which establishes the technical screening criteria for determining

the conditions under which an economic activity qualifies as contributing substantially to climate

change mitigation or climate change adaptation.

2021 – Taxonomy article 8th | Commission Delegated Regulation (EU) 2021/2178 of 6 July 2021-

specify the content and presentation of information to be disclosed by undertakings subject to

Articles 19a or 29a of Directive 2013/34/EU concerning environmentally sustainable economic

activities and specifying the methodology to comply with that disclosure obligation. Also includes

the templates for the KPIs of non-financial companies (applicable from 1 Jan. 2022).

2022 – Climate Taxonomy | Commission Delegated Regulation (EU) 2022/1214 of 9 March 2022

which amending the delegated regulation 2021/2139 and 2021/2178, which includes the activities

for nuclear energy generation and gas natural.

2022 – Taxonomy article 8th | Commission Notice on the interpretation of certain legal provisions of

the Disclosures Delegated Act under Article 8 of EU Taxonomy Regulation on the reporting of eligible

economic activities and assets 2022/C 385/01 (1st notice).

2023 – Climate Taxonomy | Commission Delegated Regulation (EU) 2023/2485 of 27 June 2023

amending Delegated Regulation (EU) 2021/2139 establishing additional technical screening criteria

for determining the conditions under which certain economic activities qualify as contributing

substantially to climate change mitigation (on macro-sectors of 3. manufacturing; 6. transport) or

climate change adaptation (5. Water supply, sewerage, waste management and remediation; 8.

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Information and communication; 9. Professional, scientific, and technical activities; 14. Disaster Risk

Management).

2023 – Environmental Taxonomy | Commission Delegated Regulation (EU) 2023/2486 of 27 June

2023 supplementing Regulation (EU) 2020/852, of the European Parliament and of the Council, by

establishing the technical screening criteria for determining the conditions under which an

economic activity qualifies as contributing substantially:

• to the sustainable use and protection of water and marine resources (1. Manufacturing; 2. Water

supply, sewerage, waste management and remediation; 3. Disaster Risk Management; 4.

Information and communication)

• to the transition to a circular economy (1. Manufacturing; 2. Water supply, sewerage, waste

management and remediation; 3. Construction and real estate’s activities; 4. Information and

communication; 5. Services)

• to pollution prevention and control or to the protection and restoration of biodiversity and

ecosystems (1. Manufacturing; 2. Water supply, sewerage, waste management and remediation)

• to protection and restoration of biodiversity and ecosystems (1. Environmental protection and

restoration activities; 2. Accommodation activities)

• also includes the amendments to templates of the delegated act (EU) 2021/2178 (due to apply

from January 2024)

2023 – Taxonomy Regulation | Commission Notice of 16 June 2023, 2023/C 211/01, on the

interpretation and implementation of certain legal provisions of the EU Taxonomy Regulation and

links to the Sustainable Finance Disclosure Regulation.

2023 – Climate Taxonomy | Commission Notice of 20 October 2023, C/2023/267, on the

interpretation and implementation of certain legal provisions of the EU Taxonomy Climate

Delegated Act establishing technical screening criteria for economic activities that contribute

substantially to climate change mitigation or climate change adaptation and do no significant harm

to other environmental objective.

2023 – Article 8th of EU Taxonomy | Commission Notice of 20 October 2023, C/2023/305 on the

interpretation and implementation of certain legal provisions of the Disclosures Delegated Act under

Article 8 of EU Taxonomy Regulation (2nd notice).

2024 – Article 8th of EU Taxonomy | Draft Commission Notice on the interpretation and

implementation of certain legal provisions of the EU Taxonomy Environmental Delegated Act, the EU

Taxonomy Climate Delegated Act and the EU Taxonomy Disclosures Delegated Act (approved by

European Commission on 29 November).

Alignment with sustainability strategy

EDP’s prioritization of investment in renewable generation started in 2006, through the anticipation

of major trends in the energy market and the support to the vision of a society capable of reducing

CO2 emissions, by replacing thermal with renewable energy, decentralizing generation, promoting

smart grids and energy storage, and encouraging the demand for renewable electricity. EDP is

committed to reduce emissions and to align its business strategy with the aim to limit global

temperature raise to 1.5°C. Ramping up that commitment, EDP incorporated in its Strategic Plan

2021-2025 the ambitious goals to be coal free by 2025 and carbon neutral by 2030, supported by

a strong investment in the acceleration of renewables installed capacity, smart grids, and

decarbonized services for our customers.

In March 2023, EDP announced its Business Plan for 2023-2026, a plan aiming to reinforce EDP’s

leading position in the energy transition to create superior value to stakeholders.To accommodate

for lower electricity prices and a higher interest rate environment for longer than what was foreseen

at the time of the 2023 CMD, EDP informed stakeholders during the presentation of the results for

the 1st quarter of 2024 about the 2024-26 plan update highly focused on capital optimization and

robustness of EDP’s balance sheet: deceleration of investment, with €17Bn gross investments

targeted over 2024-26.

One of the drivers for the Business Plan is the decarbonization pillar, focused on the three main goals

of being coal-free by 2025, all green by 2030 and net-zero by 2040. EDP reinforced its ambition

even further to reach Net Zero by 2040 by including the Scope 3 emissions in its targets. With a new

baseline year set for 2020, EDP aims to reach net-zero greenhouse emissions across the value

chain by 2040, with ambitious mid-term targets by 2030. These targets have been approved by the

Science Based Targets initiative (SBTi) under the Net Zero Standard and were included in EDP's

Climate Transition Plan, which was developed in 2023 as part of an internal project called Net-Zero

Acceleration Task Force.

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Article 8th of the EU Taxonomy Regulation in practice

EDP falls within the scope of the article 8 of the Taxonomy Regulation which defines new

transparency requirements for undertakings in their non-financial statements. This means that EDP

is obliged to provide a non-financial statement pursuant to Art. 19a (29a) of the Accounting

Directive (Directive 2013/34/EU of 26 June 2013).

As a result, EDP must give information about the eligibility of its activities based on the list of

environmental sustainable economic activities under Taxonomy. Additionally, EDP must report on

the alignment in accordance with the main parts mentioned previously (SC; DNSH; MSS) and

disclose taxonomy-aligned activities. These discloses should be expressed as share of turnover

(reflecting the share of green revenues from green activities), Capital Expenditure (reflecting the

share of green investments from green activities) and OPEX(reflecting the share of green

operational costs from green activities).

Implementation of the Article 8th of the EU Taxonomy Regulation at EDP

In the process of implementing and applying the standard, EDP used the tool ([EU Taxonomy](https://ec.europa.eu/sustainable-finance-taxonomy/)[ ](https://ec.europa.eu/sustainable-finance-taxonomy/)

[Compass](https://ec.europa.eu/sustainable-finance-taxonomy/)) developed by the European Commission to check which activities are included in the EU

Taxonomy (taxonomy-eligible activities) and which criteria must be met for each activity to be

considered aligned.

In accordance with the EU Taxonomy and what it establishes, EDP has disclosed in 2019 on

Turnover, in 2020 on Turnover and CAPEX and in 2021 on the three KPIs requested: the proportion of

its turnover, capital expenditure (CAPEX), and operational expenditure (OPEX). EDP has been

reporting its eligible economic activities associated to one of the environmental objectives, the

climate change mitigation and assessed the requirements in accordance with the main

requirements for that environmental objective.

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As a result, EDP discloses :

A. The eligibility by NACE code activities for "climate change mitigation"

• Generation: NACE code (C20.1.1) - Manufacture of hydrogen (activity 3.10); NACE code (D35.11)

\- solar photovoltaic technology (activity 4.1); Installation, maintenance and repair of renewable

energy technologies (activity 7.6); Electricity generation from wind power (activity 4.3); Electricity

generation from hydropower (activity 4.5); Electricity from storage of electricity (activity 4.10);

Electricity generation from fossil gaseous fuels (activity 4.29); High-efficiency co-generation of

heat/cool and power from fossil gaseous fuels (activity 4.30). Last year, we included activities

from NACE 4.10 under NACE 4.5. This year, we have corrected that situation by individualizing

this activity. The activities related to the operation of electricity storage, including pumped

hydropower storage, do not need to verify if the power density of the electricity is above 5W/m².

As a result, the European taxonomy templates where the KPI information will be presented will

reflect this change in methodology. Consequently, the values reported for activity 4.5 will be

lower compared to those reported in 2023 due to this adjustment.

• Additionally, for the generation activities of EDP Renováveis, in order to disaggregate the

Turnover, CAPEX, and OPEX volumes for each economic activity (4.1, 4.3, and 7.6) under Article 8

of the EU Taxonomy Regulation (EU) 2021/2178,we use the information provided by analytical

accounting, which means using the data from each reporting unit of EDP Renováveis  to obtain

the information by technology for that company (Europe, North America, South America and

APAC. The group EDP Renováveis generates energy from renewable resources and has four

reportable segments). This analysis excluded the holdings of EDP Renováveis, which were

treated as a non-eligible activity because they do not generate energy from renewable sources.

Allocations were used in the calculation of sustainability KPIs whenever it was necessary to

reconcile the information by technology for each reporting unit of EDP Renováveis and reported

operating segments:

i. the proportion of each technology in generation to distribute revenues

ii. the proportion of capacity under construction for each technology for distributing CAPEX

iii. and for Sustainable OPEX, we use the operational MW, categorized by technology type.

• Transmission/Distribution: NACE code (D35.12 and D35.13) - Transmission and distribution of

electricity (4.9 activity)

• Supply: NACE code (F42) - The following activities are eligibles: Installation, maintenance, and

repair of charging stations for electric vehicles in buildings (and parking spaces attached to

buildings) (activity 7.4); Installation, maintenance, and repair of renewable energy technologies

(activity 7.6)

• Throughout 2024, EDP has worked towards expanding eligible activities to better meet the needs

of investors in the transition to a low-carbon economy. These activities, which may become

material, are part of macro sector 7 Construction and real estate activities contributing to climate

change mitigation. However, this is a short- to medium-term process.

B. The substantial contribution to meet the climate change mitigation (SC)

C. The confirmation that its activities do no harm (DNSH) the remaining environmental

objectives

D. The compliance with the Minimum Social Safeguards (MSS)

E. The turnover, the capital expenditures and the expenditures associated with activities

eligible, aligned and non-eligible

Scope of the disclosure for the three financial environmental indicators

The scope of application of the EU Taxonomy for the EDP Group corresponds to its consolidation

perimeter, i.e., the scope reflected in the Consolidated Accounts as of December 31, 2024. The

consolidated entities correspond to subsidiaries where the group exercises control. The

consolidated turnover of the EDP Group corresponds to the consolidated revenues of these

subsidiaries (note 7 "Revenues and cost of Energy Sales and Services and Other" of Part IV -

Financial Statements and Notes of the Integrated Annual Report 2024).

Regarding investments in jointly controlled or associated companies, where the EDP Group only

exerts significant influence, these are reflected in the consolidated financial statements by the

equity method. Thus, these entities do not have their revenues consolidated in the group's turnover

(further details in note 22 - "Investments in Joint Ventures and Associates" in the notes of Part IV -

Financial Statements and Notes of the Integrated Annual Report 2024).

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A.The eligibility by NACE code activities for climate change mitigation 

and B. The substantial contribution to meet the climate change 

mitigation (SC)

Considering that EDP core currently focused on the generation, transmission, distribution and supply

of electricity and supply of gas, EDP assigned the Taxonomy-eligible economic activities to the

following activities in accordance with Annex I of the Climate Delegated Act (EU 2021/2139) and

Regulation (EU) 2022/1214: Manufacture of hydrogen (activity 3.10); using solar photovoltaic

technology (activity 4.1); Electricity generation from wind power (activity 4.3); Electricity generation

from hydropower (activity 4.5); Electricity generation from storage of electricity (activity 4.10)

Electricity generation from fossil gaseous fuels (activity 4.29); High-efficiency co-generation of

heat/cool and power from fossil gaseous fuels (activity 4.30); Transmission and distribution of

electricity (4.9 activity); Installation, maintenance, and repair of charging stations for electric

vehicles in buildings (and parking spaces attached to buildings) (activity 7.4); Installation,

maintenance, and repair of renewable energy technologies (activity 7.6).

Activities excluded

• Coal thermoelectric power plants. EDP has no investments in these plants, and the revenues from

coal plants in 2024 accounted for only 0.3% of the total revenues of the EDP Group.

• Supplier electricity activities with exception of the eligible activities (the installation,

maintenance, and repair of charging stations for electric vehicles in buildings (and parking

spaces attached to buildings) (activity 7.4); Installation, maintenance and repair of renewable

energy technologies (activity 7.6)).

• Holdings and Shared Services of EDP's subsidiaries were classified as non-eligible activities

because they do not generate energy from eligibles sources.

Eligible and aligned activities

Low carbon activities

• Solar and wind-based electricity production activities (activities 4.1 and 4.3).

• Hydro plants (activities 4.5). In the calculation of the power indicator, to determine whether a

project had a power density greater than 5W/m², it was necessary to consider cases where the

same reservoir supplies several hydropower plants. The Venda Nova reservoir serves three

hydropower plants (Vila Nova, Frades I, and Frades II), while the Paradela reservoir only serves

Vila Nova, which receives water from both reservoirs. To calculate power density, the total

installed capacities of all these plants were considered, along with the total area of the reservoirs

serving them.

• Frades I and Frades II have reversible units (pumped storage) and are served by the Venda Nova

reservoir. Since it's complex to determine which part of the reservoir serves each plant, the power

indicator was calculated without considering the pumping criterion. Therefore, all these sites

were classified under "Electricity generation from hydropower" instead of "Storage of electricity."

• Hydrogen (activity 3.10) - Investment in increasing renewable deployment supported by

hydrogen to leverage a superior portfolio and infrastructure, considered as a competitive

advantage.

Enabling activities (Activities that allow for the reduction of CO2 emissions in other activities)

• Generation activities \- Installation, maintenance, and repair of renewable energy technologies

(activity 7.6) correspond to distributed solar activity of EDP and Storage of electricity (activity

4.10).

• Electricity transmission and distribution activities (activity 4.9) in Portugal and Spain as part

of the European Electricity System. Activities in Brazil were considered aligned because they are

networks that transport more than 67% of energy from renewable sources.

• Supplier electricity activities in Portugal, Spain and Brazil includes the installation,

maintenance, and repair of charging stations for electric vehicles in buildings (and parking

spaces attached to buildings) (activity 7.4); Installation, maintenance and repair of renewable

energy technologies (activity 7.6).

Eligible but not aligned activities 

• One hydro plant in Brazil (activity 4.5) was not included which represent about 2% of the EDP

Group’s installed capacity, as they do not meet the following criteria: the power density of the

asset is greater than 5W/m2.

• Combined Cycle Gas Turbine and cogeneration cycle plants (activities 4.29 and 4.30) were not

included because they do not carry out their activities in compliance with the alignment criteria of

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the delegated acts, namely the level of CO2 emissions over the useful life of the asset and with the

Life Cycle Assessment (LCA) below 100gCO2e/kWh.

C. The confirmation that its activities do no harm (DNSH) the remaining 

environmental objectives

Under its [Environmental Policy](https://www.edp.com/en/sustainability/environmental-policy), EDP outlines a set of commitments (Biodiversity protection, Circular

economy promotion, Climate action - mitigation climate change (cc) and adaptation cc -, and

Pollution prevention) that safeguard the implementation and maintenance of appropriate and

effective environmental management systems, and that contribute towards Sustainable

Development.

EDP's Environmental Policy provides the framework for determining material environmental issues.

EDP promotes environmental protection and integrates it into the decision-making processes in the

different phases of the projects: 1) Development; 2) Construction; 3) Operation and maintenance; 4)

Dismantling and Repowering. The Company also includes a previous prospection phase, in order to

identify the best locations for the future facilities. This additional phase also includes the

identification of potential environmental issues.

As mentioned previously, EDP uses the climate change mitigation as the environmental objective to

which its activities will make a substantial contribution by leading the reduction of greenhouse gas

emissions. Therefore, it is necessary to apply the DNSH criteria in relation to the other five

environmental objective, depending on the specific activity. EDP’s approach regarding to DNSH is

detailed below.

1\. Climate change adaptation

i. How we demonstrate that EDP has a process to evaluate climate risk and perform

vulnerability assessment for our projects and operations?

Climate change related risks and opportunities are fully integrated into EDP’s risk management

procedures, there is an annual process dedicated to assessing climate risks and opportunities at

EDP. This process is structured into three distinct phases:

• Risk identification \- EDP ensures an exhaustive identification of risks and opportunities in each

business of its main geographies (Portugal, Spain, Brazil and USA) under the TCFD's

recommendations. This identification involves validating the taxonomy of climate risks and

opportunities aligned with EDP’s corporate taxonomy. It should be noted that the identification of

material risks for EDP is based on a prior list, as identified in the table in Section II of Appendix A of

Annex I of the Delegated Regulation 2021/2139, of June 4.

• Climate Scenario Alignment \- In its climate-related risk analysis EDP validates and updates the

climate-related scenarios for physical risks.  Mid/Long-term risk (6 to 26 years, specifically

2030 and 2050) is mainly related to physical risks that may affect EDP's asset portfolio, namely

regarding extreme temperatures, extreme wind and rain events, and structural changes in

physical parameters.EDP restricted the number of physical scenarios to three: RCP 2.6, RCP 4.5

and RCP 8.5. The analysis of physical variables was conducted by a specialized external

consultant, utilizing the Copernicus database and other international databases. The next steps

involve enhancing the harmonization of methodologies across the various business units,

updating the scenarios and narratives to incorporate the 6th IPCC Climate Assessment Report

(physical scenarios), and procuring a climate assessment tool to support the analysis and

quantification of physical risks. Results highlighted two types of risks: structural reduction of

water availability in Iberia and Brazil, affecting the productivity of hydroelectric generation assets

in Portugal and Spain (chronic physical risk) and increased occurrence and severity of extreme

weather events, causing damages to our electricity distribution assets (acute physical risks).

• Climate-risk quantification and analysis of the risks based on the aggregated climate-

related value@risk - Each Business Unit and each area does a unique analysis of the impact of

each risk and opportunity on EBITDA, which forms the basis of the quantification process. This

quantification considers the expert identification of physical variables, their evolution, and the

narratives about politics, society, economy, and technology associated with the various

scenarios. Whenever feasible, the direct technique (anticipated loss/gain and maximum loss/

gain at P95%) or, alternatively, the indirect method (probability/frequency, impact medium, and

maximum impact P95%) is used to quantify each risk and opportunity. The aggregation of losses

and gains takes into account correlations between opportunities and risks as well as between

geographies for the group's analysis.

What are the adaptation solutions implemented?

Building on the progress made in 2023, the subsidiary companies continued to advance the

development of their climate change adaptation plans in 2024, with the overall commitment being

to achieve 100% implementation of the plans by the end of 2025. EDP develops climate adaptation

plans by Business Unit based on the main identified risks according to a structured assessment of

climate risks (TCFD), updating scenarios - when possible, using regionalized scenarios, assessing

the evolution of climate variables and the main risks and opportunities for each business. These

plans aim to improve EDP's infrastructure resilience to climate change, considering both the existing

asset portfolio and new investments.

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The group has climate change adaptation plans in place in its business units to ensure the resilience

of infrastructure that may be exposed to extreme events of greater intensity and frequency,

compared to reality as we know it to-day. Adaptation measures start from the selection of the

facility in the development phase, with environmental and other complementary studies. After this

first step, the Company identifies the characteristics necessary for the equipment to withstand the

potential weather conditions of the region, current and future ones.

Examples of specific adaptation measures developed include the reinforcement of emergency

response, such as greater involvement with the authorities and security forces, to improve the

response to extreme phenomena. Additionally, measures include enhancing the response capacity

of the protection equipment of the hydraulic circuits of the generator sets to cope with the increased

intensity and frequency of extreme phenomena (e.g. heavy rainfall and more intense fires). These

measures demonstrate EDP's commitment to integrating adaptation solutions that address the

identified physical climate risks, as required by the taxonomy.

For more details about our approach and compliance with Appendix A “Generic Criteria for DNSH to

climate change adaptation” consult our [website](https://www.edp.com/en/sustainability/adaptation-to-climate-change) for a breakdown of the physical risks associated

with climate change by activity, an assessment of the main physical risks, and examples of

initiatives that execute solutions for climate change adaption. Whenever possible, the costs related

to climate change adaptation solutions will be included in the content made available there.

It should be emphasised that EDP has not made a differentiation between CAPEX related to eligible

activities that contributes substantially to Climate Change Mitigation to which that are CAPEX

associated with climate change adaptation initiatives.

2\. Protection and restoration of biodiversity & ecosystems

EDP's new Business Plan for 2023-2026 includes targets related to Nature, with the overarching

goal of achieving net zero emissions by 2040, a target endorsed by SBTi in early 2023. Furthermore,

EDP has set a corporate objective to attain a Biodiversity "Net Gain" in all new projects with

significant residual impacts by 2030. By 2026, EDP aims to have implemented Net Gain

Biodiversity tracking systems in 100% of new projects, signifying the need for all internal knowledge

and resources to be in place to enable the company to meet Nature's 2030 targets. Additionally,

under EDP’s corporate commitments, EDP will not build new generation facilities in Natural Heritage

Sites from the UNESCO World Heritage List.

EDP is aware of the sensitivity of natural ecosystems and the pressures affecting biodiversity. EDP's

Environmental Policy establishes the Company's specific commitments to contribute to the

mitigation of climate change, the promotion of the circular economy and the protection of

biodiversity. This Policy is supplemented by internal guidance to establish a shared understanding

of how to act, emphasizing the use of the mitigation hierarchy approach throughout the project life

cycle as the initial step in fulfilling the overall biodiversity commitments.

Moreover, it is EDP’s duty to contribute to the development of research and conservation programs,

as well as to broaden scientific knowledge on biodiversity matters by supporting institutions and

strengthening dialogue and partnerships.

To support these commitments the EDP Group is still working on a document that will define the

specific content of Biodiversity Action Plans (BAP). A Biodiversity Action Plan (BAP) is an initiative, or

a set of initiatives, framed by the mitigation hierarchy framework, with the overall goal of enhancing

the biodiversity quality of the surrounding areas of an infrastructure/asset or a region where several

infrastructures/assets of the company are located. These BAPs will be implemented in those areas

considered at risk for biodiversity. This document outlines the main components of a BAP, the

biodiversity monitoring process and the reporting and communication process.

i. How we demonstrate that for all projects/operations we pursue in accordance with EU

regulation or equivalent national provisions or international standards?

Environmental impact assessment and/or risk mapping

Development

EDP projects/operations comply with EU regulations or equivalent national provisions or

international standards.

During the development phase of any project of the Company, the potential environmental impacts

are analysed in detail in the environmental impact studies and other specific environmental studies,

always performed by professional external experts. These studies evaluate the possible impacts of

the projects in factors such as fauna, flora, soil, air and water bodies, among others.

Through the prospection phase and prior to other procedures and EIAs (Environmental Impact

Assessments), EDP carries out an analysis of environmental constraints and other environmental

issues, with the objective of selecting the best location for the project, based on various criteria.

The environmental impact studies (EIAs and others) procedures are developed and conducted to

ensure that the necessary studies are carried out to identify the environment state and the potential

impacts so that they are avoided, minimized, and compensated -following the mitigation hierarchy-

during all the project phases. EDP is committed to protecting the environment and biodiversity, and

therefore the scope of environmental assessment (EIA) follows the regulation and legal requirements

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defined by Authorities. Based on the environmental impact assessments, the national authority

approves or not the project's construction, by submitting a declaration through the Environmental

Impact Statement (EIS) or other kind of declarations.

Construction and operation phases

During the construction and operational phases, EDP conducts on-site environmental monitoring to

identify and prevent possible impacts on the biodiversity.

During the construction phase, the Company implements a set of minimization, restoration and

compensation measures necessary to avoid and remediate potential impacts. As example of a

preventive measure the Company has the environmental surveillance during the construction phase.

This surveillance enables EDP to check that applicable requirements are fulfilled, and preventive

measures are implemented, as well as to control potential impacts not expected and manage them

properly. In addition, the guarantee of a mitigation hierarchy approach is considered and

incorporated into national laws. Under the responsibility of National Authorities, the licensing

process is overseen throughout the project cycle; otherwise, the right to operate this project is

inhibited.

Finally, EDP has a [Corporate Environmental Management System](https://www.edp.com/en/sustainability/protecting-planet#gestaoambiental) and a Health & Safety

Management System, certified according to ISO 14001 and ISO 45001, respectively, by an

accredited external independent third party. To obtain these certificates external audits are

performed each year to assess the:

• implementation of Environmental Policy

• internal procedures in place to minimize the potential effects environment (climate change,

Biodiversity, Pollution, etc.)

• business units and overall performance on environmental issues

• safe and healthy work environment and to prevent health effects.

For the different markets, EDP has procedures for compliance with applicable environmental

regulations. This regulatory monitoring is reviewed periodically and allows establishing measures

and action plans to ensure compliance.

Dismantling and repowering phase

Under its Environmental Policy, EDP recognizes through the implementation and maintenance of

appropriate and effective environmental management systems, the need to protect the Environment

and integrate its components within decision-making processes at the different stages of

development, construction, operation, and decommissioning of infrastructure. The EDP Group is

committed to providing innovative and competitive solutions by ensuring coherence across all its

activities and ecosystems: in power generation, the group aims to reappraise renewable energy

supply chains throughout their value chain and manage thermoelectric assets until their

decommissioning.

i. How we demonstrate that EDP implements any required mitigation and compensation

measures for protecting the environment?

Through its on-site management systems, EDP promotes continuous improvement in its facilities,

identifying any opportunity for improvement in its processes. All those projects located near or inside

a protected area include the necessary studies and measures to protect biodiversity. EDP’s

initiatives have the same mitigation hierarchy: avoid, minimize, restore and compensate all the

negative impacts that our projects could have. The application of the mitigation hierarchy approach

is a core element of the biodiversity strategy under development. EDP started using IBAT to

characterize its renewable assets and as an early risk screening tool for new projects. The use of this

tool reinforces the mitigation hierarchy approach, integrating biodiversity into the investment

decision-making process. Following IBAT datasets, by the end of 2024, EDP has analysed all its

assets (hydro+wind+solar+thermal), identifying its location and exposure to biodiversity sensitive

areas, with around 18% of assets located in or adjacent to World Database Protected Areas, and

19% located in Key Biodiversity Areas (KBA). The coverage is 27% when considering WPDA and/or

KBA. During 2025, EDP will drill down this info to improve data quality, supported by internal

Geographic Information Systems, already in place and being used thoroughly in Europe.

EDP establishes several measures, procedures and commitments towards biodiversity protection:

• contributing to avoiding or reducing biodiversity loss, favouring dynamic, comprehensive, locally

owned management, long-term thinking and aiming for an overall positive balance

• contributing to the deepening of scientific knowledge on the different aspects of biodiversity,

including through the establishment of partnerships

• EDP has created landscape and wildlife protection programs in impacted areas, in partnership

with local public entities. These efforts have been recognized as valuable to maintain biodiversity

and natural heritage

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• depending on the environment and its facilities' EDP has compulsory and voluntary initiatives in

place in terms of biodiversity and habitat conservation. The main environmental initiatives can be

found on the [EDP Biodiversity Report](https://www.edp.com/en/biodiversity-report-2020-2022), this report (Part I Management Report) and also Integrated

Annual Report 2024 of EDP Renováveis, Part 6- Sustainability Statement

• not building new generation facilities in areas included in the UNESCO World Heritage List,

ensuring that it continues to have no presence in these territories. EDPR monitors all its facilities

located in protected areas in order to identify those wind farms and solar plants that may have a

potential impact on biodiversity and ensuring that all the necessary measures are in place. This

monitoring process helps the Company to implement actions to avoid and mitigate such impact.

EDP has made a first exercise following the LEAP approach (TNFD) for the identification and

assessment of the nature-related impacts and dependencies in its direct operations. The impact

materiality for EDP has been assessed based on the company knowledge and experience, as well

as reinforced by the participation of EDP in taskforces leading collaborative experiences around

the identification and assessment of impacts as dependencies on nature, as the WBCSD

‘Roadmaps to Nature Positive Foundations’ taskforce and the working group on ‘Natural capital

in the Spanish energy sector’

• during the construction and operation phases, EDP conducts on-site environmental monitoring to

identify and prevent possible impacts on biodiversity and the ecosystem

• EDP has mechanisms in place to fight biodiversity potential impacts within its facilities, such as:

Monitor collisions of birds and bats and their cumulative effect on species while limiting

indiscriminate accesses that disturb sensitive species and habitats, restoration of affected

vegetation areas, etc.

• EDP participates in several national and international organizations, working in these topics in a

learning by sharing perspective involving not only other peers, but also partners such as NGO or

Academia. This participation has supported the design of these targets although without direct

contribution. Examples of these organizations where EDP participates: WBCSD; Act4Nature

Portugal, Fundación Biodiversidad, Spain; REWI, USA

• be a TNFD adopter: Commit to disclose EDP's TNFD alignment by 2026.

EDP is reporting the information about the environmental impact assessment in its website

([Transparency and Reporting](https://www.edp.com/en/sustainability/transparency-and-reporting#publications)).

3\. Transition to a circular economy /Water/prevention of pollution

Our environmental policy provides the framework to consider the material environmental issues, an

integral part of [EDP's Environmental Policy](https://www.edp.com/en/sustainability/environmental-policy), is ensured by environmental management systems

certified in accordance with ISO14001:2015, aligned in a Corporate Environmental Management

System (SIGAC), certified since 2008 by Lloyd's Register Quality Assurance (certificate no. ISO

14001 -0030519).

3.1 Transition to a circular economy

i. EDP promotes Circular Economy and the efficient use of natural resources in all its value

chain. The Company has set our four ambitious circular economy targets for 2025

supported in four main axes of action (efficient use of resources and materials; durability;

digitalization and resources enhancement).

The [Company’s Environmental Policy](https://www.edp.com/en/sustainability/environmental-policy) outlines the circular economy commitments and how the EDP

promotes efficient use of natural resources in its activities, wherever possible, within the framework

of a life-cycle analysis, in particular:

• minimising the use of natural resources required for the proper execution of its activities

• optimising and efficiently managing internal products and services, promoting a circular

economy among our customers

• maximising the recovery of waste and its reintroduction into the economy as by-products.

ii. EDP includes circularity and waste management aspects from the procurement phase

At group level, EDP's supplier management approach is based on a holistic view of the sustainable

supply chain which, through the [EDPartners programme](https://www.edp.com/en/about-us/suppliers#portal), enables the group to ensure the integrated

coordination of activities.

EDP's supply chain management approach also includes waste management and circular

economy. Please, refer to EDP's supply chain approach to find more information about the

Company's approach. The Company also includes circular economy within its engagement process

with suppliers:

• [Sustainable Procurement Policy](https://www.edp.com/en/sustainable-procurement-policy) (point 11)

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• [Sustainable Procurement Protocol](https://www.edp.com/sites/default/files/2023-10/Sustainable%20Supply%20Chain%20Report%202022.pdf#page=25) that defines the Company's action protocol and due

diligence process

• [EDP Supplier Code of Conduct](https://www.edp.com/en/edp-supplier-code-conduct) (environmental commitments)

• in Europe & Latin America, EDPR has a Suppliers Sustainability Guide in place for both

construction and O&M operations, providing an overview of the sustainability requirements

EDPR expects its suppliers to meet, including recycling guidance and recommendations

• ESG priorities for strategic suppliers, including circular economy.

iii. Engaging with manufacturing suppliers to promote circular economy

In 2024, EDP has continued to enhance its analysis of five ESG priorities in its tenders (Request for

Proposals and other processes) for strategic equipment purchases, primarily solar and wind

equipment. These priorities include Decarbonisation, Circular Economy, Human and Labour Rights,

Health and Safety, and Transparency and Biodiversity. The Company has also engaged with

suppliers to share their LCAs (Life-Cycle Analysis) and environmental information about their

products, including circular economy and recycling rates.

During EDP’s engagement process with suppliers, the Company shares its ESG priorities with

turbine, modules, structure and inverters and module suppliers.

iv. EDP waste approach during operations and dismantling

EDP promotes the recycling during its operations. The Company engages with waste treatment

suppliers and contractors to find ways and solutions that help the Company achieve its expected

recovery rates.

The efficiency of wind turbines and solar panels, as well as their end of life, are evaluated by the

Company for their replacement or dismantling. The repowering of wind farms has been one of the

solutions applied by EDPR, which consists of reducing the number of wind turbines and replacing

them with more efficient models. The new modern models allow the Company to increase installed

capacity, CO2 avoided, and clean energy generated, while reducing the land area per MW.

v. Joining industry initiatives, forums and pilot projects with partners

Since 2017, the Company has joined some initiatives and projects, and has also worked with

suppliers such as: the collaboration with Thermal Recycling of Composite (R3FIBER), RECICLALIA,

the LIFE REFIBRE project or the pilot project with the Associação Portuguesa de Energias

Renováveis (APREN). EDP is also a member of the Global Alliance for Sustainable Energy, which also

addresses the circular economy.

EDP promote the circularity practices. The "Close the Loop Program" is an example of this

commitment. This initiative focuses on keeping the environment at the forefront through more

efficient use of resources and materials. It promotes solutions that extend the life cycle of products

and ensures accountability for product materials and assets. This announcement highlights EDPR

North America's partnership with SOLARCYCLE, an advanced technology-based solar recycling

company, and underscores ongoing collaboration with 18 additional leaders in the recycling services

sector throughout North America.

3.2 Sustainable use and protection of water and marine resources 

All facilities comply with current Portuguese and European legal obligations and environmental

licenses. This includes adherence to national regulations and directives such as Directive 2000/60/

EC.

EDP's hydropower facilities are certified under ISO 14001 and, in Portugal, by EMAS. These

certifications ensure that robust environmental management systems are in place and are

continuously improved. The EMAS environmental statement, verified annually by the Portuguese

Environment Agency (APA), provides detailed reports on the environmental performance of these

facilities, including information on ecological flow regimes.

EDP is committed to mitigating its impacts, managing risks and promoting the continuous

improvement of processes, practices and performance through a collaborative approach with

stakeholders for the sustainable management and efficient use of water.

Impacts:

• the use of water by thermal power plants results in a wastewater output and can increase the

temperature of water bodies receiving cooling water discharges

• the presence of dams transforms lotic systems into lentic systems with very different hydraulic

characteristics

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• the reservoirs of hydroelectric power stations increase access to water for other uses, such as

agriculture, water consumption and leisure, serving as strategic water reserves and helping to

regulate floods downstream.

For the mitigation of the impacts:

• When developing projects, and during the construction phase, EDP evaluates the impacts on

water bodies and defines measures that it implements in the construction and operation phase.

All environmental impact assessments of new projects have associated compensatory measures

depending on the identified impact, namely measures aimed at protecting habitats, water quality

and aquatic fauna.

• EDP monitors the volume of water managed in its assets. Data on water quality monitoring and

the effectiveness of the ecological flow regimes are regularly communicated to the regulator.

• EDP has implemented rigorous monitoring plans for its production equipment assets to prevent

environmental incidents that could impact water resources. These plans include monitoring the

water quality of reservoirs and assessing the effectiveness of ecological flow regimes. Data from

these monitoring activities are regularly communicated to the regulator. The plans encompass

regular inspections, maintenance schedules, and immediate response protocols for any detected

issues. This comprehensive approach ensures that any potential problems are promptly

addressed, thereby safeguarding water quality and maintaining ecological balance.

• EDP has implemented several measures to ensure the safe migration of fish upstream, tailored to

the specific ecosystems present in the affected water bodies. These measures include fish

passages to facilitate the natural migration of fish species and continuous monitoring of fish

populations and migration patterns to assess the effectiveness of the implemented measures

and support ongoing improvements. This tracking is conducted through periodic reports

submitted to the regulator. Additionally, there are maintenance plans in place to ensure the

proper functioning of these measures.

• EDP ensures the release of minimum ecological flows in all relevant water bodies to maintain the

health of aquatic ecosystems. The ecological flow regimes released through existing devices are

agreed upon with the legal authority, ensuring compliance with regulatory requirements.

• EDP reports annually through the EMAS environmental statement to all stakeholders information

about the ecological flow regimes implemented in EDP's operations.

• EDP uses the World Resources Institute's Aqueduct to assess its exposure to water risk on a river

basin scale. A local analysis is subsequently conducted, considering quantitative information

from national institutions and the experience of internal operations teams.

3.3. Pollution prevention and control 

In pollution prevention, we employ the best available techniques to eliminate potential adverse

effects, address impacts when no compatible and viable alternative exists, and consistently monitor

and control existing impacts. Our pollution prevention measures are aligned with the following

hierarchy towards achieving zero pollution in the air, water, and soil: prevent; minimize and control

and eliminate and remediate.

Thermoelectric power plants are covered by stringent environmental permits, which establish

continuous monitoring, taking into account parameters and sensitivity to the environment in which

they are integrated. These have physical-chemical treatment processes, for both gaseous

emissions and wastewater, ensuring that they are emitted in accordance with the limit values

established for each parameter.

In the electricity distribution activity, the main impact mitigation measures are at the level of

landscape integration of overhead lines, installation of acoustic barriers and oil retention systems. In

the management of transformers contaminated with polychlorinated biphenyls (PCB), in addition to

complying with current legislation, EDP adopts the best practices for identification, screening and

referral for appropriate final treatment of waste with PCB. Equipment with PCB concentrations

above 50ppm, which are increasingly residual in the group, will be completely deactivated by 2025.

In order to respond to emergencies, internal emergency plans and, when applicable, external

emergency plans are defined, with scenarios of potential emergencies or serious accidents involving

hazardous substances.

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D. The compliance with the Minimum Social Safeguards (MSS)

EDP complies with guidelines pertaining to human rights and labour rights, as well as corruption,

taxation and fair competition. EDP’s policies are listed below:

• Human and Labour Rights Policy is publicly available in this [link](https://www.edp.com/en/human-rights)

• The Integrity Policy (bribery and corruption) is available in this [link](https://www.edp.com/en/edps-integrity-policy)

• EDP Group Fiscal Policy is publicly available in this [link](https://www.edp.com/en/edp-group-fiscal-policy)

• Healthy Competition Practices Commitment is publicly available in this [link](https://www.edp.com/en/healthy-competition-practices-commitment).

Both policies are prescriptive, covering positioning, standards and legal references, management

structure and ownership, principles of action, complaint systems, among others.

Under these policies EDP confirms compliance with the following guidelines / conventions:

• OECD Guidelines for Multinational Enterprises on Responsible Business Conduct

• UN Guiding Principles on Business and Human Rights

• International Labour Organisation’s (ILO) declaration on Fundamental Rights and Principles at

Work

• The eight ILO core conventions

• International Bill of Human Rights.

The Company’s Code of Ethics outlines its commitment to respecting human and labor rights,

ensuring integrity in its actions, such as preventing corruption and bribery, and establishing

relationships of trust with various stakeholders. It also details the processes for detecting infractions

of the ethics code and responding to non-compliance situations.

EDP has a [Compliance Management System](https://www.edp.com/en/about-us/ethics-and-compliance) that is structured around the development of the

Global Compliance Program and Specific Compliance Programs. These programs include: 1)

Integrity/Anti-corruption; 2) Prevention of Money Laundering; 3) Personal Data Protection; 4)

Prevention of Criminal Risks; 5) Internal Control System for Financial Reporting; 6) Competition; 7)

Separation of Activities; 8) Environment; and 9) Health and Safety. Each of these programs follows a

structured approach comprising nine components: 1) Governance Model, 2) Risk Management, 3)

Policies and Procedures, 4) Training and Communication, 5) Reporting, 6) Incident Management, 7)

Monitoring, 8) Due diligence and 9)Continuous Improvement. Through these nine components EDP

ensures the prevention, the detection and response to non-compliance situations.

The Specific Compliance Program related with Integrity/Anti-corruption includes the following

components:

• Governance: Ethics Commission; Ethics & Compliance Officer; Ethics&Compliance Global Unit

which independence is guaranteed through the reporting to the Executive Board of Directors and

to the General and Supervisory Board/ Financial Matters Committee / Audit Committee

• Risk Assessment: risks identification, risk assessment and mitigation (with the development of

specific compliance procedures and control mechanisms)

• Policies and procedures [EDP Code of Ethics](https://www.edp.com/sites/default/files/2024-08/EDP_Code%20of%20Ethics_2024.pdf); [EDP Integrity Policy](https://www.edp.com/en/edps-integrity-policy); [EDP Code of conduct for Top](https://www.edp.com/sites/default/files/ccad_en.pdf)[ ](https://www.edp.com/sites/default/files/ccad_en.pdf)

[Management and Senior Financial Officers](https://www.edp.com/sites/default/files/ccad_en.pdf); [EDP Suppliers Code of conduct](https://www.edp.com/en/edp-supplier-code-conduct); Third parties’

integrity due diligence (IDD) procedure; Interaction with Public Agents and Politically Exposed

Persons procedure; Prevention of Conflicts of Interests procedure; Donations and Sponsorships

procedure; Offers and Events procedure.

The track is assured by:

• Control mechanisms: specific control mechanisms to ensure the application of EDP’s Integrity

Policy and of the implemented procedures in relation to anti-bribery and corruption matters

• Training and communications: development of specific ethics and integrity training plans

• Complaints channels (Whistleblowing): [Speak Up Channel](https://www.edp.com/en/about-us/edp/speak-up); other specific/local whistleblowing

channels; Investigations Procedure, defining rules applicable to the management of

communications/complaints received through the different existing channels

• Testing and monitoring: internal audit function; internal audit specific engagements addressing

integrity matters, included in the annual internal audit planning; Internal audit assessment of the

Integrity Compliance Program (control testing); External audits (Group Internal Control over

Financial Reporting annual independent certification and external certifications ISO 37001 –

Anti-bribery management System)

• Reporting: the compliance function ensures the reporting of the development and operation of

the Integrity/Anti-bribery and corruption Compliance Program to the Executive Board of

Directors and to the General Supervisory Board (Audit Committee).

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Compliance with the fair competition requirements of the Minimum Safeguards

• The Company follows the applicable regulations on fair competition, ensuring compliance in all

markets in which it operates.

• Through its Code of Ethics EDP prioritises relationships of trust and fair competition with all its

stakeholders, promoting an honest and respectful relationship with all of them. In this sense, it is

fundamental for the Company to promote integrity and good reputation in its business practices,

through good practices of healthy competition.

• In this sense, the Company establishes through its Code and the Healthy Competition Practices

Commitment the guidelines for action and the situations to be avoided in order to ensure that no

anti-competitive practices take place. EDP, through training of new hires on the Company's Code

of Ethics and periodic communications regarding the Code and its compliance.

Compliance with tax regulation, tax governance and tax risk management 

processes

The Company ensures compliance with applicable tax regulations and has certifications to support

this. The EDP Group's Tax Policy establishes the Company's approach to tax management. In

addition, EDP reports its approach to tax issues, as well as tax governance, risk management and its

tax contribution country by country in its Tax Transparency Report.

Compliance with Human and Labour Rights and due diligence requirements from 

the EU Taxonomy and the Minimum Safeguards

• EDP identifies its supply chain as a key segment to achieve its sustainability goals and anticipate

potential risks. The Company's commitment to respect human rights is part of its public

statements and commitments, such as the Human and Labour Rights Policy, the Code of Ethics,

the Integrity Policy and the Supplier Code of Conduct, among others. The Company has a due

diligence process for the management of the supply chain on legal compliance, integrity, human

and labour rights to counterparties with deals above €25k. This process covers 99% of the

purchasing volume and results in the exclusion of those who do not guarantee compliance with

national and international standards. The Due Diligence process has been directed at contracted

or yet-to-be contracted suppliers. Currently, regarding the relevant sectors for the value chain of

the electricity sector, EDP aims to extend Due Diligence for indirect suppliers. EDP is currently

working on this issue, discussing with its suppliers exposed to risks, modifying contractual

clauses, requesting equivalent commitments and the principle of independent auditing. In this

area, the photovoltaic panels sector is a priority, insofar as it is a strategic technology in EDP's

business plan and is exposed to geopolitical conflict, is affected by accusations of forced labour,

customs controls, price rises and logistical disruptions, generating significant medium/long term

uncertainty. The company works with suppliers to ensure the respect for human and labour rights

in its operations. This involves screening, risk assessment, monitoring of suppliers and continuous

dialogue and engagement with suppliers, in order to anticipate and mitigate potential risks. For

the direct activity of EDP and its contractors, the Company has a series of policies and

procedures that outline its commitments and measures to manage human rights in its value

chain.

• Regarding the health and safety management of employees and contractors in operations, EDP

has an Integrated Environmental and Health and Safety Management System, which applies to

all its facilities and is certified by an authorized third party. In addition, for the renewables part in

Europe and Latin America, it has sustainability guides for the contractors in charge of the

construction and maintenance of the facilities. In addition, EDP develops specific guidelines to

subcontractors in the facilities. These guidelines include H&S and Environmental issues.

• When it comes to human capital EDP has internal policies and procedures that seek to promote

equality and non-discrimination, the recruitment and retention of talent and the reconciliation of

work and personal life. In addition, for each country in which the Company operates, it has

systems in place to ensure compliance with regulations regarding collective bargaining

agreements and workers' rights.

E. The turnover, the capital expenditures and the expenditures 

associated with activities eligible, aligned and non-eligible

EDP follows the definitions of KPIs related to Turnover, capital expenditure (CAPEX) and operating

expenditure (OPEX) in accordance with the sections 1.1.1, 1.1.2 and 1.1.3 of the Commission Delegated

Regulation (EU 2021/2178) associated with Taxonomy-eligible economic activities as defined in the

EU Taxonomy Climate Delegated Act on climate (EU 2021/2139) , the complementary delegated act

EU 2022/1214 and the European Commission notices C(2023) 3850, C(2023) 3851 and

C/2023/305.

KPIs of EDP

In points A to D, we identified the economic activities covered by the European Classification and

then collaborated with different units of the EDP Group regarding the technical alignment criteria

(SC and the DNSH) and MSS to determine eligible, non-aligned, and non-eligible activities, thereby

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imputing the environmental financial KPIs. We are aware of the need to adapt our financial process

system and processes for data collection and production of financial environmental information.

This means that from the very first moment we disclosed the KPIs under Regulation (EU) 2021/2178,

we have been constantly improving the calculation process, resulting in some methodological

changes every year. This year was no exception, and some changes were introduced as presented

below.

• Eligibility: Last year, we included activities from NACE 4.10 under NACE 4.5. This year, we have

corrected that situation by individualizing this activity. The activities related to the operation of

electricity storage, including pumped hydropower storage, do not need to verify if the power

density of the electricity is above 5W/m². As a result, the European taxonomy templates where

the KPI information will be presented will reflect this change in methodology. Consequently, the

values reported for activity 4.5 will be lower compared to those reported in 2023 due to this

adjustment.

• Non- eligibility: The mentioned analysis excluded the Holdings and Shared Services of EDP's

subsidiaries, which were treated as a non-eligible activity because they do not generate energy

from eligible sources.

• Data collection:

i. For the generation activities of EDP Renováveis, in order to disaggregate the Turnover,

CAPEX, and OPEX volumes for each economic activity (4.1, 4.3, and 7.6) under Article 8 of the

EU Taxonomy Regulation (EU) 2021/2178, we use the information provided by analytical

accounting, which means using the data from each reporting unit of EDP Renováveis to obtain

the information by technology for that company.

ii. For OPEX we use the information collected under the analytical system by reporting unit and

segment. The mentioned costs correspond to some of the items of the "Maintenance and

Repair", namely, "Subcontracts"; "Office materials and tools"; “leases and tools";

"Maintenance and repairs”; Cleaning and hygiene"; "Maintenance and repairs - Other" and

"Surveillance and security" which are necessary to ensure the continued and effective

functioning of the eligible activities. In addition to the costs indicated, we also considered

personnel costs related with maintenance and repairs. These costs were calculated based on

the total personnel costs and allocated by reporting segment unit, considering the number of

employees involved in operation and maintenance activities. This approach ensured the

acquisition of information related to the human resources costs necessary to maintain the

continuity and effective functioning of these activities.

• Methodology: Allocations were used in the calculation of sustainability KPIs whenever it was

necessary to distribute the item "Others" associated with its taxonomy-eligible activities, as well

as to reconcile the information by technology for each reporting unit and reported operating

segments:

i. the proportion of each technology in generation to distribute revenues

ii. the proportion of capacity under construction for each technology for distributing CAPEX

iii. and for Sustainable OPEX, we use the operational MW, categorized by technology type.

Proportion of turnover

EDP discloses the part of their net turnover (as defined in Section 1.1.1. of Annex I to the Commission

Delegated Regulation (EU) 2021/2178) that corresponds to their Taxonomy-eligible economic

activities. The denominator corresponds to the net turnover as defined in Article 2, point (5), of

Directive 2013/34/EU.

The proportion of Taxonomy-eligible and aligned turnover was calculated as the portion of the

turnover derived from products and services associated with EDP’s aligned activities: electricity

generation, electricity transmission and electricity distribution and electricity supply activities- solar

distributed generation (numerator) divided by the total turnover in the reporting period

(denominator).

The values were obtained from our financial system (Magnitude), which provides information by

reported operating segments and by technology, with exception of the EDP Renováveis.

In this case, in order to disaggregate the Turnover for each economic activity (4.1, 4.3, and 7.6) under

Article 8th of the EU Taxonomy Regulation (EU) 2021/2178, we use the information provided by

analytical accounting, which means using the data from each reporting unit of EDP Renováveis to

obtain the information by technology for that company (Europe, North America, South America and

APAC. The group EDP Renováveis generates energy from renewable resources and has four

reportable segments). This analysis excluded the holdings of EDP Renováveis, which were treated

as a non-eligible activity because they do not generate energy from renewable sources. Allocations

were used in the calculation of sustainability KPIs whenever it was necessary to reconcile the

financial information by technology for each reporting unit of each reportable segments of EDP

Renováveis and reported operating segment (<=0.6%):

i. the proportion of each technology in generation to distribute revenues

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ii. the proportion of capacity under construction for each technology for distributing CAPEX

iii. and for Sustainable OPEX, we use the operational MW, categorized by technology type.

The total turnover in the reporting period is based on the Company’s consolidated revenues in

accordance with IAS 1.82(a) which corresponds to note 7 “Revenues and cost of energy sales and

services and other” of Part IV – Financial Statements and Notes of the Integrated Annual Report

2024 and are derived from products or services associated with Taxonomy-aligned activities.

Proportion of CAPEX

EDP discloses eligible CAPEX information, in accordance with Section 1.1.2.2 of Annex I to the

Commission Delegated Regulation (EU 2021/2178) focuses on the CAPEX that is related to assets or

processes corresponding to Taxonomy-eligible economic activities. The denominator covers the

capitalized costs that are accounted based on the application of the international financial reporting

standards (IFRS) as adopted by Regulation (EC) No 1126/2008, namely property plant and

equipment, intangible assets, right of use assets and investment property.

i. How CAPEX was determined and allocated to the numerator?

The numerator consists of the CAPEX related to assets or processes associated with EDP’s aligned

activities: renewable electricity generation, electricity transmission and electricity distribution and

electricity supply activities- mobility and solar distributed generation (considered as components

necessary to execute the activity). Consequently, all CAPEX invested into planning, construction,

operation and maintenance of generation electricity plants, electricity networks, electricity supply

activity are considered in the numerator of the CAPEX KPI.

In 2024, EDP's investment totalled €4.75 Bn, mostly dedicated to the construction of new renewable

capacity, electricity networks, and the promotion of energy efficiency, focusing on the supply and

demand of renewable energies and sustainable mobility solutions in line with the 2 updated

Business Plan for 2024-2026. As part of its energy transition strategy, the group has been

advancing the dismantling and conversion of its coal-fired power plants with the aim of being coal-

free by 2025 and working towards achieving Net Zero by 2040. EDP has taken significant steps in

implementing its coal business exit strategy by the end of 2025, with announcements including:

i. the sale of 80% and a 20% put option of the Pecém thermal power plant in Brazil.

ii. conversion of the Aboño II thermal power plant in Spain from coal to gas, expected to occur

around mid-2025, representing an investment in the mid double-digit millions of Euros. The

plant will continue to operate using blast furnace gas, serving as a case study in circular

economy in Europe by valorizing this by-product and avoiding the emission of 1 million tons of

CO2 per year.

iii. establishment of a new partnership with Corporación Masaveu, S.A. (CM), through the sale of a

50% stake in Aboño, reflecting an Enterprise Value of approximately €350m and an Equity

Value of €60m for 100% of the asset.The new partnership between EDP and CM, consolidated

by EDP through the equity method, provides for joint control in the management of Aboño and

the transfer of the plants' liabilities. EDP will retain 100% management and development of the

just transition projects underway in Aboño, including hydrogen and renewable energy projects;

as well as,

iv. a request for authorization to close the coal-fired power plants of Soto 3 and Los Barrios in

Spain. This commitment is also evidenced by the ongoing process of the Sines coal-fired power

plant in Portugal, which is already being dismantled to convert it to hydrogen. EDP has been

focusing on adapting the facilities of the Soto 3 and Los Barrios coal-fired power plants in Spain

to new technologies, particularly in the creation of Hydrogen and Storage Hubs.

ii. Explanation about the basis on which the CAPEX was calculated, including any

assessment in the allocation of revenues or expenditures to different economic activities

Total CAPEX consists of additions to tangible and intangible fixed assets during the financial year,

before depreciation, amortisation, and any re-measurements, including those resulting from

revaluations and impairments, as well as excluding changes in fair value. In 2024, it includes

acquisitions of tangible fixed assets (IAS 16) gross of government grants and net of dismantling costs

and intangible fixed assets (IAS 38) except for CO2 licenses and amounts reclassified from financial

assets to intangible assets for service concession arrangements. Additions resulting from business

combinations are also included. Goodwill is not included in CAPEX, as it is not defined as an

intangible asset in accordance with IAS 38. Additions related to rights of use are not being

considered.

Please refer to Financial Statements and notes– note 17 “Property, plant and equipment”, note 19

“Intangible assets”, note 35 "Financial Debt", note 37 "Provisions" and note 51 Operating segments,

Table “Reconciliation of information between Operating Segments and financial Statements for 31

December 2024, item “Total Operating Investment of EDP Group “.

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Proportion of OPEX

EDP discloses eligible OPEX information in accordance with Section 1.1.3.2 of Annex I to the

Commission Delegated Regulation (EU 2021/2178) related to assets or processes associated with

Taxonomy-eligible economic activities. The denominator corresponds to direct non-capitalised

costs that relate to research and development, building renovation measures, short-term lease,

maintenance and repair, and any other direct expenditures relating to the day-to-day servicing of

assets of property, plant and equipment by the company or third party to whom activities are

outsourced that are necessary to ensure the continued and effective functioning of such assets.

i. How OPEX was determined and allocated to the numerator

The numerator consists of the Sustainable OPEX related to assets or processes associated with

EDP’s aligned activities from electricity generation, electricity transmission, electricity distribution

and supply activities. The mentioned costs correspond to some of the items of the "Maintenance and

Repair"; "Subcontracts"; "Office materials and tools"; “leases and tools"; "Maintenance and repairs”;

Cleaning and hygiene"; "Maintenance and repairs - Other" and "Surveillance and security" of the

note 9. Supplies and services – Financial Statements and Notes of the Integrated Annual Report

2024 which are necessary to ensure the continued and effective functioning of the eligible activities.

In addition to the costs indicated, we also considered personnel costs related with maintenance and

repairs. These costs were calculated based on the total personnel costs and allocated by reporting

segment unit, considering the number of employees involved in operation and maintenance

activities. This approach ensured the acquisition of information related to the human resources

costs necessary to maintain the continuity and effective functioning of these activities.

ii. Explanation about the basis on which the OPEX was calculated, including any assessment

in the allocation of revenues or expenditures to different economic activities.

The denominator, total OPEX, cannot be directly cross-referenced with the Company’s

consolidated financial statements, as it only includes the maintenance and repair and other direct

expenditures relating to day-to-day servicing of assets of property, plant and equipment as

allocated to the Company’s internal cost centres for maintenance and repairs and non-capitalised

costs for leases. In 2024, the denominator also included costs for training and other human

resources adaptation needs, but did not yet include direct non-capitalised costs for research and

development.

Approach to double counting

• The EDP’s eligibles activities contribute substantially for the climate change mitigation. Thus, the

taxonomy alignment was assessed in this context. It was not necessary to distinguish for the three

indicators the amounts allotted to the different environmental objectives because EDP does not

have eligible activities that are simultaneously contributing to various environmental objectives. It

should be emphasised that EDP has not made a differentiation between CAPEX related to

eligible activities that contributes substantially to Climate Change Mitigation to which that are

CAPEX associated with climate change adaptation initiatives

• The calculations of those financial environmental indicators follow the accounting policies which

are described in the Part IV Financial Statements and Notes \- note 2 “Accounting policies” and

note 3 “Recent accounting standards and interpretations issued” of the Integrated Annual Report

2024. As a result, double counting (mainly related with intragroup transactions eliminations) is

avoided.

Comparative information

The graphs in the next page summarise the information of the following pages about the disclosure

of the proportion of the turnover, capital expenditure and operating expenditures eligible, non-

eligible and aligned with the European Taxonomy under the new templates for reporting the

financial environmental key indicators under the Annex V of the European Commission Notice

C(2023) 3851 which amends the annex II of the Commission Delegated Regulation (EU 2021/2178)

and the disclosure of the proportion of fossil gas energy activities under the templates of the annex

XII of the Commission Delegated Regulation (EU 2022/1214).

Compared to 2023, the variation in revenues was +2.3pp YoY, and for CAPEX, it was -3.1pp YoY.

The increase in turnover was due to higher revenues associated with distributed activity (activity

4.9). EDP is contributing to powering homes, businesses, electric vehicles, and the integration of

renewable energy. The reduction in CAPEX was due to decreased investment, particularly in

centralized solar (activity 4.1). For OPEX, a comparison is not possible because the values are based

on different criteria. This year, we directly linked the OPEX amount to the respective business

segments instead of using the total weights of reporting segments of the OPEX group as a proxy.

This approach diluted the weight of the supply reporting segment, which is not eligible (with

exception the eligible activities (the installation, maintenance, and repair of charging stations for

electric vehicles in buildings (and parking spaces attached to buildings) (activity 7.4); Installation,

maintenance and repair of renewable energy technologies (activity 7.6)).

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Turnover

CAPEX

OPEX

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Templates of the European Commission Communication of the 27 June 2023, C(2023) 3851 which amends templates of the delegated act (EU) 

2021/2178

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Financial year 2024 | 2024 | SUBSTANTIAL CONTRIBUTION CRITERIA (5) | DNSH (6) | MINIMUM SAFEGUARDS (17) | PROPORTION OF TAXONOMY  ALIGNED (A.1.) OR ELIGIBLE (A.2.) TURNOVER, YEAR 2023 (18)| CATEGORY ENABLING ACTIVITY  (19)| CATEGORY TRANSITIONAL  ACTIVITY (20)  
ECONOMIC ACTIVITIES (1) | CODE (a) (2) | TURNOVER (3) | PROPORTION OF  TURNOVER (4)| CLIMATE CHANGE  MITIGATION (5)| CLIMATE CHANGE  ADAPTATION (6)| WATER (7) | POLLUTION (8) | CIRCULAR ECONOMY (9) | BIODIVERSITY (10) | CLIMATE CHANGE  MITIGATION (11)| CLIMATE CHANGE  ADAPTATION (12)| WATER (13) | POLLUTION (14) | CIRCULAR ECONOMY (15) | BIODIVERSITY (16)  
| | euros | % | | | | | | | Y/N | Y/N | Y/N | Y/N | Y/N | Y/N | Y/N | % | E | T  
A. TAXONOMY-ELIGIBLE ACTIVITIES | | | | | | | | | | | | | | | | | | |   
A.1. Environmentally sustainable activities (Taxonomy- aligned)| | | | | | | | | | | | | | | | | | |   
Electricity generation using solar photovoltaic technology | CCM 4.1 | 269,444,611 | 1.8%| Y | N | N/EL | N/EL | N/EL | N/EL | Y | Y | Y | Y | Y | Y | Y | 0.9%| |   
Electricity generation from wind power | CCM 4.3 | 1,959,221,271 | 13.1%| Y | N | N/EL | N/EL | N/EL | N/EL | Y | Y | Y | Y | Y | Y | Y | 13.0%| |   
Electricity generation from hydropower | CCM 4.5 | 1,125,582,560 | 7.5%| Y | N | N/EL | N/EL | N/EL | N/EL | Y | Y | Y | Y | Y | Y | Y | 7.7%| |   
Transmission and distribution of electricity | CCM 4.9 | 3,051,053,793 | 20.4%| Y | N | N/EL | N/EL | N/EL | N/EL | Y | Y | Y | Y | Y | Y | Y | 18.6%| E |   
Storage of electricity | CCM 4.10 | 122,562,441 | 0.8%| Y | N | N/EL | N/EL | N/EL | N/EL | Y | Y | Y | Y | Y | Y | Y | 0.7%| E |   
Installation, maintenance and repair of charging stations for  electric vehicles in buildings (and parking spaces attached to buildings)| CCM 7.4 | 2,874,579 | 0.0%| Y | N | N/EL | N/EL | N/EL | N/EL | Y | Y | Y | Y | Y | Y | Y | 0.0%| E |   
Installation, maintenance and repair of renewable energy  technologies| CCM 7.6 | 239,663,580 | 1.6%| Y | N | N/EL | N/EL | N/EL | N/EL | Y | Y | Y | Y | Y | Y | Y | 2.0%| E |   
Turnover of environmentally sustainable activities  (Taxonomy-aligned) (A.1) | | 6,770,402,834 | 45.2%| 45.2%| 0.0%| 0.0%| 0.0%| 0.0%| 0.0%| Y | Y | Y | Y | Y | Y | Y | 43.0%| |   
Of which Enabling | | 3,416,154,392 | 22.8%| 22.8%| 0.0%| 0.0%| 0.0%| 0.0%| 0.0%| Y | Y | Y | Y | Y | Y | Y | 21.4%| E |   
Of which Transitional | | 0 | 0.0%| 0.0%| 0.0%| 0.0%| 0.0%| 0.0%| 0.0%| Y | Y | Y | Y | Y | Y | Y | 0.0%| | T  
  
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Financial year 2024 | 2024 | SUBSTANTIAL CONTRIBUTION CRITERIA (5) | DNSH (6) | MINIMUM SAFEGUARDS (17) | PROPORTION OF TAXONOMY  ALIGNED (A.1.) OR ELIGIBLE (A.2.) TURNOVER, YEAR 2023 (18)| CATEGORY ENABLING ACTIVITY  (19)| CATEGORY TRANSITIONAL  ACTIVITY (20)  
ECONOMIC ACTIVITIES (1) | CODE (a) (2) | TURNOVER (3) | PROPORTION OF  TURNOVER (4)| CLIMATE CHANGE  MITIGATION (5)| CLIMATE CHANGE  ADAPTATION (6)| WATER (7) | POLLUTION (8) | CIRCULAR ECONOMY (9) | BIODIVERSITY (10) | CLIMATE CHANGE  MITIGATION (11)| CLIMATE CHANGE  ADAPTATION (12)| WATER (13) | POLLUTION (14) | CIRCULAR ECONOMY (15) | BIODIVERSITY (16)  
| | euros | % | | | | | | | Y/N | Y/N | Y/N | Y/N | Y/N | Y/N | Y/N | % | E | T  
A.2 Taxonomy-Eligible but not environmentally sustainable  activities (not Taxonomy-aligned activities) (g) | | | | | | | | | | | | | | | | | | |   
Electricity generation from hydropower | CCM 4.5/CCA 4.5 | 53,846,094 | 0.4%| EL | EL | N/EL | N/EL | N/EL | N/EL | | | | | | | | 0.3%| |   
Electricity generation from fossil gaseous fuels | CCM 4.29/CCA 4.29 | 266,136,061 | 1.8%| EL | EL | N/EL | N/EL | N/EL | N/EL | | | | | | | | 3.6%| |   
High-efficiency co-generation of heat/cool and power from fossil  gaseous fuels| CCM 4.30/CCA 4.30 | 13,124,706 | 0.1%| EL | EL | N/EL | N/EL | N/EL | N/EL | | | | | | | | 0.2%| |   
Turnover of Taxonomy eligible but not environmentally  sustainable activities (not Taxonomy-aligned activities) (A.2)| | 333,106,862 | 2.2%| 2.2%| 0.0%| 0.0%| 0.0%| 0.0%| 0.0%| | | | | | | | 4.1%| |   
A. Turnover of Taxonomy eligible activities (A.1+A.2) | | 7,103,509,696 | 47.5%| 47.5%| 0.0%| 0.0%| 0.0%| 0.0%| 0.0%| | | | | | | | 47.0%| |   
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES | | | | | | | | | | | | | | | | | | |   
Turnover of Taxonomy non-eligible activities | | 7,862,252,153 | 52.5%| | | | | | | | | | | | | | | |   
Total | | 14,965,761,849 | 100%| | | | | | | | | | | | | | | |   
  
Note to column (18): a) Last year, we included activities from NACE 4.10 under NACE 4.5. b) This year, we have corrected that situation by individualizing this activity. Last year, we classified the activities of EDP R that were not directly associated with electricity production as non-aligned. This year, we corrected this by 

considering them non-eligible, and the adjustment was also made in 2023.

Note to line B. Taxonomy non-eligible activities. The turnover from coal thermoelectric power plants corresponds to 0.3% in 2024

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| PROPORTION OF TURNOVER/TOTAL TURNOVER  
| TAXONOMY-ALIGNED PER OBJECTIVE  | TAXONOMY-ELIGIBLE PER OBJECTIVE   
CCM | 45.2%| 47.5%  
CCA | —%| 47.5%  
WTR | —%| —%  
CE | —%| —%  
PPC | —%| —%  
BIO | —%| —%  
  
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Financial year 2024 | 2024 | SUBSTANTIAL CONTRIBUTION CRITERIA  (5)| DNSH (6) | MINIMUM SAFEGUARDS (17) | PROPORTION OF TAXONOMY  ALIGNED (A.1.) OR ELIGIBLE (A.2.) TURNOVER, YEAR 2023 (18)| CATEGORY ENABLING ACTIVITY  (19)| CATEGORY TRANSITIONAL  ACTIVITY (20)  
ECONOMIC ACTIVITIES (1) | CODE (a) (2) | CAPEX (3) | PROPORTION OF CAPEX  (4)| CLIMATE CHANGE  MITIGATION (5)| CLIMATE CHANGE  ADAPTATION (6)| WATER (7) | POLLUTION (8) | CIRCULAR ECONOMY (9) | BIODIVERSITY (10) | CLIMATE CHANGE  MITIGATION (11)| CLIMATE CHANGE  ADAPTATION (12)| WATER (13) | POLLUTION (14) | CIRCULAR ECONOMY (15) | BIODIVERSITY (16)  
| | euros | % | | | | | | | Y/N | Y/N | Y/N | Y/N | Y/N | Y/N | Y/N | % | E | T  
A. TAXONOMY-ELIGIBLE ACTIVITIES | | | | | | | | | | | | | | | | | | |   
A.1. Environmentally sustainable activities (Taxonomy-aligned) | | | | | | | | | | | | | | | | | | |   
Manufacture of hydrogen | CCM 3.10 | 6,716 | 0.0%| Y | N | N/EL | N/EL | N/EL | N/EL | Y | Y | Y | Y | Y | Y | Y | 0.0%| |   
Electricity generation using solar photovoltaic technology | CCM 4.1 | 1,220,137,896 | 25.7%| Y | N | N/EL | N/EL | N/EL | N/EL | Y | Y | Y | Y | Y | Y | Y | 49.6%| |   
Electricity generation from wind power | CCM 4.3 | 1,968,016,146 | 41.5%| Y | N | N/EL | N/EL | N/EL | N/EL | Y | Y | Y | Y | Y | Y | Y | 24.5%| |   
Electricity generation from hydropower | CCM 4.5 | 39,421,774 | 0.8%| Y | N | N/EL | N/EL | N/EL | N/EL | Y | Y | Y | Y | Y | Y | Y | 0.7%| |   
Transmission and distribution of electricity | CCM 4.9 | 936,213,709 | 19.7%| Y | N | N/EL | N/EL | N/EL | N/EL | Y | Y | Y | Y | Y | Y | Y | 16.7%| E |   
Storage of electricity | CCM 4.10 | 7,652,279 | 0.2%| Y | N | N/EL | N/EL | N/EL | N/EL | Y | Y | Y | Y | Y | Y | Y | 0.2%| E |   
Installation, maintenance and repair of charging stations for electric  vehicles in buildings (and parking spaces attached to buildings)| CCM 7.4 | 17,658,516 | 0.4%| Y | N | N/EL | N/EL | N/EL | N/EL | Y | Y | Y | Y | Y | Y | Y | 0.2%| E |   
Installation, maintenance and repair of renewable energy technologies | CCM 7.6 | 239,745,866 | 5.1%| Y | N | N/EL | N/EL | N/EL | N/EL | Y | Y | Y | Y | Y | Y | Y | 4.5%| E |   
CAPEX of environmentally sustainable activities (Taxonomy- aligned activities) (A.1.)| | 4,428,852,903 | 93.3%| 93.3%| 0%| 0%| 0%| 0%| 0%| Y | Y | Y | Y | Y | Y | Y | 96.4%| |   
Of which Enabling  | | 1,201,270,370 | 25.3%| 25.3%| 0.0%| 0.0%| 0.0%| 0.0%| 0.0%| Y | Y | Y | Y | Y | Y | Y | 21.6%| E |   
Of which Transitional  | | 0 | 0.0%| 0.0%| 0.0%| 0.0%| 0.0%| 0.0%| 0.0%| Y | Y | Y | Y | Y | Y | Y | 0.0%| | T  
A.2 Taxonomy-Eligible but not environmentally sustainable  activities (not Taxonomy-aligned activities) (g) | | | | | | | | | | | | | | | | | | |   
Electricity generation from hydropower | CCM 4.5/CCA 4.5 | 896,207 | 0.0%| EL | EL | N/EL | N/EL | N/EL | N/EL | | | | | | | | 0%| |   
Electricity generation from fossil gaseous fuels | CCM 4.29/CCA 4.29 | 37,468,907 | 0.8%| EL | EL | N/EL | N/EL | N/EL | N/EL | | | | | | | | 0.7%| |   
  
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Financial year 2024 | 2024 | SUBSTANTIAL CONTRIBUTION CRITERIA  (5)| DNSH (6) | MINIMUM SAFEGUARDS (17) | PROPORTION OF TAXONOMY  ALIGNED (A.1.) OR ELIGIBLE (A.2.) TURNOVER, YEAR 2023 (18)| CATEGORY ENABLING ACTIVITY  (19)| CATEGORY TRANSITIONAL  ACTIVITY (20)  
ECONOMIC ACTIVITIES (1) | CODE (a) (2) | CAPEX (3) | PROPORTION OF CAPEX  (4)| CLIMATE CHANGE  MITIGATION (5)| CLIMATE CHANGE  ADAPTATION (6)| WATER (7) | POLLUTION (8) | CIRCULAR ECONOMY (9) | BIODIVERSITY (10) | CLIMATE CHANGE  MITIGATION (11)| CLIMATE CHANGE  ADAPTATION (12)| WATER (13) | POLLUTION (14) | CIRCULAR ECONOMY (15) | BIODIVERSITY (16)  
| | euros | % | | | | | | | Y/N | Y/N | Y/N | Y/N | Y/N | Y/N | Y/N | % | E | T  
CAPEX of Taxonomy eligible but not environmentally sustainable  activities (not Taxonomy-aligned activities) (A.2) | | 38,365,114 | 0.8%| 0.8%| 0.0%| 0.0%| 0.0%| 0.0%| 0.0%| | | | | | | | 0.7%| |   
A. CAPEX of Taxonomy eligible activities (A.1+A.2)  | | 4,467,218,017 | 94.1%| 94.1%| 0.0%| 0.0%| 0.0%| 0.0%| 0.0%| | | | | | | | 97.1%| |   
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES  | | | | | | | | | | | | | | | | | | |   
CAPEX of Taxonomy non-eligible activities | | 278,233,441 | 5.9%| | | | | | | | | | | | | | | |   
Total | | 4,745,451,458 | 100%| | | | | | | | | | | | | | | |   
  
Note to column (18): a) Last year, we included activities from NACE 4.10 under NACE 4.5. b) This year, we have corrected that situation by individualizing this activity. Last year, we classified the activities of EDP R that were not directly associated with electricity production as non-aligned. This year, we corrected this by 

considering them non-eligible, and the adjustment was also made in 2023.

Note to line B. Taxonomy non-eligible activities. The CAPEX from coal thermoelectric power plants corresponds to 0.0% in 2024.

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| PROPORTION OF CAPEX/TOTAL CAPEX  
| TAXONOMY-ALIGNED PER OBJECTIVE | TAXONOMY-ELIGIBLE PER OBJECTIVE  
CCM | 93.3%| 94.1%  
CCA | —%| 94.1%  
WTR | —%| —%  
CE | —%| —%  
PPC | —%| —%  
BIO | —%| —%  
  
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Financial year 2024 | 2024 | SUBSTANTIAL CONTRIBUTION CRITERIA (5) | DNSH (6) | MINIMUM SAFEGUARDS (17) | PROPORTION OF TAXONOMY  ALIGNED (A.1.) OR ELIGIBLE (A.2.) TURNOVER, YEAR 2023 (18)| CATEGORY ENABLING ACTIVITY  (19)| CATEGORY TRANSITIONAL  ACTIVITY (20)  
ECONOMIC ACTIVITIES (1) | CODE (a) (2) | OPEX (3) | PROPORTION OF OPEX (4) | CLIMATE CHANGE  MITIGATION (5)| CLIMATE CHANGE  ADAPTATION (6)| WATER (7) | POLLUTION (8) | CIRCULAR ECONOMY (9) | BIODIVERSITY (10) | CLIMATE CHANGE  MITIGATION (11)| CLIMATE CHANGE  ADAPTATION (12)| WATER (13) | POLLUTION (14) | CIRCULAR ECONOMY (15) | BIODIVERSITY (16)  
| | euros | % | | | | | | | Y/N | Y/N | Y/N | Y/N | Y/N | Y/N | Y/N | % | E | T  
A. TAXONOMY-ELIGIBLE ACTIVITIES | | | | | | | | | | | | | | | | | | |   
A.1. Environmentally sustainable activities (Taxonomy-aligned) | | | | | | | | | | | | | | | | | | |   
Manufacture of hydrogen | CCM 3.10 | 0 | 0.0%| Y | N | N/EL | N/EL | N/EL | N/EL | Y | Y | Y | Y | Y | Y | Y | 0.0%| |   
Electricity generation using solar photovoltaic technology | CCM 4.1 | 45,799,552 | 6.0%| Y | N | N/EL | N/EL | N/EL | N/EL | Y | Y | Y | Y | Y | Y | Y | 1.5%| |   
Electricity generation from wind power | CCM 4.3 | 312,506,424 | 41.2%| Y | N | N/EL | N/EL | N/EL | N/EL | Y | Y | Y | Y | Y | Y | Y | 33.2%| |   
Electricity generation from hydropower | CCM 4.5 | 7,142,735 | 0.9%| Y | N | N/EL | N/EL | N/EL | N/EL | Y | Y | Y | Y | Y | Y | Y | 1.2%| |   
Transmission and distribution of electricity | CCM 4.9 | 268,453,040 | 35.4%| Y | N | N/EL | N/EL | N/EL | N/EL | Y | Y | Y | Y | Y | Y | Y | 31.0%| E |   
Storage of electricity | CCM 4.10 | 3,037,993 | 0.4%| Y | N | N/EL | N/EL | N/EL | N/EL | Y | Y | Y | Y | Y | Y | Y | 0.6%| E |   
Installation, maintenance and repair of renewable energy  technologies| CCM 7.6 | 22,198,702 | 2.9%| Y | N | N/EL | N/EL | N/EL | N/EL | Y | Y | Y | Y | Y | Y | Y | 0.5%| E |   
OPEX of environmentally sustainable activities (Taxonomy-aligned  activities) (A.1.)| | 659,138,448 | 86.9%| 86.9%| 0.0%| 0.0%| 0.0%| 0.0%| 0.0%| Y | Y | Y | Y | Y | Y | Y | 67.9%| |   
Of which Enabling  | | 293,689,736 | 38.7%| 38.7%| 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | Y | Y | Y | Y | Y | Y | Y | 32.1%| E |   
Of which Transitional  | | 0 | 0.0%| 0.0%| 0.0%| 0.0%| 0.0%| 0.0%| 0.0%| Y | Y | Y | Y | Y | Y | Y | 0.0 | | T  
A.2 Taxonomy-Eligible but not environmentally sustainable  activities (not Taxonomy-aligned activities) (g) | | | | | | | | | | | | | | | | | | |   
Electricity generation from hydropower | CCM 4.5/CCA 4.5 | 8,104,145 | 1.1%| EL | EL | N/EL | N/EL | N/EL | N/EL | | | | | | | | 0.7%| |   
Electricity generation from fossil gaseous fuels | CCM 4.29/CCA 4.29 | 38,866,639 | 5.1%| EL | EL | N/EL | N/EL | N/EL | N/EL | | | | | | | | 1.3%| |   
High-efficiency co-generation of heat/cool and power from fossil  gaseous fuels| CCM 4.30/CCA 4.30 | 548,743 | 0.1%| EL | EL | N/EL | N/EL | N/EL | N/EL | | | | | | | | 0.1%| |   
Installation, maintenance and repair of renewable energy  technologies| CCM 7.6/CCA 7.6 | 15,222,621 | 2.0%| EL | EL | N/EL | N/EL | N/EL | N/EL | | | | | | | | 0.0%| |   
  
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| | | | | | | | | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---  
Financial year 2024 | 2024 | SUBSTANTIAL CONTRIBUTION CRITERIA (5) | DNSH (6) | MINIMUM SAFEGUARDS (17) | PROPORTION OF TAXONOMY  ALIGNED (A.1.) OR ELIGIBLE (A.2.) TURNOVER, YEAR 2023 (18)| CATEGORY ENABLING ACTIVITY  (19)| CATEGORY TRANSITIONAL  ACTIVITY (20)  
ECONOMIC ACTIVITIES (1) | CODE (a) (2) | OPEX (3) | PROPORTION OF OPEX (4) | CLIMATE CHANGE  MITIGATION (5)| CLIMATE CHANGE  ADAPTATION (6)| WATER (7) | POLLUTION (8) | CIRCULAR ECONOMY (9) | BIODIVERSITY (10) | CLIMATE CHANGE  MITIGATION (11)| CLIMATE CHANGE  ADAPTATION (12)| WATER (13) | POLLUTION (14) | CIRCULAR ECONOMY (15) | BIODIVERSITY (16)  
| | euros | % | | | | | | | Y/N | Y/N | Y/N | Y/N | Y/N | Y/N | Y/N | % | E | T  
OPEX of Taxonomy eligible but not environmentally  sustainable activities (not Taxonomy-aligned activities) (A.2) | | 62,742,148 | 8.3%| 8.3%| 0.0%| 0.0%| 0.0%| 0.0%| 0.0%| | | | | | | | 2.1%| |   
A. OPEX of Taxonomy eligible activities (A.1+A.2)  | | 721,880,596 | 95.2%| 95.2%| 0.0%| 0.0%| 0.0%| 0.0%| 0.0%| | | | | | | | 70.0%| |   
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES | | | | | | | | | | | | | | | | |   
OPEX of Taxonomy non-eligible activities | | 36,186,511 | 4.8%| | | | | | | | | | | | | | | |   
Total | | 758,067,107 | 100%| | | | | | | | | | | | | | | |   
  
Note to column (18): a) For OPEX, a comparison is not possible because the values are based on different criteria. This year, we directly linked the OPEX amount to the respective business segments instead of using the total weights of segments in the group OPEX as a proxy. This approach diluted the weight of the supply 

segment, which is not aligned; b) Last year, we included activities from NACE 4.10 under NACE 4.5; c) This year, we have corrected that situation by individualizing this activity. Last year, we classified the activities of EDP R that were not directly associated with electricity production as non-aligned. This year, we 

corrected this by considering them non-eligible, and the adjustment was also made in 2023.

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| |   
---|---|---  
| PROPORTION OF OPEX/TOTAL OPEX  
| TAXONOMY-ALIGNED PER OBJECTIVE | TAXONOMY-ELIGIBLE PER OBJECTIVE  
CCM | 86.9%| 95.2%  
CCA | —%| 95.2%  
WTR | —%| —%  
CE | —%| —%  
PPC | —%| —%  
BIO | —%| —%  
  
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Key performance indicators under the templates of the annex XII of the Commission Delegated Regulation (EU 2022/1214) – Template 1

Nuclear and fossil gas related activities

| |   
---|---|---  
ROW | NUCLEAR ENERGY RELATED ACTIVITIES | YES/NO  
1 | The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste  from the fuel cycle.| No  
2 | The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes  such as hydrogen production, as well as their safety upgrades, using best available technologies.| No  
3 | The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as  hydrogen production from nuclear energy, as well as their safety upgrades. | No  
| FOSSIL GAS RELATED ACTIVITIES | YES/NO  
4 | The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels. | Yes  
5 | The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels. | Yes  
6 | The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels. | No  
  
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Key performance indicators under the templates of the annex XII of the Commission Delegated Regulation (EU 2022/1214) – Template 2

Taxonomy – aligned economic activities (denominator) - Turnover

| | | | | | |   
---|---|---|---|---|---|---|---  
| | AMOUNT AND PROPORTION (THE INFORMATION IS TO BE PRESENTED IN  MONETARY AMOUNTS AND AS PERCENTAGE)  
ROW | ECONOMIC ACTIVITIES | CCM+CCA | CLIMATE CHANGE  MITIGATION| CLIMATE CHANGE  ADAPTATION  
| | AMOUNT € | % | AMOUNT € | % | AMOUNT € | %  
1 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the  denominator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
2 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the  denominator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
3 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the  denominator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
4 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the  denominator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
5 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the  denominator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
6 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the  denominator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
7 | Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI | 6,770,402,834 | 45%| 6,770,402,834 | 45%| 0.0 | 0%  
8 | Total applicable Turnover | 14,965,761,849 | 100%| 14,965,761,849 | 100%| 0.0 | 0%  
  
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| EDP Integrated Annual Report 2024Sustainability Statement | Environmental information| | | | | | | | |   
| | | | | | Index| Part I| 156|   
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Key performance indicators under the templates of the annex XII of the Commission Delegated Regulation (EU 2022/1214) – Template 2

Taxonomy – aligned economic activities (denominator) - CAPEX

| | | | | | |   
---|---|---|---|---|---|---|---  
| | AMOUNT AND PROPORTION (THE INFORMATION IS TO BE PRESENTED IN  MONETARY AMOUNTS AND AS PERCENTAGE)  
ROW | ECONOMIC ACTIVITIES | CCM+CCA | CLIMATE CHANGE  MITIGATION| CLIMATE CHANGE  ADAPTATION  
| | AMOUNT € | % | AMOUNT € | % | AMOUNT € | %  
1 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the  denominator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
2 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the  denominator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
3 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the  denominator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
4 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the  denominator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
5 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the  denominator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
6 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the  denominator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
7 | Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI | 4,428,852,903 | 93%| 4,428,852,903 | 93%| 0.0 | 0%  
8 | Total applicable CAPEX | 4,745,451,458 | 100%| 4,745,451,458 | 100%| 0.0 | 0%  
  
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| EDP Integrated Annual Report 2024Sustainability Statement | Environmental information| | | | | | | | |   
| | | | | | Index| Part I| 157|   
| | | | | | | | |   
  
Key performance indicators under the templates of the annex XII of the Commission Delegated Regulation (EU 2022/1214) – Template 2

Taxonomy – aligned economic activities (denominator) - OPEX

| | | | | | |   
---|---|---|---|---|---|---|---  
| | AMOUNT AND PROPORTION (THE INFORMATION IS TO BE PRESENTED IN  MONETARY AMOUNTS AND AS PERCENTAGE)  
ROW | ECONOMIC ACTIVITIES | CCM+CCA | CLIMATE CHANGE  MITIGATION| CLIMATE CHANGE  ADAPTATION  
| | AMOUNT € | % | AMOUNT € | % | AMOUNT € | %  
1 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the  denominator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
2 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the  denominator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
3 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the  denominator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
4 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the  denominator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
5 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the  denominator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
6 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the  denominator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
7 | Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI | 659,138,448 | 87%| 659,138,448 | 87%| 0.0 | 0%  
8 | Total applicable OPEX | 758,067,107 | 100%| 758,067,107 | 100%| 0.0 | 0%  
  
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| | | | | | Index| Part I| 158|   
| | | | | | | | |   
  
Key performance indicators under the templates of the annex XII of the Commission Delegated Regulation (EU 2022/1214) – Template 3

Taxonomy – aligned economic activities (numerator) – Turnover 

| | | | | | |   
---|---|---|---|---|---|---|---  
| | AMOUNT AND PROPORTION (THE INFORMATION IS TO BE PRESENTED IN  MONETARY AMOUNTS AND AS PERCENTAGE)  
ROW | ECONOMIC ACTIVITIES | CCM+CCA | CLIMATE CHANGE  MITIGATION| CLIMATE CHANGE  ADAPTATION  
| | AMOUNT € | % | AMOUNT € | % | AMOUNT € | %  
1 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the  numerator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
2 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the  numerator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
3 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the  numerator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
4 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the  numerator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
5 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the  numerator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
6 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the  numerator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
7 | Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI | 6,770,402,834 | 100%| 6,770,402,834 | 100%| 0.0 | 0%  
8 | Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable Turnover | 6,770,402,834 | 100%| 6,770,402,834 | 100%| 0.0 | 0%  
  
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| EDP Integrated Annual Report 2024Sustainability Statement | Environmental information| | | | | | | | |   
| | | | | | Index| Part I| 159|   
| | | | | | | | |   
  
Key performance indicators under the templates of the annex XII of the Commission Delegated Regulation (EU 2022/1214) – Template 3

Taxonomy – aligned economic activities (numerator) – CAPEX 

| | | | | | |   
---|---|---|---|---|---|---|---  
| | AMOUNT AND PROPORTION (THE INFORMATION IS TO BE PRESENTED IN  MONETARY AMOUNTS AND AS PERCENTAGE)  
ROW | ECONOMIC ACTIVITIES | CCM+CCA | CLIMATE CHANGE  MITIGATION| CLIMATE CHANGE  ADAPTATION  
| | AMOUNT € | % | AMOUNT € | % | AMOUNT € | %  
1 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the  numerator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
2 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the  numerator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
3 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the  numerator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
4 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the  numerator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
5 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the  numerator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
6 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the  numerator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
7 | Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI | 4,428,852,903 | 100%| 4,428,852,903 | 100%| 0.0 | 0%  
8 | Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable CAPEX | 4,428,852,903 | 100%| 4,428,852,903 | 100%| 0.0 | 0%  
  
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| | | | | | | | |   
  
Key performance indicators under the templates of the annex XII of the Commission Delegated Regulation (EU 2022/1214) – Template 3

Taxonomy – aligned economic activities (numerator) – OPEX 

| | | | | | |   
---|---|---|---|---|---|---|---  
| | AMOUNT AND PROPORTION (THE INFORMATION IS TO BE PRESENTED IN  MONETARY AMOUNTS AND AS PERCENTAGE)  
ROW | ECONOMIC ACTIVITIES | CCM+CCA | CLIMATE CHANGE  MITIGATION| CLIMATE CHANGE  ADAPTATION  
| | AMOUNT € | % | AMOUNT € | % | AMOUNT € | %  
1 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the  numerator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
2 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the  numerator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
3 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the  numerator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
4 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the  numerator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
5 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the  numerator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
6 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the  numerator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
7 | Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI | 659,138,448 | 100%| 659,138,448 | 100%| 0.0 | 0%  
8 | Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable OPEX | 659,138,448 | 100%| 659,138,448 | 100%| 0.0 | 0%  
  
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| EDP Integrated Annual Report 2024Sustainability Statement | Environmental information| | | | | | | | |   
| | | | | | Index| Part I| 161|   
| | | | | | | | |   
  
Key performance indicators under the templates of the annex XII of the Commission Delegated Regulation (EU 2022/1214) – Template 4 

Taxonomy-eligible but not taxonomy-aligned economic activities - Turnover

| | | | | | |   
---|---|---|---|---|---|---|---  
| | PROPORTION (THE INFORMATION IS TO BE PRESENTED IN MONETARY  AMOUNTS AND AS PERCENTAGES)  
ROW | ECONOMIC ACTIVITIES | CCM+CCA | CLIMATE CHANGE  MITIGATION| CLIMATE CHANGE  ADAPTATION  
| | AMOUNT € | % | AMOUNT € | % | AMOUNT € | %  
1 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated  Regulation 2021/2139 in the denominator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
2 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated  Regulation 2021/2139 in the denominator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
3 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated  Regulation 2021/2139 in the denominator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
4 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated  Regulation 2021/2139 in the denominator of the applicable KPI| 266,136,061 | 2%| 266,136,061 | 2%| 0.0 | 0%  
5 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated  Regulation 2021/2139 in the denominator of the applicable KPI| 13,124,706 | 0%| 13,124,706 | 0%| 0.0 | 0%  
6 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated  Regulation 2021/2139 in the denominator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
7 | Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator  of the applicable KPI| 53,846,094 | 0%| 53,846,094 | 0%| 0.0 | 0%  
8 | Total amount and proportion of taxonomy eligible but not taxonomy-aligned economic activities in the denominator of the applicable KPI –  Turnover| 333,106,862 | 2%| 333,106,862 | 2%| 0.0 | 0%  
  
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| EDP Integrated Annual Report 2024Sustainability Statement | Environmental information| | | | | | | | |   
| | | | | | Index| Part I| 162|   
| | | | | | | | |   
  
Key performance indicators under the templates of the annex XII of the Commission Delegated Regulation (EU 2022/1214) – Template 4 

Taxonomy-eligible but not taxonomy-aligned economic activities - CAPEX

| | | | | | |   
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| | PROPORTION (THE INFORMATION IS TO BE PRESENTED IN MONETARY  AMOUNTS AND AS PERCENTAGES)  
ROW | ECONOMIC ACTIVITIES | CCM+CCA | CLIMATE CHANGE  MITIGATION| CLIMATE CHANGE  ADAPTATION  
| | AMOUNT € | % | AMOUNT € | % | AMOUNT € | %  
1 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to  Delegated Regulation 2021/2139 in the denominator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
2 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to  Delegated Regulation 2021/2139 in the denominator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
3 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to  Delegated Regulation 2021/2139 in the denominator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
4 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to  Delegated Regulation 2021/2139 in the denominator of the applicable KPI| 37,468,907 | 1%| 37,468,907 | 1%| 0.0 | 0%  
5 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to  Delegated Regulation 2021/2139 in the denominator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
6 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to  Delegated Regulation 2021/2139 in the denominator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
7 | Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the  denominator of the applicable KPI | 896,207 | 0%| 896,207 | 0%| 0.0 | 0%  
8 | Total amount and proportion of taxonomy eligible but not taxonomy-aligned economic activities in the denominator of the applicable KPI –  CAPEX| 38,365,114 | 1%| 38,365,114 | 1%| 0.0 | 0%  
  
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Key performance indicators under the templates of the annex XII of the Commission Delegated Regulation (EU 2022/1214) – Template 4 

Taxonomy-eligible but not taxonomy-aligned economic activities - OPEX

| | | | | | |   
---|---|---|---|---|---|---|---  
| | PROPORTION (THE INFORMATION IS TO BE PRESENTED IN  MONETARY AMOUNTS AND AS PERCENTAGES)  
ROW | ECONOMIC ACTIVITIES | CCM+CCA | CLIMATE CHANGE  MITIGATION| CLIMATE CHANGE  ADAPTATION  
| | AMOUNT € | % | AMOUNT € | % | AMOUNT € | %  
1 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated  Regulation 2021/2139 in the denominator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
2 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated  Regulation 2021/2139 in the denominator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
3 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated  Regulation 2021/2139 in the denominator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
4 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated  Regulation 2021/2139 in the denominator of the applicable KPI| 38,866,639 | 5%| 38,866,639 | 5%| 0.0 | 0%  
5 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated  Regulation 2021/2139 in the denominator of the applicable KPI| 548,743 | 0%| 548,743 | 0%| 0.0 | 0%  
6 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated  Regulation 2021/2139 in the denominator of the applicable KPI| 0.0 | 0%| 0.0 | 0%| 0.0 | 0%  
7 | Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator  of the applicable KPI| 23,326,766 | 3%| 23,326,766 | 3%| 0.0 | 0%  
8 | Total amount and proportion of taxonomy eligible but not taxonomy-aligned economic activities in the denominator of the applicable KPI –  OPEX| 62,742,148 | 8%| 62,742,148 | 8%| 0.0 | 0%  
  
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Key performance indicators under the templates of the annex XII of the Commission Delegated Regulation (EU 2022/1214) – Template 5

Taxonomy non-eligible economic activities - Turnover

| | | |   
---|---|---|---|---  
ROW | ECONOMIC ACTIVITIES | AMOUNT (€) | PERCENTAGE  
1 | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation  2021/2139 in the denominator of the applicable KPI| 0.0 | 0%  
2 | Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated Regulation  2021/2139 in the denominator of the applicable KPI| 0.0 | 0%  
3 | Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation  2021/2139 in the denominator of the applicable KPI| 0.0 | 0%  
4 | Amount and proportion of economic activity referred to in row 4 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to Delegated Regulation  2021/2139 in the denominator of the applicable KPI| 0.0 | 0%  
5 | Amount and proportion of economic activity referred to in row 5 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to Delegated Regulation  2021/2139 in the denominator of the applicable KPI| 0.0 | 0%  
6 | Amount and proportion of economic activity referred to in row 6 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to Delegated Regulation  2021/2139 in the denominator of the applicable KPI| 0.0 | 0%  
7 | Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI | 7,862,252,153 | 53%  
8 | Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable -Turnover | 7,862,252,153 | 53%  
  
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Key performance indicators under the templates of the annex XII of the Commission Delegated Regulation (EU 2022/1214) – Template 5

Taxonomy non-eligible economic activities - CAPEX

| | | |   
---|---|---|---|---  
ROW | ECONOMIC ACTIVITIES | AMOUNT (€) | PERCENTAGE  
1 | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation  2021/2139 in the denominator of the applicable KPI| 0.0 | 0%  
2 | Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated Regulation  2021/2139 in the denominator of the applicable KPI| 0.0 | 0%  
3 | Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation  2021/2139 in the denominator of the applicable KPI| 0.0 | 0%  
4 | Amount and proportion of economic activity referred to in row 4 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to Delegated Regulation  2021/2139 in the denominator of the applicable KPI| 0.0 | 0%  
5 | Amount and proportion of economic activity referred to in row 5 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to Delegated Regulation  2021/2139 in the denominator of the applicable KPI| 0.0 | 0%  
6 | Amount and proportion of economic activity referred to in row 6 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to Delegated Regulation  2021/2139 in the denominator of the applicable KPI| 0.0 | 0%  
7 | Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI | 278,233,441 | 6%  
8 | Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable – CAPEX | 278,233,441 | 6%  
  
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Key performance indicators under the templates of the annex XII of the Commission Delegated Regulation (EU 2022/1214) – Template 5

Taxonomy non-eligible economic activities - OPEX

| | | |   
---|---|---|---|---  
LINHA | ATIVIDADES ECONÓMICAS | VALOR (€) | PERCENTAGEM  
1 | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation  2021/2139 in the denominator of the applicable KPI| 0.0 | 0%  
2 | Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated Regulation  2021/2139 in the denominator of the applicable KPI| 0.0 | 0%  
3 | Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation  2021/2139 in the denominator of the applicable KPI| 0.0 | 0%  
4 | Amount and proportion of economic activity referred to in row 4 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to Delegated Regulation  2021/2139 in the denominator of the applicable KPI| 0.0 | 0%  
5 | Amount and proportion of economic activity referred to in row 5 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to Delegated Regulation  2021/2139 in the denominator of the applicable KPI| 0.0 | 0%  
6 | Amount and proportion of economic activity referred to in row 6 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to Delegated Regulation  2021/2139 in the denominator of the applicable KPI| 0.0 | 0%  
7 | Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI | 36,186,511 | 5%  
8 | Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable – OPEX | 36,186,511 | 5%  
  
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ESRS E1 Climate change

E1.GOV-3_01 \- Disclosure of whether and how climate-related considerations are 

factored into remuneration of members of administrative, management and 

supervisory bodies 

The remuneration policy for the members of the Executive Board of Directors, proposed by the

Remuneration Committee of the General and Supervisory Board and approved by the General

Meeting at least every four years, establishes a fixed component and a variable component. EDP's

GHG emission reduction targets, approved in 2023, have been integrated into the company's

executive compensation framework through the inclusion of sustainability metrics, specifically

annual and multi-annual ESG KPIs. These KPIs are aligned with the company's business plan and

are applicable for a three-year term of office.

The structure and weightage of the ESG KPIs in the executive compensation framework are as

follows:

• Annual ESG KPI: This accounts for 20% of the total compensation and includes EDP's

performance in the Dow Jones Sustainability Index, in the customer satisfaction index, and in the

annual employee climate survey

• Multi-annual ESG KPI: This also accounts for 20% of the total compensation and includes:

i. emissions intensity reduction (total Scope 1 and 2 GHG emissions per GWh generated),

reported under E1-4

ii. increase of share of renewable energy production

iii. performance in the Bloomberg Gender-Equality Index.

These targets are operationalized through the commitments made in the Business Plan 2023-26

and reinforced in EDP's Climate Transition Plan.

E1.GOV-3_02 - Percentage of remuneration recognised that is linked to climate 

related considerations

| |   
---|---|---  
REMUNERATION | 2024 | 2023  
Percentage of remuneration recognised  that is linked to climate related considerations| Variable remuneration: (i) Annual component, quantitative-  20% ESG Indicators (Dow Jones Sustainability Index results, performance in the employees' yearly climate study, performance in the customer satisfaction index);(ii) Multi-annual component,  quantitative- 20% ESG Indicators (increase of share of renewables energy production (6.67%), emissions reduction (6.67%) and Bloomberg Gender Equality Index Performance (6.67%)). Both share of renewables energy production and emissions reduction serve as climate-related considerations, accounting for ~13%| Variable remuneration: (i) Annual component, quantitative-  20% ESG Indicators (Dow Jones Sustainability Index results, performance in the employees' yearly climate study, performance in the customer satisfaction index);(ii) Multi-annual component,  quantitative- 20% ESG Indicators (increase of share of renewables energy production, emissions reduction and Bloomberg Gender Equality Index  Performance)  
  
E1.GOV-3_03 - Explanation of climate-related considerations that are factored 

into remuneration of members of administrative, management and supervisory 

bodies 

ESG KPIs, including Climate KPI, are aligned with the company’s BP in place and applicable for the

three-year term of office and has the following structure and weights:

• Annual ESG KPI: This accounts for 20% of the total compensation and includes EDP's

performance in the Dow Jones Sustainability Index, in the customer satisfaction index, and in the

annual employee climate survey

• Multi-annual ESG KPI: This also accounts for 20% of the total compensation and includes:

i. emissions intensity reduction (total Scope 1 and 2 GHG emissions per GWh generated),

reported under E1-4

ii. increase of share of renewable energy production

iii. performance in the Bloomberg Gender-Equality Index.

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EDP considers both i) and ii) as climate-related considerations, and they both account for ≈13% out

of the 20%.

E1-1_01 \- Disclosure of transition plan for climate change mitigation 

EDP's Climate Transition Plan, developed in 2023, was the result of an internal project (Net-Zero

Acceleration Task Force), the strategic objectives of our Business Plan 2023-2026 and the Net-

Zero targets approved by the Science Based Targets initiative (SBTi) in early 2023. EDP’s strategy is

translated into climate metrics and targets. The overall climate governance in place is synthesised

and the strategic levers are identified to align implementation with the overall climate commitments.

The Plan is aligned with the Task Force on Climate-Related Financial Disclosures (TCFD), CDP

(Technical Note on Reporting Transition Plans) and the UN's High Level Expert Group

recommendations. Besides synthesising the overall climate governance, the Plan sets the baseline

of EDP's strategy for this decade under a broader pathway for a net-zero goal in 2040, identifies

priority actions and points out main challenges. The main activities include to be coal-free by 2025,

all green by 2030 (100% power generation from renewable sources) and net-zero by 2040 (this

target was approved in 2023 by the Science Based Target initiative as being aligned with the Net-

Zero standard).

E1-1_02 - Explanation of how targets are compatible with limiting of global 

warming to one and half degrees Celsius in line with Paris Agreement 

Our targets have been approved by the Science Based Target initiative under the Net-Zero

standard, thus being aligned with the 1.5ºC trajectory, i.e., limiting of global warming to 1.5 °C in line

with the Paris Agreement.

| |   
---|---|---  
SCOPE | NEAR-TERM TARGET [2030] | LONG-TERM TARGET [2040]  
Scope 1 + Scope 2 [intensity] | -95%| -96%  
Scope 3 [absolute] | -45%| -90%  
Scope 1 + Scope 3 Cat. 3 - All sold  electricity [intensity]| -80%| -95%  
Scope 3 Cat. 11 - Gas sold to clients  [absolute]| -45%| -90%  
Scope 1 + Scope 2 + Scope 3 - Net Zero  [absolute]| - | -90%  
  
E1-1_03 - Disclosure of decarbonisation levers and key action 

EDP identified the main levers allowing to accomplish the transition plan and meet the targets:

i. 0% thermal generation: phase-out coal plants by 2025 and gas plants by 2030

ii. increase renewable generation: ≈23 GW installed capacity by 2026, 250 MW of H2

electrolysers by 2026 and work on the improvement of the regulatory landscape to enable

additional renewable capacity

iii. distribution power losses reduction: investment on reduction of distribution technical losses,

100% smart meters installed in Iberia by 2025, support systems’ decarbonisation targets and

advocate for efficient incentives for reduction of distribution power losses

iv. reduce emissions from generation-retail imbalance: increase offer of green electricity to

customers in electricity retail, investment in PPAs for renewable supply to clients and cover part

of the client portfolio with EAC's (RECs, I-RECs or GOs, etc.)

v. lower supply chain emissions: continue to work on green procurement, work with suppliers for

product specific emissions data, support suppliers' decarbonisation pathway and incentivise

greener supply chains globally

vi. minimise natural gas retail emissions: optimise gas retail portfolio, negotiate increase of

incentives for customers’ electrification and engage with gas consumers to promote gas

alternatives/electrification.

E1-1_04 - Disclosure of significant operational expenditures (OPEX) and (or) capital 

expenditures (CAPEX) required for implementation of action plan 

According to the last Business Plan 2024-2026, EDP will invest €17Bn, 80% of which in renewables,

clients and energy management, and 20% in networks. This investment is fully aligned with EDP's

Climate Transition Plan. The investment on renewables will allow for 3 GW of gross yearly additions

between 2025 and 2026 in direct contribution to the increased renewable generation lever.

For the FY 2024, 94.1% of the CAPEX was eligible and 93.3% was aligned with the EU Taxonomy

(Commission Delegated Regulation (EU) 2021/2178); and 95.2% of the OPEX was eligible and

86.9%was aligned with the EU Taxonomy. It is expected that, by 2026, more than 95% of our

activities are aligned with the EU Taxonomy. These activities are:

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• electricity generation using solar photovoltaic technology

• electricity generation from wind power

• electricity generation from hydropower

• transmission and distribution of electricity

• installation, maintenance and repair of charging stations for electric vehicles in buildings (and

parking spaces attached to buildings)

• installation, maintenance and repair of renewable energy technologies.

E1-1_05 - Financial resources allocated to action plan (OPEX)/ E1-1_06 - Financial 

resources allocated to action plan (CAPEX)

EDP does not have the level of detail, year by year, on the resources allocated to the action plan. The

information regarding overall allocation of resources is identified in the data point E1-1_04.

E1-1_07 - Explanation of potential locked-in GHG emissions from key assets and 

products and of how locked-in GHG emissions may jeopardise achievement of 

GHG emission reduction targets and drive transition risk 

Potential locked-in emissions are those related to the gas-fired power plants EDP owns in Portugal

and Spain, as well as the gas retail activity. It is unlikely that these emissions jeopardize the

achievement of EDP’s emissions reduction targets given our plan to be all green by 2030. Regarding

the gas retail, our strategy is to promote and accelerate the electrification in all sectors, especially in

transports, industry and residential/services (heating and cooling).

E1-1_08 - Explanation of any objective or plans (CAPEX, CAPEX plans, OPEX) for 

aligning economic activities (revenues, CAPEX, OPEX) with criteria established in 

Commission Delegated Regulation 2021/2139 

Under the Commission Delegated Regulation 2021/2139, EDP has set the following target: more

than 95% of CAPEX in line with the EU Taxonomy by 2026.

E1-1_09 - Significant CAPEX for coal-related economic activities / E1-1_10 - 

Significant CAPEX for oil-related economic activities / E1-1_11 - Significant CAPEX 

for gas-related economic activities

| |   
---|---|---  
SIGNIFICANT CAPEX | UN | 2024  
Coal-related economic activities | € | 438,547  
Oil-related economic activities | € | 0  
Gas-related economic activities | € | 37,468,907  
  
E1-1_12 \- Undertaking is excluded from EU Paris-aligned Benchmarks 

No. EDP meets the minimum standards for EU Climate Transition Benchmarks and EU Paris-aligned

Benchmarks.

E1-1_13 - Explanation of how transition plan is embedded in and aligned with overall 

business strategy and financial planning 

EDP’s Climate Transition Plan is supported by an integrated ESG Masterplan roadmap and the

23-26 Business Plan. Built upon the ESG Masterplan, and to support decarbonisation efforts, EDP

launched an internal work on a Net Zero Acceleration Task Force (NZATF) deep diving on the

challenges ahead, identifying the levers, while engaging with the supply chain, partners, and global

community, to drive a real and just transformation aligned with best practices and standards.

The Net Zero Acceleration Program (NZAP) aggregates a set of core initiatives to directly curb the

company’s emissions that will allow the tracking of the decarbonization performance, potentiating

top management involvement over time in a responsive way and prioritised a set of enablers

initiatives that will support the transition. A number of initiatives were prioritized in the NZAP and

integrated into ESG Masterplan as part of broader sustainability efforts.

The climate transition is intrinsic to EDP's business, with an internal governance model established to

ensure a resilient climate strategy, its effective implementation and a monitoring system capable of

tracking performance efficiently. In this regard, the General and Supervisory Board supervises the

implementation of EDP's Climate Strategy through its Corporate Governance and Sustainability

Committee, which is responsible for discussing ESG topics between three and four times a year, with

Climate being at the top of this agenda.

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One of the drivers for the Business Plan is the decarbonization pillar, focused on the three main goals

of being coal-free by 2025, all green by 2030 and net-zero by 2040.

E1-1_14 - Transition plan is approved by administrative, management and 

supervisory bodies 

EDP's Climate Transition Plan was approved by the Executive Board of Directors and subjected to

consultative vote of Annual General Meeting (2023).

E1-1_15 - Explanation of progress in implementing transition plan 

By 2024 EDP has managed to reduce its emissions by -42%, compared with the base year of 2020,

breaking down by scopes accordingly:

• scope 1: -84%

• scope 2: -61%

• scope 3: -0.6%

The previous absolute emissions reductions allowed for the following progress on the SBTi

decarbonisation targets:

• Scope 1 + Scope 2 intensity target (Scope 1 + Scope 2 emissions per electricity generated)

[gCO2e/kWh]: -81% vs. 2020

• all sold electricity intensity target (Scope 1 Stationary Combustion + Scope 3 Category 3 from

electricity that is purchased and sold per all sold electricity) [gCO2e/kWh]: -63% vs. 2020

• Scope 3 absolute target [tCO2e]: -0.6% vs. 2020

• use of sold products (Scope 3 Category 11) absolute targets [tCO2e]: -65% vs. 2020

• Net Zero target (Scope 1 + Scope 2 + Scope 3) [tCO2e]: -42% vs. 2020.

These reductions were achieved through the following developments on the decarbonisation levers

and key actions:

i. 0% thermal generation: near zero emissions from thermal generation following the

deconsolidation of Pecém and Aboño coal power plants and a high hydro year with low CCGT

power plant use; plan to convert Aboño to gas fired power plant in 2025; request for

decommissioning of Los Barrios and Soto 3 coal fired power plants

ii. increase renewable generation: ≈4 GW of renewable capacity added in 2024; EDP reached 25

GW of renewable installed capacity in 2024

iii. distribution power losses reduction: decarbonisation of Iberia’s and Brazil’s electric systems

iv. reduce emissions from generation-retail imbalance: increased emissions from loss of

generation capacity in Spain and Brazil was compensated by decrease of imbalance in

Portugal, as well as by the decrease of the grid emission factors in all geographies

v. lower supply chain emissions: data quality improvement on carbon footprint from renewable

suppliers and inclusion of EPDs and/or LCA’s as a requisite for future RFP’s

vi. minimise natural gas retail emissions: 10% reduction in gas supplied to clients, compared with

2023.

E1-1_16 - Date of adoption of transition plan for undertakings not having adopted 

transition plan yet 

EDP has first published its Climate Transition Plan in 2023, following with a progress report in 2024.

These two documents are the basis for the reporting under E1-1 requirements. EDP's Climate

Transition Plan will be revised in each Business Plan Cycle. With each revision, we plan on adding

more detail and complement on areas where improvement and alignment with the CSRD

requirements are needed.

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E1.SBM-3_01 \- Type of climate-related risk 

EDP defines climate risks in line with the taxonomy defined by TCFD recommendation:

• physical risks, provoked by structural changes in climate parameters (e.g., temperature,

precipitation):

i. chronic physical risks, include risks of structural physical changes due to greenhouse gas

emissions. E.g., structural reduction in precipitation or rise in temperature, with impact in

unavailability of operations or increase on costs

ii. acute physical risks, include risks of extreme weather events due to significant variations in

physical parameters, resulting from greenhouse gas emissions. For example, occurrence of

extreme wind events or heat or cold waves, with impact in damage of physical assets, rise of

energy peaks or increase in resource variability.

• transition risks, related to the economies’ adaptation to low greenhouse gas emission scenarios,

namely in terms of market, technology, legal, reputation and resilience dynamics.

| |   
---|---|---  
PHYSICAL RISK | |   
RISK CATEGORY | RISK | VARIABLE  
CHRONIC | Temperature increase | Average temperature rise  
Sea level rise | Rise of sea level  
Water availability | Average precipitation variation Average days with rainfall <1mm var  
Wind availability | Average wind speed  
ACUTE | Extreme hot days | Days w/ temperature >35ºC  
Extremely consecutive hot days | Consecutive days w/ temperature >35ºC  
Extreme cold days | Days w/ temperature <0ºC  
Extremely consecutive cold days | Consecutive days w/ temperature <0ºC  
Extreme wind events | Extreme events per year  
Extreme rain events  
Extreme wildfire events | Wildfires per 100ha  
  
Transition variables, unlike physical variables, do not assume an evolution easy to measure, with the

exception of market risk variables (prices, foreign exchange, generation,...), and are based on the

following narratives:

• Net Zero Emissions by 2050 Scenario (NZE): is planned to maximize technical feasibility, cost

effectiveness and social acceptance while ensuring continued economic growth and a secure

energy supply. It is a normative IEA pathway towards a net zero CO2 emissions in the global

energy sector by 2050, with developed economies meeting the goal before others. This way,

limiting the long-term increase in average global temperatures to 1.5 °C. To reach its goals, the

NZE is not dependent on emissions reductions from outside the energy sector. Instead of the

current dependence on fossil fuels, the energy sector will be based on renewable energy sources.

In 2050 we will have an economy more than twice as big and 2 billion citizens more than of today,

nevertheless, energy demand is expected to be around 8% smaller.

• Base Scenario: is built from reference scenarios of Baringa Q3 2021, AFRY Q4 2021, Aurora Q1

2022, IHS Feb 2022 and S&P Marc 2022. In a context of expanding global economy and

population, this scenario represents a substantial progress as renewable power accounts for

three quarters of European electricity supply by 2050 (almost two times the current levels).

However, it will not be enough to reach the Net Zero emissions in the energy system by that time.

In the end, it results in a largely (but not fully) decarbonised Europe by 2050, specially when

considering the possible contribution from other sectors which are more difficult to decarbonise

such as industry, buildings and agriculture.

|   
---|---  
TRANSITION RISK |   
| VARIABLE  
PRICES | CO2  
Electricity price  
FOREIGN EXCHANGE | EUR/USD  
EUR/BRL  
GENERATION MIX | Hydro  
Thermal  
CHP  
Nuclear  
Wind  
Solar  
RENEWABLE ADJUSTMENT FACTORS | WAF  
SAF  
ELECTRICITY DEMAND |   
  
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EDP is mostly affected by the following physical and transition risks:

| |   
---|---|---  
PHYSICAL RISK | |   
| | MAIN IMPACT  
CHRONIC | Temperature increase | Rise of energy losses  Loss of efficiency  Demand increase  
Water availability | Reduction of hydro generation  
ACUTE | Extreme temperatures | Unpredictability of consumption  Loss of efficiency  Malfunctioning turbines and panels  
Extremes events (wind/rain) | Disruptions of activities (production and  networks) Increase operating costs  Damage to assets (distribution networks,  production)  
Wildfire  
  
|   
---|---  
TRANSITION RISK |   
| MAIN IMPACT  
REGULATORY AND LEGAL | Increase exposure to environmental litigation  
Changes in product regulation  
MARKET | Loss of revenue due to new competitors  
Effect of additional environmental measures on market price variables  
TECHNOLOGICAL | Failure to follow up/delay in adopting new technologies  
Devaluation/replacement of assets due to technological obsolescence  
REPUTATIONAL | Stakeholders’ concerns regarding the company's path to climate  transition  
Implementation failures of environmental measures or market positioning  regarding the new climate reality  
  
E1.SBM-3_02 - Description of scope of resilience analysis 

EDP’s strategy is set weighing risks and opportunities to move forward, and test resilience under

several climate scenarios, including the bellow 2°C Scenario. To inform strategy, three climate

scenarios are used aggregating transition and physical variables mostly based on the RCP

(Representative Concentration Pathway) scenarios of the IPCC (Intergovernmental Panel on Climate

Change) and on the IEA (International Energy Agency) scenarios, for the transition risks, with some

internal adjustments to better reflect EDP’s context.

Climate risks and opportunities with a material impact (over €1m) are periodically calculated based

on the analysis of the impact on EBITDA and assessed through a Climate Value@Risk approach.

It covers directly all operations and indirectly the upstream and downstream value chain, identifying

and quantifying risks associated whenever it falls into the criteria defined previous. It currently

covers Generation, Distribution & Transmission, and Retail & Energy Services business activities, in

Iberia, Brazil and North America.

Short/Mid-term risk (0 to 6 years, specifically 2025 and 2030) is mainly related to transition risks,

namely energy market design, prices, regulatory framework, and technological developments. Mid/

Long-term risk (6 to 26 years, specifically 2030 and 2050) is mainly related to physical risks that

may affect EDP's asset portfolio, namely regarding extreme temperatures, extreme wind and rain

events, and structural changes in physical parameters.

E1.SBM-3_03 - Disclosure of how resilience analysis has been conducted 

EDP has in place an internal climate risk management governance model, integrated into the global

risk management process, to annually review and report on the resilience of EDP's strategy to

climate change. The process is overseen by the Risk and the Sustainability, supported by a team of

specialised interlocutors from the different platforms/ regions.

The process is structured in three distinct phases:

• risk identification: guarantees the exhaustive identification of risks and opportunities in each

business and main geographies and in line with the structure defined in the TCFD

recommendations

• climate scenario alignment: includes the validation and updating of the physical and transition

sub-scenarios, as well as the main climate variables (physical and transition)

• risk quantification and Climate Value@Risk aggregation: considers the quantification of the

most relevant climate-related risks and opportunities of each business/geography (i.e., with an

impact on EBITDA of over €1m).

Climate risks and opportunities with a material impact (over €1m) are periodically calculated based

on the analysis of the impact on EBITDA and reported by each Platform/geography and duly

aggregated through a Climate Value@Risk (considering a set of assumptions of correlation between

risks and opportunities).

The assessment of each material risk is done according to 3-time horizons (0-1 years, 2-6 and 7-26

years) and under 3 different climate scenarios. The exercise is consolidated at group level, by

Platform and by business area.

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Validation and risk identification

Climate risk and opportunity taxonomies are integrated in the overall corporate risk taxonomy and

are updated regularly.

Climate risks are present in several risk categories:

• physical risks impact, at business level

• energy market risks (volume of renewable energy generation and demand)

• physical assets risks (damages, efficiency losses, delays, among others), at the operational level.

Transition risks and opportunities impact: i) at strategic level, the surrounding context (technological

disruption and change in the competitive paradigm) and the stakeholders’ relations; ii) at business

level, the energy market (commodity and pool prices and demand) and regulation; and iii) at

operational level, the legal, compliance and ethical risks.

Climate scenarios

Considering a 30-year horizon and for the different scenarios defined, narratives focusing on the

various dimensions (social, regulatory and political, economic and technological, and energy) were

constructed.

The evolution of the physical variables was provided by a specialised external consultant, using the

Copernicus database and other international databases. The transition variables, namely the

evolution of prices, energy demand and energy mix, are based on scenarios from the IEA and other

international sources (e.g., Aurora, Baringa, among others), with the necessary adaptations to the

countries where EDP is present.

Quantification

Quantification, based on the individual analysis of the impact on EBITDA of each risk and

opportunity (physical and transition), is carried out by each Business Unit and for each geography.

This quantification considers the identification of the physical variables and their evolution

according to the experts, and the political/social/economic/technological narratives related to the

different scenarios. The quantification method depends on each risk and opportunity using,

whenever possible, the direct method (expected loss/gain and maximum loss/gain at P95%) or,

alternatively, the indirect method (probability/frequency, average impact and maximum impact at

P95%). For the purposes of the group's analysis, the consolidation of losses and gains is carried out

considering correlations among risks and opportunities and among geographies.

E1.SBM-3_04 \- Disclosure of when resilience analysis has been conducted 

EDP has in place an internal climate risk management governance model, integrated into the global

risk management process, to annually review and report on the resilience of EDP's strategy to

climate change. The process is overseen by Risk Management and Sustainability. The last exercise

was performed in 2024.

E1.SBM-3_05 \- Time horizons applied for resilience analysis 

Short/Mid-term risk (0 to 6 years, specifically 2025 and 2030) is mainly related to transition risks,

namely energy market design, prices, regulatory framework, and technological developments. Mid/

Mid/Long-term risk (6 to 26 years, specifically 2030 and 2050) is mainly related to physical risks

that may affect EDP's asset portfolio, namely regarding extreme temperatures, extreme wind and

rain events, and structural changes in physical parameters.

• Short-term (0-1 years): This timeframe (2024-2025) encompasses EDP’s Business Plan time

horizon, in which EDP presents its commitments for the period. It allows to anticipate the most

immediate consequences of possible transition risks and opportunities.

• Medium-term (2-6 years): This timeframe corresponds to the 2026-2030 period, for which

EDP has several energy transition targets defined. It allows to anticipate possible transition risks

and opportunities – namely how governments can structure viable roadmaps towards carbon

neutrality (policies and regulation) and the role companies such as EDP can play in supporting

this transition with the knowledge and the technology required to deliver these roadmaps, under

certain economic conditions – as well as it can also foresee possible physical risks and

opportunities, with an impact on the company’s strategy.

• Long-term (7-26 years): This timeframe (2031-2050) is in line with the global objective set by

the Paris Agreement to control unprecedented climate change effects by limiting global warming

to below 2°C and pursuing efforts to limit it to 1.5°C, in the second half of the century. It foresees

long-term structural risks and opportunities for the company. For the physical risks and

opportunities, the main driver is resilience. Anticipate and adapt to what can be the

consequences of structural changes in climate patterns, such as chronic physical impacts which

are not immediate and can only be truly assessed in the long-term. As for the transition risks/

opportunities, it is not contemplated in this time horizon, as its impact is on short medium term.

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E1.SBM-3_new \- Explain how the estimated anticipated financial effects from 

material physical and transition risks as well as the mitigation actions and 

resources were considered

EDP does not report this indicator as it is related to E1-9, which is not answered because it is in phase

in.

E1.SBM-3_06 \- Description of results of resilience analysis 

The climate assessment allows for the identification of the most relevant risks and opportunities

arising from different climate paths. Please check the results from the prior exercise in the tables

reported in E1.IRO-1_02 and E1.IRO-1_11 data points, as well as the most relevant mitigation

measures in place to contain/ prevent risk impacts.

According to the Climate Risks Assessment, the EDP Group demonstrates a resilient portfolio in both

the RCP 2.6 + NZE (integrated into the AGG scenario) and the RCP 8.5 + Base scenario (integrated

into the SMT scenario). Nonetheless, the exercise enabled the identification of the most relevant

risks, which informed EDP's adaptation plans for assets that are more exposed.

Regarding climate change mitigation, EDP put in place since 2023 its Climate Transition Plan,

aligned with TCFD on governance, strategy, risk management and targets and metrics. This plan

details what are EDP's decarbonisation targets, that were approved by SBTi, and what are the levers

and actions to mitigate emissions towards those targets.

Additionally, the EDP Group has climate change adaptation plans in place in its business units to

ensure the resilience of infrastructure that may be exposed to extreme events of greater intensity

and frequency, compared to reality as we know it today. In 2024 the group companies moved

forward with the development of their climate change adaptation plans and the overall commitment

being to achieve 100% implementation of the plans by the end of 2025. EDP develops climate

adaptation plans by business unit based on the main identified risks according to a structured

assessment of climate risks (TCFD), updating scenarios - when possible, using regionalized

scenarios, assessing the evolution of climate variables and the main risks and opportunities for each

business. These plans aim to improve EDP's infrastructure resilience to climate change, considering

both the existing asset portfolio and new investments.

Examples of specific adaptation measures developed include the reinforcement of emergency

response, such as greater involvement with the authorities and security forces, to improve the

response to extreme phenomena. Additionally, measures include enhancing the response capacity

of the protection equipment of the hydraulic circuits of the generator sets to cope with the increased

intensity and frequency of extreme phenomena (e.g. heavy rainfall and more intense fires). These

measures demonstrate EDP's commitment to integrating adaptation solutions that address the

identified physical climate risks, as required by the taxonomy.

E1.SBM-3_07 - Description of ability to adjust or adapt strategy and business 

model to climate change 

EDP's strategy alignment with climate transition is materialized by the definition of a set of metrics

and targets, aligned with the financial consolidation criterion. Medium and long-term goals are

established and monitored at different times of the year, either monthly, quarterly, or annually. Two

complementary sets of metrics are defined, based on 2020, when applicable:

• operational metrics and targets, illustrating the evolution of the business in each fundamental

pillar to the climate transition

• climate metrics and targets, reflecting the evolution of the business in terms of its impact on CO2e

emissions, or avoided CO2e, when applicable. For this last group of indicators, EDP uses the GHG

Protocol as main reference.

The data necessary to calculate the indicators is extracted quarterly from an internal platform,

where sustainability information from the Business Units is stored, including environment and

climate activity data. The data is consolidated at the corporate level and the information is verified

annually by an independent auditor. It is thus possible to monitor the evolution of the indicators

against the defined targets, both quarterly and annually.

For the Climate Indicators, the methodology used to establish these targets may be summarized as

follows:

• short/mid-term targets (up to 6 years): based on the consolidated operating data from the

multi-annual business plans, the evolution of the referred indicators is simulated, and the

respective targets are established. In the case of emission scopes, the categories with the most

material weight are considered

• medium/long term goals (6 to 26 years): focus only on electricity generation and CO2

emissions. Targets are set based on internal projections under different scenarios of EDP’s

portfolio evolution.

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Regarding the adaptation strategy, the group has climate change adaptation plans in place in its

business units to ensure the resilience of infrastructure that may be exposed to extreme events of

greater intensity and frequency, compared to reality as we know it to-day. Adaptation measures

start from the selection of the facility in the development phase, with environmental and other

complementary studies. After this first step, the Company identifies the characteristics necessary

for the equipment to withstand the potential weather conditions of the region, current and future

ones.

Examples of specific adaptation measures developed include the reinforcement of emergency

response, such as greater involvement with the authorities and security forces, to improve the

response to extreme phenomena. Additionally, measures include enhancing the response capacity

of the protection equipment of the hydraulic circuits of the generator sets to cope with the increased

intensity and frequency of extreme phenomena (e.g. heavy rainfall and more intense fires). These

measures demonstrate EDP's commitment to integrating adaptation solutions that address the

identified physical climate risks, as required by the taxonomy.

Although EDP’s strategy has long been focused on sustainability, the issuance of Green Bonds has

promoted a greater alignment of the company’s financial policy with its sustainability strategy, while

the market’s awareness of this topic is increasing. EDP’s green bond issuances have contributed

heavily towards UN Sustainable Development Goal SDG 7 - affordable and clean energy and SDG

13 - Climate Action. EDP issued its first Green Bond in 2018, of €600m. In the end of 2024,

sustainable finance amounted to €21.5 Bn: (1) €13.2 Bn in green bonds; (2) €7.6 Bn in sustainability-

linked loans and (3) €0.7 Bn in green loans. The green financing (green bonds and loans)

represented 67% of the nominal debt. Aligned with EDP’s net zero target, EDP will continue to issue

green, as well as other sustainable instruments along its Net Zero journey.

Aligning with the strategy for coal generation phaseout, EDP is developing several Hydrogen and

Storage Hubs in Iberia on the sites of its existing and former coal power plants, aiming to supply

nearby industries with renewable hydrogen. These hubs leverage on the infrastructure existing on

these sites (land, electrical, water, effluents, etc.), the proximity to deep water ports and the

integration within industrial clusters to create economic activity aligned with the energy transition in

regions that have been dependent on fossil fuels.

Just Transition is a priority of EDP’s business strategy, and the company is committed to ensuring

the social protection of unemployed direct workers, favouring their redeployment of these workers to

new job opportunities, ensuring their requalification, and mitigating their relocation. In addition, the

reskilling of workers from the thermal power plants creates an opportunity to train human resources

while ensuring that no one is left behind.

E1.IRO-1_01 \- Description of process in relation to impacts on climate change 

The main impact of EDP's activity in climate change comes from the operation of thermoelectric

power plants resulting in GHG emissions from stationary combustion of coal and natural gas. In

short-term, this impact is going to be significantly reduced by the phase-out of coal power plants

and, in the near-term (2030), by the phase-out of CCGT power plants. In the long-term, the impact

of EDP's operations in climate change will be residual, resulting mainly from fugitive emission and

fleet emissions. Regarding the emissions from electricity consumptions and from distribution power

losses, the impact on climate change is expected to be mitigated over time as the electric systems

and electricity mix become more decarbonised.

EDP also has in place an internal climate risk management governance model, integrated into the

overall risk management process, to annually review and inform EDP’s strategy resilience to climate

change. This process is aligned with TCFD recommendations and ensures an adequate assessment

of potential risks and opportunities of business evolution within its Business Units.

The process is co-led by the Risk and Sustainability corporate units, with the collaboration of the

Energy Planning corporate unit, and supported by a team of specialised interlocutors of the different

Business Units (risk-officers, sustainability officers and energy planning areas). It is divided into

three phases: 1) validation of EDP’s climate taxonomy; 2) alignment with climate scenarios; 3)

quantification by BU and calculation of an aggregate Climate Value@Risk.

Climate risk process:

• Risk identification: guarantees the exhaustive identification of risks and opportunities in each

business and main geographies and in line with the structure defined in the TCFD

recommendations

• Climate Scenario Alignment: includes the validation and updating of the physical and transition

sub-scenarios, as well as the main climate variables (physical and transition)

• Risk quantification and Climate Value@Risk aggregation: considers the quantification of the

most relevant climate-related risks and opportunities of each business/geography (i.e., with an

impact on EBITDA of over €1m).

Climate risks and opportunities with a material impact (over €1m) are periodically calculated based

on the analysis of the impact on EBITDA and reported by each business/geography and duly

aggregated through a Climate Value@Risk (considering a set of assumptions of correlation between

risks and opportunities).

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EDP's Investor Relations & ESG (IR&ESG)  works in close collaboration with the Risk, thus facilitating

the integration of climate-related transition and physical risks into the company’s risk profile and

risk management procedures (assessment, integrated analyses of return-risk, mitigation strategies

and monitoring). The Head of IR&ESG reports directly, at least monthly, to the company's EBD in

charge of sustainability. Reports include updates on the implementation of climate-related policies,

actions and targets (e.g. corporate CO2 reduction targets; results of in-depth climate risk analysis

(e.g. value at risk from climate change-induced structural change in water, affecting the operation of

our hydropower plants); climate-related inputs for analysis of investments/divestments; and

proposal for updated environmental policies, actions and targets.

EDP employs several periodic processes to monitor it. Including: 1) annual climate risk assessment, to

evaluate and quantify impact of policy and legal risks. 2) annual business plan, budget, and risk map,

which focus on the short to medium term costs associated with climate risks. 3) quarterly risk

appetite dashboard to track legal and compliance risks across the EDP Group. 4) dedicated follow-

up by legal departments on the progression of existing and potential litigation, with semi-annual

reports.

E1.IRO-1_02 - Description of process in relation to climate-related physical risks in 

own operations and along value chain 

EDP has in place an annual climate risk assessment process which is structured in three distinct

phases: (1) risk identification, that guarantees the exhaustive identification of physical and

transitions risks and opportunities in each business and main geographies, in line with TCFD

recommendations; (2) climate scenario alignment, that includes the validation and updating of the

physical and transition sub-scenarios, as well as the main climate variables (physical and

transition); and finally (3) risk quantification and Climate Value@Risk aggregation, that aggregates

the quantification of the most relevant climate-related risks and opportunities of each business/

geography (i.e., with an impact on EBITDA of over €1m).

EDP has developed aggregated scenarios, based on physical and transition scenarios to assess the

impact of climate risks and opportunities. Regarding physical scenarios, EDP uses IPCC scenarios to

assess climate-related physical risks, considering forecasts for the long-term evolution of

precipitation, wind patterns, and temperature. EDP uses IPCC’s scenarios - RCP 8.5, RCP 4.5 and

RCP 2.6 (the most aggressive CO2 emission reduction scenario), to identify the most relevant

chronic and acute risks and evaluate potential impacts on its electricity generation and distribution

activities from the present time until 2050. As physical risks require a long-term analysis to identify

any structural change in their pattern or frequency/severity of occurrence, the focus of the physical

risks and opportunities analysis is from 2030 to 2050. The evolution of the physical variables,

aligned with RCP scenario, was provided by a specialised external consultant, using the Copernicus

database and other international databases. Assuming the physical variables' variation (average

and worst case scenario - P95%) for the different time horizons (2030 and 2050) and different RCP

scenarios (RCP 2.6, RCP 4.5 and RCP 8.5), the Business Units assess and quantify the impact of

those changes in their businesses. For example, while the loss of revenues due to the reduction of

water availability is calculated assuming a correlation between precipitation and hydro generation

and its impact on EDP’s hydro portfolio, for extremely cold days, the loss of revenues results from not

generating due to malfunction of turbines/ panels.

The following table shows, for 2030-2050 period, the potential average annual impact on the EDP

Group of the relevant physical risks (maximum loss P95%) and opportunities (minimum gain P5%)

(chronic and acute), considering the physical scenarios RCP 2.6 (integrated in AGG scenario) and

RCP 8.5 (integrated in SMT scenario) and relating them to the mitigation measures in place.

| | | | | | |   
---|---|---|---|---|---|---|---  
PHYSICAL RISK  
| | MAIN  IMPACT| BUSINESS AREA| QUANTIFICATION | MITIGATION  MEASURES  
€0-€50m | €50m- €100m| >€100m  
CHRONIC | Temperature  increase| Rise of energy  losses Loss of efficiency Demand increase| EDP Group| AGG: OPPORTUNITY & RISK SMT: OPPORTUNITY & RISK| | | Natural mitigation, i.e., an increase in temperature will result in an increase in demand. In addition, EDP Group has an integrated energy risk management and follows a strategy of diversification by business area and geography  
Water  availability| Reduction of hydro  generation| Hydro  Generation| AGG: RISK SMT: RISK| | | Strategy of diversification by technology, business area and geography  
ACUTE | Extreme  temperatures| Unpredictability of  consumption Loss of efficiency Malfunctioning  turbines and panels| Client Solutions  EDPR| AGG: OPPORTUNITY & RISK SMT: OPPORTUNITY & RISK| | | Energy risk management to cover potential generation outages and a strategy of diversification by technology, business area and geography  
Extremes  events (wind/rain)| Disruptions of  activities (production and networks) Increase operating costs Damage to assets (distribution networks,  production) | EDP Group| AGG: RISK SMT: RISK| | | Preventive maintenance of protection strips on distribution lines, a comprehensive insurance plan and EDP Group has also been strengthening business continuity and crisis management plans, minimising the impact on business and third parties  
Wildfire  
  
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Results highlighted two key risks (with a higher impact for the RCP 8.5):

• structural reduction of water availability in Iberia and Brazil, affecting the productivity of

hydroelectric generation assets in Portugal, Spain, and Brazil (chronic physical risk)

• and increased occurrence and severity of extreme weather events (precipitation extremes,

floods, wildfires, landslides, and extreme winds), causing damage to our electricity distribution

assets (acute physical risk).

EDP’s business strategy is shaped to mitigate chronic risk through a diversified generation portfolio

in terms of technologies and geographies. Geographic diversification significantly reduces the risk,

as structural reduction in precipitation is not likely to occur in all geographies and with the same

magnitude. An example of this is the investment in other renewable sources besides hydro (i.e., solar

and wind) in different markets (European markets, North and South America, and APAC). To

manage the acute risk, EDP has strengthened its business continuity and crisis management

capabilities, implemented a set of preventive measures, and defined a comprehensive range of

insurance policies (property damage and civil and environmental responsibility).

E1.IRO-1_03 - Climate-related hazards have been identified over short-, medium- 

and long-term time horizons 

The EDP Group assesses the impact of physical variables, specifically the increasing frequency and

severity of extreme events, by considering all assets impacted by this risk. This includes assets in

EDP Produção, E-Redes, EDP Comercial, EDP Spain, EDPR, and EDP Brazil. The analysis is

conducted under three different scenarios (RCP 2.6, RCP 4.5, and RCP 8.5) from 2030 to 2050, as

changes in physical variables, particularly extreme weather events, are most relevant in the mid to

long term. The information provided by climate scenarios is regionalized, and the most relevant

assets exposed are identified. This estimate of financial impact considers the average and

maximum financial impacts of historical damage to generation assets or distribution networks,

based on the impacts experienced from historical events within EDP Produção, E-REDES, EDP

Comercial, EDP Spain, EDPR, and EDP Brasil. According with the data, provided by an external

consultant and based on Copernicus data source, the increase of the number of days subjected to

extreme weather events (wind and precipitation) for 2030 is around +5 to +10 days in Portugal, +5 to

+15 days in Spain and +5 to +10 days in Brazil (country average), and for 2050 is around +5 to +15

days in Portugal, +5 to +20 days in Spain and +5 to +15 days in Brazil (country average), depending

on the RCP scenario and considering both average and worst case scenario (P95%). Report of

2025 (following year) impacts are not relevant, as changes in physical variables, particularly for

extreme weather events, are most relevant in the mid to long term.

Extreme events impact EDP increasing operational costs, and reducing sales (in case of generation

assets).

E1.IRO-1_04 - Undertaking has screened whether assets and business activities 

may be exposed to climate-related hazards 

For assets impacted by increasing frequency and severity of extreme events the analysis includes

assets in EDP Produção, E-Redes, EDP Comercial, EDP Spain, EDPR, and EDP Brasil. The analysis is

conducted under three different scenarios (RCP 2.6, RCP 4.5, and RCP 8.5) from 2030 to 2050, as

changes in physical variables, particularly extreme weather events, are most relevant in the mid to

long term.

E1.IRO-1_05 - Short-, medium- and long-term time horizons have been defined 

The assessment of each material risk is done according to 3-time horizons (1, 10 and 30 years) and

under 3 different climate scenarios. The exercise is consolidated at group level, by Business Unit and

by business segment.

• Short-term (0-1 years): This timeframe (2024-2025) encompasses EDP’s Business Plan time

horizon, in which EDP presents its commitments for the period. It allows to anticipate the most

immediate consequences of possible transition risks and opportunities.

• Medium-term (2-6 years): This timeframe corresponds to the 2026-2030 period, for which

EDP has several energy transition targets defined. It allows to anticipate possible transition risks

and opportunities – namely how governments can structure viable roadmaps towards carbon

neutrality (policies and regulation) and the role companies such as EDP can play in supporting

this transition with the knowledge and the technology required to deliver these roadmaps, under

certain economic conditions – as well as it can also foresee possible physical risks and

opportunities, with an impact on the company’s strategy.

• Long-term (7-26 years): This timeframe (2031-2050) is in line with the global objective set by

the Paris Agreement to control unprecedented climate change effects by limiting global warming

to below 2°C and pursuing efforts to limit it to 1.5°C, in the second half of the century. It foresees

long-term structural risks and opportunities for the company. For the physical risks and

opportunities, the main driver is resilience. Anticipate and adapt to what can be the

consequences of structural changes in climate patterns, such as chronic physical impacts which

are not immediate and can only be truly assessed in the long-term. As for the transition risks/

opportunities, it is not contemplated in this time horizon, as its impact is on short medium term.

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E1.IRO-1_06 \- Extent to which assets and business activities may be exposed and 

are sensitive to identified climate-related hazards has been assessed 

The EDP Group assesses the impact of physical variables, specifically the increasing frequency and

severity of extreme events, by considering all assets impacted by this risk in Portugal, Spain, USA

and Brazil . This includes assets in EDP Produção, E-Redes, EDP Comercial, EDP Spain, EDPR, and

EDP Brasil. The analysis is conducted under three different scenarios (RCP 2.6, RCP 4.5, and RCP

8.5) from 2030 to 2050, as changes in physical variables, particularly extreme weather events, are

most relevant in the mid to long term.

The information provided by climate scenarios is regionalized, and the most relevant assets exposed

are identified. This estimate of financial impact considers the average and maximum financial

impacts of historical damage to generation assets or distribution networks, based on the impacts

experienced from historical events within EDP Produção, E-REDES, EDP Comercial, EDP Spain,

EDPR, and EDP Brasil. The minimum values reported are based in Maximum Loss (ML) of RCP 2.6,

and the maximum values in ML of RCP 8.5.

The analysis follows these steps: (1) review historical data of storms or other extreme events,

analysing frequency, average impact of the sample, and worst-case event as a proxy for maximum

impact to establish the base case; (2) consider the additional frequency of occurrence regarding the

scenario and the time horizon analysed, provided by Copernicus data source (for 2030 +5 to +10

days in Portugal, +5 to +15 days in Spain and +5 to +10 days in Brazil, and for 2050 +5 to +15 days in

Portugal, +5 to +20 days in Spain and +5 to +15 days in Brazil, depending on the RCP scenario and

considering both average and worst case scenario); and (3) using statistical data of additional

frequency, average, and maximum impacts, calculate a loss distribution to compute the annual

expected and maximum losses.

E1.IRO-1_07 \- Identification of climate-related hazards and assessment of 

exposure and sensitivity are informed by high emissions climate scenarios 

EDP uses IPCC’s scenarios - RCP 8.5, RCP 4.5 and RCP 2.6 (the most aggressive CO2 emission

reduction scenario), to identify the most relevant chronic and acute risks and evaluate potential

impacts on its electricity generation and distribution activities from the present time until 2050. As

physical risks require a long-term analysis to identify any structural change in their pattern or

frequency/severity of occurrence, the focus of the physical risks and opportunities analysis is from

2030 to 2050. Physical parameters are updated based on data sources aligned with RCP scenarios

(e.g., World Bank Group, Copernicus, and some local data sources) and areas access and quantify

the impact of those changes in their businesses.

Physical scenarios in place:

• RCP 2.6: considers (1) compliance with the Paris Agreement; (2) that the energy system reaches

carbon neutrality by 2070; (3) that the temperature rises between 1.5ºC and 2ºC; and (4) that the

average sea level rises by 0.4m and ocean acidification begins to recover by 2050

• RCP 4.5: considers that (1) the Paris Agreement is not fulfilled; (2) the temperature rises between

2ºC and 3ºC and extreme temperatures become more frequent; and (3) the sea level rises by

0.5m and many species are unable to adapt

• RCP 8.5: considers that (1) the Paris Agreement is not fulfilled; (2) the temperature rises by more

than 3°C; (3) extreme events become more frequent and there are large variations in rainfall; and

(4) the sea level rises by 0.7 metres.

As previously referred, the analysis is conducted under the three different scenarios from 2030 to

2050, as changes in physical variables, particularly extreme weather events, are most relevant in the

mid to long term. Additional frequency of occurrence regarding the scenario and the time horizon

analysed, provided by Copernicus data source (for 2030 +5 to +10 days in Portugal, +5 to +15 days

in Spain and +5 to +10 days in Brazil, and for 2050 +5 to +15 days in Portugal, +5 to +20 days in

Spain and +5 to +15 days in Brazil, depending on the RCP scenario and considering both average

and worst case scenario) is considered, up on the historical events of each region, to estimate most

exposed regions and assets.

The sensitivity of financial estimates are attached to climate parameters' change, namely regarding

additional days of extreme weather events vs base case. For high emission scenarios (RCP 8.5) the

change in the number of extreme weather days is higher than in low emissions scenario (RCP 2.6).

E1.IRO-1_08 - Explanation of how climate-related scenario analysis has been used 

to inform identification and assessment of physical risks over short, medium and 

long-term 

Climate scenarios integrate physical and transition dimensions and consider a 30-year horizon.

Their narratives were built focusing on the various dimensions, namely social, regulatory and

political, economic and technological, and energy.

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CLIMATE SCENARIOS  
| | PHYSICAL SCENARIOS | | TRANSITION SCENARIOS  
AGG (As green as it gets)| | RCP 2.6: considers (1) compliance with the Paris Agreement; (2) that the energy system reaches carbon neutrality by 2070; (3) that the temperature rises between 1.5ºC and 2ºC; and (4) that the average sea level rises by 0.4m and ocean acidification begins to recover by 2050| | Net Zero Emissions by 2050 Scenario (NZE) with internal adjustments: considers (1) the global energy sector reaching net zero CO2 emissions by 2050; (2) economic growth and job creation related to sustainable energy; (3) a more resilient and cleaner energy  
BGT (A bit greener than today)| | RCP 4.5: considers that (1) the Paris Agreement is not fulfilled; (2) the temperature rises between 2ºC and 3ºC and extreme temperatures become more frequent; and (3) the sea level rises by 0.5m and many species are unable to adapt| | Base Scenario: assumes that (1) the announced policies are generally complied with, and no additional effort is made towards sustainable development; and (2) policies, albeit limited, are adopted to reduce the use of fossil fuels, but demand is still high  
SMT (Slow move to transition)| | RCP 8.5: considers that (1) the Paris Agreement is not fulfilled; (2) the temperature rises by more than 3°C; (3) extreme events become more frequent and there are large variations in rainfall; and (4) the sea level rises by 0.7 metres|   
  
The evolution of the physical variables was provided by a specialised external consultant, using the

Copernicus database and other international databases. The transition variables, namely the

evolution of prices, energy demand and energy mix, are based on scenarios from the IEA and other

international sources (e.g., Aurora, Baringa, among others), with the necessary adaptations to the

countries where EDP is present. As the reference scenarios (IEA, Baringa, AFRY, Aurora, IHS and

S&P) do not have specific data for Portugal and Spain, some internal adjustments were considered

to reflect EDP’s specific geographies, namely installed capacity, generation mix, energy demand,

among others.

Quantification, based on the individual analysis of the impact on EBITDA of each risk and

opportunity (physical and transition), is carried out by each Platform and for each geography. This

quantification considers the identification of the physical variables and their evolution according to

the experts, and the political/social/economic/technological narratives related to the different

scenarios. The quantification method depends on each risk and opportunity using, whenever

possible, the direct method (expected loss/gain and maximum loss/gain at P95%) or, alternatively,

the indirect method (probability/frequency, average impact and maximum impact at P95%). For the

purposes of the group's analysis, the consolidation of losses and gains is carried out considering

correlations among risks and opportunities and among geographies.

Short/Mid-term risk (1 to 6 years, specifically 2025 and 2030) is mainly related to transition risks,

namely energy market design, prices, regulatory framework, and technological developments. Mid/

Long-term risk (6 to 26 years, specifically 2030 and 2050) is mainly related to physical risks that

may affect EDP's asset portfolio, namely regarding extreme temperatures, extreme wind and rain

events, and structural changes in physical parameters.

E1.IRO-1_09 \- Description of process in relation to climate-related transition risks 

and opportunities in own operations and along value chain 

EDP Group conducts a comprehensive and multi-faceted approach to assess and manage climate-

related transition risks and opportunities across its operations and value chain. This includes annual

and quarterly risk assessments, budget planning, business planning, energy outlook scenario

analysis, emerging risks surveys, and water-related risk evaluations.

The EDP Group conducts an annual Climate Risk Assessment and Quantification process,

spearheaded by the corporate Risk and IR&ESG functions. This comprehensive process evaluates

the primary physical and transition climate risks and opportunities across all businesses with

significant turnover, including EDP Produção, E-REDES, EDP Comercial, EDP Spain, EDPR, and EDP

Brazil. The assessment spans the Iberia, Brazil, and US markets, covering renewable generation,

networks, and client solutions businesses. The Climate Risk Assessment and Quantification process

involves the following key steps: (1) Risk identification – Guarantees the exhaustive identification of

risks and opportunities in each business and main geographies and in line with the structure defined

in the TCFD recommendations; (2) Climate Scenario Alignment – Includes the validation and

updating of the physical and transition sub-scenarios, as well as the main climate variables

(physical and transition); and (3) Risk quantification and Climate Value@Risk aggregation –

Considers the quantification of the most relevant climate-related risks and opportunities of each

business/ geography (i.e., with an impact on EBITDA of over €1m).

Additionally, the Risk function develops a Risk Appetite Dashboard every three months to monitor

and update EDP’s exposure to key risk sources. This includes an annual risk map exercise with

monthly interim updates, identifying the most relevant risks, including climate-related physical and

transition risks, within budget and business plan time horizons. Risks are mapped according to

expected loss (average scenario) and maximum loss (worst-case scenario), allowing for

prioritization based on materiality and setting a focused risk agenda. Climate-related strategic

risks, such as physical risks (e.g., structural reduction of hydro productivity) and transition risks (e.g.,

changes in market design, volumes, and prices), are assessed through sensitivity and stochastic

analysis at the group level, consolidating all geographies and business area. Additionally,

operational risks related to generation and distribution asset losses and damages from increased

frequency of extreme weather events are also assessed.

The budget process is an annual exercise to plan the year ahead, encompassing all geographies and

business areas. The Risk function identifies possible transition risks for the next year, impacting

EDP’s results through sensitivity and stochastic analysis of various indicators, such as the impact of

hydro coefficient variation under several sensitivity scenarios and commodity pricing). The business

plan is a bi-annual prospective exercise of EDP’s activity for the next five years, considering risks

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that may affect EDP’s results, including climate-related risks. This encompasses all geographies

and business areas. Strategic decisions, business plans, and targets are defined after a structured

reflection on market conditions, considering historical and prospective evolution of transition risks

(e.g., regulation and policies, costs of technologies) and physical risks (e.g., renewable volumes).

Sensitivity and stochastic analysis to EBITDA@Risk and NI@Risk according to different scenarios

are also performed.

An annual energy outlook scenario analysis is performed by energy planning, based on World

Energy Outlook scenarios, to prospect transition risks and opportunities for the medium and long

term (up to 2050). It sets scenarios according to different decarbonization paths and defines various

evolution trends for demand, fuels and CO2 prices, capacities, among others, forecasting different

generation mixes, renewable generation shares, and capacity changes.

The emerging risks survey, conducted at least every two years, assesses the main concerns of EDP

Group top management for the next 10 years, focusing on strategic risks across all geographies and

business areas. The first exercise identified key trends and defined a framework based on a

benchmark of several sources (internal and external), focusing on six dimensions: geopolitics,

economic, social, technological, environmental, and sectorial. In 2019, the first cyclical process for

emerging risks assessment was launched, involving interviews and surveys with top management,

followed by the consolidation of results, comparison with external sources, and the definition of an

action plan. Climate risks and opportunities (physical and transition) are present in several

dimensions, including the increased frequency and severity of extreme weather events and a

structural reduction of precipitation (physical risks), as well as rising political and regulatory

pressures for decarbonization and other related sectorial risks (transition risks).

Water-related risk evaluation is integrated into the company’s development strategy and business

plan, supporting the decision of geographical and tech diversification, and highlighting the most

relevant risks – guaranteeing strategic resilience in the long term. Additionally, at an operational

level, Environmental Impact Assessments, like the In-depth Water Risk Analysis (namely water

stress asset exposure), help mitigate water risks at the local level. EDP uses the WRI Aqueduct and

the Water Risk Filter tool to conduct a high-level water stress assessment, by mapping all its thermal

and hydro assets against the Baseline Water Stress (BWS; watershed level), applying the threshold

BWS 40%. Wind generation and distribution assets are excluded given their low dependency on

water availability. A downscaling analysis at the local level is then performed for all power plants

identified in water-stressed areas, using information from National Governmental Agencies

(location-specific indicators) and the company’s operational teams (asset water dependency, local

competitive uses). Water-related risks in new investments are analysed through scenario analysis

with water availability and regulation effects in energy prices and volumes, as well as hydro resource

evaluation integrating -term effects of climate change and impact on new hydro capacity. This

assessment is updated on a 2-3-year basis or whenever a new project requires it.

E1.IRO -1_10 - Transition events have been identified over short-, medium- and 

long-term time horizons 

Considering a 30-year horizon and for the different scenarios defined, narratives focusing on the

various dimensions (social, regulatory and political, economic and technological, and energy) were

constructed and are presented next.

Transition scenarios:

• Net Zero Emissions by 2050 Scenario (NZE) with internal adjustments: considers (1) the

global energy sector reaching net zero CO2 emissions by 2050; (2) economic growth and job

creation related to sustainable energy; (3) a more resilient and cleaner energy system; and (4) full

international co-operation for sustainable development

• Base Scenario: assumes that (1) the announced policies are generally complied with, and no

additional effort is made towards sustainable development; and (2) policies, albeit limited, are

adopted to reduce the use of fossil fuels, but demand is still high.

EDP defines short-term as 0 to 1 year, medium-term as 2 to 6 years, and long-term as 7 to 26 years.

The short-term time horizon (2024-2025) corresponds with EDP's business plan time horizon. The

medium-term time horizon (2026-2030) corresponds to the period in which EDP has defined

several energy transition targets. The long-term time horizon (2031-2050) is in line with the Paris

Agreement's goal of limiting global warming.

• Short-term (0-1 years): This timeframe (2024-2025) encompasses EDP’s Business Plan time

horizon, in which EDP presents its commitments for the period. It allows to anticipate the most

immediate consequences of possible transition risks and opportunities

• Medium-term (2-6 years): This timeframe corresponds to the 2026-2030 period, for which

EDP has several energy transition targets defined. It allows to anticipate possible transition risks

and opportunities – namely how governments can structure viable roadmaps towards carbon

neutrality (policies and regulation) and the role companies such as EDP can play in supporting

this transition with the knowledge and the technology required to deliver these roadmaps, under

certain economic conditions – as well as it can also foresee possible physical risks and

opportunities, with an impact on the company’s strategy

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• Long-term (7-26 years): This timeframe (2031-2050) is in line with the global objective set by

the Paris Agreement. As for the transition risks/opportunities, it is not contemplated in this time

horizon, as its impact is on short medium term.

EDP states that short/mid-term risks are mostly related to transition risks. These include energy

market design, prices, regulatory framework, and technological development. EDP also notes that

long-term risks are mostly related to physical risks, such as extreme events of temperature, wind,

and precipitation.

As previously referred, EDP considers three different scenarios from 2025 to 2030, as changes in

transition variables are most relevant in the short to mid term. For example, exposure to litigation is

assessed by calculating potential additional costs related to fines, legal expenses, and increased

compliance costs, considering a percentage increase of 0.05% vs. base case for each time horizon

analysed.

Additionally, EDP conducts an energy outlook scenario analysis to project the impact of transition

risks and opportunities for the medium- and long-term. This analysis considered different

decarbonization paths and trends in demand, fuels, and CO2 prices, which led to forecasts of

different generation mixes and renewable energy generation shares. EDP also considered several

transition risks.

E1.IRO-1_11 \- Undertaking has screened whether assets and business activities may 

be exposed to transition events 

Considering a 30-year horizon and for the different scenarios defined, narratives focussing on the

various dimensions (social, regulatory and political, economic and technological, and energy) were

constructed and are presented below.

Transition scenarios:

• Net Zero Emissions by 2050 Scenario (NZE) with internal adjustments: considers (1) the

global energy sector reaching net zero CO2 emissions by 2050; (2) economic growth and job

creation related to sustainable energy; (3) a more resilient and cleaner energy system; and (4) full

international co-operation for sustainable development

• Base Scenario: assumes that (1) the announced policies are generally complied with, and no

additional effort is made towards sustainable development; and (2) policies, albeit limited, are

adopted to reduce the use of fossil fuels, but demand is still high.

Assuming the transition variables evolve for the different time horizons (2025 and 2030) and

different transition scenarios (NZE and Base case), the Business Units assess and quantify the

impact of those changes in their businesses, i.e, the exposure to transition events that impact its

business, and which is reported in the table bellow. For example, the increase in environmental

litigation scrutiny is calculated assuming historical data of costs aggravated by +0.05% vs. base

case for each time horizon analysed, as proxy for more rigorous environmental regulation.

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TRANSITION RISK | | | | | |   
| MAIN  IMPACT| BUSINESS AREA| QUANTIFICATION | MITIGATION  MESAURES  
€0-€50m | €50m- €100m| >€100m  
REGULATORY  AND LEGAL| Increase exposure to  environmental litigation| EDP Group (mainly EDPR)| AGG: RISK SMT: RISK| | | Strategy of diversification by technology, business area and geography, asset maturity, as well as through a close monitoring of government regulation and policies  
Changes in product  regulation  
MARKET | Loss of revenue due  to new competitors| EDP Group (mainly Generation and EDPR)| AGG: RISK SMT: RISK| | | Focus on the electrification of the  economy (through energy services, EVs, among others) as an offsetting strategy  
Effect of additional  environmental measures on market price variables  
TECHNOLOGICAL | Failure to follow up/ delay in adopting new technologies| EDP Group (mainly Generation and EDPR)| AGG: RISK SMT: RISK| | | Close monitoring of market trends,  technological development (including emerging technologies across value chain) together with a clear Innovation Policy focused on the main trends in the sector  
Devaluation/ replacement of assets due to technological obsolescence  
REPUTATIONAL | Stakeholders’  concerns regarding the company's path to climate transition| EDP Group| AGG: RISK SMT: RISK| | | Electricity sector has traditionally  been seen as a net contributor to climate change. In a paradigm shift, the group is strengthening its  renewable portfolio, and is committed to attaining 100% renewable capacity by 2030. At the same time, it is recognized for its excellent performance in the various sustainability indexes of which it forms part, demonstrating its sustainable character and providing evidence of adopted measures and strategies  
Implementation  failures of environmental measures or market positioning  regarding the new climate reality  
  
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OPPORTUNITY  
| MAIN IMPACT | BUSINESS AREA| QUANTIFICATION  
€0-€50m | €50m-€100m | >€100m  
ENERGY  SOURCES| Use of incentive  policies for renewable production Explore new green  energy sources| EDP Group| | AGG: OPPORTUNITY SMT: OPPORTUNITY|   
PRODUCTS & SERVICES| Greater electrification leading to increased energy demand Higher need for heating and cooling due to physical risks EDP Group| EDP Group| AGG: OPPORTUNITY SMT: OPPORTUNITY| |   
RESOURCE  EFFICIENCY| Use of more efficient  means of transport and consequent increase in installed capacity| EDP Group| AGG: OPPORTUNITY SMT: OPPORTUNITY| |   
MARKET | Access to new markets  and consequent increase in installed capacity | EDP Group| AGG: OPPORTUNITY SMT: OPPORTUNITY| |   
RESILIENCE | Increase supply chain  reliability| EDP Group| AGG: OPPORTUNITY SMT: OPPORTUNITY| |   
  
E1.IRO-1_12 \- Extent to which assets and business activities may be exposed and 

are sensitive to identified transition events has been assessed 

EDP has assessed the extent to which its assets and business activities may be exposed and are

sensitive to identified transition events. EDP quantifies climate risks and opportunities with a

material impact (over €1m) based on the analysis of the impact on EBITDA and reports them by each

platform/region. The results are aggregated through a Climate Value@Risk, which considers

correlations between risks and opportunities, and between geographies.

EDP assesses each material risk according to three-time horizons: 2025, 2030 and 2050. This

analysis is conducted under three different climate scenarios. The exercise is then consolidated at

the group level, by platform, and by business segment.

An example of transition risk may surge from decarbonization and joint efforts for a cleaner

economy that already introduced some legal and regulatory additional requirements to fulfil

international commitments. As time goes by, it is expected a tightening of requirements, introducing

more restrictive measures (incl. to renewable generation) and increasing exposure to litigation (i.e.,

leading to additional costs related with possible fines and other legal costs as well as higher

compliance costs).

The EDP Group assesses the impact of transition risks in short and medium term, particularly

litigation exposure, by considering potential additional costs related to fines, legal expenses, and

increased compliance costs.

E1.IRO-1_13 \- Identification of transition events and assessment of exposure has 

been informed by climate-related scenario analysis 

Climate scenarios, updated annually, integrate physical and transition dimensions and consider a

30-year horizon. Their narratives were built focusing on the various dimensions, namely social,

regulatory and political, economic and technological, and energy.

The transition variables, namely the evolution of prices, energy demand and energy mix, are based

on scenarios from the IEA and other international sources (e.g., Aurora, Baringa, among others), with

the necessary adaptations to the countries where EDP is present. For the scenario that limits climate

change to 1.5º vs the base case scenario:

• Net Zero Emissions by 2050 Scenario (NZE) with internal adjustments: considers (1) the

global energy sector reaching net zero CO2 emissions by 2050; (2) economic growth and job

creation related to sustainable energy; (3) a more resilient and cleaner energy

• Base Scenario: assumes that (1) the announced policies are generally complied with, and no

additional effort is made towards sustainable development; and (2) policies, albeit limited, are

adopted to reduce the use of fossil fuels, but demand is still high.

Base on these transition scenarios, there were several transition events that were identified to have a

significant impact (>€1m), namely, mandates on and regulation of existing products and services,

mandates on and regulation of existing production processes, exposure to litigation, substitution of

existing products and services with lower emissions options, changing customer behaviour,

uncertainty in market signals, increased stakeholders concern and negative stakeholders concern.

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E1.IRO-1_14 \- Assets and business activities that are incompatible with or need 

significant efforts to be compatible with transition to climate-neutral economy have 

been identified 

Our portfolio is fully aligned with the goals of the energy transition. We are committed to sustainable

practices, and this includes a strategic plan to phase out thermal power plants within a specified

timeline. This ensures that our energy production becomes increasingly cleaner and more

environmentally friendly over time.

EDP has aligned all its activities with the climate transition through a robust strategy that includes

assessing climate risks and opportunities, aligning with international climate goals, and engaging

with stakeholders. The company's Climate Resilience Strategy utilizes three climate scenarios to

evaluate and enhance resilience, aiming to reduce annual risks by about 40% by 2050. This

strategy is complemented by EDP's commitment to the Paris Agreement, where it actively

collaborates with governments and other entities to support climate action that aims to limit global

temperature rise to 1.5°C.

Furthermore, EDP is promoting renewable energy, targeting an increase in its renewable capacity to

approximately ≈23 GW by 2026 and establishing a business unit focused on green hydrogen

projects. This shift towards renewables is part of a broader strategy to transition away from coal and

other fossil fuels. Additionally, EDP's ongoing engagement with stakeholders—including customers,

public institutions, and business associations—plays a crucial role in promoting emission reduction

and energy efficiency, ensuring the company's strategies are well-aligned with the goals of the Paris

Agreement and broader climate objectives.

E1.IRO-1_new - Explain the key forces and drivers taken into consideration in each 

scenario used for the undertaking's scenario analysis and why these are relevant to 

the undertaking 

EDP considers several key forces and drivers in its scenario analysis. These forces and drivers are

crucial for understanding the potential impacts on the company's operations and strategy. One of

the primary forces is finance and insurance, which includes the cost of capital and the sensitivity of

capital to nature impacts and dependencies. These factors are significant as they affect the

financial viability of projects and investments, influencing the company's ability to fund and sustain

its operations.

Stakeholder and customer demands also play a critical role. Consumer sentiment, attention to

impact, and the impact of nature footprint on reputation are essential drivers. The ability to deliver

services that are environmentally sustainable can affect consumer satisfaction and market position.

Additionally, sensitivity to the inequity of nature impacts can influence stakeholder support, making

it imperative for EDP to consider these aspects in its strategic planning.

The macro and microeconomy, including domestic growth, also influence EDP's scenario analysis.

Economic growth at the national level can affect demand for energy and other services provided by

the company, impacting its overall performance and strategic direction. Regulators, legal, and policy

regimes are another set of driving forces. Global regulation, the political impact of science, the level

of action (local to global), global targets, and methodologies for science-based targets shape the

framework within which EDP operates. These regulatory factors can drive corporate strategy and

necessitate compliance with international environmental goals.

Relevant technology and science, particularly generation technologies and the generation mix, are

crucial for EDP's future operations. The adoption of new technologies and the transition to

renewable energy sources are vital for maintaining competitiveness and achieving sustainability

goals.

Physical risks, such as chronic water shortages and extreme weather events, pose significant

challenges. Water shortages can affect the company's hydroelectric capacity, while heat and cold

waves can increase electricity demand, presenting both risks and opportunities for EDP. Transition

opportunities, including electric mobility, energy efficiency, decentralized production, and

sustainable mobility solutions, present avenues for growth. The shift towards electric vehicles,

energy-efficient solutions, and distributed solar PV generation can provide new business

opportunities and help EDP capture market opportunities during the transition to a low-carbon

economy.

E1.IRO-1_new - Explain the key inputs and constraints of the scenarios used for the 

undertaking's scenario analysis, including their level of detail 

EDP employs a detailed and robust approach to scenario analysis, incorporating various key inputs

and constraints. The scenarios are built from reference scenarios provided by reputable sources

such as Baringa, AFRY, Aurora, IHS, and S&P, and are designed to reflect a range of possible futures,

including both optimistic and pessimistic outcomes. This comprehensive approach ensures that

EDP can capture the full spectrum of potential risks and opportunities.

One of the primary inputs in EDP's scenario analysis is the integration of the International Energy

Agency's (IEA) Net Zero Emissions by 2050 Scenario (NZE). This scenario is used to evaluate the

impact on EDP's business portfolio, considering the company's Business Plan. Internal assumptions

are also employed for demand forecasts and taxation, ensuring that the analysis is tailored to EDP's

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specific context and strategic objectives. The scenario analysis and stress tests are performed

against the current Over the Counter (OTC) scenario, providing a benchmark for comparison.

The rationale for choosing these scenarios is based on their ability to provide a comprehensive

assessment of climate-related physical risks and opportunities. EDP uses the Intergovernmental

Panel on Climate Change (IPCC) scenarios, including RCP 8.5, RCP 4.5, and RCP 2.6, to identify the

most relevant chronic and acute risks and evaluate potential impacts. This approach ensures that

EDP's scenario analysis is grounded in scientifically robust and widely accepted projections.

Furthermore, the scenarios consider macro and microeconomic factors, such as domestic growth

and globalizing markets, which influence the broader economic context in which EDP operates. The

central scenario, for instance, represents substantial progress in renewable power, accounting for

three-quarters of European electricity supply by 2050. However, it acknowledges that this progress

may not be sufficient to achieve net-zero emissions in the energy system by that time, highlighting

the need for continued efforts and innovation.

E1.IRO-1_15 - Explanation of how climate-related scenario analysis has been used 

to inform identification and assessment of transition risks and opportunities over 

short, medium and long-term 

In the short-term, the primary focus is on understanding the immediate implications of potential

transition risks and opportunities, particularly within the context of EDP Group's Business Plan. For

instance, the company evaluates the impact of carbon pricing mechanisms on electricity pool

prices. While EDP Group acknowledges the role of CO2 pricing as a catalyst for decarbonization, it

anticipates a limited direct impact on its operational results due to its minimal reliance on thermal

generation. Additionally, the company analyses the potential consequences of evolving national

legislation on permitting and regulatory requirements, recognizing this as a significant risk that

necessitates careful consideration in its short-term planning.

Looking towards the medium-term, the focus shifts to anticipating the evolution of transition risks

and opportunities, especially concerning governmental actions aimed at achieving carbon neutrality

and the role EDP can play in facilitating this transformation. The company assesses potential new

market opportunities, particularly in emerging countries, driven by the growing demand for

renewable energy. Recognizing this as a significant opportunity, EDP is actively pursuing expansion

into new markets. Furthermore, the company evaluates the implications of technological

advancements in renewable energy and energy storage, acknowledging the necessity to invest in

new technologies to maintain competitiveness and ensure the resilience of its business.

In the long-term, the focus is on understanding the structural risks and opportunities linked to the

global objective of limiting global warming, as outlined in the Paris Agreement. The primary concern

for physical risks and opportunities is resilience. For example, EDP analyses the long-term impact of

climate change on water availability, recognizing the potential for reduced hydroelectric production

due to decreased precipitation. In response, the company has adjusted its portfolio by reducing its

exposure to hydro generation in regions susceptible to significant precipitation declines.

Additionally, EDP evaluates the impact of climate change on the frequency and severity of extreme

weather events, considering the potential damage to electricity distribution assets. To address this

risk, the company has implemented measures to strengthen business continuity, crisis management,

and insurance coverage.

E1.IRO-1_16 \- Explanation of how climate scenarios used are compatible with 

critical climate-related assumptions made in financial statements 

EDP’s prioritization of investment in renewable generation started in 2006, through the anticipation

of major trends in the energy market and the support to the vision of a society capable of reducing

CO2 emissions, by replacing thermal with renewable energy, decentralizing generation, promoting

smart grids and energy storage, and encouraging the demand for renewable electricity.

More recently, under the recent Updated Strategic Plan 2024-2026, EDP reinforced its ambition

even further to reach Net Zero by 2040 by including our Scope 3 emissions in our targets. With a

new baseline year set for 2020, EDP aims to reach net-zero greenhouse emissions across the value

chain by 2040, with ambitious mid-term targets by 2030. These targets have been approved by

SBTi under the Net Zero Standard.

Considering the risks related to climate change and the commitments established under the Paris

Agreement, EDP Group has decided, since 2019, to achieve science-based targets. The last

updated occurred in 2022, with a baseline year set for 2020, EDP aims to reach net-zero emissions

across the value chain by 2040, with ambitious mid-term targets by 2030. The overall goal is to

reduce 90% of scope 1, 2 and 3 emissions by 2040 vs. 2020 with near term targets by 2030. These

targets have been approved by SBTi under the Net Zero Standard, in early 2023, thus being aligned

with the 1.5ºC trajectory, i.e., limiting of global warming to 1.5 °C in line with the Paris Agreement. The

reflection of these commitments in terms of its impact on assets, liabilities and profit and loss are

explicit in the notes to the EDP consolidated and company financial statements.

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E1.MDR-P_01-06 - Policies in place to manage its material impacts, risks and 

opportunities related to climate change mitigation and adaptation

To support the management of material impacts, risks and opportunities related to climate change

mitigation and adaptation, EDP has in place:

Environmental Policy

The Environmental Policy establishes EDP’s vision and commitments regarding the management of

environmental and climate issues, the guiding principles for the ongoing improvement of

environmental performance, in the short and long term, and the foundations for the definition of

objectives and targets for the EDP Group in considering the expectations of stakeholders.

Based on the group's strategic priorities, EDP also makes specific commitments in order to protect

the environment and enhance natural capital:

CLIMATE CHANGE

Achieve carbon neutrality in its activity through:

• increasing its renewable energy portfolio

• ongoing reduction of direct and indirect greenhouse gas emissions

• providing low carbon energy solutions to its customers, promoting electrification of consumption

and energy efficiency

• promote climate adaptation, maximizing the resilience of its assets to climate change.

CIRCULAR ECONOMY

Promoting efficient use of natural resources in its activities, wherever possible, within the framework

of a life-cycle analysis, in particular:

• minimize the use of natural resources necessary to properly carry out its activities

• optimize and efficiently manage internal products and services, promoting a circular economy for

our customers

• maximize the recovery of waste and its reintroduction into the economy as by-products

• pay special attention to the water resource, promoting its sustainable management, either by

minimizing its consumption or by mitigating the impacts on its quality.

BIODIVERSITY

• Contribute to reducing the loss of biodiversity, promoting the mitigation hierarchy, and in the

long-term aim for a net benefit in terms of biodiversity

• Contribute to deepening scientific knowledge of biodiversity and ecosystem services, namely

through the establishment of partnerships.

The Environmental Policy applies to companies fully owned, directly, or indirectly, by the EDP Group

and to companies in which EDP is in a dominant relationship within the limits established in the

Binding Instructions and in the Policies and Procedures in force. The Environmental Policy is also

applicable to entities that provide services at EDP facilities and infrastructures or on behalf of and

representing the companies that make up the EDP Group. EDP will also promote the application of

the principles of this policy among other participants in the value chain, namely suppliers, joint

ventures, customers, or other partners.

The scope of the Environmental Policy is for the group of companies that make up the EDP Group,

however, taking into account the specificities of each of these companies, there may be case-by-

case adaptations to the aforementioned Policy in the following cases:

i. some commitments may not be applicable to the reality of a particular company

ii. specific commitments may be added, given the context in which a company carries out its

activities.

Each of the companies that make up the EDP Group is responsible for communicating to

stakeholders the Environmental Policy and the commitments assumed, as well as the environmental

performance achieved within the specific context of each of them, with the appropriate periodicity

and detail. In the event that the companies that make up the EDP Group identify context-specific

aspects, they must refer to the respective framework within the EDP Group’s Environmental Policy.

The Executive Board of Directors is responsible for approving the Environment Policy and its

successive revisions. The Sustainability Committee is responsible for assessing the proposals

submitted to the Executive Board of Directors. The Sustainability Department is responsible for

monitoring the implementation of the Policy at the group level, as well as any revisions. The Business

Units are responsible for implementing the Policy within the scope of their activity and taking the

initiative of proposing suggestions for changes to the Policy to the Sustainability Department.

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External references for the implementation of the Environmental Policy are ISO 14001:2015; ISO

26000:2010; Global Reporting Initiative; UN Global Compact; ISO 14040:2005/AMD:2020;

Sustainable Development Goals - United Nations 2030 Agenda; OECD Guidelines to Multinational

Enterprises.

Identifying and integrating stakeholder expectations in the environmental performance of the EDP

Group must comply with the Stakeholder Management Methodology Guide in force.

Climate Transition Plan

Sets a baseline of EDP's decarbonization strategy supported mainly by the business plan 23-26

under a broader pathway for a net zero goal in 2040, translated into climate metrics and targets

aiming to reduce in an absolute term its CO2 emissions by 90% against 2020 base year, including

Scope 1, 2 and 3, describes the overall climate governance in place and the strategic levers

identified to align implementation with the overall climate commitments.

The scope of the Climate Transition Plan (CTP) is organization wide.

The General Supervisory Board oversees EDP’s Climate Strategy implementation through its

Corporate Governance and Sustainability Committee. The Executive Board of Directors approves

the CTP and its successive revisions. The IR&ESG Department defines and proposes revisions is

responsible for monitoring the implementation of the CTP at the group level, as well as proposing any

revisions.

Standards that EDP is committed to respect in the implementation of the CTP include TCFD

Guidance on Metrics, Targets and Transition Plans; GHG Protocol Corporate Accounting and

Reporting Standard; SBTi Net-Zero Standard. Progress is also tracked against internationally

recognized frameworks and regulations such as CDP, SFDR, GRI Standards, SASB, TCFD and the

EDP Green Finance Framework (per ICMA GBP 2021, LMA GLP 2021 rules and EU Taxonomy),

beyond the CSRD/ESRS.

EDP has in place an internal climate risk management governance model, integrated into the overall

risk management process, to annually review and inform EDP’s strategy resilience to climate

change. This process is aligned with TCFD recommendations and ensures an adequate assessment

of potential risks and opportunities of business evolution within its Platforms. The process is co-led

by the Risk and Sustainability corporate units, with the collaboration of the Energy Planning

corporate unit, and supported by a team of specialised interlocutors of the different Platforms (risk-

officers, sustainability officers and energy planning areas). It is divided into three phases: 1)

validation of EDP’s climate taxonomy; 2) alignment with climate scenarios; 3) quantification by BU

and calculation of an aggregate Climate Value@Risk.

Risk Management Policy

This policy establishes the risk management principles, structure, governance and responsibilities in

the EDP Group.

Corporate Risk Management, which includes a set of practices for the identification, measurement,

processing and reporting of key risks, is an integral part of the management style required by the

group for its employees, in line with good international risk governance practices, in accordance with

legal and regulatory requirements and meeting the expectations and demands of the group's

internal and external stakeholders.

The deployment of an effective risk management policy seeks:

• to contribute to the constant creation of value for the company, by meeting the expectations of

internal and external stakeholders

• to adopt a position of leadership in this area in line with the vision, values and commitments

expressed by the EDP Group

• to ensure that internal and external requirements are met in the area of corporate governance,

control and reporting.

To this end, the EDP Group seeks to maintain a risk management culture in all decision making and

at all functional and management levels. The implementation of Corporate Risk Management is

supported by a set of principles, structure and processes that enable:

• the identification, analysis and evaluation of risks and their processing, which may lead to the

adoption of one or more of the following options: accepting the risk, increasing exposure in order

to take advantage of an opportunity, avoiding the risk, reducing its probability or impact and/or

sharing the risk (using hedging operations or through insurance, for example)

• reporting, reviewing and continuous improvement in risk management

• including risk management responsibilities in overall management.

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EDP Group risk management policy principles:

• Risk management is an integral part of standard business practice and is the responsibility of

everyone, from the Executive Board to the individual employee. Everybody is responsible for

understanding the risks in their area of operation and for managing them as an integral part of

their delegated duties, skills and responsibilities.

• EDP manages its significant risks as a portfolio, through optimization of the risk/return ratio

cutting across all business areas, in light of the value creation and distinction of the group in its

markets of operation.

• EDP seeks to ensure that risk management constantly improves in order to reflect EDP's changing

needs over time and to remain compliant with best international risk management practices.

• EDP promotes timely and systematic risk management that is fully integrated in its most

important business and decision-making processes, particularly as an element of strategic

development, investment decisions, the business plan and operations management, in order to

ensure stability of results and the development of optimized response capabilities and changes in

context and opportunity. Assessment of risks and the adoption of measures for their

management and control are based on the availability of better information on the date of the

decision-making process.

• EDP's risk management is transparent and involves all internal and external stakeholders, to

ensure input into decisions taken from all levels of responsibility in the organisation, ensuring

compliance and building a climate of trust.

• Local and/or functional risk management policies and procedures will be consistent with this

corporate policy. Furthermore, all local and/or functional policies and procedures shall facilitate

the aggregation, consolidation and revision at corporate level of all significant risks.

• The executive management bodies of the EDP Group companies are responsible for establishing

the risk tolerance applicable to their scale, business and functions, always in line with the risk

profile defined for the group by the Executive Board at strategic level, which expresses the

appetite for risk, and at tactical level, by setting overall aggregate risk tolerance levels.

References regarding the Risk Management Policy include: ISO 31000:2013 Risk Management

Standard - Principles and Guidelines; COSO-ERM - Enterprise Risk Management Framework; OS

9/2022/CAE, September 6th, Organisational Model of the EDP Group.

The Executive Board of Directors is the highest body responsible for the decision and control of risk

management and is responsible for setting the EDP Group's risk management objectives and

policies.

Sustainable Procurement Policy

This Policy applies to the EDP Group and aims:

i. compliance with laws and regulations in force and internal governance procedures applicable

to the activity of the interested stakeholders

ii. adoption of a responsible environmental policy that respects the environment by mitigating the

adverse impact of the business activities

iii. equal, transparent and impartial treatment, ensuring advantageous dialogue and respect for

the commitments mutually made

iv. making adequate consultation and communication channels available to all stakeholders

v. adopting high moral and ethical standards and acting with integrity, based on the EDP Group

Code of Ethics, abstaining from any practices of bribery, corruption, extortion or fraud

vi. confidentiality of all shared information, ensuring its non-transmission to others and respect

between the parties involved

vii. elimination of conflicts of interest that undermine objectivity and independence in decision-

making

viii. promotion of respect for dignity and human rights and rejection of any form of forced labour or

child labour, harassment, discrimination, abuse or other types of physical or psychological

violence

ix. satisfaction of the requirements concerning occupational safety, hygiene and health

x. support for the economic development of local communities in which the group operates

xi. foster continuous improvement, innovation and the sharing of best practices in efficiency,

quality of goods or services and the proposal of new market solutions/opportunities.

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The Executive Board of Directors approves the Sustainable Procurement Policy and is responsible

for its implementation.

Supplier Code of Conduct

The EDP Supplier Code of Conduct applies to entities that supply or intend to supply goods and

services to any of the EDP Group companies (hereafter “Supplier” or “Suppliers”), which is deemed to

be the group of companies in a control or group relationship with EDP, regardless of whether their

headquarters are in Portugal or another country.

Approval and compliance with the Code of Conduct is a contractual obligation. It is a binding annex

of the bidding documents for EDP Group procurement as well as in contracts for the supply of

services or sale of goods, to be signed by the supplier and any EDP Group company. The contracts to

be signed by the EDP Group and Suppliers shall envisage that in case of serious or systematic

breach of this code, the EDP Group may terminate the contractual relationship.

Suppliers should promote the adoption of sustainability policies in procurement and make the best

efforts to ensure that levels of demand equivalent to those of this Code are also respected in their

own supply chains.

Suppliers of the EDP Group agree to a number of commitments, taking as reference the principle of

highest demand, including the following Environmental commitments:

i. comply with national legislation and international standards for environmental protection, and

obtain the environmental certifications required for their business activities

ii. identify, monitor and mitigate the environmental risks and impacts of their activities, products,

materials and means of transport, promoting continuous improvement and conserving the

environment

iii. promote the continuous streamlining of the consumption of energy and natural resources and

the reduction of emissions and waste generated by the business activity

iv. comply with the EDP Group’s environmental requirements when acting on EDP Group premises

or facilities or acting on behalf of the EDP Group.

The Executive Board of Directors approves the Supplier Code of Conduct and is responsible for its

implementation.

Circular Economy Strategy

EDP’s Circular Economy Strategy aims to:

• identify opportunities: more efficiency, new ways of managing resources, new products, new

services

• manage emerging regulatory risk

• communicate good practices aligning them with the growing expectations of society.

Circular Economy approach is extended beyond EDP's activities throughout its value chain,

promoting efficiency, reducing resource consumption, and contributing to the reduction of

greenhouse gas emissions.

EDP’s Circular Economy Strategy aims to build a global vision that can guide circularity practices

across all Platforms with an organization wide scope.

EDP’s Circular Economy Strategy integrates 6 Guiding Principles; 1 Vision; 7 Axes of Action and each

BU develops their operational Action Plan.

Guiding principles:

i. adopt a systemic approach: from a perspective where the entire value chain is involved and

has a role in managing the externalities arising from their activity

ii. build alliances: build structural alliances with different stakeholders, seeking to promote the

transition to more circular models through collaboration

iii. optimise resource utilisation: promote the extension of the lifespan of resources so that they

remain in the production cycle for as long as possible

iv. promote innovation: promote the creation of innovative solutions in new business models that

promote circularity in products and services, as well as in production processes and materials

used

v. promote efficiency in the value chain: encourage the efficient use of resources, seeking

solutions to reduce their consumption, and working with the value chain to build new solutions

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vi. ensure transparent communication: commit to communicating the circularity of products and

services provided in a transparent manner to stakeholders, also promoting awareness in the

value chain.

EDP’ Axes of action

• Efficiency in the use of resources and materials - Promote the reduction of inputs of resources

and materials and reduction of waste outputs.

• Product Longevity - Promote solutions that extend the product lifecycle, including modular

design solutions, which allow the product to be easily disassembled and their components

replaced, remanufactured, repaired, updated.

• Digitalisation - Integrate digital solutions that through technology and data allow

dematerializing processes and reducing the consumption of materials and resources, but also

supporting the construction of new business models (product as a service).

• Resource valorisation - Promote the valorisation of waste materials at the end of life, focusing

on their "second life" after the original purpose, namely through the creation of symbiosis with

other sectors of activity, recycling, energy recovery, etc.

• New business models - Promote the construction of new business models that allow the

introduction of different circularity levels in the products and services provided to the customer,

such as the life cycle extension, models as a service, efficiency, sharing, etc.

• Circular Supplies - Promote circularity practices, such as: replacing materials and products with

longer-lasting, recycled, reused ones; labelling of products identifying their circularity; but also

the inclusion of criteria in purchases.

• Influence and awareness - Ensure the company's responsibility for the products, materials and

assets it produces and manages/uses. Responsibility to influence the value chain to leverage the

circularity in its products, services and choices.

With the aim of implementing the Circular Economy Strategy throughout the group, EDP has created

a cross-cutting program for circularity - Close the Loop | promote Circular Economy for a

regenerative business - which establishes a roadmap until 2025. The Close the Loop program aims

to promote the implementation of a Circular Economy, optimizing the consumption and use of

resources, equipment, products, and services, while minimizing the loss of materials and energy.

This program is structured into 4 work streams, for which working groups, composed of different

Business Units, have been formed.

i. Monitoring - Enable BU’s to measure circularity of its projects, activities, products and

services, identify gaps and establish measures to improve circularity

ii. Suppliers - Establish a set of Circularity improvement recommendations for suppliers and

specific criteria to integrate in EDP purchases (includes EPD, LCA, etc.)

iii. Training - Design and implement a training program for EDP specific functions

iv. Wind and Solar –Establish Circular Economy guidelines to implement in all life-cycle stages of

EDP renewable energy projects (from project design to dismantlement).

The General Supervisory Board (GBS) monitors and appreciate issues related to sustainability and

respective compliance. The Executive Board of Directors approves the Circular Economy Strategy

and its subsequent revisions. The IR&ESG Department defines and proposes revisions is responsible

for monitoring the implementation of the strategy at the group level, as well as proposing any

revisions.

E1-2_01 - Sustainability matters addressed by policy for climate change 

EDP’s policies addresses the following areas as described in E1.MDR-P_01-06:

• climate change mitigation is addressed by Environmental Policy, Climate Transition Plan, Risk

Management policy, Sustainable Procurement Policy, Supplier Code of Conduct, Circular

Economy Strategy

• climate change adaptation is addressed by Environmental Policy and Climate Transition Plan,

Risk Management policy

• energy efficiency is addressed by Environmental Policy

• renewable energy deployment is addressed by addressed by Environmental Policy and Climate

Transition Plan.

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E1.MDR-A_01-12 - Actions and Resources related to climate change mitigation and 

adaptation

EDP discloses information on the key actions related to climate change mitigation, as well as their

progress. The following actions are a part of EDP’s Climate Transition Plan, that defines the strategy

and actions to reach the Net Zero target by 2040.

| | | |   
---|---|---|---|---  
MITIGATION LEVER | ACTIONS | IMPACTED SCOPES | IMPLEMENTATION  TIMELINE| SCOPE OF ACTION  
0% thermal  generation| Exit from coal-fired  generation| Scope 1 | 2025 | Own operations  
0% thermal  generation| Exit from gas-fired  generation| Scope 1 | 2030 | Own operations  
Increase renewable  generation| ≈23 GW of renewable  installed capacity by 2026| | 2026 | Own operations  
Increase renewable  generation| 250 MW of H2  electrolysers| | 2026 | Own operations  
Distribution power  losses| Continue investment on  reduction of distribution technical losses| Scope 2 | 2030-2040 | Own operations  
Distribution power  losses| 100% smart meters  installed in Iberia| Scope 2 | 2025 | Own operations  
Distribution power  losses| Support systems'  decarbonisation targets| Scope 2 | 2030-2040 | External/Policy  
Distribution power  losses| Advocate for efficient  incentives for reduction of distribution power losses| Scope 2 | 2030-2040 | External/Policy  
Gen-retail imbalance  (Electricity Retail)| Investment in PPAs for  renewable supply to clients| Scope 3 | 2030-2040 | Own operations  
Gen-retail imbalance  (Electricity Retail)| Cover part of the client  portfolio with EACs| Scope 3 | 2030-2040 | Upstream value chain  
Supply chain | Continue the work on  green(er) procurement| Scope 3 | 2030-2040 | Upstream value chain  
Supply chain | Support suppliers'  decarbonisation path| Scope 3 | 2030-2040 | Upstream value chain  
Supply chain | Work with suppliers for  product specific emissions data| Scope 3 | 2030-2040 | Own operations +  Upstream value chain  
Supply chain | Incentivise greener  supply chains globally| Scope 3 | 2030-2040 | External/Policy  
  
| | | |   
---|---|---|---|---  
MITIGATION LEVER | ACTIONS | IMPACTED SCOPES | IMPLEMENTATION  TIMELINE| SCOPE OF ACTION  
Minimise Natural Gas  Retail| Optimise gas retail  portfolio (e.g. client electrification)| Scope 3 | 2030-2040 | Own operations +  Downstream value chain  
Minimise Natural Gas  Retail| Negotiate increase of  incentives for consumers' electrification| Scope 3 | 2030-2040 | External/Policy  
Minimise Natural Gas  Retail| Engage with gas  consumers to promote gas alternatives/electrification| Scope 3 | 2030-2040 | External/Policy  
  
EDP is disclosing the expected results of these actions grouped by mitigation lever in E1-3_04.

Regarding climate change adaptation, EDP is advancing with the adoption of plans in all regions

and business units exposed to significant climate risks, aiming at ensuring the resilience of

generation and T&D infrastructures that may be exposed to extreme events of increasing intensity

and frequency.

The current Business Plan 2024-2026 details the resources needed to carry out these actions: EDP

will invest €17Bn, 80% of which in renewables, clients and energy management, and 20% in

networks. The proceeds of financing instruments like green bonds, green loans and sustainability-

linked loans contribute substantially to the implementation of EDP’s Climate Transition Plan and to

reach our decarbonisation objectives. EDP also discloses resource information under the EU

Taxonomy that shows the allocation of resources embedded in our decarbonisation strategy: as

reported under E1-1_04.

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E1-3_01 - Decarbonisation lever type / E1-3_03 - Achieved GHG emission 

reductions / E1-3_04 - Expected GHG emission reductions

EDP identified the main emissions mitigation levers allowing to accomplish the transition plan and

meet the targets.

| | | | | |   
---|---|---|---|---|---|---  
MITIGATION LEVER | IMPACTED  SCOPES| SCOPE OF  ACTION| ACHIEVED EMISSIONS REDUCTIONS VS 2020 [tCO2e]| ACHIEVED  EMISSIONS REDUCTIONS VS 2020 [%]| EXPECTED  EMISSIONS REDUCTIONS BY 2030 [%]| EXPECTED  EMISSIONS REDUCTIONS BY 2040 [%]  
0% thermal generation | Scope 1 | Own  operations| 7,840,276 | -85 | -100 | -100  
Increase renewable  generation| Not applicable | Own  operations| Not applicable | Not applicable | Not applicable | Not applicable  
Distribution power losses | Scope 2 | Own  operations| 363,661 | -64 | Approx. (50)% | Approx. (50)%  
Gen-retail imbalance  (Electricity Retail)| Scope 3 | Own  operations| No reduction | NA | Approx. (45)% | Approx. (90)%  
Supply chain | Scope 3 | Upstream  value chain| No reduction | NA  
Minimise Natural Gas  Retail| Scope 3 | Own  operations + Downstream value chain| 1,567,617 | -65 | -45 | -90  
  
EDP’s Net Zero commitment approved by SBTi does not require offsetting emissions before 2040 in

line with the Net Zero Standard. By 2040 onwards EDP will need to offset residual emissions2, which

cannot be mitigated, through carbon removals, being them nature-based or technology-based.

While international and national rules are not completely stabilised and credibility standards are

taking shape, EDP is already assessing the business case/strategy for offsetting residual emissions

in line with the SBTi Net Zero Standard, to ensure that the use of carbon credits is done in compliance

with the credibility and additionally requirements.

E1-3_05 - Explanation of extent to which ability to implement action depends on 

availability and allocation of resources

According to the current business plan 2024-2026, EDP will invest €17Bn, 80% of which in

renewable deployment, energy management and clients, and the remaining 20% in smart grids. Our

transition plan is financed through an asset rotation mechanism, as well as through sustainable

finance. EDP has been actively involved in sustainable finance since 2018, through the issuance of

green bonds and, more recently, of sustainability-linked loans that include the attainment of specific

KPIs.

E1-3_06 - Explanation of relationship of significant CAPEX and OPEX required to 

implement actions taken or planned to relevant line items or notes in financial 

statements 

For CAPEX, please refer to the following financial statements and notes: note 17 “Property, plant and

equipment”, note 19 “Intangible assets” and note 51 “Operating segments”, Table “Reconciliation of

information between Operating Segments and Financial Statements“, item “Total Operating

Investment of EDP Group“.

For OPEX, the taxonomy maintenance and repair costs were allocated to eligible activities in

proportion to each activity’s overall operating costs. The mentioned costs correspond to the

following financial statement items of the note 9 "Supplies and services": “Maintenance and repairs”,

part of the items “Travelling and communications” and “Specialized works”.

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E1-3_07 - Explanation of relationship of significant CAPEX and OPEX required to 

implement actions taken or planned to key performance indicators required under 

Commission Delegated Regulation (EU) 2021/2178

EDP has been publishing a Taxonomy report for 2 years. To comply with the requirements of the

CSRD, EDP started reporting the key performance indicators (Article 8 of the taxonomy regulation) in

the Sustainability Statement, where it demonstrates to what extent the activities it develops are or

are not aligned with the taxonomy. In this Statement, EDP presents all the necessary information to

comply with the taxonomy regulation, particularly Articles 10-15, 17, and 18.

E1-3_08 - Explanation of relationship of significant CAPEX and OPEX required to 

implement actions taken or planned to CAPEX plan required by Commission 

Delegated Regulation (EU) 2021/2178

In determining its sustainable CAPEX, EDP considered the investment of its assets aligned with the

taxonomy, as well as investments under the current Business Plan and the transition plan.

E1.MDR-T_01-13 - Tracking effectiveness of policies and actions through targets

EDP has set measurable time-bound, relative and absolute climate targets approved by the Science

Based Target initiative under the Net-Zero standard with a Climate Transition Plan setting the

effectiveness of actions towards meeting the overall Net Zero by 2040 target:

• Near-Term Targets (2030) - from a 2020 base year:

i. reduce scope 1 and 2 GHG emissions 95% per MWh generated electricity by 2030 (relative)

ii. reduce scope 1 and 3 GHG emissions from all sold electricity 80% per MWh by 2030 (relative)

iii. reduce absolute scope 3 emissions from use of sold products 45% by 2030 (absolute)

iv. reduce all other absolute scope 3 GHG emissions 45% by 2030 (absolute).

• Long-Term Targets (2040) - from a 2020 base year:

i. reduce scope 1 and 2 GHG emissions 96% per MWh generated electricity by 2040 (relative)

ii. reduce scope 1 and 3 GHG emissions from all sold electricity 95% per MWh by 2040 (relative)

iii. reduce absolute scope 3 emissions from use of sold products 90% by 2040 (absolute)

iv. reduce all other absolute scope 3 GHG emissions 90% by 2040 (absolute).

These targets were developed by the IR&ESG team, being approved by the EBD before submission

to SBTi. They followed a verification process with an internal technical SBTi team to guarantee that

the submitted targets were in compliance with the requirements of the Corporate Net Zero Standard.

These targets cover all of EDP's activities and business units operations in all geographies, as

developed in BP-1_03, with no exclusions. By having targets set on all scopes, EDP's guarantees that

both the upstream and downstream value chain activities are also covered.

EDP tracks and reports its GHG emissions in accordance with the GHG Protocol Corporate

Accounting and Reporting Standard. EDP reports on the trajectory of the 3 scopes of emissions and

performance against the climate targets under E1-4_02 to E1-4_17.

E1-4_01 - Disclosure of whether and how GHG emissions reduction targets and (or) 

any other targets have been set to manage material climate-related impacts, risks 

and opportunities

To manage the material climate change impacts, risks and opportunities EDP has set targets

focusing primarily on decarbonization, with the support of a strategy to increase renewable

generation, contributing for climate change mitigation.

For this, EDP has set emissions reduction targets both for near-term (2030) and long-term (2040),

as well as a Net Zero target by 2040, that have been approved by the SBTi. By having set the targets

following the Corporate Net Zero Standard and the Power Sector guidance from the SBTi, EDP

guarantees the alignment with the 1.5ºC trajectory, i.e., limiting of global warming to 1.5°C in line with

the Paris Agreement. These targets cover all scopes of emissions (Scope 1, Scope 2 and Scope 3)

and are the main pillar of EDP's Climate Transition Plan.

1 EDP's GHG emissions inventory used to set targets include the following gases: CO2, CH4, SF6, N2O. For those, the GWP reference used is IPCC Fifth Assessment Report (AR5 - 100 years).

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E1-4_02 - Tables: Multiple Dimensions (baseline year and targets; GHG Types, Scope 3 Categories, Decarbonisation levers, entity-specific denominators for intensity value)/ 

E1-4_03 - Absolute value of total Greenhouse gas emissions reduction/ E1-4_04 - Percentage of total Greenhouse gas emissions reduction (as of emissions of base year)/ 

E1-4_06 - Absolute value of Scope 1 Greenhouse gas emissions reduction/ E1-4_07 \- Percentage of Scope 1 Greenhouse gas emissions reduction (as of emissions of base year)/ 

E1-4_08 - Intensity value of Scope 1 Greenhouse gas emissions reduction/ E1-4_09 - Absolute value of location-based Scope 2 Greenhouse gas emissions reduction/ E1-4_10 - 

Percentage of location-based Scope 2 Greenhouse gas emissions reduction (as of emissions of base year)/ E1-4_11 - Intensity value of location-based Scope 2 Greenhouse gas 

emissions reduction/ E1-4_15 - Absolute value of Scope 3 Greenhouse gas emissions reduction/ E1-4_16 - Percentage of Scope 3 Greenhouse gas emissions reduction (as of 

emissions of base year)

| | | | | | | |   
---|---|---|---|---|---|---|---|---  
TARGET 1| TARGET FORMULA | UN | BASE YEAR - 2020 | 2024 | VAR. vs 2020 (%) | VAR. vs 2020 (Abs) | TARGET 2030 | TARGET 2040  
S1+S2 | (Scope 1 + Scope 2 emissions)/ Electricity generated | gCO2eq/kWh| 157 | 29 | -81.3| -128 | -95 | -96  
Scope1 | | tCO2eq| 9,304,139 | 1,458,323 | -84.3| -7,845,817 | NA | NA  
Scope2 (location-based) | | tCO2eq| 594,401 | 233,481 | -60.7| -360,919 | NA | NA  
Electricity generated | | MWh | 63,122,000 | 57,573,025 | NA | NA | NA | NA  
S3 | | tCO2eq| 9,594,686 | 9,540,559 | -0.6| -54,127 | -45 | -90  
S1+S3C3 (All sold electricity) | (Scope1 Stationary Combustion + scope3 Category 3 from  electricity that is purchased and sold)/ All sold electricity | gCO2eq/kWh| 126 | 47 | -62.8| -79 | -80 | -95  
Scope 1 Stationary  Combustion| | tCO2eq| 9,273,373 | 1,433,097 | -84.5| NA | NA | NA  
Scope 3 Category 3  Electricity that is purchased and sold| | tCO2eq| 2,209,907 | 2,961,966 | 34.0| NA | NA | NA  
Electricity that is purchased  and sold | | MWh | 27,897,187 | 36,026,176 | 29.1| NA | NA | NA  
All Sold electricity (Electricity generated +  Electricity that is purchased and sold) | | MWh | 91,019,187 | 93,599,201 | 2.8| NA | NA | NA  
S3C11 (Use of sold products) | | tCO2eq| 2,405,104 | 837,487 | -65.2| -1,567,617 | -45 | -90  
S1+S2+S3 (Net Zero) | | tCO2eq| 19,493,226 | 11,232,363 | -42.4| -8,260,863 | NA | -90  
  
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E1-4_05 - Intensity value of total Greenhouse gas emissions reduction / E1-4_12 - 

Absolute value of market-based Scope 2 Greenhouse gas emissions reduction / 

E1-4_13 - Percentage of market-based Scope 2 Greenhouse gas emissions 

reduction (as of emissions of base year) / E1-4_14 - Intensity value of market-

based Scope 2 Greenhouse gas emissions reduction / E1-4_17 - Intensity value of 

Scope 3 Greenhouse gas emissions reduction

EDP is not reporting this information because it does not apply to the emission reduction targets set.

E1-4_18 - Explanation of how consistency of GHG emission reduction targets with 

GHG inventory boundaries has been ensured 

EDP’s GHG emission reduction targets cover Scope 1, 2, and 3 emissions. All targets are evaluated

using the financial control consolidation method, with no exclusions, ensuring consistency with

EDP's GHG inventory boundaries.

E1-4_19 - Disclosure of past progress made in meeting target before current base 

year 

Base year: 2020

Baseline emissions value prior to re-baselining, that was used for target setting purposes:

• scope 1: 9,304,139 tCO2e

• scope 2 (location based): 594,401 tCO2e

• scope 3: 9,594,686 tCO2e

• all scopes: 19,493,266 tCO2e.

Baseline emissions value after re-baselining (not yet reflected in decarbonisation targets):

• scope 1: 5,576,472 tCO2e

• scope 2 (location based): 594,401 tCO2e

• scope 3: 10,913,308 tCO2e

• all scopes: 17,084,181 tCO2e.

E1-4_20 - Description of how it has been ensured that baseline value is 

representative in terms of activities covered and influences from external factors 

The 2020 baseline provides an accurate representation of EDP's current strategy, allowing for more

precise tracking of emissions reduction and progress towards the targets. It is aligned with the most

recent and accurate data, reflecting the company's current emissions profile and the latest scientific

understanding of climate change, and it accounts for recent changes in EDP's operations, including

the expansion of renewable energy capacity and other sustainability initiatives, providing a more

relevant starting point for measuring future reductions.

The 2020 baseline value was used for target definition under SBTi's Net Zero Standard and it was

subjected to SBTi's validation process.

E1-4_21 - Description of how new baseline value affects new target, its 

achievement and presentation of progress over time 

Due to the divestment from coal, the new baseline emissions are lower than the ones used to set the

decarbonisation targets. As such, this change will have impacts on the emissions reduction

trajectory and on the decarbonisation path towards Net-Zero.

According to SBTi’s guidelines, the baseline recalculation that took place in 2024 will require that

the near- and long-term targets be revisited. This process is yet to be started with SBTi, given that

the new baseline is only now being reported. Until the target revision process is started and then

concluded, the current emissions reduction targets remain applicable.

E1-4_22 - GHG emission reduction target is science based and compatible with 

limiting global warming to one and half degrees Celsius

EDP has set both for near-term (2030) and long-term (2040), as well as a Net Zero target by 2040.

Our targets have been approved by the Science Based Target initiative under the Net-Zero

standard, thus being aligned with the 1.5ºC trajectory, i.e., limiting of global warming to 1.5 °C in line

with the Paris Agreement. The targets were set the Power Sector guidance from the SBTi and cover

all scopes of emissions (Scope 1, Scope 2 and Scope 3).

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E1-4_23 - Description of expected decarbonisation levers and their overall 

quantitative contributions to achieve GHG emission reduction target

EDP identified the main levers allowing to accomplish the transition plan and meet the targets:

| | | | | |   
---|---|---|---|---|---|---  
MITIGATION LEVER | IMPACTED  SCOPES| SCOPE OF  ACTION| ACHIEVED  EMISSIONS REDUCTIONS VS 2020 [TCO2E]| ACHIEVED  EMISSIONS REDUCTIONS VS 2020 [%]| EXPECTED  EMISSIONS REDUCTIONS BY 2030 [%]| EXPECTED  EMISSIONS REDUCTIONS BY 2040 [%]  
0% thermal generation | Scope 1 | Own  operations| 7,840,276 | -85 | -100 | -100  
Increase renewable  generation| Not applicable | Own  operations| Not applicable | Not applicable | Not applicable | Not applicable  
Distribution power losses | Scope 2 | Own  operations| 363,661 | -64 | Approx. (50)% | Approx. (50)%  
Gen-retail imbalance  (Electricity Retail)| Scope 3 | Own  operations| No reduction | NA | Approx. (45)% | Approx. (90)%  
Supply chain | Scope 3 | Upstream  value chain| No reduction | NA  
Minimise Natural Gas  Retail| Scope 3 | Own  operations + Downstream value chain| 1,567,617 | -65 | -45 | -90  
  
E1-4_24 - Diverse range of climate scenarios have been considered to detect 

relevant environmental, societal, technology, market and policy-related 

developments and determine decarbonisation levers

The Executive Board of Directors plays a central role in approving the EDP Group's Business Plan, as

well as in its execution, forecasting the decarbonisation path, supported by a global risk

management process aligned with different climate scenarios. Before approval, the sustainability

strategy is prepared by the Investor Relations & ESG (IR&ESG) Global Unit, supported by the Risk and

Energy Planning Departments. In addition, with the involvement of the main Business Units, the

Sustainability Committee discusses the proposed sustainability strategy before it is approved.

The decarbonisation levers identified by EDP are connected to its activities with relevant impact in

terms of emissions as disclosed in E1-3_01. These decarbonisation levers will be applied to reach the

near- and long-term decarbonisation targets, submitted and approved under the SBTi Net Zero

Standard and the Power Sector guidance. As so, the climate scenario considered was aligned with

the 1.5ºC trajectory, i.e., limiting of global warming to 1.5 °C in line with the Paris Agreement.

1 A part of the total energy consumption, specifically, the electricity consumptions of 49 EDPR parks for which EDP did not have the real consumptions. To estimate, EDP considered a factor of MWh consumed per MWh generated, per technology, based on all other parks for which it had information. This factor was then 

applied to the electricity generation from those 49 parks.

2 The calculation of energy consumption from nuclear sources considers the electricity mix of each geography and the % of nuclear energy in that mix. For Portugal, Spain, and Brazil the consumption is supplied by EDP Group companies that do not have nuclear-origin electricity in their mix.

3 EDP conservatively opted to report this value as zero, as there were no sufficient nor clear information on how much of the electricity consumption was covered by contracts with green certificates (RECs or Guarantees of Origin).

4 To report on this indicator, EDP is considering its renewable generation mix for consumptions that are supplied by EDP Group companies.

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E1-5_01 \- Total energy consumption related to own operations / E1-5_02 - Total 

energy consumption from fossil sources / E1-5_03 - Total energy consumption 

from nuclear sources / E1-5_05- Total energy consumption from renewable 

sources / E1-5_06 - Fuel consumption from renewable sources / E1-5_07- 

Consumption of purchased or acquired electricity, heat, steam, and cooling from 

renewable sources / E1-5_08 - Consumption of self-generated non-fuel 

renewable energy / E1-5_10 - Fuel consumption from coal and coal products / 

E1-5_11 - Fuel consumption from crude oil and petroleum products / E1-5_12 - Fuel 

consumption from natural gas / E1-5_13 - Fuel consumption from other fossil 

sources / E1-5_14 - Consumption of purchased or acquired electricity, heat, steam, 

or cooling from fossil sources

| |   
---|---|---  
ENERGY CONSUMPTION 1| UN | 2024  
Total Energy consumption | MWh | 9,375,061  
From fossil sources | MWh | 7,193,275  
Fuel consumption from coal and coal products | MWh | 1,040,209  
Fuel consumption from crude oil and petroleum products | MWh | 57,909  
Fuel consumption from natural gas | MWh | 5,376,488  
Fuel consumption from other fossil sources | MWh | 0  
Consumption of purchased or acquired electricity, heat, steam, or cooling from fossil  sources| MWh | 718,669  
From nuclear sources 2| MWh | 9,924  
From renewable sources | MWh | 2,171,862  
Fuel consumption from renewable sources | MWh | 1,869  
Consumption of purchased or acquired electricity, heat, steam, and cooling from  renewable sources 3| MWh | 0  
Consumption of self-generated non-fuel renewable energy 4| MWh | 2,169,993  
  
E1-5_04 - Percentage of energy consumption from nuclear sources in total energy 

consumption / E1-5_09 - Percentage of renewable sources in total energy 

consumption / E1-5_15 - Percentage of fossil sources in total energy consumption

| |   
---|---|---  
ENERGY CONSUMPTION | UN | 2024  
Fossil sources in total energy consumption | % | 76.73  
Energy consumption from nuclear sources | % | 0.11  
Renewable sources in total energy consumption | % | 23.17  
  
E1-5_16- Non-renewable energy production / E1-5_17 - Renewable energy 

production

| |   
---|---|---  
ENERGY PRODUCTION | UN | 2024  
Non-renewable | MWh | 2,861,564  
Renewable | MWh | 54,617,797  
  
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E1-5_18 \- Energy intensity from activities in high climate impact sectors (total 

energy consumption per net revenue) / E1-5_19 - Total energy consumption from 

activities in high climate impact sectors / E1-5_22 - Net revenue from activities in 

high climate impact sectors

| |   
---|---|---  
ENERGY INTENSITY BASED NET REVENUE | UN | 2024  
Total energy consumption from activities in high climate impact sectors | MWh | 9,375,061  
Net revenue from activities in high climate impact sectors | €m | 14,966  
Total energy consumption from activities in high climate impact sectors per net revenue  from activities in high climate impact sectors|  MWh/€m | 626  
  
E1-5_20 \- High climate impact sectors used to determine energy intensity 

All of EDP’s activity falls under the Energy sector, which is classified as a high climate impact sector.

As such, we use all of EDP’s energy consumption and net revenue to determine the energy intensity.

E1-5_21 \- Disclosure of reconciliation to relevant line item or notes in financial 

statements of net revenue from activities in high climate impact sectors

Net revenue used is the 1st item of the Consolidated Income Statement (Revenues from energy sales

and services and other) and note 7.

1 EDP's GHG emissions inventory include the following gases: CO2, CH4, SF6, N2O. For those, the GWP reference used is IPCC Fifth Assessment Report (AR5 - 100 years).

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E1-6_01 \- Gross Scopes 1, 2, 3 and Total GHG emissions - GHG emissions per scope / E1-6_02 - Gross Scopes 1, 2, 3 and Total GHG emissions - financial and operational control/ 

E1-6_03 - Disaggregation of GHG emissions - by country, operating segments, economic activity, subsidiary, GHG category or source type / E1-6_04 - Gross Scopes 1, 2, 3 and 

Total GHG emissions - Scope 3 GHG emissions (GHG Protocol) / E1-6_06 - Gross Scopes 1, 2, 3 and Total GHG emissions - total GHG emissions - value chain / E1-6_07 - Gross 

Scope 1 greenhouse gas emissions / E1-6_08 - Percentage of Scope 1 GHG emissions from regulated emission trading schemes / E1-6_09 - Gross location-based Scope 2 

greenhouse gas emissions / E1-6_10 - Gross market-based Scope 2 greenhouse gas emissions / E1-6_11 - Gross Scope 3 greenhouse gas emissions / E1-6_12 - Total GHG 

emissions location based / E1-6_13 - Total GHG emissions market based

| | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---  
| | RETROSPECTIVE | MILESTONES AND TARGET YEARS  
| UN | 2020 | 2023 | 2024 | 2024 Vs 2020 | 2024 Vs 2023 | 2025 | 2030 | 2040 | 2050 | Annual % target /  Base year  
Scope 1 GHG emissions | | | | | | | | | | |   
Gross Scope 1 GHG emissions | ktCO2eq| 9,304.14 | 4,275.85 | 1,458.32 | -7,845.82 | -2,817.52 | NA | NA | NA | NA | NA  
Percentage of Scope 1 GHG emissions from regulated emission trading schemes | % | 80.14 | 97.67 | 98.27 | 18.13 | 0.60 | NA | NA | NA | NA | NA  
Scope 2 GHG emissions | | | | | | | | | | |   
Gross location-based Scope 2 GHG emissions | ktCO2eq| 594.40 | 287.65 | 233.48 | -360.92 | -54.17 | NA | NA | NA | NA | NA  
Gross market-based Scope 2 GHG emissions | ktCO2eq| 573.86 | 261.52 | 233.56 | -340.29 | -27.96 | NA | NA | NA | NA | NA  
Significant scope 3 GHG emissions | | | | | | | | | | |   
Total Gross indirect (Scope 3) GHG emissions | ktCO2eq| 9,594.69 | 8,062.69 | 9,540.56 | -54.13 | 1,477.87 | NA | 5,300.00 | 1,000.00 | NA | 4.50  
1\. Purchased goods and services | ktCO2eq| 1,115.54 | 602.08 | 531.84 | -583.70 | -70.23 | NA | NA | NA | NA | NA  
2.Capital goods | ktCO2eq| 1,877.83 | 2,617.70 | 3,218.20 | 1,340.37 | 600.50 | NA | NA | NA | NA | NA  
3\. Fuel and energy-related Activities (not included in Scope1 or Scope 2) | ktCO2eq| 4,131.49 | 3,761.28 | 3,367.21 | -764.28 | -394.07 | NA | NA | NA | NA | NA  
3.1. Fuels for electricity production | ktCO2eq| 1,779.37 | 522.24 | 213.10 | -1,566.26 | -309.13 | NA | NA | NA | NA | NA  
3.2. Electricity distribution | ktCO2eq| 142.21 | 180.57 | 192.14 | 49.92 | 11.56 | NA | NA | NA | NA | NA  
3.3. Electricity commercialization | ktCO2eq| 2,209.91 | 3,058.47 | 2,961.97 | 752.06 | -96.50 | NA | NA | NA | NA | NA  
4\. Upstream transportation and distribution | ktCO2eq| 38.51 | 19.08 | 108.39 | 69.88 | 89.31 | NA | NA | NA | NA | NA  
5\. Waste generated in operations | ktCO2eq| 11.30 | 4.92 | 3.17 | -8.13 | -1.75 | NA | NA | NA | NA | NA  
6\. Business traveling | ktCO2eq| 3.01 | 14.93 | 9.95 | 6.94 | -4.98 | NA | NA | NA | NA | NA  
7\. Employee commuting | ktCO2eq| 10.50 | 10.71 | 13.22 | 2.72 | 2.51 | NA | NA | NA | NA | NA  
8\. Upstream leased assets | ktCO2eq| n.d. | n.d. | n.d. | | | NA | NA | NA | NA | NA  
9\. Downstream transportation | ktCO2eq| n.d. | n.d. | n.d. | | | NA | NA | NA | NA | NA  
10\. Processing of sold products | ktCO2eq| n.d. | n.d. | n.d. | | | NA | NA | NA | NA | NA  
11\. Use of sold products | ktCO2eq| 2,405.10 | 1,031.99 | 837.49 | -1,567.62 | -194.51 | NA | 1,300.00 | 200.00 | NA | 4.50  
12\. End-of-life treatment of sold products | ktCO2eq| n.d. | n.d. | n.d. | | | NA | NA | NA | NA | NA  
13\. Downstream leased assets | ktCO2eq| n.d. | n.d. | n.d. | | | NA | NA | NA | NA | NA  
14\. Franchises | ktCO2eq| n.d. | n.d. | n.d. | | | NA | NA | NA | NA | NA  
15\. Investments | ktCO2eq| 1.42 | 0.00 | 1,451.09 | 1,449.67 | 1,451.09 | NA | NA | NA | NA | NA  
Total GHG emissions 1| | | | | | | | | | |   
  
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| | RETROSPECTIVE | MILESTONES AND TARGET YEARS  
| UN | 2020 | 2023 | 2024 | 2024 Vs 2020 | 2024 Vs 2023 | 2025 | 2030 | 2040 | 2050 | Annual % target /  Base year  
Total GHG emissions (location-based)  | ktCO2eq| 19,493.23 | 12,626.19 | 11,232.36 | -8,260.86 | -1,393.83 | NA | NA | 2,000.00 | NA | 4.50  
Total GHG emissions (market-based) | ktCO2eq| 19,472.68 | 12,600.06 | 11,232.44 | -8,240.24 | -1,367.61 | NA | NA | NA | NA | NA  
  
E1-6_14 - Disclosure of significant changes in definition of what constitutes 

reporting undertaking and its value chain and explanation of their effect on year-

to-year comparability of reported GHG emissions 

There were no significant changes in the definition of what constitutes EDP and its upstream and

downstream value chain.

E1-6_15 - Disclosure of methodologies, significant assumptions and emissions 

factors used to calculate or measure GHG emissions 

All scope and emissions categorization comply with the requirements of the GHG Protocol

Corporate Standard, according to the financial control criteria.

Scope 1: Activity data sources: EDP; EU-ETS emissions third party verified. Emission factors

sources: GHG Protocol Transport Tool; Emission factors from national energy agencies. GWP source:

IPCC 5th Assessment Report (2014). Stationary combustion emissions are monitored according to

the Commission Implementing Regulation (EU) 2023/2122 of 17 October 2023 amending

Implementing Regulation (EU) 2018/2066 as regards updating the monitoring and reporting of

greenhouse gas emissions pursuant to Directive 2003/87/EC of the European Parliament and of the

Council. Fugitive emissions, namely SF6 emissions, are assessed through the refilling of electrical

equipment and use the GWP as of the 5th IPCC Assessment Report (23,500). Own fleet emissions

consider the activity data (gasoline, diesel, ethanol or natural gas) and the emission factors provided

by the environmental regulators or default values form the GHG protocol mobile tool.

Scope 2: Activity data sources: EDP. Emission factors sources: Emission factors from national

energy agencies. Scope 2 emission results only differ slightly for location-based and market-based

methods because almost all electricity consumed by EDP and included in this scope (electricity

consumption in office buildings, renewable power stations self-consumption and electricity losses in

distribution networks) was generated and supplied by the EDP Group and therefore emissions are

accounted for under scope 1. Exceptions are markets where EDP distributes more electricity than it

generates (Portugal and Brazil) and markets where EDP does not have supply activities and,

therefore, consumes electricity supplied by third parties (North America, South America (except

Brazil), APAC and European countries other than Portugal and Spain).

Scope 3 category 1: Purchased goods and services: EDP uses a hybrid approach: spend-based

method and average data method based on Life Cycle Assessment (LCA). For some acquisitions,

EDP use direct data from the suppliers. Activity data sources: EDP and service providers. Emission

factors source: calculated from published data (national energy authorities, LCA studies, EPA). GWP

source: IPCC 5th Assessment Report (2014).

Scope 3 category 2: Capital goods: EDP uses a hybrid approach: spend-based method and

average data method based on Life Cycle Assessment (LCA). For some acquisitions, EDP uses

direct data from the suppliers. Activity data sources: EDP and service providers. Emission factors

source: calculated from published data (national energy authorities, LCA studies, EPA). GWP source:

IPCC 5th Assessment Report (2014).

Scope 3 category 3: Fuel-and-energy-related activities (not included in Scope 1 or 2): EDP uses a

hybrid approach: average data method based on Life Cycle Assessment (LCA) and supplier specific

data. For some operations (fuel transport), we use direct data from the suppliers. For the remaining

operations, we use activity data and emission factors from LCA based on industry averages. Activity

data sources: EDP. Emission factors source: calculated from published data (national energy

authorities, LCA studies and DEFRA UK). GWP source: IPCC 5th Assessment Report (2014).

Scope 3 category 4: Upstream transportation and distribution: EDP uses a mixed approach: activity

data, both internal and provided by suppliers, and average emission factor for means of

transportation (DEFRA UK). For a part of the operation, EDP also apply supplier specific data.

Activity data sources: EDP (logistics and procurement) and suppliers. Emission factors source:

DEFRA UK. GWP source: IPCC 5th Assessment Report (2014).

Scope 3 category 5: Waste generated in operations: EDP uses a Waste-type-specific method

applied to all waste generated in our operations that is treated by a third party. Activity data sources:

EDP. Emission factors source: DEFRA UK. GWP source: IPCC 5th Assessment Report (2014).

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Scope 3 category 6: Business travel: Activity data sources: EDP and suppliers. Emission factors

source: calculated from published data (national energy authorities or default data from GHG

Protocol Transport tool). GWP source: IPCC 5th Assessment Report (2014).

Scope 3 category 7: Employee commuting: Activity data sources: internal survey. Emissions are

calculated using the GHG Protocol Transport tool. Emission factors source: calculated from

published data (DEFRA UK or default data from GHG Protocol Transport tool). GWP source: IPCC 5th

Assessment Report (2014).

Scope 3 category 11: Use of sold products: Activity data sources: EDP (gas retail activity). Emission

factors source: calculated from published data (national energy authorities or default IPCC value).

GWP source: IPCC Assessment Report 5 (2014).

Scope 3 category 15: Investments: Activity data sources: Pecém and Aboño Scope 1 emissions.

Calculation methodology: GHG Protocol Technical Guidance for Calculating Scope 3 Emissions on

Equity investments, considering that there is no operational or financial control, resulting in

accounting for proportional scope 1 and 2 emissions of equity investments. Additionally, to reach the

proportion to which account for scope 1 and 2 emissions, the methodology follows the The Global

GHG Accounting and Reporting Standard Part A: Financed Emissions (PCAF).

E1-6_16 - Disclosure of the effects of significant events and changes in 

circumstances (relevant to its GHG emissions) that occur between the reporting 

dates of the entities in its value chain and the date of the undertaking’s general 

purpose financial statements

EDP uses the most recent data available from entities in the supply chain (suppliers) to measure and

disclose emissions. Given that the data is activity data, this does not conflict with the reporting

period. For all other entities in EDP’s value chain, that are not suppliers, the reporting period is the

same as EDP’s financial statements.

E1-6_17- Biogenic emissions of CO2 from the combustion or bio-degradation of 

biomass not included in Scope 1 GHG emissions/ E1-6_24 - Biogenic emissions of 

CO2 from combustion or bio-degradation of biomass not included in Scope 2 GHG 

emissions/ E1-6_28 - Biogenic emissions of CO2 from combustion or bio-

degradation of biomass that occur in value chain not included in Scope 3 GHG 

emissions

| |   
---|---|---  
BIOGENIC EMISSIONS OF CO2 FROM THE COMBUSTION OR BIO- DEGRADATION OF BIOMASS NOT INCLUDED| UN | 2024  
Scope 1 GHG emissions | tCO2eq| 958  
Scope 2 GHG emissions | tCO2eq| 0  
Scope 3 GHG emissions | tCO2eq| 0  
  
E1-6_25 - Percentage of GHG Scope 3 calculated using primary data

| |   
---|---|---  
GHG SCOPE 3 CALCULATION | UN | 2024  
Percentage of GHG Scope 3 calculated using primary data  | % | 38.39  
  
E1-6_26 - Disclosure of why Scope 3 GHG emissions category has been excluded

Category 8: Upstream leased assets – EDP doesn’t have upstream leased assets.

Category 9: Downstream transportation and distribution - Support activities (offices and stores)

associated with electricity and gas retail. Categories that account for less than 1% of total scope 3

emissions or are not applicable to EDP are considered not relevant.

Category 10: Processing of sold products - This category is not applicable to EDP. EDP’s products

(electricity and gas) are supplied in their final consuming form, therefore they do not require further

processing.

Category 12: End of life treatment of sold products – Categories that account for less than 1% of

total scope 3 emissions or are not applicable to EDP are considered not relevant.

Category 13: Downstream leased assets - EDP did not use downstream leased assets in the base

year.

Category 14: Franchises - EDP did not have franchised activities in the base year.

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E1-6_27 - List of Scope 3 GHG emissions categories included in inventory 

• Category 1: Purchased goods and services

• Category 2: Capital goods

• Category 3: Fuel-and-energy-related activities (not included in Scope 1 or 2)

• Category 4: Upstream transportation and distribution

• Category 5: Waste generated in operations

• Category 6: Business travel

• Category 7: Employee commuting

• Category 11: Use of sold products

• Category 15: Investments

E1-6_29 - Disclosure of reporting boundaries considered and calculation methods 

for estimating Scope 3 GHG emissions

All scope and emissions categorization comply with the requirements of the GHG Protocol

Corporate Standard, according to the financial control criteria. They are applicable to all of the

categories detailed below. These categories cover all of EDP's operations in all of its geographies for

the subsidiary companies where EDP exercises control, as expressed in BP-1_03. Regarding Joint

Ventures entities and Associated companies, the materially relevant cases that EDP is reporting are

Pecém and Aboño. Their emissions are included in Category 15, as developed bellow.

Scope 3 category 1: Purchased goods and services: EDP uses a hybrid approach: spend-based

method and average data method based on Life Cycle Assessment (LCA). For some acquisitions,

EDP use direct data from the suppliers. Activity data sources: EDP and service providers. Emission

factors source: calculated from published data (national energy authorities, LCA studies, EPA). GWP

source: IPCC 5th Assessment Report (2014).

Scope 3 category 2: Capital goods: EDP uses a hybrid approach: spend-based method and

average data method based on Life Cycle Assessment (LCA). For some acquisitions, EDP uses

direct data from the suppliers. Activity data sources: EDP and service providers. Emission factors

source: calculated from published data (national energy authorities, LCA studies, EPA). GWP source:

IPCC 5th Assessment Report (2014).

Scope 3 category 3: Fuel-and-energy-related activities (not included in Scope 1 or 2): EDP uses a

hybrid approach: average data method based on Life Cycle Assessment (LCA) and supplier specific

data. For some operations (fuel transport), we use direct data from the suppliers. For the remaining

operations, we use activity data and emission factors from LCA based on industry averages. Activity

data sources: EDP. Emission factors source: calculated from published data (national energy

authorities, LCA studies and DEFRA UK). GWP source: IPCC 5th Assessment Report (2014).

Scope 3 category 4: Upstream transportation and distribution: EDP uses a mixed approach: activity

data, both internal and provided by suppliers, and average emission factor for means of

transportation (DEFRA UK). For a part of the operation, EDP also apply supplier specific data.

Activity data sources: EDP (logistics and procurement) and suppliers. Emission factors source:

DEFRA UK. GWP source: IPCC 5th Assessment Report (2014).

Scope 3 category 5: Waste generated in operations: EDP uses a Waste-type-specific method

applied to all waste generated in our operations that is treated by a third party. Activity data sources:

EDP. Emission factors source: DEFRA UK. GWP source: IPCC 5th Assessment Report (2014).

Scope 3 category 6: Business travel: Activity data sources: EDP and suppliers. Emission factors

source: calculated from published data (national energy authorities or default data from GHG

Protocol Transport tool). GWP source: IPCC 5th Assessment Report (2014).

Scope 3 category 7: Employee commuting: Activity data sources: internal survey. Emissions are

calculated using the GHG Protocol Transport tool. Emission factors source: calculated from

published data (DEFRA UK or default data from GHG Protocol Transport tool). GWP source: IPCC 5th

Assessment Report (2014).

Scope 3 category 11: Use of sold products: Activity data sources: EDP (gas retail activity). Emission

factors source: calculated from published data (national energy authorities or default IPCC value).

GWP source: IPCC Assessment Report 5 (2014).

Scope 3 category 15: Investments: Activity data sources: Pecém and Aboño Scope 1 emissions.

Calculation methodology: GHG Protocol Technical Guidance for Calculating Scope 3 Emissions on

Equity investments, considering that there is no operational or financial control, resulting in

accounting for proportional scope 1 and 2 emissions of equity investments. Additionally, to reach the

proportion to which account for scope 1 and 2 emissions, the methodology follows the The Global

GHG Accounting and Reporting Standard Part A: Financed Emissions (PCAF).

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E1-6_30 \- GHG emissions intensity, location-based (total GHG emissions per net 

revenue)/ E1-6_31 - GHG emissions intensity, market-based (total GHG emissions 

per net revenue)

| |   
---|---|---  
GHG INTENSITY PER NET REVENUE | UN | 2024  
Total GHG emissions (location-based) per net revenue  | tCO2eq/M€| 15.60  
Total GHG emissions (market-based) per net revenue | tCO2eq/M€| 15.61  
  
E1-6_32 \- Disclosure of reconciliation to financial statements of net revenue used 

for calculation of GHG emissions intensity 

Net revenue used is the 1st item of the Consolidated Income Statement (Revenues from energy sales

and services and other) and note 7.

E1-6_33 - Net revenue / E1-6_34 - Net revenue used to calculate GHG intensity/ 

E1-6_35 -Net revenue other than used to calculate GHG intensity

| |   
---|---|---  
NET REVENUE | UN | 2024  
Net revenue used to calculate GHG intensity | €m | 14,966  
Net revenue (other) | €m | 0  
Total net revenue (in financial statements) | €m | 14,966  
  
E1-7_01 \- Disclosure of GHG removals and storage resulting from projects 

developed in own operations or contributed to in upstream and downstream value 

chain 

In the reporting year, EDP did not develop GHG removals and storage projects in its own operations,

neither contributed to projects in its upstream and downstream value chain.

E1-7_02 - Disclosure of GHG emission reductions or removals from climate change 

mitigation projects outside value chain financed or to be financed through any 

purchase of carbon credits

By purchasing carbon credits, EDP acquired carbon credits in:

• EDP Brasil from the Jari Amapá REDD+ Project. The project aims to conserve an area of 65

thousand hectares, in a region that suffers pressure from deforestation, it’s important to say that

the project’s takes place throughout the property of the Jari group, which has 246 thousand

hectares, where dozens of local extractive communities and small rural producers live. EDP Brasil

acquired 1,873 tCO2 from this initiative to offset a part of its emissions in 2023. These credits

were cancelled in 2024

• EDP Renováveis for Hickory Solar LLC. The carbon credits were acquired in 2023 with the

purpose of compensating the emissions from the Hickory Solar project. A total 210,000 VCUs

were acquired, with 209,745 VCUs being cancelled in 2024. All of these VCUs were certified

under the Verified Carbon Standard from Verra.

E1-7_03 - Removals and carbon credits are used / E1-7_04 - GHG Removals and 

storage Activity by undertaking scope (breakdown by own operations and value 

chain) and by removal and storage activity

In the reporting year, EDP did not develop GHG removals and storage projects in its own operations,

neither contributed to projects in its upstream and downstream value chain.

E1-7_new - If applicable, explain the role of removals for the undertaking's climate 

change mitigation policy 

EDP’s Net Zero commitment approved by SBTi does not require offsetting emissions before 2040 in

line with the Net Zero Standard. By 2040 onwards EDP will need to offset residual emissions which

cannot be mitigated, through carbon removals.

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E1-7_05 - Total GHG removals and storage/ E1-7_06 - GHG emissions associated 

with removal activity/ E1-7_07 - Reversals

| |   
---|---|---  
REMOVALS AND STORAGE | UN | 2024  
Total GHG removals and storage | tCO2eq| 0  
GHG emissions associated with removal activity | tCO2eq| 0  
Reversals | tCO2eq| 0  
  
E1-7_09 - Removal activity has been converted into carbon credits and sold on to 

other parties on voluntary market 

In the reporting year, EDP did not develop GHG removals projects in its own operations, neither

contributed to projects in its upstream and downstream value chain.

E1-7_10 - Total amount of carbon credits outside value chain that are verified 

against recognised quality standards and cancelled / E1-7_11 - Total amount of 

carbon credits outside value chain planned to be cancelled in future / E1-7_13 - 

Percentage of reduction projects / E1-7_14- Percentage of removal projects / 

E1-7_16 - Percentage for recognised quality standard/ E1-7_17- Percentage for 

recognised quality standard / E1-7_17 - Percentage issued from projects in 

European Union / E1-7_18 - Percentage that qualifies as corresponding 

adjustment / E1-7_19 - Date when carbon credits outside value chain are planned 

to be cancelled

| |   
---|---|---  
CARBON CREDITS | UN | 2024  
Total Carbon credits cancelled | tCO2eq | 211,618  
Share from removal projects | % | 5.6  
Verified Carbon Standard | % | 100  
Share from reduction projects | % | 94.4  
Verified Carbon Standard | % | 100  
Share from projects within the EU | % | 0.7  
Share of carbon credits that qualify as corresponding  adjustments| % | 0.0  
Carbon credits planned to be cancelled in the future | Amount until [Year] | 2040  
Total Carbon credits planned to be cancelled | tCO2eq| 255  
  
E1-7_12 - Disclosure of extent of use and quality criteria used for carbon credits 

For EDP Brasil, the carbon credits were acquired to neutralize emissions from air travels. This serves

as a trial to advance and gain maturity to biggest acquisitions that will be necessary to our climate

transition plan. To guarantee the criteria of the purchased credits, we hired a platform (Ekos -

Programa compromisso com o clima) that offers credits from projects that are evaluated by them

and attend criteria, as social impacts, environmental impacts, risks and SDGs attendance. The

credits purchased in Brazil, were issued by Verra and certified by VCS (Verified Carbon Standard).

For EDP Renováveis, the carbon credits were acquired with the purpose of compensating the

emissions from the Hickory Solar project. All of the VCUs acquired were certified under the Verified

Carbon Standard from Verra.

E1-7_15 - Type of carbon credits from removal projects 

The carbon credits from removal projects correspond to Agriculture, Forestry and Other Land Use

projects, specifically from Forestry | Afforestation, Reforestation & Restoration.

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E1-7_20 - Explanation of scope, methodologies and frameworks applied and how 

residual GHG emissions are intended to be neutralised 

EDP’s Net Zero commitment, approved by SBTi, does not require offsetting emissions before 2040,

in line with the Net Zero Standard. By 2040 onwards, EDP will need to offset residual emissions

which cannot be mitigated, through carbon removals. The residual emissions, from 2040 onwards,

shall not exceed 10% of EDP’s base year emissions.

While international and national rules are not completely stabilised and credibility standards are

taking shape, EDP is already assessing the business case/strategy for offsetting residual emissions

in line with the SBTi Net Zero Standard, to ensure that the use of carbon credits is done in compliance

with the credibility and additionally requirements.

While EDP's strategy for carbon offsetting is being developed, we are analysing all project options:

projects developed internally, projects where EDP works as an investor or projects where EDP only

functions as a buyer of carbon credits. We believe in developing a diversified approach where we

can balance costs, quality and risk, with a diversified portfolio as recommended by best practices

standards.

E1-7_21 - Public claims of GHG neutrality that involve use of carbon credits have 

been made 

In the reporting year, EDP did not have a GHG neutrality claim. EDP’s Net Zero commitment,

approved by SBTi, does not require offsetting emissions before 2040, in line with the Net Zero

Standard. By 2040 onwards, EDP will need to offset residual emissions which cannot be mitigated,

through carbon removals.

E1-7_22 - Public claims of GHG neutrality that involve use of carbon credits are 

accompanied by GHG emission reduction targets 

In the reporting year, EDP did not have a GHG neutrality claim. EDP’s Net Zero commitment,

approved by SBTi, does not require offsetting emissions before 2040, in line with the Net Zero

Standard. By 2040 onwards, EDP will need to offset residual emissions which cannot be mitigated,

through carbon removals.

E1-7_23 - Claims of GHG neutrality and reliance on carbon credits neither impede 

nor reduce achievement of GHG emission reduction targets or net zero target 

In the reporting year, EDP did not have a GHG neutrality claim. EDP’s Net Zero commitment,

approved by SBTi, does not require offsetting emissions before 2040, in line with the Net Zero

Standard. By 2040 onwards, EDP will need to offset residual emissions which cannot be mitigated,

through carbon removals.

E1-7_24 - Explanation of whether and how public claims of GHG neutrality that 

involve use of carbon credits are accompanied by GHG emission reduction targets 

and how claims of GHG neutrality and reliance on carbon credits neither impede nor 

reduce achievement of GHG emission reduction targets or net zero target 

In the reporting year, EDP did not have a GHG neutrality claim. EDP’s Net Zero commitment,

approved by SBTi, does not require offsetting emissions before 2040, in line with the Net Zero

Standard. By 2040 onwards, EDP will need to offset residual emissions which cannot be mitigated,

through carbon removals.

E1-7_25 - Explanation of credibility and integrity of carbon credits used 

To guarantee the criteria of the purchased credits, we hired a platform (Ekos - Programa

compromisso com o clima) that offers credits from projects that are evaluated by them and attend

criteria, as social impacts, environmental impacts, risks and SDGs attendance. The credits

purchased in Brazil, were issued by Verra and certified by VCS (Verified Carbon Standard).

E1-8_01 \- Carbon pricing scheme by type/ E1-8_04 - Carbon price applied for 

each metric tonne of greenhouse gas emission

| | |   
---|---|---|---  
TYPES OF INTERNAL CARBON  PRICES| VOLUME AT STAKE  (tCO2eq)| PRICES APPLIED (€/ tCO2eq)| PERIMETER  DESCRIPTION  
CAPEX shadow price| 4,316,000 | 67 | Thermoelectric power  stations covered by EU-ETS  
  
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E1-8_02 - Type of internal carbon pricing scheme 

The type of internal carbon price EDP uses is a shadow price.

E1-8_03 - Description of specific scope of application of carbon pricing scheme 

EDP uses an internal price of carbon to assess the impact of current and future carbon regulation on

energy prices and volumes, existing assets’ value and to evaluate capital investments in new

electricity generation assets. The internal carbon price is aligned with the price of allowances under

an Emissions Trading Scheme and cover scope 1 emissions.

E1-8_06 \- Percentage of gross Scope 1 greenhouse gas emissions covered by 

internal carbon pricing scheme / E1-8_07- Percentage of gross Scope 2 

greenhouse gas emissions covered by internal carbon pricing scheme / E1-8_08 - 

Percentage of gross Scope 3 greenhouse gas emissions covered by internal carbon 

pricing scheme

| |   
---|---|---  
GREENHOUSE GAS EMISSIONS COVERED BY INTERNAL CARBON  PRICING SCHEME| UN | 2024  
Gross Scope 1 | % | 98.27  
Gross Scope 2 | % | 0  
Gross Scope 3 | % | 0  
  
E1-8_09 - Disclosure of whether and how carbon price used in internal carbon 

pricing scheme is consistent with carbon price used in financial statements 

EDP's carbon pricing scheme is built by a range of values for different years (2030 to 2050, in 5-

year intervals). These ranges are constructed taking into account the values traded in the short-term

CO2 futures market (EU-ETS) and the values provided by various external sources (namely the IEA).

EDP uses the average price per ton of CO2 in the EU-ETS in 2024 and the volume of licenses

acquired by GEM, which can be obtained from Note 26 of the financial statements ("Inventories").

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ESRS E2 Pollution

E2.IRO-1_01 - Information about the process to identify actual and potential 

pollution-related impacts, risks and opportunities

The process for identifying actual and potential pollution-related impacts is detailed in ESRS 2 -

IRO-1_01, while the identification of risks and opportunities is described in ESRS 2 - IRO-1_02.

E2.IRO-1_02 - Disclosure of whether and how consultations have been conducted 

(pollution) 

The process for consultation of stakeholders is described in ESRS 2 - IRO-1_05.

E2.IRO-1_03 - Disclosure of results of materiality assessment (pollution)

The double materiality assessment determined that ESRS E2 Pollution is not considered material.

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ESRS E3 Water and marine resources

E3.IRO-1_01 - Disclosure of whether and how assets and activities have been 

screened in order to identify actual and potential water and marine resources-

related impacts, risks and opportunities in own operations and upstream and 

downstream value chain and methodologies, assumptions and tools used in 

screening

Water-related risks’ evaluation is integrated into the company’s development strategy and business

plan, supporting the decision of geographical and tech diversification, and highlighting the most

relevant risks – guaranteeing strategic resilience in the long term. Additionally, at operational level,

Environmental Impact Assessments, like the In-depth Water Risk Analysis (namely water stress

asset exposure), help mitigate water risks at local level. EDP uses the WRI Aqueduct and the Water

Risk Filter tool to conduct a high-level water stress assessment, by mapping all its thermal and hydro

assets against the Baseline Water Stress (BWS; watershed level), applying the threshold BWS 40%.

Wind generation and distribution assets are excluded given their low dependency on water

availability. A downscaling analysis at local level is then performed for all power plants identified in

water-stressed areas, using information from National Governmental Agencies (location specific

indicators) and company’s operational teams (asset water dependency, local competitive uses).

Water-related risks in new investments are analysed through scenario analysis with water

availability and regulation effects in energy prices and volumes, as well as hydro resource evaluation

integrating long-term effects of climate change and impact on new hydro capacity. This

assessment is updated on a 2-3-year basis or whenever a new project requires it.

Ensures the identification and classification of potential water pollutants through its Corporate

Environmental Management System, certified by Lloyds according to ISO 14001:2015. This System

covers the management of environmental policies, strategic plans, and performance of EDP Group

organizations. An internal Environmental Risk Assessment tool, using an impact scale, is used for the

identification and classification of environmental risks and opportunities linked to environmental

aspects and impacts, including water pollution. Compliance of pollutant emission limits defined in

environmental licensing permits, issued by National Environmental Authorities is also part of the

company's procedures. Water pollutant monitoring is conducted with different frequencies based

on the permits. Hydro power plants do not emit pollutants into the water, but water quality

parameters are monitored to address potential pollution issues from upstream sources. Some of the

indicators used include thermal pollution, physical-chemical indicators (dissolved oxygen, pH,

suspended solids, biochemical oxygen demand (BOD), chemical oxygen demand (COD)) and

organic pollutants (detergents, oils, hydrocarbons). Regular monitoring of these indicators is

essential for effective water pollution management. The electricity generation activities are

identified as potential sources of detrimental impacts on water, while distribution and supply

activities are deemed not relevant.

E3.IRO-1_02 - Disclosure of how consultations have been conducted (water and 

marine resources)

The EDP Policy for Local Stakeholder Engagement determines that prior to Development and

Operation (or decommissioning) there must be an external and independent Due Diligence,

assessing specific Human Rights and Impacts on Communities. These are consulted locally,

exposed to risks and opportunities of the operation to be established, and an action plan outcomes

from those consultations. The Social License to Operate (SLO) is only achieved by trust: a shared

value proposition must be clear to all; communication channels must be intuitive and accessible, so

that any risk and impact may be taken into account and resolved. ESIAS (Environmental and Social

Impact Assessments) are put in place ahead of construction, and those lead to the local communities

engagement that all EDP regions take forward in their strategic planning, as defined in BP-1_03.

E3.MDR-P_01-06 - Policies to manage its material impacts, risks and opportunities 

related to water and marine resources

Water-related risks’ evaluation is integrated into the company’s development strategy and business

plan, supporting the decision of geographical and tech diversification, and highlighting the most

relevant risks – guaranteeing strategic resilience in the long term. Additionally, at operational level,

Environmental Impact Assessments, like the In-depth Water Risk Analysis (namely water stress

asset exposure), help mitigate water risks at local level.

EDP uses the WRI Aqueduct and the Water Risk Filter tool to conduct a high-level water stress

assessment, by mapping all its thermal and hydro assets against the Baseline Water Stress (BWS;

watershed level), applying the threshold BWS 40%. Wind generation and distribution assets are

excluded given their low dependency on water availability.

A downscaling analysis at local level is then performed for all power plants identified in water-

stressed areas, using information from National Governmental Agencies (location specific

indicators) and company’s operational teams (asset water dependency, local competitive uses).

Water-related risks in new investments are analysed through scenario analysis with water

availability and regulation effects in energy prices and volumes, as well as hydro resource evaluation

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integrating long-term effects of climate change and impact on new hydro capacity. This

assessment is updated on a 2-3-year basis or whenever a new project requires it.

All former Environmental Policies in place within the EDP Group (including a Water Management

Policy) were aggregated in a single Environmental Policy.

This aims to guarantee a better corporate management approach, assuming all key environmental

issues will have to follow the same commitments, when applicable. These policies are designed to

ensure sustainable resource management and promote circular economy principles across our

operations and value chain.

Water is a key natural resource for EDP. EDP depends on it to operate its facilities, and it is

recognized the adverse environmental impacts resulting from EDP’s activities. Under EDP’s

Environmental Policy, it is explicit the commitment to promote the efficient use of natural resources,

namely the use and sustainable management of water in all processes, operations and installations,

as defined in BP-1_03.

EDP recognizes the Environment protection as a strategic management element, aiming to prevent

air, water and soil pollution and reduce the impacts and dependencies of its activity on nature. To

this end, it assumes a set of commitments that ensure the implementation and maintenance of

adequate and effective environmental management systems, with the ultimate purpose of

Sustainable Development:

• integrate environmental protection and the enhancement of natural capital into decision-making

processes, at different stages of the asset life cycle activities, including planning, design,

construction, operation, power reinforcement, and decommissioning

• identify, assess, and mitigate the environmental risks of its activities, seeking to maximise

opportunities and progressively extend this process to the supply chain, promoting the

improvement of environmental performance

• prevent pollution, particularly in response to emergencies in disaster and/or serious accidents

situations, including those involving hazardous substances

• promote the continuous improvement of processes, practices, and environmental performance

by setting goals and objectives to reduce environmental impacts and by encouraging research,

development and innovation

• comply with applicable environmental legislation, as well as other voluntarily assumed

obligations, anticipating the application of new legislation whenever possible

• consult key stakeholders, in particular, affected communities and indigenous people, and

consider their relevant expectations in the implementation of this policy and in decision-making

processes

• communicate performance regularly and transparently, ensuring balance, understanding and

accessibility by stakeholders, particularly local and affected communities

• provide training to employees on the company's environmental impacts, dependencies, risks and

opportunities. Empower and raise awareness for the improvement of individual and collective

environmental performance, contributing to public clarification

• foster the improvement of environmental performance of the customer, through the offer of

products and services with a smaller environmental footprint.

The water commitment is part of the axis of the circular economy: "promoting the sustainable

management of water resources, minimizing its consumption, with special attention to areas of

water stress.".

To complement the Environmental Policy, EDP has published in its website a clear understanding of

what the water means to the company as well as its management approach, supporting company’s

performance: Water management approach.

Additional information concerning the governance process for the approval and implementation of

the Environmental Policy, within the scope of water management, detailed in ESRS 2 MDR-P

GOV-1_09 and GOV-1_10.

E3-1_01 - Disclosure of whether and how policy addresses water management

EDP recognises access to drinking water and sanitation as a universal Human Right and assumes its

responsibility in the pursuit of SDGs, in particular SDG 15, contributing to the sustainable use of

freshwater ecosystem services, and SDG 7, seeking to ensure the supply of clean and affordable

energy for all. Under its Environmental Policy, EDP is committed to mitigating its impacts, managing

risks and promoting the ongoing improvement of processes, practices and performance through a

collaborative approach with stakeholders for the sustainable management and efficient use of

water.

Water-related risks’ evaluation is integrated into the company’s development strategy and business

plan, supporting the decision of geographical and tech diversification, and highlighting the most

relevant risks – guaranteeing strategic resilience in the long term. Additionally, at operational level,

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Environmental Impact Assessments, like the In-depth Water Risk Analysis (namely water stress

asset exposure), help mitigate water risks at local level. EDP uses the WRI Aqueduct and the Water

Risk Filter tool to conduct a high-level water stress assessment, by mapping all its thermal and hydro

assets against the Baseline Water Stress (BWS; watershed level), applying the threshold BWS 40%.

Wind generation and distribution assets are excluded given their low dependency on water

availability. A downscaling analysis at local level is then performed for all power plants identified in

water-stressed areas, using information from National Governmental Agencies (location specific

indicators) and company’s operational teams (asset water dependency, local competitive uses).

Water-related risks in new investments are analysed through scenario analysis with water

availability and regulation effects in energy prices and volumes, as well as hydro resource evaluation

integrating long-term effects of climate change and impact on new hydro capacity. This

assessment is updated on a 2-3-year basis or whenever a new project requires it.

All former Environmental Policies in place within the EDP Group (including a Water Management

Policy) were aggregated in a single Environmental Policy.

This aims to guarantee a better corporate management approach, assuming all key environmental

issues will have to follow the same commitments, when applicable.

Water is a key natural resource for EDP. EDP depends on it to operate its facilities, and it is

recognized the adverse environmental impacts resulting from EDP’s activities. Under EDP’s

Environmental Policy, it is explicit the commitment to promote the efficient use of natural resources,

namely the use and sustainable management of water in all processes, operations and installations.

EDP recognizes the Environment protection as a strategic management element, aiming to prevent

air, water and soil pollution and reduce the impacts and dependencies of its activity on nature. To

this end, it assumes a set of commitments that ensure the implementation and maintenance of

adequate and effective environmental management systems, with the ultimate purpose of

Sustainable Development:

• integrate environmental protection and the enhancement of natural capital into decision-making

processes, at different stages of the asset life cycle activities, including planning, design,

construction, operation, power reinforcement, and decommissioning

• identify, assess, and mitigate the environmental risks of its activities, seeking to maximise

opportunities and progressively extend this process to the supply chain, promoting the

improvement of environmental performance

• prevent pollution, particularly in response to emergencies in disaster and/or serious accidents

situations, including those involving hazardous substances

• promote the continuous improvement of processes, practices, and environmental performance

by setting goals and objectives to reduce environmental impacts and by encouraging research,

development and innovation

• comply with applicable environmental legislation, as well as other voluntarily assumed

obligations, anticipating the application of new legislation whenever possible

• consult key stakeholders, in particular, affected communities and indigenous people, and

consider their relevant expectations in the implementation of this policy and in decision-making

processes

• communicate performance regularly and transparently, ensuring balance, understanding and

accessibility by stakeholders, particularly local and affected communities

• provide training to employees on the company's environmental impacts, dependencies, risks and

opportunities. Empower and raise awareness for the improvement of individual and collective

environmental performance, contributing to public clarification

• foster the improvement of environmental performance of the customer, through the offer of

products and services with a smaller environmental footprint.

The water commitment is part of the axis of the circular economy: "promoting the sustainable

management of water resources, minimizing its consumption, with special attention to areas of

water stress.".

To complement the Environmental Policy, EDP has published in its website a clear understanding of

what the water means to the company as well as its management approach, supporting company’s

performance: Water management approach.

E3-1_02 - Disclosure of whether and how policy addresses the use and sourcing of 

water and marine resources in own operations

Under EDP’s Environmental Policy, it is explicit the commitment to promote the efficient use of

natural resources, namely the use and sustainable management of water in all processes, operations

and installations.

EDP’s Environmental Policy recognizes environmental protection as a strategic element in its

management practices, incorporating specific commitments related to the use and sourcing of

water and marine resources. These commitments are integrated into its operational processes and

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decision-making frameworks to ensure sustainable development and responsible resource

management.

Key aspects of the policy addressing water and marine resources include:

• EDP promotes the sustainable use of water resources, with a commitment to minimize

consumption, particularly in areas under water stress

• a life-cycle analysis perspective is applied to manage water efficiently across all stages of

operational activities, including planning, construction, operation, and decommissioning of assets

• prevention of water pollution by implementing robust environmental management systems and

response mechanisms for emergencies, such as hazardous substance spills

• controls are in place to ensure that operations comply with applicable environmental legislation

and voluntarily adopted standards, reducing the risk of adverse impacts on water and marine

resources

• the policy commits to minimizing natural resource use and maximizing the valorization of waste,

including promoting circularity in equipment selection and operation

• EDP also develops products and services that align with circular economy principles, aiming to

reduce dependencies on intensive resource extraction and promote regeneration of nature and

its services

• EDP actively consults stakeholders, including affected communities, to address their concerns

and integrate their expectations into the decision-making processes related to environmental

management

• performance is communicated regularly and transparently to stakeholders, ensuring

accountability in water and marine resource management

• employees are trained and empowered to understand EDP’s environmental impacts,

dependencies, and risks, fostering a culture of environmental responsibility.

Note that EDP's activities do not have direct impacts on marine resources; any impacts are indirect.

Proper management and mitigation of direct impacts indirectly contribute to reducing impacts on

marine resources. For example, effective management of oils and spillages in watercourses or the

control of pollutants in effluents help mitigate the effects on marine resources.

Within a proper management of water resources, EDP monitors potential shortages, controls water

quality and sediments, as well as the impact of the management of this resource on biodiversity, for

which it undertakes mitigation activities such as the release of environmental flows, the transfer and

transport of fish, and support for scientific research on these topics.

Although, and contrary to the other activities of the organization, the use of water in hydroelectric

production is not considered consumption, EDP monitors the volume of water managed in these

assets, which has reached 169 million cubic meters, +29% compared to 2023, as a result of

favourable water conditions in the Iberian Peninsula, leading to increased hydroelectric production

and reduced operation of CCGT power plants. This indicator heavily depends on the hydroelectric

productivity index in Portugal, in which the water portfolio is more relevant, standing at 1.16

(compared to 0.99 in 2023), 16 p.p. above the average hydrological year.

The following table highlights the impact on water consumption and operational dependence on the

resource in EDP Group's assets, namely in thermal power plants, hydroelectric plants, solar parks,

and wind farms:

| |   
---|---|---  
ASSET TYPE | WATER CONSUMPTION | DEPENDENCE  
Thermoelectric power plants | High | High  
Hydroelectric power plants | Low | High  
Solar farms | Low | Low  
Wind farms | Low | Low  
  
The main use of water in EDP’s supply chain is associated with coal extraction. Given the

progressive reduction of coal in the company’s generation portfolio, and the vast range of alternative

suppliers in different geographies, of which the majority is located in low water stress areas, water-

related supply chain risks are not considered material.

E3-1_06 - Disclosure of whether and how policy addresses commitment to reduce 

material water consumption in areas at water risk

To assess exposure to water stress, EDP uses the World Resources Institute's Aqueduct tool to carry

out an initial high-level risk assessment, mapping its generation assets against a widely recognized

indicator of water availability (Baseline Water Stress). The assessment of exposure to water risk is

carried out on a river basin scale, and then a local analysis is conducted taking into account

quantitative information from national institutions and the experience of the operational in-house

teams. This analysis is carried out for all geographies where EDP has generation activities, as

defined in BP-1_03, whose water abstraction sources are located close to the facilities. Wind

generation and distribution assets are excluded, given their low dependence on water. After the

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revision of the downscaling analysis and the implementation of an in-depth assessment, the Los

Barrios Thermal Power Plant in Spain was identified as a water risk asset. However, EDP has

requested the closure of this coal plant and is pending feedback from the regulator, which will likely

depend on the availability of back-up energy production sources in the area.

Given the identification of the Los Barrios Thermal Power Plant as a water risk asset, its operations

are of particular interest within the region's water management discussions. The ‘Mesa de la Sequía’

forum, led by Arcgisa (the public water supply company of the Campo de Gibraltar Municipal

Association), is attended by industries, the Port, farmers, the livestock sector, environmental

associations and other interested parties. Depending on the water stress situation, measures are

taken within the framework of this forum, but to date they have never affected the Los Barrios

thermal power station.

Nevertheless, the thermal power station has adopted good practices to minimise water

consumption. These include the reuse of wastewater from the desulphurisation plant, effectively

making it a zero-discharge facility, and the reuse of clean rainwater for the fire suppression system.

E3-1_10 - The policy contributes to good ecological and chemical quality of surface 

water bodies and good chemical quality and quantity of groundwater bodies, in 

order to protect human health, water supply, natural ecosystems and biodiversity, 

the good environmental status of marine waters and the protection of the resource 

base upon which marine related activities depend; 

EDP's environmental Policy recognizes the Environment protection as a strategic management

element, aiming to prevent air, water and soil pollution and reduce the impacts and dependencies of

its activity on nature. It assumes a set of commitments that ensure the implementation and

maintenance of adequate and effective environmental management systems, highlighting for this

purpose:

• integrate environmental protection and the enhancement of natural capital into decision-making

processes, at different stages of the asset life cycle activities, including planning, design,

construction, operation, power reinforcement, and decommissioning

• prevent air, water and soil pollution and reduce the impacts and dependencies of its activity on

nature

• identify, assess, and mitigate the environmental risks of its activities, seeking to maximise

opportunities and progressively extend this process to the supply chain, promoting the

improvement of environmental performance

• prevent pollution, particularly in response to emergencies in disaster and/or serious accidents

situations, including those involving hazardous substances

• promote the continuous improvement of processes, practices, and environmental performance

by setting goals and objectives to reduce environmental impacts and by encouraging research,

development and innovation

• comply with applicable environmental legislation, as well as other voluntarily assumed

obligations, anticipating the application of new legislation whenever possible

• consult key stakeholders, in particular, affected communities and indigenous people, and

consider their relevant expectations in the implementation of this policy and in decision-making

processes

• communicate performance regularly and transparently, ensuring balance, understanding and

accessibility by stakeholders, particularly local and affected communities

• provide training to employees on the company's environmental impacts, dependencies, risks and

opportunities. Empower and raise awareness for the improvement of individual and collective

environmental performance, contributing to public clarification

• foster the improvement of environmental performance of the customer, through the offer of

products and services with a smaller environmental footprint.

EDP integrates the commitments of this Policy into management decision-making and due

diligence processes, including those related to mergers and acquisitions.

Based on the group's strategic priorities, EDP also assumes a set of specific commitments.

EDP ensures the identification and classification of potential water pollutants through its corporate

environmental management system (CEMS), certified by Lloyds according to ISO 14001:2015. The

CEMS covers the management of environmental policies, strategic plans, and performance of EDP

Group organizations. The process for the identification and classification that EDP employs an

internal Environmental Risk Assessment Tool that links environmental aspects to impacts and risks,

including water pollution, using an impact scale. Compliance of pollutant emission limits defined in

environmental licensing permits, issued by National Environmental Authorities is also part of the

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company's procedures. Pollutant monitoring is conducted with different frequencies based on the

permits. Hydro power plants do not emit pollutants into the water, but water quality parameters are

monitored to address potential pollution issues from upstream sources. Some of the indicators used

include thermal pollution, physical-chemical indicators (dissolved oxygen, pH, suspended solids,

biochemical oxygen demand (BOD), chemical oxygen demand (COD)) and organic pollutants

(detergents, oils, hydrocarbons). Regular monitoring of these indicators is essential for effective

pollution management. The electricity generation activities are identified as potential sources of

detrimental impacts on water, while distribution and supply activities are deemed not relevant.

EDP monitors water discharge quality parameters in our thermal power plants, where such

monitoring is either a legal requirement or an environmental management system requirement.

Water discharge quality is controlled by the competent environmental authority, under the

environmental permits. Wastewater quality discharges from thermal power plants are publicly

available on EDP’s website.

Within the scope of internal health and safety audits carried out at the facilities where our workers

carrying out EDP Group activities are assigned, compliance with the legal requirements applicable

to the potable water quality for human consumption is verified at local level, through public

information provided by the respective regions/municipalities on their websites.

E3-1_12 - The policy avoid impacts on affected communities. 

EDP's environmental Policy recognizes the Environment protection as a strategic management

element, aiming to prevent air, water and soil pollution and reduce the impacts and dependencies of

its activity on nature. It assumes a set of commitments that ensure the implementation and

maintenance of adequate and effective environmental management systems, including the

commitment of Consult key stakeholders, in particular, affected communities and indigenous

people, and consider their relevant expectations in the implementation of this policy and in decision-

making processes.

This Policy works in alignment with EDP's Local Stakeholder Engagement Policy and EDP's

Stakeholder Management Methodology Guide.

E3.MDR-A_01-12 \- Actions and resources in relation to water and marine resources

The actions and resources in relation to water and marine resources are reported in E5.MDR-

A_01-12, covering only own operations. These actions have no associated targets or objectives due

to their nature and their time horizon is not defined. The monitoring is done annually.

E3-2_03 \- Disclosure of actions and resources in relation to areas at water risk

EDP has requested the closure of the Los Barrios coal plant and is pending feedback from the

regulator, which will likely depend on the availability of back-up energy production sources in the

area.

Given the identification of the Los Barrios Thermal Power Plant as a water risk asset, its operations

are of particular interest within the region's water management discussions. The ‘Mesa de la Sequía’

forum, led by Arcgisa (the public water supply company of the Campo de Gibraltar Municipal

Association), is attended by industries, the Port, farmers, the livestock sector, environmental

associations and other interested parties. Depending on the water stress situation, measures are

taken within the framework of this forum, but to date they have never affected the Los Barrios

thermal power plant.

Nevertheless, the thermal power station has adopted good practices to minimise water

consumption. These include the reuse of wastewater from the desulphurisation plant, effectively

making it a zero-discharge facility, and the reuse of clean rainwater for the fire suppression system.

E3.MDR-T_01-13 - Tracking effectiveness of policies and actions through targets

Under EDP’s Environmental Policy, it is explicit the commitment to promote the efficient use of

natural resources, namely the use and sustainable management of water in all processes, operations

and installations.

EDP’s Environmental Policy recognizes environmental protection as a strategic element in its

management practices, incorporating specific commitments related to the use and sourcing of

water and marine resources. These commitments are integrated into its operational processes and

decision-making frameworks to ensure sustainable development and responsible resource

management.

EDP is committed to setting and tracking specific targets that relate to resource use and circular

economy principles. These targets are designed to ensure sustainable resource management.

The water consumption reduction target set is based on EDP’s Circular Economy Strategy, which

focuses on the efficient use of natural resources from a life-cycle analysis perspective, with three

main objectives:

• minimizing the use of natural resources

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• optimizing and efficiently manage its assets

• promoting the sustainable management of water resources, minimizing its consumption, with

special attention to areas of water stress.

The water consumption reduction target at EDP is organization-wide, encompassing all direct

operations and facilities. This includes all geographic locations where EDP operates, as defined in

BP-1_03, without exclusions. The target applies to every part of our business, ensuring a

comprehensive approach to reducing freshwater consumption. All operational units are integrated

into this effort, guaranteeing that our commitment to reduce water withdrawal for freshwater

consumption is consistent and impactful across the entire organization.

EDP aims to achieve a 78% reduction in freshwater consumption by 2025, compared to 2015 levels. 

This target reflects our commitment to minimizing water consumption across the group.

EDP has a structured methodology to calculate data related to water, specifically aiming to achieve

a 78% reduction in freshwater consumption by 2025, compared to 2015 levels. This approach

involves collecting and analysing water consumption data from the past four years for thermal and

renewable generation assets, applying specific factors to estimate future consumption, while for

networks and other operations, the average consumption over the same period is used for

projections. Additionally, estimates are based on net production projections from the Business Plan,

which are validated and adjusted as needed to ensure accuracy and strategic alignment.

EDP reports on the progress of these targets through its Integrated Annual Report and quarterly ESG

reports, providing a comprehensive overview of the achievements and challenges faced in meeting

the targets. Progress is assessed against the baseline year, and any deviations are analysed to

identify areas for improvement.

The targets are aligned with EDP's broader sustainability strategy and national and international

policies, such as the European Green Deal and the United Nations Sustainable Development Goals

(SDGs). This alignment ensures that EDP's efforts contribute to global sustainability objectives.

The target for reducing freshwater consumption was achieved due to EDP's Business Plan

2024-2026, which emphasizes sustainability commitments: it is planned to reach 23 GW (by

2026) of renewable generation capacity, predominantly based on wind and solar. EDP is committed

to becoming coal free by 2025, all green by 2030 and net-zero by 2040. This strategy focuses on

transforming EDP's generation portfolio by significantly increasing wind and solar capacity, which

are technologies with very low water intensity compared to traditional thermal power generation.

Dependence on water use in the future is expected to decrease with the growth of wind and solar

energy, enabling EDP to further reduce its dependence on freshwater consumption and water

withdrawals.

Furthermore, the organization-wide goal of no environmental accidents or penalties impacting

water applies to all facilities and operational activities in all regions. All our organization's activities

are committed to maintaining the highest standards of water security and compliance to prevent

any water-related environmental incidents. There are no exclusions in the coverage of this objective,

including all business units and operational areas.

To prepare for emergencies, EDP has internal and, where applicable, external emergency plans with

scenarios for potential emergencies or serious accidents involving hazardous substances. This

response capability is trained through simulation exercises, and lessons learnt are incorporated to

improve response capacity. In 2024, we carried out 72 environmental simulation exercises, and

there were no environmental accidents with impacts on water, although there were 170 small oil

spills, totalling 603 m3 of oil spilled.

E3-3_01 - Disclosure of whether and how target relates to management of material 

impacts, risks and opportunities related to areas at water risk

The water consumption reduction target at EDP is organization-wide, encompassing all direct

operations and facilities. This includes all geographic locations where EDP operates, as defined in

BP-1_03, without exclusions. The target applies to every part of our business, ensuring a

comprehensive approach to reducing freshwater consumption. All operational units are integrated

into this effort, guaranteeing that our commitment to reduce water withdrawal for freshwater

consumption is consistent and impactful across the entire organization, with a special focus on

areas with a high water stress level.

Although the Los Barrios thermal power plant in Spain is located in an area with high water stress,

this plant has been adopting good practices to minimize water consumption, namely the reuse of

wastewater from the desulphurisation plant, effectively making it a zero-discharge facility, and the

reuse of clean rainwater for the fire suppression system.

In addition to risk mitigation, this target was also defined to reduce costs and EDP’s environmental

impacts.

E3-3_03 \- Disclosure of whether and how target relates to reduction of water 

consumption

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The water consumption reduction target at EDP is organization-wide, encompassing all direct

operations and facilities. This includes all geographic locations where EDP operates, as defined in

BP-1_03, without exclusions. The target applies to every part of our business, ensuring a

comprehensive approach to reducing freshwater consumption. All operational units are integrated

into this effort, guaranteeing that our commitment to reduce water withdrawal for freshwater

consumption is consistent and impactful across the entire organization. EDP aims to achieve a 78%

reduction in freshwater consumption by 2025, compared to 2015 levels.

In addition to risk mitigation, this target was also defined to reduce costs and EDP’s environmental

impacts.

The target for reducing freshwater consumption was achieved due to EDP's Business Plan

2024-2026, which emphasizes sustainability commitments: it is planned to reach 23 GW (by

2026) of renewable generation capacity, predominantly based on wind and solar. EDP is committed

to becoming coal free by 2025, all green by 2030 and net-zero by 2040. This strategy focuses on

transforming EDP's generation portfolio by significantly increasing wind and solar capacity, which

are technologies with very low water intensity compared to traditional thermal power generation.

Dependence on water use in the future is expected to decrease with the growth of wind and solar

energy, enabling EDP to further reduce its reliance on freshwater consumption and water

withdrawals.

EDP Group’s total freshwater consumption has decreased 95% between 2015 and 2024, in line with

the planned progress. In the last 4 years, freshwater consumption has been decreasing due to the

following facts:

• 2021: the specific consumption of freshwater changed in 2021 (35% compared to 2020), which

is justified by the increase in coal-fired electricity generation in EDP Group (30% more than

2020)

• 2022: the specific consumption of freshwater decreased 25% compared to 2022, due to the

reduction in the EDP Group's coal-fired electricity production (-10% vs. 2021) and to the inversion

in order of merit from coal to gas. There was special impact on the decrease in freshwater

consumption in water stress area - Pecém, in Brazil (from 56% to 1%, vs. 2021), due to the fact

that this power plant was not dispatched due to the improved hydrological scenario (despite not

being dispatched, Pecém’s availability stayed at 97.5%)

• 2023: there was a decrease of freshwater consumption mainly due to the reduction in the EDP

Group's coal-fired electricity production (-52% vs. 2022), namely in Spain

• 2024: there was a significant reduction in fresh water consumption, mainly due to the reduction

in the EDP Group's coal-fired electricity generation (-92% vs. 2023), namely in Spain and Brazil.

In addition to risk mitigation, this target was also set to reduce EDP's environmental costs and

impacts.

E3-3_08 \- Adopted and presented water and marine resources-related target is 

mandatory (based on legislation) 

The adopted water resources targets are voluntary.

E3-4_01 - Total water consumption/ E3-4_02 - Total water consumption in areas 

at water risk, including areas of high-water stress/ E3-4_09 - Water consumption 

\- sectors/segments

| | |   
---|---|---|---  
WATER CONSUMPTION | UN | 2024 | 2023  
Total water consumption | 103xm3| 3,218 | 5,430  
Renewable | 103xm3| 8 | —  
Generation | 103xm3| 3,081 | —  
Client solutions | 103xm3| N/A | —  
Networks | 103xm3| 58 | —  
Other | 103xm3| 72 | —  
Water consumption in areas at water risk  (including areas of high-water stress)| 103xm3| 30 | 324  
  
E3-4_04 \- Total water stored/ E3-4_05 - Changes in water storage

| |   
---|---|---  
WATER STORED | UN | 2024  
Total water stored | 103xm3| 7,900,887  
Changes in water storage | 103xm3| 345,659  
  
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E3-4_06 \- Disclosure of contextual information regarding water consumption 

The number of facilities exposed to water risks accounts for 8% of EDP Group's facilities: one

thermal power plant, Los Barrios, in Spain, and the remaining are hydropower plants in Portugal. The

number of facilities exposed to water risks remained the same when compared to 2023.

EDP uses the WRI Aqueduct to conduct a high-level water stress assessment, by mapping all its

thermal and hydro assets against the Baseline Water Stress (BWS; watershed level), applying the

threshold BWS 40%. A downscaling analysis at local level is then performed for all power plants

identified in water-stressed areas, using information from National Governmental Agencies

(location specific indicators) and company’s operational teams (asset water dependency, local

competitive uses).

Los Barrios coal-fired plant has been identified as a generation asset at risk from water stress

location in EDP’s Water Stress Exposure Assessment. A high-level assessment revealed a Baseline

Water Stress indicator over 40%, according to the WRI Aqueduct. Also, water stress situation was

confirmed by information from National Information Systems on Water Resources.

Nevertheless, EDP has requested the closure of the Los Barrios coal plant and is pending feedback

from the regulator, which will likely depend on the availability of back-up energy production sources

in the area. In addition, this thermal power plant has adopted good practices to minimise water

consumption. These include the reuse of wastewater from the desulphurisation plant, effectively

making it a zero-discharge facility, and the reuse of clean rainwater for the fire suppression system.

The hydropower plants located in the basins of the Lima, Cávado, Mondego, Tejo, and Guadiana

rivers are identified in EDP Water Risk Map as being exposed to risks of climate change-induced

structural decrease in precipitation. Eight facilities located in Douro River Basin have induced a

structural decrease in precipitation and an increase in competitive uses, so it is also identified in EDP

Water Risk Map as being exposed to risks of climate change.

Withdrawal and discharge volumes (from and to fresh surface water - River) were obtained by direct

measurements (meter readings) or by calculations, using e.g. the installed capacity and the

difference between downstream and upstream water levels.

Withdrawal and discharge will tend to decrease or increase depending on if it is a dry or wet year,

respectively. Water use in hydro power plants is considered a non-consumptive use (withdrawal

discharge).

E3-4_07 - Share of the measure obtained from direct measurement, from sampling 

and extrapolation, or from best estimates

| |   
---|---|---  
MEASURE OBTAINED | UN | 2024  
From direct measurement | % | 100  
From sampling and extrapolation | % | 0  
From best estimates | % | 0  
  
E3-4_08 - Water intensity ratio

| |   
---|---|---  
WATER INTENSITY RATIO | UN | 2024  
Water intensity ratio | 103x m3/ '000€| 0.00015  
  
E3-4_11 - Total water withdrawals / E3-4_12 \- Total water discharges

| | |   
---|---|---|---  
WATER CONSUMPTION | UN | 2024 | 2023  
Total water withdrawals | 103xm3| 100,925 | 543,304  
Total water discharges | 103xm3| 97,371 | 538,244  
  
E3-5_02 \- Disclosure of qualitative information of anticipated financial effects of 

material risks and opportunities arising from water and marine resources-related 

impacts

Structural reduction of water availability with impact in hydro generation in Portugal is assessed

within EDP, by considering all assets impacted by a reduction in average precipitation (hydro

generation). This risk “Changing precipitation patterns” was evaluated considering the RCP

scenarios (2.6, 4.5 and 8.5) and their respective variations regarding precipitation for 2025, 2030

and 2050, which were provided by Copernicus data source. It is expected a structural reduction on

average precipitation of 5% to 10% in Portugal and on worst case scenario (P95%) of 20% to 40%

(depending on the RCP scenario). This impact is evaluated assuming (1) EDP’s defined strategy for

the different time horizons (closure of thermal power plants, investment in renewables and the end of

some hydro concessions); and (2) incremental variation compared to today; and is the accumulative

maximum loss at P95% from 2030 to 2050 (impact of changes in physical variables, namely

structural reduction of water availability, are more relevant for the mid and long-term), for each year

and scenario.

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E3-5_03 \- Description of effects considered and related impacts (water and 

marine resources)

The EDP Group has a material degree of exposure to variations in renewable energy generation

volumes, particularly regarding hydro volume. A dry year (years with HPI – hydroelectric

precipitation index – lower than 1) can have a negative impact on the company's results. For

example, assuming a price of 80/MWh, a 20% reduction in the expected volume impacts EDP's

EBITDA by 100M-140M. For example, in the winter of 2021/2022, the extreme drought in Portugal

resulted in a record shortfall of EDP's hydro production in the Iberian market of 2.6TWh compared to

the historical average. This hydro shortfall resulted in the need to purchase electricity in the Iberian

wholesale market, in order to satisfy the consumption of the customer portfolio, in a quarter of

historical maximum prices (average electricity price 229/MWh in the 1Q22, a rise of 407% year-on-

year). The strong increase in the cost of electricity sold, which did not impact EDP clients, implied a

0.4bn loss in 1Q22 in terms of EBITDA, which led to a negative net result of -76m recorded by EDP in

the 1Q22 (a decrease of 256m year-on-year).The company’s exposure to this risk was reduced in

Portugal with the sale of the hydro assets in 2020, and EDP manages this risk through a diversified

generation portfolio in terms of technologies (with focus on solar and wind) and geographies (e.g.,

EDP has recently began generation in APAC).

E3-5_04 - Disclosure of critical assumptions used in estimates of financial effects 

of material risks and opportunities arising from water and marine resources-related 

impacts

This risk was evaluated considering the RCP scenarios (2.6, 4.5 and 8.5) and their respective

variations regarding precipitation for 2025, 2030 and 2050, which were provided by Copernicus

data source. It is expected a structural reduction on average precipitation of 5% to 10% in Portugal

and on worst case scenario (P95%) of 20% to 40% (depending on the RCP scenario). This impact is

evaluated assuming (1) EDP’s defined strategy for the different time horizons (closure of thermal

power plants, investment in renewables and the end of some hydro concessions); and (2)

incremental variation compared to today; and is the accumulative maximum loss at P95% from

2030 to 2050 (impact of changes in physical variables, namely structural reduction of water

availability, are more relevant for the mid and long-term), for each year and scenario.

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ESRS E4 Biodiversity and ecosystems

E4.SBM-3_01 - List of material sites in own operation 

EDP is developing a biodiversity risk assessment process to identify material locations for

biodiversity, considering operational assets. During the development and construction phase, assets

follow a biodiversity screening process by applying the mitigation hierarchy: i) avoiding highly

sensitive areas, ii) conducting an environmental impact assessment, iii) mitigating identified

impacts, iv) restoring temporarily used areas, and, if necessary, v) compensating for significant

impacts. This process depends on the technology, size, and location of each asset.

Once in operation, certified environmental management systems are in place to oversee the ongoing

management of assets, regulatory compliance, and monitoring of current environmental licenses.

The ongoing biodiversity risk assessment process aims to systematize and enhance the group's

knowledge in this area.

The list in the table below is the result of applying the following evaluation criteria:

• assets with environmental management systems assessing potential risk to biodiversity

• location of assets within or in the vicinity of areas of high biodiversity sensitivity, using the IBAT

database, with data from WDPA (World Database on Protected Areas) and KBA (Key Biodiversity

Areas)

• among these, assets with regulatory requirements for: i) monitoring ecological flows at

hydroelectric plants, and ii) with bird impact mitigation devices at wind power plants.

This list will change in the coming years as the risk screening process becomes more robust.

| | |   
---|---|---|---  
COUNTRY | ASSET | TECHNOLOGY | WDPA/KBA  
Brazil | Peixe Angical | Hydro | KBA  
France | Les 7 Domaines | Wind | KBA  
France | Oigny | Wind | Both  
Italy | Monte Mattina | Wind | WDPA  
Poland | Tomaszow | Wind | KBA  
Portugal | Aguieira | Hydro | WDPA  
Portugal | Alto Lindoso | Hydro | Both  
Portugal | Caldeirão | Hydro | Both  
Portugal | Caniçada | Hydro | WDPA  
Portugal | Vila Nova - Paradela | Hydro | WDPA  
Portugal | Salamonde I | Hydro | WDPA  
Portugal | Touvedo | Hydro | KBA+WDPA  
Portugal | Vilarinho das Furnas | Hydro | KBA+WDPA  
Portugal | Pracana | Hydro | KBA  
Portugal | Corte dos Álamos | Wind | KBA  
Portugal | Guerreiros | Wind | KBA  
Spain | Acampo Sancho | Wind | KBA  
Spain | Cabrerizas | Wind | KBA  
Spain | La Peña | Wind | KBA  
Spain | Las Herrerías | Wind | KBA  
Spain | Las Lomillas | Wind+Solar | KBA  
Spain | Loma de los Aviadores | Wind | KBA  
Spain | Sierra de la Venta | Wind | KBA  
Spain | Tahivilla | Wind | KBA  
Spain | Barca | Hydro | KBA+WDPA  
Spain | Florida | Hydro | KBA+WDPA  
Spain | Miranda | Hydro | KBA+WDPA  
Spain | Malva | Hydro | KBA+WDPA  
Spain | Proaza | Hydro | KBA+WDPA  
Spain | Priañes | Hydro | KBA+WDPA  
Spain | Tanes | Hydro | KBA+WDPA  
Spain | Laviana | Hydro | KBA+WDPA  
Spain | San Isidro | Hydro | KBA+WDPA  
Spain | Caño | Hydro | KBA+WDPA  
Spain | Giribaile | Hydro | KBA+WDPA  
  
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E4.SBM-3_02 \- Disclosure of activities negatively affecting biodiversity sensitive 

areas 

The main activities with potential to negatively affect biodiversity sensitive areas are:

• solar farms: Construction activities; Presence of the facility (fence)

• wind farms: Construction activities; Turbines' operation

• hydropower: Presence of dam/weir; Drained reservoir; Handling dangerous products; Dam

rupture

• thermal power plants:  Combustion; Transportation of raw materials (value chain); Extraction of

raw materials (value chain)

• networks: Construction activities; Presence of aerial networks.

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E4.SBM-3_03 \- Disclosure of list of material sites in own operations based on results of identification and assessment of actual and potential impacts on biodiversity and 

ecosystems 

EDP has made a first exercise following the LEAP approach (TNFD) for the identification and assessment of the nature-related impacts and dependencies in its direct operations.

This first approach that will continue to be developed in the future, results in the following matrix that shows the EDP environmental impacts by technology:

| | | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---|---  
IMPACT DRIVERS  
ACTIVITY | RESOURCE USE | LAND -USE CHANGE | CLIMATE  CHANGE| POLLUTION | BIODIVERSITY  
Use of water | Use of other  resources| Use of terrestrial  ecosystems| Use of  freshwater ecosystems| Use of marine  ecosystems| GHG emissions | Atmospheric  pollutants non GHG| Solid waste | Water  pollutants| Soil pollutants | Disturbances | Biological  alterations/interference  
Conventional  energy| Combined cycle | 4 | 3 | 1 | 1 | 0 | 3 | 2 | 2 | 2 | 1 | 3 | 2  
Thermal | 4 | 3 | 1 | 1 | 0 | 4 | 3 | 3 | 3 | 2 | 3 | 2  
Renewable  generation| Onshore wind | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 2 | 3  
Hydro | 3 | 0 | 5 | 3 | 0 | 1 | 0 | 2 | 1 | 0 | 1 | 3  
Photovoltaic | 1 | 0 | 3 | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 1 | 2  
Renewable gas | Hydrogen | 4 | 0 | 1 | 1 | 0 | 0 | 0 | 1 | 3 | 0 | 2 | 2  
Electricity  transport, distribution and storage| Overhead power  lines| 0 | 0 | 3 | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 1 | 3  
Underground  power lines| 0 | 0 | 2 | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 0 | 0  
Substations | 0 | 0 | 1 | 0 | 0 | 1 | 0 | 1 | 0 | 2 | 2 | 0  
BESS | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0  
  
0: n/a 1: very low 2: low 3: medium 4: high 5:very high

The impact materiality on biodiversity for EDP has been assessed based on the company

knowledge and experience, as well as reinforced by the participation of EDP in taskforces leading

collaborative experiences bringing together companies around the identification and assessment of

impacts as dependencies on nature, as the WBCSD ‘Roadmaps to Nature Positive Foundations’

taskforce and the working group on ‘Natural capital in the Spanish energy sector’.

For each EDP activity and each environmental impact category, it has been analysed whether the

impact is applicable or not, and if applicable, it has been evaluated the materiality of that impact,

based on its probability and magnitude. The evaluation applies a semi-quantitative scale from 1 to 5,

where 1 represents very low impact and 5 represents very high impact.

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E4.SBM-3_04 - Disclosure of biodiversity-sensitive areas impacted 

The biodiversity-sensitive areas, WDPA (World Protected Areas) and KBA (Key Biodiversity Areas)

identified as potentially impacted by EDP arise from a risk assessment that starts with an evaluation

based on IBAT data, being this the first level of risk assessment to be completed in the future with

other levels that delve into detailed local data.

EDP has 118 assets in operation located in or in the vicinity of biodiversity-sensitive areas (WDPA

and KBA), although it's important to highlight that part of these sites, hydro power plants among

others, were built before the location was declared as protected or key biodiversity area.

EDP Sites in WDPA and/or KBA:

| | |   
---|---|---|---  
COUNTRY | ASSET | TECHNOLOGY | WDPA/KBA  
Brazil | Peixe Angical | Hydro | KBA  
Brazil | HVL Abunã-Rio Branco I | Networks | Both  
Brazil | HVL Campos Novos - Siderópolis | Networks | KBA  
Brazil | HVL TR2-FR | Networks | KBA  
Brazil | HVL AT2-TR2 | Networks | KBA  
Brazil | HVL Porto Velho - Abunã | Networks | KBA  
France | Les 7 Domaines | Wind | KBA  
France | Oigny | Wind | Both  
France | Ruesnes | Wind | WDPA  
France | Vaudrimesnil | Wind | WDPA  
Italy | Greci | Wind | KBA  
Italy | Monte Mattina | Wind | WDPA  
Mexico | Los Cañones  | Wind | KBA  
Mexico | Parque Eólica de Coahuila | Wind | KBA  
Poland | Ilza | Wind | WDPA  
Poland | Pakoslaw | Solar | WDPA  
Poland | Poturzyn | Wind | KBA  
Poland | Recz  | Solar | WDPA  
Poland | Tomaszow | Wind | KBA  
Portugal | Aguieira | Hydro | WDPA  
Portugal | Alto Lindoso | Hydro | Both  
Portugal | Belver | Hydro | WDPA  
Portugal | Bruceira | Hydro | WDPA  
Portugal | Caldeirão | Hydro | Both  
Portugal | Caniçada | Hydro | WDPA  
Portugal | Carrapatelo | Hydro | Both  
  
| | |   
---|---|---|---  
COUNTRY | ASSET | TECHNOLOGY | WDPA/KBA  
Portugal | Crestuma-Lever | Hydro | WDPA  
Portugal | Desterro | Hydro | Both  
Portugal | Fratel | Hydro | Both  
Portugal | Lagoa Comprida | Hydro | Both  
Portugal | Vila Nova - Paradela | Hydro | WDPA  
Portugal | Pateiro | Hydro | Both  
Portugal | Pocinho | Hydro | Both  
Portugal | Ponte de Jugais | Hydro | Both  
Portugal | Póvoa e Meadas | Hydro | WDPA  
Portugal | Régua | Hydro | WDPA  
Portugal | Sabugueiro I | Hydro | Both  
Portugal | Sabugueiro II | Hydro | Both  
Portugal | Salamonde I | Hydro | WDPA  
Portugal | Touvedo | Hydro | Both  
Portugal | Velada | Hydro | WDPA  
Portugal | Vilarinho das Furnas | Hydro | Both  
Portugal | Pracana | Hydro | KBA  
Portugal | Açor | Wind | WDPA  
Portugal | Açor 2 | Wind | WDPA  
Portugal | Alto da Coutada | Wind | Both  
Portugal | Alto do Talefe | Wind | WDPA  
Portugal | Barão de São João | Wind | WDPA  
Portugal | Bustelo | Wind | WDPA  
Portugal | Cinfães | Wind | WDPA  
Portugal | Coentral-Safra | Wind | WDPA  
Portugal | Corte dos Álamos | Wind | KBA  
Portugal | Fonte da Mesa | Wind | WDPA  
Portugal | Fonte da Quelha | Wind | WDPA  
Portugal | Guerreiros | Wind | KBA  
Portugal | Madrinha | Wind | Both  
Portugal | Negrelo e Guilhado | Wind | Both  
Portugal | Padrela | Wind | Both  
Portugal | Pena Suar | Wind | Both  
Portugal | São João I | Wind | WDPA  
Portugal | Serra de Alvoaça | Wind | Both  
Portugal | Serra do Mú | Wind | Both  
Portugal | Testos | Wind | WDPA  
Portugal | Tocha | Wind | WDPA  
Portugal | Vila Nova | Wind | WDPA  
  
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| | |   
---|---|---|---  
COUNTRY | ASSET | TECHNOLOGY | WDPA/KBA  
Portugal | Vila Nova II | Wind | WDPA  
Romania | Albina  | Solar | WDPA  
Romania | Burila Mica | Solar | Both  
Romania | Sarichioi | Wind | WDPA  
Spain | Acampo Arias | Wind | KBA  
Spain | Acampo Sancho | Wind | KBA  
Spain | Cabrerizas | Wind | KBA  
Spain | Coll de la Garganta | Wind | KBA  
Spain | Corme | Wind | Both  
Spain | Cruz de Hierro + Ampliación Cruz de Hierro | Wind+Solar | KBA  
Spain | El Álamo | Wind | KBA  
Spain | El Gramal | Wind | KBA  
Spain | La Cabaña | Wind | Both  
Spain | La Celaya | Wind | WDPA  
Spain | La Cuesta | Wind | KBA  
Spain | La Mallada | Wind | Both  
Spain | La Peña | Wind | KBA  
Spain | La Risa | Wind | KBA  
Spain | Las Herrerías | Wind | KBA  
Spain | Las Lomillas | Wind+Solar | KBA  
Spain | Llanos de la Esquina | Wind | KBA  
Spain | Loma de los Aviadores | Wind | KBA  
Spain | Los Cantales | Wind | KBA  
Spain | Monseivane | Wind | WDPA  
Spain | Munera II | Wind | KBA  
Spain | Ojos Albos | Wind | KBA  
Spain | Pedregal | Solar | KBA  
Spain | Planas de Pola | Wind | Both  
Spain | Portachuelo | Wind | KBA  
Spain | Puntaza de Remolinos | Wind | Both  
Spain | Rocío | Solar | KBA  
Spain | San Juan de Bargas | Wind | WDPA  
Spain | Santa Quiteria | Wind | KBA  
Spain | Señora de la Paz | Solar | KBA  
Spain | Sierra de la Venta | Wind | KBA  
Spain | Sierra del Boquerón | Wind | Both  
Spain | Tahivilla | Wind | KBA  
Spain | Villacastín | Solar | KBA  
Spain | Villacastín | Wind | KBA  
  
| | |   
---|---|---|---  
COUNTRY | ASSET | TECHNOLOGY | WDPA/KBA  
Spain | Villamiel | Wind | Both  
Spain | Villoruebo | Wind | Both  
Spain | Barca | Hydro | Both  
Spain | Florida | Hydro | Both  
Spain | Miranda | Hydro | Both  
Spain | Malva | Hydro | Both  
Spain | Proaza | Hydro | Both  
Spain | Priañes | Hydro | Both  
Spain | Tanes | Hydro | Both  
Spain | Laviana | Hydro | Both  
Spain | San Isidro | Hydro | Both  
Spain | Caño | Hydro | Both  
Spain | Giribaile | Hydro | Both  
Spain | Los Barrios | Thermal | KBA  
  
% of total high voltage lines surface in WDPA/KBA: HVL Abunã-Rio Branco I: 1.2% (WDPA), 10.2%(KBA); HVL Campos Novos - Siderópolis:

33.4%(KBA); HVL TR2-FR: 7.9%(KBA); HVL AT2-TR2: 8.7%(KBA); HVL Porto Velho - Abunã: 0.5%(KBA).

E4.SBM-3_05 \- Material negative impacts with regards to land degradation, 

desertification or soil sealing have been identified 

Infrastructure development involves land transformation and potential degradation. Vegetation

clearance, soil compaction and soil sealing are the main activities that can result in negative

impacts on the soil.

Disposal of by-products and waste materials from energy production processes can also

contaminate the soil, if not managed adequately.

The development of energy assets is managed balancing the development of energy facilities with

the preservation of natural habitats and soil quality. By adopting best practices as selecting a proper

location of assets, land use and habitat disruption can be avoided or minimized, being compatible

with traditional uses and ensuring soil integrity.

No material negative impacts are identified with regards to desertification. Water usage and

vegetation clearance are necessary for energy generation, but proactively addressing these aspects

they do not constitute a material impact on desertification.

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E4.SBM-3_06 - Own operations affect threatened species 

• Networks: main potential impacts are to birdlife that may collide with aerial lines or be

electrocuted. In some regions these may be extended to small mammals climbing the poles or

getting into the substations.

• Solar farms: main potential negative impacts are to mammals due to habitat alteration. Potential

positive impacts may occur linked to restoration and soil protection under and around the solar

panels.

• Wind farms: main potential negative impacts are to birdlife and chiropters that may collide with

turbines blades and/or towers. Other potential negative impact may be the fragmentation of

habitats as the development and construction of wind farms can lead to changes in the

landscape and disturbance of local habitats. Potential positive impacts may occur linked to

restoration.

• Hydropower: potential negative impacts occur during flooding with the reduction of land use for

biodiversity (fauna and flora) and in freshwater species due to habitat alterations that may occur

due to changes in water courses characteristics and barriers that can limit migrant species.

• Thermal power plants: main potential negative impacts on species are a consequence of the

impacts caused by the emission of pollutants into the atmosphere (acid rain and climate change).

Water use for cooling may lead to thermal pollution, affecting freshwater or salted water species,

if not managed adequately.

E4.IRO-1_01 - Disclosure of whether and how actual and potential impacts on 

biodiversity and ecosystems at own site locations and in value chain have been 

identified and assessed

EDP is aligning its processes with TNFD guidance and has used the LEAP approach to identify

nature-related impacts, dependencies, risks, and opportunities (physical and transition) at the

technology level, considering its own operations. This supports the double materiality process, with a

deeper analysis planned for 2025 to better integrate operations specificities and include the supply

chain. Meanwhile, EDP maintains a risk management process to support its corporate environmental

management system.

Complementarily, at asset level, the systematic implementation of the EIA process enables the

specific identification of actual and future impacts project by project, as well as the definition of the

mitigation measures required for each case, ensuring that its projects are developed in a sustainable

and environmentally responsible manner.

A similar exercise is planned to be developed during 2025 including the value chain in the scope.

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E4.IRO-1_02 \- Disclosure of whether and how dependencies on biodiversity and ecosystems and their services have been identified and assessed at own site locations and in 

value chain

EDP has made a first exercise following the LEAP approach (TNFD) for the identification and assessment of the nature-related impacts and dependencies in its direct operations. A first analysis of ecosystem

services has been also done, following ENCORE.

A similar exercise is planned to be developed during 2025 including the value chain in the scope.

This first approach that will continue to be developed in the future, results in the following matrix that shows the EDP dependencies from ecosystem services, by technology:

| | | | | | | | | | | | | | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---  
ECOSYSTEM SERVICES  
ACTIVITY | PROVISIONING SERVICES | REGULATION AND MAINTENANCE SERVICES | CULTURAL SERVICES  
Water supply | Genetic  material| Biomass  provisioning| Other  provisioning| Pollination | Flood control | Global climate  regulation| Solid waste  remediation| Water  purification| Biological  control| Soil quality  regulation| Air filtration | Soil and  sediment retention| Rainfall pattern  regulation| Nursery  population and habitat maintenance | Storm  mitigation | Noise  attenuation| Water flow  regulation| Other  regulation and maintenance services| Recreation | Visual amenity | Education,  research, scientific| Spiritual,  artistics, symbolic  
Conventional  energy| Combined cycle | 5 | 0 | 0 | 5 | 0 | 3 | 2 | 0 | 3 | 0 | 0 | 0 | 0 | 3 | 0 | 2 | 0 | 3 | 0 | 0 | 0 | 0 | 0  
Thermal | 5 | 0 | 0 | 5 | 0 | 3 | 2 | 0 | 3 | 0 | 0 | 0 | 0 | 3 | 0 | 2 | 0 | 3 | 0 | 0 | 0 | 0 | 0  
Renewable  generation| Onshore wind | 0 | 0 | 0 | 1 | 0 | 0 | 4 | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0  
Hydro | 5 | 0 | 0 | 0 | 0 | 4 | 4 | 0 | 1 | 0 | 0 | 0 | 4 | 4 | 0 | 2 | 0 | 4 | 0 | 0 | 0 | 0 | 0  
Photovoltaic | 1 | 0 | 0 | 1 | 0 | 1 | 4 | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0  
Renewable gas | Hydrogen | 5 | 0 | 0 | 1 | 0 | 3 | 2 | 0 | 3 | 0 | 0 | 0 | 1 | 3 | 0 | 2 | 0 | 3 | 0 | 0 | 0 | 0 | 0  
Electricity  transport, distribution and storage| Overhead power  lines| 0 | 0 | 0 | | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 0 | 4 | 0 | 0 | 0 | 0 | 0 | 0 | 0  
Underground power  lines| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0  
Substations | 0 | 0 | 0 | 0 | 0 | 2 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0  
BESS | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0  
  
0: n/a 1: very low 2: low 3: medium 4: high 5:very high

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This exercise considered the company's knowledge and experience, as well as reinforced by the

participation of EDP in taskforces leading collaborative experiences and bringing together

companies in the sector around the identification and assessment of impacts as dependencies on

nature, as the WBCSD ‘Roadmaps to Nature Positive Foundations’ taskforce and the working group

on ‘Natural capital in the Spanish energy sector’.

For each EDP activity and each dependency category, it has been analysed whether the

dependency was applicable. If applicable, the dependency's risk for EDP was evaluated based on

its probability and magnitude. The evaluation applies a semi-quantitative scale from 1 to 5, where 1

represents very low dependency and 5 represents very high dependency.

E4.IRO-1_03 \- Disclosure of whether and how transition and physical risks and 

opportunities related to biodiversity and ecosystems have been identified and 

assessed

EDP is aligning its processes with TNFD guidance and has used the LEAP approach to identify

nature-related impacts, dependencies, risks, and opportunities (physical and transition) at the

technology level, considering its own operations. This supports the double materiality process, with a

deeper analysis planned for 2025 to better integrate operations specificities and include the supply

chain. Meanwhile, EDP maintains an environmental risk management process to support its

corporate environmental management system.

It has its foundations on the internal and external context of the group. Based on in-depth knowledge

of the organisation and the context in which it operates, it is possible to determine the most relevant

aspects, namely those that may impact or be impacted by EDP's business.

Risk and opportunities identification takes a multidisciplinary approach, involving the active

participation of operational units. This ensures a more complete analysis and coverage of the risks of

the different activities.

Risks are classified according to events categories and cover both physical and transition risks.

Some examples (non exhaustive):

|   
---|---  
PHYSICAL RISKS: |   
Climate ChangeEvents of internal origin associated with the company's activities that aggravate or reduce the group's GHG emissions.| Risk: Climate Change is known as one of the main drivers of biodiversity lossOpportunity: The acceleration of the renewable generation and electrification of the economy as a paramount way to achieve net zero emissions by 2040 for the power sector  
BiodiversityEvents related to natural habitats and the various services and functions that ecosystems provide (e.g. food and water, thermal regulation, soil formation and recreational opportunities)| Risk: The use of land to accelerate renewable energy competes with other land uses reducing the overall land for biodiversity to thrive. Direct land use has a potential loss of local biodiversity and ecosystem servicesOpportunity: The application of the biodiversity mitigation hierarchy has the potential of a biodiversity net gain outcome, through conservation and restoration initiatives  
Use of natural resourcesIt includes the use or consumption of natural resources - water, materials, with consequences on the quantity and/or quality of available resources.| Risk: The use of natural resources can lead to habitat loss, species affection and ecosystem degradation. Together, these factors contribute to the decline of biodiversity and endanger the health and balance of natural ecosystems.Opportunity: The sustainable use of natural resources can offer opportunities for the company incentivizing efficiency and reducing costs or promoting innovative solutions of waste recovery with potential increase in revenues or reinforcing partnerships  
PollutionEvents associated with the outputs of resource use atmospheric emissions, noise, electromagnetic fields and landscape.| Risks: Emissions of pollutants like NOx, SOx, chemicals, oils, and waste can damage habitats. To Water pollution may kill aquatic life and disrupt ecosystems.To Air pollution can cause acid rain, harming plants and animals, and impair growth and reproduction. To Soil pollution affects vegetation health and dependent organisms.  
  
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|   
---|---  
TRANSITIONAL RISKS: |   
Technologies and systemsAssesses how the company can benefit from technology to improve efficiency and risk mitigation| Risks: The rapid advancement of technology and industrial development may lead to: i) habitat degradation and displacement of wildlife and to ii) the overexploitation of natural resources with the disrupting delicate ecosystems; iii) inadequate waste management and contamination of ecosystems. Opportunities: Spatial information and AI computer processing can accelerate global knowledge on specific biodiversity impacts to improve decision-making process; technology can offer innovative solutions to mitigate biodiversity risks, for instance, birds&bats detection and deterrence systems.  
Supply chainIt includes the risk of events related to the environmental management of the supply chain| Risks: The possibility of working with suppliers with no environmental knowledge or good practices with potential damage on biodiversity and ecosystem servicesOpportunities: As knowledge improves on how EDP's supply chain impacts on Biodiversity, risk mitigation processes to mitigate those impacts can become more robust  
Innovation and ResearchCooperation agreements and funding for research, for the development of knowledge; skills and technology or how these can pose new threats to environmental management| Risks: As innovative solutions emerge to address the energy transition, such as H2, Storage, floating renewable assets (e.g. solar PV and wind), new challenges on potential negative impacts on biodiversity and ecosystem services impacts emergeOpportunities: External funding to improve Biodiversity knowledge and mitigation solutions accelerates the company's contribution to halt biodiversity loss.   
RegulationLinked to each thematic event category such as Climate Change, biodiversity, pollution and use of natural resources| Risk: Strict regulation on Biodiversity protection, such as increasing protected areas, may reduce the availability to accelerate the energy transition, namely the new renewable generation needed  
  
Risks are identified based on potential events associated with environmental macro-aspects, their

internal context and compliance obligations (legal and voluntary) which, if materialised, would have

an impact on the organisation's performance and/or the environment. This identification also

includes potential emergency situations and external information representative of the company's

reality and business trends.

The assessment of the level of risk, whether with a negative impact (risk) or a positive impact

(opportunity), is made considering the current probability of occurrence and impact of the event,

based on specific scales supported on the level and scale of the potential damaged . The risk is then

calculated by multiplying the current probability of the event occurring by its current impact. It also

considers the level of reversibility, meaning if it is an acute damage or a chronic and irreversible one.

Environmental risk management is a dynamic process and is reviewed periodically in particular

when a material change could influence the organisation or the maintenance of environmental

balance.

E4.IRO-1_05 - Disclosure of whether and how consultations with affected 

communities on sustainability assessments of shared biological resources and 

ecosystems have been conducted

Stakeholder engagement is a critical component of effective environmental management for any

company. By involving a diverse range of stakeholders—including employees, customers, suppliers,

local communities and regulatory bodies—organizations can gain valuable insights into the

environmental impacts of their operations. This engagement fosters a collaborative approach to

identifying environmental challenges and developing innovative solutions, which can lead to

improved sustainability practices and operational efficiencies.

The EDP Stakeholders Engagement Policy guarantees transversal principles that align the whole

group in its relationship with society. It aims to promote a culture of transparency, strengthen the

relationship with stakeholders, promote their effective and active engagement and minimize

negative impacts in local communities, seeking the appropriate interaction between EDP and these

entities. This policy is complemented with the Local Stakeholder Engagement Policy, guiding the

process of local communities' engagement at project level, including the identification of risks,

knowledge and expectations of the community. Under this process, specific consultations with

stakeholders on biological resources and ecosystems are mainly conducted in the framework of the

EIA process.

Examples of local communities engaged during these processes include, communities living and/or

working in the surrounding of the project; landowners; local authorities. When applicable, indigenous

communities are part of the local communities's definition. It also includes in a broader view, NGO

and general public, through the public consultation of the project during the EIA process

The engagement process is locally set and depends on the size, technology and complexity of the

project. It follows the demands of EIA process at local level, where it is required a period for public

consultation and it can include local meetings, to present the project and a local speak-up channel

for collecting any project concerns.

1 Step by step guidance: setting SBTs for Nature, 2020

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Additionally, EDP provides to its stakeholders, the Speak Up whistleblowing channel, an easily

accessible platform at EDP's website designed to facilitate the sharing of stakeholders’ complaints.

E4.IRO-1_06 - Disclosure of whether and how specific sites, raw materials 

production or sourcing with negative or potential negative impacts on affected 

communities

As described in E4-IRO-1_05, EDP follows the demands of the EIA process at local level, where it is

required a period for public consultation and it can include specific engagement, as local meetings

to present the project and a local speak-up channel for collecting any possible project concerns.

Although the production or supply of raw materials used in the products in each asset may

negatively impact the affected communities, EDP limits its analysis to its direct operations.

At site level, specific consultations to local stakeholders allows the company to better understand

the main issues of concern. These consultations are mainly conducted during the EIA process, and

may include potential impacts on biological resources and ecosystems, depending mostly on the

technology, the size of the project and the location of the site. Both these concerns and the results of

the EIA Process contribute to the mitigation hierarchy approach conducted by the company.

Additionally, EDP provides to its stakeholders a Speak Up channel designed to facilitate the sharing

of stakeholders’ complaints. These inputs also contribute to the assessment of EDP's double

materiality process.

At site level, specific engagement processes are implemented to guarantee access from vulnerable

communities, such as indigenous people or local communities without access to the technology.

E4.IRO-1_07 \- Disclosure of whether and how communities were involved in 

materiality assessment

The double materiality assessment, included focal points that when consulted would ensure that

community perspectives and concerns were considered and included in the evaluation of IROs.

EDP has established stakeholder management procedures and a Local Stakeholder Engagement

Policy to ensure effective community engagement. These procedures outline the steps for

identifying, segmenting, and prioritizing stakeholders, as well as methods for engagement and

performance monitoring. The Local Stakeholder Engagement Policy supports these procedures by

detailing the responsibilities and governance for affected community engagement. EDP teams

gather information about affected communities' concerns through internal focal points, who act as

direct links between EDP and these communities. This ensures that the perspectives of affected

communities inform decisions and activities aimed at managing actual and potential impacts. The

procedures also include methods for continuous disclosure, consultation, and reporting to

stakeholders, ensuring transparency and responsiveness to community needs.

E4.IRO-1_08 \- Disclosure of whether and how negative impacts on priority 

ecosystem services of relevance to affected communities may be avoided 

Following EDP’s double materiality assessment, listed in SBM-3_01, priority ecosystem services of

relevance to affected communities are biodiversity loss and land degradation. EDP's approach to

the protection of Biodiversity and ecosystem services allows EDP to anticipate regulatory pressures

and to act in order to respond to society's expectations in the search for continuous improvement

solutions.

At an operational level, EDP applies the mitigation hierarchy throughout the entire cycle of power

generation, transmission and distribution projects, focusing on the earliest planning stages and

adopts the AMAT methodology, inspired by SBTN's Step-by-Step Guide to Nature-based target

setting 1

Following the mitigation hierarchy, EDP:

• avoids: identifies situations where it is possible to avoid impacts, already in the early design

phase, through a careful selection of the place or period of time in which to establish

infrastructure

• minimises: after baseline survey of the state of local biodiversity, measures are taken to reduce

the duration, intensity and/or extent of impacts that cannot be completely avoided

• restores/rehabilitates: after the construction phase, it restores and rehabilitates the affected

ecosystems, namely by bringing construction sites, temporary accesses, etc, back to their natural

state

• compensates (offset): when the previous phases have not proven sufficient to negate the

project’s impact on local biodiversity, measures are taken to make up for the loss of significant

adverse residual impacts, in the pursuit of net gains for biodiversity. The application of the

mitigation hierarchy, in the "NNL – No Net Loss" or "NG-Net Gain" biodiversity objective, is

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achieved with biodiversity projects to offset significant residual impacts caused by the project

that persist when not fully mitigated by previous steps.

E4.IRO-1_14 \- Undertaking has sites located in or near biodiversity-sensitive areas 

Yes, detailed information is disclosed in indicator E4.SBM-3_04.

E4.IRO-1_15 - Activities related to sites located in or near biodiversity-sensitive 

areas negatively affect these areas by leading to deterioration of natural habitats 

and habitats of species and to disturbance of species for which protected area has 

been designated

EDP has assets in or near biodiversity-sensitive areas. The activities performed in these sites that

can potentially affect the natural habitats and the species are:

• the construction works required to build the plants: land movements, vegetation clearing, vehicles

and machinery circulation.

• the assets operation: presence of the infrastructures (dam/weir, aerial networks, turbines) and

movement of the turbine blades. The emission of atmospheric pollutants, if not managed within

the limits of the licenses to which they are subject, can contribute to environmental degradation,

such as acid rain.

• the dismantling works required at the end of the useful life of the assets: vehicles and machinery

circulation and waste generation.

Careful planning and mitigation measures can help balance the benefits of renewable energy with

the preservation of protected areas. It is possible to harness renewable energy while still

safeguarding the precious biodiversity that protected areas aim to preserve. By finding this balance,

we can ensure a sustainable future that respects both our energy needs and our natural heritage.

E4.IRO-1_16 - It has been concluded that it is necessary to implement biodiversity 

mitigation measures

At EDP, the principles of the mitigation hierarchy are applied along the whole lifecycle of the projects

through actions and initiatives seeking to avoid, minimize, restore, compensate and offset impacts.

That has meant the implementation of biodiversity mitigation measures.

The implementation strategy is based on the adoption of the AMAT methodology, inspired by

SBTN's Step-by-Step Guide to Nature based target setting.

Following the mitigation hierarchy, EDP:

• avoids: identifies situations where it is possible to avoid impacts, already in the early design

phase, through a careful selection of the place or period of time in which to establish

infrastructure

• minimises: after baseline survey of the state of local Biodiversity, measures are taken to reduce

the duration, intensity and/or extent of impacts that cannot be completely avoided

• restores/rehabilitates: after the construction phase, it restores and rehabilitates the affected

ecosystems, namely by bringing construction sites, temporary accesses, etc, back to their natural

state

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• compensates: when the previous phases have not proven sufficient to negate the project’s

impact on local biodiversity, measures are taken to make up for the loss of significant adverse

residual impacts, in the pursuit of net gains for biodiversity.

The application of the mitigation hierarchy, in the biodiversity objective "NNL – No Net Loss" or "NG-

Net Gain", is achieved with biodiversity projects to offset significant residual impacts caused by the

project that persist when not fully mitigated by previous steps.

E4-1_01 - Disclosure of resilience of current business model(s) and strategy to 

biodiversity and ecosystems-related physical, transition and systemic risks and 

opportunities / E4-1_02 - Disclosure of scope of resilience analysis along own 

operations and related upstream and downstream value chain / E4-1_03 - 

Disclosure of key assumptions made (biodiversity and ecosystems) / E4-1_04 - 

Disclosure of time horizons used for analysis (biodiversity and ecosystems) / 

E4-1_05 - Disclosure of results of resilience analysis (biodiversity and ecosystems)

EDP does not have a Nature Transition Plan, it will be published during 2025 and has committed to

report in alignment to TNFD in 2026. Time horizons for scenario analysis will be the same used for

TCFD: 2025, 2030, 2050.

E4.MDR-P_01-06 \- Policies to manage material impacts, risks, dependencies and 

opportunities related to biodiversity and ecosystems

EDP has an Environmental Policy that recognizes the Environment as a strategic management

element, aiming to reduce the impacts and dependencies of its activity through a set of

commitments ensured by the implementation and maintenance of environmental management

systems. The specific commitments included in the EDP Environmental Policy are the following:

• protect the environment and integrate its components within decision-making processes at the

different stages of development, construction, operation, and decommissioning of infrastructure

• properly manage environmental risk, in particular pollution prevention and emergency response

in the event of an accident and/or catastrophe

• promote ongoing improvement in environmental processes, practices, and performance,

stimulating Research and Development and Innovation

• comply with applicable environmental legislation, as well as other voluntarily obligations

• consider the relevant expectations of the main stakeholders in decision-making processes

• extend the management and improvement of environmental performance to the value chain,

particularly by including environmental criteria in the selection of suppliers

• communicate our performance in a regular and transparent manner to all stakeholders, in

particular to local communities

• raise awareness regarding the need to improve individual and collective environmental

performance, thereby contributing to the public debate

Additionally, the EDP Environmental Policy includes also specific commitments regarding

biodiversity:

• contribute to reducing the loss of biodiversity, promoting the mitigation hierarchy, and in the long-

term aim for a net benefit in terms of biodiversity

• contribute to deepening scientific knowledge of biodiversity and ecosystem services, namely

through the establishment of partnerships.

This policy’s scope follows the reporting scope detailed in BP1_03, without exclusions. Additional

information concerning the governance process of this policy is detailed in ESRS 2 MDR-P

GOV-1_09 and GOV-1_10, where it is detailed the overall governance and responsibilities of

sustainability, including Environment.

E4-2_01 - Disclosure on whether and how biodiversity and ecosystems-related 

policies relate to matters reported in E4 AR4

The EDP Environmental Policy relates to matters reported in E4 AR4, namely:

• impact drivers on biodiversity loss:

i. climate change

ii. land-use, freshwater-use and sea water change

iii. direct exploitation

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iv. invasive alien species, and

v. pollution.

• impacts on the state of species (i.e., species population size, species global extinction risk)

• impacts on the extent and condition of ecosystems including through land degradation,

desertification and soil sealing), and

• impacts and dependencies on ecosystem services.

Additionally to what is reported in indicator E4.MDR-P_01-06, the EDP Environmental Policy has

specific commitments related to climate change:

• achieve net-zero emissions in its activity through:

i. increasing its renewable energy portfolio

ii. ongoing reduction of direct and indirect greenhouse gas emissions

iii. providing low carbon energy solutions to its customers, promoting electrification of

consumption and energy efficiency

iv. promote climate adaptation, maximizing the resilience of its assets to climate change.

Additional information concerning the governance process of this policy is detailed in ESRS 2 MDR-

P GOV-1_09 and GOV-1_10.

E4-2_02 - Explanation of whether and how biodiversity and ecosystems-related 

policy relates to material biodiversity and ecosystems-related impacts

The EDP Environmental Policy establishes the guiding principles for the continuous improvement of

performance in nature protection through a set of commitments such as integrate environmental

protection and the enhancement of natural capital into decision-making processes, at different

stages of the asset life cycle activities. The systematic implementation of the EIA process enables

the specific identification of actual and future impacts project by project, as well as the definition of

the mitigation measures required for each case, ensuring that its projects are developed in a

sustainable and environmentally responsible manner.

The progress in the implementation of the LEAP approach (first exercise performed in 2024 will

allow us in the upcoming years to seek a positive balance in the long term on material sites.

E4-2_03 \- Explanation of whether and how biodiversity and ecosystems-related 

policy relates to material dependencies and material physical and transition risks 

and opportunities

As described in E4.IRO-1_03, EDP has a process in place for risks management defined in the

framework of its corporate environmental management system.

EDP Environmental Policy aim is to identify, assess, and mitigate the risks of its activities, in different

environmental dimensions, seeking to maximize opportunities and progressively extend them to the

supply chain.

As EDP has made a first exercise following the LEAP approach (TNFD) for the identification and

evaluation of the nature-related impacts and dependencies in its direct operations and to assess its

main risks and opportunities, the outputs of this process will allow EDP during 2025 to progress

E4-2_04 - Explanation of whether and how biodiversity and ecosystems-related 

policy supports traceability of products, components and raw materials with 

significant actual or potential impacts on biodiversity and ecosystems along value 

chain 

EDP's Environmental Policy considers the promotion of its principles along its value chain and

Procurement practices consider biodiversity as a screening topic to assess the supplier maturity on

the subject. However, as of today, the criteria used for the traceability of products being purchased

do not include Biodiversity as a key component due to the extreme complexity of such process.

E4-2_05 - Explanation of whether and how biodiversity and ecosystems-related 

policy addresses production, sourcing or consumption from ecosystems that are 

managed to maintain or enhance conditions for biodiversity

EDP's Environmental Policy considers the promotion of its principles along its supply chain and

Procurement practices consider biodiversity as a screening topic to assess the supplier maturity on

the subject. Additionally, this policy highlights the need for decoupling the economic development

from natural resources exploitation, by incentivising the circularity of products and materials

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sourced and a life cycle assessment (LCA) approach. For key components, EDP is already requiring

LCA information from suppliers to monitor the main environmental impacts of such products, which

includes Biodiversity related issues.

E4-2_06 \- Explanation of whether and how biodiversity and ecosystems-related 

policy addresses social consequences of biodiversity and ecosystems-related 

impacts 

EDP's Environmental Policy supports a corporate environmental management system, third party

certified according with ISO14001:2015. These instruments are in place to address environmental

impacts, including biodiversity and ecosytems-related issues, that when badly manage, can have

social consequences.

To properly manage these potential social consequences, EDP Environmental Policy promotes the

involvement of interested parties, in particular, affected communities and indigenous people, as a

critical step to consider their relevant expectations in the implementation of the Environmental

Policy and in the decision-making processes.

The commitment to apply the mitigation hierarchy includes the possibility of compensation/

offsetting which have direct social impact.

At a case-by-case situation these initiatives translated in social positive.

Examples:

• reducing biodiversity loss ensures the continued availability of ecosystem services vital for

human well-being

• using water sustainably avoids social conflicts linked to water availability in water stressed

regions

• promoting an efficient use of natural resources and promoting circularity, reduces pressure on

nature and promotes the decoupling of economic growth from intensive natural resource use

• addressing climate change, with CO2 as a key ecosystem regulating service, mitigates

significant adverse social consequences, from health effects to forced displacement due to

droughts, sea level raise, etc.

E4-2_17 - Biodiversity and ecosystem protection policy covering operational sites 

owned, leased, managed in or near protected area or biodiversity-sensitive area 

outside protected areas has been adopted

EDP Environment Policy and its commitments are applicable to all sites owned, leased, or managed

by the group independently if they are or not in or near protected areas. Additional information

concerning the scope is detailed in BP-01-03.

The EIA process and the follow of the mitigation hierarchy ensures the prioritization of avoidance or

reducing the negative impacts.

Also, the first exercise that EDP has made following the LEAP approach (TNFD) to identify sensitive

locations and to evaluate the impact and dependencies on nature at project level will continue to be

developed and integrated in decision making.

E4-2_18 \- Sustainable land or agriculture practices or policies have been adopted 

EDP Environmental Policy includes the following principles to promote a sustainable land use:

• protect the Environment at the different stages of development, construction, operation, and

decommissioning of infrastructure

• properly manage environmental risk, in particular pollution prevention and emergency response

in the event of an accident and/or catastrophe

• minimize the use of natural resources necessary to properly carry out its activities.

This policy does not explicitly addresses sustainable land or agriculture practices.

E4-2_20 \- Policies to address deforestation have been adopted

EDP Environmental Policy seeks to contribute to reducing the loss of biodiversity, produced by

deforestation or other activities, promoting the mitigation hierarchy , and in the long-term aim for a

net benefit in terms of biodiversity, as it is stated in its specific commitments for biodiversity.

The mitigation hierarchy contributes to no net deforestation, however EDP does not have a specific

policy to address deforestation.

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E4.MDR-A_01-12 - Actions and resources in relation to biodiversity and 

ecosystems

The main actions and resources related to biodiversity and ecosystems applied at EDP are:

| | | | |   
---|---|---|---|---|---  
KEY ACTIONS | EXPECTED OUTCOMES | CONTRIBUTION  TO TARGETS*| SCOPE** | STATUS  2024| TIME  HORIZON  
Perform environmental  feasibility studies in early stages of projects | Ensure proper location of the  assets avoiding biodiversity sensitive areas and identifying  at very early stages environmental constraints to  avoid/prevent| 1,2,3 | Direct  operations – all geographies with new projects| In place | 2026  (aligned with target 3 time horizon)  
Perform environmental  impact studies and environmental specific studies| to know in depth the  environmental characteristics of the project and the potential environmental constraints to  manage during the design of the facility, as well as during its whole life cycle.| 1,2,3,4,5 | Direct  operations – all geographies with new projects| In place | 2026  (aligned with target 3 and 4 time horizon)  
Environmental  monitoring during construction, operation and decommissioning phases.| To monitor and properly  manage environmental aspects and impacts during the whole lifecycle of the projects | 2,3,4,5 | Direct  operations – all EDP projects| In place | 2026  (aligned with target 3 time horizon)  
Implementation of  Environmental Management Systems | To ensure proper environmental  management of projects and  assets| 2,3,4,5 | Direct  operations – all EDP projects| In place | 2026  (aligned with target 3 time horizon)  
  
*EDP Targets: 

1. No sites in World List Heritage areas 

2. Achieve Biodiversity 'Net Gain' (BNG) on all new projects (excludes transport) with significant residual impacts

3. Have internal tracking system in place to better address BNG

4. Have Biodiversity Action Plans in all facilities with a significant risk for Biodiversity

** Additional information concerning the scope is detailed in BP-01-03

Information about expenses on biodiversity protection is available in note 49 - Environment issues in

Part IV - Financial Statements and Notes to this report.

E4-3_02 - Biodiversity offsets were used in action plan / E4-3_03 - Disclosure of 

aim of biodiversity offset and key performance indicators used / E4-3_08 - 

Description of biodiversity offsets

EDP follows the mitigation hierarchy, but has not yet quantified the achievement of NNL or NG.

Therefore, biodiversity offsets have not been included in the action plan.

E4-3_09 - Description of whether and how local and indigenous knowledge and 

nature-based solutions have been incorporated into biodiversity and ecosystems-

related action

EDP is aware of the importance, and is committed to promote the involvement of local communities

and indigenous populations and the use of NbS for proper management of biodiversity and

ecosystems related actions.

Promoting a regular presence at the location of the projects or facilities, both of its own personnel

and of external personnel working on behalf of EDP (environmental monitoring, etc.) and the hiring of

local personnel, are two key aspects to make this possible.

For example, in Mexico, in Los Cañones project, on the recommendation of the local indigenous

community (via the Autonomous University of Nuevo León), EDP is implementing a cleaning and

scarification process for some seeds in the region. In Los Cuervos project, EDP is using local

knowledge to quickly and accurately identify several plant species in the region, as well as to

manage and rejuvenate a native plant species through a local pruning process, with considerable

success.

E4.MDR-T_01-13 \- Tracking effectiveness of policies and actions through targets

EDP has set several environmental commitments and targets aiming at contributing to support the

Kunming-Montreal Global Biodiversity Framework (GBF) and its 2030 targets. These commitments

cover the scope of this report, detailed in BP-1_03, excluding for this purpose the supply chain.

• Climate change: EDP’s target of achieving net zero by 2040, detailed in E1-1_02 has a direct

contribution to Target 8 which is to minimize the impacts of climate change on biodiversity.

• Biodiversity protection: Framed by its Environmental Policy, EDP commits to contribute to i)

reducing Biodiversity loss, prioritising the mitigation hierarchy and aiming for a positive result in

the biodiversity balance in the long term; ii) to contribute to deepening scientific knowledge of

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biodiversity and ecosystem services, especially through setting up partnerships and iii) not

building new production facilities in areas included in the UNESCO World Heritage List”.

Additionally, EDP set some targets to support its actions:

| | | | | | |   
---|---|---|---|---|---|---|---  
TARGETS | ALIGNING  WITH GBF| UNIT | TARGET | BASELINE  YEAR| TARGET  YEAR| STATUS  2024| ASSUMPTIONS  
Asset area included  inside UNESCO World Heritage sites| Target 3 | ha | 0 | 2015 | n.a. | 0 | Assuming the Disclosure  of an update list and location of these Sites   
Achieve Biodiversity  'Net Gain' (BNG) on all new projects (excludes transport) with significant residual  impacts| Target 1 | % | 100 | 2025 | 2030 | n.a. | Assuming there will be a  global consensus and Methodologies to measure "net gain"  
Have internal tracking  system in place to better address BNG|  Target 14 | % | 100 | 2020 | 2026 | 0.3 | Considering "tracking  systems" as the Internal policies, guidelines and tools to support the above commitment   
Be a TNFD adopter:  Commit to disclose EDP's TNFD alignment by 2026 | Target 15 | 0 | Publish a  report| n.a. | 2026 | n.a. | Disclosure in accordance  with TNFD Guidance  
  
EDP participates in several national and international organizations, working in these topics in a

learning by sharing perspective involving not only other peers, but also partners such as NGO or

Academia. This participation has supported the design of these targets although without direct

contribution. Examples of these organizations where EDP participates: WBCSD; Act4Nature

Portugal, Fundación Biodiversidad, Spain; REWI, USA.

E4-4_01 \- Ecological threshold and allocation of impacts to undertaking were 

applied when setting target (biodiversity and ecosystems)

To comply with the above targets, EDP has considered the location of its assets, considering their

potential risk. As off today, an asset is internally considered with significant risk for Biodiversity when

located in or near areas of conservation interest or when an Environmental Impact Assessment (EIA)

flags biodiversity risks identified locally.

Ecological thresholds are considered when selecting the datasets being used to map the potential

risk of the assets. These datasets include:

• World Database of Key Biodiversity Areas (KBA): managed by Birdlife International on behalf

of the KBA Partnership. It is updated twice per year. Key Biodiversity Areas (KBA) are the most

important places in the world for species and their habitats. The KBA network includes ‘sites

contributing significantly to the global persistence of biodiversity’, in terrestrial, freshwater and

marine ecosystems

• World Database on Protected Areas (WDPA): is the most comprehensive global database of

marine and terrestrial protected areas. Its compilation and management is carried out by the UN

Environment Programme World Conservation Monitoring Centre (UNEP-WCMC), in

collaboration with governments, non-governmental organisations, academia and industry. The

WDPA is updated at the start of each month in IBAT

• UICN Red List of Threatened Species:  is a rich compendium of information on threats,

ecological requirements, and habitats of over 155,000 species; and on conservation actions that

can be taken to reduce or prevent extinctions. It is updated routinely around the year.

Additionally, at local level, during the permitting stage, mitigation/compensatory measures applied

to a specific project also consider local ecological thresholds such as excess fragmented or rare

habitats disturbance; local species/populations vulnerabilities and risk of local extinction, for

example.

E4-4_02 - Disclosure of ecological threshold identified and methodology used to 

identify threshold (biodiversity and ecosystems)

The ecological thresholds mentioned in E4-4_01 are defined by highly reputable organizations such

as IUCN, Birdlife International and UNEP. Their methodologies are internationally recognized and

recommended, making their data and assessments reliable sources for management and use as risk

criteria for biodiversity. These organizations develop their methodologies in collaboration with

leading scientific institutions, ensuring that their work is based on the latest scientific knowledge and

best practices, and they publish them, ensuring transparency in decision-making processes.

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E4-4_03 - Disclosure of how entity-specific threshold was determined 

(biodiversity and ecosystems)

The ecological thresholds considered are not entity specific.

E4-4_04 - Disclosure of how responsibility for respecting identified ecological 

threshold is allocated (biodiversity and ecosystems)

The responsibility of complying with local permitting outcomes is set at the level of the country

manager. The responsibility of risk assessment considering IBAT datasets are set at corporate level,

with the decision of an oriented action plan being decided jointly by Corporate and Regional level.

E4-4_05 - Target is informed by relevant aspect of EU Biodiversity Strategy for 

2030

The targets established by EDP for Biodiversity are aligned with the European strategy for

biodiversity, as they consider the same time horizon and contribute directly to the defined goal of

halting and reversing the trend of global biodiversity loss by 2030, that is, working to achieve a

positive impact on Nature.

E4-4_06 - Disclosure of how the targets relate to the biodiversity and ecosystem 

impacts, dependencies, risks and opportunities identified in relation to own 

operations and upstream and downstream value chain

EDP's Business Plan for 2023-2026 includes targets related to Nature, with the overarching goal of

achieving net zero emissions by 2040, a target endorsed by SBTi in early 2023. Furthermore, EDP

has set a corporate objective to attain a Biodiversity "Net Gain" in all new projects with significant

residual impacts by 2030. By 2026, EDP aims to have implemented Net Gain Biodiversity tracking

systems in 100% of new projects, signifying the need for all internal knowledge and resources to be

in place to enable the company to meet Nature's 2030 targets. Additionally, under EDP’s corporate

commitments, EDP will not build new generation facilities in Natural Heritage Sites from the

UNESCO World Heritage List”.

E4-4_07 - Disclosure of the geographical scope of the targets

EDP targets related to Nature are applicable in all geographies where EDP is present according with

the level of risk on biodiversity. Additional information concerning the scope is detailed in BP-01-03

E4-4_08 \- Biodiversity offsets were used in setting target

EDP applies the mitigation hierarchy but no quantification on NNL or NG achievement has been yet

done. So, no biodiversity offsets have been used in the action plan.

E4-4_09 \- Layer in mitigation hierarchy to which target can be allocated 

(biodiversity and ecosystems)

EDP Nature related targets can be allocated to all layers of the mitigation hierarchy: avoidance,

minimisation, restoration, rehabilitation and compensation.

E4-5_01 - Number of sites owned, leased or managed in or near protected areas or 

key biodiversity areas that undertaking is negatively affecting/ E4-5_02 - Area of 

sites owned, leased or managed in or near protected areas or key biodiversity areas 

that undertaking is negatively affecting

Following what is indicated in E4.SBM-3_04, the location of a site in or in the vicinity of a protected 

area or key biodiversity area may have a potential negative impact on biodiversity. 

Aiming to determine the biodiversity risk at specific sites, as described in E4.SBM-3_01, EDP is

working on the development of a biodiversity risk assessment process for its assets.

The information on the number of sites in protected areas/key biodiversity areas and the surface

area occupied by them, is presented below.

The surface occupied by EDP sites was calculated considering the wind turbines’ rotor diameter

(when turbine rotor diameter is not available, maximum rotor diameter is used), the solar farms’ area,

the reservoirs of hydropower plants and the networks’ management strip area.

1 WDPA -  World Database on Protected Areas. Solar DG not included.

2 KBA - Key Biodiversity Areas - . Solar DG and distribution networks not included.

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PROTECTED OR KEY BIODIVERSITY AREAS | UN | 2024  
Sites owned, leased or managed in or near protected areas that  undertaking is negatively affecting 1| # | 151  
Sites owned, leased or managed in or near protected areas that  undertaking is negatively affecting| ha | 4,299  
Sites owned, leased or managed in or near key biodiversity areas that  undertaking is negatively affecting 2| # | 85  
Sites owned, leased or managed in or near key biodiversity areas that  undertaking is negatively affecting| ha | 31,975  
Note: information regarding WDPA and KBA site occupation areas may include overlaps.  
  
This information will change in the coming years, as the biodiversity risk identification process is

optimized.

E4-5_04 \- Disclosure of metrics considered relevant (land-use change, 

freshwater-use change and (or) sea-use change)

To manage biodiversity impacts and dependencies, risks and opportunities, the following metrics

are being considered:

• land use in protected/natural habitats (ha)

• assets (generation and networks) located within or in the surrounding areas of conservation

interest (WDPA, KBA)

• flooded area in protected/natural habitats (ha)

• generation and networks assets with by biodiversity action plans

• wastewater quality parameters at thermal power plants

• production assets located in water-stressed areas

• water abstracted for operations in water-stressed areas

• water consumption related to operations in water-stressed areas.

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ESRS E5 Resource use and circular economy

E5.IRO-1_01 - Disclosure of whether the undertaking has screened its assets and 

activities in order to identify actual and potential impacts, risks and opportunities in 

own operations and upstream and downstream value chain, and if so, 

methodologies, assumptions and tools used

EDP has conducted a comprehensive screening of its activities to identify actual and potential

impacts, risks, and opportunities related to circular economy and resource use within its own

operations and across its upstream and downstream value chain.

Methodologies, assumptions, and tools used:

i. materiality assessments: regular materiality assessments are conducted to prioritize the most

significant risks and impacts related to resource use and circular economy. These assessments

evaluate the relevance and significance of various environmental, social, and governance

(ESG) factors in relation to EDP's operations and value chain

ii. environmental risk management: EDP's environmental risk management methodology

involves mapping and updating the main environmental risks associated with the group's

activities

iii. supplier audits and inspections: regular environmental audits and inspections of suppliers are

conducted to ensure compliance with EDP's standards and identify areas for improvement.

These audits cover various aspects, including resource efficiency, waste management, and the

use of recycled materials

iv. stakeholder engagement: EDP engages with a wide range of stakeholders, including workers,

suppliers, NGOs, and industry experts, to gather insights and feedback on resource use, waste

management, and circular economy practices. This engagement helps us understand the

concerns and needs of those affected by our operations.

EDP's sustainability reporting framework includes detailed disclosures on the methodologies and

assumptions used in screening for impacts, risks, and opportunities related to resource use and

circular economy.

E5.IRO-1_02 - Disclosure of whether and how the undertaking has conducted 

consultations (resource and circular economy)

EDP has conducts consultations to identify and address impacts, risks, and opportunities related to

resource use and circular economy within its operations and value chain. These consultations are

integrated in different processes and initiatives:

i. Close the Loop program: EDP's "Close the Loop" program is a significant initiative aimed at

promoting circular economy practices. This program involves partnerships with stakeholders,

including recycling companies and industry leaders, to optimize resource use, minimize waste,

and ensure transparent communication throughout the company. Through this program, EDP

engages with various stakeholders to gather insights and feedback on circular economy

practices and resource efficiency

ii. stakeholder engagement: EDP actively engages with a wide range of stakeholders, including

local communities, suppliers, NGOs, and industry experts, to understand their concerns and

needs related to resource use and circular economy. These engagements include regular

consultations, surveys, and feedback mechanisms, which help EDP identify potential impacts

and opportunities for improvement

iii. collaborative platforms: EDP participates in collaborative platforms that focus on circular

economy and resource management. These platforms facilitate knowledge sharing and

collaboration with other organizations, helping EDP stay informed about best practices and

emerging trends in circular economy.

E5.MDR-P_01-06 - Policies to manage its material impacts, risks and opportunities 

related to resource use and circular economy

EDP is committed to managing material impacts, risks, and opportunities related to resource use and

circular economy through comprehensive policies and practices. These policies are designed to

ensure sustainable resource management, minimize waste, and promote circular economy

principles across our operations and value chain.

Environmental Policy: EDP's Environmental Policy outlines our commitment to minimizing

environmental impacts through efficient resource use and waste reduction. This policy emphasizes

the importance of adopting circular economy principles, such as reducing, reusing, and recycling

materials, to maintain the value of resources throughout their lifecycle. The scope of this policy

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includes all activities of EDP and its subsidiaries, as well as entities providing services on behalf of

EDP.

Circular Economy Strategy: EDP's Circular Economy Strategy focuses on integrating circular

economy principles into our business model. This strategy includes initiatives such as the "Close the

Loop" program, which aims to optimize resource use, minimize waste, and promote the use of

secondary (recycled) resources. The scope of this strategy includes all activities of EDP and its

subsidiaries, as well as entities providing services on behalf of EDP.

Sustainable Procurement Policy: EDP's Sustainable Procurement Policy ensures that all suppliers

adhere to high standards of resource efficiency and circular economy practices. This policy includes

criteria for evaluating suppliers based on their environmental performance, promoting responsible

sourcing, and encouraging the use of recycled and renewable materials. The scope of this policy

includes all activities of EDP and its subsidiaries, as well as entities providing services on behalf of

EDP.

Supplier Code of Conduct: EDP's Supplier Code of Conduct requires suppliers to comply with

national and international legislation, respect environmental standards, and promote circular

economy practices. Suppliers must ensure that these standards are upheld throughout their own

supply chains. The scope of this policy includes all activities of EDP and its subsidiaries, as well as

entities providing services on behalf of EDP.

The information concerning the governance process of these policies is detailed in ESRS 2 MDR-P

GOV-1_09 and GOV-1_10, where it is detailed the overall governance and responsibilities of

sustainability, including Environment, as well as Circular Economy Strategy.

E5-1_01 - Disclosure of whether and how policy addresses transitioning away from 

use of virgin resources, including relative increases in use of secondary (recycled) 

resources

EDP is committed to transitioning away from the use of virgin resources and increasing the use of

secondary (recycled) resources. This approach is integral to our environmental policy and Circular

Economy Strategy, aiming to reduce our environmental footprint and promote sustainable resource

management.

Environmental Policy: EDP's Environmental Policy emphasizes the importance of minimizing the

use of natural resources and optimizing internal products and services to promote a circular

economy. The policy prioritizes the reduction of virgin resource use and encourages the adoption of

secondary (recycled) resources to maintain the value of materials throughout their lifecycle.

Circular Economy Strategy: EDP's Circular Economy Strategy focuses on integrating circular

economy principles into our business model. This strategy is implemented through seven different

axes of action such as efficiency in the use of resources, resource valorization, including

optimization of resource use, minimizing waste, and promote the use of secondary (recycled)

resources. The strategy prioritizes the transition from virgin resources to recycled materials through

design, production, and consumption practices that extend the lifecycle of products and materials.

E5-1_02 - Disclosure of whether and how policy addresses sustainable sourcing 

and use of renewable resources

EDP is committed to sustainable sourcing and the use of renewable resources as part of our broader

environmental and sustainability strategy. This approach is integral to reducing our environmental

footprint and promoting responsible resource management.

Environmental Policy: EDP's Environmental Policy outlines our commitment to minimizing

environmental impacts through the sustainable use of resources. This policy emphasizes the

importance of adopting renewable energy sources and cleaner, more efficient energy technologies.

It also promotes the use of renewable resources to reduce dependency on non-renewable materials.

Circular Economy Strategy: EDP's Circular Economy Strategy focuses on integrating circular

economy principles into our business model. This strategy is implemented through seven different

axes of action, such as efficiency in the use of resources, product longevity, circular supplies and

new business models that enable the optimization of resource use and promoting the use of

secondary (recycled) resources.

Sustainable Procurement Policy: EDP's Sustainable Procurement Policy ensures that suppliers

adhere to high standards of environmental performance. This policy includes criteria for evaluating

suppliers based on their ability to source materials sustainably and use renewable resources. It

promotes responsible sourcing practices and encourages the use of recycled and renewable

materials.

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E5.MDR-A_01-12 - Actions and resources in relation to resource use and circular economy / E5-2_03 - Description of application of circular design / E5-2_04 - Description of 

application of circular business practices / E5-2_07 - Information about collective action on development of collaborations or initiatives increasing circularity of products and 

materials  / E5-2_08 - Description of contribution to circular economy / E5-2_09 - Description of other stakeholders involved in collective action (resource use and circular 

economy)

| | | |   
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AXIS OF ACTION | INITIATIVE | DESCRIPTION | PLATFORM | SCOPE  
Efficient use of resources  and materials| Promotion of rationalization of  water consumption| Minimizing water usage in hydroelectric plant landscapes is a key priority for us. To achieve this, we are actively incorporating rainwater  reuse practices for irrigation. Additionally, we are conducting a comprehensive assessment to identify opportunities for streamlining water consumption. To address areas with less developed water management, such as hydroelectric power plants, we are executing an action plan. This plan focuses on enhancing consumption accounting measures and initiating pilot projects in gardens. These projects involve selecting climate-appropriate vegetation and optimizing watering practices for increased efficiency.| Renewable Generation Assets – Portugal | Own operations  
Use of rainwater in wind farms | To reduce water consumption for human use, EDPR EU&SA has implemented innovative rainwater harvesting systems in its operations.  These systems include the installation of cisterns that efficiently collect, store, and reuse rainwater. This harvested water is then used for various maintenance activities, such as cleaning floors, offices, accommodation, and irrigation. By embracing these sustainable practices,  the company not only conserve precious water resources but also demonstrate our commitment to environmental stewardship.| Renewable Generation Assets – Europe and South  America| Own operations  
Energy storage system with  batteries at solar farms| Installation of batteries for energy storage in solar farms with the aim of improving the flexibility of electrical systems, thus incorporating  greater renewable capacity.| Renewable Generation Assets – Europe and South  America| Own operations  
CIRCUMETRIC 2.0 | Circumetric is a corporate tool designed to assess the circularity of initiatives, with the primary goal of raising awareness and identifying  improvement measures. In 2024, significant enhancements were made to the tool, and its scope was expanded to cover all geographies. This expansion ensures the tool's continued functionality while incorporating new features to better serve its purpose. Additionally, we witnessed a growing use of the tool in valuing circularity in initiatives by the network generation business areas.| Renewable Generation Assets and Networks –  Iberia| Own operations  
Enhancing Effluent  Management and Water Reuse| At thermal power plants, wastewater streams are separated and treated individually to enhance the quality of each discharge before they  are unified in a global effluent treatment plant. Significant investments have been made in Flue Gas Desulphurisation (FGD) effluent treatment plants at Soto de Ribera. At the Soto de Ribera Thermal Power Plant, water from the effluent treatment plant is reused for operational purposes, showcasing a commitment to sustainability and efficient resource management.| Renewable Generation Assets – Iberia | Own operations  
Product longevity | Extend lifecycle of smart  meters| Both E-REDES and EDP Brasil are setting examples in the energy sector by reducing waste and fostering innovation in asset management.  E-REDES in Portugal is pioneering sustainable asset management with its reverse logistics project for electricity meters. Over the past two years, 12,000 faulty smart meters were checked, and 70% were reintroduced into the network after thorough assessments. Defective meters under warranty undergo meticulous inspection and, if functional, are reused, reducing waste and promoting a circular economy. This initiative highlights E-REDES' commitment to sustainability and innovation. In Brazil, EDP Brasil is also advancing sustainable practices. Energy meters, essential for measuring electricity consumption, are often discarded. However, a lifecycle analysis revealed the potential to reuse many of these meters. The reuse process involves sorting, cleaning, polishing, voltage testing, and packaging. This approach aligns with the principles of the circular economy, reducing waste and promoting sustainability.| Networks – Iberia and South America | Own operations and value chain  
Digitalisation | AI-Driven Asset Management | At E-REDES, the innovative Analytics4Assets tool leverages AI to evaluate HV/MV power transformers, circuit breakers, and power lines. By  analysing asset behaviour throughout their lifecycle, this tool supports maintenance and investment optimization, providing crucial insights  for deciding whether transformers should be maintained, upgraded, or rehabilitated. The reconditioning of transformers, combined with predictive analysis and real-time remote monitoring, enhances responsiveness and service quality while extending the useful life of resources through dematerialization processes. Additionally, E-REDES employs LIDAR systems for the maintenance and monitoring of power lines, significantly reducing the need for physical inspections and conserving resources. This comprehensive approach not only ensures efficient asset management but also promotes sustainability and operational excellence.| Networks – Iberia | Own operations and value chain  
Environmental Footprint Tool  for CRM Management| We are developing a tool based on the Environmental Footprint with a lifecycle perspective to identify the most utilized Critical Raw  Materials (CRMs) in each business sector. This tool will provide insights into the environmental impact of these materials and propose future improvement actions. By understanding the lifecycle and environmental footprint of CRMs, businesses can make informed decisions to enhance resource efficiency and reduce their ecological impact, fostering a more sustainable and responsible approach to raw material usage.| Renewable Generation Assets and Networks –  Iberia| Own operations  
ECO-D: Digital Tool for  Circular Dismantling| As part of its Climate Change Strategy, EDP Group has committed to closing all its coal-fired power plants by 2025, dismantling the facilities according to environmental requirements to minimize impacts. By applying its Circular Economy Strategy, EDP extends the useful life of assets by reusing them internally or in other organizations, thus avoiding the need to manufacture new equipment and manage waste. The ECO-D tool measures environmental benefits by calculating the environmental footprint from manufacturing to dismantling. Thanks to this strategy, an Environmental Impact Avoided of 54% has been achieved, promoting the Circular Economy not only in the life cycle of assets but also at the end of their use.| Renewable Generation Assets and Networks –  Iberia| Own operations  
  
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AXIS OF ACTION | INITIATIVE | DESCRIPTION | PLATFORM | SCOPE  
Resource valorization | Scaling Uniform Recycling | In 2024, EDP expanded its uniform recycling efforts through a two-year partnership with Retalhar, aimed at repurposing textile waste. This  initiative successfully transformed 1.3 tons of old uniforms into 1,300 tool bags for electricians and 1,000 cases for Teacher's Day. Beyond promoting sustainability, this project supported 40 seamstresses and their families in Rio Grande do Sul, helping them build resilience after facing climate challenges. By turning waste into valuable products, EDP and Retalhar are making a significant impact on both the environment and the community.| Networks- South America | Own operations and value chain  
Solar Panel Donations | EDPR NA partnered with Cloud County Community College in Concordia, Kansas for a solar panel donation opportunity. The 170 individual  375W Boviet solar panels will support the college's Technical Education and Innovation Center, which will house their nursing, renewable energy, agriculture, and industrial technology programs, as well as the solar and wind technician training program. EDPR NA's donated panels will also power the new greenhouse for Cloud County Community College's horticulture program. | Renewable Generation Assets – North America | Own operations and value chain  
Wind Turbine Blade Reuse for  Welcome Center| EDPR NA partnered with Vestas and the Indiana State Department of Transportation for a blade donation opportunity. The Vestas blade  from Meadow Lake IV Wind Farm was repurposed as an art installation for the Kankakee Valley Welcome Center. | Renewable Generation Assets – North America | Own operations and value chain  
Close the Loop Partnerships +  Wind Turbine Blade and Panel Recycling | EDPR NA is leading the development of a circular economy powered by secondary markets such as recycling. We have partnered with over  20 leading materials management organizations throughout the continent to help in setting global standards on materials production and waste management. This effort underscores our unified mission to building a sustainable energy future for all. While solar panels and wind turbines are the most obvious components, every renewable energy project includes other materials that can also be recycled, such as solvents and oils, rare-earth magnets, as well as cables, concrete and steel. The initiative aims to foster a circular economy and minimize environmental impact by enhancing resource efficiency and extending product lifespans. 2024 Wind Turbine Blades Recycled: 87.35 Metric Tons of waste glass-based fibrous materials (Marble River and Jericho Rise Wind Farm, Lone Star I and II Wind Farms, Headwaters I and II Wind Farms, Harvest Ridge Wind Farm). This was possible through the support of multiple blade recycling partners including Vestas, Wind Power Solution, Pitbull Shredding, Jackson Demolition, and Helm's Salvage. 2024 Solar Panels Recycled: 458.75 Metric Tons (1,011,512 LBS** may be higher pending Ragsdale numbers) throughout EDPR NA and EDPR NA Distributed Generation. This was possible through the support of multiple nationwide solar panel and e-waste recycling partners including: SOLARCYCLE, We Recycle Solar, Fabtech, Solar Panel Recycling Inc, and Ontility!| Renewable Generation Assets – North America | Own operations and value chain  
Bushing Recycling | EDPR NA partnered with United Metals Recycling to complete its first recycling of high-voltage bushings from the utility transformer at the  Elkorn Valley Wind Farm electrical substation.| Renewable Generation Assets – North America | Own operations and value chain  
Manual for End-of-Life  Projects| Managing end-of-life projects is crucial for promoting sustainability and resource efficiency. Properly handling these projects ensures that  valuable materials are reused and environmental impacts are minimized. In this context, we have developed several manuals to guide our efforts. We expanded our Best Practices Manual for Coal Decommissioning Circularity to multiple languages in 2024, making it accessible to a global audience. Additionally, we began developing a new manual focused on network processes, covering dismantling, modernization, and operations of substations, thermal power plants, and transmission lines. This guide aims to identify reusable assets, detail their characteristics, and create a comprehensive catalogue. Furthermore, we established the "Guidelines for End-of-Life Projects at EDPR" to address resource valorization strategies for wind and solar projects. As part of the this project, we donated out-of-use turbine blades, demonstrating our commitment to innovative solutions for end-of-life wind turbine blades and photovoltaic panels.| Networks – Iberia Renewable Generation Assets –  Europe and South America| Own operations  
Recycling of porcelains  isolators| Due to the significant amount of porcelain being generated in networks, primarily from discarded isolators, EDP decided to reassess its life  cycle. Laboratory tests, which showed positive results from using crushed porcelain in concrete blocks, led to the decision to reuse this material on a larger scale by incorporating crushed porcelain as fine aggregate in civil construction. This approach ensures the complete utilization of what was once considered waste material.| Networks - South America | Own operations and value chain  
Reuse of wooden utility poles  for playgrounds and other public/community structures| In 2024, following the successful installation of 'Parque Natu' in Mogi das Cruzes, a city within EDP's distribution concession area in São  Paulo state, a playground and some furniture were designed and installed using the same repurposed wooden utility poles. These additions aimed to enhance the infrastructure of a community space in the Jabaeté neighbourhood, frequented by local community organizations and residents. The structures built for the Espírito Santo version of the initiative also included pieces made from recycled plastic bottle caps, collected by local residents and EDP employees through a campaign to gather the necessary materials.| Networks - South America | Own operations and value chain  
New business models | Solar energy sales as a service | Development of a business model as a service for solar, in which the management of panels made by EDP contributes to their better  maintenance and, therefore, to an extension of their useful life, in addition to the fact that when the customer no longer needs them, they can be reused by other customers.| Client Solutions - Iberia | Own operations and value chain  
  
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AXIS OF ACTION | INITIATIVE | DESCRIPTION | PLATFORM | SCOPE  
Circular supplies | Circular procurement tool | In 2024, one of our key initiatives was to select a versatile tool to assess a product's circularity index during the purchasing phase, fostering  more circular supply chains. This innovative tool enables comprehensive evaluations, including Life Cycle Assessment (LCA), Material  Circularity Indicator (MCI), and Social-Life Cycle Assessment (S-LCA). By integrating these assessments, we ensure that our purchasing decisions are not only economically sound but also environmentally and socially responsible, paving the way for a more sustainable future.| Networks – Iberia | Own operations and value chain  
Integrating circularity in  suppliers’ evaluation| In 2024, EDP advanced its commitment to sustainability through the ESG Supplier Roadmap, focusing on circular economy principles,  supplier engagement, and capacity building. By collaborating closely with over 10,000 suppliers globally, EDP promotes the adoption of circular practices, ensuring that products and materials are reused and recycled efficiently. Each supplier has access to a score reflecting their performance in circular economy dimensions, fostering transparency and continuous improvement. This initiative not only enhances the environmental performance of the supply chain but also empowers suppliers with the knowledge and tools needed for circular economy practices. As a result, suppliers improve their sustainability performance, contributing to EDP's overarching goals of decarbonization and resilience. This collaborative approach fosters a more sustainable and transparent value chain, driving mutual growth and success.| Global Business Services - Global | Own operations and value chain  
Influence and awareness | Circular economy Training | EDP has implemented training sessions for all employees on the principles of the circular economy and current regulations. These sessions  also cover how EDP is addressing these requirements. Parallel to this, EDP maintains an open dialogue with suppliers to understand and  share innovations, key concerns, and trends in the circular economy. This bidirectional communication ensures that both EDP and its suppliers are aligned and can collaboratively advance their sustainability goals. This comprehensive approach not only enhances internal  capabilities but also strengthens external partnerships, driving collective progress towards a more sustainable and circular economy.| Global | Own operations  
Partnership for the Recovery  of Wind Turbine Blades & Solar Panels| To prevent wind turbine blades and solar panels from ending up in landfills and to give them a second life, a transformation process is applied  to reintegrate them into the cycle. One of the most significant challenges in the renewable energy sector is waste generation, particularly from wind turbine blades and solar panels. Therefore, it is crucial to seek opportunities to promote innovative solutions for the recovery of these end-of-life components. EDPR has already begun this work through various partnerships. By analysing potential collaborations and partnerships focused on innovative solutions, the company can implement new circular alternatives that enhance sustainability and reduce waste.| Renewable Generation Assets – Europe and South  America| Own operations and value chain  
Partnerships for circularity  improvement| Our commitment to enhancing circularity is strengthened through strategic partnerships with both international and national organizations  dedicated to this cause. In 2024, we deepened these connections to align with best practices. Collaborations with global entities (e.g.  WBCSD, Eurelectic), alongside national organizations (e.g. Fóretica, BCSD, Ihobe, NREL, etc.) and regulation, have been pivotal. Additionally, we are establishing connections with local entities and technology-specific organizations to address unique challenges and opportunities. These partnerships enable us to leverage diverse expertise and resources, fostering innovation and effective implementation of circular initiatives. By working together, we aim to drive significant progress in circularity, ensuring sustainable practices are integrated across all levels of our operations.| Global | Own operations and value chain  
Efficiency in the use of  resources and materials| Oil analysis before  replacement| To extend the useful life of turbine oils, thereby promoting resource efficiency and reducing waste generation, periodic oil checks are  incorporated into the regular maintenance service. These checks ensure optimal turbine performance. Before replacing the oil, an analysis is conducted to determine whether it meets the necessary criteria for replacement or if it remains in good condition, allowing its useful life to be extended. | Renewable Generation Assets – Europe and South  America| Own operations  
  
Note: All the actions described were developed during 2024 and due to their operational nature, no targets were defined. The monitoring is done annually. 

E5.MDR-T_14-19 \- Disclosures to be reported if the undertaking has not adopted 

targets

There are no targets related to the entry of materials and products into the organization.

E5-4_01 - Disclosure of information on material resource inflows 

EDP adopts a comprehensive approach to managing material resource inflows, ensuring efficiency

and alignment with circular economy principles. The company’s operations involve significant

material inputs, particularly related to the construction, operation, and maintenance of its assets,

which are primarily derived from:

• equipment

• raw materials

• consumables.

To address these inflows, EDP prioritizes the reuse of materials wherever possible. In cases where

disposal is necessary, recycling is emphasized as the first solution. Licensed operators are engaged

to transport waste materials to recovery facilities, ensuring reintegration into the economic cycle.

This proactive waste management approach begins upstream, during the design phase and in the

selection of materials, embedding sustainability into the operational framework.

Additionally, EDP has made significant efforts to ensure that waste materials, such as fly ash and

coal slag, are repurposed as by-products or raw materials for other industries, promoting circularity.

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The transition to renewable energy sources further underscores the importance of a circular

economy.

E5-4_02 \- Overall total weight of products and technical and biological materials 

used during the reporting period

| |   
---|---|---  
RESOURCES INFLOWS | UN | 2024  
Overall total weight of products and  technical and biological materials| t | 99,410  
Materials | t | 2,541  
Sodium hydroxide | t | 73  
Hydrochloric acid | t | 258  
Sodium hypochlorite | t | 335  
Ammonia | t | 257  
Limestone | t | 1,503  
Acquired oils | t | 114  
Technical Products | t | 96,869  
Turbine | t | 1,038  
Inverter | t | 1,305  
Module | t | 65,524  
Rotor and blades | t | 250  
Tracker | t | 26,019  
Tower | t | 2,733  
Biological Products | t | 0  
  
E5-4_04 - The absolute weight of secondary reused or recycled components, 

secondary intermediary products and secondary materials used to manufacture 

the undertaking’s products and services (including packaging) / E5-4_05 - 

Percentage of secondary reused or recycled components, secondary intermediary 

products and secondary materials

Currently, EDP does not have a methodology in place to estimate the absolute weight or percentage

of secondary reused or recycled components, secondary intermediary products, and secondary

materials used in the manufacturing of its products and services, including packaging.

E5-4_06 - Description of methodologies used to calculate data and key 

assumptions used 

Methodologies used:

i. data collection and analysis: the main equipments purchased are mapped. Using the LCA’s

information of that equipments theirs weight is calculated for each year

ii. Business Plan projections: estimates are based on net production projections outlined in the

Business Plan (BP 23-26). These projections are confirmed and adjusted as necessary to

ensure accuracy and alignment with the business strategy.

Key assumptions:

i. historical data utilization: the methodology assumes that historical data is a reliable indicator

of future trends. This includes data from the past four years

ii. Business Plan alignment: projections are aligned with the Business Plan (BP 23-26), which

provides a framework for estimating future equipment purchased. This alignment ensures that

the estimates are consistent with the company's strategic goals

iii. specific factors application: specific factors derived from historical data are applied to

estimate future generation assets. These factors account for variations in production levels and

operational changes.

E5-4_08 - Description of how double counting was avoided and of choices made 

To ensure the accuracy of resource inflow data and avoid double counting, EDP implemented

several measures:

• internal systems and documentation: the final destination of all resources is recorded in internal

systems, accompanied by detailed documentation. This practice helps in tracking the flow of

resources and prevents any duplication in reporting

• licensed operators: contracts with licensed operators ensure that resources are directed to their

intended recovery destinations. This collaboration helps in maintaining a clear and accurate

record of resource utilization

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• upstream management: resource management begins at the design phase, where the selection

of materials is carefully planned to optimize their use and reintegration into the economic circuit.

This proactive approach minimizes the risk of double counting by ensuring that resources are

efficiently utilized from the outset.

E5-5_01 - Description of the key products and materials that come out of the 

undertaking’s production process

EDP is focusing on the acceleration of the renewable generation and networks growth namely, wind,

solar power, and battery energy storage system projects. Key outputs of EDP's production process

include clean electricity, as well as by-products or materials aligned with circular economy

principles. Below is a description of these key products and materials:

Key Products

i. Renewable Electricity:

• description: EDP generates clean electricity through its portfolio of onshore wind, hydropower

dams, solar photovoltaic (PV), and battery energy storage system projects

• circular principles: by replacing fossil fuels with renewable energy, the electricity produced

reduces greenhouse gas emissions and contributes to decarbonization efforts globally. Its

production supports the optimization of energy use through integration with energy storage

and grid flexibility technologies.

ii. Key Materials Designed Along Circular Principles

EDP is not directly involved in the production of the equipments it uses to assure the company’s

activity, however EDP’s procurement process does include circularity as a consideration when

purchasing equipment and components.

Wind Turbine Components:

• durability and reusability: wind turbines are designed to operate for 20-25 years, with

components such as towers, blades, and nacelles optimized for durability

• recycling and repurposing: efforts are ongoing to develop recycling solutions for turbine blades

and other composite materials, such as repurposing fibreglass in cement manufacturing.

Solar PV Panels:

• durability and reusability: solar panels have a lifespan of 25-30 years and are built to withstand

environmental stresses

• recycling: solar panels are increasingly recycled at end-of-life to recover valuable materials

like silicon, silver, aluminium, and glass for use in new panels or other products.

Substations and Transformers:

Replacing mineral oil in transformers with vegetable oil, which reduces hazardous waste and

promotes regenerative fuels and recycling metal bushings from substations.

Operational By-products (Metals, Cardboard, Wooden Pallets):

• recycling and recirculation: materials used in construction and maintenance, such as metals,

cardboard, and wooden pallets, are sorted and recycled or reused where possible to minimize

waste.

iii. Circular Business Models

Battery Energy Storage Systems:

• longevity and repurposing: batteries deployed for energy storage are designed for long

operational lifespans. At end-of-life, they may be repurposed for secondary applications or

recycled to recover valuable metals.

Repowering and Upgrading Projects:

• refurbishment and modernization: EDP undertakes repowering projects for older wind farms by

replacing outdated components with modern, efficient equipment, extending the asset’s

operational life and improving energy output. Replaced components are recycled, reused, or

salvaged.

Community Energy Programs:

• energy sharing and optimization: through virtual power purchase agreements and community

energy sharing initiatives, EDP optimizes the use of renewable energy by connecting surplus

generation with demand in local communities.

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By embedding circular economy principles into its operations, EDP not only maximizes the utility and

lifespan of its products and materials but also contributes to broader environmental and social

sustainability goals.

E5-6_02 - Disclosure of qualitative information of anticipated financial effects of 

material risks and opportunities arising from resource use and circular economy-

related impacts

EDP is dedicated to sustainable business practices and integrates circular economy principles to

manage resource use efficiently. Below is a qualitative disclosure of the anticipated financial effects

related to material risks and opportunities in this area.

Anticipated Financial Effects of Material Risks:

EDP’s operations rely on critical materials, such as rare earth elements for wind turbines and silicon

for solar panels. Resource scarcity or supply chain disruptions could lead to cost increases, delays, or

operational constraints, potentially increasing capital and operational expenditures to secure

alternative materials, diversify suppliers, or develop recycling processes for critical components.

This could impact short- and medium-term cash flows and profitability.

Stricter regulations on resource extraction, waste management, and circularity may impose

additional compliance costs on EDP. Adapting to evolving regulations could result in increased

expenses, including investments in recycling technologies and waste reduction systems, affecting

financial performance in the medium term.

Extreme weather events linked to climate change could disrupt operations, increasing maintenance

costs, insurance premiums, or necessitating the redesign of resource-intensive processes. These

factors could lead to heightened operational costs and reduced efficiency over the short and long

term, with potential implications for EDP’s cash flow stability.

Market and investor preferences for sustainable and circular practices may exert pressure on EDP to

enhance its circular economy commitments. This could lead to the reallocation of resources toward

R&D and implementing circular business models, resulting in increased short-term costs but

potentially improving competitive positioning in the long term.

Anticipated Financial Effects of Material Opportunities:

Integrating circular economy principles can lower material costs and reduce dependency on virgin

resources. For example, repowering older wind farms with new components and reusing or recycling

end-of-life solar panels can decrease lifecycle costs of assets, improve cash flows, and enhance

profitability in the medium and long term.

Deploying circular solutions in battery technologies, such as second-life applications and advanced

recycling processes, aligns with emerging energy storage markets. This can enhance revenue

potential and provide a competitive advantage by offering sustainable storage solutions.

Minimizing waste during project construction and operations aligns with cost-saving measures and

stakeholder expectations. Efficient resource use can lead to reduced operational costs and

improved profitability.

Demonstrating commitment to circularity and sustainability can enhance access to ESG-aligned

financing opportunities, such as green bonds or sustainability-linked loans. This can result in

favourable borrowing terms and increased capital inflow for scaling projects, improving EDP’s

financial position in the long term.

E5-6_03 - Description of effects considered and related impacts (resource use and 

circular economy)

EDP considers several effects and related impacts in its approach to resource use and circular

economy. One significant effect is the potential for resource scarcity and supply chain disruptions,

particularly concerning critical materials like rare earth elements and silicon. This could lead to cost

increases, delays, or operational constraints, necessitating increased capital and operational

expenditures to secure alternative materials, diversify suppliers, or develop recycling processes.

Regulatory changes also play a crucial role. Stricter regulations on resource extraction, waste

management, and circularity may result in additional compliance costs. Adapting to these evolving

regulations could involve increased expenses for investments in recycling technologies and waste

reduction systems.

Climate change impacts are another critical consideration. Extreme weather events could disrupt

operations, increasing maintenance costs, insurance premiums, or necessitating the redesign of

resource-intensive processes. These disruptions could lead to heightened operational costs and

reduced efficiency.

Market and consumer expectations for sustainable and circular practices exert pressure on EDP to

enhance its circular economy commitments. This may involve reallocating resources toward

research and development and implementing circular business models, potentially increasing short-

term costs but improving long-term competitive positioning.

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The related impacts of these effects are multifaceted. Environmentally, focusing on the durability,

reusability, and recycling of equipment and materials helps reduce EDP’s environmental footprint,

conserve natural resources, and lower greenhouse gas emissions. Economically, implementing

circular economy principles can lead to cost savings through reduced material costs, lower waste

management expenses, and improved efficiency, contributing to EDP’s financial stability and

profitability. Socially, EDP’s commitment to sustainability and circular economy practices enhances

its reputation and aligns with stakeholder expectations, fostering positive relationships with local

communities and stakeholders.

E5-6_04 - Disclosure of critical assumptions used in estimates of financial effects 

of material risks and opportunities arising from resource use and circular economy-

related impacts

EDP is in the process of developing methodologies to calculate the financial effects of material risks

and opportunities related to resource use and circular economy impacts. Within this process EDP

considers several assumptions:

• the availability and market prices of critical materials, such as rare earth elements and silicon, will

remain relatively stable. Significant fluctuations could affect cost estimates for securing

alternative materials or developing recycling processes

• current and anticipated regulations on resource extraction, waste management, and circularity

will evolve in a predictable manner. Sudden regulatory changes could lead to unexpected

compliance costs and need additional investments in recycling technologies and waste

reduction systems

• technological advancements in recycling and resource efficiency are expected to continue at a

steady pace. Breakthroughs or delays in technology development could alter the financial

impacts of implementing circular economy practices

• market and consumer preferences for sustainable and circular practices are assumed to grow

steadily. Rapid shifts in market expectations could require accelerated investments in R&D and

circular business models, affecting short-term financial performance

• these critical assumptions underpin EDP's ongoing efforts to estimate the financial effects related

to the risks and opportunities arising from resource use and circular economy impacts.

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4.3. Social information

ESRS S1 Own workforce

S1.SBM-3_01 \- All people in its own workforce who can be materially impacted by 

undertaking are included in scope of disclosure under ESRS 2

All employees in EDP Group can be materially impacted and are in the scope of disclosure under

ESRS 2.

S1.SBM-3_02 - Description of types of employees and non-employees in its own 

workforce subject to material impacts

Employees: includes all people with a fixed-term or permanent employment contract with EDP or

one of its subsidiaries.

Non-employees: this concept is still being defined in order to meet labour relations requirements. In

this sense, EDP will not report non-employees' datapoints in the first year.

S1.SBM-3_03 - Material negative impacts occurrence (own workforce)

EDP Group recognizes material negative impacts in gender diversity, pay gap and employee

attraction and retention. As an energy company, EDP attracts a predominantly male workforce,

which influences diversity across leadership and impacts turnover rates. EDP is actively addressing

these issues through initiatives to promote inclusion and reduce pay gaps.

In terms of attraction and retention, operating in countries where EDP's brand is less recognized

poses challenges in attracting talent. Additionally, global trends like "Quiet Quitting" and the "Great

Resignation" highlight the importance of strengthening engagement and retention strategies.

In terms of pay gap, to prevent and mitigate this impact, EDP develops clear policies and procedures

in key processes such as recruitment, job offers and salaries that comply with internal equity and

market alignment, preventing systemic impacts such as the gender pay gap. For both systemic and

contextual situations, EDP develops responses adjusted to the situation, considering, if applicable,

potential compensatory mechanisms.

S1.SBM-3_04 \- Description of activities that result in positive impacts and types of 

employees and non-employees in its own workforce that are positively affected or 

could be positively affected

EDP Group's presence in nearly 30 markets and multiple generations in the workforce shape a

diverse and inclusive culture. EDP creates positive impacts for all employees through diversity

initiatives and professional development. These efforts foster collaboration and innovation across

the organization.

To ensure a response to the needs of employees in various matters of their personal and professional

sphere, as well as to anticipate potential opportunities and mitigate risks, EDP develops forums for

listening to employees such as the annual organizational climate study or the biennial Ethics study.

The results of these studies have inspired the implementation of various initiatives to promote health,

physical, emotional, financial, social and professional well-being, the integration of personal and

professional life, support for parenthood and greater flexibility in working time and space:

• flexible working arrangements (temporal and spatial) - EDP promotes a 3:2 hybrid working

model for compatible functions, including other flexibility measures such as Flex Fridays, which

allow employees to manage their professional and personal responsibilities in a more balanced

way

• offer of days off (birthday and celebration of local festivities) - in addition to flexible working

hours, EDP also offers a birthday celebration day-off and a day associated with important

festivities in each region where it operates (Magic Season day-off)

• support for parenthood - as a family-responsible company, EDP provides a range of family and

parenthood support measures such as: in some countries, EDP offers pregnant women 15

consecutive days' leave in the period immediately preceding the expected date of childbirth,

without loss of compensation (this is also applicable in the case of adoption); a cash gift for

newborns: vouchers for childcare/education services or breastfeeding rooms in some offices

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• Mind Your Mind - an awareness campaign focused on promoting mental health which

reinforces the importance of approaching the issue in a transparent way, appealing to preventive

behaviours, through different global and local initiatives which seek to promote an increasingly

healthy working environment and ensure comprehensive support services

• global psychological support lines - EDP provides a variety of psychological support lines,

available to all employees globally.

Additionally, EDP has employee listening procedures in different dimensions or phases of their

experience, with the organizational climate study cycle being the main one, allowing for employee

feedback to be gathered and acted upon.

Integrated into "Changing Tomorrow Now... With You", PlayitSafe operationalises the "#36 – Zero

Accidents Strategy" initiative, with the goals of: i) Reducing occupational accidents and eliminating

serious and fatal accidents; ii) Increasing the safety culture of the EDP Group and iii) Improving

external recognition of EDP's performance in terms of Health and Safety at Work.

PlayitSafe cuts across the whole group, lasting four years and promoting ongoing improvement in

the company and its procedures, with a special focus on accident prevention. Thus, this project and

the underlying work will be carried out around six priority axes essential to the aim of reducing

accidents. They are:

• the commitment and involvement of leaders in Prevention and Safety

• promotion of safe behaviours and learning from mistakes

• digitisation of processes and operations

• enhanced Prevention and Safety skills

• communication and involvement with Prevention and Safety

• management of the procurement chain.

In order to evaluate the psychosocial risks to which its employees are exposed in the workplace, a

protocol was developed between EDP and the Faculty of Psychology of the University of Lisbon, for

the development of the "Study of Psychosocial Risks in EDP employees".

The study covered all EDP employees, who were invited to participate, by completing an online

questionnaire.

In conclusion, EDP Group employees can be considered to have reported manageable stress and

satisfactory well-being in the performance of their work and may be considered to be working in a

healthy professional environment.

S1.SBM-3_05 - Description of material risks and opportunities arising from impacts 

and dependencies on own workforce

EDP Group depends on a skilled, diverse workforce, creating both opportunities and risks. Key

opportunities include attracting women in STEM, a global inclusive recruitment strategy, ensuring

fair career opportunities, promoting generation diversity, and enabling growth through flexible work

and career progression frameworks. Risks stem from adapting to a competitive energy market,

geopolitical conflicts, and global disruptions, highlighting the need for a resilient and aligned

workforce.

EDP can also emphasise the risks and opportunities on own workforce related to the dynamics

associated with flexible working models or factors associated with health and well-being at work

and on the job. While hybrid and remote working increases productivity and employee satisfaction,

it also poses challenges such as the blurring of boundaries between work and personal life,

increased risks of burnout and potential demotivation and loss of purpose over time. To this end, EDP

will continue to proactively invest in wellness programs, mental health support and policies that

promote balance and inclusion. In addition, the use of technology to optimize work processes and

maintain a strong organizational culture is key to mitigating these risks while increasing talent

retention and overall workforce resilience.

Significant changes in the world of work over the last decades have resulted in emerging

occupational health and safety risks, with a focus on so-called psychosocial risks - such as stress,

violence, harassment and intimidation - associated with problems in the workplace.

Ensuring a healthy work environment and promoting well-being, in addition to being a social

responsibility factor of the organization, is an economic factor as it ensures that the organization

performs effectively. Poor quality work and work environments lead to significant economic losses,

due to a decrease in performance in carrying out the tasks or to absenteeism or associated health

expenses. However, ensuring a healthy work environment promotes a positive image of the

company and leads to the creation of high-quality and socially responsible management with

positive effects on performance and competitiveness.

The employees were invited to answer the survey online, where the response rate was quite positive.

The survey aimed to identify the factors associated with the emergence of both stress and well-

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being, as well as the establishment of intervention guidelines for the creation of a safer and healthier

work environment.

One of the focuses was on burnout syndrome, recognised as an occupational disease and which is a

more frequent form of chronic stress in the workplace, causing high costs for both the individual and

the company. In this sense, the values of burnout reached by EDP Group were below the European

average. In the engagement category, which refers to positive feelings and sense of

accomplishment as the positive cognitive-affective state related to work, results are in line with the

European average. This set of two indicators are very positive, revealing stamina, dedication and

absorption in the work within healthy parameters.

Regarding work demands where criteria such as overtime working, autonomy and job uncertainty

are evaluated, the results were equally satisfactory when compared to the European average. Lack

of overwork, decision-making independence in the professional role and the absence of job

insecurity stand out.

S1.SBM-3_06 \- Description of material impacts on workers that may arise from 

transition plans for reducing negative impacts on environment and achieving 

greener and climate-neutral operations

Aligned with commitment to be all green by 2030, EDP has been increasing its renewable power

and reducing the generation from coal-fired power plants and natural gas. From this energy

transition may arise some negative impacts on employees such as: jobs that no longer exist, and

under skilled employees for future jobs.

EDP has taken measures to mitigate this negative impacts, as described in S1-4_19.

S1.SBM-3_07 \- Information about type of operations at significant risk of incidents 

of forced labour or compulsory labour / S1.SBM-3_08 - Information about countries 

or geographic areas with operations considered at significant risk of incidents of 

forced labour or compulsory labour

Considering:

• the UNEP Financial Initiative disclosure of high-risk countries for Human Rights, EDP does not

have direct operations in high risk countries. EDP still has operation in Colombia, but has publicly

informed the market of its decision to exit this market

• the type of activities developed by EDP's own workforce, mainly highly technical qualified jobs

• the outputs of EDP's internal speak-up channel since 2012, with no complains on this topic.

There is no evidence of any material risks regarding the existence of forced labour or compulsory

labour within EDP's workforce.

S1.SBM-3_09 \- Information about type of operations at significant risk of incidents 

of child labour / S1.SBM-3_10 - Information about countries or geographic areas 

with operations considered at significant risk of incidents of child labour 

EDP does not operate in any of the top 20 countries recognized as having child labour, according

with UNICEF Child Labour Statistics nor it operates in a sector identified as being more exposed to

such reality. Additionally, EDP has in place an internal contract process that guarantees there is no

child labour within its own workforce. No incidents have ever been flagged.

S1.SBM-3_11 \- Disclosure of whether and how understanding of people in its own 

workforce with particular characteristics, working in particular contexts, or 

undertaking particular activities may be at greater risk of harm has been developed

The risks or potential risks to which employees may be subjected are identified in a fairly

comprehensive way through various areas of expertise: safety, health, well-being or diversity, equity,

and inclusion. These risks are identified at various points in the employee's journey, depending on

the circumstances in which each person or group of people finds themselves (new hires, returning

after leave, or voluntary or involuntary exits). In addition, the positions and functions for which EDP

recruits are analysed according to the risk they pose to people's safety, health and well-being, and

an analysis is made of the job and the person's conditions, which may include occupational

medicine to assess the person's medical aptitude and other ergonomic analyses.

Furthermore, EDP's off boarding experience guarantees that knowledge management is an issue to

be addressed when employees leave to guarantee the sustainability of teams and the organization.

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S1.SBM-3_12 - Disclosure of which of material risks and opportunities arising from 

impacts and dependencies on people in its own workforce relate to specific groups 

of people

EDP tracks the entire talent management journey, from attraction to off boarding, and monitors both

professional and demographic indicators to help identify risks and opportunities that may affect

specific groups or the workforce as a whole. This data-driven approach enables EDP to recognize

where targeted actions may be needed. For example, focused action plans have been developed,

such as the Gender Equality Plan, to address specific needs and opportunities for particular groups

of employees, ensuring that EDP's strategies are tailored to the unique circumstances and

challenges faced by different segments of EDP´s workforce.

In this context, EDP identifies potential risks that may arise from specific circumstances or groups of

employees such as, for example, employees approaching retirement age and employees with

technical operation and maintenance functions assigned to company assets that are being phased

out. In these situations, risk analyses and integrated action plans are carried out in order to mitigate

the impacts they may generate, including internal mobility within the company, training or reskilling

plans, outplacement services, and/or health insurance after leaving for a limited period.

S1.MDR-P_01-06 - Policies to manage material impacts, risks and opportunities 

related to its own workforce

Concerning the management of material impacts, risks, and opportunities for EDP's workforce, the

policies guarantee the following:

• commitment to human rights and labour standards: EDP is committed to respecting human rights

and labour standards, ensuring fair treatment, and promoting diversity and inclusion of its

employees

• health and safety: the company prioritizes the health and safety of its employees, implementing

comprehensive health and safety management systems and promoting a culture of safety

• training and development: EDP invests in the training and continuous development of its

employees, providing opportunities to improve skills and career growth

• employee engagement and well-being: the company focuses on employee engagement and

well-being, offering various programs and initiatives to support work-life balance and overall

well-being

• Diversity, Equity, Inclusion and Belonging (DEIB): EDP promotes diversity and inclusion, ensuring

equal opportunities for all employees and promoting an inclusive work environment

• sustainability and environmental responsibility: the company integrates sustainability and

environmental responsibility into its workforce policies, encouraging employees to adopt

sustainable practices.

These policies are intended to manage material impacts, risks and opportunities related to EDP's

workforce, covering all employees.

The EDP Group has an Occupational Safety and Health (OSH) policy. This policy reinforces the

strategic objective of achieving “Zero accidents, no personal injury”.

Safety - understood as Occupational Health and Safety - is an integral part of the activity of the EDP

Group companies and is present in every decision: in planning, construction, operation and

maintenance, in staff management, procurement, commercial activities, and relations involving

customers, suppliers and the general public.

Safety at work should be achieved through the systematic analysis of risks, involving the workers

and their representatives, as well as service providers, as applicable, so as to identify and treat all

situations with potential risk, during the preparation of work, in order to achieve an acceptable level

of risk. If there are no safety conditions for the carrying out of a job, it must not be started or, if it is

already in progress, it must be stopped.

No action shall be taken against any employee who expresses concern about an issue related to

Health and Safety at Work or is involved in a near-accident, unless s/he has consciously and

intentionally carried out an illegal act or wilfully disregarded a safety rule or procedure.

S1-1_01 - Policies to manage material impacts, risks and opportunities related to 

own workforce, including for specific groups within workforce or all own workforce 

EDP Group maintains a comprehensive Diversity, Equity, Inclusion, and Belonging (DEIB) Policy,

which is critical to managing material impacts, risks, and opportunities related to its workforce. This

policy applies to all members of the workforce, including specific groups with unique needs and

challenges (e.g., women, people with disabilities, different generations and nationalities or

culturalities). EDP also has some specific plans for targeted persons such as women (e.g. Plan for

Gender Equality) and is committed to respecting human rights and labour standards (Human and

Labour Rights Policy), ensuring fair treatment of its employees.

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The Health and Safety of stakeholders is fundamental to the success of the EDP Group, whose main

objective is to consolidate a positive safety culture through the involvement of everyone.

EDP takes responsibility for ensuring that the necessary conditions are in place to adapt to the new

challenges of the workplace.

The Health and Safety Policy, which has been communicated and is available internally and

externally, reflects the commitment to continuous improvement, with the conviction that working in a

safe and healthy environment is a determining factor for employee satisfaction and an asset for

successful results.

S1-1_02 - Disclosure of explanations of significant changes to policies adopted 

during reporting year 

During 2024, a new procedure was created to implement new controls and analysis in what

concerns Ethics and Compliance checks and risk management in the entrance in new countries. The

reason to create this procedure is the need to systematize the approach for Compliance Due

Diligence in investment decisions or entry into new countries, ensuring high ethical standards and

compliance with laws and regulations. This procedure establishes general rules for compliance risk

analysis and implement risk management mechanisms, ensuring that different risks are considered

in investment decisions.

Another policy that was revised was the Social Investment Policy, to clarify and unify the process

and the monitoring of all social investment in the group. The procedure for Gifts and event was

updated to reflect new limits in the different region which EDP operates.

Once the corresponding updates were completed, the revised policies were published on both

external and internal websites to ensure their proper dissemination among all employees of the

organization.

In this regard, all policies establish a biennial review period to address potential organizational

changes as well as adjustments to legislative modification. In 2024, the Code of Ethics, applicable

to all employees, underwent its biennial review. Its content was updated and harmonized, reflecting

organizational changes, consolidating it into a single code, and aligning it with global trends.

S1-1_03 \- Description of relevant human rights policy commitments relevant to own 

workforce 

Framed by EDP's Human Rights Policy, EDP is committed to ensure respect for Human and Labour

Rights in the EDP Group’s sphere of activity, implementing the commitments defined in its policies,

specifying the international reference treaties and standards and establishing the procedures that

ensure compliance with them.The Policy applies to all EDP Group companies and employees,

business relationship and activities, in all its geographic locations, regardless of the local practices or

level of social and economic development.

The Policy sets out for the EDP Group’s sphere of activity its commitment to respect all

internationally recognized human and labour rights, namely the following relevant to own workforce:

• Universal Declaration of Human Rights, 1948

• International Covenant on Civil and Political Rights, 1966

• International Covenant on Economic, Social and Cultural Rights, 1966

• Instruments to protect vulnerable people and groups, including: i) International Convention on the

Elimination of All Forms of Racial Discrimination (1965); ii) Convention on the Elimination of All

Forms of Discrimination against Women, 1979; iii) Convention on the Rights of the Child, 1989;

iv). International Convention on the Protection of the Rights of All Migrant Workers and Members

of Their Families, 1990; v) Convention on the Rights of Persons with Disabilities, 2006.

Within the scope of the International Labour Organization (ILO):

• the eight Fundamental Principles and Rights at Work and related conventions, including:

(i) Freedom of Association and Protection of the Right to Organize Convention, (No.87), and the

Right to Organize and Collective Bargaining Convention, (No.98); (ii) The elimination of all forms

of forced or compulsory labour (Conventions 29 and 105); (iii) The effective abolition of child

labour (Conventions 138 and 182); (iv) The elimination of discrimination in relation to employment

and occupation (Conventions 100 and 111); (v) Respect Labour Standards on Working time

(Conventions 1, 14 and 106); (vi) Protection of Occupational Health and Safety (Conventions 155

and 187, Protocol 2002); (vii) The guarantee of payment of a minimum wage (2008 ILO

Declaration on Social Justice for a Fair Globalization); (viii) Social Protection (Conventions 102

and 202).

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Main strategic commitments relevant to own workforce:

• support the International Bill of Human Rights, subscribe to and implement the Principles of the

Global Compact and the instruments to protect vulnerable people and groups

• apply the ILO Declaration on Fundamental Principles and Rights at Work and related conventions

and the Tripartite Declaration of Principles concerning Multinational Enterprises and Social Policy

• operate a human and labour rights management system that is active and present in all its

activities, implementing the United Nations Guiding Principles on Business and Human Rights, the

OECD Due Diligence Guidance for Responsible Business Conduct and the Directive of the

European Parliament and of the Council on Corporate Due Diligence and Corporate

Accountability

Action principles relevant to own workforce:

• identify, prevent and monitor the risks related to human and labour rights that are salient in its

sector of activity, developing and keeping a Human and Labour Rights Risk Map up to date

• guarantee it will not be complicit in human and labour rights abuses or disrespect

• recognize as stakeholders: workers and their families,

• engage constructively with its stakeholders, especially those affected or likely to be affected by

its activities, incorporating their views and concerns within business decisions and the

development of its approach to human and labour rights

• avoid adverse impacts that may arise from business operations or relationships, ensuring

remediation in the event of their occurrence and undertaking not to retaliate against accusations,

and cooperating in initiatives that promote access to remediation through legitimate judicial or

non-judicial mechanisms

• ensure the proper functioning of a system to report occurrences and make complaints, with a

guarantee of confidentiality and non-retaliation

• communicate and report with transparency its approach to human and labour rights, identifying

risks and impacts, mitigation, compensation and remediation measures taken and the results of

such actions.

S1-1_04 \- Disclosure of general approach in relation to respect for human rights 

including labour rights, of people in its own workforce 

The respect for human rights is guaranteed by a strict compliance of international and national laws

where the company operates, complemented by a set of policies and internal procedures,

supporting an internal risk assessment, mitigation and remediation practices, whenever needed.

The main policies framing EDP's own workforce are the following:

• Code of Ethics

• Human and Labour Rights Policy

• Diversity, Equity, Inclusion & Belonging Policy

• Health and Safety at Work Policy

These policies support the material topics identified for EDP's own workforce, with each one of them

being implemented separately in accordance to an overall management system that guarantees

prevention, mitigation and remediation.

S1-1_05 \- Disclosure of general approach in relation to engagement with people in 

its own workforce 

Under EDP’s Human Rights’ Policy, EDP assumes the strategic commitment to operate a human and

labour rights management system by implementing several international standards, such as the

United Nations Guiding Principles on Business and Human Rights, the OECD Due Diligence

Guidance for Responsible Business Conduct and the Directive of the European Parliament and of the

Council on Corporate Due Diligence and Corporate Accountability. Framed by these standards, EDP

has established a comprehensive system to engage its employees and incorporate their feedback

into the decision-making process. This system includes several channels and methods that allow

employees to voice their opinions, concerns, and suggestions. Key methods include:

• assignment of a P&O Business Partner to act as a dedicated relationship partner, ensuring each

employee has a direct point of contact

• an engagement process with the employees' representative structures such as worker councils

and trade unions

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• anonymous and voluntary participation in the Organizational employee feedback survey (EDP’s

Climate Study), which gathers extensive data on employee feedback

• the Speak Up Channel, which provides a confidential channel for reporting unethical behaviour.

S1-1_07 \- Disclosure of whether and how policies are aligned with relevant 

internationally recognised instruments

Framed by EDP's Human Rights Policy, EDP is committed to ensure respect for Human and Labour

Rights in the EDP Group’s sphere of activity, implementing the commitments defined in its policies,

specifying the international reference treaties and standards and establishing the procedures that

ensure compliance with them.The Policy applies to all EDP Group companies and employees,

business relationship and activities, in all its geographic locations, regardless of the local practices or

level of social and economic development.

The Policy sets out for the EDP Group’s sphere of activity its commitment to respect all

internationally recognized human and labour rights, namely the following relevant to own workforce:

• Universal Declaration of Human Rights, 1948

• International Covenant on Civil and Political Rights, 1966

• International Covenant on Economic, Social and Cultural Rights, 1966

• Instruments to protect vulnerable people and groups, including: i) International Convention on the

Elimination of All Forms of Racial Discrimination (1965); ii) Convention on the Elimination of All

Forms of Discrimination against Women, 1979; iii) Convention on the Rights of the Child, 1989;

iv). International Convention on the Protection of the Rights of All Migrant Workers and Members

of Their Families, 1990; v) Convention on the Rights of Persons with Disabilities, 2006

Within the scope of the International Labour Organization (ILO):

• the eight Fundamental Principles and Rights at Work and related conventions, including:

(i) Freedom of Association and Protection of the Right to Organize Convention, (No.87), and the

Right to Organize and Collective Bargaining Convention, (No.98); (ii) The elimination of all forms

of forced or compulsory labour (Conventions 29 and 105); (iii) The effective abolition of child

labour (Conventions 138 and 182); (iv) The elimination of discrimination in relation to employment

and occupation (Conventions 100 and 111); (v) Respect Labour Standards on Working time

(Conventions 1, 14 and 106); (vi) Protection of Occupational Health and Safety (Conventions 155

and 187, Protocol 2002); (vii) The guarantee of payment of a minimum wage (2008 ILO

Declaration on Social Justice for a Fair Globalization); (viii) Social Protection (Conventions 102

and 202).

Main strategic commitments relevant to own workforce:

• support the International Bill of Human Rights, subscribe to and implement the Principles of the

Global Compact and the instruments to protect vulnerable people and groups

• apply the ILO Declaration on Fundamental Principles and Rights at Work and related conventions

and the Tripartite Declaration of Principles concerning Multinational Enterprises and Social Policy

• operate a human and labour rights management system that is active and present in all its

activities, implementing the United Nations Guiding Principles on Business and Human Rights, the

OECD Due Diligence Guidance for Responsible Business Conduct and the Directive of the

European Parliament and of the Council on Corporate Due Diligence and Corporate

Accountability.

Translating the overall international policies and conventions to respect human rights, EDP assumed

the following action principles relevant to its own workforce:

• identify, prevent and monitor the risks related to human and labour rights that are salient in its

sector of activity, developing and keeping a Human and Labour Rights Risk Map up to date

• guarantee it will not be complicit in human and labour rights abuses or disrespect

• Recognize as stakeholders: workers and their families

• engage constructively with its stakeholders, especially those affected or likely to be affected by

its activities, incorporating their views and concerns within business decisions and the

development of its approach to human and labour rights

• avoid adverse impacts that may arise from business operations or relationships, ensuring

remediation in the event of their occurrence and undertaking not to retaliate against accusations,

and cooperating in initiatives that promote access to remediation through legitimate judicial or

non-judicial mechanisms

• ensure the proper functioning of a system to report occurrences and make complaints, with a

guarantee of confidentiality and non-retaliation

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• communicate and report with transparency its approach to human and labour rights, identifying

risks and impacts, mitigation, compensation and remediation measures taken and the results of

such actions.

S1-1_08 \- Policies explicitly address trafficking in human beings, forced labour or 

compulsory labour and child labour 

Framed by EDP's Human Rights Policy, EDP is committed to ensure respect for Human and Labour

Rights in the EDP Group’s sphere of activity, implementing the commitments defined in its policies,

specifying the international reference treaties and standards and establishing the procedures that

ensure compliance with them.The Policy applies to all EDP Group companies and employees,

business relationship and activities, in all its geographic locations, regardless of the local practices or

level of social and economic development.

This Policy transposes to EDP’s sphere of activity the human and labour rights commitments and

procedures defined by international standards and directives, namely:

• United Nations Global Compact, which explicitly considers forced labour and child labour as a

key topic of human rights concerns:

i. Principle 4: he elimination of all forms of forced and compulsory labour;

ii. Principle 5: the effective abolition of child labour; and

The Policy sets out for the EDP Group’s sphere of activity its commitment to respect all

internationally recognized human and labour rights, namely the following relevant to own workforce

and linked to forced and child labour issues:

• Universal Declaration of Human Rights, 1948

• Convention on the Rights of the Child, 1989

Within the scope of the International Labour Organization (ILO) it includes:

• the elimination of all forms of forced or compulsory labour (Conventions 29 and 105);

• the effective abolition of child labour (Conventions 138 and 182).

S1-1_09 \- Workplace accident prevention policy or management system is in place 

The Health and Safety of all those who contribute to the development of the companies that are part

of the EDP Group – workers, suppliers, service providers, customers, and other stakeholders – is

deemed a key value and a priority for the commercial success of the group. The development of a

positive safety culture is only possible with the involvement of everyone through a participatory and

collaborative attitude towards safety at work.

People are at the heart of EDP Group's strategic agenda, which accepts responsibility for

guaranteeing the conditions necessary for them to adapt to the new work demands resulting from

digitisation and the development of the business, especially in matters related to Occupational

Health and Safety.

The Occupational Health and Safety Policy and the approved principles apply to all EDP Group

companies, have been communicated by the CEO, and are available on the intranet and posted at

EDP's operational facilities.

EDP Group’s Occupational Health and Safety Policy demonstrates its commitment to a model of

Occupational Health and Safety based on ongoing improvement and the conviction that working in

a safe, healthy environment is crucial for employee satisfaction and provides added value in

successful results.

EDP Group's management of Occupational Health and Safety subscribes to the model and

principles recommended in the ISO 45001:2018 specification, and to the recommendations of the

International Labour Organization, expressed in the ILO OSH 2001 document and in Convention No.

155 on OHS, reinforcing the principle that Occupational Health and Safety issues are managed

according to common and cross-cutting criteria in the EDP Group companies. The Corporate Safety

Management System (CSMS) is certified by Lloyd’s Register.

The CSMS reflects EDP Group’s Occupational Health and Safety Policy and defines a set of

procedures and actions with a view to:

• promoting the integration of the management of prevention and safety in organizational

management

• developing a culture of prevention and safety, contributing to the protection of workers against

health hazards and diseases

• contributing to the sustainable development of EDP Group companies and reducing losses due to

occupational incidents and diseases

1 The values reported do not include the EDP Foundation and EDP Institute and include trainees.

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• disclosing to all interested parties the responsible management of EDP Group regarding

Occupational Health and Safety, acknowledging this as an essential aspect of sustainable

development.

In 2024, the EDP Group accounted for a total of 10,515 employees covered by ISO 45001:2018

certification, which are distributed according to the following table:

| |   
---|---|---  
GEOGRAPHY | EMPLOYEES COVERED (#) 1| EMPLOYEES COVERED (%)  
Iberia | 7,648 | 99  
South America | 1,232 | 38  
North America | 999 | 94  
Rest of Europe | 340 | 54  
APAC | 296 | 80  
EDP group | 10,515 | 81  
  
S1-1_10 \- Specific policies aimed at elimination of discrimination are in place 

EDP has several mechanisms in place that ensure equal access to opportunities, that mitigate the

structural effect of potential inequalities or even that make it possible to correct potential inequalities

in various people management and development processes - whether through policies, internal

guidelines for People & Organization processes or programs and affirmative actions. Some

mechanisms are:

• Code of Ethics: a code with a robust approach to identifying, addressing and preventing

discriminatory and unethical behaviour

• Diversity, Equity, Inclusion, and Belonging (DEIB) Policy: explicitly prohibits all forms of

discrimination within the organization (e.g. racial and ethnic origin, colour, sex, sexual orientation,

gender identity, disability, age, religion, political opinion, national descent or social origin)

• Global Compensation Model: a common compensation strategy across the EDP Group, aligning

local practices with a global policy that promotes transparency, equity and meritocracy by

clarifying compensation concepts, organizational segments and their relationship with the matrix

of functional families and different career paths. This model includes clear guidelines for action in

various processes such as salary reviews and short-term incentives.

All these mechanisms are essential, for example, to the proximity and relationship function of P&O

Business Partners with teams, leaders and employees and in promoting a culture of openness,

transparency and inclusion.

EDP is committed to respect all internationally recognized human and labour rights, namely the

International Convention on the Elimination of All Forms of Racial Discrimination (1965), the

Convention on the Elimination of All Forms of Discrimination against Women, 1979 (EDP's Human

Rights Policy) and, within the scope of the International Labour Organization (ILO), the elimination of

discrimination in relation to employment and occupation (Conventions 100 and 111).

S1-1_11 - Grounds for discrimination are specifically covered in policy 

The following grounds for discrimination are specifically covered in the policy:

• "EDP aims for an inclusive culture that welcomes and supports employees’ voices. The Code of

Ethics is a privileged tool that frames the reflection on Ethics, but it is essentially a means of

supporting the resolution of ethical issues since it presents standards and norms of behaviour

that help sustain the company’s decisions. The interaction of Complainants with the EDP Group in

matters allegedly of an ethical nature may take place through the following Ethics Channels:

EDP, EDP España, EDP Renováveis, EDP Brasil." (Page 7, EDP Group's Diversity, Equity, Inclusion,

and Belonging Policy)

• "Diversity refers to the traits and characteristics that make people having differences from each

other and unique. Differences among people with respect to age, class, ethnicity, gender, health,

physical and mental ability, race, affective-sexual orientation, religion, physical size, education

level, job and function, personality traits, and other human differences." (Page 10, EDP Group's

Diversity, Equity, Inclusion, and Belonging Policy)

• "Discrimination: treating a person or a particular group of people differently, or less favourably, for

some reason and/or based on some characteristics (ex.: race, gender, age, etc.)." (Page 10, EDP

Group's Diversity, Equity, Inclusion, and Belonging Policy).

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S1-1_12 - Disclosure of specific policy commitments related to inclusion and (or) 

positive action for people from groups at particular risk of vulnerability in own 

workforce

EDP Group is deeply committed to fostering inclusion and taking positive action to support

individuals from groups at particular risk of vulnerability. These commitments are embedded in EDP

Group's Diversity, Equity, Inclusion, and Belonging (DEIB) Policy and are supported by actionable

targets to ensure measurable progress.

Key commitments include:

• gender equity: achieving 31% female representation across the workforce, with an additional

focus on ensuring 31% of leadership roles are held by women, reflecting the group's dedication to

closing gender gaps at all levels

• inclusion of people with disabilities: reaching 2% representation of people with disabilities,

supported by workplace accommodations and tailored initiatives to promote accessibility and

equal opportunities

• generational diversity: ensuring 42% of leadership positions are held by Generation Y

(Millennials), recognizing the importance of diverse perspectives in decision-making

• global mobility and representation: promoting diversity of experience by aiming for 5% of

employees to work outside their country of origin, encouraging cross-cultural understanding and

global collaboration.

S1-1_13 - Disclosure of whether and how policies are implemented through specific 

procedures to ensure discrimination is prevented, mitigated and acted upon once 

detected, as well as to advance diversity and inclusion

EDP implements the following procedures to prevent, mitigate, and take action upon detected

discrimination: comprehensive training on EDP’s Diversity, Equity, Inclusion, and Belonging (DEIB)

Policy and Ethics Policy; inclusive recruiting practices to minimize unconscious bias; and ensuring

accessibility by providing accommodations for all employees.

EDP employs active listening mechanisms, such as anonymous reporting tools and climate surveys,

along with proactive risk assessments, to identify and resolve potential issues early on. Incidents of

discrimination are investigated promptly, and appropriate corrective actions are taken. Dedicated

support systems, such as DEIB representatives and employee resource groups (ERGs), are also in

place to ensure justice.

Furthermore, strategic initiatives such as leadership workshops and targeted outreach campaigns

help drive progress in diversity, while continuous improvement is achieved through insights gained

from audits and feedback.

This structured, multi-faceted approach ensures that EDP Group’s policies effectively prevent and

address discrimination while driving significant progress towards a more diverse and inclusive

workplace.

S1-2_01 - Disclosure of whether and how perspectives of own workforce inform 

decisions or activities aimed at managing actual and potential impacts

EDP discloses several employee engagement initiatives, including surveys, focus groups, and

communication channels. The annual organizational Climate Survey is the main source of

comprehensive employee feedback, assessing different dimensions of the employee experience,

and resulting in action plans at various levels: corporate, region and team levels. In the corporate

level, different areas of expertise integrate employee insights to inform and shape P&O strategy, in

projects such as the Global Compensation Framework, Global Benefits Framework, Change

management communications, Development initiatives and others.

S1-2_02 - Engagement occurs with own workforce or their representatives

EDP discloses several employee engagement initiatives, including surveys, focus groups, and

communication channels directly with its own workforce. In addition, EDP shares information with

employee representatives and trade union structures on issues relevant to the company's activity,

ensuring alignment and involvement of all stakeholders.

EDP also works on DEIB through strategic groups such as Employee Resource Groups (ERGs) and

our DEIB Council, which drive these efforts across the organization.

S1-2_03 - Disclosure of stage at which engagement occurs, type of engagement 

and frequency of engagement

EDP publishes various employee involvement initiatives, including surveys, focus groups and

communication channels directly with the company's own employees. In addition, EDP shares

information with employee representatives and labour union structures, through both plenary

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meetings (with all unions) and bilateral meetings (with each union individually) whenever justified, on

topics relevant to the company's activity, ensuring the alignment and involvement of all

stakeholders.

S1-2_04 \- Disclosure of function and most senior role within undertaking that has 

operational responsibility for ensuring that engagement happens and that results 

inform undertakes approach

The Stakeholder management at EDP is conducted by the Policy, Regulation & Stakeholders, further

led by the Stakeholder & European Affairs Center of Excellence.The member of Executive Board of

Directors chairing this function has the most senior role.

The workforce engagement at EDP is managed by the Head of People & Organization Function. The

member of Executive Board of Directors chairing this function has the most senior role.

S1-2_05 \- Disclosure of Global Framework Agreement or other agreements related 

to respect of human rights of workers 

At EDP, there are several collective labour agreements established with structures representing

workers, mainly in Portugal, Brazil and Spain. Employees have the right to create, in each company, a

workers' committee to defend their interests and rights, as provided for in the Constitution and the

law of each country.

At the EDP Group, around 77,5% of employees are covered by collective labour agreements, and

internal auditing mechanisms are in place to verify compliance with all rules and regulations. In

Portugal, there is one labour agreement in force covering 99.9% of employees, in Spain, 2

agreements (III Convenio Colectivo EDP España and IV Convenio Colectivo Marco Grupo Viesgo)

covering 57,6% of employees and in Brazil 12 collective labor agreements and another 10 Profit

Sharing Agreements (Participação nos Lucros ou Resultados PLR) covering 97,3% of employees.

Trade unions and employees also have the right to develop trade union activities within the

company, namely through delegates, trade union committees and inter-union committees. The

unions maintain a direct channel with employees in order to listen to their demands or answer

questions about possible requests that may be made in the collective labour agreements during the

period leading up to the negotiation process. For example, in Portugal, trade unions are Sindel,

SIEAP, Fiequimetal, Sinovae, Sirep, Sinergia, Asosi and CIF - Confederação Empresarial de

Portugal. In Spain, SOMA, FITAG-UGT-EDP, UGT Viesgo, ACYP: Asociación de Cuadros y

Professionales, CSI: Corriente Sindical Iziquierda, ELA: EUSKAL Sindicatua, CCOO EDP, CCOO

Viesgo, AELEC: Asociación Española de la Industria Eléctrica. In Brazil, Sindicato Eletr. SP, Sindicato

Securitários SP, Sinergia ES, STEET TO, STIUG GO, Sindicato Ofic. Eletric. RS, SINTRESC,

FENATEMA AP, Sindicato Urbanitários PA, Sindicato Urbanitários AC, Sindicato Urbanitários RO e

SINDIENERGIA.

Likewise, the P&O Business Partners (professionals from the People & Organization areas) are the

focal point for listening to any claims/complaints from employees regarding compliance with the

employment contract. EDP has Labour Relations teams that manage interaction with these

employee representative structures, in order to ensure a culture of permanent dialogue, promotion of

social peace and alignment of the interests and rights of the parties, maintaining negotiation cycles

in line with EDP's business and organizational development dynamics. The relationship with these

structures is usually characterized by bilateral and plenary meetings, which may vary according to

the country.)

S1-2_06 - Disclosure of how effectiveness of engagement with its own workforce 

is assessed

EDP discloses the effectiveness of its involvement with its employees and the results obtained. The

Organisational Climate Survey is the main annual global consultation tool, to find out the perception

of people at EDP in various dimensions that impact their work and daily well-being.

Other employee listening moments are reflected across the employee experience (such as feedback

on the recruitment experience, onboarding experience, exit surveys, or ad-hoc surveys for specific

topics). EDP also develops Focus Groups or transversal and multidisciplinary working groups, as

ways of generating greater proximity and involvement, and as spaces for reflection and sharing of

ideas to define concrete measures and strategies that respond to the real needs of its people and the

organization.

S1-2_07 - Disclosure of steps taken to gain insight into perspectives of people in its 

own workforce that may be particularly vulnerable to impacts and (or) marginalised

EDP takes measures to learn about the perspectives of people in its own workforce who may be

particularly vulnerable to impacts and/or marginalised, namely through:

• feedback collected via climate studies and other listening mechanisms

• surveys associated with key moments in the employee journey (e.g. recruitment, onboarding,

mobility, and training)

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• ongoing monitoring of incidents reported through the Speak Up ethics channel.

S1-3_01 - Disclosure of general approach to and processes for providing or 

contributing to remedy where undertaking has caused or contributed to a material 

negative impact on people in its own workforce

EDP Group addresses potential negative impacts related to talent management, particularly in

cases of involuntary separations, through a structured off boarding process. This includes clear

communication, career counselling (in some cases), and job placement support to assist employees

in their transition (in some cases). EDP also maintain an alumni network to provide ongoing support

and development opportunities for former employees. EDP processes are continually improved, with

feedback from departing employees helping to ensure that the remedies provided are effective and

minimize any negative impact on their career progression.

Within the scope of terminations by mutual agreement with the company, EDP offers its employees

outplacement services in order to support the impacted employees in finding other professional

opportunities. In addition to these services, health insurance may also be offered for a limited period.

S1-3_02 - Disclosure of specific channels in place for its own workforce to raise 

concerns or needs directly with undertaking and have them addressed

The primary channel for raising concerns is the Speak Up Channel, which is available to all

employees on both the internal and public websites and to all other stakeholders on the company

website. This channel allows individuals to report any behaviour they perceive as violations of the

Code of Ethics, internal regulations, or legal requirements. The Speak Up Channel ensures that all

complaints are treated confidentially and that the identity of the whistleblower is protected unless

disclosure is required by law.

Complaints can be submitted through various means, including online forms, face-to-face

meetings, or videoconferences. The company guarantees that all reports received will be treated

with the utmost confidentiality and in accordance with data protection regulations. Additionally, the

company provides the option for anonymous reporting, ensuring that the identity of the

whistleblower remains unknown to those affected or investigated unless expressly authorized by the

whistleblower.

The investigation process is managed by the Ethics & Compliance Officer (ECO) and the Ethics

Commission, ensuring that all complaints are handled impartially and without conflicts of interest.

The ECO is responsible for maintaining a secure communication channel with the whistleblower and

ensuring compliance with applicable legislation and internal policies.

S1-3_03 - Third-party mechanisms are accessible to all own workforce

In Brazil, there is a unique communication channel, the Ethics Channel, specifically for reporting

violations of the Code of Ethics and other internal regulations, which operates on an external

platform rather than an internal one. This channel is managed by a third party who initially receives

and screens the reports. The third party then directs the reports to the internal investigation team

according to a predefined flow, ensuring that all complaints are handled efficiently and

appropriately.

S1-3_04 - Disclosure of whether and how own workforce and their workers' 

representatives are able to access channels at level of undertaking they are 

employed by or contracted to work for

The primary channel for raising concerns is the Speak Up Channel, which is available to all

employees on both the internal and public websites and to all other stakeholders on the company

website. This channel allows individuals to report any behaviour they perceive as violations of the

Code of Ethics, internal regulations, or legal requirements.

S1-3_05 \- Grievance or complaints handling mechanisms related to employee 

matters exist

Employees can raise concerns through the company's Speak Up Channel, which is accessible to all

stakeholders. This channel allows individuals to report any behaviour they perceive as violations of

the Code of Ethics, internal regulations, or legal requirements. The Speak Up Channel ensures that all

complaints are treated confidentially and that the identity of the whistleblower is protected unless

disclosure is required by law.

All communications must be made in good faith and with adequate justification, and the unjustified

use of Speak Up Channels may constitute an offence of a disciplinary, civil, or criminal nature.

Once a complaint is received, it undergoes a preliminary analysis to determine its validity. If the

complaint is valid, an investigation is conducted independently and objectively to determine the

credibility of the complaint. This process involves collecting, analysing, and investigating the facts

rigorously.

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The investigation process is managed by the Ethics & Compliance Officer (ECO) and the Ethics

Commission, ensuring that all complaints are handled impartially and without conflicts of interest.

The ECO is responsible for maintaining a secure communication channel with the whistleblower and

ensuring compliance with applicable legislation and internal policies.

Additionally, the company emphasizes the importance of corrective actions and follow-up on

complaints. Measures identified and recommended for correcting any unlawful and/or unethical

behaviour found in the complaints are implemented and monitored to ensure their effectiveness.

This includes changes to processes and control methods, corrections or adjustments to

documentation, increased awareness or training on specific subjects, and other necessary

measures.

S1-3_06 - Disclosure of processes through which undertaking supports or requires 

availability of channels

The company ensures that its communication channels for reporting complaints, namely the Speak

Up Channel and the Ethics Channel, are available 24/7. These channels are accessible to all

employees and stakeholders through both internal and external platforms, with the Ethics Channel

being available exclusively in Brazil.  These channels facilitate the reporting of any perceived

violations of the Code of Ethics, internal regulations, or legal requirements.

To guarantee uninterrupted service, a dedicated maintenance team is on standby around the clock.

This team is responsible for monitoring the system's integrity and promptly addressing any technical

issues that may arise. This proactive approach ensures that the communication channels remain

operational, providing a reliable means for individuals to report concerns confidentially and securely.

S1-3_07 - Disclosure of how issues raised and addressed are tracked and 

monitored and how effectiveness of channels is ensured

As stated in the company Whistleblowing Policy and Procedure, the process begins with the receipt

of a complaint, that is registered and filed in the complaint management support tool. All reports are

automatically assigned a sequential number by the platform and cannot be modified or deleted. This

ensures that all complaints and their respective investigations are documented and maintained with

strict confidentiality and data protection measures. The channel was, in 2023, submitted to an

internal audit.

S1-3_08 - Disclosure of whether and how it is assessed that its own workforce is 

aware of and trust structures or processes as way to raise their concerns or needs 

and have them addressed

To assess whether the company workforce is aware of and trust the structures or processes in place

to raise their concerns or needs and have them addressed, the company conducts a biennial internal

ethics survey. This survey includes a set of questions specifically designed to address this topic.

Additionally, the annual climate survey also features questions aimed at understanding the

workforce's awareness and trust in these structures and processes.

S1-3_09 - Policies regarding protection against retaliation for individuals that use 

channels to raise concerns or needs are in place

The company has established comprehensive policies to protect individuals who use channels to

raise concerns or needs, ensuring they are safeguarded against retaliation.

The company prohibits any acts of retaliation against individuals who file complaints in good faith.

This includes threats, attempts at retaliation, and any form of discrimination or adverse treatment.

The policies ensure that the identity of the whistleblower is protected unless disclosure is required by

law.

To further protect whistleblowers, the company has implemented several measures:

• confidentiality and anonymity: whistleblowers can choose to remain anonymous, and all

reports are treated with strict confidentiality. The identity of the whistleblower is not disclosed to

those affected or investigated without their consent

• regular monitoring: the Ethics & Compliance Officer monitors the situation of whistleblowers to

ensure they are not subjected to any form of retaliation. This includes periodic meetings and

reviews of performance assessments to detect any signs of retaliatory acts

• support measures: the company provides support to whistleblowers, including legal protection

and access to the courts to defend their rights. In cases where retaliation is confirmed,

appropriate disciplinary measures are taken against the perpetrators, and efforts are made to

restore the whistleblower to their original situation.

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S1.MDR-A_01-12 - Action plans and resources to manage its material impacts, 

risks, and opportunities related to its own workforce

EDP is committed to attracting, developing, and retaining the best talent through a comprehensive

talent strategy built on three key pillars:

• attraction, where it enhances its employer branding strategy, scale up sourcing efforts, and

ensures a broader and more diverse talent pool (e.g. internship programs, events, partnerships

with universities, targeted initiatives)

• experience, where its global strategy focuses on well-being, flexibility, and inclusion (e.g. DEIB

Policy, well-being strategy, flexibility measures such as the hybrid work model and the Flex

Fridays measure and Organizational Climate Survey), supported by a strong compensation and

benefits framework and a top-tier talent retention and succession plan (e.g. retention framework,

succession planning process, Global Compensation Framework, Global Benefits Framework)

• development, where it fosters global collaboration and mobility, strengthens leadership growth,

and promotes continuous reskilling and upskilling (e.g. Annual Learning Plan, Lead First program,

Lead forward program).

S1-4_01 - Description of action taken, planned or underway to prevent or mitigate 

negative impacts on own workforce

EDP discloses the actions taken, planned, or underway to prevent or mitigate material negative

impacts on its own workforce, such as a its matrix operating model, structured by platforms, regions,

business support areas, and a shared services centre in order to optimize its structure and services;

greater digital maturity and process efficiency through digital platforms; greater collaboration

through global digital communities; an inclusive and flexible work environment that promotes the

integration of personal and professional life; or a culture oriented towards continuous learning and

development.

To mitigate the negative impact that an unequal benefit offer may cause to employees in different

geographies and to promote well-being and satisfaction, EDP implemented, for example, the

extension of three benefits - birthday Celebration day-off, Magic Season day-off and the

Psychological Support Line, reinforcing its commitment to a flexible, healthy and family-oriented

work culture.

S1-4_02 - Disclosure on whether and how action has been taken to provide or 

enable remedy in relation to actual material impact

EDP ensures that clear and transparent processes and procedures are defined so that it can act

consistently and proactively to resolve situations that impact employees in their day-to-day work

and throughout their professional and personal journey.

Any exceptional situation or situation arising from unforeseen circumstances is promptly analysed

and a specific action plan is defined. This could include situations relating to the business, such as

the planned closure of an asset, business unit or region of operation, or situations linked to the lives of

employees, such as support in situations of family vulnerability, illness or equivalent.

Aspects related to the integration of personal and professional life and flexibility are highly valued by

employees in the Organizational Climate Study and, because they directly impact the personal and

professional life, job satisfaction and well-being of employees, they are closely monitored by EDP.

Thus, in the context of greater equity in the offer of benefits in all regions, in 2024 a project was

started that aims to standardize a set of relevant benefits associated with health care, parenting

support or flexibility and free time. In 2024, the psychological support lines were launched globally,

as well as the Birthday and Magic Season days off (a day associated with local festivities). These

benefits reached more employees, bringing more flexibility in their use (fixed days vs. current month)

and valuing, in the case of festivities, the cultural diversity of the countries where EDP operates.

The result of this investment in excellence in workplace practices and EDP's dedication to promoting

a supportive and inclusive work culture, is EDP's EFR global certification, one of only two companies

in the world to hold a certification at this level.

S1-4_03 - Description of additional initiatives or actions with primary purpose of 

delivering positive impacts for own workforce

EDP discloses actions or initiatives that it has underway with the main goal of producing positive

impacts for its employees:

• providing its employees a human and meaningful experience, through a global purpose, human

skills, and concrete well-being and flexibility measures

• focusing on attracting and retaining internal talent through a strong global talent attraction and

acquisition strategy (e.g. Trainee Program, Internal Mobility), as well as a personalized

succession and development strategy (e.g. Your Board Program and Learning Plan)

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• promoting growth opportunities for all employees in an engaging way, in line with a global

development mindset. Employees have performance reviews and development conversations (a

minimum of three per year)

• investing in collaboration and internal mobility as a way of sharing knowledge and individual and

organizational development. In this regard, EDP provides an internal marketplace with internal

opportunities for all employees.

• treating diversity, equity and inclusion as catalysts for innovation (e.g. Pride Internal Mobility,

multicultural teams workshop)

• promoting agility and efficiency by improving and digitizing processes to reduce decision-

making time and using global people analysis tools to support decision-making and strategic

planning. In this sense, a new Decision Model was approved to improve decision-making agility.

S1-4_04 - Description of how effectiveness of actions and initiatives in delivering 

outcomes for own workforce is tracked and assessed

At EDP, action planning is structured across three levels to ensure a comprehensive response to the

Organizational Climate Survey results. At the corporate level, areas of expertise analyse global

results to design long-term action plans focused on strategic themes like development

opportunities, pay and benefits, and performance management. At the regional/platform level,

action plans are tailored to address specific local needs and challenges. The team level is the most

impactful, where managers analyse team results, debrief with their teams to gather insights, and co-

create action plans to improve the team experience. All action plan owners use the Perceptyx

platform to select a focus area (e.g., bottom 5 items, drivers of engagement, or significant declines),

define two actions, and set three review dates. Progress is closely monitored through regular reports,

which provide visibility into planned actions and ensure accountability by identifying teams or

owners who have not yet uploaded their plans. This structured, data-driven approach fosters

alignment with strategic goals while addressing the unique needs of employees at every

organizational level.

S1-4_05 - Description of process through which it identifies what action is needed 

and appropriate in response to particular actual or potential negative impact on 

own workforce

EDP has employee listening procedures in different dimensions or phases of their experience, the

main one being the Climate Study survey cycle, which allows for employee feedback to be gathered

and acted upon. EDP also recognizes the importance of promoting equal access to opportunities,

defining clear and transparent processes throughout the organization, and promoting a healthy

working environment that fosters innovation. Recognizing some potential risks arising from market,

macroeconomic, and social factors, EDP identifies the importance of pay equity or promoting a

culture of well-being.

To mitigate potential risks associated with pay equity, EDP develops some mechanisms such as: 1)

the Gender Equality Plan and plans to mitigate the risk of pay disparity in more local contexts; 2) pay

equity analysis routines; or 3) upskill training and capacity building for professionals in the People &

Organization areas, such as the UN Target Gender Equality program.

To promote a culture of well-being, EDP has a systemic approach to this issue, with a clear and

transversally communicated strategy comprising five dimensions (physical, emotional, financial,

social, and professional). For each dimension, risk and advantage factors are identified, either

through continuous feedback from employees or through the Organizational Climate Study,

designing and implementing initiatives such as the Mind Your Mind campaign, a global

psychological support line, training for leaders, nutrition consultations, health insurance, a volunteer

program, measures to support parenthood, financial advice, a platform of discounts and flexible

benefits or measures of flexibility in the management of work and working hours.

S1-4_06 - Description of what action is planned or underway to mitigate material 

risks arising from impacts and dependencies on own workforce and how 

effectiveness is tracked

To address employee attraction and retention, EDP is strongly committed to upskilling and reskilling

initiatives, aligned with EDP 2026 Business Plan. EDP tracks two key KPIs:

i. employees receiving ESG training (70%)

ii. qualification and requalification efforts critical to EDP future (45%).

EDP promotes ESG awareness by integrating it into key learning programs and offering diverse

learning methods. Partnering with external experts, EDP provides certifications that benefit both

employees and the organization.

Globally, EDP focuses on leadership, digital skills, innovation, and core business knowledge. EDP

expands access to on-demand learning, recognizes informal learning, and collaborates with

partners to address specific upskilling and reskilling needs.

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Additionally, EDP recognizes that an ageing workforce presents both challenges and opportunities,

making a strong development strategy even more essential. Beyond investing in upskilling and

reskilling, EDP aligns its efforts with succession planning and the retention of critical knowledge.

This approach ensures that both new talent and experienced professionals are empowered,

facilitating an efficient transition of skills and strengthening business sustainability. Continuous

qualification efforts enable employees to keep pace with technological and market transformations,

reinforcing EDP’s long-term competitiveness.

S1-4_07 - Description of what action is planned or underway to pursue material 

opportunities in relation to own workforce

For EDP to be a truly future-proof organization, an ambitious People and Organisation (P&O)

strategy has been defined to fulfil the following in the coming years:

• provide its people with a human and meaningful experience through a global purpose and skills

and concrete measures of well-being and flexibility

• focus on attracting and retaining internal talent through a strong global strategy of employer

branding and onboarding, as well as a customised succession and development strategy

• foster growth opportunities for all employees in an engaging manner, in line with a global

development mindset

• invest in collaboration and internal mobilities as a way of sharing knowledge and individual and

organisational development

• treat diversity, equity and inclusion as catalysts for innovation

• promote agility and efficiency through the improvement and digitalisation of processes to reduce

decision-making time

• use the global tools of people analytics as instruments to support decision-making and strategic

planning.

S1-4_08 \- Disclosure of whether and how it is ensured that own practices do not 

cause or contribute to material negative impacts on own workforce

In regards to data use, the EDP Group companies always prioritize in their relationship with their

customers, employees, service providers, suppliers, partners and other interested parties, strict

respect for their privacy.

Further information in S1.MDR-P_01-06.

S1-4_09 - Disclosure of resources are allocated to the management of material 

impacts

EDP Group allocates dedicated resources to manage its material impacts effectively, ensuring a

structured and transparent approach to the P&O strategy. EDP has specialized teams and

governance structures, such as the DEIB Council and employee resource groups (ERGs), that focus

on addressing diversity, equity, inclusion, and belonging.

Additionally, the ESG team oversees the integration of sustainability across the organization.

Financial resources are directed towards key programs, including upskilling and reskilling initiatives,

ESG training, and diversity and inclusion projects. EDP also invests in monitoring systems to track

progress against our targets and ensure accountability. These resources enable to address impacts

proactively, driving meaningful change across the organization.

These resources are also reflected in the annual budget allocation to health and well-being themes

or programs, as well as to mechanisms that ensure the equity of internal processes. For example, a

budget allocation to act and correct, if applicable, in situations that, through mobility and

organizational restructuring, may generate or accentuate wage inequality on the basis of gender.

S1-4_19 - Information about measures taken to mitigate negative impacts on 

workers that arise from transition to greener, climate-neutral economy

At EDP, workforce development is a top priority, supported by a multidisciplinary approach that

combines social interaction, practical experience, and comprehensive training. This strategy

ensures employees are equipped to meet the challenges of the present and the future while

supporting the transition to a greener and climate-neutral economy.

EDP has a number of measures in place to help make the economy greener and more climate-

neutral, including support for the purchase of a social commuting pass (an incentive to use public

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transport), bicycle parking at EDP's facilities, free charging of electric vehicles at EDP's facilities,

among other measures.

In addition, in terms of vehicles allocated to employees, the EDP Group has not allowed the purchase

of combustion vehicles since 2023.

As part of exits by agreement with the company, EDP offers its employees outplacement services to

help them find other professional opportunities.

EDP´s approach also emphasizes social interaction through digital communities that foster

collaboration and knowledge sharing across the organization. Internal mobility opportunities enable

employees to gain diverse experiences and expand their professional horizons.

Additionally, EDP prioritizes training and development, offering programs that address both

upskilling and reskilling needs.

To reinforce this commitment, EDP has set ambitious targets for 2026, including ensuring that 70%

of employees receive ESG-related training and 45% engage in upskilling and reskilling programs.

EDP is also driving innovation through a comprehensive artificial intelligence strategy implemented

across the group, ensuring that employees are prepared to leverage cutting-edge technologies

effectively.

These measures align with EDP's goal of becoming a future-proof company, equipping its workforce

with the skills and knowledge needed to navigate the transition to sustainable operations while

addressing regulatory requirements and adapting to external developments.

S1.MDR-T_01-13 \- Targets set to manage material impacts, risks and opportunities 

related to own workforce

EDP Group is committed to advancing Diversity, Equity, Inclusion, and Belonging (DEIB), and

professional development, with clear objectives for 2026. These include achieving 31% of women

across the organization and in leadership roles (women in organizational leadership positions), 2%

of employees with disabilities (% of people with disabilities, according to local legislation, under the

total headcount), 42% of generation Y in management positions (% of millennial people in

leadership positions in the organization) and 5% of employees who work outside their country of

origin (% of people who work globally outside the country where they were born).

In terms of training, EDP aspires that 45% of employees participate in improvement and

requalification programs (e.g. reskilling skills; redirecting to other businesses - conventional energy

to renewables) and that 70% receive ESG training (e.g. e-learning related to energy transition,

sustainability), which reflects its dedication to a sustainable and inclusive future.

All of these KPIs are measured annually, and some are part of the current Business Plan. EDP makes

a quarterly status report and, in some cases, communicates its status internally and/or externally.

The Climate Survey's Annual Accomplishment Scale is combined with the results of the

Engagement and Empowerment dimensions, using two key factors: the 3-year trend (50%) - the

comparison of current results with the group's performance over the last 3 years - and the external

benchmark (50%).

In terms of Occupational Health and Safety, EDP has this set of KPIs:

| | |   
---|---|---|---  
Goals | KPI 2024 | Target 2024 | Target 2030  
Fatal accidents (EDP employees and  Service Providers)| 6 | 0 | 0  
Frequency rate (EDP employees and  Service Providers)| 1.72| 1.60 | <1.00  
Frequency rate (EDP employees and  Service Providers)| 580 | 215 | <150  
Frequency rate as number of accidents at work in service with absence/fatalities, per million hours worked. Total severity rate as number of calendar days lost due to work accident per million hours worked, in the reference period.  
  
The setting-out of Occupational Health and Safety goals and the action programmes needed to

achieve them is carried out in accordance with the internal procedure “Management Objectives and

Programmes” of EDP Group’s CSMS.

These objectives are defined at corporate level, approved by the Executive Board of Directors (EBD),

and at the level of each Business Unit/Organizational Unit, approved by the respective Boards of

Directors and in line with the corporate objectives.

Health and safety at work is fundamental to ensuring a safe and healthy environment for the EDP

Group's employees. In this context, setting clear objectives and targets is essential to direct efforts

and monitor results.

The occupational safety objectives are broad, reflect long-term results and are in line with

international occupational safety standards.

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The Safety at Work Actions Operating Plan sets forth the commitments and initiatives undertaken

by the organisational units for implementation of the 6 strategic pillars defined at strategic and

corporate level, in terms of Prevention and Safety approved for 2020/24.

i. managerial commitment to OHS

ii. behaviours, preventive activities and learning from mistakes

iii. streamlining, digitising and standardising OHS processes in the EDP Group

iv. skills

v. communication and involvement

vi. OHS management in contracts with ESPs.

The implementation of EDP's annual occupational health and safety program was based on a series

of actions aimed at preventing accidents at work.

i. Reducing accidents

• Eliminate fatal accidents and accidents with serious consequences

• Significantly reduce the frequency rate and the total severity rate.

ii. Promoting a culture of safety

• Promote a safety culture where safety is a priority and part of our people's daily lives

• Integrating safety as a fundamental value in the organization's operations and decisions.

iii. Monitoring and continuous improvement

• Carry out regular audits to identify risks and implement corrective actions

• Monitor and disseminate results to reinforce transparency and commitment to safety.

iv. Risk Management

• Identifying, assessing and mitigating risks in highly complex operations and activities

• Monitoring working conditions that may impact the health of our workers.

v. Involvement of all levels

• Involve our leaders in promoting safe practices

• Ensuring that all workers are committed and aware of the risks to which they are exposed.

vi. Compliance with legislation and standards

• Ensure that operations are in line with local legislation and international standards

• Maintain certifications in accordance with ISO 45001:2018.

The implementation of these objectives is monitored quarterly by the Corporate Safety area and

quarterly by the prevention and safety committees, which analyse the progress of the actions and

propose, if necessary, the measures needed to achieve them.

These priorities were established at EDP Group level, by considering recent results and trends in the

main KPIs for Occupational Health and Safety including inputs from accident analyses and internal

and external audits of safety management and works carried out for EDP.

S1-5_01 - Disclosure of whether and how own workforce or workforce' 

representatives were engaged directly in setting targets

At EDP, the process of setting targets is collaborative and involves input from various organizational

bodies and employee groups. EDP Group engages directly with its workforce and their

representatives through discussions with the Executive Board of Directors (EBD), focus groups, the

DEIB Council, the People & Organization (P&O) community, and other relevant stakeholders. This

inclusive approach ensures that the targets set reflect a diverse range of perspectives, aligning with

both organizational goals and the needs and aspirations of employees.

The definition of KPIs and their respective targets is defined by the organizational units with

technical expertise in the respective KPI categories - FP&A, ESG, People & Organization, Ethics and

Compliance, among others. This is a process of close collaboration between teams in order to

guarantee a KPI model that meets the needs of all impacted parties.

The consolidation of the annual KPIs, as well as the definition of the indicators for the following year,

are communicated to employees in a clear and efficient manner, using EDP's internal

communication channels.

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The EDP Group actively involves the workforce and their representatives in identifying lessons and

improvements through quarterly safety committee meetings where information is gathered with the

objective of improving safety and operational conditions.

Leaders and safety teams collaborate in addressing SIF risks, including electrical work and work at

height, analysing incidents, and defining specific objectives and action plans to prevent incidents

from occurring.

Feedback from representatives is integrated into trend analysis, enabling continuous monitoring

and the identification of opportunities for improvement.

S1-5_02 - Disclosure of whether and how own workforce or workforce' 

representatives were engaged directly in tracking performance against targets

EDP engages various groups of employees in tracking performance against targets through multiple

structured and periodic touchpoints. Regular performance analyses are conducted to assess

progress toward key targets, with employee groups contributing insights and feedback to guide

improvements. These analyses ensure that employees are part of the process and contribute to a

culture of shared responsibility for achieving results.

In addition, performance updates are shared semi-annually through transparent public

communications. This keeps the workforce informed and aligned with the organization’s strategic

objectives while reinforcing accountability. Workforce representatives also participate in dedicated

committees and governance bodies, where they contribute directly to discussions on tracking

performance and aligning efforts with targets.

The Diversity, Equity, Inclusion, and Belonging (DEIB) Council plays a critical role by convening

regularly to evaluate progress on DEIB initiatives and ensure alignment with broader organizational

goals. Lastly, the Integrated Annual Report provides comprehensive updates on organizational

performance, offering the workforce and their representatives visibility into key achievements and

areas for improvement.

This multi-faceted approach fosters transparency, accountability, and collective ownership of

performance outcomes, ensuring active engagement from the workforce at various levels.

S1-5_03 - Disclosure of whether and how own workforce or workforce' 

representatives were engaged directly in identifying lessons or improvements as 

result of undertakings performance

The EDP Group, as set out in its Safety Policy and ESG (Environmental, Social and Governance)

objectives, has a strategic goal of achieving zero accidents. For this reason, it is essential that during

the incident investigation process the root causes and adequate preventive measures are identified

to avoid future occurrences. Monitoring the effectiveness of the measures implemented, and

disseminating the lessons learned to all BUs, thus promotes the sharing of solutions and best

practice that contribute to an EDP Group-wide safety culture.

It was in this context that a Safety Review Panel was set up under the coordination of the SSBC, to

analyse the action plans drawn up by the BU.

The Safety Review Panel is a consultative body for the entire EDP Group and is made up of internal

(BU) and/or external experts with proven recognition in specific areas of risk/activity. This Safety

Review Panel is independent of the BUs and reports the results of incident analysis to the EBD.

EDP Group’s Safety policy recognises and establishes the principle that the ongoing investigation

and analysis of incidents – accidents and near-misses or hazardous situations – systematically

conducted are essential conditions for ongoing improvement in the prevention of occupational

accidents and occupational diseases.

Every incident is indicative of possible failures or imperfections in the organisation and/or execution

of the work. The investigation of the incident consists of identifying them and establishing the facts

to eliminate or neutralise them.

The Safety Review Panel analysed 5 fatal accidents and 4 accidents with serious consequences.

After analysing the action plans of the accidents, the experts suggested 47 extra actions to the

respective plans, of which 22 have been implemented, 6 are in the process of being implemented, 11

are under analysis and 8 actions that the businesses do not consider applicable to their reality.

EDP has several channels and formats for listening to employees. Examples of these channels are:

• management of employment relationship information in a digital system (personal information,

training, and professional experience)

• assignment of a relationship partner, P&O Business Partner

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• possibility of joining structures representing workers and/or trade unions

• anonymous and voluntary participation in the Organizational Climate Study

• Speak Up, a channel for reporting and denouncing unethical situations.

In particular, through the Organizational Climate Survey, action plans are designed and

implemented at corporate, regional, and team levels, and team level, in which employees are

encouraged to contribute by answering a survey. This survey assesses the favourability of

employees to issues associated with categories such as Engagement & Empowerment, Well-being,

Performance Management, Compensation & Benefits, Development Opportunities, or Collaboration,

among others. The results of this survey inspire action plans aimed at improving the employee

experience by improving internal processes. This tool has been a primary means of listening to

employees globally. In order to keep employees informed of the measures taken, different internal

channels are used, namely the Intranet, Newsletters, Global Communities and the respective P&O

Business Partners and meetings dedicated to P&O topics.

In relation to EDP's objectives (e.g., Gen Y in leadership positions), there is a page available on the

Intranet and Website for employees and external. This type of KPI is monitored annually and

statused quarterly by P&O. EDP will work on these KPIs through P&O mechanisms, such as

development initiatives or succession plan pipeline (placing these indicators as influencers of EDP

goals).

S1-6_01 - Employee head count by gender / S1-6_02 - Number of employees 

(head count)

| | |   
---|---|---|---  
EMPLOYEE HEAD COUNT | UN | 2024 | 2023  
Male  | # | 8,872 | 9,239  
Female | # | 3,636 | 3,751  
Other | # | 0 | 0  
Not reported | # | 88 | 51  
Total | # | 12,596 | 13,041  
  
S1-6_04 - Characteristics of undertaking's employees - number of employees in 

countries with 50 or more employees representing at least 10% of total number of 

employees / S1-6_05 - Employee head count in countries where the undertaking 

has at least 50 employees representing at least 10% of its total number of 

employees (#)

| | |   
---|---|---|---  
EMPLOYEE HEAD COUNT | UN | 2024 | 2023  
Portugal | # | 5,466 | 5,682  
Spain | # | 2,053 | 2,090  
Brazil | # | 2,993 | 3,071  
  
S1-6_07 - Characteristics of undertaking's employees - information on employees 

by contract type and gender / S1-6_09 - Number of employees (head count or full-

time equivalent)

| | | | | |   
---|---|---|---|---|---|---  
| | 2024  
EMPLOYEE HEAD COUNT | UN | FEMALE | MALE | OTHER | NOT  DISCLOSED| TOTAL  
Employees (head count) | # | 3,636 | 8,872 | 0 | 88 | 12,596  
Employee head count by contract type | # | 3,636 | 8,872 | 0 | 88 | 12,596  
Permanent employees | # | 3,595 | 8,808 | 0 | 84 | 12,487  
Temporary employees | # | 41 | 64 | 0 | 4 | 109  
Non-guaranteed hours employees | # | 0 | 0 | 0 | 0 | 0  
Employee head count by occupational contract type | # | 3,636 | 8,872 | 0 | 88 | 12,596  
Full-time employees  | # | 3,633 | 8,870 | 0 | 88 | 12,591  
Part-time employees | # | 3 | 2 | 0 | 0 | 5  
  
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S1-6_08 - Characteristics of undertaking's employees - information on employees 

by region

| | | | | | |   
---|---|---|---|---|---|---|---  
| | 2024  
EMPLOYEE HEAD COUNT | UN | IBERIA | REST OF  EUROPE| SOUTH  AMERICA| NORTH  AMERICA| ASIA  PACIFIC| TOTAL  
Employees (head count) | # | 7,519 | 608 | 3,050 | 1,060 | 359 | 12,596  
Employee head count by contract type | # | 7,519 | 608 | 3,050 | 1,060 | 359 | 12,596  
Permanent employees | # | 7,477 | 605 | 3,050 | 1,001 | 354 | 12,487  
Temporary employees | # | 42 | 3 | 0 | 59 | 5 | 109  
Non-guaranteed hours employees | # | 0 | 0 | 0 | 0 | 0 | 0  
Employee head count by occupational contract type | # | 7,519 | 608 | 3,050 | 1,060 | 359 | 12,596  
Full-time employees  | # | 7,515 | 607 | 3,050 | 1,060 | 359 | 12,591  
Part-time employees | # | 4 | 1 | 0 | 0 | 0 | 5  
  
S1-6_11 - Number of employee who have left undertaking / S1-6_12 - Percentage of 

employee turnover

| | |   
---|---|---|---  
| UN | 2024 | 2023  
Employees who have left the undertaking | # | 1,379 | 1,729  
Employees turnover | % | 10.95 | 13.40  
  
Turnover refers to employees who leave the organization voluntarily, or due to dismissal, retirement,

or death in service.

S1-6_13 - Description of methodologies and assumptions used to compile data 

(employees)

The number of employees and its breakdown by key characteristics (e.g.: gender, age, professional

category) is reported in headcount and refers to the end of December. The data is stored in the

Human Resources Information System (HRIS), and EDP obtains the employees' data from this

source. The total number includes the employees in all countries where EDP operates, but only for

consolidated companies.

S1-6_14 - Employees numbers are reported in head count or full-time equivalent

Employees numbers are reported in head count.

S1-6_15 - Employees numbers are reported at end of reporting period/average/

other methodology

In terms of head count, employees numbers are reported at end of December.

S1-6_16 - Disclosure of contextual information necessary to understand data 

(employees)

In 2024, some functions were centralized, resulting in increased efficiency in terms of headcount.

This agility and efficiency promoted by the new model is the main reason for the decrease of 3% in

HC compared to 2023.

S1-6_17 \- Disclosure of cross-reference of information reported under paragraph 

50 (a) to most representative number in financial statements

Information related to this data point can be found in Note 10 to the financial statements.

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S1-6_18 - Further detailed breakdown by gender and by region [table] / S1-6_19 - 

Number of full-time employees by head count or full time equivalent / S1-6_20 - 

Number of part-time employees by head count or full time equivalent

| | | | | | | |   
---|---|---|---|---|---|---|---|---  
| | | 2024  
EMPLOYEE HEAD COUNT | GENDER | UN | IBERIA | REST OF  EUROPE| SOUTH  AMERICA| NORTH  AMERICA| ASIA  PACIFIC| TOTAL  
Employees (head count) | | # | 7,519 | 608 | 3,050 | 1,060 | 359 | 12,596  
Employee head count by  contract type| | | | | | | |   
Permanent employees | Total | # | 7,477 | 605 | 3,050 | 1,001 | 354 | 12,487  
| Female | # | 2,183 | 223 | 788 | 265 | 136 | 3,595  
| Male | # | 5,294 | 382 | 2,262 | 652 | 218 | 8,808  
| Other | # | 0 | 0 | 0 | 0 | 0 | 0  
| Not Disclosed | # | 0 | 0 | 0 | 84 | 0 | 84  
Temporary employees | Total | # | 42 | 3 | 0 | 59 | 5 | 109  
| Female | # | 24 | 2 | 0 | 13 | 2 | 41  
| Male | # | 18 | 1 | 0 | 42 | 3 | 64  
| Other | # | 0 | 0 | 0 | 0 | 0 | 0  
| Not Disclosed | # | 0 | 0 | 0 | 4 | 0 | 4  
Non-guaranteed hours  employees| Total | # | 0 | 0 | 0 | 0 | 0 | 0  
| Female | # | 0 | 0 | 0 | 0 | 0 | 0  
| Male | # | 0 | 0 | 0 | 0 | 0 | 0  
| Other | # | 0 | 0 | 0 | 0 | 0 | 0  
| Not Disclosed | # | 0 | 0 | 0 | 0 | 0 | 0  
Employee head count by  occupational contract type| | | | | | | |   
Full-time employees  | Total | # | 7,515 | 607 | 3,050 | 1,060 | 359 | 12,591  
| Female | # | 2,204 | 225 | 788 | 278 | 138 | 3,633  
| Male | # | 5,311 | 382 | 2,262 | 694 | 221 | 8,870  
| Other | # | 0 | 0 | 0 | 0 | 0 | 0  
| Not Disclosed | # | 0 | 0 | 0 | 88 | 0 | 88  
Part-time employees | Total | # | 4 | 1 | 0 | 0 | 0 | 5  
| Female | # | 3 | 0 | 0 | 0 | 0 | 3  
| Male | # | 1 | 1 | 0 | 0 | 0 | 2  
| Other | # | 0 | 0 | 0 | 0 | 0 | 0  
| Not Disclosed | # | 0 | 0 | 0 | 0 | 0 | 0  
  
S1-8_01 - Percentage of total employees covered by collective bargaining 

agreements

| | |   
---|---|---|---  
BARGAINING AGREEMENTS | UN | 2024 | 2023  
Employees covered by collective bargaining agreements | % | 77.2 | 77.8  
  
S1-8_02 - Percentage of own employees covered by collective bargaining 

agreements are within coverage rate by country with significant employment (in the 

EEA) / S1-8_03 - Percentage of own employees covered by collective bargaining 

agreements (outside EEA) by region / S1-8_06 - Percentage of employees in 

country with significant employment (in the EEA) covered by workers' 

representatives

| | |   
---|---|---|---  
| COLLECTIVE BARGAINING COVERAGE | SOCIAL DIALOGUE  
COVERAGE RATE | EMPLOYEES – EEA  | EMPLOYEES-NON-EEA | WORKPLACE  REPRESENTATION (EEA ONLY)  
0-19 % | — | — | Spain  
20-39 % | — | — | Portugal  
40- 59 % | Spain | — | —  
60 -79 % | — | — | —  
80 - 100 % | Portugal | South America | —  
  
S1-8_07 - Disclosure of existence of any agreement with employees for 

representation by European Works Council (EWC), Societas Europaea (SE) Works 

Council, or Societas Cooperativa Europaea (SCE) Works Council (Mandatory/1 

year | The undertaking may omit the information with regard to its own employees in 

non-EEA countries for the first year of preparation of its sustainability statement.) 

There is no reference or internal knowledge about the involvement in these Agreements.

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S1-9_01 - Gender distribution in number of employees (head count) at top 

management level / S1-9_02 - Gender distribution in percentage of employees at 

top management level

| | | | | |   
---|---|---|---|---|---|---  
| | 2024  
TOP MANAGEMENT | UN | MALE | FEMALE | OTHER | NOT  DISCLOSED| TOTAL  
Employees at top management level | # | 71 | 26 | 0 | 0 | 97  
Employees at top management level | % | 73 | 27 | 0 | 0 | 100  
  
As stated in S1-9_06, the top management team comprises Senior Executive Directors and

Executive Directors.

S1-9_03 - Distribution of employees (head count) under 30 years old / S1-9_04 - 

Distribution of employees (head count) between 30 and 50 years old / S1-9_05 - 

Distribution of employees (head count) over 50 years old

| | | | | |   
---|---|---|---|---|---|---  
| | 2024  
EMPLOYEE HEAD COUNT | UN | MALE | FEMALE | OTHER | NOT  DISCLOSED| TOTAL  
< 30 | # | 1,066 | 527 | — | 35 | 1,628  
[30-50[ | # | 5,579 | 2,396 | — | 43 | 8,018  
≥ 50 | # | 2,227 | 713 | — | 10 | 2,950  
Total | # | 8,872 | 3,636 | — | 88 | 12,596  
< 30 | % | 8.5 | 4.2 | — | 0.3 | 12.9  
[30-50[ | % | 44.3 | 19.0 | — | 0.3 | 63.7  
≥ 50 | % | 17.7 | 5.7 | — | 0.1 | 23.4  
  
S1-9_06 - Disclosure of own definition of top management used 

EDP has a Global Compensation Framework, widely disseminated to its employees through internal

communication channels, which presents the group's different organizational segments, with the

different missions and duties of each one. The top management in this global framework are: Senior

Executive Directors and Executive Directors.

S1-10_01 - All employees are paid adequate wage, in line with applicable 

benchmarks 

At EDP all employees are paid adequate wage. EDP has the Global Compensation Framework that

considers market factors (comp. ratio) to define its compensation practices and to ensure equity and

attractiveness.

Additionally, EDP discloses the ratio "EDP minimum wage paid/National minimum Wage" in each

region, and in all of them, EDP minimum wage is higher than the national minimum wage (Iberia:1,26;

South America 1,59; North America: 2,09; Asia Pacific: 1,26; Rest of Europe: 1,4). To calculate this

ratio the minimum wage paid by EDP in each country is used vs the national minimum wage by

country, that is obtained from official sources (Eurostat, for example). The wage considered by EDP

in the calculation is the contractual wage, and Kronos employees (82) are not being considered

because they have an independent payroll.

S1-11_01 - All employees in own workforce are covered by social protection, through 

public programs or through benefits offered, against loss of income due to sickness 

EDP is committed to ensuring that all its employees are covered by social protection programs, either

through public initiatives or through benefits offered by the company. Specifically, in the event of

sickness, EDP provides robust support to safeguard the income and well-being of its employees at

various levels.

These are some of the initiatives that EDP promotes in the field of health protection:

• health insurance for employees: EDP offers extensive health insurance coverage to all employees,

ensuring access to necessary medical care and financial protection during times of illness

• financial support during sickness: in some countries, in cases of prolonged illness, EDP offers

financial support to ensure that employees do not suffer a loss of income.

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Other forms of non-financial support to protect against the sickness:

• mental health support lines available in all EDP countries since 2024, providing direct access to

mental health resources and support and ensuring that employees have the necessary support to

maintain their mental and emotional well-being

• annual flu vaccination programs to prevent illness and promote the health of the workforce in

some countries

• gym and healthy food initiatives, where EDP encourages a healthy lifestyle through gym

memberships and provides more healthy food options available to employees

• physiotherapy services, so that employees have access to physiotherapy services in several

countries.

EDP promotes other regional initiatives, depending on local circumstances, such as ergonomic

workplace assessments, critical incident management and support, smoking cessation programs,

and a holistic mental health promotion program.

S1-11_02 - All employees in own workforce are covered by social protection, 

through public programs or through benefits offered, against loss of income due to 

unemployment starting from when own worker is working for undertaking

Within the scope of terminations by mutual agreement with the company, EDP offers its employees

outplacement services in order to support the impacted employees in finding other professional

opportunities. In addition to these services, health insurance may also be offered for a limited period.

S1-11_03 - All employees in own workforce are covered by social protection, 

through public programs or through benefits offered, against loss of income due to 

employment injury and acquired disability

EDP is committed to ensuring that all our employees are covered by comprehensive social

protection programs, whether through public initiatives or company benefits. Specifically, in the

event of employment injury or acquired disability, EDP provides robust support to safeguard our

employees' income and well-being.

In addition to the protection legally granted in each country, EDP has additional support measures in

the event of an accident at work, such as insurance in addition to compulsory insurance, as well as

life insurance and personal accident insurance.

S1-11_04 - All employees in own workforce are covered by social protection, 

through public programs or through benefits offered, against loss of income due to 

parental leave

EDP is dedicated to promoting a healthy work-life balance and supporting employees through

various life events, including parenthood. EDP's commitment to integrating professional and

personal life is reflected in the comprehensive measures the company has in place to support

parenthood.

In addition to the protection legally granted in each country, EDP offers a range of benefits and

initiatives designed to support employees during the critical period of parenthood:

• parental leave - EDP ensures that all employees can enjoy parental leave, encouraging male

and female employees to share the initial parental leave and promoting gender equality and

positive parenting. A new global benefit related to a minimum of days for parental leave will be

implemented in EDP Group in 2025

• new parents kit - the company provides a kit for employees in Portugal that includes information

about the benefits available to employees at this stage of life, as well as their rights to share the

initial parental leave

• leave for pregnant women - In some countries, EDP offers pregnant women 15 consecutive

days' leave in the period immediately preceding the expected date of childbirth, without loss of

compensation (this is also applicable in the case of adoption). In some other countries, this

measure can be taken 15 days before or after the expected childbirth date / adoption.

• positive parenting initiatives: EDP reinforces initiatives to promote positive parenting, focusing

on the importance of male employees enjoying their respective parental rights and benefits

• post-parental leave transition policy - upon returning from parental leave, employees may

work on a reduced-hours schedule during a transition period, ensuring a smooth reintegration

into the workplace

• other measures - the company also offers parking in its buildings to pregnant women from the

last trimester of pregnancy onwards and also a gift for each birth.

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EDP's commitment to work-life integration and employee well-being has been recognized through

our global Family Responsible Company (EFR) certification by Fundación Másfamilia. This

certification acknowledges EDP's dedication to flexibility, respect, and equal opportunities, and

highlights its efforts to create a supportive and inclusive work environment.

These initiatives reflect EDP's dedication to the well-being of its employees, ensuring they are

supported through various life events, including parenthood, and promoting a healthy balance

between their professional and personal lives.

S1-11_05 - All employees in own workforce are covered by social protection, 

through public programs or through benefits offered, against loss of income due to 

retirement 

In addition to the protection legally granted in each country, EDP has additional support measures in

the event of old-age retirement, such as a pension supplement or an individual pension plan, which

aim to minimize the expected reduction in pensions granted by the social protection system in force.

The company also has a training program aimed at preparing employees for retirement, with

information on free time occupation and personal finance management, among other topics.

S1-12_01 \- Percentage of persons with disabilities amongst employees, subject to 

legal restrictions on collection of data / S1-12_02 - Percentage of employees with 

disabilities in own workforce breakdown by gender

| |   
---|---|---  
EMPLOYEES WITH DISABILITIES IN OWN WORKFORCE | UN | 2024  
Female | % | 0.62  
Male | % | 0.96  
Other | % | 0.00  
Not Disclosed | % | 0.00  
Total | % | 1.58  
  
S1-12_03 \- Disclosure of contextual information necessary to understand data and 

how data has been compiled (persons with disabilities)

EDP is committed to fostering an inclusive environment and ensuring the representation of persons

with disabilities throughout the employee journey. To support this commitment, EDP collects and

analyses comprehensive professional (e.g., professional segment, company, region of working,

functional family, and others) and demographic (e.g., gender, generation, nationality, disabilities,

and others) data to understand and enhance inclusion. The calculation methodology is adapted

locally, respecting local legislation and the definitions of "disability" and quota compliance in each

country. For example, in Portugal, the calculation requires a disability of 60% or higher. In Brazil, any

degree of disability is considered, as long as it is proven through a medical report or a

biopsychosocial assessment.

To calculate the ratio "employees with disabilities" it is used: the number of persons with disabilities /

total number of employees. The data about the number of persons with disabilities is available in

About.me (internal people management platform) and is uploaded in the hiring process.

S1-13_01 - Training and skills development indicators gender / S1-13_02 - 

Percentage of employees that participated in regular performance and career 

development reviews / S1-13_05 - Percentage of employees that participated in 

regular performance and career development reviews by employee category

| | | | | |   
---|---|---|---|---|---|---  
| | 2024  
EMPLOYEES THAT PARTICIPATED IN  REGULAR PERFORMANCE AND CAREER  DEVELOPMENT REVIEWS| UN | FEMALE | MALE | OTHER | NOT  DISCLOSED| TOTAL  
Executive Board of Directors | % | 100| 100| —| 100| 100  
Senior Management | % | 100| 100| —| 100| 100  
Supervisors | % | 100| 100| —| 100| 100  
Specialists | % | 100| 100| —| 100| 100  
Technicians | % | 100| 100| —| 100| 100  
  
1 The values reported do not include the EDP Foundation and EDP Institute and include trainees.

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S1-13_03 - Average number of training hours by gender / S1-13_04 - Average 

number of training hours per person for employees

| | | | | |   
---|---|---|---|---|---|---  
| | 2024  
TRAINING HOURS | UN | FEMALE | MALE | OTHER | NOT  DISCLOSED| TOTAL  
Executive Board of Directors | h/p | 11.00 | 15.58 | — | — | 13.75  
Senior Management | h/p | 22.57 | 22.35 | — | 2.50 | 22.35  
Supervisors | h/p | 29.30 | 20.72 | — | 31.64 | 22.92  
Specialists | h/p | 19.18 | 25.57 | — | 25.54 | 22.98  
Technicians | h/p | 21.82 | 38.26 | — | 108.83 | 36.96  
Total | h/p | 20.56 | 30.50 | — | 77.61 | 27.96  
  
S1-14_01 - Percentage of people in its own workforce who are covered by health 

and safety management system based on legal requirements and (or) recognised 

standards or guidelines

| | |   
---|---|---|---  
HEALTH AND SAFETY MANAGEMENT  SYSTEM| UN | 2024 | 2023  
Employees who are covered by health and safety  management system based on legal requirements and (or) recognised standards or guidelines 1| % | 81 | 78  
  
S1-14_02 \- Number of fatalities in own workforce as result of work-related injuries 

and work-related ill health / S1-14_03 - Number of fatalities as result of work-

related injuries and work-related ill health of other workers working on 

undertaking's sites

| |   
---|---|---  
FATALITIES | UN | 2024  
Fatalities in own workforce as result of work-related injuries and work- related ill health [Employees]| # | 0  
  
Work-related injuries are accidents at the workplace in work time and accidents on the way to or

from work, with an absence of one more calendar days and fatal accidents.

No information regarding the number of fatalities as result of work-related injuries and work-related

ill health of other workers working on EDP’s sites came to EDP’s knowledge.

S1-14_04 \- Number of recordable work-related accidents for own workforce / 

S1-14_05 - Rate of recordable work-related accidents for own workforce

| |   
---|---|---  
WORK-RELATED ACCIDENTS | UN | 2024  
Recordable work-related accidents for own workforce [Employees] | # | 39  
Rate of recordable work-related accidents for own workforce [Employees] | x | 1.66  
  
Recordable work-related accidents are the accidents occurred at the place and working time or on

a journey, with 1 or more days of absence and fatal accidents. The rate of recordable work-related

accidents is the number of accidents at work in service with absence/fatalities, per million hours

worked.

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S1-14_06 - Number of cases of recordable work-related ill health of employees/ 

S1-14_07 \- Number of days lost to work-related injuries and fatalities from work-

related accidents, work-related ill health and fatalities from ill health related to 

employees

| | |   
---|---|---|---  
EMPLOYEES | UN | 2024 | 2023  
Recordable work-related ill health of employees | # | 1 | 0  
Days lost to work-related injuries and fatalities  from work-related accidents, work-related ill health and fatalities from ill health related to employees| # | 1,465 | —  
Days lost to work-related injuries | # | 1,465 | —  
Days lost to fatalities from work-related accidents | # | 0 | —  
Days lost work-related ill health | # | 0 | —  
Days lost to fatalities from ill health  | # | 0 | —  
  
Recordable work-related accidents are the accidents occurred at the place and working time or on

a journey, with 1 or more days of absence and fatal accidents. Lost days are the number of calendar

days lost due to work accident per million hours worked, in the reference period.

S1-15_01 - Percentage of employees entitled to take family-related leave/ 

S1-15_02 - Percentage of entitled employees that took family-related leave / 

S1-15_03 - Percentage of entitled employees that took family-related leave by 

gender

| | | | | |   
---|---|---|---|---|---|---  
| | 2024  
FAMILY-RELATED LEAVE | UN | MALE | FEMALE | OTHER | NOT  DISCLOSED| TOTAL  
Employees entitled to take parental  leave (1)| # | 409 | 190 | 0 | 0 | 599  
Entitled employees that took parental  leave (2)| # | 342 | 186 | 0 | 0 | 528  
Entitled employees that took  parental leave (3)| % | 83.6 | 97.9 | N/A | N/A | 88.1  
Employees (4) | # | 8,872 | 3,636 | 0 | 88 | 12,596  
Employees entitled to take parental  leave (5)| % | 4.6 | 5.2 | N/A | 0.0 | 4.8  
Employees that took parental leave  (6)| % | 3.9 | 5.1 | N/A | 0.0 | 4.2  
  
Employees entitled to parental leave means those employees that are covered by organizational

policies, agreements or contracts that contain parental leave entitlements. Currently, only

information about parental leave within family-related leave is available.

To calculate the percentages of parental leaves: (3)=(2)/(1); (5)=(1)/(4) and (6)=(2)/(4).

1 GENDER PAY GAP [(M-F)/M*100] 

2 There are no senior management women in the Rest of Europe

3 GENDER PAY GAP [(M-F)/M*100] 

4 Entries registered in the complaint channels Ethics of EDP Group.

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S1-16_01 \- Gender Pay Gap / S1-16_04 - Gender pay gap breakdown by employee 

category and/or country/segment

| | | | | | |   
---|---|---|---|---|---|---|---  
| | 2024  
GENDER PAY GAP 1| UN | IBERIA | SOUTH  AMERICA| NORTH  AMERICA| REST OF  EUROPE| ASIA  PACIFIC| TOTAL  
Senior Management 2| % | 8.6 | -13.1 | -25.7 | N/A | 10.5 | 1.1  
Supervisors | % | 3.8 | 0.5 | -0.9 | 30.2 | 11.1 | 6.4  
Specialists | % | 5.9 | 16.6 | 3.9 | 16.4 | 9.7 | 11.1  
Technicians | % | -21.4 | 12.0 | 0.0 | 40.2 | 10.9 | -19.7  
  
The gender pay gap was determined using the formula (M−F) /M ×100, where M represents the

average ordinary basic salary for men and F represents the average ordinary basic salary for

women.

S1-16_03 - Disclosure of contextual information necessary to understand data, how 

data has been compiled and other changes to underlying data that are to be 

considered 

To accurately assess the gender pay gap, an adjusted methodology was created to assess every

situation in the group. This assessment considers key variables such as global job role (function), job

grade, and seniority. By applying this comprehensive approach, it is possible to identify real pay

differences between equivalent positions or jobs of equal value and take consistent action to

address them.

The gender pay gap is calculated as follows: (average annual fixed remuneration of male employees

\- average annual fixed remuneration of female employees) / average annual fixed remuneration of

male employees.

The annual total remuneration ratio is calculated according: annual fixed remuneration for

highest paid individual / averaged employee annual fixed remuneration (excluding the highest paid

individual).

Annual fixed remuneration is the of annual base salary and other fixed payments.

S1-16_05 - Gender pay gap breakdown by employee category and ordinary basic 

salary and complementary/variable components

| | |   
---|---|---|---  
| | 2024  
GENDER PAY GAP 3| UN | ORDINARY BASIC  SALARY| COMPLEMENTARY/ VARIABLE COMPONENTS  
Senior Management | % | 1.1 | 3.3  
Supervisors | % | 6.4 | 0.4  
Specialists | % | 11.1 | 1.4  
Technicians | % | -19.7 | -23.6  
  
The gender pay gap is calculated by category type for both ordinary basic salary and

complementary/variable components using the formula (M−F)/M ×100, where M represents the

average salary for men and F represents the average salary for women.

S1-17_01 \- Number of incidents of discrimination / S1-17_02 - Number of incidents 

of discrimination / S1-17_03 - Number of complaints filed through channels for 

people in own workforce to raise concerns

| | |   
---|---|---|---  
CLAIMS 4| UN | 2024 | 2023  
Incidents of discrimination (including harassment) | # | 66 | 64  
Complaints filed through channels for people in own  workforce to raise concerns| # | 355 | 382  
  
Represent the number of Claims presented before the Ethics Commission.

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S1-17_04 - Number of complaints filed to National Contact Points for OECD 

Multinational Enterprises

Nothing has come to our attention that indicates there are complaints filed to National Contact

Points for OECD Multinational Enterprises.

S1-17_05 - Amount of fines, penalties, and compensation for damages as result of 

incidents of discrimination, including harassment and complaints filed

Cases referred in S1-17_03 relate to complaints filled directly to EDP and, consequently, are not

subject to fines.

S1-17_07 - Disclosure of contextual information necessary to understand data and 

how data has been compiled (work-related grievances, incidents and complaints 

related to social and human rights matters)

The information is compiled by the area responsible for the whistleblowing management system

according to the data received through the reporting channels and the outcomes of the analysis and

deliberation of the Ethics Commission on the cases presented to it.

S1-17_08 \- Number of severe human rights issues and incidents connected to own 

workforce / S1-17_09 - Number of severe human rights issues and incidents 

connected to own workforce that are cases of non respect of UN Guiding Principles 

and OECD Guidelines for Multinational Enterprises / S1-17_10 - No severe human 

rights issues and incidents connected to own workforce have occurred / S1-17_11 - 

Amount of fines, penalties, and compensation for severe human rights issues and 

incidents connected to own workforce / S1-17_12 - Information about reconciliation 

of amount of fines, penalties, and compensation for severe human rights issues and 

incidents connected to own workforce with most relevant amount presented in 

financial statements 

There were no issues and incidents related to human rights in own workforce. There were no fines,

penalties and compensation for damages for the incidents of harassment or discrimination.

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ESRS S2 Workers in the value chain

S2.SBM-3_01 - All value chain workers who can be materially impacted by 

undertaking are included in scope of disclosure under ESRS 2 

EDP includes value chain workers who can be materially impacted by our operations within the

scope of this disclosure, in compliance with ESRS 2. This encompasses workers involved in our

supply chain, contractors, and other non-employee workers whose well-being and rights may be

affected by our business activities.

EDP is committed to upholding the highest standards of labour practices and human rights across

our value chain. Our policies are designed to ensure fair treatment, safe working conditions, and

respect for the rights of all workers.

S2.SBM-3_02 - Description of types of value chain workers subject to material 

impacts S2.SBM-3_03 - Type of value chain workers subject to material impacts 

by own operations or through value chain 

EDP identifies and includes various types of value chain workers who are subject to material

impacts from our operations. These workers encompass supply chain workers involved in

manufacturing, production, logistics, and transportation, including those engaged in the extraction

of raw materials, refining, manufacturing, and other forms of transformation. Contractors and

subcontractors, such as construction workers and individuals working on the maintenance of

facilities, are also considered. These workers are not part of EDP's direct workforce but are

employed by third-party companies.

Additionally, service providers who offer various services for EDP, including logistics, distribution,

franchising, and retail activities, are included. Workers in joint ventures or special purpose entities

involving EDP are also considered. Special attention is given to vulnerable workers who may be

particularly susceptible to negative impacts due to intrinsic characteristics or specific contexts, such

as union members, migrant workers, domestic workers, women, or young workers.

The potential material impacts on these value chain workers, evaluated by EDP, include health and

safety risks, such as exposure to hazardous conditions, accidents, and occupational illnesses.

Labour rights issues, including fair compensation, working hours, and labour rights violations, are

also considered. Job security and stability, including concerns about job security, contract terms,

and employment stability, are addressed.

S2.SBM-3_04 \- Disclosure of geographies or commodities for which there is 

significant risk of child labour, or of forced or compulsory labour, among workers in 

undertaking’s value chain 

EDP identifies and discloses geographies and commodities within the value chain where there could

be a potential human and labour right risk, including forced labour, child labour and any form of

compulsory labour and modern slavery.

In order to identify the geographies with potential human and labour rights risk, EDP uses different

sources of information to construct its own list of countries with high, medium and low potential

human and labour rights risks.

The list constructed by EDP is dynamic, based on updates from its main sources of information and

other information from third parties. The definition of risk countries allows EDP to analyse the

exposure of the equipment it purchases (beyond tier 1) from these regions, define a risk screening

process and work with the supply chain to ensure that mitigation measures are in place.

This is a growing process that will gradually cover more and more of the company's critical and core

equipment and countries.

The list of countries and dependencies with high human and labour rights risk as defined by EDP is

as follows:

Afghanistan, Angola, Argentina, Azerbaijan, Bangladesh, Belize, Benin, Bolivia, Brazil, Burkina Faso,

Burma, Cambodia, Cameroon, Central African Republic, Chad, China, Colombia, Costa Rica, Cote

d'Ivoire, Democratic Republic of the Congo, Dominican Republic, Ecuador, Egypt, El Salvador,

Eswatini, Ethiopia, Ghana, Guatemala, Guinea, Honduras, India, Indonesia, Iran, Kazakhstan, Kenya,

Kyrgyz Republic, Lebanon, Lesotho, Liberia, Madagascar, Malawi, Malaysia, Mali, Mauritania,

Mexico, Mongolia, Mozambique, Nepal, Nicaragua, Niger, Nigeria, North Korea, Pakistan, Panama,

Paraguay, Peru, Philippines, Russia, Rwanda, Senegal, Sierra Leone, South Sudan, Sudan, Suriname,

Taiwan, Tajikistan, Tanzania, Thailand, Turkey, Turkmenistan, Uganda, Ukraine, Uzbekistan,

Venezuela, Vietnam, Yemen, Zambia, Zimbabwe, Eritrea, Syria, Myanmar, Saudi Arabia, Laos,

Equatorial Guinea, Belarus, Cuba, Burundi, Congo, Bahrain, Somalia, Palestine/Gaza, Libya, Iraq and

Haiti.

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S2.SBM-3_05 - Material negative impacts occurrence (value chain workers) 

EDP is committed to transparency regarding any material negative impacts associated with our

operations or value chain. This includes both widespread or systemic issues and individual

incidents.

Widespread or systemic impacts - child labour and forced labour:

• cobalt mining in the Democratic Republic of the Congo (DRC): there are significant risks of child

labour and forced labour in the cobalt supply chain, which is critical for battery production

• polysilicon production in China: concerns about forced labour, particularly in the Xinjiang Uyghur

Autonomous Region, where a substantial portion of the world's polysilicon is produced.

Individual incidents:

• EDP has not identified any recent individual incidents such as industrial accidents or oil spills that

have had a material negative impact on value chain workers. However, we remain vigilant and

committed to addressing any such incidents promptly should they occur.

In addition, EDP makes it a priority to establish traceability requirements and clauses in the supply of

modules. Traceability is a fundamental requirement when contracting a module supplier. On the

other hand, in the case of batteries, EDP engages with suppliers to work on this matter and promote

the development of industry traceability systems that allow the traceability of critical components.

S2.SBM-3_06 - Description of activities that result in positive impacts and types of 

value chain workers that are positively affected or could be positively affected 

EDP is committed to fostering positive impacts through our operations and value chain activities.

This includes initiatives that support job creation, upskilling, and overall improvement in working

conditions for value chain workers.

EDP’s activities to leverage positive impacts in value chain workers include:

Updated purchasing practices

• Sustainable procurement – EDP has implemented sustainable procurement practices that

prioritize suppliers with strong ESG performance. This encourages suppliers to adopt better

labour practices and environmental standards

Capacity-building for supply chain workers

• Training programs – EDP offers training programs for supply chain workers to enhance their

skills and knowledge in areas such as health and safety, environmental management, and

technical skills

• ESG Supplier Roadmap – This initiative supports suppliers in developing best sustainability

practices, providing them with visibility on their ESG performance and a clear path to align with

EDP's strategic objectives

Job creation and upskilling

• Renewable energy projects – EDP's investment in renewable energy projects creates new job

opportunities in construction, maintenance, and operation of renewable energy facilities

• Innovation and technology – EDP promotes innovation and the adoption of new technologies,

which can lead to the creation of high-skilled jobs and opportunities for upskilling existing

workers

S2.SBM-3_07 - Description of material risks and opportunities arising from 

impacts and dependencies on value chain workers 

EDP is committed to identifying and managing material risks and opportunities arising from our

impacts and dependencies on value chain workers, according to SBM-3_02.

Main material risks:

• child labour in the value chain \- potential occurrences of child labour in high-risk regions can

lead to severe reputational damage, legal liabilities, and disruptions in the supply chain

• Human Rights due diligence \- ensuring thorough assessments and continuous monitoring to

respect human rights throughout the value chain. Failure to do so can result in human rights

violations and associated risks

• corporate sustainability due diligence \- implementing comprehensive sustainability practices

across the supply chain to mitigate risks related to environmental and social governance (ESG)

issues

• hiring process transparency \- maintaining transparent and fair hiring practices to avoid

potential legal and reputational risks, ensuring that all workers are treated fairly and ethically.

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Main material opportunities:

• grievance mechanisms \- implementing effective grievance mechanisms allows workers to

report issues and concerns, leading to improved working conditions and enhanced trust within

the value chain.

• reduced Dependence / supplier diversification \- reducing dependency on single suppliers by

diversifying the supplier base enhances supply chain resilience and reduces risks associated

with supply disruptions.

S2.SBM-3_08 - Disclosure of whether and how the undertaking has developed an 

understanding of how workers with particular characteristics, those working in 

particular contexts, or those undertaking particular activities may be at greater risk 

of harm. 

EDP is committed to understanding and mitigating the risks faced by value chain workers with

particular characteristics, those working in specific contexts, or those undertaking particular

activities.

Workers with particular characteristics - EDP recognizes that certain groups, such as women,

children, and migrant workers, may be at greater risk of harm due to their socio-economic status and

lack of legal protections. Additionally, workers with disabilities may face extra challenges and risks

in the workplace, including discrimination and inadequate accommodations.

Workers in particular contexts - EDP has identified regions with higher risks of labour rights

violations. For more information see S2.SBM-3_04.  Operations in conflict zones or politically

unstable regions can expose workers to heightened risks of violence, exploitation, and unsafe

working conditions.

Workers undertaking particular activities \- workers involved in mining and extraction activities

are at greater risk of occupational hazards, including accidents, exposure to harmful substances,

and physical strain. Similarly, those in manufacturing roles may face risks related to repetitive tasks,

machinery operation, and exposure to chemicals.

EDP has developed this understanding through several key initiatives:

• materiality assessments - regular assessments to identify and prioritize the most significant

risks and impacts on value chain workers

• stakeholder engagement - continuous dialogue with stakeholders, including workers, suppliers,

NGOs, and industry experts, to gather insights and feedback on labour practices and risks

• audits and inspections - conducting audits and inspections of suppliers and operations in high-

risk areas to ensure compliance with labour standards and identify areas for improvement

• training and capacity building - providing training for suppliers and workers on recognizing and

mitigating risks, promoting safe and fair working conditions.

S2.SBM-3_09 - Disclosure of which of material risks and opportunities arising from 

impacts and dependencies on value chain workers are impacts on specific groups 

EDP recognizes that certain groups, such as women, children, and migrant workers, may be at

greater risk of harm due to their socio-economic status and lack of legal protections. Additionally,

workers with disabilities may face extra challenges and risks in the workplace, including

discrimination and inadequate accommodations.

In high-risk regions workers are more susceptible to child labour, forced labour, and unsafe working

conditions. Operations in conflict zones or politically unstable regions expose workers to heightened

risks of violence, exploitation, and unsafe working conditions.

Workers involved in mining and extraction activities are at greater risk of occupational hazards,

including accidents, exposure to harmful substances, and physical strain. Similarly, those in

manufacturing roles may face risks related to repetitive tasks, machinery operation, and exposure to

chemicals.

EDP also identifies several opportunities arising from our impacts and dependencies on specific

groups of value chain workers. Enhancing support for vulnerable groups, such as women, children,

and migrant workers, through targeted policies and programs can promote gender equality, child

protection, and fair treatment. In high-risk regions, rigorous supplier audits and partnerships to

improve labour practices can mitigate risks and support local initiatives that enhance worker

protections. For workers in conflict zones, collaborating with international organizations can provide

support and protection, ensuring their safety and well-being.

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S2.MDR-P_01-06 - Policies to manage material impacts, risks and opportunities 

related to value chain workers

EDP has a set of policies that enables to manage material impacts, risks, and opportunities related to

value chain workers through comprehensive policies and practices.

The following policies are designed to ensure fair treatment, safe working conditions, and respect for

the rights of all workers within our value chain:

i. Sustainable Procurement Policy - EDP's Sustainable Procurement Policy ensures that all

suppliers adhere to high standards of labour practices and human rights. This policy includes

criteria for evaluating suppliers based on their social and environmental performance,

promoting responsible sourcing practices

ii. Supplier Code of Conduct - EDP's Supplier Code of Conduct applies to all entities that supply

or intend to supply goods and services to any of the EDP Group companies. This code requires

suppliers to comply with national and international legislation, respect human rights, labour

rights, and workplace safety, and promote ethical practices. Suppliers must also ensure that

these standards are upheld throughout their own supply chains

iii. Human ans Labour Rights Policy - EDP's Human Rights Policy is aligned with international

standards such as the UN Guiding Principles on Business and Human Rights and the ILO

Conventions. This policy outlines our commitment to preventing human rights abuses, including

child labour and forced labour, within our value chain

iv. Health and Safety Policy - EDP prioritizes the health and safety of all workers in our value

chain. Our Health and Safety Policy mandates strict adherence to safety standards and

practices, regular training programs, and continuous monitoring to ensure a safe working

environment

v. Stakeholder Engagement Policy - EDP actively engages with value chain workers and other

stakeholders to understand their needs and concerns. This policy facilitates regular

consultations, surveys, and feedback mechanisms to ensure transparent communication and

collaborative problem-solving.

S2-1_01 \- Description of relevant human rights policy commitments relevant to 

value chain workers 

The frameworks underpinning both the Human Rights Policy and the related due diligence

processes, as well as specific measures for the protection of human rights, are outlined below. EDP

respects and aligns its operations and organizational structure with the definition of human rights as

established in the International Bill of Human Rights, ensuring the identification of the universal

human rights the company is committed to safeguarding. Furthermore, by adhering to the Eight

Fundamental Principles and Rights at Work defined by the ILO, EDP commits to protecting workers

throughout the value chain, respecting freedom of association, eliminating forced labour, abolishing

child labour, and eradicating discrimination in employment.

Additionally, EDP is committed to complying with the principles set forth by the United Nations,

through both the UN Global Compact and the United Nations Guiding Principles on Business and

Human Rights. EDP is committed to implementing the necessary measures to protect and respect

human and labour rights and to remediate any negative impacts that may arise throughout the value

chain.

Finally, the company pledges to adopt the OECD Due Diligence Guidance for Responsible Business

Conduct, committing to carrying out a comprehensive due diligence process on human rights across

its direct and indirect operations. This includes analysing, identifying, and assessing actual and

potential impacts, implementing measures to prevent and mitigate such impacts, and conducting

periodic reviews and communicating the due diligence processes it establishes.The Company is

also committed to establish whistle-blowing and complaint channels and to engage with its supply

chain to ensure that it has the same measures in place.

These international standards are reflected in EDP's Human and Labour Rights Policy and its

processes for managing and safeguarding human and labour rights across the value chain.

In its Human and Labour Rights Policy EDP undertakes to:

• identify, prevent and monitor potential human rights risks

• recognize the rights of its stakeholders and engage with them to avoid any risk in this area

• implement the necessary measures to avoid adverse impacts that may arise from its activity

• establish a process for the collection of complaints and denunciations from stakeholders in this

area.

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The human rights commitments are in turn transposed to the suppliers’ screening and contract

negotiation with suppliers, requiring EDP that they have the same aligned commitments as the

company and the ones establish in the Human Rights Policy, and implement measures to mitigate

any human and labour rights risks in their own supply chain. EDP works with its suppliers to ensure

the implementation of risk mitigation measures regarding human and labour rights (policies,

management systems, traceability capabilities, etc.).

S2-1_02 - Disclosure of general approach in relation to respect for human rights 

relevant to value chain workers 

EDP is firmly committed to protect human and labour rights in its value chain and establish policies,

measures and procedures that allow the company to monitor, prevent and mitigate any human and

labour rights risks. These policies, codes and procedures allow EDP to engage with the different

workers and stakeholders in the value chain: equipment suppliers, service providers and own

workforce. Depending on the stage of the value chain (upstream, own operations or downstream)

EDP applies different measures, engagement actions and due diligence processes to avoid human

and labour rights abuses.

S2-1_03 - Disclosure of general approach in relation to engagement with value 

chain workers 

EDP establishes different types of engagement with stakeholders in the value chain, depending on

the stakeholder, their activity with EDP, the ESG strategic priorities and the risks associated with

their activity and relationship with the company. For upstream processes, for suppliers of critical

equipment, EDP starts its ESG engagement before contracting suppliers. Engagement prioritizes

one or other issues according to the risks and opportunities of the supply and the supplier. Through

questionnaires and direct meetings with suppliers, EDP conveys its ESG priorities and what it

expects from the supplier in different areas, including human rights. Equipment traceability (until raw

material) and supply chain management has become one critical issue for EDP when engages with

types of suppliers that have exposure to mining activity (for example solar module suppliers). In

addition, EDP establish periodic ESG engagement actions with suppliers after contracting and

during monitoring phase, in order to collect evidences of contractual compliance and update critical

ESG issues with suppliers.

For service providers, EDP follows a similar engagement approach. The company engages and

evaluates suppliers in relation to their ESG risks (e.g. health and safety risks) prior to contracting.

Then, after the awarding phase, EDP continues its engagement process with service providers,

through direct engagements and on-site inspections, by working with this type of supplier at the

company's facilities.

Finally, EDP carries out awareness actions with suppliers, holding public events under the

EDPartners initiative in which various topics related to the relevance of suppliers for EDP's activity

are discussed and in which ESG issues and supplier performance is a relevant topic.

S2-1_04 - Disclosure of general approach in relation to measures to provide and 

(or) enable remedy for human rights impacts 

The company's greatest exposure to human and labour rights abuses comes from the company's

supply chain, mainly during upstream processes.

Internally, EDP has measures to protect the working conditions of its employees. In addition, EDP

implements management systems on HSE and performs specific inspections of the service

providers regarding health and safety conditions and performance.

Regarding the supply chain and upstream value chain, EDP's procurement process is structured to

identify any potential risks on human and labour rights that could emerge within the company's

supply chain and upstream processes. In this context, the avoidance of human rights risks such as

forced labour or child labour, along with other risks of labour practices or safety, is a primary focus

when the company assesses a potential supplier.

EDP's due diligence process reflects the identification, management and mitigation of potential

human and labour rights risks and modern slavery and human trafficking situations in EDP's value

chain. EDP's due diligence process begins with its main commitments regarding human and labour

rights, through its policies and codes (EDP’s Human and Labour rights Policy, EDP Supplier code of

Conduct and EDP Code of Ethics). Then an identification of ESG risks in the value chain is performed

by the company. In the case of human and labour rights, EDP analyses the services offered by

suppliers and other stakeholders in the value chain and identifies which risks associated with human

and labour rights should be prioritized at any given time.

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S2-1_05 \- Policies explicitly address trafficking in human beings, forced labour or 

compulsory labour and child labour 

EDP is firmly committed to prevent any form of modern slavery, human trafficking, forced labour, and

child labour within its operations or throughout its value chain. To this end, it has established policies

and procedures to identify these risks and take appropriate action to avoid, mitigate, and, if

necessary, remediate them.

When addressing human trafficking, forced labour and child labour, EDP establishes commitments ,

prior risk identification and materiality assessment. These are the following policies, codes and

procedures that EDP has in place to manage human trafficking, forced labour and child labour in its

value chain:

• EDP Code of Ethics in establishing the commitments and action guidelines of EDP and its

collaborators in protecting the human and labour rights of employees in the value chain and

avoiding situations of human trafficking, forced labour and child labour

• EDP Human and Labour Rights Policy establishing the company's overall commitment to

protecting human and labour rights and extending the same commitment to its supply chain. The

Policy includes EDP's commitment to establish a due diligence process to protect human rights,

and to prevent and mitigate any potential situation of human trafficking, forced labour and child

labour

• EDP Supplier Code of Conduct when establishing the commitments to be taken into account by

EDP suppliers and contractors and for which they must comply with national and international

legislation, respect human rights, labour rights, and workplace safety, and promote ethical

practices. Suppliers must also ensure that these standards are upheld throughout their own

supply chains.

S2-1_06 \- Undertaking has supplier code of conduct 

Yes, EDP has a Supplier Code of Conduct in place (under revision) that also applies to EDP's supply

chain and outlines the procurement and contract negotiation processes with suppliers, in order to

ensure that critical suppliers align with the company's ethical and sustainability commitments.

Supplier’s alignment with EDP Supplier Code of Conduct is a requirement for critical contracts.

EDP’s Supplier Code of Conduct promote the adaptation of sustainability policies and commitments

in the supply chain. The main section of the Code´s commitments are the following ones:

• Compliance Commitments

• Ethical Commitments

• Environmental Commitments

• Labour Commitments

• Workplace Safety and Health Commitments

• Community and Human Rights commitments

• Management commitments.

S2-1_08 \- Disclosure of whether and how policies are aligned with relevant 

internationally recognised instruments 

EDP has a Human and Labour Rights Policy, which transposes the main commitments of the

organization in this area. Through this Policy, EDP is committed to respect and implement the

necessary measures to align with international standards (international standards and directives,

treaties and conventions).

The frameworks underpinning both the Human Rights Policy and the related due diligence

processes, as well as specific measures for the protection of human rights, are outlined below. EDP

respects and aligns its operations and organizational structure with the definition of human rights as

established in the International Bill of Human Rights, ensuring the identification of the universal

human rights the company is committed to safeguarding. Furthermore, by adhering to the Eight

Fundamental Principles and Rights at Work defined by the ILO, EDP commits to protecting workers

throughout the value chain, respecting freedom of association, eliminating forced labour, abolishing

child labour, and eradicating discrimination in employment.

Additionally, EDP is committed to complying with the principles set forth by the United Nations,

through both the UN Global Compact and the United Nations Guiding Principles on Business and

Human Rights. EDP is committed to implementing the necessary measures to protect and respect

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human and labour rights and to remediate any negative impacts that may arise throughout the value

chain.

Finally, the company pledges to adopt the OECD Due Diligence Guidance for Responsible Business

Conduct, committing to carrying out a comprehensive due diligence process on human rights across

its direct and indirect operations. This includes analysing, identifying, and assessing actual and

potential impacts, implementing measures to prevent and mitigate such impacts, and conducting

periodic reviews and communicating the due diligence processes it establishes. The Company is

also committed to establish whistle-blowing and complaint channels and to engage with its supply

chain to ensure that it has the same measures in place.

These international standards are reflected in EDP's Human and Labour Rights Policy and its

processes for managing and safeguarding human and labour rights across the value chain.

S2-1_09 \- Disclosure of extent and indication of nature of cases of non-respect of 

the UN Guiding Principles on Business and Human Rights, ILO Declaration on 

Fundamental Principles and Rights at Work or OECD Guidelines for Multinational 

Enterprises that involve value chain workers 

Through its due diligence processes (IDDs and ESG Due Diligence) EDP has not identified cases of

human rights violations in the supply chain as established by these international standards.

During the IDD process, possible controversies are analysed before contracting suppliers and the

ESG due diligence complements the process by analysing the policies, systems and concrete

measures that suppliers have in place in terms of human rights whenever there is a potential risk in

this area.

Following the ESG due diligence process, EDP establishes a series of ESG contractual clauses to

mitigate potential risks during execution. Among these clauses is the traceability of the supply chain.

For critical equipment in terms of human rights, such as modules, traceability is an essential element

when contracting a supplier.

S2-2_01 - Disclosure of whether and how perspectives of value chain workers 

inform decisions or activities aimed at managing actual and potential impacts 

EDP's due diligence process reflects the identification, management and mitigation of potential

human and labour rights, modern slavery, and human trafficking situations in EDP's value chain.

Prior to the Contracting phase, for those supplies and services whose activity may present human

and labour rights risks, EDP performs an ESG Screening by analysing the supplier's performance and

the measures it has in place to protect human and labour rights, not only in its own activities, but also

throughout its own supply chain.

Among the indicators analysed are the existence of human rights policies, supplier codes of

conduct, supply chain audits, labour conditions or grievance mechanism, among others. In addition,

for critical supplies in terms of human rights, such as modules, EDP analyses suppliers according to

their traceability capabilities, which is a fundamental criteria when selecting the supplier.

The supplier's human rights performance is a criteria to be analysed during the awarding phase.

Depending on the supplier's ESG criticality and potential supply risks, the supplier's performance in

the different ESG priorities of EDP is essential during the awarding phase. Furthermore, during the

awarding phase, additional engagements are made to transfer strategic priorities and establish next

steps to be implemented during contract execution and future agreements.

S2-2_02 - Engagement occurs with value chain workers or their legitimate 

representatives directly, or with credible proxies

EDP engages with the different stakeholders in its value chain. For equipment suppliers, EDP

engages with the tier 1 supplier, analysing that it has the necessary measures to protect the rights of

workers in the supply chain. For its own workforce, EDP has all the necessary mechanisms in place to

protect its employees and their rights. Finally, for service providers, the Company carries out an

engagement prior to contracting in order to know if the company has the necessary measures to

develop its activity (qualification). In addition, for the most critical service providers, EDP performs an

IDD to analyse any integrity risk or controversy. EDP has close contact as they are working in its

facilities. In addition, all EDP's stakeholders and interested parties have the company's speak up

channel to report any type of situation that deviates from the company's ethical standards.

S2-2_03 - Disclosure of stage at which engagement occurs, type of engagement 

and frequency of engagement 

During the different phases of the procurement process, EDP engages with critical suppliers on ESG

issues. The objective is to know the supplier's capacity to manage certain risks.

EDP's engagements could be linked to the different phases of the company's due diligence:

• registration and qualification - first engagement with the supplier to analyse its ESG corporate

performance, according to the potential risks associated with its activity

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• requests for proposals - during the specific RFPs EDP makes an additional engagement with the

supplier to resolve any doubts or questions and to know the specific measures applicable to the

project to be developed by EDP with the supplier and to gather additional information for the

award phase

• supplier contracting and awarding - during the awarding phase the ESG inputs with the

supplier's performance are taken into account during the decision. In addition, during the

contracting and agreement signing phase EDP makes additional engagements with the supplier

to negotiate the contractual clauses that will be executed during the next phase

• monitoring and evaluation phase - additional engagement to request evidence that has been

negotiated during the contract and to share points of improvement and new developments on

both sides (e.g. improvements in due diligence or traceability processes).

The engagements performed by EDP depend on the type of supplier. For equipment suppliers, as

they are the most exposed to possible human rights violations, a continuous engagement with

suppliers is established, at least whenever the supplier applies to provide services to EDP. If the

supplier continues to advance through the different phases, there are additional engagements, as

mentioned above.

S2-2_04 - Disclosure of function and most senior role within undertaking that has 

operational responsibility for ensuring that engagement happens and that results 

inform undertakings approach 

The EDP Purchasing Director and the ESG Director would be the most responsible for ESG

engagement with suppliers. Depending on the type of purchase, there are specialized technical

teams in EDP that coordinate the ESG engagement and priorities to work with the supplier.

S2-2_05 - Disclosure of Global Framework Agreement or other agreements 

related to respect of human rights of workers 

Currently, EDP does not have a Global Framework Agreement or other specific agreements related

to the respect of human rights of workers. However, EDP is committed to upholding human and

labour rights through its comprehensive Human and Labour Rights Policy. This policy aligns with

international standards, including the United Nations Guiding Principles on Business and Human

Rights and the International Labour Organization convention.

S2-2_06 - Disclosure of how effectiveness of engagement with value chain 

workers is assessed 

During the monitoring and evaluation phase of EDP's due diligence process, the company executes

contractual clauses if necessary. During this phase, after the awarding, EDP requests evidence of

traceability and ESG, making effective the engagement process that it carries out from the initial

supplier qualification phase.

S2-2_07 - Disclosure of steps taken to gain insight into perspectives of value chain 

workers that may be particularly vulnerable to impacts and (or) marginalised 

EDP uses the Materiality process to identify relevant issues, main risks, and opportunities for value

chain workers.

In this process, external sources are consulted, which in 2024 included a direct questionnaire

addressed to critical suppliers for the group. Additionally, it also included the use of internal sources,

with interviews conducted with internal experts with specific expertise on the subject.

Furthermore, EDP's whistleblowing and complaints channel - Speak Up Channel - is also an

important source of information on key critical issues raised by value chain workers.

S2-3_01 - Disclosure of general approach to and processes for providing or 

contributing to remedy where undertaking has identified that it connected with a 

material negative impact on value chain workers 

To address and remedy any identified material negative impacts on value chain workers, EDP has

established a robust monitoring and compliance framework for its suppliers. This framework

includes both passive and active mechanisms to ensure adherence to contractual obligations.

• Passive mechanisms - suppliers are required to report any incidents, violations, or

circumstances that could negatively impact the agreement.

• Active mechanisms - EDP conducts contractual performance evaluations, audits (both on-site

and remote), and inspections. Additionally, EDP implements management systems that are

certified by the company and supervised by verified external certification bodies (third parties).

When action plans are necessary, EDP monitors and supports their implementation to ensure

continuous improvement and positive impact across the value chain.

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S2-3_02 - Disclosure of specific channels in place for value chain workers to raise 

concerns or needs directly with undertaking and have them addressed 

EDP adopts a common and global approach to ensure the respect of human and labour rights along

its value chain by implementing policies, processes, and measures to protect these rights. To

adequately implement the Human and Labour Rights Policy, based on the international frameworks

defined by the United Nations and the International Labour Organization, EDP has a set of tools in

place.

One of the main instruments in place is the Speak Up Channel, which is publicly available and allows

any stakeholder group, including value chain workers, to raise concerns or needs directly with the

company. This channel ensures that all workers in the value chain have a safe and confidential

means to communicate any issues, which are then addressed appropriately and in accordance with

international human and labour rights principles. In 2024 , no claims regarding Human Rights were

received through this channel.

S2-3_03 - Disclosure of processes through which undertaking supports or requires 

availability of channels 

The EDP ensures the availability and proper disclosure of its Speak Up Channel through multiple

processes and platforms, demonstrating its commitment to transparency, ethics, and compliance:

• global coverage and accessibility - the Speak Up Channel is accessible to all stakeholders of

EDP Group companies, including employees, suppliers, customers, and other interested parties.

Reports can address breaches of the Code of Ethics, legislative provisions, and internal policies or

regulations.

• multiple communication channels - the Speak Up Channel is actively publicized across

different formats, including:

• the EDP corporate website and websites of other entities within the group, where the respective

channels are clearly disclosed

• internal documents and regulations, ensuring all stakeholders are informed of the process and

their rights

• company policies and ethics guidelines, emphasizing EDP's zero-tolerance for ethical

violations.

Furthermore, EDP includes in its contractual clauses with suppliers a requirement to comply with the

EDP Code of Ethics, which explicitly references the Speak Up Channel as the designated platform

for submitting complaints and concerns. This clause mandates that suppliers must ensure the

dissemination of information about the Speak Up Channel to all their workers.

EDP implements a robust procedure that ensures the visibility of its Speak Up Channel while

safeguarding whistleblowers through anonymity, confidentiality, and protection against retaliation

for those acting in good faith. By adopting clear and effective processes to handle complaints, EDP

Group companies reinforce their commitment to accessible communication channels, fostering a

culture of ethical integrity, transparency, and trust across all operations and geographies.

As an improvement point, to better control the awareness of the Speak Up Channel among all

workers in the supply chain, EDP is working on an enhancement action that aims to include a

question during inspections about whether the workers are aware of the available channels for

reporting complaints and concerns they may have.

S2-3_04 - Disclosure of how issues raised and addressed are tracked and 

monitored and how effectiveness of channels is ensured 

Issues raised through the Speak Up Channel at EDP are meticulously tracked and monitored through

a structured process to ensure their effective resolution and the overall effectiveness of the

communication channels.

Upon receipt of a complaint, an initial screening is performed to determine if the complaint is well-

founded or unfounded. Unfounded complaints are closed, and the whistleblower is informed. Well-

founded complaints proceed to an investigation phase, involving rigorous, independent, and

objective analysis to determine the credibility and circumstances of the complaint.

For urgent and serious issues, immediate measures are taken to protect the interests of EDP and its

stakeholders. The Ethics Committee reviews the investigation results and issues a decision on the

complaint. The management body of the relevant company then takes appropriate actions based on

this decision.

The Ethics and Compliance Officer (ECO) regularly reports on complaint-related activities to the

competent bodies. The ECO, in coordination with the Legal & Governance Department, reviews the

regulation every two years or when significant legal changes occur, submitting proposed changes

for approval to EDP's Executive Board of Directors.

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Additionally, the whistleblowing management process is detailed in the Whistleblowing

Management Regulation, which underwent an external audit in 2023. This audit was conducted to

ensure that the processes and protocols in place adhere to the highest standards and effectively

protect the rights and confidentiality of whistleblowers, fostering a secure and reliable environment

for raising concerns and complaints.

S2-3_05 - Disclosure of whether and how it is assessed that value chain workers 

are aware of and trust structures or processes as way to raise their concerns or 

needs and have them addressed 

EDP places a high priority on ensuring that all stakeholders, including value chain workers, are aware

of and trust the structures and processes in place for raising concerns or needs. This commitment is

embedded in the company's Code of Ethics and Integrity Policy.

To foster awareness and trust, EDP actively disseminates information about its whistleblowing

channels through various interactions with suppliers and other stakeholders. This proactive

communication ensures that value chain workers are informed about the channels available for

reporting any unethical or unlawful conduct.

The Speak Up Channels, part of EDP's whistleblowing management process, are designed to be

accessible and reliable, allowing stakeholders to report concerns confidentially and, if desired,

anonymously. Each report undergoes a thorough investigation, ensuring it is handled with

seriousness and integrity.

EDP has not received any indications of a lack of trust from value chain workers regarding the

current process. This suggests that the existing structures and processes are effective and trusted

by those they are designed to protect. EDP's commitment to maintaining and enhancing these

channels is evident in its continuous efforts to comply with evolving regulations and update its

whistleblowing management process accordingly.

As an improvement point, to better control the awareness of the Speak Up Channel among all

workers in the supply chain, EDP is working on an enhancement action that aims to include a

question during inspections about whether the workers are aware of the available channels for

reporting complaints and concerns they may have.

S2-3_06 - Policies regarding protection against retaliation for individuals that use 

channels to raise concerns or needs are in place 

EDP has established comprehensive policies to protect individuals who use the company's channels

to raise concerns or report unethical or illicit conduct. These policies are designed to ensure that

whistleblowers can report issues safely and without fear of retaliation.

According to the Whistleblowing Management Regulation, the EDP Group strictly prohibits any form

of retaliation against whistleblowers. This includes actions such as dismissal, threats, suspension,

repression, harassment, withholding or suspending payment of salaries or benefits, demotion,

transfer, or any other disciplinary or retaliatory actions that could cause pecuniary or non-pecuniary

damage to the whistleblower. This protection is extended for a period of two years following the

report, provided the report was made in good faith and on serious grounds, in accordance with

applicable law.

The prohibition of retaliation also extends to anyone assisting the whistleblower in the complaint’s

procedure, including trade union representatives or workers' representatives, any third party

connected with the whistleblower who could be subject to retaliation in a professional context, and

legal persons or similar entities owned or controlled by the whistleblower, for whom the

whistleblower works or to whom the whistleblower is professionally connected.

The regulation emphasizes the importance of confidentiality and data protection. Complaints are

treated as confidential information, and the identity of the whistleblower is protected unless

disclosure is required by law or judicial decision. In such cases, the whistleblower is informed in

writing about the reasons for disclosing the confidential data, unless this compromises ongoing

investigations or related judicial processes.

S2.MDR-A_01-12 - Action plans and resources to manage its material impacts, 

risks, and opportunities related to value chain workers

EDP's procurement process includes a comprehensive analysis of potential risks and material

negative impacts across the entire supply chain, from those occurring in upstream manufacturing

processes to those occurring within the company's own operations and facilities. To address these

risks and material negative impacts, procurement teams implement measures to mitigate technical,

operational, and ESG risks at various stages of the procurement and due diligence process. This

process is designed to prevent and mitigate supply chain risks related to:

• equipment inefficiencies due to poor manufacturing or maintenance

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• supply disruptions caused by interruptions in the supply chain

• ethical and compliance risks involving company partners

• human rights violations, including forced labour, child labour, unsafe working conditions, and

other poor labour practices

• environmental risks resulting from unsustainable supply chain practices or lack of preparedness

• other ESG and operational risks.

The risk management framework is grounded in EDP’s Sustainable Procurement Protocol, with a

focus on critical suppliers—those with the highest potential impact and risk. For these suppliers,

engagement and additional mitigation measures are prioritized. Through criticality analysis, EDP

identifies and segments the risks associated with different types of specifications.

This analysis is conducted using a Sustainability Matrix outlined in EDP’s Sustainability Protocol,

which combines sector-specific risks identified through stakeholder consultation with the

characteristics of each specification. Based on this internal process, the analysis considers a range

of criteria, including financial stability, business relevance and continuity, dependency and

autonomy, data access, facilities, customer and community impact, cybersecurity, emissions

potential, waste management, environmental incidents, workplace safety, integrity and compliance,

and human and labour rights.

Once the risks associated with each type of purchase have been identified, non-negotiable clauses

are incorporated into the specifications, establishing the minimum qualification standards suppliers

must meet, along with the rules for monitoring contract execution. Suppliers are only eligible to enter

the negotiation phase after undergoing comprehensive ESG due diligence. This process evaluates

their integrity, legal and ethical compliance, financial stability, technical capability, and social and

environmental practices.

By applying strict go/no-go criteria in supplier selection and including contractual clauses for

monitoring, audits, and performance assessments, EDP ensures it engages with low-risk suppliers

whose competencies align with the specific risks inherent in each activity.

S2-4_01 - Description of action planned or underway to prevent, mitigate or 

remediate material negative impacts on value chain workers 

EDP's procurement process includes a comprehensive analysis of potential risks and material

negative impacts across the entire supply chain, from those occurring in upstream manufacturing

processes to those occurring within the company's own operations and facilities. To address these

risks and material negative impacts, procurement teams implement measures to mitigate technical,

operational, and ESG risks at various stages of the procurement and due diligence process. This

process is designed to prevent and mitigate supply chain risks related to:

• equipment inefficiencies due to poor manufacturing or maintenance

• supply disruptions caused by interruptions in the supply chain

• ethical and compliance risks involving company partners

• human rights violations, including forced labour, child labour, unsafe working conditions, and

other poor labour practices

• environmental risks resulting from unsustainable supply chain practices or lack of preparedness

• other ESG and operational risks.

The risk management framework is grounded in EDP’s Sustainable Procurement Protocol, with a

focus on critical suppliers—those with the highest potential impact and risk. For these suppliers,

engagement and additional mitigation measures are prioritized. Through criticality analysis, EDP

identifies and segments the risks associated with different types of specifications.

This analysis is conducted using a Sustainability Matrix outlined in EDP’s Sustainability Protocol,

which combines sector-specific risks identified through stakeholder consultation with the

characteristics of each specification. Based on this internal process, the analysis considers a range

of criteria, including financial stability, business relevance and continuity, dependency and

autonomy, data access, facilities, customer and community impact, cybersecurity, emissions

potential, waste management, environmental incidents, workplace safety, integrity and compliance,

and human and labour rights.

Once the risks associated with each type of purchase have been identified, non-negotiable clauses

are incorporated into the specifications, establishing the minimum qualification standards suppliers

must meet, along with the rules for monitoring contract execution. Suppliers are only eligible to enter

the negotiation phase after undergoing comprehensive ESG due diligence. This process evaluates

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their integrity, legal and ethical compliance, financial stability, technical capability, and social and

environmental practices.

By applying strict go/no-go criteria in supplier selection and including contractual clauses for

monitoring, audits, and performance assessments, EDP ensures it engages with low-risk suppliers

whose competencies align with the specific risks inherent in each activity.

S2-4_04 - Description of how effectiveness of actions or initiatives in delivering 

outcomes for value chain workers is tracked and assessed 

The effectiveness of actions or initiatives in delivering outcomes for value chain workers is tracked

and assessed through a comprehensive scoring and rating system that evaluates suppliers' climate

and social performance at different stages of interaction. This system includes three key stages:

Registration and Qualification, Requests for Proposals and Contracting, and Monitoring and

Evaluation.

During the Registration and Qualification stage, EDP analyses potential suppliers applying for

tenders. Suppliers are evaluated based on their climate and social performance, including emissions

reporting, climate commitments, decarbonization targets, product environmental information, water

consumption, gender diversity, inclusion, human rights, and safety. A score and rating are

established for each supplier, which serves as an additional input during the award phase. This

rating is shared with suppliers to involve and align them with EDP's ESG strategy, allowing the

definition of initiatives that contribute to the improvement of their sustainability practices.

In the Requests for Proposals (RFPs) and Contracting stage, EDP engages with suppliers to

convey its strategic ESG priorities, including decarbonization and human rights. Supplier

engagement is prioritized even before the award process, ensuring that suppliers understand and

commit to EDP's five strategic priorities: Decarbonization, Human and Labour Rights, Biodiversity,

Circular Economy, and Health and Safety.

During the Monitoring and Evaluation stage, EDP continuously tracks and assesses the

effectiveness of suppliers' actions through ongoing monitoring and periodic reassessments. This

process combines third-party assessments and supplier-submitted information, enabling EDP to

identify areas for improvement and implement specific initiatives to align suppliers with its ESG

strategic priorities. For suppliers with gaps in any of EDP's ESG priorities, engagement exercises

such as one-on-one meetings, events, and workshops are conducted to help suppliers develop

necessary measures during the contract execution phase.

To ensure continuous improvement and alignment with EDP's sustainability goals, the Qualification

System criteria are regularly reviewed and updated. This iterative process ensures that suppliers

consistently meet performance expectations, effectively addressing potential risks while driving

progress in sustainability and ESG compliance across the value chain.

EDP also tracks the outcomes of these actions and initiatives to assess whether the intended

objectives have been achieved. This includes evaluating the impact of implemented measures on

improving supplier performance, enhancing worker well-being, and achieving strategic ESG goals.

By systematically monitoring and assessing the effectiveness of these actions, EDP ensures that

value chain workers directly benefit from these initiatives, contributing to a more sustainable and

resilient supply chain.

S2-4_05 - Description of processes to identifying what action is needed and 

appropriate in response to particular actual or potential material negative impact on 

value chain workers 

EDP’s procurement process includes an analysis of potential risks that may occur throughout the

supply chain, from risks in upstream processes in the manufacture of equipment to those in the

company’s own operations and facilities. Procurement teams implement measures to mitigate

technical, operational, or ESG risks at different stages.

EDP has established requirements that must be met by its suppliers throughout the main

procurement phases to address actual or potential material negative impacts on value chain

workers:

• registration and qualification - EDP’s qualification process analyses critical issues and

establishes minimum requirements to ensure suppliers meet standards in technical capabilities,

quality management, financial stability, compliance, integrity, health and safety, and

environmental management. This risk assessment combines third-party results and supplier-

submitted information. EDP regularly reviews and updates the Qualification System criteria to

reflect market trends and regulations. During this process, EDP shares relevant information, such

as the EDP Code of Ethics, Integrity Policy, and Supplier Code of Conduct, ensuring suppliers

understand and comply with these standards.

• requests for proposals and contracting - EDP incorporates comprehensive ESG criteria in its

contracting processes to manage and mitigate operational and ESG risks. Suppliers are

evaluated on five ESG priorities: decarbonization, circular economy, human and labour rights,

health and safety, and transparency and biodiversity. EDP reviews suppliers' policies, targets,

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strategies, and other documents to ensure alignment with its ESG positioning. High-risk

situations require approval from the Management Team and the Executive Board, with additional

compliance clauses related to corruption, conflict of interest, and sanctions lists. ESG criteria

function as go/no-go filters, with specific conditions tailored to contract types based on identified

risks. EDP engages in meetings with strategic suppliers during contracting and awarding phases

to discuss technical and sustainability criteria, ensuring alignment for successful project

execution. Additionally, EDP has a Third-Party Integrity Due Diligence Procedure to reinforce risk

identification and prevent potential integrity or corruption risks.

• monitoring and evaluation of suppliers - EDP ensures supplier compliance through passive and

active mechanisms. Passive mechanisms involve suppliers reporting incidents or violations.

Active mechanisms include performance evaluations, audits, inspections, and certified

management systems. EDP monitors and supports action plans to ensure continuous

improvement and positive impact throughout the value chain. These action plans are developed

collaboratively with suppliers to address identified issues, set corrective measures, establish

deadlines and goals, and provide ongoing support and evaluation.

S2-4_06 - Description of approach to taking action in relation to specific material 

negative impacts on value chain workers 

Once the risks associated with each type of purchase have been identified, non-negotiable clauses

are incorporated into the specifications, establishing the minimum qualification standards suppliers

must meet, along with the rules for monitoring contract execution. Suppliers are only eligible to enter

the negotiation phase after undergoing comprehensive ESG due diligence. This process evaluates

their integrity, legal and ethical compliance, financial stability, technical capability, and social and

environmental practices.

By applying strict go/no-go criteria in supplier selection and including contractual clauses for

monitoring, audits, and performance assessments, EDP ensures it engages with low-risk suppliers

whose competencies align with the specific risks inherent in each activity. EDP collaborates with its

suppliers to define and implement action plans aimed at continuous improvement and positive

impact across the value chain. Based on performance evaluations, audits, and inspections, these

plans include identifying areas for improvement, defining corrective measures, setting deadlines

and goals, monitoring and providing continuous support, and evaluating progress.

To address specific material negative impacts on value chain workers, EDP's action plans focus on

reducing operational and ESG risks, improving sustainability practices, and aligning suppliers with

EDP's values. This includes ensuring compliance with health and safety standards, enhancing

labour rights, and promoting ethical practices. By maintaining a rigorous monitoring and support

system, EDP ensures that suppliers meet contractual requirements and contribute to social

responsibility, thereby mitigating negative impacts on workers throughout the value chain.

In addition to these efforts, EDP is committed to enhancing its capabilities and fostering dialogue

with entities in the value chain, as well as collaborating with industry peers and other relevant

parties. To achieve this, EDP actively participates in working groups and organizations such as Wind

Power, Solar Power Europe, Eurelectric, and SEIA. These collaborations are essential for developing

a unified strategy to address significant adverse effects on workers within the value chain in the

electric sector. This enables EDP to share knowledge, develop best practices, and advance towards

common sustainability and innovation goals.

S2-4_07 - Description of approach to ensuring that processes to provide or enable 

remedy in event of material negative impacts on value chain workers are available 

and effective in their implementation and outcomes 

EDP’s procurement process analyses potential risks throughout the supply chain, from equipment

manufacturing to company operations. Measures are implemented to mitigate technical,

operational, or ESG risks.

Registration and qualification - EDP sets minimum requirements for suppliers in technical

capabilities, quality management, financial stability, compliance, integrity, health and safety, and

environmental management. This process combines third-party results and supplier information.

Relevant documents, such as the EDP Code of Ethics, are accessible through EDP’s online portal.

Requests for proposals and contracting - EDP includes ESG criteria in contracting to manage

risks. Suppliers are evaluated on decarbonization, circular economy, human and labour rights,

health and safety, and transparency and biodiversity. High-risk situations require approval from

management, with compliance clauses for corruption and conflicts of interest. EDP engages with

strategic suppliers to ensure alignment on technical and sustainability criteria.

Monitoring and evaluation of suppliers - EDP ensures compliance through passive (incident

reporting) and active (audits, inspections) mechanisms. Action plans are developed with suppliers

for continuous improvement. Effectiveness is verified through regular audits and feedback

collection.

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S2-4_08 - Description of what action is planned or underway to mitigate material 

risks arising from impacts and dependencies on value chain workers and how 

effectiveness is tracked 

EDP has implemented several actions to mitigate material risks arising from dependencies on value

chain workers. These actions ensure the well-being of workers and align with EDP's ESG strategic

priorities.

Supplier engagement - EDP engages with suppliers early in the procurement process to

communicate its ESG priorities, including decarbonization, human rights, biodiversity, circular

economy, and health and safety. This engagement ensures that suppliers understand and commit to

these priorities, addressing dependencies on value chain workers.

Pre-qualification and qualification - potential suppliers undergo a thorough evaluation based on

their climate and social performance. This includes assessments of emissions reporting, climate

commitments, human rights practices, and more. Suppliers receive scores and ratings that influence

the awarding process and help identify areas for improvement, mitigating risks related to

dependencies on value chain workers.

Addressing gaps - for suppliers with identified gaps in ESG priorities, EDP conducts targeted

engagement activities, such as one-on-one meetings, workshops, and events. These activities aim

to help suppliers develop and implement necessary measures during the contract execution phase,

ensuring that dependencies on value chain workers are managed effectively.

Continuous improvement - EDP regularly reviews and updates its Qualification System criteria,

incorporating third-party assessments and supplier-submitted information. This ensures that

suppliers continuously meet performance expectations and improve their sustainability practices,

addressing dependencies on value chain workers.

S2-4_10 - Disclosure of whether and how it is ensured that own practices do not 

cause or contribute to material negative impacts on value chain workers 

EDP adopts a structured approach to ensure that its practices do not cause or contribute to material

negative impacts on value chain workers, emphasizing both sustainability and compliance with ESG

(Environmental, Social, and Governance) priorities. This approach includes several key steps to

mitigate risks and promote effective outcomes.

Key measures involve introducing specific contractual clauses tailored to the ESG risk of each

supply (e.g., equipment or service). These clauses are designed to align suppliers with EDP's

standards and expectations. EDP ensures compliance through active monitoring mechanisms, such

as audits, inspections, and performance evaluations, carried out directly or by third parties.

Additionally, specific action plans are established for each supplier to identify areas for

improvement and enhance ESG performance. Progress is monitored closely to ensure that

corrective actions are effectively implemented, and suppliers advance toward sustainable

practices.

EDP also maintains an ongoing engagement process with key suppliers through dialogues and

consultations. This structured process promotes alignment with ESG priorities while addressing

critical issues like supply chain traceability, ensuring transparency from equipment origin to the final

product.

S2-4_11 \- Disclosure of severe human rights issues and incidents connected to 

upstream and downstream value chain 

EDP did not have any recorded severe human rights incidents during the reporting year.

S2-4_12 \- Disclosure of resources allocated to management of material impacts 

The company has a comprehensive approach and multiple resources allocated to managing

material impacts. At the highest level, human rights governance follows the sustainability

governance. The General and Supervisory Board of Directors is the body ultimately responsible for

overseeing human and labour rights, through its Corporate Governance and Sustainability

Committee, which has the highest responsibility to oversee all Sustainability aspects. At the

executive level, the Executive Board of Directors is supported by a sustainability team that

coordinates and consolidates and monitors performance and initiatives carried out by all the

operational departments involved. Among the teams involved in the process are ethics, compliance,

procurement, health and safety, environment and people management.

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S2.MDR-T_01-13 - Targets set to manage material impacts, risks and opportunities 

related to value chain workers

For EDP, it is a priority to engage with its supply chain and, in particular, with strategic suppliers.

Firstly, because of the important contribution they make as main partners in achieving the

Company's business objectives; and on the other hand, to avoid, manage and mitigate any ESG risk

situation that may arise in the supply chain. The Company has set several targets to manage

material impacts, risks, and opportunities related to value chain workers. Here are the key targets

and initiatives:

• zero fatal accidents - EDP aims to achieve zero fatal accidents for workers and suppliers by

2025\. This target underscores the company's commitment to safety and the well-being of its

workforce and partners

• supplier engagement - by 2026, EDP aims to ensure that 100% of suppliers are compliant with

ESG Due Diligence, and that 90% of its purchasing volume is aligned with the company's ESG

goals. From 2022, the Company has launched this engagement process with strategic suppliers

in sustainability matters. To this end, during the qualification phase, the Company shares its ESG

priorities with suppliers in order to assess their performance, analyse their contribution to the EDP

Group's goals and identify potential risks. This information analysis process is complemented by

specific ESG and traceability meetings, in which both parties share their strategic priorities,

commitments and targets regarding transparency, supply chain management and goal

alignment: 1) Decarbonization; 2) Human and Labour Rights; 3) Circular Economy; 4) Health and

Safety; and 5) Biodiversity

• Human Rights compliance - EDP recognizes the importance of compliance with human rights

standards as stated in the Company’s Code of Ethics. EDP verifies compliance with international

and national standards, acting by the principle of the most complete standard, subscribing to the

conventions of the United Nations and the International Labour Organization, and implementing

these criteria in the selection of counterparties and in contractual relations. Ensure compliance

with the commitments assumed in EDP’s “Human and Labour Rights Policy”, maintaining a

Human and Labour Rights Monitoring Programme to identify risks and to act in order to avoid,

minimise or repair any negative impacts arising from the Company’s business and activities. EDP

systematically scrutinises any evidence of human rights violations that may be related to any

counterparty through a due diligence process on legal compliance, integrity, human and labour

rights to counterparties with deals above €25k. This process covers 99% of the purchasing

volume and results in the exclusion of those who do not guarantee compliance with national and

international standards.

S2-5_01 - Disclosure of whether and how value chain workers , their legitimate 

representatives or credible proxies were engaged directly in setting targets 

EDP engages value chain workers, their legitimate representatives, or credible proxies in setting

targets through various initiatives and structured processes. Here are some key points:

• EDPartners talks \- EDP organizes EDPartners Talks, which are informational sessions with a

selection of its suppliers. These sessions aim to address joint relationship topics and gain a

deeper understanding of the suppliers' perspectives on the EDP Group. The feedback received

during these sessions is used to identify opportunities to improve the relationship and implement

action plans that contribute to better experiences and business results for both parties

• stakeholder engagement \- EDP values the involvement of stakeholders and maintains an open

and transparent dialogue with them. This engagement helps the company anticipate challenges,

minimize business risks, and create new relationship opportunities. The Materiality procedure is

used to identify and prioritize non-financial issues relevant to stakeholders and the company's

business strategy.

• Stakeholder Relationship Policy \- EDP has a Stakeholder Relationship Policy that emphasizes

building trust with stakeholders. The policy outlines commitments to strengthen relationships and

ensure effective and genuine involvement of stakeholders in governance models. This approach

is seen as a competitive lever with a positive impact on EDP's performance

S2-5_02 - Disclosure of whether and how value chain workers , their legitimate 

representatives or credible proxies were engaged directly in tracking performance 

against targets 

EDP engages value chain workers, their legitimate representatives, or credible proxies in tracking

performance against targets through several structured processes and initiatives including:

Supplier Engagement: During the qualification phase, the Company shares its ESG priorities with

suppliers in order to assess their performance, analyse their contribution to the EDP Group's goals

and identify potential risks. This information analysis process is complemented by specific ESG and

traceability goal reviews and potential follow up meetings, particularly with critical suppliers, in

which both parties share their strategic priorities, commitments and targets regarding transparency,

supply chain management and goal alignment: 1) Decarbonization; 2) Human and Labour Rights; 3)

Circular Economy; 4) Health and Safety; and 5) Biodiversity.

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ESG Assessments and Performance Evaluation: EDP conducts ESG (Environmental, Social, and

Governance) assessments of its suppliers, particularly those identified as critical. The assessment

model is based on four criteria: Execution, Prevention and Safety, Environmental Management, and

Ethics, Human and Labour Rights. These assessments help partner suppliers identify areas for

improvement to achieve operational excellence. The performance evaluation process involves

regular engagement with suppliers to track progress and ensure compliance with ESG standards.

These reviews are conducted on an ongoing basis through various third party platforms including

ISNet and GOSupply, as well as through an annual review process for critical suppliers (SPET Tool –

Supplier Performance Evaluation Tool).

Capacity Building Programs: EDP supports capacity building programs for its suppliers. In 2024,

several critical suppliers participated in these programs, which aim to enhance their capabilities and

ensure compliance with ESG standards. These programs involve regular monitoring and

engagement with suppliers to track their performance against set targets and/or to b. Certain

suppliers may also have conditional contractor plans in place, in which the supplier must implement

initiatives to improve their overall performance and identify corrective actions for any incidences to

improve safety culture.

S2-5_03 - Disclosure of whether and how value chain workers , their legitimate 

representatives or credible proxies were engaged directly in identifying lessons or 

improvements as result of undertaking’s performance 

ESG Assessments and Performance Evaluation - EDP conducts ESG (Environmental, Social, and

Governance) assessments of its suppliers, particularly those identified as critical. The assessment

model is based on four criteria: Execution, Prevention and Safety, Environmental Management, and

Ethics, Human and Labour Rights. These assessments help partner suppliers identify areas for

improvement to achieve operational excellence. The performance evaluation process involves

regular engagement with suppliers to track progress and ensure compliance with ESG standards.

These reviews are conducted on an ongoing basis through various third party platforms including

ISNet and GOSupply, as well as through an annual review process for critical suppliers (SPET Tool –

Supplier Performance Evaluation Tool). Additionally, This process includes establishing corrective

and improvement action plans based on third party audit results (manufacturing audits, factory

audits for materials, ESG data audits, etc.).

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ESRS S3 Affected communities

S3.SBM-3_01 - All affected communities who can be materially impacted by 

undertaking are included in scope of disclosure under ESRS 2 

All projects require a Environmental and Social Impact Assessment (ESIA) Due Diligence or at least

assessment on impacts expected - and from those, the project owners develop their action plans.

These identify the communities affected (including indigenous communities; living and working

around the operation site) , their location and the impact expected from operation, and require the

analysis of risks and correspondent stakeholder engagement plan. The supply chain is included

through Procurement at all EDP policies and procedures.

At Generation Iberia, an engagement plan is designed, defining internal and external vision, the plan

for engagement and the follow up intended. The 52 hydroelectric power plants and the 3 thermal

power plants had their impacted communities covered by intensive assessment: relevant topics

were identified; stakeholders were mapped and evaluated and the actions needed were drawn,

supported by an external assessment of direct hearings on various topics: renewable energies;

decarbonization; natural capital and relationship with EDP. The hearing included official entities,

municipalities, NGOs and University. Risks, opportunities and commitments were defined and

analysed, merging into an action plan focusing on strategy, development and proximity. Indicators

for impact evaluation and satisfaction ratings were defined and then implemented by the local

teams.

S3.SBM-3_02 - Description of types of affected communities subject to material 

impacts / S3.SBM-3_03 - Type of communities subject to material impacts by own 

operations or through value chain

The ESIAs and Due Diligences required, help EDP map all sites and facilities; the value-chain

landscape and impact, and whether they are Indigenous Communities or not.Communities around

EDP's operating sites are always included, mapping their population; local powers, landowners;

NGOs and other relevant stakeholders that need to be assessed.In Spain, the Transitioning sites

requested thorough assessments on typologies of communities, mapping the local stakeholders and

the impacts expected, and addressing them in action plans. North America, Vietnam or South Korea

also have examples of communities impacted by operation, that were previously assessed, in order

for stakeholders to be thoroughly mapped and their specificities addressed, as did the Generation

Platform in Portugal.

All types of communities are subject to material impacts assessments and consequent engagement

and action plans: indigenous communities are amongst these. EDP requires its teams and

contractors to endure the ESG Policies and Regimentations stated by the Company. Transparency

through stakeholder engagement; mapping all affected by operation and an early assessment and

communication plan with those, is required and mandatory. Engagement/ action plans are

developed after this assessment is taken. When a complaint is placed, or an occurrence is detected,

those situations are immediately identified, thus guaranteeing that EDP acts, addressing the

situation and reporting on it.

S3.SBM-3_04 - Material negative impacts occurrence (affected communities)

Affected communities include mainly local communities living nearby or working in the surrounding

of a new project with potential negative environmental impacts such as pollution, landscape

changes, biodiversity loss, and negative social impacts such as expropriations or local social

conflicts. Those impacts differ significantly with the technology, size, and location of a certain

project. Additionally it can also include suppliers, contractors, or partners involved in EDP's value

chain, if the business relation leads to unfair treatment, exploitation, and discrimination.

Following the double materiality process implemented at EDP in 2024, detailed in SBM-3_01, no

environmental impacts on local communities were considered material and only the issue on

perpetuation of inequality and marginalisation within the broader community was deemed material.

S3.SBM-3_05 - Description of activities that result in positive impacts and types of 

affected communities that are positively affected or could be positively affected 

EDP develops several CSR initiatives in the communities impacted by its operations that create a

positive impact on those communities. With more than €30m invested each year in CSR programs

around the world, EDP is committed to contribute to the communities with its own initiatives,

donations, and volunteering. From Europe to Latin America, North America, Africa and APAC, EDP

develops more than 500 social projects with a strong focus on ensuring a fair energy transition that

leaves no-one behind.

While Fair Energy Transition is the overarching global theme, EDP also invests in Culture through its

foundations in Brazil, Spain and Portugal, as well as in Emergency relief (to face natural disasters,

wars, etc.) and other specific needs to support local communities.

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Within Fair Energy Transition, EDP develops social projects across 6 main pillars that drive valuable

global alignment:

• solar energy projects \- implementation of solar panels to bring the benefits of solar (in self-

consumption or solar communities) in schools, rural or disadvantaged communities or social

organization all over the world. EDP has implemented more than 1,700 solar panels impacting

more than 6,300 people and avoiding the emission of 220 tons of CO2. Some countries were this

has been developed: Portugal, Spain, Brazil, Greece, United States of America

• energy poverty projects - offering energy-saving and energy-efficient solutions in the homes of

low-income families - e.g. better insulated windows and doors, more efficient equipments,

helping these people to keep their homes at an adequate temperature (and thus preventing

various illnesses at the same time. Some countries where this has been developed: Portugal,

Spain, Brazil and Romania

• green impact investment & financial support - Impact investment fund and capital donations

to support local fair energy transition businesses such as:

i. A2E Fund - a fund to support renewable energy projects that promote the environmental,

social and economic development of rural communities in developing countries. With 6

editions underway, EDP received over 920 applications and selected 47 projects in

Mozambique, Malawi, Nigeria, Kenya, Tanzania, Angola and Rwanda, investing €4.5m

(2018-2024);

ii. EDP Solidarity Energy - a fund from the 3 foundations in Portugal, Spain and Brazil that

supports innovative, sustainable and impactful projects that contribute to a fairer, more

inclusive and socially responsible society, through non-refundable donations. It targets

conversion to renewable energy, energy efficiency and electric mobility.

iii. Hope Fund - a fund that will invest in social purpose organizations with a sustainable

business model, that address all types of Fair Energy Transition challenges, with innovative

impact solutions in Portugal, Spain and other countries from South America. This investment

aims for total/partial capital recovery while traditional philanthropy assumes complete loss of

capital from the onset.

• upskilling and reskilling projects - development of projects within the scope of renewable

energy, to meet future labour needs and guarantee that former coal workers, people living in

communities close to EDP’s production centres and other minorities have job opportunities. Some

countries were this has been developed: Portugal, Spain, Brazil and Italy

• educational projects - promotion of Educational Programs so that new generations (aged 6 to

16) understand the importance of clean energy sources and their role in decarbonising and

mitigating climate change. Some of the countries where this project has been developed:

Portugal, Spain, Brazil and Poland

• environmental sustainability projects - projects aimed at protecting species or the natural

heritage, such as cleaning up beaches and oceans or restoring forests, while helping to maintain

and strengthen ecosystem services that benefit local communities. Some examples include an

underwater clean-up action in Portugal (breaking a Guinness World Record for the largest

number of divers in 12h), which also took place in Spain and Singapore, or the Re.Earth project, a

pilot project launched in Portugal to create a local circular economy based on light biomass

owned by small local landowners. The smallholders clean up their land with the possibility of

selling their agroforestry waste. EDP then uses this biomass to create green energy and heat the

facilities of social organisations. At the same time, land clearing contributes greatly to preventing

forest fires and their harmful environmental and social consequences.

The social investment projects developed by EDP and their positive impacts on communities are

disclosed in more detail in the Social Investment Report. It is also possible to find information about

EDP' social investment projects on the EDP YES - You Empower Society - website. Information on

the type of communities benefiting from CSR projects is collected by the teams managing the

projects and reported on an internal platform for managing the company's social investment. The

type of communities benefiting from these projects include those affected by the closure/opening of

new power stations, communities in developing countries, indigenous communities, people with

some type of vulnerability in the communities impacted by EDP's operations (homeless, low-income,

affected by some type of physical or mental illness, elderly people or those in a situation of social

exclusion), local social entrepreneurs (e.g. the local entrepreneurship program ENTAMA),

emergency relief teams, among others. This information will be made publicly available in the 2024

social investment report.

S3.SBM-3_06 - Description of material risks and opportunities arising from 

impacts and dependencies on affected communities 

The double materiality assessment highlighted material opportunities in social dialogue and

stakeholder engagement. Effective communication through social dialogue fosters valuable insights

that shape responsive business strategies and enable proactive issue resolution, and strengthen a

social licence to operate. Additionally, community collaboration, drives collective problem-solving,

innovation, and inclusivity. Grievance mechanisms also enable affected communities to voice

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concerns or report issues, allowing for timely resolution, preventing escalation, and building trust and

accountability within the community.

The material risks stem from community resistance to EDP’s projects, which can result in delays,

increased costs, reputational damage, or even project cancellations. Failure to address indigenous

property rights and failure to build trust within communities, poses a significant risk to EDP, including

legal, reputational, financial, and operational challenges.

S3.SBM-3_07 - Disclosure of whether and how the undertaking has developed an 

understanding of how affected communities with particular characteristics or those 

living in particular contexts, or those undertaking particular activities may be at 

greater risk of harm

EDP discloses a Local Stakeholder Engagement Policy, with an extensive list of Procedures

compulsory throughout the group. It's mandatory to address impacted communities, indigenous and

not, thus justifying the plans engaged towards the population.

At the Local Stakeholders Procedures, EDP discloses how to identify local stakeholders:

Identification of project stakeholders

For the purposes of identifying the main stakeholders involved, ensuring the success of the project at

all its stages, its is necessary to draw up a framework of the project’s stakeholders.

Non-exhaustive criteria to support the process of identifying stakeholders are identified in the side

image.

Communicating for stakeholders engagement

As Communication being one of the principles established by the EDP Group Stakeholders

Relationship Policy, it is essential for it to be established in the action plan as a priority. Before that, it

must be culturally apprehended by the EDP team and its relevance and methodology clearly

induced to the teams that represent EDP in the territory, even if external.

Further onto these Procedures, the various dimensions of dialogue to be considered are listed,

identifying the various disclosure methods and dialogue tools.

Listening to stakeholders

To understand the position of stakeholders in relation to the project, including their expectations and

needs, a representative sample of stakeholders should be heard in a structured way, so we can

incorporate their input into the decision-making process.

Among the various formats for hearings, it is recommended that personal and individual interviews

be carried out with the different stakeholders, allowing the discourse to be adapted to the audience.

In addition to interviews, stakeholders can also be consulted in other ways (see next page).

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Consultation formats for stakeholders:

• personal interviews (recommended) or online

• paper or online questionnaires

• stakeholders commission

• public hearings.

Examples of issues to address:

• attitude towards the project (positive or negative)

• main advantages and disadvantages of the project

• main groups impacted (benefited and harmed)

• procedural aspects of project decisions

• assessment of the local stakeholders’ relationship with the company

• local communities’ experiences of other projects of similar size

• project acceptance measures

• preferential channels for communication with communities

• regulatory/normative challenges.

At the end of the hearing process, the stakeholders’ expectations should be analysed carefully and,

where appropriate, integrated into decision-making processes.

Characterisation of stakeholders

After listening to stakeholders and getting to know their position and expectations in respect of the

project in detail, a division and prioritization should be carried out according to the information

gathered, in order to define engagement approaches in line with their respective profiles.

Analysis and processing of the information identified will make it possible to build a table with

stakeholders’ positions by identifying typical profiles aligned on how the respondents understand

the project. Identifying and segmenting key actor profiles will make it possible to build structured

and effective responses in line with their different positions on the project.

Criteria for supporting the segmentation of stakeholders:

• position regarding the project: supporters, neutral, critical or blocker

• ability to influence operations

• ability to influence other stakeholders

• visibility within media and communities

• impact of operations on stakeholders and vice-versa.

Information to be contained in the appropriate stakeholders profiling tables:

• stakeholders

• local/ national/ international

• segment to which they belong

• relevant stakeholders topics, whether internal/external and what risks they entail

• the stakeholders’ position in respect of the project

• influence on the theme, operations and stakeholders

• stakeholders’ visibility and media profile

• contacts

• other information.

These Procedures also include the measures for engagement. It is essential to draw up a Local

Stakeholders Engagement Plan that will include voluntary and mandatory measures, and which

must contain clear and consistent responses to the stakeholders’ expectations and needs,

promoting proximity and trustworthy communication, creating shared value through collaboration.

This proposal should always be accompanied by deadlines for compliance or implementation of the

measures.

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The Local Stakeholders Engagement Plan should be reviewed whenever justified by strategic

changes, or by the stakeholders’ position, considering what was initially verified.

Type of measures

• Mandatory measures: These initiatives aim to promote engagement with stakeholders to offset

the project’s impact, in line with EDP’s legal or regulatory obligations or other commitments

previously entered by EDP.

• Voluntary measures: Each BU must create an Initiative Catalogue that will serve as the basis for

negotiating all actions to be taken with project stakeholders.

Approaches to engagement

The proposed actions must be broken down by their nature (information, consultation, partnership or

other) and must have a clear implementation/enforcement period.

• Information actions: Disclose project information to keep all stakeholders up to date.

• Consultation actions: Identify perceptions and expectations and keep the Project Manager

informed.

• Partnerships: Create consensus in divergent situations, incorporate perceptions and

expectations in decision-making or negotiation processes.

Minimum information the plan must contain:

• stakeholders mapping

• segment to which they belong

• stakeholders’ consultation results analysis & sharing

• engagement objectives;

• compulsory and voluntary measures

• actions and their nature

• deadlines

• channels to be used and developed

• identification of the Person(s) Responsible for its execution, monitoring and reporting

• intended results

• KPIs

• regular report compromise.

In Brazil, there are specific public conventions and regulations towards traditional people

(indigenous) like the OIT/ILO (International Labour Organization) Convention #169 on Tribal and

Indigenous People, determining the need for special measurements on impact mitigation, and those

are covered while ESIAs are being assessed. In 2022, a Social Diagnosis mapped discomfort

towards the building of wind projects at Serra de Borborema, and an Action Plan was designed,

creating social programs aligned with the communities needs. A good example is IMPULSA, a social

program supporting professional skills for locals - over 120 students were taught on HT electricity;

industrial machinery, stone work and motorcycle mechanics. By 2024, a new class of 68 were

taught pastry, modelling and system technology.

In Spain and Portugal, Generation develloped a General Action Plan that implies auditing the local

communities, communicating with them and defining external vision for each project, before the

final plan is implemented. These sometimes involve academic studies, or external assesses of the

population's fears and expectations, defining risks and opportunities to address.

S3.SBM-3_08 - Disclosure of which of material risks and opportunities arising from 

impacts and dependencies on affected communities are impacts on specific 

groups

The 'Failure to address indigenous property rights' is a risk that only impacts indigenous people.

Other risks and opportunities identified are applicable to all affected communities.

S3.MDR-P_01-06 - Policies to manage material impacts, risks and opportunities 

related to affected communities

EDP approved its Policy of Local Stakeholder Engagement in 2023, and it is published at its site

under “Stakeholder Management Approach”. A detailed set of Procedures was shared with all

community/ stakeholders teams at group level, and is published internally at the intranet, and also at

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the Sharepoint those teams share, “Community Gate Keeper”. The premise is to map and deeply

engage with the communities before starting a new project, and throughout operation.All types of

Communities are to be identified, mapped, and customized upon their approach, according to their

specificities, including indigenous communities.

EDP also has its Social Investment Policy, which establishes the objectives, corporate strategies and

regulations relating to EDP's Social Investment, which is expressed in social responsibility

programmes and projects in the community through its own and collaborative initiatives, donations

and volunteering. This policy is also published on the edp.com website.

S3-1_01 - Disclosure of any particular policy provisions for preventing and 

addressing impacts on indigenous peoples 

EDP’s Policy of Local Stakeholder Engagement, page 7/8 provides for the results of independent

ESIA and HRA to be reported, justifying when there’s a non-existence of negative impacts. The

Policy describes the indicators to be analysed, and all steps to be considered when approaching a

Community. The Procedures’ document further describes all steps at any operation phase, to

respectfully engage with local stakeholders.

Further policies support the respect for local communities and the assessment of impacts inflicted:

EDP's Environmental policy, following EDP's Sustainable Development Principles and covering

circular economy, water resources, biodiversity and specific impacts on indigenous populations

(these can be through electromagnetic fields, Biodiversity, Air Emissions, Spills, Landscape changes;

noise and waste). The Human and Labour Rights Policy endorses strategic commitments towards

international treaties and law, also defining EDP's Action Principles, namely:

"c) Recognize as stakeholders: workers and their families, local communities, and any other person

or group of people whose lives and environment may be influenced by EDP’s activities, including

their legitimate representatives, labour unions, social or environmental organizations.

d) Engage constructively with its stakeholders, especially those affected or likely to be affected by

its activities, incorporating their views and concerns within business decisions and the development

of its approach to human and labour rights.

e) Avoid adverse impacts that may arise from business operations or relationships, ensuring

remediation in the event of their occurrence and undertaking not to retaliate against accusations,

and cooperating in initiatives that promote access to remediation through legitimate judicial or non-

judicial mechanisms. (...)"

S3-1_02 \- Description of relevant human rights policy commitments relevant to 

affected communities 

EDP’s Human and Labour Rights Policy is published at [www.edp.com](https://www.edp.com/en/sustainability/human-rights). Article 8 defines its Action

Principles, specifically addressing Local Communities under c), and article 10 promotes the HR

working committee who assesses the annual report and improvement plan. The Policy is based on

the international frameworks defined by the United Nations and the International Labour

Organization. EDP follows the principles of the International Bill of Human Rights. Affected

Communities is one of the areas human rights is addressed.

S3-1_03 - Disclosure of general approach in relation to respect for human rights of 

communities, and indigenous peoples specifically 

EDP’s Human and Labour Rights Policy - Under "Action Principles": Recognize as stakeholders:

workers and their families, local communities, and any other person or group of people whose lives

and environment may be influenced by EDP’s activities, including their legitimate representatives,

labour unions, social or environmental organizations.

Under "International Treaties and conventions" the policy mentions the commitments it respects,

among others, within the scope of the UN - "Declaration on the Rights of Indigenous Peoples, 2007";

within the scope of ILO - "Declaration on the Rights of Indigenous Peoples, 2007"

EDP has a "Policy of Local Stakeholder Engagement" describing in detail local stakeholder

engagement procedures, specifically "stakeholder engagement first steps when entering a

community", applicable to all territories, including indigenous communities. This policy indicates its

Principles, defining for stakeholder engagement first steps , then followed by the definition of

procedures and responsibilities implemented: i. Governance from Board to local teams; ii.

Identification of project stakeholders (through Influence/ Proximity/ Impact/ Representation /

Vulnerability); iii. Engagement approach; iv. Managing Expectations; v. Monitoring and evaluation,

further identifying the action plan needed per project phase. An extra document of Procedures for

Local Stakeholder Engagement was approved in 2023 and implemented at all local teams, with

specific methodologies, maps and monitoring processes.

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S3-1_04 - Disclosure of general approach in relation to engagement with affected 

communities 

EDP has a "Policy of Local Stakeholder Engagement" describing in detail Local Stakeholder

Engagement Procedures, specifically "stakeholder engagement first steps when entering a

community". This policy indicates its principles, defining for stakeholder engagement first steps

when entering a community then followed by the definition of procedures and responsibilities

implemented: i. Governance from Board to local teams; ii. Identification of project stakeholders

(through Influence/ Proximity/ Impact/ Representation / Vulnerability); iii. Engagement approach; iv.

Managing Expectations; v. Monitoring and evaluation, further identifying the action plan needed per

project phase. An extra document of Procedures for Local Stakeholder Engagement was approved

in 2023 and implemented at all local teams, with specific methodologies, maps and monitoring

processes.

S3-1_05 \- Disclosure of general approach in relation to measures to provide and 

(or) enable remedy for human rights impacts 

Under EDP's Human Rights Policy, EDP is committed to follow the OECD Due Diligence Guidance for

Responsible Business Conduct, through the application of the following action principles directly

linked to potential affected communities (not exhaustive):

• identify, prevent and monitor the risks related to human and labour rights

• guarantee it will not be complicit in human and labour rights abuses or disrespect

• recognize local communities, and any other person or group of people whose lives and

environment may be influenced by EDP’s activities, including their legitimate representatives,

labour unions, social or environmental organizations

• engage constructively with its stakeholders, especially those affected or likely to be affected by

its activities, incorporating their views and concerns within business decisions and the

development of its approach to human and labour rights

• avoid adverse impacts that may arise from business operations or relationships, ensuring

remediation in the event of their occurrence

• ensure the proper functioning of a system to report occurrences and make complaints, with a

guarantee of confidentiality and non-retaliation

• communicate and report with transparency its approach to human and labour rights.

Following these action principles, at project level, EDP:

• conducts a local stakeholder engagement process in order to identify main concerns, and adapts

locally the project in order to avoid or mitigate the impacts on the surrounding communities

• identifies the main environmental and social impacts, through an Environmental and Social

Impact Assessment, where several mitigation initiatives are locally proposed, approved and

implemented

• during the SEIA, public consultation stage allows a period for the overall society to comment and

suggest any changes

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• when required or it is perceived a certain project may have material impacts, local sessions to

present the project to local communities are conducted, reinforcing the engagement process in

place

• when material impacts are identified, a compensatory action plan is put in place, tailor made for

the local community. Additionally, in many countries, a financial fee to the municipality is added

to the overall cost of the project. This fee is normally linked to the annual revenue of the site.

All human rights impacts are assessed, as stated at EDP's Local Stakeholder Engagement Policy -

as well as the need to plan accordingly, compensating and sharing value with the affected

communities - those procedures are a must-have for the action plans provided per project, and

those serve as metrics for the evidences looked upon while disclosing. EDP does not have a set-

table of compensation measures, it is provided per case and per situation, by the regional teams.

Some examples of how these principles were put into practice:

The Portuguese CERCA solar station is the biggest in Europe at EDP Group: the energy landscape

impacts immensely on local communities, and a great effort was put into communicating the

shared-value ahead of operation: over €400k were invested, both at a "Green Education " project

implemented in nearby schools and compensation measures taken (construction of social facilities,

agreed with the Municipality and contracted); from, those, over €200k were invested into

construction of local accesses, like roads.

In Brazil, the wind/ transmission investment of Serra de Borborema led EDPR into a very deep social

diagnosis, to further identify possible impacts upon the communities. Population was heard and

mapped in detail, 11 communities, their occupation, their ways of living, their demographic line,

school level, land occupancy, sanitary conditions and various other criteria, to better acknowledge

how to interact and propose shared-value. It was meant to feed the social action plan of EDPR

towards the region: Locals were heard and spoken to, stakeholders identified and a social

investment plan designed and shared with the community. Education on Renewable Energy was

implemented at local schools, as well as incentivised for young adults . Agricultural incentives were

identified as well as the improvement of water resources ( wells). Various social programmes

previously piloted by EDPR were brought in.

Also in Chile, the 5 new areas of investment have thorough stakeholder mapping, upon which formal

agreements were met with local communities, through collaboration conventions and social

strategy: The indigenous communities were assessed by independent sources, identifying risks and

former complications with the Mapuche people and the lessons learned from that. Coordination

instances were established between EDPR and the localities, and social investment was released

with the sole purpose of executing community initiatives, building trust and sharing value.

S3-1_06 \- Disclosure of whether and how policies are aligned with relevant 

internationally recognised instruments 

EDP has in place a Human and Labour Rights Policy framed by several international reference

treaties and standards and establishing the procedures that ensures compliance with them.The

Policy applies to all EDP Group companies and employees, business relationship and activities, in all

its geographic locations, regardless of the local practices or level of social and economic

development.

The Policy sets out for the EDP Group’s sphere of activity its commitment to respect all

internationally recognized human and labour rights, namely the following most relevant to affected

communities:

• United Nations Guiding Principles on Business and Human Rights, aiming to protect affected

communities through a framework known as "Protect, Respect, and Remedy."

• Universal Declaration of Human Rights, 1948

• instruments to protect vulnerable people and groups, including the Declaration on the Rights of

Indigenous Peoples, 2007, and the Understanding the Indigenous and Tribal Peoples

Convention, 1989 (No. 169).

This Policy considers a set of main strategic commitments applied to the affected communities:

• support the International Bill of Human Rights, subscribe to and implement the Principles of the

Global Compact and the instruments to protect vulnerable people and groups

• apply the ILO Declaration on Fundamental Principles and Rights at Work and related conventions

and the Tripartite Declaration of Principles concerning Multinational Enterprises and Social Policy

• operate a human and labour rights management system that is active and present in all its

activities, implementing the United Nations Guiding Principles on Business and Human Rights, the

OECD Due Diligence Guidance for Responsible Business Conduct and the Directive of the

European Parliament and of the Council on Corporate Due Diligence and Corporate

Accountability.

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The Policy considers a set of action principles, from which the following are the most relevant to

affected communities:

• identify, prevent and monitor the risks related to human and labour rights that are salient in its

sector of activity, developing and keeping a Human and Labour Rights Risk Map up to date

• guarantee it will not be complicit in human and labour rights abuses or disrespect

• recognize as stakeholders: local communities and any other person or group of people whose

lives and environment may be influenced by EDP’s activities, including their legitimate

representatives, labour unions, social or environmental organizations

• engage constructively with its stakeholders, especially those affected or likely to be affected by

its activities, incorporating their views and concerns within business decisions and the

development of its approach to human and labour rights

• avoid adverse impacts that may arise from business operations or relationships, ensuring

remediation in the event of their occurrence and undertaking not to retaliate against accusations,

and cooperating in initiatives that promote access to remediation through legitimate judicial or

non-judicial mechanisms

• ensure the proper functioning of a system to report occurrences and make complaints, with a

guarantee of confidentiality and non-retaliation

• communicate and report with transparency its approach to human and labour rights, identifying

risks and impacts, mitigation, compensation and remediation measures taken and the results of

such actions.

S3-1_07 \- Disclosure of extent and indication of nature of cases of non-respect of 

the UN Guiding Principles on Business and Human Rights, ILO Declaration on 

Fundamental Principles and Rights at Work or OECD Guidelines for Multinational 

Enterprises that involve affected communities 

EDP discloses the number of claims in relation to Human Rights "EDP Group was not subject to

accusations or suspicions of violations of fundamental human and labour rights.". It also discloses

number of claims related to Relationship with communities, through quantitative evidence at the

Integrated Report.

S3-1_08 - Disclosure of explanations of significant changes to policies adopted 

during reporting year 

When a new policy or set of procedures is approved, endorsed and disclosed, it is always presented

under this report and publicly exposed at EDP’s site.

For example, in 2024 the social investment policy was reviewed and a new version approved. The

main changes to this new policy were:

• the revision of the definition of social investment to now also include investments in innovation of

the company's products, services, or operations, as well as operational expenses with

procurement processes, which create a clearly defined and demonstrable social impact

• new strategic investment axes, prioritising issues related to fair energy transition, in line with the

company's business focus

• change in policy's responsibilities, following the creation of an office to supervise and coordinate

the company's social investment.

The policy itself mentions the history of its versions, as well as the policy's main changes in each

version (section 1. Version History). EDP's social investment policy is disclosed at edp.com website.

S3-1_09 - Disclosure on an illustration of the types of communication of its policies 

to those individuals, group of individuals or entities for whom they are relevant 

EDP states in its Social Investment Policy (section 6.5. Communication) that ‘The Policy, Social

Investment Programs/Projects and respective Results are publicly disclosed, at least, through the

websites, publications and reports of EDP Structures.’

The[ Social Investment Policy](https://www.edp.com/en/edp-yes/social-investment-policy) is publicly disclosed at edp.com website.

In addition to public disclosure, the policy was also publicised internally to employees through:

• emails directly addressed to EDP employees working on social investment/CSR

• internal notice on the company's intranet and social network, for wider dissemination to all

employees.

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In order to break down language barriers, the policy is translated into the following languages:

English, Spanish and Portuguese (the main languages used in the countries where EDP operates).

EDP also discloses how the communication of the Human and Labour Rights Policy is carried out on

a permanent basis (paragraph 13) - the Integrated Report and the Social Investment report disclose

all this info.

S3-2_01 - Disclosure of whether and how perspectives of affected communities 

inform decisions or activities aimed at managing actual and potential impacts 

EDP Policy for Local Stakeholder Engagement endorses its Procedures, a document that is baseline

of action to any community engagement. At the Local Stakeholder Engagement Procedures, page 8

onwards, the responsibilities governance is described in detail and include “defining, implementing

and monitoring the Local Stakeholders Engagement Plan in accordance with the EDP Group

Stakeholders Relationship Policy, the EDP Group Stakeholders Management Methodology Guide

and the EDP Group Local Stakeholders Engagement Policy, and in particular:

• analyses benchmarking of risks taken in the community; action taken before, lessons learned,

and results obtained

• lists all risks now evident from DD and first stakeholders audits

• analyses the main themes to be addressed while engaging with the local stakeholders

• proposes the Local Stakeholders Engagement Plan to the BU’s Stakeholders Management

Department, which is responsible for approving it and deciding how often it should be informed

about the project’s progress

• informs and keeps the Project Manager informed in accordance with the Local Stakeholders

Engagement Plan.”.

The Procedures continue, including dimensions of stakeholder dialogue to be considered; disclosure

methods and dialogue tools and a chapter on listening to stakeholders and further on, under

“indicator types”, “assess the short-or medium-term changes that occur in people and

organizations as a result of the company’s activity. These are indicators that monitor the success of

the initiatives developed: i.e., the added value for stakeholders or the number of direct and indirect

jobs created. They can be subdivided into (i) the impact of EDP’s action on stakeholders and (ii) the

impact of the identified stakeholders in the territory (quantity and quality). Some examples: average

learning hours per person; average care hours per person; average edutainment hours per person;

new jobs created; studies published; waste removed; recovered natural area; planted trees;

individuals of a species protected; installed renewable energy; energy savings; adaptation plans

approved. Always leave space for “others” and their description, to openly evaluate all options.”

In Spain, in areas where the Coal Power Plants were to be decommissioned, independent

assessments were taken and the communities were heard and involved on the plans to overcome

the economic set-back of a closure. In Portugal, several meetings were held directly with

municipalities, sharing the state of the art of the projects and their outcomes expected/

commitments taken by EDP towards the community.

S3-2_02 - Engagement occurs with affected communities or their legitimate 

representatives directly, or with credible proxies 

Under EDP Local Stakeholder Engagement Policy, EDP teams must follow the Local Stakeholder

Engagement Procedures, which define criteria for identification of project stakeholders (page 10/11).

In North America, the Community Relations Coordinator program is someone from the local

population that is contracted to be the eyes and hears of EDP in the field, understanding the

communities most outstanding needs. The local stakeholder teams have regular workshops on

specificities of engaging with general public, and local events are supported and endured to

promote communication with the population; in Australia, Orange County engaged with several

tribes, hearing their formal representatives on the Wind project that was under development: the

community leaders were then engaged on the incoming project, and were asked to name it at their

will. Australia's largest [community co-owned solar and battery hybrid clean energy park](https://www.edpr.com/apac/en/orange-community-renewable-energy-park) had an

[openned voting](https://forms.office.com/Pages/DesignPageV2.aspx?subpage=design&token=98d3c34604ef47469cfb2656a1d9fb01&id=2_uGv8L4DkSSPAWmDcK8m-ALNqJGG-VCoOfQnBzAC0FURVhUVkVVUkw4TjZFMk5VTllQS0tURjhGMS4u) through local schools for its name, that included schools from all territories involved.

Names suggested are still being pulled for a 2025 disclosure. The voting committee represented

community stakeholders, as: the indigenous community;a local NGO; the City Council; the

Indigenous Community Lobbying group; the co-op partners and EDP.

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S3-2_03 - Disclosure of stage at which engagement occurs, type of engagement 

and frequency of engagement 

Under EDP Local Stakeholder Engagement Policy, the approach and the managing of expectations

are indicated, specifying the informations required and when/ how to use it (pages 12/13), further

defining approach PER project phase (page 14) and stating that “SEIS should follow the various

phases and be revisited whenever there is evolution or change of phase.”

EDP teams must follow the Local Stakeholder Engagement Procedures, which define per project

phase, all steps needed, introducing annexes with the tables for:

|   
---|---  
Cycle of Local Stakeholders Engagement | Annex i.  
Identification of project stakeholders | Annex ii. 1  
Characterization of project stakeholders | Annex ii. 2  
Project stakeholders hearings | Annex ii. 3  
Structuring the Local Stakeholders Engagement Plan | Annex ii. 4  
Results of the Local Stakeholders Engagement Plan | Annex ii. 5  
Regular reporting | Annex ii. 6  
EDP Group stakeholders segmentation| Annex iii.  
  
The frequency of active engagement depends on the risks identified or requests/ complaints filed

under the communication channels established."

At EDP Produção, the development stage is designed and disclosed at the Stakeholder Engagement

Plan; the Project Operational phase is disclosed under specific project-by-project plans, available

for public consultation, and Deactivation phase is disclosed following ESIA assessments

academically prepared for the purpose of minimizing the economic impact of a shut-down.

At E-Redes, all licensing has public disclosure previous to enforcement, and municipalities are

involved at sub-stations' level. Building a social investment towards communities, E-Redes has

been promoting bio-diversity, energy efficiency within populations and social inclusion. The annual

report states all the specific projects endured, as well as the safety programs built for communities

where it operates, with simulations and exercises near the affected communities.

S3-2_04 - Disclosure of function and most senior role within undertaking that has 

operational responsibility for ensuring that engagement happens and that results 

inform undertakings approach 

Under EDP Local Stakeholder Engagement Policy (pages 9/10), the Governance Model definition is

clear, from EBD down, defining the the integration of the engagement of local-scale stakeholders in

the formal structure of the company and its subsidiaries, according to the following map:

The responsibilities assigned to each of the roles are as follows (should there be no Stakeholder

Department at a specific BU, the Project team interacts with the Corporate department responsible

for managing stakeholders).

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Project Manager

Responsible for ensuring that the DD and the HRA have been executed by an independent and

reliable 3rd party, and for implementing, coordinating and monitoring the project’s development, by

complying with the EDP Group Stakeholders Relationship Policy, the EDP Group Stakeholders

Management Methodology Guide and the EDP Local Stakeholders Engagement Policy.

The project manager also sets out the responsibilities for implementing the Local Stakeholder

Engagement Plan initiatives, as defined in the EDP Stakeholders Management Methodology Guide

and in this Policy, ensuring its preparation and defining who’s to implement it, guaranteeing

compliance with all the requirements.

Stakeholder Manager

Assigned by the Project Manager, responsible for defining, implementing and monitoring the Local

Stakeholders Engagement Plan in accordance with the EDP Group Stakeholders Relationship

Policy, the EDP Group Stakeholders Management Methodology Guide and this Policy, and in

particular:

• analyses benchmarking of risks taken in the community; action taken before, lessons learned,

and results obtained

• lists all risks now evident from DD and first stakeholders' audits

• analyses the main themes to be addressed while engaging with the local stakeholders

• proposes the Local Stakeholders Engagement Plan to the BU’s Stakeholders Management

Department, which is responsible for approving it and deciding how often it should be informed

about the project’s progress

• keeps the Project Manager informed in accordance with the Local Stakeholders Engagement

Plan.

Business Unit’s Stakeholder Management/Corporate Geographic Department

Departments that ensure the coordination of stakeholders management activities in their BU in

Portugal. In the remaining geographical regions, this point is taken to the corporate department

responsible for managing stakeholders in the respective geographical region. Main responsibilities

include:

• notify PR&Stakeholders by 30 January each year, of the projects covered by this Policy in

accordance with the criteria laid down. The list of projects may be updated on a proposal from

the BU’s Stakeholders Management Department/ in the geography or PR&Stakeholders at any

time of the year

• ensure consistency between the plans of the different BUs projects, as well as compliance with all

the group’s procedures

• analyse, approve and monitor the implementation of the project’s Local Stakeholders

Engagement Plan

• determine the regularity with which the project team must inform it about the development of the

project

• share the project’s Stakeholders Management Plan with PR&Stakeholders from its approval and

at least every six months basis, ensuring the strategic alignment of the EDP Group.

S3-2_05 - Disclosure of how the undertaking assesses the effectiveness of its 

engagement with affected communities 

The Local Stakeholder Engagement Policy discloses an article on “ Managing Expectations”and “

monitoring and evaluation”, endorsed at the Procedures at page 28, “Continue to disclose, consult

and report information to stakeholders

The continuous disclosure of the project information to stakeholders, as well as the nature and

frequency of the consultation and reporting activities during the course of the operations, should be

proportionate to the extent of the impacts and concerns for their stakeholders. It is important to keep

an open channel of communication with key stakeholders informing them when necessary."

In España, preparing for the shutdown of the Coal Power Plants in Carreño, Ribera, Espiel and Los

Barrios, a Public Participation process was installed. Results upon the perception on Quality of Life;

the de-population of territories; the action taken by EDP to engage with those issues and how the

main fears and problems were addressed were shared with the population, and taken into the the

action plan drawn for those regions 2024/2026.

The general Engagement plans prepared by EDP Generation always cover internal and external

visions for the process phase, analysing specific needs and suggested investments towards local

communities.

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S3-2_06 - Disclosure of steps taken to gain insight into perspectives of affected 

communities that may be particularly vulnerable to impacts and (or) marginalised 

The Policy of Local Stakeholder Engagement is further developed under the Procedures document,

per project phase“ To the extent applicable, stakeholders engagement activities should be

continued, in topics such as:

In Brazil, local populations are prepared for major impacts with a permanent communication system,

that hears, manages expectations and creates meaningful alternatives for those impacted. There

are public hearings when needed. The specific case of networks challenges the relocation of

populations: there are social diagnosis previously done on the relocation of families at Guarulhos

EDP distribution line.

Also, at operation level, the Interaction social plan for the Indigenous Community of São Manoel has

been positively impacting the lives and relations of the population with Generation: there was an

Interaction Plan followed by public presentations and later reports on the action taken and impacts

measured.

There's also the ABEEolica organization Best Practice Manual that EDP worked at, and supported ,

being part of an ESG day by April 2024, reinforcing a narrative transversal to peer and value chain,

towards the benefits of wind energy.

S3-2_07 - Disclosure of whether and how the undertaking takes into account and 

ensures respect of particular rights of indigenous peoples in its stakeholder 

engagement approach 

It is stated at the Policy for Local Stakeholder Engagement, page 7: “ (...) When analysing a particular

project, and also based on the results of the DD and HRA carried out, the BUs should identify the

following indicators as far as local stakeholders are concerned:

• CAPEX, if the amount has an impact on the BU’s business plan or budget foreseen for the project.

• Social impact:

i. impact on the local economy/lifestyle and culture of the community

ii. impact preventable on vulnerable stakeholders (indigenous people and minorities; socially

deprived people, with the lack of fulfilment in any of the Human Rights defined by the UN)

iii. significant impact on the territory/ landscape

iv. impact of irreversible transformation on biodiversity

v. significant impact on economic activity in the territory.( ...) “. Annually, the Stakeholder

Management Unit compiles and reports on Impact on Indigenous People specifically, through

GRI tables, developing the coming year’s Action Plan accordingly. the Impact Assessments

and Due Diligences previous to development are compulsory and taken strictly into account

while planning the investment, the development and Operation.

A document was prepared and shared in Brazil, for the São Manoel HidroElectric project's

surrounding indigenous population. It is a program on interaction and communication, mapping,

identifying, engaging and evaluating outcomes within the community. In Chile, EDP Renováveis

develloped a Community Outreach Plan from the public affairs area, and all initiatives were

prepared in consultation with local teams and local stakeholders.

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S3-3_10 - Disclosure of general approach to and processes for providing or 

contributing to remedy where undertaking has identified that it connected with a 

material negative impact on affected communities 

EDP discloses its action principles (Human and Labour Rights Policy) including "ensuring

remediation in the event of their occurrence and undertaking not to retaliate against accusations,

and cooperating in initiatives that promote access to remediation through legitimate judicial or non-

judicial mechanisms" and "Communicate and report with transparency its approach to human and

labour rights, identifying risks and impacts, mitigation, compensation and remediation measures

taken and the results of such actions."

It also discloses the "ACTION PLAN ACCORDING TO THE PROJECT PHASE" which includes the

2nd phase "Planning/Licensing" that includes the step to "Develop a Local Stakeholders

Engagement Plan and define compensation measures".

EDP Renováveis in Europe implements a methodology throughout various stages of the projects,

following specific steps:

a. Development:

• prior environmental licence (around 1 year)

• environmental & economic studies

• social impact assessment

• pre construction (in pre construction, the methodology and tactics used vary by market. In some

cases, they are mandatory, while in others, EDP typically implements them proactively or

chooses not to)

b. Implementation of social programs

• active listening of local stakeholders: through studies, surveys, meetings, informal

conversations, etc.

• public consultation process

c. Construction

• implementation of environmental plans and programs

d. Operation:

• execution of environmental plans and programs

• open and continuous communication with local stakeholders such was the case at the Isle of

Skye, Scotland , with the Ben Sca and Balmeanach project.

It's bottom line that it is considered best practice to engage with local communities during the

planning and consenting phases of projects to enhance their acceptance and support.

In 2024, EDP implemented several community-focused initiatives near its projects, Ben Sca and

Balmeanach. There was a collaboration agreement with a local college in Portree, Skye, to provide

funding for training and courses aimed at benefiting the local community.

These courses, offered at a reduced rate, cover a variety of important topics, including Renewable

Energy Systems Awareness, Health & Safety training, First Aid and paediatric first aid training,

chainsaw crosscut and maintenance, and food hygiene. Through these initiatives, Skye residents

now have the opportunity to gain valuable skills and knowledge, supporting both personal

development and local economic growth.

S3-3_11 - Disclosure of specific channels in place for affected communities to raise 

concerns or needs directly with undertaking and have them addressed 

The primary channel for raising concerns is the Speak Up Channel, which is available to all

stakeholders on the company website. This channel allows individuals to report any behaviour they

perceive as violations of the Code of Ethics, internal regulations, or legal requirements. The Speak Up

Channel ensures that all complaints are treated confidentially and that the identity of the

whistleblower is protected unless disclosure is required by law.

Complaints can be submitted through various means, including online forms, face-to-face

meetings, or videoconferences. The company guarantees that all reports received will be treated

with the utmost confidentiality and in accordance with data protection regulations. Additionally, the

company provides the option for anonymous reporting, ensuring that the identity of the

whistleblower remains unknown to those affected or investigated unless expressly authorized by the

whistleblower.

The investigation process is managed by the Ethics & Compliance Officer (ECO) and the Ethics

Commission, ensuring that all complaints are handled impartially and without conflicts of interest.

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The ECO is responsible for maintaining a secure communication channel with the whistleblower and

ensuring compliance with applicable legislation and internal policies.

The public EDP channels are always available, but specific examples illustrate how they function:

• the Ketzin project - for certain projects, specific measures are taken to ensure open dialogue

with stakeholders. These include preparing informational materials that highlight key aspects of

the project and providing direct contact details for the individuals responsible for managing

stakeholder relations. There was a poster prepared for the Ketzin project, which was published

online on the town's website and displayed in the town hall where public notices are typically

posted

• the Ben Sca Wind Farm - some projects include dedicated ad-hoc landing pages to ensure that

project-related information is publicly accessible to everyone. This is a common practice in the

UK: Ben Sca Wind Farm | Homepage -> Specific sections are provided where people can submit

questions and comments related to the project. These sections also inform the public about all

steps involved in the consultation processes.

S3-3_12 - Disclosure of processes through which undertaking supports or requires 

availability of channels 

The company ensures that its communication channels for reporting complaints, namely the Speak

Up Channel and the Ethics Channel, are available 24/7. These channels are accessible to all

employees and stakeholders through both internal and external platforms, with the Ethics Channel

being available exclusively in Brazil. These channels facilitate the reporting of any perceived

violations of the Code of Ethics, internal regulations, or legal requirements.

To guarantee uninterrupted service, a dedicated maintenance team is on standby around the clock.

This team is responsible for monitoring the system's integrity and promptly addressing any technical

issues that may arise. This proactive approach ensures that the communication channels remain

operational, providing a reliable means for individuals to report concerns confidentially and securely.

EDP provides information on its Speak Up channels in its Whistleblowing Management Policy. It also

discloses in its Local Stakeholders Engagement Policy that for each project specific communication

channels must be identified on a per-project basis. Every local stakeholder team has this mapped

and reported internally, sharing when red flags arise or yearly at the Annual Report timings.

In North America, every project in development has an email and phone number made publicly

available that is listed on the project webpage, the project fact sheet, and included in any external

newsletters, advertisements, or invitations. Developers leave their contact information with local

decision-makers (county commissioners, town supervisors, etc). It is standard practice for each

development project to host a few types of events focused on sharing information and listening to

the community:

• landowner dinners - meetings with our participating lease holding landowners to share more

detailed project updates and address any of their concerns/questions

• community open house or info session - drop-in event with several informational posters and

printouts with details on the project and answers to frequently asked questions, and several

EDPR employees and subject matter experts on-hand to have conversations

• construction kick-off open house - similar to the above but specifically done approximately

one month prior to construction to prepare the community for the construction activities.

In most cases, projects will also have an informational booth at community festivals to answer

questions and share information as well. All the events are publicized by direct invitations mailed to

landowners, in many cases also directly mailed to project neighbours, ads published in the local

newspaper, and notifying community leaders to help publicize. At these events, our direct contact

info (phone and email) is prominently featured as well.

S3-3_13 - Disclosure of how issues raised and addressed are tracked and 

monitored and how effectiveness of channels is ensured 

As stated in the company Whistleblowing Policy and Procedure, the process begins with the receipt

of a complaint, that is registered and filed in the complaint management support tool. All reports are

automatically assigned a sequential number by the platform and cannot be modified or deleted. This

ensures that all complaints and their respective investigations are documented and maintained with

strict confidentiality and data protection measures. The channel was, in 2023, submitted to an

internal audit.

The Whistleblowing Management System Policy describes how the screening/preliminary analysis

process is carried out, the investigation process and the classification of the complaint, the

conclusion of the process and the decision.

EDP states at its Policies, the engagement approach applied for each project, and that the

communication channel must be created, identifying channels by project. It is also mentioned that in

order to incorporate the opinion of the stakeholder, it should be listened to. It further mentions the

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importance of evaluating and monitoring communication mechanisms and that a dialogue should

be established so that complaints are addressed.

EDPR South America has an "Ouvidoria Social", a channel opened to the public since the first stages

of investment. Files are then kept on a red flag system to assure follow-up ("fichas de Ouvidoria"). In

Pedra Preta, local streets and structural accesses were damaged by construction trucks and there

was a lot of complaining, immediately answered by local teams. Networks provides a Consumers

Council, with representatives from various stakeholder levels, defending EDP consumers' interests.

There are regular local workshops for clients and neighbourhood communities. Also at Transmission

level, the local communication programs are always put together per project, per area, focusing on

local population towards minimizing impacts.

S3-3_14 - Disclosure of whether and how it is assessed that affected communities 

are aware of and trust structures or processes as way to raise their concerns or 

needs and have them addressed 

All new projects or new project phases have a communication channel mandatory to be enforced

and made known to the population: per case, the means used are the ones that the local team makes

sure will reach all members of the community, so they may be either email, open assemblies,

external/street communication or other sports that the population will understand visually; NGOs are

brought in when needed to reinforce communication and trust; telephone numbers are made

available - and the Project Manager will receive all kinds of results, making sure that the population

really is entitled and heard, and its comments/ protests or suggestions are incorporated onto the

action plan.

EDPR always implements a contact, specific per operation site, and there's also the more general

info@edpr.com email available. Developers receive those emails and take action accordingly,

involving the Community Engagement teams only when necessary.

S3-3_15 - Policies regarding protection against retaliation for individuals that use 

channels to raise concerns or needs are in place 

EDP discloses policies regarding protection against retaliation for individuals that use channels to

raise concerns or needs, are in place.

The company has established comprehensive policies to protect individuals who use channels to

raise concerns or needs, ensuring they are safeguarded against retaliation.

The company prohibits any acts of retaliation against individuals who file complaints in good faith.

This includes threats, attempts at retaliation, and any form of discrimination or adverse treatment.

The policies ensure that the identity of the whistleblower is protected unless disclosure is required by

law.

S3-3_18 - Disclosure of whether and how affected communities are able to access 

channels at level of undertaking they are affected by 

EDP discloses (at EDP Policies for Local Stakeholder Engagement; Ethics; Integrity, and General

Stakeholder Management) that grievances are treated confidentially and with respect to rights of

privacy and data protection.

When assessing a community for a project phase change, a mandatory communication channel is

created with the local population: it is decided locally what will be the more efficient means to

achieve the end of a fluent communication that will be reassuring, generate trust and shared value

and eliminate fears. This could be done through a local NGO or local nominated translators from the

community. There will be public currencies where a direct contact is provided, followed by

differentiated means, as telephone numbers and/or emails. A local contact is permanently consulted

on the state of the art of the relationship.

The primary channel for raising concerns is the Speak Up Channel, which is available to all

stakeholders on the company website. This channel allows individuals to report any behaviour they

perceive as violations of the Code of Ethics, internal regulations, or legal requirements.

S3-3_19 Third-party mechanisms are accessible to all affected communities

In Brazil, there is a unique communication channel available to all stakeholders, the Ethics Channel,

specifically for reporting violations of the Code of Ethics and other internal regulations, which

operates on an external platform rather than an internal one. This channel is managed by a third

party who initially receives and screens the reports. The third party then directs the reports to the

internal investigation team according to a predefined flow, ensuring that all complaints are handled

efficiently and appropriately.

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S3-3_20 - Grievances are treated confidentially and with respect to rights of 

privacy and data protection

When a complaint is received, it is registered and filed in the complaint management support tool,

ensuring that all information is maintained with strict confidentiality and in accordance with data

protection regulations. The identity of the whistleblower is protected unless disclosure is required by

law, and all reports are treated with the utmost confidentiality.

The investigation process is managed by the Ethics & Compliance Officer (ECO) and the Ethics

Commission, ensuring that all complaints are handled impartially and without conflicts of interest.

The ECO is responsible for maintaining a secure communication channel with the whistleblower and

ensuring compliance with applicable legislation and internal policies.

Additionally, the company emphasizes the importance of corrective actions and follow-up on

complaints. Measures identified and recommended for correcting any unlawful and/or unethical

behaviour found in the complaints are implemented and monitored to ensure their effectiveness.

This includes changes to processes and control methods, corrections or adjustments to

documentation, increased awareness or training on specific subjects, and other necessary

measures.

S3-3_21 - affected communities are allowed to use anonymously channels to 

raise concerns or needs

Yes, as stated in the Whistleblowing Policy and Procedure .

EDP discloses (at EDP Policies for Local Stakeholder engagement; Ethics; Integrity, and General

Stakeholder Management) that channels can be used anonymously to raise concerns or needs.

S3.MDR-A_01-12 - Action plans and resources to manage its material impacts, 

risks, and opportunities related to affected communities

EDP develops several CSR initiatives in the communities impacted by its operations in order to

prevent, mitigate and remedy any negative impacts and create a positive impact on those

communities. With more than €30m invested each year in CSR programs around the world, EDP is

committed to contribute to the communities with its own initiatives, donations, and volunteering.

From Europe to Latin America, North America, Africa and APAC, EDP develops more than 500 social

projects with a strong focus on ensuring a fair energy transition that leaves no-one behind. While

Fair Energy Transition is the overarching global theme, EDP also invests in Culture through its

foundations in Brazil, Spain and Portugal, as well as in Emergency relief (to face natural disasters,

wars, etc.) and other specific needs to support local communities.

Within Fair Energy Transition, EDP develops social projects across 6 main pillars that drive valuable

global alignment:

• solar energy projects -  implementation of solar panels to bring the benefits of solar (in self-

consumption or solar communities) in schools, rural or disadvantaged communities or social

organization all over the world. EDP has implemented more than 1,700 solar panels impacting

more than 6,300 people and avoiding the emission of 220 tons of CO2. Some countries where

this has been developed: Portugal, Spain, Brazil, Greece, United States of America

• energy poverty projects - offering energy-saving and energy-efficient solutions in the homes of

low-income families - e.g. better insulated windows and doors, more efficient equipments,

helping these people to keep their homes at an adequate temperature (and thus preventing

various illnesses at the same time. Some countries where this has been developed: Portugal,

Spain, Brazil and Romania

• green impact investment & financial support - impact investment fund and capital donations

to support local fair energy transition businesses such as:

i. A2E fund - a fund to support renewable energy projects that promote the environmental,

social and economic development of rural communities in developing countries. With 6

editions underway, EDP received over 920 applications and selected 47 projects in

Mozambique, Malawi, Nigeria, Kenya, Tanzania, Angola and Rwanda, investing €4.5m

(2018-2024)

ii. EDP Solidarity Energy - a fund from the 3 foundations in Portugal, Spain and Brazil that

supports innovative, sustainable and impactful projects that contribute to a fairer, more

inclusive and socially responsible society, through non-refundable donations. It targets

conversion to renewable energy, energy efficiency and electric mobility

iii. Hope Fund -a fund that will invest in social purpose organizations with a sustainable business

model, that address all types of Fair Energy Transition challenges, with innovative impact

solutions in Portugal, Spain and other countries from South America. This investment aims for

total/partial capital recovery while traditional philanthropy assumes complete loss of capital

from the onset.

• upskilling and reskilling projects - development of projects within the scope of renewable

energy, to meet future labour needs and guarantee that former coal workers, people living in

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communities close to EDP’s production centres and other minorities have job opportunities. Some

countries were this has been developed: Portugal, Spain, Brazil and Italy.

• educational projects - promotion of Educational Programs so that new generations (aged 6 to

16) understand the importance of clean energy sources and their role in decarbonising and

mitigating climate change. Some of the countries where this project has been developed:

Portugal, Spain, Brazil and Poland.

• environmental sustainability projects projects aimed at protecting species or the natural

heritage, such as cleaning up beaches and oceans or restoring forests, while helping to maintain

and strengthen ecosystem services that benefit local communities. Some examples include an

underwater clean-up action in Portugal (breaking a Guinness World Record for the largest

number of divers in 12h), which also took place in Spain and Singapore, or the Re.Earth project, a

pilot project launched in Portugal to create a local circular economy based on light biomass

owned by small local landowners. The smallholders clean up their land with the possibility of

selling their agroforestry waste. EDP then uses this biomass to create green energy and heat the

facilities of social organisations. At the same time, land clearing contributes greatly to preventing

forest fires and their harmful environmental and social consequences.

The resources used to carry out these initiatives include cash, in-kind and time (volunteering)

contributions, as well as the management costs to run these projects. EDP's contributions in this area

are planned annually by the various companies that make up the EDP Group, and there is a specific

budget for their realisation. This plan is always analysed by a team that coordinates EDP's social

investment, ensuring that it complies with the objectives and strategic axes defined for social

investment, and that it is in line with the group's social investment policy. In addition to the initiatives

planned annually, support requests from communities are also received. These are received and

analysed by the social investment coordination team, which evaluates potential support in light of

the annual investment plan and the group's strategic objectives, as well as the specific needs of that

community. Applications for support can be submitted using a specific form on the EDP YES

website.

The preparation of the annual social investment plan, as well as the reception, analysis, and support

of unplanned initiatives, is described in an internal Social Investment Management procedure.

The social investment projects developed by EDP and their positive impacts on communities are

disclosed in more detail in the Social Investment Report. It is also possible to find information about

EDP' social investment projects on the EDP YES - You Empower Society - website. The social

investment strategy, objectives, and action axis are also described in the social investment policy.

At Generation business units, Portugal and Spain are a showcase, under its Stakeholder

Engagement Plans, on what and how to address when approaching local communities.

S3-4_01 - Description of action taken, planned or underway to prevent, mitigate or 

remediate material negative impacts on affected communities 

Every stakeholders' engagement plan for local development has to disclose the action plan towards

the impact generated locally.

In North America, The Stakeholders' Engagement Team encourages EDP Developers to follow a

standard community engagement timeline with a tactics manual, which explains all the various

items in that timeline and what their purpose is. EDP considers the land use and very site-specific

environmental concerns as impactful, but that is remediated or mitigated by the site design, at

development stage.

EDP develops several CSR initiatives in the communities impacted by its operations in order to

mitigate and remedy any negative impacts. The company's social investment strategy prioritises

projects related to Fair energy transition, since the company operates in a sector directly related to it

and these are relevant issues for local communities. For example, EDP develops skills development

and entrepreneurship support projects aimed at communities affected by the closure of thermal

power stations or where new energy production centres will be installed, thus promoting job creation

and the integration of more vulnerable people into the labour market, especially green jobs.

One of these programs, in Spain, is the Entama program, created in 2019 to promote the energy

transition and the development and reindustrialization of local communities through support for

projects in territories where EDP has energy production centres or that are at risk of depopulation. By

promoting small business projects in these communities, economic development and job creation

are encouraged, as well as local supplier networks, thus valuing local resources, promoting

sustainable tourism, generating wealth in the territory and, consequently, population settlement.

Through this initiative, EDP intends to strengthen its social and economic involvement with the local

communities near its production centres. In the first 5 editions, Entama supported 56 projects that

generated about 98 jobs.

In Vietnam, operations will be developed in the province of Ninh Thuan, so EDP invested in the

community to share value and earn a social license to operate: facilitate access to bicycles for

children in schools, or providing primary schools with TV devices to enhance the learning programs

deployed there.

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In Brazil, often Transmission Lines have to be moved to prevent impact (when possible). Networks

distributes informative signs with the emergency and contingents plans; EDP showcases

environmental and electric security processes whenever possible, through events and local public

appearances. In regions like Agua Azul and Mogi Suzano, pamphlets with descriptive pictures were

distributed to the population, and banners were posted at the construction sites; there are Safety

Campaigns within workers, too, preventing from accidents. Local events are put together to endure

the direct contact with populations: there are several indicators being rated throughout the year that

prove right to the action taken, endorsing a commitment towards communities - and technical

teams are made available for the re-connection whenever severe events occur, disconnecting

electricity.

EDP discloses several social investment projects aimed at affected communities and their positive

impacts in more detail in the Social Investment Report. It is also possible to find information about

EDP' social investment projects on the EDP YES - You Empower Society - website.

S3-4_03 - Description of additional initiatives or processes with primary purpose 

of delivering positive impacts for affected communities 

The frameworks of action are identified at stakeholder engagement Plan and on local

communication undertaken by EDP. Also promoted and stimulated by general outside

Communication, from EDP team.

In addition to developing CSR initiatives dedicated to mitigating and remedying the negative

impacts of its operations, EDP also promotes many other initiatives in the communities impacted by

its operations that create a positive impact on those communities, with the aim of establishing a

good relationship with these communities, building a social licence to operate and addressing the

development priorities and problems of local communities. When local communities are impacted

by EDP operations (planning/construction/closure of energy production site or even on assets

already in operation), local stakeholders, namely local authorities, are contacted to better

understand their needs and expectations in order to develop the projects that best fit their needs.

EDP is committed to contributing to communities through its own initiatives, donations and

volunteering. From Europe to Latin America, North America and APAC, EDP develops social projects

with a strong focus on ensuring a fair energy transition that leaves no one behind. For example, in

North-America, every operating project LLC (also known as project phase) has $3000 USD

budgeted each year for social investments. Development projects decide their own donation

budgets, which are almost always much higher than $3k per phase.

EDP has also developed a portfolio of social investment programmes that is presented to local

stakeholders. This portfolio is based on projects that fall within the scope of the Just Energy

Transition, based on 6 main pillars:

• solar energy projects - implementation of solar panels to bring the benefits of solar (in self-

consumption or solar communities) in schools, rural or disadvantaged communities or social

organization all over the world. EDP has implemented more than 1,700 solar panels impacting

more than 6,300 people and avoiding the emission of 220 tons of CO2. Some countries were this

has been developed: Portugal, Spain, Brazil, Greece, United States of America

• energy poverty projects \- offering energy-saving and energy-efficient solutions in the homes of

low-income families - e.g. better insulated windows and doors, more efficient equipments,

helping these people to keep their homes at an adequate temperature (and thus preventing

various illnesses at the same time. Some countries where this has been developed: Portugal,

Spain, Brazil and Romania

• green impact investment & financial support -impact investment fund and capital donations to

support local fair energy transition businesses such as:

i. A2E Fund - a fund to support renewable energy projects that promote the environmental,

social and economic development of rural communities in developing countries. With 6

editions underway, EDP received over 920 applications and selected 47 projects in

Mozambique, Malawi, Nigeria, Kenya, Tanzania, Angola and Rwanda, investing €4.5m

(2018-2024)

ii. EDP Solidarity Energy - a fund from the 3 foundations in Portugal, Spain and Brazil that

supports innovative, sustainable and impactful projects that contribute to a fairer, more

inclusive and socially responsible society, through non-refundable donations. It targets

conversion to renewable energy, energy efficiency and electric mobility

iii. Hope Fund - a fund that will invest in social purpose organizations with a sustainable

business model, that address all types of Fair Energy Transition challenges, with innovative

impact solutions in Portugal, Spain and other countries from South America. This investment

aims for total/partial capital recovery while traditional philanthropy assumes complete loss of

capital from the onset

• upskilling and reskilling projects - development of projects within the scope of renewable

energy, to meet future labour needs and guarantee that former coal workers, people living in

communities close to EDP’s production centres and other minorities have job opportunities. Some

countries were this has been developed: Portugal, Spain, Brazil and Italy

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• educational projects - promotion of Educational Programs so that new generations (aged 6 to

16) understand the importance of clean energy sources and their role in decarbonising and

mitigating climate change. Some of the countries where this project has been developed:

Portugal, Spain, Brazil and Poland. In United States of America, EDP also funds youth educational

organizations like KidWind, FFA, and 4H

• environmental sustainability projects - projects aimed at protecting species or the natural

heritage, such as cleaning up beaches and oceans or restoring forests, while helping to maintain

and strengthen ecosystem services that benefit local communities. Some examples include an

underwater clean-up action in Portugal (breaking a Guinness World Record for the largest

number of divers in 12h), which also took place in Spain and Singapore, or the Re.Earth project, a

pilot project launched in Portugal to create a local circular economy based on light biomass

owned by small local landowners. The smallholders clean up their land with the possibility of

selling their agroforestry waste. EDP then uses this biomass to create green energy and heat the

facilities of social organisations. At the same time, land clearing contributes greatly to preventing

forest fires and their harmful environmental and social consequences.

In addition to these initiatives, EDP also invests in Culture through its foundations in Brazil, Spain and

Portugal, as well as in Emergency Aid (to deal with natural disasters, wars, etc.) and other specific

initiatives to support the needs identified by stakeholders in local communities. The social

investment projects developed by EDP and their positive impacts on communities are disclosed in

more detail in the Social Investment Report. It is also possible to find information about EDP' social

investment projects on the EDP YES - You Empower Society - website.

S3-4_04 - Description of how effectiveness of actions or initiatives in delivering 

outcomes for affected communities is tracked and assessed 

EDP assesses the effectiveness of social investment projects in terms of their ability to create the

desired positive impacts on communities through an impact assessment methodology it has

developed and which is based on the United Nations' SDGs.This methodology is available for

project managers to use to assess the impact of their projects on communities.

EDP also follows the impact measurement methodology developed by B4SI - Business for Societal

Impact. The B4SI framework is a structured approach for companies to measure and report their

social impact, namely the long-term changes brought about by these activities (impacts). Through

this methodology, EDP reports the following outcome indicators:

1\. Impact on people

1.1. Depth of impact - enables to assess the degree to which beneficiaries are better off as a result of

the activity, identifying three distinct levels of change:

i. connect: the number of people reached by an activity who can report some limited change as

a result of the activity (e.g. raised awareness of opportunities to improve literacy skills)

ii. improve: the number of people who can report some substantive improvement in their lives as

a result of the activity (e.g. actually able to read better)

iii. transform: the number of people who can report an enduring change in their circumstances, or

for whom a change can be observed, as a result of the improvements made (e.g. got a job as a

result of improved literacy)

1.2 Type of impact - enables to map the area(s) in which an activity has benefited the people it has

reached:

i. behaviour or attitude change: has the activity helped people make behavioural changes that

can improve the person’s life or life chances or has it challenged negative attitudes or

preconceptions, enabling them to make wider, different or more informed choices?

ii. skills or personal effectiveness: has the activity helped people to develop new, or improve

existing, skills to enable them to develop academically, in the work place and socially?

iii. quality of life or well-being: has the activity helped people to be healthier, happier or more

comfortable (e.g. through improved emotional, social or physical well-being)?

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2\. Impact on community organizations

The framework also enable to understand the degree to which a beneficiary entity or partner

organization has:

i. improved existing / delivered new services

ii. reached more people or spent more time with clients

iii. improved management processes

iv. increased their profile

v. taken on more staff or volunteers.

EDP discloses that Community Gate Keeper monitors the group’s activity towards local populations

and reports to the Board on impact achieved or avoided. In addition, EDP discloses several initiatives

and actions in relation to affected communities and the respective KPIs.

S3-4_05 - Description of processes to identifying what action is needed and 

appropriate in response to particular actual or potential material negative impact on 

affected communities 

EDP discloses its Local Stakeholder Engagement Policy, with an extensive list of Procedures

compulsory throughout the group. It discloses a framework of "stakeholder engagement first steps

when entering a community" which includes the steps of "definition of compulsory contributions

needed and voluntary contributions possible" and "action plan, including responsibility chain,

metrics and evidences (definition of voluntary indicators/ goals)"; the "action plan according to

project phase" also includes a phase of planning/licensing to define compensation measures.

In addition, the local stakeholder management teams have a portfolio of the company's social

investment/CSR projects, which they present to the local communities in order to jointly identify

which CSR initiatives provided by the company might make sense to implement in those

communities and which could help to address potential negative impacts caused by the company.

EDP discloses specific information regarding several community initiatives. (Stated at Local

stakeholder engagement policy; Social Investment Report; EDP YES Website)

S3-4_06 - Description of approach to taking action in relation to specific material 

negative impacts on affected communities 

EDP discloses its Local Stakeholder Engagement Policy, with an extensive list of Procedures

compulsory throughout the group. It discloses a framework of "stakeholder engagement first steps

when entering a community" which includes the steps of "definition of compulsory contributions

needed and voluntary contributions possible" and "action plan, including responsibility chain,

metrics and evidences (definition of voluntary indicators/ goals)"; the "action plan according to

project phase" also includes a phase of planning/licensing to define compensation measures.

EDP develops several CSR initiatives in the communities impacted by its operations in order to

mitigate and remedy any negative impacts. When local communities are impacted by EDP

operations (planning/construction/closure of energy production site or even on assets already in

operation), local stakeholders, namely local authorities, are contacted to better understand their

needs and expectations in order to develop the projects that best fit their needs. The company's

social investment strategy prioritises projects related to Fair energy transition, since the company

operates in a sector directly related to it and these are relevant issues for local communities. For

example, EDP develops skills development and entrepreneurship support projects aimed at

communities affected by the closure of thermal power stations or where new energy production

centres will be installed, thus promoting job creation and the integration of more vulnerable people

into the labour market, especially green jobs.

This is the case during the planning and installation phase of the Serra da Borborema Wind Farm in

Brazil. In the social diagnosis carried out for the Serra da Borborema Wind Farm, a high rate of

unemployment was identified among young people who lacked the basic training to get a job in the

region. The demands were identified in conjunction with the local authorities and residents will be

offered scholarships to take professional qualification courses. In 2023, more than 110 students were

trained in a 50/50 partnership with the Town Hall, where 4 courses were offered in 2 different

periods: High Voltage Building Electrical Installer, Industrial Machinery Engineer, Bricklayer and

Motorbike Manufacturing Mechanic. In 2024, 68 students were trained in the same partnership

model, on 3 different courses: Confectioner, Modelling and Computer Programmer. The courses are

taught by SENAI and the National Industrial Apprenticeship Service of Paraíba.

In Portugal, several meetings are held with local impacted stakeholders, to inform and be informed

on how to mitigate consequences of operation, defining options in an aligned way. Under Networks'

projects, whenever appropriate and should the local stakeholders be affected in their lands,

trespassed by HT and MT lines, monetary compensations are issued.

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The social investment projects developed by EDP and their positive impacts on communities are

disclosed in more detail in the Social Investment Report. It is also possible to find information about

EDP' social investment projects on the EDP YES - You Empower Society - website.

S3-4_07 - Description of approach to ensuring that processes to provide or enable 

remedy in event of material negative impacts on affected communities are 

available and effective in their implementation and outcomes 

EDP discloses the "Action plan according to the project phase" which includes the 2nd phase

"Planning/Licensing", that highlights the step to "Develop a Local Stakeholders Engagement Plan

and define compensation measures". In North America, a Tactics Manual was created, with a

timeline to be followed, helping development teams through engagement conversations for

maximum efficiency. The Community Engagement Team deploys monthly workshops with all

involved with local populations, further endorsing tool to a shared value relation.

With regard to the processes related to social investment/CSR initiatives, EDP has the following

guiding documents:

• Social Investment Policy, establishes the objectives, corporate strategies and regulations

relating to EDP's Social Investment, which is expressed in social responsibility programmes and

projects in the community, through its own and collaborative initiatives, donations and

volunteering. This policy is available on the edp.com website and in the company's internal

regulations

• Social Investment Management Procedure \- an internal procedure that aims to describe the

process of drawing up the annual social investment plan, as well as receiving, analysing and

supporting unplanned initiatives. This document is available to all EDP employees in the

company's internal regulations repository.

EDP assesses the effectiveness of social investment projects in terms of their ability to remedy the

negative impacts caused on communities, through the application of an impact assessment

methodology it has developed and which is based on the United Nations SDGs.This methodology is

available for project managers to assess the impact of their projects on communities.

In 2024, EDP promoted a transversal impact measurement project with the support of an external

partner to find an impact assessment methodology applicable to all projects and easily used by

project managers. This project aims to strengthen EDP's impact assessment methodology,

addressing the fact that not all projects have a direct correspondence with the SDGs.

This project is underway and will be implemented by the 1st quarter of 2025 and will enable better

measurement of the effectiveness of project implementation and outcomes in communities.

S3-4_08 - Description of what action is planned or underway to mitigate material 

risks arising from impacts and dependencies on affected communities and how 

effectiveness is tracked / S3-4_09 - Description of what action is planned or 

underway to pursue material opportunities in relation to affected communities

EDP develops several CSR (Corporate Social Responsibility) initiatives in the communities impacted

by its operations that create a positive impact on those communities. With more than €30m

invested each year in CSR programs around the world, EDP is committed to contribute to the

communities with its own initiatives, donations, and volunteering. From Europe to South America,

North America, Africa and APAC, EDP develops more than 500 social projects with a strong focus

on ensuring a fair energy transition that leaves no-one behind.

While Fair Energy Transition is the overarching global theme, EDP also invests in Culture through its

foundations in Brazil, Spain and Portugal, as well as in Emergency relief (to face natural disasters,

wars, etc.) and other specific needs to support local communities.

Within Fair Energy Transition, EDP develops social projects across 6 main pillars that drive valuable

global alignment. The projects here listed align with the risks and opportunities identified:

• solar energy projects - implementation of solar panels to bring the benefits of solar (in self-

consumption or solar communities) in schools, rural or disadvantaged communities or social

organization all over the world. EDP has implemented more than 1,700 solar panels impacting

more than 6,300 people and avoiding the emission of 220 tons of CO2. Some countries were this

has been developed: Portugal, Spain, Brazil, Greece, United States of America

• energy poverty projects \- offering energy-saving and energy-efficient solutions in the homes of

low-income families - e.g. better insulated windows and doors, more efficient equipments,

helping these people to keep their homes at an adequate temperature (and thus preventing

various illnesses at the same time. Some countries where this has been developed: Portugal,

Spain, Brazil and Romania

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• green impact investment & financial support: impact investment fund and capital donations to

support local fair energy transition businesses such as:

i. A2E Fund: a fund to support renewable energy projects that promote the environmental,

social and economic development of rural communities in developing countries. With 6

editions underway, EDP received over 920 applications and selected 47 projects in

Mozambique, Malawi, Nigeria, Kenya, Tanzania, Angola and Rwanda, investing €4.5m

(2018-2024)

ii. EDP Solidarity Energy: a fund from the 3 foundations in Portugal, Spain and Brazil that

supports innovative, sustainable and impactful projects that contribute to a fairer, more

inclusive and socially responsible society, through non-refundable donations. It targets

conversion to renewable energy, energy efficiency and electric mobility

iii. Hope Fund: a fund that will invest in social purpose organizations with a sustainable business

model, that address all types of Fair Energy Transition challenges, with innovative impact

solutions in Portugal, Spain and other countries from South America. This investment aims for

total/partial capital recovery while traditional philanthropy assumes complete loss of capital

from the onset

• upskilling and reskilling projects: development of projects within the scope of renewable

energy, to meet future labour needs and guarantee that former coal workers, people living in

communities close to EDP’s production centres and other minorities have job opportunities. Some

countries were this has been developed: Portugal, Spain, Brazil and Italy

• educational projects: promotion of educational programs so that new generations (aged 6 to 16)

understand the importance of clean energy sources and their role in decarbonising and

mitigating climate change. Some of the countries where this project has been developed:

Portugal, Spain, Brazil and Poland

• environmental sustainability projects: projects aimed at protecting species or the natural

heritage, such as cleaning up beaches and oceans or restoring forests, while helping to maintain

and strengthen ecosystem services that benefit local communities. Some examples include an

underwater clean-up action in Portugal (breaking a Guinness World Record for the largest

number of divers in 12h), which also took place in Spain and Singapore, or the Re.Earth project, a

pilot project launched in Portugal to create a local circular economy based on light biomass

owned by small local landowners. The smallholders clean up their land with the possibility of

selling their agroforestry waste. EDP then uses this biomass to create green energy and heat the

facilities of social organisations. At the same time, land clearing contributes greatly to preventing

forest fires and their harmful environmental and social consequences.

EDP assesses the effectiveness of social investment projects in terms of their ability to create the

desired positive impacts on communities through an impact assessment methodology it has

developed and which is based on the United Nations SDGs. This methodology is available for project

managers to use to assess the impact of their projects on communities.

In 2024, EDP promoted a transversal impact measurement project with the support of an external

partner to find an impact assessment methodology applicable to all projects and that is easily used

by focal points. This project aims to strengthen EDP's impact assessment methodology, addressing

the fact that not all projects have a direct correspondence with the SDGs.

This project is ongoing and will be implemented by the Q1 2025 and will allow better disclosure of

the impact upon communities.

The social investment projects developed by EDP and their positive impacts on communities are

disclosed in more detail in the Social Investment Report. It is also possible to find information about

EDP' social investment projects on the EDP YES - You Empower Society - website.

In particular, EDP discloses actions taken in North America, Brazil, surroundings of São Manoel

Hydroelectric Power Station, La Guajira (Colombia), Greece, etc. in the context of its impact in local

and indigenous communities (Social Investment Report 2023; EDP YES Website).

In Vietnam, the Government rose funds to support the rebuild after the YAGI Typhoon. A donation of

SGD10.000 was made by EDP, but an extra 200,000VND was made to help the population cope

with flooding and homelessness due to the typhoon. The Xuan Thien Facility in Ninh Thuan was

deeply involved with the community.

S3-4_10 - Disclosure of whether and how it is ensured that own practices do not 

cause or contribute to material negative impacts on affected communities 

EDP engages with local communities before starting a new project, to deeply diagnose, through

independent external studies, the real impacts business will have on the new energy landscape. EDP

has a local stakeholder engagement policy, with an extensive list of procedures compulsory

throughout the group. Engagement Plans cover a previous DD/ ESIA and will address specific risks.

Municipality meetings are held, listening to local topics and aligning the strategy with local powers.

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S3-4_11 \- Disclosure of severe human rights issues and incidents connected to 

affected communities 

EDP permanently monitors its risks and incidents, eventual crisis and community impacts. They are

assessed at international raters surveillance and also through the GRI tables exposed at the

Integrated Report, yearly.

Some regions have regulation providing report on events occurred: in Brazil, the Risk and Socio-

Environmental Impact Management Report (PR.FT.IST.00009) states that there were no issues

related to Human Rights or local communities.

Finally, EDP provides to all stakeholders, the Speak Up whistleblowing channel to facilitate the

sharing of stakeholders’ complaints. During 2024, There were no complains from affected

communities.

S3-4_12 - Disclosure of resources allocated to management of material impacts 

EDP discloses the existence of local stakeholder teams and that "Community Gate Keeper monitors

the group’s activity towards local populations and reports regularly to the EBD and the GSB on

impact achieved or avoided. In its Local stakeholder engagement policy, EDP also discloses the

governance model and which roles/teams have responsibilities in relation to the policy which has

the premise to engage with communities and diagnose real impacts.

EDP carries out several CSR initiatives in the communities affected by its operations, with the aim of

preventing, mitigating and remedying any negative impacts and creating a positive impact on those

communities.

The resources used to realise these initiatives include contributions in cash, in kind and in time

(volunteering), as well as management costs that include, among others, the time that EDP

employees allocate to managing and monitoring the projects, consultancy services, communication

and travel costs that makes it possible to carry out these projects.

The resources needed to carry out social investment initiatives are planned annually by the

companies that make up the EDP Group, and there is a specific budget for their realisation. This plan

is always analysed by a team that coordinates EDP's social investment, ensuring that it complies

with the objectives and strategic axes defined for social investment and that it is aligned with the

group's social investment policy.

EDP has a digital platform that allows employees to report these resources and manage CSR

projects, which are then disclosed in the Annual Report, the Social Investment Report and on the EDP

YES - You Empower Society - website.

Throughout the year, the use of these resources and compliance with the plan are monitored and

internal meetings are held between EDP teams in the various countries where the company

operates, to align and share its social investment projects, as well as the implementation of the plan.

In addition to the initiatives planned each year, requests for support are also received from

communities. These are received and analysed by the social investment coordination team, which

assesses the potential support, taking into account the annual investment plan and the group's

strategic objectives, as well as the specific needs of the community where the project takes place.

Applications for support can be submitted using a form available on the EDP YES website.

The preparation of the annual social investment plan, as well as receiving, analysing and supporting

unplanned initiatives, is described in an internal Social Investment Management procedure.

Projects' CAPEX already comprises the conditioning processes towards social and environmental

impact.

S3-4_14 - Disclosure of how participation in industry or multi-stakeholder initiative 

and undertaking's own involvement is aiming to address material impacts 

Recognizing the importance of ecosystems and biodiversity for maintaining the cycles that sustain

life on the planet, as part of its CSR initiatives, EDP has partnerships with several organizations in

several countries, supporting projects that aim to conserve natural heritage and rehabilitate wildlife.

Throughout 2024, EDP also contributed with several corporate volunteering actions, where EDP

employees actively engaged in initiatives focused on protecting ecosystems, such as beach clean-

ups or reforestation, in several of the countries where it is present. In 2024, EDP also supported

underwater clean-up projects that contributed to the removal of marine litter in Portugal, Spain and

Singapore.

Forest fires are a significant problem with high social and environmental costs and one major cause

is the excessive presence of light biomass (bushes, etc.). However, small producers cannot afford the

harvesting and legislation is forcing them to cut the trees in the boundaries of their lands at their own

expense. That is turning the forest less profitable, enhancing rural poverty and making people

abandon their lands. In order to help mitigate these negative impacts, in 2024, EDP launched the

Re.Earth project pilot in Portugal. Through this project, EDP financially rewards producers who carry

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out this removal, also using the collected biomass to bring energy to key structures of the

communities, while reducing the possibility of forest fires.

EDP also supports awareness/education projects on biodiversity and the circular economy, or

projects that promote knowledge about the consequences of climate change and the role of

renewable energy in its mitigation. EDP's educational initiatives span several countries, aiming to

equip young minds with knowledge about sustainable energy technologies. These programs utilize

innovative approaches such as interactive sessions, practical projects, and virtual reality to engage

participants and foster a deeper appreciation for sustainable energy solutions. One example is the

Energy Academy program, an educational activity that aims to explain to young people the

difference between the different types of energy generation technologies. The sessions consist of

leading students through the world of renewable energies using children's characters representing

solar, hydraulic, wind, geothermal and biomass energy, accompanied by videos and interactive

presentations allowing them to learn about their different characteristics in an easy and attractive

way. As part of this program, a dedicated website was also developed, where students and teachers

can find the content to be used in the sessions. Another initiative is the 'Conversas com

Energia' (Conversations with Energy) in Portugal, aimed at promoting knowledge and dialogue

around the challenges of the climate emergency, energy, and sustainability. Each session is a unique

experience that promotes debate between a group of young people and a different speaker about

the past, present, and future of our planet.

These initiatives are disclosed on the EDP YES website, under the YES to the Planet axis, as well as in

the annual social investment report.

S3-4_15 - Disclosure of whether and how affected communities play role in 

decisions regarding design and implementation of programmes or investments 

When preparing and deciding on the implementation of social investment projects, both those

developed by EDP (its own projects) and in the case of projects developed by external organisations

supported by EDP, local communities are consulted/involved in this process.

For example, when local communities are impacted by the construction of a new energy production

site, or even on assets already in operation, local stakeholders, namely local authorities, are

contacted to better understand their needs and expectations in order to develop the projects that

best fit their needs - EDP even has a portfolio of initiatives that is presented to local stakeholders.

These action plans serve to ensure good relations with local communities for projects in operation,

and also serve to facilitate the processing of new projects and obtaining the social licence to operate

in these locations.

EDP' Social investment projects are communicated to the various stakeholders through the EDP

Y.E.S - You Empower Society website, ensuring an integrated narrative about the EDP Group’s

social investment. In its Social Investment Report, EDP discloses information about several initiatives

that includes details about engagement with communities.

S3-4_16 - Information about intended or achieved positive outcomes of 

programmes or investments for affected communities 

Below, for EDP's global social investment programmes, are the respective positive impacts on local

communities:

• Solidarity Solar Project - implementation of solar panels to bring the benefits of solar (in self-

consumption or solar communities) in schools, rural or disadvantaged communities or social

organization all over the world. EDP has implemented more than 1,700 solar panels impacting

more than 6,300 people and avoiding the emission of 220 tons of CO2. Some countries were this

has been developed: Portugal, Spain, Brazil, Greece, United States of America.

• Energy Inclusion Project - offering energy-saving and energy-efficient solutions in the homes

of low-income families - e.g. better insulated windows and doors, more efficient equipments,

helping these people to keep their homes at an adequate temperature (and thus preventing

various illnesses at the same time. EDP has intervened in more than 820 homes, impacting more

than 3,000 people. Some countries where this has been developed: Brazil, Portugal, Spain,

Poland and Romania.

• A2E Fund - a fund to support renewable energy projects that promote the environmental, social

and economic development of rural communities in developing countries. With 6 editions

underway, EDP received over 920 applications and selected 47 projects in Mozambique,

Malawi, Nigeria, Kenya, Tanzania, Angola and Rwanda, investing €4.5m (2018-2024); These

projects have impacted more than 8 million people.

• EDP Solidarity Energy - a fund from the 3 foundations in Portugal, Spain and Brazil that supports

innovative, sustainable and impactful projects that contribute to a fairer, more inclusive and

socially responsible society, through non-refundable donations. It targets conversion to

renewable energy, energy efficiency and electric mobility. Since 2004, 744 projects have been

realised, impacting more than 2.4 million people

• Upskilling and Reskilling Projects - Development of projects within the scope of renewable

energy, to meet future labour needs and guarantee that former coal workers, people living in

communities close to EDP’s production centres and other minorities have job opportunities. It also

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contributes to population retention in rural areas, by creating local employment opportunities.

Some countries where this has been developed: Brazil, Portugal, Spain, Italy, United States of

America.

• Energy Academy Project: educational activity that aims to explain to young people the

difference between the different types of energy generation technologies and make them

understand the importance of clean energy sources and their role in decarbonization and

mitigating climate change. The sessions consist of leading students through the world of

renewable energies using children's characters representing solar, hydraulic, wind, geothermal

and biomass energy, accompanied by videos and interactive presentations allowing them to

learn about their different characteristics in an easy and attractive way. As part of this program, a

dedicated website was also developed, where students and teachers can find the content to be

used in the sessions. Some countries where this has been developed: Portugal, Spain and Brazil.

• Environmental sustainability projects: projects aimed at protecting species or the natural

heritage, such as cleaning up beaches and oceans or restoring forests, while helping to maintain

and strengthen ecosystem services that benefit local communities. Some examples include an

underwater clean-up action in Portugal (breaking a Guinness World Record for the largest

number of divers in 12h), which also took place in Spain and Singapore, or the Re.Earth project, a

pilot project launched in Portugal to create a local circular economy based on light biomass

owned by small local landowners. The smallholders clean up their land with the possibility of

selling their agroforestry waste. EDP then uses this biomass to create green energy and heat the

facilities of social organisations. At the same time, land clearing contributes greatly to preventing

forest fires and their harmful environmental and social consequences.

The social investment projects developed by EDP and their positive impacts on communities are

disclosed in more detail in the Social Investment Report. It is also possible to find information about

EDP' social investment projects on the EDP YES - You Empower Society - website.

S3-4_17 - Explanation of the approximate scope of affected communities covered 

by the described social investment or development programmes, and, where 

applicable, the rationale for why selected communities were chosen 

The scope of communities benefiting from EDP' social investment programmes include those

affected by the closure/opening of new power stations, communities in developing countries,

indigenous communities, people with some type of vulnerability in the communities impacted by

EDP's operations (homeless, low-income, affected by some type of physical or mental illness, elderly

people or those in a situation of social exclusion), local social entrepreneurs, emergency relief teams,

among others. The rationale for selecting the communities includes:

• Communities who reside or work in the area of a given EDP project

• Communities impacted positively or negatively by EDP operations

• Communities in places where EDP intends to expand its business and obtain a social license to

operate

• Communities with which EDP intends to improve relations and obtain their goodwill

• Communities in which EDP intends to reinforce its brand awareness.

In its Social Investment Report, EDP discloses information about various CSR programs and

initiatives, as well as the communities covered.

S3-4_19 - Description of internal functions that are involved in managing impacts 

and types of action taken by internal functions to address negative and advance 

positive impacts 

The existence of local stakeholder teams is monitored by the Community Gate Keeper, over the

group’s activity towards local populations. The group reports to the EBD and the GSB on impact

achieved or avoided. In its Local stakeholder engagement policy, EDP also discloses the governance

model and which roles/teams have responsibilities in relation to the policy which has the premise to

engage with communities and diagnose real impacts. E.G., The CRC, “Community Relations

Coordinator” figure was created in North America for EDP to be close to any situation needed to

address throughout the region."

In addition to the functions described in the Local stakeholder engagement policy, EDP also created

an office dedicated to defining the global social investment strategy - Social Impact Coordination

Office - aiming to maximize the EDP Group's social impact, ensuring the alignment of all vehicles of

social investment of the EDP Group, including its Foundations in Portugal, Spain and Brazil (Instituto

EDP).

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S3.MDR-T_01-13 - Targets set to manage material impacts, risks and opportunities 

related to affected communities

In 2021, EDP carried out a review of its social investment strategy, with the support of external

consultants who brought together all internal stakeholders involved in social investment projects.

From this joint work, an objective was defined to invest around €30m/year in social impact projects,

between 2021 and 2030, focusing mainly on supporting projects related to the Fair Energy

Transition, in line with the company's business area, and should represent around 45% of the

investment. At the same time, EDP maintains access to culture as a fundamental axis of its social

strategy, as it believes in the positive impact of culture on the development of society. Subsequently,

in 2022, EDP presented its public commitment to invest more than €300m (corresponding to €30m

per year) by 2030 in social investment projects, demonstrating its commitment to accelerating

decarbonization and achieving carbon neutrality, leaving no one behind.

In addition, a corporate department was also created responsible for supervising, coordinating and

executing social investment projects at the global level of the group in the various countries. The

teams involved in social investment projects also have a digital platform where they report their

initiatives, investments and results achieved. Compliance with investment objectives is permanently

monitored by the corporate team, and the EDP Group's Business Units and Foundations are also

involved and informed in periodic meetings to monitor the objectives set.

The focus on projects that promote access to clean energy in developing countries is another

commitment that was reinforced: given the impact of Access to Energy projects on the benefiting

communities, EDP's executive board of directors decided to double the budget available in 2022, in

the 4th edition of the A2E Fund (Access to Energy) to €1m, this being the amount available annually

for subsequent editions. In addition to the increase in the overall value, the value to be awarded per

selected application was also increased to between 50 thousand and 150 thousand euros. This is a

significant change that will allow the development of more robust projects with greater impact on

communities, both in terms of the number of organizations supported and the number of people

benefiting.

All supported projects present periodic reports describing the activities carried out, costs incurred

and photographic samples proving execution. Until the 5th edition, some projects were selected for

a physical visit by an EDP manager designated for monitoring. For the 6th edition (2024/2025),

local consultants were hired to monitor all projects selected in this edition.

In addition to these global investment targets, specific targets are also defined for each project,

namely in terms of outputs (e.g. number of beneficiaries to be reached, installed capacity) or impact

indicators that are appropriate to the scope of the project (e.g. number of jobs created), with the

progress and achievement of these targets being monitored by project managers. In the case of a

project from an external entity supported by EDP, the results of the targets are determined by the

external entity (sometimes with the support of EDP) and communicated by the entities to EDP, as

provided for in the protocols signed with the entities at the beginning of the project.

S3-5_01 - Disclosure of whether and how affected communities were engaged 

directly in setting targets 

In some cases, while negotiating with local authorities and local population, the targets are designed

as a team work, with specific goals addressed by both sides. When such is the case, they’ll be

specifically addressed at the Action Plan, which is then public evidence.

For the social investment projects developed or supported by EDP, specific targets are set

appropriate to the scope of the project, both in terms of outputs (e.g. number of beneficiaries to be

reached, installed capacity) and outcomes (e.g. number of jobs created). These targets are defined

prior to the realisation of the projects and, both in EDP's own projects and in projects developed by

external entities supported by EDP, local communities are consulted/involved in their definition.

For example, when local communities are impacted by the construction of a new energy production

site, or even on assets already in operation, local stakeholders, namely local authorities, are

contacted to better understand their needs and expectations in order to develop the projects that

best fit their needs (EDP even has a portfolio of initiatives that is presented to stakeholders). Once

the most suitable project has been selected, specific targets are set together with the stakeholders

to gauge whether the project has contributed to achieving what was intended and addressing local

needs.

These action plans serve to ensure good relations with local communities for projects in operation,

and also serve to facilitate the processing of new projects and obtaining the social licence to operate

in these locations.

S3-5_02 - Disclosure of whether and how affected communities were engaged 

directly in tracking performance against targets 

Some cases specify at the engagement plan, other just rely on local communication/ reputation and

regular public evaluation, disclosed at internal and external reports.

In addition to the joint definition (EDP and local stakeholders) of metrics and targets for social

investment projects, the same applies to their follow-up and measurement.

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For example, in the case of a project developed by an external organisation in local communities,

with the support of EDP, the results of the targets are measured by the external organisation and

communicated to EDP's project managers. The targets set and the need to monitor their progress

and reporting are even included in the collaboration protocols signed between EDP and the external

organisations, even before the project begins.

In the case of EDP's own projects, the progress and realisation of the targets set are monitored and

reported on by EDP's project managers with the support of local stakeholders.

EDP project managers also have access to an internal digital platform where they report on the

social investment initiatives for which they are responsible, including the results of the indicators and

the achievement of the defined targets.

S3-5_03 - Disclosure of whether and how affected communities were engaged 

directly in identifying lessons or improvements as result of undertaking’s 

performance 

Depending on the investment rate, or the risks taken, there are further assessments done by external

entities. When that is not the case, local teams hear the population regularly to further identify and

address any discomforts, or acknowledge achievements – these are usually shared with local media

and internal networks upon timeline landmarks.

After contacting local communities and listening to their perception of what went well and what

could have been done differently, EDP project managers are also encouraged to share lessons

learned and best practices internally within the scope of their projects. These are shared in regular

meetings held between project managers from the various EDP companies in different countries, as

well as on the digital platform for reporting social investment initiatives, which has its own field for

this purpose.

An example is the Energy Transition Project from Águeda, central Portugal. Identifying impacts that

were not addressed previously, EDP and the Municipality reached an agreement for new initiative to

be develloped under the action plan, enhancing the mitigation and strengthening the local

population quality of life.

S3-5_04 - Disclosure of intended outcomes to be achieved in lives of affected 

communities 

The methodology disclosed in S3-4_04 is available for project managers to assess the impact of

their projects on communities, ensuring that the same indicators and respective targets are used for

projects with similar desired effects, making it possible to collect the same type of data in a

comparable way over time. These indicators and the achievement of established targets are

reported on a digital platform that ensures that there is a history over time.

The chosen indicators and respective targets are applied depending on the type of project and

include measuring and setting targets for output indicators: e.g. number of direct and indirect

beneficiaries, average learning hours per person (h), Installed renewable energy (kWp), number of

jobs created, Recovered natural area (ha). The progress and achievement of the targets are

monitored by project managers.

EDP assesses the achievement of defined targets in terms of their ability to create the desired

outcomes on communities, through an impact assessment methodology it has developed and which

is based on the United Nations SDGs.

In 2024, EDP promoted a transversal project to review its impact measurement methodology with

the support of an external partner to find an impact assessment methodology applicable to all

projects and that is easily used by focal points. This project aims to strengthen EDP's impact

assessment methodology, addressing the fact that not all projects have a direct correspondence

with the SDGs.

This project is ongoing and will be implemented by the Q1 2025 and will allow better disclosure of

the impact upon communities.

S3-5_05 - Information about stability over time of target in terms of definitions and 

methodologies to enable comparability 

EDP assesses the effectiveness of social investment projects in terms of their ability to create the

desired positive impacts on communities, through an impact assessment methodology it has

developed and which is based on the United Nations SDGs. This methodology is available for project

managers to assess the impact of their projects on communities, ensuring that the same indicators

and respective targets are used for projects with similar desired effects, making it possible to collect

the same type of data in a comparable way over time. These indicators and the achievement of

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established targets are then reported on a digital platform that ensures that there is a history over

time.

In 2024, EDP promoted a transversal impact measurement project with the support of an external

partner to find an impact assessment methodology applicable to all projects and easily used by the

focal points. This project aims to strengthen EDP's impact assessment methodology by reinforcing

existing indicators, always with the premise of maintaining the standardisation of the indicators

used and comparability over time. This project is underway and will be implemented by the 1st

quarter of 2025 and will allow for better dissemination of the impact on communities.

S3-5_06 - Disclosure of references to standards or commitments on which target 

is based 

EDP assesses the effectiveness of social investment projects and the achievement of defined

targets in terms of their ability to create the desired positive impacts on communities, through an

impact assessment methodology it has developed and which is based on the United Nations SDGs.

EDP also follows the impact measurement methodology developed by B4SI - Business for Societal

Impact. The B4SI framework is a structured approach for companies to measure and report their

social impact, namely through investment in the business community (ICC), investments in

innovation of the company's products, services or operations, as well as operating expenses with

procurement processes, which create a clearly defined and demonstrable social impact. The B4SI

categorises activities into inputs, outputs and impacts, providing guidance on how to assess the

resources contributed (inputs), the immediate results achieved (outputs) and the long-term changes

brought about by these activities (impacts). B4SI emphasises the alignment of community

investments with broader business strategies to ensure that they not only benefit society, but also

contribute to the company's long-term objectives.

EDP also has a transversal project underway with the aim of strengthening its impact measurement

methodology, with the support of an external partner for this purpose. In addition to the SDGs, this

methodology is also based on the Impact Management Project (IMP) framework. From 2016 to 2018,

the Impact Management Project (IMP) brought together a Community of Practitioners of more than

3,000 companies and investors to build a global consensus on how we measure, improve and

publicise our positive and negative impacts (also known as ‘impact management’). The resulting

consensus (or ‘standards’) provides a common logic to help companies and investors understand

their impacts on people and the planet, so they can reduce the negative and increase the positive.

EDP's Social Investment policy, which establishes the objectives, corporate strategies and

regulations relating to EDP's social investment, and which is publicly available on the edp.com

website, also describes the internal and external references in which the policy has been taken into

consideration/aligned (section 4. References):

External References

The Social Investment Policy applies the principles and methodologies referred to in the following

documents:

• ISO 26000 – Social Responsibility

• Principles for Responsible Investment – United Nations

• Sustainable Development Goals (SDGs) – United Nations

• Global Reporting Initiative (GRI) guidelines

• B4SI – Business for Societal Impact

Internal References

The Social Investment Policy must be interpreted in conjunction with the following EDP policies and

commitments:

• Principles of Sustainable Development

• EDP Group Integrity Policy

• Social Investment Management Procedure

• EDP Group Stakeholder Relationship Policy and Stakeholder Segmentation Model

• Local Stakeholder Engagement Policy

• EDP Group Stakeholder Management Methodology Guide (includes Local Stakeholder

Engagement Plan)

• EDP Group Interest Representation Policy

• EDP Group Code of Ethics

• Materiality Guide for the EDP Group

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• Volunteering Policy

• EDP's commitment to the Sustainable Development Goals

• Statutes of Fundação EDP, Fundación EDP and Instituto EDP

• Procedure for Integrity Due Diligence of Third Parties and Employee Candidates (IDD)

• Procedure for Relationship with Politically Exposed Persons (PEP)

• Procedure for Donations and Sponsorships

• Procedure for Prevention and Management of Conflicts of Interest.

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ESRS S4 Consumers and end-users

S4.SBM-3_01 \- All consumers and end-users who can be materially impacted by 

undertaking are included in scope of disclosure under ESRS 2 / S4.SBM-3_02 - 

Description of types of consumers and end-users subject to material impacts /

S4.SBM-3_03 - Type of consumers and end-users subject to material impacts by 

own operations or through value chain

EDP serves a variety of consumers and end-users, including both residential and business

customers, from a range of products and services, spanning from energy supply to solutions in

energy efficiency, electric mobility, and decentralized solar energy.

In Iberia, the regulatory framework defines the separation of distribution (regulated market), supply

(liberalised and regulated market) and supply in the regulated market. While, in Portugal, EDP

operates in the three activities through independent companies, in Spain it is present in distribution

(regulated market) and supply (liberalised market). In Brazil, in the states of São Paulo and Espírito

Santo, EDP operates in the regulated market, in distribution and supply, as well as in supply in the

liberalized market.

All these consumers (e.g..: domestic, industrial, small and medium-sized enterprises) and end-users

(e.g..: local communities, promoter) of the distribution and commercial system operators are

included in the scope of the disclosure.

Regarding vulnerable customers, EDP thoroughly applies the service guarantees specified by

regulation and which aim to protect priority customers from interruptions in the supply of energy

(Chapter X, sections I and II - Customers with special needs and priority customers of the Regulation

on Service Quality in the Electricity and Natural Gas sector). Priority customers of EDP include health

services, security forces, firefighters, civil protection, maritime and air safety, and penitentiary

facilities. These customers are protected from energy supply interruptions and receive priority in

service restoration.

EDP adapts its information and communication systems to ensure that customers with disabilities,

such as those with limited vision, hearing, oral communication, or olfactory deficits, receive the same

levels of quality service and rights as other customers in accordance with Chapter X, sections I and II

\- Customers with special needs and priority customers of the Regulation on Service Quality in the

Electric and Natural Gas sector.

S4.SBM-3_04 - Material negative impacts occurrence (consumers and end-users) 

There is a risk of incidents involving customers who purchase products or services from EDP, ranging

from misuse of the product or service to equipment malfunctions, service interruptions, or accidents

with serious consequences for customers. Additionally, while contractual agreements are in place to

prevent misuse of customer information by service providers, there remains a risk of inappropriate

handling. To mitigate these impacts, EDP implements robust measures such as proactive

maintenance of equipment, clear user guidance, service continuity plans, and strict data protection

protocols. These efforts align with the company’s commitment to ensuring safety, reliability, and

trust in its operations.

Furthermore, electricity supply service interruptions or disruptions can occur, and complaints (both

technical and commercial) may be subject to compensation. Delays in connection requests are

subject to a penalty system, and the unavailability of data to the market is also subject to penalties.

S4.SBM-3_05 - Description of activities that result in positive impacts and types of 

consumers and end-users that are positively affected or could be positively 

affected 

EDP's products/services, in general, have a positive impact on the business and lives of customers

and society, since they involve improving the energy efficiency and self consumption through tools

available online that help customers improve their energy management (solutions such as being part

of solar communities, all household electric appliances).

S4.SBM-3_06 - Description of material risks and opportunities arising from 

impacts and dependencies on consumers and end-users 

The double materiality assessment identified several opportunities, such as portfolio diversification,

which allows a company to capture a broader customer base. The shift in consumer behaviour, with

a focus on sustainability, drives demand for sustainable products and services. Prioritizing customer

satisfaction and offering solutions positions a company for growth and competitiveness, enhancing

its reputation as a brand. Additionally, grievance mechanisms allow consumers and end-users to

voice concerns or report issues, allowing for timely resolution and building trust and accountability.

The material risks stem from energy price volatility, which can impact financial performance,

investments, supply chain, compliance, and competitiveness. Customer debt and legal compliance

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with regulatory standards are also critical. Additionally, ensuring that all products and services meet

safety standards is essential.

S4.SBM-3_07 \- Disclosure of whether and how understanding of how consumers 

and end-users with particular characteristics, working in particular contexts, or 

undertaking particular activities may be at greater risk of harm has been developed

EDP monitors priority clients and/or those with social needs and with additional critical risk, in order

to provide the best response to their needs. EDP provides several opportunities for customer

feedback at all stages of the customer journey, allowing for various moments of input that aim to

improve and correct internal processes, make communications clearer, simpler, and more efficient,

and develop our range of products and services.

We provide satisfaction/feedback surveys through different channels to address questions,

requests for contract changes, equipment installations, and technical assistance.

As an essential service for economy and society, we are a socially responsible company, and EDP

recognises that the activities inherent to the commercialisation and distribution of electricity have an

impact on the consumers and end users by own operations or through value chain located in our

distribution areas. That is why, the security and quality of supply are the key aspects for customers,

specially energy cuts in customers whose uninterrupted access to energy is vital for their well-being

or essential services such as hospitals, care facilities, emergency response centres, data centres,

and other essential infrastructure providers whose operations rely heavily on uninterrupted power

supply for public safety and societal well-being.

S4.SBM-3_08 - Disclosure of which of material risks and opportunities arising from 

impacts and dependencies on consumers and end-users are impacts on specific 

groups 

There is a risk of incidents involving customers and end-user that are affected with energy cuts or

service interruptions with serious consequences, specially in vulnerable costumers or essential

services, that means contracts of public administrations and public bodies, may be considered

essential and therefore must have special protection so that the electricity supply cannot be

suspended.

S4.MDR-P_01-06 - Policies to manage material impacts, risks and opportunities 

related to consumers and end-users / S4-1_01 - Policies to manage material 

impacts, risks and opportunities related to affected consumers and end-users, 

including specific groups or all consumers / end-users 

• [Personal Data Protection Policy](https://www.edp.com/en/investors/corporate-governance/personal-data-protection-policy#:~:text=EDP%20Group%20companies%20only%20process,service%20providers%20and%20other%20stakeholders) that are critical to protect against vulnerability of customer data

and networks IT and OT systems: it outlines the company's commitment to protecting the privacy

and confidentiality of personal data collected, processed, and stored within its operations. This

policy typically covers principles such as lawful and fair processing, transparency, purpose

limitation, data minimization, accuracy, storage limitation, integrity, and confidentiality.

Additionally, it may detail procedures for obtaining consent, ensuring data security, handling data

breaches, and complying with data subject rights. The policy is designed to ensure compliance

with relevant data protection laws and regulations and to foster trust and condense among

stakeholders regarding EDP's handling of personal data.

• [Human and Labour Rights Policy](https://www.edp.com/en/sustainability/human-rights#:~:text=The%20Human%20and%20Labor%20Rights%20Policy%20aims%20to%20ensure%20respect,that%20ensure%20compliance%20with%20them): it outlines the organization's commitment to upholding

fundamental human rights and labour standards across its operations. The policy articulates

principles and guidelines for ensuring the fair treatment of employees, contractors, and

stakeholders, including provisions related to non-discrimination, fair wages, safe working

conditions, and freedom of association. By adhering to this policy, EDP Group aims to promote

dignity, equality, and social responsibility throughout its workforce and supply chain.

• [Safety Policy](https://www.edp.com/en/sustainability/health-and-safety-work-policy): it outlines the overarching principles and guidelines that govern health and safety

practices across the organization. Its purpose is to ensure a safe and healthy work environment

for all employees, contractors, and stakeholders. By adhering to this policy, EDP Group aims to

prevent accidents, injuries, and illnesses, while promoting a culture of safety and well-being

throughout its operations.

• [Environmental Policy](https://www.edp.com/en/sustainability/environmental-policy), that articulates the company's commitment to sustainable practices and

environmental stewardship across Climate Change , Circular Economy & Biodiversity.

• [Code of Ethics](https://www.edp.com/sites/default/files/2024-08/EDP_Code%20of%20Ethics_2024.pdf) establish clear standards for responsible and ethical behaviour in customer

interactions and service delivery.

• Considering quality of service and network resilience are essential for minimizing service

interruptions for customers and end users, EDP has in place a [Business Continuity Policy](https://www.edp.com/en/investors/corporate-governance/business-continuity-policy),

approved in 2023 , that is based on continuous improvement and considers a set of guiding

principles, in line with international good practices of Business Continuity, to enable EDP to

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develop mechanisms for preventing, preparing, responding to and mitigating disruptive

situations.

S4-1_04 \- Disclosure of general approach in relation to engagement with 

consumers and/or end-users 

The primary channel for raising concerns is the Speak Up Channel, available 24/7, which is available

to all stakeholders on the company website (view S4-3_02).

Additionally, EDP continually invests in developing channels and means for resolving complaints

and claims, as well as in improving the customer experience, such as institutional website

(www.edp.pt), a mobile application, customer service line (213 535 353) and stores across the

country. In addition to facilitating conventional customer service channels, alternative solutions to

those provided for by law are made available, such as the Customer Ombudsperson and

participation in citizenship initiatives, such as the Complaints Portal. In Portugal, EDP has a

Customer Ombudsperson, an independent entity whose mission is to assess customer complaints in

cases where they are not satisfied with the responses given in the conventional system.

S4-1_05 - Disclosure of general approach in relation to measures to provide and 

(or) enable remedy for human rights impacts 

The company has an Integrity Due Diligence (IDD) process to identify integrity-related disputes or

potential human rights abuses in business partners. Through this IDD process, it is possible to ensure

that EDP's service providers comply with the premises of the code of ethics and human rights,

thereby providing clients with the assurance of ethical and responsible business practices.

S4-1_06 \- Description of whether and how policies are aligned with relevant 

internationally recognised instruments 

EDP has a Human and Labour Rights Policy, which transposes the main commitments of the

organization in this area. Through this Policy, EDP is committed to respect and implement the

necessary measures to align with international standards (international standards and directives,

treaties and conventions).

The frameworks underpinning both the Human Rights Policy and the related due diligence

processes, as well as specific measures for the protection of human rights, are outlined below. EDP

respects and aligns its operations and organizational structure with the definition of human rights as

established in the International Bill of Human Rights, ensuring the identification of the universal

human rights the company is committed to safeguarding.

Additionally, EDP is committed to complying with the principles set forth by the United Nations,

through both the UN Global Compact and the United Nations Guiding Principles on Business and

Human Rights.

Finally, the company pledges to adopt the OECD Due Diligence Guidance for Responsible Business

Conduct, committing to carrying out a comprehensive due diligence process on human rights across

its direct and indirect operations. The Company is also committed to establish whistle-blowing and

complaint channels and to engage consumers and end-users to ensure that it has the same

measures in place.

S4-1_07 \- Disclosure of extent and indication of nature of cases of non-respect of 

the UN Guiding Principles on Business and Human Rights, ILO Declaration on 

Fundamental Principles and Rights at Work or OECD Guidelines for Multinational 

Enterprises that involve consumers and/or end-users 

There were no reported cases in this context.

S4-2_01 \- Disclosure of whether and how perspectives of consumers and end-

users inform decisions or activities aimed at managing actual and potential 

impacts 

EDP conducts, on a yearly basis, satisfaction surveys with its B2B and B2C customers, which

contribute with information that feeds the materiality analysis.

In terms of commercial service quality, complaints and customer satisfaction are monitored and

improvement actions are identified and implemented annually.

The digitalisation of services to speed up the energy transition (Digital balcony) as well as the

complete installation of smart meters in all customers optimise energy systems and contribute to

greater grid automation and intelligence and provides digital platforms to support market facilitation

(service simplification).

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S4-2_02 - Engagement occurs with consumers and end-users or their legitimate 

representatives directly, or with credible proxies / S4-2_03 - Disclosure of stage at 

which engagement occurs, type of engagement and frequency of engagement 

The primary channel for raising concerns is the Speak Up Channel, available 24/7, which is available

to all stakeholders on the company website (see also S4-3_02).

EDP continually invests in developing channels and means for resolving complaints and claims, as

well as in improving the customers and end users experience. In addition to facilitating conventional

customer service channels, alternative solutions to those provided for by law are made available,

such as the Customer Ombudsperson.

Fostering customer's engaging, in 2024 Networks implemented CSAT (Customer Satisfaction) that

is a measurement used to quantify the degree to which customers are satisfied with a service,

product or experience. The results would be used to improve the customer experience, their

relationship with the EDP and their image of the Networks business.

Additionally, Networks Spain, measure the customer satisfaction level according to the NPS (Net

Promoter Score) index, which rates the customers’ likelihood to recommend something on a scale

from 0 to 10, the data of which are gathered through a simple survey. For continuous improvement

this action is also monitored in the ESG Masterplan.

Satisfaction surveys are conducted weekly by entities external to Networks, processing a simple

sample of all contacts managed in the previous week. For commercial customers, satisfaction

surveys are conducted annually by an external entity after the product or service has been installed.

Customer support channels are available every day for any customer support needs.

Customer and end-users support channels are available every day for any customer support. The

distribution company's telephone breakdown channel is operational 24 hours a day, 365 days a

year.

Customer satisfaction surveys are periodically monitored by the Customers management areas in a

framework of a continuous collaboration and an end-to-end approach to processes that

strengthens our commitment to delivering a customer-centric continuous improvement experience.

S4-2_04 - Disclosure of function and most senior role within undertaking that has 

operational responsibility for ensuring that engagement happens and that results 

inform undertakings approach 

The Stakeholder Management at EDP is managed by the Policy, Regulation & Stakeholders, further

led by the Stakeholder & European Affairs Center of Excellence.The member of Executive Board of

Directors chairing this function has the most senior role.

The communication at EDP's commercial services is managed by the Heads of Marketing Segments

for B2C and B2B customers, with the support of the most senior role in the Executive Board of

Directors.

The communication at EDP Networks is managed by the Heads of "Customer management" in

Portugal and by "Development, Access & Customer Management" in Spain, with the support of the

most senior role in the Executive Board of Directors.

S4-2_05 - Disclosure of how effectiveness of engagement with consumers and 

end-users is assessed 

EDP assesses the effectiveness of engagement with consumers and end-users through satisfaction

questionnaires, which may include metrics related to sustainability. This enables a more detailed

analysis of key indicators to be monitored. Additionally, the B2C Marketing Department, the Digital

Channels Division, the Contact Center, and the Corporate Stakeholders Division employ various

mechanisms to evaluate engagement, such as periodic customer surveys, feedback collection

through digital platforms, and data analysis from interactions. These efforts ensure a comprehensive

understanding of customer needs and the continuous improvement of engagement strategies.

Networks assesses the effectiveness of engagement with consumers and end-users through weekly

CSAT (satisfaction questionnaires) and also in Spain NPS (customer loyalty) which includes 4 touch

points as call centre experience, breakdowns, complaints experience and work orders. This enables

a more detailed analysis of the consumer´s experience.

Additionally, the stakeholder management is carried out in accordance with the EDP Stakeholder

Engagement Policy and the EDP's Stakeholder Relations Management Methodological Guide. The

starting point is an effective identification of the stakeholders and organisations of interest to the

group, at any point in the life cycle of the projects and businesses, their involvement, and their

relevance. In terms of stakeholder management, the purpose of the action is to build and strengthen

relationships of trust, share knowledge and relevant information, anticipate challenges, and identify

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new opportunities for cooperation in the face of the challenges that the EDP Group confronts in all

the countries in which it operates.

S4-2_06 - Disclosure of steps taken to gain insight into perspectives of consumers 

and end-users / consumers and end-users that may be particularly vulnerable to 

impacts and (or) marginalised 

EDP scrupulously applies the service guarantees specified by regulation (Article 103 of the

Regulation on Service Quality in the Electricity and Natural Gas sector) and which aim to protect

priority customers from interruptions in the supply of energy. Priority customers are informed

individually about supply interruptions that are subject to prior notice, with the minimum adequate

prior notice, and have priority in the restoration of service in the event of breakdowns. Priority clients

are health services, security forces, firefighters, civil protection, maritime and air safety, and

penitentiary facilities. Similarly, for customers with special needs, with limited vision, hearing or oral

communication or olfactory deficit, EDP adapts its information and communication systems and

guarantees the same levels of quality of service and rights available to other customers (Article 100

of the Regulation on Service Quality in the Electric and Natural Gas sector). EDP also provides the

“Safe Invoice” service, which covers situations of involuntary unemployment, temporary incapacity

for work or total and permanent disability.

In Brazil, the social tariff benefits low-income families with discounts, and indigenous and

Quilombola families receive discounts based on consumption limits, in accordance with the Law no.

12.212/2010 and Decree no. 7.583/2011.

S4-3_01 \- Disclosure of general approach to and processes for providing or 

contributing to remedy where undertaking has identified that it connected with a 

material negative impact on consumers and end-users 

EDP provides multiple contact channels to promptly address customer concerns, ensuring that any

issue is directed to specialized teams.

Here are some processes that address directly the negative impact of price fluctuation on

consumers and end-users:

• strategy for the advanced procurement of energy in wholesale markets, phased throughout the

previous year, to protect the customer from unexpected fluctuations in market conditions

• contracts without commitment, with fast switching processes and no cost to the customer, ensure

that the customer is free to change if they find a more economical offer

• contracts with a price guarantee for a period of 3 to 12 months, depending on market evolution,

but ensuring price stability for customers

• communication of price revisions with a 30-day notice period before the new prices come into

effect, allows the customer to search for a more competitive offer in the market before feeling the

impact of price increases.

Moreover, EDP promotes energy inclusion through educational initiatives and support programs

such as Energia Solidária and Solidarity Solar, which install self-consumption solar panels in

underprivileged communities, reducing energy costs for economically vulnerable families. These

efforts reflect EDP’s commitment to consumer protection, sustainability, and minimizing the impact

of price fluctuations in the energy sector.

S4-3_02 \- Disclosure of specific channels in place for consumers and end-users to 

raise concerns or needs directly with undertaking and have them addressed / 

S4-3_03 - Disclosure of processes through which undertaking supports or requires 

availability of channels / S4-3_09 - Disclosure of whether and how consumers 

and/or end-users are able to access channels at level of undertaking they are 

affected by

The primary channel for raising concerns is the Speak Up Channel, available 24/7, which is available

to all stakeholders on the company website. This channel allows individuals to report any behaviour

they perceive as violations of the Code of Ethics, internal regulations, or legal requirements. The

Speak Up Channel ensures that all complaints are treated confidentially and that the identity of the

whistleblower is protected unless disclosure is required by law.

Complaints can be submitted through various means, including online forms, face-to-face

meetings, or videoconferences. The company guarantees that all reports received will be treated

with the utmost confidentiality and in accordance with data protection regulations. Additionally, the

company provides the option for anonymous reporting, ensuring that the identity of the

whistleblower remains unknown to those affected or investigated unless expressly authorized by the

whistleblower.

To guarantee uninterrupted service, a dedicated maintenance team is on standby around the clock.

This team is responsible for monitoring the system's integrity and promptly addressing any technical

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issues that may arise. This proactive approach ensures that the communication channels remain

operational, providing a reliable means for individuals to report concerns confidentially and securely.

The investigation process is managed by the Ethics & Compliance Officer (ECO) and the Ethics

Commission, ensuring that all complaints are handled impartially and without conflicts of interest.

The ECO is responsible for maintaining a secure communication channel with the whistleblower and

ensuring compliance with applicable legislation and internal policies.

Additionally, customers have a series of 24x7 communication channels (stores, telephone, EDP's

website and app) where they can request information, ask for services or discuss issues with their

contracts, supply or consumption. A telephone channel is available in the event of network

breakdowns, and a customer complaint resolution department is available to resolve any complaints

about services.

Additional channels such as Customer Ombudsperson, Complaint's Portal (in Portugal) are also

available (please refer to S4-1_04).

S4-3_04 \- Disclosure of how issues raised and addressed are tracked and 

monitored and how effectiveness of channels is ensured 

As stated in the company Whistleblowing Policy and Procedure, the process begins with the receipt

of a complaint, that is registered and filed in the complaint management support tool. All reports are

automatically assigned a sequential number by the platform and cannot be modified or deleted. This

ensures that all complaints and their respective investigations are documented and maintained with

strict confidentiality and data protection measures.

The channel was, in 2023, submitted to an internal audit.

Regarding the other channels (contact centres, telephone and stores) the process includes

registering the request and analysing it through assisted channels interactions. If needed the request

is forwarded to the middle office for further analysis. The final steps involve contacting the customer

with the response, sending a written response, and closing the request.

S4-3_05 - Disclosure of whether and how it is assessed that consumers and end-

users are aware of and trust structures or processes as way to raise their concerns 

or needs and have them addressed 

EDP provides multiple contact channels to ensure customers can effectively raise concerns and

have their issues addressed by specialized teams. At the time of sale, all contact details are shared

through contracts and explained by dedicated specialists. Additionally, customers receive regular

communications via email with essential information such as price changes and new services,

always including multiple contact options such as phone numbers, website links, and store locations.

EDP ensures consumer awareness and trust in these structures through a variety of accessible

communication channels, including its official website, phone support, physical service locations,

and digital platforms such as EDP Online, the mobile app, and WhatsApp. To assess customer

perception and trust, the company actively monitors satisfaction levels, with results in 2024 for B2C

\- Portugal electricity customers of 8,06 (in a scale of 0-10). Additionally, EDP provides structured

complaint management systems, including an independent Customer Ombudsman, the "Portal da

Queixa" for online complaints. The "Speak Up" ethics and whistleblowing channel further reinforces

transparency by allowing anonymous reporting of irregularities. These measures reflect EDP’s

commitment to maintaining effective, trustworthy, and accessible communication with consumers.

S4-3_06 - Policies regarding protection against retaliation for individuals that use 

channels to raise concerns or needs are in place 

The company has established comprehensive policies, namely the Whistleblowing Management

Policy and Procedure, to protect individuals who use channels to raise concerns or needs, ensuring

they are safeguarded against retaliation.

The company prohibits any acts of retaliation against individuals who file complaints in good faith.

This includes threats, attempts at retaliation, and any form of discrimination or adverse treatment.

The policies ensure that the identity of the whistleblower is protected unless disclosure is required by

law.

S4-3_10 - Third-party mechanisms are accessible to all consumers and/or end-

users

In Brazil, there is a unique communication channel available to all stakeholders, the Ethics Channel,

specifically for reporting violations of the Code of Ethics and other internal regulations, which

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operates on an external platform rather than an internal one. This channel is managed by a third

party who initially receives and screens the reports. The third party then directs the reports to the

internal investigation team according to a predefined flow, ensuring that all complaints are handled

efficiently and appropriately.

S4-3_11 - Grievances are treated confidentially and with respect to rights of privacy 

and data protection / S4-3_12 - Consumers and end-users are allowed to use 

anonymously channels to raise concerns or needs 

When a complaint is received, it is registered and filed in the complaint management support tool,

ensuring that all information is maintained with strict confidentiality and in accordance with data

protection regulations. The identity of the whistleblower is protected unless disclosure is required by

law, and all reports are treated with the utmost confidentiality.

The investigation process is managed by the Ethics & Compliance Officer (ECO) and the Ethics

Commission, ensuring that all complaints are handled impartially and without conflicts of interest.

The ECO is responsible for maintaining a secure communication channel with the whistleblower and

ensuring compliance with applicable legislation and internal policies.

Additionally, the company emphasizes the importance of corrective actions and follow-up on

complaints. Measures identified and recommended for correcting any unlawful and/or unethical

behaviour found in the complaints are implemented and monitored to ensure their effectiveness.

This includes changes to processes and control methods, corrections or adjustments to

documentation, increased awareness or training on specific subjects, and other necessary

measures.

As stated in the Whistleblowing Management Regulation, all consumers and end-users are allowed

to use the Speak-up channel anonymously.

S4.MDR-A_01-12 \- Action plans and resources to manage its material impacts, 

risks, and opportunities related to consumers and end-users

Quality of Supply

In 2024, E- REDES TIEPI (Interruption Time Equivalent to Installed Power) was 50.7 minutes

(including extraordinary events) and EDP Redes España TIEPI has maintained its leading position in

the historical series with 18.75 minutes (slightly higher than the 15.73 minutes of the previous year),

despite the record of different storms and events of force majeure.

EDP stands out as a leading company in security and quality of supply, as a result of the investment

made in aspects of digitization and operational improvement of the system to achieve a truly smart

grid.

During the year 2024, actions have been developed to improve the company's operations such as:

• Network automation: we have continued the work we have been carrying out on the automation

of the network, which, in addition to improving its operation by detecting and isolating faulty

sections quickly, reduces the number of trips made by field teams and the need to carry out

manoeuvres on site.

• Digital Transformation projects: such as Early Fire Detection System; Fault location in MV

networks – Safegrid; Substation monitoring with fixed cameras; Asset Defect Detection through

AI; Automatic monitoring of substations.

Commercial Quality

In terms of commercial service quality, complaints and customer satisfaction are monitored and

improvement actions are identified and implemented annually.

The digitalisation of services to speed up the energy transition (Digital balcony) as well as the

complete installation of smart meters in all customers, optimise energy systems and contribute to

greater grid automation and intelligence and provides digital platforms to support market facilitation

(service simplification).

During the year 2024, actions have been developed to improve the company's operations such as:

• Customer Relationship Alignment, multisite project with 4 key levers: call centre, digital channels,

voice of customer, and Process mining. This project is based on identification of best practices in

each geography for the implementation of an Iberian framework. Some key actions started in

2024 and will be developed in 2025 such as: Automated telephone answering with the utilisation

of AI; Automation in Complaints Management; Improved information to our customers on the

estimated replacement time after breakdown in the continuity of supply. Additionally, by

‘listening project’ we identify improvements to our customers' experience project that was

started in 2024 and will be developed in 2025

• Enhancements to the switching service portal for retailers

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• Automation of New Supply requests, that will reduce the time in the request for our consumers

and end-users, it is based on intelligent integrated system to automate the main processes

associated with the definition of technical-economic solutions related to new supply requests or

the extension of existing electricity grid supplies; this automation of engineering work is carried

out using Machine Learning and Artificial Intelligence.

Commercial Offer

EDP has been expanding its commercial activities and currently has a presence in several European

countries and Brazil. The portfolio is being increasingly aligned with the energy transition, offering to

its residential and business customers a range of products and services, spanning from energy

supply to solutions in energy efficiency, electric mobility, and decentralized solar energy.

Access to Energy

Voluntarily, through its Social Investment Policy, EDP also develops programmes promoting access

to energy for populations without connection to electricity networks, either through investments in

companies with this theme in mind, such as SolarWorks in Mozambique and Rensource in Nigeria, or

through the provision of an annual financing fund for sustainable clean energy projects in the areas

of education, health, water and agriculture, business and community in countries with low

electrification rates.

S4-4_01 \- Description of action planned or underway to prevent, mitigate or 

remediate material negative impacts on consumers and end-users /S4-4_02 - 

Description of whether and how action has been taken to provide or enable remedy 

in relation to an actual material impact 

EDP has established a comprehensive strategy to prevent, mitigate, and remediate material

negative impacts on consumers and end-users, particularly in response to energy price volatility,

decarbonization efforts, and regulatory shifts. To enhance price stability, the company employs risk

management strategies such as long-term Power Purchase Agreements (PPAs) and hedging

mechanisms, minimizing exposure to market fluctuations. Additionally, EDP collaborates with

regulators to advocate for structural solutions that ensure affordability, such as government-

supported social tariffs and targeted energy efficiency incentives.

Action plans:

• Provision of a simulator to our customer service channels, allowing us to inform customers in a

personalized manner about the impact of price updates on their bills. Upon customer request,

EDP strives to ensure the best possible price conditions, which may involve migrating the

customer to an offer with more advantageous pricing conditions

• Close monitoring of customer service channels during price review periods, particularly focusing

on the volume of inquiries and complaints related to prices, customer doubts, etc. This information

is used to improve procedures, enhance the information provided to customers, and strengthen

training for service channels

• Offering a diverse portfolio of plans, with the ability to choose between energy plans with prices

indexed to the market (greater savings in contexts of price drops in the wholesale market) or

fixed-price energy plans (greater protection in the event of price increases in the wholesale

market), and free migration between plans depending on market conditions.

Regarding networks, the security and quality of supply are key aspects for customers and end-users

for that reason, EDP is developing smarter and more resilient grids to support the energy transition.

EDP will implement innovative technology solutions in an integrated manner to develop smarter

grids that are more flexible and reliable, which meet the growing decentralised generation and the

increase in extreme weather events.

EDP has been able to maintain an above-average level of quality of the service thanks to the

investments we have made in new electricity infrastructure, the maintenance and renovation of

existing infrastructure and the ambitious plan to digitize our electricity grids.

In recent years, EDP has undertaken an ambitious plan to digitize our networks, transforming

conventional meters and the infrastructure that supports them into smart meters, incorporating

remote management, supervision and automation capabilities.

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S4-4_03 - Description of additional initiatives or processes with primary purpose 

of delivering positive impacts for consumers and end-users 

Within the scope of energy services in EDP's portfolio, there is a set of promoted practices that foster

safety for products and services, namely:

• promotion of online simulators that allow solutions to be customised and sized according to each

client's needs. In these offers, prior visits are made to adjust the solution and ensure that all

additional interventions are considered

• steps are taken to ensure that the legal compliance of all services and products is met in

accordance with the regulations in force

• training and supervision of all installation teams as well as the inclusion of instructions for use and

safety rules made available to all customers

• specific studies for safety analyses of the structure of buildings and of accessory equipment,

enabling safety risks to be mitigated or even eliminated, for continuous improvement

• regular inspection of assets, according to their function, type and regulation, to ensure their safe

operation during their life cycle.

The relationship with social or territorial stakeholders is structured through a “Community

Engagement” or local involvement strategy. As an example this relationship is based on open citizen

participation processes, which include interviews, focus groups, public sessions and/or on specific

topics, and quantitative phone surveys, among others. These participatory processes are conducted

in a structured manner every two years and are accompanied by continuous actions throughout the

year.

Through these participatory processes, the needs and expectations of stakeholder groups in each

area are identified. This allows the existing standard social programs to be adapted to the specific

needs of each municipality and/or geographic area, while enabling the co-creation, co-design, and

development of specific projects and actions for a greater local impact with the directly involved

stakeholders.

In the territorial contexts where distribution activities are carried out, consolidated communication

channels exist with all local councils and associations, as well as business and social entities at the

provincial and local levels.

S4-4_04 \- Description of how effectiveness of actions or initiatives in delivering 

outcomes for consumers and end-users is tracked and assessed 

EDP tracks and assesses the effectiveness of its initiatives to mitigate energy price fluctuations

through data-driven monitoring, regulatory engagement, and consumer feedback mechanisms. The

company evaluates the impact of social tariffs by analysing beneficiary numbers and financial

support provided, ensuring equitable funding through regulatory adjustments.

According to ERSE, the prevision of numbers for social tariffs for 2025 is 740.912 electricity

customers, contributing to €124m in subsidies. Additionally, consumer complaints are monitored

through the Customer Ombudsman, with 42% of reviewed cases resulting in favourable resolutions

and a 7% reduction in complaints in Portugal’s liberalized market, indicating improved pricing

stability and transparency.

EDP is a partner for customers in the energy transition. Investment in solar energy solutions reduces

customers' exposure to market price fluctuations and can help reduce grid energy consumption by

up to 30%. In solutions with a battery that stores unused energy, savings can reach up to 70%. EDP

is a partner for customers in more efficient energy use at home. Highlighting the EDP Efficient Home

project, where we present a range of actions that allow customers to reduce their energy bill and

increase thermal comfort, according to the type of investment they wish to make. Solar

Neighbourhoods, created in 2020, are collective self-consumption communities where solar energy,

and thus renewable energy, is produced and shared among its members. Each neighbourhood

consists of producers and neighbours. The neighbours/families or businesses near the producer

benefit from the creation of this community by receiving a discount on the electricity they self-

consume from the neighbourhood, simply by joining this community, which incurs no cost.

In terms of networks, one of the key aspects that make the quality of service is the continuity of

supply in terms of the number and duration of supply interruptions. The index that measures this

service - Interruption Time Equivalent to Installed Capacity (TIEPI) - in 2024 was 50.7 minutes in

Portugal (including extraordinary events) and 18.75 minutes in Spain. These data show EDP's firm

commitment to continue strengthening the quality of supply offered to our consumers.

These figures are the result of the investments made by EDP in new electricity infrastructures and in

the maintenance and renewal of existing ones, as well as our ambitious digitalization plan.

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S4-4_05 \- Description of approach to identifying what action is needed and 

appropriate in response to particular actual or potential material negative impact on 

consumers and end-users 

In Portugal, since 2010, legislation has provided for the application of a social tariff for electricity and

natural gas, which translates into a discount granted to economically vulnerable customers on the

access tariff.The process to access the social tariff was facilitated in 2016, with the expansion of

eligibility criteria and its automatic allocation. The discount is equivalent to 33.8% of the gross price

of the transitory regulated market tariffs. On the natural gas supply, the benefit also exists and is

equivalent to 31.2% discount on the final customers invoice.

In Brazil, the Social Tariff was implemented in 2002 and consists of a benefit created by the Federal

Government applicable to low-income families. This is a discount on the tariff applicable to the

residential class of the electricity distributors, which can vary between 10%, 40% and 65%,

according to the consumption of each residence, up to a maximum of 220 kWh/month. Indigenous

and Quilombola families who meet the specified requirements benefit, in turn, from a 100% discount

up to a consumption limit of 50 kWh/month.

Focusing on the continuity of supply, EDP monitors several reliability indices utilized worldwide, e.g.,

the System Average Interruption Frequency Index (SAIFI), which measures how often the average

customer experiences a sustained interruption; the System Average Interruption Duration Index

(SAIDI), which computes the average time that customers’ service is interrupted. The importance of

this monitoring from different geographical hierarchies allows EDP to identify priority areas where

network investment should be prioritized.

The large area and the orography of our grids represent an additional challenge for the necessary

management of the protection of the grids. We conduct continuous preventive inspections of our

grids and entering partnerships with our business partners and competent authorities to implement

solutions that will protect consumers and local communities.

Additional information in S4-3_01 and S4-4_01.

S4-4_06 \- Description of approach to taking action in relation to specific material 

impacts on consumers and end-users 

EDP plan the updates in their distribution power networks, assessing not only the expected impact

on supply quality indicators, but also the cost of the different possibilities considered. To this end,

Networks have a planning method with specific prioritization criteria to improve the quality of supply

in distribution power networks taking in consideration key aspects such as 1) Modernization, 2)

Resilience and Environmental 3) Decarbonization & electrification 4) Digital transformation and 5)

Grid Losses. Depending on the valuation of the investment, there are different levels of approval, the

Board being the highest.

Additional information in S4-3_01, S4-4_01 and S4-4_04.

S4-4_07 \- Description of approach to ensuring that processes to provide or enable 

remedy in event of material negative impacts on consumers and end-users are 

available and effective in their implementation and outcomes 

The approach to ensuring processes for providing or enabling remedy in cases of material negative

impacts on consumers and end-users is determined on a case-by-case basis. While there is no

single defined methodology, the organization maintains a mindset focused on effective

implementation. Each department applies specific methodologies tailored to their areas, such as

environment, quality, safety, risk, and business continuity. The Integrated Management System for

the Commercial Area (SIGAC) facilitates alignment and convergence across these approaches,

enhancing their availability and effectiveness.

Power outages are mainly due to planned power infrastructure upgrades, which are planned to

minimize the number of customers affected, and to blackouts, which are unpredictable power

outages due to, for example, material degradation, storms, wind, birds and vandalism. In the case of

planned network cuts EDP has several communication channels to inform customers and end-

consumers of scheduled supply interruptions, including the interactive web map that shows all

power interruptions caused by scheduled maintenance work and network faults. The data shows the

number of customers affected by the outage and the expected time to restore service, at the time it is

known. The availability of customer service channels 365 days a year, 24 hours a day allows us to

be aware of unscheduled outages in which we make the properly mitigation measures.

S4-4_08 \- Description of what action is planned or underway to mitigate material 

risks arising from impacts and dependencies on consumers and end-users and 

how effectiveness is tracked

EDP is implementing innovative technology solutions in an integrated manner to develop smarter

grids that are more flexible and reliable, focus on solid frameworks with proactive regulatory

management, ongoing projects to achieve full automation and remote operation and creation and

adaptation of existing infrastructures to play a key role in the energy transition. Today, smart grids

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are at the heart of more secure, sustainable and efficient distribution with the focus on business

continuity without interruptions.

Combining traditional electrical equipment, with > 90% smart meters and modern

telecommunications systems (network sensorization) with continuous network automation and

digital transformation projects (eg. ADMS, GIS, IA in Field inspections) allows EDP Networks to

receive information remotely and manage energy distribution more efficiently in real time, which has

a direct impact on the continuity of supply and the quality of service that we offer to our customers

and end-consumers.

EDP also offers a diverse range of personalized energy solutions for homes and businesses, focusing

on sustainability and efficiency. With green energy plans, 24/7 maintenance services, loyalty

programs, and innovative energy efficiency solutions, EDP aims to retain its customers by providing

savings, security, and excellent customer service.

S4-4_09 \- Description of what action is planned or underway to pursue material 

opportunities in relation to consumers and end-users 

EDP continues to invest in efficient equipment services, decentralized solar energy, and electric

mobility, leveraging its customer base and expanding its active client portfolio in these categories.

Examples include the launch of the Mixenergy solar water heater, the growth of solar

neighbourhoods, and ME solutions tailored to corporate fleets. These efforts are guided by a

commitment to circularity, sustainability, and lifecycle thinking, ensuring that products and services

are designed and managed to minimize environmental impact and maximize value creation

throughout their lifecycle. This approach supports a more sustainable future while addressing

consumer and end-user needs.

Self- consumption – Energy production for own consumption

Consumers connected to EDP networks can produce their own electricity locally from a renewable

energy source such as a solar panel. The energy produced can be consumed locally, stored, sold or

shared as collective self-consumption or as part of a renewable energy unit. The electricity grid is

the key element and facilitator that allows the sharing and sale of energy produced, the reduction of

electricity bills and the reduction of the carbon footprint.

At the end of 2024, more than 245 thousand self-consumption installations were connected to the

distribution network.

Integration of renewable energies

The use of endogenous (domestic) and renewable sources is the basis of our energy matrix (all the

energy resources available in Iberia). One of the most effective forms of decarbonisation is the

production of electricity from renewable sources, distributed throughout Iberia (distributed

generation) and connected to the distribution network, making it possible to make better use of

resources, bringing production and consumption closer together (reducing losses) and helping with

local management between demand and supply.

At the end of 2024, 9,044MVA of distributed renewable generation was connected to the grid.

Smart meters

With almost 99% of deployment to prepare the electricity grid for the energy transformation, with

the aim of:

• sensing flows and events on the grid and managing the grid in real time

• integrate new forms of production

• enable all stakeholders to manage consumption efficiently

• ensure greater convenience for customers and a reduction in CO2 emissions by remotely carrying

out readings and other services, such as contract changes.

S4-4_10 \- Disclosure of whether and how it is ensured that own practices do not 

cause or contribute to material negative impacts on consumers and end-users 

EDP bases its business on energy efficiency principles, contributing positively to the EDP Group's

carbon neutrality goals. All solutions provided to clients adhere to these guidelines, ensuring that

material impacts are positive. Additionally, various specialities—such as environment, safety,

sustainability, engineering, and operations & maintenance—are actively involved to ensure that

underlying risks are thoroughly considered. This collaborative approach enables the implementation

of appropriate measures across the entire value chain, reinforcing the commitment to avoiding or

mitigating potential negative impacts on consumers and end-users.

As a concrete example, in the context of residential solar installation, flyers outlining essential safety

rules are distributed to clients before any installation activity begins. The installation team conducts

a brief safety induction for the client and places a visible sign highlighting the key safety rules that

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must be followed by the client and any third parties. This proactive approach enhances safety

awareness, ensuring compliance with best practices and reinforcing our commitment to responsible

operations.

S4-4_12 \- Disclosure of resources allocated to management of material impacts 

With the new Strategic Plan 2024-2026, EDP committed on enhancing the role of grids with almost

€3 Bn euros investment for improvements in terms of quality, resilience, efficiency, and digitization.

The aim is to support the increase in electricity demand and effectively manage the expected

growth in renewable capacity.

S4.MDR-T_01-13 \- Targets set to manage material impacts, risks and opportunities 

related to consumers and end-users

EDP has assumed a leading role in the energy transition, with ambitious commitments that include

dropping coal production by 2025, becoming 100% renewable by 2030, and being Net Zero by

2040, advancing the targets set in the Paris Agreement.

Therefore, EDP pursues the Net Zero commitment by 2040, for which, in addition to decarbonising

our own activities, we will provide our customers with low-carbon solutions, and we will explore the

absorption and offsetting role for residual emissions.

There are previously defined objectives with associated metrics, such as reducing avoided CO2

emissions, maintaining a high customer satisfaction index (>75%), increasing the ratio between B2C

customers with electricity and sustainable services versus B2C customers with electricity only,

increasing installed DG capacity for B2B and B2C and increasing EV charging points (100 thousand

installed by 2030).

S4-5_01 \- Disclosure of whether and how consumers and end-users were engaged 

directly in setting targets / S4-5_02 - Disclosure of whether and how consumers 

and end-users were engaged directly in tracking performance against targets / 

S4-5_03 - Disclosure of whether and how consumers and end-users were 

engaged directly in identifying lessons or improvements as result of undertaking’s 

performance 

EDP engages with its clients through customer satisfaction surveys, both from a transactional and

relational perspective. From a transactional perspective, we collect feedback from customers after

an interaction with EDP through various channels. These surveys help us understand customer

satisfaction with different interactions (e.g., answering questions, contract change requests,

equipment installation, technical assistance).

From a relational perspective, we request feedback from customers regarding their relationship with

EDP and its products/services. These surveys allow us to measure the relationship between the

customer and the product over time and provide us with insights into how our products influence

customer satisfaction. These customer listening tools are important for identifying opportunities for

improvement and defining respective initiatives.

Communication channels (meetings with local and regional authorities, personal interviews with

key stakeholders and perception surveys via call centre), with different town councils and competent

organizations have been strengthened, with the continuous the interaction with the Local

Governments in which has allowed to carry out a dynamic and efficient action plan adjusted to the

needs of each territory, not only from the investment of the grid perspective, also from the social and

local community development with the aim to promote a culture of transparency, strengthen the

relationship with local stakeholders, promote their effective and active engagement and minimize

negative impacts in local communities, seeking the appropriate interaction between EDP Redes

España and these entities . The approach considers 5 steps:

i. identify and prioritize relevant areas

• regular meetings with key internal partners to follow up on site updates and pipeline

ii. identify the relevant stakeholders and their priorities/hot topics in the relevant area

• gathering information on existing stakeholders at field level: regular contacts with project

leaders

iii. assess stakeholder’s positioning

• identify and use specific communication channels

• structured stakeholder consultation when needed

iv. set the community engagement strategy

• design and deploy the action plan

v. monitoring and reporting and realign the strategy when needed

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There are commercial KPIs that aim to increase services/products in each of the categories (efficient

equipment, decentralized solar energy and electric mobility). Customer support teams are

increasingly specialized in selling these products and are focused on meeting KPIs. At the same

time, EDP Comercial's ESG indicators are published annually and are available to all customers on

the EDP Comercial website.

Concerning networks, there are commercial and quality of supply KPIs that aim to increase the

performance in customer´s and end users operations. Customer support teams are specialized in

satisfaction monitoring (CSAT and NPS in Spain) and are focused on meeting commercial KPIs

meanwhile Asset Operation teams in coordination with Development Access & customer

management are focusing on achieving quality of supply targets.

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4.4. Governance information

ESRS G1 Business conduct

G1.MDR-P_01-06 - Policies in place to manage its material impacts, risks and 

opportunities related to business conduct and corporate culture 

EDP has implemented a comprehensive governance framework to manage business conduct and

foster a strong corporate ethical culture. The EDP Code of Ethics, reviewed in 2024 and available at

EDP’s website, is foundational for promoting ethical and responsible behaviour across all levels of

the organization, defining the ethical commitments that rule EDP’s activities. It addresses critical

topics such as respect for human rights, diversity and inclusion, stakeholder relations, environment,

corruption and bribery. The EDP Code of Ethics applies to all employees and to agents and suppliers

who act on behalf of EDP. Other suppliers are explicitly required to abide by this Code, in

accordance with the obligations arising from qualification procedures or established contracts.

Additionally, the Integrity Policy approved by the Executive Board of Directors has implemented the

mandatory execution to all EDP Group companies as well as to its employees, service providers

acting on its behalf, in strict compliance with the legal framework applicable in geographies where

the group is present which aim to avoid unlawful conducts, in particular those associated with the

practice of corruption acts, money laundering and terrorism financing. EDP Group is committed to

promote an exempt, honest, integrated, professional, and fair action and requires that its employees

and contracted third parties behave in accordance with such commitment, complying with the

legislation and regulation in force. The EDP Group Companies has implemented and has

disseminated prevention, detection, and control measures towards any form of corruption,

prevarication, conduct on conflict of interest, influence peddling, money laundering, terrorism

financing and other illegal acts. In this regard, the EDP Group Companies may adopt more

demanding additional measures, according to local needs, always ensuring the compliance with the

local applicable legislation. Additionally, the Ethics & Compliance which independence is

guaranteed through the reporting to the Executive Board of Directors and to the General and

Supervisory Board/Financial Matters Committee of EDP is responsible to biennially review this

Policy or whenever any relevant legislative change occurs, submitting those amendments to the

Executive Board of Directors for approval. The Integrity Policy of EDP Group was revised in 2023

and is available at EDP’s website:[ EDP Integrity Policy | edp.com](https://www.edp.com/en/edp-integrity-policy).

In what concerns prevention and fighting against harassment at work, in some geographies there

are specific policies, such as the Good Conduct Code for the Prevention and Fight Against

Harassment at Work for EDP S.A, originally introduced in 2017, underwent a comprehensive revision

on 17 July 2023, and the Protocolo para la Prevención y Actuación en Casos de Acoso en el Entorno

Laboral, dated from January 2023.

As part of its commitment to fostering a culture of transparency and ethical conduct, EDP provides a

robust Whistleblowing Management System for reporting concerns, which can be done through its

Speak Up Channel, available at EDP’s website, and for EDP Brasil the Ethics Channel available at the

EDP Brasil website. This platforms allow employees and all other stakeholders to report any issues

related to unethical and unlawful behaviour, including harassment, corruption, and violations of

company policies, in a safe, anonymous and confidential manner. The Channels are available in

multiple languages. The Whistleblowing Management System in place ensures confidentiality about

the concerns reported, and, when possible, the identity of the whistleblower, protecting them from

retaliation, reinforcing EDP’s dedication to maintaining a work environment based on integrity and

respect.

G1.GOV-1_01 \- Disclosure of role of administrative, management and supervisory 

bodies related to business conduct 

The Executive Board of Directors is responsible for defining the policies, procedures, and

mechanisms that ensure proper business conduct within EDP. In turn, the General and Supervisory

Board, within the scope of its duties, oversees compliance with these policies, particularly through

the Corporate Governance and Sustainability Committee, whose mission, among others, is to

monitor and permanently supervise matters relating to internal codes of ethics and conduct, and the

Financial Matters Committee, whose mission is, among others, to monitor and permanently

supervise the activities and mechanisms of the Compliance management system.

The General and Supervisory Board appoints the Ethics Commission, following a proposal submitted

by the Executive Board of Directors, and is also responsible for addressing issues related to the Code

of Ethics. The Ethics Commission is the body that independently monitors and enforces EDP's Code

of Ethics. It also assesses and deliberates on matters submitted to it, particularly regarding

complaints submitted through the Speak Up channels, and promotes and supports the development

and implementation of mechanisms to consolidate the group's principles of business ethics.

The Ethics Commission is responsible for analysing breaches of the Code of Ethics and current

internal regulations, reviewing the implementation of the annual ethics plan prepared by the Ethics &

Compliance Officer, and ensuring the adequacy of the Code of Ethics and its biennial revisions. The

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Ethics Commission is composed of three independent members of the General and Supervisory

Board. The Ethics & Compliance Officer, along with the Heads of People & Organization and Legal &

Governance, attend the meetings as permanent guests.

G1.GOV-1_02 - Disclosure of expertise of administrative, management and 

supervisory bodies on business conduct matters 

The members of EDP's administrative, management, and supervisory bodies demonstrate a strong

commitment to business conduct matters, leveraging their expertise and active participation in

relevant forums and initiatives. Their involvement in business ethics discussion forums ensures they

stay informed about best practices and emerging trends. The promotion of ethical business conduct

is further reinforced through a clear tone at the top.

The Executive Board of Directors consists of five members with diverse experiences and

backgrounds, all of whom, to a greater or lesser extent, and most of them with a long careers at EDP.

This provides them with direct experience and in-depth knowledge of EDP's business conduct

principles.

Meanwhile, the General and Supervisory Board is composed of a larger number of members, the

majority of which are independent members with solid careers in other companies and fields,

bringing experience and a strong commitment to proper business conduct, namely Gonçalo Moura

Martins, María José Beato, Alicia Reyes Revuelta, among others. In addition, the members of the

Specialized Committees are made up of members of the General and Supervisory Board.

G1-1_01 \- Description of how the undertaking establishes, develops, promotes and 

evaluates its corporate culture

A strong ESG culture focused on protecting and empowering human life is one of the ambitions

outlined in EDP’s Strategic Plan 2023–2026. This means that EDP aims for the entire organization

to embody ESG principles, integrate them into decision-making processes, and diligently work

toward their implementation.

EDP’s corporate culture also incorporates other aspects relevant to sustainability, particularly a

strong commitment to work safety, diversity, compliance and integrity. EDP has approved important

policies and strategic documents, which are available to all employees and to which they must

adhere. These documents embody the principles of the corporate culture, such as the Code of Ethics

and the EDP Group Integrity Policy. Lastly, EDP has implemented internal channels and

whistleblowing mechanisms to facilitate the reporting of irregularities.

One of the ways to assess the adoption of the company's culture by employees is through periodic

surveys, specifically the organizational climate survey and the psychosocial risk assessment.

G1-1_02 - Description of the mechanisms for identifying, reporting and 

investigating concerns about unlawful behaviour or behaviour in contradiction of its 

code of conduct or similar internal rules

The company has established comprehensive mechanisms for identifying, reporting, and

investigating concerns about unlawful behaviour or behaviour that contradicts its code of Ethics or

similar internal rules. These mechanisms are designed to ensure transparency, confidentiality, and

integrity throughout the process.

Concerns can be reported through the company's Speak Up Channels (including the Ethics Channel

at EDP Brasil), which are accessible to all stakeholders, including employees, customers, suppliers,

and other third parties. These channels allow for anonymous reporting, ensuring that the identity of

the whistleblower is protected unless disclosure is required by law.

Once a complaint is received, it undergoes a preliminary analysis to determine its validity. If the

complaint is found to be without serious grounds, it is closed, and the complainant is informed. If the

complaint is valid, an investigation is conducted independently and objectively to determine the

credibility of the complaint. This process involves collecting, analysing, and investigating the facts

rigorously.

In cases of urgency and seriousness, appropriate measures are taken to protect the interests of the

company and the parties involved. The investigation process is managed by the Ethics &

Compliance Officer and the Ethics Commission, ensuring that all complaints are handled impartially

and without conflicts of interest.

The investigation results in a decision by the Ethics Commission, which may classify the complaint

as founded, unfounded, false, inconclusive, or not investigated. The process is finalized when the

complaint is closed in the Speak Up Channels support tool, and the whistleblower is informed within

the legally prescribed time limits. There is also a follow up with the Management Teams, made by the

Ethics & Compliance, of the action plan proposed by the Ethics Commission when applicable.

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G1-1_05 \- Disclosure of safeguards for reporting irregularities including 

whistleblowing protection

The company is committed to ensuring robust safeguards for reporting irregularities, including

whistleblowing protection. Confidentiality and anonymity are key principles, ensuring that the

identity of the whistleblower remains unknown to those affected or investigated unless expressly

authorized by the whistleblower. In urgent and serious situations, appropriate measures are adopted

to protect the interests of the company and the involved parties. All complaints received through the

Speak Up Channel and the respective investigations are registered and filed, guaranteeing

confidentiality and protection of personal data. The investigation process complies fully with the

applicable legal framework and the company's internal policies.

The Whistleblowing Procedure outlines several safeguards for reporting irregularities, including

whistleblowing protection. Confidentiality is emphasized, ensuring that the identity of the

whistleblower is protected unless disclosure is required by law. The procedure also highlights the

prohibition of retaliation against whistleblowers, ensuring that they are not subjected to any form of

discrimination or adverse treatment as a result of their reporting. Additionally, the procedure

provides for regular monitoring of the whistleblower's situation to ensure that they are not facing any

retaliation. Measures are also included to protect the whistleblower's identity and the confidentiality

of the information provided.

G1-1_08 - Undertaking is committed to investigate business conduct incidents 

promptly, independently and objectively 

The undertaking is committed to investigating business conduct incidents promptly, including

incidents about corruption and bribery, independently, and objectively. This commitment is reflected

in the company's policies and procedures, which emphasize the importance of trust and

transparency in all activities and relationships with stakeholders.

The company has established channels for reporting unethical behaviour, ensuring that all

complaints are treated confidentially and investigated independently. The identity of the

whistleblower is protected unless disclosure is required by law. In situations of urgency and

seriousness, appropriate measures are adopted to protect the interests of the company and the

involved parties. All complaints received through the Speak Up Channels and the respective

investigations are registered and filed, guaranteeing confidentiality and protection of personal data.

The investigation process complies fully with the applicable legal framework and the company's

internal policies.

The whistleblowing procedure outline several safeguards for reporting irregularities, including

whistleblowing protection. Confidentiality is emphasized, ensuring that the identity of the

whistleblower is protected unless disclosure is required by law. The procedures also highlight the

prohibition of retaliation against whistleblowers, ensuring that they are not subjected to any form of

discrimination or adverse treatment as a result of their reporting. Additionally, the procedure provide

for regular monitoring of the whistleblower's situation to ensure that they are not facing any

retaliation. Measures are also included to protect the whistleblower's identity and the confidentiality

of the information provided.

G1-1_10 - Information about policy for training within organisation on business 

conduct

Training plays a central role in EDP's commitment to fostering a corporate culture that upholds the

highest standards of ethics and integrity. The Ethics & Compliance invests in training and

communication to ensure and reinforce the culture of ethics and compliance, so that all employees

understand and adhere to the company's policies in this matter.

The biennial global ethics and compliance training plan is designed to mitigate non-compliance

risks, based on identified business needs and ethics and compliance monitoring indicators. These

elements guide the development of training and awareness actions, which are further

complemented by tailored initiatives implemented at a local level. Throughout the year, all mapped

actions are monitored. In 2024, transversal and local training and communication actions were

developed, highlighting the following:

• the bite-sized learning on the Code of Ethics, "The Energy of Ethics”, continued from 2023, with

monthly publication of short videos related to various topics of the Code of Ethics, such as

corruption and bribery and conflict of interest

• the transversal training Compliance FLIX | How I Met Integrity II, with practical cases illustrating

situations of conduct violating the law/internal norms associated with the crime of corruption and

infractions and how to act in situations of conduct violating the law/internal norms

• the transversal training Avoid Harassment, on situations that constitute moral and sexual

harassment and how to act in case of harassment

• awareness actions on the topics of Speak-up, highlighting the video within the scope of the

global celebration of Ethics Day, in October, in which a communication on speak up "It's OK to

Speak up" was launched and a talk on the topic was held, covering what constitutes a complaint,

the procedures, and each person's responsibility in the process

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• local integrity training addressing the topic of corruption

• awareness actions to mark Compliance Officer Day and Anti-Corruption Day

• awareness actions to reinforce the policy on gifts and events.

G1-1_11 - Disclosure of the functions that are most at risk in respect of corruption and 

bribery

All the Compliance policies and procedures that mitigate the risks of corruption and bribery are,

transversally, applicable to all the employees regardless of their role, rank in the organization or

geographic location.

However, EDP Integrity Policy establishes an additional control to those persons who, by virtue of the

exercise of their respective functions, have direct or indirect authority and responsibility for the

planning, direction, and control of activities in EDP Group shall be considered decision makers.

It is considered that decision-makers, both due to their position within the organization and their

decision-making capacity, may be exposed to a higher risk, and in this way to mitigate such risk,

they must annually sign a declaration created for the purpose, confirm, if true, that, throughout the

previous year, were aware of and have complied with, within the scope of the activity carried out at

the service of EDP, the provisions contained in this Policy, having carried out their duties with

integrity, in a transparent manner and in accordance with the legal provisions in force.

G1-1_12 \- Entity is subject to legal requirements with regard to protection of 

whistleblowers

The entity is committed to adhering to legal requirements regarding the protection of whistleblowers.

This commitment is reflected in the company's policies and procedures, which are designed to

ensure compliance with the applicable legal framework and to foster a culture of trust and

transparency.

The company has implemented a whistleblowing management system that aligns with the

European Whistleblower Protection Directive and the local legislation transposing this directive in

the countries where the company operates. This includes the establishment of dedicated

whistleblowing channels, known as "Speak Up" Channels, which allow stakeholders to report

concerns about unethical behaviour or breaches of internal regulations and laws.

The whistleblowing policy emphasize the importance of confidentiality and anonymity, ensuring

that the identity of the whistleblower is protected unless disclosure is required by law. The

whistleblowing procedure also highlight the prohibition of retaliation against whistleblowers,

ensuring that they are not subjected to any form of discrimination or adverse treatment as a result of

their reporting. Additionally, the procedure provide for regular monitoring of the whistleblower's

situation to ensure that they are not facing any retaliation.

G1-2_01 \- Description of policy to prevent late payments, especially to SMEs 

The EDP Group, in its payment policy, establishes rules, procedures, and deadlines for executing

payments by EDP companies and is aligned with the group's General Purchase Conditions (GPC),

with the standard payment term set at 60 days. The policy, although not specifically mentioned, is

applied globally.

The policy states the general rules for payment execution:

• the responsibility is created and approved in the ERP system

• legal documents supporting the payment and cost recognition are available and registered

• payment dates are clearly defined and approved.

Exceptions are allowed if there are:

• individual agreements with suppliers, adjusted to the particularities of contracts or partnerships

• regulatory requirements, especially in sectors or geographies where local regulations must be

respected

• specific conditions agreed for critical supplies, such as strategic services or emergency

situations.

These rules aim to ensure proper cash flow forecasting, harmonize payment execution within the

EDP Group, and create synergies in service execution.

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G1-3_01 \- Information about procedures in place to prevent, detect, and address 

allegations or incidents of corruption or bribery

This Specific Compliance Program has as its central axis the Integrity Policy, which defines the

commitments, general principles of action, and duties of the entities of the group, its employees,

contractors, and business partners, regarding the prevention of illicit acts. This Policy complements

the set of existing norms and compliance mechanisms at both the corporate level (including the

Supplier Code of Conduct, the Code of Conduct for Senior Management and Senior Financial

Officers, the Related Party Transactions Policy, and the Social Investment Policy, in addition to the

group's own Code of Ethics and the available whistleblowing channels), and in the group companies,

particularly the prevention and control models of criminal liability previously implemented by EDP

España and EDP Renováveis (Spain, Chile and Italy) and the Compliance program for the prevention

of corruption at EDP Energias do Brasil (which include a significant set of specific compliance

policies and procedures).

The group’s Integrity Policy is approved by the Executive Board of Directors, periodically reviewed

(last review conducted in 2023), made available to all employees - being a mandatory reading

document, with registration of acknowledgement - and is available on the EDP website. This Policy

reinforces the zero-tolerance policy regarding corruption or bribery practices, clarifies the

prohibition of facilitation payments, and details the principles related to the prevention of conflicts of

interest, donations and sponsorships, contributions to political parties, prevention of money

laundering and combating the financing of terrorism, as well as guidelines regarding the

performance of integrity due diligence of third parties, the relationship with politically exposed

persons (PEPs), the acceptance and allocation of offers and invitations to events, and the monitoring

of international sanctions.

As to whistleblowing, the Integrity Policy reinforces the principle of non-retaliation, listing the

different available channels at the internal and external levels, and addresses the process of

investigating potential non-compliance situations and identifying and implementing any corrective

actions.

The principles and guidelines set out in the Integrity Policy are embodied in specific internal

procedures:

• third-party integrity due diligence procedure, namely suppliers, business partners/

counterparties, beneficiaries of sponsorship/ donations, employee applicants and other third

parties, evaluating the various integrity risks (if necessary, using specialized external

consultants), foresees the analysis of possible existing legal proceedings, adverse news,

involvement with PEPs, inclusion in sanctions lists, situations of conflict of interest, etc. The

analysis carried out results in the assignment of a rating and the issuance of an opinion that

includes specific recommendations regarding the approval of the transaction, the adequacy of its

contractual conditions, and the monitoring of the contract's execution

• procedure for relations with PEPs provides for specific rules of action, foreseeing the need to

record and communicate certain types of interaction

• procedure for offers and invitations to events defines rules of action and thresholds for its

award and acceptance, as well as review and approval mechanisms

• procedure for the attribution of donations and sponsorships, requires an integrity due

diligence of the respective beneficiaries as well as the monitoring of the actual application of the

support granted

• procedure for conflict-of-interests management establishes rules that guarantee impartiality

and transparency in decision-making and to prevent misconduct or inappropriate behaviour.

• compliance due diligence procedure for entering new countries/ investment decisions

establishes the general rules regarding compliance risk analysis associated with the entry of the

EDP Group into new countries or with investment decisions, and to implement the respective risk

management mechanisms.

• whistleblowing management policy and procedure define the principles of action and rules to

be followed in the management of complaints received and in the investigation process, involving

five phases: preliminary analysis, documentary investigation, interviews, investigation, and the

release of a final report.

G1-3_02 - Investigators or investigating committee are separate from chain of 

management involved in prevention and detection of corruption or bribery

The Ethics Commission is the body responsible for managing complaints and reports. This

commission is composed of three independent members from the General and Supervisory Board,

ensuring their independence and impartiality from the executive management bodies. To assist the

mission of the Ethics Committee, the Ethics & Compliance Officer, supported by an internal

investigation team and, when necessary, specialized external teams, prepares the reports about the

cases that will be evaluated and deliberated upon by the Ethics Commission.

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G1-3_03 - Information about process to report outcomes to administrative, 

management and supervisory bodies

The company has established a comprehensive process to report outcomes of whistleblowing

investigations to administrative, management, and supervisory bodies.

The Ethics & Compliance Officer (ECO) is responsible for managing the whistleblowing

management system and ensuring compliance with applicable legislation and internal policies. The

ECO promotes the regular analysis of global information on contacts received through

whistleblowing channels and prepares opinions on cases of breach of the Code of Ethics for analysis

by the Ethics Commission.

The ECO prepares a consolidated report on cases of infringement of the Code of Ethics, which is

sent quarterly to the Executive Board of Directors (EBD) and annually to the Corporate Governance

and Sustainability Committee (CGSC) for information. This report includes the total number of

complaints received, their classification, the measures taken, and their status.

Additionally, the Ethics & Compliance periodically reports on its activity in the context of the

complaints it deals with. This ensures that the outcomes of whistleblowing investigations are

communicated effectively to the relevant administrative, management, and supervisory bodies,

maintaining the highest standards of transparency and accountability.

G1-3_05 - Information about how policies are communicated to those for whom 

they are relevant (prevention and detection of corruption or bribery)

The organization's anti-corruption and anti-bribery policies are effectively communicated to all

employees through a combination of mandatory training programs, internal communication tools,

and easily accessible policy documentation. Additionally, all employees are required to

acknowledge the Integrity Policy. The communication measures include integration into the

onboarding process, ongoing awareness campaigns, and the availability of policies on the company

intranet. For instance, to mark Anti-Corruption Day, an initiative was launched that referred to the

policies available on the group's intranet, further strengthening awareness.

G1-3_06 \- Information about nature, scope and depth of anti-corruption or anti-

bribery training programmes offered or required

The organization's anti-corruption and anti-bribery training is transversal and mandatory for all

employees and cover key topics, including the identification and prevention of corruption and

bribery.

In 2024, the training program “How I Met Integrity II” was launched. This training allows employees to

reflect on situations that may involve illicit acts or improper/unethical conduct and learn how should

act to comply with the Integrity Policy. The Integrity Policy outlines the guiding principles for

addressing anti-corruption or anti-bribery within the EDP Group.

G1-3_07- Percentage of functions-at-risk covered by training programmes

| |   
---|---|---  
CORRUPTION AND BRIBERY | UN | 2024  
Functions-at-risk covered by training programmes | % | 47.08  
The indicator includes only employees who were with the company at the end of the year  
  
G1-3_08 - Information about members of administrative, supervisory and 

management bodies relating to anti-corruption or anti-bribery training

All employees, including members of the administrative, supervisory, and management bodies,

receive mandatory training on anti-corruption and anti-bribery practices as part of the

organization's comprehensive ethics and compliance program.

In 2024, as part of the training and communication plan, anti-corruption and anti-bribery initiatives

were carried out.

G1-4_01\- Number of convictions for violation of anti-corruption and anti- bribery 

laws/ G1-4_02- Amount of fines for violation of anti-corruption and anti- bribery 

laws

There were no convictions, nor fines, for violation of anti-corruption or anti-bribery laws.

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G1-4_03 \- Any actions taken to address breaches in procedures and standards of 

anti-corruption and anti-bribery 

As stated in the Whistleblowing Procedure, the following response measures may be adopted:

• changes to processes and control methods or policies

• corrections or adjustments to documentation

• increased awareness or training on specific subjects

• termination of contractual relations

• initiation of disciplinary proceedings, with possible loss of membership of the governing body,

where applicable

• notification of the competent authorities, including institutions, bodies, offices or agencies of the

European Union, for the investigation of the offence, when provided for by the applicable

regulations, ensuring the preservation of the rights and guarantees of the parties involved

• initiation of legal proceedings, filing of a criminal complaint or similar measure.

G1-5_01 - Information about representative(s) responsible in administrative, 

management and supervisory bodies for oversight of political influence and 

lobbying activities

EDP discloses the curricula of the members of the General and Supervisory Board (Headed by

António Lobo Xavier) and the Executive Board of Directors (which has Pedro Vasconcelos

supervising the Business Conduct area for Stakeholder Management). The Center of Excellence for

Stakeholder Management has under its mandate the coordination of Interest Representation

governance, measurement and impacts, defining type of expenditures, its outcome and positioning

obtained. This is now headed by Ricardo Ferreira.

The General Supervisory Board also oversees the political influence themes and execution, through

requests of Regulatory Updates presented at least twice a year at the Board, and through the

Governance and Sustainability Committee, which requires updates on Stakeholder Engagement.

On the EDP website, the full text of the Interest Representation Policy and detailed information about

its application are available.

G1-5_02 - Information about financial or in-kind political contributions /G1-5_03- 

Financial political contributions

At its Interest Representation Policy, EDP discloses that "It prohibits any contribution or association

of the EDP brand to political parties, candidates, political campaigns/candidacies or to related

people or entities".

G1-5_04- Amount of internal and external lobbying expenses / G1-5_05- Amount 

paid for membership to lobbying associations

| |   
---|---|---  
COSTS RELATED TO LOBBYING | UN | 2024  
Amount of internal and external lobbying expenses | €m | 0  
Amount paid for membership to lobbying associations | €m | 1.092  
  
EDP keeps a public disclosure at its website under Stakeholders / Transparency in Institutional

Relations, with the total expenditures of Interest Representation, under its different types (Business

and trade associations; Lobbying and Others). In 2024 the Lobbying expenditures amounted to

€1.092m, 13% of the total Interest Representation expenditures made by the EDP Group.

G1-5_06- In-kind political contributions made / G1-5_08- Financial and in-kind 

political contributions made

EDP prohibits any contribution or association of the EDP brand to political parties, candidates,

political campaigns/candidacies or to related people or entities

G1-5_09 - Disclosure of main topics covered by lobbying activities and 

undertaking's main positions on these topics 

EDP works pro-actively and constructively with governments, sector associations and other

stakeholders such as suppliers, clients, communities, to advocate for sound climate action that

contributes to the goals of the Paris Agreement in all the geographies where the EDP Group

operates.

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Climate Change and promotion of renewable energy have been critical top topics within EDP's

materiality analysis process, where the group identifies the most important issues for society and

business to optimize the group's strategic orientation and to direct its internal management towards

internalizing and responding to material issues, so that they become an integral element of the

group's strategy guidelines.

Several topics were pushed forward by EDP throughout 2024:

Energy transition:

• design of electricity markets and hedging instruments

• enhancement of flexibility and RES integration in power systems

• security of supply in power systems

• regulatory framework of grids

• electrification of final consumption

• decarbonization of mobility sector

• supply chains resilience and diversification

• carbon markets.

Climate change:

• EU Climate Target by 2040 - Letter Calling on the EU to Set a Greenhouse Gas Emissions

Reduction Target of at least 90% by 2040 (CLG Europe) - Definition of the target of 90%

emission reduction as a base and not as an “at least” limit – based on the recommendations of

the European Scientific Advisory Board on Climate Change (range between 90%-95%) and the

scenarios presented in the Communication of EC

• Tripple Renewables - Global Renewables Alliance campaign “Time4Action” on

operationalization of the Global Target for renewables declared at COP28, with policy asks

around Finance, Grids, Supply Chain and Permitting

• Ambitious and Actionable National Determined Contributions (NDCs), through several initiatives:

WEF COP29 Open Letter – within the Alliance of CEO Climate Leaders; Global Renewables

Alliance Open Letter “Now Deliver Change” to support for ambitious, specific and actionable

NDCs; WMBC Call to action for ambitious and investible NDCs.

G1-5_10 - Undertaking is registered in EU Transparency Register or in equivalent 

transparency register in Member State 

EDP is registered at the EU Transparency Register REG Number 676889648373-61, activated

under Companies & Groups, last update 20/05/2024, [organisation detail](https://transparency-register.europa.eu/searchregister-or-update/organisation-detail_en?id=676889648373-61) \- European Union

(europa.eu). It also publishes all its lobbying activities at the State and Congress sites in the USA.

California Secretary of State - [CalAccess - Lobbying](https://cal-access.sos.ca.gov/Lobbying/) is a good example of the quarterly report filed

for public record.

G1-5_11 \- Information about appointment of any members of administrative, 

management and supervisory bodies who held comparable position in public 

administration in two years preceding such appointment 

EDP discloses the curricula of the members of the General and Supervisory Board and the Executive

Board of Directors. At EDP site, “ Model and Governing Bodies” are publicly stated.

According to their CVs, the current members of the General and Supervisory Board and the

Executive Board of Directors have not held any comparable positions in public administration

(including regulatory bodies) within the past two years.

G1-6_01- Average number of days to pay invoice from date when contractual or 

statutory term of payment starts to be calculated / G1-6_02 - Description of 

undertakings standard payment terms in number of days by main category of 

suppliers / G1-6_03- Percentage of payments aligned with standard payment 

terms / G1-6_04- Outstanding legal proceedings for late payments / G1-6_05 - 

Disclosure of contextual information regarding payment practices 

The general payment policy of the EDP Group is aligned with the General Purchase Conditions

(GPC), with the standard payment term set at 60 days. However, there are specific exceptions that

may alter this term, namely:

• individual agreements with suppliers, adjusted to the particularities of contracts or partnerships

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• regulatory requirements, especially in sectors or geographies where local regulations must be

respected

• specific conditions agreed for critical supplies, such as strategic services or emergency

situations.

Payments are primarily processed through the ERP system (SAP) where the rules are parameterised

in the system. This mechanism ensures that payments are made in accordance with the defined

contractual conditions, reinforcing EDP's commitment to good practices and transparency.

Average payment term in days

Currently, the global average term has not been consolidated for all geographies due to the

complexity of the data and regional differences. The standard policy of 60 days is followed, except

for the aforementioned exceptions.

Percentage of payments made within the stipulated deadlines

For Portugal, it was possible to identify the percentage of late payments based on the rules above

mentioned. The percentage is 0.70%.

The company is working to inform, in future reports, an indicator that includes all businesses and

geographies.

Number of court cases due to non-payment or payment delays

There are no court cases related to non-payment or payment delays by EDP.

Global Payment Practices vs. Regional Specificities

Payment practices are mostly global and standardised, being followed in all geographies of the EDP

Group. However, there are regional particularities in certain locations, which include:

• specific rules in compliance with local legislation

• operational adjustments in geographies with different structures or systems, which may impact

deadline management.

These specificities are known and managed locally.

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4.5. Other material topics

Fair energy transition

Governance and policies 

EDP committed to tripling renewables by 2030 while respecting the landscape biodiversity and its

communities. The strong and dedicated engagement needed is supported through three pillars:

• innovation \- developing technologies and business models, pioneering projects

• access to clean energy \- fighting energy poverty

• community engagement \- leaving no one behind, earning a Social License to Operate through

early engagement and shared value. Making sure ReSkilling and UpSkilling are available to the

populations facing transition and that we can develop the interest of young people, from an early

age, in the topic of renewable energies as consumers or future workers.

EDP approved its Policy of Local Stakeholder Engagement in 2023. A detailed set of Procedures

was shared, with the premise of mapping and deeply engage with the communities before starting

a new project, and throughout operation.

EDP also has its Social Investment Policy, which establishes the objectives, corporate strategies and

regulations relating to EDP's Social Investment, which is expressed in social responsibility

programmes and projects in the community through its own and collaborative initiatives, donations

and volunteering. This policy is also published on the edp.com website.

EDP has its ethical guidelines and transparency tools operating through the Stakeholder

Management and Local Stakeholder Engagement Policies and Procedures, as well as the Human

Rights Policy, the Environmental Policy and the Biodiversity Strategy (as stated publicly in our

website), as well as the Social Investment Policy that was approved in 2024 empowering the Y.E.S.

Program, through projects developed under 5 main pillars: Energy, Planet, Skills, Culture and

Community.

Strategy 

Businesses must endorse the new green economy’s people-positive culture, which is committed to

respecting human rights.

Innovation will allow new economic trends to develop within the energy landscape: EDP is engaged

in pioneering projects to enable the net zero future of the geographies where it operates, investing in

expanding technologies, such as storage, green hydrogen, solar DG, offshore and floating solar.

Access to Clean Energy is baseline for a fair transition, but it needs to reach everyone.

Community Engagement has EDP mapping its local stakeholders through early engagement,

previous assessments and due diligences, allowing a stronger acceptance through its engagement.

Some of the programs we are developing in the context of democratizing access to clean energy

and community engagement are as follows:

• solar energy projects: implementation of solar panels to bring the benefits of solar (in self-

consumption or solar communities) in schools, rural or disadvantaged communities or social

organization all over the world

• energy poverty projects: offering energy-saving and efficient housing solutions to low-income

families (thermal insulation, windows, doors, more efficient equipment, so that they can maintain

their homes in an adequate temperature (and prevent several diseases)

• green impact investment & financial support: impact investment fund and capital donations to

support local fair energy transition businesses such as:

i. A2E Fund: a fund to support renewable energy projects that promote the environmental,

social and economic development of rural communities, focusing on countries with low

electrification rates

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ii. EDP Solidarity Energy: a fund from the 3 foundations in Portugal, Spain and Brazil that

supports innovative, sustainable and impactful projects that contribute to a fairer, more

inclusive and socially responsible society, through non-refundable donations. It targets

conversion to renewable energy, energy efficiency and electric mobility

iii. Hope Fund: a fund that will invest in social purpose organizations with a sustainable business

model, that address all types of FET challenges, with innovative impact solutions in Portugal,

Spain, Brazil, Colombia and Chile. This investment aims for total/partial capital recovery while

traditional philanthropy assumes complete loss of capital from the onset.

• upskilling and reskilling projects: Development of projects that foster entrepreneurship and job

creation within renewable energy to meet future labour needs and guarantee that former coal

workers, people living in communities close to EDP’s production centres and other minorities have

job opportunities

• educational projects: Promotion of Educational Programs for the new generations (from 6Ys to

16Ys) to understand the importance of clean energy sources

• environmental sustainability projects: Several projects that address ocean or forest clean-up,

species protection or others.

Impacts, risks and opportunities management 

The challenges are technological, financial and logistical – but, above all, social. Without a Social

License to Operate, businesses risk losing their acceptance and seeing their business-value decay.

There’s a huge opportunity in clean power infrastructure development. If we do it through

partnership and with a purpose, we’ll be creating significant business-value just as much as a

culture of shared growth for society and the planet.

The transformation of the Energy Landscape is immense. Decommissioning from Coal, affects local

economy and requires an agile response, but mostly faces fear of the unknown - as does the new

"alien" arriving with new infrastructures that significantly impact local activity and local landscape.

It's been common that population engage in denial and NIMBY (Not In My Back Yard) movements.

Deeply assessing the local populations has been key to prevent crisis: only through due diligences

and close contact can risks be identified and fought, becoming opportunities for shared value.

Examples of this have been the programs develloped for the coal power plants' decommissioning In

Sines (Portugal) there were only six months for the Active Future Programme to be effective, but it

focused on reskilling , upskilling, entrepreneurship and emotional support, bringing the first specific

transitioning process to peaceful disclosure. In Spain, the 4 power plants decommissioning from coal

had a longer period to assess the population, build trust structures and local economy solutions from

within, alongside to investing in school programs that help endorse the transition period and

understanding. The same occurs in North America, where schools, Universities and Markets are

used for the spreading of knowledge around energy trends, needs and benefits, building trust and

shared value solutions.

More information in chapter 4, topic S3 - Affected Communities.

Metrics and targets 

Given the cross-cutting nature of the Fair energy transition topic, there are no specific targets set for

it. Instead, it is considered within the broader goals outlined in the Business Plan 2023-26.

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Digital transformation and innovation 

Digital

Governance and policies 

The Digital function is ensured at EDP by DGU – Digital Global Unit –, with its organization and

governance being fully in line with its purpose and scope of action. DGU mission statement is

focused on maximizing digital and technology value creation at EDP, by setting the global vision and

strategy for the group and bringing it to life in full partnership with the business.

Main DGU responsibilities range from defining group-wide technology vision and strategy to

pushing the development of digital capabilities and ways of working across the EDP Group. Towards

the end of 2024, DGU strategy going forward for the upcoming management cycle was structured

around four value creation levers, namely:

a. boosting business value creation

b. accelerating business delivery

c. minimizing risk to business continuity

d. managing technology cost efficiently.

Digital has no specific Policies and follows the general Policies that are applicable to the whole EDP

Group.

Impacts, Risks and Opportunities management 

As Digital continues to be a key priority for all utilities – being mission-critical (most specially AI) to

ensure the energy transition –, pursuing digital transformation at EDP involves several potential

impacts, risks but also opportunities to take into account.

Concerning potential impacts, proactive action was taken in the course of 2024 to ensure that

pushing the introduction of AI across the organization leads to a significant upskilling of EDP’s

workforce, the goal always being to free workforce capacity for increased value-added activities.

Another potential impact has to do with possible inequalities arising from introducing emerging

technologies, the focus here having been to effectively “democratize” technology (such as AI) at

EDP, aiming at gradually making it accessible to the widest possible extent as it is introduced across

the group. Focusing precisely on this purpose, an extensive set of awareness and dissemination

sessions was held across EDP, engaging over 2,000 participants overall and achieving an excellent

96% satisfaction rate. Additionally – and as recognition for its efforts at actively addressing the

external issues brought by introducing emerging technologies across our society as a whole –, EDP

was awarded several important prizes in 2024, including from Portugal Digital and DSPA (Data

Science Portuguese Association).

As for positive impacts, EDP has significantly contributed in 2024 to decrease digital and social

gaps associated to its activities, including by: (i) starting an extensive revamp of our B2C client-

facing commercial Apps., aiming at facilitating and greatly improving our clients’ User Experience

within their interactions with us as their energy provider; (ii) introducing NLU (Natural Language

Understanding) Virtual Agents into our outage and customer support lines, dramatically reducing the

number of calls opting to speak with live assistants – in part of the operations, more than 60% of

incoming calls in 2024 were already answered in self-service (IVR and Virtual Agent through natural

voice).

As one major risk to address and mitigate, it is critical to minimize or altogether avoid any potential

disruptions in EDP operations arising from digital transformation and new AI-driven processes. In

this context, several complementary lines of action have been established and pursued by DGU in

2024, such as: (i) on the one hand, promoting business process review towards AI embedding, thus

committing business to adapt their processes accordingly; (ii) on the other hand, by identifying and

ensuring the revamp of key, critical processes with security improvements. Also essential for

mitigating potential disruptions in EDP operations are our top-notch cybersecurity standards, as

expressed by our BitSight security rating, currently the highest worldwide among utilities.

Finally and regarding major opportunities for EDP resulting from the digital transformation and AI,

one major breakthrough already in progress has to do with AI being fully rolled-out across the

organization, with significant productivity gains expected for the EDP workforce. To this effect, the

‘Mind4EDP’ product was introduced in 2024 – an internal instance similar to ChatGPT –, fully

customized to EDP’s knowledge base and business needs. Furthermore – and as a relevant positive

‘side effect’ –, the ‘quantum leap’ derived from all added information and analysis capabilities thus

made available to our employees is expected to significantly contribute to their ability and

motivation performing their jobs.

Another major opportunity also to point out concerning 2024 consists in the extensive range of new

digital solutions being introduced in the process of the digital transformation in progress at EDP,

encompassing all business Platforms. Particularly relevant examples include (i) an in-house

development of a real time, high-performance, scalable and reliable Energy Management &

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Forecasting App. for the energy retail business; (ii) the refactoring of a major legacy trading solution

into a Cloud-native, reliable, scalable and microservices-oriented App., delivering much improved

reliability in the ingestion and analysis of trading data sources; (iii) an Android library ready to

integrate with any mobile application and guarantee a correct use of PPE (Personal Protective

Equipment) by technicians when conducting field work, so as to mitigate potential risks/ accidents.

Metrics and targets

• Digital Acceleration Index: based on an IDC framework and models (IDC being a global market

intelligence, data, and events provider for the IT industry); this index results from a weighted

average considering 2 domains: IDC internal models (3.47 score in 2024 and 80% weight) and

Digital KPIs measuring business outcomes (2.25 score in 2024 and 20% weight)

• Agile Maturity Level: based on market standards adapted to EDP specificities: considers 5

maturity levels (1. Pre-crawl, 2. Crawl, 3. Walk, 4. Run, 5. Fly), the actual level resulting from

assessing 4 domains (Organization, Team, Methodology and Monitoring) and 8 subdomains,

with 80% compliance on any given level required in order to progress to the next level

• Critical incidents occurrence: as directly measured by counting the occurrence of ‘P1’ (Priority 1)

incidents throughout 2024

• BitSight cyber security rating: as directly measured by BitSight, an external, international

cybersecurity ratings company, this rating resulting from BitSight's internal assessment model,

with 820 being the highest attainable value in their scale.

Note: except for the Agile Maturity Level, the targets for the remainder previous metrics were first

discussed and proposed at DGU management level, having then being approved by EDP’s EBD.

Research and Innovation (R&I)

Governance and Policies 

Innovation has long been a traditional investment priority for the group, with EDP Inovação (EDPI) as

the key promoter for innovation. It was established in 2007 with the objective of creating an

autonomous entity responsible for internal innovation activities as well as fostering stronger links

with the entrepreneurial ecosystem. Alongside EDPI, the Center of New Energy Technologies (CNET)

was established in 2014 with the objective of having a research and development centre inside EDP

Group. To ensure complementarity between Innovation and Research, the Global Research and

Innovation (GRI) was created in 2024, bringing together both EDPI and CNET.

Research & Innovation has no specific Policies and follows the general Policies that are applicable to

the whole EDP Group.

GRI's operating model is based on a fast adopter logic with a well-defined purpose of accelerating

new businesses with impact and promoting the rapid adoption of innovative solutions, while also

exploring new paths to lead the energy transition. It seeks to solve the energy transition problems

through the integration of new technologies, processes, and products, as well as innovative business

models in EDP´s business to enhance competitiveness and create value for stakeholders.

GRI follows an Open Innovation philosophy that engages and promotes adoption through four

innovation paths that act in parallel and complementary to one another, fed by a transversal

sourcing process, namely: internal delivery (innovation portfolio developed internally), external

partnerships through the open innovation ecosystem (start-ups, corporates, universities, among

others), external investments through EDP Ventures, and Research through CNET (public funded

projects, consultancy, among others).

These innovation avenues are supported by the right funding and investment, coordination, and

expertise development to ensure EDP is at the forefront of market trends and innovation. GRI also

ensures the development and management of the infrastructure to disseminate innovation culture

and best practices across the organization, fostering both entrepreneurship and intrapreneurship.

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GRI focuses on bringing innovation and research along four domains, aligned with corporate

strategy and market trends, which positions EDP along the energy industry value chain:

• Renewable generation assets, their integration and flexibility, to help EDP achieve its renewable

energy targets

• Networks, a crucial enabler of the energy transition

• Client Solutions, that supports EDP customers' decarbonization efforts by developing new

solutions and speeding up their adoption

• Energy Management that focuses on energy management and trading tools, and energy storage

and flexibility, which tests new storage technologies, flexibility management.

Close Strategic Alignment across innovation & research and the business priorities

GRI has an annual process of revising innovation and research priorities within these four domains,

that ensures alignment (with corporate strategy and market trends), focus, and agility. This process

is highly collaborative within GRI and with all platforms and hubs at EDP.

Impacts, Risks and Opportunities management / Metrics and Targets

2024 marked an important milestone at Global Research and Innovation, with several initiatives and

projects that are preparing EDP for the future in terms of new technologies and business models,

fostering its future competitiveness and positioning EDP as a forward-thinking industry leader.

Research

• In 2024, our Research team focused on two main activities: implementing R&D projects and

sourcing new opportunities through R&D funding applications

• Several projects were concluded, including SATO, SMART2B, SPARCS, and XFLEX, all of which

aimed to enhance building intelligence, energy efficiency, and flexibility, with 70% financing from

the H2020 program

• Ongoing projects such as IANOS, TALOS and EV4EU continued to develop innovative solutions

in areas like smart grids control, energy management and storage; robotics and digital solutions

for PV O&M and electric mobility through the application of smart charging and vehicle-to-X

solutions, with financing from Horizon Europe and H2020 programs

• Additionally, 10 new projects initiated in 2024, included AEROSUB, AHEAD, and APOLLO,

focusing on robotics for wind energy, AI models for EV charging stations, and circular approaches

for solar cell production, respectively.

Innovation internal delivery

• We achieved a record-breaking yearly portfolio volume, with #29 Emerging Business

Opportunities (i.e., EBOs) managed along the year representing an outstanding +61% increase

vs. 2023. All these EBOs involved #9 different EDP Business Units and more than #135 people

across geographies

• Year to Date and since the last couple of years the Internal Delivery team was able to promote and

submit #42 new ideation opportunities across our Innovation Portfolio funnel with our first Scale-

Up Project deployment taking place in 2024 (i.e., ONAU project)

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• #9 Pilots have been coordinated during 2024 supporting our Ecosystem Avenue and the team

also received #14 public funded Spanish projects. Overall, our Internal Delivery team has handled

a total of #52 projects throughout 2024, spending more than 100 days in the field conducting

tests, pilots, and Proof of Concepts within the scope of our Innovation projects

• 2024 was clearly a year of new challenges and growth, highlighted by the expansion of our

pipeline with publicly funded projects and the execution of pilots in collaboration with the

Innovation Ecosystem Avenue.

Innovation ecosystem

• Through its open innovation ecosystem, GRI significantly expanded its global footprint and

partnerships in 2024, earning international recognition with a third-place award for Best

Innovation Practice at the World Innovation Conference for its Energy Starter program. The team

established strategic partnerships with energy start-ups and corporates, including two landmark

MOUs in the APAC region with CEPCO, Japan's third-largest utility, and Enterprise Singapore,

extending the Energy Starter program's reach into Asian markets. The program's successful

Open Day in Singapore, which convened key players in the energy sector, laid the foundation for

these strategic partnerships.

• As a member of Free Electrons, a prestigious global program connecting utilities worldwide, EDP

hosted a bootcamp that brought together 30 global start-ups and over 100 participants from EDP

innovation teams, business units, and fellow utility partners, showcasing EDP's diverse business

platforms and fostering cross-industry collaboration. The team further strengthened its

innovation outreach by actively participating in leading programs such as AWS Clean Energy

Accelerator, Vodafone Open Innovation, BIND 4.0, and key industry events like the Breakthrough

Energy Summit.

• These external partnerships, coupled with active engagement across all EDP business platforms

and geographies, accelerated the adoption of innovative solutions and exploration of new

business models, positioning GRI as a forward-thinking industry leader while ensuring innovation

reaches every corner of the organization. The Innovation Ecosystem team demonstrated

remarkable growth, sourcing more than 1,600 start-ups and managing 18 active pilots (doubling

year-over-year). Since its inception in 2016, the ecosystem has successfully deployed 146 pilots

with a total investment of €4m, resulting in 49 rollouts that generated €52m in commercial

contracts, validating the effectiveness of GRI's open innovation strategy.

EDP Ventures

• In 2024, EDP Ventures continued to play a crucial role in supporting the growth of promising

start-ups and emerging technologies. To date, EDP Ventures has invested in #39 companies,

demonstrating a sustained commitment to innovation and technological development.

Throughout the year 2024, the accumulated investment volume reached near €75m, with an

investment of ≈€5m made during 2024 and a total cash-in YTD of roughly ≈€40m. EDP

Ventures expanded its global presence, now being active in #11 geographies, and operating

through #4 different investment vehicles worldwide. These efforts not only provided financial

backing but also facilitated the integration of innovative solutions into EDP's business, driving the

energy transition and enhancing the company's competitive edge.

Overall, 2024 was very important consolidation year, which reinforced the importance of the

research and innovation at EDP, and of GRI in catalysing EDP's business and providing optionality

for potential future businesses for the group.

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Responsible investment and sustainable finance

Governance and policies

To support the management of material impacts, risks and opportunities related to responsible

investment, EDP has in place its eight sustainable development principles and a financial policy,

which also covers all its subsidiaries.

From a material standpoint, the principles and values that guide EDP' actions towards responsible

investment are defined in the public commitments made.

EDP principles of sustainable development

At the beginning of 2004, a set of eight sustainable development principles were approved. These

principles guide our activities and embody our public commitment to conducting business while

balancing the economic, environmental, and social aspects of EDP Group’s operations. The EDP

Principles of Sustainable Development are categorized into eight areas, which cover all the ESG

factors: 1. Economic and social value; 2. Eco-efficiency and environmental protection; 3. Innovation;

4\. Integrity and good governance; 5. Transparency and dialogue; 6. People and diversity; 7. Access

to energy; 8. Social development and citizenship. These commitments demonstrate how EDP has

distinguished itself on the path to decarbonization through significant investments in the growth of

renewable energies, while also supporting communities and other stakeholders.

These principles were approved by the Executive Board of Directors (EBD) on March 2004.

Financial management policy

Furthermore, funding wise, EDP follows a centralized funding policy. Approximately 83% of EDP's

gross debt is held at the holding level, namely at EDP S.A., EDP Finance BV, and EDP-Servicios

Financieros España, S.A.U (EDP SFE). The remainder of EDP's gross debt is divided between EDP

Brasil (ring-fenced from the rest of the group) and EDP Renováveis subsidiaries, namely through

project finance. Green funding is a crucial tool for financing the energy transition, which is

particularly relevant for EDP, given its growth plan is predominantly based on investments in

renewables.

This policy was approved by the Executive Board of Directors (EBD) on January 2016.

Responsible investment

Strategy

EDP embeds sustainability into its business model, focusing on renewable energy investments and

innovative energy solutions as a way to anticipating the evolution of physical, transition risks and

opportunities, especially concerning governmental actions aimed at achieving carbon neutrality and

the role EDP can play in facilitating this transformation. EDP’s business strategy is shaped to

mitigate chronic risk through a diversified generation portfolio in terms of technologies and

geographies. Geographic diversification significantly reduces the risk, as structural reduction in

precipitation is not likely to occur in all geographies and with the same magnitude. An example of

this is the investment in other renewable sources besides hydro (i.e., solar and wind) in different

markets (European markets, North and South America, and APAC).

EDP has a resilient business plan focused on driving growth and ensuring the company's ability to

navigate the world's volatile environment. EDP aims to achieve accelerated and focused growth by

implementing its investment plan for the period of 2024-2026, which will reinforce its position as a

leader in the energy transition and solidify its distinctive 'green' stance and low-risk profile.

Impacts, risks and opportunities management 

Since 2006, our Responsible Investment activities, which have a significant impact, have been

driven by our focus on renewable assets and are linked to EDP's executive variable annual

compensation.

The company assesses potential new market opportunities, particularly in emerging countries,

driven by the growing demand for renewable energy. Recognizing this as a significant opportunity,

EDP is actively pursuing expansion into new markets. Furthermore, the company evaluates the

implications of technological advancements in renewable energy and energy storage,

acknowledging the necessity to invest in new technologies to maintain competitiveness and ensure

the resilience of its business.

This work is aligned with the purpose of responsible investment and sustainable finance, which

intends to encourage the market agents to operate in a way that benefits the planet and society, and

linking financial instruments like bonds and loans to their sustainability goals. This makes us a strong

player in sustainability-themed and impact investing.

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The decommissioning of coal plants and a procurement with ESG criteria are expected to reduce

operational risks (e.g. environmental pollution; business interruptions), lower costs (e.g. operation,

inspection and regular preventive maintenance, carbon taxes), and open up new business

opportunities. These initiatives will not only increase revenues but also ensure long-term

sustainability and resilience in the evolving energy market. All the coal plants closed are promoting a

just transition in the old coal sites: Pecém, closed in December 2023, has a pilot green hydrogen

project in operation; Abõno II, closed in February 2024, has ongoing hydrogen projects; and Soto 3,

whose closure is being assessed by Spanish national authorities as requested by EDP, has just

transition projects, particularly renewable hydrogen projects.

Metrics and targets

The aim is to have solid financials with the implementation of the investment plan, according with

EDP plans to invest €13.6 Bn in renewables between 2024-2026. The ratio FFO (Funds from

Operations) to Total Debt is one of the key quantitative components of the Executive Board of

Directors'annual performance indicators, with a target of 21% for 2026.

The climate transition is intrinsic to EDP's business with three main goals. EDP has set an ambitious

goal to achieve net-zero emissions by 2040, with a clear roadmap to be coal-free by 2025 and fully

green by 2030. This strategic vision underscores EDP's commitment to sustainability and its

proactive approach to addressing global environmental challenges. As part of this strategy, EDP

aims to install 3GW of green energy per year. Investments in portfolio decarbonization have enabled

EDP to meet sustainable investment criteria, significantly reducing its environmental impact.

In 2024, revenues from coal accounted for less than 1%, and those from fossil fuels were under 2%.

These calculations for 2024 comply with the requirements to disclose KPIs under Article 8 of the

Taxonomy Regulation (EU 2020/852), which mandates EDP to disclose information on how and to

what extent its activities are associated with environmentally sustainable economic activities.

This has resulted in a Scope 1 and 2 emissions intensity of 29gCO2/KWh, demonstrating our

commitment to being coal-free by 2025.

Sustainable finance

Strategy

Although EDP’s strategy has long been focused on sustainability, our issuance of Green Bonds has

promoted a greater alignment of the company’s financial policy with our sustainability strategy,

while the market’s awareness of this topic is increasing.

Green Bonds are interest-bearing securities whose issue proceeds are allocated to a pre-

determined set of environmentally beneficial project categories. They differ from conventional

covered bonds primarily in terms of the specific requirements governing the allocation of funds as

well as applying special reporting rules.

The net proceeds from Green Bonds issuance is used in the financing or refinancing of existing or

planned investments of EDPR, which support the transition to a low-carbon economy, especially

those that help increase the production of renewable energy (“Eligible Green Project Portfolio”).

Eligible Green Projects include the design, construction, installation and maintenance of renewable

energy production projects, such as:

• wind power plants (onshore and offshore)

• solar power plants (photovoltaic).

The Eligible Green Project Portfolio excludes any projects based on fossil fuel and hydro energy

production, transmission and distribution.

EDPR owns wind and solar energy parks in multiple countries, including Europe, the United States,

Brazil, and several countries in the Asia-Pacific region.

The net proceeds of green bonds issued by EDP will be managed on a portfolio basis. Proceeds will

be used for (re)financing the Eligible Green Project Portfolio i.e. the financing of new and the

refinancing of existing projects of EDP R.

Historically, EDP had already captured some of the green demand through our clearly sustainable

corporate strategy; however, the first green bond deal led to a strong skew towards dark green

investors. This confirmed to us that investors appreciated the Framework put in place, and approved

the deal. Regarding sustainability-related financial risks (financial materiality), EDP has taken

proactive steps to ensure their business operations are resilient to physical risks. As part of their

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day-to-day operations and enterprise risk management, EDP has implemented measures such as

purchasing insurance to protect assets and developing plans to mitigate physical risks.

As part of the drive by different agents of the power sector to push forward the decarbonisation

process of the economy, EDP believes that the issuance of green bonds is an important tool to: a)

encourage the transition to a low-carbon economy, giving financial backing to ongoing projects or

new ones aimed at bringing about this transition; b) demonstrate an ongoing commitment to

sustainability with a core objective of reducing CO2 emissions and enabling the energy transition

through its renewable energy operations and c) deepen the relations to existing and new investors,

and to create a tighter link with socially responsible investors.

Impacts, risks and opportunities management

To recognize the commitment, leadership, and investment in renewable energy, EDP established its

first Green Bond Framework in 2018. This framework outlined the process for issuing future bonds

aimed at achieving EDP's sustainability objectives, based on International Capital Market

Association's Green Bond Principles (ICMA GBP), which are market best practice. The document

has been reviewed twice—once in 2022 and again in 2023—to incorporate new green instruments,

such as green loans, and to align with the updated decarbonization strategy under the Business Plan

2023-2026. These updates reflect EDP's ongoing dedication to advancing its sustainability goals

and adapting to the evolving landscape of green finance. These green financing instruments are

issued by EDP, EDP finance BV, EDP SFE and EDP Renováveis and its subsidiaries and project

companies to finance or refinance wind (onshore and offshore) and solar (PV) eligible assets and

projects.

Metrics and targets

When it comes to sustainable finance, the proceeds of green bonds, green loans, and sustainability-

linked loans play a significant role in advancing EDP’s Climate Transition Plan and in achieving our

goals of becoming coal-free by 2025 and net zero by 2040.

In the end of 2024, sustainable finance amounted to €21.5 Bn: (1) €13.2 Bn in green bonds; (2) €7.6

Bn in sustainability-linked loans and (3) €0.7 Bn in green loans, which represented 67% of the

nominal debt.

EDP believes that the issuance of green financing instruments is an important tool to encourage the

transition to a low-carbon economy, providing financial backing to existing or new projects that

contribute to this transition.

The Framework defined by EDP is aligned with the International Capital Markets Association

(ICMA)’s Green Bond Principles (GBP) 2021, with June 2022 Appendix I 11 and the Loan Market

Association (LMA)’s Green Loan Principles (GLP) 202312. These principles are voluntary guidelines

that support transparency and credibility.

The requirements of this Framework will be applied to any green financing instrument issued by EDP,

EDP – Servicios Financieros España, S.A.U. and EDP Finance B.V.. EDP has a centralized and

coordinated approach to banking and capital markets, i.e., most of the funding for the EDP Group

investments and activities is raised by these three entities. Additionally, EDPR´s subsidiaries can

engage in external financing at project level, through non-recourse project financing. Therefore, the

requirements of this Framework will also apply to EDPR´s subsidiaries raising non-recourse project

financing. For the avoidance of doubt, companies from the EDP Group, other than EDP, EDP –

Servicios Financieros España, S.A.U., EDP Finance B.V., EDPR and those under EDPR, are excluded

from this Framework.

Green financing instruments may include green bonds (in various formats, such as, but not limited to,

senior unsecured, subordinated unsecured (or hybrid), or project bond), and green loans, where the

net proceeds will be exclusively applied to (re)finance, in part or in full, new and/or existing eligible

green assets with clear environmental benefits.

Sustainability-linked loans

Sustainability-linked loans are debt instruments where the interest rate is linked to certain ESG

metrics – that is, loans where the cash flows under the contract vary depending on an ESG metric or

measure (also sometimes referred to as ‘green loans’). For EDP, these measures relate to compliance

with specific emissions and renewable installed capacity. The interest rate on the loan is adjusted

periodically to reflect changes in the borrower’s performance relative to these measures.

All EDP green issuances are aligned with its sustainability strategy, as part of the Strategic Agenda

and Business Plan 2023-2026. The proceeds will support EDP's targets to increase renewable

capacity (coal-free by 2025 and all green by 2030), and to reduce the scopes 1 and 2 specific

emissions by 77% by 2026 and 95% by 2030, using 2020 as base year. These targets have been

approved by SBTi in 2023, under the Net Zero Standard. EDP has also committed to achieving Net

Zero by 2040, reducing, in absolute terms, its CO2 emissions by 90%, against 2020 base year,

covering Scopes 1, 2 and 3. The share of renewables energy production is included in Executive

Board of Directors’ remuneration scheme.

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EDP’s green bond issuances have contributed heavily towards UN Sustainable Development Goal

(SDG) 7: Affordable and clean energy and SDG 13: Take urgent action to combat climate change and

its impacts.

Regarding greenwashing allegations, EDP has been transparent about the sustainable use of

proceeds and the environmental impacts since its first issuance. The company is committed to

reporting on these aspects until the maturity of each issuance in its annual integrated report.

EDP’s latest issuance, in September 2024, was allocated 2% to dark green investors, and 88% to

medium and light green investors, based on the criteria of one of the global coordinator banks of the

issuance. This consistency over the years shows that investors continue to appreciate EDP's

commitment to sustainability.

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Business continuity & resilience

Governance and policies

Organizations face, nowadays a multiplicity of adverse situations, as a result of their international

positioning, further exposing them to disruptive events with potentially high negative impacts. On

the other hand, being aware of its position allows organizations to assume a state of continuous

monitoring and alertness, regarding the evolution of possible crises on a global scale, with impact on

the organization.

The EDP Group assumes Crisis Management as a strategic capacity that enhances its supported

and sustainable response to abnormal situations, characterized by high uncertainty and with

potential negative impact on its strategic and business commitments and objectives, requiring

urgent attention and action to protect the life and physical integrity of people, the environment,

assets, and the reputation of the EDP Group.

The EDP Group Crisis Management Plan, which is transversal and strategic in nature and aligned

with the ISO22361 standard, establishes the management structures, guiding principles for decision

making, and practices to be observed in the three phases of the crisis management process: before,

during and after the crisis. Alongside the Crisis Management Plan, the Crisis Communication Plan

was established, which supports the actions of the teams responsible for ensuring effective

communication - transparent, coherent, and consistent - in these highly complex and volatile

contexts.

Designed to allow a strategic response to crisis and pre-crisis situations of diverse natures and with

different levels of complexity, these plans are echoed in the Business Units and Corporate Centre

Departments, when applicable, ensuring the tactical and operational capacity to respond to Crises,

and an adequate escalation to the EBD and the EDP Group's Crisis Management Office.

In September, a Strategic Crisis Management exercise was carried out, allowing for important

lessons to be learned about the group's resilience in the event of a serious disruption.

Conducting exercises is essential to strengthen preparedness and resilience when facing potential

crises, as well as to prepare and solidify decision-making skills. This will also contribute to ensure the

ability for faster and more assertive reaction to and recover from unexpected situations, allowing to

experience, discuss and analyse scenarios in a safe and controlled environment, using the Crisis

Management and Communication Plans as guides.

EDP is exposed to a myriad of threats and risks, made increasingly challenging in a world that is

constantly changing, and therefore organizational resilience is reflected across the board in the

principles and policies that define the EDP Group's positioning and performance at various levels. As

a fundamental part of organizational resilience, Business Continuity Management plays an

increasingly important role in the group's ability to respond to disruptive situations.

Ensuring the resilience and continuity for its critical services and processes has been one of the EDP

Group’s top priorities, and its commitment towards Business Continuity Management (BCM) is

formalized in [EDP’s Business Continuity Policy](https://www.edp.com/en/investors/corporate-governance/business-continuity-policy). Such commitment resulted in the development of a

transversal BCM methodology, aligned with international reference standards, such as the ISO

2230x standards family.

Also noteworthy was the creation of the Safety, Security & Business Continuity Unit (SS&BC) in

January 2022, which allowed for the strategic reframing of the Crisis Management and Business

Continuity, Safety (prevention and security) and Security (physical security and duty of care)

subjects, towards a holistic and transversal management of these in EDP, benefiting from the clear

complementarity between them and from an integrated approach.

It should be highlighted that E-REDES has maintained an ISO 22301 - Business Continuity

certification since 2015, while EDP REDES España has accomplished its certification against this

standard, in 2023.

EDP has therefore developed and maintains a set of human, procedural and technological controls,

and safeguard measures that have been improved overtime, complemented by recovery plans at an

operational level, such as the Business Continuity Plans for priority processes/services, Contingency

Plans or Disaster Recovery Plans, among others. These allow EDP to enhance its capacity to

continue to provide its services at acceptable levels even when faced with incidents, emergencies,

and disasters, fulfilling its purpose and meeting the objectives it has committed to. To ensure their

effectiveness and adequacy, these plans are subject to periodic exercises and simulations, both

internally and in collaboration with external entities relevant to EDP's value chain.

Aiming to strengthen this commitment, the EDP Group has defined the Security Policy, which

establishes the guiding principles to be followed.

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Impacts, risks and opportunities management 

Since February 2022, following what was established in its Crisis Management Plan and Crisis

Communication Plan, EDP assumed a Pre-Crisis Situation, motivated by the emergence of the

Russia-Ukraine conflict, which resulted in a worsening of geopolitical instability in Europe and

worldwide.

Starting an intensive follow-up of the evolution of this situation, a monitoring group was established

that included different areas in EDP, especially those with a greater presence in the nearby region.

This monitoring is carried out in terms of topics such as the physical safety of people and assets,

cybersecurity, business continuity, risk management, supply chain, energy management, finance,

regulation and stakeholders, compliance, communication, and social support.

This monitoring group, under the coordination of the SS&BC Unit, is responsible for reporting to the

EBD on the main risks existing at each moment, changes in the environment, the status of

implementation of risk management measures defined, as well as further measures proposed for

adoption.

As a complement to the analysis and monitoring of the situation by the different areas, EDP also

opted to resort to entities specialized in the management of geopolitical conflicts, in order to acquire

greater knowledge of potential developments and thus anticipate its response to potential risks or

threats. Considering the possible scenarios of the evolution of geopolitical conflicts (including,

among others, the situation in the Middle East), an approach to evaluation of the most relevant risks

and impacts for EDP was adopted, as well as of the main risk management and impact mitigation

measures.

EDP's response to the extreme weather events that impacted operations, in the Iberian Peninsula

(storm Kirk and forest fires), floods in Brazil and hurricanes in the USA (hurricane Helene and Milton),

demonstrate the intrinsic capability of the company and its teams to adapt to disruptive situations

by working tirelessly for an effective recovery.

In Portugal, in less than 24 hours, 800 of our employees were mobilized on the ground, who, along

with contractors and call centre operators, managed to restore power to the 400,000 customers

who were left without power. At the end of October, Spain was affected by a major DANA, with

rainfall of almost 500 litres in a few hours that caused massive flash floods, resulting in a large

number of fatalities and material losses. This event affected the electricity network and 1396

customers, resulting in the business continuity plan for the unavailability of network assets being

activated.

EDP is responsible for a set of critical infrastructures in Spain and Portugal, which include electricity

generation and distribution infrastructures (physical and control facilities), as well as related

customer service activities, which have been identified within the scope of the Directive (EU)

2022/2557 of the European Parliament and Council of December 14, 2022, on the resilience of

critical entities, which is awaiting transposition into national law.

Due to the diversity of the critical infrastructures under its responsibility, EDP has proactively

adopted strategies to respond to risks of different natures, such as physical risks (e.g., fires,

earthquakes, atmospheric events, including extreme events), and technological risks (including, but

not limited to, cybersecurity risks for operational systems and information systems).

In addition, the measures and tools adopted to mitigate these risks are diversified and different in

nature, adjusted to the specifics of the infrastructures, necessarily covering physical security (safety

and security aspects), technological security and cybersecurity, as well as the management of

Business Continuity, leveraged by a strong component of training and exercises. EDP has

developed, for each of the critical infrastructures, the respective security plan, supported by the

conclusions of the risk analysis carried out and the set of measures implemented as a result and in

alignment with the national law.

Furthermore, it is important to mention the role assumed by EDP in promoting the adoption of good

practices in the management of critical infrastructures in the sector, through its dissemination, but

also through collaboration with external entities, participating in exercises and workshops relevant

to the topic.

Focusing on establishing and developing a Security Culture, EDP promoted a set of awareness-

raising activities, provided by SIS - Security Information Service; (i) the Knowledge and Sensitive

Information Protection Program, which aims to alert entities in Portugal to espionage threats and

raise their awareness of the importance of protecting knowledge and sensitive information and (ii)

the Krítica Program, with the aim of contributing to improving the protection of critical infrastructures

and sensitive national points against the terrorist threat.

Also with the aim of promoting a culture of resilience at EDP, the Safety, Security & Business

Continuity Unit (SS&BC) dedicated a month to the dissemination of good practices and strategies to

be adopted in natural disaster scenarios, in particular, earthquakes. Highlights among the initiatives

promoted were: EDP’s participation in the annual seismic risk awareness exercise "A Terra Treme",

the organization of the conference "Resilience | Connecting the dots between entities", with the

participation of the National Emergency and Civil Protection Authority and of the Lisbon City

Council, through its [ReSist program](https://www.lisboa.pt/temas/seguranca-e-prevencao/sismos/programa-resist), and a workshop in collaboration with the [Southern California](https://www.scec.org)[ ](https://www.scec.org)

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[Earthquake Center](https://www.scec.org), focusing on good practices to adopt for earthquake preparedness and

response.

Furthermore, in this context and following the approval of the Sendai Framework for Disaster Risk

Reduction 2015-2030, EDP has participated, in Portugal, in the National Platform for Disaster Risk

Reduction (PNRRC in its Portuguese acronym), under the responsibility of a sub-committee

coordinated by ANEPC (National Authority for Emergency and Civil Protection). We highlight EDP’s

participation in the development of the Handbook on “Sectoral Interdependencies in the Resilience

of operators of essential services to society” as part of the PNRRC activities for the 2021-2023 (soon

available on the PNRRC website), while during the 2015-2017 triennium, the "Good Resilience

Practices for Critical Infrastructure - Private Sector and State Business Sector" was developed and

made available at the PNRRC website.

During 2024-2026, the aim of the working group is to carry out training and knowledge transfer

actions geared towards the resilience of operators of essential services and disseminate practices

and procedures for preventing and responding to disruptions.

Although internal monitoring is carried out on this issue, no specific objectives have been defined in

these areas.

Metrics and targets 

Given the cross-cutting nature of the Business continuity and resilience topic, there are no specific

targets set for it. Instead, it is considered within the broader goals outlined in the Business Plan

2023-26.

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Information privacy and security

In today's rapidly evolving technological landscape, data management and automation offer

significant opportunities to drive innovation, optimize operations, and create personalized customer

experiences.

However, these advancements also introduce new vulnerabilities that cybercriminals can exploit.

There is also the risk of data breaches, both posing financial, reputational, and operational risks for

the business and for individuals.

Non-compliance with data privacy regulations can result in hefty fines and undermine the trust that

is fundamental to our business relationships.

As we navigate this dynamic environment, EDP Group is committed to leveraging the power of data

responsibly, ensuring robust data security and adhering to all relevant data protection regulations to

safeguard the interests of all our stakeholders.

Information privacy

Governance and policies/strategy

The EDP Group assumes the strict respect for the privacy and the protection of the personal data of

all its stakeholders (customers, employees, service providers, suppliers, partners) as a fundamental

commitment to be observed in its activity, throughout the value chain. This commitment is also

reflected in the pursuit of compliance both with applicable legal requirements (European Union

General Data Protection Regulation, Brazilian General Data Protection Law, as well as the applicable

laws in all jurisdictions where the group operates), and with relevant standards and guidelines, as

well as with data privacy best practices, while ensuring its business activities are conducted with

integrity, in a competent and ethical manner.

The group's Data Protection Policy, that applies transversally to all the group's business units and

operations, including suppliers and contractors (who shall only process the personal data following

documented instructions from EDP), has the purpose of ensuring compliance with this commitment

to prioritize the strictest respect for the privacy of its stakeholders, through the observance of the

following principles:

i. lawfulness and purpose

ii. fairness and transparency

iii. proportionality

iv. control

v. privacy since “0” moment

vi. responsibility

vii. security.

This Policy is approved by the Executive Board of Directors and is reviewed whenever there are

relevant changes in the applicable legal framework, in the context of the activities carried out by EDP

or if other elements arise that require its adaptation.

To further put this commitment into practice, EDP has implemented a Personal Data Protection

Compliance Program, aligned and integrated in the EDP Group’s Compliance Management

System.

This Program is described in the Personal Data Protection Compliance Program Standard which

explains its different components, namely:

• the governance model

• the risk management system

• the standards, policies and procedures developed regarding personal data protection

• the training and communication methodology

• the mechanisms for incident management

• the monitoring procedures

• the third-party compliance applicable requirements

• the reporting model

• the continuous improvement approach and triggers.

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The Personal Data Protection Compliance Program governance model is based on the conceptual

risk and control “3 lines of defence” management model and establishes the responsibilities and the

interaction framework between the different relevant stakeholders.

In the second line of defence, the Program is promoted and coordinated by the Center of Excellence

(CoE) for Privacy & Data Protection, within the Ethics and Compliance, and supported by Legal &

Governance and by IT Security and Risk as specialized areas, responsible for providing specialized

advice in specific matters and, as appropriate, proposing or implementing adequate controls.

Additionally, the Ethics and Compliance focal points, within the business or supporting functions, are

responsible for promoting the dissemination, knowledge, training, and implementation of the

Compliance Program in their respective areas of activity.

In its turn, the different businesses and other support functions (such as People & Organization,

Safety and Security, Innovation, etc.), in the first line of defence, have responsibility for ensuring its

activities are performed according with legal requirements and internally defined policies and

procedures.

The Internal Audit Global Unit, in the third line of defence, conducts specific audit work to verify the

adequacy and effectiveness of the implemented control mechanisms.

Whenever legally required, this Governance Model also includes a Data Protection Officer (DPO).

The DPO reports directly to the Ethics and Compliance on the development of his activity as well as

regarding any non-conformities and risks detected.

On the other hand, this Compliance Program is supported by a set of different global data protection

Standards and Procedures, approved by EDP’s Executive Board of Directors, that address in

particular:

• the privacy by design process

• the risk assessments of personal data processing activities and data protection impact

assessments

• the management of data processors

• the process of responding to the exercise of data protection rights by the corresponding data

subjects

• the management of personal data incidents and breaches.

These global procedures may be complemented by specific procedures and controls defined at the

first line of defence level, which intend to cover the entire life cycle of the respective processing

activities, according to their exposure to personal data protection risks.

In which regards Data Protection incidents, the group has defined and implemented a procedure to

identify, manage and, as appropriate, report data breaches that lead to accidental or unlawful

destruction, loss, alteration, unauthorised disclosure of, or access to, personal data.

Under this procedure, any person (employee or service provider) who becomes aware of a potential

incident involving personal data must report it to Compliance, Legal and/or IT Security. The incident

must be analysed and shared with the DPO, who issues its opinion. Finally, and where applicable, the

formal decision to notify the competent supervisory authority and/or the data subjects lies with the

management of the entity responsible for the processing.

On the other hand, the group entities make available different channels for data subjects to submit

their complaints or requests.

In addition to the direct contact channels with the entity responsible for processing, made available

to data subjects within the scope of each specific processing activity, the different entities of the

EDP Group provide contact channels with the respective DPO, who is, by inherence of his function,

responsible for ensuring the relations with data subjects in matters covered by personal data

protection legislation. These are the preferred channels for data subjects to submit their requests

and report incidents.

Also, the EDP Group has whistleblowing channels with a transversal nature, through which relevant

stakeholders can file complaints regarding the various topics covered by the EDP Code of Ethics,

including the Protection of Personal Data.

The management of data breaches as well as any complaints and requests for the exercise of data

protection rights is accompanied and monitored by the Compliance CoE for Privacy & Data

Protection.

In 2024, the EDP Group entities:

• notified the respective supervisory authorities of 2 data breaches of Customers' personal data in

Portugal (2023: 2) and 0 in Spain (2023: 1). None of these, was communicated to data subjects

(2023: 2 in Portugal and 0 in Spain) as they were deemed not likely to result in a high risk to data

subjects

• received a total of 687 Customer complaints (2023: 614).

1 In 2023, mandatory training was made available to all EDP Group employees.

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Impacts, risks and opportunities management

As to the continuous improvement of the Program, the Compliance CoE for Privacy & Data

Protection defines, on an annual basis, an action plan in order to mitigate any identified risks as well

to ensure the implementation of improvement opportunities.

This exercise is based on the outcomes of the follow-up and monitoring of the development of the

Program, namely resulting from the Program metrics / Key Performance Indicators follow up, from

the identification of risks and impacts in complaints from data subjects, possible investigation

processes initiated by supervisory authorities, internal, external or DPO audits, as well as trends,

rapid technological advancements (such as Artificial Intelligence) or legislative developments.

Such plans are reviewed periodically throughout the year and, if at a certain moment, new relevant

risks are identified, immediate mitigation or corrective actions are identified and developed.

These improvement initiatives can be translated namely into:

• review/update of internal policies and procedures

• correction or review/update of operational processes or control mechanisms

• reinforcement of awareness or training on specific matters.

With regards to actions developed in 2024, the following stand out:

• launch of a transversal project to ensure compliance with the applicable legal requirements for

the development and use of artificial intelligence, in coordination with Legal and IT

• review of the governance model of the Program, adapting it to the new EDP organizational model

• review and transversalization of some of the Program’s procedures

• review/update and self-certification of the Record of Processing Activities in Brazil and Spain

• implementation of recommendations from the EDP Brasil Privacy Program audit completed in

June/2024

• face-to-face training sessions with key interlocutors about: i) the revised procedures as well as ii)

key data protection topics, aiming at strengthening the awareness of these stakeholders

• development and launch of 2 new e-learnings, available to all employees globally, addressing the

Privacy by Design and the Data Protection Impact Assessments (DPIA) processes.

A total of 4,017 participations were registered in the sessions mentioned above, corresponding to a

total of 1,347 training hours (2023 1: 9,183 participations/3,965 hours).

Metrics and targets

The monitoring of EDP’s Personal Data Protection Compliance Program is reinforced by the use and

follow-up of a specific set of data protection related targets and corresponding metrics / Key

Performance Indicators (KPIs), that are periodically reported by Ethics & Compliance to the

Executive Board of Directors and to the General and Supervisory Board, within the scope of these

bodies responsibilities for supervising the Program. These targets and metrics are aligned with the

overall EDP’s commitments and objectives regarding personal data protection, stated above.

Also, considering the defined targets and the measurement of the corresponding KPIs, specific

improvement actions may be developed, as already referred.

The most relevant targets concerning the Personal Data Protection Compliance Program and the

corresponding metrics and KPIs for 2024 are in the table below.

| |   
---|---|---  
TARGET| METRIC| KPI 2024  
General  
Non-occurence of data breaches with risk to data  subjects (that must be reported to supervisory authorities)| Number of data breaches reported to supervisory  authorities| 3  
Non-occurence of data breaches with risk to data  subjects, particularly Customers (that must be reported to supervisory authorities) | Number of data breaches affecting Customers  reported to supervisory authorities | 2  
Non-occurence of data breaches with high risk to data  subjects (that must be reported to data subjects)| Number of data breaches reported to data subjects | 0  
Non-occurence of data breaches with high risk to data  subjects, particularly Customers (that must be reported to data subjects)| Number of data breaches affecting Customers  reported to data subjects | 0  
Overall compliance with legal requirements | Number of personal data protection related  sanctions applied by supervisory authorities| 1  
Training and awareness  
Training and awareness is made available to relevant  employees| Number of participants in training sessions / e- learnings| 4,017  
Number of training hours | 1,347  
  
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The basic information for calculating these indicators is directly obtained from records made in

personal data protection management tools and additional information, when necessary (namely

that relating to customer complaints, recorded directly in commercial systems, as well as the training

information, recorded in the company’s training management platform).

Information security 

Governance and policies

EDP, as an energy utility company, has become very reliant on its digital infrastructure for efficient

operations and services delivery. However, this increase in technological sophistication and

integration also leads to an increased exposure to various cyber risks. EDP is already driving a digital

transformation to further boost business performance, in which cyber resilience is included. Despite

all the efforts made by organizations, there is probable risk that cyber-attacks become more

frequent and with higher magnitude. The EDP Group's Information Security policy, updated and

approved by the Executive Board of Directors in 2023, establishes information security as a

competitive factor, generating confidence among its stakeholders, but also as a critical

responsibility in a social context, due to its role as an operator of critical infrastructures and manager

of large volumes of personal data on customers and employees. The EDP Group, subscribing to the

practices recommended in internationally recognized standards, undertakes to:

• Ensure compliance with legal, contractual, regulatory requirements and information security

recommendations or guidelines applicable to the EDP Group

• Provide organizational and support infrastructure, ensuring sustainability and the necessary

evidence, in alignment with risk management for information security

• Ensure resources for the operationalization of processes and activities within the scope of

information security management, including in terms of raising awareness among internal and

external employees regarding this issue and awareness of their respective responsibilities

• Ensure the protection of EDP Group information, including in processing activities carried out by

suppliers or other third parties

• Promote the importance of authenticity of information, emphasizing the use of genuine,

unadulterated data from reliable sources

• Actively promote cooperation with external entities in the prevention and management of crises

related to cybersecurity.

To ensure robust governance of the EDP Group's information security, specific committees were

created to address cybersecurity issues. In 2023, the structure and competencies have been

reviewed within a program to reformulate the information security governance model of the entire

group. Information security committees have been held periodically since 2023 and include the top

management of the organization as well as relevant stakeholders on information security matters.

Annually, the EDP Group's cybersecurity risk assessment is presented to the members of the General

and Supervisory Board.

Strategy

EDP Group's Information Security policy defines the organization's objectives and commitments,

which are fundamental to the management and effective use of this invaluable asset, which is

information. Committed to adhering to legal and regulatory requirements, EDP provides the

necessary support infrastructure, ensuring adequate resources for security management, protecting

information, promoting data authenticity, and cooperating in the prevention and management of

cybersecurity crises.

To support and coordinate the entire operationalization, and recognizing the critical importance of

information, EDP formally established its cybersecurity area in 2010. Since then, it has advanced

cybersecurity initiatives through meticulously planned three-year roadmaps, based on fundamental

principles and currently with an investment of approximately 5% of IT TOTEX, ensuring a gradual

evolution of information security.

The Information Security policy is further reinforced by domain-specific standards, aligned with the

international standard ISO 27001:2022, which is used as a reference, and which allow the definition

of the various controls for the different domains, which (1) supports risk management in the

information security context in the three pillars of confidentiality, integrity, and availability; (2)

contributes to achieving the main information security objectives, which include:

• ensuring privacy and data protection

• implementing robust safeguards and resilience measures

• ensuring restricted access to essential information

• adopting a strategic approach to information security

• ensuring resilience of the government model

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• promoting a culture of security and collaborate with external entities.

To continue building a cyber-secure organization, EDP has establish an information security

operating model that ensures a global and robust structure for monitoring and responding to threats.

This model focuses on three aspects:

i. the cybersecurity organizational model (i.e., governance, processes, functions)

ii. a system to ensure the security of documentation and information

iii. cybersecurity metrics and KPIs at a global level.

During 2024, EDP has invested in four main drivers as pillars of its security strategy, detailed here on.

Globalization of Security Operations (SOC)

The EDP Group is focused on increasing the agility and scope of Security Operations, creating a

Global SOC, taking full advantages of SecOps capabilities operating across all geographies,

aligning with the strategic goals of the DGU (Digital Global Unit). In order to simplify and automate

processes whenever possible, improve response times, eliminate waste, and reduce stakeholder

friction, EDP started the integration of its SOC, establishing it as a truly global service, covering not

only information technology (IT), but also the operation technology (OT) dimension. This ensures

complete IT and OT monitoring across all platforms, and the normalisation of external security

services contracts and cyber specific technologies deployed across EDP Group.

To enhance its cybersecurity posture, EDP actively promotes collaboration with external entities,

with EDP’s SOC being a member of the Portuguese Computer Security Incident Response Team

Network and, at European level, a member of the European Trusted Introducer. This collaboration not

only protects the company but also enhances trust and credibility among all stakeholders.

The information security incident management process allows all users to report any situation that

could potentially compromise the EDP Group's information security. These security incident reports

trigger a comprehensive risk analysis, with treatment plans developed and approved in accordance

with delegations of competence, and based on potential impacts and scope of risks.

Security by Design

The "Security by Design" approach is fundamental to ensuring that security is a priority from the

beginning of the development process and at all management levels. At the EDP Group, this

approach is integrated into the decision-making process and is applied comprehensively at all

stages of development and operation.

To further strengthen this strategy, the EDP Group is expanding the adoption of SSDLC – Secure

Software Development Life Cycle – an essential tool for implementing the DevSecOps concept. The

goal is to establish and ensure secure improvements for selected priority processes, ensuring that

security is embedded in every phase of the software development lifecycle.

With these initiatives, the EDP Group aims not only to protect its assets and data but also to promote

a robust and proactive security culture throughout the organization.

Resilience

The cyber resilience strategy encompasses a set of preventive, detective, and responsive measures

to mitigate the risks associated with digital threats that could compromise the operation and

security of infrastructures, with one of the objectives of the area being to ensure continuous

updating, optimization, and alignment with these requirements.

EDP implements robust security controls that ensure the protection of assets, sensitive data, and

industrial systems against unauthorized access, malicious attacks, and operational failures, while

adopting strict control mechanisms for authentication, network segmentation, and applying efficient

security policies, which contributes to the resilience and reliability of systems.

In order to contribute to resilience even in the face of failure or cyberattacks, EDP continues to invest

in redundancy and recovery strategies, including periodic backups, data replication, and business

continuity plans.

Through the implementation of an integrated and multidisciplinary approach, the organization aims

to strengthen its position against the challenges of today’s cyber landscape, ensuring the protection

and the resilience of its assets and operations, in terms of confidentiality, integrity, and availability.

Human behaviour

The EDP Group's cybersecurity awareness program is a robust and strategic initiative focused on

mitigating risks associated with human behaviour and promoting a culture of information security

throughout the organization.

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To ensure the effectiveness of the program, EDP has structured the foundations in four areas:

• effective communication \- channels and opportunities to communicate regularly and

effectively with employees, enhancing their cybersecurity awareness and vigilance

• Top Management support \- ‘Lead by Example’ approach: supporting cybersecurity initiatives

and setting the tone for a culture where cybersecurity is everyone’s responsibility

• expert knowledge \- ensure that our experts have the tools, training, and resources needed to

excel and adapt in a constantly evolving field

• people-centered approach \- Alignment with People & Organization area to develop, promote,

and track training initiatives, empowering our people to be EDP’s first line of defence.

With a view to expanding on these subjects, the “Strengthen Cyber Culture” initiative aims to

evaluate the threat landscape and identify the top human risks associated with human behaviours

such as guidance and educational planning, improving the cybersecurity culture within the company

and helping employees adopt safer behaviours and protect themselves and the organization. As

main benefits of this initiative, we would highlight (1) preventing possible downtime due to cyber

incidents, (2) mitigating the risk of incidents caused by human behaviour, reducing response costs

associated with security breaches.

Additionally, EDP remains focused on the continuous awareness and education, reinforced through

regular testing with simulations to ensure all employees remain vigilant against evolving threats.

Impacts, risks and opportunities management

EDP has been continuously promoting an assessment of its information security system, which

includes a constant risk assessment and the identification of improvement opportunities.

Since 2017, the global Security Operations Center (EDP SOC) has maintained the ISO 27001

certification, renewed every 3 years. The global SOC provides services to the EDP Group, operates

24x7 and covers incident response processes, vulnerability management, and monitoring. In each

assessment, opportunities for improvement are always analysed. The scope should be extended in

2025 to include the threat intelligence processes, and the certification will be according to the most

recent version of the standard (ISO 27001:2022).

The management of actions, whether associated with opportunities for improvement or non-

conformities, is subject to assessment and, always based on a cost-benefit analysis, is treated

according to priority. These assessments consider several types of impact, some of which we can

highlight:

• impact on confidentiality, integrity and/or availability of information

• impact on legal and contractual requirements

• financial impacts

• impact on reputation.

Digital Global Unit (DGU) organized its information security structure by capabilities, mapped to the

Institute of Internal Auditors’ (IIA) three lines of defence and to the National Institute of Standards and

Technology’s (NIST) cybersecurity functions, from the identification up to the recovery phase:

• 1st line of defence - operationalization of cybersecurity

• 2nd line of defence - definition of frameworks & planning

• 3rd line of defence - internal and external audits.

The main activities carried out in order to mitigate risk, strengthen operational robustness and overall

maturity of some of these capabilities are highlighted next.

Risk Management

DGU has developed a Risk Management process which has been used since 2016, continuously

improved and made ever more robust by its integration with internal tools. The Risk Management

process entails all phases that are associated with the best practices from international standards

such as ISO 27005 and ISO 31000. About the risk treatment end, when it comes to risk transfer, EDP

has renewed its cyber insurance, which has been maintained since 2017, towards strengthening the

risk posture. On the mitigation end, each risk assessment results in several action plans that

generally reduce the likelihood of vulnerabilities being successfully exploited, thus minimizing

residual risk.

Business continuity and disaster recovery

Annual disaster recovery tests are conducted to ensure the effectiveness of the disaster recovery

plan. These tests are associated with applications under DGU management and are crucial as they

help verify that the organization can restore data and applications to continue operations after a

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disruption, such as a natural disaster or IT failure. Regular testing of the disaster recovery plan helps

identify and correct any flaws, evaluate the effectiveness of contingency measures, and ensure the

team is prepared to handle real crisis situations. Additionally, DGU has a continuity plan that is

tested annually to ensure its effectiveness, and in the 2024 disaster recovery tests, it achieved a

97% success rate.

Internal Vulnerability Assessment

A vulnerability management process is in place to identify and control vulnerabilities on EDP Group

servers, and is structured through:

• scheduled scans: Weekly, a scan is performed in one of the EDP environments (production, pre-

production, and development), minimizing the application impact and covering different servers.

The status of vulnerabilities and the monitoring of scans are discussed in biweekly meetings

between the infrastructure and security teams

• on-demand scans: Performed as needed, for a project or to analyse a specific group of servers,

considering the potential application impacts. In the case of emerging vulnerabilities, analyses

are scheduled to assess whether the EDP Group is affected.

The results of the scans are treated according to the criticality of the vulnerabilities, both for

infrastructure teams and application managers, who must mitigate the vulnerabilities to reduce the

potential attack surface. It’s worth noting that an application can only go into production after

undergoing vulnerability scans and cannot contain critical or high severity vulnerabilities, ensuring

maximum security for applications and servers.

In 2024, EDP conducted 3 purple team exercises involving the Global SOC. These exercises

enhance cybersecurity by fostering collaboration between attack and defence teams, enabling

quick identification of weaknesses and continuous improvement of defence mechanisms.

Third-party vulnerability analysis

As part of a security validation and monitoring strategy, assessments of the operationalization of

information security activities at the various EDP Group power plants are frequently carried out. The

main objective of these assessments is to identify vulnerabilities and promote the continuous

improvement of security processes. Through these actions, the organization also aims to improve

employee awareness of the importance of security and correct any non-conformities detected. All

identified points of failure and improvement are duly recorded, and an action plan is defined for each

situation. This ongoing effort reflects the EDP Group's commitment to maintaining a safe and

efficient environment, ensuring the integrity of its operations and the protection of its assets.

Cybersecurity awareness and human risk mitigation

In 2024, EDP reached a significant milestone: 75% of employees received cybersecurity training

and 99% participated in phishing or smishing exercises. In the process of integration into the

company, all employees receive mandatory cybersecurity training. Depending on their profile and

risk level, they are directed to specific training and exercises, such as that carried out at the EDP

Cyber Range, where they face simulated cyberattack scenarios and are challenged to monitor,

detect, and mitigate the impact of incidents.

In addition, EDP promotes global and local events, participation in European and national

cybersecurity exercises, maintains a global Cybersecurity Ambassador program, communicates

awareness content through various channels and is aligned with the human resources area.

Annually, or whenever necessary, the contents are reviewed and updated to reflect the most

emerging and relevant cybersecurity risks.

Auditing

Not least important, as third line of defence, EDP has information security practices that are regularly

audited by both internal and external entities, ensuring transparency, compliance, and continuous

improvement, based on one approach that combines advanced technologies, industry best

practices, and a culture of accountability to deliver resilient, secure, and reliable services in a

constantly evolving cyber landscape. The evaluations carried out include not only an analysis from

the perspective of operationalization, but also of the design of the controls themselves.

Metrics and targets

In 2024, the scope of analysis and monitoring was expanded, as well as the automation of

information security incident reporting. The new sources allowed for increased cybersecurity

visibility in cyberspace, which, supported by automation, led to a rise in the number of reported

information security incidents to a total of 6,077.

The cybersecurity rating adopted (defined as the group's KPI for this topic) observes the EDP

Group's behaviour in cyberspace. EDP set a target of obtaining a rating equal to or greater than 800

for the year 2024. In the measurements carried out monthly, the target was achieved in all months,

as can be seen in the graph, having ended the year with a value of 810, which positions EDP,

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according to the information provided by BitSight, in the top 1% ranking of utilities companies in the

energy/resources industry, in a universe of more than 1,000 companies.

BitSight Security rating

Bitsight uses rating categories to help indicate the overall security performance of rated entities. In aggregate, entities with higher ratings have 

stronger security performance and lower cyber risk than entities with lower ratings. The average rating is 720. As the rating decreases, the risk an entity 

poses increases.

Each entity's rating falls into one of the following categories: Advanced, between 740 and 900 (strong security performance and lower risk); 

Intermediate between 640 and 730 (fair security performance and moderate risk); Basic between 250 and 630 (poor security performance and higher 

risk)

Data monetization

Governance and policies

The data governance model at EDP is based on a global alignment approach with local autonomy. It

includes roles such as a Global Chief Data and Analytics Officer (GCDAO) and Chief Data and

Analytics Officer (CDAO) for each business platform, Global Business Services (GBS), and Business

Enablement Functions (BEF). EDP is implementing an AI risk management framework to ensure

compliance with responsible AI guidelines and best practices. Data governance includes the

definition of policies and controls for the adequate protection of data assets. The data governance

policies cover recommended standards and norms, data governance processes, and an operational

model for data management. EDP uses a set of global guidelines to harmonize data governance

practices across the group. EDP promotes awareness of the importance of data governance through

training and communication programs. Initiatives such as "AI2Leaders" and "Global Black Belts" are

examples of training programs for leaders and data and AI specialists.

Strategy

EDP's vision is to transform data into power and intelligence into action, aiming to lead the global

energy transition. The ambition is to become a leader in AI in the energy sector within three years.

EDP seeks to create value with data and AI, accelerating digital transformation and improving data-

driven decision-making. The main objectives include creating value with data and AI, accelerating

digital transformation, and enhancing data-driven decision-making. EDP aims to use data and AI to

drive innovation, optimize operations, solve complex problems in real-time, and create personalized

experiences for customers.

Data governance is structured around global and local principles, ensuring compliance with

regulations and best practices. EDP has implemented a data and AI governance model that includes

clear roles and responsibilities, defined processes, and data governance tools. The implementation

of the data strategy involves the creation of data hubs, data governance, and the adoption of MLOps

practices. Currently, there are more than 12 data hubs across various business platforms, regions,

GBS, and BEF.

Impacts, risks and opportunities management

EDP identifies data monetization opportunities through market data analysis and the integration of

data from different sources like weather forecasting, mobility indexes, geographic information such

as CENSUS data, points of interest, and transportation networks. By leveraging these diverse data

sources, EDP can enhance its energy generation forecasting and optimize asset operations. This

approach augments the value extracted internally from the data EDP actively collects. Additionally,

EDP provides data to the community in an aggregated or detailed manner, ensuring privacy is

maintained. Examples include aggregated consumption data by municipality and grid network

information. This data can be monetized by other companies, researchers, and individuals for

various purposes, such as developing new products, conducting academic research, or improving

business operations.

To further capitalize on data monetization, EDP employs advanced AI and machine learning

techniques to analyse and predict trends, optimize processes, and create innovative solutions. The

company also invests in state-of-the-art data infrastructure and tools to support these initiatives.

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By fostering a culture of data-driven decision-making, EDP ensures that data is not only a valuable

asset internally but also a resource that can drive external innovation and economic growth.

Metrics and targets

EDP has defined a data domain directory and has already implemented 27% of the data domains

by the end of 2024. This means that data ownership, semantics (business glossary), and mapping

with data assets (data dictionary) are defined and governed. EDP has a landscape of 13 data hubs

and several analytics platforms for data monetization through data value extraction using

descriptive analytics, advanced analytics, and machine learning techniques.

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|   
---|---  
5.1. Final references | 365  
5.2. Proposal for the allocation of  profits| 366  
5.3. Other indicators| 367  
5.4. ESG frameworks| 418  
5.5. Glossary | 428  
5.6. Certifications and declarations| 438  
5.7. Report on the allocation and  impact of green finance and sustainability-linked loans| 462  
  
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Annex 1. Final references

The Executive Board of Directors would like to thank all those who have supported and followed EDP in 2024.

We would like to thank EDP’s shareholders for placing their trust in the Executive Board of Directors and for the support they provided.

We would also like to thank members of the Corporate Bodies, responsible for the audit and supervision of the group, for their support. A special word of thanks to the General and Supervisory Board for their expert

guidance and counsel.

The Executive Board of Directors also extends its gratitude to all the stakeholders EDP engaged with in 2024, notably, clients, suppliers, regulators, partners, and local communities

Lastly, a special thanks to all EDP employees. Your determination and commitment were critical to achieving this year’s results.

| | |   
---|---|---|---  
Miguel Stilwell de Andrade (CEO) | | | Vera de Morais Pinto Pereira Carneiro  
| | |   
| | |   
| | |   
| | |   
| | |   
Rui Manuel Rodrigues Lopes Teixeira | | | Ana Paula Garrido de Pina Marques  
| | |   
| | |   
| | |   
| | |   
| | |   
Pedro Collares Pereira de Vasconcelos | | |   
  
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Annex 2. Proposal for the allocation of profits

In accordance with Article 29(1) of EDP’s Articles of Association, the Executive Board of Directors hereby proposes for approval by the Shareholders, that:

1. The 2024 financial year results, in the total amount of € 817,399,283.34, are allocated as follows:

| | |   
---|---|---|---  
| Endowment to EDP Foundation | | € 1,000,000.00  
| Retained Earnings | | € 816,399,283.34  
  
2. Dividends to be paid in the amount of € 0.20 per share, in the total amount of € 836,804,324.80.

The total amount of € 836,804,324.80 of dividends to be paid from distributable assets, corresponding to € 0.20 per share, considers the total amount of shares representing EDP's share capital; nevertheless, under

applicable law, no payment of dividends shall be made regarding own shares held by EDP at the date the dividends are available for payment, and that value is therefore added to the amount of retained earnings.

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Annex 3. Other indicators

Annex 3.1. Information by geography

| | | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---|---  
| | 2024 | 2023  
OPERATIONAL | UN | GROUP | IBERIA | SOUTH  AMERICA| NORTH  AMERICA| REST OF THE  EUROPE| ASIA PACIFIC | GROUP | IBERIA | SOUTH  AMERICA| NORTH  AMERICA| REST OF THE  EUROPE| ASIA PACIFIC  
TOTAL INSTALLED CAPACITY | MW | 29,077 | 13,387 | 3,294 | 9,047 | 2,327 | 1,022 | 26,565 | 12,989 | 2,753 | 7,813 | 2,121 | 890  
Renewable installed capacity | % | 87 | 71 | 100 | 100 | 100 | 100 | 86 | 71 | 100 | 100 | 100 | 100  
Renewable installed capacity | MW | 25,258 | 9,568 | 3,294 | 9,047 | 2,327 | 1,022 | 22,746 | 9,170 | 2,753 | 7,813 | 2,121 | 890  
Wind | MW | 12,266 | 3,164 | 1,032 | 6,363 | 1,708 | 0 | 12,432 | 3,144 | 832 | 6,671 | 1,786 | 0  
Hydro | MW | 6,866 | 5,465 | 1,401 | 0 | 0 | 0 | 6,864 | 5,463 | 1,401 | 0 | 0 | 0  
Mini-hydro | MW | 57 | 57 | 0 | 0 | 0 | 0 | 57 | 57 | 0 | 0 | 0 | 0  
Solar | MW | 6,069 | 882 | 862 | 2,684 | 619 | 1,022 | 3,393 | 507 | 520 | 1,142 | 335 | 890  
Non-renewable installed capacity | MW | 3,819 | 3,819 | 0 | 0 | 0 | 0 | 3,819 | 3,819 | 0 | 0 | 0 | 0  
CCGT | MW | 2,886 | 2,886 | 0 | 0 | 0 | 0 | 2,886 | 2,886 | 0 | 0 | 0 | 0  
Coal | MW | 916 | 916 | 0 | 0 | 0 | 0 | 916 | 916 | 0 | 0 | 0 | 0  
Cogeneration and waste | MW | 17 | 17 | 0 | 0 | 0 | 0 | 17 | 17 | 0 | 0 | 0 | 0  
Capacity under construction | MW | 3,263 | 412 | 248 | 1,868 | 566 | 169 | 3,719 | 160 | 1,087 | 2,074 | 334 | 64  
Installed capacity MEP | MW | 1,530 | 148 | 0 | 719 | 652 | 11 | 1,070 | 151 | 0 | 592 | 311 | 16  
Capacity under construction MEP | MW | 620 | 0 | 0 | 0 | 618 | 2 | 729 | 0 | 0 | 0 | 728 | 1  
TOTAL NET GENERATION | GWh | 57,479 | 22,358 | 9,463 | 20,170 | 4,093 | 1,396 | 56,395 | 24,525 | 8,946 | 17,306 | 4,434 | 1,184  
Generation from renewable sources | % | 95 | 87 | 100 | 100 | 100 | 100 | 87 | 70 | 99 | 100 | 100 | 100  
Generation from renewable sources | GWh | 54,618 | 19,496 | 9,463 | 20,170 | 4,093 | 1,396 | 48,969 | 17,159 | 8,885 | 17,306 | 4,434 | 1,184  
Wind | GWh | 31,018 | 7,127 | 2,640 | 17,582 | 3,669 | 0 | 31,669 | 7,122 | 4,029 | 16,245 | 4,273 | 0  
Hydro | GWh | 17,361 | 11,594 | 5,768 | 0 | 0 | 0 | 13,947 | 9,653 | 4,294 | 0 | 0 | 0  
Mini-hydro | GWh | 184 | 184 | 0 | 0 | 0 | 0 | 152 | 152 | 0 | 0 | 0 | 0  
Solar | GWh | 6,054 | 591 | 1,055 | 2,587 | 424 | 1,396 | 3,201 | 233 | 562 | 1,061 | 161 | 1,184  
Generation from non-renewable sources | GWh | 2,861 | 2,861 | 0 | 0 | 0 | 0 | 7,426 | 7,365 | 61 | 0 | 0 | 0  
CCGT | GWh | 2,556 | 2,556 | 0 | 0 | 0 | 0 | 4,047 | 4,047 | 0 | 0 | 0 | 0  
Coal | GWh | 264 | 264 | 0 | 0 | 0 | 0 | 3,249 | 3,188 | 61 | 0 | 0 | 0  
Cogeneration and Waste  | GWh | 42 | 42 | 0 | 0 | 0 | 0 | 130 | 130 | 0 | 0 | 0 | 0  
Heat | GWh | 234 | 234 | 0 | 0 | 0 | 0 | 234 | 234 | 0 | 0 | 0 | 0  
ENERGY EFFICIENCY | | | | | | | | | | | | |   
Internal Energy Efficiency | | | | | | | | | | | | |   
Energy Intensity | MJ/€ | 2.3 | 3.3 | 0.2 | 0.3 | 0.1 | 0.0 | 4.6 | 6.6 | 0.2 | 0.3 | 0.1 | 0.0  
  
| | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual Report 2024Annexes | Annex 3. Other indicators| | | | | | | | |   
| | | | | | Index| Part I| 368|   
| | | | | | | | |   
  
| | | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---|---  
| | 2024 | 2023  
OPERATIONAL | UN | GROUP | IBERIA | SOUTH  AMERICA| NORTH  AMERICA| REST OF THE  EUROPE| ASIA PACIFIC | GROUP | IBERIA | SOUTH  AMERICA| NORTH  AMERICA| REST OF THE  EUROPE| ASIA PACIFIC  
ELECTRICITY CONSUMPTION | | | | | | | | | | | | |   
Generation self-consumption | MWh | 2,863,124 | 2,769,825 | 14,969 | 57,334 | 19,665 | 1,330 | 2,601,814 | 2,516,976 | 15,571 | 50,281 | 18,986 | 0  
Administrative service | MWh | 35,462 | 24,256 | 5,090 | 5,543 | 412 | 162 | 30,689 | 22,677 | 5,674 | 1,703 | 465 | 170  
Grid losses | % | 7.81 | 7.29 | 8.87 | n.a. | n.a. | n.a. | 7.85 | 7.57 | 9.15 | n.a. | n.a. | n.a.  
  
1 Primary energy consumption by turnover

2 The stationary emissions do not include those produced by the burning of ArcelorMittal steel gases in EDP's power plants in Spain.

3 Calculation according with GHG Protocol based location methodology. From 2023 onwards, CO2 e emissions associated with distribution grid losses will be calculated on the basis of technical losses, as recommended by the GHG Protocol

| | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual Report 2024Annexes | Annex 3. Other indicators| | | | | | | | |   
| | | | | | Index| Part I| 369|   
| | | | | | | | |   
  
| | | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---|---  
| | 2024 | 2023  
CLIMATE CHANGE | UN | GROUP | IBERIA | SOUTH  AMERICA| NORTH  AMERICA| REST OF  THE EUROPE| ASIA  PACIFIC| GROUP | IBERIA | SOUTH  AMERICA| NORTH  AMERICA| REST OF  THE EUROPE| ASIA  PACIFIC  
TOTAL ENERGY CONSUMPTION | TJ | 46,631 | 46,395 | 150 | 67 | 14 | 4 | 74,858 | 73,711 | 848 | 218 | 78 | 3  
PRIMARY ENERGY CONSUMPTION | TJ | 23,315 | 23,197 | 75 | 34 | 7 | 2 | 65,098 | 64,295 | 772 | 22 | 8 | 2  
Coal | TJ | 3,745 | 3,745 | 0 | 0 | 0 | 0 | 27,192 | 26,522 | 669 | n.a. | n.a. | n.a.  
Fuel oil | TJ | 0 | 0 | 0 | 0 | 0 | 0 | 11 | 11 | n.a. | n.a. | n.a. | n.a.  
Natural gas | TJ | 19,355 | 19,349 | 0 | 6 | 0 | 0 | 29,718 | 29,715 | 0 | 3 | 0 | 0  
Blast furnace gas | TJ | 0 | 0 | 0 | 0 | 0 | 0 | 7,837 | 7,837 | n.a. | n.a. | n.a. | n.a.  
Coke gas | TJ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | n.a. | n.a. | n.a. | n.a.  
Diesel oil | TJ | 2 | 2 | 0 | 0 | 0 | 0 | 116 | 98 | 18 | n.a. | n.a. | n.a.  
Iron and steel industry gas | TJ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | n.a. | n.a. | n.a. | n.a.  
Fuel for fleet | TJ | 213 | 102 | 75 | 27 | 7 | 2 | 224 | 112 | 84 | 19 | 8 | 2  
ENERGY INTENSITY 1|  MJ/EUR | 2 | 3 | 0 | 0 | 0 | 0 | 5 | 7 | 0 | 0 | 0 | 0  
GHG EMISSION | | | | | | | | | | | | |   
Direct emissions (scope 1) | ktCO2eq| 1,458 | 1,449 | 6 | 3 | 1 | 0 | 4,276 | 4,193 | 80 | 2 | 1 | 0  
Stationary combustion 2| ktCO2eq| 1,433 | 1,433 | 0 | 0 | 0 | 0 | 4,249 | 4,176 | 73 | 0 | 0 | 0  
SF6 Emissions| ktCO2eq| 10 | 8 | 2 | 0 | 0 | 0 | 11 | 9 | 2 | 0 | 0 | 0  
Company fleet | ktCO2eq| 15 | 8 | 5 | 2 | 1 | 0 | 15 | 8 | 5 | 1 | 1 | 0  
Natural gas consumption | ktCO2eq| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0  
Indirect emissions (scope 2) 3| ktCO2eq| 233 | 141 | 64 | 22 | 6 | 1 | 288 | 220 | 42 | 19 | 7 | 0  
Electricity consumption in office buildings | ktCO2eq| 2 | 0 | 0 | 2 | 0 | 0 | 2 | 220 | 42 | 19 | 7 | 0  
Electricity losses in distribution | ktCO2eq| 205 | 141 | 64 | 0 | 0 | 0 | 262 | 0 | 0 | 1 | 0 | 0  
Renewable plants self-consumption | ktCO2eq| 27 | 0 | 0 | 20 | 6 | 1 | 25 | 220 | 42 | 0 | 0 | 0  
Other indirect emissions (scope 3) | ktCO2eq| 9,541 | 3,601 | 3,415 | 1,941 | 503 | 80 | 8,063 | 3,709 | 2,723 | 1,292 | 249 | 89  
Purchased goods and services (C01) | ktCO2eq| 532 | 427 | 78 | 20 | 5 | 2 | 602 | 472 | 79 | 37 | 10 | 4  
Capital goods (C02) | ktCO2eq| 3,218 | 368 | 436 | 1,865 | 472 | 77 | 2,618 | 461 | 598 | 1,246 | 235 | 77  
Fuel and energy related activities (C03) | ktCO2eq| 3,367 | 679 | 2,688 | 0 | 0 | 0 | 3,761 | 1,724 | 2,037 | 0 | 0 | 0  
Upstream transportation and distribution (C04) | ktCO2eq| 108 | 6 | 23 | 54 | 25 | 0 | 19 | 2 | 1 | 7 | 3 | 6  
Waste generated in operations (C05) | ktCO2eq| 3 | 3 | 1 | 0 | 0 | 0 | 5 | 3 | 1 | 0 | 0 | 0  
Business travels (C06) | ktCO2eq| 10 | 6 | 2 | 1 | 0 | 0 | 15 | 8 | 4 | 1 | 0 | 1  
Commuting (C07) | ktCO2eq| 13 | 8 | 3 | 1 | 1 | 0 | 11 | 6 | 3 | 1 | 0 | 0  
Use of sold products (C11) | ktCO2eq| 837 | 837 | 0 | 0 | 0 | 0 | 1,032 | 1,032 | 0 | 0 | 0 | 0  
Investments (C15) | ktCO2eq| 1,451 | 1,267 | 185 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0  
  
1 CO2 emissions that would have occurred if the electricity generated by renewable energy sources were produced by thermal power plants. For each country, it is obtained by multiplying the net renewable energy production by the emission factor of the thermoelectric mix of that country.

2 Scope 1 and Scope 2 emissions by turnover. 

3 Includes only stationary combustion emissions.

| | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual Report 2024Annexes | Annex 3. Other indicators| | | | | | | | |   
| | | | | | Index| Part I| 370|   
| | | | | | | | |   
  
| | | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---|---  
| | 2024 | 2023  
CLIMATE CHANGE | UN | GROUP | IBERIA | SOUTH  AMERICA| NORTH  AMERICA| REST OF  THE EUROPE| ASIA  PACIFIC| GROUP | IBERIA | SOUTH  AMERICA| NORTH  AMERICA| REST OF  THE EUROPE| ASIA  PACIFIC  
Avoided CO2 emissions 1| ktCO2| 27,659 | 9,202 | 2,312 | 12,320 | 2,714 | 1,111 | 25,841 | 7,084 | 3,026 | 11,516 | 3,249 | 965  
GHG EMISSIONS INTENSITY 2| kgCO2/EUR| 0.7 | 0.5 | 1.1 | 2.1 | 1.0 | 0.6 | 0.3 | 0.3 | 0.0 | 0.0 | 0.0 | 0.0  
TOTAL EMISSIONS | | | | | | | | | | | | |   
CO2 3| kt | 1,433 | 1,433 | 0 | n.a. | n.a. | n.a. | 4,249 | 4,176 | 73 | n.a. | n.a. | n.a.  
NOx | kt | 0.5 | 0.5 | 0.0 | n.a. | n.a. | n.a. | 2.5 | 2.5 | 0.0 | n.a. | n.a. | n.a.  
SO2| kt | 0.1 | 0.1 | 0.0 | n.a. | n.a. | n.a. | 1.0 | 1.0 | 0.0 | n.a. | n.a. | n.a.  
Particulate matter | kt | 0.0 | 0.0 | 0.0 | n.a. | n.a. | n.a. | 0.1 | 0.1 | 0.0 | n.a. | n.a. | n.a.  
Mercury | kg | 2.2 | 2.2 | 0.0 | n.a. | n.a. | n.a. | 31.7 | 31.7 | 0.0 | n.a. | n.a. | n.a.  
SF6| kg | 432 | 339 | 79 | 10 | 4 | 0 | 470 | 390 | 79 | 0 | 0 | 0  
SPECIFIC OVERALL EMISSIONS | | | | | | | | | | | | |   
CO2| g/kWh | 25 | 25 | 0 | n.a. | n.a. | n.a. | 75 | 74 | 8 | n.a. | n.a. | n.a.  
NOx | g/kWh | 0 | 0 | 0 | n.a. | n.a. | n.a. | 0 | 0 | 0 | n.a. | n.a. | n.a.  
SO2| g/kWh | 0 | 0 | 0 | n.a. | n.a. | n.a. | 0 | 0 | 0 | n.a. | n.a. | n.a.  
Particulate matter | g/kWh | 0 | 0 | 0 | n.a. | n.a. | n.a. | 0 | 0 | 0 | n.a. | n.a. | n.a.  
SPECIFIC THERMAL EMISSIONS | | | | | | | | | | | | |   
CO2| g/kWh | 482 | 482 | n.a. | n.a. | n.a. | n.a. | 555 | 545 | 1,211 | n.a. | n.a. | n.a.  
NOx | g/kWh | 0 | 0 | n.a. | n.a. | n.a. | n.a. | 0 | 0 | 0 | n.a. | n.a. | n.a.  
SO2| g/kWh | 0 | 0 | n.a. | n.a. | n.a. | n.a. | 0 | 0 | 0 | n.a. | n.a. | n.a.  
Particulate matter | g/kWh | 0 | 0 | n.a. | n.a. | n.a. | n.a. | 0 | 0 | 0 | n.a. | n.a. | n.a.  
  
1 Other water: > 1,000 mg/L of total dissolved solids

2 Fresh water: ≤1,000 mg/L of total dissolved solids

3 Fresh water: ≤1,000 mg/L of total dissolved solids

4 Fresh water: ≤1,000 mg/L of total dissolved solids

5 Fresh water: ≤1,000 mg/L of total dissolved solids

6 Other water: > 1,000 mg/L of total dissolved solids

7 Fresh water: ≤1,000 mg/L of total dissolved solids

| | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual Report 2024Annexes | Annex 3. Other indicators| | | | | | | | |   
| | | | | | Index| Part I| 371|   
| | | | | | | | |   
  
| | | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---|---  
| | 2024 | 2023  
WATER AND MARINE RESOURCES | UN | GROUP | IBERIA | SOUTH  AMERICA| NORTH  AMERICA| REST OF  THE EUROPE| ASIA  PACIFIC| GROUP | IBERIA | SOUTH  AMERICA| NORTH  AMERICA| REST OF  THE EUROPE| ASIA  PACIFIC  
WATER | | | | | | | | | | | | |   
TOTAL WATER WITHDRAWAL BY SOURCE | | | | | | | | | | | | |   
Ocean 1| 103xm3| 93,581 | 93,581 | n.a. | n.a. | n.a. | n.a. | 533,056 | 533,056 | n.a. | n.a. | n.a. | n.a.  
Surface | 103xm3| 6,881 | 6,865 | 16 | 0 | 0 | 0 | 8,654 | 8,645 | 9 | n.a. | n.a. | n.a.  
Fresh water | 103xm3| 2,816 | 2,800 | 16 | n.a. | n.a. | n.d. | 4,065 | 4,057 | 9 | n.a. | n.a. | n.d.  
Other water | 103xm3| 4,065 | 4,065 | n.a. | n.a. | n.a. | n.d. | 4,588 | 4,588 | n.a. | n.a. | n.a. | n.d.  
Water hole 2| 103xm3| 83 | 82 | 2 | n.a. | n.a. | n.a. | 107 | 106 | 2 | n.a. | n.a. | n.a.  
Well 3| 103xm3| 1 | 0 | 0 | 0 | 1 | 0 | 1 | 0 | 0 | 0 | 1 | 0  
Municipal water supplies 4| 103xm3| 232 | 175 | 54 | 0 | 0 | 3 | 1,173 | 799 | 370 | 0 | 1 | 3  
Other private entity 5| 103xm3| 147 | 147 | 0 | 0 | 0 | 0 | 312 | 312 | 0 | 0 | 0 | 0  
MAIN USE OF WATER | | | | | | | | | | | | |   
Cooling water | 103xm3| 100,263 | 100,263 | 0 | n.a. | n.a. | n.a. | 541,772 | 541,481 | 291 | n.a. | n.a. | n.a.  
Row water | 103xm3| 489 | 489 | 0 | n.a. | n.a. | n.a. | 1,342 | 1,310 | 32 | n.a. | n.a. | n.a.  
Potable water | 103xm3| 168 | 87 | 70 | 10 | 1 | 0 | 160 | 90 | 56 | 10 | 1 | 3  
WASTEWATER | | | | | | | | | | | | |   
Wastewater from generation with treatment | 103xm3| 351 | 351 | 0 | n.a. | n.a. | n.a. | 705 | 686 | 19 | n.a. | n.a. | n.a.  
Discharge into estuarine water and sea 6| 103xm3| 96,358 | 96,358 | 0 | n.a. | n.a. | n.a. | 536,841 | 536,676 | 164 | n.a. | n.a. | n.a.  
Discharge into inland water 7| 103xm3| 1,013 | 1,013 | n.a. | n.a. | n.a. | n.a. | 1,403 | 1,403 | n.a. | n.a. | n.a. | n.a.  
  
1 WDPA - World Database on Protected Areas: IBAT Dataset. Includes 150m buffer. For solar, excludes solar DG.

2 KBA - Key Biodiversity Areas: IBAT Dataset. Includes 150m buffer. For solar, excludes solar DG.

3 WDPA - World Database on Protected Areas: IBAT Dataset. Includes 150m buffer. For solar, excludes solar DG.

4 KBA - Key Biodiversity Areas: IBAT Dataset. Includes 150m buffer. For solar, excludes solar DG.

| | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual Report 2024Annexes | Annex 3. Other indicators| | | | | | | | |   
| | | | | | Index| Part I| 372|   
| | | | | | | | |   
  
| | | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---|---  
| | 2024 | 2023  
BIODIVERSITY | UN | GROUP | IBERIA | SOUTH  AMERICA| NORTH  AMERICA| REST OF  THE EUROPE| ASIA  PACIFIC| GROUP | IBERIA | SOUTH  AMERICA| NORTH  AMERICA| REST OF  THE EUROPE| ASIA  PACIFIC  
DISTRIBUTION IN PROTECTED AREAS  | | | | | | | | | | | | |   
High voltage distribution grid in protected areas | km | 1,557 | 1,134 | 423 | n.a. | n.a. | n.a. | 1,582 | 1,168 | 414 | n.a. | n.a. | n.a.  
Overhead | km | 1,540 | 1,117 | 423 | n.a. | n.a. | n.a. | 1,566 | 1,152 | 414 | n.a. | n.a. | n.a.  
Underground | km | 17 | 17 | 0 | n.a. | n.a. | n.a. | 16 | 16 | 0 | n.a. | n.a. | n.a.  
Medium voltage distribution grid in protected areas | km | 17,955 | 11,199 | 6,755 | n.a. | n.a. | n.a. | 17,886 | 11,212 | 6,673 | n.a. | n.a. | n.a.  
Overhead | km | 16,700 | 9,954 | 6,745 | n.a. | n.a. | n.a. | 16,673 | 10,009 | 6,665 | n.a. | n.a. | n.a.  
Underground | km | 1,255 | 1,245 | 10 | n.a. | n.a. | n.a. | 1,212 | 1,204 | 9 | n.a. | n.a. | n.a.  
Substations in protected areas | # | 74 | 59 | 15 | n.a. | n.a. | n.a. | 71 | 57 | 14 | n.a. | n.a. | n.a.  
TRANSMISSION IN PROTECTED AREAS | | | | | | | | | 0 | | | |   
High voltage trasmission grid in protected areas | km | 84 | n.a. | 84 | n.a. | n.a. | n.a. | 84 | n.a. | 84 | n.a. | n.a. | n.a.  
Overhead | km | 84 | n.a. | 84 | n.a. | n.a. | n.a. | 84 | n.a. | 84 | n.a. | n.a. | n.a.  
Underground | km | 0 | n.a. | 0 | n.a. | n.a. | n.a. | 0 | n.a. | 0 | n.a. | n.a. | n.a.  
Substations in protected areas | # | 0 | n.a. | 0 | n.a. | n.a. | n.a. | 0 | n.a. | 0 | n.a. | n.a. | n.a.  
SITES IN PROTECTED AREAS | | | | | | | | | | | | |   
Sites located in WDPA 1| | | | | | | | | 0 | | | |   
Wind | # | 38 | 32 | 0 | 0 | 6 | 0 | 62 | 48 | 1 | 0 | 13 | 0  
Solar | # | 4 | 0 | 0 | 0 | 4 | 0 | 1 | 0 | 0 | 0 | 1 | 0  
Sites located in KBA 2| | | | | | | | | 0 | | | |   
Wind | # | 46 | 39 | 0 | 2 | 5 | 0 | 71 | 59 | 0 | 1 | 11 | 0  
Solar | # | 7 | 6 | 0 | 0 | 1 | 0 | 2 | 0 | 0 | 0 | 2 | 0  
Sites located in WDPA 3| | | | | | | | | 0 | | | |   
Wind | ha  | 171 | 132 | 0 | 0 | 39 | 0 | 3,517 | 2,825 | 99 | 0 | 593 | 0  
Solar | ha  | 76 | 0 | 0 | 0 | 76 | 0 | 23 | 0 | 0 | 0 | 23 | 0  
Sites located in KBA 4| | | | | | | | | 0 | | | |   
Wind | ha  | 476 | 255 | 0 | 194 | 27 | 0 | 7,862 | 6,770 | 0 | 672 | 421 | 0  
Solar | ha  | 217 | 196 | 0 | 0 | 21 | 0 | 40 | 0 | 0 | 0 | 40 | 0  
FLOODED AREAS BY RESERVOIRS IN PROTECTED  AREAS| ha  | 3,738 | 3,738 | 0 | n.a. | n.a. | n.a. | 2,916 | 2,916 | 0 | n.a. | n.a. | n.a.  
ENVIRONMENTAL COMPLAINTS | # | 104 | 55 | 42 | 5 | 2 | 0 | 157 | 59 | 87 | 5 | 6 | 0  
  
| | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual Report 2024Annexes | Annex 3. Other indicators| | | | | | | | |   
| | | | | | Index| Part I| 373|   
| | | | | | | | |   
  
| | | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---|---  
| | 2024 | 2023  
CIRCULAR ECONOMY | UN | GROUP | IBERIA | SOUTH  AMERICA| NORTH  AMERICA| REST OF  THE EUROPE| ASIA  PACIFIC| GROUP | IBERIA | SOUTH  AMERICA| NORTH  AMERICA| REST OF  THE EUROPE| ASIA  PACIFIC  
WASTE MATERIALS | t | 63,993 | 40,165 | 22,587 | 1,125 | 108 | 8 | 266,138 | 138,457 | 126,621 | 938 | 121 | 0  
Waste | | | | | | | | | | | | |   
Hazard waste | t | 6,423 | 3,912 | 2,244 | 200 | 67 | 0 | 6,921 | 4,307 | 2,252 | 303 | 59 | 0  
Non-hazard waste | t | 57,570 | 36,253 | 20,343 | 925 | 41 | 8 | 231,670 | 106,603 | 124,369 | 635 | 62 | 0  
Recovered waste | t | 55,829 | 33,156 | 21,615 | 967 | 91 | 0 | 229,142 | 104,583 | 123,892 | 565 | 102 | 0  
Hazardous waste | t | 3,946 | 2,361 | 1,358 | 162 | 65 | 0 | 4,972 | 3,190 | 1,456 | 271 | 56 | 0  
Recycled waste | t | 2,415 | 1,010 | 1,337 | 67 | 1 | 0 | 2,636 | 1,099 | 1,406 | 129 | 2 | 0  
Other | t | 1,531 | 1,351 | 21 | 94 | 64 | 0 | 2,336 | 2,091 | 50 | 141 | 54 | 0  
Non-hazardous | t | 51,883 | 30,795 | 20,257 | 806 | 25 | 0 | 224,170 | 101,393 | 122,436 | 294 | 46 | 0  
Recycled waste | t | 47,600 | 26,598 | 20,194 | 802 | 7 | 0 | 108,404 | 84,763 | 23,322 | 285 | 35 | 0  
Other | t | 4,283 | 4,197 | 63 | 4 | 19 | 0 | 115,765 | 16,631 | 99,114 | 9 | 11 | 0  
Non-recovered waste | t | 8,164 | 7,009 | 972 | 158 | 17 | 8 | 9,449 | 6,327 | 2,730 | 373 | 19 | 0  
Hazardous waste | t | 2,477 | 1,551 | 885 | 38 | 2 | 0 | 1,949 | 1,117 | 796 | 33 | 3 | 0  
Landfilling | t | 832 | 157 | 637 | 38 | 0 | 0 | 147 | 112 | 3 | 33 | 0 | 0  
Other disposal operations | t | 1,650 | 1,399 | 249 | 0 | 2 | 0 | 1,802 | 1,005 | 793 | 0 | 3 | 0  
Non-hazardous | t | 5,687 | 5,458 | 86 | 120 | 15 | 8 | 7,500 | 5,210 | 1,933 | 340 | 16 | 0  
Landfilling | t | 5,406 | 5,208 | 88 | 110 | 0 | 0 | 6,532 | 4,248 | 1,933 | 340 | 10 | 0  
Other disposal operations | t | 284 | 250 | 0 | 10 | 15 | 8 | 968 | 962 | 0 | 0 | 6 | 0  
By-products | t | 0 | 0 | n.a. | n.a. | n.a. | n.a. | 27,547 | 27,547 | n.a. | n.a. | n.a. | n.a.  
Gypsum | t | 0 | 0 | n.a. | n.a. | n.a. | n.a. | 27,547 | 27,547 | n.a. | n.a. | n.a. | n.a.  
Fly ash | t | 0 | 0 | n.a. | n.a. | n.a. | n.a. | 0 | 0 | n.a. | n.a. | n.a. | n.a.  
Slag | t | 0 | 0 | n.a. | n.a. | n.a. | n.a. | 0 | 0 | n.a. | n.a. | n.a. | n.a.  
Recovered waste materials | % | 87 | 83 | 96 | 86 | 84 | 0 | 96 | 96 | 98 | 60 | 84 | n.a.  
  
1 Data including EDP Comercial Internacional companies acquired in 2023

2 The legal framework of most geographies does not allow for this information to be ascertained

3 The category 'Black' includes both black and brown people, according to the definition by IBGE (Brazilian Institute of Geography and Statistics)

4 The category 'Black' includes both black and brown people, according to the definition by IBGE (Brazilian Institute of Geography and Statistics)

| | | | | | | | | | | |   
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| | 2024 | 2023  
OWN WORKFORCE | UN | GROUP | IBERIA | SOUTH  AMERICA| NORTH  AMERICA| REST OF  THE EUROPE| ASIA  PACIFIC| GROUP | IBERIA | SOUTH  AMERICA| NORTH  AMERICA| REST OF  THE EUROPE| ASIA  PACIFIC  
EMPLOYEES | | | | | | | | | | | | |   
Employees 1| # | 12,596 | 7,519 | 3,050 | 1,060 | 608 | 359 | 13,041 | 7,822 | 3,133 | 1,073 | 613 | 400  
Employees  | % | | 60 | 24 | 8 | 5 | 3 | | 59 | 26 | 8 | 4 | 3  
Female | % | 29 | 29 | 26 | 26 | 37 | 38 | 29 | 29 | 25 | 29 | 36 | 35  
Male | % | 70 | 71 | 74 | 65 | 63 | 62 | 71 | 71 | 75 | 66 | 64 | 65  
Not declared | % | 1 | 0 | 0 | 8 | 0 | 0 | 0 | 0 | 0 | 5 | 0 | 0  
Employees with disabilities | # | 199 | 95 | 58 | 46 | 0 | 0 | 194 | 92 | 65 | 37 | 0 | 0  
Male | # | 121 | 56 | 32 | 33 | 0 | 0 | 107 | 52 | 31 | 24 | 0 | 0  
Female | # | 78 | 39 | 26 | 13 | 0 | 0 | 87 | 40 | 34 | 13 | 0 | 0  
Not declared | # | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0  
EMPLOYEES DISTRIBUTION BY PROFESSIONAL  CATEGORY| | | | | | | | | | | | |   
EBD | # | 5 | 5 | 0 | 0 | 0 | 0 | 5 | 5 | 0 | 0 | 0 | 0  
Senior Management | # | 359 | 251 | 27 | 52 | 6 | 23 | 391 | 274 | 32 | 49 | 8 | 28  
Supervisors | # | 1,223 | 840 | 153 | 130 | 70 | 30 | 1,198 | 766 | 168 | 137 | 80 | 47  
Specialists | # | 6,412 | 3,869 | 1,262 | 571 | 488 | 222 | 6,573 | 4,056 | 1,271 | 613 | 408 | 225  
Technicians | # | 4,517 | 2,504 | 1,597 | 295 | 44 | 77 | 4,740 | 2,671 | 1,662 | 274 | 33 | 100  
EMPLOYEES DISTRIBUTION BY RACE/ETHNICITY 2| | | | | | | | | | | | |   
Share in total workforce  | | | | | | | | | | | | |   
White | % | 66 | N/A | 66 | N/A | N/A | N/A | 65 | N/A | 65 | N/A | N/A | N/A  
Black 3| % | 32 | N/A | 32 | N/A | N/A | N/A | 34 | N/A | 34 | N/A | N/A | N/A  
Asian | % | 1 | N/A | 1 | N/A | N/A | N/A | 1 | N/A | 1 | N/A | N/A | N/A  
Indigenous people | % | 0 | N/A | 0 | N/A | N/A | N/A | 0 | N/A | 0 | N/A | N/A | N/A  
Not stated | % | 0 | N/A | 0 | N/A | N/A | N/A | 0 | N/A | 0 | N/A | N/A | N/A  
Share in all management positions, including junior,  middle and senior management| | | | | | | | | | | | |   
White | % | 86 | N/A | 86 | N/A | N/A | N/A | 82 | N/A | 82 | N/A | N/A | N/A  
Black 4| % | 14 | N/A | 14 | N/A | N/A | N/A | 18 | N/A | 18 | N/A | N/A | N/A  
Asian | % | 0 | N/A | 0 | N/A | N/A | N/A | 0 | N/A | 0 | N/A | N/A | N/A  
Indigenous people | % | 0 | N/A | 0 | N/A | N/A | N/A | 0 | N/A | 0 | N/A | N/A | N/A  
Not stated | % | 0 | N/A | 0 | N/A | N/A | N/A | 0 | N/A | 0 | N/A | N/A | N/A  
SENIOR MANAGEMENT HIRED FROM THE LOCAL  COMMUNITY| % | 86 | 93 | 82 | 71 | 44 | 100 | 87 | 93 | 88 | 69 | 100 | 61  
  
1 Net values of the employees transfer from fixed-term contracts to permanent workforce.

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| | 2024 | 2023  
OWN WORKFORCE | UN | GROUP | IBERIA | SOUTH  AMERICA| NORTH  AMERICA| REST OF  THE EUROPE| ASIA  PACIFIC| GROUP | IBERIA | SOUTH  AMERICA| NORTH  AMERICA| REST OF  THE EUROPE| ASIA  PACIFIC  
FOREIGN EMPLOYEES | # | 504 | 233 | 16 | 66 | 69 | 120 | 501 | 236 | 15 | 67 | 54 | 129  
RATIO EDP MINIMUM WAGE/NATIONAL MINIMUM  WAGE| x | | 1.3 | 1.6 | 2.1 | 1.4 | 1.3 | | 1.4 | 1.5 | 2.3 | 1.4 | 1.1  
NEW ENTRIES 1| # | 950 | 287 | 285 | 192 | 122 | 64 | 1,425 | 586 | 345 | 247 | 165 | 82  
Gender | | | | | | | | | | | | |   
Male | # | 501 | 174 | 190 | 35 | 73 | 29 | 818 | 337 | 254 | 76 | 105 | 46  
Female | # | 290 | 108 | 92 | 10 | 46 | 34 | 451 | 249 | 91 | 15 | 60 | 36  
Not declared | # | 159 | 5 | 3 | 147 | 3 | 1 | 156 | 0 | 0 | 156 | 0 | 0  
Age Group | | | | | | | | | | | | |   
<30  | # | 417 | 179 | 105 | 77 | 36 | 20 | 633 | 316 | 129 | 102 | 65 | 21  
[30-50[ | # | 486 | 101 | 173 | 97 | 75 | 40 | 740 | 259 | 209 | 130 | 84 | 58  
≥50  | # | 47 | 7 | 7 | 18 | 11 | 4 | 52 | 11 | 7 | 15 | 16 | 3  
F/M new admissions rate | x | 1.2 | 0.6 | 1.6 | 1.3 | 2.1 | 2.0 | 0.6 | 0.8 | 0.4 | 0.2 | 0.6 | 0.8  
Direct admissions to permanent workforce | # | 897 | 235 | 285 | 192 | 122 | 63 | 1,332 | 513 | 339 | 244 | 156 | 80  
Admissions with fixed-term contracts | # | 53 | 52 | 0 | 0 | 0 | 1 | 57 | 56 | 0 | 0 | 0 | 1  
Other admissions | # | 0 | 0 | 0 | 0 | 0 | 0 | 36 | 17 | 6 | 3 | 9 | 1  
VACANCIES FILLED BY INTERNAL CANDIDATES | # | 461 | 201 | 163 | 11 | 84 | 2 | 864 | 485 | 245 | 84 | 21 | 29  
REMUNERATION | | | | | | | | | | | | |   
PAY RATIO BY GENDER (F/M) | x | 1.07 | 1.06 | 1.14 | 1.00 | 0.75 | 0.94 | 1.04 | 1.04 | 0.98 | 0.97 | 0.79 | 1.01  
Technicians | x | 1.20 | 1.21 | 0.88 | 1.00 | 0.60 | 0.89 | | 1.22 | 0.69 | 0.99 | 0.75 | 0.71  
Specialists | x | 0.89 | 0.94 | 0.83 | 0.96 | 0.84 | 0.90 | | 0.90 | 0.79 | 0.93 | 0.82 | 0.90  
Supervisors | x | 0.94 | 0.85 | 1.00 | 1.01 | 0.70 | 0.89 | | 0.95 | 0.98 | 0.93 | 0.87 | 1.00  
Senior Management | x | 0.99 | 0.91 | 1.13 | 1.26 | 0.00 | 0.89 | | 0.93 | 1.18 | 1.16 | 0.00 | 1.16  
Annualized average base salary | | 3,824 | 3,913 | 1,670 | 8,000 | 4,936 | 5,075 | 3,763 | 3,788 | 1,939 | 7,969 | 4,381 | 4,415  
Male | € | 3,705 | 3,913 | 1,612 | 8,255 | 5,418 | 5,198 | 3,717 | 3,788 | 1,947 | 8,195 | 4,742 | 4,405  
Female | € | 3,975 | 4,134 | 1,839 | 8,289 | 4,068 | 4,880 | 3,857 | 3,946 | 1,918 | 7,943 | 3,735 | 4,433  
Not declared | € | 5,047 | 0 | 0 | 5,047 | 0 | 0 | 5,004 | 0 | 0 | 5,004 | 0 | 0  
Ratio of the annual total compensation for the  organization’s highest-paid individual to the average annual total compensation for all employees (excluding the highest-paid individual)| x | 12.9 | 8.3 | 11.1 | 6.2 | 4.7 | 8.1 | 12.7 | 12.7 | 10.2 | 6.0 | 4.6 | 8.3  
EMPLOYEES SATISFACTION | | | | | | | | | | | | |   
Engagement  | % | 78 | 73 | 86 | 86 | 73 | 83 | 80 | 77 | 87 | 86 | 78 | 85  
EMPLOYEES LEAVING | # | 1,379 | 589 | 351 | 209 | 127 | 103 | 1,729 | 645 | 535 | 224 | 111 | 214  
Gender | | | | | | | | | | | | |   
  
1 2023 values do not include information about male employees that took parental leave at South America

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| | 2024 | 2023  
OWN WORKFORCE | UN | GROUP | IBERIA | SOUTH  AMERICA| NORTH  AMERICA| REST OF  THE EUROPE| ASIA  PACIFIC| GROUP | IBERIA | SOUTH  AMERICA| NORTH  AMERICA| REST OF  THE EUROPE| ASIA  PACIFIC  
Female | # | 950 | 402 | 255 | 141 | 84 | 68 | 1,306 | 464 | 427 | 165 | 70 | 180  
Male | # | 420 | 187 | 96 | 61 | 42 | 34 | 416 | 181 | 108 | 52 | 41 | 34  
Not declared | # | 7 | 0 | 0 | 6 | 0 | 1 | 7 | 0 | 0 | 7 | 0 | 0  
Age group | | | | | | | | | | | | |   
< 30 | # | 291 | 125 | 64 | 65 | 17 | 20 | 331 | 109 | 68 | 70 | 35 | 49  
[30-50[ | # | 674 | 173 | 232 | 108 | 85 | 76 | 1,009 | 266 | 392 | 134 | 67 | 150  
≥ 50 | # | 398 | 284 | 55 | 36 | 16 | 7 | 389 | 270 | 75 | 20 | 9 | 15  
TURNOVER | % | 10.9 | 7.8 | 11.5 | 19.7 | 20.9 | 28.7 | 13.4 | | 17.1 | 20.9 | 21.0 | 53.5  
Gender | | | | | | | | | | | | |   
Male | % | 10.7 | 7.6 | 11.3 | 20.3 | 21.9 | 30.8 | 14.3 | 8.4 | 18.3 | 23.3 | 20.3 | 69.5  
Female | % | 11.6 | 8.5 | 12.2 | 21.9 | 18.7 | 24.6 | 11.2 | 8.0 | 13.5 | 16.6 | 22.2 | 24.1  
Not declared | % | 8.0 | 0.0 | 0.0 | 6.8 | 0.0 | 0.0 | 13.7 | 0.0 | 0.0 | 13.7 | 0.0 | 0.0  
Age group | | | | | | | | | | | | |   
< 30 | % | 17.9 | 14.9 | 16.2 | 29.7 | 15.2 | 32.8 | 15.4 | 11.0 | 12.7 | 25.8 | 28.2 | 54.4  
[30-50[ | % | 8.4 | 4.0 | 10.2 | 16.0 | 20.0 | 27.9 | 12.5 | 6.0 | 16.1 | 20.7 | 18.9 | 52.4  
≥ 50 | % | 13.5 | 12.3 | 14.8 | 21.8 | 22.2 | 26.9 | 13.5 | 11.4 | 20.7 | 13.0 | 18.0 | 62.5  
VOLUNTARY EMPLOYEE TURNOVER | % | 5.1 | 2.6 | 4.2 | 14.6 | 16.1 | 19.5 | 5.8 | 3.0 | 4.6 | 16.1 | 13.8 | 33.8  
AVERAGE AGE OF WORKFORCE | years | 41 | 42 | 38 | 38 | 37 | 36 | 41 | 42 | 38 | 38 | 37 | 36  
AVERAGE AGE OF NEW ADMISSIONS | years | 33 | 30 | 33 | 34 | 36 | 34 | 32 | 32 | 32 | 33 | 35 | 35  
AVERAGE AGE OF LEAVING  | years | 42 | 47 | 39 | 37 | 39 | 36 | 40 | 40 | 39 | 36 | 35 | 35  
AVERAGE SENIORITY OF EMPLOYEES | years | 11 | 14 | 8 | 4 | 3 | 3 | 11 | 11 | 9 | 4 | 3 | 3  
AVERAGE SENIORITY OF LEAVING | years | 12 | 20 | 8 | 4 | 3 | 3 | 10 | 10 | 8 | 3 | 3 | 2  
ABSENTEEISM RATE | % | 3.6 | 3.0 | 6.2 | 3.3 | 2.2 | 1.2 | 3.3 | 3.4 | 1.0 | 3.2 | 8.4 | 11.3  
PARENTAL LEAVES | | | | | | | | | | | | |   
Employees entitled to parental leave | # | 599 | 362 | 131 | 89 | 6 | 11 | 535 | 275 | 140 | 78 | 22 | 20  
Male | # | 409 | 230 | 105 | 58 | 5 | 11 | 369 | 184 | 109 | 52 | 13 | 11  
Female | # | 190 | 132 | 26 | 31 | 1 | 0 | 166 | 91 | 31 | 26 | 9 | 9  
Not declared | # | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0  
Employees that took parental leave 1| # | 528 | 360 | 62 | 89 | 6 | 11 | 529 | 295 | 128 | 64 | 22 | 20  
Male | # | 342 | 228 | 40 | 58 | 5 | 11 | 368 | 203 | n.a. | 43 | 13 | 11  
Female | # | 186 | 132 | 22 | 31 | 1 | 0 | 161 | 92 | 30 | 21 | 9 | 9  
Not declared | # | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0  
Retention rate of employees who took parental leave | % | 96 | 99 | 100 | 80 | 83 | 82 | 96 | 100 | 94 | 98 | 86 | 60  
Male | % | 96 | 100 | 100 | 84 | 80 | 82 | 96 | 100 | n.a. | 98 | 77 | 27  
Female | % | 94 | 98 | 100 | 71 | 100 | N/A | 97 | 100 | 83 | 100 | 100 | 100  
  
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| EDP Integrated Annual Report 2024Annexes | Annex 3. Other indicators| | | | | | | | |   
| | | | | | Index| Part I| 377|   
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| | | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---|---  
| | 2024 | 2023  
OWN WORKFORCE | UN | GROUP | IBERIA | SOUTH  AMERICA| NORTH  AMERICA| REST OF  THE EUROPE| ASIA  PACIFIC| GROUP | IBERIA | SOUTH  AMERICA| NORTH  AMERICA| REST OF  THE EUROPE| ASIA  PACIFIC  
Not declared | % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0  
TRAINING | | | | | | | | | | | | |   
Total hours of training | hours | 352,213 | 159,252 | 116,749 | 30,706 | 42,132 | 3,374 | 376,717 | 179,444 | 118,528 | 36,690 | 34,620 | 7,436  
Sustainability | | | | | | | | | | | | |   
Environment | h | 3,183 | 1,604 | 710 | 103 | 753 | 12 | 1,999 | 722 | 265 | 534 | 478 | 0  
Social and Economic  | h | 165 | 127 | 20 | 4 | 11 | 3 | 2,759 | 1,216 | 97 | 867 | 445 | 134  
Ethics | h | 7,165 | 3,503 | 1,169 | 1,870 | 528 | 95 | 6,692 | 3,442 | 921 | 470 | 1,825 | 34  
Quality | h | 3,912 | 2,009 | 1,729 | 0 | 174 | 0 | 2,217 | 1,640 | 96 | 111 | 283 | 88  
Languages | h | 12,166 | 2,366 | 4,700 | 0 | 5,100 | 0 | 11,925 | 6,593 | 774 | 0 | 4,557 | 0  
Information systems | h | 28,342 | 20,386 | 3,479 | 1,105 | 3,226 | 147 | 22,300 | 15,286 | 1,155 | 1,349 | 3,385 | 1,126  
Other | h | 297,279 | 129,257 | 104,940 | 27,624 | 32,341 | 3,117 | 328,825 | 150,545 | 115,221 | 33,358 | 23,646 | 6,055  
Average total training | h/p | 28.0 | 23.6 | 38.3 | 29.0 | 30.5 | 9.4 | 29.1 | | 37.8 | 34.2 | 64.2 | 18.6  
Executive Board of Directors | h/p | 13.8 | 13.8 | n.a | n.a. | n.a | n.a | 4.7 | 4.7 | n.a | n.a. | n.a | n.a  
Male | h/p | 15.6 | 15.6 | n.a | n.a. | n.a | n.a | 5.0 | 5.0 | n.a. | n.a. | n.a. | n.a.  
Female | h/p | 11.0 | 11.0 | n.a | n.a. | n.a | n.a | 4.1 | 4.1 | n.a. | n.a. | n.a. | n.a.  
Senior Management | h/p | 22.4 | 23.0 | 23.6 | 6.7 | 32.5 | 23.2 | 23.0 | 29.9 | 13.1 | 12.1 | 125.6 | 10.4  
Male | h/p | 22.4 | 23.0 | 24.1 | 6.7 | 31.2 | 27.1 | 25.5 | 31.5 | 12.4 | 13.6 | 125.6 | 24.8  
Female | h/p | 22.6 | 22.8 | 20.7 | 7.1 | 35.8 | 14.2 | 19.6 | 26.0 | 17.7 | 8.3 | n.a. | 15.4  
Supervisors | h/p | 22.9 | 21.2 | 26.4 | 12.1 | 39.7 | 17.7 | 36.0 | 34.6 | 69.0 | 18.7 | 55.1 | 24.6  
Male | h/p | 20.7 | 19.5 | 20.9 | 12.0 | 37.4 | 14.4 | 37.1 | 35.9 | 72.6 | 17.9 | 53.2 | 26.5  
Female | h/p | 29.3 | 26.1 | 47.3 | 11.8 | 46.3 | 24.4 | 30.6 | 32.0 | 56.2 | 22.3 | 59.8 | 21.1  
Specialists | h/p | 23.0 | 20.9 | 26.1 | 16.4 | 33.8 | 8.7 | 22.5 | 21.2 | 22.2 | 22.4 | 64.0 | 19.9  
Male | h/p | 25.6 | 22.0 | 33.3 | 19.0 | 37.4 | 7.8 | 23.8 | 21.4 | 29.6 | 24.5 | 64.8 | 22.6  
Female | h/p | 19.2 | 19.2 | 17.2 | 10.0 | 28.7 | 9.7 | 18.9 | 21.0 | 12.0 | 21.0 | 62.6 | 17.1  
Technicians | h/p | 37.0 | 26.4 | 49.3 | 65.1 | 69.2 | 4.1 | 37.1 | 26.1 | 47.1 | 72.2 | 74.1 | 15.0  
Male | h/p | 38.3 | 27.8 | 51.7 | 66.4 | 78.5 | 0.9 | 39.9 | 28.1 | 50.3 | 98.2 | 98.1 | 15.1  
Female | h/p | 21.8 | 16.8 | 31.4 | 13.3 | 49.7 | 19.8 | 20.0 | 14.6 | 26.2 | 23.3 | 18.8 | 14.2  
Employees with training | % | 100.0 | 100.0 | 100.0 | 100.0 | 96.4 | 91.4 | 100.0 | 100.0 | 100.0 | 45.4 | 100.0 | 100.0  
Volume of mandatory training per employee | h | 302,311 | 110,355 | 116,711 | 30,642 | 41,865 | 2,739 | 301,127 | 144,069 | 101,922 | 19,831 | 27,898 | 7,407  
Volume of non-mandatory training per employee | h | 49,902 | 48,897 | 38 | 64 | 268 | 635 | 75,590 | 35,374 | 12,605 | 16,859 | 10,724 | 29  
LABOUR RELATIONS | | | | | | | | | | | | |   
Collective employment agreements  | % | 77 | 88 | 97 | 0 | 26 | 0 | 78 | 88 | 97 | 0 | 31 | 0  
Trade union membership  | % | 0 | 28 | 43 | 0 | 0 | 0 | 27 | 28 | 42 | 0 | 1 | 0  
Union Structures  | # | 31 | 19 | 12 | 0 | 0 | 0 | 32 | 20 | 11 | 0 | 1 | 0  
Hours lost due to strikes  | h | 13,163 | 13,163 | 0 | 0 | 0 | 0 | 1,460 | 1,411 | 0 | 0 | 49 | 0  
Staff engaged in further study  | # | 72 | 72 | 0 | 0 | 0 | 0 | 69 | 69 | 0 | 0 | 0 | 0  
  
1 Accidents at the workplace in worktime and accidents on the way to or from work, with an absence of one more calendar days and fatal accidents

2 Includes accidents: fatal, absence from work (TTI - Temporary Total Incapacity), with TPI (Temporary Partial Incapacity) or PPI (Permanent Partial Incapacity); Without absence, with use of non-prescription medication at prescription strength; without absence, with use of wound closing treatment, such as suture, staples; 

without absence, administering immunization vaccines; without absence, with use of devices with rigid stays/others designed to immobilization; without absence, with physical therapy treatment; without absence, with loss of consciousness.

3 An accident at work in which a serious injury has resulted and from which the worker does not recover, or may not fully recover, or from which it is not expected to recover in less than 6 months. Excludes fatal accidents.

4 Accidents occurred at the place and working time or on a journey, with 1 or more days of absence and fatal accidents

5 Sum of the number of absence calendar days resulting of work accidents occurred in the reference period, plus the number of days lost by accidents in the previous period, which lasted until the reference period without interruption. The lost time is measured from the day following the accident to the day right before the 

return to work.

6 Number of accidents at work in service with absence/fatalities, per million hours worked.

7 0 Number of calendar days lost due to work accident per million hours worked, in the reference period.

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| EDP Integrated Annual Report 2024Annexes | Annex 3. Other indicators| | | | | | | | |   
| | | | | | Index| Part I| 378|   
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| | 2024 | 2023  
OWN WORKFORCE | UN | GROUP | IBERIA | SOUTH  AMERICA| NORTH  AMERICA| REST OF  THE EUROPE| ASIA  PACIFIC| GROUP | IBERIA | SOUTH  AMERICA| NORTH  AMERICA| REST OF  THE EUROPE| ASIA  PACIFIC  
Professional internships  | # | 423 | 235 | 188 | 0 | 0 | 0 | 471 | 290 | 114 | 50 | 4 | 13  
Academic internships  | # | 62 | 2 | 7 | 0 | 25 | 28 | 123 | 89 | 0 | 1 | 23 | 10  
HEALTH AND SAFETY (H&S) | | | | | | | | | | | | |   
Certification (installed capacity) | MW | 23,287 | 12,447 | 1,045 | 6,371 | 1,631 | 393 | 25,102 | 12,790 | 2,436 | 7,814 | 1,819 | 243  
Certification (installed capacity) | % | 86 | 96 | 61 | 74 | 72 | 100 | 92 | 99 | 91 | 72 | 86 | 77  
Employees | | | | | | | | | | | | |   
Covered by certification | # | 10,515 | 7,648 | 1,232 | 999 | 340 | 296 | 10,255 | 7,632 | 1,150 | 1,036 | 342 | 95  
Covered by certification | % | 81 | 99 | 38 | 94 | 54 | 80 | 78 | 100 | 32 | 100 | 100 | 20  
Work-related injuries 1| | | | | | | | | | | | |   
Recordable work-related injuries 2| # | 39 | 23 | 8 | 7 | 1 | 0 | 60 | 30 | 14 | 14 | 0 | 2  
High-consequence work-related injuries 3| # | 1 | 1 | 0 | 0 | 0 | 0 | 3 | 3 | 0 | 0 | 0 | 0  
Fatal work-related injuries  | # | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0  
Work-related ill health | | | | | | | | | | | | |   
Recordable ill health | # | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0  
Fatalities as a result of ill health | # | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0  
Accidents with lost workdays 4| # | 27 | 18 | 8 | 0 | 1 | 0 | 37 | 23 | 10 | 2 | 0 | 2  
Male | # | 22 | 14 | 7 | 0 | 1 | 0 | 32 | 19 | 9 | 2 | 0 | 2  
Female | # | 5 | 4 | 1 | 0 | 0 | 0 | 5 | 4 | 1 | 0 | 0 | 0  
Total lost days due to accidents 5| # | 1,465 | 1,324 | 123 | 0 | 18 | 0 | 1,978 | 1,513 | 297 | 156 | 0 | 12  
Hours worked | h | 23,614,026 | 13,669,787 | 6,586,929 | 1,923,967 | 626,061 | 807,282 | 25,226,403 | 13,898,912 | 7,302,639 | 2,056,217 | 619,046 | 1,349,589  
Rates | | | | | | | | | | | | |   
Frequency rate 6| Fr | 1.15 | 1.32 | 1.21 | 0.00 | 1.60 | 0.00 | 1.47 | 1.65 | 1.37 | 0.97 | 0.00 | 1.48  
Male | Fr | 1.27 | 1.45 | 1.45 | 0.00 | 2.44 | 0.00 | 1.70 | 1.92 | 1.67 | 0.97 | 0.00 | 1.88  
Female | Fr | 0.80 | 1.00 | 0.57 | 0.00 | 0.00 | 0.00 | 0.78 | 1.00 | 0.52 | 0.00 | 0.00 | 0.00  
Severity rate 7| Sr | 62 | 97 | 19 | 0 | 29 | 0 | 78 | 109 | 41 | 76 | 0 | 9  
Male | Sr | 69 | 109 | 24 | 0 | 44 | 0 | 85 | 116 | 55 | 76 | 0 | 11  
Female | Sr | 44 | 67 | 4 | 0 | 0 | 0 | 58 | 92 | 1 | 0 | 0 | 0  
  
1 Number of calendar days lost due to work accidents per million hours worked, in the reference period, including days for permanent disability and a portion of 6,000 days for each fatal accident

2 Accidents at the workplace in work time and accidents on the way to or from work, with an absence of one more calendar days and fatal accidents

3 Accidents occurred at the place and working time or on a journey, with 1 or more days of absence and fatal accidents.

4 Number of accidents at work in service with absence/fatalities, per million hours worked

5 Number of calendar days lost due to work accident per million hours worked, in the reference period.

6 Number of calendar days lost due to work accidents per million hours worked, in the reference period, including days for permanent disability and a portion of 6,000 days for each fatal accident.

7 Includes accidents: fatal, absence from work (TTI - Temporary Total Incapacity), with TPI (Temporary Partial Incapacity) or PPI (Permanent Partial Incapacity); Without absence, with use of non-prescription medication at prescription strength; without absence, with use of wound closing treatment, such as suture, staples; 

without absence, administering immunization vaccines; without absence, with use of devices with rigid stays/others designed to immobilization; without absence, with physical therapy treatment; without absence, with loss of consciousness.

| | | | | | | | | | | |   
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| | | | | | Index| Part I| 379|   
| | | | | | | | |   
  
| | | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---|---  
| | 2024 | 2023  
OWN WORKFORCE | UN | GROUP | IBERIA | SOUTH  AMERICA| NORTH  AMERICA| REST OF  THE EUROPE| ASIA  PACIFIC| GROUP | IBERIA | SOUTH  AMERICA| NORTH  AMERICA| REST OF  THE EUROPE| ASIA  PACIFIC  
Overall severity rate 1| oSr | 68 | 107 | 19 | 0 | 29 | 0 | 81 | 114 | 41 | 76 | 0 | 9  
Male | oSr | 74 | 119 | 24 | 0 | 44 | 0 | 87 | 119 | 55 | 76 | 0 | 11  
Female | oSr | 51 | 78 | 4 | 0 | 0 | 0 | 63 | 101 | 1 | 0 | 0 | 0  
Work-related injuries 2| | | | | | | | | | | | |   
Recordable frequency rate  | RFr | 1.66 | 1.69 | 1.21 | 3.64 | 1.60 | 0.00 | 2.38 | 2.16 | 1.92 | 6.81 | 0.00 | 1.48  
High-consequency frequency rate (excluding fatalities) | HFr | 0.04 | 0.07 | 0.00 | 0.00 | 0.00 | 0.00 | 0.12 | 0.22 | 0.00 | 0.00 | 0.00 | 0.00  
Fatal frequency rate  | FFr | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00  
Contractors | | | | | | | | | | | | |   
Covered by certification | # | 20,223 | 9,960 | 4,720 | 541 | 576 | 720 | 19,079 | 11,732 | 4,856 | 1,526 | 806 | 159  
Covered by certification | % | 81 | 99 | 38 | 94 | 57 | 80 | 78 | | 32 | 100 | 100 | 20  
Work-related injuries | | | | | | | | | | | | |   
Recordable work-related injuries | # | 152 | 76 | 52 | 14 | 7 | 3 | 213 | 95 | 92 | 18 | 5 | 3  
High-consequence work-related injuries (excluding  fatalities)| # | 1 | 1 | 0 | 0 | 0 | 0 | 11 | 9 | 2 | 0 | 0 | 0  
Fatal work-related injuries  | # | 6 | 4 | 2 | 0 | 0 | 0 | 5 | 0 | 5 | 0 | 0 | 0  
Work-related ill health | | | | | | | | | | | | |   
Recordable ill health | # | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0  
Fatalities as a result of ill health | # | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0  
Accidents with lost workdays 3| # | 111 | 64 | 36 | 1 | 7 | 3 | 140 | 79 | 53 | 0 | 5 | 3  
Hours worked | h | 59,946,113 | 21,787,376 | 30,504,590 | 4,096,548 | 2,098,066 | 1,459,533 | 62,546,729 | 23,182,178 | 29,987,258 | 6,218,093 | 1,592,711 | 1,566,489  
Rates | | | | | | | | | | | | |   
Frequency rate 4| Fr | 2 | 3 | 1 | 0 | 3 | 2 | 2 | 3 | 2 | 0 | 3 | 2  
Severity rate 5| Sr | 120 | 266 | 39 | 8 | 64 | 32 | 106 | 208 | 46 | 0 | 92 | 183  
Overall severity rate 6| oSr | 781 | 1,369 | 550 | 8 | 64 | 32 | 592 | 224 | 1,047 | 0 | 92 | 183  
Work-related injuries 7| | | | | | | | | | | | |   
Recordable Frequency Rate  | RFr | 2.54 | 3.49 | 1.70 | 3.42 | 3.34 | 2.06 | 3.41 | 4.10 | 3.07 | 2.89 | 3.14 | 1.92  
High-Consequency Frequency Rate | HFr | 0.20 | 0.37 | 0.13 | 0.00 | 0.00 | 0.00 | 0.18 | 0.39 | 0.07 | 0.00 | 0.00 | 0.00  
Fatal Frequency Rate  | FFr | 0.10 | 0.18 | 0.07 | 0.00 | 0.00 | 0.00 | 0.08 | 0.00 | 0.17 | 0.00 | 0.00 | 0.00  
EDP employees and contractors | | | | | | | | | | | | |   
  
1 Number of accidents at work in service with absence/fatalities, per million hours worked

2 Number of calendar days lost due to work accident per million hours worked, in the reference period

3 Number of calendar days lost due to work accidents per million hours worked, in the reference period, including days for permanent disability and a portion of 6,000 days for each fatal accident.

4 Accidents involving persons outside EDP's activity, including fatal accidents

5 Numbers of EDP employees represented by the total number of EDP employees

| | | | | | | | | | | |   
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| | | | | | | | |   
  
| | | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---|---  
| | 2024 | 2023  
OWN WORKFORCE | UN | GROUP | IBERIA | SOUTH  AMERICA| NORTH  AMERICA| REST OF  THE EUROPE| ASIA  PACIFIC| GROUP | IBERIA | SOUTH  AMERICA| NORTH  AMERICA| REST OF  THE EUROPE| ASIA  PACIFIC  
Rates | | | | | | | | | | | | |   
Frequency rate 1| Fr | 1.72 | 2.43 | 1.24 | 0.17 | 2.94 | 1.32 | 2.07 | 2.75 | 1.82 | 0.24 | 2.26 | 1.71  
Severity rate 2| Sr | 103 | 201 | 35 | 5 | 56 | 20 | 98 | 171 | 45 | 19 | 66 | 103  
Overall severity rate 3| oSr | 580 | 883 | 456 | 5 | 56 | 20 | 445 | 183 | 850 | 19 | 66 | 103  
Near accidents | # | 616 | 316 | 179 | 67 | 44 | 10 | 537 | 277 | 120 | 112 | 27 | 1  
People outside the activity | | | | | | | | | | | | |   
Electrical accidents involving third parties 4| # | 37 | 18 | 19 | 0 | 0 | 0 | 47 | 10 | 37 | 0 | 0 | 0  
Fatal electrical accidents involving third parties | # | 16 | 3 | 13 | 0 | 0 | 0 | 15 | 2 | 13 | 0 | 0 | 0  
Representatives elected in H&S Comissions  | | | | | | | | | | | | |   
EDP employees represented 5| % | 78 | 79 | 98 | 27 | 74 | 34 | 69 | | 67 | 0 | 72 | 0  
Employees representative | # | 257 | 75 | 148 | 14 | 15 | 5 | 247 | 67 | 148 | 14 | 18 | 0  
H&S TRAINING | | | | | | | | | | | | |   
Employees | | | | | | | | | | | | |   
Awareness actions | # | 1,098 | 428 | 479 | 22 | 166 | 3 | 2,602 | 948 | 908 | 534 | 199 | 13  
Employees | # | 11,354 | 6,844 | 2,832 | 877 | 626 | 175 | 33,338 | 15,502 | 5,910 | 9,311 | 2,545 | 70  
Training hours | h | 111,247 | 33,600 | 71,274 | 1,734 | 4,417 | 222 | 141,290 | 43,759 | 69,867 | 17,715 | 8,585 | 1,364  
Contractors | | | | | | | | | | | | |   
Awareness actions | # | 12,552 | 10,380 | 1,264 | 0 | 824 | 84 | 7,086 | 5,367 | 1,480 | 0 | 226 | 13  
Employees | # | 57,282 | 35,196 | 19,404 | 0 | 2,353 | 329 | 24,141 | 12,314 | 10,509 | 0 | 763 | 555  
Training hours | h | 61,294 | 4,466 | 54,097 | 0 | 805 | 1,926 | 250,921 | 3,729 | 246,935 | 0 | 203 | 54  
  
| | | | | | | | | | | |   
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| EDP Integrated Annual Report 2024Annexes | Annex 3. Other indicators| | | | | | | | |   
| | | | | | Index| Part I| 381|   
| | | | | | | | |   
  
Annex 3.2. Other company information

| | |   
---|---|---|---  
OPERATIONAL | UN | 2024 | 2023  
GENERATION MIX | | |   
Total gross generation | GWh | 57,815.71 | 55,966.57  
Non-Renewable | GWh | 2,992 | 7,833  
Coal | GWh | 283 | 3,534  
Natural gas | GWh | 2,666 | 4,176  
Co-generation | GWh | 43 | 123  
Renewable | GWh | 54,824 | 48,134  
Wind | GWh | 31,107 | 31,758  
Hydro | GWh | 17,663 | 14,214  
Solar | GWh | 6,054 | 2,162  
Share generation | | |   
Non-Renewable | % | 5.2| 14.0  
Coal | % | 0.5| 6.3  
Natural gas | % | 4.6| 7.5  
Co-generation | % | 0.1| 0.2  
Renewable | % | 94.8| 86.0  
Wind | % | 53.8| 56.7  
Hydro | % | 30.6| 25.4  
Solar | % | 10.5| 3.9  
Revenue generated | 000€ | 3,929,900.26 | 5,014,563.99  
Non-Renewable | 000€ | 320,433 | 1,306,462  
Coal | 000€ | 41,173 | 690,604  
Natural gas | 000€ | 266,136 | 576,774  
Co-generation | 000€ | 13,125 | 39,083  
Renewable | 000€ | 3,609,467 | 3,708,102  
Wind | 000€ | 1,959,221 | 2,155,069  
Hydro | 000€ | 1,248,145 | 1,406,302  
Solar | 000€ | 402,101 | 146,732  
Electricity purchased from third parties and  sold| | |   
From non-renewable energy sources | GWh | 3,868,373 | 4,026  
From renewable energy sources | GWh | 33,133,544 | 33,178  
Installed capacity | | |   
Decentralised solar installed capacity | MW | 1,439 | 1,110  
Hydroelectric Productivity Index | | |   
Portugal | # | 1.2 | 1.0  
Spain | # | 1.3 | 0.9  
  
| | |   
---|---|---|---  
OPERATIONAL | UN | 2024 | 2023  
TECHNICAL AVAILABILITY | | |   
Wind and Solar | % | 95 | 94  
Portugal | % | 98 | 98  
Spain | % | 94 | 94  
South America | % | 95 | 96  
North America  | % | 94 | 93  
Rest of the Europe | % | 97 | 97  
Asia Pacific | % | 98 | 96  
Hydro | | |   
Portugal | % | 85 | 88  
Spain | % | 94 | 97  
Brazil | % | 99 | 98  
Thermal | | |   
Portugal | % | 87 | 75  
CCGT  | % | 87 | 75  
Coal | % | 0 | 0  
Cogeneration | % | 93 | 97  
Spain | % | 96 | 83  
CCGT  | % | 96 | 95  
Coal | % | 97 | 75  
Nuclear | % | 90 | 75  
Cogeneration | % | 0 | 92  
Waste | % | 0 | n.d.  
Brazil | % | n.d. | 99  
Coal | % | n.d. | 99  
ENERGY EFFICIENCY | | |   
Internal Energy Efficiency | | |   
Thermal Efficiency | % | 43 | 43  
Coal plants | % | 25 | 30  
Natural gas combined cycle plant | % | 49 | 51  
Energy Intensity | MJ/€ | 2 | 5  
Electricity Distribution Grid Losses | | |   
Technical losses | % | 5.37 | 5.39  
Total losses | % | 7.76 | 7.85  
Portugal | % | 7.86 | 7.91  
Spain | % | 4.79 | 4.77  
Brazil | % | 8.87 | 9.15  
  
| | | | | | | | | | | |   
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| EDP Integrated Annual Report 2024Annexes | Annex 3. Other indicators| | | | | | | | |   
| | | | | | Index| Part I| 382|   
| | | | | | | | |   
  
| | |   
---|---|---|---  
OPERATIONAL | UN | 2024 | 2023  
ELECTRICITY SUPPLIED | GWh | 68,849 | 69,215  
Portugal | GWh | 18,505 | 20,112  
Last Resort | GWh | 2,631 | 3,015  
Liberalised Market | GWh | 15,874 | 17,097  
Market Share EDP - Liberalised Market | % | n.d. | n.d.  
Spain | GWh | 8,264 | 9,485  
Last Resort | GWh | 0 | 0  
Liberalised Market | GWh | 8,264 | 9,485  
Market Share EDP - Liberalised Market | % | 4.03 | 4.78  
Brazil | GWh | 42,081 | 39,618  
Last Resort | GWh | 14,788 | 14,217  
Liberalized Market | GWh | 27,293 | 25,402  
Social Tariff  | GWh | 1,531 | 1,309  
Portugal | GWh | 125 | 134  
Spain | GWh | 0 | 0  
South America | GWh | 1,406 | 1,175  
GAS SUPPLIED | GWh | 4,514 | 5,025  
Portugal | GWh | 2,093 | 2,564  
Last Resort | GWh | 438 | 392  
Liberalised Market | GWh | 1,655 | 2,172  
Market Share EDP - Liberalised Market | % | n.d. | n.d.  
Spain | GWh | 2,420 | 2,460  
Last Resort | GWh | 0 | 0  
Liberalised Market | GWh | 2,420 | 2,460  
Market Share EDP - Liberalised Market | % | 2.80 | 2.69  
DISTRIBUTION | | |   
Electricity distributed | GWh | 89,631 | 86,438  
Portugal | GWh | 46,557 | 45,978  
Spain | GWh | 13,261 | 12,682  
South America | GWh | 29,813 | 27,778  
Electricity supply points | | 11,880 | 11,758  
Portugal | GWh | 6,541 | 6,484  
Spain | GWh | 1,399 | 1,391  
South America | GWh | 3,941 | 3,883  
Grid extension | km | 387,181 | 384,516  
Portugal | km | 236,137 | 234,668  
Overhead lines | km | 184,978 | 183,900  
Underground lines | km | 51,159 | 50,768  
Spain | km | 53,067 | 52,848  
  
| | |   
---|---|---|---  
OPERATIONAL | UN | 2024 | 2023  
Overhead lines | km | 39,690 | 39,623  
Underground lines | km | 13,377 | 13,225  
Brazil | km | 97,977 | 96,999  
Overhead lines | km | 97,651 | 96,688  
Underground lines | km | 326 | 312  
TRANSMISSION | | |   
Grid extension | | 3,259 | 2,535  
Grid extension in operation | km | 1,871 | 2,185  
Grid extension under construction | km | 1,388 | 350  
QUALITY | | |   
ISO 9001 Certification | % | 65 | n.d.  
  
1 Based in the suppliers’ emission factors.

2 From 2023 onwards, CO2e emissions associated with distribution grid losses will be calculated on the basis of technical losses, as recommended by the GHG Protocol

3 Reviewed and harmonized methodology for all geographies, applied since 2015. Excludes Consumption Efficiency Promotion Plan (PPEC) projects. The 2017 values have been revised for consistency with the harmonized savings calculation method.

4 Reviewed and harmonized methodology for all geographies, applied since 2015. Excludes Consumption Efficiency Promotion Plan (PPEC) projects. The 2017 values have been revised for consistency with the harmonized savings calculation method.

5 Consider only the category "Use of sold products" of GHG Protocol Corporate Value Chain (Scope 3)

| | | | | | | | | | | |   
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| EDP Integrated Annual Report 2024Annexes | Annex 3. Other indicators| | | | | | | | |   
| | | | | | Index| Part I| 383|   
| | | | | | | | |   
  
| | |   
---|---|---|---  
BUSINESS CONDUCT | UN | 2024 | 2023  
CORPORATE GOVERNANCE | | |   
Number of members | | |   
EBD | # | 5 | 5  
GSB | # | 16 | 16  
Number of independent members | | |   
GSB | # | 9 | 9  
Number of women | | |   
EBD | # | 2 | 2  
GSB | # | 6 | 6  
RESPONSIBLE POLITICAL INVOLVEMENT | | |   
Costs related to interest representation  | 000€ | 9,037 | 6,797  
DUE DILIGENCE | | |   
Integrity due diligence | | |   
Analyzed transactions | # | 5191 | 5181  
Iberia | # | 1964 | 824  
Brazil | # | 1822 | 1871  
EDP Renováveis | # | 1405 | 2486  
  
| | |   
---|---|---|---  
CLIMATE CHANGE | UN | 2024 | 2023  
EMISSIONS | | |   
Specific CO2 emissions| | |   
Global | g/kWh | 24.93 | 75.04  
Thermal | g/kWh | 482.47 | 554.73  
CO2 equivalent emissions | | |   
Scope 2 (market-based) 1,2| ktCO2eq| 234 | 262  
Electricity consumption in office buildings | ktCO2eq| 0 | 0  
Electricity losses in distribution | ktCO2eq| 205 | 262  
Renewable plants self-consumption | ktCO2eq| 0 | 0  
Scope 1 and 2 specific emissions  | gCO2/kWh| 29 | 81  
SUSTAINABLE MOBILITY | | |   
Fleet electrification | % | 32 | 29  
Fleet electric vehicles | # | 1,439 | 1,311  
Electric charging points | # | 13,054 | 8,510  
Customers with electric mobility solutions | # | 178,043 | 106,991  
External Energy Efficiency | | |   
Savings in energy efficiency services 3| TWh | 7 | 6  
CO2 avoided emissions in the final customer 4| ktCO2| 15,908 | 12,967  
Energy consumed outside the organization 5| TJ | 264,107 | 267,262  
NEW ENERGY SERVICES | | |   
Energy efficiency services revenues | 000€ | 748,375 | 571,162  
  
1 ≤1,000 mg / L of total dissolved solids

2 ≤1,000 mg / L of total dissolved solids

3 ≤1,000 mg / L of total dissolved solids

| | | | | | | | | | | |   
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| EDP Integrated Annual Report 2024Annexes | Annex 3. Other indicators| | | | | | | | |   
| | | | | | Index| Part I| 384|   
| | | | | | | | |   
  
| | |   
---|---|---|---  
WATER AND MARINE RESOURCES | UN | 2024 | 2023  
WATER | | |   
Total water withdrawal | 103xm3| 100,925 | 543,304  
Freshwater | 103xm3| 3,280 | 5,659  
Salt and estuarine water | 103xm3| 97,645 | 537,645  
In water-stressed regions 1| 103xm3| 87 | 324  
Pecém | 103xm3| N/A | 324  
Los Barrios | 103xm3| 87 | N/A  
Total water discharge | 103xm3| 97,371 | 538,244  
Discharge into inland water | 103xm3| 1,013 | 1,403  
Discharge into estuary water and sea | 103xm3| 96,358 | 536,841  
Municipal treatment | 103xm3| 2 | 3  
In water-stressed regions 2| 103xm3| 93,637 | 164  
Pecém | 103xm3| N/A | 164  
Los Barrios | 103xm3| 93,637 | N/A  
Total water consumption | 103xm3| 3,218 | 5,430  
Total freshwater consumption | 103xm3| 2,214 | 4,091  
Specific fresh water consumption | 103xm3| 39 | 72  
In water-stressed regions 3| 103xm3| 30 | 324  
Pecém | 103xm3| N/A | 324  
Los Barrios | 103xm3| 30 | N/A  
Business impacts of water related incidents  | € | 0 | 0  
  
| | |   
---|---|---|---  
BIODIVERSITY | UN | 2024 | 2023  
BIODIVERSITY EXPOSURE & ASSESSMENT | | |   
Total number of operational sites | # | 425 | 360  
Total area of operational sites | ha  | 25,270 | 184,439  
Number of operational sites in which were  conducted biodiversity impact assessments| # | 419 | 354  
Total area of operational sited covered by the  biodiversity impact assessments| ha  | 25,270 | 184,439  
Number of operational sites assesed in areas  with significant biodiversity impact, or in proximity to critical biodiversity areas| # | 80 | 108  
Total area of operational sites assesed in areas  with significant biodiversity impact, or in proximity to critical biodiversity areas| ha  | 1,230 | 53,890  
Number of sites with biodiversity management  plans| # | 80 | 108  
Total area of operational sites that are covered  by biodiversity management plans| ha  | 1,230 | 53,890  
  
| | | | | | | | | | | |   
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| EDP Integrated Annual Report 2024Annexes | Annex 3. Other indicators| | | | | | | | |   
| | | | | | Index| Part I| 385|   
| | | | | | | | |   
  
| | |   
---|---|---|---  
CIRCULAR ECONOMY | UN | 2024 | 2023  
WASTE MATERIALS | | |   
Recovered waste materials | % | 87 | 96  
Recovered hazardous waste materials | % | 61 | 72  
Recovered non-hazardous waste materials | % | 90 | 97  
Main waste categories | | |   
Fly ash | t | 8,783 | 164,575  
Slag | t | 252 | 4,871  
Gypsum | t | 4,125 | 3,303  
Used oils | t | 234 | 418  
PCB | t | 57 | 139  
Metals | t | 5,175 | 8,157  
Main waste categories | | |   
Fly ash | % | 47.16 | 90.69  
Slag | % | 1.35 | 2.68  
Gypsum | % | 22.15 | 1.82  
Used oils | % | 1.26 | 0.23  
PCB | % | 0.31 | 0.08  
Metals | % | 27.78 | 4.50  
Main categories of recovered coal waste | t | 11,734 | 169,715  
Fly ash | t | 8,680 | 162,049  
Slag | t | 199 | 4,363  
Gypsum | t | 2,855 | 3,303  
Specific production of waste materials | t/GWh | 1 | 5  
NATURAL RESOURCES | | |   
Fuel | | |   
Coal | TJ | 3,745 | 27,192  
Natural gas | TJ | 19,355 | 29,718  
Diesel | TJ | 2 | 116  
Fuel oil | TJ | 0 | 11  
Waste gas | TJ | 0 | 7,837  
Chemicals consumption | | |   
Sodium hydroxyde | t | 73 | 284  
Hydrochloric acid | t | 258 | 422  
Sodium hypochlorite | t | 335 | 1,930  
Ammonia | t | 257 | 2,216  
Calcareous | t | 1,503 | 16,910  
Acquired oils | t | 114 | 84  
  
| | |   
---|---|---|---  
OWN WORKFORCE | UN | 2024 | 2023  
EMPLOYEES | | |   
EMPLOYEES DISTRIBUTION BY  PROFESSIONAL CATEGORY| | |   
EBD | # | 5 | 5  
Female | # | 2 | 2  
Male | # | 3 | 3  
Not declared | # | 0 | 0  
Senior Management | # | 359 | 391  
Female | # | 94 | 104  
Male | # | 264 | 287  
Not declared | # | 1 | 0  
Supervisors | # | 1,223 | 1,198  
Female | # | 313 | 360  
Male | # | 909 | 835  
Not declared | # | 1 | 3  
Specialists | # | 6,412 | 6,573  
Female | # | 2,603 | 2,570  
Male | # | 3,779 | 3,981  
Not declared | # | 30 | 22  
Technicians | # | 4,517 | 4,740  
Female | # | 596 | 674  
Male | # | 3,866 | 4,040  
Not declared | # | 55 | 26  
FEMALE EMPLOYEES IN MANAGEMENT  POSITIONS | | |   
In the total workforce | % | 26 | 29  
In EBD and Senior Management positions | % | 26 | 27  
In Supervisory positions | % | 26 | 30  
In revenue-generating positions | % | 13 | 44  
  
1 STEM Positions (Science, Technology, Engineering e Mathematics)

2 The calculation methodology has been modified, leading to an increase in the indicator's scope

| | | | | | | | | | | |   
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| EDP Integrated Annual Report 2024Annexes | Annex 3. Other indicators| | | | | | | | |   
| | | | | | Index| Part I| 386|   
| | | | | | | | |   
  
| | |   
---|---|---|---  
OWN WORKFORCE | UN | 2024 | 2023  
In STEM positions 1,2| % | 9 | 32  
Senior management hired from the local  community| % | 87 | 87  
INCREASE IN RATIO OF THE ANNUAL  TOTAL COMPENSATION FOR THE ORGANIZATION’S HIGHEST-PAID  INDIVIDUAL TO THE AVERAGE ANNUAL TOTAL COMPENSATION FOR ALL EMPLOYEES (EXCLUDING THE HIGHEST-PAID INDIVIDUAL) | x | 0.21 | 0.20  
TYPES OF ENTRIES | | |   
New entries | # | 950 | 1,425  
Professional category | | |   
Technicians | # | 305 | 368  
Specialists | # | 613 | 963  
Supervisors | # | 26 | 80  
Senior Management | # | 6 | 14  
Gender | | |   
Male | # | 501 | 818  
Female | # | 290 | 451  
Not declared | # | 159 | 156  
Age Group | | |   
<30  | # | 417 | 633  
[30-50 [ | # | 486 | 740  
≥50  | # | 47 | 52  
Nationality | # | |   
Angola | # | 1 | —  
Brazil | # | 292 | —  
Canada | # | 1 | —  
Chile | # | 3 | —  
China | # | 18 | —  
Colombia | # | 2 | —  
France | # | 15 | —  
Germany | # | 30 | —  
Greece | # | 2 | —  
Hungary | # | 1 | —  
India | # | 4 | —  
  
| | |   
---|---|---|---  
OWN WORKFORCE | UN | 2024 | 2023  
Ireland | # | 1 | —  
Italy | # | 16 | —  
Japan | # | 4 | —  
Malaysia | # | 3 | —  
Mexico | # | 3 | —  
Myanmar | # | 3 | —  
Poland | # | 27 | —  
Portugal | # | 202 | —  
Puerto Rico | # | 1 | —  
Romania | # | 5 | —  
Singapore | # | 21 | —  
Spain | # | 73 | —  
Taiwan | # | 1 | —  
United Kingdom | # | 6 | —  
United States | # | 189 | —  
Vietnam | # | 7 | —  
Netherlands | # | 1 | —  
Honduras | # | 1 | —  
Belgium | # | 3 | —  
Philippines | # | 1 | —  
Turkey | # | 2 | —  
Australia | # | 4 | —  
Palestine, State of | # | 1 | —  
Ecuador | # | 1 | —  
New Zealand | # | 2 | —  
Haiti | # | 1 | —  
Iran, Islamic Republic of | # | 2 | —  
Employees with disabilities (new hires) | # | 18 | 21  
Vacancies filled by internal candidates | # | 461 | 864  
Gender | | |   
Male | # | 288 | 519  
Female | # | 173 | 345  
Not declared | # | 0 | 0  
Age Group | | |   
<30  | # | 77 | 240  
[30-50 [ | # | 286 | 537  
≥50  | # | 98 | 87  
  
1 As part of the Organisational Climate, the Empowerment dimension was assessed in 2022 to replace the Enablement dimension previously assessed, as part of the evolution of the employee consultation model at EDP

| | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual Report 2024Annexes | Annex 3. Other indicators| | | | | | | | |   
| | | | | | Index| Part I| 387|   
| | | | | | | | |   
  
| | |   
---|---|---|---  
OWN WORKFORCE | UN | 2024 | 2023  
Professional category | | |   
Technicians | # | 125 | 94  
Specialists | # | 288 | 622  
Supervisors | # | 27 | 117  
Senior Management | # | 21 | 31  
Nationality | | |   
Brazil | # | 165 | —  
Canada | # | 1 | —  
Colombia | # | 1 | —  
India | # | 2 | —  
Italy | # | 27 | —  
Myanmar | # | 1 | —  
Peru | # | 1 | —  
Poland | # | 44 | —  
Portugal | # | 173 | —  
Romania | # | 1 | —  
Russian Federation | # | 1 | —  
Spain | # | 29 | —  
Ukraine | # | 2 | —  
United Kingdom | # | 4 | —  
United States | # | 3 | —  
Netherlands | # | 5 | —  
Albania | # | 1 | —  
Employees with disabilities  | # | 0 | 4  
EMPLOYEES SATISFACTION | | |   
Engagement  | % | 78 | 80  
Gender | | |   
Female | % | 79 | 84  
Male | % | 77 | 78  
Not declared | % | 78 | 100  
Age Group | | |   
<30  | % | 77 | 76  
[30-50 [ | % | 77 | 79  
≥50  | % | 82 | 84  
Professional category | | |   
Technicians | % | 75 | 75  
Specialists | % | 74 | 81  
Supervisors | % | 82 | 88  
  
| | |   
---|---|---|---  
OWN WORKFORCE | UN | 2024 | 2023  
Senior Management | % | 91 | 91  
Employees with disabilities | % | N/A | N/A  
Empowerment 1| % | 74 | 75  
Gender | | |   
Female | % | 75 | 77  
Male | % | 74 | 74  
Not declared | % | 91 | 79  
TURNOVER | % | 10.95 | 13.40  
Professional category | | |   
Technicians | % | 11 | 15  
Specialists | % | 12 | 13  
Supervisors | % | 8 | 9  
Senior management | % | 10 | 6  
Nationality | | |   
Bolivia (Plurinational State of) | # | 100 | —  
Brazil | # | 11 | —  
Chile | # | 8 | —  
China | # | 49 | —  
Colombia | # | 29 | —  
France | # | 21 | —  
Germany | # | 39 | —  
Greece | # | 8 | —  
Hungary | # | 45 | –  
India | # | 4 | –  
Italy | # | 16 | –  
Korea (the Republic of) | # | 20 | –  
Malaysia | # | 24 | –  
Mexico | # | 13 | –  
Morocco | # | 25 | –  
Myanmar | # | 13 | –  
Peru | # | 100 | –  
Poland | # | 17 | –  
Portugal | # | 8 | –  
Romania | # | 16 | –  
Singapore | # | 34 | –  
Spain | # | 7 | –  
Syrian Arab Republic | # | 100 | –  
Taiwan | # | 38 | –  
  
| | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual Report 2024Annexes | Annex 3. Other indicators| | | | | | | | |   
| | | | | | Index| Part I| 388|   
| | | | | | | | |   
  
| | |   
---|---|---|---  
OWN WORKFORCE | UN | 2024 | 2023  
Ukraine | # | 17 | –  
United Kingdom | # | 23 | –  
United States | # | 20 | –  
Indonesia | # | 25 | –  
Netherlands | # | 38 | –  
Honduras | # | 100 | –  
Philippines | # | 100 | —  
Australia | # | 38 | —  
Employees with disabilities | % | 20.1 | 13.4  
VOLUNTARY EMPLOYEE TURNOVER | % | 5.1 | 5.8  
Gender | | |   
Male | % | 4.8 | 5.9  
Female | % | 5.8 | 5.8  
Not declared | % | 5.7 | 5.9  
Age group | | |   
< 30 | % | 11.5 | 9.3  
[30-50[ | % | 5.1 | 6.6  
≥ 50 | % | 1.6 | 1.5  
Professional category | | |   
Technicians | % | 3.2 | 4.0  
Specialists | % | 6.5 | 7.5  
Supervisors | % | 5.3 | 5.1  
Senior management | % | 3.1 | 2.6  
Nationality | | |   
Bolivia (Plurinational State of) | # | 100 | —  
Brazil | # | 4 | —  
Chile | # | 4 | —  
China | # | 41 | —  
Colombia | # | 20 | —  
France | # | 18 | —  
Germany | # | 27 | —  
Greece | # | 5 | —  
Hungary | # | 36 | —  
India | # | 2 | —  
Italy | # | 15 | —  
Malaysia | # | 21 | —  
Mexico | # | 13 | —  
Morocco | # | 25 | —  
Myanmar | # | 13 | —  
  
| | |   
---|---|---|---  
OWN WORKFORCE | UN | 2024 | 2023  
Peru | # | 100 | —  
Poland | # | 12 | —  
Portugal | # | 2 | —  
Romania | # | 16 | —  
Singapore | # | 25 | —  
Spain | # | 3 | —  
Syrian Arab Republic | # | 100 | —  
Taiwan | # | 13 | —  
United Kingdom | # | 23 | —  
United States | # | 15 | —  
Vietnam | # | 14 | —  
Netherlands | # | 13 | —  
Honduras | # | 100 | —  
Australia | # | 25 | —  
Employees with disabilities | % | 6 | 4  
REASONS FOR LEAVING | | |   
End of fixed-term contracts | % | 3 | 4  
Terminated by mutual agreement | % | 2 | 2  
Terminated by employee | % | 47 | 44  
Dismissals | % | 21 | 16  
Early retirements | % | 7 | 5  
Age/invalidity retirement | % | 12 | 7  
Other reasons for leaving | % | 8 | 23  
ELIGIBLE EMPLOYEES FOR RETIREMENT | | |   
EBD | | |   
next to 5 years  | # | 0 | 0  
next to 10 years | # | 0 | 0  
Senior Management | | |   
next to 5 years  | # | 20 | 31  
next to 10 years | # | 54 | 70  
Supervisors | | |   
next to 5 years  | # | 60 | 71  
next to 10 years | # | 140 | 139  
Specialists | | |   
next to 5 years  | # | 333 | 304  
next to 10 years | # | 629 | 589  
Technicians | | |   
next to 5 years  | # | 430 | 478  
next to 10 years | # | 836 | 950  
  
| | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual Report 2024Annexes | Annex 3. Other indicators| | | | | | | | |   
| | | | | | Index| Part I| 389|   
| | | | | | | | |   
  
| | |   
---|---|---|---  
OWN WORKFORCE | UN | 2024 | 2023  
HC ROI | € | 6.93 | 7.11  
VOLUME OF TRAINING | h | 352,212.75 | 376,717.16  
Volume of mandatory training | h | 302,311 | 301,127  
Gender | | |   
Male | h | 225,939 | 244,699  
Female | h | 69,543 | 56,428  
Age group | | |   
< 30 | h | 54,038 | 60,661  
[30-50[ | h | 194,804 | 197,909  
≥ 50 | h | 53,469 | 42,556  
Professional category | | |   
Technicians | h | 135,067 | 153,072  
Specialists | h | 134,092 | 109,028  
Supervisors | h | 25,633 | 32,482  
Senior Management | h | 7,518 | 6,544  
Volume of non-mandatory training | h | 49,902 | 75,590  
Gender | | |   
Male | h | 44,675 | 53,841  
Female | h | 5,227 | 21,750  
Age group | | |   
< 30 | h | 9,187 | 12,707  
[30-50[ | h | 33,234 | 51,503  
≥ 50 | h | 7,480 | 11,381  
Professional category | | |   
Technicians | h | 31,860 | 22,970  
Specialists | h | 15,063 | 38,813  
Supervisors | h | 2,402 | 10,672  
Senior Management | h | 576 | 3,136  
DIRECT INVESTMENT WITH TRAINING BY  EMPLOYEES| | |   
Investment in mandatory training | € | 5,522,479 | 3,547,301  
Gender | | |   
Male | € | 3,270,621 | 2,664,111  
Female | € | 2,249,784 | 883,190  
Age group | | |   
< 30 | € | 532,838 | 614,779  
[30-50[ | € | 4,053,243 | 2,383,752  
≥ 50 | € | 936,398 | 548,769  
Professional category | | |   
  
| | |   
---|---|---|---  
OWN WORKFORCE | UN | 2024 | 2023  
Technicians | € | 375,041 | 1,091,590  
Specialists | € | 2,288,463 | 1,736,511  
Supervisors | € | 1,353,301 | 520,072  
Senior Management | € | 1,505,674 | 199,128  
Geography | | |   
Iberia | € | 1,809,783 | 1,437,091  
South America | € | 660,165 | 523,000  
North America  | € | 1,192,124 | 493,010  
Rest of the Europe | € | 1,791,366 | 1,074,819  
APAC | € | 69,040 | 19,381  
Investment in non-mandatory training  | € | 849,485 | 1,597,747  
Gender | | |   
Male | € | 757,782 | 1,111,575  
Female | € | 91,703 | 486,172  
Age group | | |   
< 30 | € | 157,554 | 280,856  
[30-50[ | € | 591,331 | 1,072,976  
≥ 50 | € | 100,600 | 243,915  
Professional category | | |   
Technicians | € | 525,854 | 383,727  
Specialists | € | 301,218 | 903,104  
Supervisors | € | 20,710 | 224,837  
Senior Management | € | 1,702 | 86,080  
Geography | | |   
Iberia | € | 666,315 | 697,009  
South America | € | 73,988 | 68,389  
North America  | € | 38,265 | 419,125  
Rest of the Europe | € | 52,824 | 413,150  
APAC | € | 18,092 | 75  
HEALTH AND SAFETY (H&S) | | |   
EDP employees and contractors | | |   
Tipology of accidents at work | # | 144 | 177  
Electrics | % | 12 | 13  
High level falls | % | 14 | 8  
Lower level falls (include same level falls) | % | 27 | 13  
Contact with hot or cold surfaces | % | 1 | 1  
Contact/exposition to toxic substances | % | 0 | 0  
Earth covers/Splints | % | 12 | 5  
Interaction with objects | % | 49 | 36  
  
1 Entries registered in the complaint channels Ethics of EDP group. 

2 The remaining complaints were dealt with expeditiously with the Business Units involved.

| | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual Report 2024Annexes | Annex 3. Other indicators| | | | | | | | |   
| | | | | | Index| Part I| 390|   
| | | | | | | | |   
  
| | |   
---|---|---|---  
OWN WORKFORCE | UN | 2024 | 2023  
Road Accidents | % | 8 | 3  
Incorrect movements/overstress | % | 15 | 13  
Fire/Explosion | % | 0 | 1  
Other | % | 6 | 6  
ETHICS AND COMPLIANCE | | |   
Claims | | |   
Total queries 1| # | 725 | 689  
Claims before the Ethics Commission 2| # | 355 | 382  
Client | # | 49 | 58  
Citizen | # | 19 | 22  
Employee | # | 74 | 223  
Supplier | # | 19 | 30  
Anonymous | # | 194 | 49  
Claims by category | | |   
Fairness of solutions | # | n.a. | n.a.  
Neglect or disrespect | # | n.a. | n.a.  
Transparency | # | n.a. | n.a.  
Use of information or assets | # | n.a. | n.a.  
Environment and responsibility towards society | # | n.a. | n.a.  
Fraud, corruption and bribery | # | n.a. | n.a.  
Employee well-being | # | 60 | 123  
Health and Safety | # | 31 | 16  
Company representation | # | 0 | 0  
Diversity and inclusion | # | 1 | 3  
Harassment | # | 66 | 64  
Human Rights | # | 0 | 0  
Relationship with shareholders | # | 0 | 0  
Relationship with customers | # | 38 | 1  
Relationship with suppliers | # | 24 | 4  
Relationship with communities | # | 4 | 0  
Competition | # | 2 | 0  
Environment | # | 1 | 2  
Energy transition | # | 0 | 0  
Digital revolution | # | 0 | 0  
Entrepreneurship and cooperation | # | 0 | 0  
Personal data protection and privacy | # | 3 | 6  
Use of company information | # | 16 | 37  
  
| | |   
---|---|---|---  
OWN WORKFORCE | UN | 2024 | 2023  
Conflict of interests | # | 35 | 35  
Corruption and bribery | # | 53 | 69  
Money laundering and countering the financing  of terrorism| # | 0 | 0  
Use of assets | # | 13 | 20  
Gifts and entertainment | # | 1 | 0  
Manipulation in financial statements and/or  management reports | # | 0 | 1  
Other | # | 7 | 1  
Actions deliberated/determined by the  Ethics Commission| # | 170 | 120  
Revisions/improvements of procedures | # | 34 | 38  
Compensation of damages | # | 0 | 0  
Disciplinary action | # | 31 | 25  
Training and awareness | # | 78 | 42  
Other | # | 27 | 15  
  
1 Determined according to the LBG methodology. Not yet validated by Corporate Citizenship

2 Customers whose survival depends on equipment or customers that provide essential health or safety services to the community (in accordance with Article 103 of the Regulation on Service Quality in the Electricity and Natural Gas sector)

3 Customers with limitations in the field of vision (total blindness or hypovision), in the field of hearing (total deafness or hearing loss) and in the field of oral communication (in accordance with Article 100 of the Regulation on Service Quality in the Electric and Natural Gas sector)

| | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual Report 2024Annexes | Annex 3. Other indicators| | | | | | | | |   
| | | | | | Index| Part I| 391|   
| | | | | | | | |   
  
| | |   
---|---|---|---  
AFFECTED COMMUNITIES 1| UN | 2024 | 2023  
Category | 000€ | 23,251 | 26,211  
Non-strategic investment | 000€ | 484 | 2,138  
Strategic investment | 000€ | 22,753 | 24,038  
Commercial initiative | 000€ | 14 | 35  
Nature | 000€ | 23,251 | 26,211  
Education | 000€ | 1,426 | 1,916  
Health | 000€ | 94 | 70  
Economic development | 000€ | 1,855 | 1,909  
Environment | 000€ | 2,526 | 3,017  
Art and culture | 000€ | 10,671 | 10,961  
Social welfare | 000€ | 5,421 | 5,569  
Emergency response | 000€ | 390 | 123  
Other | 000€ | 869 | 2,646  
Type | 000€ | 23,251 | 26,211  
Cash contributions | 000€ | 13,283 | 16,940  
Kind contributions | 000€ | 9,502 | 8,700  
Working time contributions | 000€ | 467 | 570  
Management costs | 000€ | 4,950 | 6,850  
Total value of contributions (including  management costs)| 000€ | 28,202 | 33,060  
Beneficiary entities | # | 529 | 604  
CORPORATE VOLUNTEERING | | |   
EDP Volunteers | # | 3,019 | 4,426  
Employees involved in voluntary actions  | % | 24 | 34  
EDP time used in volunteering | h | 20,419 | 21,591  
Skills-based volunteering  | h | 6,476 | 7,316  
  
| | |   
---|---|---|---  
ENERGY CONSUMERS AND END-USERS | UN | 2024 | 2023  
CUSTOMERS | | |   
Number of electricity customers | 000# | 8,316 | 8,580  
Regulated market  | 000# | 4,797 | 4,807  
Portugal | 000# | 860 | 927  
Spain | 000# | 0 | 0  
South America | 000# | 3,938 | 3,881  
Liberalised market | 000# | 3,518 | 3,773  
Portugal | 000# | 3,499 | 3,753  
Market Share EDP - Liberalised Market | % | 0 | 0  
Spain | 000# | 18 | 19  
South America | 000# | 1 | 1  
Number of gas customers | 000# | 564 | 591  
Regulated market  | 000# | 108 | 108  
Portugal | 000# | 108 | 108  
Spain | 000# | 0 | 0  
Liberalised market | 000# | 456 | 483  
Portugal | 000# | 453 | 480  
Spain | 000# | 3 | 3  
Overall customers satisfaction | % | 77 | 85  
Portugal | % | 80 | 90  
Spain | % | 78 | n.a.  
South America | % | 77 | 77  
Customers with social tariff | # | 737,206 | 1,143,755  
Electricity | # | 721,859 | 1,125,080  
Portugal | # | 56,305 | 500,474  
Spain | # | n.a. | n.a.  
South America | # | 665,554 | 624,606  
Gas | # | 15,347 | 18,675  
Portugal | # | 15,347 | 18,675  
Priority customers 2| # | 8,812 | 8,700  
Electricity | # | 8,812 | 8,700  
Portugal | # | 4,836 | 4,668  
Spain | # | n.a. | n.a.  
South America | # | 3,976 | 4,032  
Special needs customers 3| # | 2,050 | 1,487  
Electricity | # | 2,050 | 1,487  
  
1 TIEPI in the MT network, excludes extraordinary events

2 TIEPI in the MT network, excludes extraordinary events

3 The values consider service reconnections within the deadlines defined by the regulator, representing 99% of the total re-establishments

4 The time intervals considered are related to the time that elapses from the interruption of the service due to non-payment by the customer, until the restoration of the same. The values consider service reconnections within the deadlines defined by the regulator.

5 System Average Interruption Duration Index

| | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual Report 2024Annexes | Annex 3. Other indicators| | | | | | | | |   
| | | | | | Index| Part I| 392|   
| | | | | | | | |   
  
| | |   
---|---|---|---  
ENERGY CONSUMERS AND END-USERS | UN | 2024 | 2023  
Portugal | # | 1,114 | 526  
Spain | # | n.a. | n.a.  
South America | # | 936 | 961  
Claims | | |   
Customer Ombudsperson | | |   
Ombudsman's answer orientation | | |   
Concordant | % | 39 | 35  
Discordant | % | 33 | 49  
Partial concordant  | % | 5 | 3  
Resolved issues  | % | 23 | 13  
Fines payed for failure in supply and use of  products and services| 000€ | 13,373.01 | 10,597.00  
Information privacy | | |   
Fines for breach of privacy and loss of customer  data| # | 1 | 0  
Fines for breach of privacy and loss of customer  data| 000€ | 42 | 0  
Service Quality | | |   
Portugal | | |   
Installed capacity equivalent interruption time 1| min | 51 | 48  
Spain | | |   
Installed capacity equivalent interruption time 2| min | 19 | 19  
Brazil | | |   
Average interruption duration per consumer | | |   
EDP São Paulo | h | 6 | 6  
EDP Espírito Santo | h | 7 | 7  
Frequency of interruptions per consumer | | |   
EDP São Paulo | # | 3 | 3  
EDP Espírito Santo | # | 3 | 3  
SERVICE RECONNECTION | | |   
Electricity supply reconnection after  payment of debt by customer| | |   
Portugal 3| # | 105,366 | 152,573  
< 4h (urgent) | # | 16,740 | 26,854  
< 8h (other clients) | # | 427 | 625  
  
| | |   
---|---|---|---  
ENERGY CONSUMERS AND END-USERS | UN | 2024 | 2023  
< 12h (clients NVL) | # | 88,199 | 125,094  
Spain 4| # | 11,994 | 10,585  
≤ 24 hours | # | 11,545 | 10,498  
> 24 hours | # | 449 | 87  
South America | # | 381,175 | 223,700  
< 24h | # | 332,007 | 148,710  
< 1 week | # | 47,320 | 44,464  
> 1 week | # | 1,848 | 30,526  
SAIDI 5| | |   
Distribution network | h | 3 | 3  
Transmission network | h | 0 | 0  
  
1 Aggregated certification indicator due to assets with potential environmental impacts.

2 The total value of 2024 corresponds to 1 fine.

3 Significant fines or penalties related to the environment or ecology >USD$10,000.

4 The number of total suppliers considers the count of single suppliers in all EDP geographies. Therefore, it does not correspond to the sum of the geography’s suppliers, once it discards the double counts of the ones that may supply different EDP geographies

5 Critical Suppliers exposed to environmental or health and safety risks.

| | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual Report 2024Annexes | Annex 3. Other indicators| | | | | | | | |   
| | | | | | Index| Part I| 393|   
| | | | | | | | |   
  
| | |   
---|---|---|---  
POLLUTION | UN | 2024 | 2023  
ISO 14001 CERTIFICATION | | |   
ISO 14001 certification 1| % | 85 | 89  
PREVENTION OF POLLUTION | | |   
Total NOx emissions| kt | 0.5 | 2.5  
Iberia | kt | 0.5 | 2.5  
Brazil | kt | 0.0 | 0.0  
Total SO2 emissions| kt | 0.1 | 1.0  
Iberia | kt | 0.1 | 1.0  
Brazil | kt | 0.0 | 0.0  
Total particulate matter emissions | kt | 0.0 | 0.1  
Iberia | kt | 0.0 | 0.1  
Brazil | kt | 0.0 | 0.0  
Total particulate matter emissions from fleet | t | 4 | 4  
Environmental fines 2| 000€ | 3 | 63  
Number of violations of legal environmental  obligations/regulations 3| # | 0 | 2  
Indemnities to third parties | 000€ | 124 | 158  
  
| | |   
---|---|---|---  
SUPPLY CHAIN | UN | 2024 | 2023  
SUPPLIERS | | |   
Number of Suppliers by purchase region 4| # | 13,238 | 16,810  
Iberia | # | 6,208 | 7,611  
South America | # | 4,233 | 5,617  
North America | # | 827 | 794  
Rest of the Europe | # | 1,650 | 2,736  
Asia Pacific | # | 413 | 552  
Purchase volume by purchase region | €m | 6,442 | 7,613  
Iberia | €m | 1,940 | 2,807  
South America | €m | 918 | 1,833  
North America | €m | 1,720 | 2,286  
Rest of the Europe | €m | 1,827 | 552  
Asia Pacific | €m | 37 | 135  
Local Suppliers volume of purchases | | |   
Iberia | % | 90 | 80  
South America | % | 99 | 89  
North America | % | 97 | 99  
Rest of the Europe | % | 96 | 82  
Asia Pacific | % | 96 | 66  
Critical Suppliers 5| | |   
ISO 14001 or equivalent | % | 53 | 47  
OHSAS 18001 or equivalent | % | 42 | 42  
Assessed by ESG criteria | % | 85 | 85  
Service providers with audited ESG risks | % | 57 | 82  
ORIGIN OF FUEL | | |   
Coal Origin | | |   
Colombia  | % | 0 | 74  
USA | % | 0 | 0  
South Africa | % | 100 | 8  
Russia  | % | 0 | 0  
Australia | % | 0 | 0  
Kazakhstan | % | 0 | 18  
Ucrain | % | 0 | 0  
Gas Origin | | |   
  
1 The presented amounts are accumulated.

| | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual Report 2024Annexes | Annex 3. Other indicators| | | | | | | | |   
| | | | | | Index| Part I| 394|   
| | | | | | | | |   
  
| | |   
---|---|---|---  
SUPPLY CHAIN | UN | 2024 | 2023  
USA | % | 79 | 76  
Russia | % | 0 | 0  
Equatorial Guinea | % | 0 | 0  
Nigeria | % | 0 | 0  
Trinidad and Tobago | % | 21 | 24  
PURCHASE CATEGORY | | |   
Materials and Equipment | % | 12 | 26  
Corporate Services and IT | % | 16 | 18  
Construction and technical services | % | 66 | 45  
Fuels | % | 6 | 11  
SUPPLIERS SCREENING | | |   
Total tier 1 suppliers | # | 13,238 | 16,810  
Total tier 1 critical suppliers | # | 695 | 685  
Total spent on critical tier 1 suppliers | % | 51 | 61  
Total non tier 1 critical suppliers | # | 821 | 395  
Total number of significant suppliers (Tier-1 and  non Tier-1)| # | 1,516 | 1,080  
SUPPLIER ASSESSMENT | | |   
Total suppliers with ESG desk assessments | # | 593 | 627  
Critical suppliers with ESG assessments | % | 85 | 92  
Suppliers assessed with high ESG risks | # | 593 | 622  
Suppliers assessed with high ESG risks and  improvement action plans| % | 53 | 81  
Suppliers assessed with high ESG risks that were  terminated| # | 0 | 0  
IMPROVEMENT ACTIONS PLANS | | |   
Suppliers supported in improvement action plans | # | 58 | 50  
Suppliers assessed with high ESG risks,  supported in improvement action plans implementation | % | 10 | 8  
CAPACITY BUILDING PROGRAMS | | |   
Suppliers in capacity building programs | # | 491 | 480  
Critical suppliers in capacity building programs | % | 71 | 70  
HUMAN RIGHTS IN THE SUPPLY CHAIN | | |   
Critical suppliers on human and labour rights  (including health and safety)| % | 28 | 22  
Critical suppliers on human and labour rights  with mitigation action plans| % | 70 | 90  
  
| | |   
---|---|---|---  
DIGITAL TRANSFORMATION AND  INNOVATION| UN | 2024 | 2023  
INNOVATION AND RESEARCH | | |   
Investment in RDI | 000€ | 149,917 | 222,321  
Investment in RDI/Turnover | % | 1.00 | 1.37  
Number of employees in RDI | # | 517 | 563  
DIGITAL TRANSFORMATION | | |   
Smart meters 1| | |   
Portugal | # | 6,579,084 | 5,620,188  
Spain | # | 1,389,966 | 1,379,786  
Brazil | # | 647,148 | 576,266  
  
1 Energy Efficiency and Supplementary Energy Services: services provided under energy supply, installation of more efficient and/or building retrofit, and sustainable mobility, which generate revenues for the company. 

2 Supplementary energy services revenues include the following categories: Energy Management, Maintenance and Operation, Property/Facility Management, Energy and/or Equipment Supply, Provision of Service (example: steam) and other. 

3 More information available on the Note 49 in Part II - Financial Statements of this report.

4 Company obligations in year N due to unpaid fines, resulting from past infractions.

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| | | | | | Index| Part I| 395|   
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| | |   
---|---|---|---  
SUSTAINABLE FINANCE | UN | 2024 | 2023  
CREATION OF A LONG-TERM VALUE | | |   
Economic Value Generated | 000€ | 16,756,395 | 18,296,209  
Turnover | 000€ | 14,965,762 | 16,202,307.92  
Other income | 000€ | 1,790,633 | 2,093,901  
Economic Value Distributed  | 000€ | 13,931,704 | 15,368,261  
Employees | 000€ | 832,666 | 819,259  
Suppliers | 000€ | 9,209,095 | 10,381,262  
Shareholders | 000€ | 901,039 | 949,642  
Financial sector | 000€ | 1,859,820 | 1,889,694  
Community | 000€ | 28,202 | 33,060  
State | 000€ | 856,861 | 928,681  
Other | 000€ | 244,022 | 366,663  
Economic Value Accumulated | 000€ | 2,824,691 | 2,927,948  
Gross Value Added per Employee | 000€/# | 450 | 446  
CAPEX | 000€ | 4,745,451 | 5,850,459  
EBITDA | 000€ | 4,801,101 | 5,020,026  
Net Profit Attributable to EDP Shareholders | 000€ | 800,980 | 952,348  
  
| | |   
---|---|---|---  
ECONOMIC | UN | 2024 | 2023  
Energy efficiency and supplementary energy  services revenues 1| 000€ | 2,125,682.82 | 1,978,529.52  
Energy efficiency services revenues | 000€ | 748,375 | 571,162  
Supplementary energy services revenues 2| 000€ | 1,377,308 | 1,407,367.67  
Fines and penalties | 000€ | 14,737 | 11,761  
Environmental matters 3| 000€ | 228,585 | 522,359  
Investments | 000€ | 77,413 | 107,069  
Expenses | 000€ | 151,171 | 415,290  
Environmental liability accrued 4| € | 0 | 0  
Social matters | | |   
Personnal costs | 000€ | 726,142 | 730,710  
Employee benefits | 000€ | 106,524 | 88,549  
Direct training investment | 000€ | 6,372 | 5,190  
Direct training investment per employee | €/p | 506 | 402  
HC ROI | €/p | 7 | 7  
  
| | |   
---|---|---|---  
HUMAN RIGHTS | UN | 2024 | 2023  
Human Rights due diligence process | y/n | y | y  
  
| | | | | | | | | | | |   
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Circular Economy - Waste

Tracking effectiveness of policies and actions through targets

EDP is committed to tracking the effectiveness of our policies and actions related to the circular

economy through specific, measurable targets. These targets help us monitor progress and ensure

continuous improvement in our sustainability efforts.

Circular economy targets:

• waste recovery rate: EDP aims to achieve 90% waste recovery rate along the value chain by

2026\. This target reflects our commitment to minimizing waste and maximizing the reuse and

recycling of materials

• renewables waste recovery rate: by 2026, EDP is committed to achieving an 85% waste

recovery rate along the value chain for renewables (construction, operational and dismantlement

waste of solar and wind farms). This target supports our efforts to promote circularity in

renewable energy projects and reduce the environmental impact of our operations.

The effectiveness of these targets is tracked and assessed through a comprehensive monitoring

system. EDP collects data on waste generation and recovery rates from all relevant operations and

projects, reporting this data quarterly and annually to ensure timely monitoring of progress. Key

performance indicators (KPIs) are used to measure progress towards the targets, including metrics

such as the percentage of waste recovered, the volume of materials recycled, and the reduction in

waste sent to landfills.

Stakeholders, including suppliers, employees, and local communities, are actively involved in the

definition and implementation of these targets. Regular consultations and feedback sessions are

conducted to ensure their perspectives are considered. The targets apply to EDP's activities across

the entire value chain, including construction, operation, and dismantlement phases of renewable

energy projects, and cover all regions where EDP operates.

The targets are defined based on methodologies aligned with national and international standards,

such as ISO 14001 for environmental management. Assumptions include baseline data from

previous years, projected growth in renewable energy projects, and expected improvements in

waste management technologies.

EDP reports on the progress of these targets through its Integrated Annual Report and quarterly ESG

reports, providing a comprehensive overview of the achievements and challenges faced in meeting

the targets. Progress is assessed against the baseline year, and any deviations are analysed to

identify areas for improvement.

The targets are aligned with EDP's broader sustainability strategy and national and international

policies, such as the European Green Deal and the United Nations Sustainable Development Goals

(SDGs). This alignment ensures that EDP's efforts contribute to global sustainability objectives.

How target relates to resources (resource use and circular economy)

EDP is committed to setting and tracking specific targets that relate to resource use and circular

economy principles. These targets are designed to ensure sustainable resource management,

minimize waste, and promote the use of secondary (recycled) resources.

The targets set are based on EDP’s Circular Economy Strategy, which focuses on the efficient use of

natural resources from a life-cycle analysis perspective, with three main objectives:

i. minimize the use of natural resources required for the execution of EDP's activities, promoting

practices that reduce material extraction and consumption

ii. optimize and efficiently manage internal products and services, aiming to promote the circular

economy with its customers by encouraging practices that favour reuse, recycling, and

extending the life cycle of materials

iii. maximize the recovery of waste and its reintegration into the economy as by-products,

promoting the valorization of materials and closing production cycles.

As part of EDP’s Circular Economy Strategy, which is based on three core pillars—Reduction,

Optimization, and Valorization—implemented through seven priority action areas, one of the seven

priority axes of action is efficiency in the use of resources and materials. This axis focuses on

promoting the reduction of inputs of resources and materials, as well as the reduction of waste

outputs, thereby addressing resource efficiency and minimizing environmental impacts.

Circular economy targets:

• waste recovery rate: EDP aims to achieve a 90% waste recovery rate along the value chain by

2026\. This target reflects our commitment to minimizing waste and maximizing the reuse and

recycling of materials. By achieving this target, EDP supports the circular economy principle of

keeping resources in use for as long as possible and reducing the need for virgin materials. This

involves increasing the use of recycled materials in our operations, adopting circular design

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principles to extend the lifecycle of products, and reducing the overall consumption of raw

materials

• renewables waste recovery rate: by 2026, EDP is committed to achieving an 85% waste

recovery rate along the value chain for renewables, including construction, operational, and

dismantlement waste of solar and wind farms. This target promotes circularity in renewable

energy projects and ensures that materials used in renewable energy technologies are recovered

and reused, reducing the environmental impact and supporting sustainable resource

management. This includes partnerships with recycling companies to process and reintegrate

materials from solar panels and wind turbines back into the supply chain.

How target relates to increase of circular design 

EDP is committed to integrating circular design principles into our business model to promote

sustainable resource management and minimize environmental impacts. Our targets are designed

to ensure that circular design is a key component of our operations and value chain.

The target to increase circular design at EDP is intrinsically linked to its comprehensive Circular

Economy Strategy, which focuses on integrating circular economy principles into the design,

production, and management processes. This strategy is operationalized through EDP's seven axes

of action, particularly "Circular Supplies" and "New Business Models," which drive the

implementation of innovative and sustainable practices.

Under the "Circular Supplies" axis, EDP is incorporating circular economy principles into its supplier

assessment processes. Key initiatives include:

• enhancing supplier registration questionnaires to collect information on circular economy

practices and initiatives undertaken by suppliers

• adjusting contractual performance evaluations to include criteria focused on circular economy

alignment

• developing an ESG (Environmental, Social, and Governance) roadmap, guiding suppliers to

understand their performance and align their practices with EDP’s Circular Economy Strategy.

In the solar sector, EDP is advancing circularity through the "New Business Models" axis, particularly

by introducing a "business model as a service" for solar panels. This model ensures the better

maintenance and extended lifespan of solar panels, while also facilitating their reuse by other

customers when they are no longer needed, thus promoting resource circularity.

Circularity is embedded across EDP's operations to drive systemic change:

• in power generation, EDP is revisiting renewable energy supply chains and managing

thermoelectric assets throughout their lifecycle

• in infrastructure and networks, EDP applies "Circularity by Design" to redefine value chains and

uses digitalization to support circular systems

• for end customers, EDP offers new products and services that facilitate their transition to circular

practices, contributing to circular ecosystems across the supply chain.

Targets related to circular design:

• waste recovery rate: EDP aims to achieve a 90% waste recovery rate along the value chain by

2026\. This target directly supports circular design by ensuring that materials are kept in use for

as long as possible. By focusing on waste recovery, EDP promotes the reuse and recycling of

materials, reducing the need for virgin resources and minimizing waste generation. By achieving

this target, EDP supports the circular economy principle of keeping resources in use for as long as

possible and reducing the need for virgin materials. This involves increasing the use of recycled

materials in our operations, adopting circular design principles to extend the lifecycle of products,

and reducing the overall consumption of raw materials

• renewables waste recovery rate: by 2026, EDP is committed to achieving an 85% waste

recovery rate along the value chain for renewables, including construction, operational, and

dismantlement waste of solar and wind farms. This target emphasizes the importance of circular

design in renewable energy projects. By recovering and reusing materials from renewable

technologies, EDP ensures that these resources are reintegrated into the economy, supporting

sustainable resource management and reducing environmental impact. This target promotes

circularity in renewable energy projects and ensures that materials used in renewable energy

technologies are recovered and reused, reducing the environmental impact and supporting

sustainable resource management.

How target relates to increase of circular material use rate

EDP is committed to increasing the circular material use rate as part of our broader Circular

Economy Strategy. This approach is integral to reducing our environmental footprint, promoting

sustainable resource management, and ensuring that materials are kept in use for as long as

possible.

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The target to increase the circular material use rate at EDP is closely aligned with the company’s

Circular Economy Strategy, specifically addressing four of the seven axes of action for circular

economy: Product Longevity, Resource Valorization, New Business Models, and Circular Supplies.

These axes guide EDP's efforts to optimize material use, extend product lifecycles, and maximize

the reuse and recycling of materials, thus promoting circularity in its operations and value chain.

i. Product longevity: EDP promotes solutions that extend the lifecycle of products through

modular design approaches, enabling easy disassembly and facilitating the replacement,

remanufacturing, repair, and upgrading of components. By increasing the durability and

adaptability of materials and equipment, EDP reduces the need for new resource extraction and

enhances the circularity of materials used in operations

ii. Resource valorization: EDP focuses on the valorization of waste materials at the end of their

lifecycle, ensuring their reintroduction into the economy as secondary raw materials. This

includes creating symbiotic relationships with other industries, recycling, and energy recovery,

thereby maximizing the second-life potential of resources and reducing waste generation

iii. New business models: EDP is developing innovative business models, such as “product-as-a-

service” and lifecycle extension solutions, to embed circularity into the products and services

offered to customers. These models emphasize efficiency, sharing, and material reuse,

ensuring that materials remain in circulation for as long as possible. For example, EDP's

"business model as a service" for solar panels extends their lifespan through proper

maintenance and facilitates their reuse by other customers when no longer needed

iv. Circular supplies: EDP actively promotes circular supply practices by prioritizing materials and

products that are longer-lasting, recycled, or reused. This includes labelling products to indicate

their circularity and incorporating circular economy criteria into procurement processes,

ensuring alignment with sustainability goals.

Targets related to circular material use rate:

• waste recovery rate: EDP aims to achieve a 90% waste recovery rate along the value chain by

2026\. This target directly supports the increase of the circular material use rate by ensuring that

materials are recovered, reused, and recycled, rather than being disposed of as waste. By

focusing on waste recovery, EDP promotes the reuse and recycling of materials, reducing the

need for virgin resources and minimizing waste generation. By achieving this target, EDP

supports the circular economy principle of keeping resources in use for as long as possible and

reducing the need for virgin materials. This involves increasing the use of recycled materials in our

operations, adopting circular design principles to extend the lifecycle of products, and reducing

the overall consumption of raw materials

• renewables waste recovery rate: by 2026, EDP is committed to achieving an 85% waste

recovery rate along the value chain for renewables, including construction, operational, and

dismantlement waste of solar and wind farms. This target emphasizes the importance of circular

material use in renewable energy projects. By recovering and reusing materials from renewable

technologies, EDP ensures that these resources are reintegrated into the economy, supporting

sustainable resource management and reducing environmental impact. By recovering and

reusing materials from renewable technologies, EDP ensures that these resources are

reintegrated into the economy, supporting sustainable resource management and reducing

environmental impact. This target promotes circularity in renewable energy projects and ensures

that materials used in renewable energy technologies are recovered and reused, reducing the

environmental impact and supporting sustainable resource management.

To measure progress toward increasing the circular material use rate, EDP has defined key

objectives such as:

• increasing the rate of recyclability in operations, ensuring materials are effectively reintegrated

into the economy

• accelerating circularity in renewables, with a focus on managing operational waste and

decommissioning assets in a circular manner.

How target relates to minimisation of primary raw material

EDP is committed to minimizing the use of primary raw materials as part of our broader Circular

Economy Strategy. This approach is integral to reducing our environmental footprint, promoting

sustainable resource management, and ensuring that materials are kept in use for as long as

possible.

The target to minimize the use of primary raw materials is a key aspect of EDP’s Circular Economy

Strategy and is addressed through two of its seven priority axes of action: Efficiency in the use of

resources and materials and Circular Supplies. These axes guide EDP's efforts to optimize material

use, extend product lifecycles, and maximize the reuse and recycling of materials, thus reducing the

reliance on primary raw materials.

i. Efficiency in the use of resources and materials: this axis focuses on reducing the input of

resources and materials in EDP's operations, as well as minimizing waste outputs. By promoting

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resource efficiency, such as reducing water consumption, EDP aims to decrease reliance on

primary raw materials, thereby reducing environmental impacts and advancing sustainability

goals

ii. Circular supplies: EDP actively promotes the adoption of circular supply practices by

prioritizing longer-lasting, recycled, and reused materials and products. The company

integrates circular economy principles into its procurement processes by labelling products to

identify their circularity levels and incorporating circular economy criteria into purchasing

decisions, ensuring alignment with sustainability and circularity objectives. To further enhance

these efforts, EDP is developing tools to calculate the circularity index of equipment based on

the raw materials used. Integrating this analysis into procurement processes and green

purchasing criteria represents a significant advancement in reducing the company’s

environmental impact across the supply chain, particularly concerning the consumption of

primary raw materials.

Targets related to minimization of primary raw material:

• waste recovery rate: EDP aims to achieve a 90% waste recovery rate along the value chain by

2026\. This target directly supports the minimization of primary raw materials by ensuring that

materials are recovered, reused, and recycled, rather than being disposed of as waste. By

focusing on waste recovery, EDP promotes the circular use of materials, reducing the need for

virgin resources and minimizing waste generation. By achieving this target, EDP supports the

circular economy principle of keeping resources in use for as long as possible and reducing the

need for virgin materials. This involves increasing the use of recycled materials in our operations,

adopting circular design principles to extend the lifecycle of products, and reducing the overall

consumption of raw materials

• renewables waste recovery rate: by 2026, EDP is committed to achieving an 85% waste

recovery rate along the value chain for renewables, including construction, operational, and

dismantlement waste of solar and wind farms. This target emphasizes the importance of circular

material use in renewable energy projects. By recovering and reusing materials from renewable

technologies, EDP ensures that these resources are reintegrated into the economy, supporting

sustainable resource management and reducing environmental impact. This target promotes

circularity in renewable energy projects and ensures that materials used in renewable energy

technologies are recovered and reused, reducing the environmental impact and supporting

sustainable resource management.

How target relates to other matters related to resource use or circular economy

EDP is committed to aligning our targets related to resource use and circular economy with broader

sustainability goals. This approach is integral to reducing our environmental footprint, promoting

sustainable resource management, and ensuring that materials are kept in use for as long as

possible.

The aim to enhance resource use and circular economy practices is a key aspect of EDP’s Circular

Economy Strategy and is addressed through two of its seven priority axes of action: Efficiency in the

use of resources and materials and Circular Supplies. These axes guide EDP's efforts to optimize

material use, extend product lifecycles, and maximize the reuse and recycling of materials, thus

supporting sustainable resource management.

i. Efficiency in the use of resources and materials: this axis focuses on reducing the input of

resources and materials in EDP's operations, as well as minimizing waste outputs. By promoting

resource efficiency, such as reducing water consumption and optimizing energy use, EDP aims

to decrease reliance on primary raw materials, thereby reducing environmental impacts and

advancing sustainability goals

ii. Circular supplies: EDP actively promotes the adoption of circular supply practices by

prioritizing longer-lasting, recycled, and reused materials and products. The company

integrates circular economy principles into its procurement processes by labelling products to

identify their circularity levels and incorporating circular economy criteria into purchasing

decisions, ensuring alignment with sustainability and circularity objectives. To further enhance

these efforts, EDP is developing tools to calculate the circularity index of equipment based on

the raw materials used. Integrating this analysis into procurement processes and green

purchasing criteria represents a significant advancement in reducing the company’s

environmental impact across the supply chain, particularly concerning the consumption of

primary raw materials.

Targets related to resource use and circular economy:

• waste recovery rate: EDP aims to achieve a 90% waste recovery rate along the value chain by

2026\. This target directly supports the enhancement of resource use and circular economy

practices by ensuring that materials are recovered, reused, and recycled, rather than being

disposed of as waste. By focusing on waste recovery, EDP promotes the reuse and recycling of

materials, reducing the need for virgin resources and minimizing waste generation. By achieving

this target, EDP supports the circular economy principle of keeping resources in use for as long as

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| EDP Integrated Annual Report 2024Annexes | Annex 3. Other indicators| | | | | | | | |   
| | | | | | Index| Part I| 400|   
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possible and reducing the need for virgin materials. This involves increasing the use of recycled

materials in our operations, adopting circular design principles to extend the lifecycle of products,

and reducing the overall consumption of raw materials

• renewables waste recovery rate: by 2026, EDP is committed to achieving an 85% waste

recovery rate along the value chain for renewables, including construction, operational, and

dismantlement waste of solar and wind farms. This target emphasizes the importance of circular

material use in renewable energy projects. By recovering and reusing materials from renewable

technologies, EDP ensures that these resources are reintegrated into the economy, supporting

sustainable resource management and reducing environmental impact. This target promotes

circularity in renewable energy projects and ensures that materials used in renewable energy

technologies are recovered and reused, reducing the environmental impact and supporting

sustainable resource management.

| | | | | | | | | | | |   
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| EDP Integrated Annual Report 2024Annexes | Annex 3. Other indicators| | | | | | | | |   
| | | | | | Index| Part I| 401|   
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Annex 3.3. Targets

| | |   
---|---|---|---  
| UN | PERFORMANCE 2024 | TARGETS 2024  
ENVIRONMENTAL | | |   
Energy consumption | | |   
Total non-renewable energy consumption | MWh | 7,176,412 | 6,381,288  
Waste disposal | | |   
Waste Disposal (non-hazardous) | t | 5,687 | 4,420  
Hazardous waste | | |   
Total hazardous waste disposed | t | 2,477 | 1,254  
Ash & Gypsum waste  | | |   
Total ash & gypsum waste disposed | t | 1,426 | 800  
NOx emissions | | |   
Direct NOx emissions| t | 490 | 442  
SOx emissions | | |   
Direct SOx emissions| t | 98 | 119  
Mercury emissions  | | |   
Direct mercury emissions | t | 0 | 0  
Dust emissions | | |   
Dust emissions | t | 12 | 11  
Water consumption | | |   
Total net fresh water consumption | 106xm3| 2 | 2  
Water consumption in water-stressed areas | | |   
Total net freshwater consumption in water-stressed areas | 106xm3| 0.0 | 0.0  
SF6 emissions | | |   
SF6 emissions | t | 0.43 | 0.46  
Direct Greenhouse emissions | | |   
Scope 1 | tCO2eq| 1,458,323 | 1,336,752  
Scope 2 (location-based) | tCO2eq| 233,481 | 251,251  
Scope 2 (market-based) | tCO2eq| 233,562 | 228,425  
Indirect Greenhouse emissions | | |   
Scope 3 | tCO2eq| 9,540,559 | 9,695,101  
SOCIAL | | |   
Workforce breakdown: Gender | | |   
Share of female employees in total workforce | % | 29 | 31  
Share of female employees in all management positions, including junior, middle and top management (as % of total management  positions)| % | 26 | 31  
Share of female employees in junior management positions/first level of management (as % of total junior management positions) | % | 26 | 31  
  
| | | | | | | | | | | |   
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| | | | | | Index| Part I| 402|   
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| | |   
---|---|---|---  
| UN | PERFORMANCE 2024 | TARGETS 2024  
Share of women in top management positions, i.e. maximum two levels away from the CEO or comparable positions (as % of total top  management positions)| % | 27 | 31  
Share of women in management positions in revenue-generating functions (as % of all such managers) | % | 13 | 0  
Share of women in STEM-related positions (as % of total STEM positions) | % | 9 | 16  
Employee satisfaction | | |   
Engagement | % | 78 | 85  
  
| | | | | | | | | | | |   
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| | | | | | Index| Part I| 403|   
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Annex 3.4. Methodological notes

| | | | | | | |   
---|---|---|---|---|---|---|---|---  
SUPPLY CHAIN | GRI STANDARDS | S&P CSA 2024 METHODOLOGY  
DISCLOSURE | NUMBER | NAME | NOTES | #QUESTION | NUMBER | NOTES  
Suppliers | Number of Suppliers by  purchase region| 2-6 | — | Activities, value chain and  other business relationships| Disclosures 2021 | — | — | —  
Suppliers | Purchase volume by  purchase region| 2-6 | — | Activities, value chain and  other business relationships| Disclosures 2021 | — | — | —  
Suppliers | Local Suppliers volume of  purchases| 204 | 1 | Proportion of spending on  local supplier| GRI 204: Procurement  Practices 2016| — | — | —  
Critical Suppliers | ISO 14001 or equivalent | 308 | 2 | Negative environmental  impacts in the supply chain and actions taken | GRI 308: Supplier  Environmental Assessment 2016| — | — | —  
Critical Suppliers | OHSAS 18001 or equivalent | 403 | 8 | Workers covered by an  occupational health and safety management system| GRI 403: Occupational  Health and Safety 2018| — | — | —  
Critical Suppliers | Assessed by ESG criteria | 308 | 2 | Negative environmental  impacts in the supply chain and actions taken | GRI 308: Supplier  Environmental Assessment 2016| — | — | —  
Critical Suppliers | Service providers with  audited ESG risks| 308 | 2 | Negative environmental  impacts in the supply chain and actions taken | GRI 308: Supplier  Environmental Assessment 2016| — | — | —  
Origin Fuel | Coal Origin | 204 | — | Guidance for Disclosure  204| Explain the rationale and  methodology for tracing the source, origin, or production conditions of raw materials  and production inputs  purchased, if applicable;| — | — | —  
Origin Fuel | Gas Origin | | | Guidance for Disclosure  204| Explain the rationale and  methodology for tracing the source, origin, or production conditions of raw materials  and production inputs  purchased, if applicable;| — | — | —  
  
| | | | | | | | | | | |   
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| | | | | | | |   
---|---|---|---|---|---|---|---|---  
SUPPLY CHAIN | GRI STANDARDS | S&P CSA 2024 METHODOLOGY  
DISCLOSURE | NUMBER | NAME | NOTES | #QUESTION | NUMBER | NOTES  
Origin Fuel | Purchase category | 204 | — | Guidance for Disclosure  204| Explain the rationale and  methodology for tracing the source, origin, or production conditions of raw materials  and production inputs  purchased, if applicable;| — | — | —  
Suppliers Screening | Total tier 1 suppliers | 2-6 | — | Activities, value chain and  other business relationships| Disclosures 2021 | 1.7.5 KPIs for Supplier  Screening| 1.1 | Total number of suppliers assessed via desk  assessments/on-site assessments (year n)  \+ Target year n |Tier 1 suppliers: This refers to suppliers that directly supply goods, materials or services (including intellectual property (IP) and patents) to the company. If the company does not specify, we will assume it is Tier 1.  
Suppliers Screening | Total tier 1 critical suppliers | 2-6 | — | Activities, value chain and  other business relationships| Disclosures 2021 | 1.7.5 KPIs for Supplier  Screening| 1.2 | Critical suppliers identified are also  accepted as significant suppliers, even though in most cases only business  relevance, and not ESG risk, is considered when identifying critical suppliers  
  
| | | | | | | | | | | |   
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| | | | | | Index| Part I| 405|   
| | | | | | | | |   
  
| | | | | | | |   
---|---|---|---|---|---|---|---|---  
SUPPLY CHAIN | GRI STANDARDS | S&P CSA 2024 METHODOLOGY  
DISCLOSURE | NUMBER | NAME | NOTES | #QUESTION | NUMBER | NOTES  
Suppliers Screening | Total spent on critical tier 1  suppliers | 2-6 | — | Activities, value chain and  other business relationships| Disclosures 2021 | 1.7.5 KPIs for Supplier  Screening| 1.3 | a) Tier 1 suppliers: This refers to suppliers  that directly supply goods, materials or services (including intellectual property (IP) and patents) to the company. If the company does not specify, we will assume it is Tier 1.;b) Critical suppliers identified are also  accepted as significant suppliers, even though in most cases only business relevance, and not ESG risk, is considered when identifying critical suppliers  
Suppliers Screening | Total non tier 1 critical  suppliers| 2-6 | — | Activities, value chain and  other business relationships| Disclosures 2021 | 1.7.5 KPIs for Supplier  Screening| 1.4 | Non-tier 1 suppliers: This refers to suppliers  that provide their products and services through Tier 1 suppliers to the company. Non-tier 1 suppliers are located beyond Tier 1 suppliers, e.g., on Tier 2, 3, or n-level of a company's supply chain  
  
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| EDP Integrated Annual Report 2024Annexes | Annex 3. Other indicators| | | | | | | | |   
| | | | | | Index| Part I| 406|   
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SUPPLY CHAIN | GRI STANDARDS | S&P CSA 2024 METHODOLOGY  
DISCLOSURE | NUMBER | NAME | NOTES | #QUESTION | NUMBER | NOTES  
Suppliers Screening | Total number of significant  suppliers (Tier-1 and non Tier-1)| 2-6 | — | Activities, value chain and  other business relationships| Disclosures 2021 | 1.7.5 KPIs for Supplier  Screening| 1.5 | Significant suppliers are suppliers that are  identified as having substantial risks of negative ESG impacts or Significant business relevance to the company or a combination of both. The portfolio of significant suppliers should be the key  audience of a company’s supplier ESG assessment and development program.   
  
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| EDP Integrated Annual Report 2024Annexes | Annex 3. Other indicators| | | | | | | | |   
| | | | | | Index| Part I| 407|   
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SUPPLY CHAIN | GRI STANDARDS | S&P CSA 2024 METHODOLOGY  
DISCLOSURE | NUMBER | NAME | NOTES | #QUESTION | NUMBER | NOTES  
Supplier Assessment | Total suppliers with ESG  desk assessments| 2-6; 414 | -|2 | Activities, value chain and  other business relationships| Negative social impacts in the supplychain and actions taken | Disclosures 2021 | GRI 414:  Supplier Social Assessment2016 | 1.7.6 KPIs for Supplier  Assessment and/or Development| 1.1 | This type of supplier assessment is realized  by, or on behalf of the purchasing company. It generally takes the form of a questionnaire where suppliers are requested to provide information and supporting evidence on their ESG policies, practices, performance, and public disclosures. This information is then reviewed, verified, and analysed, resulting in an appraisal of the supplier's ESG performance, possibly with a score. This process is considered to be systematic verification because established specifications and requirements are met. Supplier desk assessments are more elaborate than supplier screenings as they assess the information provided by the supplier and are usually realized in a subsequent stage of the supplier assessment process.Desk assessments do not include onsite assessments of the supplier. Purchasing companies can implement their own supplier desk assessment tools or can use  tools of external providers. For supplier desk assessments companies can use a third-party tool/methodology/online system in their assessment to evaluate the supplier and ensure a thorough review and appraisal of the information provided and that allows them to share the assessment results with other companies who might want to procure from. This could be RBA Risk-based SAQ, EcoVadis, Together for Sustainability, Achilles, Higg Facility Environmental Module (with remote verification), etc.  
Supplier Assessment | Critical suppliers with ESG  assessments| 2-6; 414 | -|2 | Activities, value chain and  other business relationships| Negative social impacts in the supplychain and actions taken | Disclosures 2021 | GRI 414:  Supplier Social Assessment2016 | 1.7.6 KPIs for Supplier  Assessment and/or Development| 1.2 | —  
  
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| EDP Integrated Annual Report 2024Annexes | Annex 3. Other indicators| | | | | | | | |   
| | | | | | Index| Part I| 408|   
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SUPPLY CHAIN | GRI STANDARDS | S&P CSA 2024 METHODOLOGY  
DISCLOSURE | NUMBER | NAME | NOTES | #QUESTION | NUMBER | NOTES  
Supplier Assessment | Suppliers assessed with  high ESG risks| 2-6; 414 | -|2 | Activities, value chain and  other business relationships| Negative social impacts in the supplychain and actions taken | Disclosures 2021 | GRI 414:  Supplier Social Assessment2016 | 1.7.6 KPIs for Supplier  Assessment and/or Development| 1.3 | Definition of suppliers with high ESG risks:  Supplier with ≥ 150k€ supply accumulated in the reporting period and at least 1 ESG high risk identified in the criticality matrix (namely between, Labour accident risk  inherent to contracted activity, Environment risk inherent to contracted activity and Ethics, labour and human right risk of contracted activity)  
Supplier Assessment | Suppliers assessed with  high ESG risks and improvement action plans| 2-6; 414 | -|2 | Activities, value chain and  other business relationships| Negative social impacts in the supplychain and actions taken | Disclosures 2021 | GRI 414:  Supplier Social Assessment2016 | 1.7.6 KPIs for Supplier  Assessment and/or Development| 1.4 | —  
Supplier Assessment | Suppliers assessed with  high ESG risks that were terminated| 2-6; 414 | -|2 | Activities, value chain and  other business relationships| Negative social impacts in the supplychain and actions taken | Disclosures 2021 | GRI 414:  Supplier Social Assessment2016 | 1.7.6 KPIs for Supplier  Assessment and/or Development| 1.5 | —  
  
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| EDP Integrated Annual Report 2024Annexes | Annex 3. Other indicators| | | | | | | | |   
| | | | | | Index| Part I| 409|   
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SUPPLY CHAIN | GRI STANDARDS | S&P CSA 2024 METHODOLOGY  
DISCLOSURE | NUMBER | NAME | NOTES | #QUESTION | NUMBER | NOTES  
Improvement Actions  Plans| Suppliers supported in  improvement action plans| 2-6; 414 | -|2 | Activities, value chain and  other business relationships| Negative social impacts in the supplychain and actions taken | Disclosures 2021 | GRI 414:  Supplier Social Assessment2016 | 1.7.6 KPIs for Supplier  Assessment and/or Development| 2.1 | Total number of suppliers supported in  corrective action plan implementation year n + Target year n | A corrective action plan (CAP) is an important quality management tool for any business or supplier. A CAP is a method of documenting non-compliance issues, identifying their root causes, and capturing measurable, achievable solutions and realistic deadlines. This refers to suppliers that are in the process of implementing their CAP.  
Improvement Actions  Plans| Suppliers assessed with  high ESG risks, supported in improvement action plans implementation | 2-6; 414 | -|2 | Activities, value chain and  other business relationships| Negative social impacts in the supplychain and actions taken | Disclosures 2021 | GRI 414:  Supplier Social Assessment2016 | 1.7.6 KPIs for Supplier  Assessment and/or Development| 2.2 | The company provides guidance and  support on the implementation of corrective and improvement actions. This can happen  remotely or by visiting the supplier.  
  
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| EDP Integrated Annual Report 2024Annexes | Annex 3. Other indicators| | | | | | | | |   
| | | | | | Index| Part I| 410|   
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SUPPLY CHAIN | GRI STANDARDS | S&P CSA 2024 METHODOLOGY  
DISCLOSURE | NUMBER | NAME | NOTES | #QUESTION | NUMBER | NOTES  
Capacity Building  Programs| Suppliers in capacity  building programs| 2-6; 414 | -|2 | Activities, value chain and  other business relationships| Negative social impacts in the supplychain and actions taken | Disclosures 2021 | GRI 414:  Supplier Social Assessment2016 | 1.7.6 KPIs for Supplier  Assessment and/or Development| 3.1 | Total number of suppliers in capacity  building programs year n + Target Year n |Comprehensive capacity building programs to systematically improve  supplier practices and performance on specific ESG topics (e.g., energy efficiency, chemical management, health & safety management, working hours reduction) through training, baseline assessments, collaborative system development, and progress measurement. Capacity-building is defined as the process of developing and  strengthening the knowledge, skills, instincts, abilities, processes, and resources that organizations need to survive, adapt, and thrive in a fast-changing world. Such programs go beyond corrective action support and usually take 6+ months to implement. These capacity-building programs are long-term and sustained over time with the aim of improving ESG performance rather than solely implementing action plans.  
  
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| EDP Integrated Annual Report 2024Annexes | Annex 3. Other indicators| | | | | | | | |   
| | | | | | Index| Part I| 411|   
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SUPPLY CHAIN | GRI STANDARDS | S&P CSA 2024 METHODOLOGY  
DISCLOSURE | NUMBER | NAME | NOTES | #QUESTION | NUMBER | NOTES  
Capacity Building  Programs| Critical suppliers in capacity  building programs | 2-6; 414 | -|2 | Activities, value chain and  other business relationships| Negative social impacts in the supplychain and actions taken | Disclosures 2021 | GRI 414:  Supplier Social Assessment2016 | 1.7.6 KPIs for Supplier  Assessment and/or Development| 3.2 | Comprehensive capacity building  programs to systematically improve supplier practices and performance on specific ESG topics (e.g., energy efficiency, chemical management, health & safety management, working hours reduction) through training, baseline assessments,  collaborative system development, and progress measurement. Capacity-building is defined as the process of developing and strengthening the knowledge, skills, instincts, abilities, processes, and resources that organizations need to survive, adapt, and thrive in a fast-changing world. Such programs go beyond corrective action support and usually take 6+ months to implement. These capacity-building programs are long-term and sustained over time with the aim of improving ESG performance rather than solely implementing action plans.  
  
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| EDP Integrated Annual Report 2024Annexes | Annex 3. Other indicators| | | | | | | | |   
| | | | | | Index| Part I| 412|   
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SUPPLY CHAIN | GRI STANDARDS | S&P CSA 2024 METHODOLOGY  
DISCLOSURE | NUMBER | NAME | NOTES | #QUESTION | NUMBER | NOTES  
Human Rights in the  Supply Chain| Critical suppliers on human  and labour rights (including health and safety)| GRI 408| GRI 414 | 1| 2 | Operations and suppliers at  significant risk for incidents of child labour |Negative  social impacts in the supplychain and actions taken | GRI 408: Child Labour 2016 | 3.2.3 Human Rights  Assessment| B | —  
Human Rights in the  Supply Chain| Critical suppliers on human  and labour rights with mitigation action plans | GRI 408| GRI 414 | 1| 2 | Operations and suppliers at  significant risk for incidents of child labour |Negative  social impacts in the supplychain and actions taken | GRI 408: Child Labour 2016 | 3.2.3 Human Rights  Assessment| C | —  
  
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| EDP Integrated Annual Report 2024Annexes | Annex 3. Other indicators| | | | | | | | |   
| | | | | | Index| Part I| 413|   
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CIRCULAR ECONOMY:  WASTE & MATERIALS| GRI STANDARDS | S&P CSA 2024 METHODOLOGY  
DISCLOSURE | NUMBER | NAME | NOTES | #QUESTION | NUMBER | NOTES  
WASTE MATERIALS | 306 | — | — | GRI 306 Waste 2020 | — | — | —  
Waste | 306 | — | — | GRI 306 Waste 2020 | — | — | —  
Hazard waste | 306 | — | — | GRI 306 Waste 2020 | — | — | —  
Non-hazard waste | 306 | — | — | GRI 306 Waste 2020 | — | — | —  
Recovered waste | 306 | — | — | GRI 306 Waste 2020 | — | — | —  
Hazardous waste | 306 | 4 and 5 | Waste diverted from  disposal and Waste directed to disposal| GRI 306 Waste 2020 | 2.3.3 Hazardous Waste  | — | Table 4 years  
Recycled waste | 306 | 4 and 5 | Waste diverted from  disposal and Waste directed to disposal| GRI 306 Waste 2020 | 2.3.3 Hazardous Waste  | — | Table 4 years  
Other | 306 | 4 and 5 | Waste diverted from  disposal and Waste directed to disposal| GRI 306 Waste 2020 | 2.3.3 Hazardous Waste  | — | Table 4 years  
Non-hazardous | 306 | 4 and 5 | Waste diverted from  disposal and Waste directed to disposal| GRI 306 Waste 2020 | 2.3.2 Waste Disposal | — | Table 4 years  
Recycled waste | 306 | 4 and 5 | Waste diverted from  disposal and Waste directed to disposal| GRI 306 Waste 2020 | 2.3.2 Waste Disposal | — | Table 4 years  
Other | 306 | 4 and 5 | Waste diverted from  disposal and Waste directed to disposal| GRI 306 Waste 2020 | 2.3.2 Waste Disposal | — | Table 4 years  
Non-recovered waste | 306 | 4 and 5 | Waste diverted from  disposal and Waste directed to disposal| GRI 306 Waste 2020 | — | — | Table 4 years |Non-recovered  hazardous and non-hazardous waste corresponds to the sum of hazardous and non-hazardous waste (total waste) minus the recovered hazardous and non-hazardous waste  
Hazardous waste | 306 | 4 and 5 | Waste diverted from  disposal and Waste directed to disposal| GRI 306 Waste 2020 | — | — | Table 4 years + Target Year n | Non-recovered hazardous and  non-hazardous waste  corresponds to the sum of  hazardous and non-hazardous waste (total waste) minus the recovered hazardous and non- hazardous waste  
  
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| EDP Integrated Annual Report 2024Annexes | Annex 3. Other indicators| | | | | | | | |   
| | | | | | Index| Part I| 414|   
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CIRCULAR ECONOMY:  WASTE & MATERIALS| GRI STANDARDS | S&P CSA 2024 METHODOLOGY  
DISCLOSURE | NUMBER | NAME | NOTES | #QUESTION | NUMBER | NOTES  
Landfilling | 306 | 4 and 5 | Waste diverted from  disposal and Waste directed to disposal| GRI 306 Waste 2020 | — | — | Table 4 years |Non-recovered  hazardous and non-hazardous waste corresponds to the sum of hazardous and non-hazardous waste (total waste) minus the recovered hazardous and non-hazardous waste  
Other disposal operations | 306 | 4 and 5 | Waste diverted from  disposal and Waste directed to disposal| GRI 306 Waste 2020 | — | — | Table 4 years |Non-recovered  hazardous and non-hazardous waste corresponds to the sum of hazardous and non-hazardous waste (total waste) minus the recovered hazardous and non-hazardous waste  
Non-hazardous | 306 | 4 and 5 | Waste diverted from  disposal and Waste directed to disposal| GRI 306 Waste 2020 | 2.3.2 Waste Disposal | — | Table 4 years+ Target Year n  
Landfilling | 306 | 4 and 5 | Waste diverted from  | GRI 306 Waste 2020 | 2.3.2 Waste Disposal | — | Table 4 years  
Other disposal operations | 306 | 4 and 5 | Waste diverted from  | GRI 306 Waste 2020 | 2.3.2 Waste Disposal | — | Table 4 years  
Total ash & gypsum waste  recycled/reused| 306 | — | — | GRI 306 Waste 2020 | 2.3.3. Ash & Gypsum  Waste| — | Table 4 years + Target Year n|Plaster  (LER 10 01 05) - Valued + Total Coal Slag - Valued (LER 10 01 01)+ Coal Fly Ash - Recovery (LER 10 01 02) + By-Product Gypsum + By-Product Slag + By-Product Coal Fly Ash  
Main categories of  recovered coal waste| 306 | — | — | GRI 306 Waste 2020 | 2.3.3. Ash & Gypsum  Waste| — | Table 4 years  
Recovered gypsum | 306 | — | — | GRI 306 Waste 2020 | 2.3.3. Ash & Gypsum  | — | Table 4 years  
Recovered coal fly ash | 306 | — | — | GRI 306 Waste 2020 | 2.3.3. Ash & Gypsum  | — | Table 4 years  
Recovered coal slag | 306 | — | — | GRI 306 Waste 2020 | 2.3.3. Ash & Gypsum  | — | Table 4 years  
By-products | 306 | — | — | GRI 306 Waste 2020 | 2.3.3. Ash & Gypsum  | — | Table 4 years  
Gypsum | 306 | — | — | GRI 306 Waste 2020 | 2.3.3. Ash & Gypsum  | — | Table 4 years  
Fly ash | 306 | — | — | GRI 306 Waste 2020 | 2.3.3. Ash & Gypsum  | — | Table 4 years  
  
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| EDP Integrated Annual Report 2024Annexes | Annex 3. Other indicators| | | | | | | | |   
| | | | | | Index| Part I| 415|   
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CIRCULAR ECONOMY:  WASTE & MATERIALS| GRI STANDARDS | S&P CSA 2024 METHODOLOGY  
DISCLOSURE | NUMBER | NAME | NOTES | #QUESTION | NUMBER | NOTES  
Slag | 306 | — | — | GRI 306 Waste 2020 | 2.3.3. Ash & Gypsum  | — | Table 4 years  
Recovered waste materials | 306 | — | — | GRI 306 Waste 2020 | 2.3.3. Ash & Gypsum  Waste| — | Table 4 years |Valorized residual  materials (%) = (by-products + valorized waste) / residual materials. Where residual materials = by-products + waste  
  
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| EDP Integrated Annual Report 2024Annexes | Annex 3. Other indicators| | | | | | | | |   
| | | | | | Index| Part I| 416|   
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OTHER INDICATORS | GRI STANDARDS | S&P CSA 2024 METHODOLOGY  
DISCLOSURE | NUMBER | NAME | NOTES | #QUESTION | NUMBER | NOTES  
Pollutants | Prevention of pollution | Total NOx emissions| 305 | 7 | Nitrogen oxides (NOx), sulphur oxides (SOx), and other significant air emissions| — | 2.3.5 NOx Emissions| Table 4 years + Target  year n| —  
Pollutants | Prevention of pollution | Total SO2 emissions| 305 | 7 | Nitrogen oxides (NOx), sulphur oxides (SOx), and other significant air emissions| — | 2.3.6 SOx Emissions| Table 4 years + Target  year n| —  
Pollutants | Prevention of pollution | Total particulate matter  emissions| 305 | 7 | Nitrogen oxides (NOx), sulphur oxides (SOx), and other significant air emissions| — | 2.3.8 Dust Emissions | Table 4 years + Target  year n| —  
Pollutants | Prevention of pollution | Mercury | — | — | — | — | 2.3.7 Direct Mercury  Emissions| Table 4 years + Target  year n| IRIS+ - OD4091  
Pollutants | Climate Change | SF6| — | — | — | — | 2.5.4 SF6 emission| Table 4 years + Target  year n| IRIS+ - OD4091, OI6041  
Energy | Energy consumption | Total non-renewable  energy consumption| 302 | 1 | Energy consumption  within the organization| — | 2.2.2 Energy Consumption | Table 4 years | —  
Energy | Energy consumption | Total renewable energy  consumption| 302 | 1 | Energy consumption  within the organization| — | 2.2.2 Energy Consumption | Table 4 years | —  
Water | Water Consumption | Water withdrawal  (excluding saltwater) A| 303 | 3;5 | Water withdrawal; Water  consumption | — | 2.4.2 Water Consumption | Table 4 years | —  
Water | Water Consumption | Water discharge  (excluding saltwater) B| 303 | 3;5 | Water withdrawal; Water  consumption | — | 2.4.2 Water Consumption | Table 4 years | —  
Water | Water Consumption | Total net fresh water  consumption (A-B)| 303 | 3;5 | Water withdrawal; Water  consumption | — | 2.4.2 Water Consumption | Table 4 years + Target  year n| —  
  
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| EDP Integrated Annual Report 2024Annexes | Annex 3. Other indicators| | | | | | | | |   
| | | | | | Index| Part I| 417|   
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OTHER INDICATORS | GRI STANDARDS | S&P CSA 2024 METHODOLOGY  
DISCLOSURE | NUMBER | NAME | NOTES | #QUESTION | NUMBER | NOTES  
Water | Water Consumption In  water-stressed regions| Pecém | 303 e 304 | 3;5 | 4 | Water withdrawal; Water  consumption | IUCN Red List species and national conservation list species with habitats in areas affected by operations| — | 2.4.3 Water Consumption  in Water-Stressed Areas| Table 4 years + Target  year n| —  
Water | Water Consumption In  water-stressed regions| Los Barrios | 303 e 304 | 3;5 |4 | Water withdrawal; Water  consumption | IUCN Red List species and national conservation list species with habitats in areas affected by operations| — | 2.4.3 Water Consumption  in Water-Stressed Areas| Table 4 years + Target  year n| —  
  
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| EDP Integrated Annual Report 2024 Annexes | Annex 4. ESG frameworks | | | | | | | | |   
| | | | | | Index| Part I| 418|   
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Annex 4. ESG frameworks

Annex 4.1. Non-financial information statement

Consolidated and company non-financial statements under articles 66th -B and 508th -G of the Commercial Companies Code

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ARTICLE  6.TH-B AND 508.TH-G | DESCRIPTION AND DUE  DILIGENCE PROCESSES| | ASSOCIATED RISKS | RESULTS | KEY PERFORMANCE INDICATORS  
Environmental policies | Code of EthicsSustainableDevelopmentPrinciplesCorporate RiskManagementPolicy| Environmental policy | 2.2. Risk Management| 3.4. ESG PerformanceESRS E1 Climate ChangeESRS E3 Water and marine resourcesESRS E4 Biodiversity and ecosystemsESRS E5 Resource use and circular economy| ESRS 2 General disclosure IRO-2-014.2 Environmental information - EU TaxonomyESRS E1 Climate ChangeESRS E3 Water and marine resourcesESRS E4 Biodiversity and ecosystemsESRS E5 Resource use and circular economyAnnex 3 Other indicatorsAnnex 7 Report on the allocation and impact of green finance  
Workers related social policies | Code of EthicsSustainableDevelopmentPrinciplesCorporate RiskManagementPolicy| Health and safety work policyHealthy competition practicescommitmentInformation security policyStakeholder relationship policyTraining policyInternal mobility policy (internal and international)Social investment policyVolunteering policyEDP’s supplier code of conductSustainable procurement policyEDP’s integrity policyDeclaration of respect for Human and Labour rightsEDP’s personal data protection policy | 2.2. Risk Management| 3.4. ESG Performance4.3 Social information4.4 Governance information4.5 Other material topics| ESRS 2 General disclosure IRO-2-014.3 Social information4.4 Governance information4.5 Other material topicsAnnex 3 Other indicators  
Equality policies between men  and women | Code of EthicsSustainableDevelopmentPrinciplesCorporate RiskManagementPolicy| Diversity PolicyDeclaration of respect for Human and Labour rightsEDP policy on selection of the members of the GSB and EBD| 2.2. Risk Management| 1.7 Corporate Bodies3.4. ESG Performance4.3 Social information4.4 Governance informationPart II - Corporate Governance Report| ESRS 2 General disclosure IRO-2-014.3 Social information4.4 Governance information Annex 3 Other indicators  
  
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| EDP Integrated Annual Report 2024 Annexes | Annex 4. ESG frameworks | | | | | | | | |   
| | | | | | Index| Part I| 419|   
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ARTICLE  6.TH-B AND 508.TH-G | DESCRIPTION AND DUE  DILIGENCE PROCESSES| | ASSOCIATED RISKS | RESULTS | KEY PERFORMANCE INDICATORS  
Non-discrimination policies | Code of EthicsSustainableDevelopmentPrinciplesCorporate RiskManagementPolicy| Diversity PolicyDeclaration of respect for Human and Labour rightsEDP policy on selection of the members of the GSB and EBD| 2.2. Risk Management| 3.4. ESG Performance4.3 Social information 4.4 Governance informationPart II - Corporate Governance Report| ESRS 2 General disclosure IRO-2-014.3 Social information4.4 Governance information Annex 3 Other indicators  
Human rights policies | Code of EthicsSustainableDevelopmentPrinciplesCorporate RiskManagementPolicy| Stakeholder relationship policySocial investment policyVolunteering policy EDP’s supplier code of conduct Sustainable procurement policy| 2.2. Risk Management| 3.4. ESG Performance4.3 Social information| ESRS 2 General disclosure IRO-2-014.3 Social informationAnnex 3 Other indicators  
Policies against corruption and  bribery attempt| Code of EthicsSustainableDevelopmentPrinciplesCorporate RiskManagementPolicy| Healthy competition practicescommitmentEDP’s supplier code of conductSustainable procurement policyEDP’s integrity policy| 2.2. Risk Management| 3.4. ESG Performance4.3 Social information4.4 Governance informationPart II - Corporate Governance Report| ESRS 2 General disclosure IRO-2-014.3 Social information4.4 Governance informationAnnex 3 Other indicators  
Brief description of the company’s  business model| 1.8 Business model  
Reference to the amounts in the  annual financial statements and additional explanations of  amounts reported | 1.2.1 Financial data; 3.2 Groups´s financial analysis; 3.3 Share performance; Part IV - financial Statements and notes  
  
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| EDP Integrated Annual Report 2024 Annexes | Annex 4. ESG frameworks | | | | | | | | |   
| | | | | | Index| Part I| 420|   
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Annex 4.2. CMVM table

The following table sets out the Portuguese Securities Market Commission (CMVM) guidelines for the disclosure of non-financial information by companies issuing securities admitted for trading in a regulated market. Much of the information 

required is already subject to mandatory disclosure under Article 66-B and approval by the general meeting under Article 65, both from the Commercial Companies Code, and is reflected in the Annex 4.1. - Non-financial statement. They also 

reflect relevant information to be provided to investors and other stakeholders made available in the Sustainability statement

Voluntary declaration of compliance

Part I - Information on policies adopted

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REPORTING GUIDELINES FOR NON-FINANCIAL INFORMATION | ADOPTED BY EDP (Y/N) | LOCATION | DESCRIPTION IN THE REPORT  
A. Introduction | Description of the company’s general policy on sustainability issues, indicating any changes to the policy previously approved.Description of the methodology and the reasons for its adoption in the reporting of non-financial information, as well as any changes  that have occurred in relation to previous years and the reasons for these changes.| Yes | Integrated Annual Report 2024 | This reportPurposeMessage from the CEO  
B. Business model | General description of the company/group’s business model and  form of organisation, indicating the main business areas and markets where it operates (if possible, using organisational diagrams, graphs or functional charts).| Yes | Integrated Annual Report 2024 | 1.6 Operational model1.8 Business model  
C. Main risk factors | Identification of the main risks associated with the topics being reported on and arising from the Company’s activities, products, services or business relations, including, where appropriate and whenever possible, the supply and subcontracting chains.Indication of how these risks is identified and managed by the Company.Explanation of the internal functional division of powers, including  the governing bodies, commissions, committees or departments responsible for identifying and managing/monitoring risks.Explicit indication of the new risks identified by the Company in  relation to those reported in previous years, as well as the risks no longer identified as such.Indication and brief description of the main opportunities identified by the Company in the context of the topics being reported on.| Yes | Integrated Annual Report 2024 | 2.2 Risk managementPart II Corporate Governance Report - Information on Ownership Structure, Organization and Corporate Governance  
  
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| EDP Integrated Annual Report 2024 Annexes | Annex 4. ESG frameworks | | | | | | | | |   
| | | | | | Index| Part I| 421|   
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REPORTING GUIDELINES FOR NON-FINANCIAL INFORMATION | ADOPTED BY EDP (Y/N) | LOCATION | DESCRIPTION IN THE REPORT  
D. Policies Implemented | Description of the Company’s policies: i. environmental, ii. social and fiscal, iii. concerning employees and gender equality and non-discrimination, iv. concerning human rights and v.  concerning fighting corruption and Company bribery attempts, including due diligence policies, as well as the results of their implementation, including related non-financial key performance indicators in comparison with the previous year.  
I. Environmental policies | Description of the Company’s strategic objectives and the main actions to be undertaken to achieve them.Description of the key performance indicators defined.Indication, in relation to the previous year, of the degree of achievement of those objectives, at least by reference to: | Yes | Integrated Annual Report 2024 | 2\. 3 Strategic priorities  
i) Sustainable use of  resources| Consumption of water, other raw materials and energy; indication  of measures taken to improve the efficiency of use of these resources; indication of the use of measures to promote energy efficiency and the use of renewable energies| Yes | Integrated Annual Report 2024 | 4.2 Environmental informationAnnex 3 Other indicators  
ii) Pollution and climate  change| Indication of greenhouse gas emission values; indication of  pollutant emission into nature; indication of penalties incurred and  measures to prevent, reduce or remedy such emissions.| Yes | Integrated Annual Report 2024 | 4.2 Environmental informationAnnex 3 Other indicators  
iii) Circular economy and  waste management| Measures for the prevention, recycling, reuse or other forms of  recovery and disposal of waste.| Yes | Integrated Annual Report 2024 | 4.2 Environmental information  
iv) Protection of  biodiversity| Impacts caused by activities or operations in protected areas, and  actions taken to preserve or restore biodiversity.| Yes | Integrated Annual Report 2024 | 4.2 Environmental information  
II. Social and fiscal  policies| Description of the Company’s strategic objectives and the main actions to be undertaken to achieve them.Description of the key performance indicators defined.Indication, in relation to the previous year, of the degree of achievement of those objectives, at least by reference to:  
i) The company’s  commitment to the community| The impact of the Company’s activity on employment and local  development; the impact of the Company’s activity on local populations and the territory; the relations maintained with local community agents and the respective means of dialogue; partnership or sponsorship actions.| Yes | Integrated Annual Report 2024 | 4.3 Social information - S3 Affected  communities4.5 Other material topics - Fair energy  transition  
ii) Subcontracting and  suppliers| The inclusion of social, gender equality and environmental issues  in the purchasing policy; considerations in relations with suppliers and subcontractors and their social, environmental and governance responsibility; control and audit systems and their results. Where possible, include reference to the fact that the Company’s suppliers apply policies consistent with those established by the Company.| Yes | Integrated Annual Report 2024 | 4.3 Social information - S2 Workers in the  value chain  
  
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REPORTING GUIDELINES FOR NON-FINANCIAL INFORMATION | ADOPTED BY EDP (Y/N) | LOCATION | DESCRIPTION IN THE REPORT  
iii) Consumers | Measures for consumer health and safety; systems for receiving  complaints and their handling and resolution, including the number of complaints received and the number of pending complaints, as well as those in which the complainant was found to be right, satisfaction surveys, and indication of the person responsible for complaints. | Yes | Integrated Annual Report 2024 | 4.3 Social information - S4 Consumers and  end-users Networks  
iv) Responsible  investment| If applicable, information on the responsible investment the  Company has sought to attract, including in relation to the issue/acquisition of green bonds or SDG-linked bonds.| Yes | Integrated Annual Report 2024 | 4.5 Other material topics - Responsible investment and sustainable financeAnnex 9. Reports on the allocation and impact of green finance and sustainability-linked loan  
v) Stakeholders | Information on any arrangements for consulting stakeholders | Yes | Integrated Annual Report 2024 | 4.3 Social information - S3 Affected  communities  
vi) Tax information | Information on measures or acts with a fiscal impact, including  any subsidies or any kind of advantage or financial advantage granted by the State.| Yes | EDP Fiscal Transparency Report 2024 |   
III. Workers and gender  equality and non-discrimination | Description of the Company’s strategic objectives and the main actions to be undertaken to achieve them.Description of the key performance indicators defined.Indication, in relation to the previous year, of the degree of achievement of those objectives, at least by reference to:  
i) Employment | Total number and distribution of employees by gender, age,  country and job classification, as well as total number and  distribution of contractual arrangements (e.g. employment contract, service providers, temporary work, etc.) by gender and age, average length of contracts; percentage of the workforce receiving the national minimum wage, regardless of contractual  relationship; remuneration for equal or median positions in the company, by gender; average remuneration of directors and managers, including variable remuneration, allowances,  severance payments, payment to long-term savings schemes and any other payment broken down by gender; employees with disabilities (including indication of how the Company is complying, or preparing to comply, with Law No. 4/2019 of 10 January regarding the system of employment quotas for persons with disabilities).| Yes | Integrated Annual Report 2024 | 4.3 Social information - Own workforce Annex 3 Other indicators  
ii) Organisation of work | Organisation of working time, including measures to facilitate the  separation between work and family life.| Yes | Integrated Annual Report 2024 | 4.3 Social information - Own workforce Annex 3 Other indicators  
  
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REPORTING GUIDELINES FOR NON-FINANCIAL INFORMATION | ADOPTED BY EDP (Y/N) | LOCATION | DESCRIPTION IN THE REPORT  
iii) Health and safety | Occupational health and safety conditions and number of  occupational accidents.| Yes | Integrated Annual Report 2024 | 4.3 Social information - Own workforce Annex 3 Other indicators  
iv) Corporate relations | Organisation of corporate dialogue, including procedures for  informing and negotiating with staff, particularly the number of interactions with trade unions and/or works committees, if any; new agreements concluded or revision of agreements in force; number of court cases and complaints to the Authority for Working Conditions; percentage of employees covered by collective agreements by country; evaluation of collective agreements, including in the field of occupational health and  safety.| Yes | Integrated Annual Report 2024 | 4.3 Social information - Own workforce Annex 3 Other indicators  
v) Training | The policies applied in the field of training and the type of training  (e.g., whether the company provides its employees with training on issues related to the assessment of the company’s performance in “non-financial” matters (e.g., privacy protection/GDPR, combatting money laundering/AML, Human Rights in the value chain, etc.); the ratio between hours of training and number  of employees.| Yes | Integrated Annual Report 2024 | 4.3 Social information - Own workforce 4.5 Other material topics - Information privacy  and securityAnnex 3 Other indicators  
vi) Equality | Measures/policies taken to promote equal treatment and equal  opportunities between genders; equality plans; number of dismissals by gender; protocols against sexual harassment and  gender-based harassment; policies for integration and universal  accessibility of people with disabilities; policies against all types  of discrimination and, where appropriate, diversity management.| Yes | Integrated Annual Report 2024 | 4.3 Social information - Own workforce Annex 3 Other indicators  
IV. Human Rights | Description of the Company’s strategic objectives and the main actions to be undertaken to achieve them.Description of the key performance indicators defined. Indication, in relation to the previous year, of the degree of achievement of those objectives, at least by reference to  
i) Due diligence  procedures| Applied with regard to human rights, in particular in relation to the  contracting of suppliers and service providers.| Yes | Integrated Annual Report 2024 | 4.3 Social information  
ii) Risk prevention  measures| For human rights violations and, where appropriate, measures to  remedy any abuses; elimination of discrimination in respect of employment (where not already mentioned above); elimination of forced or compulsory labour; effective abolition of child labour.| Yes | Integrated Annual Report 2024 | 4.3 Social information  
iii) Legal proceedings | For violation of human rights | Yes | Integrated Annual Report 2024 | 4.3 Social information  
V. Combating corruption  and attempted bribery| | | Website da EDP - [Policies and ](https://www.edp.com/en/about-us/corporate-governance/policies-and-documentation#policies)[documentation](https://www.edp.com/en/about-us/corporate-governance/policies-and-documentation#policies)|   
  
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REPORTING GUIDELINES FOR NON-FINANCIAL INFORMATION | ADOPTED BY EDP (Y/N) | LOCATION | DESCRIPTION IN THE REPORT  
I) Prevention of corruption | Measures and instruments adopted to prevent corruption and  bribery; policies implemented to dissuade these practices among  employees and suppliers; information on the compliance system indicating the respective functional leadership, if any; indication of legal proceedings involving the Company, its directors or employees related to corruption or bribery; measures adopted in public procurement, if relevant.| Yes | Integrated Annual Report 2024 | 1.10 Ethics & Compliance4.4 Governance information- G1 Business ConductPart II - Corporate Governance Report Part II Assessment of Corporate Governance  
II) Prevention of money  laundering (for issuing companies subject to this regime)| Information on measures to prevent and combat money  laundering.| Yes | Integrated Annual Report 2024 | Part II - Corporate Governance Report Part II Assessment of Corporate Governance  
III) Codes of ethics | Indication of any code of ethics to which the Company has  adhered or implemented; indication of the respective mechanisms for implementing and monitoring compliance with the code, if applicable.| Yes | Integrated Annual Report 2024 | 1.10 Ethics & Compliance4.4 Governance information- G1 Business Conduct  
IV) Management of  conflicts of interest | Measures to manage and monitor conflicts of interest, particularly  requiring managers and employees to sign declarations of interests, incompatibilities and impediments. | Yes | Integrated Annual Report 2024 Website - [Regulations on conflict of ](https://www.edp.com/sites/default/files/2023-05/Transaction_with_Related_Parties_Policy_2023.pdf)[interest and transactions between ](https://www.edp.com/sites/default/files/2023-05/Transaction_with_Related_Parties_Policy_2023.pdf) [related parties of EDP](https://www.edp.com/sites/default/files/2023-05/Transaction_with_Related_Parties_Policy_2023.pdf)| Parte II - Corporate Governance Report - Part I Information on Ownership Structure, Organization and Corporate Governance- E - Transactions with Related Parties  
  
Part II – Information on the standards / guidelines followed

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REPORTING GUIDELINES FOR NON-FINANCIAL INFORMATION | ADOPTED BY EDP (Y/N) | LOCATION | DESCRIPTION IN THE REPORT  
1\. Identification of standards/ guidelines followed in the  reporting of non-financial information | Identification of the standards / guidelines followed in the preparation of non-financial information, including the respective options, as well as other principles considered in the Company’s performance, if applicable.If the Company refers to the Sustainable Development Goals  (SDG) of the United Nations 2030 Agenda, include identification of those to which the Company is committed to contributing, indicating the measures taken each year towards achieving the goals set for each of these SDGs. That is, identify concrete actions, projects or investments aimed at achieving this SDG.| Yes | Integrated Annual Report 2024 | This report 2.3 Strategic priorities 2.4 Double materiality 4.1 General information - ESRS 2 General  DisclosuresE1 Climate change E3 Water and marine resources S3 Affected communities  
  
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REPORTING GUIDELINES FOR NON-FINANCIAL INFORMATION | ADOPTED BY EDP (Y/N) | LOCATION | DESCRIPTION IN THE REPORT  
2\. Identification of the scope  and method for calculating  indicators| Description of the scope and calculation method (including the calculation formula) for the indicators reported, as well as the limitations of that reporting.Whenever possible, a table should be presented showing the correlation between the indicators presented and the principles or objectives considered, indicating the website where the information is detailed (e.g., the page of the stand-alone report on non-financial information, the annual report and accounts, another document or the Company’s website).| Yes | Integrated Annual Report 2024 | 4.1. General information - ESRS 2 General disclosures Annex 9. Glossary  
3\. Explanation in the event  of the non-application of policies | If the Company does not apply policies with respect to one or  more matters, the reporting of non-financial information provides an explanation for this fact.| Yes | Integrated Annual Report 2024 | 4.1. General information - ESRS 2 General disclosures   
4\. Information under EU taxonomy’s article 8º| Article 8 of EU Taxonomy requires companies to disclose  information on the proportion of the turnover, capital expenditure and operating expenditure (‘key performance indicators’) of their activities related to assets or processes associated with environmentally sustainable economic activities.| Yes | Integrated Annual Report 2024| 4.2 Environmental information - EU Taxonomy  
5\. Other information | Additional elements or information which, while not included  in the previous points, are relevant for the understanding, contextualising and justification of the relevance of the non-financial information disclosed, in particular with regard to networks/consortia of entities linked to issues of sustainability and responsibility for the organisations of which it is a member/ to which it belongs, whether at the national or international level, and sustainability commitments that the Company has voluntarily assumed, at the local or global level.| Yes | Integrated Annual Report 2024 | 4.1. General information - ESRS 2 General disclosures   
  
1 Criteria: full TCFD alignment, carbon offsets disclosure required, and Scope 3 required; Low (0/3 or 1/3), Medium (2/3), High (3/3)

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Annex 4.3. IFRS S table

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| | ISSB IFRS S1/S2 | CSRD/ESRS  
Governance | Climate Governance | Disclosure of climate-related governance is required under IFRS in all cases. | Alignment with ESRS 2 - General Disclosures is required for all in-scope entities regardless of materiality. ESRS 2 includes  general sustainability governance components, which broadly cover climate-related governance.  
Position on offsets/ Renewable  Energy Certificates (RECs) | Does not require companies to disclose the use of carbon credits. | Gross emissions must be reported separately from the impact of offsets/RECs. Companies must separately disclose use  of offsets/RECs along with relevant details including GHG removals from a company’s own operations and its upstream/ downstream value chain.  
Strategy | Ambition level 1| Medium Scope 3, climate governance disclosure, and full TCFD alignment are required. However, IFRS does not require  disclosure of carbon credits.| High Scope 3 implementation required in 2024 as well as TCFD alignment (with exceptions).  
Risks and  Opportunities| Climate risk/ opportunities | Impacts of climate-related risks and opportunities on business model; strategy; cash flow; financing/cost of capital;  short-, medium-, and long-term risks; and physical vs. transition risks. Effects of significant climate-related risks and  opportunities on business model & value chain, strategy & decision making, and f inancial position/performance.| If climate change is assessed as material in the double materiality assessment, then companies must disclose material  sustainability impacts, risks, and opportunities (sector-agnostic/specific and sometimes entity-specific). Required  disclosure of potential financial effects from material transition and physical risks & opportunities.  
Scenario analysis | Scenario analysis | Use of scenario analysis to describe climate resilience of its strategy, including business model, to significant physical  risks and transition risks; results of the climate-related scenario analysis, how the analysis was conducted, and which scenarios were considered.| Scenario analysis can be used to identify in-scope climate-related risks.  
Targets | Targets | Climate-related targets including metrics used to assess progress, absolute vs. intensity, objective of target, comparison  to last international climate agreement, timeframe/ base period, and whether derived using sectoral decarbonization approach.| Disclosure of measurable targets required, including target scope, level of ambition, absolute vs. relative targets, etc.  Entities must provide the baseline for measuring progress, the timeframe to achieve the target, and milestones or interim targets.  
Metrics | Metrics | Entities must disclose metrics used to measure, monitor, and manage climate related risks and opportunities. | Details required for material topics, such as energy consumption and mix, timetables for targets, and detailed emissions  information.  
Scopes 1 & 2 | Yes. | Yes.  
Scope 3 | Yes. | Yes. Companies that employ less than 750 people can omit Scope 3 within the first year of reporting.  
  
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Annex 4.4. UN Global Compact

EDP is proud to support the United Nations Global Compact and its ten principles. These principles

guide our efforts in human rights, labour, the environment, and anti-corruption. By following these

guidelines, we aim to operate responsibly and sustainably, benefiting our stakeholders and the

communities we serve. Our commitment to the UN Global Compact reflects our dedication to ethical

business practices and sustainable development.

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Annex 5. Glossary

List of acronyms and abbreviations 

To facilitate the exposition and without prejudice to the occasional use of the designations and

expressions they substitute, the following acronyms and abbreviations are used throughout this

report:

A

AdC – Portuguese Competition Authority

AEA – American Energy Action

APA – Portuguese Environment Agency

AI – Artificial Intelligence

AWEA – American Wind Energy Association

ANEEL – National Electricity Agency (Brazil)

B

BP – Business Plan

BU – Business Unit(s)

C

CAN – Business Monitoring Committee in the United States of America

CCGT – Combined-Cycle Gas Turbine

CEO – Chief Executive Officer

CfD – Contracts for Difference

CGSS – Corporate Governance and Sustainability Committee

CMEC – Costs of Maintenance of Contractual Equilibrium

CMVM – Portuguese Securities Market Commission

Controlled Companies – Companies in a controlling or group relationship with EDP under the terms

of article 21 of the Securities Code

CRO – Chief Risk Officer

CVEN – Compensation Committee (from GSB)

D

DEC – Equivalent Interruption Duration per Unit

DG – Distributed Generation

E

EBD – Executive Board of Directors

EDP (or Society) – EDP, S.A.

EDP Brasil – EDP Energias do Brasil, S.A.

EDP C –EDP Comercial

EDP ES – EDP España

EDP P – EDP Produção

EDP R – EDP Renováveis, S.A.

EDPR NA – EDP Renewables North America

EIA – Environmental Impact Assessment

ELECPOR – Portuguese Association of Electric Utilities

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EMS – Environmental Management System

E-Redes – former EDP Distribuição (distribution)

ESG – Environmental, Social and Governance

EU– European Union

EV – Electric Vehicle

F

FMC/AUDC – Financial Matters Committee / Audit Committee

FiT – Feed-in tariffs

FX – Foreign Exchange

G

GC – Green Certificates

GRI – Global Reporting Initiative

H

Hg – Mercury

H&S – Health & Safety

I

IEA – International Energy Agency

IEFP – Portuguese Institute of Employment and Professional Training

ILO – International Labor Organization

IT – Information Technology

IRR – Internal rate of return

J

JV – Joint Ventures

K

KPI – Key Performance Indicator

L

LCA – Life Cycle Assessment

LT – Long Term

M

M&A – Mergers & Acquisitions

N

NNL – No Net Loss

O

O&G – Oil and Gas

O&M – Operation and Maintenance

P

PA – People Analytics

PAC – Policy Action Committee

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PEE – Energy Efficiency Program

PPA – Power Purchase Agreement

PPEC – Plan for Promoting Efficiency in Energy Consumption

PT – Portugal

PV – Photovoltaic

R

ROC – Revisor Oficial de Contas

Re:Dy – Remote Energy Dynamic

REMC – Remuneration Committee

R&D – Research and Development

S

SDG – Sustainable Development Goals

SME – Small and Medium Enterprises

T

TCFD – Task Force on Climate-related Financial Disclosures

TCRS – Competition, Regulation and Supervision Court

TIEPI – Equivalent Outage Time of the Installed Power

U

UNESA – Spanish Association for Electric Industry

UNGC – United Nations Global Compact

USA – United States of America

V

VC – Venture Capital

W

WD – World Business Council for Sustainable Development

BCSWEF – World Economic Forum

WRI – World Resources Institute

NOTE: The identification of corporate bodies, without any other mention, should be understood as referring to EDP's corporate bodies

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Concepts and definitions

A

ADJUSTED NET DEBT

Net Debt adjusted by Regulatory Receivables.

ADJUSTED NET DEBT/EBITDA

Number of times/years needed to pay the Adjusted Net Debt with the EBITDA generated by the

Company.

ASSET ROTATION

Strategy aimed at crystallizing the value of a project by selling a stake in an asset and reinvesting the

proceeds in another asset, targeting greater growth. Typically, the developer retains the role as an

O&M supplier.

AVERAGE COST OF DEBT 

Considers (Interest expense on financial debt +/- Income and Expenses with Interest from derivative

financial instruments) / Average Financial Gross Debt in the period (Total debt and borrowings -

Accrued Interest - Fair value of the issued debt hedged risk). Includes 50% of the interest expense

and of the nominal amount of hybrid debt.

C

CAGR (Compound annual growth rate)

Annual growth rate over a specified period longer than one year.

CAPEX (Capital Expenditure)

CAPEX includes increases in Property, Plant and Equipment and in Intangible Assets, excluding CO2

licenses and Green certificates, net of increases in Government grants, Customer’s contributions for

investment and Sales of properties in the period.

CDI (INTERBANK DEPOSIT CERTIFICATE RATE)

Brazilian [reference interest rate](https://www.investopedia.com/terms/r/referencerate.asp) constructed from the daily average overnight interbank loans. The

CDI rate is commonly used as the reference in short-term securities.

CDS (CLEAN DARK SPREAD)

Theoretical gross margin of a coal-fired power plant per unit of electricity after deducting variable

production costs (fuel, emission allowances, transport charges, variable O&M, per-unit taxes, etc.).

CESE (Extraordinary Contribution to the Energy Sector)

Extraordinary contribution created in 2014, in Portugal, with the objective of financing mechanisms

that promote the energy sector systemic sustainability. This contribution focuses generally on the

economic operators that develop the following activities: (i) generation, transportation, or distribution

of electricity; (ii) transportation, distribution, storage or wholesale supply of natural gas; and (iii)

refining, treatment, storage, transportation, distribution and wholesale supply of crude oil and oil

products.

CPE – Delivery point code

Points of the network where the delivery or reception of electricity is made to the customer, producer,

or other installation of the network.

CLAWBACK

Mechanism of financial compensation established by the Portuguese government on electricity

generators operating in Portugal. This mechanism has as its objective the restitution to the electricity

system of part of the income derived from the tax differences in electricity generation between

Portugal and Spain.

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COD (Commercial Operation Date)

Date upon which the project starts operating officially, after the testing and commissioning period.

CONTRACTING LEVEL

Ratio that returns the percentage of market commitment of Brazilian electricity distribution

companies that is properly covered by energy purchase contracts registered in CCEE. Non-

compliance generates penalties provided for in the rules and procedures of commercialization. The

penalties apply when the ratio is above 105% or below 95%.

D

D/E (DEBT-TO-EQUITY RATIO)

Debt-to-equity (D/E) ratio is calculated by dividing a company’s total liabilities by its shareholder

equity. The ratio is used to evaluate a company's financial leverage being an important metric used

in corporate finance. It is a measure of the degree to which a company is financing its operations

through debt versus wholly owned funds.

DEC

Equivalent interruption time of energy per consumed unit. Refers only to medium voltage.

DIVIDEND PAY-OUT RATIO

Measures the percentage of a company’s net income that is given to shareholders in the form of

dividends (Total Dividends per Share of period “n”/ Earnings per Share of period “n-1”).

DIVIDEND YIELD

Considers the ratio between gross dividend per share and its share price.

DPS (DIVIDEND PER SHARE)

Dividend per share (DPS) is the sum of declared dividends issued by a company for every ordinary

outstanding share. DPS is calculated by dividing the total dividends paid out by a business, including

interim dividends, over a period of time by the number of outstanding ordinary shares issued.

E

EBIT

Earnings before Interest and Tax: EBITDA deducted from provisions, amortizations and impairments.

EBITDA

Earnings before Interest, Tax, Depreciations and Amortizations: Gross Profit - Supplies and services

\- Personnel costs and employee benefits +/- Other income/expenses.

EBITDA@risk

Estimated loss of EBITDA, in a given period of time and for a given confidence interval. Usually it is

used an horizon of 12 months and a level of confidence of 95%.

EOLICITY

Indicator that allows to quantify the deviation of the total value of energy produced by wind in a given

period, in relation to an average wind regime.

ENERGY BOX

Energy Box is a household energy manager that does much more than metering energy, being

endowed with technology that supports the supply of electricity services, namely, in remote

communications.

EPS (Earnings per share)

The portion of a company's net profit allocated to each outstanding share of common stock.

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F

FEC

Equivalent interruption frequency of energy per consumed unit. Refers only to medium voltage.

FEED IN TARIFFS

Remuneration framework that guarantees that a company will receive a set price, applied to all the

electricity they generate and provide to the grid.

FFO

Funds from Operations: EBITDA – Interest on debt and on TEI liabilities – Current taxes +/- Income

from equity investments +/- other residual adjustments resulting from accruals/deferrals.

FFO/NET DEBT

Funds from Operations (FFO) over Net Debt. For this purpose, Net Debt includes Nominal Debt of the

company + Pension and Medical care liabilities post tax + Tax Equity financial liabilities + Present

value of leasing and other financial commitments.

FOREX

Foreign Exchange ([forex](https://www.investopedia.com/terms/f/forex.asp) or FX) is the trading of one [currency](https://www.investopedia.com/terms/c/currency.asp) for another. For example, one can swap

the U.S. dollar for the euro. Foreign exchange transactions can take place on the foreign exchange

market, also known as the [Forex Market](https://www.investopedia.com/terms/forex/f/forex-market.asp).

G

GC (GREEN CERTIFICATE)

Tradable commodity resulting from electricity generated using renewable energy sources.

GHG (GREENHOUSE GASES)

Gases that trap the heat of the sun in the Earth's atmosphere, producing the greenhouse effect. The

two major greenhouse gases are water vapor and carbon dioxide. Lesser greenhouse gases include

methane, ozone, chlorofluorocarbons, and nitrogen oxides.

GROSS PROFIT

Includes Revenues from energy sales and services and other minus Cost of energy sales and other.

GSF (Generation Scaling Factor)

Ratio of the deficit of hydroelectric companies' actual generation volumes to their assured energy

delivery.

GW (Gigawatt)

Unit of electric power equal to 1,000 MW.

GWh

Equal to 1,000 MW used continuously for one hour.

H

HEDGING

Risk management strategy used in limiting or offsetting probability of loss from fluctuations in the

prices of commodities, currencies, indexes, or securities.

HYDRO COEFFICIENT

Indicator that allows to quantify the deviation of the total value of hydroelectric energy produced in a

given period, in relation to an average hydro regime. Values above "1" translate a period with inflows

and energy generated above the average ("wet" period) and bellow "1" the reverse ("dry" period).

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I

ICEIT (Installed capacity equivalent interruption time)

Indicator that represents the equivalent interruption time of installed power per geographical area of

the operator of the distribution network in a given period, excluding extraordinary events (the

extraordinary weather events that exceed the conditions for which was dimensioned).

IGP-M (GENERAL MARKET PRICE INDEX)

Index used to comprehensively measure the fluctuation of prices of goods and services practiced in

the Brazilian market. Calculated by FGV (Getúlio Vargas Foundation), this index is used to update

the prices of some goods and services, namely electricity.

INSTALLED CAPACITY

Installed Capacity is the sum of capacity (MW) installed in power plants owned by companies fully

consolidated.

INSTALLED CAPACITY EQUITY

Installed Capacity Equity also includes the respective share of the MW installed in power plants

owned by company’s equity consolidated.

IPCA (EXTENDED NATIONAL CONSUMER PRICE INDEX)

Is the name given to the Consumer Price Index in Brazil being a measure that examines the [weighted](https://www.investopedia.com/terms/w/weightedaverage.asp)[ ](https://www.investopedia.com/terms/w/weightedaverage.asp)

[average](https://www.investopedia.com/terms/w/weightedaverage.asp) of prices of a basket of consumer goods and services, such as transportation, food and

medical care.

ITC (Investment tax credit)

Tax incentive in the US in the form of a one-shot tax credit that covers a percentage of the

investment.

K

KRI (KEY RISK INDICATOR)

Risk indicator that follows a variable risk factor, allowing the early warning of changes in risk

exposure and the identification of potential risks or opportunities.

L

LIQUIDITY

Total amount of Cash and Equivalents, Credit Lines available and Financial assets at fair value

through profit or loss.

LOSSES

The total losses of electric energy are calculated by the differential between the energy entered in

the electrical network and the distributed energy (% Global losses = (Energy Input - Distributed

Energy) / Distributed Energy). They consist of technical losses related to the magnetization of the

power transformers, the Joule effect, the consumption of meters, etc. and non-technical losses

related to theft, fraud, anomalies in counting equipment or in systems.

M

MW (Megawatt)

Unit of electric power equal to 106 watts.

MWh

Equal to 106 watts of electricity used continuously for one hour.

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| | | | | | Index| Part I| 435|   
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N

NCF (NET CAPACITY FACTOR)

The ratio of a plant’s actual output over a period of time to its potential output if it were possible for it

to operate at full nameplate capacity continuously, over the same period of time. Also known as Load

Factor.

NET DEBT

A metric that shows a company’s overall debt situation calculated using company’s total debt less

cash on hand. From 2017 onwards it includes Financial Debt, Cash and Equivalents, Short-term

financial assets at fair-value and fair value hedge and collateral deposits associated to financial

debt and 50% of the amount related with the issuance of a subordinated debt instrument (hybrid).

Until 31 December 2016, it included the fair value of derivatives designated for Net Investments

hedge.

NET INVESTMENTS

Considers CAPEX + organic Financial Investments - Asset Rotations + granted and/or sold

shareholder loans.

O

OPEX (Operating Expenditure)

Includes Supplies and Services and Personnel costs and Employee Benefits.

OPEX/GROSS PROFIT

Efficiency ratio that compares the cost to operate with the income generated computed by OPEX

(excluding Restructuring costs) over Gross Profit (including income from institutional partnerships in

EDPR-NA).

ORGANIC CASH-FLOW

Cash generated from organic activities. Includes cash flows from operating activities (excluding

changes in Regulatory Receivables), net of maintenance CAPEX, interest payments associated with

debt, payments to institutional partnerships in the US and payments to minorities (such as dividends,

capital distributions and payments of capital/interests on shareholder loans), not excluding gains

arised from Sell-Down.

P

PLD (SETTLEMENT PRICE FOR THE DIFFERENCES) 

Price used to value the energy exchanged in the spot market. This price is calculated weekly for each

submarket and load periods, based on the marginal cost of generation. It is limited by a minimum and

maximum value.

PPA (Power purchase agreement)

A legal contract between an electricity generator (provider) and a power purchaser (host). The power

purchaser buys energy, and sometimes also capacity and/or ancillary services, from the electricity

generator.

PTC (Production tax credit)

The result of the Energy Policy Act of 1992, a commercial tax credit in the US that applies to

wholesale electrical generators of wind energy facilities based upon the amount of energy

generated in a year.

PUMPING

Pumping activity is the act of pushing back to the dam reservoir the water that had already been

turbinated before. This action intends to increase the hydro output and thus generate higher

operational results as water is pushed back when electricity market prices are low and turbinated

again when those prices reach higher levels.

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R

RAB (REGULATORY ASSET BASE)

Corresponds to the net book value of the distribution companies’ regulated fixed assets (gross value

less accumulated depreciation, net of reimbursements).

RECURRING

Which occurs periodically or repeatedly. It aims to normalize indicators into more predictable ones,

and which can be counted on in the future with a high degree of certainty. Indicators such as EBITDA,

Net Profit, FFO, Organic Cash-Flow are referred to as recurring when adjusted by one-off events.

One-off events include non-recurrent amounts materially relevant resulting from, for instance,

impairments and capital gains/losses on assets, retroactive regulatory changes, HR and debt

restructuring costs and CESE.

REGULATORY RECEIVABLES

Amounts pending to be received from the electricity system and related with tariff adjustments and

tariff deficits from regulated activities in Iberia and Brazil (Generation in Portugal and Spain,

Distribution and Last Resort Supply of electricity in Portugal and Distribution in Brazil).

RENEWABLE ENERGY

Energy that is derived from resources that are regenerative or that cannot be depleted including

wind energy, solar, biomass, geothermal, and moving water.

REC (Renewable energy credit)

Represents the property rights to the environmental, social, and other non-power qualities of

renewable electricity generation. A REC can be sold separately from the electricity associated with a

renewable energy generation source.

RESERVOIR LEVEL

Volume of water stored in a dam reservoir measured in total amount of electrical power it can

produce if turbinated (GWh).

RESIDUAL INCOME

The amount of net income generated in excess of the minimum rate of return. Residual income

concepts have been used in a number of contexts, including as a measurement of internal corporate

performance whereby a company's management team evaluates the return generated relative to

the company's minimum required return.

ROE (Return on Equity)

Earnings before non-controlling interests over average total equity of the period.

ROIC (Return on Invested Capital)

ROIC gives a sense of how a company uses its money to generate returns. ROIC = EBIT Adjusted

over annual average Invested Capital. EBIT Adjusted is EBIT + share of net profit in joint ventures and

associates + impairments + provisions +/- capital losses/gains (except related to sell downs) + HR

restructuring costs – Price Purchase Allocation amortizations – other one-off events. Invested

Capital includes net fixed assets – assets under construction + working capital.

ROIC Cash (Cash Return on Invested Capital)

Similar to ROIC but focuses on cash return rather than profit. EBIT adjusted is EBIT – (nominal tax

rate x EBIT) + share of net profit in joint ventures and associates. Invested Capital as in ROIC.

ROR (RATE OF RETURN)

Corresponds to the rate to be applied to the distribution companies’ RAB accepted for capital

remuneration purposes, with the respective formula defined by the Regulator at the beginning of

each regulatory period.

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RPS (Renewable Portfolio Standard)

Regulation in the US that places an obligation in certain states on electricity supply companies to

source a specific percentage of their energy from renewable sources.

S

SAIDI (System Average Interruption Duration Index)

The average outage duration for each served customer.

SELL-DOWN

Strategy aimed at developing and selling a majority stake in an asset, crystallizing the value of a

project, and reinvesting the proceeds in another asset, targeting greater growth. Typically, the

developer may retain the role of O&M supplier.

SOLAR PV (photovoltaic)

Generation of electricity by means of solar power through photovoltaics, consisting in an

arrangement of several components, including solar panels to absorb and convert sunlight into

electricity, a solar inverter, cables and other electrical accessories.

SOLAR DG 

A system that generates and stores electricity through small distribution networks.

SUPPLY POINTS

Points of the grid where the delivering or reception of electricity is made to the costumer, producer, or

other grid installation.

SUSTAINABILITY INDEX

The Sustainability Index (SI) is a measurement system of sustainability performance, composed by

33 indicators organized in 3 dimensions: Economic, Environmental and Social. The weights

assigned to each dimension of the sustainable development reflect the importance given by

RobecoSAM (investment specialist focused exclusively on Sustainability Investing).

T

TEI (Tax Equity Investors)

Tax Equity Investors are the agents that are willing to trade on PTC.

TSR (Total Shareholder Return)

Measures the return that the stock provides to the shareholder, including dividends paid and the

stock price appreciation.

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Annex 6. Certifications and declarations

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| EDP Integrated Annual Report 2024 Annexes | Annex 7. Reports on the allocation and impact of green finance and sustainability loans | | | | | | |   
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Annex 7. Reports on the allocation and 

impact of green finance and sustainability-

linked loans

Sustainable financing

| | |   
---|---|---|---  
Alignment with the SDG  | Objectives | KPIs 2024 | Target 2026  
| Sustainable financing | 67% | 60%  
  
In the end of 2024, sustainable finance amounted to €21.5Bn: (1) €13.2Bn in green bonds; (2) €7.6Bn

in sustainability-linked loans and (3) €0.7Bn in green loans. The withdrawn sustainable financing

represented 67% of the nominal debt. This implies that EDP has reached two years in advance its

target to have 60% of its funding from sustainable sources by 2026. Our Green Bonds and loans

and sustainability-linked loans have promoted a greater alignment of the company’s financial

policy with our sustainability strategy, while increasing market awareness for this topic. EDP’s

sustainable financing has contributed heavily towards UN Sustainable Development Goal SDG 7:

affordable and clean energy and SDG 13: climate action.

Alignment with sustainability strategy

EDP’s prioritization of investment in renewable generation started in 2006, through the anticipation

of major trends in the energy market and the support to the vision of a society capable of reducing

CO2 emissions, by replacing thermal with renewable energy, decentralizing generation, promoting

smart grids and energy storage, and encouraging the demand for renewable electricity.

Recognizing the climate emergency, EDP was one of the front runners undertaking the United

Nation’s challenge during the Climate Summit in New York in 2019. EDP is committed to reduce

emissions and to align its business strategy with the aim to limit global temperature raise to 1.5°C.

Ramping up that commitment, EDP incorporated, in its Updated Strategic Plan 2021-2025, the

ambitious goals to be coal free by 2025 and carbon neutral by 2030, supported by a strong

investment in the acceleration of renewables installed capacity, smart grids, and decarbonized

services for our customers.

In the updated Business Plan for 2024-2026, EDP continued to lead the decarbonization of the

energy sector by further reinforcing its investments in renewables with a €17Bn energy transition

CAPEX plan and with annual gross additions of 3 GW to reach an ambitious target of 23 GW

renewable additions by 2026, while continuing its fast adoption of innovative solutions. EDP

reinforced its ambition even further to reach Net Zero by 2040 by including the Scope 3 emissions in

its targets. With a new baseline year set for 2020, EDP aims to reach net-zero greenhouse

emissions across the value chain by 2040, with ambitious mid-term targets by 2030. These targets

have been approved by SBTi under the Net Zero Standard.

These climate commitments were documented in EDP’s Climate Transition Plan (details [here](https://www.edp.com/sites/default/files/2023-03/CTP_EN_Climate%20Transtion%20Plan.pdf)),

which received overwhelming approval (99.73%) at the General Meeting of shareholders in April

2023\. The progress of these commitments is monitored in the Sustainability Statement (details in

the section E1 Climate Change) and in our website (details [here](https://www.edp.com/en/sustainability/protecting-planet#clima)). The proceeds of green bonds,

green loans, and sustainability-linked loans contribute substantially to the implementation of EDP’s

Climate Transition Plan and to reach our objectives of becoming coal-free by 2025 and net zero by

2040\. Bonds and green loans are aligned with the taxonomy. For more details on the CAPEX

indicator aligned with the Taxonomy, please refer to this report (section EU Taxonomy). The scope

of the Taxonomy report includes the assets of subsidiary companies where the group exercises

control as of 31 December 2024. It should be noted that the amount of green debt is not accounted

for in the CAPEX indicator aligned with the Taxonomy. Thus, there is no double counting.

Additionally, EDP's eligible green asset portfolio meets the EU Climate Transition Benchmarks and

the EU Paris-aligned Benchmarks rules.

Green bonds and loans

As part of EDP's strategy and to promote greater alignment of its financial policy with its

sustainability strategy, in October 2018, the group (through EDP Finance BV) issued its first green

bond, amounting to €600m (senior debt). Since then, and until the end of 2024, EDP has issued

approximately €14.5Bn in green bonds: twelve senior debt issuances, two of which in US dollars, and

eight subordinated debt issuances (hybrid). At the end of 2024, €13.2Bn green bonds remain

outstanding. Additionally, EDP signed its first green corporate loan in 2023, for a total of €0.7Bn

(one billion Singapore dollars).

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| EDP’s Green Finance FrameworkIssuers: EDP SA, EDP SFE, EDP Finance BV and EDP RenováveisInstruments: Green bonds and green loansEligible assets: wind and solar projects and acquisitions and equity participations of EDP RenováveisAlignment: ICMA GBP 2021, LMA GLP 2023, Technical Screening Criteria in the EU Taxonomy and partially with the Do No Significant Harm criteria of the EU TaxonomySPO: SustainalyticsContributions: UN SDG 7.2 and 13.1, and EU's Climate Change Mitigation| | EDP has a document called "Green Finance Framework" which lays out the information that is required to demonstrate the integrity of our green label. The key milestones are: • 2018: introduction of the first Green Finance Framework, aligned with the Green Bond Principles (GBP) established by the International Capital Market Association (ICMA)• 2022 : first update of the framework to expand the issuance of additional financial instruments. This revised framework aligns with the ICMA Green Bond Principles (GBP) 2021 and the Loan Market Association (LMA) Green Loan Principles (GLP) 2021. Additionally, it incorporates requirements from the EU Taxonomy Regulation• 2023: further update to include green financing instruments issued by EDP, EDP Finance BV, EDP - Servicios Financieros España, S.A.U, and EDP Renováveis, along with its subsidiaries and project companies. • the EDP's framework 2022 and 2023 also covers acquisitions of companies and equity participations in entities engaged in wind and solar activities, namely in Ocean Winds.For all issuances to date, eligible assets encompass wind (onshore and offshore) and solar (PV) projects, which are included in the portfolio at their current IFRS balance sheet value. A new update to our framework is underway to expand the eligible assets. In addition to wind (onshore and offshore) and solar projects, the assets financed under the EDP Green Finance Framework may include: Hydrogen, Hydropower, Electricity transmission and distribution, Electricity storage and Clean Transportation (such as electric vehicle charging points).  
  
| | |   
---|---|---|---  
| | |   
| Green BondsIssued over the period 2018-2024€14.5BnOf which, still outstanding€13.2Bn| | EDP’s green finance framework is aligned with ICMA's Green Bond Principles 2021, LMA's Green Loan Principles 2023 (GLP), as administered by LMA, the Asia Pacific Loan Association (APLMA) and the Loan Syndications and Trading Association (LSTA). The eligible assets and projects financed and refinanced will contribute towards the climate change mitigation objective of the EU Taxonomy. The framework is supported by a second-party review (SPO) from Sustainalytics. This report is part of the commitment to report on an annual and portfolio basis to investors on how the funding was allocated. The data presented here is externally verified. The details about the several issuances and the information included in this report is also available at EDP’s website ([under the fixed income section](https://www.edp.com/en/investors/bonds)). The impact indicators are the following: 1. Installed capacity of renewable (MW); 2. Net production of renewable (MWh) and 3. CO2 avoided emissions (tCO2), which corresponds to emissions that would have occurred if the renewable energy generated had been produced by thermopower plants. It is the sum of CO2 avoided in each geography where EDP operates. For each geography, the renewable production (wind and solar) is multiplied by the emission factor of the country's thermoelectric mix.The green funding allocated corresponds to the net proceeds of the issuances, calculated by extracting the upfront fees paid to arrangers from the gross proceeds. The approximately €13.8Bn issued in green bonds and loans between 2018 and 2024 still outstanding were fully allocated by 31 December 2024, with €5.5Bn being allocated to new projects wind and solar that came into operation between 2018 and 2024, €6.7Bn being allocated to existing projects and €1.5Bn to equity participations and acquisitions. It should be noted that the amount of green funding allocated to new projects corresponds to wind and solar farms that have begun operating at the year of the date of issuance of the respective green bonds.  
  
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| EDP Integrated Annual Report 2024 Annexes | Annex 7. Reports on the allocation and impact of green finance and sustainability loans | | | | | | |   
| | | | Index| Part I| 464|   
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| | |   
| Green Finance Framework SPOSustainalytics is the opinion  that the Framework’s two eligible activities fully align with the applicable Technical  Screening Criteria in the EU Taxonomy and align with the Do No Significant Harm Criteria (fully for two and partially for climate change adaptation and biodiversity). The Framework is compliant with the EU Taxonomy’s Minimum Safeguards.| | All EDP green issuances are aligned with EDP’s sustainability strategy, as part of EDP’s Strategic Agenda and Business Plan 2024-2026, with the proceeds being used to support its objectives to increase renewable capacity (coal-free by 2025 and 100% by 2030), and to reduce our scope 1 and 2 specific emissions by 77% by 2026 and 95% by 2030, using 2020 as base year, approved by SBTi in 2023, under the Net Zero Standard. EDP has committed to achieving Net Zero by 2040, reducing, in absolute terms, its CO2 emissions by 90%, against 2020 base year, including Scopes 1, 2 and 3. The impact of the allocated portfolio was 13.6 GW of renewable energy capacity, 29.5 TWh of annual renewable energy production and the avoidance of 16.6 MtCO2 of emissions. These impact metrics are consolidated at a portfolio level and applicable to the projects financed by green proceeds. It should be noted that, since 2022, following the publication of our 2022 Green Finance Framework, green proceeds can be allocated to acquisitions of companies and equity participations in entities substantially active in wind and solar, which do not have impact KPIs associated, namely installed capacity (MW), production (GWh) and GHG emissions avoided (tCO2). In terms of geographical split, 66% of the projects financed with green proceeds are in the United States (49%), Spain (10%) and Singapore (8%). A minority of projects is in Portugal (5%), Brazil (5%), Poland (5%), Romania (4%), United Kingdom (3%), France (3%), Mexico (3%), and Italy (2%). With negligible weight are projects in the geographies of Chile, Greece, Belgium, China, Canada, Vietnam, and the Netherlands.The following paragraphs report relevant information for investors on the application of EDP group's green bonds and loans proceeds and on the environmental benefits resulting from them.  
  
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| EDP Integrated Annual Report 2024 Annexes | Annex 7. Reports on the allocation and impact of green finance and sustainability loans | | | | | | |   
| | | | Index| Part I| 465|   
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| | | |   
---|---|---|---|---  
GREEN BONDS AND LOANS ISSUANCES’ CHARACTERISTICS | PRE-ISSUANCE | POST-ISSUANCE  
REFERENCE PRINCIPLES | SECOND-PARTY  OPINION| MONITORIZATION | EXTERNAL  VERIFICATION  
| GREEN BOND PRINCIPLES  (ICMA 2021) AND GREEN LOAN PRINCIPLES 2023 (GLP) | SUSTAINALYTICS | REGISTER ON THE DATABASE OF THE CLIMATE  BOND INITIATIVE (CBI)| PWC  
Use of resources (eligibility criteria) | Investments (in new projects or re-financing of existing projects) in renewable energy (wind and solar).  
Evaluation and selection of projects | Compliance with the objectives of EDP's environmental and social policies, supported by a screening of ESG aspects.  
Management of the funds obtained | The net balance of the funds obtained through the emission of green bonds follows a portfolio approach. The resources shall be used to (re-)finance eligible green projects (wind and solar). Eligible green assets will also include acquisitions of companies and equity participations in entities substantially active in wind and solar. Until the net balance of the finds obtained from green bonds emissions has been fully assigned, EDP will invest the unassigned funds to the portfolio of eligible projects, in treasury liquidity or in the repayment/purchasing of existing debt, according to its own criteria. Net proceeds are expected to be fully allocated within 24 months from the issue date.  
Report on the application of the funds obtained | The report is made based on the following indicators:• portfolio value of eligible projects• net balance of unused resources• quantity and percentage of new projects and existing projects  
Report on the impacts of the funds obtained | The report is made based on the following indicators:• Installed capacity (MW)• CO2 Emissions avoided (tCO 2)• Generation of renewable energy (MWh)Note: The CO 2 emissions avoided correspond to the emissions that would have occurred if the electricity generated by renewable sources had been produced by thermal power stations. For each country, this is obtained by multiplying the net renewable generation by the emission factor for thermally generated electricity in the country.  
  
| | | | | | | | | | | |   
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| EDP Integrated Annual Report 2024 Annexes | Annex 7. Reports on the allocation and impact of green finance and sustainability loans | | | | | | |   
| | | | Index| Part I| 466|   
| | | | | | |   
  
Use of proceeds for eligible green projects

Portfolio date: December 2024

| | |   
---|---|---|---  
ELIGIBLE SUSTAINABILITY PROJECT PORTFOLIO | AMOUNT (€) | ALLOCATION OF GREEN FUNDING (2023) | AMOUNT (€)  
EXISTING PROJECTS ALLOCATED (UP TO 2024) | 6,711,552,303 | ALLOCATED TO GREEN BONDS | 13,080,487,223  
Renewable energy | | |   
Wind | 6,078,286,468 | |   
Solar | 633,265,834 | |   
NEW PROJECTS ALLOCATED (2018-2024) | 5,528,688,579 | ALLOCATED TO GREEN LOANS | 698,249,082  
Renewable energy | | |   
Wind | 2,281,321,581 | |   
Solar | 3,247,366,998 | |   
EQUITY PARTICIPATIONS AND ACQUISITIONS | 1,538,495,423 | |   
Renewable energy | | |   
Wind | 849,661,024 | |   
Solar | 688,834,399 | |   
PROJECTS TO ALLOCATE | 2,362,995,464 | UNALLOCATED AMOUNT OF ELIGIBLE  PROJECT PORTFOLIO | 2,362,995,464  
Total eligible sustainability project portfolio | 16,141,731,768 | Maximum sustainability funding | 16,141,731,768  
Percentage of eligible green project portfolio allocated to net proceeds of green funding | 81.0%| |   
Percentage of net proceeds of green bond allocated to eligible green project portfolio | 100%|  |   
  
| | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual Report 2024 Annexes | Annex 7. Reports on the allocation and impact of green finance and sustainability loans | | | | | | |   
| | | | Index| Part I| 467|   
| | | | | | |   
  
Portfolio based green bond report according to the harmonized framework for impact reporting

Portfolio date: December 2024

| | | | | | |   
---|---|---|---|---|---|---|---  
ELIGIBLE PROJECT CATEGORYGREEN LOAN PRINCIPLES (GLP)GREEN BOND PRINCIPLES (GBP)| SIGNED AMOUNT  (EUR)| SHARE OF TOTAL  PORTFOLIO FINANCING | ELIGIBILITY FOR  GREEN INSTRUMENT| ALLOCATED  AMOUNT (EUR) | INSTALLED CAPACITY  OF RENEWABLE ENERGY (MW) | ANNUAL NET  PRODUCTION OF RENEWABLE  ENERGY (GWh)| CO2 EMISSIONS AVOIDED (TCO2)  
A/ | B/ | C/ | D/ | | E/ | E/ | E/  
Renewable energy | 16,141,731,768 | 100%| 100%| 13,778,736,305 | 13,604 | 29,452 | 16,597,200  
Total | 16,141,731,768 | 100%| 100%| 13,778,736,305 | 13,604 | 29,452 | 16,597,200  
  
a/ Eligible Category

b/ Signed amount represents the amount legally committed by the issuer for the portfolio or portfolio components eligible for Green financing 

c/ This is the share of the total portfolio cost that is financed by the issuer

d/ This is the share of the total portfolio cost that is Green Bond/Loan eligible

e/ Impact indicators

| | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual Report 2024 Annexes | Annex 7. Reports on the allocation and impact of green finance and sustainability loans | | | | | | |   
| | | | Index| Part I| 468|   
| | | | | | |   
  
Portfolio based green bond report according to the harmonized framework for impact reporting – General information on EU Taxonomy alignment

Portfolio date: December 2024

| | | | | | | |   
---|---|---|---|---|---|---|---|---  
ELIGIBLE PROJECT CATEGORY GREEN LOAN PRINCIPLES (GLP) GREEN BOND PRINCIPLES (GBP) | NACE CODES | EU TAXONOMY -  TSC ALIGNMENT*| EU TAXONOMY - DNSH  ALIGNMENT*| EU TAXONOMY -  MS ALIGNMENT*| GREEN FRAMEWORK  DATE| GREEN  FRAMEWORK LINK| SECOND PARTY  OPINION PROVIDER| SPO LINK  
| | A/ | B/ | C/ | | | |   
Renewable energy | D35.11 - Electricity  generation using solar photovoltaic technology  (4.1) and from wind power (4.3)| 100% | Mitigation - 100% | 100% | September 2023 | [GFF 2023](https://www.edp.com/sites/default/files/2023-09/EDP%20Green%20Finance%20Framework%202023.pdf)| Sustainalytics | [SPO 2023](https://www.edp.com/sites/default/files/2023-09/EDP%20Green%20Finance%20Framework%20SPO%202023.pdf)  
Adaptation - Partially | | |   
Water - 100% | March 2022 | [GFF 2022](https://www.edp.com/sites/default/files/2022-03/2022-03-04-EDP%20Green%20Finance%20Framework_2022_vf.pdf)| [SPO 2022](https://www.edp.com/sites/default/files/2022-03/2022-03-04-Energias%20de%20Portugal%20Green%20Finance%20Framework%20Second%20Party%20Opinion.pdf)  
F42.22 - Installation,  maintenance and repair of renewable energy technologies (7.6)| Circular economy - 100% | | |   
Pollution - N/A | October 2018 | [GBF 2018](https://www.edp.com/sites/default/files/2022-03/2018%20-%20edp_green_bond_framework_october_2018_vfinal_revisao_2019.pdf)| [SPO 2018](https://www.edp.com/sites/default/files/edp_green_bond_spo_20192307.pdf)  
Eco-systems - Partially | | |   
  
a/ Technical Screening Criteria

b/ Do No Significant Harm 

c/ Minimum Safeguards

* - Source: September 2023 SPO from Sustainalytics

| | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual Report 2024 Annexes | Annex 7. Reports on the allocation and impact of green finance and sustainability loans | | | | | | |   
| | | | Index| Part I| 469|   
| | | | | | |   
  
Portfolio based green bond and loans reports according to the harmonized framework for impact reporting – general information for all green bonds and loans

Portfolio date: December 2024

| | | | | | | |   
---|---|---|---|---|---|---|---|---  
BOND OUTSTANDING | ISIN | MATURITY  DATE| ISSUER | LEGAL IDENTITY IDENTIFIER  (LEI)| GROSS  PROCEEDS (MILLION EUR)| NET PROCEEDS  (MILLION EUR)| ALLOCATED  AMOUNT (MILLION EUR)| LINK TO EDP WEBSITE  
Green Bond 12.Oct.2018 | XS1893621026 | 13/10/2025 | EDP Finance BV | 5299007L43AQDFOW5739 | 600 | 594 | 594 | [Green Bond 12.Oct.2018](https://www.edp.com/sites/default/files/icm-31103650-v4-final_terms.pdf)  
Green Bond 16.Sep.2019 | XS2053052895 | 16/09/2026 | EDP Finance BV | 5299007L43AQDFOW5739 | 600 | 595 | 595 | [Green Bond 16.Sep.2019](https://www.edp.com/sites/default/files/2020-01/20190916_Prospectus%20%28%E2%82%AC600m%20due%2016%20Sep%202026%29.pdf)  
Green Hybrid 20.Jan.2020 | PTEDPLOM0017 | 20/07/2080 | EDP SA | 529900CLC3WDMGI9VH80 | 750 | 744 | 744 | [Green Hybrid 20.Jan.2020](https://www.edp.com/sites/default/files/2020-01/ICM-%2334483839-v1-Edelweiss_-_Prospectus_%28Final_w__page_numbers%29.pdf)  
Green Bond 15.Apr.2020 | PTEDPNOM0015 | 15/04/2027 | EDP SA | 529900CLC3WDMGI9VH80 | 750 | 742 | 742 | [Green Bond 15.Apr.2020](https://www.edp.com/sites/default/files/2020-04/EDP%20-%20April%202020%20Trade%20-%20Final%20Terms%282000131031.4%29_Execution.pdf)  
Green USD Bond 24.Sep.2020 | XS2233217558 /  US26835PAH38| 24/01/2028 | EDP Finance BV | 5299007L43AQDFOW5739 | 818 | 815 | 815 | [Green USD Bond 24.Sep.2020](https://www.edp.com/sites/default/files/2020-10/20200917_Final%20Terms%20%28US%24850m%20due%2028%20Apr%202028%29.pdf)  
Green Hybrid 02.Feb.2021 | PTEDPROM0029 | 02/08/2081 | EDP SA | 529900CLC3WDMGI9VH80 | 750 | 743 | 743 | [Green Hybrid 02.Feb.2021](https://www.edp.com/sites/default/files/2021-02/20210202_Prospectus%20%28%E2%82%AC750m%20due%202%20August%202081%29.pdf)  
Green Hybrid NC5 14.Sep.2021 | PTEDPXOM0021 | 14/03/2082 | EDP SA | 529900CLC3WDMGI9VH80 | 750 | 742 | 742 | [Green Hybrid NC5 14.Sep.2021](https://www.edp.com/sites/default/files/2021-09/Hybrid%20Sep21%20EDP_Prospectus%20%28Final%29_3.pdf)  
Green Hybrid NC8 14.Sep.2021 | PTEDPYOM0020 | 14/03/2082 | EDP SA | 529900CLC3WDMGI9VH80 | 500 | 495 | 495 | [Green Hybrid NC8 14.Sep.2021](https://www.edp.com/sites/default/files/2021-09/Hybrid%20Sep21%20EDP_Prospectus%20%28Final%29_3.pdf)  
Green Bond 21.Mar.2022 | XS2459544339 | 21/09/2029 | EDP Finance BV | 5299007L43AQDFOW5739 | 1,250 | 1,243 | 1,243 | [Green Bond 21.Mar.2022](https://www.edp.com/sites/default/files/2022-03/UKO2-%232004305991-v1%20EDP%20Finance%20B.V.%20-%20March%202022%20Trade%20-%20Final%20Terms%20%5BEXECUTION%20VERSION%5D.pdf)  
Green USD Bond 11.Oct.2022 | XS2532478190 /  US26835PAJ93| 11/10/2027 | EDP Finance BV | 5299007L43AQDFOW5739 | 128 | 126 | 126 | [Green USD Bond 11.Oct.2022](https://www.edp.com/sites/default/files/2024-01/USD500M%206.300%20per%20cent.%20Notes%20due%202027_EDP%20-%20Terms%20and%20Conditions_F.pdf)  
Green Bond 11.Oct.2022 | XS2542914986 | 11/3/2030 | EDP Finance BV | 5299007L43AQDFOW5739 | 500 | 496 | 496 | [Green Bond 11.Oct.2022](https://www.edp.com/sites/default/files/2024-01/EUR500M%203.875%20per%20cent.%20Instruments%20due%2011%20March%202030%20-%20Final%20Terms%20%28Execution%20Version%29.pdf)  
Green Hybrid NC5.25 23.Jan.2023 | PTEDP4OM0025 | 23/04/2083 | EDP SA | 529900CLC3WDMGI9VH80 | 1,000 | 995 | 995 | [Green Hybrid NC5.25 23.Jan.2023](https://www.edp.com/sites/default/files/2023-01/Final%20terms%20%E2%82%AC1bn%20due%202083.pdf)  
Green Bond 26 Jun.2023 | PTEDPUOM0008 | 26/06/2028 | EDP SA | 529900CLC3WDMGI9VH80 | 750 | 745 | 745 | [Green Bond 26.Jun.2023](https://www.edp.com/sites/default/files/2024-01/EUR750M%203.875%20per%20cent.%20Instruments%20due%2026%20June%202028%20-%20Final%20Terms%20%5BExecution%20Version%5D.pdf)  
Green Bond 5.5y 27.Sep.2023 | XS2699159278 | 04/04/2029 | EDP SFE | 5299003GHAFB78O1NU77 | 600 | 593 | 593 | [Green Bond 5.5y 27.Sep.2023](https://www.edp.com/sites/default/files/2023-10/_EDP%20SFE%20-%20October%202023%20-%20dual%20tranche%20Trade%20-%20Final%20Terms%20%282029%29%20%28Execution%20Version%29.pdf)  
Green Bond 8.5y 27.Sep.2023 | XS2699159351 | 04/04/2032 | EDP SFE | 5299003GHAFB78O1NU77 | 750 | 740 | 740 | [Green Bond 8.5y 27.Sep.2023](https://www.edp.com/sites/default/files/2023-10/_EDP%20SFE%20-%20October%202023%20-%20dual%20tranche%20Trade%20-%20Final%20Terms%20%282032%29%20%28Execution%20Version%29.pdf)  
Green Loan SGD Apr.2023 | N/A | 14/04/2028 | EDP SA, EDP Finance  BV| N/A | 706 | 698 | 698 | N/A  
Green Bond 6.5y 16.Jan.2024 | XS2747766090 | 16/07/2030 | EDP SFE | 5293613GHAFB78O1NU77 | 750 | 743 | 743 | [Green Bond 6.5y 16.Jan.2024](https://www.edp.com/sites/default/files/2024-01/Final%20Terms%20€750m%20due%2016%20July%202030.pdf)  
Green Hybrid NC6 29.May.2024 | PTEDPZOM0011 | 29/05/2054 | EDP SA | 529361CLC3WDMGI9VH80 | 750 | 741 | 741 | [Green Hybrid NC6 29.May.2024](https://www.edp.com/sites/default/files/2024-06/UKO2-%232008302089-v1%20EXECUTION%20VERSION%20-%20EDP%20May%202024%20Hybrid%20Trade%20-%20Final%20Terms.pdf)  
Green Hybrid NC6.5 19.Sep.2024 | PTEDPSOM0002 | 16/09/2054 | EDP SA | 529361CLC3WDMGI9VH80 | 1,000 | 989 | 989 | [Green Hybrid NC6.5 19.Sep.2024](https://www.edp.com/sites/default/files/2024-09/Final%20Terms%20€850m%20due%20September%202054.pdf)  
P.P. 5.5y 4.Oct.2024 | XS2934657037 | 06/05/2030 | EDP Finance BV | 5293617L43AQDFOW5739 | 200 | 199 | 199 | N/A  
Total | | | | | 13,902 | 13,779 | 13,779 |   
  
| | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual Report 2024 Annexes | Annex 7. Reports on the allocation and impact of green finance and sustainability loans | | | | | | |   
| | | | Index| Part I| 470|   
| | | | | | |   
  
Portfolio based green bond and loans reports according to the harmonized framework for impact reporting - indicators all green bonds and loans

Portfolio date: December 2024

| | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---  
YEAR | BOND OUTSTANDING | ISIN | ALLOCATED  AMOUNT (MILLION EUR)| NUMBER  OF PROJECTS (#)| GEOGRAPHY  SPLIT (%)| | TECHNOLOGY  SPLIT (%)| | NEW  PROJECTS (%)| INSTALLED CAPACITY  OF RENEWABLE ENERGY IN MW| ANNUAL NET  PRODUCTIONOF RENEWABLE  ENERGY (GWh)| CO2 EMISSIONS AVOIDED (TCO2)  
2018 | Green Bond 12.Oct.2018 | XS1893621026 | 594 | 34 | Europe | 68%| | | 26%| 921 | 2,204 | 1,130,340  
South America | 0%|  Wind  | 100%  
Asia Pacific | 0%|  Solar  | 0%  
North America | 32%| |   
2019 | Green Bond 16.Sep.2019 | XS2053052895 | 595 | 18 | Europe | 56%| | | 18%| 630 | 1,482 | 772,966  
South America | 3%|  Wind  | 100%  
Asia Pacific | 0%|  Solar  | 0%  
North America | 41%| |   
2020 | Green Hybrid 20.Jan.2020 | PTEDPLOM0017 | 2,301 | 34 | Europe | 25%| | | 26%| 2,509 | 6,091 | 3,878,959  
Green Bond 15.Apr.2020 | PTEDPNOM0015 | South America | 1%|  Wind  | 92%  
Green USD Bond 24.Sep.2020 | XS2233217558 /  US26835PAH38| Asia Pacific | 0%|  Solar  | 8%  
| | North America | 75%| |   
2021 | Green Hybrid 02.Feb.2021 | PTEDPROM0029 | 1,980 | 101 | Europe | 57%| | | 36%| 2,365 | 5,386 | 2,583,824  
Green Hybrid NC5 14.Sep.2021 | PTEDPXOM0021 | South America | 6%|  Wind  | 84%  
Green Hybrid NC8 14.Sep.2021 | PTEDPYOM0020 | Asia Pacific | 1%|  Solar  | 16%  
| | North America | 37%| |   
2022 | Green Bond 21.Mar.2022 | XS2459544339 | 1,865 | 38 | Europe | 33%| | | 20%| 2,046 | 5,600 | 3,089,631  
Green USD Bond 11.Oct.2022 | XS2532478190 /  US26835PAJ93| South America | 3%|  Wind  | 92%  
Green Bond 11.Oct.2022 | XS2542914986 | Asia Pacific | 1%|  Solar  | 8%  
| | North America | 63%| |   
2023 | Green Hybrid NC5.25 23.Jan.2023 | PTEDP4OM0025 | 3,771 | 91 | Europe | 35%| | | 39%| 3,148 | 7,056 | 4,196,447  
Green Bond 26.Jun.2023 | PTEDPUOM0008 | South America | 9%|  Wind  | 57%  
Green Bond 5.5y 27.Sep.2023 | XS2699159278 | Asia Pacific | 23%|  Solar  | 43%  
Green Bond 8.5y 27.Sep.2023 | XS2699159351 | North America | 33%| |   
Green Loan SGD Apr.2023 | N/A | | | |   
2024 | Green Bond 6.5y 16.Jan.2024 | XS2747766090 | 2,672 | 44 | Europe | 10%| | | 78%| 1,985 | 1,633 | 945,034  
Green Hybrid NC6 29.May.2024 | PTEDPZOM0011 | South America | 9%|  Wind  | 18%  
Green Hybrid NC6.5 19.Sep.2024 | PTEDPSOM0002 | Asia Pacific | 15%|  Solar  | 82%  
P.P. 5.5y 4.Oct.2024 | XS2934657037 | North America | 67%| |   
| Total | | 13,779 | 360 | | 100%| | 100%| 40%| 13,604 | 29,452 | 16,597,200  
  
| | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual Report 2024 Annexes | Annex 7. Reports on the allocation and impact of green finance and sustainability loans | | | | | | |   
| | | | Index| Part I| 471|   
| | | | | | |   
  
Sustainability – linked loans (SLL)

The year of 2022 was marked by EDP’s first sustainability-linked Revolving Credit Facility (RCF) of

€3.7Bn (RCF 2022), aligned with the Sustainability-linked Loan Principles from the Loan Market

Association. EDP is at the front of the energy transition with ambitious commitments to achieve

100% renewables generation by 2030, and to become coal free by 2025 and carbon neutral by

2030\. The KPIs are presented below. They are included in EDP’s executive board of directors’

remuneration scheme. In 2024, EDP increased the amount of the RCF 2022 by €600m, totalling

€4.3Bn.

• KPI #1 (RCF 2022): Percentage reduction of total Scope 1 and 2 GHG emissions per TWh

produced by the group compared 2015 levels. Targets are aligned with 2025 public commitment

to reduce by 70% and 2030 target to reduce by 98% by 2030, under the Business Plan

2021-2025, approved by SBTi with a decarbonisation path of 1.5⁰C. Scope 1 and 2 GHG

emissions reduced in 2024 by 63.8% compared to 2023, which corresponds a reduction of

92% against the 2015 emissions.

Emissions intensity (scope 1+2) reduction (%), compared to 2015 (RCF 2022)

Emi

E

In 2023, EDP refinanced its second sustainability-linked RCF of €3.0Bn (RCF 2023), in line with the

principles of the Loan Market Association's sustainability-linked loans. The KPIs are identical to

those of the RCF 2022. However, the targets have been updated in line with the updated business

plan for 2023-2026 and public commitments. The base year for KPI #1 has been changed from

2015 to 2020.

Additionally, in 2024, EDP executed multiple bilateral sustainability-linked loan agreements

(Bilaterals 2024), totalling €0.4Bn. These bilaterals have maintained the same KPIs of the RCF

2023.

• KPI #1 (RCF 2023 and bilaterals 2024): Percentage reduction of total Scope 1 and 2 GHG

emissions per TWh produced by the group compared 2020 levels. Targets are aligned with the

Business Plan 2023-2026 and public commitments to reduce 77% by 2026 and reduce 95% by

2030 and approved by SBTi under the Net Zero Standard. GHG emissions reduced in 2024 by

63.8% compared to 2023, which corresponds a reduction of 81% against the 2020 emissions.

Emissions intensity (scope 1+2) reduction (%), compared to 2020 (RCF 2023 and bilaterals 

2024)

Emi

| | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual Report 2024 Annexes | Annex 7. Reports on the allocation and impact of green finance and sustainability loans | | | | | | |   
| | | | Index| Part I| 472|   
| | | | | | |   
  
• KPI #2 (All SLL): Percentage of the group's installed capacity which is of renewable origin. At the

end of 2024, the renewable capacity was 86.8%, which corresponds to an increase of 0.8

percentage points  compared to 2023.

Renewable installed capacity (%) (All SLL)

| | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual Report 2024 Annexes | Annex 7. Reports on the allocation and impact of green finance and sustainability loans | | | | | | |   
| | | | Index| Part I| 473|   
| | | | | | |   
  
Auditor's statement - green finance report

| | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---  
| | | | | | | | | |   
| | | | | | Index| Part II| 474|   
| | | | | | | | |   
  
| | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---  
| | | | | | | | | |   
| | | | | | Index| Part II| 475|   
| | | | | | | | |   
  
|   
---|---  
A. Ownership Structure| 476  
B. Corporate bodies and committees| 484  
C. Internal organisation| 514  
D. Remuneration| 525  
E. Transactions with Related Parties| 527  
  
|   
---|---  
1\. Corporate Governance Code in Effect | 530  
2. Compliance assessment of the adopted Corporate Governance Code| 530  
3\. Other information| 544  
Annex I. Corporate bodies’ biography| 545  
Annex II. Attendance list of the General and Supervisory Board| 567  
Annex III. Attendance list of the Executive Board of Directors| 569  
Annex IV. Positions held in other companies| 570  
Annex V. Attendance list of the Committees of the General and Supervisory Board| 572  
  
1 The General Shareholders' Meeting of 10 April 2024 approved a change in the Company's corporate name from “EDP - Energias de Portugal, S.A.” to “EDP, S.A.”.

| | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual Report 2024 Corporate Governance Report | Information on Ownership Structure, Organisation and Corporate Governance | | | | | | |   
| | | | Index| Part II| 476|   
| | | | | | |   
  
PART I

Information on Ownership Structure, 

Organisation and Corporate Governance 

A. Ownership Structure

I. Capital Structure

1\. Capital Structure

The share capital of EDP, S.A. 1 (Company or EDP) is of €4,184,021,624 and is fully paid up, according

to Article 4 of EDP's Articles of Association, being represented by 4,184,021,624 ordinary shares,

which have a face value of 1 Euro each.

The geographical and investor type breakdown of the EDP shareholder structure on 31 December

2024 was as follows:

Source: Interbolsa

2\. Restrictions on Share Transferability

In the terms of the Articles of Association, the shares are not subject to any limitations in terms of

transferability.

3\. Treasury stock

As of 31 December 2024, EDP owned 20,111,842 treasury stock shares, corresponding to 0,48% of

the share capital.

At the General Shareholders’ Meeting held on 10 April 2024, shareholders resolved on the granting

of authorization to the Executive Board of Directors for the acquisition and sale of own shares by

| | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual Report 2024 Corporate Governance Report | Information on Ownership Structure, Organisation and Corporate Governance | | | | | | |   
| | | | Index| Part II| 477|   
| | | | | | |   
  
EDP and subsidiaries of EDP for an 18 (eighteen) month period as from the proposal approved in the

General Shareholders' Meeting.

4\. Change of company control

EDP has not entered into any significant agreements that come into force, are amended or terminate

in the event of a change in control of the Company following a takeover bid, except for normal

market practice in terms of debt issuance. In fact, EDP is usually a party in financing agreements and

issuer of bonds that include change of control clauses, which are typical set forth in such agreements

and securities and are necessary for the completion of transactions, not considering that its

existence is likely to harm the economic interest in the transfer of EDP shares, nor the free

assessment by shareholders of the directors' performance. In addition, with regard to any measures

adopted that determine payments or the assumption of charges by the Company in the event of a

change in the composition of the management body, apart from the situations set out in the

Remuneration Report, there are no contracts in force at EDP that provide for payments in the event of

dismissal or termination by agreement of the duties of a director, nor any other measures that

determine the assumption of charges by EDP in the event of a change in the composition of the

management body.

5\. Defensive measures

EDP has not taken any measures to prevent takeover bids that would put the interests of the

Company and its shareholders at risk. The supplementary rules on this matter remain thus in force.

In this regard, it is important to note that, pursuant to Article 15 (3) of EDP's current Articles of

Association, votes cast by a shareholder on his own behalf or representing another will not be

considered if they exceed 25% of all the votes corresponding to the share capital. Although EDP's

Articles of Association impose this limitation on the exercise of voting rights, this limitation is not a

measure to prevent successful takeover bids.

In fact, the inability of the limitation on voting rights to prevent the success of a takeover bid is the

result of EDP's current capital structure and of the compliance of the deliberative quorum of two-

thirds of the votes cast, which is set out in EDP's Articles of Association for an amendment to the

company agreement on this matter with Article 182 - A (2) of the Portuguese Securities Code.

No defensive measures have been taken aimed at or resulting in serious erosion of EDP's assets in

the event of transfer of control of the company or a change in the composition of the Executive Board

of Directors, thereby prejudicing the free transferability of the shares and free appraisal by the

shareholders of the performance of the members of the Executive Board of Directors.

6\. Shareholders' agreements

According to the Article 7 of EDP's Articles of Association, shareholder agreements regarding the

Company must be communicated in full to the Executive Board of Directors and the General and

Supervisory Board by the shareholders that have signed them in the 30 (thirty) days following their

conclusion.

According to information provided to the Company by the shareholders, the Executive Board of

Directors is aware of the existence of a single shareholder agreement, which was entered into on 11

April 2007 by Parpública, Caixa Geral de Depósitos, S.A. ("CGD") and Société Nationale pour la

Recherche, la Production, Le Transport, La Transformation et la Commercialisation des

Hydrocarbures ("Sonatrach").

Although Parpública has sold its shareholdings in EDP's share capital and CGD and Sonatrach do

not own a qualifying shareholding in EDP's share capital, according to information at EDP's disposal

this does not represent automatic cessation of the effects of the shareholder agreement. EDP has

not been informed of any agreement to revoke or amend the said shareholder agreement.

In 2021, EDP and Sonatrach agreed to terminate the partnership entered into in 2007, under which

EDP assumed full control of the combined cycle natural gas plant, Soto 4, in Spain, with an installed

capacity of 426MW, through the acquisition of 25% stake held by Sonatrach, and terminates the

commercial relations with Sonatrach that were associated with this partnership.

II. Shareholdings and Bonds Held 

7\. Qualifying holdings

Pursuant to Article 29-H of Portuguese Securities Code, we are providing the following information

on qualifying holdings owned by EDP shareholders as at 31 December 2024 and attributable voting

rights in accordance with Article 20 (1) of the Portuguese Securities Code.

| |   
---|---|---  
SHAREHOLDER | NO. SHARES | % CAPITAL WITH  VOTING RIGHTS  
CHINA THREE GORGES CORPORATION | |   
Yangtze Three Gorges Investment Management Co. Ltd. | |   
China Three Gorges International Corporation | |   
China Three Gorges International Limited | |   
  
| | | | | | | | | | | |   
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| | | | Index| Part II| 478|   
| | | | | | |   
  
| |   
---|---|---  
SHAREHOLDER | NO. SHARES | % CAPITAL WITH  VOTING RIGHTS  
China Three Gorges (Europe), S.A. | 895,372,977 | 21.40%  
Total | 895,372,977 | 21.40%  
China Three Gorges (Europe), S.A. is fully owned by China Three Gorges International Limited, which is 77,7% owned by China Three Gorges International Corporation. China Three Gorges Corporation holds 70% of the share capital of China Three Gorges International Corporation and fully owns Yangtze Three Gorges Investment Management Co. Ltd. Yangtze Three Gorges Investment Management Co. Ltd holds 30% equity of China Three Gorges International Corporation.  
OPPIDUM CAPITAL, S.L. | |   
Oppidum Capital, S.L. | 285,414,883 | 6.82%  
Total | 285,414,883 | 6.82%  
According to paragraph 1(b) of article 20 of the Portuguese Securities Code, the voting rights inherent to the share capital held by Oppidum Capital, SL and Flicka Forestal, SL are imputable to Fernando Masaveu Herrero. Oppidum Capital, SL is 55.9% owned by Masaveu Internacional, S.L. and 44.1% owned by Unicaja Banco S.A. In turn, Masaveu Internacional, SL is 100% held by Corporación Masaveu, SA. Corporación Masaveu, SA is 41.38% held by Fundación María Cristina Masaveu Peterson, 10.73% by Flicka Forestal, SL and 0.03% by Fernando Masaveu Herrero. Fernan-do Masaveu Herrero controls Fundación María Cristina Masaveu Peterson, Flicka Forestal, SL and Peña Maria, S.L. Additionally, Fernando Masaveu Herrero’s spouse holds 18,467 shares of EDP’s share capital. Also, three depend-ents of Fernando Masaveu Herrero - Pedro Masaveu Compostizo, Jaime Masaveu Compostizo and Elias Masaveu Compostizo - hold each 542 shares of EDP's share capital. In this sense, in total, 6.834% of the voting rights of EDP, corresponding to 285,934,976 shares of EDP’s share capital, are imputable to Fernando Masaveu Herrero.  
BLACKROCK, INC. | |   
BlackRock, Inc. | |   
BlackRock Finance, Inc. | |   
BlackRock Holdco 2, Inc. | |   
BlackRock Financial Management, Inc. | |   
BlackRock International Holdings, Inc. | |   
BR Jersey International Holdings L.P. | |   
BlackRock (Singapore) Holdco Pte. Ltd. | |   
BlackRock HK Holdco Limited | |   
BlackRock Lux Finco S.a.r.l. | |   
BlackRock Japan Holdings GK| |   
BlackRock Japan Co., Ltd. | |   
| |   
BlackRock, Inc. | |   
BlackRock Finance, Inc.| |   
Trident Merger, LLC | |   
  
| |   
---|---|---  
SHAREHOLDER | NO. SHARES | % CAPITAL WITH  VOTING RIGHTS  
BlackRock Investment Management, LLC | |   
| |   
BlackRock, Inc. | |   
BlackRock Finance, Inc. | |   
BlackRock Holdco 2, Inc. | |   
BlackRock Financial Management, Inc. | |   
BlackRock International Holdings, Inc. | |   
BR Jersey International Holdings L.P. | |   
BlackRock Holdco 3, LLC | |   
BlackRock Cayman 1 LP | |   
BlackRock Cayman West Bay Finco Limited | |   
BlackRock Cayman West Bay IV Limited| |   
BlackRock Group Limited | |   
BlackRock Finance Europe Limited | |   
BlackRock Investment Management (UK) Limited | |   
| |   
BlackRock, Inc. | |   
BlackRock Finance, Inc. | |   
BlackRock Holdco 2, Inc. | |   
BlackRock Financial Management, Inc.| |   
BlackRock International Holdings, Inc. | |   
BR Jersey International Holdings L.P. | |   
BlackRock Australia Holdco Pty. Ltd. | |   
BlackRock Investment Management (Australia) Limited | |   
| |   
BlackRock, Inc. | |   
BlackRock Finance, Inc. | |   
BlackRock Holdco 2, Inc. | |   
BlackRock Financial Management, Inc. | |   
BlackRock Holdco 4, LLC | |   
BlackRock Holdco 6, LLC | |   
BlackRock Delaware Holdings Inc.| |   
BlackRock Institutional Trust Company, National | |   
  
| | | | | | | | | | | |   
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| | | | | | |   
  
| |   
---|---|---  
SHAREHOLDER | NO. SHARES | % CAPITAL WITH  VOTING RIGHTS  
| |   
BlackRock, Inc. | |   
BlackRock Finance, Inc. | |   
BlackRock Holdco 2, Inc. | |   
BlackRock Financial Management, Inc. | |   
BlackRock Holdco 4, LLC | |   
BlackRock Holdco 6, LLC| |   
BlackRock Delaware Holdings Inc. | |   
BlackRock Fund Advisors | |   
| |   
BlackRock, Inc. | |   
BlackRock Finance, Inc. | |   
BlackRock Holdco 2, Inc. | |   
BlackRock Financial Management, Inc. | |   
| |   
BlackRock, Inc. | |   
BlackRock Finance, Inc. | |   
BlackRock Holdco 2, Inc. | |   
BlackRock Financial Management, Inc.| |   
BlackRock International Holdings, Inc. | |   
BR Jersey International Holdings L.P. | |   
BlackRock (Singapore) Holdco Pte. Ltd. | |   
BlackRock HK Holdco Limited | |   
BlackRock Asset Management North Asia Limited | |   
| |   
BlackRock, Inc. | |   
BlackRock Finance, Inc. | |   
BlackRock Holdco 2, Inc.| |   
BlackRock Financial Management, Inc. | |   
BlackRock International Holdings, Inc. | |   
BR Jersey International Holdings L.P. | |   
BlackRock Holdco 3, LLC | |   
BlackRock Cayman 1 LP | |   
  
| |   
---|---|---  
SHAREHOLDER | NO. SHARES | % CAPITAL WITH  VOTING RIGHTS  
BlackRock Cayman West Bay Finco Limited | |   
BlackRock Cayman West Bay IV Limited | |   
BlackRock Group Limited | |   
BlackRock Finance Europe Limited | |   
BlackRock (Netherlands) B.V. | |   
BlackRock Asset Management Deutschland AG | |   
| |   
BlackRock, Inc. | |   
BlackRock Finance, Inc.| |   
BlackRock Holdco 2, Inc. | |   
BlackRock Financial Management, Inc. | |   
BlackRock International Holdings, Inc. | |   
BlackRock Canada Holdings ULC | |   
BlackRock Asset Management Canada Limited | |   
| |   
BlackRock, Inc. | |   
BlackRock Finance, Inc. | |   
BlackRock Holdco 2, Inc. | |   
BlackRock Financial Management, Inc.| |   
BlackRock Capital Holdings, Inc. | |   
BlackRock Advisors, LLC | |   
| |   
BlackRock, Inc. | |   
BlackRock Finance, Inc. | |   
BlackRock Holdco 2, Inc.| |   
BlackRock Financial Management, Inc. | |   
BlackRock International Holdings, Inc. | |   
BR Jersey International Holdings L.P. | |   
BlackRock Holdco 3, LLC | |   
BlackRock Cayman 1 LP | |   
BlackRock Cayman West Bay Finco Limited | |   
BlackRock Cayman West Bay IV Limited | |   
BlackRock Group Limited | |   
  
| | | | | | | | | | | |   
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| | | | | | |   
  
| |   
---|---|---  
SHAREHOLDER | NO. SHARES | % CAPITAL WITH  VOTING RIGHTS  
BlackRock Finance Europe Limited | |   
BlackRock Advisors (UK) Limited | |   
| |   
BlackRock, Inc. | |   
BlackRock Finance, Inc.| |   
BlackRock Holdco 2, Inc. | |   
BlackRock Financial Management, Inc. | |   
BlackRock International Holdings, Inc. | |   
BR Jersey International Holdings L.P. | |   
BlackRock (Singapore) Holdco Pte. Ltd. | |   
BlackRock (Singapore) Limited | |   
| |   
BlackRock, Inc.| |   
BlackRock Finance, Inc. | |   
Trident Merger, LLC | |   
BlackRock Investment Management, LLC | |   
Amethyst Intermediate, LLC | |   
Aperio Holdings, LLC | |   
Aperio Group, LLC | |   
Total | 286,726,969 | 6.85%  
CANADA PENSION PLAN INVESTMENT BOARD | |   
CPPIB | 227,561,986 | 5.44%  
Total | 227,561,986 | 5.44%  
NORGES BANK INVESTMENT MANAGEMENT | |   
Norges Bank | 235,649,875 | 5.63%  
Total | 235,649,875 | 5.63%  
EDP (TREASURY STOCK) | 20,111,842 | 0.48%  
REMAINING SHAREHOLDERS | 2,233,183,092 | 53.37%  
Total | 4,184,021,624 | 100.00%  
  
| | | | | | | | | | | |   
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| | | | Index| Part II| 481|   
| | | | | | |   
  
8\. Financial instruments owned by members of the management and supervisory bodies

Financial instruments owned by members of the Executive Board of Directors

As of 31 December 2024, the financial instruments held or attributable to the members of the Executive Board of Directors in office under the terms set forth in article 447 (5) of the Portuguese Companies Code are

as follows:

| | | |   
---|---|---|---|---  
| EDP , S.A.|  EDP RENOVÁVEIS, S.A.  
EXECUTIVE BOARD OF DIRECTORS (1) | NO. SHARES31-12-2024| NO. SHARES31-12-2023| NO. SHARES31-12-2024| NO. SHARES31-12-2023  
MIGUEL STILWELL DE ANDRADE (2)| 485,212| 250,000| - | -  
Rui Manuel Rodrigues Lopes Teixeira (3)| 172,368| 44,543| 356| 351  
Vera de Morais Pinto Pereira Carneiro (4)| 146,425| 20,000| - | -  
Ana Paula Garrido de Pina Marques (4)| 126,425| - | - | -  
Pedro Collares Pereira de Vasconcelos (5)| - | - | - | -  
  
(1) The members of the Executive Board of Directors do not hold EDP, S.A. bonds, nor shares or bonds of another company with which EDP, S.A. is in a control or group relationship, with the exception of EDP Renováveis, S.A. shares. 

(2) As announced to the market on 6 March 2024, 15 March 2024 and 22 March 2024, Miguel Stilwell de Andrade acquired, in aggregate, 50,000 shares representing EDP's share capital. In addition, as part of the payment of the multi-annual component of the remuneration, paid exclusively in shares representing EDP's 

share capital, 185,212 EDP shares were attributed to Miguel Stilwell de Andrade.

(3) On 9 April 2024, Rui Manuel Rodrigues Lopes Teixeira's spouse acquired 1,400 EDP shares, a transaction with a value of €4,964.40 carried out under the terms of Article 19(8) of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014, with a value of less than €5,000.00. In addition, 

as part of the payment of the multi-annual component of the remuneration, paid exclusively in shares representing EDP's share capital, 126,425 EDP shares were awarded to Rui Manuel Rodrigues Lopes Teixeira. On 23 May 2024, as part of the Scrip Dividend operation of EDP Renováveis, S.A., 5 shares representing the 

share capital of this Company were attributed to this member. As announced to the market on 15 January 2025, Rui Manuel Rodrigues Lopes Teixeira and his spouse acquired, in aggregate, 3,250 EDP shares.

(4) As part of the payment of the multi-annual component of the remuneration, paid exclusively in shares representing EDP's share capital, 126,425 EDP shares were awarded to Vera de Morais Pinto Pereira Carneiro and Ana Paula Garrido de Pina Marques.

(5) As part of the payment of the multi-annual component of the remuneration, paid exclusively in shares representing EDP's share capital, 42,142 were awarded to Pedro Collares Pereira de Vasconcelos. Pedro Collares Pereira de Vasconcelos was awarded 14,225 EDP shares in the context of a long term incentive relating 

to functions previously carried out in the EDP Group. As communicated to the market on 8 August 2024 and 30 December 2024, Pedro Collares Pereira de Vasconcelos sold, in aggregate, 56,357 shares representing EDP's share capital.

| | | | | | | | | | | |   
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| | | | | | |   
  
Financial instruments owned by members of the General and Supervisory Board

The following table shows the financial instruments held or attributable to the members of the

General and Supervisory Board in office, under the terms set forth in article 447 (5) of the Portuguese

Companies Code.

The financial instruments held by or attributable to the members of the General and Supervisory

Board in office until 10 April 2024 were as follows:

| |   
---|---|---  
EDP , S.A.  
GENERAL AND SUPERVISORY BOARD (1)| NO. SHARES10-04-2024| NO. SHARES31-12-2023  
JOÃO LUÍS RAMALHO DE CARVALHO TALONE (2)| 57,000| -  
China Three Gorges Corporation| 880,162,194| 878,970,301  
Dingming Zhang (as representative of China Three Gorges Corporation)| - | -  
China Three Gorges International Limited| 880,162,194| 878,970,301  
Shengliang Wu (as representative of China Three Gorges International Limited)| - | -  
China Three Gorges (Europe), S.A.| 880.162.194 | 878,970,301  
Ignacio Herrero Ruiz (as representative of China Three Gorges (Europe), S.A.)| - | -  
China Three Gorges Brasil Energia S.A.  | - | -  
Hui Zhang (as representative of China Three Gorges Brasil Energia, S.A.)| - | -  
China Three Gorges (Portugal), Sociedade Unipessoal, Lda. | - | -  
Miguel Espregueira Mendes Pereira Leite (as representative of China Three Gorges (Portugal) Sociedade Unipessoal, Lda.)| - | -  
DRAURSA, S.A. | - | -  
Felipe Fernández Fernández (as representative of Draursa, S.A.) | 1,350| 1,350  
Fernando Maria Masaveu Herrero (3)| 285,934,976| 285,709,976  
João Carvalho das Neves| 16,000| 16,000  
María del Carmen Fernández Rozado | - | -  
Laurie Lee Fitch | 40,000| 40,000  
Esmeralda da Silva Santos Dourado  | - | -  
  
| |   
---|---|---  
EDP , S.A.  
GENERAL AND SUPERVISORY BOARD (1)| NO. SHARES10-04-2024| NO. SHARES31-12-2023  
Helena Sofia Silva Borges Salgado Fonseca Cerveira Pinto | - | -  
Sandrine Dixson-Declève  | - | -  
Zili Shao| - | -  
Luís Maria Viana Palha da Silva| 5,479| 5,479  
  
(1) The members of the General and Supervisory Board in office until 10 April 2024 did not hold any shares in EDP Renováveis, S.A., nor did they hold 

bonds in EDP. S.A., nor shares or bonds in another company with which EDP, S.A. is in a control or group relationship.

(2) As announced to the market on 10 April 2024, João Luís Ramalho de Carvalho Talone, Chair of the General and Supervisory Board until that date, 

informed EDP of the acquisition of 57,000 shares representing EDP's share capital. 

(3) As announced to the market on 7 March 2024 and 22 March 2024, Flicka Florestal, S.L., a legal person closely related to Fernando Masaveu 

Herrero, a member of the General and Supervisory Board, informed EDP of the acquisition, in aggregate, of 225,000 shares representing EDP's share 

capital.

The financial instruments held by or attributable to the members of the General and Supervisory

Board in office as of 10 April 2024 were as follows:

| |   
---|---|---  
EDP , S.A.  
GENERAL AND SUPERVISORY BOARD (1)| NO. SHARES31-12-2024| NO. SHARES10-04-2024  
ANTÓNIO BERNARDO ARANHA DA GAMA LOBO XAVIER| - | -  
China Three Gorges Corporation| 895,372,977| 880,162,194  
Shengliang Wu (as representative of China Three Gorges Corporation)| - | -  
China Three Gorges International Limited| 895,372,977| 880,162,194  
Guobin Qin(as representative of China Three Gorges International Limited)| - | -  
China Three Gorges (Europe), S.A.| 895,372,977| 880,162,194  
Ignacio Herrero Ruiz (as representative of China Three Gorges (Europe), S.A.)| - | -  
China Three Gorges Brasil Energia S.A.  | - | -  
Hui Zhang (as representative of China Three Gorges Brasil Energia, S.A.)| - | -  
China Three Gorges (Portugal), Sociedade Unipessoal, Lda. | - | -  
  
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| | | | | | |   
  
| |   
---|---|---  
EDP , S.A.  
GENERAL AND SUPERVISORY BOARD (1)| NO. SHARES31-12-2024| NO. SHARES10-04-2024  
Miguel Espregueira Mendes Pereira Leite (as representative of China Three Gorges (Portugal) Sociedade Unipessoal, Lda.)| - | -  
DRAURSA, S.A. | - | -  
Victor Roza Fresno(as representative of Draursa, S.A.) | - | -  
Fernando Maria Masaveu Herrero (2)| 285,934,976| 285,934,976  
Helena Sofia Silva Borges Salgado Fonseca Cerveira Pinto | - | -  
Zili Shao| - | -  
Alicia Reyes Revuelta| - | -  
Gonçalo Nuno Gomes de Andrade Moura Martins| - | -  
María José García Beato| - | -  
Sandra Maria Soares Santos| - | -  
Stephen Vaughan| - | -  
Lisa Frantzis (3)| - | -  
  
(1) The members of the General and Supervisory Board do not hold any shares in EDP Renováveis S.A., nor do they hold any bonds in EDP, S.A. nor 

shares or bonds in another company with which EDP, S.A. is in a control or group relationship.

(2) As announced to the market on 20 January 2025, Flicka Florestal, S.L., a legal person closely related to Fernando Maria Masaveu Herrero, member 

of the General and Supervisory Board, informed EDP of the acquisition, in aggregate, of 90,000 shares representing EDP's share capital.

(3) As communicated by the member of the General and Supervisory Board, Lisa Frantzis holds securities in investments funds (Index Funds, Mutual 

Funds and Exchange-Traded Funds) which may, at any time, (i) hold stakes in EDP and/or in companies controlled by EDP or with which EDP is in a 

control or group relationship with this company or (ii) hold stakes in companies competing with EDP. In addition, Lisa Frantzis has informed EDP that 

the member of the General and Supervisory Board has no specific knowledge of the holdings in the aforementioned investment funds, nor does she 

have any possibility of influencing the respective investment decisions.

9\. Special powers of the managing body with regard to decisions to increase share capital

The Executive Board of Directors has the powers enshrined in the law and Articles of Association to

perform its duties, which are indicated in detail in item 21.

In what concerns the approval of decisions on share capital increases, and according to Article 4 (3)

of the Articles of Association, the Executive Board of Directors has the power to approve one or more

share capital increases up to an aggregate limit of 10% of the current share capital via the issuance

of shares to be subscribed by new entries in cash, in accordance with the issuance terms and

conditions that it defines. The draft decision must be submitted to the General and Supervisory

Board subject to a two-thirds voting majority of the respective members.

By resolution of the General Shareholders' Meeting, held on 12 April 2023, pursuant to article 4(3)

and (4) of EDP's Articles of Association, the authorisation granted to the Executive Board of

Directors was renewed to: (i) increase EDP's share capital by up to 10% of the current share capital

through the issue of shares to be subscribed by new cash contributions, on one or more occasions,

for a period of 5 years from the date of the General Meeting, under terms and conditions to be

defined, subject to prior approval by the General and Supervisory Board by a two-thirds majority,

allowing, in particular, to resolve under the provisions of Article 6(2) of the Articles of Association, the

issue of ordinary shares or securities convertible into or exchangeable for shares representing EDP's

share capital and (ii) increase the share capital, one or more times by an amount corresponding to a

maximum of 10% of the current share capital, through the issue of shares, to be paid up in cash and

subscribed by qualified investors using accelerated bookbuilding procedure(s), in accordance with

the terms and conditions of the issue defined by it, provided that the issue price is not less than (a) 95

per cent of the weighted average share price on Euronext Lisbon on the date the price is set, or (b) 95

per cent of the weighted average share price on Euronext Lisbon in the maximum period of ten days

ending on the said date the price is set, and the resolution proposal must be submitted for prior

approval by the General and Supervisory Board by a two-thirds majority.

It should be noted that, under the provisions of Article 4(5) of EDP's Articles of Association, the

authorisations granted to the Executive Board of Directors under the terms of paragraphs 3 and 4 of

the said article are not cumulative, in the sense that any shares issued under one of these

authorisations will be subject to the maximum limit of the other, and that, therefore, in the use of

either or both authorisations, the Executive Board of Directors may not approve share capital

increases that exceed 10% of the current share capital.

During the aforementioned 2023 General Shareholders’ Meeting, it was also decided to suppress

shareholders' pre-emptive rights in capital increases to be decided by the Executive Board of

Directors in EDP capital increase(s) carried out through accelerated bookbuild procedures in

accordance with the terms and conditions of the issuance to be defined by the Executive Board of

Directors and with a maximum limit of 10% of the current share capital, as provided for in Article 4(4)

of the Articles of Association (not cumulative with the limit of the authorisation provided for in Article

4(3) of the Articles of Association).

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10\. Significant business relationships between owners of qualifying holdings and the Company

In pursuit of its activity and regardless of its relevance, EDP conducts business with and enters into

transactions under normal market conditions for similar operations with several entities, beyond

which are included qualified shareholders of EDP or companies related to those.

Thus, with reference to the 2024 exercise, it should be pointed out the performance of the following

operations between companies of EDP Group and owners of qualifying holdings in EDP’s share

capital:

• The EDP Group, through EDP Clientes, S.A., provided electricity, gas supply services, solar panel

installation and other related services to Cementos Tutela Veguín, totalling approximately

€44.6m (Cementos Tutela Veguín is a subsidiary of the Masaveu Group, which in turn owns

55.9% of Oppidum Capital, S.L.);

• Additionally, through the company EDP Comercial - Comercialização de Energia, S.A., agreed

with the company Exus Management Partners to provide services relating to the installation of

electrical infrastructures enabling the connection of two photovoltaic plants to the Public Service

Electricity Grid, totalling approximately €2.144m (Exus Management Partners is a subsidiary of

the Masaveu Group, which in turn owns 55.9% of the company Oppidum Capital, S.L);

• As disclosed to the market on 17 June 2024, EDP concluded the sale of a 50% stake that the EDP

Group held in Energia Asia Consultoria, Lda. to China Three Gorges International Limited, for a

total consideration of around €100m.

• As disclosed to the market on 9 October 2024, EDP, through its subsidiary EDP Renováveis, S.A.,

concluded the repurchase of a 49% stake in a wind portfolio of EDP Renováveis, S.A. in Portugal,

Poland and Italy from two entities related to China Three Gorges - ACE Investment Fund I LP and

ACE Investment Fund II LP - for a total amount of €0.58 Bn.

As for the surrounding governance guidelines, on July 29, 2010, the General and Supervisory Board

approved the first version of the “Regulation on Conflicts of Interest and Transactions with Related

Parties”, which was subject to review during 2015. On 17 May 2010, the Executive Board of Directors

approved the rules on identification, in-house reporting and procedure in the event of conflicts of

interest applicable to all EDP Group employees who play a decisive role in transactions with related

parties.

In the Company’s constant quest to adopt best practices, it has been promoting the revision of

internal regulations governing conflicts of interest and business between related parties, and in May

2023 the latest update of the Policy on Transactions with Related Parties came into force, and is

available for consultation at EDP’s website [Transactions with Related Parties Policy | edp.com](https://www.edp.com/sites/default/files/2023-02/Transactions_with_Related_Parties_Policy_%282023%29_ENG.pdf).

The General and Supervisory Board noted that regarding 2024, in view of the cases analysed and

the information provided by the Executive Board of Directors, that no evidence was found that the

potential conflicts of interest underlying the transactions made by EDP may have been settled

contrary to the interests of the Company.

The Financial Matters Committee is responsible for supervising enforcement of the aforementioned

policy and reports on its work to the General and Supervisory Board.

| | | | | | | | | | | |   
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B. Corporate Bodies and Committees

I. General Shareholders' Meeting

A) Composition of the Board of the General Shareholders'Meeting

11\. Name and position of officers of the Board of the General Shareholders' Meeting and their

term of office

Pursuant to Article 13 of EDP’s Articles of Association, the members of the Board of the General

Shareholders' Meeting are composed by a Chairman, a Vice-Chairman, and the Company

Secretary, who is appointed by the Executive Board of Directors.

The members of the Board of the General Shareholders' Meeting in office until 10 April 2024 were as

follows:

|   
---|---  
BOARD OF THE GENERAL SHAREHOLDERS' MEETING  
CHAIR| LUÍS MARIA VIANA PALHA DA SILVA   
Vice Chair| Ana Mafalda Castanheira Neves de Miranda Barbosa  
Company Secretary | Ana Rita Pontífice Ferreira de Almeida Côrte-Real (*)  
  
(*) Appointed by the Executive Board of Directors on 19 January 2021 to the position of Company Secretary, with Joana Gomes da Costa Monteiro 

Dinis having been appointed on the same date to the position of Alternate Company Secretary.

As of 10 April 2024, the composition of the Board of the General Shareholders' Meeting was as

follows:

|   
---|---  
BOARD OF THE GENERAL SHAREHOLDERS' MEETING  
CHAIR| LUÍS MARIA VIANA PALHA DA SILVA   
Vice Chair| Inês Viseu Carvalho de Pinto Leite Teles Soares  
Company Secretary | Ana Rita Pontífice Ferreira de Almeida Côrte-Real (*)  
  
(*) Appointed by the Executive Board of Directors on 15 April 2024 to the position of Company Secretary, with Francisco Nuno da Costa Coelho Bártolo 

having been appointed on the same date to the position of Alternate Company Secretary.

The Chair of the Board of the General Shareholders' Meeting has the in-house human and logistic

resources appropriate to his/her needs, including the support of the Legal & Governance, the

Investor Relations & ESG, the Communication and the Brand, plus external support from a

specialised entity hired by EDP to collect, process, and count the votes. The logistic and

administrative resources for the General Shareholders' Meeting are provided by the Company and

the organisation is supervised by the Chairman of the Board of the General Shareholders' Meeting.

B) Exercise of Voting Rights

12\. Restrictions on Voting Rights

Pursuant to Article 15 (2) of EDP's Articles of Association, each share corresponds to one vote.

The Company does not issue shares with special plural voting rights.

According to Article 15 (9) of EDP’s Articles of Association, the holders of rights representing shares

under ADR (American Depositary Receipt) programs may instruct the respective depositary bank in

order to see their voting rights exercised or, alternatively, grant proxy to a representative designated

by EDP for such purpose, in compliance with applicable legal or statutory provisions; the depository

contract should regulate terms and ways for exercising the voting rights, as well as for cases in which

such instructions do not exist.

According to Article 15 (10) of the Articles of Association, EDP's shareholders can only participate

and vote at the General Shareholders' Meeting if on the date of registration, 00:00 hours (GMT) of

the fifth day of trading prior to that of the General Meeting, it owns shares corresponding to, under

the Law and the Articles of Association, at least one vote and if they fulfil the other requirements set

out in the respective notice of meeting.

Shareholders who intend to participate in the general shareholders’ meeting must declare this in

writing to the financial intermediary with which the individual registration account is open, and it is

up to the latter to communicate the intentions received in accordance with the applicable legal terms

to the chair of the Board of the General Shareholders’ Meeting (Article 15 (11) of EDP's Articles of

Association and Article 23.º-C (3) of the Portuguese Securities Code).

Shareholders who have expressed their intention to participate in a General Meeting pursuant to the

law and the Articles of Association and have transferred ownership of the shares between the fifth

day of trading prior to that of the General Shareholders' Meeting and the end thereof, must inform the

Chair of the General Shareholders' Meeting and the CMVM immediately (Article 15 (12) of EDP's

Articles of Association).EDP shareholders may exercise their right to vote on each of the items on the

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Agenda under the terms set out in the respective notice, which must provide for at least the

possibility of exercise in the following ways: (i) by correspondence postal by means of a

communication addressed to the Chair of the Board of the General Shareholders' Meeting, (ii) by

electronic means, in advance of or during the meeting, as provided for in article 15 (6) of the Articles

of Association.

Pursuant to Article 15 (7) of EDP's Articles of Association, the Chair of the Board of the General

Shareholders' Meeting must verify the authenticity and regularity of the votes cast in advance and

ensure their confidentiality until the time of voting.

Shareholders can find the necessary templates or instructions for exercising their voting rights by

postal or electronically [at EDP's website](http://www.edp.com) .

EDP has adopted a number of measures aimed at encouraging shareholders to exercise their right to

vote by eliminating obstacles, particularly financial ones, which could affect the exercise of this right,

as follows:

• general circulation of the notice of meeting of the General Shareholders' Meeting with an express

indication of the channels available for the exercise of voting rights and in publications at [CMVM](https://www.cmvm.pt/en/Pages/homepage.aspx)[ ](https://www.cmvm.pt/en/Pages/homepage.aspx)

[website](https://www.cmvm.pt/en/Pages/homepage.aspx) and [EDP’s website](http://www.edp.com), in the Justice Ministry and in the Interbolsa Platform (My Interbolsa)

and in the NYSE Euronext Lisbon newsletter;

• payment of the costs of issuing declarations of ownership of shares for all shareholders who

participate in the General Meeting.

As per EDP’s Articles of Association, votes cast by a shareholder in his own name or as a

representative of another exceeding 25% (twenty-five percent) of all the votes representing the

share capital are not considered. This limitation applies to all decisions of the General Meeting,

including those for which the law or EDP's Articles of Association provide for a qualified majority of

the Company's share capital.

Pursuant to Article 15 (5) of EDP’s Articles of Association, the votes attributable to the same

shareholder, are considered to have been cast by the same shareholder, under terms of the legal

provisions.

Pursuant to Article 16 (3) and (4) of the Articles of Association, and for the purposes of limiting voting

rights, EDP's shareholders are obliged to provide the Executive Board of Directors all information that

it requests from them on facts concerning them and related to Article 20 (1) of the Securities Code.

Noncompliance with this obligation shall result in prevention of the exercise of voting rights

pertaining to the shares owned by the shareholder in question.

If the limitation on the counting of votes affects a number of shareholders, it will operate in proportion

to the ordinary shares owned by each one (Article 15 (4) (a) of the Articles of Association).

Furthermore, shareholders who reach or exceed, directly or through votes attributable to them under

legal terms, a shareholding of 5%, 10%, 15%, 20%, 25%, one third, half, two thirds and 90% of the

voting rights corresponding to EDP’s share capital and anyone who reduces their shareholding to a

value below any of those thresholds communicates must notify the Executive Board of Directors of

this fact as soon as possible and within a maximum period of four trading days after the day on

which the fact occurred or became known (Article 16 (1) of EDP's Articles of Association).

13\. Maximum percentage of voting rights that can be exercised by a single shareholder or

shareholders that are related in some of the relations of Article 20 (1)

See item 12.

14\. Decisions of shareholders who, under the Articles of Association, can only be made by a

qualified majority other than those provided for by law

Decisions by the General Meeting are taken by a majority of votes cast, unless the law or the Articles

of Association require a qualified majority (Article 12 (3) of the Articles of Association).

Article 11 (1) of the Articles of Association defines the performance of functions in any corporate body

or other corporate structure is incompatible with:

• the status of a legal person that is a competitor of EDP or a company in a control or group relation

with EDP;

• the status of a legal person or an individual related to a legal person that is a competitor of EDP;

• the exercise of functions, of any nature or for any reason whatsoever, notably by appointment to a

corporate office, by employment contract or by services provision agreement, at a legal person

that is a competitor of EDP or at a legal person related to a legal person that is a competitor of

EDP;

• the appointment, even if only in fact, for a corporate body member by a competing legal person or

a person, natural or legal, related to a legal person competing with EDP.

Nevertheless, Article 11 (4) defines that the incompatibilities set forth in the foregoing paragraphs

may also not apply to the performance of functions as a member of the general and supervisory

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board, to the extent permitted by law, subject to authorization given by prior resolution, with the

favour of two thirds of the votes cast at the elective general shareholders’ meeting. The competition

relation must be expressly referred to and precisely identified in the appointment proposal, and the

authorization resolution may be subject to conditions, notably to a holding of no more than 10% of

EDP’s share capital.

It should also be highlighted that, according to Article 11 (10) of EDP’s Articles of Association, it should

not be deemed to be a competitor of EDP the legal person shareholder that individually holds at least

20% of the share capital of EDP, and that, directly or through a legal person which is in a domain

relationship with it, enters into and maintains a medium or long term strategic partnership of

business cooperation in the activities of generation, distribution or supply of electricity or natural gas,

approved in accordance with legal and statutory provisions, with prior favourable opinion of the

General and Supervisory Board.

In all other cases, the deliberative quorum set out in Article 383 (2) of the Portuguese Companies

Code applies.

II. Management and Supervision

A) Composition

15\. Corporate governance model

EDP's governance structure is a dual model one and consists of the General Meeting, Executive

Board of Directors, General and Supervisory Board and the Statutory Auditor.

The separation of management and supervision roles is embodied in an Executive Board of

Directors, which is responsible for the management of the Company’s business, and a General and

Supervisory Board, the highest supervisory body.

The division of competences, inherent to such model, between the Executive Board of Directors and

the General and Supervisory Board, has been assuring an effective management of the Company,

benefited by a constant and attentive supervision. The dual model of corporate governance in place

at EDP since July 2006 has allowed for an effective separation of the Company’s supervision and

management in pursuit of the goals and interests of EDP and its shareholders, employees, and other

stakeholders, thereby contributing to achieving the degree of trust and transparency necessary for

its adequate functioning and optimization.

It is also important to note that this governance model has proven to be adequate to the size and

shareholder structure of the Company, allowing for constant supervision both by the reference

shareholders and by the independent members, through the respective intervention in the General

and Supervisory Board. Considering the transversal competences of the General and Supervisory

Board and the specificities of the activities of the four Specialized Committees, the integration of

members of the General and Supervisory Board and of the Executive Board of Directors of EDP

should, according to the Selection Procedure of the members of the General and Supervisory Board

and of the Executive Board of Directors, ensure diverse skills, professional experiences, diversity of

knowledge, gender and cultures, taking into account the specificities of the Company's business.

Along with the concern for the individual adequacy of each member, it is also sought that the

composition of the corporate bodies and other corporate structures demonstrate a collective

adequacy, bringing together the professional and personal skills necessary for the proper

performance of the functions of each body of EDP. Likewise, in determining the respective number of

members, the size of the Company, the complexity of its activity and its geographical dispersion are

considered, in addition to the costs and the desirable speed of operation of the administration.

According to Article 12 (2) (b) of the Articles of Association, it is the responsibility of the General

Meeting of EDP to elect and dismiss the members of the Executive Board of Directors and the

General and Supervisory Board, as well as their Chair and Vice-Chair, if any, and, at the proposal of

the General and Supervisory Board, or a delegated by it, the Financial Matters Committee, the

Statutory Auditors,. The General Meeting also appoints the members of the Remuneration

Committee of the General Meeting.

For a better understanding of EDP's corporate governance, [EDP's website](http://www.edp.com) allows shareholders and

the general public to view the up-to-date Articles of Association in Portuguese and English, the

Internal Regulation of the Executive Board of Directors, General and Supervisory Board and its

committees, documents that have been modified in order to accommodate best practices, notably

the principles and recommendations set forth by the Corporate Governance Code issued by the

Portuguese Institute for Corporate Governance.

Worth noting also that EDP has since 2010 a Corporate Governance Manual, whose primary

objective consists of registering and sharing the provisions of the Executive Board of Directors and

of General and Supervisory Board regarding best practices recommendations applicable to EDP on

corporate governance. The Manual has a dynamic nature. It should therefore continue to be revised

periodically, considering the contributions of all interested parties in the continuous development of

EDP’s governance model.

The Manual for the Corporate Governance of EDP is available to shareholders and general public at

its website: [Corporate Governance Manual | edp.com](https://www.edp.com/sites/default/files/manual_governo_societario_20160121_en_vf_0.pdf).

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In what concerns prevention and fighting against harassment at work, and complementing the

commitments already taken on by EDP in its [Code of Ethics, available at EDP’s website](https://www.edp.com/sites/default/files/2022-12/EDP_codigodeetica_EN_2022_vf.pdf), the Good

Conduct Code for the Prevention and Fight Against Harassment at Work entered into force as of 21

November 2017 and it is applicable to all EDP Group’s employees. According to this Code, other

service providers and suppliers are explicitly required to uphold or adhere to the principles

established, in accordance with their obligations under qualification procedures or current

contracts. In this regard, whistleblowing channels are available on EDP's website at [Speak Up EDP |](https://www.edp.com/en/about-us/speak-up)[ ](https://www.edp.com/en/about-us/speak-up)

[edp.com](https://www.edp.com/en/about-us/speak-up) \- and on the other websites of the applicable EDP Group companies.

Additionally, the Integrity Policy approved by the Executive Board of Directors has implemented the

mandatory execution to all EDP Group companies as well as to its employees, service providers

acting on its behalf, in strict compliance with the legal framework applicable in geographies where

the Group is present which aim to avoid unlawful conducts, in particular those associated with the

practice of corruption acts, money laundering and terrorism financing. EDP Group is committed to

promote an exempt, honest, integrated, professional, and fair action and requires that its employees

and contracted third parties behave in accordance with such commitment, complying with the

legislation and regulation in force. The EDP Group Companies has implemented and has

disseminated prevention, detection, and control measures towards any form of corruption,

prevarication, conduct on conflict of interest, influence peddling, money laundering, terrorism

financing and other illegal acts. In this regard, the EDP Group Companies may adopt more

demanding additional measures, according to local needs, always ensuring the compliance with the

local applicable legislation. Additionally, the Ethics & Compliance which independence is

guaranteed through the reporting to the Executive Board of Directors and to the General and

Supervisory Board/Financial Matters Committee of EDP is responsible to biennially review this

Policy or whenever any relevant legislative change occurs, submitting those amendments to the

Executive Board of Directors for approval. The Integrity Policy of EDP Group was revised in 2023

and is available at EDP’s website: [EDP Integrity Policy | edp.com](https://www.edp.com/sites/default/files/2022-12/Pol%C3%ADtica%20de%20Integridade%20rev%2010%202022%20EN.pdf). EDP intends to continue to assume

a precursor and excellence role about the promotion of best government practices, in the hope that

this initiative may also contribute to enrich the debate on these matters in the general context of the

organization and functioning of public limited companies, particularly in Portugal.

16\. Articles of Association rules on procedural and material requirements for the appointment

and replacement of members of the Executive Board of Directors and General and Supervisory

Board

It is the role of the General Meeting to elect and remove members of the Executive Board of Directors

and the General and Supervisory Board, including their Chair.

In the event of permanent or temporary absence of any of the members of the Executive Board of

Directors, the General and Supervisory Board arranges for his/her replacement and the appointment

must be ratified by the next General Meeting, under Article 23 (1) (g) of the Company’s Articles of

Association.

In the event of permanent absence of any of the members of the General and Supervisory Board, the

substitutes on the list submitted to the General Meeting must be summoned by the Chairman of this

Board to replace him/her, following the order on the list. Pursuant to Article 22 (4) of EDP's Articles of

Association, the substitutes on the list must all be independent. If there are no substitutes, they will be

elected by the General Shareholders’ Meeting.

17\. Composition of the Board of Directors, Executive Board of Directors and General and

Supervisory Board

At the Annual General Shareholders' Meeting held on 10 April 2024, the shareholders elected the

members of the General and Supervisory Board and the Executive Board of Directors for a three-

year mandate 2024-2026, as well as the Chair of the Board of the General Meeting, with the term of

office of the members of this corporate body ending on 31 December 2026, without prejudice to

their remaining in office until a new appointment is made.

General and Supervisory Board

In the exercise of its duties – see Article 441 of the Companies Code and Article 23 of EDP’s Articles

of Association - the main mission of the General and Supervisory Board is to constantly advise,

monitor and supervise the management activities of EDP, cooperating with the Executive Board of

Directors and the various other corporate bodies in pursuit of the Company’s interests, pursuant to

the Companies Code and the company’s Articles of Association. It is elected by the shareholders at

the General Meeting.

Pursuant to Article 22 (1) of the Articles of Association and Article 3 (1) of Internal Regulation of the

General and Supervisory Board, this Board is composed of a number of effective members that will

be established in the the respective resolution, but always by more than the number of members of

the Executive Board of Directors. Most of the elected members of the General and Supervisory Board

must be independent, pursuant to Article 22 (3) of the Articles of Association.

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Until 10 April 2024, General and Supervisory Board was composed by the following members:

| |   
---|---|---  
GENERAL AND SUPERVISORY BOARD| INDEPENDENT MEMBERS | FIRST APPOINTMENT DATE  
JOÃO LUÍS RAMALHO DE CARVALHO TALONE - CHAIR | INDEPENDENT| 14/04/2021  
China Three Gorges Corporation represented by Dingming Zhang|  | 20/02/2012  
China Three Gorges International Limited represented by Shengliang Wu| | 14/04/2021  
China Three Gorges (Europe), S.A. represented by Ignacio Herrero Ruiz| | 20/02/2012  
China Three Gorges Brasil Energia, S.A. represented by Hui Zhang | | 05/04/2018  
China Three Gorges (Portugal), Sociedade Unipessoal, Lda. represented by Miguel Espregueira Mendes Pereira Leite| 21/04/2015  
DRAURSA, S.A. represented by Felipe Fernández Fernández | | 21/04/2015  
Fernando Maria Masaveu Herrero | | 20/02/2012  
João Carvalho das Neves | Independent | 21/04/2015  
María del Carmen Fernández Rozado | Independent | 21/04/2015  
Laurie Lee Fitch | Independent | 05/04/2018  
Esmeralda da Silva Santos Dourado | Independent | 14/04/2021  
Helena Sofia Silva Borges Salgado Fonseca Cerveira Pinto | Independent | 14/04/2021  
Sandrine Dixson-Declève | Independent | 14/04/2021  
Zili Shao | Independent | 14/04/2021  
Luís Maria Viana Palha da Silva | Independent | 24/04/2019  
  
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After 10 April 2024, the General and Supervisory Board was composed as follows:

| |   
---|---|---  
GENERAL AND SUPERVISORY BOARD| INDEPENDENT MEMBERS | FIRST APPOINTMENT DATE  
ANTÓNIO BERNARDO ARANHA DA GAMA LOBO XAVIER - CHAIR| INDEPENDENT | 10/04/2024  
China Three Gorges Corporation represented by Shengliang Wu| | 20/02/2012  
China Three Gorges International Limited represented by Guobin Qin| | 14/04/2021  
China Three Gorges (Europe), S.A. represented by Ignacio Herrero Ruiz | | 20/02/2012  
China Three Gorges Brasil Energia, S.A.. represented by Hui Zhang | | 05/04/2018  
China Three Gorges (Portugal), Sociedade Unipessoal, Lda. represented by Miguel Espregueira Mendes Pereira Leite | | 21/04/2015  
DRAURSA, S.A. represented by Victor Roza Fresno| | 21/04/2015  
Fernando Maria Masaveu Herrero | | 20/02/2012  
Helena Sofia Silva Borges Salgado Fonseca Cerveira Pinto | Independent | 14/04/2021  
Zili Shao | Independent | 14/04/2021  
Alicia Reyes Revuelta | Independent | 10/04/2024  
Gonçalo Nuno Gomes de Andrade Moura Martins| Independent | 10/04/2024  
María José García Beato| Independent | 10/04/2024  
Sandra Maria Soares Santos| Independent | 10/04/2024  
Stephen Vaughan| Independent | 10/04/2024  
Lisa Frantzis | Independent | 10/04/2024  
  
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Executive Board of Directors

The Executive Board of Directors is responsible for managing the Company's activities and

representing the Company, pursuant to Article 431 of the Companies Code and Article 18 of the

Articles of Association and was elected by the shareholders at a General Meeting.

Pursuant to Article 17 (2) of the Articles of Association of EDP, the Executive Board of Directors must

have a minimum of three and a maximum of nine members.

The members of the Executive Board of Directors may not exercise executive functions in more than

two companies not integrating EDP Group, and the exercise of the referred functions shall be subject

to prior appraisal by the Executive Board of Directors, according to Article 7 of the Internal Regulation

of such body.

At the Annual General Shareholders’ Meeting held on 10 April 2024, the members of the Executive

Board of Directors were elected for the 2024-2026 term of office.

On 31 December 2024, the Executive Board of Directors was composed as follows:

|   
---|---  
EXECUTIVE BOARD OF DIRECTORS | FIRST APPOINTMENT DATE  
MIGUEL STILWELL DE ANDRADE - CHAIR| 20/02/2012  
Rui Manuel Rodrigues Lopes Teixeira | 21/04/2015  
Vera de Morais Pinto Pereira Carneiro | 05/04/2018  
Ana Paula Garrido de Pina Marques | 19/01/2021  
Pedro Collares Pereira de Vasconcelos| 12/04/2023  
  
18\. Independent members of the Executive Board of Directors and General and Supervisory

Board

EDP's Articles of Association (Article 10 (1), Article 11 (1), Article 12 (2) (d), Article 22 (3), Article 23 (1)

(a), Article 24 and Article 28) and the Internal Regulation of the General and Supervisory Board

(Article 8), both available on its website:  [Articles of Association of EDP ](https://www.edp.com/en/edp-articles-of-association)and [Internal Regulation of the](https://www.edp.com/en/regulation-general-and-supervisory-board)[ ](https://www.edp.com/en/regulation-general-and-supervisory-board)

[General and Supervisory Board](https://www.edp.com/en/regulation-general-and-supervisory-board), lay down the rules on independence and incompatibilities for the

exercise of functions in any corporate body or other corporate structure of EDP.

The criteria of independence set out in EDP's Articles of Association are in line with those laid down

in 414 (5) of the Companies Code and determine that independence means an absence of direct or

indirect relations with the Company or one of its bodies and an absence of any circumstances that

might affect impartiality of analyses or decisions, e.g. because the people in question own or are

acting on behalf of owners of a qualifying shareholding of 2% (two percent) or more of the share

capital of EDP or have been re-elected for more than two terms of office continuously or

intermittently.

Pursuant to Article 10 (1) of EDP's Articles of Association, independent members are those who are

not associated with any specific interest group in the company, nor are they in any circumstance

likely to affect their impartial analysis and decision, namely by virtue of holding or acting in the name

and on behalf of holders of a qualifying holding equal to or greater than 2% of EDP's share capital or

having been re-elected for more than two terms, continuously or in between.

Under the terms of Article 10(2) of EDP's Articles of Association, teh corporate body or other

corporate structure that must include independent members, should permanently assess whether

the legal and statutory requirements as well as those resulting from recommendations that EDP

should comply with are met. In case of non-compliance with the latter, non-compliance must be

justified considering the specific reality of EDP.

In view of the need to clarify the aforementioned Article 414 (5) of the Company Code, as there are

diverging legal opinions, Associação de Emitentes de Valores Cotados em Mercado (“AEM”)

requested an opinion from the CMVM , whose opinion was that the capacity as independent is only

lost if, “on the basis of the criterion of number of terms of office, in a situation likely to affect his/her

impartiality in analyses or decisions if the members of the supervisory bodies of public limited

companies, having been elected for a first term of office and re-elected continuously or

intermittently for a second and third term, are re-elected (for the third time, therefore) for a fourth

term of office.”

Pursuant to its Internal Regulation, the General and Supervisory Board has in place a specific

procedure regarding compliance with a large number of rules on incompatibilities and

independence applicable to positions on this board (Articles 7 and 8 of the General and Supervisory

Board Internal Regulation). This procedure includes the following aspects:

• acceptance of a position as member of the General and Supervisory Board is subject to a written

statement setting out specifically (i) the inexistence of any incompatibility under the law or

Articles of Association; (ii) compliance with the independence requirements set out in its Internal

Regulation, if the person has been elected as an independent member; (iii) the members'

obligation to report to the Chairman of the General and Supervisory Board or, for the Chairman,

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directly to the board any subsequent event that might generate incompatibility or loss of

independence;

• every year, the members of the General and Supervisory Board must renew their statements as to

the inexistence of incompatibility and, if applicable, the compliance with the independence

requirements.

Also, every year, the General and Supervisory Board conducts a general assessment of compliance

with the rules of incompatibility and independence by its members.

At the same time, the Internal Regulation of the General and Supervisory Board (article 8) has

broadened the independence criteria applicable to its members, going beyond the provisions of

Article 414 (5) of the Companies Code and Article 10 of EDP's Articles of Association, and so people

who directly or through their spouse or relative or similar in a straight line and to the collateral third

degree, inclusive, are in one of the following situations cannot have independent status:

• being holder, director, having contractual ties or acting on behalf or on the account of owners of

a qualifying shareholding of 2% (two percent) or more of the share capital or voting rights in

EDP or the same percentage in a company of which it is a subsidiary;

• being a holder, director, having contractual ties or acting on behalf or on the account of owners

of a qualifying shareholding of 2% (two percent) or more of the share capital or voting rights in

a company that is a competitor of EDP;

• having been re-elected for more than two consecutive or non-consecutive terms of office;

• having exercised for twelve years, on a consecutive or non-consecutive basis, functions in any

corporate body of the Company exception made to, from the end of its functions in any body

and its new appointment, at least a three-year period has elapsed;

• having, in the last three years, provided services or had a significant commercial relation with

the Company or one of its Subsidiaries; and,

• being a remuneration beneficiary paid by the Company or one of its Subsidiaries other than the

remuneration deriving from the execution of its functions as a member of the General and

Supervisory Board.

The rules of independence covering members of the General and Supervisory Board are particularly

important regarding the following requirements:

• the board must consist of a majority of independent members (Article 434 (4) and Article 414 (5)

and (6) of the Companies Code and Article 22 (3) of EDP's Articles of Association);

• the majority of the members appointed to the Specialised or Monitoring Committees set up by the

General and Supervisory Board must be independent (Article 24(4) of EDP's Articles of

Association);

• the Financial Matters Committee is composed, at least by, three independent members of the

General and Supervisory Board (Article 23 (2) of EDP Articles of Association and Article 3 (1) of

the Financial Matters Committee’s Internal Regulation);

In compliance with the above procedure, at the start of their terms of office, the members of the

General and Supervisory Board stated that they were not in any of the situations of incompatibility

set out in the Companies Code (Article 414-A (1) (a) to (e), (g) and (h) (ex vi Article 434 (4)) and Article

437 (1)) or under Article 11 (1) of the Articles of Association and, where applicable, that they complied

with the independence requirements of the Internal Regulation of the General and Supervisory Board

and the Articles of Association of EDP (article 10 (1), article 12 (2) (d) and article 22 (3)) . Of the

incompatibility situations for the exercise of the role of member of the General and Supervisory

Board, pursuant to the Article 414-A of the Companies’ Code, it is considered the exercise of

functions of administration or supervisory in five companies. Therefore, one may not be elected or

designated a member of the General and Supervisory Board if holds office of administrator or

supervisor in five companies.

At the end of 2024, the members of the General and Supervisory Board renewed their statements on

incompatibilities and on independence.

The above statements are available to the public at EDP's website at [General and Supervisory Board](https://www.edp.com/sites/default/files/2025-02/Declaracoes_CGS_ENG_dez2024_1565242_8.pdf)[ ](https://www.edp.com/sites/default/files/2025-02/Declaracoes_CGS_ENG_dez2024_1565242_8.pdf)

[Incompatibility Statements](https://www.edp.com/sites/default/files/2025-02/Declaracoes_CGS_ENG_dez2024_1565242_8.pdf).

The independent members of the General and Supervisory Board are shown in the chart in Item 17

above.

19\. Qualifications of the members of the General and Supervisory Board and Executive Board of

Directors

See Annex I of this Report.

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20\. Family, work-related and business relationships of the members of the General and

Supervisory Board and Executive Board of Directors with shareholders owning a qualifying

shareholding of over 2% of the voting rights

As for the General and Supervisory Board, and to the best of EDP's knowledge, there are professional

relationships between Board members and shareholders attributed a qualifying holding of more than

2% of voting rights, as described below:

• Shengliang Wu, Guobin Qin, Ignacio Herrero Ruiz, Hui Zhang and Miguel Espregueira Mendes

Pereira Leite were appointed representatives respectively of the members of the General and

Supervisory Board, through China Three Gorges Corporation, China Three Gorges International

Limited, China Three Gorges (Europe), S.A., China Three Gorges Brasil Energia, S.A. (formerly

China Three Gorges Brasil Energia Ltda.) e China Three Gorges (Portugal), Sociedade Unipessoal,

Lda. China Three Gorges (Europe), S.A., held, on 31 December 2024, a 21.40% shareholding in

EDP;

• The member of the General and Supervisory Board Fernando María Masaveu Herrero is chairman

of the management body of Masaveu International, S.L. which owns 55.9% of Oppidum, S.L., a

company with a 6,82% shareholding in EDP, on 31 December 2024. Fernando María Masaveu

Herrero is also chairman of the administration body of Oppidum, S.L;

• Victor Roza Fresno, a member of the General and Supervisory Board, is a director of various

companies in the Corporación Masaveu, S.A. Group, which, in turn, owns 55.9% of Oppidum, S.L.,

through Masaveu International, S.L., a company that held a 6.82% stake in EDP's share capital on

31 December 2024.

21\. Organisation chart, delegation, and division of powers

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Powers of the General and Supervisory Board

Pursuant to Article 23 of the Articles of Association, the General and Supervisory Board is especially

responsible for:

• permanently monitor the management of EDP and its subsidiaries and provide management

advice and assistance to the Executive Board of Directors, particularly regarding strategy, goals,

and compliance with the law;

• issue opinions on the annual report and accounts;

• permanently oversee the work of the Statutory Auditor of the Company, regarding the former,

issue an opinion on their election or appointment, dismissal, independent status, and other

relations with the Company;

• oversee, on a permanent basis, and evaluate internal accounting and auditing procedures, the

efficacy of the risk management system, internal control system and internal auditing system,

including the way in which complaints and queries are received and processed, whether

originating from employees or not;

• propose to the General Meeting the removal from office of any member of the Executive Board of

Directors;

• monitor the definition of criteria and responsibilities required or appropriate for the structures and

internal bodies of the Company or Group and their impact and draft follow-up plans;

• provide for the replacement of members of the Executive Board of Directors in the event of

permanent or temporary absence, as required by law;

• issue an opinion on their annual vote of confidence in the directors set out in Article 455 of the

Company Code, on its own initiative or when requested to do so by the CEO;

• monitor and assess matters of corporate governance, sustainability, internal codes of ethics and

conduct and compliance with these codes and systems for appraising and resolving conflicts of

interest, including those associated with the Company's relations with its shareholders, and issue

opinions on these matters;

• obtain the financial or other resources that it reasonably deems necessary for its work and ask the

Executive Board of Directors to take any measures or make any corrections that it considers

pertinent, with the power to hire independent consultants, if necessary;

• receive regular information from the Executive Board of Directors on significant business relations

between the Company or its subsidiaries and shareholders with a qualifying holding and persons

related to them;

• appoint the Remuneration Committee and Financial Matters Committee;

• represent the Company in its relations with the directors;

• supervise the work of the Executive Board of Directors;

• oversee compliance with the law and Articles of Association;

• select and replace the Company's Statutory Auditor, giving the Executive Board of Directors

instructions for engagement or dismissal;

• monitoring the bookkeeping, accounts and supporting documents and the status of any assets or

securities held by the Company, as and when it deems appropriate;

• supervise the preparation and disclosure of financial information;

• call the General Meeting when it deems appropriate;

• approve its Internal Regulation, which includes rules on relations with the other corporate bodies

and corporate structures;

• exercise any other powers that may be granted by law, the Articles of Association or by the

General Meeting.

Under the corporate governance model in place at EDP, the General and Supervisory Board also has

a power of particular importance. Although it does not have management powers, pursuant to Article

442 (1) of the Company Code, Article 18 (2) of the Articles of Association lays down that the approval

of EDP's strategic plan and performance of the operations indicated below by EDP or its subsidiaries

are subject to a prior favourable opinion from this board (see also Article 15 of the Internal Regulation

of the General and Supervisory Board):

• acquisitions and sales of assets, rights, or shareholdings of significant economic value;

• financing operations of significant value;

• opening and closure of establishments, or important parts thereof, and substantial extensions or

limitations of Company activity;

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• other transactions or operations of significant economic or strategic value;

• formation or termination of strategic partnerships or other forms of lasting cooperation;

• plans for splits, mergers, or conversions;

• amendments to the Articles of Association, including changes of registered office and share

capital increases when on the Executive Board of Directors' initiative.

The Chair of the General and Supervisory Board is granted particular powers, and pursuant to Article

5 of the General and Supervisory Board Internal Regulation, is responsible for:

• representing the General and Supervisory Board and the advocate of its decisions before other

corporate bodies;

• promoting the necessary endeavours for the adequate monitoring by the General and

Supervisory Board of the Company and Subsidiaries activity;

• coordinating the activities of the General and Supervisory Board and the Committees functioning,

having the right to attend any meeting and being informed on any activity performed by such

Committees;

• proposing to the General and Supervisory Board plenary the members, the Chairperson and,

when existing, the Vice-Chairperson of each Committee;

• endeavouring for that the General and Supervisory Board members receive in a timely manner all

the necessary information for the full development of their functions;

• overseeing the budget execution of the General and Supervisory Board and manage the material

and human resources allocated to it;

• convene and preside to the General and Supervisory Board meetings, being responsible to

monitor the correct execution of its resolution.

The Chair of the General and Supervisory Board or, in his/her absence or incapacity, a member

selected by the board for that purpose, may attend meetings of the Executive Board of Directors

whenever s/he sees fit and take part in the discussion of matters to be submitted to the General and

Supervisory Board, without having any voting rights pursuant to Article 22 (9) of EDP's Articles of

Association.

The members of the Financial Matters Committee have a right to attend the meetings of the

Executive Board of Directors when the accounts are appraised (see Article 10 of the Financial

Matters Committee Internal Regulation).

Worth also noting that the General and Supervisory Board annually performs:

• a self-assessment of its activity and performance and those of its committees, the conclusions of

which are set out in its annual report (see Article 12 of the General and Supervisory Board Internal

Regulation);

• an independent assessment of the activity and performance of the Executive Board of Directors,

the conclusions of which are submitted to the General Meeting and are presented of annex to the

annual report of the General and Supervisory Board.

On the initiative of the General and Supervisory Board, EDP has voluntarily established a formal,

impartial process to assess the activity of this board and of the Executive Board of Directors.

Experience of recent years has allowed the General and Supervisory Board to make some changes

in the process to make it more effective and efficient. During the 2024 financial year, the method

used comprises the following stages:

• carry out the collective evaluation process of the General and Supervisory Board, its Specialized

Committees, and the Executive Board of Directors to an external entity, in order to have interviews

supported by individual questionnaires to the General and Supervisory Board members support in

completing and validating the treatment of information to support the evaluation process;

• in the beginning of 2025, each member of the General and Supervisory Board have answered an

interview made by specialized consultants, answering to quantitative and qualitative matters, in

particular on matters related to the composition, organization and functioning, activity

performance of the General and Supervisory Board, relationship between the General and

Supervisory Board and the Specialized Committees and other EDP corporate bodies as well as to

proceed with the analysis of matters related with the composition, organization of the Executive

Board of Directors, its activity performance and the relationship between the Executive Board of

Directors and the General and Supervisory Board;

• reports were produced on the General and Supervisory Board evaluation, on its Specialized

Committees and on the Executive Board of Directors, which were available for assessment in the

General and Supervisory Board meeting;

• in its meeting, the General and Supervisory Board issues its assessment opinions and they are

included in this board's annual report.

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At the General Meeting, the Chairman of the General and Supervisory Board presents the board's

opinion in the item of the agenda for assessment of the Executive Board of Directors.

Powers of the Executive Board of Directors

The Executive Board of Directors is a collegial body. No director is allowed to represent more than

one other director at each meeting.

The powers of the Executive Board of Directors, in accordance with the Article 18 (1) of the Articles of

Association, include:

• setting the goals and management policies of EDP and the EDP Group;

• drawing up the annual business and financial plans;

• managing corporate business and undertaking all actions and operations associated with the

corporate object that do not fall within the responsibilities of other company bodies;

• representing the Company in and out of court, actively and passively, with the power to waive,

transact and admit guilt in any legal proceedings and make arbitration agreements;

• buying, selling or by any other means disposing or encumbering rights or immovable assets;

• setting up companies and subscribing, purchasing, encumbering, and selling shareholdings;

• deciding on the issue of bonds and other securities in accordance with the law and the Articles of

Association, in compliance with the annual quantitative limits set by the General and Supervisory

Board;

• establishing the technical and administrative organisation of EDP and the Internal Regulation,

particularly in relation to personnel and their remuneration;

• appointing proxies with such powers as it sees fit, including the power to delegate;

• appointing the Company Secretary and alternate;

• hiring and dismissing the Statutory Auditor on recommendation of the General and Supervisory

Board;

• exercising any other powers that may be granted to it by law or by the General Meeting;

• establishing its own Internal Regulation.

It should be noted that proposals to amend EDP's Articles of Association regarding share capital

increases submitted by the Executive Board of Directors require a favourable prior opinion from the

General and Supervisory Board, pursuant to Article 18 (2) (g) of the Articles of Association.

The Chair of the Executive Board of Directors sends the Chairman of the General and Supervisory

Board the notices of meetings, support documents and minutes of the meetings and, on request,

provides appropriate, timely information.

When so requested by other members of the corporate bodies, the Executive Board of Directors also

provides all the required information in a timely and appropriate fashion. There is an information

sharing portal for the Executive Board of Directors and General and Supervisory Board, which is

accessible to all their members, without prejudice to restrictions on access to information regarding

members who are in a situation of conflict of interests.

The Chair of the Executive Board of Directors is granted particular powers by Article 19 of the Articles

of Association. These powers are:

• representing the Executive Board of Directors;

• coordinating the work of the Executive Board of Directors and convening and presiding over its

meetings;

• ensuring proper execution of the decisions of the Executive Board of Directors.

The Chair of the Executive Board of Directors is entitled to attend the meetings of the General and

Supervisory Board, whenever considered appropriate, except when these concern decisions on the

supervision of the work of the Executive Board of Directors and, in general, any situations that may

involve a conflict of interest, pursuant to Article 19 (2) of the Articles of Association.

In the Executive Board of Directors there is a functional division of management areas to each of its

members. The college of directors is responsible for making decisions on all matters within its remit.

Delegated powers are not granted to directors individually, because of the board's particular nature.

As previously explained, the activity and performance of the Executive Board of Directors are

assessed continuously and independently by the General and Supervisory Board on an annual basis.

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EDP's Functional Structure

In 31 December 2024, the allocation of management areas and corporate issues to the members of the Executive Board of Directors in office was as follows:

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Group's Organisational Model

The Executive Board of Directors is responsible for defining the EDP Group's organisational model

and splitting competences.

Since 2024, EDP's operating model has been based on a matrix organizational structure, made up of

Platforms, Regions, Business Enablement Functions and Global Business Services, with the aim of

guaranteeing EDP's integrated presence and a simplified governance model with clear decision-

making guidelines and responsibilities,

Assuming a structuring functions, the coexisting Platforms and Regions aim to achieve results in a

collaborative manner, acting in a unified way towards the market and ensuring an integrated

orientation with transversal capabilities.

EDP Platforms and Regions

Since 2021, EDP has been establishing a platform management model with the inherent

coordination mechanisms, respecting the existing structures in the various geographies in which the

Group is present. From 2024 onwards, the organisational structure established took into account, in

addition to the four Business Platforms, which currently include Renewables Generation Assets,

Global Energy Management, Client Solutions and Networks, the Regions in which the Group

operates, namely Iberia, Europe, South America, North America, Asia Pacific and Iberia Networks, in

strict compliance with the legal-regulatory framework and taking into account the specificities

existing in each of the geographies and business areas in which the Group operates, while at the

same time enabling a consistent, synergistic and global response to the objectives that the EDP

Group has been outlining.

In this context, the creation of Global Business Services and the Hydrogen area should also be

highlighted.

Business Enablement Functions

The Business Enablement Functions act to create optimised end-to-end functional support that

guarantees global functional leadership. Global Business Services provide tailored professional/

transactional services, favouring growth and transformation throughout EDP.

The Executive Board of Directors is also supported by specific Committees that enable more

effective monitoring matters and contribute to the decision-making process.

On 31 December 2024, EDP's organisational structure consisted of the following Business

Enablement Functions:

|   
---|---  
ORGANIZATIONAL STRUCTURE  
BUSINESS ENABLEMENT FUNCTIONS  
Corporate Governance Support  
Legal & Governance | Rita Ferreira de Almeida  
CEO Office & Corporate Affairs | Mónica Gameiro   
Global Acceleration Office | María del Carmen Diaz-Pedregal  
Internal Audit | Azucena Viñuela Hernández   
Ethics & Compliance | Rita Sousa  
Strategy & Finance  
Strategy and M&A| André Fernandes   
Corporate Finance  | João Pedro Summavielle  
Accounting, Consolidation, and Tax | Felix Arribas Arias   
Financial Planning & Analysis  | Rui Antunes  
Investor Relations & ESG | José Miguel Viana  
Risk, Safety & Social  
Risk | Rui Eustáquio  
Safety, Security and Business Continuity | Miguel Amaro  
Social & Foundations | Martim Salgado  
Regulation and Institutional Relations  
Regulation, Markets and Stakeholders Management | Pedro Vasconcelos (*)  
Resources  
Digital  | João Nascimento  
People & Organization | Paula Carneiro  
Procurement | José Machado  
Innovation | António Coutinho  
Communication and Brand  
Communication  | Rui Cabrita  
Brand  | Catarina Barradas   
  
(*) Position temporarily assumed.

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The Legal & Governance provide global legal advice and risk support to EDP and its corporate

structures, corporate bodies, businesses and activities worldwide, coordinating legal matters to

deliver value-added, reliable and agile legal solutions; also define strategic corporate governance

policies and guidelines, to contribute to making EDP a benchmark for the sector.

The CEO Office & Corporate Affairs support the Executive Board of Directors in all matters defined

within the scope of their action, with the aim of contributing to maximizing the effectiveness of its

actions and decisions. Provide institutional representation in relation to external stakeholders,

including Global Associations, Embassies, Delegations and other diplomatic relations, as well as

Conferences and other events.

The Global Acceleration Office accelerate and drive company-wide strategic and transversal

transformation initiatives across the organization challenging potential to deliver more and execute

faster, coordinating all stakeholders involved and working closely with Platform/Region/Business

Enablement Functions/Global Business Services Heads to ensure that transformation initiatives are

aligned with overall business goals and are executed effectively.

The mission of the Internal Audit is enhance and protect the organization's value by providing risk-

based, objective, and independent assurance, advice, and insight. Evaluate and improve the

effectiveness of risk management, control, and governance processes.

The Ethics & Compliance is responsible for define group wide ethics and compliance vision and

strategy, identifying, analysing and evaluating compliance risks, defining and implementing control

mechanisms for identified risks and providing advice to business proactively and systematically.

The mission of Strategy and M&A is advise and support the Executive Board of Directors on the

decision-making through the coordination of Strategic discussions and of the Investment

Committee of the Group, as well as the execution of Strategic M&A and partnerships, Equity Capital

Market transactions, Asset rotation and Investment approvals to support the Regions, Platforms and

Functions.

The mission of Corporate Finance is define and discuss group's capital structure, analyse project

finance opportunities and funding strategies, and monitor and discuss treasury operations, financial

positions and financial risk exposure.

The Accounting, Consolidation, and Tax oversees and ensure accounting, consolidation & tax

mgmt. activities to enhance financial compliance, transparency, to optimize tax outcomes and

processes of the group and to ensure accurate and consistent accounting of operations across all

entities.

The mission of the Financial Planning & Analysis is analyse, discuss and approve long-term

financial plans and budgets while monitoring CAPEX and OPEX execution and driving efficiency

initiatives across the group. Track financial performance and provide financial information,

forecasting and analysis to support decision making and set strategy.

The mission of the Investor Relations & ESG is review and discuss investor relations and ESG

strategy, analysing financial and ESG information to be published, monitoring ESG performance and

the implementation of key sustainability initiative.

The mission of the Risk is define a group wide risk management strategy, through an integrated

process that identifies, analyses, assesses, mitigates and monitors main risk exposures, closely and

independently, supporting business in maximizing risk-return trade-off.

The Safety, Security and Business Continuity lace safety and security as a core value of EDP’s

culture and develop a preventive attitude to avoid work-related accidents and occupational

diseases, protect people and assets from external threats and promote occupational health, while

assuring effective business continuity and crisis management response.

The Social & Foundations defines and implement a comprehensive vision and strategy across the

entire group, focusing on generating positive social impact in communities while supporting our

business operations. This involves close alignment with business units and foundations, co-

development of innovative solutions, diligent monitoring of implementation, establishment of robust

policies, dissemination of best practices, and cohesive global communication to reinforce EDP

brand's commitment to social responsibility.

The Regulation, Markets and Stakeholders contributes to the definition of EDP’s strategy and its

successful execution by undertaking strategic studies on sector challenges and Group’s portfolio

decisions, defining a consistent vision on the evolution of different markets, and proactively

identifying and mitigating regulatory and policy risks while ensuring a unified approach to

regulatory, policy and stakeholder engagement across the Group.

The mission of the Digital is maximize technology value creation at EDP, by setting the global vision

and strategy, defining policies and standards, working in partnership with businesses to deliver

value-added solutions, providing reliable, agile and secure operations, and pushing forward digital

capabilities and ways of working across the group.

The mission of People & Organization is define a global strategy for people and organization

development, providing an engaging and inclusive experience and enabling the company to face

the future challenges of the energy transition.

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The Procurement advance our organization's success by embracing innovative procurement

strategies, sustainable practices, and building resilient supply chains. By leveraging deep supply

market insights, cutting-edge digital tools, and fostering strong, ethical supplier partnerships, we

empower EDP to not only adapt but also lead in the rapidly evolving energy landscape, ensuring

agility and adaptability in all operations.

The mission of the Innovation is accelerate new impactful businesses, promote fast adoption of

innovative solutions and explore new paths to lead the energy transition. Establish EDP as a Global

Innovation leader with a positive impact on the energy transition.

The mission of the Communication is define, implement and monitor a Group-wide internal and

external communication strategy, ensuring alignment between Regions and Platforms in order to

maximize EDP’s reputation through a multi-channel approach which can target different audiences

and convey different messages according to global and local needs.

The mission of the Brand is increase global awareness and reputation by implementing targeted

branding strategies, effective communication campaigns, and engagement initiatives. Enhance the

brand attributes among key stakeholders, including customers, investors, partners, communities,

and the general public. Ensure brand alignment across regions and platforms for brand campaigns,

design services, sponsorships & activation, events, and social media. Deliver global brand services

across regions creativity development, digital branding and internal events.

Specific EDP Committees (Functional Structures)

The EDP organizational model provides for management committees that contribute in two ways to

the Company's decision-making process:

• the Management Committees result in a set of information to assist the Executive Board of

Directors in its decision-making reflecting opinions and information from the areas in the

organisation most affected by the proposal in question;

• they are management tools used by an Organisational Structure (belonging to a Business

Enablement Functions or to a Platform or Region) to support its process of gathering

information, aligning, deciding and implementing policies and practices with a transversal

impact.

On 31 December 2024, the Committees structure configuration was as follows:

| |   
---|---|---  
CORPORATE COMMITTEES | CHAIR| NO. MEETINGS  
Risk Committee| Rui Teixeira| 4  
Sustainability Committee| Rui Teixeira| 1  
Investment Committee| Rui Teixeira| 55  
Regulation Committee| Ana Paula Marques| 2  
Pension Fund Plan Committee| Rui Teixeira| 4  
People & Organization Committee| Miguel Stilwell de Andrade| -  
Digital & Tech Committee| Ana Paula Marques| 2  
Safety Committee| Ana Paula Marques | 2  
  
Corporate Committees

Risk Committee

The Risk Committee is responsible for sharing information on significant risks, discussing risk

assessments, issuing opinions on risk policies, promoting risk identification and approving periodic

reporting models.

Sustainability Committee

The Sustainability Committee is responsible for sharing information on sustainability legislative

packages, discussing ESG performance indicators, issuing opinions on policies and action plans and

monitoring the development of the EDP Group's sustainability management activities.

Investment Committee

The Investment Committee is responsible for discussing, challenging and issuing opinions on

investment and divestment proposals, as well as discussing proposals and updates to the Cost of

Capital of EDP and its Business Units.

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Regulation Committee

The Regulation Committee is responsible for monitoring changes in policies and regulations in the

energy sector, anticipating impacts on value creation, supporting the Executive Board of Directors

with proposals and studies and promoting the exchange of best practices in the countries where the

EDP Group operates.

Pension Fund Plan Committee

The Pension Fund Plan Committee is responsible for sharing relevant information on the

management of the Pension Fund, analysing the evolution of assets and the performance of asset

managers, monitoring the value of the Fund's liabilities and issuing opinions on changes to the

Investment Policy and Member contributions.

People & Organization Committee

The People & Organisation Committee is responsible for presenting and reporting on the execution

of the annual P&O action plan, monitoring key KPIs and initiatives, aligning and promoting global

people and organisation management policies and seeking out new opportunities to build a future-

proof organisation.

Digital & Tech Committee

The Digital & Tech Committee is responsible for aligning the Digital and Information Technology

strategy, including Information Security, defining and consolidating the global budget for these

areas and monitoring the development of the main Digital and Information Technology projects.

Safety Committee

The Safety Committee is responsible for identifying and issuing recommendations on the EDP

Group's health and safety objectives, analysing the Annual Activity Report, evaluating the Activity

Plan, monitoring the evolution of the Health & Safety KPIs and issuing opinions on regulatory

documents for the Health & Safety management system.

Other Structures

Ethics Commission

The Ethics Commission of EDP has an independent structure from the executive management,

including three independent members of the General Supervisory Board, the respective Chairman

being simultaneously Chair of the Ethics Committee, and invited members (without voting rights)

with certain specific functions, namely the Heads of Ethics & Compliance Officer, People &

Organization and Legal & Governance.

The main mission of this Committee is to independently ensure the monitoring and application of the

EDP Code of Ethics, also proceeding with the assessment and deliberation, in accordance with the

respective competences, of the matters submitted to it, notably relating the complaints submitted

through the Speak Up channels, as well as promoting and supporting the development and

implementation of mechanisms for the consolidation of the principles of business ethics in the Group.

In 2024, the Ethics Commission held five meetings.

Customer Ombudsman

The Customer Ombudsman is an independent entity that was created in 2008 to reinforce the EDP

Group's customer care policy. Its responsibilities, pursuant to Article 9 of the EDP Group Companies'

Customer Ombudsman Regulation, are as follows:

• receive and examine complaints filed by customers or by other complainants and directly

related to actions or omissions by EDP Group companies, issuing its opinions;

• enter into dialogue with customers and/or complainants making a complaint;

• arbitrate disputes and conflicts between customers or other complainants and EDP Group

companies;

• issue opinions on matters relating to the activity of EDP Group companies, if requested to do so

by any of their corporate bodies;

• propose measures to improve quality of service and customer satisfaction;

• contact third parties to obtain specialist information so that recommendations can be made to

the EDP Group companies on measures to be taken to improve their customer relations.

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The Regulations of the Customer Ombudsman were revised in 2022 and are available on the

respective websites of the EDP Group companies: [Regulations of the Customer Ombudsman – EDP](https://provedordocliente.edp.pt/Files/PDF/Regulamento_Provedor_do_Cliente_EDP_versao_final.pdf)[ ](https://provedordocliente.edp.pt/Files/PDF/Regulamento_Provedor_do_Cliente_EDP_versao_final.pdf)

[Comercial, ](https://provedordocliente.edp.pt/Files/PDF/Regulamento_Provedor_do_Cliente_EDP_versao_final.pdf)[Regulations of the Customer Ombudsman – E-REDES](https://provedordocliente.e-redes.pt/Files/PDF/Regulamento_Provedor_do_Cliente_EDP_versao_final.pdf) and [Regulations of the Customer](https://provedordocliente.sueletricidade.pt/Files/PDF/Regulamento_Provedor_do_Cliente_EDP_versao_final.pdf)[ ](https://provedordocliente.sueletricidade.pt/Files/PDF/Regulamento_Provedor_do_Cliente_EDP_versao_final.pdf)

[Ombudsman – SU Eletricidade](https://provedordocliente.sueletricidade.pt/Files/PDF/Regulamento_Provedor_do_Cliente_EDP_versao_final.pdf)

Branch in Spain

EDP, S.A.- Sucursal en España (EDP Spanish Branch) aims to manage and coordinates the energy

interests of the EDP Group's dependent subsidiaries in Spain. Its management and supervisory

bodies ensure optimisation of synergies and creation of value in operations and activities in Spain. It

is also the organisational platform to lead the Iberian integration for support services. In this regard,

EDP Spanish Branch owns all the corporate holdings in EDP España, S.A.U., EDP Servicios

Financieros España S.A.U. and EDP International Investments & Services, S.L. as well as 71.27% of

EDP Renováveis, S.A share capital.

EDP Spanish Branch has offices in Madrid and in Oviedo. It is represented in relations with third

parties by permanent representatives, who have been appointed members of the EDP Executive

Board of Directors for that purpose.

The Branch's steering, coordination, management, and representation structure consists of an

Executive Committee and the Support Departments. The Executive Committee is composed of five

permanent EDP representatives, the Chairman of the Board of Directors of EDP España, one

Corporate General Director (Group Controller for activities in Spain), and the Compliance Director.

The support departments are Legal & Governance, Digital, Investor Relations & ESG, Internal Audit,

Corporate Finance, Accounting, Consolidation and Tax, People & Organisation, Procurement,

Safety, Security and Business Continuity, Risk, Ethics & Compliance, EDP Foundation and

Communication, which ensure and group together, in a homogeneous and transversal way, the

functions of the subsidiaries dependent on the EDP Group in Spain.

B) Operation 

22\. Location where the operating regulations of the General and Supervisory Board and

Executive Board of Directors can be consulted

The functioning of the General and Supervisory Board and Executive Board of Directors are

governed by their Internal Regulation, available on EDP's website, at: [Executive Board of Directors](https://www.edp.com/sites/default/files/2021-05/SGAJ_EBD_RI_EN_April%202021_final.pdf)[ ](https://www.edp.com/sites/default/files/2021-05/SGAJ_EBD_RI_EN_April%202021_final.pdf)

[Internal Regulation](https://www.edp.com/sites/default/files/2021-05/SGAJ_EBD_RI_EN_April%202021_final.pdf) and [General and Supervisory Board Internal Regulation](https://www.edp.com/en/regulation-general-and-supervisory-board)

23\. Meetings and attendance rate of each member of the General and Supervisory Board and

Executive Board of Directors

Ordinary meetings of the General and Supervisory Board are held at least once every quarter and

extraordinary meeting take place whenever convened by the Chairman, on his/her own initiative or

at the request of any of its members, the Executive Board of Directors, or its Chairman, pursuant to

Article 25 (1) of the Articles of Association and Article 20 (1) of the Internal Regulation of the General

and Supervisory Board.

The General and Supervisory Board met ten times in 2024 and minutes were kept of all the meetings.

Information on the attendance of each member of the board is provided in Annex II to this Report.

Pursuant to the provisions of Article 21 (1) of the Articles of Association and Article 8 (1) of the

Executive Board of Directors Internal Regulation, this body will have ordinarily met at least twice a

month, as fortnightly meetings were compulsory. Nevertheless, the Executive Board of Directors

meets weekly, as a rule.

The Executive Board of Directors met fifty-nine times in 2024 and minutes were kept of all the

meetings. Information on the attendance of each member of the board is provided in Annex III of this

Report.

24\. Company bodies with powers to evaluate performance of executive directors

The Remuneration Committee of the General and Supervisory Board is responsible for, namely, the

annual evaluation of the Executive Board of Directors, considering, among other factors, the

fulfilment of the Company's strategy and the previously set goals, plans and budgets for the purpose

of considering and determining the variable remuneration of the Chair and of the other members of

the Executive Board of Directors. It also evaluates the individual performance of each member of the

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Executive Board of Directors, including this evaluation the contribution of each member to the mode

of operation of this body and the relationship between the various corporate bodies of the Company.

Additionally, the General and Supervisory Board evaluates the Executive Board of Directors

accordingly with the above mentioned Item 21.

25\. Pre-determined criteria for performance evaluation of executive directors

These criteria for evaluating the performance of the Members of the Executive Board of Directors are

set out in points 69 and 71 of the Corporate Governance Report.

26\. Positions held at other Group or non-group companies by each member of the General and

Supervisory Board and Executive Board of Directors

The positions held by members of the General and Supervisory Board and Executive Board of

Directors in other EDP Group or non-group companies are shown in Annex I and IV of this Report.

C) Committees of the managing or supervisory body 

27\. Committees set up in the General and Supervisory Board and Executive Board of Directors

The Internal Regulation of the General and Supervisory Board as well as the provisions of the law and

of the Articles of Association regarding the Financial Matters Committee provide for the

establishment of specialized committees and monitoring committees, composed of some of its

members, without prejudice to its responsibility for the exercise of its duties as a corporate body.

These committees may be set up whenever it sees fit and appropriate and have specific duties

delegated to them. It should be noted that, in the case of the Financial Matters Committee, the

respective existence derives from the law, considering the governance model in force at EDP.

The main remit of the specialized and monitoring committees is the specific and continuous

monitoring of the matters entrusted to them, in order to ensure informed resolutions by the General

and Supervisory Board or provide it with information on certain matters.

The committees' activity is coordinated by the Chairman of the General and Supervisory Board, who

ensures proper articulation of the committees with the plenary board through their chairmen, who

keep him informed by sending notices and the minutes of meetings.

The General and Supervisory Board believes that the committees are important to the regular

functioning of the Company as they can perform certain delegated duties, especially monitoring the

Company's financial information, reflecting on its governance system, assessing the performance of

directors, and evaluating its own overall performance.

Currently, the General and Supervisory Board has four Specialized Committees: the Financial

Matters Committee, the Remuneration Committee, the Corporate Governance and Sustainability

Committee, and the United States of America Business Affairs Monitoring Committee.

28\. Membership of the executive committee and/or name of managing director(s)

Not applicable to EDP's governance model.

29\. Duties of each committee and summary of work performed while carrying them out

A.The committees of the General and Supervisory Board

Financial Matters Committee

The Financial Matters Committee is currently made up of four members, three of whom are

independent, suitably qualified and experienced, including at least one member with a university

degree appropriate to the performance of his duties and knowledge of auditing and accounting, as

can be seen from their CVs, which can be found in Annex I to this Report.

Until 10 April 2024, the Financial Matters Committee was made up of the following members:

|   
---|---  
FINANCIAL MATTERS COMMITTEE| FIRST APPOINTMENT DATE  
JOÃO CARLOS CARVALHO DAS NEVES - CHAIR  | 22/04/2015  
María del Carmen Ana Fernández Rozado | 22/04/2015  
Helena Sofia da Silva Borges Salgado Fonseca Cerveira Pinto | 15/04/2021  
  
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Following the General Shareholders' Meeting of 10 April 2024, the new members of the Financial

Matters Committee were appointed on 10 April 2024:

|   
---|---  
FINANCIAL MATTERS COMMITTEE| FIRST APPOINTMENT DATE  
GONÇALO NUNO GOMES DE ANDRADE MOURA MARTINS - CHAIR | 10/04/2024  
María José García Beato| 10/04/2024  
Helena Sofia da Silva Borges Salgado Fonseca Cerveira Pinto | 15/04/2021  
Victor Roza Fresno | 10/04/2024  
  
In accordance with Articles of Association and the Internal Regulation of the Financial Matters

Committee and under the applicable law, are assigned to this Committee, by delegation from the

General and Supervisory Board, the following powers:

• financial matters and financial practices;

• sustainability policies, procedures and practices, especially those that have an impact on

reporting;

• internal audit practices and procedures;

• internal mechanisms and procedures of the Internal Control System for Financial reporting

(ICSFR) and the Internal Control System for Sustainability Reporting (ICSSR) ;

• matters relating to risk management and control system;

• activities and mechanisms of the compliance management system;

• activity, including the provision of non-audit services, and independence of the Statutory

Auditor (SA)/Society of Chartered Accountants (SROC) of the company;

• systems for assessing and resolving conflicts of interest, particularly regarding the Company’s

relations with shareholders.

The composition, role and functioning of the Financial Matters Committee are in line with the

applicable legislation and regulation, including the European Commission Recommendation of 15

February 2005 (2005/162/EC), the European Commission Recommendation of 30 April 2009

(2009/385/EC) as well as the recommendations provided for by the Corporate Governance Code of

the Portuguese Institute for Corporate Governance, having the respective Internal Regulation been

updated in October 2024.

The Financial Matters Committee held fifteen meetings in 2024, as envisaged in its Activity Plan.

The main matters addressed in those meetings were: the supervision of financial and business

information and the monitoring of the activity of Internal Audit, the Internal Control System for

Financial Reporting (SCIRF), the Internal Control System for Sustainability Reporting (ICSSR), the

Compliance Management System and the Risk Management System. In this context, it also

monitored and supervised litigation procedures, transactions with related parties, ongoing

investment procedures, the performance of the Pension Fund, the relationship with Audit

Committees of subsidiaries, the process of hiring the Statutory Auditor (SA) for the period

2024-2026, the contractual relationship, and the assessment of the objective conditions for the

activity and independence of the Statutory Auditor, regarding the financial year 2024.

Remuneration Committee of the General and Supervisory Board

The Remuneration Committee appointed by the General and Supervisory Board, pursuant to Article

28 of EDP’s Articles of Association, submits a proposal for a remuneration policy to the members of

the Executive Board of Directors to the approval of the General Shareholders’ Meeting, at least every

four years and whenever there is a material change in the currently in force remuneration policy.

The mission of this Specialized Committee is to:

• prepare and submit the company policy and objectives regarding the Executive Board of

Directors Chairman’ and Directors’ remuneration determination;

• set the Executive Board of Directors Chairman’ and Directors’ remuneration;

• monitor and assess the Executive Board of Directors Chairman’ and Directors’ performance for

the purposes of determination of the variable remuneration;

• monitor the dissemination of external information on remuneration and the Executive Board of

Directors remuneration policy, in particular the Remuneration Report.

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Until 10 April 2024, the Remuneration Committee of the General and Supervisory Board was made

up of the following members:

|   
---|---  
REMUNERATION COMMITTEE OF THE GENERAL AND SUPERVISORY BOARD| FIRST APPOINTMENT DATE  
MIGUEL ESPREGUEIRA MENDES PEREIRA LEITE - CHAIR| 15/04/2021  
Esmeralda da Silva Santos Dourado | 15/04/2021  
Felipe Fernández Fernández| 15/04/2021  
João Carvalho das Neves | 22/04/2015  
Zili Shao  | 15/04/2021  
  
Following the General Shareholders' Meeting of 10 April 2024, the new members of the

Remuneration Committee of the General and Supervisory Board were appointed on 10 April 2024:

|   
---|---  
REMUNERATION COMMITTEE OF THE GENERAL AND SUPERVISORY BOARD | FIRST APPOINTMENT DATE  
MIGUEL ESPREGUEIRA MENDES PEREIRA LEITE - CHAIR| 15/04/2021  
Fernando Maria Masaveu Herrero| 10/04/2024  
Gonçalo Nuno Gomes de Andrade Moura Martins| 10/04/2024  
Sandra Maria Soares Santos| 10/04/2024  
Zili Shao  | 15/04/2021  
  
The members of the Remuneration Committee of the General and Supervisory Board Members are

mostly independent, pursuant to Article 3 (1) of its Internal Regulations and their Statements of

independence [are available on EDP’s website.](https://www.edp.com/sites/default/files/2025-02/Declaracoes_CGS_ENG_dez2024_1565242_8.pdf)

Throughout 2024, and considering its competencies, the Remuneration Committee of the General

and Supervisory Board held five meetings, having proceeded to the determination of the annual

variable remuneration for the year 2023 of the members of the Executive Board of Directors and to

monitor the suitability of the remuneration policy for the members of the Executive Board of Directors

submitted for approval of the General Shareholders’ Meeting of 14 April 2021. It also submitted to the

General Meeting for approval a proposal for the remuneration policy of the members of the Executive

Board of Directors for the 2024-2026 term of office.

Corporate Governance and Sustainability Committee

The Corporate Governance and Sustainability Committee is a specialised committee of the General

and Supervisory Board. Its purpose is to permanently monitor and supervise all matters related with

the following:

• corporate governance;

• sustainability in all its dimensions;

• internal codes of ethics and conduct;

• systems for evaluating and resolving conflicts of interest in relations between the Company

and its shareholders, through the analysis of the proposals for remedies regarding situations

reported to this Committee by the Financial Matters Committee;

• internal proceedings and relationship between the Company and Subsidiary or Group

companies and their employees, clients, providers, and remaining stakeholders;

• succession plans;

• the evaluation process of the General and Supervisory Board and the different Specialized

Committees.

The Corporate Governance and Sustainability Committee is made up of members of the General

and Supervisory Board, the majority of whom are independent, with the appropriate qualifications

and experience for their duties.

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Until 10 April 2024, the Corporate Governance and Sustainability Committee had the following

composition:

|   
---|---  
CORPORATE GOVERNANCE AND SUSTAINABILITY COMMITTEE| FIRST APPOINTMENT DATE  
JOÃO LUÍS RAMALHO DE CARVALHO TALONE - CHAIR | 15/04/2021  
Ignacio Herrero Ruiz | 13/12/2018  
Fernando Maria Masaveu Herrero | 15/04/2021  
Laurie Lee Fitch | 15/04/2021  
Hui Zhang | 15/12/2022  
María del Carmen Ana Fernández Rozado | 15/04/2021  
Sandrine Dixson-Declève | 15/04/2021  
  
Following the General Shareholders' Meeting of 10 April 2024, the new members of the Corporate

Governance and Sustainability Committee were appointed on 10 April 2024:

|   
---|---  
CORPORATE GOVERNANCE AND SUSTAINABILITY COMMITTEE| FIRST APPOINTMENT DATE  
ANTÓNIO BERNARDO ARANHA DA GAMA LOBO XAVIER - CHAIR | 10/04/2024  
Fernando Maria Masaveu Herrero | 15/04/2021  
Guobin Qin| 10/04/2024  
Ignacio Herrero Ruiz| 13/12/2018  
Lisa Frantzis| 10/04/2024  
María José García Beato| 10/04/2024  
Stephen Vaughan| 10/04/2024  
  
Considering the competencies of the Corporate Governance and Sustainability Committee, the

following topics addressed should be highlighted in the five meetings held in 2024:

• Ethics - monitoring of the activities of the Ethics Committee, the Code of Ethics Statute and the

Results of the World’s Most Ethical Companies 2024;

• The Employee - monitoring of the Climate Study of 2023, the EDP Group ‘s Global

Remuneration Model and the Plan for Gender Equality ;

• Environment and Governance - monitoring of the process of calculating, defining and

densifying the concept of dual materiality, opinion on the Corporate Governance Report, and

analysis of the results of the Dow Jones Sustainability Index (DJSI);

• Social - monitoring the strategy and current status of the main social projects and initiatives

underway by the Social Impact Coordination Office (SICO) to help the regions affected by

EDP’s businesses and the PlayItSafe program.

United States of America Business Affairs Monitoring Committee

The mission of the United States of America Business Affairs Monitoring Committee is the

monitoring and passing of resolutions on matters related with the activity undertaken by companies

wholly or majority held by and/or subsidiary of EDP Group in the United States of America, notably

regarding:

• strategic/business plans, assessing the different developing scenarios in which they rest and

their implementation, including the resources necessary to its execution (human and financial);

• annual budget;

• investment, divestment, merger, acquisition and restructuring projects of significant value

businesses;

• financing transactions;

• alliances/strategic partnerships entered into, the specific actions deriving therefrom and

evolution of counterpart risks;

• issuance of prior opinions including in cases of urgency following the requests presented by the

Executive Board of Directors;

• compliance of the assumed commitments regarding public safety;

• performance, risk assessment, value at risk and the respective management.

The Committee is further responsible for defining compliance procedures on the obligations

assumed by EDP regarding the development of the business of companies wholly or majority held by

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and/or subsidiary of EDP Group in the United States of America with respect to the General and

Supervisory Board activity.

Until 10 April 2024, the Committee to Monitor Business in the United States of America was made up

of the following members:

|   
---|---  
UNITED STATES OF AMERICA BUSINESS AFFAIRS MONITORING COMMITTEE| FIRST APPOINTMENT DATE  
JOÃO LUÍS RAMALHO DE CARVALHO TALONE - CHAIR | 15/04/2021  
Esmeralda da Silva Santos Dourado | 15/04/2021  
Felipe Fernández Fernández | 16/03/2020  
Laurie Lee Fitch | 15/04/2021  
Helena Sofia Silva Borges Salgado Fonseca Cerveira Pinto  | 15/04/2021  
  
Following the General Shareholders' Meeting of 10 April 2024, the new members of the Committee

to Monitor Business in the United States of America were appointed on 10 April 2024:

|   
---|---  
UNITED STATES OF AMERICA BUSINESS AFFAIRS MONITORING COMMITTEE| FIRST APPOINTMENT DATE  
ANTÓNIO BERNARDO ARANHA DA GAMA LOBO XAVIER - CHAIR | 10/04/2024  
Alicia Reyes Revuelta| 10/04/2024  
Lisa Frantzis| 10/04/2024  
Sandra Maria Soares Santos| 10/04/2024  
Stephen Vaughan| 10/04/2024  
Victor Roza Fresno| 10/04/2024  
  
In 2024, the United States of America Business Affairs Monitoring Committee held seven meetings,

covering, among others, the following matters;

• the monitoring of the Business Plan and action strategy of EDP Renováveis in the United States

of America;

• the ongoing investment and divestment projects at EDPR in the United States of America;

• monitoring of the EDP Group's financial information in the United States of America;

• business risk analysis in the United States of America;

• the status of compliance mechanisms in the United States of America;

• monitoring of supply chain strategy and management of EDP Renováveis’ activities in the

United States of America;

• monitoring EDPR North America's regulatory strategy and the evolution of renewables

legislation in the United States of America;

• monitoring the stakeholder management strategy of EDPR North America;

• the company's sustainability strategy in the United States of America; and

• monitoring of EDPR North America's 2025 Group Budget.

B. Other Corporate Bodies

Environment and Sustainability Board

The Environment and Sustainability Board, a corporate structure with purely advisory functions, was

dissolved at the General Shareholders' Meeting of 10 April 2024. Environment and Sustainability

matters are currently centralised by the Executive Board of Directors and its support team and

monitored and challenged by the General and Supervisory Board and/or its specialised committee.

Remuneration Committee of the General Shareholders' Meeting

The Remuneration Committee elected by the General Shareholders' Meeting is responsible for

setting the remuneration of the members of the governing bodies, with the exception of the members

of the Executive Board of Directors, in accordance with the proposed remuneration policy to be

submitted for approval by the General Shareholders’ Meeting (paragraph d) of number 2 of article 12

of EDP’s Articles of Association).

Pursuant to this Article of the Articles of Association, the majority of the members of the

Remuneration Committee of the General Meeting must be independent.

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Until 10 April 2024, the Remuneration Committee of the General Meeting had the following

composition:  
  
---  
REMUNERATION COMMITTEE OF THE GENERAL SHAREHOLDERS' MEETING  
LUÍS MIGUEL NOGUEIRA FREIRE CORTES MARTINS - CHAIR  
José Gonçalo Maury  
Jaime Amaral Anahory  
  
At the General Shareholders' Meeting of 10 April 2024, the members of the Remuneration

Committee of the General Meeting were elected for the three-year period 2024-2026, and their

composition is as follows:  
  
---  
REMUNERATION COMMITTEE OF THE GENERAL SHAREHOLDERS' MEETING  
LUÍS MIGUEL NOGUEIRA FREIRE CORTES MARTINS - CHAIR  
Soledade Carvalho Duarte  
Maria Manuela Cipriano Messias  
  
The Remuneration Committee of the General Meeting held one meeting in 2024.

III. Supervision

A) Composition

30\. The supervisory body

EDP's two-tier model has made possible an effective separation between supervision and

management of the Company. The General and Supervisory Board is the highest supervisory body.

31\. Membership General and Supervisory Board and Financial Matters Committee - effective

members and term of office

The General and Supervisory Board is currently composed of sixteen members and its composition is

identified in Items 17 and 18 of this Report.

The duties of the Financial Matters Committee are described in Item 29 of the Corporate

Governance Report.

The Financial Matters Committee is currently made up of four members, three of whom are

independent, suitably qualified and experienced, including at least one member with a university

degree suitable for the performance of his duties and knowledge of auditing and accounting, as can

be seen from their CVs, which, as mentioned above, can be found in Annex I to this Report.

Under the terms of article 24 (3) of EDP’s Articles of Association, this Committee is chaired by an

independent member.

The Financial Matters Committee currently has the following composition:

|   
---|---  
FINANCIAL MATTERS COMMITTEE| FIRST APPOINTMENT DATE  
GONÇALO NUNO GOMES DE ANDRADE MOURA MARTINS - CHAIR | 10/04/2024  
María José García Beato| 10/04/2024  
Helena Sofia da Silva Borges Salgado Fonseca Cerveira Pinto | 15/04/2021  
Victor Roza Fresno | 10/04/2024  
  
32\. Independent members of the General and Supervisory Board and Financial Matters

Committee

See Item 17 (General and Supervisory Board) and Item 31 (Financial Matters Committee) of this

Report.

33\. Qualifications of members of the General and Supervisory Board and Financial Matters

Committee

See Annex I of this Report.

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B) Operation

34\. Location at which the operating procedures of the General and Supervisory Board and

Financial Matters Committee can be viewed

The General and Supervisory Board and the Financial Matters Committee's work is governed by its

Internal Regulations, available at EDP's website: [Internal Regulation of the Financial Matters](https://www.edp.com/sites/default/files/2024-02/Internal%20Regulation_Financial%20Matters%20Committee_Audit%20Committee_2024.pdf)[ ](https://www.edp.com/sites/default/files/2024-02/Internal%20Regulation_Financial%20Matters%20Committee_Audit%20Committee_2024.pdf)

[Committee](https://www.edp.com/sites/default/files/2024-02/Internal%20Regulation_Financial%20Matters%20Committee_Audit%20Committee_2024.pdf) and [General and Supervisory Board Internal Regulation.](https://www.edp.com/en/regulation-general-and-supervisory-board)

35\. Meetings and attendance rate of each member of the General and Supervisory Board

Financial Matters Committee

During 2024, the General and Supervisory Board and the Financial Matters Committee held ten and

fifteen meetings, respectively, and minutes of the respective meetings were drawn up. Information

regarding the attendance of members of the General and Supervisory Board and of the

aforementioned Committee is described in Annex V of this Report as well as in the Annual Report of

the General and Supervisory Board.

36\. Positions held in other companies within and outside the Group by each Financial Matters

Committee member

See Annex I of this Report.

C) Powers and Duties

37\. Procedures and criteria governing the supervisory body's involvement in hiring additional

services from the external auditor

The proposal for hiring additional services of the Statutory Auditor is presented by the Executive

Board of Directors to the Financial Matters Committee and any contracting requires the prior

authorisation of that Committee.

Internal Regulation on the Provision of Services by the Statutory Auditor of EDP are in force, in this

regard, and the implications on the hiring of additional services are described in Item 46.

There are other internal regulations adopted by the Executive Board of Directors that ensure all EDP

Group companies comply with the rules contained in the referred Internal Regulation.

38\. Other duties of the supervisory bodies and, if applicable, of the Financial Matters

Committee

The duties of the General and Supervisory Board are described in Item 21 as well as in the Annual

General and Supervisory Board Report.

The duties of the Financial Matters Committee pursuant to the Articles of Association and the

Internal Regulation of this Committee are described in Item 29 as well as in the Annual General and

Supervisory Board Report.

IV. Statutory Auditor

39\. The statutory auditor and the certified auditor representing it

At the General Shareholders’ Meeting held on 10 April 2024, PricewaterhouseCoopers & Associados

\- Sociedade de Revisores de Contas, Lda., Sociedade Revisor Oficial de Contas number 183,

represented by Pedro Miguel Oliveira Vieira de Lima (ROC no. 1835), was re-elected as Statutory

Auditor for the three-year period 2024-2026, and on the same date, Carlos José Figueiredo

Rodrigues (ROC no. 1737) was elected as Alternate of the Statutory Auditor, to perform duties during

the aforementioned three-year period.

40\. Number of years for which the statutory auditor has worked consecutively with the

company and/or Group

The statutory auditor PriceWaterHouseCoopers & Associados - Sociedade de Revisores de Contas,

Lda. has worked with the Company since 5 April 2018.

41\. Other services provided to the company by the statutory auditor

The Statutory Auditor is the company body responsible for the examination of the accounting

documents. It is elected by the General Meeting for a three-year term, pursuant to Article 26 of EDP’s

Articles of Association and Article 446 of the Portuguese Company Code.

According to the Companies Code and the Company’s Articles of Association, the Statutory Auditor

is responsible for checking (see Article 446 (3) of the Company Code):

• the regularity of the Company’s books, accounting records and their supporting documents

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• the cash and all assets or securities belonging to the company or received by it as guarantees,

deposits or for any other purpose, whenever and however it sees fit

• the accuracy of the accounting documents

• whether the company's accounting policies and valuation criteria result in an accurate

assessment of its assets and results.

A description of the services provided by the Statutory Auditor can be found on Item 46.

V. External Auditor

42\. The external auditor and certified auditor partner representing it

Since the General Shareholders‘ Meeting of 5 April 2018, the date of its election at the General

Shareholders’ Meeting, EDP's Statutory Auditor has been PriceWaterhouseCoopers & Associados -

Sociedade de Revisores de Contas, Lda, having been re-elected for the three-year periods

2021-2023 and 2024-2026, at the General Shareholders' Meetings held on 14 April 2021 and 10

April 2024, respectively, with Pedro Miguel Oliveira Vieira de Lima (Partner) being the partner

responsible for the guidance and direct execution of the statutory audit of the EDP Group's accounts

since 10 April 2024.

PriceWaterHouseCoopers & Associados - Sociedade de Revisores de Contas, Lda is registered

before the Portuguese Securities Commission under number 20161485.

The Statutory Auditor performs the necessary audit work to ensure the reliability of the financial

reporting and credibility of the accounting documents.

The Statutory Auditor's duties include checking compliance with remuneration policies and systems,

the efficacy of internal control mechanisms and reporting of any significant deficiencies to the

General and Supervisory Board.

EDP takes measures specifically aimed at ensuring the independence of the Statutory Auditor, in

view of the scope of services provided by audit firms.

43\. Number of years for which the external auditor and certified auditor partner representing it

have worked consecutively with the company and/or group

EDP's Statutory Auditor is PricewaterhouseCoopers & Associados - Sociedade de Revisores de

Contas, Lda., since its election on 5 April 2018, with re-elections at the General Meetings of 14 April

2021 and 10 April 2024, with Pedro Miguel Oliveira Vieira de Lima as partner in charge since 10 April

2024, for the 2024-2026 mandate.

44\. Policy on and frequency of rotation of external auditor and certified auditor partner

representing it

The rotation of the Statutory Auditor and certified auditor partner representing it depends on the

strict assessment by the Financial Matters Committee of the independence and quality of the work

done and consideration of the independence of the Statutory Auditor and the advantages and costs

of replacing them.

Considering the rules referring to the mandatory rotation of the Statutory Auditor, pursuant to Article

54 (3)(4) of the By-Laws of the Association of the Statutory Auditors, and the fact that the mandate

of KPMG has terminated on 31 December 2017, such rotation was fulfilled for the service provision of

Statutory Auditor and Statutory Auditor for the triennium of 2018-2020.

In this sense, and under a Financial Matters Committee proposal, the General and Supervisory Board

resolved to launch a consultation process in order to select the Statutory Auditor of EDP Group for the

2018-2020 mandate, as well as to create two specific Committees to develop the consultation

process, specifically, (i) Monitoring and Analysis Committee, with the purpose of monitoring the

tender process and analysing the proposals, as well as to prepare a summary of the respective

conclusions, to report to the Assessment Committee and (ii) Assessment Committee , with the aim of

assessing the results presented by the Monitoring and Analysis Committee and preparing a proposal

to the Financial Matters Committee.

From the work performed and from the assessment conducted to the presented proposals, both

accomplished with autonomy and without third parties influence, two proposals were selected in

accordance with the selection criteria identified in the consultancy program which were presented

to the General Shareholders' Meeting, which took place on 5 April 2018, having been elected

PricewaterhouseCoopers & Associados - Sociedade de Revisores de Contas, Lda as statutory audit

for the 2018-2020 triennium.

To the extent that PricewaterhouseCoopers & Associados - Sociedade de Revisores de Contas,

Lda. was elected for the mandate corresponding to the 2018-2020 term, in the second half of 2020,

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the General and Supervisory Board and the Financial Matters Committee started preparing the

process for the presentation, at the 2021 Annual General Shareholders’ Meeting, of a proposal for the

re-election of the EDP statutory auditor for the 2021-2023 triennium.

Such work was carried out by the Financial Matters Committee, under the delegation granted by the

General and Supervisory Board. This work is concluded, and considering that, according to

paragraphs 3 and 4 of article 54 of the Statute of the Order of Statutory Auditors, in publicly traded

entities the maximum period of exercise of statutory audit functions by the statutory auditor

accounts is for two or three terms, depending on whether they are, respectively, four or three years,

the referred Committee submitted to the supervisory body the presentation, to the EDP 2021

General Shareholders' Meeting, of a proposal for the renewal of PricewaterHouseCoopers &

Associados - Sociedade de Revisores de Contas, Lda to the position of EDP's statutory auditor for

the term corresponding to the 2021-2023 triennium.

The General and Supervisory Board approved the proposal for the reappointment of

PriceWaterhouseCoopers & Associados - Sociedade de Revisores de Contas, Lda to the position of

Statutory Auditor at EDP for the 2021-2023 period at the meeting held on 26 November 2020 which

was submitted by the General and Supervisory Board and approved at the General Shareholders’

Meeting held on 14 April 2021.

PricewaterhouseCoopers & Associados - Sociedade de Revisores de Contas, Lda. having been

elected for the 2021-2023 term, in the second half of 2023, the General and Supervisory Board and

the Financial Matters Committee began preparing the process for the presentation, at the 2024

Annual Shareholders' Meeting, of a proposal for the re-election of EDP's Statutory Auditor for the

2024-2026 term.

This work was carried out by the Financial Matters Committee, under the delegation conferred by

the General and Supervisory Board, with the collaboration of the Audit, Control and Related Parties

Committee of EDP Renováveis and the Audit Committee of EDP Energias do Brasil.

Once this work has been completed, and considering that, in accordance with paragraphs 3 and 4 of

article 54 of the Statute of the Portuguese Institute of Statutory Auditors, the maximum period for

which the Statutory Auditor may carry out statutory audits in public interest organisations is two or

three terms, depending on whether they are Following the conclusion of this work, and considering

that, in accordance with paragraphs 3 and 4 of article 54 of the Statute of the Portuguese Institute of

Statutory Auditors, in public interest entities the maximum period for the exercise of statutory audit

functions by the Statutory Auditor is two or three terms of office, depending on whether they are four

or three years respectively, the Financial Matters Committee, at the beginning of 2024, submitted a

proposal to the supervisory body for the re-election of EDP's Statutory Auditor for the three-year

term 2024-2026.

The General and Supervisory Board approved this proposal at its meeting held on 29 February

2024, and the Annual General Meeting held on 10 April 2024 approved the proposal submitted by

the General and Supervisory Board for the reappointment of PriceWaterhouseCoopers &

Associados - Sociedade de Revisores de Contas, Lda. as EDP's Statutory Auditor for the three-year

period 2024-2026, with Pedro Miguel Oliveira Vieira de Lima as the partner responsible.

45\. Body responsible for assessing the external auditor and frequency of assessment

The Financial Matters Committee presents annually to the General and Supervisory Board the report

on the assessment of the activity and independence of the EDP’s Statutory Auditor. The result of the

appreciation is published in the report of the General and Supervisory Board.

46\. Non-Audit Services done by the external auditor for the company and/or subsidiaries and

internal procedures for approving hiring of these services and reasons for hiring them

Proposals to hire non-audit services from the Statutory Auditor are presented by the Executive

Board of Directors to the Financial Matters Committee and their hiring requires prior authorisation

from this Committee.

The Regulation on Services Provided by EDP's Statutory Auditor and Statutory Auditor determines,

regarding the contracting of non-audit services, that the Financial Matters Committee may deny

authorisation of those services if one such service is prohibited and/or involves a possible threat to

the independence of the Statutory Auditor. The above-mentioned regulations are available on the

EDP’s website: [Regulations on Provision of Services by Statutory Auditor/Statutory Auditor](https://www.edp.com/sites/default/files/2020-09/CMF_Regulamento%20%20Servi%C3%A7os%20ROC-SROC_ENG.pdf)[ ](https://www.edp.com/sites/default/files/2020-09/CMF_Regulamento%20%20Servi%C3%A7os%20ROC-SROC_ENG.pdf)

[Company | edp.com](https://www.edp.com/sites/default/files/2020-09/CMF_Regulamento%20%20Servi%C3%A7os%20ROC-SROC_ENG.pdf)

In 2024, the following services were performed by the Statutory Auditor:

Audit services and statutory audit:

• necessary services (including internal control procedures required as part of audits) for the issue

of the Auditor's annual on the accounts;

• services required for compliance with local legislation (including internal control procedures

required as part of audits) for the issue of the Statutory Auditor’s Report.

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Other assurance of reliability services:

Services with a specific or limited purpose or scope, namely:

• necessary services for the issue of the interim reports and quarterly information on the

accounts;

• assurance of reliability on the Internal Control System on Financial Reporting;

• assurance of reliability on the Sustainability information;

• assurance of reliability on the financial information of regulated activities;

• agreed upon procedures on the financial information prepared by EDP for application

purposes;

• comfort letters issuance;

• verification of the financial information prepared by EDP Comercial - Comercialização de

Energia, S.A. regarding “TOS” – underground occupation fees for the fiscal years ended on 31

December 2023, and 2024, and to end on 31 December 2025;

• audit services on the calculation and deducted amounts from customer billings for the

implementation of the transitional gas price stabilization regime for entities with consumption

exceeding 10,000 m3, established by Portuguese Decree-Law no. 84-D/2022, of December

9;

• audit report on demerger, in accordance with the Code of Commercial Companies;

• agreed-upon procedures for confirming the connection capacity of power generation centres

to verify the exemption from social tariff financing, in accordance with the criteria mentioned in

Decree-Law No. 104/2023, Article 199-A, 1st paragraph, as of 31 December 2023;

• tax compliance report in Greece, in accordance with the provisions of Article 65A of Law

4987/2022.

Other services:

• audit service (pre-assurance) related to the accounting impact of a transaction documented in

a technical document prepared by EDP;

• due diligence related to the potential acquisition of a majority equity stake in the company

'Sunopée'.;

• audit tests related to the Implementation of SAP 4 Hana on IT Controls of EDP Brasil;

• issuance of a "Verification Report" associated with the infraction notices of "ICMS - Tax on the

Circulation of Goods and Services" credits related to the acquisition of fixed assets at EDP

Brasil;

• access to a repository of international accounting standards as well as to the PwC Accounting

Manual in digital version.

The reasons for hiring these services were essentially related with (i) better understanding of the

Group's business, ensuring appropriate knowledge of the relevant information, which promotes

greater agility and efficiency in providing solutions and (ii) it was considered that the hiring of such

services was not considered a threat to the independence of the Statutory Auditor and did not foster

any situation of personal interest in relation to the guarantee of independence given by the Statutory

Auditor.

The services that are not related with Audit and statutory audit of accounts requested by Group

entities to the Statutory Auditor and to other entities belonging to the same network, in the different

geographies, amounted to 2,386,709 Euro.

47\. Annual remuneration paid by the company and/or subsidiary or group companies to the

auditor and other natural or legal persons belonging to the same network and breakdown of

percentage for the following services:

PricewaterhouseCoopers - Sociedade de Revisores Oficiais de Contas, Lda. and its network (PWC)

are responsible for conducting an independent External Audit of all the EDP Group companies in

Portugal, Spain, Brazil and USA, as well as in other countries in which the Group operates.

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In 2024, the recognised, specialised costs of the fees of PwC for audit and statutory audit of accounts, other assurance of reliability services and other services than auditing for Portugal, Spain, Brazil, United States

of America, and other countries were as follows:

PwC

| | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---  
EUROS| PORTUGAL| | SPAIN| | BRAZIL| | USA| | OTHER COUNTRIES| | TOTAL|   
Audit and statutory audit of accounts | 3,076,530 | | 1,543,655 | | 815,324 | | 2,265,926 | | 2,050,251 | | 9,751,686 | 81%  
Other assurance of reliability services (*) | 1,376,093 | | 507,503 | | 315,657 | | - | | 25,282 | | 2,224,534 | 18%  
Total of audit and assurance of reliability services  | 4,452,623 | | 2,051,158 | | 1,130,980 | | 2,265,926 | | 2,075,533 | | 11,976,220 |   
Tax consultancy services | - | | - | | - | | - | | - | | - |   
Other services | 58,370 | | 1,667 | | 100,461 | | 1,045 | | 632 | | 162,175 | 1%  
Total of other services | 58,370 | | 1,667 | | 100,461 | | 1,045 | | 632 | | 162,75 |   
Total | 4,510,993 | 37% | 2,052,825 | 17% | 1,231,441 | 10% | 2,266,971 | 19% | 2,076,165 | 17% | 12,138,395 | 100%  
  
(*) Includes assurance of reliability services of the exclusive competence and responsibility of the Statutory Auditor and Statutory Auditor in accordance with the Regulations on Provision of Services by Statutory Auditor or Statutory Auditing Company approved by the General and Supervisory Board.

The audit and statutory audit of accounts in Portugal include 1,265,590 Euro related with statutory audit fees, on a company and in consolidated basis, of EDP, S.A.

Services other than Audit and Legal Review of Accounts requested by Group companies from the External Auditor and other entities belonging to the same network, amounted to 2,386,709 Euros.

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C. Internal Organisation 

I. Articles of Association

48\. Rules on amendments to the company’s Articles of Association

EDP's Articles of Association do not set forth special rules on their amendment and the general rule

set out in 3 Article 386 (3) of the Companies Code therefore applies, i.e., decisions to amend the

Articles of Association must be approved at a General Meeting by two-thirds of the votes cast.

EDP's Articles of Association may also be amended under the powers of the Executive Board of

Directors to move EDP's registered office (Article 2 (1) of EDP's Articles of Association) and increase

EDP's share capital (Article 4 (3) and (4) of EDP's Articles of Association) provided that a favourable

prior opinion of the General and Supervisory Board is obtained (article 18 (2) paragraph g) of EDP's

Articles of Association).

II. Whistleblowing 

49\. Whistleblowing policy and channels

The EDP Group has long pursued principles of trust and transparency regarding the way it develops

its activity and relates to all its stakeholders, making its options clear in this matter, both through the

Code of Ethics, first published in 2005, and through the Integrity Policy. These principles of trust and

transparency naturally include channels for reporting alleged unethical and/or illegal behaviour,

which all stakeholders can use whenever they consider that the company's ethical and integrity

principles may be at risk.

The implemented whistleblowing management system follows essential and deterministic guiding

principles at each stage, such as independence, impartiality, and objectivity in the analysis and

handling of registered cases, along with the guarantee of absolute confidentiality. Complaints can

also be reported anonymously, although the possibility of any interaction deemed necessary with

the complainant is guaranteed.

EDP ensures the protection and non-discrimination of whistleblowers who make their

communications, reports, or complaints in good faith and on a well-reasoned basis, even if the

reported facts are not precise or do not lead to any disciplinary or judicial process, and no acts of

reprimand or retaliation will be admitted that, directly or indirectly, motivated by a report, cause or

may cause the whistleblower any unjustified harm.

EDP provides access to the[ Speak Up channels, through its website](https://www.edp.com/en/about-us/speak-up), as well as to the respective

Whistleblowing Management Regulation, that can be read at: [Whistleblowing Management](https://www.edp.com/sites/default/files/2023-06/Eng_Regulamento_Gestao_de_Denuncias_-_Speak_Up_30052023_1565242_0.pdf)[ ](https://www.edp.com/sites/default/files/2023-06/Eng_Regulamento_Gestao_de_Denuncias_-_Speak_Up_30052023_1565242_0.pdf)

[Regulation Speak Up | edp.com](https://www.edp.com/sites/default/files/2023-06/Eng_Regulamento_Gestao_de_Denuncias_-_Speak_Up_30052023_1565242_0.pdf).

The Ethics Commissions of EDP and EDPR play a crucial role in this system, being responsible for the

analysis and deliberation on the received reports, as well as for promoting principles of business

ethics. These commissions are composed of qualified and independent members who act with

impartiality and rigour to ensure compliance with the Code of Ethics and the company's internal

standards.

Detailed information on the reports received by the Ethics Commissions in 2024 can be found in the

Annexes to the Integrated Annual Report under "Other Indicators".

III. Internal Control and Risk Management 

50\. People, bodies, or committees responsible for internal audits or implementation of internal

control systems

The EDP Group, in line with its commitment to ensure the exercise of its activity in accordance with

the highest standards of ethics and integrity, has implemented a Compliance Management System,

coordinated by the Ethics & Compliance.

This system, aligned with the risk management model, founded on a solid internal control system,

structured according to the "three lines of defence," which operate in an integrated manner to

identify and adequately manage the risks arising from the activity. Under this system:

• The First line of defence (Business): has, among others, the responsibility for the daily and

proactive management of compliance risks, in line with the established regulations. The main

responsible are the decision makers of each functional, business or support unit and all its

employees working in these areas.

• The Second line of defence (Ethics & Compliance): it has, among others, the responsibility of

ensuring business support in the identification, analysis, evaluation, mitigation, and monitoring

of risk, as well as challenging and questioning the potential risks that may arise. The Ethics &

Compliance team, the Ethics & Compliance Focal points and the Ethics & Compliance

Supporters can be identified as the main responsible parties.

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• The Third line of defence (Internal Audit): it has, among others, the responsibility for conducting

independent audits to the Compliance Management System. These audits may also be carried

out by independent external entities with recognized capacity for that purpose.

This model enables the rationalization of resources and efforts, promotes coordination between

functions, and standardizes language, connecting all Regions, Platforms, Business Enablement

Functions, and Global Business Services through a common infrastructure that shares the same

processes and information systems. This facilitates the harmonization of guidelines and

methodologies across the organization and different regulatory scopes, ensuring alignment with

other internal policies and procedures and promoting the continuous improvement of the actions

developed.

Specifically, within the scope of the 2nd line of defence, Ethics & Compliance has the mission to

promote a culture of compliance based on the highest ethical standards, through the identification of

relevant ethics and compliance risks and the dissemination and coordination of the implementation

of mechanisms that promote compliance and ethics, providing proactive and systematic advice to

the entire organization, namely regarding policies and instruments for managing business ethics.

The Ethics & Compliance activity is essentially based on the following pillars:

• Identification, analysis and assessment of ethics and compliance risks;

• Promotion and coordination of the implementation of policies, procedures, and other control

mechanisms, in order to mitigate the identified ethics and compliance risks;

• Development of training and communication on ethics and compliance;

• Monitoring the implementation of procedures and other ethics and compliance mechanisms

adopted, in order to assess the maintenance of their adequacy and effectiveness;

• Implementation of a whistleblowing management system;

• Periodic reporting to the Executive Board of Directors and the Financial Matters Committee of

the most relevant topics that may represent a significant risk for the Group.

It also has as main responsibilities to contribute to the continuous improvement of risk management

processes associated, in an external plan, with legal and regulatory compliance and, in an internal

plan, with compliance with the internal regulations and procedures in force, also ensuring the

implementation of the Internal Control over for Financial Reporting System (ICFR).

In the performance of its duties, the Ethics & Compliance reports hierarchically to the Chairman of

the Executive Board of Directors and functionally to the General and Supervisory Board, through its

Financial Matters Committee.

For its part, the Executive Board of Directors establishes a culture of tone at the top in ethics and

compliance matters, approving, disseminating, and ensuring the implementation of EDP's

Compliance Management System in line with the Group's strategic objectives.

The General and Supervisory Board monitors and supervises the implementation of the referred

ethics and compliance culture and, through the Financial Matters Committee, approves the Ethics &

Compliance activity plan, also ensuring the follow-up of the respective execution.

The EDP Group has adopted a model to structure its Compliance Management System, which has

approved by the Executive Board of Directors and by the Financial Matters Committee, and is

formalized in the EDP’s Compliance Standard, updated in 2024. This system is aligned with

international best practices, with EDP having obtained the ISO 37301 - Compliance Management

Systems - certification. The Compliance Management System demonstrates the EDP Group’s

commitment to ensure (i) an adequate identification, assessment, and management of non-

compliance risks, in order to minimize the risk of sanctions, namely financial and possible

operational and reputational impacts, and (ii) the confidence of its stakeholders, reinforcing the EDP

Group's competitiveness.

Based on the defined governance model, the EDP Group's Compliance Management System is

developed from a risk assessment, which is reviewed periodically or whenever there are material

changes in the legal and regulatory context or the organizational context. This assessment allows

the identification of the legal requirements and others compliance obligations or of the most relevant

normative scopes for the organization, resulting in the structuring and development of different

Specific Compliance Programs, through a process that goes through different sequential phases: (i)

planning, (ii) conceptual structuring and design, (iii) support for implementation; (iv) monitoring of

implementation and (v) ongoing maintenance and continuous improvement.

At the level of each Specific Compliance Program level, following the methodological approach of

the Group’s Compliance Management System and based on the identification and evaluation of

their specific risks, policies, procedures, and other compliance mechanisms are developed. Through

these policies, procedures and mechanisms, the fundamental principles of compliance management

are formalized, and the rules and control mechanisms implemented are detailed, reflecting on

activities developed internally or by third parties on behalf of EDP, and which are key elements for

the dissemination of a compliance culture throughout the Group.

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Ethics & Compliance ensures the follow-up and monitoring of the development, operation, and

implementation of the Specific Compliance Programs.

In accordance with the respective annual activity plan, the Internal Audit function conducts specific

audit work, addressing ethics compliance topics. Additionally, the Compliance Management

System and some Specific Compliance Programs are also subject to independent external audit.

The results of the monitoring and any recommendations issued by internal or external audits are

considered for the purpose of improving compliance management, with a view to continuous

improvement.

For more information on the development of the main Specific Compliance Programs and training,

see the sections "Business Ethics" and "Other material topics - Information Privacy and Security" in

the Sustainability Statement.

From the established governance model, and with the objective of identifying, assessing, monitoring,

and controlling the risks to which the EDP Group is exposed, in addition to the Ethics & Compliance,

the Risk and the Internal Audit also play an important role.

The Risk is primarily responsible for coordinating risk assessment studies for the Group, with the aim

of supporting the Executive Board of Directors in their control and mitigation and providing

integrated risk-return analyses, as presented the respective chapter, which activity is detailed in

items 52 to 54 of this Annual Report.

In turn, Internal Audit, formalised in the EDP Group's Basic Internal Audit Standard, revised in 2021, is

an objective and independent activity, of guarantee and advisory, aimed at adding value and

improving operations of EDP Group, assisting the organization in pursuing its objectives, through a

systematic and disciplined approach in assessing and improving the effectiveness of risk

management, control, and governance procedures.

The internal audit function has the mission of increasing and protecting the value of EDP, providing

assurance, advisory and insight, covering several fields of action.

The EDP Group's Internal Audit is a corporate function performed by the Internal Audit, which has a

double dependency, on the one hand administrative structure of the Chair of the Executive Board of

Directors and, on the other, functional of the General and Supervisory Board, through the Financial

Matters Committee to which reports the respective exercise.

Internal Audit has teams in Portugal, Spain, United States of America, Brazil and Singapore.

Regarding the areas that make up the Internal Audit, although each area has (business audits and

information systems audits) its specific duties, multidisciplinary and the growing interaction

between the audit teams have allowed synergies in the analysis of information and data extracted

from computer systems to support business processes and, therefore, a better quality of the

conclusions obtained, a closer proximity to the business and an increasing monitoring of the degree

of evolution of the projects most relevant.

On the other hand, Internal Audit commitment to quality and the continuous improvement of the

processes and activities it carries out led to the creation of the Quality and Continuous Improvement

Office, which, in a fundamentally methodological aspect, ensures an internal service with a view to

increasing value added in relation to the internal audit activity in the EDP Group.

The Internal Audit, as well as all professionals assigned to this function, govern their performance by

the Fundamental Principles for the Practice of Internal Auditing, the Code of Ethics and the

International Standards for the Professional Practice of Internal Auditing approved by The Institute of

Internal Auditors (IIA).

EDP Group has internal auditors experienced in several areas (e.g., finance, accounting, audit,

information systems), with a deep knowledge of the Group, allowing a multipurpose and transversal

analysis of the issues in question and of the activities carried out. In addition to specific training and

experience in the area, the employees assigned to the information systems audit area know the

systems implemented in the Group and follow market trends, allowing them to obtain a broad view of

the systems and processes with the greatest technological risk. and of greater relevance for the

different Business Units.

The internal audit activities are developed based on plans aligned with the objectives and mission of

the function, in which the audit works that comprise them have as main inputs the consultation with

the government bodies and the alignment with the Group's Strategic Plan and with the sustainability

objectives, the prioritization of processes based on the risk analysis carried out by Internal Audit, the

interactions with the statutory auditor throughout the year and the consideration of topics of interest

that it has identified in the scope of the SCIRF audit and the financial audit, international trends and

best practices in matters of internal audit, and the identification and assessment of the control

environment existing in the various lines of defence that affect each process, in a perspective of

Combined Assurance.

Internal Audit lines of activity are the analysis of the effectiveness and efficiency of operations,

reliability, and integrity of information, both financial and operational, compliance with internal

procedures and standards, compliance with external standards, auditing of information systems and

integrity of assets.

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The changing macroeconomic, social, and political context, as well as the growing technological

transformations and the news and changes that have been affecting the energy sector in general

and the EDP Group in particular have forced a constant adaptation of the internal audit activity in

order to maintain an ability to respond adequately to the challenges ahead, aiming to maximize the

added value that this activity can and should offer to its stakeholders.

Internal Audit has been monitoring the extent and development of the Group's activity in new

markets, business lines and geographies, incorporating in its business plan, actions aimed at

evaluating and reinforcing the existing internal control environment.

The continuous auditing model has evolved consistently, consolidating the methodology, continuing

existing audits, implementing new audits to evaluate different business areas, some with real-time

analysis, with a set of new indicators and automation of communication exceptions to the audited

entity at the time they are detected. It is a robust monitoring and evaluation model, very relevant for

the automatic processing of a high volume of data, allowing to obtain efficiency gains in terms of

internal control and in the prevention and detection of irregularities.

Within the scope of information systems audits, actions have been carried out covering several

areas of high criticality, considering, in particular, the digitization program underway at the EDP

Group, which has been a lever for strengthening and growing business processes, the increase in

processes/activities analysed by continuous auditing and the expansion of routine automation in

order to speed up the monitoring of the Group's information systems.

In recent years, the existing competencies in the field of information systems and data analytics

have been strengthened by recruiting employees who are specialists in these matters in an internal

audit perspective, complementing the profiles already existing in the information systems and

operational audit teams.

The relationship with the various stakeholders is developed, mainly, through periodic meetings with

the Financial Matters Committee and the members of the Executive Board of Directors, interactions

with first-line business leaders, audited areas, and other areas of the Group, such as Risk, ESG, Legal

& Governance, People & Organization, Regulation, Markets and Stakeholders, Strategy and M&A,

Financial Planning & Analysis, Ethics & Compliance, Digital, in order to identify risk areas and to

ensure the update on the various matters of the organization.

Internal Audit carries out, annually, a process of self-assessment of the Group's internal audit

activity, which consists of a reflection and analysis on the structure, composition, skills, relationship,

reports, methodologies, DAI procedures and work carried out throughout the year, among others, and

includes a global conclusion expressed by the responsible person of Internal Audit's activity in line

with the best practices of the function.

On the other hand, Internal Audit activity and performance is evaluated annually by the Financial

Matters Committee based, among others, on the analysis of the interaction that the Commission

develops throughout the year with the Internal Audit and on the analysis of information and

documentation made available by it regarding the process of its self-assessment.

Internal Audit activity has been subject to external evaluations since 2010 by the IIA (every 5 years,

as established in the International Standards for the Professional Practice of Internal Auditing) and,

since that date, the opinion of the evaluation teams has been that the internal audit activity

"Generally Complies" with the International Standards for the Professional Practice of Internal

Auditing and the IIA Code of Ethics, this qualification being the highest granted by the IIA.

The last external evaluation took place in 2020, in all locations where the internal audit function is

developed, with the aim of obtaining joint independent certification, with the opinion issued in the

external evaluation reports being that the internal audit activity “generally complies” with the

Standards and Code of Ethics issued by the IIA in all locations (Portugal, Spain, United States and

Brazil), in all its aspects (government, personnel, management and procedures).

It is also worth mentioning, and in line with the information described above, the competence of the

General and Supervisory Board, which, under legal terms, permanently monitors and evaluates the

internal procedures related to accounting and auditing matters, as well as the effectiveness of the

risk, the internal control and the compliance management system. This competence is attributed to

the Financial Matters Committee, which is responsible, among other tasks, for permanently

monitoring and supervising: (i) financial matters and accounting practices; (ii) internal audit

practices and procedures; (iii) the internal mechanisms and procedures of the Internal Control over

Financial Reporting System (SCIRF); (iv) matters relating to the risk management and control system;

(v) the activities and mechanisms of the compliance management system and (vi) the activity and

independence of the company’s Statutory Auditor.

51\. Description of hierarchical and/or functional dependency on other company bodies or

committees

In the performance of their duties, the Internal Audit administratively reports to the Chair of the

Executive Board of Directors and functionally reports to the General and Supervisory Board that

supervises its activity through the Financial Matters Committee. On the other hand, the Compliance

& Internal Control Global Unit reports hierarchically to the Executive Board of Directors, and

functionally to the General and Supervisory Board through the Financial Matters Committee.

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The Risk reports hierarchically to the Executive Board of Directors, without prejudice to the

permanent monitoring, by the Financial Matters Committee, of risk-related matters, as described in

item 52 below.

52\. Other company areas with risk control duties

Risk management is an integral part of business management and is everyone's responsibility, from

the Executive Board of Directors down to the individual employee. Everyone is responsible for being

aware of the risks in their area of activity and managing a way that is integrated with their roles,

competences and delegated responsibilities.

The EDP Group manages its significant risks from a portfolio perspective, optimizing the risk-return

ratio across all its business areas, with a view to create value and standing out in the markets in

which it operates. The EDP Group also endeavours to constantly improve its risk management to

reflect the evolution of its needs and to keep in line with the best international risk management

practices.

The integration of risk management into the most relevant business and decision-making processes

is promoted, as a component of (i) strategic development, (ii) investment decisions, (iii) the business

plan and (iv) operations management, with the purpose of ensuring stable results and optimising the

capacity to respond to changes in context and opportunities.

The risk management process is structured around three lines of defence (business, risk

management/ compliance and internal and external auditing), each conducted independently and

ensuring an adequate degree of segregation from the others. The functions of identifying, analysing,

assessing, treating, and monitoring risk are overseen by a set of bodies with clearly established roles

and responsibilities, typified by the Group's policies, which are approved and ratified by the

competent bodies. Below are brief descriptions of these bodies, complemented by the

responsibilities available on EDP's website: [EDP's Risk Governance Model | edp.com](https://www.edp.com/en/investors/corporate-governance/risk-management-policy#risk-governance-model):

• The General and Supervisory Board, in particular the Financial Matters Committee, is

responsible for permanently monitoring the effectiveness of the risk management system,

namely in terms of risk identification, assessment, control and management and assessing the

degree of internal compliance with the Company's risk management system, continuously

monitoring its performance and effectiveness, in articulation with the Executive Board of

Directors, namely the risk control policies, the identification of key risk indicators (KRI) and the

integrated risk evaluation methodologies, and must evaluate and issue its opinion on the EDP

Group's strategic guidelines and corporate risk management policy, prior to their final approval

by the Executive Board of Directors. The Financial Matters Committee defines in its annual

planning sessions dedicated to risk management issues, in order to monitor the evolution of the

Group's main exposures and Key Risk Indicators, as well as to address issues related to

financial, strategic, ESG, business and operational risks.

• The Executive Board of Directors is ultimately responsible for the decision, supervising and

controlling risk management, and is responsible for setting the EDP Group's management

objectives and policies. In addition to sharing the responsibilities defined for the Boards of

Directors, it is also responsible for defining the Risk Appetite set out in the Business Plan,

defining the EDP Group's risk policies (in particular, the respective exposure limits by risk

category) and for allocating resources in accordance with the risk-return profile of the various

options available.

• The Risk Business Enablement Function headed by the Chief Risk Officer, performs a

function that is independent from the conduct of business, and supports the Executive Board of

Directors and remaining management bodies at the level of the second line of defence. The

Risk Business Enablement Function is divided between:

◦ The Risk Centres of Excellence (CoE) are divided in three: Corporate CoE, responsible

for the Enterprise Risk Management, the analysis and overview of the strategic risks, the

aggregation of the full EDP risks and the external risk reporting; Financial CoE,

responsible for the management of the financial risks, defining the insurance strategy and

developing risk analysis for new investments, and; Counterparty CoE, responsible for

counterparty risk management, including the analysis and establishment of limits for the

acceptance of new contracts.

◦ The Platform Business Partners, which play the main role in operationalising risk

management and are under the direct hierarchical dependence of both the Group's Chief

Risk-Officer and of the respective Platform Management Team, acting in a segregated

manner and independent from the conduct of the business.

• The risk-owners of the Platforms, Regions and Business Enablement Functions are all the

business managers who assume risk in their day-to-day activities and act in accordance with

the defined risk strategies.

Furthermore, there are a number of regular forums for debating, analysing and issuing opinions on

risk issues:

• The Global Risk Committee's main objective is to support the decisions of the Executive

Board of Directors in identifying, analysing, assessing, treating and monitoring risk. New

policies and risk limits or update of those are discussed and approved in this forum. This

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Committee meets on a quarterly basis. The Committee is made up of the main decision-

makers and those responsible for the Group's recurrent risk management (members of the

Executive Board of Directors, regional and platform heads, key corporate areas and members

with responsibility for risk management of the main platforms/geographies).

• The Financial Risk Committee main objective is to review main financial risks and discuss the

execution of mitigation strategies. Exchange rate risk, interest rate risk, liquidity risk,

commodities risk and credit risk from financial counterparties are most relevant risks reviewed

in this committee. Additionally, an overview of the risk assessments developed for the new

investments is also discussed. This Committee meets on a quarterly basis. The Committee is

made up of the main finance decision-makers and those responsible for the Group's recurrent

financial risk management (members of the Executive Board of Directors, regional and platform

heads, key Finance team members, key corporate areas and members with responsibility for

risk management of the main platforms/geographies).

• The Risk Monitoring Committee meets monthly to provide an overview of the most relevant

risk exposures, namely growth execution risk, energy market risk, regulatory risk and

counterparty risk. Additionally, a status of all risk limits is provided, focusing on the exposures

that are beyond the limit and/or that had relevant changes. The Committee is made up of the

main decision-makers and those responsible for the Group's recurrent risk management

(members of the Executive Board of Directors, regional and platform heads, key corporate

areas and members with responsibility for risk management of the main platforms/

geographies).

• The Platform Risk Committees are set up and carried out at the level of the Group's Platforms

when the structure of the Platform and the degree of complexity of risk management justifies it,

assuming a structure replicated from the Group’s Risk Committee. These Committees are

typically coordinated by the respective Risk Business Partner and are attended by members of

the Platform Management Team, key areas of the Platform, as well as the Chief Risk Officer, to

ensure alignment at Group level.

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53\. Identification of the main types of risks to which the company is exposed in the course of its business

The EDP Group's risk taxonomy aggregates, from an integrated perspective and in a common language, the various risk mappings existing at the level of the Group's various Business Units, and is structured around

four large families: strategic and ESG, business, financial and operational.

The figure below shows the risk categories to which EDP is exposed. Further details on the various risks to which EDP is subject, which fall into these categories, are available on the EDP website: [EDP Risk Taxonomy](https://www.edp.com/en/edp-group/risk-management#risk-taxonomy)[ ](https://www.edp.com/en/edp-group/risk-management#risk-taxonomy)

[| edp.com](https://www.edp.com/en/edp-group/risk-management#risk-taxonomy).

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54\. The risk management process at EDP

Given the size of the EDP Group and its geographical diversity, it is important to define a transversal

and consistent process at the level of the various Business Units, which at the same time recognises

the heterogeneity of the businesses and activities in which the Group operates. In this way,, risk

management in the EDP Group is structured around five main phases (identification, analysis,

evaluation, treatment, and monitoring), complemented by a prior phase of establishing the context,

and by adequate levels of communication between the various stakeholders:

More details on each of the stages of the risk management process can be found on EDP's website:

[EDP's Risk Management Process | edp.com](https://www.edp.com/en/edp-group/risk-management#risk-management-process).

55\. Main features of the risk management and internal control systems in place in the company

for the disclosure of financial information

EDP Group has implemented the Internal Control System of Financial Reporting (ICFR), based on

criteria established by the regulatory framework of internal control issued by the Committee of

Sponsoring Organizations of the Treadway Commission (COSO 2013), in relation to business

processes and entity level controls, and the Control Objectives for Information and Related

Technologies (COBIT), in relation to the general controls of information technology.

According to the adopted methodology and the Internal Control System of Financial Reporting

Standard, activities were carried out related to the implementation, maintenance, monitoring and

assessment of the internal control system, within the competence of those responsible that

participate in the EDP Group.

It is highlighted the development of the following activities:

• Planning and monitoring the annual ICFR cycle, maintenance and review of reference models,

conceptual and methodological support to Platforms/Regions/Business Enablement Functions

and Global Business Services;

• Defining ICFR Scoping Model based in the consolidated financial information, supported on

materiality and risk criteria on a "top down" approach (Ethics & Compliance) and "bottom up"

approach (Platforms/Regions/Business Enablement Functions and Global Business Services)

on annually basis and mid-year review, which the processes considered relevant are identified;

• Support for Platforms/Regions/Business Enablement Functions and Global Business Services

in the documentation and review of new controls and redesign of the existing, as well as in the

identification, review and appointment of ICFR responsibles, resulting from the inclusion of new

topics, by materiality and/or risk and legal, structural, procedural and/or accounting changes;

• Identification of relevant Information Systems that supports ICFR and analysis of "service

organizations", for monitoring the issuance of the ISAE 3402 (International Standard on

Assurance Engagements), reports corresponding to an independent assessment of the control

environment used by information technology service providers for EDP Group;

• Monitoring and support provided to Platforms/Regions/Business Enablement Functions and

Global Business Services in the resolution of identified non-compliances and improvement

opportunities and reporting to internal responsibles and supervisors;

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• Launch and monitoring of the self-certification process, through which those responsible for

internal control declare their explicit recognition of (i) sufficiency or insufficiency of the controls

documentation in terms of updating and adjustment, (ii) its execution and maintenance of

evidence, (iii) actions approval and implementation related to the resolution of non-compliance

and improvement opportunities and (iv) compliance with the Code of Ethics and the Integrity

Policy of EDP Group;

• Monitoring of the annually assessment process conducted by the Statutory Auditor, in terms of

work planning and interactions with Platforms/Regions/Business Enablement Functions and

Global Business Services.

On this matter, the Statutory Auditor issued an independent report on the Group's Internal Control of

Financial Reporting System related to the financial statements as of 31 December 2024, without

reservations nor qualifications, presented in the annex "Certifications and Declarations ", concluding

with a reasonable degree of assurance, regarding the design and effectiveness of the internal

control of financial reporting system of EDP Group.

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IV. Investor Relations

56\. Composition, duties and information provided by these services and their contact

information

The essential role of the Investor Relations is to act as the interlocutor between EDP's Executive

Board of Directors and investors and the financial markets in general. It is responsible for all the

information provided by the EDP Group, in terms of disclosure of privileged information and other

market communications and publication of periodic financial statements, and it also ensures that

the information requirements of the regulatory and financial supervision authorities are met.

In carrying out its duties, this Business Enablement Function is in constant contact with investors

and financial analysts, providing all the information that they request, while observing the

applicable legal and regulatory provisions.

EDP's Investor Relations comprises six people and is coordinated by Miguel Viana. It is located at

the Company's head office:

Avenida 24 de Julho, n.º 12, 4.º Piso - Poente

1249-300 Lisboa

Telephone: +351 21 001 2834

E-mail: ir@edp.com

Site: [www.edp.com](https://www.edp.com/en)

The following table chart shows the communication channels through which EDP provides its

shareholders with information on each type of documentation.

| | | | |   
---|---|---|---|---|---  
CHANNELS | IN PERSON 1| WWW.EDP.COM | E-MAIL | IN PHONE  2| WWW.CMVM.PT  
ELEMENTS REQUIRED BY LAW OR REGULATION 3  
Notice of meeting | √ | √ | √ | √ | √  
Executive Board of Directors' proposals | √ | √ | - | √ | √  
Amendment of the Articles of Association | √ | √ | - | √ | √  
  
| | | | |   
---|---|---|---|---|---  
CHANNELS | IN PERSON 1| WWW.EDP.COM | E-MAIL | IN PHONE  2| WWW.CMVM.PT  
Other proposals | √ | √ | - | √ | -  
Annual Report | √ | √ | √ | - | √  
Management and supervisory positions held in other Group companies by company  officers  | √ | √ | √ | √ | √  
ADDITIONAL INFORMATION PROVIDED BY EDP  
Ballots for voting by proxy | √ | √ | √ | √ | -  
Ballots for voting by mail  | √ | √ | √ | √ | -  
Ballots for voting by e-mail  | √ | √ | √ | √ | -  
Clarification of any issues | √ | √ | √ | √ | -  
EDP Articles of Association and Regulations | √ | √ | √ | √ | √  
  
1 At EDP's headquarters

2 IR phone number +351 21 001 2834

3 Article 289 of Companies Code and Regulation of CMVM 1/2023

57\. Representative for market relations

The representative for market relations is Director Rui Manuel Rodrigues Lopes Teixeira.

58\. Percentage of and response time to queries received in the year or pending from previous

years

EDP's goal is for communication with the market to consist of objective, transparent information

that is understandable to all stakeholders. In order to achieve such intent and bearing in mind the

importance of keeping a trustworthy and sustainable behaviour, EDP has adopted a financial

reporting policy based on transparent and consistent information properly conveyed to investors

and analysts.

In 2024, 74 market communications were made. The Investor Relations received several requests

for information during the year to which it has responded to promptly, with an average response

time of less than 24 hours.

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The Company's efforts have been rewarded at several events. In 2024, EDP was awarded by AERI

(Spanish Association to the Investor Relations) in the 3rd Iberian Equity Awards, winning the

Portugal overall corporate award.

V. Website

59\. Website Address

[EDP's website](http://www.edp.com) provides comprehensive legal or corporate governance information, updates on the

Group's activity and complete financial and operational data in order to facilitate searches and

access to information by shareholders, financial analysts and others.

The information made available through this channel in Portuguese and English includes data on

the Company, financial statements and accounts, privileged information, the Articles of

Association and Internal Regulation of corporate bodies, the Group’s shareholder structure,

preparatory documentation for General Shareholders' Meetings, historical performance of EDP

share prices, a calendar of Company events, the names of members of the corporate bodies and

corporate structures and the representative for market relations, contact information for the

Investor Relations & ESG and other information of potential interest about the Group. EDP's

website also allows visitors to consult accounting documents for any financial year since 1999.

60\. Location of information about the company, its status as a public limited company, head

office and other details mentioned in Article 171 of the Company Code

The information set out in Article 171 of the Companies Code is available on EDP's website on:

[Policies and Documentation | edp.com](https://www.edp.com/en/edp/policies-and-documentation#policies).

61\. Location of the Articles of Association and regulations of bodies or committees

The Articles of Association and regulations of bodies and committees are available on EDP's

website on: [Policies and Documentation | edp.com](https://www.edp.com/en/about-us/corporate-governance/policies-and-documentation#corporate-documentation).

62\. Location of information on the names of members of the corporate bodies, market

relations representative, investor relations office or equivalent body, their duties and forms

of access

The names of members of the corporate bodies, market relations representative, investor relations

office or equivalent body, their duties and forms of access are available on EDP's website on:

[Model and Governing Bodies | edp.com](https://www.edp.com/en/about-us/corporate-governance/model-and-governing-bodies) | [Policies and Documentation | edp.com](https://www.edp.com/en/edp/policies-and-documentation#policies).

63\. Location of accounting documents, which must be available for at least five years and

the six-monthly calendar of company events disclosed at the start of each half year,

including General Meetings, disclosure of annual, six-monthly and, if applicable, quarterly

accounts

The accounting documents and calendar of company events are available on EDP's website on:

[Results and Reports | edp.com](https://www.edp.com/en/investors/investor-information/results-reports#results---reports) | [Investors | edp.com](https://www.edp.com/en/investors).

64\. Location of notice of meeting for General Meetings and all their preparatory and

subsequent information

The notice of meeting for General Meetings and all their preparatory and subsequent information

are available on EDP's website on: [General Meetings | edp.com](https://www.edp.com/en/investors/general-meetings).

65\. Location of history of decisions made at the company's General Meetings, the share

capital represented and result of votes for the previous three 3 years

The history of decisions made at the Company's General Shareholders'Meetings, the share capital

represented, and result of votes are available on EDP's website on: [General Meetings | edp.com](https://www.edp.com/en/investors/general-meetings).

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D. Remuneration

As the information in the points below is largely contained in the Remuneration Report, a more

detailed consultation is referred to Part IV - Remuneration Report, which provides, in accordance

with the applicable legislation, a comprehensive overview of remuneration, including all benefits,

regardless of their form, awarded or due during the last financial year to each member of the

management and supervisory bodies.

I. Power to set Remuneration 

66\. Power to set the remuneration of corporate bodies and company directors

For information regarding Item 66, please see Part IV – Remuneration Report.

II. Remuneration Committee

67\. Membership of the Remuneration Committee, including names of the natural or legal

persons hired to assist and declaration on independence of each member and consultant

For information regarding Item 67, please see Item 29 of this Part III and Part IV – Remuneration

Report.

68\. Knowledge and experience of remuneration policy of the members of the Remuneration

Committee

The Remuneration Committee of the General and Supervisory Board is composed of members of the

General and Supervisory Board with qualifications and experience in Remuneration Policy,

according to Annex I of the current Report. On the other hand, the Remuneration Committee

appointed by the General Meeting is composed of a number of members not less than three, with

adequate knowledge and experience in matters of Remuneration Policy, in accordance with article 2

of the respective Internal Regulation and in accordance with the curricular notes attached to the

proposal for election at the General Meeting available at: [Appointment of the members of the](https://www.edp.com/sites/default/files/2024-03/Propostas%202%20a%209%20-%20ENG%20-%20COMPLETO.pdf)[ ](https://www.edp.com/sites/default/files/2024-03/Propostas%202%20a%209%20-%20ENG%20-%20COMPLETO.pdf)

[Remuneration Committee to be appointed by the General Shareholders’ Meeting – Item 9 of the](https://www.edp.com/sites/default/files/2024-03/Propostas%202%20a%209%20-%20ENG%20-%20COMPLETO.pdf)[ ](https://www.edp.com/sites/default/files/2024-03/Propostas%202%20a%209%20-%20ENG%20-%20COMPLETO.pdf)

[Agenda | edp.com](https://www.edp.com/sites/default/files/2024-03/Propostas%202%20a%209%20-%20ENG%20-%20COMPLETO.pdf) . For more detailed information please see Part IV – Remuneration Report.

III. Remuneration Structure 

69\. Remuneration policy of management and supervisory bodies

For information regarding Item 69, please see Part IV – Remuneration Report.

70\. How remuneration is structured to allow alignment of the interests of the members of the

managing body with the company's long-term interests and how it is based on assessment of

performance and discourages excessive risk-taking

For information regarding Item 70, please see Part IV – Remuneration Report.

71\. Reference to a variable remuneration component and any impact of performance

evaluation on this component

For information regarding Item 71, please see Part IV – Remuneration Report.

72\. Deferral of payment of variable component of remuneration and its length

For information regarding Item 72, please see Part IV – Remuneration Report.

73\. Criteria on allocation of variable remuneration in shares and executive directors'

maintenance of these shares, any agreements concluded concerning these shares, such as

hedging or risk transfer contracts, their limit, and their association with total annual

remuneration

For information regarding Item 73, please see Part IV – Remuneration Report.

74\. Criteria on allocation of variable remuneration in options, period of deferral and price of

exercise

EDP has no variable remuneration option schemes. For more information, see Part IV - Remuneration

Report.

75\. Main parameters and basis of any annual bonus system and any non-monetary benefits

For information regarding Item 75, please see Part IV – Remuneration Report.

2 Definition of group within the meaning of paragraph g) of no. 1 of article 2 of Decree-Law no. 158/2009, of 13 July, in accordance with paragraph d) of no. 2 of article 26-G of the Portuguese Securities Code.

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76\. Main characteristics of supplementary pension or early retirement schemes for directors

and date of approval individually at a General Meeting

For information regarding Item 76, please see Part IV – Remuneration Report.

IV. Disclosure of Remuneration

77\. Annual aggregate and individual remuneration paid to the members of the company's

managing body by the company, including fixed and variable remuneration and its different

components

For information regarding Item 77, please see Part IV – Remuneration Report.

78\. Amounts paid for any reason by other subsidiary or Group companies or companies under

common control

In 2024, no amounts earned by members of the Executive Board of Directors were paid by other

companies in a group 2 or control relationship or that are subject to a common control, in Portugal or

abroad.

79\. Remuneration in the form of profit-sharing and/or payment of bonuses and reasons for

these bonuses or profit sharing

EDP has no schemes in place for payment of remuneration in the form of profit-sharing and/or

payment of bonuses.

80\. Compensation paid or owed to former executive directors for termination in the financial

year

For information regarding Item 80, please see Part IV – Remuneration Report.

81\. Annual aggregate and individual remuneration paid to the members of the company's

supervisory bodies

For information regarding Item 81, please see Part IV – Remuneration Report.

82\. Remuneration of the Chairman of the General Meeting

For information regarding Item 82, please see Part IV – Remuneration Report.

V. Agreements Affecting Remuneration

83\. Contractual limitations for compensation payable to directors for dismissal without due

cause and their association with the variable component of remuneration.

In addition to the situations reported in the Remuneration Report, there are no contracts in force at

EDP that provide for payments in the event of dismissal or termination by agreement of the director's

duties.

84\. Description and amounts of agreements between the company and members of the

managing body and directors, as set out in Article 248-B (3) of the Securities Code, providing

for compensation in the event of dismissal without due cause or termination of employment

following a change of company control

Under the European Union legislation regarding market abuse, EDP has no directors other than the

members of the General and Supervisory Board and of the Executive Board of Directors.

In fact, apart from the members of those bodies, there is no person who has regular access to inside

information and participates in management and business strategy decision of the Company.

On the other hand, it is reiterated that, in addition to the situations reported in the Remuneration

Report, there are no agreements in force at EDP that provide for payments in the event of dismissal or

termination by agreement of director's duties.

VI. Stock Purchase Option Plans or Stock Options

85\. Plan and its beneficiaries

There are no option rights granted for the acquisition of shares (stock options) from which the

Company's employees and personnel are beneficiaries.

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86\. Description of the plan (conditions for award, clauses on non-saleability of shares, shares

price criteria, price of options in financial year, period in which options can be exercised,

characteristics of shares or options, incentives for purchase of shares or exercise of options)

There are no option rights granted for the acquisition of shares (stock options) from which the

Company's employees and personnel are beneficiaries.

87\. Stock options of company employees

There are no option rights granted for the acquisition of shares (stock options) from which the

Company's employees and personnel are beneficiaries.

88\. Control mechanisms set out in any employee share scheme so that they do not exercise

their voting rights directly

The Company has no such control mechanisms.

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E. Transactions with Related Parties

I. Mechanisms and Procedures of Control

89\. Company mechanisms for monitoring transactions with related parties

As part of the qualitative reinforcement of governance practices, and since 2009, EDP and, in

particular, the General and Supervisory Board, has been promoting the revision of the internal

regulations governing transactions with related parties, given the constant search to adopt the best

practices by the Company.

To this end, the internal regulations governing conflicts of interest and business between related

parties were reviewed, and in 2023 the Company revised its Related Party Transactions Policy,

available for consultation on EDP's website: [Transactions with Related Parties Policy | edp.com](https://www.edp.com/sites/default/files/2023-02/Politica_de_Transacoes_com_Partes_Relacionadas_%282023%29_ENG.pdf). The

Financial Matters Committee is responsible for issuing a reasoned opinion on matters subject to a

prior opinion by the General and Supervisory Board, which concern transactions between related

parties, supported, whenever applicable, by reasoned opinions from the Risk and Compliance

Departments, which must be made known to the General and Supervisory Board.

90\. Transactions that underwent controls in the year

Attentive to the current reporting obligations, the Executive Board of Directors, during 2024, sent

information on transactions with related parties to the General and Supervisory Board and/or the

Financial Matters Committee. The following transactions are included in this report:

• The EDP Group, through EDP Clientes, S.A., provided electricity, gas supply services, solar panel

installation and other related services to Cementos Tutela Veguín, totalling approximately

€44.6M (Cementos Tutela Veguín is a subsidiary of the Masaveu Group, which in turn owns

55.9% of Oppidum Capital, S.L.);

• Additionally, the EDP Group, through the company EDP Comercial - Comercialização de

Energia, S.A., agreed with the company Exus Management Partners to provide services

relating to the installation of electrical infrastructures enabling the connection of two

photovoltaic plants to the Public Service Electricity Grid, totalling approximately €2.144M

(Exus Management Partners is a subsidiary of the Masaveu Group, which in turn owns 55.9%

of the company Oppidum Capital, S.L);

• As disclosed to the market on 17 June 2024, EDP concluded the sale of a 50% stake that the

EDP Group held in Energia Ásia Consultoria, Lda. to China Three Gorges International Limited

for a total consideration of around €100M;

• As disclosed to the market on 9 October 2024, EDP, through its subsidiary EDP Renováveis,

S.A., concluded the repurchase of a 49% stake in EDP Renováveis, S.A.'s wind portfolio in

Portugal, Poland and Italy from two entities related to China Three Gorges - ACE Investment

Fund I LP and ACE Investment Fund II LP - for a total amount of €0.58 Bn.

The General and Supervisory Board noted that, with basis on the cases analysed and information

provided by the Executive Board of Directors for 2024, there was no evidence that the potential

conflict of interests in EDP operations were resolved contrarily to the Company’s interests.

At the same time, it is important to highlight Article 18(2) of EDP Articles of Association, that defines a

number of matters subject to prior opinion from the General and Supervisory Board. This corporate

body has competences to set the parameters for measuring the economic or strategic value of the

operations that must be submitted for its opinion, and these were updated by the referred Board on

the 13 May 2021.

In this context, in 2024, five investment/divestment operations were submitted for the prior opinion

of the General and Supervisory Board, with an average value of €200m, as well as three financing

operations, with an average value of approximately €1.2Bn, with one of these investment/divestment

operations underlying a transaction with a related party.

Regarding the use of the expedited mechanism for issuing a prior opinion, two operations were

submitted to the General and Supervisory Board for financing reasons, with an average value of

€1,100M, and two operations regarding investments or divestments, with an approximate average

amount of €380M. The signing of two bilateral loans with the European Investment Bank ("EIB"),

intended for green financing, totalling up to €1.7 Bn, was the largest value transaction approved

under this mechanism during 2024.

Also in this context, during the 2024 financial year, seven operations were submitted to the United

States of America Business Affairs Monitoring Committee for a prior opinion, with an average value

of approximately $220m, with the maximum value of which was $278M. Regarding the issuance of

prior opinion by an expedited mechanism, no transactions were submitted to the United States of

America Business Affairs Monitoring Committee during the 2024 financial year.

Regarding transactions analysed by the United States of America Business Affairs Monitoring

Committee, none of them had a related party transaction underlying them.

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91\. Procedures and criteria applicable to the supervisory body's prior assessment of

transactions between the company and holders of qualifying shareholdings or entities related

to them in any way

The rules in force applicable to the issuance of a prior opinion and to the expedited mechanisms of

opinion in urgent cases of the General and Supervisory Board were updated on 13 May 2021, as well

as the procedures for communication and provision of clarifications between that corporate body

and the Executive Board of Directors.

The Articles of Association of EDP also establish that the General and Supervisory Board should set

the parameters for measuring the economic or strategic value of the operations that must be

submitted to it for an opinion, as well as establish expedited mechanisms for issuing an opinion in

urgent cases or when the nature of the matter justifies it and the situations in which exemption from

issuing such an opinion is permitted (Article 22 (6)). In fact, the expedited mechanism for issuing an

opinion by the General and Supervisory Board can only occur in situations of exceptional urgency or

when the nature of the matter justifies it, as set out in the EDP’s Articles of Association and the

Internal Regulations of the General and Supervision (Article 15(5)).

With reference to prior opinion mechanism, General and Supervisory Board of EDP established a set

of demanding rules regarding the conclusion of business between related parties, aimed at

preventing situations of conflict of interests.

In this context, it is important to highlight the provisions of the Transaction with Related Parties Policy

– reviewed in May 2023 - regarding the procedures and criteria applicable to the intervention of the

supervisory body for prior assessment of the business purposes to be carried out between the

Company and holders of qualifying holdings or entities that are in any relationship with them. In

particular, in legal transactions or de facto situations between related parties that are likely to give

rise to a conflict of interest between the parties involved, relevant to the pursuit of EDP's interest,

together with the request for a prior opinion from the General and Supervisory Board or its waiver, the

Executive Board of Directors must provide the following information:

• summary description of the operations and the responsibilities taken up by the parties;

• outline of the procedures used to select the counterparty, i.e., whether the operation was based

on a call for tenders/market consultation procedure or direct contract award;

• in the event of direct contract award, the reasons for this decision;

• in cases of calls for tenders/market consultation procedures, the type of contact established

with the potential interested parties and the identity of those parties;

• in case of competitive tenders, the details of the different tenders and the criteria used for

selection;

• the parameter used to check whether the transaction was performed under “normal market

conditions for similar operations”;

• measures adopted to prevent, mitigate risks, or solve potential conflicts of interests, namely the

issuing of fairness opinions by independent entities prior to taking a decision regarding the

performance of a Transaction with a Related Party;

• indication, if applicable, of the multi-annual nature of the operation, in which case the initial

date of the award/contract must be reported, as well as the date on which the supplies and/or

services are provided.

With respect to legal business or cases that exist between related parties that are likely to give rise to

a conflict of interests between those involved, which could impact the interests of EDP, these should

be subject to a preliminary opinion from the General and Supervisory Board:

• if the Financial Matters Committee can meet before the General and Supervisory Board

meeting, an opinion from this Committee should be requested, which should be presented to

the General and Supervisory Board for decision-making purposes;

• if it is not possible for the Financial Matters Committee to meet, the assessment of the potential

conflict of interests must be made directly by the General and Supervisory Board within its

decision-making authority.

II. Business Information

92\. Location of accounting documents providing information on transactions with related

parties, pursuant to IAS 24, or reproduction of the information

Information on transactions with related parties, pursuant to IAS 24, is set out in Note 45 of the

consolidated and individual financial statements.

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PART II 

Assessment of Corporate Governance

1\. Corporate Governance Code in Effect

EDP, S.A. is a listed company whose securities are admitted to trading on the NYSE Euronext Lisbon

stock market.

Following the entry into force of the Protocol between the CMVM and the Portuguese Institute for

Corporate Governance (Instituto Português de Corporate Governance - IPCG), on 13 October 2017,

the Corporate Governance Code issued by CMVM was revoked, and changes were made to the

Corporate Governance Code issued by the IPCG, available at [www.cgov.pt](http://www.cgov.pt)

The choice of EDP to adopt the Corporate Governance Code issued by the IPCG, from the moment it

entered into force, and under the current version, reflects the concern of always ensuring the

implementation of best corporate governance practices.

According to the CMVM Circular, dated 11 January 2019, this Report is structured in accordance with

Article 1(4) of CMVM Regulation 4/2013, and therefore abides by the model in its Annex I, not

including the sections not applicable to EDP’s governance model.

2\. Compliance assessment of the adopted Corporate Governance Code

The following table sets out IPCG’s corporate governance recommendations as included in the

Corporate Governance Code 2018, according with the 2023 revision, along with the identification,

for each case, of EDP’s compliance or non-compliance, as the case may be, that the provisions to

not apply to the Company. Complimentary information has been included where the description of

the Company’s shareholder structure and governance model does not exhaust the scope of the

underlying explanation of the respective recommendations.

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RECOMMENDATIONS | ADOPTED NOT ADOPTED NOT APPLICABLE | COMMENTS | REPORT DESCRIPTION  
CHAPTER I - COMPANY’S RELATIONSHIP WITH SHAREHOLDERS, INTERESTED PARTIES AND THE COMMUNITY AT LARGE  
I.1. The company specifies in what terms its strategy seeks to ensure the fulfilment of its long-term objectives [I.1. (1)] and what are the main contributions resulting herefrom for the community at large [I.1. (2)] | ADOPTED | [I.1. (1)] EDP's vision is to be a leader in the energy transition, guaranteeing the creation of superior value. To achieve this, EDP is strategically positioned with a low risk, diversified and resilient profile, which allows the company to create distinctive conditions for the execution of a value creation strategy in the challenging context of a low ecological footprint leveraged on sustainable growth. By prioritising sustainability and innovation, EDP is committed to being at the forefront of the energy industry and aims to create value for all stakeholders while minimising its environmental impact. Based on its Vision, EDP is governed by four strategic pillars: (i) accelerated and sustainable growth: EDP aims to achieve accelerated and sustainable growth through the implementation of the investment plan for the period 2023-2026. This will reinforce its position as a leader in the energy transition and its distinctive "green" position and low risk profile. The rapid deployment of renewable energy capacity will be combined with the planned sale of majority stakes in selected renewable assets, in line with EDP's asset rotation strategy, to accelerate growth and enable a less capital-intensive growth model;(ii) ESG excellence and future-proof organisation: EDP is focused on delivering shareholder value through a long-term sustainable business model. The priority will continue to be a commitment to best environmental, social and governance (ESG) practices, ensuring strong financial returns. EDP is firmly committed to the energy transition and will work towards being coal-free by 2025, 100% green by 2030 and net zero by 2040. The company recognises the importance of ensuring that this transition is fair and equitable for all stakeholders, including employees and the communities in which it operates;(iii) distinctive and resilient portfolio: EDP has a distinctive and resilient portfolio with a low risk profile and focused on geographic presence, with a BBB credit rating, the target of 21% FFO/Net Debt in 2026 and >80% EBITDA in highly rated markets such as Europe and North America. EDP is investing in a portfolio and infrastructures with value and competitive advantages to develop renewable energies, betting on new solutions such as hybridisation, repowering, energy storage and hydrogen;(iv) creating superior value for stakeholders: EDP is committed to delivering attractive returns through a sustainable dividend policy based on a pay-out ratio of 60% to 70%, with a minimum dividend of €0.19 per share in 2023 with an increase to €0.20 per share in 2026.[I.1. (2)] As reported in the Sustainability Statement of the Integrated Report, the EDP Group actively contributes to the sustainable development of the communities in which it operates throughout the world, through social investment in its own and collaborative initiatives, donations and volunteering. Since social impact is a strategic pillar of the EDP Group, these initiatives aim to fulfil social needs in line with the Group's core themes, namely investment in fair energy transition projects. In addition to the contribution made through its operations and business, the EDP Group also contributes to the United Nations' Sustainable Development Goals through its [social investment programmes](https://www.edp.com/en/edp-yes).| Item 21 | Items 50 to 55 | Management Report of this Integrated Annual Report, in the Sustainability Statement  [edp.com](https://www.edp.com/en/about-us/corporate-governance/policies-and-documentation#policies)  
I.2. The company identifies the main policies and measures adopted with regard to the fulfilment of its environmental [I.2. (1)] and social objectives [I.2. (2)].| ADOPTED | [I.2. (1)] [Code of Ethics](https://www.edp.com/en/edp-yes#projects) |[ Integrity Policy ](https://www.edp.com/en/about-us/ethics-and-compliance)| [Environmental Policy](https://www.edp.com/en/sustainability/environmental-policy)[I.2. (2)]  [Code of Ethics](https://www.edp.com/en/about-us/ethics-and-compliance) |[ Integrity Policy](https://www.edp.com/en/investors/corporate-governance/edps-integrity-policy) | [EDP’s Human and Labour Rights Policy](https://www.edp.com/sites/default/files/2021-09/DHL_report2020_site.pdf#page=24) |  [Supplier Code of Conduct](https://www.edp.com/en/suppliers/edp-supplier-code-conduct) |  [Stakeholder Relations Policy](https://www.edp.com/en/sustainability/stakeholder-management-approach#who-are-they) | [Diversity Policy ](https://www.edp.com/en/people/diversity-equity-inclusion#diversity--equity---inclusion)|  [Social Investment Policy](https://www.edp.com/en/edp-yes#projects) | [Social Investment Report](https://www.edp.com/en/edp-yes#projects) | [EDP Y.E.S. - You Empower Society](https://www.edp.com/en/edp-yes#projects)[ ](https://www.edp.com/en/edp-yes#projects)| [edp.com](https://www.edp.com/en/about-us/corporate-governance/policies-and-documentation#policies)  
CHAPTER II - COMPOSITION AND FUNCTIONING OF THE CORPORATE BODIES  
Information  
II.1.1. The company establishes mechanisms to adequately and rigorously ensure the timely circulation or disclosure of the information required to its bodies, the company secretary, shareholders, investors, financial analysts, other stakeholders and the market at large.| ADOPTED | With regard to making information available, it is worth mentioning the existence of mechanisms for circulating information and the vocation and commitment of corporate bodies and committees to sharing information. With regard to this aspect, EDP has a portal for sharing information between the Executive Board of Directors and the General and Supervisory Board, as well as the Specialised Committees, which is accessible to all members of these bodies and committees, including the Company Secretary, without prejudice to restrictions on access to information regarding members who are in a situation of conflict of interest.In particular, with regard to the Company Secretary, he is responsible for drawing up and distributing the agenda and respective preparatory documentation, in accordance with the matters that have been dispatched for this purpose by the Chairman of the Executive Board of Directors (in accordance with article 8.6 of the [Internal Regulations of the Executive](https://www.edp.com/en/internal-regulation-executive-board-directors-0) [ ](https://www.edp.com/en/internal-regulation-executive-board-directors-0) [Board of Directors](https://www.edp.com/en/internal-regulation-executive-board-directors-0) and article 4.4 a) and b) of the [Internal Regulations of the General and Supervisory Board](https://www.edp.com/en/edp/corporate-governance/general-and-supervisory-board)).This information tool allows the different members to be aware of the most important documents, namely the minutes and supporting documents for resolutions. When requested by other members of the governing bodies, the Executive Board of Directors also provides all the information required by them in a timely manner and in a manner appropriate to the request, with the support of the Company Secretary. It should also be noted that the Investor Relations & ESG's mission is to ensure communication with analysts and investors in the Group's companies, in order to guarantee the sustainability of EDP's image and notoriety, and to respond to requests for information from regulatory and financial supervision bodies. In addition, the Regulation, Markets and Stakeholders Management ensures the company's institutional communication through an integrated and consistent narrative with the Group's stakeholders, in line with the adopted vision and strategy, with the aim of maximising the Group's communication potential with its stakeholders and contributing to fluid and systematised information about the Group and its actions.Finally, EDP has set up an operating model that presupposes a matrix organisational structure with Platforms, Regions, Business Enablement Functions (BEF) and Global Business Services (GBS), thus allowing for greater optimisation and efficiency of the organisational structure.| Item 15 | Item 21 | Item 22 | Item 27 | Item 29 |  Item 52 | Items 55 to 65  
Diversity in the Composition and Functioning of the Corporate Bodies  
  
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II.2.1. Companies establish, previously and abstractly, criteria and requirements regarding the profile of the members of the corporate bodies that are adequate to the function to be performed, considering, notably, individual attributes (such as competence, independence, integrity, availability and experience), and diversity requirements (with particular attention to equality between men and women), that may contribute to the improvement of the performance of the body and of the balance in its composition.| ADOPTED | Respect for diversity in corporate bodies and in the appointment, processes is one of the structural elements of EDP's corporate purpose. In fact, the various Internal Regulations of the governing bodies, corporate bodies and Specialised Committees that form part of EDP's structure contain provisions on the suitability, independence, and incompatibilities of the members of these bodies. With regard to the General and Supervisory Board and the Executive Board of Directors, EDP has a specific policy entitled "[Selection Policy for the members](https://www.edp.com/en/selection-policy-members-general-and-supervisory-board-and-exe-board-directors)[ ](https://www.edp.com/en/selection-policy-members-general-and-supervisory-board-and-exe-board-directors)[of the General and Supervisory Board and the Executive Board of Directors](https://www.edp.com/en/selection-policy-members-general-and-supervisory-board-and-exe-board-directors)" which stipulates that, within the scope of the selection process, the integration of diverse skills, professional experience, diversity of knowledge, gender and cultures should always be ensured in a transparent and objective manner, taking into account the specificities of the Company's business. That policy also establishes that proposals for the election of members of the General and Supervisory Board and the Executive Board of Directors must be submitted to the General Shareholders’ Meeting, duly substantiated with regard to the candidate's profile and the role they will fulfil, so that shareholders can verify the suitability of the candidates' profile, knowledge, and CV, considering the duties to be performed. The criteria include (i) promoting equal rights and opportunities in the face of diversity, (ii) valuing diversity, particularly in terms of age, gender, geographical origin, qualifications, skills, and experience, (iii) promoting an increase in the number of members of the under-represented gender and (iv) avoiding potential conflicts of interest. This selection policy also sets out the competences that the members of the Executive Board of Directors and the General and Supervisory Board must possess, among which the following stand out: (i) technical and professional skills appropriate to the position, (ii) integrity, ethics and professional and personal values, (iii) sufficient knowledge of the legal, regulatory and statutory rules applicable to their duties and to the Company, (iv) sufficient availability to fulfil their legal and statutory duties, (v) fulfilment of the independence requirements demanded by law and the articles of association, (vi) commitment to the provisions of the Company's codes, policies and Internal Regulations, (vii) commitment to complying with best corporate governance practices, (viii) skills and experience in company management, risk management and supervision appropriate to the position and (ix) knowledge of the industry and experience in the sector. In particular, with regard to gender diversity, it is necessarily accommodated by virtue of compliance with Law 62/2017, of 1 August, on the balanced representation of women and men in the management and supervisory bodies of entities in the public business sector and companies listed on the stock exchange. EDP also has a [diversity policy](https://www.edp.com/en/people/diversity-equity-inclusion/policy) which establishes (i) the commitment to promote mutual respect and equal opportunities in the face of diversity, (ii) the recognition of differences as a source of strengthening human potential and valuing diversity in the organisation, management and strategy, and (iii) the adoption of positive discrimination and awareness-raising measures internally, but also in the community, with a view to the effective implementation and effectiveness of the diversity policy.At the EDP Annual General Shareholders’ Meeting held on 10 April 2024, the members of the General and Supervisory Board and the Executive Board of Directors were elected for the three-year period 2024-2026, and the representativeness of these bodies is above that provided for in the applicable legislation. According to EDP's current Gender Equality Plan, updated for the 2024-2025 period, available on [EDP's website](https://www.edp.com/en/plan-gender-equality) and at [www.cmvm.pt](https://www.cmvm.pt/), gender equality is of civilisational importance, as a corollary of equal rights, freedoms, guarantees, opportunities and recognition between men and women, also allowing skills and knowledge to be enhanced by including everyone, promoting a better working environment and motivation and, consequently, higher levels of productivity and talent retention.| Item 11 | Items 15 to 17 | Items 30 to 33 | Annex I  
  
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II.2.2. The management [II.2.2. (1)] and supervisory bodies [II.2.2. (2)] and their internal committees [II.2.2. (3)] are governed by regulations – notably regarding the exercise of their powers, chairmanship, the frequency of meetings, operation, and the duties framework of their members – fully disclosed on the website of the company, whereby minutes [II.2.2.(4)]/[II.2.2.(5)]/[II.2.2.(6)] of the respective meetings shall be drawn up. | ADOPTED | The General and Supervisory Board, the Executive Board of Directors, the Financial Matters Committee (FMC), the Corporate Governance and Sustainability Committee (CGSS), the Remunerations Committee (RCMC) and the United States of America Business Affairs Monitoring Committee (CAN) have specific Internal Regulations that establish its functioning (in particular the exercise of the respective duties, chairmanship, periodicity of meetings, functioning, duties of their members and duty to draft detailed minutes of the respective meetings). In relation to the applicable specific articles, please see the chart below: [Internal Regulation EBD ](https://www.edp.com/en/internal-regulation-executive-board-directors-0)[II.2.2 (1)]Duties 4.ºChairmanship5.ºPeriodicity of meetings8.ºFunctioning 8.ºDuties of their members2.º, 4.º e 7.ºDuty to draft Minutes10.º [II.2.2 (4)][Internal Regulation GSB ](https://www.edp.com/en/regulation-general-and-supervisory-board) [II.2.2 (2)]Duties2.ºChairmanship5.ºPeriodicity of meetings4.º e 20.ºFunctioning4.ºDuties of their members11.ºDuty to draft Minutes26.º [II.2.2 (5)][Internal Regulation FMC](https://www.edp.com/en/internal-regulations-financial-matters-audit-committee) [II.2.2 (3)]Duties2.ºChairmanship5.ºPeriodicity of meetings4.ºFunctioning4.ºDuties of their members10.ºDuty to draft Minutes4.º [II.2.2 (6)][Internal Regulation RCMC](https://www.edp.com/en/regulations-remunerations-committee-cgs) [II.2.2 (3)]Duties2.ºChairmanship5.ºPeriodicity of meetings4.ºFunctioning4.ºDuties of their members10.ºDuty to draft Minutes4.º [II.2.2 (6)][Internal Regulation CGSS](https://www.edp.com/en/regulation-governance-sustainability-committee) [II.2.2 (3)]Duties2.ºChairmanship5.ºPeriodicity of meetings4.ºFunctioning4.ºDuties of their members10.ºDuty to draft Minutes 4.º [II.2.2 (6)][Internal Regulation CAN](https://www.edp.com/en/internal-regulation-united-states-america-usa-business-affairs-monitoring-committee) [II.2.2 (3)]Duties2.ºChairmanship5.ºPeriodicity of meetings4.ºFunctioning4.ºDuties of their members9.ºDuty to draft Minutes4.º [II.2.2 (6)]|   
II.2.3. The composition [II.2.3.(1)] and number of meetings for each year [II.2.3.(2)] of the management and supervisory bodies and of their internal committees are disclosed on the website of the company.| ADOPTED | [II.2.3.(1)] [Governing Bodies ](https://www.edp.com/en/about-us/corporate-governance/model-and-governing-bodies)[II.2.3.(2)] The information on this sub-recommendation can be found separately in EDP’s Integrated Annual Report and in the Annual Report of the General and Supervisory Board, both published on EDP’s website.| Item 59 | Annex V  
  
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II.2.4. The companies adopt a whistle-blowing policy that specifies the main rules and procedures to be followed for each communication [II.2.4.(1)] and an internal reporting channel that also includes access for non-employees, as set forth in the applicable law [II.2.4.(2)].| ADOPTED | Since 2006, EDP has had a policy for reporting irregularities [II.2.4.(1)]. In 2022, and following the entry into force of Law no. 93/2021, of 20 December, which transposes Directive (EU) 2019/1937, EDP reformulated its whistleblowing channels [II.2.4.(2)], with a view to structuring an Integrated Whistleblowing Management System. To this end, EDP adopted a technological platform common to all whistleblowing channels, which safeguards the segregation of information for each channel. Also in 2022, EDP approved the Speak Up Whistleblower Management Regulation, replaced in 2024 by the Whistleblower Management Policy, which establishes the mechanisms and procedures for receiving, retaining, and processing reports received by the Company on allegedly unethical behaviour that does not comply with the law and internal regulations in force. Under the terms of these Policy, reports, which can be made by interested parties from any EDP Group company (including non-employees), are treated as confidential information by all those who receive information about the facts reported, and the anonymity of the whistleblower is ensured if they so request.For more information, see: [Speak Up Channels](https://www.edp.com/en/about-us/speak-up) and [Whistleblowing Management Policy Speak Up](https://www.edp.com/sites/default/files/2023-06/Eng_Regulamento_Gestao_de_Denuncias_-_Speak_Up_30052023_1565242_0.pdf).In recent years, the Integrity Policy, as well as the other compliance procedures and mechanisms associated with the Specific Integrity Compliance Programme, have been the subject of internal training for employees, and have also been published internally for consultation on EDP's internal communication channels. As part of the structuring of the Specific Compliance Programme to Combat Money Laundering and Terrorist Financing, specific internal regulations, and a transversal procedure for reporting suspicious transactions were also implemented by the obliged entities. In 2022, this whistleblowing channel, which has been in place since 2006, was restructured for reporting potential irregularities in financial matters, and a specific communication channel was also made available for potential irregularities related to anti-money laundering and anti-terrorist financing violations, currently included in the Speak Up Channels mentioned above. For more information: [Channel for reporting irregularities related to Money Laundering or Terrorist Financing](https://portaletica.dig.corp.edp.com/PortaldeEtica_SitesCorporativos/Disclaimer.aspx?Guid=63fdef51-cb6a-4d1b-9ece-0909e557a0f8). | Item 15 | Item 49 | Item 50 to 55  
II.2.5. The companies have specialised committees for matters of corporate governance [II.2.5.(1)], remuneration [II.2.5.(2)], appointments of members of the corporate bodies [II.2.5.(3)] and performance assessment [II.2.5.(4)], separately or cumulatively. If the Remuneration Committee provided for in Article 399 of the Portuguese Commercial Companies Code has been set up, the present Recommendation can be complied with by assigning to said committee, if not prohibited by law, powers in the above matters.| ADOPTED | [II.2.5 (4)] The Remuneration Committee elected by the General Meeting (CVEN GSM) is responsible for submitting a proposal for the remuneration policy of the members of the General and Supervisory Board, the members of the Board of the General Meeting and the Statutory Auditor. One of the guiding principles of CVEN GSM 's activity is the definition of a simple, clear, transparent policy in line with EDP's culture, so that remuneration practices can be based on uniform, consistent, fair, and balanced criteria. Within this framework, the remuneration policy proposed by CVEN GSM aims to ensure levels of homogeneity and stability that are compatible not only with the necessary cohesion of the governing bodies and organisations, but also and above all with their non-executive nature, and it is not considered desirable to award variable remuneration that is necessarily conditional on the performance of the respective members. In this context, it is considered appropriate to defend the - growing - differentiation between the remuneration treatment of directors with executive duties, on the one hand, and that of other members of other corporate bodies, namely supervisory and supervisory bodies, on the other. As such, and in line with the provisions of the applicable legislation, the fixed remuneration safeguards the distance between the exercise of supervisory and/or oversight duties and the risk inherent in the business activity, as well as the fundamental independence within the scope of impartial and effective supervision and/or oversight. This differentiating treatment is even reflected in the IPCG Code itself, specifically under the terms of the Principle of Chapter VI. In this instance, the assessment of the performance of members of governing bodies other than the members of the Executive Board of Directors, the General and Supervisory Board and the Specialised Committees is carried out in a different way, and solid mechanisms of checks and balances and internal control are sufficient for this purpose. In this sense, as there are, in addition to the shareholder prerogative at the Annual General Shareholders’ Meeting, internal mechanisms of an instrumental nature to assess, at first hand and with in-depth knowledge, the performance of the members of the governing bodies and other corporate structures, there are no benefits to establishing an additional mechanism to assess the individual performance of each of the members of EDP's governing bodies and other corporate structures. In this regard, the performance assessment mechanisms are duly safeguarded, namely through the assessment and self-assessment process of the General and Supervisory Board, certified by a specialised external entity, including the Chair of the Board of the General Meeting of Shareholders, and the assessment process of the Statutory Auditor by the FMC. Considering that the Remuneration Policy proposed by CVEN GSM only proposes to provide for the remuneration - always of a fixed nature - of the aforementioned bodies and corporate bodies and that the Company has established effective and resilient internal evaluation and control mechanisms to assess the individual performance of each member, including their contribution to the way in which the body operates and the relationship between the various bodies of the Company, this sub-recommendation [II.2.5(4)] should be considered as explain equivalent to adoption.[II.2.5.(2)] The company also has a Remuneration Committee of the General and Supervisory Board, which is responsible for preparing and proposing the policy and corporate objectives for setting the remuneration of the Chairman of the Executive Board of Directors and the Directors, as well as setting the respective remuneration, monitoring and evaluating their performance for the purposes of determining variable remuneration and also monitoring the disclosure of external information on the remuneration and remuneration policy of the Executive Board of Directors, namely the Remuneration Report, as established in the [respective Internal Regulations](https://www.edp.com/sites/default/files/2021-12/EDP_%20IR_GSB_ENG%20%28002%29.pdf).[II.2.5. (1)] With regard to corporate governance, the General and Supervisory Board also has a Corporate Governance and Sustainability Committee, which is responsible for analysing this issue.[II.2.5 (3)] As provided for in Article 14(1)(h) of the respective Internal Regulations, the General and Supervisory Board is responsible for "monitoring the definition of criteria and competences required in the structures and internal bodies of the Company or the Group or convenient to observe and their repercussions on the respective composition, as well as drawing up succession plans." In addition, pursuant to article 28 (c) (vi) of the Internal Regulations of the General and Supervisory Board and article 12 (1) (r) of the Internal Regulations of the Corporate Governance and Sustainability Committee, the Corporate Governance and Sustainability Committee is the specialised committee responsible for monitoring matters relating to succession plans. The Corporate Governance and Sustainability Committee is the specialised committee entrusted with monitoring matters relating to succession plans, namely monitoring the preparation, in coordination with the Executive Board of Directors, of succession plans for the structures and internal bodies of the Company, Subsidiaries and other entities in relation to which the Company has the right to appoint the members of the governing bodies. This analysis should cover all the key positions that are most instrumental in the fulfilment of the Strategic Plan, which should be previously identified by the Executive Board of Directors and submitted to this Committee.| Item 21 | Item 29 | Remunerations Report |  Annual Report of the General and Supervisory Board  
Relations between Corporate Bodies  
II.3.1. The Articles of Association or equivalent means adopted by the company set out the mechanisms to ensure that, within the limits of the applicable laws, the members of the management and supervisory bodies have permanent access to all necessary information to assess the performance, situation and development prospects of the company, including, specifically, the minutes of the meetings, the documentation supporting the decisions taken, the convening notices and the archive of the meetings of the executive management body, without prejudice to access to any other documents or persons who may be requested to provide clarification.| ADOPTED | EDP's Articles of Association expressly state that the different bodies of the Company must, to the extent of their respective competences, create the necessary conditions for harmonious, articulated, and informed action in the performance of their duties, and mechanisms for reporting and sharing information have been implemented, as mentioned in relation to recommendation II.1.1. In addition, the Internal Regulations of the Executive Board of Directors, the General and Supervisory Board and the various Committees contain provisions establishing the need to report, namely to the supervisory body, information on the annual plan of activities of meetings, resolutions, and minutes.The recommendation is also included in Article 5 of the Internal Regulations of the Executive Board of Directors. Currently, EDP also has an internal instrument that allows it to systematise the principles of action and the rules to be observed in the interaction of the Executive Board of Directors with the General and Supervisory Board, in development of the legal framework, the Articles of Association and the Regulations that deal with these matters. | Items 21 to 45  
  
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II.3.2. Each body and committee of the company ensures, in a timely and adequate manner, the interorganic flow of information required for the exercise of the legal and statutory powers of each of the other bodies and committees.| ADOPTED | All the Internal Regulations establish reporting and information-sharing mechanisms. In particular, the portal's role in sharing information between the General and Supervisory Board, its committees and the Executive Board of Directors should be emphasised.With regard to regulations, the following should be highlighted: \- Articles of Association: Article 23 (1) (k); \- Internal Regulation of the Executive Board of Directors: Articles 5 (1) (e) and 10 (4); \- Internal Regulation of the General and Supervisory Board: Article 5 (c) and (e), and Article 11 (1) (a); Article 14 and Article 17; \- Internal Regulation of the Financial Matters Committee: Article 5 (1) (f), Article 10 (1) (a) and Article 13; \- Internal Regulation of the Remuneration Committee: Article 5 (1) (d); Article 10 (1) (a) and (2); \- Internal Regulation of the Corporate Governance and Sustainability Committee: Article 5 (e); Article 10 (1) (a), (2), and (3) (c); Articles 12 and 13; \- Internal Regulation of the United States of America (USA) Business Affairs Monitoring Committee: Article 5 (d); article 9 (1) (a). | Items 21 to 45  
Conflicts of Interest  
II.4.1. By internal regulation or an equivalent hereof, the members of the management and supervisory bodies and of the internal committees shall be obliged to inform the respective body or committee whenever there are any facts that may constitute or give rise to a conflict between their interests and the interest of the company.| ADOPTED | Since 17 May 2010, EDP has implemented rules for identifying internal reporting and acting in the event of a conflict of interest, applicable to all EDP Group employees who have a decision-making role in transactions with related parties. In 2021, and with the revision of internal regula-tions, the Transaction with Related Parties Policy came into force, which aims to establish the general principles of action and reporting in order to identify, prevent, detect, and resolve situations of conflicts of interest in the context of Transactions with Related Parties, which was revised in May 2023. In addition, it aims to contribute to the promotion of ethics and integrity in the development of the business of EDP and other compa-nies and/or entities that make up the EDP Group, ensuring compliance with legislation and established principles and rules. The Internal Regu-lations of EDP's governing bodies or committees also contain a provision according to which the members of these bodies and committees must inform the respective body or committee of facts that may constitute or give rise to a conflict between their interests and the corporate interest. Conflicts of interest are reported whenever there are facts that may constitute or give rise to them and are not limited to the deliberative context. All the Internal Regulations of the governing bodies and Specialised Committees include a specific provision on the conduct to be adopted by a member of the respective body or committee who is in a situation of actual or apparent conflict of interest, as well as a duty to provide infor-mation and clarification.The respective articles that specifically address this recommendation are as follows: \- Internal Regulation GSB: Article 10 \- Internal Regulation EBD: Article 6 \- Internal Regulation FMC: Article 9 \- Internal Regulation REMC: Article 9 \- Internal Regulation CGSS: Article 9 \- Internal Regulation CAN: Article 8 | Item 10 | Item 18 | Item 20 | Item 21 | Item 91  
II.4.2. The company adopts procedures to ensure that the conflicted member does not interfere in the decision-making process, without prejudice to the duty to provide information and clarification requested by the body, committee or respective members.| ADOPTED | Item 10 | Item 18 | Item 20 | Item 21 | Item 91  
Transactions with Related Parties  
II.5.1. The management body discloses, in the corporate governance report or by other publicly available means, the internal procedure for verification of transactions with related parties.| ADOPTED | In this regard, in addition to the provisions of the applicable legislation and the Articles of Association, there is an internal regulation on conflicts of interest and business between related parties, revised in May 2023 - the Related Party Transactions Policy - which can be consulted on  [EDP's website](https://www.edp.com/en/transactions-related-parties).Under the terms of the Articles of Association and the legislation in force, the Executive Board of Directors is responsible for the management of the Company and, for the purposes of transactions with related parties, the following are considered to be decision-makers: (i) the members of the governing bodies of EDP and its Subsidiaries; (ii) EDP employees in job grades 20 to 25 (taking into account the current levelling), regardless of the EDP Group company with which they have a contractual relationship or perform duties; (iii) whenever the decision-maker defined in (ii) identifies, as decision-makers, other EDP Group employees, with a job grade lower than 20 (taking into account the current levelling), to whom it has attributed identical competences; and (iv) whenever the Executive Board of Directors expressly qualifies EDP Group employees as decision-makers, indicating the respective scope of activity and delegation of competences. All decision-makers must therefore report any information deemed relevant on transactions carried out or to be carried out with related parties, namely with controlled companies or with the decision-makers themselves. The Related Party Transactions Policy also identifies deals of significant importance, specifying the type and scope of deals subject to prior authorisation. In addition, Article 18(2) of EDP's Articles of Association refers to a set of matters that are subject to the prior favourable opinion of the General and Supervisory Board, which must set the parameters for measuring the economic or strategic value of the operations that must be submitted to it for an opinion, particularly with regard to acquisitions and disposals of assets, rights or holdings of significant economic value, under the terms of Article 22(6) of EDP's Articles of Association and Article 15 of the Internal Regulations of the General and Supervisory Board. It is the responsibility of the General and Supervisory Board, within the scope of its assessment of EDP's annual and interim management report and considering the work carried out by the Financial Matters Committee, to analyse and issue an opinion on the relevant business concluded between these parties.Effectively, EDP has a Specialised Committee of the General and Supervisory Board, the Financial Matters Committee, with the power to assess business with related parties. Its Internal Regulations make it clear that the final decision rests with the General and Supervisory Board, in accordance with Article 12(1)(k) and (l). In addition, the Corporate Governance and Sustainability Committee is responsible for monitoring and supervising the systems for assessing and resolving conflicts of interest, particularly with regard to the company's relations with shareholders, by analysing the proposals for remedies for situations reported to it by the Financial Matters Committee (Article 2(1)(d) of its [Internal Regulations](https://www.edp.com/en/internal-regulations-financial-matters-audit-committee)).EDP also has a set of rules regarding the issuing of a prior opinion by the General and Supervisory Board, as well as the procedures for communication and the provision of clarifications between the General and Supervisory Board and the Executive Board of Directors. In addition, the Executive Board of Directors must, no later than 20 (twenty) days after the end of each quarter, inform the General and Supervisory Board of all transactions that constitute relevant situations, and the elements that must be included in this information are referred to in the respective policy (in accordance with Article 23(1)(l) of the [Articles of Association](https://www.edp.com/en/edp-articles-of-association) and Article 14(1)(k) of the [Internal Regulations of the General and Supervisory Board](https://www.edp.com/sites/default/files/2021-12/EDP_%20IR_GSB_ENG%20%28002%29.pdf)).The intervention of the General and Supervisory Board in the assessment of this type of transaction is always preceded by the analysis and scrutiny of the Executive Board of Directors. Also under the terms of the Internal Regulations in force on this matter, the General and Supervisory Board and, more specifically, the Financial Matters Committee, analyse all transactions between EDP and controlled companies with a value equal to or greater than: (i) €75m, in the case of shareholder loans and loans; (ii) €75m, in the case of acquisition, sale, marketing or supply of electricity or natural gas, as well as related services and products and (iii) €5m in all other cases.| Item 10 | Items 89 to 92  
CHAPTER III - SHAREHOLDERS AND GENERAL MEETING  
III.1. The company does not set an excessively large number of shares to be entitled to one vote [III.1. (1)] and informs in the corporate governance report of its choice whenever each share does not carry one vote [III.1. (2)]. | ADOPTED | [III.1.(1)] Article 15(1) and (2) of EDP's [Articles of Association](https://www.edp.com/en/edp-articles-of-association) state that each share corresponds to one vote and that all shareholders with voting rights may participate in general meetings provided that they hold such rights on the date of registration.[III.1. (2)] – Not applicable. | Item 5 | Item 6 | Item 7 | Item 10 | Items 12 to 16 |  Item 56  
  
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III.2. The company that has issued special plural voting rights shares identifies, in its corporate governance report, the matters that, pursuant to the company’s Articles of Association, are excluded from the scope of plural voting. | NOT APPLICABLE | The Company does not issue shares with special plural voting rights. | Item 12  
III.3. The company does not adopt mechanisms that hinder the passing of resolutions by its shareholders, specifically fixing a quorum for resolutions greater than that foreseen by law.| ADOPTED | The Article 12(3) of EDP's [Articles of Association ](https://www.edp.com/en/edp-articles-of-association)establishes that the decisions of the Annual General Shareholders’ Meeting shall be taken by a majority of the votes cast, unless a legal or statutory provision requires a qualified majority. In this regard, Article 12(4) of EDP's Articles of Association states that resolutions on the amendment of the Articles of Association and the merger, demerger, transformation or dissolution of the company, with the exception of the provisions of paragraph 5 of that article, must be approved by two thirds of the votes cast and, when the meeting is convened at first call, provided that shareholders holding at least one third of the share capital are present or represented.| Item 5 | Item 6 | Item 7 | Item 10 | Items 12 to 16 |  Item 56  
III.4. The company implements adequate means for shareholders to participate in the general meeting without being present in person, in proportion to its size. | ADOPTED | Although EDP has always strived to maximise shareholder participation in general meetings, as such involvement provides direct interaction with stake holders and thus constitutes a positive factor for proximity to the shareholder structure, for the efficient functioning of the Company and for the achievement of its corporate purpose, the Covid-19 pandemic context has inevitably changed this understanding. Since EDP held three Annual General Shareholders’ Meeting in a State of Emergency context, on 16 April 2020, 19 January 2021 and 14 April 2021, it was necessary to implement procedures for them to be held by telematic means, according to the respective notices available at [General Meetings | edp.com](https://www.edp.com/en/investors/general-meetings). The constitutive quorum for the three aforementioned General Meetings was 67.3% for the April 2020 Annual General Shareholders’ Meeting, 73.9068% for the January 2021 Extraordinary Annual General Shareholders’ Meeting and 74.415% for the April 2021 Annual General Shareholders’ Meeting. For the exceptional reasons explained above, the form of voting corresponded exclusively to voting by correspondence, either by post or electronically, under the terms of article 384, paragraphs 8 and 9 of the Companies Code, article 22 of the Securities Code, and under the terms of article 15, paragraphs 6, 7 and 8 of EDP's [Articles of Association](https://www.edp.com/en/edp-articles-of-association). The fact that the Annual General Shareholders’ Meeting were held exclusively by telematic means meant that all shareholders registered and duly authorised to participate in the Annual General Shareholders’ Meetings had access to live video and audio broadcasts of the meetings. To this end, a link was sent the day before the Annual General Shareholders’ Meetings to the email address provided when the shareholder or their representative expressed their intention to attend the Annual General Shareholders’ Meetings, so that they could access a digital platform. In addition to the possibility of asking questions in writing via the digital platform about the topics on the Agenda that they wished to be answered at the meeting, held by telematic means, under the terms of article 290 of the Companies Code, shareholders were given the opportunity to ask questions in writing up to two (2) days before the respective dates of the Annual General Shareholders’ Meetings. For the Extraordinary Annual General Shareholders’ Meeting of 19 January 2021, the Annual General Shareholders’ Meeting of 14 April 2021, the Annual General Shareholders’ Meeting of 6 April 2022, the General Shareholders’ Meeting of 12 April 2023 and for the General Shareholders’ Meeting of 10 April 2024, and in order to ensure full clarification for shareholders prior to exercising their voting rights, and without prejudice to the timely availability of documents relating to the Items on the Agenda and the prerogative conferred above, shareholders were given the opportunity to ask questions, under the right to information provided for in article 290 of the Commercial Companies Code. The shareholders were given the opportunity to ask questions, under the right to information provided for in article 290 of the Commercial Companies Code, up to 8 (eight) days before the Annual General Shareholders’ Meeting, so that any questions they had prior to exercising their voting rights could be fully clarified. At the Annual General Shareholders’ Meetings of 6 April 2022, 12 April 2023 and 10 April 2024, EDP implemented a hybrid model, giving shareholders the option of attending the Annual General Shareholders’ Meeting in person or by telematic means.|   
III.5. The company also implements adequate means for the exercise of voting rights without being present in person, including by correspondence and electronically. | ADOPTED | If, on the one hand, EDP's [Articles of Association](https://www.edp.com/en/edp-articles-of-association) make it possible to exercise postal voting by letter (article 15(6)(a)), on the other hand, they allow and determine the procedure for exercising postal voting rights, including by electronic means, in accordance with requirements that ensure their authenticity (article 15, ((6)(7)(8)). As provided for in the notice of the Annual General Shareholders’ Meetings held on 10 April 2024, the right to vote may be exercised in one of the following ways: (i) advance electronic vote, or (ii) postal vote, or (iii) electronic vote during the Annual General Shareholders’ Meetings (telematic assistance) or (iv) in-person vote during the Annual General Shareholders’ Meetings.| Item 5 | Item 6 | Item 7 | Item 10 | Items 12 to 16 |  Item 56  
III.6. The Articles of Association of the company that provide for the restriction of the number of votes that may be held or exercised by one single shareholder, either individually or jointly with other shareholders, shall also foresee that, at least every five years, the general meeting shall resolve on the amendment or maintenance of such statutory provision – without quorum requirements greater than that provided for by law – and that in said resolution, all votes issued are to be counted, without applying said restriction. | NOT ADOPTED | Given the company's current shareholder structure, this recommendation has no practical applicability. However, in recent years, the issue of the statutory limitation on voting rights has already been considered by EDP's General Meeting three times, the last of which took place on 24 April 2019. The shareholders have thus been called upon to give their opinion on the limitation of the number of votes, and there has been significant support for maintaining the existence of the limitation and reflection on adjusting the relevant ceiling for counting voting rights, precisely in the direction of a progressive increase in this level. The company's shareholder dynamics have thus proved to be perfectly in tune with the direction advocated in the Recommendation and sufficiently capable of pursuing its objectives, dispensing with rigid formulas for the statutory provision of this revision, which has even fostered particularly intense shareholder scrutiny of this clause, without constituting an impediment to the regular functioning of the corporate control market. These circumstances confirm that the voting cap does not prevent the relevant involvement of shareholders in EDP's corporate governance, and it is true that there were 3 resolutions at the General Meeting, from 2011 to 2019, related to this statutory limitation. In effect, the limitation on the number of votes provided for in Article 15(3) of the Articles of Association reflects the express will of EDP's shareholders through resolutions of the General Meeting, in defence of the Company's specific interests: (i) the change in the aforementioned limit from 5% to 20% was approved by the shareholders at the General Meeting of 25 August 2011, in which 72.25% of the share capital was held and the approval was carried out by a majority of 94.16% of the votes cast; (ii) the subsequent increase to the current 25% was approved at the General Meeting of 20 February 2012, in which 71.51% of the share capital was held and approval was given by a majority of 89.65% of the votes cast; and (iii) the unsealing of the Articles of Association, in which 64.29% of the share capital was held and this change was rejected by a majority of the votes cast, with 56.61% voting against.|   
III.7. The company does not adopt any measures that require payments or the assumption of costs by the company in the event of change of control or change in the composition of the management body and which are likely to damage the economic interest in the transfer of shares and the free assessment by shareholders of the performance of the Directors.| ADOPTED | As provided for in EDP's Corporate Governance Manual, there are no known measures that have the effect of jeopardising the free transferability of shares and the free assessment by shareholders of the performance of the members of the management body. Likewise, EDP has not entered into any significant agreements that come into force, are amended or terminate in the event of a change of control of the Company following a takeover bid, with the exception of normal market practice with regard to the issue of debt. In fact, EDP is usually a party to financing contracts and issuers of bonds that include change of control clauses, which are typical of such contracts and securities and appear to be necessary for the realisation of the transactions, and their existence is not considered likely to harm the economic interest in the transfer of EDP's shares, nor the free assessment by shareholders of the performance of directors. In addition, with regard to any measures adopted that determine payments or the assumption of charges by the Company in the event of a change in the composition of the management body, apart from the situations set out in the Remuneration Report, there are no contracts in force at EDP that provide for payments in the event of dismissal or termination by agreement of the duties of a director, nor any other measures that determine payments or the assumption of charges by EDP in the event of a change in the composition of the management body.| Items 4 and 5 | Remuneration Report  
CHAPTER IV - MANAGEMENT   
Management Body and Executive Directors  
  
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IV.1.1. The management body ensures that the company acts in accordance with its object and does not delegate powers, notably with regard to: i) definition of the corporate strategy and main policies of the company [IV.1.1. (1)]; ii) organisation and coordination of the corporate structure [IV.1.1. (2)]; iii) matters that shall be considered strategic due to the amounts, risk and particular characteristics involved [IV.1.1. (3)].| NOT APPLICABLE | This recommendation is not applicable given the governance model in force at EDP. In fact, according to the dual governance model, the Executive Board of Directors does not delegate any of the matters referred to in this recommendation.| Item 17 | Item 18 | Item 19 | Item 21  
IV.1.2. The management body approves, by means of regulations or through an equivalent mechanism, the performance regime for executive directors applicable to the exercise of executive functions by them in entities outside the group.| ADOPTED | The [Internal Regulations of the Executive Board of Directors](https://www.edp.com/en/internal-regulation-executive-board-directors-0) expressly regulate this matter, and in particular article 7 provides that members of the Executive Board of Directors may not exercise executive functions in more than two companies not belonging to the EDP Group, and that their exercise must be subject to prior assessment by the Executive Board of Directors.| Item 17 | Item 18 | Item 19 | Item 21  
Management Body and Non-Executive Directors  
IV.2.1. Notwithstanding the legal duties of the chairman of the board of directors, if the latter is not independent, the independent directors – or, if there are not enough independent directors, the nonexecutive directors – shall appoint a coordinator among themselves to, in particular (i) act, whenever necessary, as interlocutor with the chairman of the board of directors and with the other directors, (ii) ensure that they have all the conditions and means required to carry out their duties, and (iii) coordinate their performance assessment by the administration body as provided for in Recommendation VI.1.1.; alternatively, the company may establish another equivalent mechanism to ensure such coordination.| NOT APPLICABLE | This recommendation is not applicable considering the Company’s governance model in force.  
IV.2.2. The number of non-executive members of the management body shall be adequate to the size of the company and the complexity of the risks inherent to its activity, but sufficient to ensure the efficient performance of the tasks entrusted to them, whereby the formulation of this adequacy judgement shall be included in the corporate governance report.| NOT APPLICABLE | This recommendation is not applicable considering the Company’s governance model in force.  
IV.2.3. The number of non-executive directors is greater than the number of executive directors.| NOT APPLICABLE | This recommendation is not applicable considering the Company’s governance model in force.  
IV.2.4. The number of non-executive directors that meet the independence requirements is plural and is not less than one third of the total number of non-executive directors. For the purposes of the present Recommendation, a person is deemed independent when not associated to any specific interest group in the company, nor in any circumstances liable to affect his/her impartiality of analysis or decision, in particular in virtue of:i.Having carried out, continuously or intermittently, functions in any corporate body of the company for more than twelve years, with this period being counted regardless of whether or not it coincides with the end of the mandate; ii.Having been an employee of the company or of a company that is controlled by or in a group relationship with the company in the last three years; iii.Having, in the last three years, provided services or established a significant business relationship with the company or with a company that is controlled by or in a group relationship with the company, either directly or as a partner, director, manager or officer of a legal person;iv.Being the beneficiary of remuneration paid by the company or by a company that is controlled by or in a group relationship with the company, in addition to remuneration stemming from the performance of the functions of director;v.Living in a non-marital partnership or being a spouse, relative or kin in a direct line and up to and including the 3rd degree, in a collateral line, of directors of the company, of directors of a legal person owning a qualifying stake in the company or of natural persons owning, directly or indirectly, a qualifying stake;vi.Being a holder of a qualifying stake or representative of a shareholder that is holder of a qualifying stake. | NOT APPLICABLE | This recommendation is not applicable considering the Company’s governance model in force.  
IV.2.5. The provisions of paragraph (i) of the previous Recommendation do not prevent the qualification of a new Director as independent if, between the end of his/her functions in any corporate body and his/her new appointment, at least three years have elapsed (cooling-off period).| NOT APPLICABLE | This recommendation is not applicable considering the Company’s governance model in force.  
CHAPTER V - SUPERVISION  
  
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V.1. With due regard for the competences conferred to it by law, the supervisory body takes cognisance of the strategic guidelines [V.1. (1)] and evaluates and renders an opinion on the risk policy, prior to its final approval by the administration body [V.1. (2)].| ADOPTED | Within the scope of the corporate governance model in force at EDP, the General and Supervisory Board also has a particularly important competence. In fact, although it does not have management powers, under the terms of Article 442(1) of the Companies Code, Article 18(2) of the Articles of Association establishes that the approval of EDP's strategic plan and the carrying out, by EDP or by companies controlled by EDP, of the following operations are subject to the prior favourable opinion of this corporate body (also in accordance with Article 15 of the  [Internal Regulations of the General and Supervisory Board](https://www.edp.com/en/regulation-general-and-supervisory-board)): (i) acquisitions and disposals of assets, rights or shareholdings of significant economic value; (ii) contracting of financing of significant value; (iii) opening or closing of establishments or important parts of establishments and important extensions or reductions in activity; (iv) other businesses or operations of significant economic or strategic value; (v) establishment or termination of strategic partnerships or other forms of lasting co-operation; (vi) demerger, merger or transformation projects; and (vii) amendments to the Articles of Association, including the change of registered office and capital increase, when these are at the initiative of the Executive Board of Directors. In addition, the General and Supervisory Board, within the scope of its competences, takes cognisance of the Company's strategic lines, in accordance with the provisions of articles 14, no. 1 and 17, no. 9 of its[ Internal Regulations](https://www.edp.com/en/regulation-general-and-supervisory-board). It is also worth mentioning the specific competences of the Financial Matters Committee in relation to financial matters and accounting practices, sustainability policies, procedures and practices, especially those with an impact on reporting, internal auditing practices and procedures, the mechanisms and internal procedures of the Internal Control System for Financial Reporting (ICFS) and the Internal Control System for Sustainability Reporting (ICSRS), matters relating to the risk management and control system, the activities and mechanisms of the compliance management system, the activity, including the provision of non-audit services, and independence of the Statutory Auditor/Board of Statutory Auditors and the systems for assessing and resolving conflicts of interest, namely with regard to the company's relations with shareholders. The Financial Matters Committee is responsible for monitoring, on an ongoing basis, the assessment of internal procedures relating to the effectiveness of the risk management system, internal control and internal audit systems, and must assess and comment on the EDP Group's strategic guidelines [V.1. (1)] and corporate risk management policy prior to their final approval by the Executive Board of Directors [V.1. (2)], under the terms of Article 12.2 i) of the FMC Internal Regulations. The General and Supervisory Board is also involved in the EDP Group's Business Plan, implicitly ensuring alignment between management and shareholders with regard to the Group's risk appetite. The General and Supervisory Board is also regularly informed of key risk indicators in line with performance metrics, which allow it to monitor the evolution of the company's risk profile.| Item 21 | Item 24 | Item 29 | Items 49 to 55  
V.2. The number of members of the supervisory body [V.2. (1)] and of the financial matters committee [V.2. (2)] should be adequate in relation to the size of the company and the complexity of the risks inherent to its activity, but sufficient to ensure the efficiency of the tasks entrusted to them, and this adequacy judgement should be included in the corporate governance report.| ADOPTED | [V.2 (1)] The General and Supervisory Board is made up of the number of effective members that may be established in the respective election resolution, but always in excess of the number of members of the Executive Board of Directors, , pursuant to Article 22(1) of the [Articles of Association](https://www.edp.com/en/edp-articles-of-association) . [V.2 (2)] In turn, the Financial Matters Committee will be made up of a minimum of 3 independent members in accordance with article 3 of the [Internal Regulations of the Financial Matters Committee](https://www.edp.com/en/internal-regulations-financial-matters-audit-committee), which in both cases is entirely proportional to the characteristics of the Company.| Item 15 | 17 | Item 21 | Item 29   
CHAPTER VI - PERFORMANCE ASSESSMENT, REMUNERATION AND APPOINTMENTS  
Annual Performance Assessment  
VI.1.1. The management body – or committee with relevant powers, composed of a majority of non-executive members – evaluates its performance on an annual basis [VI.1.1. (1)], as well as the performance of the executive committee [VI.1.1. (2)], of the executive directors and of the company committees [VI.1.1. (3)], taking into account the compliance with the strategic plan of the company and of the budget, the risk management, its internal functioning and the contribution of each member to that end, and the relationship between the bodies and committees of the company.| ADOPTED | [VI.1.1.(1)] Under the terms of Article 5(4) of the [Internal Regulations of the Executive Board of Directors](https://www.edp.com/en/internal-regulation-executive-board-directors-0) , the Chairman of this Board must ensure the adoption of appropriate mechanisms for the annual assessment of the functioning of the Executive Board of Directors and the performance of each of its members. It should be reiterated that, in fulfilment of the above, EDP has voluntarily set up a formal and objective process for evaluating the activity of the Executive Board of Directors, which makes it possible to assess the degree of compliance with the measures adopted. This is a distinctive practice adopted by the General and Supervisory Board, which is in line with the assessment criteria of the Dow Jones Sustainability Index and corresponds to the recognition of the continued endeavour for excellence in corporate governance practices that the General and Supervisory Board and the Executive Board of Directors have been developing. It should be noted that this entire assessment process, namely the content, format of the questionnaire and the respective conclusions, was analysed and certified by an external consultant. At the beginning of each year, the members of the General and Supervisory Board are invited to fill in a questionnaire during an interview, in order to gauge their personal perception of the performance of the Executive Board of Directors. This questionnaire analyses the following dimensions: (i) composition and organisation; (ii) the performance of the Executive Board of Directors in its activity; (iii) the relationship between the Executive Board of Directors and the General and Supervisory Board; (iv) the relationship between the Executive Board of Directors and other interlocutors. The purpose of the questionnaire is to provide an objective basis for reflection, which can be used by the General and Supervisory Board for the purposes of drawing up the evaluation opinion of the Executive Board of Directors, which is then presented to EDP's shareholders for a vote. This evaluation can be found in the Annual Report of the General and Supervisory Board - Statement on the Evaluation Process of EDP's Executive Board of Directors.[VI.1.1.(2)] Not applicable.[VI.1.1.(3)] Not applicable.| Item 21 | Item 24 e 25 | Item 27 | Item 29 | Item  52 | Item 54 | Remuneration Report  
Remunerations  
VI.2.1. The company constitutes a remuneration committee, whose composition shall ensure its independence from the board of directors, whereby it may be the remuneration committee appointed pursuant to Article 399 of the Portuguese Commercial Companies Code.| ADOPTED | The Remuneration Committee of the General and Supervisory Board is independent of management and aims to submit a proposal for the remuneration policy of the members of the Executive Board of Directors for approval by the General Meeting, at least every four years and whenever there is a significant change to the remuneration policy in force, as set out in article 27 of the [Articles of Association](https://www.edp.com/en/edp-articles-of-association) and article 28 b) of the[ Internal Regulations of the General and Supervisory Board](https://www.edp.com/en/regulation-general-and-supervisory-board). In turn, the Remuneration Committee of the General Meeting is responsible for setting the remuneration of the governing bodies, namely the General and Supervisory Board and the specialised committees, with the exception of the members of the Executive Board of Directors, under the terms of the remuneration policy proposal to be submitted to the General Meeting for approval, as set out in Article 11 of the  [Articles of](https://www.edp.com/en/edp-articles-of-association)[ ](https://www.edp.com/en/edp-articles-of-association)[Association](https://www.edp.com/en/edp-articles-of-association).| Item 29 | Remuneration Report  
VI.2.2. The remuneration of the members of the management and supervisory bodies and of the company committees is established by the remuneration committee or by the general meeting, upon proposal of such committee.| ADOPTED | Item 29 | Remuneration Report  
VI.2.3. The company discloses in the corporate governance report, or in the remuneration report, the termination of office of any member of a body or committee of the company, indicating the amounts of all costs related to the termination of office borne by the company, for any reason, during the financial year in question.| ADOPTED | The Corporate Governance Report identifies the composition of the governing bodies and respective specialised committees, including reference to the termination of duties, either by end of term of office, resignation or any other form of termination. In turn, the Remuneration Report identifies the amounts of all the Company's charges related to the duties of the governing bodies and respective specialised committees of the Company in the financial year in question, based on the Remuneration Policy approved for the term in question.| Item 29 | Items 69 to 88 | Remuneration Report  
VI.2.4. In order to provide information or clarification to shareholders, the president or another member of the remuneration committee shall be present at the annual general meeting and at any other general meeting at which the agenda includes a matter related to the remuneration of the members of bodies and committees of the company, or if such presence has been requested by shareholders.| ADOPTED | Article 5(2) of the [Internal Regulations of the Remuneration Committee of the General and Supervisory Board](https://www.edp.com/en/regulations-remunerations-committee-cgs) expressly states that in order to provide information or clarification to shareholders, the Chairman or, if he is unable to do so, another member of the Remuneration Committee, shall attend the General Meeting and any other general meetings if the respective agenda includes a matter related to the remuneration of the members of the Company's bodies and committees or if such attendance has been requested by shareholders. A similar provision is laid down in Article 4(8) of the[ Internal Regulations of the Remuneration Committee appointed by the General Meeting](https://www.edp.com/en/regulation-gm-remuneration-committee).| Item 29 | Remuneration Report  
  
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VI.2.5. Within the budget constraints of the company, the remuneration committee may freely decide to hire, on behalf of the company, consultancy services that are necessary or convenient for the performance of its duties.| ADOPTED | Both the Remuneration Committee of the General and Supervisory Board and the Remuneration Committee appointed by the General Shareholders' Meeting freely decide on the hiring by the Company of consultancy services that are necessary or convenient for the performance of their duties, and this prerogative is provided for in article 4.6 of the [Internal](https://www.edp.com/en/regulations-remunerations-committee-cgs) [ ](https://www.edp.com/en/regulations-remunerations-committee-cgs) [Regulations of the Remuneration Committee of the General and Supervisory Board ](https://www.edp.com/en/regulations-remunerations-committee-cgs)and in articles 4.4 and 4.5 of the  [Internal Regulations of the Remuneration Committee appointed by](https://www.edp.com/en/regulation-gm-remuneration-committee)[ ](https://www.edp.com/en/regulation-gm-remuneration-committee)[the General Shareholders' Meeting](https://www.edp.com/en/regulation-gm-remuneration-committee). In particular, the members of the Remuneration Committee appointed by the General Meeting may propose to the respective Chairman, in accordance with the budgeted amount, the hiring of technical services and specialists they deem necessary for the performance of their duties, under the terms of Article 10 (1) (b) of its Internal Regulations.| Item 29 | Item 67 | Remuneration Report  
VI.2.6. The remuneration committee ensures that such services are provided independently.| ADOPTED | In accordance with Article 4 (5) of its [Internal Regulations](https://www.edp.com/en/regulations-remunerations-committee-cgs) , the Remuneration Committee of the General and Supervisory Board ensures that consultancy services on remuneration matters are provided independently and that the respective providers will not be contracted to provide any other services to the Company itself or to others in a controlling or group relationship with it without the express authorisation of this Specialised Committee. In accordance with Article 4(5) of its [Internal Regulations](https://www.edp.com/en/regulation-gm-remuneration-committee) , the Remuneration Committee appointed by the General Meeting ensures that consultancy services on remuneration matters are provided independently and that the respective providers will not be contracted to provide any other services to the Company itself or to others in a control or group relationship with it without the express authorisation of the Committee. | Item 29 | Remuneration Report  
VI.2.7. The providers of said services are not hired by the company itself or by any company controlled by or in group relationship with the company, for the provision of any other services related to the competencies of the remuneration committee, without the express authorisation of the committee.| ADOPTED | Item 29 | Remuneration Report  
VI.2.8. In view of the alignment of interests between the company and the executive directors, a part of their remuneration has a variable nature that reflects the sustained performance of the company and does not encourage excessive risk-taking.| ADOPTED | The fulfilment of this recommendation can be found in Item 69 of this chapter and in the Remuneration Report (Part IV). | Items 69 and 70 | Remuneration Report  
VI.2.9. A significant part of the variable component is partially deferred over time, for a period of no less than three years, and is linked to the confirmation of the sustainability of performance, in terms defined in the remuneration policy of the company.| ADOPTED | The fulfilment of this recommendation can be found in Items 69, 70 and 72 of this chapter and in the Remuneration Report (Part IV). | Item 69 | Items 70 and 72 | Remuneration  Report  
VI.2.10. When the variable remuneration includes options or other instruments directly or indirectly subject to share value, the start of the exercise period is deferred for a period of no less than three years. | NOT APPLICABLE | There are no plans to award options or other instruments directly or indirectly dependent on the value of the shares. | Items 85 to 88 | Remuneration Report  
VI.2.11. The remuneration of non-executive directors does not include any component whose value depends on the performance of the company or of its value. | NOT APPLICABLE | This recommendation is not applicable given the governance model in force at the Company.  
Appointments  
VI.3.1. The company promotes, in the terms it deems adequate, but in a manner susceptible of demonstration, that the proposals for the appointment of members of the corporate bodies are accompanied by grounds regarding the suitability of each of the candidates for the function to be performed.| ADOPTED | The [Selection Policy ](https://www.edp.com/en/selection-policy-members-general-and-supervisory-board-and-exe-board-directors)for members of the General and Supervisory Board and the Executive Board of Directors in force, in line with best practice, aims to establish transparent and objective selection processes. The appointment of the members of the General and Supervisory Board and the Executive Board of Directors - although this is the responsibility of the General Meeting - is the result of an objective and transparent selection process that assesses the suitability of the candidates, individually and collectively, considering the legal and statutory competences of these governing bodies. Within the scope of the selection process, the integration of diverse skills, professional experience, diversity of knowledge, gender and cultures must be ensured, taking into account the specificities of the Company's business. The proposals for electing the members of the General and Supervisory Board and the Executive Board of Directors must be submitted to the General Meeting, duly substantiated, so that the shareholders can verify the suitability of the candidates' profile, knowledge and CV for the duties they are to fulfil. It is also worth highlighting the competences specifically provided for in the [Internal Regulations of the Corporate Governance and Sustainability](https://www.edp.com/en/regulation-governance-sustainability-committee)[ ](https://www.edp.com/en/regulation-governance-sustainability-committee)[Committee](https://www.edp.com/en/regulation-governance-sustainability-committee), which give it the power to monitor, in coordination with the Executive Board of Directors, the definition of selection criteria, the establishment of the competences necessary for the structures and internal bodies of the Company, the Subsidiaries, as well as other entities in relation to which the Company has the right to appoint the members of the governing bodies, and their repercussions on the respective composition, in conjunction with EDP's Selection Policy and the criteria enshrined therein of merit, suitability for the position and diversity. In this regard, EDP effectively promotes the presentation of proposals for shareholder resolutions in accordance with the Selection Policy in force, which requires that the respective proposals be duly substantiated.| Items 17 to 19  
VI.3.2. The committee for the appointment of members of corporate bodies includes a majority of independent directors. | NOT APPLICABLE | This recommendation is not applicable considering the Company’s governance model in force.  
VI.3.3. Unless it is not justified by the size of the company, the task of monitoring and supporting the appointments of senior managers shall be assigned to an appointment committee.| NOT APPLICABLE | This recommendation is not applicable considering the Company’s governance model in force.  
VI.3.4. The committee for the appointment of senior management provides its terms of reference and promotes, to the extent of its powers, the adoption of transparent selection processes that include effective mechanisms for identifying potential candidates, and that for selection those are proposed who present the greatest merit, are best suited for the requirements of the position and promote, within the organisation, an adequate diversity including regarding gender equality.| NOT APPLICABLE | Under the terms of Article 23(1)(f) of the Company's Articles of Association and Article 14(1)(h) of the Internal Regulations of the General and Supervisory Board, this body is responsible, directly or through the Committees created for this purpose, for "monitoring the definition of criteria and competences required in the structures and internal bodies of the Company or the Group or appropriate to be observed and their repercussions on the respective composition, as well as the drawing up of succession plans". In fact, it is the Corporate Governance and Sustainability Committee that monitors the preparation, in coordination with the Executive Board of Directors, of succession plans for the management staff, structures and internal bodies of the Company and Subsidiaries, as well as other entities in relation to which EDP has the right to appoint the members of the governing bodies. In this regard, the objective is to identify in advance any need to reinforce human resources in order to ensure the continuity of the Company's regular operation. | Items 17 to 19 | Annual Report of the General  and Supervisory Board  
  
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CHAPTER VII - INTERNAL CONTROL  
VII.1. The management body discusses and approves the strategic plan [VII.1. (1)] and risk policy of the company, which includes setting limits in matters of risk-taking [VII.1. (2)].| ADOPTED | [VII.1. (1)] The Executive Board of Directors is ultimately responsible for deciding, supervising and controlling risk management, and is responsible for setting the EDP Group's management objectives and policies. Among other duties, it is responsible for approving the Business Plan, defining risk policies, namely the respective exposure limits by risk category and allocating resources according to the risk profile. In turn, the General and Supervisory Board is responsible for permanently monitoring and assessing the effectiveness of the risk management system. As provided for in Article 18(2) of the Company's [Articles of Association](https://www.edp.com/en/edp-articles-of-association), the approval of the strategic plan and the carrying out by the Company or Companies Controlled by EDP of the relevant operations shall be subject to the prior favourable opinion of the General and Supervisory Board.[VII.1. (2)] As stated in Article 4(2)(n) of its [Internal Regulations, the Executive Board of Directors](https://www.edp.com/en/internal-regulation-executive-board-directors-0) is responsible for "ensuring that the Company's risks are identified, assessed, controlled and managed, defining risk objectives, establishing the Company's risk profile and coordinating decisions on the management of material risks." To this extent, the setting of EDP's strategic objectives in terms of risk-taking must be analysed by the General and Supervisory Board and by the Financial Matters Committee on a proposal from the Executive Board of Directors, namely in the context of the assessment of the Company's business plan. The Executive Board of Directors must continually endeavour to improve the internal control and risk management systems, assessing their effectiveness and implementing the measures that are appropriate to strengthen the levels of quality assurance. It should also be noted that the Executive Board of Directors periodically reports to the General and Supervisory Board and the Financial Matters Committee on the identification and evolution of the main risks linked to EDP's activity, quantifying the impact and probability of occurrence of the risks considered relevant.| Items 50 to 55 | Annual Report of the General  and Supervisory Board  
VII.2. The company has a specialised committee or a committee composed of specialists in risk matters, which reports regularly to the management body| ADOPTED | The company has a Financial Matters Committee (CMF), appointed by resolution of the General and Supervisory Board, made up of independent members with appropriate professional qualifications for the sector in which the company operates and an adequate diversity of skills, knowledge and professional experience, as detailed in their CVs. In accordance with the [Articles of Association](https://www.edp.com/en/edp-articles-of-association) and the  [Internal Regulations of the Financial Matters Committee](https://www.edp.com/en/internal-regulations-financial-matters-audit-committee) and under the terms of the applicable legislation, this Committee's main mission, among others, is to permanently monitor and supervise matters relating to the risk management and control system. The Committee is also responsible for overseeing the effectiveness of risk management systems, as well as monitoring, with particular attention, significant exposures to financial and non-financial risks, such as ESG (Environmental, Social and Governance) risks. Under the terms of Article 12, no. Pursuant to Article 12(2)(j) of its Internal Regulations, in carrying out its duties, the CMF shall also monitor the identification, assessment, control and management of risks and the assessment of the degree of internal compliance with the Company's risk management system, continuously monitoring its performance and effectiveness, in conjunction with the Executive Board of Directors, namely monitoring risk control policies, the identification of key risk indicators (KRI) and integrated risk assessment methodologies, being able to request information deemed relevant from the Risk Department and the Risk Committee, and, whenever it proves necessary, implement the appropriate mechanisms and procedures for this purpose, and must assess and express an opinion on the EDP Group's strategic lines and corporate risk management policy prior to their final approval by the Executive Board of Directors. In this regard, this committee is authorised to propose measures to improve the functioning of risk management systems to the General and Supervisory Board and the Executive Board of Directors. These functions and powers demonstrate the regular coordination between this specialised committee and the management body. EDP also has a Risk Committee, fully dedicated to discussing risk management issues, namely (i) sharing information on significant risks and the EDP Group's overall risk profile, (ii) discussing the results of risk assessments developed jointly with the Organisational Units, (iii) discussing and issuing opinions or recommendations on risk policies, risk limits or specific risks, (iv) promoting and monitoring the identification and assessment of the main risks and (v) approving the periodic reporting model to be presented by the Organisational or Corporate Risk Units, as well as other monitoring mechanisms. This Committee meets quarterly and reports to the Executive Board of Directors. It is made up of members of the Executive Board of Directors, heads of the Business Enablement Functions relevant to the EDP Group's risk management (Corporate Finance, Financial Planning & Analysis, Strategy and Management, Investor Relations & ESG, Internal Audit, Ethics & Compliance, Regulation, Markets and Stakeholders Management and Safety, Security, Security and Business Continuity), Ethics & Compliance, Regulation, Markets and Stakeholders Management and Safety, Security and Business Continuity) and by heads of subsidiary companies and/or Platforms and Regions with risk management responsibilities (Global Energy Management, Renewables Generation Assets, Networks, Client Solutions, South America, Iberia and Global Business Services). In addition to these, the Chairman of the Executive Board of Directors and the Chairman of the CMF are also invited members to all Risk Committee meetings.| Item 21 | Item 29 | Annex I  
VII.3. The supervisory body is organised internally, implementing periodic control mechanisms and procedures, in order to ensure that the risks effectively incurred by the company are consistent with the objectives set by the administration body.| ADOPTED | In accordance with article 12(2)(j) of the respective[ Internal Regulations](https://www.edp.com/en/internal-regulations-financial-matters-audit-committee) , the Financial Matters Committee shall, in carrying out its duties, monitor, with particular attention, the identification, assessment, control and management of risks and the assessment of the degree of internal compliance with the Company's risk management system, continuously monitoring its performance and effectiveness, in liaison with the Executive Board of Directors, namely monitoring risk control policies, the identification of key risk indicators (KRI) and integrated risk assessment methodologies, and may request information deemed relevant from the Risk and the Risk Committees (Global Risk Committee, Financial Risk Committee e Risk Monitoring Committee), and shall, whenever necessary, implement the appropriate mechanisms and procedures for this purpose. Risk monitoring ensures effective action on the risks identified, both in terms of control and periodic reporting of the position of the various risk factors, and in terms of the effective implementation of the policies, standards and procedures established for risk management. This exercise is the responsibility of the Executive Board of Directors and the various Platforms and Regions, and Risk's CoEs (Centres of Excellence) and Platform Business Partners are responsible for promoting and boosting risk management and control actions, disseminating best practices and supporting the dissemination of concepts, methods, risk measures and key risk indicators (KRI). Risk also develops a set of monthly and quarterly management information reports, which are distributed to the Executive Board of Directors and the Platform Management Teams.These reports allow the organisation to regularly follow KRIs that are aligned with performance metrics and, as such, reflect the risk profile at any given time. In addition, these indicators are subject to risk limits that are in turn aligned with the EDP Group's objectives and strategy, thus allowing it to be effectively implemented at an operational level. This information and the evolution of the company's risk profile is also reported to the General and Supervisory Board, namely through the Risk Appetite dashboard which is shared quarterly. Under the terms of Article 12(3) of its [Internal Regulations](https://www.edp.com/en/internal-regulations-financial-matters-audit-committee), the Financial Matters Committee is authorised, within the scope of its duties, to propose to the General and Supervisory Board and the Executive Board of Directors measures designed to guarantee the integrity of financial and sustainability information and improve the functioning of the internal audit, internal control of financial and sustainability information, risk management and compliance management systems. In addition, the Financial Matters Committee is also authorised to (i) propose to the General and Supervisory Board the hiring of services from independent specialists and consultants in accordance with the budgeted amounts, (ii) carry out other due diligence on the Company and Subsidiary or Group companies, to the extent that such steps are necessary for the fulfilment of their responsibilities, (iii) to obtain directly, or indirectly through the Chairman of the General and Supervisory Board, all the information necessary for the performance of their duties, (iv) to attend meetings of the Executive Board of Directors, attendance at meetings where the accounts for the financial year are appraised being mandatory, (v) to assess, on an annual basis, the activity and performance of Internal Audit, as well as the adequacy of working conditions, namely in terms of human resources and technical means, (vi) to assess, on an annual basis, the activity and performance of Ethics & Compliance, as well as the adequacy of working conditions, namely in terms of human resources and technical means, (vii) to review, on an annual basis, (vii) to review, on an annual basis, in coordination with the Executive Board of Directors, the Basic Internal Audit Standard, (viii) to review and approve, and biannually or whenever material changes occur, in coordination with the Executive Board of Directors, the Compliance Standard and (ix) to permanently monitor the communication by the Company to the Portuguese Institute of Statutory Auditors, regarding the conclusion of the respective contracts, the name of the Statutory Auditor, the nature and duration of the service to be provided.| Items 50 to 55 | Annual Report of the General  and Supervisory Board  
VII.4. The internal control system, comprising the risk management, compliance, and internal audit functions, is structured in terms that are adequate to the size of the company and the complexity of the risks inherent to its activity, whereby the supervisory body shall assess it and, within the ambit of its duty to monitor the effectiveness of this system, propose any adjustments that may be deemed necessary.| ADOPTED | Item 50 | Items 52, 54 e 55 | Annual Report of  the General and Supervisory Board  
  
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RECOMMENDATIONS | ADOPTED NOT ADOPTED NOT APPLICABLE | COMMENTS | REPORT DESCRIPTION  
VII.5. The company establishes procedures of supervision, periodic assessment and adjustment of the internal control system, including an annual assessment of the degree of internal compliance and performance of such system, as well as the prospects for changing the previously defined risk framework.| ADOPTED | As mentioned in the comments on recommendation VII.1, EDP's Executive Board of Directors should continuously endeavour to improve the internal control and risk management systems, assessing their effectiveness and implementing the measures that are appropriate to strengthen the levels of quality assurance. It should also be noted that the Executive Board of Directors periodically reports to the General and Supervisory Board and the Financial Matters Committee on the identification and evolution of the main risks linked to EDP's activity, quantifying the impact and probability of occurrence of the risks considered relevant. The Financial Matters Committee must, according to Article 12(2)(i) of its Rules of Procedure, monitor with particular attention the identification, assessment, control and management of risks and evaluate the degree of internal compliance. The Financial Matters Committee must, according to Article 12(2)(i) of its [Internal Regulations](https://www.edp.com/en/internal-regulations-financial-matters-audit-committee), monitor with particular attention the identification, assessment, control and management of risks and the assessment of the degree of internal compliance, as well as continuously monitoring the performance and effectiveness of the company's risk management system, in conjunction with the Executive Board of Directors, namely monitoring risk control policies, the identification of key risk indicators (KRI) and integrated risk assessment methodologies, It may ask the Risk and the Risk Committee for any information deemed relevant and, whenever necessary, it must implement the appropriate mechanisms and procedures for this purpose, and it must assess and give its opinion on the EDP Group's strategic lines and corporate risk management policy prior to their final approval by the Executive Board of Directors. In addition to Article 12(1)(f) of the respective [Internal Regulations](https://www.edp.com/en/internal-regulations-financial-matters-audit-committee), which specifically provides for the competence of the Financial Matters Committee to supervise the effectiveness of internal audit systems, internal control over financial reporting (ICFR), internal control over sustainability reporting (ICSRS), risk management, and compliance management, it should also be considered that the Financial Matters Committee is authorised to propose to the General and Supervisory Board and the Executive Board of Directors measures designed to guarantee the integrity of financial and sustainability information and improve the functioning of internal audit systems, internal control of financial and sustainability information, risk management and compliance management, in accordance with Article 12(3)(a) of the Internal Regulation. Article 12(3)(a). It is also the responsibility of the Financial Matters Committee, in accordance with Article 12(3)(f) of the corresponding[ Internal Regulations](https://www.edp.com/en/internal-regulations-financial-matters-audit-committee), to assess the activity and performance of the Internal Audit on an annual basis, as well as the suitability of working conditions, namely in terms of human resources and technical means.| Items 50 to 55  
VII.6. Based on its risk policy, the company sets up a risk management function, identifying (i) the main risks to which it is subject in the operation of its business [VII.6. (1)], (ii) the probability of their occurrence and respective impact [VII.6. (2)], (iii) the instruments and measures to be adopted in order to mitigate such risks [VII.6. (3)], and (iv) the monitoring procedures, aimed at following them up [VII.6. (4)].| ADOPTED | EDP has several internal regulations that contain provisions on risk management strategy and policies. EDP's Corporate Risk Management Manual includes specific chapters on the structure of corporate risk management, the risk management process, corporate risk management tools and periodic updating. As for the document "Formalising a risk appetite in the EDP Group", the aim is to formalise and publicise EDP's approach to risk, as an important element of alignment and transparency with shareholders and other stakeholders, as well as explaining the pillar of controlled risk.For more information, please see: [Corporate Risk Management Policy](https://www.edp.com/en/investors/corporate-governance/risk-management-policy#risk-management-policy) [VII.6.(1)] Item 53 of this Report and Section 2.2.5. of the Annual Integrated Report set out the main risks to which EDP is subject in the course of its business.[VII.6.(2)] Within the scope of Section 2.2.5. of the Annual Integrated Report, EDP identifies the probability of occurrence of some of the risks associated with the activity and the respective impact.[VII.6.(3)] With regard to the instruments and measures to be adopted with a view to mitigating the risk, EDP accepts this sub-recommendation as it results from the integrated reading of Item 53 of this Report and Section 2.2.5. of the Annual Integrated Report.[VII.6.(4)] Acceptance of the sub-recommendation regarding monitoring procedures, with a view to the respective follow-up, is supported under the terms of Item 54 of this Report and Section 2.2.5. of the Annual Integrated Report, the corresponding risk management being structured in six main phases, the "monitoring" phase being the penultimate of these.| Item 50 | Items 53 and 54  
VII.7. The company establishes processes to collect and process data related to the environmental and social sustainability in order to alert the management body to risks that the company may be incurring and propose strategies for their mitigation.| ADOPTED | In 2024, EDP completed the process of preparing the Company for sustainability reporting under Directive (EU) 2022/2464 of the European Parliament and of the Council of 14 December 2022 - Corporate Sustainability Reporting Directive (CSRD). The 2024 Integrated Annual Report reflects the results of the implementation of the Double Materiality Assessment under the CSRD and compliance with the European Sustainability Reporting Standards (ESRS). The EDP Group is developing a project to implement an Internal Control System on Sustainability Reporting (ICSSR) under the shared management of the Ethics & Compliance and Investor Relations & ESG areas. This project is based on: (i) a scoping model, which includes the calculation, assessment and documentation of the dual materiality exercise, as well as the identification of mandatory disclosures in accordance with the assumptions and obligations arising from current regulations, for the EDP Group; (ii) a gap analysis of sustainability reporting disclosures, focusing on mandatory information, mapping of processes and identification of disclosure risks associated with these processes; (iii) the identification and analysis of control gaps; and (iv) the definition of an implementation plan to address the identified gaps.Although EDP has had a sustainability governance model for several decades, in 2006, with the adoption of a dual governance model, the General and Supervisory Board was set up to monitor and supervise EDP's management, as well as a specialised committee - the Corporate Governance and Sustainability Committee - with the mission of permanently monitoring and supervising matters relating to sustainability in all its dimensions. Although EDP has had a sustainability governance model for several decades, in 2006, with the adoption of a dual governance model, the General and Supervisory Board was set up to monitor and supervise EDP's management, as well as a specialised committee - the Corporate Governance and Sustainability Committee - with the mission of permanently monitoring and supervising matters relating to sustain-ability in all its dimensions. Therefore, under the terms of article 12.1 d) of the respective[ Internal Regulations](https://www.edp.com/en/regulation-governance-sustainability-committee), it is the responsibility of the Corporate Governance and Sustainability Committee to support and monitor the definition of sustainability policies and strategies, in its three Environmental, Social and Governance (ESG) dimensions, as well as their implementation, making any recommendations deemed appropriate to the General and Supervisory Board and the Executive Board of Directors. In turn, the Executive Board of Directors is supported in the management of its activities by the Investor Relations & ESG and the Sustainability Committee, whose main duties are to (i) share information and dis-cuss the implications of the main legislative packages on sustainability, (ii) share the evolution of the Group's ESG performance indicators and the respective benchmarks, (iii) discuss and issue an opinion on the development and updating of the sustainability policies of the Group's companies, (iv) discuss and issue an opinion on the annual action plans, as well as on the objectives and targets to be achieved by the EDP Group and (v) monitor the development of the approved action plans and the activities of the sustainability management structures of the EDP Group's companies. Sustainability in the EDP Group is organised with the aim of establishing close communication between the corporate structure and the functional structures, enhancing the flow of information and the operationalisation of its strategy, and its organisation is described on the respective corporate website.| Item 21 | Items 50 to 55 | Management Report  in the sustainability section  
  
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RECOMMENDATIONS | ADOPTED NOT ADOPTED NOT APPLICABLE | COMMENTS | REPORT DESCRIPTION  
VII.8. The company reports on how climate change is considered within the organisation and how it takes into account the analysis of climate risk in the decision-making processes.| ADOPTED | EDP's General Shareholders’ Meeting of 10 April 2024 considered the Climate Transition Plan - Progress Report 2023, following the Company's commitment in 2023 to achieve Net- Zero by 2040, reducing its CO2 emissions in absolute terms by 90% compared to the base year 2020, including scopes 1, 2 and 3, based on the description of climate metrics and targets, the global climate governance in place and the identification of strategic levers to align implementation with global climate commitments, with this report aiming to provide a comprehensive account of material progress throughout 2023, against the base year 2020, and performance in 2022. On a quarterly basis, EDP informs the market and the general public about the progress of this plan, for key CO2 indicators through its ESG Report and, annually, in the Integrated Report with a broader stakeholder approach. Monitoring of the objectives is carried out and disclosed in the Management Report, sections 3.4. of Sustainability (decarbonising) and 4. Sustainability Statement (E1 Climate Change), which also includes monitoring the implementation of the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). The climate transition is intrinsic to EDP's business, with an internal governance model established to ensure a resilient climate strategy, its effective implementation and a monitoring system capable of tracking performance efficiently. In this regard, the General Supervisory Board oversees the implementation of EDP's Climate Strategy through its Corporate Governance and Sustainability Committee, which is responsible for discussing ESG topics between three and four times a year, with Climate at the top of this agenda. The Remuneration Policy for the members of the Executive Board of Directors, proposed by the Remuneration Committee of the General and Supervisory Board and approved by the General Meeting at least every four years, establishes a fixed component and a variable component, the latter including ESG key performance indicators (KPIs), such as the Climate KPI, which are aligned with the Company's current Business Plan and are applicable for the 2024-2026 term of office, including, namely, EDP's performance in the Dow Jones Sustainability Index, the CO2 intensity reduction target, the installed renewable energy capacity, aligned with public commitments, and the performance of the Bloomberg Gender Diversity Index. The Executive Board of Directors plays a central role in approving the EDP Group's Business Plan, as well as in its execution, foreseeing the decarbonisation path, supported by a global risk management process aligned with different climate scenarios. Before approval, the sustainability strategy is prepared by Investor Relations & ESG, supported by the Risk and Regulation, Markets and Stakeholders Management Divisions. In addition, with the involvement of the main Business Units, the Sustainability Committee discusses the proposed sustainability strategy prior to its approval. To highlight the role and impact of EDP's climate strategy, a Net Zero Acceleration Programme (NZAP) was created as part of the Climate Transition Plan.| Management Report in the sustainability  section | Annual Report of the General and Supervisory Board  
VII.9. The company informs in the corporate governance report on the manner in which artificial intelligence mechanisms have been used as a decision-making tool by the corporate bodies.| ADOPTED | EDP does not have an automatic advisory mechanism for decision-making by the governing bodies. Nevertheless, it should be noted that the company takes advantage of data, analytics and artificial intelligence practices applied in various aspects of its activity: (i) business and services for final customers, (ii) optimisation and technical decision support for the assets that EDP manages, (iii) management support decisions based on a data-driven culture and (iv) digitisation and automation of processes. With regard to the governance of intelligent models (application of machine learning techniques), a lifecycle model for these digital assets, their cataloguing and documentation, as well as an operational model that takes into account the dimensions of Responsible AI have been established. The company remains committed to closely monitoring the evolution of the artificial intelligence market, as well as emerging trends in the use of artificial intelligence in decision-making processes. EDP is committed to maintaining a proactive stance, closely monitoring technological innovations and developments in this field. This is realised through multidisciplinary teams comprising technology, business, ethics, legal and compliance experts. It should also be noted that EDP approved, in 2023, the Policy for the Use of Generative Artificial Intelligence (AI) Applications in the EDP Group, with the main objective of establishing a set of guidelines to be followed in the use of AI applications for professional use, based on principles applicable to all users, with a view to guaranteeing the safe, compatible and reliable use of these applications.| Management Report in the sustainability  section   
VII.10. The supervisory body pronounces on the work plans and resources allocated to the services of the internal control system, including the risk management, compliance, and internal audit functions, and may propose adjustments as deemed necessary.| ADOPTED | | Item 50 | Items 53 to 54 |  Annual Report of the General and Supervisory  Board  
VII.11. The supervisory body is the addressee of reports made by the internal control services, including the risk management, compliance, and internal audit functions, at least when matters related to accountability, identification or resolution of conflicts of interest and detection of potential irregularities are concerned.| ADOPTED | Under the terms of Article 12(1)(v) of the [Internal Regulation](https://www.edp.com/en/internal-regulations-financial-matters-audit-committee), the Financial Matters Committee is responsible for supervising and monitoring the company's financial statements, on an individual or consolidated basis, taking into account any recommendations made by the company. Under the terms of Article 12(1)(r) of the respective Internal Regulations, the Financial Matters Committee is responsible for supervising and monitoring the company's financial statements, on an individual or consolidated basis, taking into account any recommendations from the Portuguese Securities Market Commission (CMVM) and assessing the content of the annual reports on conclusions, certification of accounts and audits and the additional report to the supervisory body, together with the Statutory Auditor, and the Financial Matters Committee must be the first recipient of these reports, The Financial Matters Committee should be the first recipient of these reports, namely with regard to any reservations made, for the purposes of making recommendations to the General and Supervisory Board and the Executive Board of Directors, and should also be the recipient of the reports drawn up by the internal control services, including the risk management, compliance and internal audit functions, at least when matters relating to the rendering of accounts, the identification or resolution of conflicts of interest and the detection of potential irregularities are involved. The Financial Matters Committee must also guarantee the activity and independence of the Statutory Auditor/Audit Firm, under the terms of Annex II of the aforementioned Rules of Procedure and the applicable legislation and regulations, in order to assess their independence and compliance with the legal, regulatory and contractual provisions and the principles and good practices governing the actions of audit firms and their representatives towards auditees.| Item 50 | Items 53 and 54 | Annual Report of  the General and Supervisory Board  
  
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RECOMMENDATIONS | ADOPTED NOT ADOPTED NOT APPLICABLE | COMMENTS | REPORT DESCRIPTION  
CHAPTER VIII - INFORMATION AND STATUTORY AUDIT OF ACCOUNTS  
Information   
VIII.1.1. The regulations of the supervisory body requires that the supervisory body monitors the suitability of the process of preparation and disclosure of information by the management body, including the appropriateness of accounting policies, estimates, judgements, relevant disclosures and their consistent application from financial year to financial year, in a duly documented and reported manner.| ADOPTED | Since 2023, and in anticipation of the transposition of Directive (EU) 2022/2464, of the European Parliament and of the Council, of 14 December 2022 - Corporate Sustainability Reporting Directive (CSRD), EDP has opted to disclose an Integrated Report (for the 2022 financial year), which includes financial and non-financial information (or information on sustainability), so the adequacy of the preparation and disclosure process is supervised by the General and Supervisory Board, both for financial and non-financial information, given the uniqueness of the Report, issuing an opinion on it (article 14, paragraph 1, subparagraphs 1 and 2). Article 14(1)(e), (k) and (w) of the [respective Internal Regulations](https://www.edp.com/en/internal-regulations-financial-matters-audit-committee)). In Article 12(1)(i)(j) of the [Internal Regulations of the Financial Matters Committee](https://www.edp.com/en/internal-regulations-financial-matters-audit-committee), it is empowered to supervise the adequacy of the financial and sustainability information preparation and disclosure process and to prepare a report for the General and Supervisory Board, which includes the Financial Matters Committee and its role in overseeing this process, namely regarding the adequacy of accounting policies, estimates, judgements, relevant disclosures and their consistent application between financial years and on ensuring the reliability of sustainability reporting. The [Internal Regulations of the Corporate Governance and Sustainability Committee](https://www.edp.com/en/regulation-governance-sustainability-committee) set out in Article 2(1)(b) its mission to permanently monitor and supervise matters relating to sustainability in all its dimensions. To support and monitor the definition of the company's sustainability policies and strategies, in their three dimensions of Environmental, Social and Governance (ESG), as well as their implementation, making recommendations to the General and Supervisory Board and the Executive Board of Directors deemed appropriate in this regard, and to monitor and conduct regular analyses of the main trends and developments in regulations and best practices in ESG matters that are relevant to the company's activity (article 12.1 d) and e) of the respective Internal Regulations). For its part, the Financial Matters Committee, in accordance with Article 12(2)(b), (f) and (g) of the respective Internal Regulations, is responsible for monitoring the definition of sustainability policies and strategies in their different dimensions with an impact on sustainability reporting, significant exposures to financial and non-financial risks, namely ESG risks, and the development of good corporate governance practices in terms of the internal control system for financial and sustainability information. In this regard, the General and Supervisory Board, following the supervision and monitoring of information and the issuing of the respective opinions by the Financial Matters Committee and the Corporate Governance and Sustainability Committee, supervises the adequacy of the process for preparing and disclosing financial and sustainability information (article 14(1,)(v) of the respective Internal Regulations).| Item 21 | Item 27 | Item 29 | Item 46 | Item 50 |  Item 55  
Statutory Audit and Supervision  
VIII.2.1. By means of regulation, the supervisory body defines, in accordance with the applicable legal regime, the supervisory procedures to ensure the independence of the statutory auditor.| ADOPTED | The duties of the Financial Matters Committee are set out in Article 12 of the respective [Internal Regulations](https://www.edp.com/en/internal-regulations-financial-matters-audit-committee). This specialised committee must guarantee the activity and independence of the Statutory Auditor, under the terms of the applicable legislation and regulations, in order to assess their independence and compliance with legal provisions, and contractual provisions and the principles and good practices that govern the actions of audit firms and their representatives in relation to auditees, as well as approving the provision of audit and non-audit services by the Statutory Auditor to the Company or Subsidiaries, ensuring a verification of current limitations and an adequate prior assessment of the threats to the Statutory Auditor's independence that the provision of these services may cause and the safeguards applied or to be applied to mitigate them. In carrying out its duties, the Financial Matters Committee shall monitor, with special attention, the activity and contractual relations with the Statutory Auditor, without interfering in the performance of its duties, and may make recommendations or request clarifications within the scope of the relationship between the General and Supervisory Board, the Executive Board of Directors and the Statutory Auditor, in relation to financial and sustainability information, as well as monitoring and assessing, under the legal terms, the objectivity and independence of the Statutory Auditor, namely with regard to the provision of non-audit services.It is also worth highlighting Article 12(1)(i)(j), which gives this corporate structure the power to supervise the adequacy of the financial sustainability information preparation and disclosure process and also to prepare a report for the General and Supervisory Board, which includes the Financial Matters Committee and its role in overseeing this process, including in particular the appropriateness of accounting policies, estimates, judgements, relevant disclosures and their consistent application from year to year, and ensuring the reliability of sustainability reporting. In addition, EDP has a [Regulation on the Provision of Services by the Statutory Auditor or Firm of Statutory Auditors](https://www.edp.com/en/services-provided-statuary-auditor-accounts) which defines and promotes criteria and methodologies for safeguarding the independence of the Statutory Auditor and the Firm of Statutory Auditors in the provision of the respective Audit Services and Non-Audit Services (SDA) to EDP or the entities under its control. These regulations can be consulted on [EDP's website](https://www.edp.com/en/services-provided-statuary-auditor-accounts). The supervisory procedures designed to ensure the independence of the Statutory Auditor are set out in the Regulation on the provision of services by the Statutory Auditor or Statutory Audit Firm, as well as in Annex II to the [Internal Regulation of the](https://www.edp.com/en/internal-regulations-financial-matters-audit-committee)[ ](https://www.edp.com/en/internal-regulations-financial-matters-audit-committee)[Financial Matters Committee](https://www.edp.com/en/internal-regulations-financial-matters-audit-committee), which specifically provides for the annual assessment process of the Company's Statutory Auditor.| Items 39 to 41  
VIII.2.2. The supervisory body is the main interlocutor of the statutory auditor within the company and the first addressee of the respective reports [VIII.2.2. (1)], and is competent, namely, for proposing the respective remuneration and ensuring that adequate conditions for the provision of the services are in place within the company [VIII.2.2. (2)].| ADOPTED | [VIII.2.2 (1)] The Financial Matters Committee is responsible for assessing the content of the annual reports certifying the accounts (Article 12(1)(r) of the respective [Internal Regulation](https://www.edp.com/en/internal-regulations-financial-matters-audit-committee)) and [VIII.2.2 (2)] shall monitor, with special attention, the activity and contractual relations with the Statutory Auditor, without interfering in the performance of its duties, and may make recommendations or request clarifications within the scope of the relationship between the General and Supervisory Board, the Executive Board of Directors and the Statutory Auditor, in relation to financial information, as well as monitor and assess, under the legal terms, the objectivity and independence of the Statutory Auditor, namely with regard to the provision of non-audit services (Article 12 (2) (k) of the respective[ Internal Regulations](https://www.edp.com/en/internal-regulations-financial-matters-audit-committee)). In addition, the aforementioned Internal Regulations lay down specific powers for the Financial Matters Committee to propose to the General and Supervisory Board the hiring and dismissal of the Statutory Auditor, as well as the respective remuneration (Article 12(1)(u)).| Item 21 | Item 29  
VIII.2.3. The supervisory body annually evaluates the work carried out by the statutory auditor, its independence and suitability for the exercise of its functions and shall propose to the competent body its dismissal or termination of the contract for the provision of its services whenever there is just cause to do so.| ADOPTED | In its Internal Regulations, the Financial Matters Committee has specific prerogatives and competences to assess the work carried out by the Statutory Auditor on an annual basis, namely (i) proposing to the General and Supervisory Board the hiring and dismissal of the Statutory Auditor, as well as the respective remuneration (article 12, no. 1, point u), (ii) issuing a reasoned opinion on the renewal or extension of the Statutory Auditor's mandate at the end of each term of office. (ii) issuing a reasoned opinion, under the terms of the applicable legislation, on the renewal or extension of the Statutory Auditor's mandate at the end of each mandate, to be presented to the General and Supervisory Board (Article 12(1)(t)), (iii) monitoring with special attention the activity and contractual relations with the Statutory Auditor, without interfering in the performance of its duties, and may make recommendations or request clarifications within the scope of the relationship between the General and Supervisory Board, the Executive Board of Directors and the Statutory Auditor, in relation to financial information, as well as monitoring and assessing, under the legal terms, the objectivity and independence of the Statutory Auditor, namely with regard to the provision of non-audit services (Article 12(2)(k)). (iv) guaranteeing the activity and independence of the Statutory Auditor, in order to assess their independence and compliance with the legal, regulatory and contractual provisions and the principles and good practices governing the actions of audit firms and their representatives vis-à-vis auditees (Article 12(1)(w)). (v) approving the provision of audit and non-audit services by the Statutory Auditor to the Company or its Subsidiaries, ensuring verification of the limitations in force and an adequate prior assessment of the threats to the Statutory Auditor's independence that the provision of these services may cause, and the safeguards applied or to be applied to mitigate them (Article 12(1)(x)). During this financial year, the annual assessment of EDP's Statutory Auditor was carried out, in accordance with Annex II to the Internal Regulations of the Financial Matters Committee.| Item 21 | Item 29 | Item 45  
  
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3\. Other information

The following documents are attached to this Report, forming an integral part thereof:

Annex I – Brief curricula of the members of the General and Supervisory Board and the Executive Board of Directors

Annex II  \- Attendance list of the meetings of the General and Supervisory Board

Annex III \- Attendance list of the meetings of the Executive Board of Directors

Annex IV - Positions held in other companies

Annex V – Attendance lists for:

e. The Financial Matters Committee

f. The Remuneration Committee of the General and Supervisory Board

g. The Corporate Governance and Sustainability Committee

h. The United States of America Business Affairs Monitoring Committee

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ANNEX I

Biography of the members of the Governing Bodies

General and Supervisory Board

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| Full Name | ANTÓNIO BERNARDO ARANHA DA GAMA LOBO XAVIER  
Status | Independent  
Position | Chairman of the General and Supervisory Board  
Committees| • Corporate Governance and Sustainability Committee Chairman• USA Business Affairs Monitoring Committee Chairman  
Academic Qualifications| • Master’s in Legal and Economic Sciences - University of Coimbra, 1988 IMD, Executive Leadership (2004)• Bachelor’s in Law - University of Coimbra, 1982  
Current Appointments External to EDP | • Vice-Chairman of the Board of Directors of Sogrape, SGPS, S.A. (2023)• Non-Executive Director of BA Glass – Serviços de Gestão e Investimento, S.A. (2017)• Member of the Board of Trustees of Fundação Belmiro de Azevedo (2017)• Non-Executive Director, Banco BPI, S.A. (2017) • Member of the Audit Committee, Banco BPI, S.A. (2017) • State Councillor, appointed by the current President of the Portuguese Republic (2017) • Member of the Board of Trustees of Fundação Francisco Manuel dos Santos (2013) • Non-Executive Director of NOS SGPS, S.A. (2013)   
Company Background| Chair of General and Supervisory Board since April 2024  
Past Experience| • Chairman of the General Assembly of Greenvolt (2021-2024)• Vice-Chairman of the Board of Directors of Banco BPI, S.A. (2017-2024)• Non-Executive Director of the Board of Directors of Sonaecom, SGPS, SA (2017 - 2018)• Non-Executive Director of the Board of Directors of Fundação Casa da Música (2015 – 2021)• Chairman of the Supervisory Board of Tabaqueira II, S.A. (2014 - 2017)• Chairman of the Audit Committee of Banco BPI, S.A. (2012-2017)• Member of the Board of Directors of Vallis Capital Partners, SGPS, S.A. (2010-2014)• Non-Executive Director of the Board of Directors of Riopele Têxteis, S.A. (2009-2024)• Partner at Morais Leitão, Galvão Teles, Soares da Silva & Associados, R.L. (Law Firm) (2006-2024) • Executive Director of Sonaecom SGPS, S.A., Responsible for Legal, Regulatory and Sustainability areas (2004-2010)• Member of the Board of Directors of Mota-Engil, SGPS, S.A. (2000-2020)• Vice-Chairman of the Board of Directors of Fundação de Serralves (2000-2010)• Executive Director of SIVA, SGPS, Responsible for Investor Relations and Taxation (1996-1999)• Assistant Professor at the Faculty of Law of the University of Coimbra (Public Finance, Tax Law, European Tax Harmonization) (1983-1994)  
  
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| Full Name | SHENGLIANG WU  
Status | Non-Independent  
Position | General and Supervisory Board Member  
Committees | -  
Academic Qualifications | • Bachelor’s degree in Engineering –Wuhan University (1992)• Master’s degree in Technical Economics and Management – Chongqing University (2000)  
Current Appointments External to EDP| Executive Vice President – China Three Gorges Corporation (since 2024)  
Company Background| • General and Supervisory Board Member, in representation of China Three Gorges International (Europe), S.A. (February 2012 – April 2015)• General and Supervisory Board Member, in representation of China Three Gorges (Portugal), Sociedade Unipessoal, Lda (April 2015 - April 2018)• General and Supervisory Board Member, in representation of China Three Gorges (Europe), SA (April 2018 - December 2018)• General and Supervisory Board Member, in representation of China Three Gorges International Corporation, (December 2018 - April 2021)• General and Supervisory Board Member, in representation of China Three Gorges International Limited, (April 2021 - to date)  
Past Experience| • Secretary of Corporate Affairs Department - Gezhouba Hydropower Plant (1998-2000)• Deputy Director of the Board - China Yangtze Power Company (2002-2003) • Director of Capital Operating Department - China Yangtze Power Company (2004-2006)• Executive Vice-President - Beijing Yangtze Power Capital Co Ltd (2006-2011)• Deputy Director of Strategic Planning Department – China Three Gorges Corporation (2011-2015)• Executive Vice-President - China Three Gorges International Corporation (2015-2020)• Chairman - China Three Gorges (Europe), SA (2015-2020)• Chairman – China Three Gorges International Limited (2020-2024)• Chairman – China Three Gorges International Corporation (2022-2024)• Executive Vice President – China Three Gorges Corporation (since 2024)  
  
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| Full Name | GUOBIN QIN  
Status | Non-Independent  
Position | General and Supervisory Board Member  
Committees | Corporate Governance and Sustainability Committee Member  
Academic Qualifications | • Master's in Business Administration - University of International Business and Economics (2001 – 2004)• Bachelor's in Engineering - Wuhan University (1984 – 1988)  
Current Appointments External to EDP| Executive President - China Three Gorges International (since 2024)   
Company Background| Member of the General and Supervisory Board since April 2024  
Past Experience| • Executive Vice President - China Three Gorges International (2015-2024) • President - CYPC International (Hong Kong) (2011-2015) • Deputy Director of the International Cooperation Department - China Three Gorges Corp. (2009-2011)• General Director of the International Department No. 3 - China International Water & Electric Corp (2006-2009) • CEO - China International Water & Electric Corporation (Malaysia) (2004-2006)• General Director of the Business Administration Department - China International Water & Electric Corporation (2001-2004)  
  
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| EDP Integrated Annual Report 2024 Corporate Governance Report | Assessment of Corporate Governance | | | | | | |   
| | | | Index| Part II| 548|   
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| Full Name | IGNACIO HERRERO RUIZ  
Status | Non-Independent  
Position | General and Supervisory Board Member  
Committees | Corporate Governance and Sustainability Committee Member  
Academic Qualifications | Degree in Economics - Carlos III University (Madrid) (1997)  
Current Appointments External to EDP| • Chief Executive Officer in China Three Gorges Corporation (Europe), SA (since 2020)1 • Holds other senior positions within China Three Gorges Corporation’s group companies in Europe and Latin America  
Company Background| General and Supervisory Board Member, in representation of China Three Gorges (Europe), SA, since December 2018)  
Past Experience| • Credit Risk Management Department - Citigroup (1997-1998)• Mergers and Acquisitions Department - Deutsche Bank (1998- 2007)• European Energy Group - Credit Suisse (2007-2016)  
  
(1) Ignacio Herrero Ruiz is not a member of the Board of Directors of China Three Gorges (Europe), S.A. 

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| EDP Integrated Annual Report 2024 Corporate Governance Report | Assessment of Corporate Governance | | | | | | |   
| | | | Index| Part II| 549|   
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| Full Name | HUI ZHANG  
Status | Non-Independent  
Position | General and Supervisory Board Member   
Committees | -  
Academic Qualifications | • Bachelor of Economics - Chongqing Institute of Industrial Management (1993-97) • Master of Science in Management - Zhongnan University of Economics and Law (2006-08)  
Current Appointments External to EDP| Deputy Director of M&A Department - China Three Gorges Corporation - (since April 2022)  
Company Background| Member of the General and Supervisory Board, in representation of China Three Gorges Brasil Energia S.A., since December 2022  
Past Experience| • Cashier of Operations Section - Gezhouba Power Plant Maintenance Branch – (1997-98)• Cashier of Finance Section - Gezhouba Power Plant Dajiang Branch - (1998)• Accountant of Operations Section - Gezhouba Power Plant Maintenance Branch (1998-00) • Accountant of Finance Section - Gezhouba Power Plant Maintenance Branch (2000-02)• General Accountant of Ledger Statement Supervisor Accounting - China Yangtze Power Co. (2003-06) • Head of Assets and Insurance of Finance Department - China Yangtze Power Co., Ltd. (2006-09)• Deputy Director of Xiba Accounting Center - China Yangtze Power Co., Ltd. (2009-11) • Accounting Director of Finance Department - China Yangtze Power Co., Ltd. (2011-15)• General auditor of Finance Department - China Yangtze Power Co., Ltd. (2015-16)• Deputy Manager of Finance Department - China Yangtze Power Co., Ltd. (2016-17)• Assistant General Manager - Three Gorges Power Co., Ltd. (2017-18) • Vice General Manager - Three Gorges Power Co., Ltd. (2018-20)• Deputy Office Director - China Yangtze Power Co., Ltd. Andes Project (2020)• Chief Accountant and Party Committee Member - Shanghai Survey, Design and Research Institute Co., Ltd. (2020-22)  
  
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| EDP Integrated Annual Report 2024 Corporate Governance Report | Assessment of Corporate Governance | | | | | | |   
| | | | Index| Part II| 550|   
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| Full Name | MIGUEL ESPREGUEIRA MENDES PEREIRA LEITE  
Status | Non-Independent  
Position | General and Supervisory Board Member  
Committees | Remuneration Committee Chairman  
Academic Qualifications | • Degree in Law - Portuguese Catholic University (1987)• Management Course – Executive Program - PBS – Porto Business School (1996)  
Current Appointments External to EDP| • Chairman and CEO - Atlantic SGOIC, SA (since 2005)• Board Member - Liminorke SA (since 2009)  
Company Background| General and Supervisory Board Member, in representation of China Three Gorges (Portugal), Sociedade Unipessoal, Lda, since April 2021  
Past Experience| • Founder - Atlantic SGOIC, SA (2005) • Chairman and CEO - Morgan Stanley Portugal SGFIM SA (2001-2003)• Head of Morgan Stanley´s local operation in Portugal (1999-2003)• Manager - Morgan Stanley – Portugal (Holding) (2001-2003)• Management Committee - Morgan Stanley SV SA (Spain) (2000-2003) • Executive Director - Morgan Stanley International (2001-2003)• Board Member - Banco Chemical Finance (1998-1999)• Member of the Executive Committee - Banco Chemical Finance (1998-1999)• Managing Director - private banking division of Banco Pinto & Sotto Mayor (1996-1999) • Managing Director - private banking division of Banco Totta & Açores (nowadays Bank Santander Portugal) (1998-1999)• Chairman of the Board - MC Geste - Asset Management Company (latter on called Santander Gest SGP) (1997-1999)• Private banking director - Millennium BCP (1987-1996)• Chairman – Oporto Municipal Assembly from 2014 to 2021  
  
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| EDP Integrated Annual Report 2024 Corporate Governance Report | Assessment of Corporate Governance | | | | | | |   
| | | | Index| Part II| 551|   
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| Full Name | VICTOR ROZA FRESNO  
Status | Non-Independent  
Position | General and Supervisory Board Member  
Committees | • Financial Matters Committee Member• USA Business Affairs Monitoring Committee Member  
Academic Qualifications | • Degree in Economic and Business Sciences from the University of Oviedo• Diploma in Strategic Management, Marketing, and Commercialization from ESADE  
Current Appointments External to EDP| • Member of the Board of Directors and member of the Nominations and Remunerations Committee of EDP Redes España, S.L. (2020)• Member of the Investment Committee of the María Cristina Masaveu Petersen Foundation (2018)• Member of the Board of Directors of Masaveu Real Estate US LLC and all its subsidiaries (2015)• Member of the Board of Directors of Masaveu Inmobiliaria (2014)• Member of the Board of Directors of Masaveu Bodegas S.L. (2014)• Member of the Board of Directors of Agrocortex Maderas de Brazil Ltd. (2014)• Member of the Board of Directors of Aprovechamientos Dasocráticos Sostenibles S.L. (2014)• Member of the Board of Directors of Masaveu de Investimentos Ltd. (2011)• Member of the Board of Directors of Masaveu Internacional S.L. (2011) • Member of the Board of Directors of Medicina Asturiana S.A. (2011)• Member of the Board of Directors of Cementos Tudela Veguin S.A. (2011)• Corporate General Director of Corporación Masaveu S.A. (2011)• Member of the Board of Directors of EDP España (2003)  
Company Background| Member of the General and Supervisory Board since April 2024  
Past Experience| • Member of the Board of Directors of Liberbank (2011-2018)• Director of Corporate Operations and Investor Relations at General de Alquiler de Maquinaria (GAM) and Member of the Board of Directors of GAM Portugal  (2007-2011)• Assistant Professor at the Faculty of Economic and Business Sciences at the University of Oviedo (2005)• Technician in the Audit Department of Renta 4 SVB Securities Company (2003-2005)• Member of the Board of Directors and the Audit and Control Committee of Lico Leasing S.A. E.F.C. (2000-2012)• Member of the Board of Directors of Cajastur (Secretary of the Board since 2009). During this period, was a member of the Executive Committee and the Projects Committee of the Financial Institution's Welfare Projects (1999-2014)  
  
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| EDP Integrated Annual Report 2024 Corporate Governance Report | Assessment of Corporate Governance | | | | | | |   
| | | | Index| Part II| 552|   
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| Full Name | FERNANDO MARÍA MASAVEU HERRERO  
Status | Non-Independent  
Position | General and Supervisory Board Member  
Committees | Corporate Governance and Sustainability Committee Member Remuneration Committee Member  
Academic Qualifications | Law Degree – Navarra University (1992)  
Current Appointments External to EDP| • Chairman - Masaveu Corporation• Chairman - Cementos Tudela Veguín• Chairman of the Board – Oppidum Capital • Chairman of the Board of the American companies - Masaveu Real Estate US Delaware LLC, Oppidum Renewables USA Inc and Oppidum Green Energy USA LLC• Chairman of the Board – Hidrocantabrico JV, S.L. • Chairman of the Board – Aboño Generaciones Eléctricas, S.L.U. • Board Member – Texan Cement Inc • Board Member – EGEO Internacional and EGEO, SGPS• Board Member – EDP España• Joint Manager – Flicka Forestal • Board Member – Perses Energy Solutions, S.L. • Board Member – Bankinter• Executive Committee Member – Bankinter• Remuneration Committee Member – Bankinter• Board Member – Línea Directa Aseguradora• Chairman - Maria Cristina Masaveu Peterson Foundation• Chairman - San Ignacio de Loyola Foundation• Trustee – Princess of Asturias Foundation• Trustee – Pro-RAE Foundation• Delegate Committee Member - Princess of Asturias Foundation• Assets Committee Member - Princess of Asturias Foundation• Member of the International Council – MET, New York• International Trustee – Friends of the Prado Museum Association• Ambassador of “Marca Ejército”  
Company Background| General and Supervisory Board Member, since February 2012 (re-elected in April 2015, April 2018, April 2021 and April 2024)  
Past Experience| Chairman on several companies of Masaveu Group in numerous fields such as energy, finance, industrial, cement and real state, among others   
  
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| EDP Integrated Annual Report 2024 Corporate Governance Report | Assessment of Corporate Governance | | | | | | |   
| | | | Index| Part II| 553|   
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| Full Name | HELENA SOFIA SILVA BORGES SALGADO FONSECA CERVEIRA PINTO  
Status | Independent  
Position | General and Supervisory Board Member  
Committees | Financial Matters Committee Member  
Academic Qualifications | • PhD in Business Studies - Warwick University (UK)• MSc and BSc in Management - Universidade Católica Portuguesa• High Potentials Leadership Program Certificate - Harvard (2012)• International Directors Program – INSEAD (2019)  
Current Appointments External to EDP| • Independent Board Member - Mota-Engil SGPS (Since April 2018)• President of the Fiscal Board - Media Capital, SA (since November 2020) • Associate Director EQUIS - EFMD (Brussels) (since January 2023)• Independent Board Member – Corticeira Amorim, SA (Since April 2024)• Member of the International Advisory Board of 2 international Business Schools in UK (since 2019) and France (since 2020)• Member - Porto Coordination Group of ACEGE (Association of Christian Managers) (since 2013)• Member - Diocesan Commission for the Interreligious Dialogue (since 2020)• Non-executive member of the board at Fundação AEP (since March 2022) • Member of the Founders Council of the Casa da Música Foundation (Since May 2024)  
Company Background| General and Supervisory Board independent Member since April 2021  
Past Experience| • Dean - Católica Porto Business School (2013 – 2020)• Professor - Católica Porto Business School (since 1997) • Hospitality and Entertainment Industry • Author of a book, book chapters, articles, and opinion articles  
  
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| EDP Integrated Annual Report 2024 Corporate Governance Report | Assessment of Corporate Governance | | | | | | |   
| | | | Index| Part II| 554|   
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| Full Name | ZILI SHAO  
Status | Independent  
Position | General and Supervisory Board Member  
Committees | Remuneration Committee Member  
Academic Qualifications | • Bachelor of Laws - China University of Political Science and Law (1980–1984)• LLM - University of Melbourne (1988–1991)  
Current Appointments External to EDP| • Independent Director - Yum China Holdings, Inc, listed in New York and Hong Kong Stock Exchanges (since October 2016)• Founder and Chairman - MountVue Capital Management Co Ltd (since 2017)  
Company Background| General and Supervisory Board Independent Member, since April 2021  
Past Experience| • Citic Group, Beijing (1984-1986)• Solicitor - Mallesons Stephen Jaques, Melbourne (1990–1994) • Partner - Allens Arthur Robinson, Sydney (1995-1998)• Partner - Linklaters LLP Managing Partner of Asia Pacific Member of Global Management Committee (1998 –2009)• Chairman & CEO - JP Morgan China (2010–2014)• Vice Chairman - JP Morgan Asia Pacific (2014–2015) • Co-Chairman and partner - King & Wood Mallesons, China (2015–2017)• Qualified lawyer - PRC, UK, HK and Australia  
  
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| EDP Integrated Annual Report 2024 Corporate Governance Report | Assessment of Corporate Governance | | | | | | |   
| | | | Index| Part II| 555|   
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| Full Name | ALICIA REYES REVUELTA  
Status | Independent  
Position | General and Supervisory Board Member  
Committees | United States of America Business Affairs Monitoring Committee Member  
Academic Qualifications | • PhD, Quantitative Methods and Financial Markets, ICADE (2001-2006)• Double Degree in Law and Economics and Business Administration, ICADE (1990-1996)  
Current Appointments External to EDP| • Non-Executive Director, Committees: Audit and Remunerations, KBC Group, and Non-Executive Director, KBC Bank and Global Services, Belgium (2022)• Non-Executive Director, Committees: Audit and Risk, Ferrovial, Spain (2021)• Non-Executive Director, Committees: Credit and Risk, Banco Sabadell, United Kingdom/Spain (2020)   
Company Background| Member of General and Supervisory Board since April 2024  
Past Experience| • President of the Board of Directors and Chairman of the Executive Committee, Momentus Securities (2021-2023)• Non-Executive Director, Nominations and Remunerations Committee, TSB Bank UK (2020-2021)• Non-Executive Director, Risk, Remunerations, Nominations, Audit and New Products Committees, Wells Fargo Securities International (2015-2020)• CEO and President of the Executive Committee, Wells Fargo Securities EMEA (2015-2020)• Partner, Olympo Capital (2014-2015)• Global Head of FIG IBD Structuring, Insurance Solutions and Strategic Equity Derivatives, Barclays Capital (2010-2014)• Head of Iberia Distribution, Barclays Capital (2006-2009) • Member of the Board of Directors of TDA, SGFT and Marco Polo SGCR (Technology Venture Capital Fund) and Member of the European Securitisation Forum  Board (2002-2006)• General Director, Spain and Portugal, Bear Stearns (2002-2006) • Non-Executive Director: Racenet, Carrierhouse, Internet Data House and Energyworkspace.com (1999-2001)• Investment Director and Financial Administrator (Financial Division of Abengoa), Telecom Ventures AG (1998-2001)• Investment Director, Deutsche Bank (1996-1998)  
  
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| EDP Integrated Annual Report 2024 Corporate Governance Report | Assessment of Corporate Governance | | | | | | |   
| | | | Index| Part II| 556|   
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| Full Name | GONÇALO NUNO GOMES DE ANDRADE MOURA MARTINS  
Status | Independent  
Position | General and Supervisory Board Member  
Committees | • Chair of the Financial Matters Committee • Member of the Remuneration Committee appointed by the General and Supervisory Board  
Academic Qualifications | • Advanced Management Program - Universidade Católica Portuguesa and Kellogg School of Management of Northwestern University (Chicago) (2010)• Postgraduate in Business Management, Universidade Católica Portuguesa (1997)• Lawyer number 9194-L of the “Ordem dos Advogados” (1990)• Postgraduate in Business Management, Instituto Superior de Gestão (1989)• Law Degree from the Faculty of Law of the University of Lisbon (1984-1989)  
Current Appointments External to EDP| • Vice-Chairman of the Board of Directors of the Mota-Engil Group and Chairman of the Legal Risks Committee (2023)• Vice-Chairman of the Luso-Mexican Chamber of Commerce and Industry (2022)• General Manager of 2MCF - Serviços e Imobiliário, Lda (2020)  
Company Background| Member of General and Supervisory Board since April 2024  
Past Experience| • Member of the International Advisory Board of Católica Lisbon School of Business and Economics (2018-2023)• Chairman of the Board of Directors of Mota-Engil Africa (2015-2020) • CEO, Mota-Engil, SGPS, S.A. (2013-2023)• CFO, Mota-Engil, SGPS, S.A. (2012-2013)• CEO, Ascendi Group (2009-2017)• CEO, Mota-Engil, Ambiente e Serviços, SGPS, S.A. (2006-2012)• CFO, Mota-Engil, Engenharia e Construção (2000-2006)• CFO, Engil, S.A. (1997-2000)• In-house Legal Consultant, Engil Group (construction and civil engineering) (1990-1997)  
  
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| EDP Integrated Annual Report 2024 Corporate Governance Report | Assessment of Corporate Governance | | | | | | |   
| | | | Index| Part II| 557|   
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| Full Name| MARÍA JOSÉ GARCÍA BEATO  
Status| Independent  
Position| General and Supervisory Board Member  
Committees| • Member of the Corporate Governance and Sustainability Committee• Member of the Financial Matters Committee  
Academic Qualifications| • Degree in Law and Diploma in Criminology• State Attorney since 1991  
Current Appointments External to EDP| Member of the Board of Banco de Sabadell• Member of the Strategy and Sustainability Committee • Member of the Nominations and Corporate Governance CommitteeIndependent Member of the Board of Grupo ACS• Member of the Nominations Committee • Chair of the Remuneration CommitteeIndependent Member of the Board of Grupo Iberpapel• Chair of the Nominations and Remunerations Committee• Member of the Audit Committee Trustee of the Banco Sabadell Foundation Trustee of the Spanish Banking Association Foundation  
Company Background| Member of the General and Supervisory Board since April 2024  
Past Experience| • Member of the Board. Secretary General Advisor, Banco Sabadell (2018-2021)• Secretary of Banco Sabadell Consumer Finance (2017-2021)• Member of the Board of Sabadell United Bank (2016-2017)• Member of the Board of Banco Gallego (2013-2014)• Member of the Advisory Board of Fundación Cajasur (2012-2022)• Member of the Board, Red Eléctrica Corporación (2012-2021)• Deputy Secretary of the Board of Directors, Banco Sabadell (2012-2021)• Member of the Board of Banco CAM (2012)• Secretary of the Board of Sabadell United Bank (2010-2016)• MDirector of Banco Guipuzcoano (2010-2012)• Secretary General and member of the Management Committee with responsibility for the Legal Advisory, Compliance, Communication and Institutional Relations, Sustainability and Corporate Governance departments, Banco Sabadell (2008-2021)• Secretary of the Board of Trustees of FEDEA (2007-2016)• Secretary of the Board of Banco Urquijo Sabadell Banca Privada (2006-2009)• Director of Legal Advisory, Banco Sabadell (2005-2008)• State Attorney in the Legal Service before the National Court, National Court (2004-2005) • Director of the State Real Estate Management Company (2003-2004)• Director of the State Postal and Telegraph Company (2002-2004)  
  
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| EDP Integrated Annual Report 2024 Corporate Governance Report | Assessment of Corporate Governance | | | | | | |   
| | | | Index| Part II| 558|   
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| Past Experience| • Director of the State Company for International Exhibitions (2002-2004)• Undersecretary of the Ministry of Justice (2002-2004)• Director-General of the Minister of Justice's Office (2000-2004) • Director of INFOINVEST (2000-2004)• Secretary of the Board of Directors of RETEVISION (2000)• State Attorney in the General Secretariat of Communications, Ministry of Development (1999-2000)• Attorney in the Subdirectorate of Advisory Services, Ministry of Justice (1998-2000)• Director of the National Mint and Stamp Factory for the CERES project (1997-1999)• Head of the Legal Office, Data Protection Agency (1995-1998) • State Attorney, High Court of Justice of Madrid (1992-1995)• State Attorney of Soria and La Rioja, High Court of Justice of Madrid (1991-1992) • Spanish representative on the Advisory Committee of the Council of Europe on data protection (1995-1998)|   
  
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| EDP Integrated Annual Report 2024 Corporate Governance Report | Assessment of Corporate Governance | | | | | | |   
| | | | Index| Part II| 559|   
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| Full Name| SANDRA MARIA SOARES SANTOS  
Status| Independent  
Position| General and Supervisory Board Member  
Committees| Remuneration Committee MemberUnited States of America Business Affairs Monitoring Committee Member  
Academic Qualifications| • Boards Performance Program, IMD (2024)• Certificate in Digital Strategy, Nova Business School (2019)• Innovative Leadership Program for Senior Executives, IMD (2013)• Leadership Program, London Business School and University of Porto (2005)• MBA, Porto Business School (1999)• Degree in Management, Faculty of Economics and Management, University of Porto (1994)  
Current Appointments External to EDP| • Non-Executive Director and Member of the Strategy Committee, Titan Cement International (2024)• Non-Executive Director, BA Glass (2024)• Non-Executive Director and Chair of the Nominations and Remunerations Committee, Banco BPI (2023) • Non-Executive Director, The Navigator Company (2019) • Founding Member and Board Director, Business Roundtable Portugal (2020)  
Company Background| Member of the General and Supervisory Board since April 2024  
Past Experience| • Member of the Advisory Board, Rabobank (2022-2023)• CEO, BA Glass Group (2014-2024)• Board Member, European Glass Container Federation (2014-2024)• Observer Board, Anchor Glass (2019-2022) • CFO, BA Glass Group (2007-2014) • Non-Executive Director, La Seda De Barcelona (2012-2013)• General Manager of Factory, BA Glass Group (2006-2007)• CFO and HR Director, BA Glass Group (2005-2006)• CFO, BA Glass Group (2001-2004)• Management Control Officer, BA Glass Group (1999-2001)• Account Manager, Novo Banco (1994-1998)  
  
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| EDP Integrated Annual Report 2024 Corporate Governance Report | Assessment of Corporate Governance | | | | | | |   
| | | | Index| Part II| 560|   
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| Full Name| STEPHEN PAUL VAUGHAN  
Status| Independent  
Position| General and Supervisory Board Member  
Committees| • Corporate Governance and Sustainability Committee Member• United States of America Business Affairs Monitoring Committee Member  
Academic Qualifications| Master's degree in Physics from the University of Oxford  
Current Appointments External to EDP| Senior Adviser to Rothschild & Co. (2024-ongoing)  
Company Background| Member of the General and Supervisory Board since April 2024  
Past Experience| • Vice Chairman of Power Consulting at Rothschild (2021-2024)• Co-head of the Global Power Consulting area at Rothschild (2007-2021)• Worked at Rothschild & Co (1988-2024) • Nuclear engineer in the design, licensing, construction, and operation of power plants in the United Kingdom (1982-1988)  
  
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| EDP Integrated Annual Report 2024 Corporate Governance Report | Assessment of Corporate Governance | | | | | | |   
| | | | Index| Part II| 561|   
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| Full Name| LISA FRANTZIS  
Status| Independent  
Position| General and Supervisory Board Member  
Committees| • Corporate Governance and Sustainability Committee Member• United States of America Business Affairs Monitoring Committee Member  
Academic Qualifications| Wesleyan University, BA, New Energy Technologies  
Current Appointments External to EDP| • Aligning Energy Solutions, CEO and Founder (since 2024)• Clarum Advisors, Advisor (since 2024)• NuGen Capital Management, Advisory Board (since 2023)• U.S. Department of Energy (DOE), Electricity Advisory Committee (since 2021). Storage Subcommittee (2022 – Present) • LineVision, Inc., Board Member (2021)• Thorndike Pond Conservation Association (non-profit), Board Member (2019). Vice President (2021 – 2024)• Massachusetts General Hospital, Center for Law, Brain and Behavior, Board of Advisors(non-profit) (2014)• Alliance for Climate Transition (non-profit) (since 2011), Board Member. Nominations and Governance Committee (2021 – present); Chair (2023) • Quassy Amusement Park, Board Member (since 1998)  
Company Background| Member of the General and Supervisory Board since April 2024  
Past Experience| • Guidehouse, Partner, Go-to-Market Strategies: Hydrogen, eMobility and Renewables (2022 – 2024)• Advanced Energy United, Senior Managing Director, Utility Advisory Committee and 21st Century Energy System Lead (2013 – 2022)• Navigant Consulting, Managing Director, Head of Renewable and Distributed Energy Business (2002 – 2013)• Arthur D. Little, Inc., Principal (1979 – 2002)• CMC Energy Services, Board Member (2022 – 2024) • U.S. Clean Energy, Education & Empowerment (C3E): Ambassador. 2023 – Present, Ambassador Emeritus (2014 – 2022)• Smart Electric Power Alliance (SEPA), Board Member and Executive Leadership Council (2010 – 2018)• American Council on Renewable Energy (ACORE), Board Member (2004 – 2011)• Solar Energy Business Association of New England, Board Member (2001 – 2004) and Vice President (2003 and 2004)  
  
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| EDP Integrated Annual Report 2024 Corporate Governance Report | Assessment of Corporate Governance | | | | | | |   
| | | | Index| Part II| 562|   
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Executive Board of Directors

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| Full Name| MIGUEL STILWELL DE ANDRADE  
Position| CEO – EDP, S.A. (since 2021)CEO – EDP Renováveis S.A. (since 2021)  
Academic Qualifications| • MBA – MIT Sloan (2003)• MEng with Distinction – University of Strathclyde (1998)   
Other Positions and Experience  | • President of the Board of Directors – EDP – Energias do Brasil, S.A (since 2023)• Member of the Executive Board of Directors – EDP, S.A. (since 2012)• Vice-Chairman of the Board of Directors – EDP Renováveis S.A. (since 2021)• CFO – EDP – Energias de Portugal S.A. (2018-2021)• Member of the Board of Directors – EDP – Energias do Brasil, S.A. (2018-2020)• CEO – EDP Comercial and EDP Soluções Comerciais S.A. (2012-2018)• CEO – Hidroeléctrica del Cantábrico (Spain) (2012-2018)• CEO – Naturgás Energia Grupo (2012-2015)• Member of the Board of Directors – EDP Distribuição (2009-2012)• Member of the Board of Directors – EDP Inovação, EDP Ventures (2007-2012)• Strategy, M&A and Corporate Development – EDP – Energias de Portugal S.A. (2000-2001 and 2003-2009)• UBS Investment Bank (1998-2000)  
Current External Appointments | • Member of the Executive Committee and Vice-Chair – WBCSD • Member – Alliance of CEO Climate Leaders – World Economic Forum • Co-Chair – Hydrogen Producers Roundtable – European Clean Hydrogen Alliance (ECH2A)• Member – Business Roundtable Portugal • Member of the General Council –FAE – Forum de Administradores e Gestores de Empresas• Member of the Board of Governors – St. Julian’s School  
  
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| EDP Integrated Annual Report 2024 Corporate Governance Report | Assessment of Corporate Governance | | | | | | |   
| | | | Index| Part II| 563|   
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| Full Name| RUI MANUEL RODRIGUES LOPES TEIXEIRA  
Position| CFO – EDP, S.A. (since 2021)CFO – EDP Renováveis, S.A. (since 2021)  
Academic Qualifications| • Advanced Management Programme – Harvard Business School (2013)• MBA – Nova University, Lisbon (2001)• Naval Architecture and Marine Engineering Graduate – Instituto Superior Técnico, Lisbon (1995)  
Other Positions and Experience | • President of the Board of Directors – EDP Global Solutions - Gestão Integrada de Serviços, S.A. (since 2023)• Vice-President of the Board of Directors – EDP – Energias do Brasil, S.A (since 2024)• Member of the Board of Directors – EDP Renováveis, S.A. (2008-2015 and since 2019)• Chairman of the Board of Directors – OW Offshore S.L.U. (since 2024)• Member of the Board of Directors – EDP - Energias do Brasil, S.A (2021-2024)• Member of the Board of Directors – EDP España, S.A.U. (since 2018)• Member of the Executive Board of Directors – EDP, S.A. (since 2015)• Vice-President of the Board of Directors – OW Offshore S.L.U. (2022-2024)• CEO – EDP España S.A.U. (2018-2021) • CEO – EDP - Gestão da Produção de Energia, S.A. (2015-2020)• CFO – EDP Renováveis, S.A. (2008-2015)• Head of Corporate Planning and Control – EDP (2004-2007)• Consultant – McKinsey & Company (2001-2004)• Ship Surveyor – Det Norske Veritas (1997-2001)• Sales – Gellweiler – Sociedade de Equipamentos Marítimos e Industriais, Lda. (1996-1997)  
Current External Appointments| • Member of the Strategic Council – ISEG MBA• Vice-Chairman of the Board – BCSD Portugal  
  
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| Full Name| VERA DE MORAIS PINTO PEREIRA CARNEIRO  
Position| Member of the Executive Board of Directors – EDP, S.A. (since 2018)Member of the Management Team - EDP Renováveis S.A. (since 2024)  
Academic Qualifications| • Executive Education Program – Harvard Business School (2021)• MBA - INSEAD Fontainebleau (2000) • Economics Degree and Post-Graduate Degree - Nova University, Lisbon (1996 and 1998)  
Other Positions and Experience  | • CEO – EDP Comercial – Comercialização de Energia, S.A. (since 2018) • Chairman of the Board of Directors– Fundação EDP (since 2021) • Member of the Board of Directors – EDP Energias do Brasil, S.A. (since 2021)• Member of the Board of Directors – EDP España S.A.U. (since 2018) • Non-executive Member of the Board of Directors – EDP Renováveis, S.A (2019-2024)• Member of the Board of Directors – Fundação EDP (2018-2021)• Executive Vice-President and General Director Portugal & Spain and Member of Executive Leadership Team Europe & Africa – Fox Networks Group (2014-2018)• Member of the Board of Directors – Pulsa Media (2014-2018)• Head of TV Business Unit – MEO (2007-2014)• Head of TV Business Unit – TV Cabo – PT Multimédia (2003-2007)• Founder – Innovagency Consulting (2001-2003)• Mercer Management Consulting (today Oliver Wyman) (1996-1999)  
Current External Appointments | • Board Member – Charge Up Europe • Board Member – Fundação Alfredo de Sousa • Board Member – Confederação Empresarial de Portugal• Board Member –Sustainable Energy for All (SEforALL)  
  
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| Full Name| ANA PAULA GARRIDO DE PINA MARQUES  
Position| Member of the Executive Board of Directors – EDP, S.A. (since 2021)Member of the Management Team - EDP Renováveis S.A. (since 2024)  
Academic Qualifications| • Executive Education Programs – Harvard Business School, IMD, LBS (2009, 2008, 2005) • MBA – INSEAD (2002)• Degree in Economics – Faculdade de Economia do Porto (1991-1996)   
Other Positions and Experience | • CEO – EDP - Gestão da Produção de Energia, S.A. (since 2021)• Member of the Board of Directors - EDP España, S.A.U. (since 2024) • CEO – EDP España, S.A.U. (2022-2024)• CEO – EDP Labelec - Estudos, Desenvolvimento e Actividades Laboratoriais, S.A. (2021-2024) • Member of the Board of Directors – EDP - Energias do Brasil, S.A. (2021-2024)• Non-Executive Member of the Board of Directors – EDP Renováveis S.A (2021-2024)• Executive Vice-President – NOS (2019-2021)• Executive Board Member – NOS (2013-2019)• Non-Executive Board Member – SportTV (2016-2020)• President – APRITEL (Associação Portuguesa de Operadores de Telecomunicações) (2011-2014)• Executive Board Member – Optimus (2010-2013)• Marketing and Sales Director (Mobile Residential Business Unit) and Brand Director – Optimus (2002-2008)• SMEs Business Unit Director – Optimus (1998-2001)• Marketing – Procter & Gamble (1996-1998)  
Current External Appointments | • Board Member – Eurelectric • President of the Board – ELECPOR  • Member of the General and Supervisory Board – Porto Business School• Member of the General Board – Instituto Português de Corporate Governance• Non-Executive Board Member – SOGRAPE  
  
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| Full Name| PEDRO COLLARES PEREIRA DE VASCONCELOS  
Position| Member of the Executive Board of Directors – EDP, S.A. (since 2023)Member of the Management Team - EDP Renováveis S.A. (since 2021)  
Academic Qualifications| • MBA with Distinction – INSEAD (2013)• Degree in Aerospace Engineering - Instituto Superior Técnico (2005)  
Other Positions and Experience | • CEO – EDP España, S.A.U. (since 2024)• Executive Chairman – EDP Sunseap Group Singapura (since 2021)• Member of the Board of Directors – OW Offshore S.L.U. (since 2021)• Chief Operating Officer for the Asia-Pacific region – EDP Renováveis, S.A. (2021-2024)• Member of the Board of Directors – EDP Inovação (2021-2022) • Director M&A and Business Development – EDP - Energias de Portugal, S.A. (2017-2022)• Director of Solar Strategy – EDP Renováveis, S.A (2016-2017)• Member of the Board of Directors – EDP Internacional (2014-2016)• Chief of Office of CEO – EDP - Energias de Portugal, S.A. (2011-2013)• Associate seconded by EDP - N GEN Partners (2009-2011)• M&A and Business Development Project Manager – EDP - Energias de Portugal, S.A. (2007-2009)  
Current External Appointments| • Board Member – OMIP SGPS, S.A.• Board Member – Operador del Mercado Ibérico de Energía, Polo Español, S.A. (OMEL)• Chairman of Spanish Committee of World Energy Council (CEMCE) and Vice President second of Spanish Energy Club (CEE)  
  
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ANNEX II

Meetings held by the General and Supervisory Board and each member's attendance:

Mandate 2021-2023

| | |   
---|---|---|---  
NAME | 25-JAN | 29-FEB| %  
JOÃO TALONE | P | P | 100  
Dingming Zhang  | R | R | 100  
Esmeralda Dourado  | R | P | 100  
Felipe Fernández Fernández  | P | R | 100  
Fernando Masaveu  | R | R | 100  
Hui Zhang | P | P | 100  
Ignácio Herrero  | P | P | 100  
João Carvalho das Neves  | P | P | 100  
Laurie Fitch  | P | P | 100  
Luís Palha da Silva  | P | P | 100  
María del Carmen Rozado  | P | P | 100  
Miguel Pereira Leite  | P | P | 100  
Sandrine Dixson-Declève  | P | P | 100  
Shengliang Wu  | P | P | 100  
Sofia Salgado Pinto  | P | P | 100  
Zili Shao  | P | P | 100  
  
P = Present; A = Absent; R = Represented 

Average participation: 100% (includes present and represented)

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Mandate 2024-2026

| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
NAME | 10-APR| 09-MAY| 08-JUL | 30-JUL | 03-OUC| 07-NOV | 28-NOV | 19-DEC| %  
ANTÓNIO LOBO XAVIER| P | P | P | P | P | P | P | P | 100  
Shengliang Wu | P | P | P | R | P | P | P | P | 100  
Qin Guobin | P | P | P | P | P | P | P | P | 100  
Ignácio Herrero| P | P | P | P | P | P | P | P | 100  
Hui Zhang | P | P | P | P | P | R | R | P | 100  
Miguel Pereira Leite| P | P | P | P | P | P | P | P | 100  
Victor Roza Fresno | P | P | P | P | P | P | P | P | 100  
Fernando Masaveu| P | P | P | P | P | P | P | P | 100  
Sofia Salgado Pinto | P | P | P | P | P | P | P | P | 100  
Zili Shao | P | P | P | P | P | P | P | P | 100  
Alicia Reyes Revuelta | P | P | R | P | P | P | P | P | 100  
Gonçalo Moura Martins| P | R | P | P | P | P | P | P | 100  
Maria José Beato | P | P | P | P | P | P | P | P | 100  
Sandra Maria Santos| P | P | R | P | R | P | R | P | 100  
Stephen Vaughan| P | P | P | P | P | P | P | P | 100  
Lisa Frantzis | P | P | P | P | P | P | P | P | 100  
  
P = Present; A = Absent; R = Represented 

Average participation: 100% (includes present and represented)

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ANNEX III

Meetings held by the Executive Board of Directors and each member's attendance:

| | | | | | | | | | | | | | | | | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---  
NAME | 09-JAN| 12-JAN| 15-JAN| 22-JAN| 29-JAN| 05-FEB | 14-FEB | 20-FEB | 22-FEB | 26-FEB | 29-FEB | 04-MAR| 11-MAR| 18-MAR| 25-MAR| 01-APR | 08-APR | 15-APR | 22-APR | 29-APR | 30-APR | 02-MAY| 06-MAY | 09-MAY | 13-MAY | 20-MAY | 27-MAY  
MIGUEL STILWELL DE ANDRADE | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P  
Rui Manuel Rodrigues Lopes Teixeira | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P  
Vera de Morais Pinto Pereira Carneiro | P | P | P | P | P | P | P | P | P | P | P | P | A | P | P | P | P | P | P | P | P | P | P | P | P | P | P  
Ana Paula Garrido de Pina Marques | P | A | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | A | P | P  
Pedro Collares Pereira de Vasconcelos| P | P | P | P | P | P | P | P | P | P | P | P | P | A | P | P | P | P | P | P | A | A | P | P | P | P | P  
  
| | | | | | | | | | | | | | | | | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---  
NAME | 03-JUN| 11-JUN| 17-JUN| 24-JUN| 01-JUL | 12-JUL | 15-JUL | 22-JUL | 25-JUL | 30-JUL| 30-JUL| 26-AUG | 03-SEP | 09-SEP | 16-SEP | 23-SEP | 30-SEP | 07-OCT | 14-OCT | 21-OCT | 28-OCT | 31-OCT | 06-NOV | 07-NOV | 11-NOV | 15-NOV | 18-NOV  
MIGUEL STILWELL DE ANDRADE | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P  
Rui Manuel Rodrigues Lopes Teixeira | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P  
Vera de Morais Pinto Pereira Carneiro | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P  
Ana Paula Garrido de Pina Marques | P | A | P | P | P | P | P | P | A | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P  
Pedro Collares Pereira de Vasconcelos | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P  
  
| | | | | |   
---|---|---|---|---|---|---  
NAME | 25-NOV | 06-DEC | 09-DEC | 16-DEC | 20-DEC | %  
MIGUEL STILWELL DE ANDRADE | P | P | P | P | P | 100,0%  
Rui Manuel Rodrigues Lopes Teixeira | P | P | P | P | P | 100,0%  
Vera de Morais Pinto Pereira Carneiro | P | P | P | P | P | 98,3%  
Ana Paula Garrido de Pina Marques | P | P | P | P | P | 93,2%  
Pedro Collares Pereira de Vasconcelos | P | P | P | P | P | 94,9%  
  
P = Presence; A = Absent 

Total meetings held in 2024: 59

Average participation: 97.3%

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ANNEX IV

Positions held by the members of the Executive Board of Directors in other companies belonging or not to the EDP Group:

| | | | |   
---|---|---|---|---|---  
| MIGUEL  STILWELL DE ANDRADE | RUI TEIXEIRA | VERA PINTO  PEREIRA | ANA PAULAMARQUES| PEDRO  VASCONCELOS  
CEL Energy - Central Elétrica de Lares, S.A. | - | - | - | PCA | -  
Comercializadora Energética Sostenible, S.A.U. | - | - | - | - | R  
EDP, S.A., Sucursal en España | PR | PR | PR | PR | PR  
EDP - Energias do Brasil, S.A. | CBD | VP| - | - | -  
EDP - Gestão da Produção de Energia, S.A. | - | - | - | CBD | -  
EDP Comercial - Comercialização de Energia, S.A. | - | - | CBD | - | -  
EDP España, S.A.U. | - | D | D | D | VP/MD  
EDP Finance BV | R | R | R | R | R  
EDP GEM Portugal, S.A. | - | CBD | | - | -  
EDP Global Solutions – Gestão Integrada de Serviços, S.A. | - | CBD | - | - | -  
EDP Group Brussels Representation | - | - | - | - | D  
EDP Iberia, S.L.U. | - | - | - | - | CBD  
EDP IS - Investimentos e Serviços, Sociedade Unipessoal, Lda. | - | M | - | - | -  
EDP Renewables Europe S.L.U. | CBD | VP | - | - | D  
EDP Renewables Vietnam Company Limited | - | - | - | - | CBD  
EDP Renováveis Servicios Financieros S.A. | - | CBD | - | - | D  
EDP Renováveis, S.A. | VP/CD | CFO/D | - | - | -  
EDP Solar España, S.A.U. | - | - | R | - | -  
EDP Ventures Brasil S.A. | - | - | - | CBD | -  
  
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| | | | |   
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| MIGUEL  STILWELL DE ANDRADE | RUI TEIXEIRA | VERA PINTO  PEREIRA | ANA PAULAMARQUES| PEDRO  VASCONCELOS  
EDPR PT - Promoção e Operação, S.A. | - | - | - | - | CBD  
Empresa Hidroeléctrica do Guadiana, S.A. | - | - | - | CBD | -  
OW Offshore S.L.U. | - | CBD | - | - | D  
RJCE - Central Elétrica do Ribatejo, S.A. | - | - | - | CBD | -  
Transporte GNL, S.A.U. | - | - | - | - | R  
OMIP – Operador do Mercado Ibérico (Portugal), SGPS, S.A. | - | - | - | - | D  
Operador del Mercado Ibérico de Energía, Polo Español, S.A. (OMEL) | - | - | - | - | D  
Sunseap Commercial & Industrial Assets (Vietnam) Co Ltd | - | - | - | - | CBD  
  
D – Director

M – Manager

CBD – Chairman of the Board of Directors

CFO – Chief Financial Officer

R – Representative

PR –Permanent Representative 

VP – Vice-President

VP/MD – Vice-President and Managing Director

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ANNEX V 

Attendance list of the Financial Matters Committee:

Mandate 2021-2023

| | | | |   
---|---|---|---|---|---  
NAME| 30-JAN | 22-FEB| 29-FEB| 02-APR| %  
JOÃO CARVALHO DAS NEVES | P | P | P | P | 100  
María del Carmen Fernandez Rozado | P | P | P | P | 100  
Sofia Salgado Pinto | P | P | P | P | 100  
  
P = Presence; A = Absent; R = Represented

Average participation: 100% (includes present and represented)

Mandate 2024-2026

| | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---  
NAME| 24-APR| 02-MAY| 09-MAY| 18-JUN | 25-JUL | 30-JUL | 08-OCT| 31-OCT| 07-NOV | 25-NOV | 18-DEC| %  
GONÇALO MOURA MARTINS | P | P | P | P | P | P | P | P | P | P | P | 100  
María José García Beato | P | P | P | P | P | P | P | P | P |  P |  P | 100  
Sofia Salgado Pinto | P | P | R | P | P | P | P | P | P |  P |  P | 100  
Victor Roza Fresno | P | P | P | A | P | P | P | P | P |  A |  P | 82  
  
P = Presence; A = Absent; R = Represented

Average participation: 95% (includes present and represented)

Attendance list of the Remuneration Committee:

Mandate 2021-2023

| | | |   
---|---|---|---|---  
NAME| 27-FEB| 06-MAR | 09-APR| %  
MIGUEL PEREIRA LEITE  | P | P | P | 100  
Esmeralda Dourado  | P | P | P | 100  
Felipe Fernández Fernández  | P | P | P | 100  
João Carvalho das Neves  | P | P | P | 100  
Zili Shao | P | P | P | 100  
  
P = Presence; A = Absent; R = Represented

Average participation: 100% (includes present and represented)

Mandate 2024-2026

| | |   
---|---|---|---  
NAME| 24-APR| 20-NOV | %  
MIGUEL PEREIRA LEITE  | P | P | 100  
Fernando Masaveu Herrero | P | R | 100  
Gonçalo Moura Martins | P | P | 100  
Sandra Maria Santos | P | P | 100  
Zili Shao | P | P | 100  
  
P = Presence; A = Absent; R = Represented

Average participation: 100% (includes present and represented)

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Attendance list of the Corporate Governance and Sustainability Committee:

Mandate 2021-2023

| |   
---|---|---  
NAME| 28-FEB| %  
JOÃO TALONE  | P | 100  
Fernando Masaveu Herrero  | R | 100  
Hui Zhang  | P | 100  
Ignácio Herrero  | P | 100  
Laurie Fitch  | R | 100  
María del Carmen Rozado  | P | 100  
Sandrine Dixson-Declève  | P | 100  
  
P = Presence; A = Absent; R = Represented

Average participation: 100% (includes present and represented)

Mandate 2024-2026

| | | | |   
---|---|---|---|---|---  
NAME| 08-MAY| 29-JUL | 02-OCT| 18-DEC| %  
ANTÓNIO LOBO XAVIER | P | P | P | P | 100  
Fernando Masaveu Herrero | P | P | P | P | 100  
Guobin Qin | P | P | P | P | 100  
Ignacio Herrero Ruiz | P | P | P | P | 100  
Lisa Frantzis | P | P | P | P | 100  
María José García Beato | P | P | P | P | 100  
Stephen Vaughan | P | P | P | P | 100  
  
P = Presence; A = Absent; R = Represented

Average participation: 100% (includes present and represented)

Attendance list of the United States of America Business Affairs Monitoring Committee:

Mandate 2021-2023

| | |   
---|---|---|---  
NAME | 16-JAN | 28-FEB| %  
JOÃO TALONE  | P | P | 100  
Esmeralda Dourado  | P | P | 100  
Felipe Fernández Fernández  | P | P | 100  
Laurie Fitch  | P | P | 100  
Sofia Salgado Pinto  | P | P | 100  
  
P = Presence; A = Absent; R = Represented

Average participation: 100% (includes present and represented)

Mandate 2024-2026

| | | | | |   
---|---|---|---|---|---|---  
NAME | 08-MAY| 29-JUL | 25-SEP| 07-NOV | 19-DEC| %  
ANTÓNIO LOBO XAVIER | P | P | P  |  P  | P  | 100  
Alicia Reyes Revuelta | P | P | P |  P |  P | 100  
Lisa Frantzis | P | P | P |  P |  P | 100  
Sandra Maria Santos | P | P | P |  P |  P | 100  
Stephen Vaughan | P | P | P |  P |  P | 100  
Victor Roza Fresno | P | P | A  |  A |  P | 60  
  
P = Presence; A = Absent; R = Represented

Average participation: 93% (includes present and represented)

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576

594

596

598

599

600

600

602

1 For more information, see previous [Remuneration Policy approved at the General Meeting of 14 April 2021 (Variable remuneration, pages 5-11)](https://www.edp.com/sites/default/files/2021-03/Proposta%209_EBD%20Remuneration%20Policy%20_EN.pdf)

2 For more information, see: [ Remuneration Policy approved at the General Shareholders Meeting of April 10th 2024](https://www.edp.com/sites/default/files/2024-03/Propostas%202%20a%209%20-%20ENG%20-%20COMPLETO.pdf)

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This Remuneration Report aims to provide a comprehensive and integrated description of the

remuneration earned by the members of the governing bodies and bodies of EDP, S.A. (“EDP” or

“Company”), including all benefits, regardless of the respective form, attributed or due during the

2024 financial year.

As provided for in the EDP Articles of Association, the remuneration of the members of the governing

bodies is fixed by a Remuneration Committee appointed by the General Meeting, with the exception

of the remuneration of the members of the Board of Directors Executive Board, which is set by a

Remuneration Committee appointed by the General and Supervisory Board.

On 10 April 2024, EDP’s General Meeting considered the Remuneration Report under the item on the

approval of the Integrated Annual Report, which was approved by the majority of votes cast

(97.22% in favour). At the same EDP General Shareholders’ Meeting, the proposal for the

Remuneration Policy for the members of the corporate bodies submitted by the Remuneration

Committee appointed by the General Shareholders’ Meeting, as well as the proposal for the

Remuneration Policy for the members of the Executive Board of Directors, which was submitted by

the Remuneration Committee appointed by the General and Supervisory Board, to be in force during

the 2024 - 2026 triennium, were approved by, respectively, 99.34% and 91.25% of the votes cast.

This Report also presents the implementation and payments made under the Remuneration Policy

for Members of the Executive Board of Directors approved on 14 April 2021 for the 2021-2023 1 term

of office, applicable to the members in office during that term, specifically with regard to the

payment of the annual and multi-annual variable component of remuneration, thus demonstrating

the continuity of the application of the previous Policy with regard to this components and

compliance with the remuneration principles established at any given time.

A. Remuneration policy applicable to members of the Executive Board 

of Directors approved by the Remuneration Committee appointed by 

the General and Supervisory Board

Procedures for adopting the policy

At the General Shareholders’ Meeting held on 10 April 2024 approved the proposed Remuneration 2

Policy for the members of the Executive Board of Directors, drawn up and submitted by the

Remuneration Committee appointed by the General and Supervisory Board to be in force during the

2024-2026 triennium.

As stated in the Remuneration Policy for the members of the Executive Board of Directors, drawn up

under the terms of Law no. 50/2020, of 25 August and considering the Corporate Governance Code

of the Portuguese Institute of Corporate Governance (IPCG) adopted by EDP, the Remuneration

Committee of the General and Supervisory Board considered that it was appropriate to review the

Remuneration Policy of the Executive Board of Directors in view of the start of the mandate of this

Board, the approval of the business plan and the feedback received from analysts and investors. The

proposal for the Remuneration Policy of EDP's Executive Board of Directors resulting from this review

was submitted and approved at EDP's General Shareholders’ Meeting of 10 April 2024.

The policy review work that gave rise to the proposal presented to the General Shareholders’

Meeting was also based on a study requested by the Remuneration Committee of the General and

Supervisory Board and carried out by an independent consultant, as well as on the advice obtained

by the aforementioned Committee in relation to corporate governance matters, good international

practices and, in general, the remuneration policy as an instrument to promote the business strategy

and the long-term and sustainability interests of EDP, provided by a Law firm, based on a

benchmark analysis of the remuneration model, both qualitative and quantitative, of companies in

the PSI 20 Index and comparable companies in the international electricity sector.

In the proposed Executive Board of Directors' Remuneration Policy, the evolution of the remuneration

system for directors and other EDP employees and the reasonable expectations of the members of

the Executive Board of Directors regarding the remuneration model, its suitability and

competitiveness were also given due consideration. The consideration of employment conditions

and the remuneration model for EDP's employees and the economic and financial situation in the

country and worldwide also contributed to this end. In fact, the consideration of these elements

advised a review of the fixed component of the remuneration of the Chair of the Executive Board of

Directors and an update of the fixed remuneration of the other members.

Aspects relating to share-based incentives were also improved in order to clarify the consequences

of certain corporate events and to bring them closer to the regulatory regimes that apply to them, in

particular with regard to the possibility of converting part of this remuneration into cash, to the extent

necessary to fulfil the tax obligations of the member of the Executive Board of Directors. In particular,

account was taken of the fact that this amendment does not have the effect of reducing exposure to

the risks and benefits of holding EDP shares during the period of deferred payment of remuneration

if the member of the Executive Board of Directors chooses to receive part of the multi-annual

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variable component in cash. EDP, as the apex of a responsible multinational business group

(“Group”) has a solid culture that ensures the management, monitoring, control, and supervision of

the risks that the Group, its shareholders, employees, customers and, in general, all its stakeholders

face, including those arising from the remuneration systems it adopts. EDP has remuneration

practices transversal to the Group, consistent and based on common principles, which comply with

the regulations applicable in the jurisdictions where it carries out its activity.

EDP's remuneration systems, including those of the Executive Board of Directors, are defined to

promote a culture of merit and high performance that ensures that people and teams are recognized,

encouraged and rewarded according to their responsibility, availability, loyalty and competence

placed at the service of EDP, guaranteeing action in line with the long-term interests of shareholders

and the promotion of sustainable performance by EDP.

The rules governing the exit and replacement of directors were also modified with a view to

improving EDP's ability to attract talent, in the event of directors being replaced during the course of

a term of office, and also to provide a framework for the competences of the Remuneration

Committee of the General and Supervisory Board in the event of directors exiting.

The proposal for the Remuneration Policy for the members of the Executive Board of Directors was

also aimed at simplification, transparency, and clarity, favouring a complete understanding of the

framework of principles and rules that constitute it, which are applied by the Remuneration

Committee of the General Board and Supervision.

Definition, review, and renewal of the Policy

The definition of the remuneration policy of the Executive Board of Directors is submitted for

approval by the General Meeting of EDP, at the proposal of the Remuneration Committee of the

General and Supervisory Board.

The Internal Regulations of the Remuneration Committee of the General and Supervisory Board

establish the process of reviewing and applying the Remuneration Policy of the Executive Board of

Directors, in accordance with the following principles:

• the Remuneration Committee of the General and Supervisory Board meets at least once a

semester in order to monitor the situation of EDP in relevant matters for the purposes of

determining and fixing the variable remuneration of the Chairman of the Executive Board of

Directors and the other Directors and for the analysis of relevant information that may justify the

consideration of adjustments to the application of the Remuneration Policy, proceeding as

necessary and convenient to the hearing of the Financial Matters Committee and the Corporate

Governance and Sustainability Committee of the General and Supervisory Board, of the

Executive Board of Directors or any of EDP’s corporate structure in terms of compliance, risk

management and Human Resources;

• the definition and possible proposals for reviewing the Remuneration Policy are based on the

articulation of EDP's long-term objectives, measured according to its strategic plan at any given

moment, on the conclusions of comparative remuneration studies with national listed companies

and with peers’ foreign sectors and in an articulation of principles with the remuneration plan of

employees of EDP;

• on an annual basis, the Remuneration Committee of the General and Supervisory Board will

assess the opinions expressed by shareholders and analysts on EDP's Remuneration Policy or on

the Remunerations Report;

• the Remuneration Committee of the General and Supervisory Board may hire the consultants and

external support necessary to carry out studies on comparative remuneration and best corporate

governance practices within the scope of remuneration policies for directors, assessing their

independence conditions to the provision of services that may be requested.

Without prejudice to (extraordinary) revision proposals, the Remuneration Committee of the General

and Supervisory Board should, at least at the end of each term of office, when assessing compliance

with the objectives set for the term in question, specifically analyse and decide on a reasoned basis,

on the opportunity to propose the revision/update (ordinary) of the Remuneration Policy in any of its

components, in order to ensure, at all times and with adequate agility, the fulfilment of the objective

of the remuneration policy of retention and attraction of talent.

The review of the base remuneration must also imply the weighting, according to benchmark criteria,

of the total remuneration model practiced by comparable companies, in order to always ensure that

the remuneration model of the members of the Executive Board of Directors of EDP remains

balanced, fair, and competitive.

Whenever a Remuneration Policy is proposed for reviewed, all relevant changes introduced will be

described and how these changes reflect the votes and opinions expressed by shareholders on the

Remuneration Policy, as well as the remuneration reports issued based on the aforementioned

policy.

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Principles and General Characteristics 

The Remuneration Policy of the Executive Board of Directors of EDP aims to comply with the

applicable legislation, also in terms of its content, under the terms of Article 26-C of the Securities

Code, the IPCG Corporate Governance Code adopted by EDP and good international practices,

being mutatis mutandis coherent and consistent with the Remuneration Policy and remuneration

practices applied to Group employees.

Regardless of the functions performed in companies of the Group, namely at EDP Renováveis, the

members of the Executive Board of Directors, are exclusively remunerated for their duties at EDP,

and do not receive any remuneration or benefits for positions held at any other Group company.

Fixed and variable remuneration will be paid exclusively by EDP The Remuneration Committee of

the General and Supervisory Board may also allocate accommodation allowances or other benefits

to members of the Executive Board of Directors who live permanently outside Portugal and is also

responsible for determining the scope of the benefits, their value and the Group company

responsible for their payment. Nevertheless, and considering EDP's global presence, members of the

Executive Board of Directors may be remunerated (in whole or in part) by other EDP Group

companies based outside Portugal, if this is necessary or advised by legal or regulatory issues.

In such cases, the Remuneration Committee of the General and Supervisory Board is responsible for

defining the respective conditions, which under no circumstances may result in compensation

greater than that provided for in this policy and which must guarantee a level of disclosure identical

to that which would exist if the compensation were fully paid by EDP.

The remuneration of the members of the Executive Board of Directors must be aligned with the

interests of shareholders, be focused on the creation of long-term value and be compatible with

adequate and rigorous risk management, thus contributing to the Company's strategy, to its long-

term values and interests and for its sustainability.

Total remuneration and the remuneration model, in general, must be competitive, aligned with the

practices of the international electricity sector and the market, facilitating the attraction and

retention of talent, and the commitment to the company's challenges and ambitions.

The competitiveness of the remuneration model/system of the Executive Board of Directors must be

regularly and periodically assessed, namely through the analysis of the functions performed and

benchmark exercises to be carried out with the support of independent entities, which is assumed to

be done with a minimum triennial frequency, corresponding to the duration of the term-of-office of

the Executive Board of Directors.

The Executive Board of Directors' Remuneration Policy ensures a (fixed) base remuneration, the

payment of which is not dependent on performance evaluation, which must be fair, competitive, and

sufficiently relevant in relation to the total remuneration, in order to allow greater flexibility in the

conformation of the variable component of the remuneration.

The Remuneration Policy of the Executive Board of Directors comprises a variable remuneration,

with an annual component, and a multi-annual component, with the nature of reward and incentive

appropriate to the individual and collective performance of the members of the Executive Board of

Directors and the promotion of good conduct, considering EDP's short- and long-term, financial, and

non-financial objectives that are achieved, and the way in which they were achieved (pay for

performance).

The annual variable component is linked to financial objectives established in accordance with

EDP's budget, and to non-financial objectives, measured annually, with an impact on the year

subject to evaluation and consequent repercussion in the following years, being paid in cash. The

annual variable remuneration must be determined after the approval of EDP's accounts at the

Annual General Meeting each year, by reference to the previous year of annual performance.

The multi-annual variable component is linked to the quantitative and qualitative objectives of

EDP's Business Plan, the fulfilment of which will be evaluated at the end of a period of three years,

with the respective payment subject to partial deferral.

When assessing the annual and multi-annual performance of the members of the Executive Board

of Directors and determining the value of the variable remuneration owed to them, the Remuneration

Committee of the General and Supervisory Board may consider exceptional circumstances beyond

EDP’s control resulting from political or administrative decisions affecting the members of the

Executive Board of Directors, which have an impact on EDP's performance in terms of the fulfilment

of objectives, mitigating their impact on the annual and multi-annual performance metrics, provided

that it ensures that, in the event of the reversal of the decisions of a political or administrative nature

in question, by graceful, judicial or arbitral means, the members of the Executive Board of Directors

will also not benefit from the effects of such reversal decision.

Similarly, the Remuneration Committee of the General and Supervisory Board may take into account

other exceptional circumstances, of a cyclical nature, with which EDP is faced, which have an

impact on the fulfilment of the objectives set for the members of the Executive Board of Directors,

adjusting or adopting justifiable solutions appropriate to mitigate; in whole or in part, the impact of

said consequences on the annual and multi-annual performance metrics and/or on the variable

component of the remuneration, always subject to the maximum limits established for the variable

component of the remuneration.

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The multi-annual variable remuneration is paid in shares representing the share capital of EDP

(“EDP Shares”), without prejudice to the possibility of converting part of this remuneration into cash.

The payment of the multi-annual variable remuneration is partially deferred.

The determination of the variable annual and multi-annual remuneration of the members of the

Executive Board of Directors in accordance with the Remuneration Policy is the responsibility of the

Remuneration Committee of the General and Supervisory Board.

The payment of the variable remuneration is subject to the permanence of the member of the

Executive Board of Directors at EDP until the end of the annual or three-year period of relevant

performance, without prejudice to the provisions of the Remuneration Policy regarding departures in

favourable or neutral circumstances or by agreement.

In the event that EDP or members of the Executive Board of Directors are responsible, by

shareholders or third parties, responsible for intentional unlawful acts of management, the annual

and multiannual variable remuneration of the directors in question may, by decision of the

Remuneration Committee of the General and Supervisory Board, be suspended or not awarded, until

such claims are determined and, in case they are considered valid, the variable remuneration paid

during the period of practice of the facts, overdue, or to be awarded, will be reimbursed, retained or

not awarded for compensation for damages caused up to the full amount thereof (malus and

clawback clauses). Namely, the variable components of remuneration, linked to metrics of a

financial and quantitative nature, granted on the basis of data that subsequently proved to be

manifestly incorrect, will be reimbursed, withheld or not awarded in their totality.

In addition to some of the benefits provided to the others EDP employees, which the members of the

Executive Board of Directors also benefit from, the members of this Board must also benefit, by virtue

of the duties performed and in accordance with market practices and EDP's culture from a set of

fringe benefits, of a non-financial nature.

As with other EDP employees and in accordance with the legislation and Article 28(1) of EDP's

Articles of Association, the Company must provide directors with a supplementary retirement

pension due to old age or disability or, in its place, and in accordance with the practice consistently

followed by the company, a retirement savings plan or equivalent instrument, namely a unit linked

capitalization insurance.

The Financial Matters Committee and the Corporate Governance and Sustainability Committee of

the General and Supervisory Board shall, together with the Remuneration Committee of the General

and Supervisory Board and at its request, monitor the adequacy and application of the Policy of

Remuneration of the Executive Board of Directors and other documents, namely of a regulatory

nature that develop it, with a view to ensuring its compliance with the legislation and internal policies

and risk culture of EDP, as well as evaluating its effects on the appetite for risk and how such effects

are managed.

The Remuneration Committee of the General and Supervisory Board ensures certification, by an

independent entity, of the application of performance metrics in accordance with the approved

Remuneration Policy.

Any action by the Remuneration Committee of the General and Supervisory Board in which it makes

use of the discretionary decision-making powers assigned to it in this Remuneration Policy must be

disclosed and substantiated in the Remuneration Report for the financial year in question.

Without prejudice to a proposal for an extraordinary review during the term of office according to

benchmark criteria, the Remuneration Policy will be valid for a period of three years (2024-2026)

and should be the subject of a proposal for renewal or revision to be submitted to the General

Meeting of EDP to be held in 2027.

EDP’s Executive Board of Directors Members do not enter into contracts, either with the Company or

with third parties, the effect of which is to mitigate the risk associated with the variability of the

remuneration determined for them by the Company.

Apart from the situations described in this Remuneration Report, there are no contracts in force at

EDP that foreseeing payments in the event of dismissal or termination by agreement of the members

of the Executive Board of Directors' duties.

Components of the remuneration of the members of the Executive Board of 

Directors 

Fixed Component – Base Remuneration 

The base remuneration of the members of the Executive Board of Directors must be aligned with the

base remuneration practiced by a group of companies comparable with Executive Board of

Directors, of the national market (PSI 20 Index) and of the international electricity sector, in terms of

size, market capitalization, risk profile, relevance and geographic implantation, also considering, at

all times, the complexity of the functions performed, the remuneration conditions of EDP workers and

the average remuneration gap of the market between workers and managers.

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The fixed component of Executive Board of Directors members' remuneration may be annually

updated whenever the consumer price index relating to Portugal increases by 4% or more annually.

a. The remuneration levels for Executive Board of Directors are as follows: Annual base

remuneration of the CEO: 950,000.00 Euros; and

b. Annual base remuneration of the other members of the Executive Board of Directors:

644,000.00 Euros.

The base remuneration of the members of the Executive Board of Directors is paid in 14 monthly

instalments.

Variable remuneration

The variable remuneration of the members of the Executive Board of Directors is based on the

success of the short and long-term performance of EDP, pursuant to the budget and business plan in

effect, considering the performance of that Board and the individual performance of each member

of the Executive Board of Directors, determined based on parameters of a financial and non-

financial nature, individual and collective, absolute, and relative, in the terms indicated below.

Annual Component

The maximum annual variable remuneration may not be higher than 110%, in the case of the CEO,

and 80% for the other members of the Executive Board of Directors of the base remuneration in

force in the year to which the referred annual variable remuneration refers, being determined, and

falling due, after the approval of accounts for the year to which it relates.

The annual variable remuneration has the nature of an incentive/performance bonus linked to short-

term financial and non-financial objectives (linked to the budget), assessed annually, with a

reflection on the year under evaluation and possible repercussions in the following years, being paid

in cash. The annual variable remuneration accrues on 31 December of each year, and its value is

determined within three months after the approval of EDP's accounts at the Annual General

Shareholders Meeting each year, by reference to the previous annual performance period.

The annual variable component is allocated according to the following parameters, calculated on a

linear basis:

a. If the performance reaches less than 85% of the defined objectives, there is no place for the

attribution of an annual variable component;

b. If the performance achieved is between 85% (inclusive) and 95% (exclusive) of the defined

objectives, an amount within the range of 10% and 25% of the fixed reference remuneration of

each Executive Board of Directors member is due;

c. If the performance achieved is between 95% (inclusive) and 100% (exclusive) of the defined

objectives, an amount within the range of: (i) 25% to 75% in case of the CEO, and (ii) 25% to

52.5% in the case of the other members of the Executive Board of Directors, of their fixed

reference remuneration, is due;

d. If the performance achieved is between 100% (inclusive) and 110% (exclusive) of the defined

objectives, an amount within the range of (i) 75% to 110% in case of the CEO, and (ii) 52.5% to

80% in the case of the other members of the Executive Board of Directors of their fixed

reference remuneration;

e. If the performance achieved reaches more than 110% of the objectives set, the amount

corresponding to (i) 110% in the case of CEO and (ii) 80% in the case of the other members of the

Executive Board of Directors of their fixed reference remuneration.

The performance level of a given quantitative objective must be greater than or equal to 85% for

that same objective to be taken into account when calculating total performance, and each

quantitative objective will have a performance ceiling of 120%.

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Graphically:

The payment of annual performance bonus is made in the year following that to which the bonus

refers to provided that the annual amount of the bonus is not higher than 25% of the relevant total

annual remuneration, including the base remuneration and the variable annual and multi-annual

remuneration.

If the conditions for immediate payment are not met, and EDP, as determined by the Remuneration

Committee of the General and Supervisory Board, does not determine that the annual variable

remuneration is reasonably efficient, the bonus shall be partially deferred in 50% for a period of

three years, with one third of 50% being paid in each year.

Key annual performance indicators (and weights) against budget the year of reference.

Quantitative component:

• Growth – Earnings per share recurring (20%)

• Shareholder remuneration – Total Shareholder return vs Eurostoxx utilities (20%)

• Balance sheet solidity – Funds from Operations/Net Debit (10%)

• Operational efficiency – Recurring Cash OPEX (10%)

• ESG indicators (20%)

• Dow Jones Sustainability Index Results

• Performance in the employees’ yearly climate study

• Performance in the customer satisfaction index

The total shareholder return indicator (Total Shareholder Return vs Eurostoxx Utilities) will be

calculated using the volume weighted average closing price of EDP shares and of the Eurostoxx

Utilities index in the last 30 trading days of the year being evaluated, together with dividends paid

during that period, in comparison with the volume weighted average price of EDP shares and of the

Eurostoxx Utilities index in the month ending 31 December prior to the year being evaluated.

The 80% resulting from the weighted sum of these indicators reflects a performance that is common

to all members of the Executive Board of Directors.

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Qualitative component:

The remaining 20% result from an individualized qualitative assessment carried out by

Remuneration Committee, based on the individual performance of each of the members of the

Executive Board of Directors, and after consulting the EBD, based on the following indicators:

• Implementation of the Business Plan in the year (25%)

• Team management (25%)

• Teamwork (25%)

• Stakeholder management (25%)

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In view of the implementation of the Remuneration Policy for the Executive Board of Directors approved at the General Meeting of 14 April 2021 and applicable during the 2021-2023 term of office, the Remuneration

Committee of the General and Supervisory Board considered, within the scope of its activity, the factors for determining the annual variable remuneration for the following year 2023:

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| KPI | Description | Weight | Comparative | Objective[Min – Max]| 2023 Results | Performance[85% - 120%]  
Quantitative Com- ponent(80%) | Growth - Earnings per share recurring | Comparison of the net profit per share for the year under review with the objective previously defined in the  annual budget, which received a favourable prior opinion from the General and Supervisory Board| 20% | Budget 2023 | (0,27)[85% -120%]| (0,31) | (115)%  
Total shareholder return vs Eurostoxx  utilities| Comparison of the return for EDP shareholders on the market (TSR) with the TSR of a reference index, the  Euros-toxx utilities (SX6E, which includes the main companies in the utilities sector in the Eurozone).| 20% | SX6E | (100%)[85% - 120%]| (86%)| (86)%  
Balance sheet strength - Funds from  operations / Net Debt| Comparison of the ratio between Funds from operations and net debt with the objective previously defined in  the annual budget approved by the General and Supervisory Board | 10% | Budget 2023 | (20 %)[85% - 120%]| (21%)| (106)%  
Operational efficiency - Recurrent cash  OPEX| Comparison of the cash OPEX achieved in the year under review with the same indicator considered in the  annual budget approved by the General and Supervisory Board| 10% | Budget 2023 | (€2.353M) [85% - 120%]| (€2.267M) | (104)%  
ESG Indicators | Dow Jones Sustainability Index results | 8% | Annual evolution of indexes and  studies| (100%)[85% - 120%]| (120%)| (120)%  
Performance in the annual employee climate survey | 6% | (100%)[85% - 120%]| (101%)| (101)%  
Performance in the customer satisfaction index | 6% | (100%)[85% - 120%]| (117%)| (117)%  
Total | | 80%| | | |   
| | KPI | Description | Weight | Comparative  
Qualitative  Component (20%)| | Individual Performance Assessment | Individualised qualitative assessment carried out by the Remuneration  Committee of the General and Supervisory Board, based on the individual performance of each member of the Executive Board of Directors, and after consultation with this body, based on the following indicators: •Implementation of the Business Plan in the year (25%);•Team management (25%);•Teamwork (25%);•Stakeholder management (25%)| 20% | -  
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Multiannual Component

The multiannual variable remuneration accrues at the end of the term of office, will be determined

within three months after the approval of accounts for the last financial year of the three-year period

to which it relates and will be paid in EDP Shares.

At the request of the member of the Executive Board of Directors, the Remuneration Committee of

the General and Supervisory Board may determine that part of the multi-annual variable

remuneration be converted into cash at the time of payment, to the strict extent necessary to cover

the income tax levied on that income. The number of EDP Shares to be awarded to each member of

the Executive Board of Directors will be the one resulting from the quotient between the value of the

remuneration calculated as to be paid in EDP shares after performance evaluation, divided by the

price attribution of EDP Shares corresponding to the volume weighted average price of EDP shares

in the last 30 trading days of the last financial year prior to the approval of the Remuneration Police,

by the EDP Annual General Shareholders Meeting held on 10 April 2024.

The number of EDP Shares to be allocated to each member of the Executive Board of Directors will

be adjusted, over time and after its initial calculation, according to the corporate facts/events that

affect EDP shares (such as stock splits, reverse stock splits, reduction of the nominal value of shares,

reduction of share capital, among others) and also at the time of the actual delivery of the shares

according to the dividends paid or declared and not paid, between the end of the multiannual period

to which the remuneration relates and the date of delivery of the shares.

The multi-annual variable remuneration will be measured according to the fulfilment of long-term

financial and non-financial objectives in accordance with the Business Plan approved by EDP,

including the Company's sustainability metrics within the scope of ESG (Environment, Social and

Governance) policies and objectives.

The payment of 50% of the multiannual variable remuneration payable in EDP Shares will be

deferred and must be paid in three equal and successive annual instalments, being due,

respectively, the first, one year, the second, two years and the third, three years after the annual

General Shareholders Meeting in which the accounts are approved EDP corresponding to the last

year of the term in question.

The payment of a significant part of the multi-annual variable remuneration component in EDP

Shares reinforces the focus on the capital market and the alignment of the interests of the members

of the Executive Board of Directors with shareholders.

The maximum multiannual variable remuneration cannot be higher than 185%, in the case of the

CEO, and 145%, in the case of the other members of the Executive Board of Directors, of the base

remuneration earned during the three-year benchmark period, being attributed according to the

following parameters, calculated on a linear basis:

a. If the performance achieved is less than 85% of the defined objectives, there will be no

multiannual variable remuneration attribution;

b. If the performance achieved is between 85% (inclusive) and 95% (exclusive) of the defined

objectives, it is due an amount within the range of 15% and 40% of the base total remuneration

of each member of the Executive Board of Directors;

c. If the performance achieved is between 95% (inclusive) and 100% (exclusive) of the defined

objectives, an amount within the range of: (i) 40% and 125% in the case of the CEO and (ii) 40%

and 97.5% in the case of the other members of the Executive Board of Directors, of the

respective base total remuneration is due;

d. If the performance achieved is between 100% (inclusive) and 110% (exclusive) of the defined

objectives, an amount within the range of: (i) 125% and 185%, in the case of the CEO and (ii)

97.5% and 145%, in the case of the other members of the Executive Board of Directors, of the

respective base total remuneration is due;

e. If the performance achieved meets the defined objectives in 110% or more, an amount equal to:

185%, in the case of the CEO and 145%, in the case of the other members of the Executive Board

of Directors, of the respective base total remuneration is due.

The performance level of a given quantitative objective must be greater than or equal to 85% for

that same objective to be taken into account when calculating total performance and each

quantitative objective will have a maximum performance limit of 120%.

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Graphically:

Key multi-annual performance indicators for the three-year term of office (and weightings)

against the 2021-2025 Business Plan subject to a prior favourable opinion of the General and

Supervisory Board issued at the meeting held on 24 February 2021, after approval by the

Executive Board of Directors.

Quantitative component:

• Shareholder remuneration - Total shareholder return vs Eurostoxx utilities (40%)

• Growth - Earnings per share recurring cumulative (20%)

• ESG indicators (20%)

• Increase of share of renewable energy production

• Emissions reduction

• Bloomberg Gender Equality Index Performance

The total shareholder return indicator (Total Shareholder Return vs Eurostoxx Utilities) will be

calculated using the volume weighted average price of EDP shares and of the Eurostoxx Utilities

index in the last 30 trading days of the last year of the three year period being evaluated, together

with dividends paid during that period, in comparison with the volume weighted average price of

EDP shares and of the Eurostoxx Utilities index in the last 30 trading days of the year prior to the first

year of the three year period being evaluated.

The 80% resulting from the weighted sum of these indicators reflects a performance that is common

to all members of the Executive Board of Directors.

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Qualitative component:

The remaining 20% result from an individualized qualitative assessment carried out by the

Remuneration Committee, based on the individual performance of each of the members of the EBD,

and after consulting the EBD, based on the following indicators:

• Strategy and execution (25%)

• Employee development (25%)

• Teamwork and new forms of working  (25%)

• Stakeholders Management  (25%)

The multiannual variable remuneration will only be due if, at the end of the mandate and considering

the entire term of the mandate, an average of 85% of the objectives set has been reached.

The payment of the multi-annual variable remuneration is subject to the permanence of the

members of the Executive Board of Directors in office until the end of the three-year period of

relevant performance, without prejudice to the provisions of the Remuneration Policy, regarding

cases of neutral, favourable or agreed departure.

The members of the Executive Board of Directors are prohibited from entering into contracts, either

with EDP or with third parties, which have the effect of mitigating the risk inherent in the variability of

the remuneration set for them by EDP.

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In view of the implementation of the Remuneration Policy for the Executive Board of Directors approved at the General Meeting of 14 April 2021 and applicable during the 2021-2023 term of office, the Remuneration

Committee of the General and Supervisory Board considered, within the scope of its activity, the factors for determining the multi-annual variable remuneration for the following year 2023:

| | | | | | |   
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| KPI | Description | Weight | Comparative | Objective [Min – Max] | 2023 Finals | Performance [85%-120%]   
Quantitative Component  (80%)  | Total Shareholder return (TSR) vs  Eurostoxx utilities| Comparison of the return generated for EDP shareholders on the market (TSR) with that of the Eurostoxx  utilities reference index (SX6E, which includes the main com-panies in the utilities sector in the Eurozone). This comparison is made between share prices over a three-year period and takes into account the reinvestment of dividends received in the period. | 40%| SX6E| (100%)[85% -120%]| (87%)| (87%)  
Earnings per Share cumulative  recurring| Comparison of net profit per share with the target previously set for that year in the multi-annual Business Plan,  subject to a favourable prior opinion from the General and Supervisory Board.| 20%| Business Plan | (0,65) [85% - 120%]| (0,74)| (115)%  
ESG indicators  | Increasing the share of renewable energy production. | 7%| Multi-annual development | (81%)[85% - 120%]| (85%)| (105)%  
Reducing the intensity of emissions. | 7%| (106)[85% - 120%]| (81)| (120)%  
Performance in the Bloomberg Gender-Equality Index. | 7%| (=AVG)[85% - 120%]| (>AVG)| (120)%  
Total | | 80%| | | |   
| | KPI | Description | Weight | Comparative  
Qualitative Component (20%) | Individual Performance Assessment | Individual assessment of the performance of each member of the Executive  Board of Directors during the period in question, carried out by the Remuneration Committee of the General and Supervisory Board, after consulting the Executive Board of Directors, based on the following indicators:•Strategy and execution (25%) •Employee development (25%) •Teamwork and new ways of working (25%) •Stakeholder management (25%) | 20% | .-  
  
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As part of the implementation of the Remuneration Policy for the Executive Board of Directors approved at the General Meeting of 14 April 2021 and applicable during the 2021-2023 term of office, below is a

summary table of the remuneration framework applicable to the members of the Executive Board of Directors during that term of office:

| | | | | | | |   
---|---|---|---|---|---|---|---|---  
| Element | Approved at GSM 2021 | 2021 | 2022| 2023| 2024| 2025| 2026  
Fixed component | Fixed Remuneration | Defined by REMC | | | | | |   
Retirement Savings Plan | Net amount corresponding to 10% of  the base remuneration| | | | | |   
Other benefits  | Insurance, use of car | | | | | |   
Variable remuneration  – annual component | Variable Remuneration | Maximum of 80%  of fixed remuneration | | 70% - award 2021 | 15% - award 2021 | 15% - award 2021 | |   
| | 70% - award 2022 | 15% - award 2022 | 15% - award 2022 |   
| | | 70% - award 2023 | 15% - award 2023 | 15% - award 2023  
Variable remuneration  – multiannual component | Variable Remuneration | Maximum of 145% of fixed  remuneration| Performance period | 1/3 of award 2021-23 | 1/3 of award 2021-23 | 1/3 of award 2021-23  
Other corporate governance  topics| Clawback and Malus rules | Remuneration paid during the period  in which the facts were committed, overdue, or to be awarded, will be refunded, retained, or not awarded| Clawback and Malus: the right to variable remuneration and its effective payment is conditioned to the non-performance, by the members of the Executive Board of Directors, of any wilful unlawful acts known after the evaluation has been carried out and that cause damage to EDP or jeopardize the sustainability of performance of EDP and are the subject of a claim for damages against EDP, presented by shareholders or third parties.  
  
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Performance evaluation of the General and Supervisory Board and qualitative 

assessment of the Executive Board of Directors to be carried out by the 

Remuneration Committee of the General and Supervisory Board

Under the terms of the Remuneration Policy in force, the remuneration of directors comprises a

qualitative component, reflected in the annual variable remuneration (weighted by the individual

performance evaluation of each of the members of the Executive Board of Directors, representing

20% and taking into account performance during one year) and the multi-annual variable

remuneration (weighted by the individual performance evaluation of each of the members of the

Executive Board of Directors, representing 20%, and taking into account the performance during the

three-year period).

As an input for determining these qualitative components, the General and Supervisory Board

carries out a self-assessment of its activity and performance, as well as of the respective

Committees, whose conclusions are presented in the annual activity report of the General and

Supervisory Board (Article 12 of the Internal Regulations of the General and Supervisory Board). This

corporate body also carries out an independent assessment of the activity and performance of the

Executive Board of Directors, conclusions of which are presented to the General Shareholders’

Meeting and annexed to above referred report.

EDP, on the initiative of the General and Supervisory Board, voluntarily instituted a formal and

objective process to assess both the activity of this body and the activity of the Executive Board of

Directors. The experience of recent years has allowed the General and Supervisory Board to

introduce some changes to the process with a view to making it more effective and efficient. During

2024, the methodology adopted comprised the following steps:

• conduction of the process of collective evaluation of the General and Supervisory Board, its

Specialized Committees, and the Executive Board of Directors by an external entity, with a

view to carrying out interviews based on individual questionnaires to the members of the

supervisory body and to support in completing and validation of the treatment of information

supporting the evaluation process;

• at the beginning of 2025, each member of the General and Supervisory Board was interviewed

by specialized consultants, answering questions of a quantitative and qualitative nature;

namely, issues related to the composition, organization and functioning, performance of the

General and Supervisory Board's activity and the relationship of this Board with its Specialized

Committees and with other EDP governing bodies were analysed; Likewise, issues related to

the composition and organization of the Executive Board of Directors, performance of the

respective activity and the relationship between the Executive Board of Directors and the

General and Supervisory Board were analysed;

• assessment reports were produced by the General and Supervisory Board, its Specialized

Committees, and the Executive Board of Directors, which were made available for

consideration at a meeting of the General and Supervisory Board;

• at a meeting, the General and Supervisory Board issued the respective assessment opinions,

which are included in this body's annual activity report;

• at the General Meeting, in the point concerning the assessment of the Executive Board of

Directors, the Chairman of the General and Supervisory Board presents the respective opinion.

In January 2025, the General and Supervisory Board also contracted Mercer (Portugal), Lda. to

provide services within the scope of certification of the evaluation process of the afore mentioned

body, its Specialized Committees, and the Executive Board of Directors. These certifications can be

consulted in the 2024 Annual Report of the General and Supervisory Board.

Maximum potential amount in case of full compliance with the defined objectives 

By reference to each year of term-of-office, the maximum potential amount to be attributed to the

members of the Executive Board of Directors under the Remuneration Policy in force, in the event of

full compliance with the defined objectives, which implies the payment of the maximum amounts

fixed for the annual and multi-annual variable remuneration, under the terms described above, is the

following:

• Chair of the Executive Board of Directors: 3,752,500 Euros

• Remaining members of the Executive Board of Directors: 8,372,000 Euros

• Total amount: 12,124,500 Euros

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Itemized Remuneration 

The gross global amount paid by EDP to the members of the Executive Board of Directors in 2024

was 8,448,633.49 Euros, of which 3,272,042.47 Euros refer to the 2024-2026 term of office

starting on 10 April 2024 and 5,176,591.00 Euros regarding the 2021-2023 term.

The following chart illustrates the breakdown between the rounded amounts paid, in millions of

Euros, during 2024 for each of the mandates:

(millions of EUR)

* Includes the remuneration of the Executive Board of Directors currently in office (2024-2026 term) and the 

Multiannual Remuneration of the Executive Board of Directors in office during the previous term (2021-2023).

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The table below shows, in euros, the gross remuneration paid in 2024, individually, to the members of the Executive Board of Directors in office for the 2021-2023 and 2024-2026:

| | | | | | | |   
---|---|---|---|---|---|---|---|---  
GROSS REMUNERATION PAID IN EUROS BY EDP (1)  
| FIXED UNTIL  10.04.2024| FIXED AFTER 10.04.2024 (2)| TOTAL FIXED | ANNUAL VARIABLE  (2021)| ANNUAL VARIABLE  (2022)| ANNUAL  VARIABLE  (2023)| MULTIANNUAL VARIABLE (2021-2023) RECEIVED IN EDP SHARES (3) | TOTAL 2024 (2021-2023 AND  2024-2026)  
Miguel Stilwell de Andrade  | 269,532.96 | 835,533.53 | 1,105,066.50 | 77,520 | 88,080 | 389,480 | 652,501.88 (185,212 EDP shares) | 2,312,648.38  
Rui Manuel Rodrigues Lopes Teixeira | 188,263.23 | 566,403.82 | 754,667.05 | 53,802 | 61,194 | 268,324 | 445,395.28 (126,425 EDP shares) | 1,583,382.33  
Vera de Morais Pinto Pereira Carneiro | 188,263.23 | 566,403.82 | 754,667.05 | 51,492 | 59,346 | 268,324 | 445,395.28 (126,425 EDP shares) | 1,579,224.33  
Ana Paula Garrido de Pina Marques | 188,263.23 | 566,403.82 | 754,667.05 | 52,647 | 59,346 | 268,324 | 445,395.28 (126,425 EDP shares) | 1,580,379.33  
Pedro Collares Pereira de Vasconcelos | 238,911.37 (4)| 737,297.49 (5)| 976,208.87  | - | - | 268,324 | 148,466.25 (42,142 EDP shares) | 1,392,999.12  
  
(1) The remuneration of the members of the Executive Board of Directors includes the amounts relating to the Retirement Savings Plan.

(2) In November 2024, the amount paid as Christmas allowance was calculated solely on the basis of the remuneration policy defined by CVEN CGS at the General Meeting of 10 April 2024 (not considering that until this date, the reference amount should have been calculated on the basis of the remuneration policy in 

force until 10 April 2024), so in January 2025 the respective correction was made, resulting in an adjustment of - €2,927.40 for the Chairman of the Executive Board of Directors and - €1,639.34 for the other directors.

(3) In accordance with the Remuneration Policy in force and following assessment by the Remuneration Committee of the General and Supervisory Board, one third of the multi-annual variable remuneration was paid in EDP shares, in which context a total of 606,629 EDP shares were distributed, based on an average 

share price of €3.523.

(4) Includes the amount of 62,684.78 Euros relating to an international mobility allowance for functions previously carried out in the EDP Group.

(5) Includes the amounts of 22,009.86 Euros and 152,063.83 Euros, respectively, relating to an international mobility allowance and a long-term incentive for functions previously carried out in the EDP Group. 

1 Definition of group within the meaning of paragraph g) of no. 1 of article 2 of Decree-Law no. 158/2009, of 13 July, in accordance with paragraph d) of no. 2 of article 26-G of the Portuguese Securities Code

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In 2024, no amounts earned by members of the Executive Board of Directors were paid by other

companies in a control or group 1 relationship or that are subject to a common control, in Portugal or

abroad.

In 2024, the Remuneration Committee of the General and Supervisory Board hired an external

consultant, Mercer (Portugal), Lda., to provide support in the validation and certification of the

calculation of the annual and multi-annual variable remuneration of the members. of the Executive

Board of Directors.

Additional benefits 

The members of the Executive Board of Directors have the following benefit and rights (fringe

benefits):

• Payment of an annual Life Insurance and Personal Accident Insurance premium (along with the

other associated costs) under the terms that will take as reference the policies in force at EDP;

• Payment of an annual premium for / co-payment of / access to Health Insurance, extendable to

spouse and children (along with other associated costs);

• Use of a vehicle, in terms of the culture and practice consistently followed at EDP for service

vehicles, which includes, for the members of the Executive Board of Directors, the assignment

of a driver, payment of costs and expenses related to the vehicle and its use.

Except in cases of variable remuneration programs already closed, the benefits and rights granted

to the members of the Executive Board of Directors under the employment contracts they have

entered into with EDP will be suspended during the exercise of their respective functions as

members of the Executive Board of Directors, thus not adding to the benefits and rights indicated

above.

Without prejudice to the foregoing, the members of Executive Board of Directors who, having been

appointed during a current term of office and who, due to the suspension of an employment contract

they have concluded with EDP or another Group company, lose their right to performance bonuses,

may request the Remuneration Committee of General and Supervisory Board to replace the

multiannual variable remuneration with variable remuneration having the same conditions as that

which would be attributed under the employment contract. In any case, the variable remuneration

awarded under this paragraph may not exceed the maximum limits established for the variable

remuneration components in the Remuneration Policy.

The benefits and rights attributed to the members of the Executive Board of Directors under the

terms of the Remuneration Policy may, by decision of the Remuneration Committee of the General

and Supervisory Board, with a favourable opinion from the Corporate Governance and Sustainability

Committee, be adjusted according to the practices market and continued alignment with EDP's

general human resources policy applicable at any given time, and must be justifiably reported in the

first remuneration report that is presented after the aforementioned adjustment.

Pursuant to Article 402 of the Portuguese Companies Code and Article 28(1) of EDP's Articles of 

Association, the Company may create old-age or disability retirement pension supplements in 

favour of the members of the Executive Board of Directors. 

EDP has not created a supplementary retirement pension fund or plan for directors, instead making

annual contributions / or co-contributions with the director to a Retirement Savings Plan (PPR) in a

net amount corresponding to 10% of the respective remuneration base.

The PPR is subscribed by EDP with the insurance company of its choice, indicating the executive

director as an insured person and EDP's defined contribution will be paid in 12monthly instalments.

The characteristics of the PPR will correspond to the usual characteristics in the market for this type

of product, being refundable before the end of the respective term, under the terms legally applicable

to these financial products.

The PPR currently made available to the members of the EBD may, upon a favourable opinion from

the Remuneration Committee of the General and Supervisory Board, be replaced by unit linked

capitalization insurance or equivalent vehicle, depending on the offer and market practices at all

times.

Malus and clawback rules

The right to variable remuneration and its effective payment is conditioned to the non-performance,

by the members of the Executive Board of Directors, of any malicious illegal acts known after the

evaluation has been carried out, and which cause damage to EDP or jeopardize the sustainability of

performance of EDP and are the subject of a claim for compensation to EDP, by shareholders or third

parties.

If the provisions of the previous paragraph are verified, the variable remuneration paid during the

period of practice of the facts, overdue, or to be awarded, will be reimbursed, withheld, or not

awarded to compensate for the damages caused up to the competition of the full amount thereof.

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Variable components of remuneration linked to metrics of a financial and quantitative nature,

awarded on the basis of data that subsequently proves to be manifestly incorrect, will be

reimbursed, withheld or not awarded in full.

Payments in the event of early termination of service

EBD members are elected for three-year terms, with the current term running from 2024 to 2026.

There are no agreements with the members of the Executive Board of Directors that provide for the

advance payment of indemnities or compensation in the event of termination of office before the

end of the term, or of non-re-election.

The multiannual compensation serves two purposes: as an incentive and as a reward for

performance. With the passage of time, the weight of the incentive purpose diminishes while the

weight of reward for performance aspect increases. Therefore, in the event of a favourable or neutral

departure of the members of Executive Board of Directors, part of the multiannual variable

remuneration may be allocated to reward the member's performance.

For the purposes outlined in this policy:

a. An "unfavourable departure" means the dismissal of an Executive Board of Directors member

for cause or the early termination of his/her appointment that does not qualify as a favourable,

neutral, or by mutual agreement departure;

b. A "neutral departure" means the voluntary resignation of an Executive Board of Directors

member after serving a minimum of 2 full years that does not qualify as a departure by mutual

agreement, and (ii) that is accompanied by the execution of a non-compete agreement for a

period of at least 2 years;

c. A "favourable departure" means the early termination of his/her appointment for reasons

beyond the control of the Executive Board of Directors member;

d. A "departure by mutual agreement" means the termination of the appointment through an

agreement with EDP, where the director consents to resign from the position and is

accompanied by the execution of a non-compete agreement for a period of at least 2 years.

In the event of:

a. an unfavourable departure, the director is entitled to receive solely the remuneration, both fixed

and variable, already accrued up to the date of termination of duties, with payment occurring

under the same terms and within the same timeframe as for the Executive Board of Directors

members who remain in office;

b. a neutral departure, the Remuneration Committee of General and Supervisory Board may grant

the administrator the right to receive up to 50% of the multiannual variable remuneration that

would have been due at the end of the term, had they remained in office, with payment occurring

under the same terms and within the same timeframe as for the Executive Board of Directors

members who remain in office;

c. a favourable departure, the director is entitled to receive the entire fixed remuneration owed up

to the end of their term, along with the variable remuneration accrued up to the termination date,

under the same terms and timeline as directors remaining in office. Additionally, they are

entitled to a portion of the annual variable remuneration for the then current year and any

unaccrued multiannual remuneration related to the then current term of office, pro rata to the

period of the term actually served and the right to receive any other benefits inherent to the

actual performance of duties for incomplete annual or multiannual performance periods shall

lapse;

d. an exit by mutual agreement, the director is entitled to receive the agreed compensation, which

cannot exceed (i) the fixed remuneration amount until the end of the term, plus (ii) the full

variable remuneration over the annual or multi-annual performance period, payable upon

determination at the end of the relevant performance periods, as if the director had remained in

office.

In accordance with market practice, the Remuneration Committee of General and Supervisory

Board may also approve the execution of non-compete agreements with the outgoing executive

director, whatever the cause of the termination of service, or, within the scope of the termination of

service agreement, establish an obligation of non-competition with EDP for a determined period of

time, which includes the payment of compensation in exchange for the aforementioned non-

competition obligation.

Exceptional payments arising from termination of service and non-compete 

agreements

Under the termination and non-competition agreement signed between EDP and António Luís

Guerra Nunes Mexia in 2020, a PPR Life Insurance settlement of 7,451.71 euros was paid in January

2024.

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In addition, following the resignation submitted with effect from 12 April 2023, a termination, non-

competition and non-solicitation agreement was signed with Eng. Miguel Nuno Simões Nunes

Ferreira Setas, a termination, non-competition and non-solicitation agreement was signed under

which EDP (i) would maintain the obligation to pay the aforementioned Director the pecuniary

amounts due as remuneration in respect of the annual variable component for the year 2022 and

the multi-annual variable component for the year 2020, the determination of which is the

responsibility of the Remuneration Committee of the General and Supervisory Board, under the

terms of the Remuneration Policy for Members of the Executive Board of Directors approved by the

General Meeting on 14 April 2021, (ii) pay a total amount of 560,000 Euros as compensation for non-

competition and non-solicitation during 2024, and this amount was paid in April 2024.

The termination, non-competition and non-solicitation agreement entered into was approved by the

Remuneration Committee of the General and Supervisory Board, under the terms of article 429 of

the Companies Code, article 28 of EDP's Articles of Association and article 12(h) of the Internal

Regulations of the Remuneration Committee of the General and Supervisory Board at a meeting held

on 25 April 2023.

B. Remuneration policy applicable to members of the Governing Bodies 

approved by the Remuneration Committee elected by the General 

Meeting 

The Remuneration Committee elected by the General Meeting takes into account, for the purposes

of the proposed Remuneration Policy for the members of the General and Supervisory Board, the

Board of the General Meeting and the Statutory Auditor, the duties performed, the fixed nature of the

remuneration, as well as the mandatory rules on their determination, in particular the provisions of

number 2 of article 440 of the Commercial Companies Code, which explains the criteria for

determining the remuneration of the General and Supervisory Board, in article 374-A of the

Commercial Companies Code, in article 60 of Decree-Law no. 224/2008, of 20 November, on the

remuneration of the Statutory Auditor.

It is therefore incumbent upon the Remuneration Committee elected by the General Meeting to set

the remuneration of the members of the following governing bodies: Board of the General Meeting,

Chairman and members of the General and Supervisory Board, Statutory Auditor.

Considering the competence of the Remuneration Committee elected by the General Meeting it only

promotes the definition of fixed remunerations, so the legal determinations and others relating to

variable remuneration, with their various dimensions, are not applicable here, without prejudice to

the necessary alignment with the principles that shape EDP’s remuneration policies

Procedures for adopting the policy

In the definition of the Remuneration Policy, proposals are made to ensure that remuneration is

adequate, contribute to the business strategy and sustainability of EDP and reflect the risk profile

and the long-term objectives and interests of EDP, showing still complying with legal norms,

principles, and relevant national and international recommendations.

The Remuneration Committee elected by the General Shareholders’ Meeting is also attentive to

market references, particularly those relating to companies listed on the Portuguese stock

exchange.

Also in defining this policy, the Remuneration Committee elected by the General Meeting maintains

interactions both with members of the relevant governing bodies and with the Company's

stakeholders.

As is the case of the Executive Board of Directors, the General and Supervisory Board and its

Specialized Committees, the Remuneration Committee elected by the General Shareholders’

Meeting develops mechanisms for the prevention and management of conflicts of interest, under the

terms set out in article 11 of the EDP Articles of Association, observing the following essential rules:

i. When a member of the Remuneration Committee is in a situation of actual or apparent conflict

of interest in a decision to be taken by this body, he must previously inform the Committee of the

facts that may constitute or give rise to a conflict between his interests and the Social.

ii. In the situation referred to in the previous number, the member of the Remuneration Committee

must abstain from participating and voting at the meeting in which the topic is discussed and

voted on, without prejudice to the duty to provide information and clarifications that the

Committee or the respective members ask you.

It should also be noted that, under the statutory terms, the Remuneration Committee elected by the

General Meeting is composed of a majority of independent members.

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General Definition and Characterization 

When defining the Remuneration Policy presented by the Remuneration Committee and approved

at the General Meeting, held on 10 April 2024, the following factors were considered:

i. Experience has shown that the duties of the General and Supervisory Board are increasingly

demanding and complex, which means that it has to be more available, and its members have

to be adequately remunerated.

ii. For this reason, the remuneration of the governing bodies, with the exception of the

remuneration of the Chair of the General and Supervisory Board, underwent a significant

increase in the last term of office.

iii. In view of the amendment to the articles of association to be voted at the Company's General

Meeting, the Chair of the General Shareholders Meeting may no longer inherently belong to the

General and Supervisory Board. Without prejudice to this change, the Chair of the General

Meeting of Shareholders may be asked to take part in meetings of the GSB, which shall define

the conditions of participation and remuneration.

iv. The Remuneration Committee also considered the high inflation rates of recent years, making it

necessary to update remuneration. This update has also taken into account the one that will be

proposed for the members of the Executive Board of Directors in order to ensure adequate

consistency.

v. Without prejudice to the above, the Remuneration Committee is aware that the remuneration

must also consider market comparable and be sufficiently attractive and adjusted to the

responsibility of the functions, in a Company that has a strong international presence and aims

to attract the most qualified professionals;

In view of the above, and as provided for in the approved Policy, at the beginning of 2025 the

Remuneration Committee carried out a benchmark study, essentially relating to the remuneration of

the General Supervisory Board, in order to assess the standards referred to and to be able to

recommend, in a sustained manner, any changes that may be justified.

The Remuneration Policy for the Members of the Governing Bodies aims to comply with the

applicable legal provisions, and incorporate the corporate governance guidelines set out in the IPCG

Corporate Governance Code adopted by the Company, framing within the guidelines that have

been defined by the Company's reference shareholders, which are formulated in accordance with

the aforementioned applicable rules and recommendations and with the best practices existing in

the sector.

It should be noted, as already mentioned, that the Remuneration Policy for the Members of the

Governing Bodies has a necessarily limited and reduced scope, since the definition of the

Remuneration Policy for the members of the Executive Board of Directors is in charge of the

Remuneration of the General and Supervisory Board.

Therefore, are not within scope of the Remuneration Policy does not include any variable

remuneration to directors, remuneration based on shares or any other remuneration complement, a

matter that is the responsibility of the Remuneration Committee of the General and Supervisory

Board. For this reason, several legal provisions, concerning the referred matters, notably, those set

forth in Article 26-C (3) (4) of the Portuguese Securities Code.

Principles underlying the remuneration policy of the members of the Governing 

Bodies (excluding that of the Executive Board of Directors)

The Remuneration Committee elected by the General Shareholder’s Meeting defined the

Remuneration Policy for the members of the General and Supervisory Board, having as a guiding

principles that it should be clear, understandable, simple, transparent, moderate, adapted to the

conditions of the work and the Company's economic situation, as well as being competitive and

equitable, in order to guarantee the purpose of creating value for shareholders and other

stakeholders.

The Remuneration Committee elected by the General Shareholders’ Meeting based its decisions on

Remuneration Policy on the following main guiding principles:

i. Definition of a simple, clear, understandable, transparent policy in line with EDP's culture, so that

the remuneration practice can be based on uniform, consistent, fair, and balanced criteria.

ii. Definition of a policy consistent with effective risk management and control, to avoid excessive

exposure to risk and conflicts of interest and seeking consistency with the Company's long-

term objectives and values.

iii. Evaluation and encouragement of a judicious action in which merit must be duly rewarded,

ensuring levels of homogeneity compatible with the necessary cohesion of the General

Supervisory Board, while also considering the economic and financial situation of the company

and the country, even though EDP operates on a global scale.

iv. Alignment of the remuneration of the various members of the governing bodies by companies

with the highest market capitalization and European counterparts, naturally adapted to the

Portuguese market.

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v. The most recent recommendations issued by the European Union and the Securities Market

Commission.

vi. Alignment of remuneration with the specific responsibilities inherent to the position in question.

vii. Alignment of remuneration with the time required to spend in each position.

viii. Simplification of the remuneration policy.

Structure of the remuneration policy for the members of the Governing Bodies 

(excluding that of the Executive Board of Directors)

Based on these criteria and considering the challenges that the Company intends to pursue during

the term of office 2024-2026, the Remuneration Committee elected by the General Meeting

decided that the following guidelines should apply:

• A distinction must be maintained between the remuneration attributed to the members of the

General Supervisory Board and those fixed to the members of the Executive Board of Directors,

with the former not being allocated a variable remuneration component or any other

remuneration supplement.

• The performance with merit and the complexity of the functions performed by the members of

each body must be considered, so that the cohesion, stability, and development of the Society

are not jeopardized.

• Regarding the Chair of the General Supervisory Board, it must be considered that the functions

require great availability and include a strong component of institutional representation. He

may also chair the Financial Matters Committee, without additional remuneration.

• If the chairmanship of the Financial Matters Committee is assigned to another member of the

General Supervisory Board, other than its Chair, he/she must have a compatible remuneration,

depending on the responsibility of the position and the requirement of availability.

• It is also important to differentiate the performance of other specific functions, within the scope

of the General Supervisory Board, namely the participation of members of the General

Supervisory Board in other committees, as well as the functions performed in these

committees.

• It should be considered that it is appropriate to differentiate the Remuneration Committee from

the General and Supervisory Board in view of the demands and responsibilities of the role,

reflected in particular in the time commitment required for the role.

C. Specifics applicable to the remuneration of the members of the 

General and Supervisory Board

In compliance with the provisions of article 440 of the Commercial Companies Code, the

remuneration of the members of the General and Supervisory Board is of a fixed nature, considering

the duties performed.

The Remuneration Policy currently in force for the three-year term 2024-2026 was approved at the

General Shareholders’ Meeting held on 10 April 2024.

The remuneration of the Chair of the General and Supervisory Board was set considering, namely,

the necessary availability for the performance of his duties as well as the important component of

institutional representation required. The remuneration of the Chairman of the General and

Supervisory Board in office until 10 April 2024 also includes the costs associated with the use of the

vehicle and its driver.

Remuneration limits

Accordingly, and considering the aforementioned, the Remuneration Committee elected by the

General Shareholders’ Meeting submitted to the shareholders the proposal for the gross

remuneration of the members of the governing bodies identified below, for the financial year that

began on 10 April 2024, under the terms that follow:

|   
---|---  
GENERAL AND SUPERVISORY BOARD | ANNUAL REMUNERATION  
CHAIR OF THE GENERAL AND SUPERVISORY BOARD: | EUR. 592,000.00  
Member of the General and Supervisory Board: | EUR. 80,500.00  
  
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Financial Matters Commission: the following values add to the base remuneration

|   
---|---  
| ANNUAL REMUNERATION  
CHAIR: | EUR.90,000.00(*) (TOTAL EUR.170,500.00)  
Member: |  \+ EUR. 35,000.00  
  
(*) Applicable in this term of office, since the function is not performed by the Chairman of the General Supervisory Board.

The Remuneration Committee appointed by the General and Supervisory Board increases the base

remuneration of a member by the following amounts:

|   
---|---  
| ANNUAL REMUNERATION  
CHAIR: | EUR.35,000.00  
Member: | EUR.25,000.00  
  
Other committees: Member of the General and Supervisory Board who holds positions on one or

more committees:

|   
---|---  
| ANNUAL REMUNERATION  
FOR EACH COMMISSION IN WHICH HE PARTICIPATES  AS CHAIR: | EUR. 30,000.00  
For each Committee in which you participate as a Member: | EUR. 25,000.00  
  
Regarding the establishment of the remunerations listed above, the following rules are also added:

• The Chair of the General and Supervisory Board and the Chair of the Financial Matters

Committee (if not the Chair of the General Supervisory Board), even if they form part of other

committees, will not have any additional remuneration.

• No other Member of the General and Supervisory Board may, in addition to the basic

remuneration, accumulate remuneration in more than two committees, in accordance with the

rules referred to above, even if they participate in a greater number.

Amounts earned broken down

The gross global amount paid by EDP to the members of the General and Supervisory Board in 2024

was 2,287,858.86 Euros.

The following table presents the amounts of remuneration paid during the 2024 financial year to the

members of the General and Supervisory Board in office, during the term of office 2021-2023 term

of office, until 10 April 2024:

|   
---|---  
MEMBERS OF THE GENERAL AND SUPERVISORY BOARD | FIXED EUROS GROSS  
João Luís Ramalho de Carvalho Talone  | 143,055.57  
China Three Gorges Corporation | 19,249.99  
China Three Gorges International Limited | 19,249.99  
China Three Gorges (Europe), S.A. | 24,750  
China Three Gorges Brasil Energia, S.A. | 24,750  
China Three Gorges (Portugal), Sociedade Unipessoal, Lda.(*) | 26,124.98  
DRAURSA, S. A. | 30,249.98  
Fernando Maria Masaveu Herrero | 24,750  
João Carvalho das Neves  | 39,722.20  
María del Carmen Fernández Rozado  | 31,944.43  
Laurie Lee Fitch  | 30,555.57  
Esmeralda da Silva Santos Dourado | 30,555.57  
Helena Sofia da Silva Borges Salgado Fonseca  | 31,624.99  
Zili Stephen Shao  | 24,750  
Sandrine Dixson-Declève  | 25,000  
Luís Maria Viana Palha da Silva | 26,388.87  
  
(1) Remuneration paid to the representative Miguel Espregueira Mendes Pereira Leite

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The following table shows the remuneration paid during the 2024 financial year to the members of

the General and Supervisory Board in office during the 2024-2026 term, as of 10 April 2024:

|   
---|---  
MEMBERS OF THE GENERAL AND SUPERVISORY BOARD | FIXED EUROS GROSS  
António Bernardo Aranha da Gama Lobo Xavier | 429,199.97  
China Three Gorges Corporation | 58,362.47  
China Three Gorges International Limited | 76,487.44   
China Three Gorges (Europe), S.A. | 76,487.44  
China Three Gorges Brasil Energia, S.A. | 58,362.47  
China Three Gorges (Portugal), Sociedade Unipessoal, Lda.(*) | 83,737.50  
DRAURSA, S. A. | 101,862.47  
Fernando Maria Masaveu Herrero | 94,612.41  
Helena Sofia da Silva Borges Salgado Fonseca  | 83,737.50  
Zili Stephen Shao  | 76,487.44  
Alicia Reyes Revuelta | 76,487.44  
Gonçalo Moura Martins | 123,612.47  
María José García Beato | 101,862.47  
Sandra Maria Santos | 94,612.41  
Stephen Vaughan | 94,612.41  
Lisa Frantzis | 94,612.41  
  
(*)Remuneration paid to the representative Miguel Espregueira Mendes Pereira Leite.

D. Specifics applicable to the remuneration of the Statutory Auditor 

Contractual nature

At the General Shareholders’ Meeting held on 10 April 2024, PricewaterhouseCoopers &

Associados - Sociedade de Revisores de Contas, Lda., Sociedade Revisor Oficial de Contas

number 183, represented by Pedro Miguel Oliveira Vieira Lima (ROC n.º 1835), was re-elected to

Statutory Auditor for the three-year period 2024-2026, having, on the same date, been elected

Carlos José Figueiredo Rodrigues (ROC n.º 1737), as Substitute of the Statutory Auditor, to perform

duties during the aforementioned three-year period.

The Remuneration Committee elected by the General Shareholders’ Meeting decided that the

remuneration of the Statutory Auditor will correspond to the amounts contained in the “Agreement

for the Provision of Professional Auditing Services” entered into between EDP and

PricewaterhouseCoopers & Associados - Sociedade de Revisores de Contas, Lda.

Scope of activity and services provided

PricewaterhouseCoopers & Associados - Sociedade de Revisores Oficiais de Contas, Lda. and its

network (PWC) are responsible for carrying out the independent audit of all the companies that

make up the EDP Group.

All services provided by the Statutory Auditor during the 2024 financial year are detailed in Part IV,

Item 46, of this Integrated Annual Report.

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Fees earned

PWC

| | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---  
EUROS | PORTUGAL | | SPAIN | | BRAZIL | | USA | | OTHER COUNTRIES | | TOTAL |   
Audit and statutory audit of accounts | 3,076,530 | | 1,543,655 | | 815,324 | | 2,265,926 | | 2,050,251 | | 9,751,686 | 81%  
Other assurance of reliability services (*) | 1,376,093 | | 507,503 | | 315,657 | | - | | 25,282 | | 2,224,534 | 18%  
Total of audit and assurance of reliability  services  | 4,452,623 | | 2,051,158 | | 1,130,980 | | 2,265,926 | | 2,075,533 | | 11,976,220 |   
Tax consultancy services | - | | - | | - | | - | | - | | - |   
Other services | 58,370 | | 1,667 | | 100,461 | | 1,045 | | 632 | | 162,175 | 1%  
Total of other services | 58,370 | | 1,667 | | 100,461 | | 1,045 | | 632 | | 162,175 |   
Total | 4,510,993 | 37% | 2,052,825 | 17% | 1,231,441 | 10% | 2,266,971 | 19% | 2,076,165 | 17% | 12,138,395 | 100%  
  
(*) Includes assurance of reliability services of the exclusive competence and responsibility of the Statutory Auditor in accordance with the Regulations on Provision of Services by Statutory Auditor or Statutory Auditing Company approved by the General and Supervisory Board.

The amount of fees for “Audit and statutory auditing” in Portugal includes 1,265,590 Euros corresponding to the fees for statutory audit of the annual, individuals and consolidated accounts of EDP, S.A.

Services other than Audit and Legal Review of Accounts requested by Group companies from the External Auditor and other entities belonging to the same network, amounted to 2,386,709 Euros.

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E. Particulars applicable to the remuneration of the Environment and 

Sustainability Board

As a result of the amendment to the articles of association made at the General Shareholders’

Meeting of 10 April 2024, EDP's shareholders approved the proposal to eliminate the Environment

and Sustainability Board.

Under the terms of the current Remuneration Policy in force until 10 April 2024, the members of the

Environment and Sustainability Board were entitled to receive an attendance fee per meeting in the

amount of 1,750 Euros.

In the 2024 financial year, no meetings of the Environment and Sustainability Board were held and

the members did not receive any remuneration.

F. Particulars applicable to the remuneration of the Remuneration 

Committee of the General Meeting

The remuneration of the members of the Remuneration Committee of the General Meeting approved

by the General Meeting on 10 April 2024 for the 2024-2026 term of office provides for the following:

|   
---|---  
REMUNERATION COMMITTEE OF THE GENERAL MEETING | ANNUAL  REMUNERATION  
CHAIR |  EUR. 25,000.00  
Members: | EUR. 18,000.00  
  
The members of the Remuneration Committee of the General Shareholders’ Meeting in office until 10

April 2024 received the following remuneration in 2024:

|   
---|---  
REMUNERATION COMMITTEE OF THE GENERAL SHAREHOLDERS’  MEETING| FIXED EUROS GROSS  
Luís Miguel Nogueira Freire Cortes Martins | 5,500.01  
José Gonçalo Ferreira Maury | 4,166.67  
Jaime Amaral Anahory | 4,166.67  
  
The members of the Remuneration Committee of the General Shareholders’ Meeting in office as of

10 April 2024 received the following remuneration in the 2024 financial year:

|   
---|---  
REMUNERATION COMMITTEE OF THE GENERAL SHAREHOLDERS’  MEETING| FIXED EUROS GROSS  
Luís Miguel Nogueira Freire Cortes Martins  | 18,124.97  
Maria da Soledade Gomes Carvalho Duarte Virott da Costa | 13,050  
Maria Manuela Correia de Gouveia Azevedo Cipriano Messias | 13,050  
  
During the 2024 financial year, Luís Miguel Nogueira Freire Cortes Martins earned a total of

23,624.98 euros.

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G. Particulars applicable to the remuneration of the Board of the 

General Shareholders’ Meeting

The Remuneration Policy submitted by the Remuneration Committee elected by the General

Meeting, approved at the General Shareholders’ Meeting held on 10 April 2024, provides, as regards

the members of the Board of the General Meeting, as follows:

|   
---|---  
BOARD OF THE GENERAL SHAREHOLDERS’  MEET-ING:| ANNUAL REMUNERATION(*)  
CHAIR | EUR. 30,000.00   
Vice-Chair: | EUR. 5,500.00  
  
(*)Gross amounts

The Secretary of the Board of the General Shareholders’ Meeting does not receive remuneration in

this capacity, given that is remunerated as Company Secretary.

During 2024, and following the election at the General Meeting of 10 April 2024, the members of

EDP's Board of the General Meeting received the following remuneration:

|   
---|---  
BOARD OF THE GENERAL SHAREHODLERS’  MEETING:| ANNUAL REMUNERATION(*)   
Luís Maria Viana Palha da Silva | EUR. 21,750.00  
Inês Viseu Carvalho De Pinto Leite Teles Soares | EUR. 3,987.47  
  
(*)Gross amounts

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H. Evolution of the remuneration and performance

Remuneration of the Executive Board of Directors

(€M)

9

9

5*

5*

5*

5

* As a result of the Extraordinary General Shareholders’ Meeting of 19 January 2021, the Executive Board of Directors elected for the 2021-2023 term 

is made up of 5 members. The amounts shown also include the variable remuneration earned by the members of the Executive Board of Directors in 

office during the 2018-2020 term (9 members). 

Remuneration of the General and Supervisory Board

(€M)

Total Shareholder Return

(%)

The Total Shareholder Return vs Eurostoxx utilities’ indicator provided for in the remuneration policy in force is applicable to both the annual variable 

component (20%) and the multi-annual variable component (40%), and is calculated respectively (i) using the volume-weighted average price of the 

closing value of EDP shares and the Eurostoxx Utilities index in the last 30 trading days of the year subject to assessment, together with the dividends 

paid during that period, compared to the volume-weighted average price of EDP shares and the Eurostoxx Utilities index in the month ending 31 

December of the year preceding the year subject to valuation and (ii) using the volume-weighted average price of the closing value of EDP shares and 

the Eurostoxx Utilities index in the last 30 trading days of the last year of the three-year period subject to valuation, together with the dividends paid 

during that period, compared to the volume-weighted average price of EDP shares and the Eurostoxx Utilities index in the last 30 trading days of the 

year preceding the first year of the three-year period subject to valuation

Dividends

(€M)

Average Employee Remuneration

(€) - gross amount / monthly

Note: Exchange rate at constant values (average from 2015 to 2017) 3.72 EUR/BRL, applied to the period from 2016 to 2023

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Financial Statements 

31 December 2024

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Consolidated Income Statements for the periods ends at 31 December 2024 

and 2023

| | |   
---|---|---|---  
Thousand Euros | Notes | 2024 | 2023  
| | |   
Revenues from energy sales and services and other | 7 | 14,965,762| 16,202,308  
Cost of energy sales and other | 7 | -8,092,283| -9,205,348  
| | 6,873,479| 6,996,960  
Other income | 8 | 848,156| 1,036,691  
Supplies and services | 9 | -1,116,812| -1,175,914  
Personnel costs and employee benefits | 10 | -832,666| -819,259  
Other expenses | 11 | -866,377| -1,031,434  
Impairment losses on trade receivables and debtors | 27 | -69,826| -64,730  
| | -2,037,525| -2,054,646  
| | |   
Joint ventures and associates | 22 | -34,853| 77,712  
| | 4,801,101| 5,020,026  
Provisions | 37 | -166,574| -31,272  
Depreciation, amortisation and impairment | 12 | -2,372,544| -2,190,584  
| | 2,261,983| 2,798,170  
Financial income | 14 | 977,330| 979,498  
Financial expenses | 14 | -1,859,820| -1,889,694  
Profit before income tax and CESE | | 1,379,493| 1,887,974  
Income tax expense | 15 | -506,355| -507,219  
Extraordinary contribution to the energy sector (CESE) | 16 | -47,748| -49,365  
| | -554,103| -556,584  
Net profit for the period | | 825,390| 1,331,390  
Attributable to: | | |   
Equity holders of EDP | 31 | 800,980| 952,348  
Non-controlling Interests | 34 | 24,410| 379,042  
| | |   
Net profit for the period | | 825,390| 1,331,390  
| | |   
Earnings per share (Basic and Diluted) - Euros | 31 | 0.19| 0.23  
  
LISBON, 26 FEBRUARY 2025

THE CERTIFIED ACCOUNTANT THE MANAGEMENT THE EXECUTIVE BOARD OF DIRECTORS

N.º 17,713

The following notes form an integral part of these financial statements

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Consolidated Statements of Comprehensive Income for the periods ended at 

31 December 2024 and 2023

| | | |   
---|---|---|---|---  
| 2024 | 2023  
Thousand Euros | Equity holders  of EDP| Non- controlling Interests| Equity holders  of EDP| Non- controlling Interests  
Net profit for the period | 800,980| 24,410| 952,348| 379,042  
| | | |   
Items that will never be reclassified to profit or loss (i) | | | |   
| | | |   
Actuarial gains/(losses) (iii) | 158,723| -269| 122,425| -3,328  
Tax effect from the actuarial gains/(losses) | -51,408| 74| -36,958| 1,414  
Fair value reserve of assets measured at fair value through  other comprehensive income with no recycling (ii)| -3,629| -2,154| -16,886| -4,275  
Tax effect from the Fair value reserve of assets measured  at fair value through other comprehensive income with no recycling (ii)| 1,081| 638| -1,410| -470  
| 104,767| -1,711| 67,171| -6,659  
| | | |   
Items that may be reclassified to profit or loss (i) | | | |   
| | | |   
Currency translation reserve | -191,888| 85,567| 91,068| 45,159  
Fair value reserve (cash flow hedge) (ii) | 240,866| 50,909| 1,549,256| 241,116  
Tax effect from the fair value reserve (cash flow hedge) (ii) | -73,534| -14,267| -343,914| -60,423  
Fair value reserve (cash flow hedge) - Joint ventures and  associates (ii)| 3,619| 1,864| -78,371| -32,101  
Tax effect from the fair value reserve (cash flow hedge) -  Joint ventures and associates (ii)| -2,193| -1,549| 24,108| 9,102  
Fair value reserve of assets measured at fair value through  comprehensive income with recycling (ii)| 872| —| -1,224| —  
Tax effect from fair value reserve of assets measured at  FV throught other comprehensive income with recycling (ii)| -222| —| 312| —  
Other changes, net taxes | -462| —| 344| —  
| -22,942| 122,524| 1,241,579| 202,853  
Other comprehensive income for period (net of income tax) | 81,825| 120,813| 1,308,750| 196,194  
Total comprehensive income for the period | 882,805| 145,223| 2,261,098| 575,236  
  
(i) See Consolidated Statement of Changes in Equity

(ii) See Note 33

(iii) See Note 36

LISBON, 26 FEBRUARY 2025

THE CERTIFIED ACCOUNTANT THE MANAGEMENTTHE EXECUTIVE BOARD OF DIRECTORS

N.º 17,713

The following notes form an integral part of these financial statements

| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 609|   
| | | | |   
  
Consolidated Statements of Financial Position as at 31 December 2024 and 

2023

| | |   
---|---|---|---  
Thousand Euros | Notes | 2024 | 2023  
Assets | | |   
Property, plant and equipment | 17 | 28,029,324| 26,078,762  
Right-of-use assets | 18 | 1,209,308| 1,225,430  
Intangible assets | 19 | 4,656,906| 4,824,773  
Goodwill | 20 | 3,418,172| 3,378,803  
Investments in joint ventures and associates | 22 | 1,588,700| 1,558,117  
Equity instruments at fair value | 23 | 215,278| 204,752  
Investment property | 24 | 20,101| 25,344  
Deferred tax assets | 25 | 1,221,462| 1,409,332  
Debtors and other assets from commercial activities | 27 | 2,287,124| 3,915,942  
Other debtors and other assets | 28 | 1,595,426| 1,783,967  
Non-Current tax assets | 29 | 105,752| 122,749  
Collateral deposits associated to financial debt | 35 | 21,937| 35,512  
Total Non-Current Assets | | 44,369,490| 44,563,483  
| | |   
Inventories | 26 | 589,926| 805,448  
Debtors and other assets from commercial activities | 27 | 5,424,040| 4,627,654  
Other debtors and other assets | 28 | 1,185,270| 1,291,742  
Current tax assets | 29 | 726,030| 830,168  
Collateral deposits associated to financial debt | 35 | 20,632| 35,219  
Cash and cash equivalents | 30 | 3,631,284| 3,372,432  
Assets held for sale | 42 | 484,144| 1,170,528  
Total Current Assets | | 12,061,326| 12,133,191  
Total Assets | | 56,430,816| 56,696,674  
| | |   
Equity | | |   
Share capital | 31 | 4,184,022| 4,184,022  
Treasury stock | 32 | -63,033| -69,607  
Share premium | 31 | 1,970,996| 1,970,996  
Reserves and retained earnings | 33 | 4,655,067| 4,514,880  
Consolidated net profit attributable to equity holders of EDP | | 800,980| 952,348  
Total Equity attributable to equity holders of EDP | | 11,548,032| 11,552,639  
Non-controlling Interests | 34 | 4,657,292| 5,104,164  
Total Equity | | 16,205,324| 16,656,803  
| | |   
Liabilities | | |   
Financial debt | 35 | 18,416,186| 16,728,111  
Employee benefits | 36 | 388,807| 540,159  
Provisions | 37 | 1,155,632| 871,019  
Deferred tax liabilities | 25 | 1,567,319| 1,479,223  
Institutional partnerships in North America | 38 | 2,972,735| 2,188,245  
Trade payables and other liabilities from commercial activities | 39 | 1,557,690| 1,410,757  
Other liabilities and other payables | 40 | 3,029,715| 3,299,935  
Non-current tax liabilities | 41 | 82,568| 138,834  
Total Non-Current Liabilities | | 29,170,652| 26,656,283  
| | |   
Financial debt | 35 | 3,234,649| 3,904,580  
Employee benefits | 36 | 53,732| 124,710  
Provisions | 37 | 190,515| 51,708  
Trade payables and other liabilities from commercial activities | 39 | 5,653,697| 6,504,812  
Other liabilities and other payables | 40 | 1,057,779| 1,370,807  
Current tax liabilities | 41 | 528,480| 733,823  
Liabilities held for sale | 42 | 335,988| 693,148  
Total Current Liabilities | | 11,054,840| 13,383,588  
Total Liabilities | | 40,225,492| 40,039,871  
Total Equity and Liabilities | | 56,430,816| 56,696,674  
  
LISBON, 26 FEBRUARY 2025

THE CERTIFIED ACCOUNTANT THE MANAGEMENT THE EXECUTIVE BOARD OF DIRECTORS

N.º 17,713

The following notes form an integral part of these financial statements

| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 610|   
| | | | |   
  
Consolidated Statements of Changes in Equity for the periods ended at 31 

December 2024 and 2023

| | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---  
| | | |  Reserves and retained earnings (ii) | | |   
Thousand Euros | Total  Equity| Share  capital (i)| Share  premium (i)| Legal  reserve| Other  reserves and retained earnings| Fair value  reserve (cash flow hedge)| Fair  value reserve (financial assets)| Currency  translation reserve| Treasury  stock (iv)| Equity  attributable to equity holders of EDP| Non- controlling Interests (iii)  
Balance as at 31 December  2022| 13,834,608| 3,965,681| 1,196,522| 793,136| 5,347,766| -1,495,102| 15,660| -888,926| -51,288| 8,883,449| 4,951,159  
Net profit for the period | 1,331,390| —| —| —| 952,348| —| —| —| —| 952,348| 379,042  
Changes in the fair value  reserve (cash flow hedge) net of taxes| 1,386,035| —| —| —| —| 1,205,342| —| —| —| 1,205,342| 180,693  
Changes in the fair value  reserve of assets measured at fair value through other comprehensive income, net of taxes | -13,563| —| —| —| —| —| -8,818| —| —| -8,818| -4,745  
Share of other  comprehensive income of joint ventures and associates, net of taxes| -87,308| —| —| —| 1,993| -54,263| -10,390| -1,649| —| -64,309| -22,999  
Actuarial gains/(losses) net  of taxes| 83,553| —| —| —| 85,467| —| —| —| —| 85,467| -1,914  
Exchange differences  arising on consolidation| 136,227| —| —| —| —| —| —| 91,068| —| 91,068| 45,159  
Total comprehensive income  for the period| 2,836,334| —| —| —| 1,039,808| 1,151,079| -19,208| 89,419| —| 2,261,098| 575,236  
Transfer to legal reserve | —| —| —| 42,428| -42,428| —| —| —| —| —| —  
Dividends paid | -791,427| —| —| —| -791,427| —| —| —| —| -791,427| —  
Dividends attributable to non- controlling interests| -188,503| —| —| —| —| —| —| —| —| —| -188,503  
Share Capital increase | 992,815| 218,341| 774,474| —| —| —| —| —| —| 992,815| —  
Purchase and sale of treasury  stock| -20,862| —| —| —| —| —| —| —| -20,862| -20,862| —  
Share-based payments | 4,176| —| —| —| 1,633| —| —| —| 2,543| 4,176| —  
Dilution of participation by  equity increase EDP Renováveis S.A.| 988,492| —| —| —| 387,067| 32,112| -739| -36,861| —| 381,579| 606,913  
Acquisition of the remaining  partnership in EDP Brasil| -1,082,728| —| —| —| 163,715| -1,234| 55| -369,596| —| -207,060| -875,668  
Sale of 80% of the partnership  in Pecém| 61,742| —| —| —| —| —| —| 61,742| —| 61,742| —  
Changes resulting from  acquisitions/sales, equity increases/decreases and other| 22,156| —| —| —| -12,871| —| —| —| —| -12,871| 35,027  
Balance as at 31 December  2023| 16,656,803| 4,184,022| 1,970,996| 835,564| 6,093,263| -313,145| -4,232| -1,144,222| -69,607| 11,552,639| 5,104,164  
Net profit for the period | 825,390| —| —| —| 800,980| —| —| —| —| 800,980| 24,410  
Changes in the fair value  reserve (cash flow hedge) net of taxes| 203,974| —| —| —| —| 167,332| —| —| —| 167,332| 36,642  
Changes in the fair value  reserve of assets measured at fair value through other comprehensive income, net of taxes | -1,474| —| —| —| —| —| 42| —| —| 42| -1,516  
Share of other  comprehensive income of joint ventures and associates net of taxes| -661| —| —| —| -13,077| 1,426| -1,940| 12,615| —| -976| 315  
Actuarial gains/(losses) net  of taxes| 107,120| —| —| —| 107,315| —| —| —| —| 107,315| -195  
Exchange differences  arising on consolidation| -106,321| —| —| —| —| —| —| -191,888| —| -191,888| 85,567  
Total comprehensive income  for the period| 1,028,028| —| —| —| 895,218| 168,758| -1,898| -179,273| —| 882,805| 145,223  
Transfer to legal reserve | —| —| —| 1,240| -1,240| —| —| —| —| —| —  
Dividends paid | -811,704| —| —| —| -811,704| —| —| —| —| -811,704| —  
Dividends attributable to non- controlling interests| -141,420| —| —| —| —| —| —| —| —| —| -141,420  
Share-based payments | 7,983| —| —| —| 1,409| —| —| —| 6,574| 7,983| —  
Acquisition of the remaining  partnership in windfarms in Europe| -505,618| —| —| —| -81,072| 38| —| 5,332| —| -75,702| -429,916  
Changes resulting from  acquisitions/sales, equity increases/decreases and other| -28,748| —| —| —| -7,989| —| —| —| —| -7,989| -20,759  
Balance as at 31 December  2024| 16,205,324| 4,184,022| 1,970,996| 836,804| 6,087,885| -144,349| -6,130| -1,318,163| -63,033| 11,548,032| 4,657,292  
  
(i) See note 31

(ii) See note 33

(iii) See note 34

(iv) See note 32

LISBON, 26 FEBRUARY 2025

THE CERTIFIED ACCOUNTANT THE MANAGEMENT THE EXECUTIVE BOARD OF DIRECTORS

N.º 17,713

The following notes form an integral part of these financial statements

| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 611|   
| | | | |   
  
Consolidated and Company Statements of Cash Flows for the periods ended 

at 31 December 2024 and 2023

| | | | |   
---|---|---|---|---|---  
| Notes | Group | Company  
Thousand Euros | | 2024 | 2023 | 2024 | 2023  
Operating activities | | | | |   
Profit before income tax and CESE | | 1,379,493| 1,887,974| 778,973| 803,349  
| | | | |   
Adjustments for: | | | | |   
Amortisation and impairment | 12| 2,372,544| 2,190,584| 44,399| 39,540  
Provisions | 37| 166,574| 31,272| -2,673| 982  
Joint ventures and associates | | 55,916| -88,130| —| —  
Financial (income)/expenses | 14| 882,490| 910,196| -796,731| -764,727  
Other non recurring income and expenses | 13| —| —| —| -940,653  
(Gains) / Losses on disposal and scope effects except Asset Rotations | | -21,063| -19,729| —| —  
Changes in working capital: | | | | |   
Trade and other receivables | | -125,691| 589,548| 25,312| -70,634  
Trade and other payables | | 3,948| -882,729| -92,582| 178,475  
Personnel | | -110,417| -108,822| 4,202| 5,754  
Regulatory assets | | 446,040| -1,184,150| —| —  
Other changes in assets/liabilities related with operating activities i) | | -228,635| -305,643| 365,396| 116,808  
Income tax and CESE | | -376,108| -383,886| 206,470| -33,705  
Net cash flows from operations | | 4,445,091| 2,636,485| 532,766| -664,811  
| | | | |   
Net (gains) / losses with Asset Rotations | | -247,207| -450,772| —| —  
Net cash flows from operating activities | | 4,197,884| 2,185,713| 532,766| -664,811  
| | | | |   
Investing activities | | | | |   
Cash receipts relating to: | | | | |   
Sale of business/assets/subsidiaries with loss of control ii) | | 920,214| 1,281,685| —| 1,169,510  
Other financial assets and investments iii) | | 183,504| 247,767| 93,371| 3,534,379  
Other financial assets at amortised cost | | —| —| 259,078| 257,092  
Changes in cash resulting from consolidation perimeter variations  | | 257| 10,957| —| —  
Property, plant and equipment and intangible assets | | 26,755| 44,377| 6,361| 3,187  
Other receipts relating to tangible fixed assets | | 188,157| 19,538| —| —  
Interest and similar income | | 144,017| 160,672| 222,395| 105,555  
Dividends | | 129,409| 70,671| 773,310| 714,362  
Loans to related parties | | 793,614| 559,545| 1,353,333| 2,497,860  
| | 2,385,927| 2,395,212| 2,707,848| 8,281,945  
Cash payments relating to: | | | | |   
Acquisition of assets/subsidiaries iv) | | -490,903| -1,092,838| —| —  
Other financial assets and investments v) | | -199,995| -334,666| -19,929| -4,723,974  
Changes in cash resulting from consolidation perimeter variations | | -20,499| -121,510| —| —  
Property, plant and equipment and intangible assets | | -5,508,490| -5,405,616| -54,810| -38,566  
Loans to related parties | | -509,544| -449,291| -2,176,944| -3,726,847  
| | -6,729,431| -7,403,921| -2,251,683| -8,489,387  
Net cash flows from investing activities | | -4,343,504| -5,008,709| 456,165| -207,442  
| | | | |   
Financing activities | | | | |   
Receipts relating to financial debt (include Collateral Deposits) | | 5,574,914| 5,321,535| 1,890,000| 3,990,000  
(Payments) relating to financial debt (include Collateral Deposits) | | -3,823,821| -4,209,588| -2,168,867| -5,864,456  
Interest and similar costs of financial debt including hedge derivatives | | -834,982| -849,621| -317,338| -231,602  
Receipts/(payments) relating to loans from non-controlling interests | | 18,927| -9,355| —| —  
Interest and similar costs relating to loans from non-controlling interests | | -19,258| -15,176| —| —  
Receipts/(payments) relating to loans from related parties | | —| —| 988,936| -316,161  
Interest and similar costs of loans from related parties including hedge derivatives | | —| —| -103,443| -65,581  
Share capital increases/(decreases) (includes subscribed by non-control. interests)  | | -68,064| 1,946,067| —| 990,905  
Receipts/(payments) relating to derivative financial instruments | | -111,934| -170,244| 4,015| 36,820  
Dividends paid to equity holders of EDP | | -811,704| -791,427| -811,704| -791,427  
Dividends paid to non-controlling interests | | -89,336| -158,215| —| —  
Treasury stock sold/(purchased)  | | —| -20,862| —| -20,862  
Lease (payments) vi) | | -130,596| -141,864| -13,185| -12,842  
Receipts/(payments) from institutional partnerships in North America vii) | | 828,577| 370,866| —| —  
Net cash flows from financing activities | | 532,723| 1,272,116| -531,586| -2,285,206  
| | | | |   
Changes in cash and cash equivalents | | 387,103| -1,550,880| 457,345| -3,157,459  
Effect of exchange rate fluctuations on cash held | | -120,736| 45,593| 177| -1,310  
Cash and cash equivalents reclassified as held for sale | | -7,515| -22,486| —| —  
Cash and cash equivalents at the beginning of the period | | 3,372,432| 4,900,205| 986,305| 4,145,074  
Cash and cash equivalents at the end of the period viii) | | 3,631,284| 3,372,432| 1,443,827| 986,305  
  
(i) Relates, essentially, to payments/receipts related to commodity derivatives and constitution of collaterals to operate in energy markets;

(ii) Relates to the receivements regarding the sale of stakes in North America, Italy, Poland and Brazil (see note 6) and the sale of 50% of the stake in the 

company Aboño Generaciones Electricas S.L.U. (see note 28);

(iii) Relates essentially to the impact with the sale of the stake in Energia Ásia Consultoria Lda (see notes 6, 14 and 22) and to receipts within the scope of 

transactions in Europe;

(iv) Relates, essentially, to the acquisition by EDP Renewables Europe, S.L.U. of the entire stake in 4 companies in Luxembourg (see note 6);

(v) Relates, essentially, to a capital increase in OW Offshore S.L. (see note 22);

(vi) Includes capital and interest;

(vii) On a consolidated basis, refers to the receipts and payments net of transaction costs (transactions included in note 38);

(viii) See details of Cash and cash equivalents in note 30 and the Consolidated and Company Reconciliation of Changes in the responsibilities of Financing 

activities in note 52 of the Financial Statements.

LISBON, 26 FEBRUARY 2025

THE CERTIFIED ACCOUNTANT THE MANAGEMENT THE EXECUTIVE BOARD OF DIRECTORS

N.º 17,713

The following notes form an integral part of these condensed financial statements

| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 612|   
| | | | |   
  
Company Income Statements for the periods ended at 31 December 2024 

and 2023

| | |   
---|---|---|---  
Thousand Euros | Notes | 2024 | 2023  
| | |   
Revenues from energy sales and services and other | 7 | 297,500| 2,899,510  
Cost of energy sales and other | 7 | -23| -2,451,022  
| | 297,477| 448,488  
| | |   
Other income | | 26,563| 19,969  
Supplies and services | 9 | -207,173| -215,744  
Personnel costs and employee benefits | 10 | -87,344| -88,335  
Other expenses | | -5,534| -11,663  
Impairment losses on trade receivables and debtors | 27 | -21| -5  
Other non recurring income and expenses | 13 | —| -73,566  
| | -273,509| -369,344  
| | 23,968| 79,144  
| | |   
Provisions | | 2,673| -982  
Depreciation, amortisation and impairment | 12 | -44,399| -39,540  
| | -17,758| 38,622  
| | |   
Financial income | 14 | 1,707,855| 1,814,409  
Financial expenses | 14 | -911,124| -1,049,682  
| | |   
Profit before income tax | | 778,973| 803,349  
Income tax expense | 15 | 38,426| 20,287  
| | |   
Net profit for the period | | 817,399| 823,636  
| | |   
Earnings per share (Basic and Diluted) - Euros | 31 | 0.20| 0.20  
  
LISBON, 26 FEBRUARY 2025

THE CERTIFIED ACCOUNTANT THE MANAGEMENT THE EXECUTIVE BOARD OF DIRECTORS

N.º 17,713

The following notes form an integral part of these financial statements

| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 613|   
| | | | |   
  
Company Statements of Comprehensive Income for the periods ended at 31 

December 2024 and 2023

| |   
---|---|---  
Thousand Euros | 2024 | 2023  
Net profit for the period | 817,399| 823,636  
| |   
Items that will never be reclassified to profit or loss (i) | |   
| |   
Actuarial gains/(losses)  | 1,093| 1,340  
Tax effect from the actuarial gains/(losses) | -211| -303  
| 882| 1,037  
| |   
Items that may be reclassified to profit or loss (i) | |   
| |   
Fair value reserve (cash flow hedge) (ii) | -7,022| 788,526  
Tax effect from the fair value reserve (cash flow hedge) (ii) | 1,645| -165,590  
| -5,377| 622,936  
Other comprehensive income for the period (net of income tax) | -4,495| 623,973  
Total comprehensive income for the period | 812,904| 1,447,609  
  
(i) See Company Statements of Changes in Equity

(ii) See Note 33

LISBON, 26 FEBRUARY 2025

THE CERTIFIED ACCOUNTANT THE MANAGEMENT THE EXECUTIVE BOARD OF DIRECTORS

N.º 17,713

The following notes form an integral part of these financial statements

| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 614|   
| | | | |   
  
Company Statements of Financial Position as at 31 December 2024 and 

2023

| | |   
---|---|---|---  
Thousand Euros | Notes | 2024 | 2023  
Assets | | |   
Property, plant and equipment | 17 | 39,598| 43,041  
Right-of-use assets | 18 | 94,739| 93,579  
Intangible assets | 19 | 158,587| 145,870  
Investments in subsidiaries | 21 | 16,916,571| 16,769,732  
Investments in joint ventures and associates | | —| 2  
Equity instruments at fair value | | 1,249| 1,299  
Investment property | 24 | 156,192| 152,183  
Deferred tax assets | 25 | 45,769| 47,781  
Debtors and other assets from commercial activities | | 1,516| 1,554  
Other debtors and other assets | 28 | 4,299,841| 3,668,573  
Total Non-Current Assets | | 21,714,062| 20,923,614  
| | |   
Debtors and other assets from commercial activities | 27 | 174,166| 255,296  
Other debtors and other assets | 28 | 791,176| 2,274,132  
Current tax assets | 29 | 60,059| 150,512  
Cash and cash equivalents | 30 | 1,443,827| 986,305  
Total Current Assets | | 2,469,228| 3,666,245  
Total Assets | | 24,183,290| 24,589,859  
| | |   
Equity | | |   
Share capital | 31 | 4,184,022| 4,184,022  
Treasury stock | 32 | -63,033| -69,607  
Share premium | 31 | 1,970,996| 1,970,996  
Reserves and retained earnings | 33 | 3,015,429| 3,006,583  
Net profit for the period | | 817,399| 823,636  
Total Equity | | 9,924,813| 9,915,630  
| | |   
Liabilities | | |   
Financial debt | 35 | 8,595,384| 7,902,452  
Employee benefits | | 3,715| 4,261  
Provisions | | 3,859| 6,100  
Trade payables and other liabilities from commercial activities | | 20| 20  
Other liabilities and other payables | 40 | 1,530,442| 869,795  
Total Non-Current Liabilities | | 10,133,420| 8,782,628  
| | |   
Financial debt | 35 | 2,998,761| 3,860,065  
Employee benefits | | 1,363| 775  
Provisions | | 486| 919  
Trade payables and other liabilities from commercial activities | 39 | 206,242| 386,104  
Other liabilities and other payables | 40 | 912,685| 1,500,113  
Current tax liabilities | 41 | 5,520| 143,625  
Total Current Liabilities | | 4,125,057| 5,891,601  
Total Liabilities | | 14,258,477| 14,674,229  
Total Equity and Liabilities | | 24,183,290| 24,589,859  
  
LISBON, 26 FEBRUARY 2025

THE CERTIFIED ACCOUNTANT THE MANAGEMENT THE EXECUTIVE BOARD OF DIRECTORS

N.º 17,713

The following notes form an integral part of these financial statements

| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 615|   
| | | | |   
  
Company Statements of Changes in Equity for the periods ended at 31 

December 2024 and 2023

| | | | | | |   
---|---|---|---|---|---|---|---  
| | | |  Reserves and retained earnings (ii) |   
Thousand Euros | Total  Equity| Share  capital (i)| Share  premium (i)| Legal  reserve| Other  reserves and retained earnings| Fair value  reserve (cash flow hedge)| Treasury  stock (iv)  
Balance as at 31 December 2022 | 8,283,319| 3,965,681| 1,196,522| 793,136| 2,983,401| -604,133| -51,288  
| | | | | | |   
Comprehensive income: | | | | | | |   
Net profit for the period | 823,636| —| —| —| 823,636| —| —  
Changes in the fair value reserve  (cash flow hedge) net of taxes| 622,936| —| —| —| —| 622,936| —  
Actuarial gains/(losses) net of taxes | 1,037| —| —| —| 1,037| —| —  
| | | | | | |   
Total comprehensive income for the  period| 1,447,609| —| —| —| 824,673| 622,936| —  
| | | | | | |   
Transfer to legal reserve | —| —| —| 42,428| -42,428| —| —  
Share Capital increase | 992,815| 218,341| 774,474| —| —| —| —  
Dividends paid | -791,427| —| —| —| -791,427| —| —  
Purchase and sale of treasury stock | -20,862| —| —| —| —| —| -20,862  
Share-based payments | 4,176| —| —| —| 1,633| —| 2,543  
Balance as at 31 December 2023 | 9,915,630| 4,184,022| 1,970,996| 835,564| 2,975,852| 18,803| -69,607  
| | | | | | |   
Comprehensive income: | | | | | | |   
Net profit for the period | 817,399| —| —| —| 817,399| —| —  
Changes in the fair value reserve  (cash flow hedge) net of taxes| -5,377| —| —| —| —| -5,377| —  
Actuarial gains/(losses) net of taxes | 882| —| —| —| 882| —| —  
| | | | | | |   
Total comprehensive income for the  period| 812,904| —| —| —| 818,281| -5,377| —  
| | | | | | |   
Transfer to legal reserve | —| —| —| 1,240| -1,240| —| —  
Dividends paid | -811,704| —| —| —| -811,704| —| —  
Share-based payments | 7,983| —| —| —| 1,409| —| 6,574  
Balance as at 31 December 2024 | 9,924,813| 4,184,022| 1,970,996| 836,804| 2,982,598| 13,426| -63,033  
  
(i) See note 31

(ii) See note 33

(iii) See note 32

LISBON, 26 FEBRUARY 2025

THE CERTIFIED ACCOUNTANT  THE MANAGEMENTTHE EXECUTIVE BOARD OF DIRECTORS

N.º 17,713

The following notes form an integral part of these financial statements

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Notes to the Consolidated and Company Financial Statements

|   
---|---  
1.Economic activity of EDP Group| 617  
2.Material accounting policies| 617  
3.Recent accounting standards and interpretations issued| 631  
4.Critical accounting estimates and judgements in preparing the financial statements| 631  
5.Financial risk management policies| 641  
6.Consolidation perimeter| 647  
7.Revenues and cost of Energy Sales and Services and Other| 650  
8.Other income| 652  
9.Supplies and services| 652  
10.Personnel costs and employee benefits| 653  
11.Other costs| 653  
12.Depreciation, amortisation and impairment| 654  
13.Other non recurring income and expenses (Company basis)| 654  
14.Financial income and expenses| 655  
15.Income tax| 656  
16.Extraordinary contribution to the energy sector (CESE)| 659  
17.Property, plant and equipment| 660  
18.Right-of-use assets| 661  
19.Intangible assets| 662  
20.Goodwill| 663  
21.Investments in subsidiaries (Company basis)| 665  
22.Investments in joint ventures and associates| 666  
23.Equity instruments at fair value| 670  
24.Investment property| 671  
25.Deferred tax assets and liabilities| 671  
26.Inventories| 674  
27.Debtors and other assets from commercial activities| 675  
28.Other debtors and other assets| 678  
29.Tax assets| 679  
30.Cash and cash equivalents| 679  
31.Share capital and share premium| 679  
32.Treasury stock| 681  
33.Reserves and retained earnings| 681  
34.Non-controlling interests| 683  
35.Financial debt| 684  
36.Employee benefits| 690  
37.Provisions| 696  
38.Institutional partnerships in North America| 699  
39.Trade payables and other liabilities from commercial activities| 700  
40.Other liabilities and other payables| 702  
41.Tax liabilities| 703  
42.Non-Current assets and liabilities held for sale| 703  
43.Derivative financial instruments| 704  
44.Commitments| 710  
45.Related parties| 712  
46.Fair value of financial assets and liabilities| 718  
47.Relevant or subsequent events| 720  
48.EDP Branch in Spain| 720  
49.Environmental matters| 721  
50.CAE/CMEC/DPH Procedure| 723  
51.Operating Segments| 724  
52.Reconciliation of Changes in the responsibilities of Financing activities| 730  
53.Explanation Added for Translation| 731  
Annex I. Companies in the Consolidation Perimeter| 732  
  
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1. Economic activity of EDP Group

EDP, 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 Decreelaws 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’s 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 and energy services.

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.

2. Material accounting policies

A) Basis of presentation

The accompanying consolidated and company financial statements of EDP, 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 2024 and 2023 and EDP S.A.'s Executive

Board of Directors approved them on 26 February 2025. 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

IFRS Accounting 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 2024 and

2023 were prepared in accordance with IFRS as adopted by the E.U. and effective since 1 January 2024.

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, except those for which a reliable measure of fair value is not available. 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.

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.

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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’s 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 subsidiaries, joint ventures and associates (company level)

At a company level, investments in subsidiaries, joint ventures and associates not classified as held for sale

or not included in a disposal group which is classified as held for sale are accounted for at cost in the

company's financial statements, and are subject to periodic impairment tests, whenever indication exists

that certain financial investment may be impaired.

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 the consolidated income statement.

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 the

consolidated income statement.

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 at acquisition date 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 is 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).

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Put options related to non-controlling interests

EDP records written put options at the date of acquisition of a business combination or at a subsequent date

as an advance acquisition of these interests, recording a financial liability for the present value of the best

estimate of the amount payable, irrespective of the estimated probability that the options will be exercised.

The difference between this amount and the amount corresponding to the percentage of the interests held in

the identifiable net assets acquired is recorded as goodwill. Subsequent changes in the carrying amount of

the put liability are recognised in profit or loss.

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 subsidiaries, joint ventures and associates

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 reporting 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 reporting date directly against reserves.

The income and expenses of foreign subsidiaries are translated into Euros at the approximate exchange

rates at the dates of the transactions. Exchange differences from the translation into Euros of the net profit for

the period, arising from the differences between the rates used in the income statement and those prevailing

at the reporting date are recognised in reserves.

On disposal of a foreign subsidiary, the related exchange differences previously recognised in reserves, are

accounted for in the income statement.

Balances and transactions eliminated on consolidation

Inter-company balances and transactions, including any unrealised gains and losses on transactions

between Group companies, are eliminated in preparing the consolidated financial statements. Unrealised

gains and losses arising on transactions with 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 reporting 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

remeasurement recognised directly in the income statement, except for derivatives designated as cash flow

or net investment hedging instruments. Recognition, in the income statement, of the resulting gains and

losses on remeasurement of hedging derivatives depends on the hedge model used.

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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 recognised 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 reporting 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 business model.

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.

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If a factoring transaction results in the transfer of substantially all risks and benefits associated with the

assets, the Group proceeds to derecognise the transferred financial assets and recognises 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

(“accounting mismatch”).

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’s carrying amount is reduced and the losses are recognised in profit or loss. If, in a

subsequent period, the amount of the impairment loss decreases, the previously recognised impairment

losses are 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 other receivables 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

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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’s and Fitch; (ii) significant changes in the expected performance and behavior 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 – 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‐line 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-cancelable 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.

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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 during the financial period in which they are incurred.

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 on the other assets is calculated using the straight-line method, less

the residual value, over their estimated useful lives, as follows:

|   
---|---  
| Number of years  
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 and transmission | 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

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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.

Acquisition and development of software

The costs of purchasing software and the costs incurred by the Group to implement it are capitalised and

amortised on a straight-line basis over the expected useful life of the asset.

Costs incurred by the Group directly related to the development of software, that are expected to generate

economic benefits beyond one year, are recognised as intangible assets. Such costs include employee costs

directly associated to the project and are amortised on a straight-line basis over its estimated useful life.

Software maintenance costs are charged to the income statement when incurred.

Concession rights on distribution 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).

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.

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 liabilities (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).

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L) Inventories

Inventories are measured at the lower of the acquisition cost and the 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 reporting 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 (GCs) are considered subsidies 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 and discharged at the time of their effective sale and any

difference between the selling price and the fair value of the certificates is registered in the profit and loss

account.

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’s 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 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).

In Brazil, EDP São Paulo and EDP Espírito 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’s pension liability for each plan is calculated by independent experts annually, for each plan, at the

reporting 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.

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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’s 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’s statement of financial position.

In Brazil, the liability is being covered by provisions booked in EDP Group company’s 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’s 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’s 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’

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 reporting 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 ans services of Energy and accesses, Revenue from assets

assigned to concessions and Other.

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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’s tariffs – 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 Serviços Energéticos (ERSE) in Portugal, Comisión Nacional de

Energía (CNE) in Spain and Agência Nacional de Energia Elétrica (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 asset and liabilities

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).

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.

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).

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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.

Interest is recognised in the income statement on an accrual basis. Dividend income is recognised on the

date the right to receive is established.

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 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

reporting date and any adjustment to tax payable in respect of previous years.

Deferred taxes are calculated in accordance with the reporting 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 reporting date for each

jurisdiction and that are expected to be applied when the temporary differences are reversed.

Deferred tax liabilities are recognised for all taxable temporary differences except for: goodwill not

deductible for tax purposes; differences arising on initial recognition of assets and liabilities that affect

neither accounting nor taxable profit; and differences relating to investments in subsidiaries, to the extent

that these will probably not be reversed in the future. Deferred tax assets are recognised to the extent that it is

probable that future taxable profits will be available to absorb deductible temporary differences for taxation

purposes. The EDP Group proceeds 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 – 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

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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.

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 in the next twelve months.

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 segmental

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’s

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 15/2022 of 14 January, 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 – 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

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assets at the acquisition cost. CO2 licenses consumption is recorded in accordance with the weighted

average price of the CO2 and gas emissions Licenses held for consumption in that year.

The Licenses held by the Group for trading purposes are booked under Inventories (see L)).

Y) Statement of Cash Flow

The Statement of Cash Flow is presented under the indirect method, by which gross cash flows from

operating, financing and investing activities are disclosed. The Group classifies cash flows related to interest

and dividends paid as financing activities and interest and dividends received as investing activities.

Z) Group concession activities in the scope of IFRIC 12

EDP Group applies IFRIC 12 to the public-private concession contracts in which the public entity controls or

regulates the services rendered through the utilisation of certain infrastructure as well as the price for such

services and also controls any significant residual interest in the infrastructure. The infrastructures allocated

to concessions are not recognised by the operator as property, plant and equipment or as financial leases, as

the operator does not control the assets. These infrastructures are recognised according to one of the

following accounting models, depending on the type of remuneration commitment of the operator assumed

by the grantor within the terms of the contract:

Financial Asset Model

This model is applicable when the operator has an unconditional right to receive certain monetary amounts

regardless of the level of use of the infrastructure within the concession and results in a financial asset

recognition, booked at amortised cost.

Intangible Asset Model

This model is applicable when the operator, within the concession, is remunerated on the basis of the level of

use of the infrastructure (demand risk) and results in an intangible asset recognition.

Mixed Model

This model is applicable when the concession includes simultaneously guaranteed remuneration and

remuneration based on the level of use of the infrastructure within the concession.

Intangible assets within concessions are amortised over their respective useful lives during the concession

period. The Group carries out impairment tests to the intangible assets within concessions whenever events

or circumstances may indicate that the book value of an asset exceeds its recoverable amount, being any

impairment recognised in the income statement. Grants received from customers related to assets within

concessions are delivered to the Group on a definitive basis, and, therefore, are not reimbursable. These

grants are deducted from the value of the assets allocated to each concession.

The concession contracts that currently exist in EDP Group are mainly based in the Intangible Asset Model,

namely in the electricity special regime production concessions (PRE) in Portugal and in the Mixed Model,

namely in the electricity distribution concessions in Portugal and in Brazil.

AA) Institutional partnerships in North America

The Group has entered in several partnerships with institutional investors in North America (EDPR NA),

through operating agreements with limited liability companies that apportion the cash flows generated by

the wind farms between the investors and the Group 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’s / 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

30-35 year useful life of the assets and over the 5-year recapture period, respectively. 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.

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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’s residual

interest at fair market value during a defined period following the Flip Date. Such fair value is calculated

according to the future cashflows of the wind or solar projects or by an external party. Post flip non-

controlling interests is the portion of equity that is ascribed to the institutional investor in the institutional

equity partnership at flip date. This amount is reclassified from the total equity attributable to the Parent to

non-controlling interests caption in the period in which the Flip Date takes place.

AB) Disposal of assets under Asset Rotation strategy

The Asset Rotation strategy allows EDP Group to crystallize the value of a project by selling with loss of

control, and reinvesting the proceeds in another projects, targeting greater growth. Typically, the developer

retain the role of O&M supplier. The gains on disposals under this strategy are recognised in the caption

Other income.

3. Recent accounting standards and interpretations issued

Standards, amendments and interpretations issued effective for the Group

The amendments to standards already issued and effective on 1 January 2024 that the Group applied in the

preparation of its financial statements are the following:

• IAS 1 (Amended) - Classification of Liabilities as Current or Non-current;

• IAS 1 (Amended) - Non-current Liabilities with Covenants;

• IFRS 16 (Amended) - Lease liability in a sale and leaseback; and

• IAS 7 (Amended) and IFRS 7 (Amended) - Supplier Finance Arrangements.

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) are the following:

• IAS 21 (Amended) - The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability;

• IFRS 9 (Amended) and IFRS 7 (Amended) - Classification and measurement of financial instruments;

• IFRS 9 (Amended) and IFRS 7 (Amended) - Contracts referencing nature-dependent electricity;

• IFRS 18 - Presentation and disclosure in financial statements;

• IFRS 19 - Subsidiaries without public accountability: disclosures; and

• Annual Improvements (Volume 11).

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’s 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 “Amounts receivable from concessions - IFRIC 12”, 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 – Distribuição de Eletricidade, S.A. as the National

Distribution Network (RND) concessionaire, which comprises the medium and high voltage network (MV and

HV), and low voltage distribution networks (LV), being these concessions exercised exclusively through

public service concession contracts.

The RND’s operation, which is part of the HV and MV, is carried out through a public service concessions’

attribution, by the Portuguese State. On the other hand, the right to distribute low voltage electricity is

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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’ book value

assigned to the concession, net of amortisations, financial contributions and non-refundable subsidies will

be paid. Therefore, the assets’ 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 LV concessions’

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.

Meanwhile, the Decree-Law 15/2022, of 14 January 2022, determined the automatic extension, without the

need for further terms, of the current concession contracts for electricity distribution networks in LV, 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 LV 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.

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.

Resolution of the Council of Ministers 27/2024, of 23 February, outlined the main procedural aspects, as well

as the schedule for the preparation and launch of tenders for the allocation of municipal concessions for the

distribution of electricity in LV, as follows: a) by 31 July 2024, ERSE will send the documentation of the LV

distribution network assets, including public lighting, to the municipalities and intermunicipal entities with

delegated competencies in the matter; b) by 31 October 2024, the municipalities and intermunicipal entities

with delegated competencies in the matter must reach an agreement on the formation of the group of

contracting entities, or, if they choose not to join the said group, demonstrate the advantages of this scenario

for the public interest; c) by 31 March 2025, the entities that are part of the group of contracting entities must

make all necessary decisions to initiate the public procurement procedure; d) by 30 June 2025, the public

tender procedure should be launched.

However, on 2 September 2024, through Resolution of the Council of Ministers 122/2024, the previously

defined schedule in Resolution of the Council of Ministers No. 27/2024 were revoked, and a Coordination

Committee for Low Voltage was established, which must present, by 15 December 2024, a new proposal for

the schedule and guidelines for the competitive procedure for the allocation of municipal concessions.

Council of Ministers Resolution 30/2025, of 13 February and published on 20 February 2025, extended until

15 December 2025 the deadline for submitting the proposal of the Low Voltage Coordination Commission

(CCBT), for the granting of municipal concessions for the exercise of the activity of operating low voltage

electricity distribution networks.

According to the Council of Ministers' Communiqué of 13 February 2025, a Resolution of the Council of

Ministers was approved, extending, until 15 December 2025, the deadline for the submission of the proposal

by the Coordination Commission for Low Voltage (CCBT), for the allocation of municipal concessions

intended for the exercise of the activity of operating low voltage electricity distribution networks.

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 2024, 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 Espírito Santo and every four years for EDP São Paulo, as established in the concession contracts.

Within these periods the distribution companies use their best estimate for the VNR. The use of different

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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 an indication that the recoverable amount of property,

plant and equipment, right of use assets, intangible assets and investments in joint ventures and associates

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).

Classification and measurement of financial instruments

Financial instruments’ 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.

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.

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 15/2022 of 14 January, 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

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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

("Comitê de Pronunciamentos Contábeis") 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 reporting 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’s 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. Different interpretations and assumptions could result in a different level of

income taxes, current and deferred, recognised in the period (see note 15).

The Group evaluates the recoverability of deferred tax assets based on estimations of future taxable income

in the period in which such deferred taxes are deductible.

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).

Dismantling and decommissioning provisions

The Board of Directors considers that Group has 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 sites 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).

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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. This contingent

consideration is subsequently remeasured at fair value at each report date. Fair value is based on discounted

cash flows. The main assumptions correspond to the best estimates of management at each report date and

consider the probability of achieving each objective and the discount factor. 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

Produção 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 - 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

"Valorágua" 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 Produção:

• 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

• 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 Produção, 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 Produção, not agreeing with these decisions, filed an Appeal for both years.

The annual revisibility related to 2015, it 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). In

this regard, the EDP Group recorded a provision in the amount of 72.9 million Euros, having filled a challenge

to 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,

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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 Produção 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 - Final Adjustment

The CMEC’s Final Adjustment is calculated in accordance with number 7 of article 3rd and Annex IV of

Decree-Law 240/2004. 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 Produção 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. 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 a 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’s letter from 25 April 2018) that the CMEC final

adjustment had been officially approved, according to ERSE’s proposal, in the amount of 154 million Euros.

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, which would lead to the determination of an amount

close to the one determined by the technical group, on 3 September 2018, EDP Produção has legally

contested it.

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 profits.

"Clawback" - Portuguese regulatory mechanism to ensure the competitive balance in the 

wholesale electricity market, particularly in Iberian market

On 25 January 2024, Order 976/2024 established the final compensation for the "Clawback" for the year

2021, based on scenario A of ERSE's study from April 2022. This scenario considers the ISP regime as the

only internal off-market event within the SEN, defining a value of 7.10€/MWh for hydro, wind, and solar plants

in the market, and a zero value for CCGTs, as they did not exceed the exemption threshold of 2,000 hours of

installed capacity utilization. However, this value does not consider all internal off-market events (CESE,

Social Tariff, and G-Charge) and is not aligned with the advance payments applied in 2021, as per Order

6740/2020, which set a zero value for power plants that support the Social Tariff and CESE. The cost for the

EDP Group, associated with the publication of Order 976/2024, was provisionally recorded in 2021 and

adjusted in the 2022 accounts.

In April 2024, EDP Produção contested Order 976/2024.

With the gradual reinstatement of the energy generation tax in Spain (3.5% in the 1st quarter, 5.25% in the

2nd quarter, and the original value of 7% in the 3rd and 4th quarters of 2024), this competitive balance

mechanism came back into effect in 2024. Thus, on 21 March, Order 3034/2024 was published,

establishing the advance payment value to be applied in 2024 to electricity producers covered by the

competitive balance mechanism, regardless of the technology used in electricity production, with the

following values: 2.16€/MWh (1st quarter of 2024); 3.24€/MWh (2nd quarter of 2024); 4.31€/MWh (3rd and

4th quarters of 2024).

On 29 January 2025, ERSE launched a public consultation on the methodological review for determining the

impact of external off-market events on the formation of average electricity prices in the wholesale market in

Portugal. The new methodology will already serve as the basis for ERSE's study on the final "Clawback" for

the year 2024, to be conducted by the end of April 2025.

Ancillary services - Secondary regulation band service

On 3 September 2018 the Autoridade da Concorrência (AdC) adopted a Note of Illegality, under which it

intended to attribute to EDP Produção a behaviour of abuse of a dominant position in the secondary

regulation band service. AdC claimed that EDP Produção 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 Produção 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.

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On 18 September 2019, AdC informed EDP Produção 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 Produção 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, allegedly 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 Produção 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 Produção

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 Produção 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

Produção'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 Produção for alleged abuse of dominant position. EDP

Produção filed an appeal against the aforementioned decision to the Lisbon Court of Appeal (TRL) on 30

September 2022.

By judgment rendered on 25 September 2023, TRL partially rejected the appeal filed by EDP Produção,

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 Produção from

48 million Euros to 40 million Euros. Given this decision, on 2 October 2023, EDP Produção 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 Produção 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 Produção, and on 14

December 2023, EDP Produção 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 Produção 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. On 27 March 2024, the Constitutional Court ruled to dismiss the appeal filed in February

2024, and EDP Produção lodged a complaint against said decision with the Conference of Judges of the

Constitutional Court on 11 April 2024. Following the dismissal of the aforementioned complaint, an appeal to

the Constitutional Court was submitted on 23 May 2024. By decision of the Constitutional Court Conference

on 11 July 2024, and notified on 15 July 2024, the complaint filed on 21 June 2024 was dismissed. On 25 July

2024, EDP Produção submitted a request.

By order of 2 October 2024, the TRCS ordered the return to EDP Produção of the amount deposited as

payment of the fine that exceeds the amount set by the TRL, plus the amount relating to probable costs,

having been ordered on 17 January 2025 the transfer to EDP Produção the amount of 7,940,000 Euros, as

well as that the Public Prosecutor's Office be opened to review and that the AdC be notified so that, if it

wishes, it may pronounce itself on the request submitted by EDP Produção on 25 July 2024. On 14

November 2024, the TCRS issued an order on part of the request submitted by EDP Produção on 25 July

2024\. EDP Produção filed an appeal to the TRL on 3 December 2024, and a decision is pending. A decision

from the TCRS is also pending on the other part of the request submitted by EDP Produção on 25 July 2024.

The EDP Group still considers that EDP Produção 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 Produção was cited in a class action filed by

Associação 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 Produção has already presented its defense within the legal deadline

established for that purpose.

A ruling 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 ruling on 23 March 2023, adopted

following an appeal filled by EDP Produção, TRL confirmed the decision to suspend the proceedings. EDP

Produção 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.

In October 2024, an order was issued through which the Court officially requested that the administrative

offense case file be sent and attached to this process, including a certified copy of the judgment rendered

and the TRL ruling on it with a note of res judicata, as well as a certified copy of the decision on the request for

the statute of limitations of the administrative offense proceedings with a note of res judicata.

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Innovatives 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 Produção 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 Produção has submitted an administrative appeal.

Subsequently, EDP Produção 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 Produção

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 Fridão and Alvito

Following the Arbitral Decision issued in July 2022 in the arbitration process initiated by EDP Produção in

January 2020, which required the Portuguese State to return to EDP Produção the amount of 217,798

thousand Euros, related to its exclusive right to operate the Fridão Hydroelectric Development during the

concession period under the terms of the Implementation Contract of the National Program of High

Hydroelectric Potential Dams, and which was confirmed by the Supreme Administrative Court's ruling on 7

December 2023, the Portuguese State, as per the out-of-court agreement reached between the parties,

proceeded on March 20, 2024, to pay EDP Produção the said amount plus accrued interest.

On 10 April 2024, the parties submitted a request to terminate, due to supervening uselessness of the dispute,

the enforcement proceedings initiated in December 2022, and are awaiting a judicial order to determine the

termination.

Procedure for declaring "lesividad"

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 España 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 España, like other companies in the sector, have been in place with legal proceedings to

resolve the “lesividad” 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 España updated the provision for the “lesividad” 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 "Comisión 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

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2022 and those corresponding to the 2021 financial year in the “2021 Definitive Settlement of regulated

activities in the electricity sector”, 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 settlements of 2021 and

2022, in order to obtain the collection of amounts due from a correct execution of the judgment.

During the year 2024, the legal proceedings opened against the Order TED/490/2022 by the EDP Group

continued to evolve as expected. On 17 January 2024, a favorable decision was notified to Viesgo

Distribución Eléctrica - which was issued on 21 December 2023, and its execution was requested on 13 June

2024 - and having been notified on 22 April 2024, of a favorable decision for Hidrocantábrico Distribución

Eléctrica which was issued on 16 April 2024, becoming final on 28 May 2024.In November 2024, the State

Secretariat for Energy of the Ministry for Ecological Transition and Demographic Challenge notified

Hidrocantábrico Distribución Eléctrica and Viesgo Distribución of the Resolutions issued on 31 October

2024, which proceeded with the execution of the aforementioned Supreme Court rulings of 21 December

2023, and 16 April 2024. Subsequently, in December 2024, the CNMC, in application of these resolutions,

through the settlement of regulated activities 10/2024, settled 12.2 million Euros in favor of Hidrocantábrico

Distribución Eléctrica and 4.8 million Euros in favor of Viesgo Distribución Eléctrica, corresponding to their

respective remunerations for the 2016 fiscal year.

An impact is estimated for the fiscal years 2025 and onwards of 8.1 million Euros for Hidrocantábrico

Distribución Eléctrica and 1.3 million Euros for Viesgo Distribución Eléctrica per fiscal year (in the period from

2016-2024, the aforementioned impact amounts to 81.2 million Euros and 15.9 million Euros, respectively).

Sale of 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 Hidroelétricos S.A. (“Camirengia”), by its sole shareholder, EDP - Energias de Portugal,

S.A. ("EDP"), to the company Movhera - Hidroeléctricas do Norte, S.A. (previously known as Águas

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 - Gestão da Produção de Energia, S.A. ("EDP Produção"), 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 Produção. 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,

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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

Sharing of gains obtained from the assignment of the deferral of the cost differential of 

Guaranteed Remuneration Production in 2024 

In the 2024 tariff exercise, ERSE decided to defer, for a period of 5 years, the recovery of the cost differential

of guaranteed remuneration production (PRG) for the year 2024 and adjustments for the previous two years,

amounting to more than two billion Euros.

SU ELETRICIDADE, as the holder of this tariff credit and exercising the prerogative provided for in Article 209

of Decree-Law No. 15/2022, of 14 January proceeded to assign to third parties almost the entirety of that

amount.

In these circumstances, Ordinance No. 300/2023, of 4 October determined the sharing with the global

system usage tariff (UGS) of half of the gains or losses resulting from the assignment of the tariff credit,

calculated by the difference between the "net amount received by the company" and the "amount of

deferred amounts that are outstanding at the date of the respective assignment."

Thus, in the 2025 tariff decision, ERSE considered the transfer to the tariff system of 37.3 million Euros for the

assignment of the 2024 deferral, corresponding to an estimated gain of 74.6 million Euros.

In the understanding of SU ELETRICIDADE, ERSE's calculation does not comply with the provisions of

Ordinance No. 300/2023, nor with the generally accepted premises for asset valuation, resulting in an

overestimation of the gain from the assignment. Indeed, according to technical opinions from two

independent entities of recognized merit and experience in financial calculation, the gain obtained from the

assignment of the 2024 tariff deferral totals 39 million Euros, which would imply, under applicable legal

terms, the sharing with the UGS tariff of 19.5 million Euros.

In this context, SU ELETRICIDADE decided to challenge the document setting the tariffs and prices for

electricity and other services in 2025 before the Administrative Court of the Lisbon District.

Consequently, a provision of 17.8 million Euros was created in the 2024 accounts of SU ELETRICIDADE,

corresponding to the difference between the amount considered by ERSE and that determined by the

independent entities in their technical opinions.

Divestment decision in wind farms in Colombia

In 2019, EDPR decided to enter the Colombian market through two projects, Alpha and Beta, with a combined

capacity of 0.5 GW, located in La Guajira region, a good location in terms of wind resources, and an

expected generation of 2.5 TWh/year, which would make a decisive contribution to Colombia's energy

diversification and transition national objectives. The two wind farm projects obtained environmental

permits in August 2019. In the auction promoted in October 2019 by the government of Colombia, EDPR

contracted PPAs for 1.7 TWh/year of renewable energy over a 15-year period starting in 2022, together with

associated PPA liabilities and guarantees. Subsequently, EDPR contracted a substantial part of the capex,

namely 90 Vestas V162-5.6MW turbines and BOP, to fulfil its obligations under the PPA. These correspond

to a major part of the investment and responsibilities that EDPR still has today.

During the restrictive lockdowns imposed by public authorities in response to the COVID-19 pandemic in

2020-21, the environmental permitting process for the required 81 kms interconnection line suffered

significant delays. In mid-2021, to minimize the negative impact of the energy shortfall from the PPAs

obligations, caused by lockdown-related delays, and to streamline the ongoing construction efforts, the

turbines designated for the two projects were transported and stored in a port infrastructure in La Guajira.

In late 2022, after a change in Government, substantial adjustments were requested for the interconnection

line environmental permit, creating a material delay in the development process, including the increase in the

number of local indigenous communities involved (from 56 to 113). Since then, EDPR developed several

initiatives with the new elected Government and Regulator, highlighting the urgency of measures required to

rebalance the economics of the projects, that was also impacted by other material developments such as (i)

the unavailability of other transmission assets that were planned to be constructed and operated by third

parties in the region (ii) the approval of new legislation with adverse impacts on the economics of the projects

vs. the initial investment assumptions (iii) the significant increase in construction costs (iv) the devaluation of

the Colombian Peso and (v) the increase in financing costs. In response, by August 2023, the government

published Decree 1276 containing important emergency measures. However, this decree was not an

adequate measure as it was deemed unconstitutional by the Colombian Constitutional Court and was thus 

annulled in October 2023, maintaining the unbalanced situation of the projects.

EDPR took several steps to remediate the situation and reached bilateral renegotiation of 80.7% of the total

PPA volumes of energy, with the consequent suspension of the energy delivery for more than 2 years. In the

meantime, the environmental permit for the interconnection line has been submitted to the National

Environmental Licensing Authority (ANLA) and is expected to be granted in the first half of 2025. However,

as of today, there is no visibility on whether the license,  if and when granted,  will include conditions that

could further delay construction or necessitate a reconsideration request, which could further postpone the

start of the work. Additionally no visibility has been attained on the improvement of the regulated revenues’

framework, such as reforms to the "cargo por confiabilidad" mechanism and other potential measures, which

EDPR and the renewable energy association of Colombia have defended as crucial to enable the

construction of wind projects.

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Following a detailed review of the projects, and given all of the above, EDPR considers that these projects do

not meet the Group’s investment criteria and risk profile and has therefore decided not to proceed with the

remaining investments required to build the wind farms.

As a result, EDPR has deemed the investments made to be unrecoverable, leading to the impairment of the

total value of assets associated with these projects. Consequently, an amount of 552,881 thousand Euros (31

December 2023: 178,328 thousand Euros) has been recorded in 2024 (see notes 12 and 17).

Given the decision to halt the construction of these projects and terminate the associated contracts, EDPR

considers the guarantees granted by Group companies, which mostly relates to interconnection contracts for

wind projects, and agreements with fixed asset suppliers, to be enforceable, thus creating a present

obligation for the Group. Consequently, a provision amounting to 118,576 thousand Euros has been

recognised (see note 37).

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, along with the recent results of the US presidential elections,

continue to have several impacts, namely in the financial markets, due to the volatility they entail, the

uncertainty they carry, in a time when the major Central Banks have started to announce rate cuts, with ECB

announcing 4 cuts of 25 bps (June, September, October and December), 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, the

political decisions of the new U.S. government 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’s business is exposed to a variety of financial risks, including the effect of changes in market

prices, foreign exchange and interest rates. The Group’s 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’s 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 (and solar) parks 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

Renováveis 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.

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In the hedge relationships, the main source of ineffectiveness is the effect of the counterparties’ and the

Group’s 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 2024 and 2023, would lead to an increase/(decrease) in the

EDP Group results and/or equity as follows:

| | | | | | | |   
---|---|---|---|---|---|---|---|---  
| Dec 2024 | Dec 2023  
Thousand Euros | Profit or loss | Equity | Profit or loss | Equity  
| +10% | -10% | +10% | -10% | +10% | -10% | +10% | -10%  
USD | 10,157| -12,414| -10,437| 12,756| 1,166| -1,425| -19,352| 23,653  
  
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’s 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’s and the

Group’s 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 15 years. The Group’s Financial

Department undertakes sensitivity analysis of the fair value of financial instruments to interest rate

fluctuations. As at 31 December 2024, after the hedging effect of the derivatives, 78% of the Group's

liabilities are at fixed rate.

The EDP Group continues to use forward-starting interest rate swaps to hedge against the risk of rising

interest rates in future financings. In 2022, the EDP Group entered into forward-starting interest rate swaps in

EUR and USD. During 2023, the EUR pre-hedges were fully executed, and the USD pre-hedges were entirely

liquidated due to changes in the net investment hedge policy. At the beginning of 2024, the Group entered

into forward-starting interest rate swaps in EUR again, with the same objective, having liquidated them

already.

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 interest rates as at 31 December 2024

and 2023 would lead to an increase/(decrease) in the EDP Group results and/or equity as follows:

| | | |   
---|---|---|---|---  
| Dec 2024  
| Profit or loss | Equity  
Thousand Euros | 100 bp increase | 100 bp decrease | 100 bp increase | 100 bp decrease  
Cash flow effect: | | | |   
Hedged debt | -6,000| 6,000| —| —  
Unhedged debt | -11,134| 11,134| —| —  
Fair value effect: | | | |   
Cash flow hedging derivatives | —| —| 32,763| -32,763  
| -17,134| 17,134| 32,763| -32,763  
  
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| | | |   
---|---|---|---|---  
| 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  
  
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 risk, arising from USD debt for

which the exposure is completely offset by Cross Currency Interest Rate Swaps.

Brazil - Sensitivity analysis - Interest rates

Based on the portfolio of operations, a 25% change in the interest rates, to which the Brazilian subsidiaries

are exposed to, would have an impact to EDP Energias do Brasil Group in the following amounts:

| | | |   
---|---|---|---|---  
| Dec 2024 | Dec 2023  
Thousand Euros | \+ 25% | \- 25% | \+ 25% | \- 25%  
Financial instruments - assets | 12,268| -12,322| 10,032| -9,900  
Financial instruments - liabilities | -95,581| 96,553| -51,387| 56,171  
Derivative financial instruments | -14,022| 16,153| -31,352| 31,856  
| -97,335| 100,384| -72,707| 78,127  
  
Counterparty credit risk management

EDP Group’s 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 8.9 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 2024 | Dec 2023  
Corporate and private sector: | |   
Supply companies | 128,978| 8,654  
B2B | 332,419| 391,800  
B2C | 431,302| 480,672  
Other | 232,680| 562,336  
| 1,125,379| 1,443,462  
Public sector: | |   
Debt with payment agreement | 94| 418  
Debt without payment agreement | 42,699| 53,799  
| 42,793| 54,217  
| 1,168,172| 1,497,679  
  
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Trade receivables by geographical market for Group EDP, is as follows:

| | | | | |   
---|---|---|---|---|---|---  
| Dec 2024  
Thousand Euros | Portugal | Spain | Brazil | USA | Other | Group  
Corporate and private sector | 602,806| 51,037| 332,985| 33,514| 105,037| 1,125,379  
Public sector | 26,992| 1,854| 13,322| —| 625| 42,793  
| 629,798| 52,891| 346,307| 33,514| 105,662| 1,168,172  
  
| | | | | |   
---|---|---|---|---|---|---  
| 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  
  
The amounts receivable from supply companies are concentrated mainly in Portugal, Brazil and EDP

Renováveis 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) and EDPR SA (South America) platforms, 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 is usually treated as regulatory risk;

• In EDPR NA (North America) platform, main customers are regulated utility companies and global

commercial and industrial offtakers. 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’s 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 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, 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’s day-to-day business, the credit risk arises

essentially from the legal obligation to continue supplying low-voltage electricity with usual payment delays.

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, the large volume of residential customers, as well as the

execution of non-recourse factoring operations, 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 there are no

significant impairment losses to be recognized.

As at 31 December 2024, 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.

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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 2024 | Dec 2023  
Contract assets related to energy sales: | |   
Contract assets receivable from energy sales contracts | 1,425,415| 1,257,182  
| 1,425,415| 1,257,182  
Amounts receivable from the electric sector: | |   
Amounts receivable from tariff adjustments - Electricity (see note 27) | 22,931| 401,702  
Amounts receivable relating to CMEC (see note 27) | 506,398| 576,511  
Amounts receivable from concessions - IFRIC 12 (see note 27) | 1,601,072| 1,695,957  
| 2,130,401| 2,674,170  
| 3,555,816| 3,931,352  
  
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’s 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 2024:

| | | | | | |   
---|---|---|---|---|---|---|---  
Thousand Euros | Dec 2025 | Dec 2026 | Dec 2027 | Dec 2028 | Dec 2029 | Following  years| Total  
Bank loans | 535,822| 81,148| 141,127| 907,349| 531,359| 598,693| 2,795,498  
Bond loans | 1,883,384| 2,309,317| 1,708,046| 1,837,384| 1,947,272| 2,522,005| 12,207,408  
Hybrid bond | 99,382| —| —| —| —| 5,500,000| 5,599,382  
Commercial paper | 710,870| —| —| —| 108,288| 348,927| 1,168,085  
Other loans | 4,072| 100| —| —| —| 17,543| 21,715  
Interest payments (i) | 461,374| 638,499| 569,104| 467,724| 329,923| 674,748| 3,141,372  
| 3,694,904| 3,029,064| 2,418,277| 3,212,457| 2,916,842| 9,661,916| 24,933,460  
  
The table below shows the contractual undiscounted cash flows and the estimated interests due, computed

using the rates available at 31 December 2023:

| | | | | | |   
---|---|---|---|---|---|---|---  
Thousand Euros | Dec 2024 | Dec 2025 | Dec 2026 | Dec 2027 | Dec 2028 | Following  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  
  
(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

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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’s and the

Group’s 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.

The Group considers that 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 2024 | Dec 2023  
Business | Portfolio | |   
Electricity /Gas | Trading | 1,300| 2,996  
Electricity | Hedging | 445,809| 606,061  
Gas | Hedging | 92,440| 101,693  
Diversification effect | | -103,792| -121,245  
| | 435,757| 589,505  
  
Regarding credit risk, it is noteworthy that derivative financial instruments are traded both in market

exchanges and through bilateral contracts (Over-the-counter – 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 2024 | Dec 2023  
Credit risk rating (S&P) | |   
A+ to A- | 2.04%| 16.38%  
BBB+ to BBB- | 51.99%| 56.74%  
No rating assigned | 45.97%| 26.88%  
| 100.00%| 100.00%  
  
Brazil - Energy market risk management

Arising from the energy trading activity in Brazil, EDP Trading Comercialização e Serviços 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.

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For sensitivity analysis, the exposure of portfolio of operations is evaluated through 25% and 50% changes

in the forward curve of market energy prices. The table below shows the scenario with the highest probability

of occurrence (25%).

| | | |   
---|---|---|---|---  
| Dec 2024 | Dec 2023  
Thousand Euros | \+ 25% | \- 25% | \+ 25% | \- 25%  
Differences Settlement Price - "PLD" | 15,065| -15,066| -14,014| 12,644  
  
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 Integrated Annual Report:

Part I - 02 Strategic Approach

2.2 Risk management: Main Risks for 2025 - Financial; Risk appetite statement - Financial; and

2.3 Strategic priorities: Strategic Pillars - Distinctive and Resilient Portfolio.

Part II - Corporate Governance Report

53 Identification of the main types of risks to which the company is exposed in the course of its business

\- Financial Risks.

The Group’s goal in managing capital is to safeguard the Group’s capacity to continue operating as a going

concern, grow steadily to meet established objectives and maintain an optimum capital structure to reduce

equity cost.

In conformity with other groups operating in this sector, the Group controls its financing structure based on

several control mechanisms and ratios.

6. Consolidation perimeter

During the year of 2024, 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 – 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 %  
EDP Renovables España, S.L.U. | Soner Goya, S.L.U. | 100%  
Cañonera Solar, S.L. | 100%  
Montealegre Solar, S.L. | 100%  
Yugo Solar, S.L. | 100%  
Energía Amanecer, S.L.U. | 100%  
Energia Polimero S.L. (1) | 100%  
Libienergy Green, S.L. (2) | 100%  
IGNIS DATA TAU, SL | 90%  
Sunseap China Energy (Shanghai) Ltd. | Qingdao Chifu New Energy Technology Co., Ltd. | 100%  
Wuhu Wanfuxin Energy Technology Co., Ltd. | 100%  
Feicheng Xingqi Energy Co., Ltd. | 100%  
Xingcheng (Chongqing) Comprehensive Energy Service  Co., Ltd.| 100%  
Jining Hengliang New Energy Co., Ltd. | 100%  
Jining Junjing New Energy Co., Ltd. | 100%  
Guangdong Runxi Electric Power Technology Co., Ltd. | 100%  
Zhongjing Energy (Jingzhou) Comprehensive Energy  Service Co., Ltd.| 100%  
Lianyungang Yurong New Energy Co., Ltd. | 100%  
Zhongchuang Rongke (Haining) New Energy Co., Ltd. | 100%  
Xunmai (Dalian) New Energy Co., Ltd. | 100%  
Wusheng Xinhui Maocheng New Energy Technology  Co., Ltd.| 100%  
Diantou Universal (Wuchang City) New Energy Co., Ltd | 100%  
Langfang Hong'er New Energy Co., Ltd | 100%  
Rongcheng Xingyi New Energy Technology Co., Ltd. | Ningbo Xingyi Enterprise Management Consulting  Partnership LP| 90%  
EDP Renewables Polska, Sp. z o.o. | Ene-Wia, Sp. z o.o. | 100%  
Rampton Trading, Sp. z o.o. | 100%  
EDP Renováveis Brasil, S.A. | Central Geradora Fotovoltáica Minas do Sol, Ltda. | 100%  
Sunseap Taiwan Solar Holdings Ltd. | Songbo Energy Co., Ltd. | 100%  
  
| | | | | | | | |   
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| |   
---|---|---  
Acquiring company | Acquired company | Acquired %  
EDP Renewables Europe, S.L.U. | EDPR Vounichora M.E.P.E. | 100%  
EDPR Desfina M.E.P.E. | 100%  
EDPR Louzes M.E.P.E. | 100%  
EDPR Gkekas M.E.P.E. | 100%  
EDPR Anaskelo M.E.P.E. | 100%  
EDPR Windpark Flemsdorf GmbH | 100%  
EDPR Windpark Küsten-Waddeweitz GmbH | 100%  
EDPR Windpark Reinstorf GmbH | 100%  
EDPR Windpark Langenleuba-Oberhain GmbH | 100%  
EDPR Windpark Lützen-Weißenfels GmbH | 100%  
ACE Lux, S.à r.l. (3) | 100%  
| 14 companies in North America | 100%  
  
(1) Through the acquisition of Energía Polimero S.L., EDP Renovables España, S.L.U. indirectly acquired an

11.85% stake in the company Promotores Mudejar Norte 220KV.

(2) As a result of the acquisition of Libienergy Green, S.L., EDP Renovables España, S.L.U. indirectly

increased its stake in Promotores Villarrubia Elevación, S.L. and Promotores Villarrubia Morata 200KV, S.L.

to 67.47% and 72.68%, respectively, thereby gaining control over them.

(3) In the fourth quarter of 2024, EDP Renewables Europe, S.L.U. acquired ACE Lux, S.à r.l. and its

subsidiaries (ACE Italy, S.à r.l. and ACE Poland, S.à r.l.), and ACE Portugal, S.à r.l., which respectively held

minority stakes corresponding to a 49% share in the companies EDP Renewables Italia, S.r.l., EDP

Renewables Polska HoldCo, S.A., and EDPR PT - Parques Eólicos, S.A. As a result, EDP Renewables Europe,

S.L.U. now holds a 100% stake in these companies and their subsidiaries (see Consolidated Statements of

Changes in Equity and note 34).

Sale of companies / investments:

| | | |   
---|---|---|---|---  
Entity holding the stake | Company / investment sold | Sold % | Previous % | Obs.  
Sale of companies without loss of control | | |   
EDP Renovables España, S.L.U. | IAM Caecius, S.L.U. | 50%| 100%|   
Kronos Projektgesellschaft mbH | Kronosol 13, S.A.R.L. | 40%| 100%|   
Sale of companies with loss of control | | |   
EDP Renewables Canada Ltd. | EDP Renewables Sharp Hills Project LP | 80%| 100%| (1)  
EDP Renewables Sharp Hills Project GP Ltd. | 80%| 100%  
| 5 companies in North America | 80%| 100%| (2)  
Companies sold | | |   
EDP Energias do Brasil, S.A. | Blue Sol Participações S.A. (including 3  subsidiaries)| 100%| 100%| (3)  
ENERGIA I SPE S.A. | 100%| 100%  
EDP Transmissão SP-MG, S.A. | 100%| 100%| (4)  
Mata Grande Transmissora de Energia LTDA. | 100%| 100%| (5)  
EDP Renewables Italia Holding, S.R.L. | Sarve, S.r.l. | 100%| 100%| (6)  
C & C Tre Energy S.r.l. | 100%| 100%  
VRG Wind 153, S.r.l. | 100%| 100%  
EDPR Serracapriola, S.r.l. | 100%| 100%  
Wind Energy San Giorgio, S.r.l. | 60%| 60%  
Giglio, S.r.l. | 60%| 60%  
EDP Renovables España, S.L.U. | Desarrollos Energéticos del Val, S.L. | 25%| 25%| (3)  
Sistemas Eólicos Tres Cruces, S.L. | 25%| 25%| (3)  
EDP, S.A. | Energia Ásia Consultoria, Lda | 50%| 50%| (7)  
Kronos Solar Projects GmbH | KS NL41, B.V. | 100%| 100%| (3)  
EDP Renewables Polska, Sp. z o.o. | Neo Solar Chotków, Sp. z o.o. | 100%| 100%| (8)  
FW Warta, Sp. z o.o. | 100%| 100%  
Neo Solar Farm, Sp. z o.o. | 100%| 100%  
Enerdeal Group S.A. | Sud Solar Energy Invest II SA | 50%| 50%| (3)  
Sunseap China Energy (Shanghai) Ltd. | Zhongjing Energy (Jingzhou) Comprehensive  Energy Service Co., Ltd.| 100%| 100%| (3)  
Sunseap International Pte. Ltd. | Sunseap Asset (Cambodia) Co., Ltd. | 51%| 51%| (3)  
EDP Renewables Europe, S.L.U. | Sunglare Capture, Kft. | 100%| 100%| (3)  
Sunglare Expert, Kft. | 100%| 100%  
EDPR Terra, Kft. | 100%| 100%  
EDPR Silvanus, Kft. | 100%| 100%  
EDPR Bora, Kft. | 100%| 100%  
EDPR Mistral, Kft. | 100%| 100%  
EDPR Sirocco, Kft. | 100%| 100%  
EDPR Siesta, Kft. | 100%| 100%  
EDPR Pampero, Kft. | 100%| 100%  
EDPR Zephyr, Kft. | 100%| 100%  
| 1 company in North America | 100%| 100%| (3)  
  
(1) Sale of 80% of the stakes held for an amount of 131,840 thousand Euros resulting in the loss of control of

the companies and generating a gain of 48,458 thousand Euros (see note 8). This impact includes the effects

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of the sale of the 80% stakes and the reassessment of the remaining stakes, which are now accounted as

joint ventures;

(2) Sale of 80% of the stakes held in 5 companies in North America for an amount of 210,828 thousand Euros

resulting in the loss of control of the companies and generating a gain of 8,398 thousand Euros (see note 8).

This impact includes the effects of the sale of the 80% stakes and the reassessment of the remaining stakes,

which are now accounted as joint ventures;

(3) Sale with no significant impacts in the consolidated financial statements;

(4) Sale occurred in the first quarter for a total amount of 198,957 thousand Euros (1,069,440 thousand

Brazilian Reais) and generated a total gain of 71,392 thousand Euros (see note 8);

(5) Sale occurred in the second quarter for a total amount of 9,201 thousand Euros (49,457 thousand

Brazilian Reais), generating a total loss of 4,382 thousand Euros (see note 11);

(6) Sale of the stakes held in 6 companies in Italy for a total amount of 154,241 thousand Euros, generating a

total gain of 115,282 thousand Euros (see note 8);

(7) Sale of the stake held in a joint venture, for a total amount of 95,226 thousand Euros, generating a total

gain of 21,063 thousand Euros, on a consolidated basis (see note 22), and a total gain of 93,319 thousand

Euros on an individual basis (see note 14);

(8) Sale of the stakes held in 3 companies in Poland for a total amount of 47,043 thousand Euros, generating

a total gain of 8,060 thousand Euros (see note 8).

Companies liquidated:

| |   
---|---|---  
Entity holding the stake | Entity holding the stake | Previous %  
Sunseap Gamma Holdings Pte. Ltd. | Sunseap Gamma Assets Pte. Ltd. | 100%  
Tianjin Xingsheng Energy Development Co., Ltd. | Tianjin Xingrun Energy Development Co., Ltd. | 100%  
EDPR France Holding, S.A.S. | Parc Éolien d’Entrains-sur-Nohain, S.A.S. | 90%  
EDP España, S.A.U. | Ceprastur, A.I.E. | 100%  
  
Companies merged:

| |   
---|---|---  
Acquiring company | Merged company | Previous %  
EDP Energia Italia S.R.L. | Enertel Group S.r.l. | 100%  
  
Companies incorporated:

|   
---|---  
Company | Company  
EDP Energia Crato Trevões, S.A. | EDPR Marascione PV, S.r.l.  
Central Eólica Uruguaiana I to VI, S.A. (6 companies) | EDPR Le Murate PV, S.r.l.  
Chongqing Xingsheng New Energy Co., Ltd. | PT EDPR Indonesia Genco  
Novo Oriente Solar Holding, S.A. | Central Térmica Soto 3, S.L.U  
CEL Energy - Central Elétrica de Lares, S.A. | Japan Tk Investment Pte. Ltd.  
RJCE Energy - Central Elétrica de Ribatejo, S.A. | EDP Renewables Polska Wind 1 to 6, Sp. z o.o. (6 companies)  
PV Ballico, SpA | EDPR Riardo PV, S.r.l.  
Archidona Subestación S3, A.I.E. (owned by em 30,95%) | EDPR PV 1, S.r.l.  
EDP Transmissão Norte Nordeste 1 to 2 S.A. (2 companies) | Renovables Alasia, S.L.  
EDPR BESS Uno to Cinque, S.r.l. (5 companies) | Renovables Canopus, S.L.  
Xingqi New Energy (Shaoxing) Co., Ltd. | Renovables Lerna, S.L.  
Xingbei New Energy (Sihong) Co., Ltd. | Gestión Calor, S.L.U.  
EDP Energie Deutschland Verwaltungs GmbH | KSD 61 to 70 UG (10 companies)  
EDPED Solar Invest 1 to 2 GmbH & Co KG (2 companies) | EDPR Boccadoro, S.r.l.  
EDPR Interconnection Holdings Pte. Ltd. | EDPR Wind Energy, S.R.L.  
EDPR GenCo Pte. Ltd. | EDPR Solar Energy, S.R.L.  
Green Corridor Indonesia Pte. Ltd. | VC Expansão, S.A.  
100 companies in North America |   
  
Other changes:

• In the first quarter, an additional 9.30% stake in the subsidiary Shanghai Jingwen Equity Investment

Center LP was acquired, whereby the investment in this company increased to 99.53%; and

• On 4 April 2024, the Annual General Shareholders’s Meeting of EDP Renováveis S.A. approved for

2023 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 23 May 2024, EDP Renováveis S.A. capital increase has been completed, through the incorporation of

reserves, for a nominal amount of 79,388,850 Euros and through the issuance of 15,877,770 ordinary shares

of the Company with a par value of 5 Euros each, having the scrip dividend been executed by 97.7% of the

Shareholders.

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EDP S.A., as per the intention communicated on 27 February 2024, opted to receive EDPR shares under this

Programme, increasing its stake to 71.30% and holding 741,377,952 shares in EDP Renováveis.

The companies included in the consolidation perimeter of EDP Group as at 31 December 2024 are disclosed

in Annex I.

7. Revenues and cost of Energy Sales and Services and Other

Revenues from energy sales and services and other are as follows:

| | | |   
---|---|---|---|---  
| Group | Company  
Thousand Euros | Dec 2024 | Dec 2023 | Dec 2024 | Dec 2023  
Energy and access | 13,258,841| 14,601,447| —| 588,920  
Revenue from assets assigned to concessions | 957,308| 962,988| —| —  
Other | 749,613| 637,873| 297,500| 2,310,590  
| 14,965,762| 16,202,308| 297,500| 2,899,510  
  
Revenues from energy sales and services and other, by geographical market, for the Group, are as follows:

| | | | | |   
---|---|---|---|---|---|---  
| Dec 2024  
Thousand Euros | Portugal | Spain | Brazil | USA | Other | Group  
Energy and access | 7,242,986| 2,022,911| 2,339,321| 783,481| 870,142| 13,258,841  
Revenue from assets assigned to concessions | 367,528| —| 589,780| —| —| 957,308  
Other | 364,490| 179,101| 146,280| 30,788| 28,954| 749,613  
| 7,975,004| 2,202,012| 3,075,381| 814,269| 899,096| 14,965,762  
  
| | | | | |   
---|---|---|---|---|---|---  
| Dec 2023  
Thousand Euros | Portugal | Spain | 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  
  
The caption Energy and access in Portugal, on a consolidated basis, includes a net revenue of 689,956

thousand Euros (revenue in 31 December 2023: 1,443,854 thousand Euros) regarding tariff adjustments of

the period (see note 27). This caption also includes, in Brazil, a net cost of 135,252 thousand Euros (31

December 2023: net cost of 155,511 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 29,241

thousand Euros (31 December 2023: positive amount of 37,763 thousand Euros) related to the contractual

stability compensation (CMEC) as a result of the power purchase agreements (PPA) termination, including

an income of 20,709 thousand Euros related to the CMEC final adjustment (31 December 2023: positive

amount of 18,794 thousand Euros), net from the recognised provision due to the final adjustment official

approval.

The variation, on a company basis, in the revenues from energy sales and services and other is explained by

the operation of transferring the energy management business unit to EDP GEM Portugal, S.A. on 1 February

2023, which among other contracts, included the existing progressive energy purchase and sale contract

with EDP Comercial S.A. (2023: 258,042 thousand Euros).

The caption Others includes, on a company basis, essentially the services rendered associated with

consulting, management services, technology and information systems.

The breakdown of Revenues from energy sales and services and other by segment, are as follows (see note

51 - Operating Segments):

| | | | |   
---|---|---|---|---|---  
| Dec 2024  
| Reported Operating Segments | Other  Segments| Group  
Thousand Euros | Renewables,  Clients & EM| Networks | Total  
Energy and access | 8,921,576| 2,282,620| 11,204,196| 2,054,645| 13,258,841  
Revenue from assets assigned to concessions | -486| 957,794| 957,308| —| 957,308  
Other | 619,411| 99,000| 718,411| 31,202| 749,613  
| 9,540,501| 3,339,414| 12,879,915| 2,085,847| 14,965,762  
  
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| | | | |   
---|---|---|---|---|---  
| Dec 2023*  
| Reported Operating Segments | Other  Segments| Group  
Thousand Euros | Renewables,  Clients & EM| Networks | Total  
Energy and access | 9,756,880| 719,587| 10,476,467| 4,124,981| 14,601,448  
Revenue from assets assigned to concessions | 526| 962,462| 962,988| —| 962,988  
Other | 501,966| 107,837| 609,803| 28,069| 637,872  
| 10,259,372| 1,789,886| 12,049,258| 4,153,050| 16,202,308  
  
* Includes restatement originated by the reorganization of EDP Renováveis, S.A., EDP Renováveis Servicios Financieros, S.A., SU Eletricidade, S.A. and Gás SU, S.A. 

to Other Segments.

The segment "Renewables, Clients & Energy Management" includes sales of renewable energy, hydro and

wind, carried out by EDP GEM Portugal, S.A.

Revenues from energy sales and services and other by segment are considered globally as "overtime" and

not as "at a point in time".

Cost of energy sales and other are as follows:

| | | |   
---|---|---|---|---  
| Group | Company  
Thousand Euros | Dec 2024 | Dec 2023 | Dec 2024 | Dec 2023  
Cost of energy | 6,324,896| 6,689,522| —| 395,133  
| | | |   
Expenditure with assets assigned to concessions | 727,086| 732,580| —| —  
| | | |   
Changes in inventories and cost of raw materials and consumables used | | | |   
Fuel, steam and ashes | 24,074| 352,584| —| —  
CO2 Licenses | 436,087| 683,462| —| 2,037,223  
Gas and other costs | 580,140| 747,200| 23| 18,666  
| 1,040,301| 1,783,246| 23| 2,055,889  
| 8,092,283| 9,205,348| 23| 2,451,022  
  
The variation, on a company basis, in the cost of energy sales and other is explained by the operation of

transferring the energy management business unit to EDP GEM Portugal, S.A. on 1 February 2023, which

among other contracts, included the Mandate Contract for the placement (purchase and sale) of electricity in

the market, a contract that replaced the existing management, purchase, and resale of energy contract with

EDP Gestão da Produção de Energia, S.A. (2023: 183,238 thousand Euros).

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:

| |   
---|---|---  
| Group  
Thousand Euros | Dec 2024 | Dec 2023  
Revenue from assets assigned to concessions | 957,308| 962,988  
| |   
Expenditure with assets assigned to concessions | |   
Subcontracts and other materials | -641,959| -653,214  
Personnel costs capitalised (see note 10) | -77,096| -73,011  
Capitalised borrowing costs (see note 14) | -8,031| -6,355  
| -727,086| -732,580  
  
Revenue from assets assigned to concessions include 625,332 thousand Euros (31 December 2023:

628,476 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).

The main variations on the captions Revenues and cost of Energy Sales and Services and Other are

described in Part I Management Report Index, 03 Performance mainly in 3.1 - Business area performance

and 3.2 - Group's financial performance.

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8. Other income

Other income, for the Group, are as follows:

| |   
---|---|---  
| Group  
Thousand Euros | Dec 2024 | Dec 2023  
Income arising from institutional partnerships (see note 38) | 303,108| 231,055  
Gains on disposals - electricity business assets - Asset Rotation | 251,589| 511,107  
Gains on disposals - electricity business assets | —| 104,198  
Gains from contractual indemnities and insurance companies | 47,584| 41,333  
Other  | 245,875| 148,998  
| 848,156| 1,036,691  
  
Income arising from institutional partnerships relates to income arising from production and investment tax

credits (PTC/ITC) and accelerated tax depreciation, regarding wind farms and solar plants in North America

(see note 38).

The caption Gains on disposals - electricity business assets - Asset Rotation corresponds to gains from asset

rotation strategy. As at 31 December 2024,the caption essentially includes gains resulting from the sale of: i)

one company 100% owned by EDP Energias do Brasil, S.A.; ii) two companies wholly owned by EDP

Renewables Canada Ltd.; iii) five companies 100% owned in North America; iv) six companies owned by EDP

Renewables Italia Holding, S.R.L; and v) three companies 100% owned by EDP Renewables Polska, Sp. z.o.o

(see note 6).

The caption Other includes gains on: i) reinsurance activity; ii) on the sale of property, plant and equipment; iii)

contractual changes in equipment maintenance contracts; iv) changes in fair value of contingent prices of

sales transactions; and v) the reversal of provisions for delays and damages for projects that finally reached

the commercial operation date. The variation from the previous year being explained by the positive

variation in all of these items.

9. Supplies and services

Supplies and services are as follows:

| | | |   
---|---|---|---|---  
| Group | Company  
Thousand Euros | Dec 2024 | Dec 2023 | Dec 2024 | Dec 2023  
Travelling and Communications | 61,605| 63,741| 4,646| 6,103  
Information technology | 173,576| 165,505| 119,322| 112,678  
Maintenance and repairs | 547,944| 554,348| 15,655| 15,211  
Commercial activity | 144,697| 188,592| 55| 157  
Specialised works: | | | |   
\- Legal and advisory fees | 64,912| 66,190| 6,941| 13,048  
\- Other services | 87,527| 88,258| 5,802| 6,503  
Provided personnel | —| —| 9,823| 11,329  
Other supplies and services  | 36,551| 49,280| 44,929| 50,715  
| 1,116,812| 1,175,914| 207,173| 215,744  
  
Information technology and Maintenance and repairs include short-term, low-value and variable payment

rents and leases, on consolidated and individual basis, in a total of 46,469 thousand Euros (31 December

2023: 48,607 thousand Euros) and 3,429 thousand Euros (31 December 2023: 4,437 thousand Euros),

respectively.

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10. Personnel costs and employee benefits

Personnel costs and employee benefits are as follows:

| | | |   
---|---|---|---|---  
| Group | Company  
Thousand Euros | Dec 2024 | Dec 2023 | Dec 2024 | Dec 2023  
Personnel costs | | | |   
Board of Directors remuneration | 16,201| 18,644| 6,470| 5,876  
Employees' remuneration | 629,488| 634,224| 50,209| 50,669  
Social charges on remuneration | 149,609| 147,930| 13,784| 13,004  
Performance, assiduity and seniority bonus | 115,167| 126,468| 15,011| 19,482  
Other costs | 37,884| 31,000| 3,065| 1,835  
Own work capitalised: | | | |   
\- Assigned to concessions (see note 7) | -77,096| -73,011| —| —  
\- Other (see note 17) | -145,111| -154,545| -8,488| -8,675  
| 726,142| 730,710| 80,051| 82,191  
Employee benefits | | | |   
Pension plans costs | 22,535| 24,499| 1,715| 1,782  
Medical plans costs and other benefits (see note 36) | 1,212| 4,129| 87| 321  
Pension plans past service cost (Curtailment/Plan  amendments) (see note 36)| 15,847| 616| —| —  
(Curtailment/Plan amendments) (see note 36) | 5,645| 25| —| —  
Other | 61,285| 59,280| 5,491| 4,041  
| 106,524| 88,549| 7,293| 6,144  
| 832,666| 819,259| 87,344| 88,335  
  
Pension plans costs include 1,514 thousand Euros (31 December 2023: 2,717 thousand Euros) related to

defined benefit plans (see note 36) and 21,021 thousand Euros (31 December 2023: 21,782 thousand Euros)

related with defined contribution plans.

During the first semester of 2024, EDP Group distributed treasury stocks to employees (2,337,078 shares)

totaling 7,983 thousand Euros.

The breakdown by management positions and category of professional staff is a follow:

| | | |   
---|---|---|---|---  
| Group | Company  
| Dec 2024 | Dec 2023 | Dec 2024 | Dec 2023  
Executive Board of Directors  | 5| 5| 5| 5  
Senior management | 359| 392| 59| 61  
Managers | 1,223| 1,209| 51| 56  
Specialists | 6,492| 6,610| 452| 461  
Support, Operational and Administrative Technicians | 4,517| 4,825| 46| 49  
| 12,596| 13,041| 613| 632  
  
11. Other costs

Other Expenses are as follows:

| |   
---|---|---  
| Group  
Thousand Euros | Dec 2024 | Dec 2023  
Concession rents paid to local authorities and others | 319,748| 307,029  
Direct and indirect taxes | 344,231| 389,413  
Donations | 18,156| 21,677  
Write-off of tangible assets | 52,993| 54,704  
Losses on disposals - electricity business assets - Pecém (see note 6) | —| 84,469  
Other | 131,249| 174,142  
| 866,377| 1,031,434  
  
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 include the social tariff and the 1.2% tax on the turnover of energy

sector companies in Spain. In 2023, included taxes on excessive profits, in force in Poland, which will not

apply in 2024 and in the first half of 2024 in Romania. In addition, in 2024 includes the progressive return of

generation tax in Spain, windfall profits taxes in Romania and Clawback in Portugal (see note 4).

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 Brazil and the abandonment

of the renewable projects in Europe and North America.

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The caption Other includes, essentially: i) losses on the reinsurance activity; ii) losses on the sale of property,

plant and equipment; and iii) loss resulting from the sale of Mata Grande Transmissora de Energia LTDA in

the amount of 4,382 thousand Euros (see note 6).

12. Depreciation, amortisation and impairment

Depreciation, amortisation and impairment are as follows segue:

| | | |   
---|---|---|---|---  
| Group | Company  
Thousand Euros | Dec 2024 | Dec 2023 | Dec 2024 | Dec 2023  
Depreciation/impairment of Property, plant and equipment (see note 17) | 1,685,198| 1,376,625| 6,198| 6,158  
Depreciation/impairment of Right of use asset (see note 18) | 105,972| 117,376| 5,799| 5,824  
Amortisation/impairment of Intangible assets (see note 19) | 593,740| 564,685| 25,746| 23,840  
Impairment of Non-Current assets held for sale | —| 148,334| —| —  
| 2,384,910| 2,207,020| 37,743| 35,822  
| | | |   
Amortisation/impairment of Investment property (see note 24) | 288| 287| 6,656| 3,718  
| 2,385,198| 2,207,307| 44,399| 39,540  
| | | |   
Compensation of depreciation partially-funded property, plant and  equipment (see note 39)| -30,097| -29,287| —| —  
Amortisation of Incremental costs of obtaining contracts with customers | 15,169| 7,966| —| —  
Impairment of Goodwill (see note 20) | 2,274| 4,598| —| —  
| 2,372,544| 2,190,584| 44,399| 39,540  
  
During 2024, 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).

Based on a detailed review of the situation of the wind portfolio in Colombia, it has been decided not to

proceed with the remaining investments required to build the wind farms. Consequently, as the investments

made are not expected to be recovered, an impairment loss has been recorded for the total value of assets

linked to these projects, in the amount of 552,881 thousand Euros (see note 4).

The remaining impairment tests carried out did not lead to the recording of relevant impairment losses.

The discount rates after taxes used reflect the best estimate of the specific risks of each cash generating unit,

presenting the following variation bands:

| |   
---|---|---  
| 2024 | 2023  
Europe | 4.4 - 8.7% | 4.4% - 8.2%  
North America | 5.8 - 8.3% | 6.4% - 8.2%  
South America | 6.7 - 11.2% | 6.7% - 11.3%  
APAC | 2.9 - 8.8% | 6.1% - 6.3%  
  
13. Other non recurring income and expenses (Company basis)

On 1 February 2023, EDP S.A. entered into a transfer ("trespasse") agreement with EDP GEM Portugal, S.A.

(EDP GEM) with the aim of transferring its energy management business unit. This transfer of activity results

from the global vision of energy management that the EDP Group has been developing which includes the

transfer to EDP GEM of all assets, liabilities and contractual positions that make up that business unit, as well

as its employees and associated means necessary to carry out its activity.

The total amount of the operation was 1,169,510 thousand Euros. On the transaction date, the book value of

the net assets transferred under this contract was 228,858 thousand Euros and a gain of 940,653 thousand

Euros was recorded.

As a result of this agreement, EDP S.A. transfers its energy management activity, so with reference to 1

February 2023, all existing cash flow hedges (related to foreign exchange, purchase and sale of electricity,

gas and CO2) have been discontinued, reclassifying the cash flow reserve in the negative amount of

1,014,219 thousand Euros to profit or loss, since the underlying transactions subject to hedging were

transferred to EDP GEM under the terms of the transfer agreement and as such will not occur at EDP S.A.

The operationalization of this transfer occurs through the assignment of EDP S.A's contractual positions in

favor of EDP GEM, with a back-to-back mechanism also foreseen for contractual positions whose

assignment requires the fulfillment of formalities by third parties unrelated to EDP S.A., until such formalities

are fulfilled. During this period, EDP GEM undertakes to assume all the risks and benefits associated with

those positions, assuming EDP S.A. as an agent in relation to the rights and obligations that emerge from

them.

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Since the transfer of the energy management business unit is a specific and unique transaction within the

scope of the individual financial statements of EDP S.A., it was considered that the result generated should

be presented separately in the operating results of EDP, S.A.

On the same day and pursuant to this agreement, EDP S.A., the sole shareholder of EDP GEM, approved the

provision of supplementary pecuniary capital contributions under the applicable rules for additional

contributions, in the global amount of 1,000,000 thousand Euros.

14. Financial income and expenses

Financial income and expenses, for the Group, are as follows:

| |   
---|---|---  
| Group  
Thousand Euros | Dec 2024 | Dec 2023  
Financial income | |   
Interest income from bank deposits and other investments | 110,386| 133,522  
Interest from derivative financial instruments | 73,557| 72,521  
Interest income on tariff deficit: | |   
\- Portugal - Electricity (see note 27) | 6,438| 37,166  
\- Brazil - Electricity (see note 39) | 76| 6,257  
Other interest income | 112,697| 87,809  
Derivative financial instruments | 213,778| 288,965  
Foreign exchange gains | 356,033| 283,784  
CMEC: | |   
\- Interest on the initial CMEC | 16,691| 20,404  
\- Financial effect considered in the calculation | 6,396| 6,667  
Equity instruments at fair value through other comprehensive income (see note 23) | 16,062| —  
Other financial income | 65,216| 42,403  
| 977,330| 979,498  
| |   
Financial expenses | |   
Interest expense on financial debt | 844,298| 836,313  
Bonds buyback | 17,093| 4,802  
Capitalised borrowing costs: | |   
\- Assigned to concessions (see note 7) | -8,031| -6,355  
\- Other (see note 17) | -183,083| -131,176  
Interest from derivative financial instruments | 168,450| 211,419  
Interest expense on tariff deficit: | |   
\- Portugal - Electricity (see note 27) | 8,250| 2,306  
\- Brazil - Electricity (see note 39) | 13,493| 9,253  
Other interest expense | 36,725| 38,182  
Derivative financial instruments | 78,792| 465,797  
Foreign exchange losses | 544,234| 161,920  
CMEC | 1,099| 3,006  
Unwinding of discounted liabilities | 140,665| 138,191  
Unwinding of lease liabilities (see note 40) | 51,798| 47,718  
Net interest on the net pensions plan liability (see notee 36) | 3,699| 9,610  
Net interest on the medical liabilities and other benefits (see note 36) | 18,405| 20,029  
Other financial expenses | 123,933| 78,679  
| 1,859,820| 1,889,694  
Financial income/(expenses) | -882,490| -910,196  
  
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 2024, ranged from 1.50% to 5.94% in Portugal, from 1.50% to 4.38% in Spain and

from 0.81% to 8.25% 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 20,625 thousand

Euros (31 December 2023: 16,804 thousand Euros) (see note 37); (ii) the implied financial return in

institutional partnerships of 83,827 thousand Euros (31 December 2023: 81,058 thousand Euros) (see note

38); and (iii) the financial expenses related to the discount of the liability associated to the concessions of

Alqueva/Pedrógão, Investco and Enerpeixe of 19,893 thousand Euros (31 December 2023: 12,230 thousand

Euros).

In January 2024, EDP launched, through its whole subsidiary Servicios Financieros España, S.A.U. (EDP

SFE), a cash tender offer invitation for the debt securities issued by EDP Finance BV "$500,0000,000 6,3%

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Notes due 2027". As a result of this offer, EDP Servicios Financieros España, S.A.U. acquired 366,878

thousand US dollars, recognising a cost of 17,093 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 (included in the Caption Others), 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.

Financial income and expenses, for the Company, are as follows:

| |   
---|---|---  
| Company  
Thousand Euros | Dec 2024 | Dec 2023  
Financial income | |   
Interest income from loans to subsidiaries and related parties (see note 45) | 212,885| 130,328  
Interest from derivative financial instruments | 200,463| 191,577  
Derivative financial instruments | 275,203| 510,795  
Income from equity investments (see note 45) | 905,999| 930,118  
Gains on the sale of financial investments (see note 6) | 93,319| —  
Reversal of impairments on equity investments and shareholders loans  | —| 26,630  
Other financial income | 19,986| 24,961  
| 1,707,855| 1,814,409  
| |   
Financial expenses | |   
Interest expense on financial debt | 410,146| 297,618  
Bonds Buyback | —| 4,802  
Interest from derivative financial instruments | 202,885| 199,873  
Derivative financial instruments | 273,470| 487,327  
Unwinding of lease liabilities | 5,761| 5,733  
Impairment on equity investments and shareholders loans  | 94| 5,888  
Other financial expenses | 18,768| 48,441  
| 911,124| 1,049,682  
Financial income/(expenses) | 796,731| 764,727  
  
The caption Other financial income includes 340 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 94 thousand Euros (includes the recognition of premium and transaction costs

associated with the buyback transaction by the effective interest rate method).

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 annually disclosed by EDP.

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.

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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 2024 | Dec 2023  
Europe: | |   
Portugal | 21% - 31.5% | 21% - 31.5%  
Spain | 24% - 25% | 24% - 25%  
Netherlands | 19% - 25.8% | 19% - 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 3 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. However, the

deduction of tax losses in most jurisdictions where EDP Group carries out its activity is 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 is the dominant form of wind

remuneration in this country, and represent an extra source of revenue per unit of electricity, over the first 10

years of the asset’s life. Wind facilities that qualify for the application of the Production Tax Credits prior to 1

January 2017, benefit from 100% of the credit ($25/MWh in 2020 and in 2021, being adjusted to inflation in

subsequent years). The credit amount is reduced by 20% for wind facilities qualifying in 2017, 40% in 2018

and 60% in 2019. Additional legislation in 2020 and 2021 extended the regime to wind facilities, with start of

construction in 2020 or 2021, attributing 60% of the tax credit amount. The 2022 Inflation reduction act

extended the Production Tax Credit at 100% benefit for wind and solar projects going commercial

operations in 2022 or later.

Alternatively, the EDP Group companies can, instead of the production tax credit, choose to benefit from the

Investment Tax Credit which avails solar, storage 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 1) the use of domestic made

equipment and/or 2) locating a project in an economically depressed area or an area that once had a

traditional energy facility.

Relevant events for EDP Group in 2024

The Council Directive (EU) 2022/2523, adopted on 14 December 2022, establishes a framework for

implementing the OECD’s Pillar Two global minimum tax within the European Union. It enacted rules to

ensure that multinational enterprises (MNEs) and large domestic groups with annual revenues exceeding

750 million Euros are subject to a minimum effective tax rate of 15% in every jurisdiction where they operate.

The directive is aligned with the Global Anti-Base Erosion (GloBE) Rules developed by the OECD/G20

Inclusive Framework and aims to prevent tax avoidance by limiting profit shifting to low-tax jurisdictions.

The core elements of Pillar Two are an IIR (Income Inclusion Rule) and an UTPR (Undertaxed Payments Rule),

which operates as a backstop rule to the IIR. UTPR will not apply to EDP Group as the Ultimate Parent Entity

(EDP SA) is subject to IIR. Under IIR, Pillar 2 imposes a top-up tax on the difference between the jurisdictional

Pillar 2 Effective Tax Rate (ETR) and the 15% minimum ETR.

Each country may also elect to implement a Qualified Domestic Minimum Top-up Tax (QDMTT). However,

any top-up tax arising from the application of the QDMTT may be offset against the top-up tax resulting from

the IIR.

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During the initial years of Pillar 2 implementation, the OECD has introduced a transitional Country-by-

Country (CbCr) Safe Harbour, in order to avoid increasing administrative burden for MNEs subject to Pillar 2

in that period. This transitional safe harbour is a short-term measure only applicable until 2026 tax year.

Under the transitional CbCr Safe Harbour, the top-up tax for a jurisdiction will be nil, provided that at least

one of the following three tests is met for that jurisdiction: 1) Minimis test, 2) Simplified ETR test and 3) Routine

profits test.

Recently, a QDMTT Safe Harbour was introduced, in order to reduce compliance and administrative costs at

the level of MNEs. Under the QDMTT safe harbour, the above mentioned credit against the IIR mechanism is

replaced by an exemption. Indeed, when the QDMTT Safe Harbour applies, any top-up tax that would be

payable under the IIR will be deemed to be zero. Thus, MNEs will only need to compute the top-up tax once,

according to the related QDMTT rules.

EDP Group is subject to this new tax regulation. Thus, it was evaluated the potential impact to the top-up tax

across the jurisdictions in which the Group operates. Most of these jurisdictions have either implemented or

announced plans to adopt the GloBE Rules. As a result of this analysis, only a limited number of cases were

identified where the effective tax rate falls below 15%. Based on this assessment, any additional top-up tax

payable by EDP Group under the GloBE Rules is not expected to have a material impact. In the majority of the

jurisdictions where the Group operates, the transitional Country-by-Country Reporting (CbCr) safe harbour

applies and therefore no additional tax will be due.

The jurisdictions where Globe rules apply as of 2024 fiscal year onwards are identified in the following

summarized table:

| |   
---|---|---  
Jurisdiction | IIR enacted in  2024| QDMTT enacted  in 2024  
Portugal | Yes | Yes  
Spain | Yes | Yes  
Netherlands | Yes | Yes  
France | Yes | Yes  
Italy | Yes | Yes  
Poland | Yes | Yes  
Romania | Yes | Yes  
Greece | Yes | Yes  
Singapore | No | No  
Vietnam | Yes | Yes  
Brazil | No | No  
Colombia | No | No  
United States of America | No | No  
Canada | No | No  
Mexico | No | No  
United Kingdom | Yes | Yes  
Australia | Yes | Yes  
Belgium | Yes | Yes  
Germany | Yes | Yes  
Hungary | Yes | Yes  
Japan | Yes | No  
Luxembourg | Yes | Yes  
Other | No | No  
  
Corporate income tax provision

Income tax expense provision is as follows:

| | | |   
---|---|---|---|---  
| Group | Company  
Thousand Euros | Dec 2024 | Dec 2023 | Dec 2024 | Dec 2023  
Current tax | -192,880| -232,239| 49,159| 99,701  
Deferred tax | -313,475| -274,980| -10,733| -79,414  
| -506,355| -507,219| 38,426| 20,287  
  
Reconciliation between the theoretical and the effective income tax provision

The effective income tax rate is as follows:

| | | |   
---|---|---|---|---  
| Group | Company  
Thousand Euros | Dec 2024 | Dec 2023 | Dec 2024 | Dec 2023  
Profit before tax and CESE | 1,379,493| 1,887,974| 778,973| 803,349  
Income tax expense | -506,355| -507,219| 38,426| 20,287  
Effective income tax rate | 36.7%| 26.9%| -4.9%| -2.5%  
  
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 disclosure of its financial statements, in the

determination of the taxable base, as demonstrated below.

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The reconciliation between the theoretical and the effective income tax expense for the Group is as follows:

| |   
---|---|---  
Thousand Euros | Dec 2024 | Dec 2023  
Profit before income tax and CESE | 1,379,493| 1,887,974  
Theoretical income tax rate * | 31.5%| 29.5%  
Theoretical income tax expense | 434,540| 556,952  
Different tax rates (includes state surcharge) and CIT rate changes | 91,396| 20,327  
Tax losses, tax credits and benefits | -20,464| -27,687  
Dividends | -11,173| 6,863  
Differences between accounting and fiscal provisions/depreciations | 44,678| 7,614  
Accounting/fiscal differences on the recognition/derecognition of assets | 43,060| -81,110  
Taxable differences attributable to non-controlling interests | -17,655| -15,178  
Other adjustments and changes in estimates | -58,027| 39,438  
Effective income tax expense as per the Consolidated Income Statement | 506,355| 507,219  
  
* The average rate that best represents the distribution of the various applicable tax rates for EDP Group companies taking into account their activity.

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.

For 2023, 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. For 2024, the caption mainly relates to (i) the tax treatment associated to the recognition of the

impairment for the Colombian assets (see note 12).

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 caption Other adjustments and changes in estimates mainly refers to (i) the recognition of potential

liabilities associated to tax audits in the Spanish Perimeter; (ii) the effect of the recognition of equity method

and (iii) the recognition, in Brazil, of a tax credit related to the non-incidence of Corporate Income Tax (IRPJ)

and Social Contribution (CSLL) over the monetary update revenue (Selic rate), following a positive court

decision.

The reconciliation between the theoretical and the effective income tax expense for the Company is as

follows:

| |   
---|---|---  
Thousand Euros | Dec 2024 | Dec 2023  
Profit before income tax | 778,973| 803,349  
Nominal income tax rate | 21%| 21%  
Theoretical income tax expense | 163,584| 168,703  
Tax losses, tax credits and benefits | -6,784| 7,813  
Dividends | -190,258| -193,705  
Accounting/fiscal temporary differences on the recognition / derecognition of assets | —| -272  
Other adjustments and changes in estimates | -4,968| -2,826  
Effective income tax expense as per the Company Income Statement | -38,426| -20,287  
  
16. Extraordinary contribution to the energy sector (CESE)

Law 83-C/2013, of the State Budget 2014 ("Lei do Orçamento de Estado 2014"), approved by the

Portuguese Government on 31 December 2013, introduced CESE, with the objective of financing

mechanisms that promote the energy sector systemic sustainability, through the establishment of a fund

which aims to contribute for the reduction of tariff debt and to finance social and environmental policies in

the energy sector. This contribution focuses generally on the economic operators that develop the following

activities: (i) generation, transmission or distribution of electricity; (ii) transportation, distribution, storage or

wholesale supply of natural gas; and (iii) refining, treatment, storage, transportation, distribution and

wholesale supply of crude oil and oil products.

CESE is calculated based on the companies’ net assets as at 1 January, which comply, cumulatively, to: (i)

property, plant and equipment; (ii) intangible assets, except industrial property elements; and (iii) financial

assets assigned to concessions or licensed activities. In the case of regulated activities, CESE focuses on the

value of regulated assets if it is higher than the value of those assets.

The general rate is 0.85%. However, in case of natural gas combined cycle power plants with an annual

utilization equivalent of installed capacity equal or higher to 1,500 hours and lower than 3,000 hours, is

expected a reduced rate of 0.565%. Nevertheless, this rate could be 0.285% in case the annual utilization of

installed capacity is lower than 1,500 hours.

The CESE system has been successively extended and is now valid for 2024 through Law nº 82/2023 of 29

December.

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EDP has paid 558,205 thousand Euros relating to CESE for the years 2014 to 2022.

As at 31 December 2024, the Group booked under the caption Extraordinary contribution to the energy

sector (CESE) in the Consolidated Income Statement, the amount of 47,748 thousand Euros (31 December

2023: 49,365 thousand Euros). However, as it is a tax of doubtful constitutionality - with the Constitutional

Court having already issued decisions to that effect regarding some operators in the electricity sector in

relation to the year 2019 - EDP decided not to pay it and challenge its legality.

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 | 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  
| | | | | |   
Gross Amount | 187,583| 467,871| 42,559,361| 714,192| 5,901,289| 49,830,296  
Accumulated depreciation and impairment  losses| —| 189,555| 20,197,468| 558,356| 855,593| 21,800,972  
Carrying Amount at 31 December 2024 | 187,583| 278,316| 22,361,893| 155,836| 5,045,696| 28,029,324  
| | | | | |   
Balance as at 1 January 2023 | 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 | 155| 3,749| 2,734,869| 30,299| -3,255,183| -486,111  
Exchange Difference | 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  
Additions | 70,633| 566| 104,338| 22,829| 4,006,909| 4,205,275  
Depreciation and impairment (see note 12) | —| -12,090| -1,057,941| -59,529| -555,638| -1,685,198  
Disposals/Write-offs | -690| -230| -11,764| -1,931| -17,603| -32,218  
Transfers (see note 42) | 3,318| 92,423| 4,492,179| 20,847| -4,676,488| -67,721  
Exchange Differences | -1,616| -13,549| 406,108| 771| 72,367| 464,081  
Perimeter Variations and Other | 5,912| 29,515| -854,386| 27,437| -142,135| -933,657  
Balance as at 31 December 2024 | 187,583| 278,316| 22,361,893| 155,836| 5,045,696| 28,029,324  
  
This caption is as follows, for the Company:

| | | | | |   
---|---|---|---|---|---|---  
Thousand Euros | Land and  natural resources| Buildings  and other construct.| Plant and  machinery| Other  tangible assets| Assets  under construct.| Total  
Gross Amount | 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  
| | | | | |   
Gross Amount | 1,113| 28,853| 747| 97,864| 12,210| 140,787  
Accumulated depreciation and impairment  losses| —| 21,620| 366| 79,203| —| 101,189  
Carrying Amount at 31 December 2024 | 1,113| 7,233| 381| 18,661| 12,210| 39,598  
| | | | | |   
Balance as at 1 January 2023 | 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  
Additions | —| —| 11| 2,250| 3,965| 6,226  
Depreciation and impairment (see note 12) | —| -216| -59| -5,923| —| -6,198  
Disposals/Write-offs | -505| -73| —| -457| —| -1,035  
Transfers  | —| 5,374| —| 2,427| -10,237| -2,436  
Balance as at 31 December 2024 | 1,113| 7,233| 381| 18,661| 12,210| 39,598  
  
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Gross amount of Assets under construction are as follows:

| |   
---|---|---  
Thousand Euros | Dec 2024 | Dec 2023  
Wind and solar farms in North America | 2,252,977| 3,675,125  
Wind and solar farms in Europe  | 1,514,345| 1,085,830  
Wind and solar farms in South America | 1,262,245| 1,389,904  
Wind and solar farms in Southeast Asia | 62,156| 78,085  
Conventional generation, energy management and client solutions assets | 795,260| 244,802  
Other assets under construction | 14,306| 224,938  
| 5,901,289| 6,698,684  
  
The capitalised costs for Property, plant and equipment for the period, except Land and natural resources,

are as follows:

| |   
---|---|---  
Thousand Euros | Dec 2024 | Dec 2023  
Subcontracts and other materials | 3,612,427| 4,570,818  
Purchase price allocation | 17,508| 105,788  
Dismantling and decommissioning costs (see note 37) | 176,513| 26,434  
Personnel costs (see note 10) | 145,111| 154,545  
Borrowing costs (see note 14) | 183,083| 131,176  
| 4,134,642| 4,988,761  
  
Additions mainly include the investment in wind and solar farms by EDP Renováveis.

Depreciation and impairment includes, in addition to amortization, the impairment on the assets related to

projects in Colombia (see notes 4 and 12).

Transfers include the reclassification of solar generation assets in Spain to non-current assets held for sale

(see note 42).

The movement in Exchange differences in the period results mainly from the appreciation of US Dollar

against the Euro.

Perimeter Variations and Other primarily include the reduction resulting from the sale of a wind portfolio in

Canada, amounting to 391,906 thousand Euros, a wind portfolio in Italy, amounting to 242,391 thousand

Euros, and solar and wind portfolio in Poland, amounting to 264,940 thousand Euros (see note 6).

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 | 1,062,510| 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  
| | | | |   
Gross amount | 1,148,665| 277,492| 177,321| 17,102| 1,620,580  
Accumulated depreciation and impairment losses | 195,664| 98,703| 104,600| 12,305| 411,272  
Carrying Amount at 31 December 2024 | 953,001| 178,789| 72,721| 4,797| 1,209,308  
| | | | |   
Balance as at 1 January 2023 | 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 | -68,037| 10,373| 20| -57| -57,701  
Exchange Difference | -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  
Additions  | 87,361| 17,746| 39| 1,988| 107,134  
Depreciation and impairment (see note 12) | -40,585| -21,220| -41,033| -3,134| -105,972  
Disposals/Write-offs | -4,609| -2,058| -785| -51| -7,503  
Transfers (see note 42) | -6,196| —| —| —| -6,196  
Exchange Differences | 32,845| -2,113| 4,837| -183| 35,386  
Perimeter Variations and Other | -28,161| -10,414| -455| 59| -38,971  
Balance as at 31 December 2024 | 953,001| 178,789| 72,721| 4,797| 1,209,308  
  
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This caption is as follows, for the Company:

| | |   
---|---|---|---  
Thousand Euros | Buildings  and other construct.| Other  tangible assets| Total  
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  
| | |   
Gross amount | 124,921| 475| 125,396  
Accumulated depreciation and impairment losses | 30,399| 258| 30,657  
Carrying Amount at 31 December 2024 | 94,522| 217| 94,739  
| | |   
Balance as at 1 January 2023 | 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 | 6,810| 149| 6,959  
Depreciation and impairment (see note 12) | -5,611| -188| -5,799  
Balance as at 31 December 2024 | 94,522| 217| 94,739  
  
Additions include, essentially, new lease contracts registered, under IFRS 16, in Europe, North America and

South America.

Transfers include the reclassification of solar generation assets in Spain to non-current assets held for sale

(see note 42).

Perimeter Variations and Other includes a decrease resulting from the sale of a wind portfolio in Canada,

amounting to 20,118 thousand Euros, a wind portfolio in Italy, amounting to 2,675 thousand Euros, and a wind

and solar portfolio in Poland, amounting to 11, 526 thousand Euros (see note 6).

19. Intangible assets

This caption is as follows, for the Group:

| | | | |   
---|---|---|---|---|---  
Thousand Euros | Concession  Rights| CO2  Licenses| Other  intangibles| Intangible  assets in progress| Total  
Gross amount | 12,844,546| 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  
| | | | |   
Gross amount | 12,489,210| 3,420| 2,839,634| 223,029| 15,555,293  
Accumulated amortisation and impairment losses | 9,738,203| —| 1,160,184| —| 10,898,387  
Carrying Amount at 31 December 2024 | 2,751,007| 3,420| 1,679,450| 223,029| 4,656,906  
| | | | |   
Balance as at 1 January 2023 | 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 Difference | 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  
Additions | 928| 154,792| 4,931| 170,273| 330,924  
Amortisation and impairment (see note 12) | -418,910| —| -174,830| —| -593,740  
Disposals/Write-offs | -3,744| -157,609| -320| -519| -162,192  
Transfers | 367,543| —| 147,810| -157,292| 358,061  
Exchange Differences | -94,794| —| 2,591| -2,363| -94,566  
Perimeter Variations and Other | -1,226| —| 19,686| -24,814| -6,354  
Balance as at 31 December 2024 | 2,751,007| 3,420| 1,679,450| 223,029| 4,656,906  
  
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This caption is as follows, for the Company:

| | |   
---|---|---|---  
Thousand Euros | Other  intangibles| Intangible  assets in progress| Total  
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  
| | |   
Gross amount | 282,414| 84,086| 366,500  
Accumulated amortisation and impairment losses | 207,913| —| 207,913  
Carrying Amount at 31 December 2024 | 74,501| 84,086| 158,587  
| | |   
Balance as at 1 January 2023 | 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 | 20| 38,534| 38,554  
Amortisation and impairment (see note 12) | -25,746| —| -25,746  
Transfers | 25,344| -25,435| -91  
Balance as at 31 December 2024 | 74,501| 84,086| 158,587  
  
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

2024, of the licenses relating to 2023 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 357,934 thousand Euros (see note 27).

On an individual basis, Additions essentially include the implementation and development of information

systems projects.

The movement in Exchange Differences in the period is essentially due to the devaluation of the Brazilian

Real against the Euro.

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 2023 | 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  
Decreases/Regularisations | —| -14,910| -14,910  
Impairment (see note 12) | —| -2,274| -2,274  
Exchange differences | —| 56,553| 56,553  
Balance as at 31 December 2024 | 673,834| 2,744,338| 3,418,172  
  
Decreases/regularisations in goodwill refer to adjustments resulting from business combinations carried out

in 2023 and whose assessment to determine the fair value of assets and liabilities has been completed.

Goodwill impairment test analysis - EDP Group

The recoverability of goodwill in subsidiaries is assessed annually as of 30 September, regardless of the

presence of impairment indicators. The recoverable amount of the assets corresponds to the greater of their

fair value less costs to sell and their value in use, calculated using valuation methodologies based on

discounted cash flow techniques. These take into account market conditions, the time value of money, and

business risks. Any impairment losses are recognized in the income statement for the period.

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EDP Group segments based on which the Group monitors its activity are as follows (see note 51):

• 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 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

• 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 - Renewables, Clients & Energy Management

The future cash flows are based on the useful life of wind farms, solar, hydro and battery energy storage

system 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 “net capacity factors” 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 “net capacity factors” 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 between 10% and 15% of the initial investment in each wind, solar and

battery energy storage system projects taking inflation into account; and

• Discount rate: the discount rates used are post-tax and reflect EDP Group’s 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 2024.

The impairment tests carried out on Goodwill did not result in the recognition of any material impairment

losses in 2024.

Goodwill impairment test analysis - 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 Comisión Nacional de los Mercados y la

Competencia (CNMC) were considered, applying the updating mechanisms as provided for in the

regulation;

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• 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”).

Sensitivity analyzes were performed 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.

21. Investments in subsidiaries (Company basis)

This caption is as follows:

| |   
---|---|---  
| Company  
Thousand Euros | Dec 2024 | Dec 2023  
Acquisition cost | 17,927,636| 17,780,797  
Effect of equity method (transition to IFRS) | -785,593| -785,593  
Equity investments in subsidiaries  | 17,142,043| 16,995,204  
Impairment losses on equity investments in subsidiaries | -225,472| -225,472  
| 16,916,571| 16,769,732  
  
On the date of transition to IFRS, EDP, S.A. ceased to apply the equity method of accounting to its

investments in its separate financial statements, having considered this method in the determination of the

deemed cost at transition date.

Investments in subsidiaries are as follows:

| |   
---|---|---  
| Company  
| Dec 2024 | Dec 2023  
Thousand Euros | Net amount | Net amount  
Equity investments in subsidiaries: | |   
EDP Renováveis, S.A. (see note 6) | 4,491,875| 4,345,187  
EDP Gestão de Produção de Energia, S.A. | 1,723,238| 1,736,426  
EDP España, S.A.U. | 2,105,002| 2,105,002  
E-Redes – Distribuição de Eletricidade, S.A. | 3,950,726| 3,950,726  
EDP International Investments and Services, S.L. | 2,365,027| 2,365,027  
EDP GEM Portugal, S.A. (see note 13) | 1,012,100| 1,012,100  
EDP Servicios Financieros España, S.A.U. | 482,695| 482,695  
EDP Comercial - Comercialização de Energia, S.A. | 344,444| 344,444  
SU Eletricidade, S.A. | 259,818| 259,818  
Other | 181,646| 168,307  
| 16,916,571| 16,769,732  
  
On December 27, 2024, a spin-off and merger operation took place between EDP Produção, S.A., Tergen,

S.A., and the companies CEL Energy, S.A. and RJCE Energy S.A., through the transfer of assets (a set of

assets, liabilities and contractual legal positions). This operation resulted in a reduction in the financial

investment of EDP, S.A. in EDP Produção, S.A. by approximately 13,188 thousand Euros and an increase of

6,032 thousand Euros in CEL Energy, S.A. and 7,156 thousand Euros in RJCE Energy, S.A.

In the context of impairment tests carried out at EDP Group, the financial investments held by EDP, S.A. in

subsidiaries are reviewed, based on the higher of the value in use and the fair value less costs related to the

sale. The main assumptions considered in the valuation models of the main financial holdings in Portugal of

EDP, S.A. are as follows:

• The discount rates used reflect the best estimate regarding the specific risks associated to each

subsidiary activity within a range between 4.7% and 5.9% (2023: between 4.7% and 6.4%);

• For the activities subject to regulation, the remunerations currently in force and/or approved were

considered, applying the updating mechanisms as provided for in the regulation, and incorporates the

expectation of renewal of the concessions currently in force and the best estimate of CAPEX and the

future regulatory framework;

• Fuel prices, CO2 licenses and electricity prices forecast were defined considering market expectations

for future prices and the application of internal models for building price curves, taking into account the

regulatory framework in force and the best expectation regarding its future evolution. Regarding fuel

prices, the prices and clauses established in long-term supply contracts, including gas purchase

contracts, were also considered. Production assets were valued from a portfolio management

perspective, without prejudice to an individual analysis as to recoverability, based on the estimate of

the evolution of the market share;

• The production estimates were based on an average hydrological year over the projection period for

the hydroelectric plants, the estimated evolution of demand, market share projections and current

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installed and under construction capacity, as well as the best estimate of the plants to be decommission

in the projection period;

• Additionally, other system costs are considered, such as: ISP and CO2 addition fee, CESE and other

income; and

• The operating costs considered were based on extrapolations from current operating costs based on

the knowledge acquired in each activity.

The impairment tests mentioned above did not result in the recording of any impairment in 2024.

The assumptions used in the valuation models of EDP S.A.'s financial holdings in other geographies, as well

as the respective sensitivity analyses are described in note 20.

22. Investments in joint ventures and associates

This caption is as follows:

| |   
---|---|---  
| Group  
Thousand Euros | Dec 2024 | Dec 2023  
Investments in joint ventures | 1,329,866| 1,269,906  
Investments in associates | 258,834| 288,211  
| 1,588,700| 1,558,117  
  
As at 31 December 2024, for the Group, this caption includes goodwill in investments in joint ventures of

8,019 thousand Euros (31 December 2023: 8,047 thousand Euros) and goodwill in investments in associates

of 19,273 thousand Euros (31 December 2023: 19,273 thousand Euros).

The movement in Investments in joint ventures and associates, for the Group, is as follows:

| |   
---|---|---  
| Group  
Thousand Euros | Dec 2024 | Dec 2023  
Balance at the beginning of the period | 1,558,117| 1,605,743  
Acquisitions/Entries | 104,704| 18,886  
Increases/Decreases of share capital | 161,514| 55,908  
Disposals (see note 6) | -1,901| -28,610  
Share of profit for the period  | -55,909| 71,176  
Dividends | -129,631| -76,972  
Exchange differences | -33,808| 3,415  
Cash flow hedging reserve  | -199| -87,652  
Transfer to Assets held for sale | -172| 11,141  
Other | -14,015| -14,918  
Balance at the end of the period | 1,588,700| 1,558,117  
  
The variation in the Acquisitions / Entries caption is the result of the sale of 80% of portfolios of North

American companies that are no longer fully consolidating in the EDP Group and began to be treated as “joint

ventures” (see note 6).

The caption Increases/Decreases of share capital essentially refers to a capital increase of 127,000

thousand Euros of EDP Renováveis S.A. in OW Offshore, S.L. and 30,000 thousand Euros of EDP España

S.A.U. in Hidrocantábrico JV, S.L.

The caption Joint ventures and associates in the Consolidated Income Statement includes: i) the results of

these investments in the negative amount of 55,909 thousand Euros, which includes an impairment loss on

offshore assets in North America in the amount of 133,000 thousand Euros. Due to the current uncertainty

surrounding US projects following the recent Trump election, an analysis was conducted to evaluate the

impact of potential 4-year delays on the OW impairment values, resulting in an impairment of 266,000

thousand Euros at the OW level; and ii) a gain of 21,063 thousand Euros from the sale of Energia Ásia

Consultoria, Lda. stake (see note 6).

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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 2024:

| | | | | |   
---|---|---|---|---|---|---  
Thousand Euros | Energética  JARI CEJA| Goldfinger  Vento II| Energia São  Manoel| Energia  Cachoeira Caldeirão| Sharp Hills | Sol V  Riverstart  
Companies' financial information of joint ventures  
Non-Current Assets | 225,570| 310,102| 538,109| 191,997| 413,459| 306,359  
Current Assets | 26,770| 2,601| 45,129| 17,658| 43,735| 9,152  
Cash and cash equivalents | 15,227| 1,337| 28,975| 12,545| 20,706| 3  
Total Equity | 147,222| 240,977| 270,898| 87,202| 222,271| 227,714  
Long term Financial debt | 45,835| —| 270,710| 100,983| 194,087| —  
Non-Current Liabilities | 68,346| 63,370| 288,012| 109,285| 224,532| 84,566  
Short term Financial debt | 7,906| —| 14,844| 8,981| 3,665| 56  
Current Liabilities | 36,772| 8,356| 24,328| 13,168| 10,391| 3,231  
| | | | | |   
Revenues | 60,608| 19,198| 80,689| 31,200| 31,834| 30,650  
Property plant and equipment and  intangibles amortization/impairment| -8,967| -9,667| -20,923| -7,742| -13,107| -8,830  
Other financial expenses | -7,406| -2,989| -34,487| -13,788| -15,195| -2,402  
Income tax expense | -1,297| —| 108| -96| -1| —  
Net profit for the period | 31,557| 17,746| 354| 792| 4,710| 28,305  
| | | | | |   
Amounts proportionally attributed to EDP Group  
Net assets | 94,537| 108,354| 90,301| 43,797| 50,991| 44,465  
Goodwill | —| —| —| —| —| —  
Dividends paid  | 11,776| 4,195| —| —| —| 4,151  
  
| | | | | |   
---|---|---|---|---|---|---  
Thousand Euros | Portfolio  Vento XX| Portfolio  Vento XVII| Goldfinger  Vento| OW  Offshore, S.L. | Portfolio  Vento XIX| Other  
Companies' financial information of joint ventures  
Non-Current Assets | 613,568| 517,799| 194,889| 5,505,506| 465,479| 1,274,826  
Current Assets | 8,391| 8,350| 1,287| 454,656| 10,949| 212,872  
Cash and cash equivalents | 4| 5| 481| 252,879| 3| 124,249  
Total Equity | 158,123| 257,571| 165,373| 1,110,942| 145,666| 770,118  
Long term Financial debt | —| —| —| 2,940,112| —| —  
Non-Current Liabilities | 438,108| 260,442| 27,432| 4,165,364| 324,321| 389,424  
Short term Financial debt | 665| 155| 16| 175,194| 78| 31,981  
Current Liabilities | 25,728| 8,136| 3,371| 683,856| 6,441| 328,156  
| | | | | |   
Revenues | 33,420| 41,009| 12,251| 119,259| 28,081| 468,465  
Property plant and equipment and  intangibles amortization/impairment| -23,499| -21,734| -10,144| -28,121| -21,996| -103,582  
Other financial expenses | -16,294| -10,874| -1,338| -221,918| -14,909| -14,947  
Income tax expense | —| —| —| -4,757| —| -5,716  
Net profit for the period | 30,516| 33,594| 11,006| -65,451| 31,228| -181,414  
| | | | | |   
Amounts proportionally attributed to EDP Group  
Net assets | 58,374| 70,482| 75,563| 368,809| 48,452| 275,741  
Goodwill | —| —| —| 5,352| —| 2,667  
Dividends paid  | 2,701| 2,024| 3,446| 62,183| 3,385| 8,415  
  
| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 668|   
| | | | |   
  
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 | Energética  JARI CEJA| Goldfinger  Vento II| Energia São  Manoel| Energia  Cachoeira Caldeirão| 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| 5,381| 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| 100,671  
Goodwill | —| —| 5,352| —| —| 2,695  
Dividends paid  | 4,005| 3,332| —| 4,448| 4,200| 8,565  
  
| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 669|   
| | | | |   
  
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 2024:

| | | | |   
---|---|---|---|---|---  
Thousand Euros | Celesc | Porto Pecém  Geração de Energia, S.A.| Parque  Eólico Madero| Eólica de  São Julião, Lda.| Other  
Companies' financial information of associates  
Non-Current Assets | 510,684| 254,845| 41,781| 1,611| 57,965  
Current Assets | 60,099| 117,930| 39,181| 16,682| 55,081  
Total Equity | 514,434| 152,744| 55,940| 8,851| 37,533  
Non-Current Liabilities | 4,642| 114,965| 8,213| 6,362| 42,320  
Current Liabilities | 51,707| 105,066| 16,809| 3,080| 33,193  
| | | | |   
Revenues | —| —| 7,296| 10,072| 72,851  
Net profit for the period | 106,320| 45,133| -282| 4,537| -14,753  
| | | | |   
Amounts proportionally attributed to EDP Group  
Net assets | 153,797| 19,481| 23,495| 21,579| 40,482  
Goodwill | —| —| —| 1,457| 17,816  
Dividends paid  | 12,869| 7,525| —| 5,400| 1,561  
  
Other include companies with Financial Statements as of 31 December 2024, 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 2024.

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 | Celesc | Porto Pecém  Geração de Energia, S.A.| Parque  Eólico Madero| Eólica de  São Julião, 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  
  
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 2024, the significant companies' financial information of joint ventures and associates

presents the following reconciliation of net assets proportionally attributed to EDP Group:

| | | | | |   
---|---|---|---|---|---|---  
Thousand Euros | Equity | % EM | Fair Value  Adjustments| Goodwill | Other | Net Assets  
Energética JARI - CEJA  | 147,222| 50.00%| 20,926| —| —| 94,537  
Energia Cachoeira Caldeirão | 87,202| 50.00%| 196| —| —| 43,797  
Empresa de Energia São Manoel S.A. | 270,898| 33.33%| —| —| —| 90,301  
OW Offshore, S.L. | 1,110,942| 50.00%| -53,874| 5,352| -138,140| 368,809  
Sol V - Riverstart | 227,714| 20.00%| -1,078| —| —| 44,465  
Goldfinger Vento | 165,373| 50.00%| -7,124| —| —| 75,563  
Goldfinger Vento II | 240,977| 50.00%| -12,135| —| —| 108,354  
EDPR Wind Ventures XX LLC | 158,123| 20.00%| 26,750| —| —| 58,374  
Portfolio Vento XIX | 145,666| 20.00%| 19,319| —| —| 48,452  
Portfolio Vento XVII | 257,571| 20.00%| 18,968| —| —| 70,482  
Sharp Hills | 222,271| 20.00%| —| —| 6,537| 50,991  
Centrais Elétricas de Santa Catarina, S.A. -  Celesc| 514,434| 29.90%| —| —| —| 153,797  
Porto do Pecém Geração de Energia, S.A. | 152,744| 20.00%| -11,068| —| —| 19,481  
Parque Eólico Sierra del Madero S.A. | 55,940| 42.00%| —| —| —| 23,495  
Eólica de São Julião, Lda. | 8,851| 45.00%| —| 1,457| 16,139| 21,579  
  
| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 670|   
| | | | |   
  
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  Adjustments| Goodwill | Other | Net Assets  
Empresa de Energia São Manoel S.A. | 324,246| 33.33%| —| —| —| 108,084  
Energética JARI - CEJA  | 165,845| 50.00%| 26,330| —| —| 109,253  
Flat Rock Windpower LLC  | 177,947| 50.00%| —| —| 1,089| 90,063  
Energia Cachoeira Caldeirão | 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| -3,817| 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 elétricas de Santa Catarina, S.A. -  Celesc| 608,380| 29.90%| —| —| -4,948| 176,937  
Porto do Pecém Geração de Energia, S.A. | 173,874| 20.00%| -13,264| —| -398| 21,113  
Parque Eólico Sierra del Madero S.A. | 54,369| 42.00%| —| —| —| 22,835  
Eólica de São Julião, Lda. | 14,928| 45.00%| —| 1,457| 17,434| 25,609  
  
As at 31 December 2024 and 2023, 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 2024 | Dec 2023  
Less than 1 year | 203,351| 302,949  
From 1 to 3 years | 50,641| 16,107  
From 3 to 5 years | 17,481| 3,582  
More than 5 years | 47,814| 55,350  
| 319,287| 377,988  
  
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.

23. Equity instruments at fair value

As at 31 December 2024, the movements in Equity Instruments measured at Fair Value are as follows:

| |   
---|---|---  
| Group  
Thousand Euros | Dec 2024 | Dec 2023  
Equity Instruments at Fair Value through Other Comprehensive Income (OCI) | 116,096| 128,531  
Equity Instruments at Fair Value through Profit or Loss (PL) | 99,182| 76,221  
| 215,278| 204,752  
  
The equity instruments at fair value are classified into three levels: level 1 includes essentially stocks from

Lhyfe S.A.S.; level 2 includes the fund of stocks and bonds held by Energia RE; and level 3 covers all other

equity instruments at fair value (see note 46).

As at 31 December 2024, this caption is analysed as follows:

| | | | | | |   
---|---|---|---|---|---|---|---  
| Other Comprehensive Income | Profit or loss |   
Thousand Euros | Lhyfe,  S.A.S| Mercer  and Dunas (Energ. RE portfolio)| Other | EDA, S.A. | Feedzai,  S.A.| Other | Total  
Balance as at 1 January 2023 | 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 | -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  
Acquisitions | —| —| 554| —| —| 2,383| 2,937  
Disposals | —| -9,647| -100| —| —| -957| -10,704  
Change in fair value (see note 33) | -6,057| 5,590| -2,728| —| 16,062| 6,186| 19,053  
Other variations | —| —| -47| —| —| -713| -760  
Balance as at 31 December 2024 | 8,343| 87,553| 20,200| 17,129| 54,669| 27,384| 215,278  
  
| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 671|   
| | | | |   
  
As at 31 December 2024, 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 2024 | Dec 2023  
Fundos Mercer and Dunas | 10,285| 4,695  
Defined Crowd Corporation | -1,193| -1,193  
Lhyfe S.A.S  | -11,876| -7,555  
Other | 1,209| 3,520  
| -1,575| -533  
  
In equity instruments measured at fair value through profit or loss stands out: i) Feedzai - Consultadoria e

Inovação Tecnológica, S.A., whose the fair value of 54,669 thousand Euros was determined according to an

implicit reference multiple; ii) 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 2024 an increase in the fair value of the Equity Instruments through Profit and Losses, in the amount of

22,248 thousand Euros, was booked against Profit or Loss (see note 46).

24. Investment property

This caption is detailed as follows:

| | | |   
---|---|---|---|---  
| Group | Company  
Thousand Euros | Dec 2024 | Dec 2023 | Dec 2024 | Dec 2023  
Cost | 45,379| 50,515| 198,523| 187,858  
Accumulated depreciation and impairment losses | -25,278| -25,171| -42,331| -35,675  
Carrying amount | 20,101| 25,344| 156,192| 152,183  
  
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 2024, includes 288 thousand

Euros related to charges of the period (see note 12).

On an individual basis, Accumulated depreciation and impairment losses, in 2024, includes 6,656 thousand

Euros related to charges of the period (see note 12).

The impairment tests carried out of Investment Properties are based on assessments using current market

practices: i) the comparative method, in cases where there is an active and comparable market; ii) the

income method, through discounted cash flows depending on the property income; and iii) 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. In 2024, on a consolidated basis, the movements by

nature of Deferred Tax Assets and Liabilities are as follows:

| | | | |   
---|---|---|---|---|---  
Deferred Tax Assets  
Thousand Euros | Balance at 1  January| Mov. Results | Mov. Reserves | Perimeter  variations, exchange differences and others| Balance at 31  December  
Tax losses and tax credits | 1,145,693| -96,979| —| 100,592| 1,149,306  
Provisions for social benefits, bad debts,  dismt. and other risks| 540,044| 72,143| -50,378| -27,794| 534,015  
Derivative financial instruments and  Equity investments| 705,560| -108,843| -71,247| -618| 524,852  
Property plant and equipment and  intangible assets| 248,908| -105,271| 82| 6,749| 150,468  
Allocation of fair value to assets and  liabilities acquired| 9,763| -4,442| —| 3,901| 9,222  
Fiscal revaluations | 171,319| -58,443| —| —| 112,876  
Lease liabilities and other temporary  differences| 395,128| 4,811| 639| -26,396| 374,182  
Assets/liabilities compensation of  deferred taxes| -1,807,083| -53,927| 4,599| 222,952| -1,633,459  
| 1,409,332| -350,951| -116,305| 279,386| 1,221,462  
  
| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 672|   
| | | | |   
  
| | | | |   
---|---|---|---|---|---  
Deferred Tax Liabilities  
Thousand Euros | Balance at 1  January| Mov. Results | Mov. Reserves | Perimeter  variations, exchange differences and others| Balance at 31  December  
Provisions for social benefits, bad debts,  dismt. and other risks| 19,288| -660| —| —| 18,628  
Derivative financial instruments and  Equity investments| 318,885| -115,666| 14,640| -23,349| 194,510  
Property plant and equip., intang. assets  and right-of-use| 816,965| 42,392| —| -80,059| 779,298  
Allocation of fair value to assets and  liabilities acquired| 1,208,618| -14,973| -520| -26,017| 1,167,108  
Fiscal revaluations | 50,073| -5,570| —| —| 44,503  
Deferred income relating to CMEC  | 181,257| -11,208| —| —| 170,049  
Gains from institutional partnerships in  wind farms | 431,255| 69,095| 461| 30,294| 531,105  
Fair value of financial assets (Brazil) | 128,018| 20,728| —| -23,115| 125,631  
Other temporary differences | 131,947| 32,313| -4,774| 10,460| 169,946  
Assets/liabilities compensation of  deferred taxes| -1,807,083| -53,927| 4,599| 222,952| -1,633,459  
| 1,479,223| -37,476| 14,406| 111,166| 1,567,319  
  
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.

As at a 31 December 2023, on a consolidated basis, the movement by nature of Net Deferred Tax Assets and

Liabilities are as follows:

| | | | |   
---|---|---|---|---|---  
Deferred Tax Assets  
Thousand Euros | Balance at 1  January| Mov. Results | Mov. Reserves | Perimeter  variations, exchange differences and others| Balance at 31  December  
Tax losses and tax credits | 1,360,575| -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  
Thousand Euros | Balance at 1  January| Mov. Results | Mov. Reserves | Perimeter  variations, exchange differences and others| Balance at 31  December  
Provisions for social benefits, bad debts  and other risks| 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  
  
| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 673|   
| | | | |   
  
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. In 2024, on a Company basis, the

movements by nature of Deferred Tax Assets and Liabilities are as follows:

| | | | |   
---|---|---|---|---|---  
Deferred Tax Assets  
Thousand Euros | Balance at 1  January| Mov. Results | Mov. Reserves | Other | Balance at 31  December  
Tax losses and tax credits | 53,849| -8,535| —| 6,941| 52,255  
Provisions for social benefits, bad debts  and other risks| 7,518| -1,598| -211| —| 5,709  
Derivative financial instruments | 15| —| 339| —| 354  
Property plant and equipment | 2,132| -166| —| —| 1,966  
Other temporary differences | 2,915| -354| —| 346| 2,907  
Assets/liabilities compensation of  deferred taxes| -18,648| -80| 1,306| —| -17,422  
| 47,781| -10,733| 1,434| 7,287| 45,769  
  
| | | | |   
---|---|---|---|---|---  
Deferred Tax Liabilities  
Thousand Euros | Balance at 1  January| Mov. Results | Mov. Reserves | Other | Balance at 31  December  
Derivative financial instruments | 5,007| —| -1,306| —| 3,701  
Allocation of fair value to assets and  liabilities acquired| 5,941| —| —| —| 5,941  
Fiscal revaluations | 158| -12| —| —| 146  
Other temporary differences | 7,542| 92| —| —| 7,634  
Assets/liabilities compensation of  deferred taxes| -18,648| -80| 1,306| —| -17,422  
| —| —| —| —| —  
  
As at a 31 December 2023, on a Company basis, the movement by nature of Net Deferred Tax Assets and

Liabilities are as follows:

| | | | |   
---|---|---|---|---|---  
Net Deferred Tax Assets  
Thousand Euros | Balance at 1  January| Mov. Results | Mov. Reserves | Other | Balance at 31  December  
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  
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  
  
| | | | |   
---|---|---|---|---|---  
Net Deferred Tax Liabilities  
Thousand Euros | Balance at 1  January| Mov. Results | Mov. Reserves | Other | Balance at 31  December  
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).

Taxes recorded against reserves are as follows:

| | | |   
---|---|---|---|---  
| Group | Company  
Thousand Euros | Dec 2024 | Dec 2023 | Dec 2024 | Dec 2023  
Financial instruments and fair value  | -87,801| -404,337| 1,645| -165,590  
Actuarial gains and losses  | -51,334| -35,544| -211| -303  
Financial instruments and equity instruments at fair value OCI | 1,497| -1,568| —| —  
Others | 6,927| 3,311| —| —  
| -130,711| -438,138| 1,434| -165,893  
  
| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 674|   
| | | | |   
  
The Group tax losses carried forward are analysed as follows:

| |   
---|---|---  
| Group  
Thousand Euros | Dec 2024 | Dec 2023  
Expiry date: | |   
2024 | —| 10,271  
2025 | 3,744| 32,383  
2026 | 8,344| 54,002  
2027 | 17,606| 34,759  
2028 | 20,054| 35,613  
2029 | 25,476| 417  
2030 a 2041 | 2,439,921| 2,391,011  
Without expiry date | 2,225,997| 2,180,982  
| 4,741,142| 4,739,440  
  
Of the total of EDP Group’s tax losses available to carry forward as at 31 December 2024, the amount of

826,785 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 75,098 thousand Euros as at 31 December 2024 (70,642

thousand Euros as at 31 December 2023).

26. Inventories

This caption is as follows:

| |   
---|---|---  
| Group  
Thousand Euros | Dec 2024 | Dec 2023  
Merchandise | 82,464| 139,457  
Finished, intermediate products and sub-products | 56,554| 79,706  
Raw and subsidiary materials and consumables (coal, gas and other fuels) | 13,872| 61,904  
Nuclear fuel | 17,509| 15,008  
CO2 licenses | 2,431| 10,413  
Guarantees of origin | 3,171| 4,177  
Green certificates | 178,550| 171,668  
Other | 235,375| 323,115  
| 589,926| 805,448  
  
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, coal and

photovoltaic solar panels stocks.

The movements in the portfolio of CO2 Licenses held for trading and classified as inventories are as follows:

| |   
---|---|---  
| Group  
CO2 (Ton) | Dec 2024 | Dec 2023  
CO2 Licenses held for trading on 1 January | 134,791| 382,212  
Licenses negotiated in the market  | 1,410,559| 8,824,000  
Emission Licenses transferred from trading portfolio to intangibles | -1,510,039| -9,071,421  
CO2 Licenses held for trading on 31 December | 35,311| 134,791  
CO2 Licenses for trading on 31 December (in thousand Euros) | 2,431| 10,413  
  
Fair value corresponds to the spot price (closing price) at the end of December in each period.

| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 675|   
| | | | |   
  
27. Debtors and other assets from commercial activities

At Group level, Debtors and other assets from commercial activities are as follows:

| | | |   
---|---|---|---|---  
| Non-Current | Current  
Thousand Euros | Dec 2024 | Dec 2023 | Dec 2024 | Dec 2023  
Assets measured at amortised cost:  
Amounts receivable from tariff adjustments - Electricity - Portugal | 1,738| 234,903| 1,846| 4,929  
Amounts receivable from tariff adjustments - Electricity - Brazil  (see note 39)| 11,135| 41,284| 7,553| 6,578  
Debtors for other goods and services | —| —| 35,343| 60,320  
Amounts receivable relating to CMEC | 214,128| 312,088| 292,270| 264,423  
Amounts receivable from concessions - IFRIC 12  | 440,511| 499,531| 1,160,561| 1,196,426  
Other assets measured at amortised cost | 208,275| 247,217| 520,894| 335,243  
Impairment losses on other assets measured at amortised cost | -242| -244| -5,500| -5,924  
| 875,545| 1,334,779| 2,012,967| 1,861,995  
Trade receivables at amortised cost:  
Trade receivables | 144,168| 142,955| 1,294,190| 1,624,514  
Impairment losses on trade receivables | -5,672| -7,934| -266,756| -264,231  
| 138,496| 135,021| 1,027,434| 1,360,283  
Assets measured at fair value through other comprehensive income  
Amounts receivable from tariff adjustments - Electricity - Portugal | 263| 90,839| 396| 23,169  
| | | |   
Assets measured at fair value through profit or loss:  
Amounts receivable from concessions - IFRIC 12  | 584,865| 1,365,311| 856,192| —  
| | | |   
Contract assets:  
Contract assets receivable from energy sales contracts | 3,574| 3,070| 1,424,083| 1,256,487  
Contract assets receivable from concessions - IFRIC 12 | 539,526| 887,223| —| —  
| 543,100| 890,293| 1,424,083| 1,256,487  
Other assets:  
Incremental costs of obtaining contracts with customers | 75,123| 46,796| 9,305| 7,966  
Other assets from commercial activities | 69,732| 52,903| 93,663| 117,754  
| 144,855| 99,699| 102,968| 125,720  
| 2,287,124| 3,915,942| 5,424,040| 4,627,654  
  
At Company level, Debtors and other assets from commercial activities are as follows:

| |   
---|---|---  
| Current  
Thousand Euros | Dec 2024 | Dec 2023  
Assets measured at amortised cost:  
Debtors for other goods and services | 90,527| 96,652  
Other assets measured at amortised cost | 21,595| 97,618  
| 112,122| 194,270  
Trade receivables at amortised cost:  
Trade receivables | 48,456| 46,191  
Impairment losses on trade receivables | -236| -215  
| 48,220| 45,976  
Other assets:  
Other assets from commercial activities | 13,824| 15,050  
| 174,166| 255,296  
  
The captions Amounts receivable and Amounts payable for tariff adjustments - Electricity - Portugal refer to

tariff adjustments recognised in E- Redes – Distribuição de Eletricidade, S.A. and in SU Eletricidade, S.A.

| | | |   
---|---|---|---|---  
| Non-current | Current  
Thousand Euros | Dec 2024 | Dec 2023 | Dec 2024 | Dec 2023  
Amounts receivable for tariff adjustments - Electricity - Portugal | 2,001| 325,742| 2,242| 28,098  
Amounts payable from tariff adjustments - Electricity - Portugal (see note 39) | -34,067| -9,466| -62,212| -200,194  
| -32,066| 316,276| -59,970| -172,096  
  
| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 676|   
| | | | |   
  
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 2024  
Balance at the beginning of the period | 144,180  
Tariff adjustment of the period (see note 7) | 689,956  
Receipts/payments through the electricity tariff | 151,376  
Securitization of tariff adjustment | -1,068,310  
Fair value of the tariff deficit measured at fair value through other comprehensive income (see note 33) | 872  
Interest income/expense (see note 14) | -1,812  
Adjustments related to previous years | -8,298  
Balance at the end of the period | -92,036  
  
In the first quarter of 2024, SU Eletricidade, S.A. agreed to the full and non-recourse sale of 108 million Euros

of the 2024 tariff deficit and interests, for an amount of 113 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.

During the second quarter of 2024, SU Eletricidade, S.A. agreed, through 3 individual transactions, the sale

of 100 million Euros of the 2023 tariff adjustment, related to the activity of purchasing of electricity from

generators with guaranteed remuneration and subsequent selling. In this asset sale transaction, SU

Eletricidade, S.A. fully and without recourse transferred the right to receive the aforementioned amounts and

corresponding interest, with the sale price amounting to 98 million Euros.

In the fourth quarter of 2024, SU Eletricidade, S.A. agreed to the full and non-recourse sale of 710 million

Euros of the 2025 tariff deficit and interests, for an amount of 703 million Euros. This tariff deficit resulted

from the 4-year deferral of the recovery of the additional costs to be incurred by SU Eletricidade, S.A. in

2025, including the adjustments from the 2 previous years (2023 and 2024), related to the purchase of

electricity from generators that benefit from guaranteed remuneration schemes or other subsidized regimes.

These operations generated a gain, net of transaction costs, of 4,444 thousand Euros, which 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.

During the last quarter of 2024, E-Redes – Distribuição de Eletricidade, S.A. P, agreed, through 3 individual

transactions, the sale of the entire 2023 definitive adjustment related to the electricity distribution and to the

purchase and sale of access to the transmission network activities, as well as of the 2024 provisional

adjustment related to sustainability or tariff containment measures of the national electricity system and to

the activity of purchase and sale of the access to the transmission network, in the total amount of 150 million

Euros. In this asset sale transaction, E-Redes – Distribuição de Eletricidade, S.A. fully and without recourse

transferred the right to receive the aforementioned amounts and corresponding interest, with the sale price

amounting to 150 million Euros.

The tariff adjustment at the end of period corresponds to an amount of 92,036 thousand Euros to be returned

and includes 96,279 thousand Euros of Amounts payable from tariff adjustments - Electricity - Portugal

(see note 39) and 4,243 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 2024:

| | | | |   
---|---|---|---|---|---  
Thousand Euros | Deficit | Tariff adj. | Sales | Other Regulatory  Assets/Liabilities| Total  
Year: | | | | |   
2016 | —| 1,449| —| —| 1,449  
2020 | —| 282| —| —| 282  
2021 | 111| 1,370| —| —| 1,481  
2023 | —| 60,891| -71,839| —| -10,948  
2024 | 108,181| 17,034| -186,421| -20,028| -81,234  
2025 | 810,417| —| -810,050| -3,433| -3,066  
| 918,709| 81,026| -1,068,310| -23,461| -92,036  
  
The 2024 tariff adjustment includes 64,667 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 112,127 thousand Euros, since it is included in 2025 tariff deficit, resulting in a regulatory liability of

47,450 thousand Euros.

| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 677|   
| | | | |   
  
The 2025 tariff deficit includes 810,417 thousand Euros from SU Eletricidade, S.A., corresponding to the

intertemporal transfer of the 2025 cost differential, related with the purchase of electricity from generators

that benefit from guaranteed remuneration schemes or other subsidised regimes.

The captions Amounts receivable relating to CMEC and Contract liabilities - CMEC are as follows:

| |   
---|---|---  
Thousand Euros | Non-current | Current  
Amounts receivable relating to CMEC | 214,129| 292,270  
Contract liabilities - CMEC (see note 39) | -11,709| -5,382  
| 202,420| 286,888  
  
| |   
---|---|---  
Thousand Euros | Non-current | Current  
Initial CMEC | 155,239| 68,593  
Final adjustment | 47,181| 116,333  
Revisibility 2014 - 2017 * | —| 101,962  
| 202,420| 286,888  
  
* 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 2023 | 3,061,268| 887,223  
Investments of the period | —| 725,181  
Transfer to intangible assets (see note 19) | —| -357,934  
Transfer between Amounts receivable and Contract assets | 403,426| -403,426  
Exchange differences | -326,020| -88,485  
Perimeter variations and others | -96,545| -223,033  
Balance as at 31 December 2024 | 3,042,129| 539,526  
  
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 390,741 thousand Euros (see note 42).

The variation in the caption Amounts receivable from concessions - IFRIC 12 - Current reflects the effect of

the approaching of the electricity distribution concession contract term for EDP Espírito Santo Distribuição

de Energia S.A., which ends in 2025, being its extension currently under review by the regulatory entity.

The movements in Impairment losses on trade receivables and other assets measured at amortised cost are

as follows:

| | | |   
---|---|---|---|---  
| Trade receivables | Other assets  
Thousand Euros | Non-current | Current | Non-current | Current  
Balance as at 1 January 2023 | 8,810| 259,025| 82| 3,024  
Charge of the period | 103| 118,226| 156| 3,350  
Reversals | -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  
Charge of the period | 68| 117,338| 41| 4,440  
Reversals | -1,114| -48,117| 1| -2,831  
Charge-off | —| -19,353| —| -40  
Exchange differences | -1,216| -20,276| -44| -609  
Perimeter variations/Other regularisations | —| -27,067| —| -1,384  
Balance as at 31 December 2024 | 5,672| 266,756| 242| 5,500  
  
The geographical market Trade receivables' breakdown and the credit risk analysis are disclosed in note 5,

under the Counterparty credit risk management.

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.

| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 678|   
| | | | |   
  
28. Other debtors and other assets

Other debtors and other assets are as follows:

| | | |   
---|---|---|---|---  
| Group | Company  
Thousand Euros | Dec 2024 | Dec 2023 | Dec 2024 | Dec 2023  
Debtors and other assets - Non-Current | | | |   
| | | |   
Assets measured at amortised cost:  
Loans to subsidiaries | —| —| 3,740,450| 2,915,267  
Loans to related parties | 453,155| 439,282| 94| 90  
Guarantees rendered to third parties | 152,522| 154,439| —| —  
Other financial assets at amortised cost (i) | 33,581| 44,724| 19| 19  
| | | |   
Assets measured at fair value through profit or loss:  
Derivative financial instruments (see note 43) | 611,423| 568,373| 468,348| 662,405  
Contingent price | 56,715| 62,100| —| —  
| | | |   
Other assets:  
Excess of the pension fund financing (see note 36) | 237,479| 194,740| 853| 714  
Other debtors and sundry operations | 50,551| 320,309| 90,077| 90,078  
| 1,595,426| 1,783,967| 4,299,841| 3,668,573  
| | | |   
Debtors and other assets - Current | | | |   
| | | |   
Assets measured at amortised cost:  
Loans to subsidiaries | —| —| 52,025| 50,671  
Dividends attributed by subsidiaries | —| —| 11,000| 25,000  
Loans to related parties | 194,733| 131,317| —| —  
Guarantees rendered to third parties | 142,283| 229,741| —| 79,037  
Subsidiary companies | —| —| 162,539| 425,441  
Other financial assets at amortised cost (i) | 10,996| 9,842| —| 259,172  
| | | |   
Assets measured at fair value through profit or loss:  
Derivative financial instruments (see note 43) | 453,555| 549,152| 492,656| 899,571  
Other financial investments measured at fair value | 309| 778| —| —  
Contingent price | 27,788| 121,165| —| —  
| | | |   
Other assets:  
Other debtors and sundry operations | 355,606| 249,747| 72,956| 535,240  
| 1,185,270| 1,291,742| 791,176| 2,274,132  
| 2,780,696| 3,075,709| 5,091,017| 5,942,705  
  
The caption Loans to subsidiaries - Non-Current and Current, on an individual basis, includes the loans

granted to EDP Gestão da Produção S.A., EDP Finance B.V. and EDP Comercial - Comercialização de

Energia 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, no

impairment was reversed or recognised.

The caption Loans to related companies, on a consolidated basis, essentially includes loans granted to OW

FS Offshore, S.L. (Non-current: 371,341 thousand Euros (31 December 2023: 429,098 thousand Euros) and

Current: 141,933 thousand Euros (31 December 2023: 105,537 thousand Euros) and to Hidrocantábrico JV

S.L. (Non-current: 72,000 thousand Euros and Current: 28,858 thousand Euros).

(i) Other financial assets at amortised cost

On a consolidated basis, this caption mainly includes securities issued by Tagus - Sociedade de

Titularização de Créditos, 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  Notes| Total  
Overcost from special regime production 2022-2024 | Dec 2023 | 416| 5,994| 37,445| 43,855  
| | 416| 5,994| 37,445| 43,855  
  
| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 679|   
| | | | |   
  
On a company basis, this caption included the bonds issued by EDP Finance B.V. repurchased on market by

EDP S.A. In the first quarter of 2024, EDP Finance B.V. repaid, at maturity, an issuance of 744 million Euros, of

which EDP S.A. had repurchased 256 million Euros.

The variation in the Contingent Prices item essentially results from the receipt of the contingent consideration

associated with the 2020 sale transaction of the stake in the companies Éoliennes en Mer Dieppe - Le

Tréport, S.A.S. and Éoliennes en Mer Iles d'Yeu et de Noirmoutier, S.A.S. to OW Offshore S.L and the 2023

sale transaction of the stake in the companies Viesgo Europa, S.L.U. and Viesgo Renovables, S.L.U.

The variation of the caption Other debtors and sundry operations - Non-Current includes the refund of the

financial consideration paid in advance in 2009 for the operation of the Fridão Hydroelectric Development

(see note 4) and the reclassification to Current of the amount receivable from the sale of 50% of the stake by

Hydro Global Investment Limited to China International Water & Electric Corporation ("CWE"), carried out in

December 2022.

In turn, the variation of the caption Other debtors and sundry operations - Current is mainly due from the

aforementioned reclassification, as well as the recognition of the amount receivable from the sale of 80% of

the stake in the North American companies (see note 6), the amount receivable from the sale of the stakes

held in 3 companies in Poland and respective loans (see note 6) and the receipt of the amount related to the

sale of 50% of the stake in the company Aboño Generaciones Eléctricas S.L.U., carried out in the last quarter

of 2023.

29. Tax assets

Non-current and Current tax assets are as follows:

| | | |   
---|---|---|---|---  
| Group | Company  
Thousand Euros | Dec 2024 | Dec 2023 | Dec 2024 | Dec 2023  
Non-Current: | | | |   
Special taxes Brazil | 105,752| 122,749| —| —  
| | | |   
Current: | | | |   
Income tax | 323,836| 316,446| 55,544| 142,134  
Value added tax (VAT) | 274,918| 375,171| 4,515| 7,502  
Special taxes Brazil | 56,766| 78,171| —| —  
Other taxes | 70,510| 60,380| —| 876  
| 726,030| 830,168| 60,059| 150,512  
| 831,782| 952,917| 60,059| 150,512  
  
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).

30. Cash and cash equivalents

Cash and cash equivalents are as follows:

| | | |   
---|---|---|---|---  
| Group | Company  
Thousand Euros | Dec 2024 | Dec 2023 | Dec 2024 | Dec 2023  
Cash | 1,996| 828| 34| 35  
| | | |   
Bank deposits | | | |   
Current deposits | 1,770,876| 2,080,812| 292,860| 391,572  
Term deposits | 1,820,526| 1,300,189| 980,000| 355,000  
Specific demand deposits in relation to institutional partnerships | 1,558| 2,947| —| —  
| 3,592,960| 3,383,948| 1,272,860| 746,572  
| | | |   
Other operations | | | |   
Other short term investments | 43,843| 10,142| 40,047| —  
Group Financial System (see note 45) | —| —| 130,886| 239,698  
| 3,638,799| 3,394,918| 1,443,827| 986,305  
| | | |   
Held for sale operations: | | | |   
Cash and cash equivalents reclassified as held for sale | -7,515| -22,486| —| —  
| 3,631,284| 3,372,432| 1,443,827| 986,305  
  
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).

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

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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, Parpública – Participações Públicas (SGPS) S.A. (Parpública) 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, Parpública 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’s share capital, under Article 4(4) of EDP’s 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, S.A. shareholder structure as at 31 December 2024 is as follows:

| | |   
---|---|---|---  
| No. of Shares | % Capital | % Voting  
China Three Gorges Corporation | 895,372,977| 21.40%| 21.40%  
Oppidum Capital, S.L. | 285,414,883| 6.82%| 6.82%  
BlackRock, Inc. | 286,726,969| 6.85%| 6.85%  
Norges Bank, Inc. | 235,649,875| 5.63%| 5.63%  
Canada Pension Plan Investment Board | 227,561,986| 5.44%| 5.44%  
EDP (Treasury Stock) | 20,111,842| 0.48%|   
Remaining Shareholders | 2,233,183,092| 53.38%|   
| 4,184,021,624| 100.00%|   
  
Share capital and Share premium are as follows:

| |   
---|---|---  
| Group and Company  
Thousand Euros | Share capital | Share premium  
Balance as at 1 January | 4,184,022| 1,970,996  
Movements during the period | —| —  
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 | Company  
| Dec 2024 | Dec 2023 | Dec 2024 | Dec 2023  
Net profit attributable to the equity holders of EDP (in Euros) | 800,980,298| 952,347,808| 817,399,284| 823,636,271  
Net profit from continuing operations attributable to the equity holders of  EDP (in Euros)| 800,980,298| 952,347,808| 817,399,284| 823,636,271  
Weighted average number of ordinary shares outstanding | 4,126,858,329| 4,128,985,676| 4,126,858,329| 4,128,985,676  
Weighted average number of diluted ordinary shares outstanding | 4,126,858,329| 4,128,985,676| 4,126,858,329| 4,128,985,676  
Basic earnings per share attributable to equity holders of EDP (in Euros) | 0.19| 0.23| 0.20| 0.20  
Diluted earnings per share attributable to equity holders of EDP (in Euros) | 0.19| 0.23| 0.20| 0.20  
Basic earnings per share from continuing operations (in Euros) | 0.19| 0.23| 0.20| 0.20  
Diluted earnings per share from continuing operations (in Euros) | 0.19| 0.23| 0.20| 0.20  
  
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.

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The average number of shares is determined as follows:

| |   
---|---|---  
| Group and Company  
| Dec 2024 | Dec 2023  
Ordinary shares issued at the beginning of the period | 4,147,631,522| 3,965,681,012  
Effect of shares issued during the period | —| 181,950,510  
Average number of realised shares | 4,147,631,522| 4,147,631,522  
Effect of treasury stock | -20,773,193| -18,645,846  
Average number and diluted average number of shares during the period | 4,126,858,329| 4,128,985,676  
  
32. Treasury stock

This caption is as follows:

| | | |   
---|---|---|---|---  
| Group | Company  
| Dec 2024 | Dec 2023 | Dec 2024 | Dec 2023  
Book value of EDP, S.A.'s treasury stock (thousand Euros) | 63,033| 69,607| 63,033| 69,607  
Number of shares | 20,111,842| 22,448,920| 20,111,842| 22,448,920  
Market value per share (in Euros) | 3.091| 4.555| 3.091| 4.555  
Market value of EDP, S.A.'s treasury stock (thousand Euros) | 62,166| 102,255| 62,166| 102,255  
  
Shares transactions occurred between 1January and 31 December 2024:

|   
---|---  
| EDP S.A.  
Volume acquired (number of shares) | —  
Average purchase price (in Euros) | —  
Total purchases (thousand Euros)  | —  
Volume sold (number of shares) i) | -2,337,078  
Average selling price (in Euros) | 3.416  
Total sales (thousand Euros) i) | 7,983  
Final position (number of shares) | 20,111,842  
Highest market price (in Euros) | 3.532  
Lowest market price (in Euros) | 3.328  
Average market price (in Euros) | 3.416  
  
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 "Código das Sociedades Comerciais" (Portuguese Commercial Companies Code). Treasury

stock is recognised at acquisition cost.

33. Reserves and retained earnings

This caption is as follows:

| | | |   
---|---|---|---|---  
| Group | Company  
Thousand Euros | Dec 2024 | Dec 2023 | Dec 2024 | Dec 2023  
Legal reserve | 836,804| 835,564| 836,804| 835,564  
Fair value reserve (cash flow hedge) | -206,417| -450,940| 16,828| 23,850  
Tax effect of fair value reserve (cash flow hedge) | 62,068| 137,795| -3,402| -5,047  
Fair value reserve of assets measured at fair value through other  comprehensive income| -5,651| -2,894| —| —  
Tax effect of the fair value reserve of assets measured at fair value through  other comprehensive income| -479| -1,338| —| —  
Currency translation reserve - Exchange differences arising on consolidation | -452,485| -426,827| —| —  
Currency translation reserve - Net investment hedge | -886,523| -700,750| —| —  
Currency translation reserve - Net investment hedge - Cost of hedging | 20,845| -16,645| —| —  
Treasury stock reserve (EDP, S.A.) (see note 32) | 63,033| 69,607| 63,033| 69,607  
Other reserves and retained earnings | 5,223,872| 5,071,308| 2,102,166| 2,082,609  
| 4,655,067| 4,514,880| 3,015,429| 3,006,583  
  
Legal reserve

In accordance with article no. 295 of "Código 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’s share capital. This reserve can only be used

to cover losses or to increase share capital.

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Fair value reserve (cash flow hedge)

This reserve includes the effective portion of the cumulative net change in the fair value of the cash flow

hedging financial derivative instruments.

The variation in the caption Fair value reserve (cash flow hedge) reflects, essentially, the impact of the price

increase of the indexes associated with electricity and gas, which reflect the current evolution on the market.

The reconciliation of the fair value reserve is included in note 43.

Fair value reserve (financial assets at fair value through other comprehensive income)

The changes in this consolidated caption for the period are as follows:

| | | |   
---|---|---|---|---  
| Fair Value Reserve  
Thousand Euros | Balance  Dec 2023| Increases | Decreases | Balance  Dec 2024  
Defined Crowd Corporation (see note 23) | -1,193| —| —| -1,193  
Mercer and Dunas Funds (Energia RE portfolio) (see note 23) | 4,695| 5,590| —| 10,285  
Lhyfe S.A.S (see note 23) | -7,555| —| -4,321| -11,876  
Other (see note 23) | 3,520| 600| -2,911| 1,209  
SU Eletricidade, S.A. tariff deficit (seet note 27) | -872| 872| —| —  
Associate portfolios | -1,489| —| -2,587| -4,076  
| -2,894| 7,062| -9,819| -5,651  
  
Currency translation reserve - Exchange differences arising on consolidation

The caption 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:

| | | | |   
---|---|---|---|---|---  
| Exchange rates   
| | Dec 2024 | Dec 2023  
Thousand Euros | | Close | Average | Close | Average  
US Dollar | USD | 1.039| 1.082| 1.105| 1.081  
Brazilian Real | BRL | 6.425| 5.828| 5.362| 5.401  
Macao Pataca | MOP | 8.311| 8.699| 8.890| 8.719  
Canadian Dollar | CAD | 1.495| 1.482| 1.464| 1.459  
Singapure Dollar | SGD | 1.416| 1.446| 1.459| 1.452  
Polish Zloty | PLN | 4.273| 4.307| 4.348| 4.544  
Romanian Leu | RON | 4.974| 4.975| 4.975| 4.946  
Pound Sterling | GBP | 0.829| 0.847| 0.869| 0.870  
Mexican Peso | MXN | 21.524| 19.830| 18.690| 19.167  
Colombian Peso | COP | 4,565.675| 4,406.262| 4,222.028| 4,677.062  
Chinese Yuan | CNY | 7.583| 7.787| 7.851| 7.660  
Korean Won | KRW | 1,532.150| 1,475.404| 1,433.660| 1,412.880  
Japanese Yen | JPY | 163.060| 163.852| 156.330| 151.990  
Australian Dollar | AUD | 1.677| 1.640| 1.626| 1.629  
Indonesian Rupiah | IDR | 16,820.880| 17,157.677| 17,079.710| 16,479.616  
Malaysian Ringgit | MYR | 4.645| 4.950| 5.078| 4.932  
Thai Baht | THB | 35.676| 38.181| 37.973| 37.631  
Vietnamese Dong | VND | 26,958.000| 27,580.574| 26,807.300| 25,827.814  
Hungarian Forint | HUF | 411.350| 395.304| 382.800| 381.853  
  
The movement for the period in Exchange differences arising on consolidation is mainly due to the effect of

the appreciation of the US Dollar and the depreciation of the Brazilian Real against the Euro.

Reservas 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 segue:

| |   
---|---|---  
Thousand Euros | Net investment hedge | Cost of hedging  
Balance as at 31 December 2023 | -700,750| -16,645  
Changes in fair value | -183,196| 37,490  
Transfer to income statement resulting from the sale of a foreign currency subsidiary | -2,577| —  
Balance as at 31 December 2024 | -886,523| 20,845  
  
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,

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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 324º of "Código 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 10 April 2024, the Shareholders General Meeting of EDP, S.A. approved the dividends distribution to

shareholders of the net profit for the year 2023 in the amount of 815,884 thousand Euros, corresponding to a

dividend of 0.195 Euros per share (including the treasury stock dividend). This distribution occurred on 08

May 2024.

34. Non-controlling interests

This caption is as follows:

| |   
---|---|---  
| Group  
Thousand Euros | Dec 2024 | Dec 2023  
Non-controlling interests in income statement | 24,410| 379,042  
Non-controlling interests in equity and reserves | 4,632,882| 4,725,122  
| 4,657,292| 5,104,164  
  
The movement by subgroup of the non-controlling interests item is analysed as follows:

| | | |   
---|---|---|---|---  
Thousand Euros | EDP  Renováveis Group| EDP Brasil  Group| Other | Total  
Balance as at 31 December 2023 | 4,691,664| 215,442| 197,058| 5,104,164  
Results | -32,871| 32,253| 25,028| 24,410  
Dividends | -103,480| -37,940| —| -141,420  
Currency Exchange differences | 117,170| -31,603| —| 85,567  
Capital Increases/Decreases | -65,431| 709| -4,941| -69,663  
Changes in the fair value reserve | 34,726| —| 400| 35,126  
Perimeter variations and Others | -380,600| -6| -286| -380,892  
Balance as at 31 December 2024 | 4,261,178| 178,855| 217,259| 4,657,292  
  
The movement in Perimeter variations and Others reflects, essentially, the reduction from the effect of the

acquisition of the remaining partnership in windfarms in Europe, in the amount of 429,916 thousands Euros,

and an increase from the scrip dividend effect in the amount of 55,072 thousands Euros (see note 6).

The summarised financial information for subsidiaries with material non-controlling interests, namely EDP

Brasil and EDP Renováveis, as at 31 December 2024, is disclosed in the Annex I.

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35. Financial debt

This caption is as follows:

| | | |   
---|---|---|---|---  
| Group | Company  
Thousand Euros | Dec 2024 | Dec 2023 | Dec 2024 | Dec 2023  
Financial Debt - Non-current | | | |   
Bank loans: | | | |   
\- EDP, S.A. | 99,549| 1,667| 99,549| 1,667  
\- EDP Finance B.V. | 831,258| 661,753| —| —  
\- EDP Servicios Financieros España, S.A.U. | 225,000| 75,000| —| —  
\- EDP Brasil Group | 36,786| 320,340| —| —  
\- EDP Renováveis Group | 1,032,994| 900,043| —| —  
\- Others | 2,824| 3,868| —| —  
| 2,228,411| 1,962,671| 99,549| 1,667  
Non-convertible bond loans: | | | |   
\- EDP S.A. | 2,044,664| 2,042,527| 3,044,664| 3,842,527  
\- EDP Finance B.V. | 4,731,231| 5,819,422| —| —  
\- EDP Servicios Financieros España, S.A.U. | 2,082,765| 1,335,395| —| —  
\- EDP Brasil Group | 1,298,511| 1,186,800| —| —  
\- EDP Renováveis Group | 116,444| —| —| —  
| 10,273,615| 10,384,144| 3,044,664| 3,842,527  
Hybrid bonds: | | | |   
\- EDP S.A. | 5,446,263| 4,043,243| 5,446,263| 4,043,243  
| 5,446,263| 4,043,243| 5,446,263| 4,043,243  
Commercial paper: | | | |   
\- EDP Finance B.V.  | 457,214| 328,054| —| —  
| 457,214| 328,054| —| —  
| | | |   
Other loans | 17,644| 17,084| —| —  
| 18,423,147| 16,735,196| 8,590,476| 7,887,437  
| | | |   
Other liabilities: | | | |   
\- Fair value of the issued debt hedged risk | -6,961| -7,085| 4,908| 15,015  
Total Financial Debt - Non-current | 18,416,186| 16,728,111| 8,595,384| 7,902,452  
| | | |   
Collateral Deposits - Non-current * | -21,937| -35,512| —| —  
| 18,394,249| 16,692,599| 8,595,384| 7,902,452  
  
* Deposits constituted as collateral for financial guarantee.

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| | | |   
---|---|---|---|---  
| Group | Company  
Thousand Euros | Dec 2024 | Dec 2023 | Dec 2024 | Dec 2023  
Financial Debt - Current | | | |   
Bank loans: | | | |   
\- EDP, S.A. | 1,667| 1,667| 1,667| 1,667  
\- EDP Brasil Group | 319,808| 351,504| —| —  
\- EDP Renováveis Group | 196,476| 295,434| —| —  
\- Other | 445| 1,260| —| —  
| 518,396| 649,865| 1,667| 1,667  
Non-convertible bond loans: | | | |   
\- EDP S.A. | —| —| 799,020| 1,399,056  
\- EDP Finance B.V. | 1,343,724| 2,351,761| —| —  
\- EDP Brasil Group | 348,562| 398,514| —| —  
| 1,692,286| 2,750,275| 799,020| 1,399,056  
Commercial paper: | | | |   
\- EDP S.A | 40,000| —| 40,000| 440,000  
\- EDP Finance B.V. | 666,575| 65,000| —| —  
\- EDP Brasil Group | —| 55,951| —| —  
| 706,575| 120,951| 40,000| 440,000  
| | | |   
Other loans | | | |   
\- Group Financial System (see note 45) | —| —| 1,994,391| 1,879,565  
\- Other | 2,175| 4,160| —| —  
| 2,175| 4,160| 1,994,391| 1,879,565  
| | | |   
Accrued interest | 307,097| 367,473| 153,190| 129,755  
Other liabilities: | | | |   
\- Fair value of the issued debt hedged risk | 8,120| 11,856| 10,493| 10,022  
Total Financial Debt - Current | 3,234,649| 3,904,580| 2,998,761| 3,860,065  
| | | |   
Collateral Deposits - Current * | -20,632| -35,219| —| —  
| 3,214,017| 3,869,361| 2,998,761| 3,860,065  
  
* 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 475,000 thousand US Dollars.

Main events of the period:

On 9 January 2024, under its "Debt Issuance Program (EMTN)", EDP issued green bond of 750 million Euros,

maturing in July 2030.

On 29 January 2024, EDP Servicios Financieros España, S.A.U., acquired 366.878 thousand US Dollars of

nominal value debt referring to 500 million US Dollars green bond issued by EDP Finance B.V., and maturity in

October 2027.

In April 2024, EDP S.A. proceeded with the early redemption of 327.200 thousand Euros of an issue called

"EUR1,000,000,000 Fixed to Reset Rate Subordinated Notes due 2079".

On 21 May 2024, under its "Debt Issuance Program (EMTN)", EDP issued a subordinated hybrid green bond

of 750 million Euros, which is non-callable up to 6 years respectively, and final maturity in May 2054.

In September 2024, under its "Debt Issuance Program (EMTN)", EDP issued a subordinated hybrid green

bond of 1.000 million Euros (850 million Euros plus an additional tap issue of 150 million Euros), which is non-

callable up to 6.5 years, and final maturity in September 2054.

In November 2024, under its "Debt Issuance Program (EMTN)", EDP issued a private placement bond of 200

million Euros, maturing in May 2030.

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The nominal value of outstanding Bond loans placed with external counterparties, as at 31 December 2024,

is as follows:

| | | | | | |   
---|---|---|---|---|---|---|---  
Issuer | Issue  date | Interest  rate | Type of hedge | Conditions / Redemp.| Nominal  Value in Million Currency| Thousand Euros  
| | | | | | Group | Company  
Hybrids by EDP S.A.  
EDP S.A. (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% (vi)  | n.a. | Aug-81 | 750 EUR | 750,000| 750,000  
EDP S.A. (viii) | Sep-21 | Fixed Rate EUR 1.5% (vi) | 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  
| | | | | | 2,750,000| 2,750,000  
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)  
Hybrids by EDP S.A. | | | | | | |   
EDP S.A. (xv) | Jan-23 | Fixed rate EUR 5.943% (xiii) | n.a. | Apr-83 | 1.000 EUR | 1,000,000| 1,000,000  
EDP S.A. (xvi) | May-24 | Fixed rate EUR 4.75% (iii) | n.a. | May-54 | 750 EUR | 750,000| 750,000  
EDP S.A. (xvii) | Sep-24 | Fixed rate EUR 4.625% (iv) | n.a. | Sep-54 | 1.000 EUR | 1,000,000| 1,000,000  
Senior Debt | | | | | | |   
EDP Finance B.V. | Apr-15 | Fixed rate EUR 2%  | Fair Value (i) | Apr-25 | 750 EUR | 750,000| —  
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 | 818,173| —  
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)(ii) | Oct-27 | 133 USD | 128,137| —  
EDP S.A. | Jun-23 | Fixed rate EUR 3.875% | (xiv) | Jun-28 | 750 EUR | 750,000| 750,000  
EDP SFE | Oct-23 | Fixed rate EUR 4.375% | n.a. | Apr-32 | 750 EUR | 750,000| —  
EDP SFE | Oct-23 | Fixed rate EUR 4.125% | (xiv) | Apr-29 | 600 EUR | 600,000| —  
EDP SFE | Jan-24 | Fixed rate EUR 3.5% | n.a. | Jul-30 | 750 EUR | 750,000| —  
EDP Finance B.V. (xii) | Nov-24 | Fixed rate EUR 3.125% | n.a. | May-30 | 200 EUR | 200,000| —  
| | | | | | 12,446,310| 4,250,000  
  
(i) These issues are associated with interest rate swaps and/or currency swaps;

(ii) Consolidated nominal value after the repurchase of securities by EDP SFE;

(iii) Fixed rate in the first 6 years, subsequently updated every 5 years;

(iv) Fixed rate in the first 6.5 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 8 years, subsequently updated every 5 years;

(xi) These issues by EDP Finance B.V. are partially associated with interest rate and currency swaps;

(xii) These issues correspond to private placements;

(xiii) Fixed rate in the first 5.25 years, subsequently updated every 5 years;

(xiv) These issues are associated with fixed-to-floating interest rate swaps, for the amount of 200 million

Euros, which are classified as fair value hedges, and therefore the corresponding amount of the debt is

registered at fair value;

| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 687|   
| | | | |   
  
(xv) There is a call option exercisable at par by EDP from January 2028 until April 2028 and subsequently,

on each interest payment date;

(xvi) There is a call option exercisable at par by EDP from February 2030 until May 2030 and subsequently,

on each interest payment date;

(xvii) There is a call option exercisable at par by EDP from December 2030 until March 2031 and

subsequently, on each interest payment date.

| | | | | | |   
---|---|---|---|---|---|---|---  
Issuer | Issue  date | Interest  rate | Type of hedge | Conditions/  Redemp.| Nominal  Value in Million Currency| Thousand Euros  
| | | | | | Group | Company  
Issued by the EDP Energias do Brasil Group in the Brazilian domestic market  
EDP Espírito Santo | Aug-18 | IPCA + 5.91% | Fair Value (i) | Jul-25 | 63 BRL | 9,805| —  
EDP São Paulo | Aug-18 | IPCA + 5.91% | Fair Value (i) | Aug-25 | 87 BRL | 13,540| —  
EDP São Paulo | Feb-21 | IPCA + 3.91% | Fair Value (i) | Jan-26 | 700 BRL | 108,944| —  
EDP Espírito Santo  | Feb-21 | IPCA + 3.26% | Fair Value (i) | Jul-25 | 500 BRL | 77,817| —  
Lajeado Energia | Jun-21 | CDI + 0.90% | n.a. | Jun-27 | 150 BRL | 23,345| —  
EDP São Paulo | Jun-21 | CDI + 1.25% | n.a. | Jul-26 | 233 BRL | 36,263| —  
EDP Espírito Santo | Jun-21 | CDI + 1.25% | n.a. | Jul-25 | 400 BRL | 62,254| —  
EDP São Paulo | Dec-21 | CDI + 1.38% | n.a. | Dec-26 | 300 BRL | 46,690| —  
PCH Leopoldina | Jan-22 | CDI + 1.40% | n.a. | Jan-24 | 700 BRL | 108,944| —  
EDP São Paulo | Jun-22 | CDI + 1.20% | n.a. | May-27 | 450 BRL | 70,036| —  
EDP Espírito Santo  | Jun-22 | CDI + 1.20% | n.a. | May-27 | 270 BRL | 42,021| —  
EDP São Paulo | Oct-23 | CDI + 1.25% | n.a. | Set-28 | 600 BRL | 93,381| —  
CELG | Dec-23 | CDI + 1.20% | n.a. | Dec-28 | 367 BRL | 57,118| —  
CELG | Dec-23 | CDI + 1.40% | n.a. | Dec-30 | 183 BRL | 28,481| —  
EDP Espírito Santo | Feb-24 | CDI + 0.90% | n.a. | Feb-28 | 500 BRL | 77,817| —  
EDP Trading | Feb-24 | IPCA + 6.05% | Fair Value (i) | Feb-34 | 575 BRL | 89,490| —  
EDP São Paulo | Mar-24 | CDI + 0.89% | n.a. | Mar-28 | 350 BRL | 54,472| —  
EDP São Paulo | Jun-24 | CDI + 0.68% | n.a. | Jun-28 | 750 BRL | 116,726| —  
EDP Espírito Santo | Sep-24 | CDI + 0.49% | n.a. | Aug-29 | 800 BRL | 124,508| —  
EDP Espírito Santo | Sep-24 | CDI + 0.56% | n.a. | Aug-31 | 400 BRL | 62,254| —  
EDP São Paulo | Dec-24 | IPCA + 7.28% | n.a. | Dec-36 | 800 BRL | 124,508| —  
EDP Espírito Santo | Dec-24 | IPCA + 7.28% | n.a. | Dec-36 | 500 BRL | 77,817| —  
Enerpeixe | Dec-24 | CDI + 0.89% | n.a. | Dec-29 | 600 BRL | 93,381| —  
| | | | | | 1,599,614| —  
Issued by the EDP Renováveis Brasil in the Brazilian domestic market  
EDPR Brasil | Sep-24 | CDI + 0.45% | n.a. | Sep-26 | 750 BRL | 116,726| —  
| | | | | | 116,726| —  
| | | | | | 17,462,650| 7,550,000  
  
(i) This issue is associated with an interest rate swap from IPCA to CDI.

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

2024, these financings amount to 1,008,518 thousand Euros (31 December 2023: 1,034,866 thousand Euros),

within the financial debt caption. At 31 December 2024 the Group confirms the fulfilment of all the covenants

of the Project Finance Portfolio under the Facilities Agreements.

As at 31 December 2024, the Group has the following credit facilities, all of which with underwriting

commitments, which it uses for liquidity management:

| | |   
---|---|---|---  
Million Units | Maximum  Amount| Available  Amount| Maturity  
Revolving Credit Facility | 4,250 EUR | 4,250 EUR | 2029  
Revolving Credit Facility | 3,000 EUR | 3,000 EUR | 2029  
Credit Lines (spread conditions agreed in advance indexed to Euribor and Ester) | 255 EUR | 255 EUR | Renewable  
Commercial Paper Programmes | 363 USD | \- USD | 2030  
Commercial Paper Programmes | 113 USD | \- USD | 2029  
Commercial Paper Programmes | 200 EUR | 200 EUR | 2025  
  
The 4,250 million Euros RCF, with maturity until August 2029, results from the extension of maturity,

previously set for August 2028, and the increase of the amount of the previous 3,650 million Euros RCF.

Additionally, on 19 December 2024, EDP S.A. signed two green loan agreements in the total amount of 700

million Euros with the European Investment Bank (“EIB”), with a maturity of up to 15 years. As of December 31,

2024, they were still fully available. The first loan agreement, in the amount of 200 million Euros, will be used

| | | | | | | | |   
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| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 688|   
| | | | |   
  
to finance investments in networks in Portugal within the 2024-26 period. The second loan agreement, in the

amount of 500 million Euros, is a framework loan under which the proceeds will be used to finance the

development of a portfolio of wind and solar projects of EDP Renováveis, S.A. in Portugal and Italy, within the

2024-26 period.

As at 31 December 2024, future debt and interest payments and origination fees, by type of loan and

currency, are as follows:

| | | | | | |   
---|---|---|---|---|---|---|---  
Thousand Euros | Dec 2025 | Dec 2026 | Dec 2027 | Dec 2028 | Dec 2029 | Following  years| Total  
Bank loans:  
Euro | 57,297| 403| 365| 75,347| 395,336| 1,373| 530,121  
Brazilian Real | 352,582| 31,825| 32,166| 34,883| 38,188| 300,919| 790,563  
US Dollar | 54,680| 23,875| 82,815| 58,600| 57,159| 124,190| 401,319  
Singapore Dollar | 11,844| 2,541| 2,541| 708,556| 2,541| 12,279| 740,302  
Other | 59,419| 22,504| 23,240| 29,963| 38,135| 159,932| 333,193  
| 535,822| 81,148| 141,127| 907,349| 531,359| 598,693| 2,795,498  
Bond loans:  
Euro | 1,487,087| 1,900,000| 1,250,000| 750,000| 1,850,000| 2,200,000| 9,437,087  
Brazilian Real | 388,402| 409,317| 329,909| 269,211| 97,272| 322,005| 1,816,116  
US Dollar | 7,895| —| 128,137| 818,173| —| —| 954,205  
| 1,883,384| 2,309,317| 1,708,046| 1,837,384| 1,947,272| 2,522,005| 12,207,408  
Hybrid Bonds:  
Euro | 99,382| —| —| —| —| 5,500,000| 5,599,382  
| 99,382| —| —| —| —| 5,500,000| 5,599,382  
Commercial paper:  
Euro | 490,030| —| —| —| —| —| 490,030  
US Dollar | 220,840| —| —| —| 108,288| 348,927| 678,055  
| 710,870| —| —| —| 108,288| 348,927| 1,168,085  
Other loans:  
Euro | 1,796| 100| —| —| —| 6| 1,902  
Brazilian Real | 1,022| —| —| —| —| 9,736| 10,758  
US Dollar | 1,121| —| —| —| —| —| 1,121  
Other | 133| —| —| —| —| 7,801| 7,934  
| 4,072| 100| —| —| —| 17,543| 21,715  
| | | | | | |   
Fair Value | 8,120| —| —| —| —| -6,961| 1,159  
Origination Fees | -7,001| -2,221| -3,266| -6,643| -19,008| -104,273| -142,412  
| 3,234,649| 2,388,344| 1,845,907| 2,738,090| 2,567,911| 8,875,934| 21,650,835  
  
| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 689|   
| | | | |   
  
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  
Singapore Dollar | 216,158| 313,311| 30,654| 39,237| 33,858| 188,881| 822,099  
US 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 2024, future debt and interest payments and origination fees, by type of loan, fully

denominated in Euros, on an individual basis, are as follows:

| | | | | | |   
---|---|---|---|---|---|---|---  
Thousand Euros | Dec 2025 | Dec 2026 | Dec 2027 | Dec 2028 | Dec 2029 | Following  years| Total  
| | | | | | |   
Bank loans | 3,553| —| —| —| 100,000| —| 103,553  
Bond loans | 851,892| 550,000| 1,750,000| 750,000| —| —| 3,901,892  
Hybrid Bonds | 99,382| —| —| —| —| 5,500,000| 5,599,382  
Commercial paper: | 40,030| —| —| —| —| —| 40,030  
Other loans | 1,994,391| —| —| —| —| —| 1,994,391  
| | | | | | |   
Fair Value | 10,493| —| —| —| —| 4,908| 15,401  
Origination Fees | -980| —| —| —| —| -59,524| -60,504  
| 2,998,761| 550,000| 1,750,000| 750,000| 100,000| 5,445,384| 11,594,145  
  
As a 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:

| | | | | | |   
---|---|---|---|---|---|---|---  
Thousand Euros | Dec 2024 | Dec 2025 | Dec 2026 | Dec 2027 | Dec 2028 | Following  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  
  
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.

| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 690|   
| | | | |   
  
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 2024, sustainable financing

accounted for 67% of nominal debt, with the Group targeting 60% of its financing from sustainable sources

by 2026 (see note 49).

36. Employee benefits

| | | |   
---|---|---|---|---  
| Non-current | Current  
Thousand Euros | Dec 2024 | Dec 2023 | Dec 2024 | Dec 2023  
Provisions for pension liabilities | 57,724| 186,977| 25,256| 74,185  
Provisions for medical liabilities and other benefits | 331,083| 353,182| 28,476| 50,525  
| 388,807| 540,159| 53,732| 124,710  
  
The movement in Provisions for employee benefits liabilities for EDP Group is as follows:

| | | |   
---|---|---|---|---  
| Pensions | Medical and Other  
Thousand Euros | Dec 2024 | Dec 2023 | Dec 2024 | Dec 2023  
Balance at the beginning of the period | 261,162| 346,197| 403,707| 424,869  
Charge for the period | 5,213| 12,327| 19,617| 24,158  
Past service cost (Curtailment/Plan amendments) | 15,847| 616| 5,645| 25  
Actuarial (gains)/losses | -90,712| -104,085| -67,742| -15,012  
Charge-off | -84,890| -94,184| -33,839| -32,175  
Fund contributions (see note 45) | —| -9,580| -11,169| -5,585  
Surplus pension funding (see note 28) | -18,136| 98,229| 60,875| 3,817  
Transfers. reclassifications and exchange differences | -5,504| 11,642| -17,535| 3,610  
Balance at the end of the period | 82,980| 261,162| 359,559| 403,707  
  
The breakdown of actuarial gains and losses is as follows:

| | | |   
---|---|---|---|---  
| Pensions | Medical and Other  
Thousand Euros | Dec 2024 | Dec 2023 | Dec 2024 | Dec 2023  
Actuarial gains and losses arising from: | | | |   
\- changes in demographic assumptions | —| -41,186| —| -1,888  
\- changes in financial assumptions | -46,204| 35,699| -35,354| 22,623  
\- experience adjustments | -7,591| -7,085| 7,469| 13,289  
Actuarial gains and losses arising from return on plan assets | -41,887| -74,990| -39,857| -49,036  
Actuarial gains and losses of asset ceiling | 4,970| -16,523| —| —  
| -90,712| -104,085| -67,742| -15,012  
  
The components of the consolidated net cost of the pension plans recognised during the period are as

follows:

| | | |   
---|---|---|---|---  
| Dec 2024  
Thousand Euros | Portugal | Spain | Brazil | Group  
Current service cost (see note 10) | 1,675| —| -161| 1,514  
Past service cost (Curtailment/Plan amendments) (see note 10) | 15,847| —| —| 15,847  
Operational component | 17,522| —| -161| 17,361  
Net interest on the net pensions plan liability (see note 14) | 461| —| 3,238| 3,699  
Financial component | 461| —| 3,238| 3,699  
| 17,983| —| 3,077| 21,060  
  
| | | |   
---|---|---|---|---  
| Dec 2023  
Thousand Euros | Portugal | 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  
  
| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 691|   
| | | | |   
  
The components of the consolidated net cost of the medical and other benefits plans recognised during the

period are as follows:

| | | |   
---|---|---|---|---  
| Dec 2024  
Thousand Euros | Portugal | Spain | Brazil | Group  
Current service cost (see note 10) | 2,442| 403| -1,633| 1,212  
Past service cost (Curtailment/Plan amendments) (see note 10) | 523| 5,122| —| 5,645  
Operational component | 2,965| 5,525| -1,633| 6,857  
Net interest on the net medical liabilities and other benefits (see note 14) | 4,789| 4,028| 9,588| 18,405  
Financial component | 4,789| 4,028| 9,588| 18,405  
| 7,754| 9,553| 7,955| 25,262  
  
| | | |   
---|---|---|---|---  
| Dec 2023  
Thousand Euros | Portugal | 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| 10,267| 24,183  
  
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 2024

gains of 158,454 thousand Euros (31 December 2023: gains of 119,097 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

2024 and 2023:

| | | | | |   
---|---|---|---|---|---|---  
| Dec 2024 | Dec 2023  
| Portugal | Spain | Brazil | Portugal | Spain | Brazil  
Assumptions  | | | | | |   
Discount rate | 3.40% -  3.54%| 3.30%| 8.41% -  11.42%| 3.33% -  3.89%| 3.80%| 9.54% -  10.48%  
Salary increase rate | 3.00% (b) | 2.00%| 4.30%| 5,20% (g) | 2.00%| 4.30%  
Pension increase rate | 2.75% (c) | not  applicable| 3.50%| 4,27% (h) | not  applicable| 3.50%  
Social Security salary appreciation | 2.60% (d) | not  applicable| 3.50%| 5,00% (i) | not  applicable| not  applicable  
Inflation rate | 2.00%| 2.00%| 3.50%| 2.30%| 2.00%| 3.50%  
Annual increase rate of medical service  costs| 2.60%| 2.50%| 9.71% (e) | 2.30%| not  applicable| 9.71% (j)  
Estimated administrative expenses per  beneficiary per year (Euros)| 358 €/year  (f)| not  applicable| not  applicable| 353 €/year  (k)| not  applicable| not  applicable  
Mortality table | TV99/01 | PERM/ F-2000P| AT-2000 /  RP-2000 Geracional| TV99/01 | PERM/ F-2000P| AT-2000 /  RP-2000 Geracional  
Disability table | 50%EKV 80 | not  applicable| TASA 1927 /  Wyatt 1985| 50%EKV 80 | not  applicable| TASA 1927 /  Wyatt 1985  
Expected % of eligible employees  accepting early retirement (a)| 20.00%| not  applicable| not  applicable| 20.00%| not  applicable| not  applicable  
  
(a) Employees entitled to early retirement, as stated in the Collective Labour Agreement: 37 years of service

with at least 61 years of age or 40 years of service at any age;

(b) 3.00% for 2025 and 2.25% for the remaining years;

(c) 2.75% for 2025 and 2.00% for the remaining years;

(d) 2.60% for 2025 and 2.00% for the remaining years;

(e) 9.71% in the first year, decreasing linearly to 5.57% in 2033;

(f) Increase according to the annual increase rate of medical service costs after 2025;

(g ) 5.20% for 2024 and 2.55% for the remaining years;

(h) 4.27% for 2025 and 2.30% for the remaining years;

(i) 5.00% for 2024 and 2.30% for the remaining years;

(j) 9.71% in the first year, decreasing linearly to 5.57% in 2032;

| | | | | | | | |   
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| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 692|   
| | | | |   
  
(k) Increase according to the annual increase rate of medical service costs after 2024.

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 2024 the amount of future benefits expected to be paid is as follows:

| | | | | | | |   
---|---|---|---|---|---|---|---|---  
Thousand Euros | Pensions | Medical and Other Benefits  
Years | Portugal | Spain | Brazil | Total | Portugal | Spain | Brazil | Total  
2025 | 100,700| 431| 18,533| 119,664| 36,932| 11,900| 7,594| 56,426  
2026 | 85,665| 343| 19,005| 105,013| 36,267| 13,900| 7,938| 58,105  
2027 | 72,727| 280| 19,607| 92,614| 36,350| 10,886| 8,326| 55,562  
2028 | 62,230| 202| 20,114| 82,546| 36,065| 8,324| 8,736| 53,125  
2029 and following | 261,760| 634| 131,018| 393,412| 213,726| 134,676| 59,246| 407,648  
  
In 2024, the benefits paid by the funds in Portugal amounted 69,659 thousand Euros (31 December 2023:

75,580 thousand Euros) and in Brazil amounted to 18,967 thousand Euros (31 December 2023: 19,664

thousand Euros). The contributions made to the Pension funds in Brazil amounted to 8,218 thousand Euros (31

December 2023: 9,580 thousand Euros), which were fully paid in cash.

Following the decision and implementation of the autonomisation of the Medical Plan and Death Subsidy

Plan in Portugal, EDP Group has made contributions of 11,169 thousand Euros in 2024 (31 December 2023:

5,585 thousand Euros). We noticed that as of 31 December 2024 and 2023, the liabilities for Death Subsidy

and Medical and Other Benefit Plan in Portugal were fully financed. Therefore, in the following years, are not

expected additional contributions to finance these liabilities.

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:

| | | | | |   
---|---|---|---|---|---|---  
| Portugal | Spain | Brazil  
Thousand Euros | Increase | Decrease | Increase | Decrease | Increase | Decrease  
Discount rate (0.5% movement) | -21,679| 23,212| -121| 136| -7,485| 8,057  
Mortality (increase of 1 year in expected lifetime of  plan participants)| 26,388| —| 3,117  
  
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:

| | | | | |   
---|---|---|---|---|---|---  
| Portugal | Spain | Brazil  
Thousand Euros | Increase | Decrease | Increase | Decrease | Increase | Decrease  
Discount rate (0.5% movement) | -21,543| 24,715| -4,736| 3,790| -3,710| 3,528  
Health care cost trend (0.5% movement) | 11,259| -10,442| —| —| —| —  
Mortality (increase of 1 year in expected lifetime of  plan participants)| 10,846| —| -3,547  
  
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:

| | | | | |   
---|---|---|---|---|---|---  
| Fund assets by nature   
Thousand Euros | Liquidity | Bonds | Shares | Property | Other | Total  
31 December 2024 | 7,958| 649,118| 446,756| 188,701| 46,381| 1,338,914  
31 December 2023 | 17,563| 612,803| 359,223| 188,453| 83,212| 1,261,254  
  
| | | | | | | | |   
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| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 693|   
| | | | |   
  
| | | | | |   
---|---|---|---|---|---|---  
| Fund assets by nature   
% | Liquidity | Bonds | Shares | Property | Other | Total  
31 December 2024 | 0.59%| 48.48%| 33.37%| 14.10%| 3.46%| 100.00%  
31 December 2023 | 1.39%| 48.59%| 28.48%| 14.94%| 6.60%| 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 186,533 thousand Euros as at 31

December 2024 (31 December 2023: 186,488 thousand Euros). Bonds includes 4,049 thousand Euros (31

December 2023: 3,847 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 2024 was positive in 10.98% (2023: positive in 14.96%).

The assets of the pension fund in Brazil are as follows:

| | | | | |   
---|---|---|---|---|---|---  
| Fund assets by nature   
Thousand Euros | Liquidity | Bonds | Shares | Property | Other | Total  
31 December 2024 | —| 208,996| 5,541| —| 2,406| 216,943  
31 December 2023 | —| 243,046| 6,406| —| 2,413| 251,865  
  
| | | | | |   
---|---|---|---|---|---|---  
| Fund assets by nature   
% | Liquidity | Bonds | Shares | Property | Other | Total  
31 December 2024 | —%| 96.34%| 2.55%| —%| 1.11%| 100.00%  
31 December 2023 | —%| 96.50%| 2.54%| —%| 0.96%| 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:

| | | | | |   
---|---|---|---|---|---|---  
| 2024 | 2023  
| Portugal | Spain | Brazil | Portugal | Spain | Brazil  
Retirees and pensioners  | 16,652| 555| 1,520| 16,806| 618| 1,517  
Active workers | 1,636| 37| 328| 1,915| 50| 369  
| 18,288| 592| 1,848| 18,721| 668| 1,886  
  
The liability for retirement pensions and related coverage for the Group is as follows:

| | | |   
---|---|---|---|---  
| Dec 2024  
Thousand Euros | Portugal | Spain | Brazil | Group  
Liability at the end of the period | 689,135| 1,953| 203,583| 894,671  
Plan assets at the end of the period | -798,542| —| -216,943| -1,015,485  
Surplus pension funding (see note 28) | 169,443| —| —| 169,443  
Asset ceiling | —| —| 34,351| 34,351  
Provision at the end of the period | 60,036| 1,953| 20,991| 82,980  
  
| | | |   
---|---|---|---|---  
| Dec 2023  
Thousand Euros | Portugal | Spain | Brazil | Group  
Liability at the end of the period | 794,728| 1,831| 261,579| 1,058,138  
Plan assets at the end of the period | -765,363| —| -251,865| -1,017,228  
Surplus pension funding (see note 28) | 187,579| —| —| 187,579  
Asset ceiling | —| —| 32,673| 32,673  
Provision at the end of the period | 216,944| 1,831| 42,387| 261,162  
  
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 | 2024 | 2023 | 2022 | 2021 | 2020  
Liability at the end of the period | 894,671| 1,058,138| 1,168,207| 1,477,989| 1,588,058  
Plan assets at the end of the period | -1,015,485| -1,017,228| -953,784| -1,036,108| -1,016,216  
Surplus pension funding | 169,443| 187,579| 89,349| 13,267| 29,610  
Asset ceiling | 34,351| 32,673| 42,425| 31,753| 28,156  
Provision at the end of the period | 82,980| 261,162| 346,197| 486,901| 629,608  
  
| | | | | | | | |   
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| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 694|   
| | | | |   
  
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 | 2024 | 2023 | 2022 | 2021 | 2020  
Portugal | | | | |   
Experience adjustments for the Plan liabilities | -12,273| -11,419| -22,796| 55,794| 61,193  
Experience adjustments for the Plan assets | -55,958| -77,595| 71,073| -79,211| -6,662  
Brazil | | | | |   
Experience adjustments for the Plan liabilities | 4,682| 3,693| 16,644| 20,759| 34,478  
Experience adjustments for the Plan assets | 14,071| 2,605| -7,471| 9,339| 13,554  
  
The past service liability of the pension plans for the Group is as follows:

| | | |   
---|---|---|---|---  
| Dec 2024  
Thousand Euros | Portugal | Spain | Brazil | Group  
Liability at the beginning of the period | 794,728| 1,831| 261,579| 1,058,138  
Current service cost | 1,675| —| -161| 1,514  
Net interest on the pensions plan liability | 24,896| —| 27,175| 52,071  
Benefits paid | -121,771| -565| -28,735| -151,071  
Past service cost (Curtailment/Plan amendments) (see note 10) | 15,847| —| —| 15,847  
Actuarial (gains)/losses | -26,263| 671| -28,203| -53,795  
Transfers. reclassifications and exchange differences | 23| 16| -28,072| -28,033  
Liability at the end of the period | 689,135| 1,953| 203,583| 894,671  
  
| | | |   
---|---|---|---|---  
| Dec 2023  
Thousand Euros | Portugal | 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 | -146,473| -1,324| -20,290| -168,087  
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 | 794,728| 1,831| 261,579| 1,058,138  
  
The evolution of the consolidated assets of the Pension Funds is as follows:

| | |   
---|---|---|---  
| Dec 2024  
Thousand Euros | Portugal | Brazil | Group  
Assets value at the beginning of the period | 765,363| 251,865| 1,017,228  
Group contribution | —| 8,218| 8,218  
Plan participants contributions  | —| 9,637| 9,637  
Benefits paid  | -47,214| -18,967| -66,181  
Interest on the pensions plan assets | 24,435| 23,937| 48,372  
Actuarial gains/(losses) | 55,958| -14,071| 41,887  
Transfers. reclassifications and exchange differences | —| -43,676| -43,676  
Assets value at the end of the period | 798,542| 216,943| 1,015,485  
  
| | |   
---|---|---|---  
| Dec 2023  
Thousand Euros | Portugal | 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  
  
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:

| |   
---|---|---  
| Group  
Thousand Euros | Dec 2024 | Dec 2023  
Asset ceiling at the beginning of the period | 32,673| 42,425  
Effect of changes in restricted net assets of benefits to the asset ceiling | 4,970| -16,523  
Exchange differences | -3,292| 6,771  
Asset ceiling at the end of the period | 34,351| 32,673  
  
| | | | | | | | |   
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| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 695|   
| | | | |   
  
The number of participants covered by the medical and other benefits plans is as follows:

| | | | | |   
---|---|---|---|---|---|---  
| 2024 | 2023  
| Portugal | Spain | Brazil | Portugal | Spain | Brazil  
Retirees and pensioners  | 16,867| 2,918| 2,755| 17,045| 2,844| 2,667  
Active workers | 5,503| 1,154| 845| 5,764| 1,151| 957  
| 22,370| 4,072| 3,600| 22,809| 3,995| 3,624  
  
The provision for medical liabilities and other benefits and related coverage for the Group is as follows:

| | | |   
---|---|---|---|---  
| Dec 2024  
Thousand Euros | Portugal | Spain | Brazil | Group  
Liability at the end of the period | 605,221| 136,990| 89,684| 831,895  
Plan assets at the end of the period | -540,372| —| —| -540,372  
Surplus pension funding  | 68,036| —| —| 68,036  
Provision at the end of the period | 132,885| 136,990| 89,684| 359,559  
  
| | | |   
---|---|---|---|---  
| Dec 2023  
Thousand Euros | Portugal | 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  
  
The evolution of the present value of the liability for Medical care and other benefits for the Group is as

follows:

| | | | |   
---|---|---|---|---|---  
Thousand Euros | 2024 | 2023 | 2022 | 2021 | 2020  
Liability at the end of the period | 831,895| 892,437| 867,715| 1,103,051| 1,149,769  
Plan assets at the end of the period | -540,372| -495,891| -446,190| -470,152| -437,073  
Surplus pension funding  | 68,036| 7,161| 3,344| —| —  
Provision at the end of the period | 359,559| 403,707| 424,869| 632,899| 712,696  
  
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 | 2024 | 2023 | 2022 | 2021 | 2020  
Portugal | | | | |   
Experience adjustments for the Plan liabilities | 777| 13,509| 3,622| -5,051| 11,979  
Experience adjustments for the Plan assets | -39,551| -49,036| 42,195| -38,649| -4,723  
Brazil | | | | |   
Experience adjustments for the Medical Plan liabilities | 6,692| -220| 3,637| 32| -20,086  
  
The past service liability of medical and other benefits plans for the Group is as follows:

| | | |   
---|---|---|---|---  
| Dec 2024  
Thousand Euros | Portugal | Spain | Brazil | Group  
Liability at the beginning of the period | 643,960| 135,267| 113,210| 892,437  
Current service cost | 2,442| 403| -1,633| 1,212  
Net interest on the net medical liabilities and other benefits | 20,997| 4,028| 9,588| 34,613  
Benefits paid | -34,409| -12,327| -9,548| -56,284  
Past service cost (Curtailment/Plan amendments) (see note 10) | 523| 5,122| —| 5,645  
Actuarial (gains)/losses | -28,258| 5,772| -5,399| -27,885  
Transfers. reclassifications and exchange differences | -34| -1,275| -16,534| -17,843  
Liability at the end of the period | 605,221| 136,990| 89,684| 831,895  
  
| | | |   
---|---|---|---|---  
| Dec 2023  
Thousand Euros | Portugal | 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  
  
| | | | | | | | |   
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| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 696|   
| | | | |   
  
The evolution of the consolidated assets of the Medical care and Other subsidies in Portugal is as follows:

| |   
---|---|---  
Thousand Euros | Dec 2024 | Dec 2023  
Assets value at the beginning of the period | 495,891| 446,190  
Group contribution | 11,167| 5,585  
Benefits paid  | -22,445| -21,342  
Interest on the pensions plan assets | 16,208| 16,422  
Actuarial gains/(losses) | 39,551| 49,036  
Assets value at the end of the period | 540,372| 495,891  
  
37. Provisions

Provisions are as follows:

| | | |   
---|---|---|---|---  
| Non-current | Current  
Thousand Euros | Dec 2024 | Dec 2023 | Dec 2024 | Dec 2023  
Provision for legal and labour matters and other contingencies | 147,028| 149,532| 2,492| 2,506  
Provision for customer guarantees under current operation | —| —| 3,045| 2,478  
Provision for dismantling and decommissioning | 679,468| 481,458| 14,295| 26,351  
Provision for other liabilities and charges | 329,136| 240,029| 170,683| 20,373  
| 1,155,632| 871,019| 190,515| 51,708  
  
With reference to 31 December 2024, 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 to  customers in the context of  current activity| Dismantling and  Decommissioning| Other  risks and charges| Total  
Balance as at 1 January 2023 | 125,740| 2,092| 507,194| 338,318| 973,344  
Perimeter variations | -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 | —| —| 26,434| —| 26,434  
CMEC | —| —| —| 14,195| 14,195  
Hydro power plants of Fridão (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  
Perimeter variations (see note 6) | -426| —| -9,922| -47| -10,395  
Charge for the period | 18,537| 2,465| 4,901| 165,166| 191,069  
Reversals | -11,511| -568| -4,831| -7,585| -24,495  
Charge-off for the period | -30,465| -1,225| -7,286| -6,679| -45,655  
Unwinding (see note 14) | 15,599| —| 20,625| 2,122| 38,346  
Increase of the responsibility (see note 17) | —| —| 176,513| —| 176,513  
Sharing of gains obtained from the assignment of the  tariff deficit (see note 4)| 17,803| —| —| —| 17,803  
CMEC | —| —| —| 14,110| 14,110  
CESE (see note 16) | —| —| —| 47,872| 47,872  
Exchange differences and other | -12,055| -105| 5,954| 24,458| 18,252  
Balance as at 31 December 2024 | 149,520| 3,045| 693,763| 499,819| 1,346,147  
  
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:

• Requests for the refund of tariff increases paid by industrial consumers of the brazilian subsidiaries EDP

São Paulo and EDP Espírito Santo in the amount of 18,720 thousand Euros (31 December 2023: 20,773

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; and

• The remaining legal litigation correspond mainly to indemnities for damages allegedly suffered in

consequence of interruption of electricity supply, power accidents and fires.

| | | | | | | | |   
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| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 697|   
| | | | |   
  
Provisions for customer guarantees under current operations include essentially provisions for commercial

losses.

Provisions for dismantling and decommissioning includes: (i) 47,520 thousand Euros of the dismantling Trillo

nuclear power plant; (ii) 423,052 thousand Euros of the dismantling of wind and solar farms (replacement of

sites and land in its original state), mainly, in Europe (352,851 thousand Euros), North America (180,194

thousand Euros), Asia-Pacific (56,482 thousand Euros) and South America (104,237 thousand Euros); and

(iii) 140,456 thousand Euros of the dismantling and environmental requalification of thermal electro-

producing centers in Spain (73,221 thousand Euros) and Portugal (67,235 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 Eléctrica) to close the Aboño 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 | South America | Asia-Pacific  
Discount Rate | [2.11% - 6.70%] | [3.32% - 10.12%] | [12.56% - 12.64%] | [1.59% - 4.04%]  
Inflation Rate | [1.98% - 3.25%] | [2.00% - 3.30%] | [3.59% - 3.65%] | [1.32% - 3.42%]  
  
Provision for other liabilities and charges

On 3 May 2018, it has come to EDP’s knowledge (through a DGEG’s letter) that the CMEC final adjustment

had been officially approved, according to ERSE’s 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 20 October 2020, EDP Produção became aware, by letter sent by DGEG, of the dispatch of the SEE

regarding the approval of the revisibility for the year 2015, which is deducted in the amount of 72.9 million

Euros the predicted amount of 135.6 million Euros. In this respect, the EDP Group has registered a provision in

the amount of 72.9 million Euros, and carried out an administrative appeal against the order of SEE on 19

January 2021. However, notwithstanding EDP Produção's well-founded beliefs on the possibility of

providing a bank guarantee or security, instead of the payment of the fine, the TCRS determined the payment

of EDP Produção, which occurred on 20 October 2021 (see note 4).

Following the Group's decision to divestment from wind farms in Colombia, a provision in the amount of

118,576 thousand Euros was recognised (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:

| | | |   
---|---|---|---|---  
| Group | Company  
Thousand Euros | Dec 2024 | Dec 2023 | Dec 2024 | Dec 2023  
Administrative and Civil | 449,344| 396,009| 34| 330  
Fiscal | 1,370,463| 862,930| 345,792| 10,732  
Other | 105,472| 115,572| 2,791| 2,791  
| 1,925,279| 1,374,511| 348,617| 13,853  
  
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 2.9 million Euros to EDP S.A. and 25.8 million 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 1.5 million Euros and 12.9 million 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 2.6 million

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Euros and 23.2 million 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. In

this regard, EDP and EDP Comercial submitted, to the Lisbon Court of Appeal, on 8 March 2024, a request to

challenge procedural irregularities of the aforementioned judgment, as well as requests for appeal to the

Constitutional Court.

The alleged irregularities were dismissed by the Lisbon Court of Appeal in a judgment on 18 March 2024.

Subsequently, on 3 April 2024, EDP and EDP Comercial filed appeals with the Constitutional Court.

On 29 April 2024, the Constitutional Court admitted to consider one of the invoked unconstitutionality claims

and, on the other hand, rejected the others unconstitutionality claims. On 17 May 2024, a complaint was

submitted to the Constitutional Court Conference regarding the partial dismissal of the appeals, which was

denied by a ruling on 22 August 2024. On 11 June 2024, allegations were presented regarding the admitted

unconstitutionality, and the Constitutional Court by judgement on 2 October 2024, declared the respective

non-unconstitutionality. On 11 October 2024 a request was submitted to the Court of Competition Regulation

and Supervision, being issued a decision on 10 December 2024. According to a notification on 16 January

2025, the Public Prosecutor's Office appealed the decision to the Lisbon Court of Appeal, and EDP S.A. and

EDP Comercial submitted their respective response on 4 February 4 2025, awaiting the pronouncement of

this Court.

ii) On 18 September 2019, the Portuguese Competition Authority (AdC) has notified EDP Produção, with a

notice for alleged violation of competition laws, based on the alleged abusive behavior of dominant market

position in the secondary regulation band. The contingency amounted to 48 million Euros, was reduced to 40

million Euros by the Lisbon Court of Appeal, with the risk being assessed as possible. According to the

decision of the Constitutional Court Conference on 11 July 2024 notified on 15 July 2024, the complaint

submitted on 21 June 2024 was dismissed. On 25 July 2024, EDP Produção submitted a request to the

Competition, Regulation and Supervision Court. By order dated on 2 October 2024, the Competition,

Regulation and Supervision Court determined the return to EDP Produção of the amount deposited as

payment of the fine that exceeds the amount fixed by the Lisbon Court of Appeal, plus the amount related to

probable costs. On 25 July 2024, EDP Produção submitted an application to the Court of Competition

Regulation and Supervision. On 14 November 2024, the Competition, Regulation and Supervision Court

issued an order regarding a part of the request submitted by EDP Produção on 25 July 2024. EDP Produção

filed an appeal to the Lisbon Court of Appeal on 3 December 2024, and a decision is awaited. A decision

from the Competition, Regulation and Supervision Court is also awaited regarding the other part of the

request submitted by EDP Produção on 25 July 2024. The EDP Group continues to believe that EDP

Produção did not engage in any abuse of dominant position, having acted strictly in accordance with the

legal framework in force. Nevertheless, EDP Produção has already been judicially obliged to pay the fine to

which it was condemned by the AdC (see note 4).

Still in the context of this process, on 29 September 2021, EDP Produção 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 Produção 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 Produção, the Lisbon Court of Appeal confirmed the decision to

suspend the proceedings. EDP Produção 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 27 October 2009 and 5 January 2010 the EDP Group was subject to two tax settlement notes on the

taxable profit of the EDP tax group for the years 2005 and 2006 which include the effect of the correction to

the taxable amount of the EDP Internacional SGPS, in the total amount of 591 million Euros, associated with

the tax treatment given to a capital loss identified in the liquidation of its subsidiary, whose main asset

consisted of stakes in operational subsidiaries in Brazil, namely EDP Espírito Santo and Enersul. As of 31

December 2024 the value of the tax contingency associated with the aforementioned correction amounts to

179 million Euros, plus late payment interest.

Based on the analysis carried out and the technical opinions gathered, including obtaining a favorable

binding opinion from the tax authorities regarding the nature of the operation in question in the year of the

liquidation, it was concluded that the identified capital loss is tax deductible for Corporate Income Tax under

no 2 of article 75 of the Corporate Income Tax Code in force at the time of the facts (current article 81).

Considering this and understanding that the framing of the operation in question complied with the tax

legislation in force at the time of the facts, EDP Group challenged the legality of the additional assessment of

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IRC and filed a legal challenge in Court. In 2018 EDP was notified of the verdict that deemed the correction to

the taxable amount made to EDP Internacional SGPS illegal, with the Tax Authority appealing this judicial

decision. In March 2024 EDP was notified of the judgment rendered by the Central Administrative Court

South (“TCA Sul”), which revoked the verdict of the first instance court regarding this correction.

EDP disagreed with the decision of the Central Administrative Court South, and has therefore initiated

various legal means at its disposal to contest this decision. In December 2024, a new ruling was issued by the

Central Administrative Court South, determining that the case be sent again to the Court of First Instance for

a reassessment of the facts. EDP remains confident about the success of this litigation and is convinced that

the tax framework was correct according to the applicable legislation, prudently classifying the contingency

as possible at of this date.

The possible contingencies more relevant in Brazil, are as follows:

• 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 15,671 thousand Euros (31 December 2023:

15,895 thousand Euros);

• There is a public civil action filed against EDP São Paulo and EDP Espírito Santo by ADIC – Associação

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 São Paulo and EDP Espirito Santo

amounts to 90,403 thousand Euros (31 December 2023: 91,618 thousand Euros);

• EDP São Paulo is a party to a lawsuit related to the COFINS (Contribution for social security financing)

from 1993 to 1995 in joint litigation 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. The updated amount as at 31 December

2024 is 12,655 thousand Euros (31 December 2023: 15,165 thousand Euros);

• EDP São Paulo and EDP Espírito 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

2024, the updated values amount to 20,285 thousand Euros (31 December 2023: 23,158 thousand

Euros);

• 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 2024, this contingency amounts

to 11,350 thousand Euros (31 December 2023: 12,951 thousand Euros). Currently, the judgment in the

judicial sphere is awaited.

38. Institutional partnerships in North America

The caption Institutional partnerships in North America is as follows:

| |   
---|---|---  
| Group  
Thousand Euros | Dec 2024 | Dec 2023  
Deferred income related to benefits provided | 1,521,011| 769,191  
Liabilities arising from institutional partnerships | 1,451,724| 1,419,054  
| 2,972,735| 2,188,245  
  
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).

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The movements in Institutional partnerships in North America are as follows:

| |   
---|---|---  
| Group  
Thousand Euros | Dec 2024 | Dec 2023  
Balance at the beginning of the period | 2,188,245| 2,212,162  
Proceeds received from institutional investors | 982,816| 505,922  
Cash paid for deferred transaction costs | -11,866| -4,311  
Cash paid to institutional investors | -142,373| -130,745  
Other Income (see note 8) | -303,108| -231,055  
Unwinding (see note 14) | 83,827| 81,058  
Perimeter variations (see note 6) | —| 45,581  
Transfer to Liabilities held for sale | —| -207,452  
Exchange differences | 165,145| -78,038  
Other | 10,049| -4,877  
Balance at the end of the period | 2,972,735| 2,188,245  
  
During 2024, EDPR NA, has secured and received proceeds amounting to 982,816 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 2024, the liabilities associated

with these guarantees are not expected to exceed the amounts already recognized under the caption

Liabilities arising from institutional partnerships.

39. Trade payables and other liabilities from commercial activities

At Group level, Trade payables and other liabilities from commercial activities are as follows:

| | | |   
---|---|---|---|---  
| Non-current | Current  
Thousand Euros | Dec 2024 | Dec 2023 | Dec 2024 | Dec 2023  
Contract liabilities:  
Energy sales contracts - North America | 2,724| 3,301| —| —  
CMEC (see note 27) | 11,709| 17,091| 5,382| 48,713  
Tariff adjustments - Electricity - Portugal  | —| —| 571,638| 266,100  
Amounts received from the Environmental Fund | —| —| 54,940| 66,338  
| 14,433| 20,392| 631,960| 381,151  
Other liabilities:  
Investment government grants | 459,347| 301,524| —| —  
Customer contract obligations | 437,789| 437,845| —| —  
Amounts payable for tariff adjustments - Electricity - Portugal  (see note 27)| 34,067| 9,466| 62,212| 200,194  
Amounts payable for tariff adjustments - Electricity - Brazil | 32,384| 63,174| 120,232| 128,690  
Amounts payable - securitisations | —| —| 87,958| 70,246  
Amounts payable - CMEC | —| —| 230,032| 230,068  
Amounts payable for concessions  | 189,795| 205,981| 19,605| 20,611  
Property, plant and equipment suppliers | 240,748| 196,215| 1,979,765| 2,832,163  
Suppliers | —| —| 1,078,548| 1,029,189  
Accrued costs related with commercial activities | —| —| 865,781| 910,347  
Holiday pay, bonus and other charges with employees | —| —| 221,383| 235,807  
CO2 emission Licenses  | —| —| 102,013| 156,638  
Other creditors and sundry operations | 149,127| 176,160| 254,208| 309,708  
| 1,543,257| 1,390,365| 5,021,737| 6,123,661  
| 1,557,690| 1,410,757| 5,653,697| 6,504,812  
  
At Company level, Trade payables and other liabilities from commercial activities are as follows:

| |   
---|---|---  
| Current  
Thousand Euros | Dec 2024 | Dec 2023  
Other liabilities: | |   
Suppliers | 119,631| 220,051  
Accrued costs related with commercial activities | 43,165| 31,499  
Property, plant and equipment suppliers | 808| 10,838  
Holiday pay, bonus and other charges with employees | 35,361| 39,076  
Other creditors and sundry operations | 7,277| 84,640  
| 206,242| 386,104  
  
Amounts received from the Environmental Fund refer to the amounts received by E-Redes - Distribuição de

Eletricidade, S.A. under the Tariff Containment Measures and are intended to reduce the tariffs during 2025.

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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 30,097 thousand Euros as at 31 December 2024

(see note 12).

The captions Amounts payable and Amounts Receivable for tariff adjustments - Electricity - Brazil, refer to

tariff adjustments recognised in EDP São Paulo - Distribuição de Energia S.A. and EDP Espírito Santo -

Distribuição de Energia S.A.

| | | |   
---|---|---|---|---  
| Non-current | Current  
Thousand Euros | Dec 2024 | Dec 2023 | Dec 2024 | Dec 2023  
Amounts payable for tariff adjustments - Electricity - Brazil | 32,384| 63,174| 120,232| 128,690  
Amounts receivable from tariff adjustments - Electricity - Brazil  (see note 27)| -11,135| -41,284| -7,553| -6,578  
| 21,249| 21,890| 112,679| 122,112  
  
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 2024  
Balance at the beginning of the period | 144,002  
Tariff adjustment of the period (see note 7) | 135,252  
(Payment)/Receipt through the electricity tariff | -133,499  
Interest expense/income (see note 14) | 13,417  
Exchange differences | -25,244  
Balance at the end of the period | 133,928  
  
The movement includes the recognition of 1,383 thousand Euros (8,885 thousand Brazilian Real) of the

refund and a positive amount of 172 thousand Euros (1,106 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, which were fully returned

between 2020 and 2024, 1,903,865 thousand Brazilian Real through the electricity tariff, with a negative

unwinding of 147,268 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 – Distribuição 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 - Non-current and Current includes the concession rights for

the operation of the hydric domain of Alqueva and Pedrógão transferred by EDIA in the amount of 130,244

thousand Euros (31 December 2023: 134,004 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 79,156 thousand Euros (31 December 2023: 92,589 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 202,321 thousand Euros (31 December 2023:

316,339 thousand Euros) and the amounts due related with the construction of windfarms and solar parks in

North America in the amount of 1,270,047 thousand Euros (31 December 2023: 1,993,372 thousand Euros), in

Europe in the amount of 484,562 thousand Euros (31 December 2023: 325,029 thousand Euros) and in

South America in the amount of 61,290 thousand Euros (31 December 2023: 195,340 thousand Euros).

The caption CO2 emission licenses includes the licenses corresponding to CO2 emissions made during

2024 in Portugal and Spain, in the amount of 37,461 thousand Euros and 64,552 thousand Euros,

respectively (31 December 2023: 53,181 thousand Euros and 103,457 thousand Euros). The variation that

occurred includes the consumption of 2024 and return, in 2024, of the licenses related to 2023

consumptions, which are delivered by September of the year following their consumption to the regulatory

authorities.

The variation in Other creditors and sundry operations - Current and Non-current is mainly related with: i)

Mibel balances for daily energy transactions; ii) adjustments of the pool's price estimate in accordance with

the regulatory mechanism for the renewable generation sector in Spain; and iii) reinsurance activity.

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40. Other liabilities and other payables

Other liabilities and other payables are as follows:

| | | |   
---|---|---|---|---  
| Group | Company  
Thousand Euros | Dec 2024 | Dec 2023 | Dec 2024 | Dec 2023  
Other liabilities and other payables - Non-Current  
| | | |   
Liabilities measured at amortised cost:  
Loans from non-controlling interests | 484,870| 637,221| —| —  
Group companies  | —| —| 885,000| —  
Lease Liabilities | 1,191,919| 1,176,456| 138,156| 136,162  
| | | |   
Liabilities measured at fair value through profit or loss:  
Derivative financial instruments (see note 43) | 874,617| 984,989| 507,286| 700,437  
Amounts payable and contingent prices for acquisitions/sales | 126,559| 148,317| —| 33,196  
| | | |   
Other Liabilities:  
Other creditors and sundry operations | 351,750| 352,952| —| —  
| 3,029,715| 3,299,935| 1,530,442| 869,795  
Other liabilities and other payables - Current  
| | | |   
Liabilities measured at amortised cost:  
Loans from non-controlling interests | 143,047| 57,828| —| —  
Dividends attributed to related companies | 42,713| 54,089| —| —  
Group companies | —| —| 5,205| 10,890  
Lease Liabilities | 130,234| 136,274| 12,910| 12,146  
| | | |   
Liabilities measured at fair value through profit or loss:  
Derivative financial instruments (see note 43) | 553,869| 886,978| 490,311| 898,181  
Amounts payable and contingent prices for acquisitions/sales | 146,826| 190,296| 55,650| 30,511  
| | | |   
Other Liabilities:  
Other creditors and sundry operations | 41,090| 45,342| 348,609| 548,385  
| 1,057,779| 1,370,807| 912,685| 1,500,113  
| 4,087,494| 4,670,742| 2,443,127| 2,369,908  
  
The caption Loans from non-controlling interests Non-Current and Current mainly includes the amounts of

556,234 thousand of euros provided by Macquirie Super Core Infrastructure Fund SD Holdings S.À.R.L. with

a fixed rate ranging between 0.40% and 2.73%. The movement in 2024 in this caption is due to acquisition

of ACE Lux, S.à r.l. and its subsidiaries (ACE Italy, S.à r.l. and ACE Poland, S.à r.l.), and ACE Portugal, S.à r.l.

(see note 6).

The variation of the caption Group companies is mainly due to the supply granted by EDP Servicios

Financieros España, S.A.U.

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 2024 | Dec 2023  
Balance at the beginning of the period | 1,312,730| 1,387,792  
Charge for the period | 106,619| 134,453  
Unwinding of lease liabilities (see note 14) | 51,798| 47,718  
Lease payments (principal and interests) | -130,596| -141,864  
Exchange differences | 38,915| -22,211  
Perimeter variations and other regularisations | -57,313| -93,158  
Balance at the end of the period | 1,322,153| 1,312,730  
  
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The nominal value of Lease Liabilities, by maturity, is as follows:

| | | | |   
---|---|---|---|---|---  
| Dec 2024  
| Capital outstanding by maturity  
Thousand Euros | Total | Less than 5  years| From 5 to 10  years| From 10 to 15  years| More than 15  years  
Lease Liabilities | 2,210,090| 556,797| 450,797| 430,391| 772,105  
  
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).

41. Tax liabilities

Tax liabilities are as follows:

| | | |   
---|---|---|---|---  
| Group | Company  
Thousand Euros | Dec 2024 | Dec 2023 | Dec 2024 | Dec 2023  
Non Current | | | |   
Special tax Brazil | 82,568| 138,834| —| —  
Current | | | |   
Income tax | 58,705| 223,894| 551| 140,751  
Withholding tax | 71,423| 68,224| 1,579| 1,137  
Value Added Tax (VAT) | 159,804| 196,314| 1,881| 390  
Special taxes Brazil | 66,510| 88,948| —| —  
Other taxes | 172,038| 156,443| 1,509| 1,347  
| 528,480| 733,823| 5,520| 143,625  
| 611,048| 872,657| 5,520| 143,625  
  
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).

42. Non-Current assets and liabilities held for sale

These captions are as follows:

| |   
---|---|---  
| Group  
Thousand Euros | Dec 2024 | Dec 2023  
Assets held for sale | |   
Electricity transmission - Brazil - EDP Transmissão SP-MG, S.A. | —| 531,332  
Electricity transmission - Brazil - Mata Grande Transmissora de Energia LTDA. | —| 25,068  
Clients - Brazil | —| 15,965  
Electricity generation - Solar - North America | —| 509,908  
Electricity generation - Joint Ventures (see note 22) | 172| 81,561  
Electricity generation - Solar - Spain | 73,795| —  
Electricity generation - Onshore wind - Other | —| 6,694  
Network - Transmission - Brasil- EDP Transmissão Aliança SC | 410,177| —  
Total Assets held for sale | 484,144| 1,170,528  
Liabilities held for sale | |   
Electricity transmission - Brazil - EDP Transmissão SP-MG, S.A. | —| 412,109  
Electricity transmission - Brazil - Mata Grande Transmissora de Energia LTDA. | —| 2,582  
Clients - Brazil | —| 4,642  
Electricity generation - Solar - North America | —| 273,815  
Electricity generation - Solar - Spain | 22,885| —  
Network - Transmission - Brasil- EDP Transmissão Aliança SC | 313,103| —  
Total Liabilities held for sale | 335,988| 693,148  
Net amount of held for sale | 148,156| 477,380  
  
During the fourth quarter of 2022, EDP Group started the process of selling its electricity production joint

venture Energia Ásia 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 2024, EDP 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 Transmissão SP-MG, S.A. e Mata Grande Transmissora de

Energia LTDA. Assets and liabilities associated with this portfolio were presented in non-current assets and

| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 704|   
| | | | |   
  
liabilities held for sale. During the first quarter of 2024, EDP Brasil Group announced the closing of the asset

rotation process of EDP Transmissão SP-MG, S.A. and during the second quarter the closing of the asset

rotation process of Mata Grande Transmissora de Energia LTDA. (see note 6).

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 first quarter of 2024, EDPR Group announced the

closing of this transaction (see note 6).

During the fourth quarter of 2023, EDP Brasil Group started the process of selling EDP Smart Soluções, S.A.

Assets and liabilities associated with this portfolio were presented in non-current assets and liabilities held

for sale. During the first quarter of 2024, the Board of Directors of EDP Brasil Group decided that it was no

longer their intention to sell its stake in this company, so their assets and liabilities are no longer presented as

non-current assets held for sale.

During the fourth quarter of 2024, EDPR Group, as part of its asset rotation program, started the process of

selling a solar portfolio in Spain. Assets and liabilities associated with this portfolio were presented in non-

current assets and liabilities held for sale.

During the fourth quarter of 2024, the EDP Brasil Group started the asset rotation process of the transmission

line, with a length of 435 kilometers, EDP Transmissão Aliança SC (Lote 21). Assets and liabilities associated

with this portfolio were presented in non-current assets and liabilities held for sale.

As at 31 December 2024 the following reclassifications were made to held for sale:

| | |   
---|---|---|---  
Thousand Euros | Transmission -  BR| Electricity  generation - Solar| Total  
Assets | | |   
Property, plant and equipment (see note 17) | -122| -67,599| -67,721  
Right‐of‐use assets (see note 18) | —| -6,196| -6,196  
Contractual assets from concessions - IFRIC 12 (see note 27) | -390,741| —| -390,741  
Other assets | -8,918| —| -8,918  
Cash and cash equivalents | -10,396| —| -10,396  
Non-Current Assets Held for Sale | 410,177| 73,795| 483,972  
| —| —| —  
Liabilities | | |   
Financial debt | -241,917| —| -241,917  
Other liabilities | -71,186| -22,885| -94,071  
Liabilities Held for Sale | 313,103| 22,885| 335,988  
| —| —| —  
  
These reclassifications were made only for financial statement presentation purposes, without impact on the

measurement of these assets and liabilities, as it is expected that the fair value less costs to sell is higher than

its book value, in accordance with IFRS 5.

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.

| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 705|   
| | | | |   
  
The fair value of the derivative financial instruments in EDP Group is as follows:

| | | |   
---|---|---|---|---  
| Dec 2024 | Dec 2023  
Thousand Euros | Assets | Liabilities | Assets | Liabilities  
Net Investment hedge  
Cross-currency interest rate swaps | 50,340| -131,072| 80,590| -101,183  
Currency forwards | 1,335| -9,101| 555| -10,321  
Fair value hedge  
Interest rate swaps | 2,603| -15,819| —| -21,232  
Cross-currency interest rate swaps | 4,536| -1,772| 24,325| -40,833  
Cash flow hedge  
Interest rate swaps | 14,157| -13,638| 16,013| -17,306  
Cross-currency interest rate swaps | 9,398| —| —| —  
Swaps related to gas commodity | 63,702| -262,661| 181,525| -402,369  
Electricity swaps | 431,396| -633,775| 229,578| -634,238  
Currency forwards (includes commodities and capex  forwards)| 19,814| -748| 29,771| -18,993  
CO2 forwards | —| -9,250| 2,082| -8,261  
Trading  
Interest rate swaps | 45,458| -4,005| 37,766| -12,876  
Cross-currency interest rate swaps | 62,027| -2,830| 317| -29,793  
Commodity swaps and forwards | 348,887| -320,086| 482,056| -507,746  
Currency forwards | 10,916| -11,329| 11,239| -60,969  
CO2 forwards | 254| -12,219| 2,545| -3,721  
Currency forwards associated to commodities | 155| -181| 19,163| -2,126  
| 1,064,978| -1,428,486| 1,117,525| -1,871,967  
  
As at 31 December 2024, EDP Group holds contracts for the purchase and sale of commodities traded on

futures exchange market, namely Chicago Mercantile Exchange, Intercontinental Exchange, European

Energy Exchange and OMIP, whose fair value of the contracted operations is settled on a daily basis, and

therefore it is not included in the Statement of Financial Position. The notional of these futures contracts

amounts to 3,524,564 thousand Euros with maturities ranged between 2025 and 2034 (31 December 2023:

3,666,585 thousand Euros), and the fair value held in EDP Group results and cash flow hedge reserves

related to these operations are a negative amount of 5,960 thousand Euros and a positive amount of 125,138

thousand Euros, respectively (31 December 2023: negative amount of 34,388 thousand Euros and positive

amount of 50,263 thousand Euros).

The financial risk management of EDP S.A. and other entities of the Group is centrally carried out by EDP S.A.,

and in terms of commodity price risk management by EDP GEM (see notes 5 and 14). On this basis, EDP S.A.

and EDP GEM contract derivative financial instruments to hedge individual business risks and those of the

EDP Group companies, performing intermediation for these entities in the negotiation and contracting.

The fair value of the derivative financial instruments at Company level is as follows:

| | | |   
---|---|---|---|---  
| Dec 2024 | Dec 2023  
Thousand Euros | Assets | Liabilities | Assets | Liabilities  
Cash flow hedge  
Interest rate swaps  | 325| -1,684| —| —  
Fair value hedge  
Interest rate swaps | 2,533| -234| —| —  
Trading  
Interest rate swaps | 17,578| -17,253| 31,371| -30,472  
Cross-currency interest rate swaps | 108,109| -145,962| 124,439| -161,995  
Commodity swaps | 782,716| -782,716| 1,257,441| -1,257,441  
Currency forwards | 27,327| -27,332| 85,132| -85,117  
Commodity forwards | 9,250| -9,250| 12,888| -12,888  
Currency forwards associated to commodities | 13,166| -13,166| 50,705| -50,705  
| 961,004| -997,597| 1,561,976| -1,598,618  
  
* For presentation purposes, the notionals of purchase operations have a positive sign and those for sales have a negative sign.

| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 706|   
| | | | |   
  
In 2024, the notional amounts per measurement unit of the derivative financial instruments at Company

level, are as follows:

| | | | | | |   
---|---|---|---|---|---|---|---  
Thousand Units | Unit | 2025 | 2026 | 2027 | 2028 | Following  years| Total  
Cash flow hedge | | | | | | |   
Interest rate swaps | Euros | —| —| —| —| 80,000| 80,000  
Fair value hedge | | | | | | |   
Interest rate swaps | Euros | —| —| —| 200,000| 200,000| 400,000  
Trading | | | | | | |   
Interest rate swaps | Euros | 1,500,000| —| —| 988,422| 440,000| 2,928,422  
Cross-currency interest rate swaps | Euros | 258,550| 94,504| 318,182| —| 2,784,064| 3,455,300  
Currency forwards | Euros | 2,246,311| 35,156| 6,080| —| —| 2,287,547  
Currency forwards for commodities | Euros | 226,886| 54,630| —| —| —| 281,516  
  
In 2023, the notional amounts per measurement unit of the derivative financial instruments at Company level,

were as follows:

| | | | | | |   
---|---|---|---|---|---|---|---  
Thousand Units | Unit | 2024 | 2025 | 2026 | 2027 | Following  years| Total  
Trading | | | | | | |   
Interest rate swaps | Euros | —| 1,500,000| —| —| 959,496| 2,459,496  
Cross-currency interest rate swaps | Euros | 2,505,527| —| 166,282| 318,182| 2,784,242| 5,774,233  
Currency forwards | Euros | 4,371,464| 184,744| 8,000| —| —| 4,564,208  
Currency forwards for commodities | Euros | 510,697| 165,756| —| —| —| 676,453  
  
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 2024, the future undiscounted cash flows of the derivative financial instruments in EDP Group, are as

follows:

| | | | | |   
---|---|---|---|---|---|---  
Thousand Euros | 2025 | 2026 | 2027 | 2028 | Following  years| Total  
Net Investment hedge | | | | | |   
Cross-currency interest rate swaps | -36,973| -37,630| -64,169| -29,898| -167,823| -336,493  
Currency forwards | -7,766| —| —| —| —| -7,766  
| -44,739| -37,630| -64,169| -29,898| -167,823| -344,259  
Fair value hedge | | | | | |   
Interest rate swaps | -12,859| -1,205| -1,184| 2,978| -5,056| -17,326  
Cross-currency interest rate swaps | —| —| —| —| 3,484| 3,484  
| -12,859| -1,205| -1,184| 2,978| -1,572| -13,842  
Cash flow hedge  
Interest rate swaps | 708| -783| -1,028| 55| 6,276| 5,228  
Cross-currency interest rate swaps | —| —| —| —| 9,398| 9,398  
Swaps related to gas commodity | -172,874| -32,211| -4,545| —| —| -209,630  
Electricity swaps | -22,019| -16,449| -17,917| -15,743| -138,022| -210,150  
CO2 forwards | -4,515| -5,058| —| —| —| -9,573  
Currency forwards (includes  commodities and capex forwards)| 18,238| 703| 32| —| —| 18,973  
| -180,462| -53,798| -23,458| -15,688| -122,348| -395,754  
Trading | | | | | |   
Interest rate swaps | 19,632| 8,239| 17,497| —| —| 45,368  
Cross-currency interest rate swaps | 60,326| —| —| —| —| 60,326  
Commodity swaps and forwards | 19,829| 17,018| 8,507| 2,985| -10,575| 37,764  
CO2 forwards | -11,913| -260| —| —| —| -12,173  
Currency forwards | 770| -1,124| —| —| —| -354  
| 88,644| 23,873| 26,004| 2,985| -10,575| 130,931  
| -149,416| -68,760| -62,807| -39,623| -302,318| -622,924  
  
| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 707|   
| | | | |   
  
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 2024, the future undiscounted cash flows of the derivative financial instruments at Company level, are as

follows:

| | | | | |   
---|---|---|---|---|---|---  
Thousand Euros | 2025 | 2026 | 2027 | 2028 | Following  years| Total  
Fair value hedge  
Interest rate swaps | -7,800| -1,205| -1,184| 2,978| 3,801| -3,410  
| -7,800| -1,205| -1,184| 2,978| 3,801| -3,410  
Cash flow hedge  
Interest rate swaps | 306| -128| -128| -129| -126| -205  
| 306| -128| -128| -129| -126| -205  
Trading | | | | | |   
Interest rate swaps | 5,444| 628| 628| 629| -3,801| 3,528  
Cross-currency interest rate swaps | -1,857| -1,789| -20,002| -680| -17,178| -41,506  
Currency forwards | -4| —| —| —| —| -4  
| 3,583| -1,161| -19,374| -51| -20,979| -37,982  
| -3,911| -2,494| -20,686| 2,798| -17,304| -41,597  
  
In 2023, the future undiscounted cash flows of the derivative financial instruments at Company level, are as

follows:

| | | | | |   
---|---|---|---|---|---|---  
Thousand Euros | 2024 | 2025 | 2026 | 2027 | Following  years| Total  
Trading  
Interest rate swaps | 628| 313| —| —| —| 941  
Cross-currency interest rate swaps | 3,615| 170| 1,985| -25,666| -68,814| -88,710  
Currency forwards | 15| —| —| —| —| 15  
| 4,258| 483| 1,985| -25,666| -68,814| -87,754  
  
| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 708|   
| | | | |   
  
The changes in the fair value, including accrued interest, of hedging instruments and risks being hedged are

as follows:

| | | | | |   
---|---|---|---|---|---|---  
| | | 2024 | 2023  
| | | Changes in fair value | Changes in fair value  
Thousand Euros | Hedging instrument | Hedged risk | Instrument | Risk | Instrument | Risk  
Net investment (i) | Hedging instrument | Subsidiaries in BRL, GBP,  USD, CAD, SGD, COP, CNY, TWD and PLN| -58,139| 188,757| 202,073| -172,678  
Fair value | Interest rate swap | Interest rate | 8,016| -8,016| 12,696| -12,696  
Fair value | Cross-curr. int. rate  swaps| Exchange and interest  rate| 19,272| -19,272| 5,196| 9,956  
Cash flow | Interest rate swap | Interest rate | 1,812| -1,812| -114,352| 114,352  
Cash flow | Cross-curr. int. rate  swaps| Exchange and interest  rate| 9,398| -9,398| —| —  
Cash flow | CO2 forwards | Commodity prices | -3,071| 3,071| -6,179| 6,179  
Cash flow | Currency forwards | Exchange rate | 8,288| -8,288| -23,080| 23,080  
Cash flow (ii) | Commodity swaps | Commodity prices | 224,166| -224,391| 2,051,122| -2,059,602  
| | | 209,742| -79,349| 2,127,476| -2,091,409  
  
(i) Fair value variation of the hedging instrument on Cross currency interest rate swaps for Net investment

includes a negative amount of 47,732 thousand Euros related to the cost of hedging (37,489 thousand Euros

net of tax effect), recorded in reserves (see note 33), and ineffectiveness of a positive amount of 82,886

thousand Euros; and

(ii) Relating to December 2024, fair value variation of the hedging instrument on Commodity swaps for Cash

flow includes a negative amount of 225 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 2024, the following market inputs were considered for the fair value calculation:

|   
---|---  
Instrument | Fair value indexed to the following market inputs  
Cross-curr. int. rate swaps | Interest rates: Euribor 3M, Euribor 6M, Libor 3M, Libor 6M, CDI Diária, Wibor 3M, Wibor 6M, CAD Libor  3M e Robor 3M; e taxas de câmbio: EUR/GBP, EUR/BRL, EUR/CAD, EUR/COP, EUR/USD, USD/EUR, EUR/SGD and EUR/PLN.  
Interest rate swaps | Interest rates: Euribor 3M, Euribor 6M, Wibor 6M, Wibor 6M, US Libor 3M, CAD Libor 3M, COOVIBR, CDI  Diária, IPCA and SOFR.  
Currency forwards | 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/SGD, USD/CAD, USD/HUF, USD/EUR, USD/PLN, VND/USD, EUR/AUD, PLN/USD, SGD/CNY, SGD/TWD, SGD/USD, USD/COP, USD/JPY and VND/USD.  
Commodity swaps | Market quotes of commodities: Brent, Electricity, Henry Hub, TTF, Coal, CO2 and JKM.  
  
The changes in the fair value reserve related to cash flow hedges in 2024 and 2023 by nature of derivative

financial instruments in EDP Group, were as follows:

| | | | | |   
---|---|---|---|---|---|---  
Thousand Euros | Cross- currency interest rate swaps| Commodity  swaps| Currency  forwards for capex and commod.| Gross  Amount| Deferred  Tax| Total  
Balance as at 1 January 2023 | -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  
Fair value changes | 64,501| -119,360| 24,812| -30,047| -126,782| -156,829  
Transfer to results from hedging | -4,057| 360,336| -29,809| 326,470| 39,571| 366,041  
Comprehensive Income changes in associates | -51,902| —| —| -51,902| 11,486| -40,416  
Balance as at 31 December 2024 | -30,865| -188,087| 12,535| -206,417| 62,068| -144,349  
  
The changes in the fair value reserve related to cash flow hedges in 2024 and 2023 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 2023 | 35,029| -868,439| 68,733| -764,677| 160,544| -604,133  
Fair value changes | -8,386| -274,434| 2,327| -280,493| 58,904| -221,589  
Transfer to results from hedging | -2,795| 1,142,873| -71,060| 1,069,019| -224,494| 844,525  
Balance as at 31 December 2023 | 23,848| —| —| 23,849| -5,046| 18,803  
Fair value changes | -1,685| —| —| -1,685| 578| -1,107  
Transfer to results from hedging | -5,337| —| —| -5,337| 1,067| -4,270  
Balance as at 31 December 2024 | 16,826| —| —| 16,827| -3,401| 13,426  
  
| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 709|   
| | | | |   
  
Changes in fair value for the period, on consolidated 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 therefore 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 2024 and 2023 are as follows:

| | | |   
---|---|---|---|---  
| Group | Company  
Thousand Euros | Dec 2024 | Dec 2023 | Dec 2024 | Dec 2023  
Commodity derivatives held for trading | -99,227| 621,379| —| -866,346  
Debt derivatives held for trading | 29,044| -121,160| 1,733| 23,468  
Net investment hedge - ineffectiveness | 82,886| -29,498| —| —  
Fair value hedges:  
-Derivatives | 34,631| 26,419| —| —  
-Hedged liabilities | -7,518| -49,634| —| —  
Cash flow hedges:  
-Transfer to results from hedging of financial liabilities | -4,057| -2,959| —| —  
-Transfer to results from hedging of commodity prices | 330,527| -1,612,624| —| -64,406  
| 366,286| -1,168,077| 1,733| -907,284  
  
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 2024 are as follows:

| | | |   
---|---|---|---|---  
| Notional Euro'000 | Currency | EDP Pays | EDP Receives  
Interest rate contracts:  
Interest rate swaps (i) | 1,500,000| EUR | [ 4.92% - 0.00% ] | [ 4.13% - 0.18% ]  
Interest rate swaps | 295,000| USD | [ 4.45% - 1.23% ] | [ 4.68% - 0.01% ]  
Interest rate swaps | 365,037| BRL | [ 12.10% - 1.37% ] | [ 11.07% - 1.40% ]  
Interest rate swaps | 104,985| CAD | [ 2.75% - 2.10% ] | [ 0.06% - -0.04% ]  
Interest rate swaps | 527,523| SGD | [ 3.11% - 2.94% ] | [ 0.06% - -0.04% ]  
Interest rate swaps | 44,478| TWD | [ 2.03% - 1.47% ] | [ 1.68% - 1.65% ]  
| | | |   
Currency and interest rate contracts:  
CIRS (currency interest rate swaps) (i) | 15,835| EUR/GBP | [ 0.05% - -0.05% ] | [ -1.58% - -1.48% ]  
CIRS (currency interest rate swaps) | 120,893| EUR/PLN | [ 6.79% - 6.12% ] | [ 3.21% - 2.68% ]  
CIRS (currency interest rate swaps)  | 39,798| EUR/CAD | [ 0.05% - -0.05% ] | [ -1.00% - -1.08% ]  
CIRS (currency interest rate swaps) (i) | 378,764| USD/BRL | [ 12.27% - 1.37% ] | [ 6.79% - 1.40% ]  
CIRS (currency interest rate swaps) (i) | 1,960,599| USD/EUR | [ 5.30% - 1.83% ] | [ 3.88% - 0.38% ]  
  
(i) EDP pays floating rate and receives fixed rate.

The effective interest rates of the derivative financial instruments relating to financing operations in EDP

Group at 31 December 2023 were as follows:

| | | |   
---|---|---|---|---  
| Notional Euro'000 | Currency | EDP Pays | EDP Receives  
Interest rate contracts:  
Interest rate swaps (i) | 902,256| EUR | [ 4.13% - 0.00% ] | [ 3.95% - 0.18% ]  
Interest rate swaps (ii) | 251,751| USD | [ 1.86% - 1.23% ] | [ 5.65% - 0.13% ]  
Interest rate swaps (ii) | 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) | 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) | 733,705| USD/BRL | [ 14.46% - 10.71% ] | [ 6.79% - 2.89% ]  
CIRS (currency interest rate swaps) | 2,813,198| USD/EUR | [ 5.30% - 1.83% ] | [ 3.88% - 0.38% ]  
  
(i) EDP pays floating rate and receives fixed rate.

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| | | | |   
  
The contracted prices of the derivative financial instruments relating to commodities at 31 December 2024

were as follows:

| | | | | |   
---|---|---|---|---|---|---  
| Unit | 2025 | 2026 | 2027 | 2028 | Following  Years  
Electricity swaps | Euros/MWh | [29.18 - 167.03] | [29.07 - 113.27] | [29.07 - 67.00] | [29.07 - 67.00] | [29.60 - 67.00]  
Swaps related to gas  commodity| Euros/MWh | [8.20 - 159.90] | [11.77 - 57.02] | [11.93 - 46.95] | n.a | n.a  
CO2 forwards | Euros/MT | [97.32 - 100.18] | [102.40 - 107.00] | n.a | n.a | n.a  
Coal swaps | US Dollar/MT | [103.80 - 110.69] | n.a | n.a | n.a | n.a  
  
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/MWh | [33.20 - 144.89] | [33.20 - 159.37] | [33.20 - 67.00] | [33.20 - 67.00] | [33.20 - 67.00]  
Swaps related to gas  commodity| Euros/MWh | [8.70 - 159.90] | [7.71 - 159.90] | [12.19 - 57.02] | [12.12 - 46.95] | n.a  
CO2 forwards | Euros/MT | [76.10 - 97.05] | [97.32 - 100.18] | [102.40 - 107.00] | n.a | n.a  
  
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 2024 | Dec 2023 | Dec 2024 | Dec 2023  
Operating guarantees  
EDP S.A. | 870,776| 938,811| 756,961| 938,811  
EDP España Group | 119,119| 57,378| —| —  
EDP Brasil Group | 197,041| 196,756| —| —  
EDP Renováveis Group | 3,691,148| 4,554,985| —| —  
| 4,878,084| 5,747,930| 756,961| 938,811  
  
The operating guarantees which are not included in the consolidated statement of financial position or in the

Notes, as at 31 December 2024 and 2023, mainly refer to Power Purchase Agreements (PPA),

interconnection, permits and market participation guarantees.

In addition to the above warranties, the amount of 160,988 thousand Euros refers to guarantees of an

operating nature related to Spanish and Polish entities sold in 2023 and North American, Polish, Spanish,

Italian and Hungarian entities sold in 2024 (see note 6), but for which EDP assumes the responsibility

temporarily until they are effectively replaced.

Related to entities that have been sold, the Group has provided parent company guarantees to cover non-

payment of obligations that may arise from the sale agreement and related to the operational performance of

the projects, which the Group assesses as very unlikely to materialize.

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 967,200 thousand Euros and

848,289 thousand Euros, respectively (31 December 2023: 1,026,688 thousand Euros and 655,322

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 2024  
| Capital outstanding by maturity  
Thousand Euros | Total | Less than 1 year | From 1 to 3  years| From 3 to 5  years| More than 5  years  
Lease Liabilities | 182,443| 20,094| 27,882| 13,444| 121,023  
Purchase obligations | 19,628,926| 6,021,018| 3,223,188| 2,422,392| 7,962,328  
| 19,811,369| 6,041,112| 3,251,070| 2,435,836| 8,083,351  
  
| | | | |   
---|---|---|---|---|---  
| Dec 2023  
| Capital outstanding by maturity  
Thousand Euros | Total | Less than 1 year | From 1 to 3  years| From 3 to 5  years| More than 5  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  
  
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| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 711|   
| | | | |   
  
The Group’s 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.

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 6,693,820 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 2024 | Dec 2023  
Purchase obligation - Present value | 6,693,820| 10,775,090  
Purchase obligation - Nominal amount | 9,527,084| 13,743,387  
  
Purchase obligations also include obligations of long term contracts relating to the supply of products and

services under the Group’s 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 2024 | Dec 2023  
Fuel acquisition | 4,214,615| 4,225,850  
Electricity acquisition | 8,748,199| 12,859,935  
O&M contracts | 1,004,691| 1,162,718  
Fixed assets, equipment and miscellaneous materials acquisition | 1,804,063| 2,553,046  
Supply and assembly contract | 2,291,609| 2,535,691  
Other supplies and services | 1,565,749| 1,688,886  
| 19,628,926| 25,026,126  
  
The commitments for fuel and electricity acquisition are disclosed, by maturity, as follows:

| | | | |   
---|---|---|---|---|---  
| Dec 2024  
| Capital outstanding by maturity  
Thousand Euros | Total | Less than 1 year | From 1 to 3  years| From 3 to 5  years| More than 5  years  
Fuel acquisition | 4,214,615| 464,794| 609,994| 574,686| 2,565,141  
Electricity acquisition  | 8,748,199| 962,624| 1,580,051| 1,239,482| 4,966,042  
| 12,962,814| 1,427,418| 2,190,045| 1,814,168| 7,531,183  
  
| | | | |   
---|---|---|---|---|---  
| Dec 2023  
| Capital outstanding by maturity  
Thousand Euros | Total | Less than 1 year | From 1 to 3  years| From 3 to 5  years| More than 5  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  
  
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 without loss of control, carried

out in previous years, incorporate contingent assets and liabilities according to the terms of the

corresponding agreements. Additionally, some of the assets acquisition transactions foresee contingent

liabilities which depend on certain milestones and, although EDP Group has recognized the fair value of

these liabilities in the consolidated financial statements, changes in the assumptions could change these

liabilities.

At Company level, the commitments relating to future cash outflows not reflected in the measurement of the

lease liabilities and purchase obligations are disclosed, by maturity, as follows:

| | | | |   
---|---|---|---|---|---  
| Dec 2024  
| Capital outstanding by maturity  
Thousand Euros | Total | Less than 1 year | From 1 to 3  years| From 3 to 5  years| More than 5  years  
Lease Liabilities | 95| 95| —| —| —  
Purchase obligations | 194,362| 97,872| 74,699| 14,811| 6,980  
| 194,457| 97,967| 74,699| 14,811| 6,980  
  
| | | | | | | | |   
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| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 712|   
| | | | |   
  
| | | | |   
---|---|---|---|---|---  
| Dec 2023  
| Capital outstanding by maturity  
Thousand Euros | Total | Less than 1 year | From 1 to 3  years| From 3 to 5  years| More than 5  years  
Lease Liabilities | 89| 89| —| —| —  
Purchase obligations | 288,324| 128,647| 123,270| 36,407| —  
| 288,413| 128,736| 123,270| 36,407| —  
  
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 2024 and

2023 are as follows:

| |   
---|---|---  
| 2024 Nr. of shares | 2023 Nr. of shares  
General and Supervisory Board  
China Three Gorges Corporation (represented by Guobin Qin) | 895,372,977| 878,970,301  
China Three Gorges International Corp. (represented by Shengliang Wu) | 895,372,977| 878,970,301  
China Three Gorges (Europe), S.A. (represented by Ignacio Herrero Ruiz) | 895,372,977| 878,970,301  
Draursa, S.A. (represented by Felipe Fernández Fernández) | —| 1,350  
Fernando Maria Masaveu Herrero | 285,934,976| 285,709,976  
João Carvalho das Neves  | —| 16,000  
Luís Maria Viana Palha da Silva | —| 5,479  
Laurie Lee Fitch | —| 40,000  
| |   
Executive Board of Directors   
Miguel Stilwell de Andrade | 485,212| 250,000  
Ana Paula Garrido de Pina Marques  | 126,425| —  
Rui Manuel Rodrigues Lopes Teixeira  | 172,368| 44,543  
Vera de Morais Pinto Pereira Carneiro | 146,425| 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 section A Ownership structure of Part II - 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’ 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 2024, 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 | 1,660| 572  
Members | 4,651| 1,706  
| 6,311| 2,278  
  
The remuneration costs accounted with the EBD includes the amount of 2,174 thousand Euros related to the

annual variable remuneration. This amount was calculated considering the best estimation of the variable

remuneration for the year of 2024, 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 2021-2024. On this basis,

an estimated amount of 10,383 thousand Euros was accrued (31 December 2023: 13,585 thousand Euros).

During 2024, the remuneration costs of the members of the Remunerations Committee of the General

Assembly and the Board of the General Assembly mounted to 58,058 Euros and 25,737 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.

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| | | | |   
  
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, being 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 2024, PwC fees relating to external audit and statutory audit of all subsidiaries of EDP Group amounted to

9,751,686 Euros. Additionally, the total fees charged by PwC for other assurance services, which include

quarterly reviews, and other non audit services amounted to 2,224,534 Euros and 162,175 Euros,

respectively.

In 2024, PwC Portugal fees relating to external audit and statutory audit of all subsidiaries of EDP Group in

Portugal, amounted to 3,076,530 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 1,376,093 Euros and 58,370 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

Renováveis, 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 Renováveis 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 Renováveis, 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 Renováveis, 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 Renováveis, 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 Renováveis 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 Renováveis 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.

On 23 December 2022, EDP S.A. concluded the sale of its 50% stake in Hydro Global Investment Limited

(“Hydro Global”) to China International Water & Electric Corporation (“CWE”), a company that belongs to

China Three Gorges (“CTG”) group, for a total amount of 68 million US Dollars.

| | | | | | | | |   
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| | | | |   
  
On 29 December 2023, EDP Renováveis S.A. (“EDPR”), has agreed with two entities sponsored by China

Three Gorges - ACE Investment Fund I LP and ACE Investment Fund II LP (“ACE Funds”) - the buy-back of

their 49% stakes in EDPR’s wind portfolios in Portugal, Poland and Italy, for a total price consideration of 570

million Euros.

On 29 December 2023, EDP S.A. has entered into an agreement for the sale of EDP’s 50% stake in Energia

Ásia Consultoria, Lda. (“Energia Ásia”), 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:

• Conversion of the Aboño 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;

• Establishment of a new partnership with the Asturian based industrial Group Corporación Masaveu,

S.A. (“CM”), through the sale of a 50% stake in Aboño, for an Enterprise Value of c. 350 million Euros

and an Equity Value of 60 million Euros for 100% of the asset; and

• Authorization requested from the electricity system operator (Red Eléctrica) to close Aboño I coal plant,

as well as EDP’s last remaining coal plants in Spain (Soto 3 and Los Barrios).

Aboño consists of two thermal groups (Aboño I and II) with a combined capacity of 904 MW, near Gijón 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 Aboño and transfer of liabilities related to the power plant. EDP will retain full

ownership and development of the Just Transition projects in Aboño, such as hydrogen and renewables

projects.

On 31 December 2023, once the conditions precedent to the transaction were met, the sale process was

completed.

In 2024, the EDP Group, through EDP Clientes, S.A., provided electricity, gas, solar panel installation and

other related services to the company Cementos Tutela Veguín for approximately 44.6 million Euros

(Cementos Tutela Veguín is a subsidiary of the Masaveu Group, which, in turn, holds 55.9% of the company

Oppidum Capital, S.L.).

Additionally, the EDP Group, through EDP Comercial – Comercialização de Energia, S.A., agreed with Exus

Management Partners to provide services related to the installation of electrical infrastructure that allows the

connection of two photovoltaic power plants to the Public Electricity Service Network, amounting to

approximately 2.1 million Euros (Exus Management Partners is a subsidiary of the Masaveu Group, which in

turn holds 55.9% of Oppidum Capital, S.L.).

As communicated to the market on June 17, 2024, EDP completed the sale of a 50% stake that the EDP

Group held in Energia Ásia Consultoria, Lda. to China Three Gorges International Limited for a total

consideration of approximately 100 million Euros.

As communicated to the market on October 9, 2024, in the fourth quarter of 2024, EDP Renewables Europe,

S.L.U. acquired all the shares of ACE Lux, S.à r.l. and its subsidiaries ACE Italy, S.à r.l., ACE Poland, S.à r.l., and

ACE Portugal, S.à.r.l., which held, respectively, minority interests corresponding to a 49% stake in the

companies EDP Renewables Italia, S.r.l., EDP Renewables Polska HoldCo, S.A, and EDPR PT - Parques

Eólicos, S.A. (see note 6).

Balances and transactions with companies of China Three Gorges Group

In accordance with the EDP/CTG strategic partnership, EDPR Group completed the sale of 49% of EDPR

Portugal, EDPR Brasil, EDPR PT-PE, EDPR Italia and EDPR Polska to CTG Group.

Following these transactions, CTG Group granted shareholders loans to the EDPR Group in the amount of

81,299 thousand Euros including accrued interests as of December 31, 2023 (see note 40).

In the fourth quarter of 2024, EDP Renewables Europe, S.L.U. acquired all the shares of ACE Lux, S.à r.l and

its subsidiaries ACE Italy, S.à r.l., ACE Poland, S.à r.l., and ACE Portugal, S.à r.l, which held, respectively,

minority interests corresponding to a 49% stake in the companies EDP Renewables Italia, S.r.l., EDP

Renewables Polska HoldCo, S.A, and EDPR PT - Parques Eólicos, S.A.

During 2024, EDPR Portugal distributed dividends to CTG in the amount of 19,600 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 2024, the

present value of the lease liability amounts to 44,006 thousand Euros (31 December 2023: 42,984 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

| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 715|   
| | | | |   
  
31 December 2024, the present value of the lease liability amounts to 84,551 thousand Euros (31 December

2023: 82,074 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 11,169 thousand Euros in 2024 (31 December 2023:

5,585 thousand Euros). We note that as of 31 December 2024, Death Subsidy Funds were fully financed.

Therefore, in the coming years, no additional contributions are expected to be necessary for financing the

mentioned liabilities.

Balances and transactions with subsidiaries, joint ventures and associates

In their ordinary course of business, EDP Group companies establish commercial transactions and

operations with other Group companies, whose terms reflect current market conditions.

The credits and debits over subsidiaries, joint ventures and associates, at Company level, are as follows:

Credits held

| | | |   
---|---|---|---|---  
| December 2024  
Thousand Euros | Intra-Group  Financial Mov.| Loans and  Interests receivable| Other Credits | Total  
EDP Comercial, S.A. | —| 627,434| 81,024| 708,458  
E-Redes – Distribuição de Eletricidade, S.A | —| —| 24,559| 24,559  
EDP Finance B.V. | —| 1,450,309| 5,106| 1,455,415  
EDP Produção, S.A. | —| 1,526,921| 13,846| 1,540,767  
EDP Renováveis, S.A. | —| —| 40,170| 40,170  
EDP Servicios Financieros España, S.A.U. | 117,134| —| 5,281| 122,415  
EDP España, S.A.U. | —| —| 49,936| 49,936  
Hidrocantábrico Distribucion Eléctrica, S.A.U. | —| —| 25,247| 25,247  
EDP GEM Portugal, S.A. | —| —| 605,131| 605,131  
EDP Renováveis Servicios Financieros, S.A. | —| —| 44,931| 44,931  
CEL Energy - Central Elétrica de Lares, S.A. | —| 85,094| —| 85,094  
RJCE Energy - Central Elétrica de Ribatejo, S.A. | —| 101,853| —| 101,853  
Others | 13,752| 958| 137,913| 152,623  
| 130,886| 3,792,569| 1,033,144| 4,956,599  
  
| | | |   
---|---|---|---|---  
| December 2023  
Thousand Euros | Intra-Group  Financial Mov.| Loans and  Interests receivable| Other Credits | Total  
EDP Comercial, S.A. | 17,494| 66,643| 183,456| 267,593  
E-Redes – Distribuição de Eletricidade, S.A | —| 351,226| 55,435| 406,661  
EDP Finance B.V. | —| 258,739| 21,232| 279,971  
EDP Produção, S.A. | —| 2,545,477| 165,335| 2,710,812  
EDP Renováveis, S.A. | —| —| 46,042| 46,042  
EDP Servicios Financieros España, S.A.U. | 212,034| —| 4,072| 216,106  
EDP GEM Portugal, S.A. | —| —| 1,368,229| 1,368,229  
EDP Renováveis Servicios Financieros, S.A. | —| —| 102,764| 102,764  
Others | 10,170| 2,682| 211,212| 224,064  
| 239,698| 3,224,767| 2,157,777| 5,622,242  
  
Debits held

| | | |   
---|---|---|---|---  
| December 2024  
Thousand Euros | Intra-Group  Financial Mov.| Loans and  Interests payable| Other Debits | Total  
EDP Finance B.V. | 270,116| 1,820,389| 41,570| 2,132,075  
EDP Produção, S.A. | 27,331| —| 30,698| 58,029  
SU Eletricidade, S.A. | 673,931| —| 3,999| 677,930  
EDP GEM Portugal, S.A. | 413,707| —| 347,149| 760,856  
EDP Servicios Financieros España, S.A.U. | 15,592| 888,673| 220| 904,485  
Viesgo Infraestructuras Energéticas, S.L. | —| —| 22,756| 22,756  
E-Redes – Distribuição de Eletricidade, S.A | 233,982| —| 11,238| 245,220  
EDP Comercial, S.A. | 46,126| —| 24,261| 70,387  
EDP Renováveis Servicios Financieros, S.A. | —| —| 27,751| 27,751  
EDP Global Solutions - Gestão Integrada de Serviços, S.A. | 66,611| —| 5,675| 72,286  
CEL Energy - Central Elétrica de Lares, S.A. | 85,027| —| —| 85,027  
RJCE Energy - Central Elétrica de Ribatejo, S.A. | 101,737| —| —| 101,737  
Other | 60,231| —| 71,476| 131,707  
| 1,994,391| 2,709,062| 586,793| 5,290,246  
  
| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 716|   
| | | | |   
  
At 31 December 2024, the amount of 1,820,389 thousand Euros includes three intragroup bonds issued by

EDP Finance BV and acquired by EDP S.A., in the total amount of 1,818,857 thousand Euros, with fixed and

variable rate and a term to maturity up to 10 years.

| | | |   
---|---|---|---|---  
| December 2023  
Thousand Euros | Intra-Group  Financial Mov.| Loans and  Interests payable| Other Debits | Total  
EDP Finance B.V. | 6,200| 3,673,074| 58,620| 3,737,894  
EDP Produção, S.A. | 472,346| —| 17,763| 490,109  
EDP España, S.A.U. | —| —| 48,041| 48,041  
EDP GEM Portugal, S.A. | 568,305| —| 787,328| 1,355,633  
SU Eletricidade, S.A. | 288,757| —| 50,922| 339,679  
E-Redes – Distribuição de Eletricidade, S.A | 426,310| —| 40,028| 466,338  
EDP Global Solutions - Gestão Integrada de Serviços, S.A. | 67,015| —| 4,109| 71,124  
Other | 50,632| —| 145,436| 196,068  
| 1,879,565| 3,673,074| 1,152,247| 6,704,886  
  
Expenses and income related to Subsidiaries, Joint Ventures and Associates, at Company level, are as

follows:

Expenses

| | | |   
---|---|---|---|---  
| December 2024  
Thousand Euros | Interest on  Intra-Group Financial Mov.| Interest on  Loans Obtained| Other Losses | Total  
EDP Finance B.V. | 1,860| 110,164| 34,729| 146,753  
EDP Produção, S.A. | 24,515| —| 92| 24,607  
EDP Renováveis S.A. | —| —| 62,515| 62,515  
EDP GEM Portugal, S.A. | 27,952| —| 73,569| 101,521  
EDP International Investments and Services, S.L. | —| —| 19,992| 19,992  
EDP Renováveis Servicios Financieros, S.A. | —| —| 77,699| 77,699  
EDP Servicios Financieros España, S.A.U. | 15,593| 19,129| 4,785| 39,507  
Other | 18,067| —| 63,130| 81,197  
| 87,987| 129,293| 336,511| 553,791  
  
| | | |   
---|---|---|---|---  
| December 2023  
Thousand Euros | Interest on  Intra-Group Financial Mov.| Interest on  Loans Obtained| Other Losses | Total  
EDP Finance B.V. | 33,670| 68,480| 109,574| 211,724  
EDP Produção, S.A. | 12,407| —| 471,069| 483,476  
EDP España, S.A.U. | —| —| 1,907,905| 1,907,905  
EDP Clientes, S.A. | —| —| 238,144| 238,144  
EDP Comercial, S.A. | 3,883| —| 152,904| 156,787  
EDP Renováveis S.A. | —| —| 167,110| 167,110  
EDP GEM Portugal, S.A. | 10,601| —| 360,046| 370,647  
EDP Renováveis Servicios Financieros, S.A. | —| —| 93,873| 93,873  
Other | 5,021| —| 82,029| 87,050  
| 65,582| 68,480| 3,582,654| 3,716,716  
  
Income

| | | |   
---|---|---|---|---  
| December 2024  
Thousand Euros | Interest on  Intra-Group Financial Mov.| Interest on  Loans Granted| Other Gains | Total  
EDP Comercial, S.A. | 9,420| 13,874| 241,101| 264,395  
E-Redes – Distribuição de Eletricidade, S.A | 652| 7,929| 184,962| 193,543  
EDP Produção, S.A. | 216| 116,985| 315,020| 432,221  
EDP Finance B.V. | 28,475| 26,105| 63,626| 118,206  
SU Eletricidade, S.A. | 6,513| —| 30,527| 37,040  
EDP Renováveis, S.A. | —| —| 290,088| 290,088  
EDP GEM Portugal, S.A. | 1,635| —| 510,656| 512,291  
EDP Clientes, S.A. | —| 18| 38,112| 38,130  
EDP Renováveis Servicios Financieros, S.A. | —| —| 67,925| 67,925  
EDP España, S.A.U. | —| —| 163,700| 163,700  
Other | 1,306| 97| 109,270| 110,673  
| 48,217| 165,008| 2,014,987| 2,228,212  
  
| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 717|   
| | | | |   
  
Other gains include income from equity investments of 905,999 thousand Euros (see note 14).

| | | |   
---|---|---|---|---  
| December 2023  
Thousand Euros | Interest on  Intra-Group Financial Mov.| Interest on  Loans Granted| Other Gains | Total  
EDP Comercial, S.A. | 779| 1,478| 518,034| 520,291  
E-Redes – Distribuição de Eletricidade, S.A | 9,922| 22,114| 173,607| 205,643  
EDP Produção, S.A. | 68| 45,477| 674,459| 720,004  
EDP Finance B.V. | 455| 5,397| 39,702| 45,554  
SU Eletricidade, S.A. | 20,175| —| 84,464| 104,639  
EDP Renováveis, S.A. | —| —| 297,652| 297,652  
EDP España, S.A.U. | —| —| 1,826,992| 1,826,992  
EDP GEM Portugal, S.A. | 3,002| 70| 348,301| 351,373  
EDP Clientes, S.A. | —| 38| 144,876| 144,914  
EDP Renewables Europe, S.L.U. | —| —| 43,911| 43,911  
EDP Renováveis Servicios Financieros, S.A. | —| —| 150,820| 150,820  
Other | 13,466| 13,284| 155,450| 182,200  
| 47,867| 87,858| 4,458,268| 4,593,993  
  
Assets, liabilities and transactions with related companies, for the Group, are as follows:

Assets and Liabilities

| | |   
---|---|---|---  
| December 2024  
Thousand Euros | Assets | Liabilities | Net Value  
Joint Ventures | | |   
Hidrocantábrico JV, S.L. | 100,866| —| 100,866  
Aboño Generaciones Eléctricas, S.L.U. | 6,150| 75,778| -69,628  
Companhia Energética do JARI - CEJA | 3,636| 390| 3,246  
Empresa de Energia São Manoel, S.A. | 260| 10,958| -10,698  
OW FS Offshore, S.A. | 513,569| —| 513,569  
OW Offshore, S.L. | 45,081| 329| 44,752  
OW North America LLC | 9| 3,401| -3,392  
Other | 15,213| 13,977| 1,236  
| 684,784| 104,833| 579,951  
| | |   
Associates | | |   
Parque Eólico Sierra del Madero, S.A. | 5,638| —| 5,638  
Centrais Elétricas de Santa Catarina, S.A. - Celesc | 9,117| —| 9,117  
Eólica de São Julião, Lda. | 3,929| 597| 3,332  
HC Tudela Cogeneración, S.L. | 3,539| 623| 2,916  
Porto do Pecém Geração de Energia, S.A. | 7,985| 1,063| 6,922  
Other | 2,485| 1,080| 1,405  
| 32,693| 3,363| 29,330  
| 717,477| 108,196| 609,281  
  
| | |   
---|---|---|---  
| December 2023  
Thousand Euros | Assets | Liabilities | Net Value  
Joint Ventures | | |   
Hidrocantábrico JV, S.L. | 180,010| —| 180,010  
Aboño Generaciones Eléctricas, S.L.U. | —| 37,358| -37,358  
Companhia Energética do JARI - CEJA | 5,606| 443| 5,163  
Empresa de Energia São 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 Eólico Sierra del Madero, S.A. | 5,644| —| 5,644  
Centrais Elétricas de Santa Catarina, S.A. - Celesc | 10,850| 655| 10,195  
Eólica de São Julião, 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  
| | |   
  
| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 718|   
| | | | |   
  
Transactions

| | | |   
---|---|---|---|---  
| December 2024  
Thousand Euros | Operating  Income| Financial  Income| Operating  Expenses| Financial  Expenses  
Joint Ventures | | | |   
Aboño Generaciones Eléctricas, S.L.U. | 168,268| —| 251,934| 2,487  
Empresa de Energia São Manoel S.A. | 2,306| —| 11,423| —  
OW FS Offshore, S.A. | 20,215| 27,572| —| —  
Meadow Lake Wind Farm VI LLC | 1,311| —| 4,404| —  
Riverstart Solar Park LLC | 1,965| —| 14,429| —  
Lexington Chenoa Wind Farm LLC | 1,507| —| 8,174| —  
Hidrocantábrico JV, S.L. | 52| 8,122| —| —  
Companhia Energética do JARI - CEJA | 5,022| —| 5,669| —  
Other | 21,828| 431| 5,471| 644  
| 222,474| 36,125| 301,504| 3,131  
| | | |   
Associates | | | |   
Eólica de São Julião, Lda | 1,528| 6,450| 8,231| —  
HC Tudela Cogeneración, S.L. | 81| 38| 3,939| —  
Porto do Pecém Geração de Energia, S.A. | 2,099| 1,766| 13,747| —  
Other | 383| 524| 89| —  
| 4,091| 8,778| 26,006| —  
| 226,565| 44,903| 327,510| 3,131  
  
| | | |   
---|---|---|---|---  
| December 2023  
Thousand Euros | Operating  Income| Financial  Income| Operating  Expenses| Financial  Expenses  
Joint Ventures | | | |   
Companhia Energética do JARI - CEJA | 233| —| 3,315| —  
Empresa de Energia São 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| —  
Other | 16,126| 315| 2,284| 8  
| 40,933| 26,874| 40,959| 8  
| | | |   
Associates | | | |   
Eólica de São Julião, Lda | 3,670| —| 20,735| —  
HC Tudela Cogeneración, 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  
  
During 2024, EDP Group contributed with 12,450 thousand Euros of donations to Fundação EDP (see note

11).

Additionally, management describes other transactions with related parties in the section A - Ownership

structure of Part II - 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.

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.

| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 719|   
| | | | |   
  
The fair value of financial assets and liabilities is as follows:

| | | | | |   
---|---|---|---|---|---|---  
| Dec 2024 | Dec 2023  
Thousand Euros | Carrying  amount| Fair Value | Difference | Carrying  amount| Fair Value | Difference  
Assets | | | | | |   
Equity instruments at fair value | 215,278| 215,278| —| 204,752| 204,752| —  
Investment property | 20,101| 20,101| —| 25,344| 25,344| —  
Debtors/other assets from commercial  activities| 7,711,164| 7,711,164| —| 8,543,596| 8,543,596| —  
Other debtors and other assets: | | | | | |   
Derivative financial instruments | 1,064,978| 1,064,978| —| 1,117,525| 1,117,525| —  
Loans to related parties - OW FS | 371,341| 346,877| -24,464| 429,098| 323,143| -105,955  
Other | 1,344,377| 1,344,377| —| 1,529,086| 1,529,086| —  
Collateral deposits/financial debt | 42,569| 42,569| —| 70,731| 70,731| —  
Cash and cash equivalents | 3,631,284| 3,631,284| —| 3,372,432| 3,372,432| —  
| 14,401,092| 14,376,628| -24,464| 15,292,564| 15,186,609| -105,955  
| | | | | |   
Liabilities | | | | | |   
Financial debt | 21,650,835| 21,634,494| -16,341| 20,632,691| 20,291,137| -341,554  
Trade payables/other liabilities from  commercial activities:| | | | | |   
Suppliers and accruals | 3,058,313| 3,058,313| —| 3,861,352| 3,861,352| —  
Other | 4,153,074| 4,153,074| —| 4,054,217| 4,054,217| —  
Institutional partnerships | 2,972,735| 2,972,735| —| 2,188,245| 2,188,245| —  
Other liabilities and other payables: | | | | | |   
Derivative financial instruments | 1,428,486| 1,428,486| —| 1,871,967| 1,871,967| —  
Other | 2,659,008| 2,659,008| —| 2,798,775| 2,798,775| —  
| 35,922,451| 35,906,110| -16,341| 35,407,247| 35,065,693| -341,554  
  
Given that EDP Group’s financial assets and liabilities, recognised at amortised cost, are predominantly

short-term, changes in fair value were not considered. Fair value of EDP Group’s 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 reporting 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 reporting 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:

| | | | | |   
---|---|---|---|---|---|---  
| Dec 2024 | Dec 2023  
Thousand Euros | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3  
Financial assets  
Equity instruments at fair value through: | | | | | |   
Other comprehensive income (see note 23) | 8,343| 87,553| 20,200| 14,400| 91,610| 22,521  
Profit or loss (see note 23) | —| —| 99,182| —| —| 76,221  
Tariff deficit at fair value through other comprehensive  income (see note 27)| —| 659| —| —| 114,008| —  
Amounts receivable from concessions-IFRIC 12 at fair  value through profit or loss (see note 27)| —| 584,865| —| —| 1,365,311| —  
Investment property (see note 24) | —| 20,101| —| —| 25,344| —  
Derivative financial instruments (see note 43) | —| 1,064,978| —| —| 1,117,525| —  
| 8,343| 1,758,156| 119,382| 14,400| 2,713,798| 98,742  
Financial liabilities  
Derivative financial instruments (see note 43) | —| 1,428,486| —| —| 1,871,967| —  
| —| 1,428,486| —| —| 1,871,967| —  
  
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 reporting

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 – 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

| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 720|   
| | | | |   
  
Remuneration Base, every three years for EDP Espírito Santo and every four years for EDP São 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  
Thousand Euros | Other  comprehensive income| Profit or loss  
Balance at beginning of period | 22,521| 76,221  
Change in fair value (see note 23) | -2,728| 22,248  
Acquisitions | 554| 2,383  
Disposals | -100| -957  
Other changes | -47| -713  
Balance at the end of the period | 20,200| 99,182  
  
The assumptions used in the determination of Equity Instruments at Fair Value are described in note 23, as

required by IFRS 13.

47. Relevant or subsequent events

EDPR signs asset rotation deal for 300 MWac solar portfolio and 92 MW storage portfolio in the US

On 2 January 2025, EDPR announced the signature of a Sale and Purchase Agreement with a major energy

global player to sell a 49% equity stake of class B shares in a portfolio of 300 MWac (406 MWdc) of 2

operating solar projects and 92 MW of an electricity storage facility, located in California, in US. Total

Enterprise Value for 100% of the portfolio amounts to 600 million US Dollars.

Senior green notes issuance of 750 million Euros

On 13 January 2025, EDP – Servicios Financieros España, S.A.U. (“EDP SFE”), priced the issuance of green

debt instruments in the amount of 750 million Euros, maturing in July 2031 and with a coupon of 3.5%.

48. EDP Branch in Spain

The aim of EDP, S.A. - Sucursal en España is to manage and coordinate the energy interests of subsidiaries

depending from EDP Group in Spain, organised through managing and monitoring structures, in order to

ensure the maximum synergy and value creation in the operations and activities in Spain, also assuming

itself as an organizational platform to lead the Iberian integration of shared and support services (back and

middle offices). On this basis, interests in EDP Servicios Financieros (España), S.A.U., EDP International

Investments and Services, S.L. and EDP España, S.A.U. are directly allocated to the assets of EDP Sucursal,

as well as the majority interest in EDP Renováveis, S.A.

The Spanish branch of EDP has offices in Madrid and Oviedo. From a formal and legal point of view, the

representation of the Spanish branch of EDP before third parties is ensured through the permanent

representatives, which are members of the Executive Board of Directors of EDP, mandated for that purpose.

The structure of direction, coordination, management and representation of the Spanish branch of EDP is

composed by an Executive Committee, a Management Committee and by direct representation on Iberian

scope EDP Management Committees.

The Executive Committee is composed essentially by five permanent representatives, a Corporate General

Director (Group Controller for the activities in Spain) and by first line directors of the business units in Spain,

which constitute the main direction and coordination body of the Branch, being responsible for the

coordination of the activities of the permanent representatives and of the Management Committee. The

Management Committee is chaired by the Corporate General Director and is composed by the natural

extension of the Departments of the Corporate Centre of EDP in Spain, namely the Department of M&A

("Direção de Projectos e Novos Negócios"), Department of Legal Affairs ("Direção de Assessoria Jurídica"),

Department of Internal Audit ("Direção de Auditoria Interna"), Department of Administration and Finance

("Direção de Administração e Finanças"), Department of Human Resources ("Direção de Recursos

Humanos"), Department of EDP Spain Foundation ("Direção da Fundação EDP Espanha"), Department of

Regulation ("Direção de Regulação"), IT Department ("Direção de Tecnologias de Informação") and

Department of Environment, Sustainability, Innovation and Climate Change ("Direção de Ambiente,

Sustentabilidade, Inovação e Alteração Climática") ensuring in a homogeneous way the functions of these

departments transversally to the Spanish territory, being provided with 210 human resources as at 31

December 2024, including 135 in its own payroll.

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The Statement of Financial Position of the Branch is as follows:

| |   
---|---|---  
| EDP Branch  
Thousand Euros | Dec 2024 | Dec 2023  
Investments in subsidiaries: | |   
\- EDP Renováveis, S.A. | 4,491,875| 4,345,187  
\- EDP España, S.A.U. | 2,105,002| 2,105,002  
\- EDP Servicios Financieros (España), S.A.U. | 482,695| 482,695  
\- EDP International Investments and Services, S.L. | 2,365,027| 2,365,027  
Other debtors and other assets | 9,020| 12,659  
Total Non-Current Assets | 9,453,619| 9,310,570  
| |   
Other debtors and others assets | 166,672| 163,503  
Tax receivable | 10,095| 133,833  
Cash and cash equivalents | 117,181| 212,060  
Total Current Assets | 293,948| 509,396  
Total Assets | 9,747,567| 9,819,966  
| |   
Equity  | 8,695,741| 9,626,614  
| |   
Financial debt | —| 1,667  
Employee benefits | 1,459| 1,220  
Deferred tax liabilities | 6,629| 13,311  
Other liabilities and other payables | 888,819| 4,691  
Total Non-Current Liabilities | 896,907| 20,889  
| |   
Financial debt | 17,289| 1,732  
Employee benefits | 909| 137  
Other liabilities and other payables | 134,164| 169,543  
Tax payable | 2,557| 1,051  
Total Current Liabilities | 154,919| 172,463  
Total Liabilities | 1,051,826| 193,352  
Total Equity and Liabilities | 9,747,567| 9,819,966  
  
The variation of the caption Other liabilities and other payables is mainly due to the supply granted by EDP

Servicios Financieros España, S.A.U.

49. Environmental matters

Expenses of an environmental nature are those identified and incurred to avoid, reduce or repair damage of

an environmental nature resulting from the company's normal activity.

Expenses of an environmental nature are booked as expenses for the period, except if they qualify to be

recognised as an asset according with IAS 16.

Investments of an environmental nature booked as Property, plant and equipment and intangible assets

during 2024 and 2023, in the Group, are as follows:

| |   
---|---|---  
| Group  
Thousand Euros | Dec 2024 | Dec 2023  
Air and climate protection | 2,167| 3,581  
Water management | 150| 1,189  
Waste management | 78| 1,380  
Soil, subterranean and surface water protection | 19,958| 27,840  
Noise and vibration reduction | 137| 483  
Biodiversity protection | 17,033| 29,232  
Landscape protection | 13,450| 8,200  
Energetic efficiency | 9,497| 17,301  
Radiations management | 6| —  
Research and development in the environmental area | 752| —  
Other environmental management and protection activities | 14,630| 17,864  
Environmental impact studies | 6| —  
| 77,864| 107,070  
  
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During 2024 and 2023, the Group recognised expenses that are as follows:

| |   
---|---|---  
| Group  
Thousand Euros | Dec 2024 | Dec 2023  
Air and climate protection | 101,108| 355,386  
Water management | 6,104| 8,896  
Waste management | 8,754| 16,800  
Soil, subterranean and surface water protection | 3,492| 1,593  
Noise and vibration reduction | 215| 317  
Biodiversity protection | 11,244| 11,616  
Landscape protection | 212| 30  
Energetic efficiency | 11,821| 7,748  
Radiations management | 20| 35  
Research and development in the environmental area | 352| 589  
Other environmental management and protection activities | 7,593| 12,280  
| 150,915| 415,290  
  
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 67,235

thousand Euros and 73,221 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 2024, the provisions amount to 423,052 thousand Euros.

Additionally, the provision to dismantle the Trillo nuclear power plant amounts to 47,520 thousand Euros (see

notes 2 n) and 37) .

Environmental income recognised in 2024 relates to the sale of environmental waste of 3,407 thousand

Euros (31 December 2023: 3,158 thousand Euros) and the sale of by-products of 3,002 thousand Euros (31

December 2023: 2,829 thousand Euros).

EDP’s prioritization of investment in renewable generation started in 2006, through the anticipation of major

trends in the energy market and the support to the vision of a society capable of reducing CO2 emissions, by

replacing thermal with renewable energy, decentralizing generation, promoting smart grids, energy storage

and encouraging the demand for renewable electricity.

More recently, under the recent Updated Strategic Plan 2023-2026, EDP Group reinforced its ambition even

further to reach Net Zero by 2040 by including our Scope 3 emissions in our targets. With a new baseline

year set for 2020, EDP aims to reach net-zero greenhouse emissions across the value chain by 2040, with

ambitious mid-term targets by 2030. These targets have been approved by SBTi under the Net Zero

Standard.

Considering the risks related to climate change and the commitments established under the Paris

Agreement, EDP Group has decided, since 2019, to achieve science-based targets. The last updated

occurred in 2022, with a baseline year set for 2020, EDP aims to reach net-zero emissions across the value

chain by 2040, with ambitious mid-term targets by 2030. The overall goal is to reduce 90% of scope 1, 2 and

3 emissions by 2040 vs. 2020 with near term targets by 2030. These targets have been approved by SBTi

under the Net Zero Standard, in early 2023. The reflect of these commitments in terms of its impact on

assets, liabilities and profit and loss are explicit in the notes to the consolidated and company financial

statements.

These climate commitments were recorded in EDP’s Climate Transition Plan, which was approved by a

majority of votes (99.73%) in the General Meetings of shareholders held in April 2023. The proceeds of

green bonds, green loans, and sustainability-linked loans contribute substantially to the implementation of

EDP’s Climate Transition Plan and to reach our objectives of becoming To be coal-free by 2025, carbon

neutral by 2030, and net zero by 2040. In the end of 2024, sustainable finance amounted to €21.5 billion: (1)

€13.2 billion in green bonds; (2) €7.6 billion in sustainability-linked loans and (3) 0.7 billions in green loans,

which represented 67% of the nominal debt.

Additionally, the EBD remuneration policy establishes a fixed component and a variable component, the

latest including Climate KPI in alignment with Business Plan in place (CO2 intensity reduction target, aligned

with public commitments: Reduction of total scope 1 and 2 GHG emissions per electricity produced by the

Group, compared with 2015 baseline and renewables installed capacity).

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Finally, in the table below we mapped how the several notes to the EDP consolidated and company financial

statements, are addressing the climate change matters:

| |   
---|---|---  
Topic | Note | Content  
Estimates and judgements in preparing the  financial statements| Note 4. Critical accounting estimates and  judgements in preparing the financial statements| Focus on the useful life of the EDP’s assets  
Amortisation and impairment | Note 12. Amortisation and impairment Note 20. Goodwill | Review of future estimates of value by  carrying out impairment tests for some of the production assets  
Sustainable investment | Note 17. Property, plant and equipment | Focus on renewable assets   
Sustainable finance | Note 35. Financial debt | Focus on issues of green bonds; green loans  and sustainability-linked loans  
Provisions | Nota 37. Provisions | Focus on the impact of climate change in  particular those for dismantling and decommissioning of generation plants  
Divestment policy | Note 42. Non-Current assets and liabilities  held for sale| Focus on the divestment policy of coal  generation assets  
Environmental finance | Note 49. Environmental matters | Focus on expenses and investments related  with climate change  
  
50. CAE/CMEC/DPH Procedure

Following the enactment of the EU’s legislation package on the Internal Energy Market, long-term power

purchase agreements - PPA’s (“Contratos de Produção de Energia” – CAE) ceased to be compatible with

the EU law within Portugal’s “single buyer” legal framework.

Portugal’s Decree-Law no. 240/2004, dated 27 December 2004 enacted within the liberalization of the

Portuguese energy sector, established the early termination of the PPA entered into in 1996, while approving

the methodology for such termination and the compensation to energy producers.

The above referred methodology was subject to the European Commission’s (EC) prior approval, expressed

in the Directive concerning State aid N161/2004, deeming it effective and strictly necessary. Additionally, the

enactment of the Decree-Law by the government was authorized by the Portuguese Parliament.

According to the approved methodology, both EDP and Portugal’s national energy grid - REN (Rede Eléctrica

Nacional, S.A.) signed the PPA early termination agreements in 2005, enforced on the 1 July 2007, amended

earlier that year and previously ratified by the head of energy appointed by the Portuguese Government.

The provisions of the 2005 PPA termination agreements, dated 8 March 2008, established that the

Government, REN and EDP Produção entered concession agreements formally embodying EDP’s right of use

over the Public Hydro Domain (“Domínio Público Hídrico” – DPH) until the end of the operational life of the

hydroelectric plants subject to Costs of Maintenance for the Contractual Balance mechanism (“Custos de

Manutenção do Equilíbrio Contratual” – CMEC). The Decree-Law 226-A/2007, dated 31 May 2007,

introduced a new obligation for EDP, unforeseen in the previous 2004 legislation or in the 2005 termination

agreements. This consisted of the payment by EDP of an amount reflecting the “economic and financial

balance” per power plant. According to this legal framework, and following assessments carried out by two

independent financial institutions appointed by the Government, EDP Produção was ordered to pay 759

million Euros, for the extension of its right of use over the DPH, including approximately 55 million Euros for the

Hydro Resources Tax.

In 2012, a complaint was placed to the EC and the Portuguese authorities at DCIAP-Central Department of

Criminal Investigation and Prosecution (“Departamento Central de Investigação e Ação Penal”) related to (i)

the methodology adopted for the early termination of the PPAs and the implementation of the CMEC

mechanism and; (ii) EDP’s right of use over the DPH.

As a result, the EC addressed a clarification request to the Portuguese Government over the early termination

of the PPAs, and its replacement by the CMEC framework.

The EC’s ruling came in September 2013 establishing that the compensation attributed to EDP Produção did

not exceed the amount required to reimburse the investment costs to be recovered throughout the

operational life of the related assets. In addition, it certified the execution of the CMEC framework in line with

the terms notified to the EC, approved in 2004. Accordingly, the EC has at this stage concluded its

investigation regarding the early termination of the PPAs. 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.

Separately, the EC decided to undertake an in-depth investigation in September 2013 related to the right of

use over the DPH matter. These in- depth proceedings were formally concluded in May 2017 with the EC’s

ruling that EDP’s pay was in line with market conditions. It ruled that the financial methodology used 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 formulating as unfounded the accusations of underappreciation or inaccurate

financial calculation methodology related to the 759 million Euros price.

On 2 June 2017, EDP was made aware of the investigation by DCIAP ongoing since 2012 related to the

amounts to EDP for the early termination of the PPAs and the right of use over the DPH. On that date,

Portuguese authorities carried out searches at EDP, REN (national grid) and at a consulting firm. DCIAP

issued a public release on the ongoing investigation, the nature of the alleged facts related to active and

passive corruption, in addition to alleged economic participation in business transactions involving executive

members of EDP’s Board, as well as placing former company directors under investigation.

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On 6 July 2020, the Public Prosecutor’s Office issued a restraining order suspending both the executive

chair António Mexia and the executive board member João Manso Neto, with the investigation at the inquiry

stage. This resulted in the General and Supervisory Board and the Executive Board of Director’s decision to

appoint then Chief Financial Officer Miguel Stilwell d’ Andrade as interim Chair, for the duration of the

impediment of the suspended members.

On 13 July 2020, EDP was notified by the Portuguese Authorities to appoint a legal representative at the

DCIAP for questioning and subsequently placed as a defendant in relation to the hiring of the former Energy

Under-Secretary Artur Trindade’s father. This legal case was pursued separately from the PPA/CMEC

proceeding and remains under investigation.

On 30 November 2020, both suspended members of the Executive Board of Directors gave their formal

notice to EDP and informed of their unavailability to be re-appointed to their term in office.

On 19 of January 2021, the company held an Extraordinary General Shareholders’ Meeting appointing a new

management team to the Executive Board of Directors for the 2021-2023 term-of-office.

As a recent development to this case, Portugal’s Public Prosecutor’s Office released a statement on 28

October 2024, issuing an accusation to six defendants including former EDP’s EBD members António Mexia

and João Manso Neto. This relates to facts occurred between 2006 and 2014, in relation to the PPA-CMEC

transition, notably the alleged overevaluation of the CMEC, in addition to “(…) the award of the Alqueva and

Pedrogão dams to (…) EDP without a public tender and also to the payment of a chair at Columbia University

to a former minister.”. In this statement, the Public Prosecutor’s Office mentioned “the State incurred a loss of

over 840 million Euros, requiring the return of this amount relating to the loss of assets to the defendants and

to EDP Gestão de Produção de Energia and EDP.”

EDP is not accused and is not a defendant in this case, and no crime was attributed to EDP on these matters.

EDP is targeted in the accusation through the Public Prosecutor’s Office request regarding the loss of EDP

and EDP Produção’s assets, pursuant to the “Loss of product and benefits” mechanism in Portugal’s criminal

law which establishes that assets of third parties benefiting from an illicit act, may be declared lost in favour

of the State.

EDP remains adamant of no wrongdoing, reaffirming the belief of the absence of irregularities in this process.

Of note, is the fact that the material aspects referred here were covered in depth by national and supra-

national institutions, notably the EC as abovementioned.

EDP obtained no undue or illicit economic benefit, either with regards to the PPA-CMEC transition or with the

extension of the DPH. In relation to the awarding of concessions for the exploration of the Alqueva and

Pedrógão hydroelectric plants this process fully followed all legal and contractual terms in force.

EDP remains fully committed behind the pursuit of its corporate purpose and the fulfilment of its shareholders,

employees, clients, and remaining stakeholders’ highest expectations. EDP is entirely invested in the delivery

of its strategic goals with no impact expected to its consolidated financial statements resulting from the

above.

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.

In this sense, the Executive Board of Directors considered that, given the regulatory activity of the business,

last resort suppliers should not be monitored in the Customer Solutions and Energy Management segment

alongside other suppliers. Therefore, the data from these companies began to be reported in Other

Segments.

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, 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:

• EDP - Gestão da Produção de Energia, S.A.;

• EDP España, S.A.U.;

• All subsidiaries of the EDPR Group (except EDP Renováveis, S.A., EDP Renováveis Servicios

Financieros, S.A. and OW Offshore, S.L.);

• Enerpeixe, S.A.;

• Investco, S.A.;

• Lajeado Energia, S.A.;

• EDP Comercial - Comercialização de Energia, S.A.;

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• EDP Trading Comercialização e Serviços de Energia, S.A.;

• 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:

• E-Redes - Distribuição de Eletricidade, S.A.;

• Electra de Llobregat Energía, S.L.;

• Hidrocantábrico Distribucion Eléctrica, S.A.U.;

• Viesgo Distribución Eléctrica, S.L.;

• Barras Eléctricas Galaico-Asturianas, S.A.;

• EDP Espírito Santo Distribuição de Energia S.A.;

• EDP São Paulo Distribuição de Energia S.A.;

• EDP Transmissão Goiás, S.A.;

• EDP Transmissão Aliança SC, S.A.;

Other segments mainly include shared services activities supporting the operations of other EDP Group

companies, last resort electricity and gas supply, and electricity production through offshore wind energy.

This segment also includes the holding companies of the EDP Group. This segment includes, but not limited

to, the following companies:

• EDP, S.A.;

• EDP Global Solutions - Gestão Integrada de Serviços S.A.;

• EDP Renováveis, S.A.;

• EDP Renováveis Servicios Financieros, S.A.;

• OW Offshore, S.L.;

• SU Eletricidade, S.A.;

• Gás SU, 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.

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.

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EDP Group Operating Segments Information as at 31 December 2024

| | |   
---|---|---|---  
Thousand Euros | Renewables,  Clients & EM| Networks | Total Segments  
Revenues from energy sales and services and other | 9,832,849| 4,305,114| 14,137,963  
Revenues inter-segments | 292,348| 965,700| 1,258,048  
Revenues from third parties | 9,540,501| 3,339,414| 12,879,915  
| | |   
Gross Profit | 4,348,577| 2,464,954| 6,813,531  
| | |   
Other income | 679,469| 136,366| 815,835  
Supplies and services | -893,490| -410,641| -1,304,131  
Personnel costs and employee benefits | -395,629| -227,556| -623,185  
Other costs | -448,859| -374,134| -822,993  
Impairment losses on trade receivables and debtors | -38,288| -30,398| -68,686  
Joint ventures and associates | 76,890| 31,899| 108,789  
| | |   
Gross Operating Profit | 3,328,670| 1,590,490| 4,919,160  
| | |   
Provisions | -133,638| -13,177| -146,815  
Amortisation and impairment | -1,740,936| -549,682| -2,290,618  
| | |   
Operating Profit | 1,454,096| 1,027,631| 2,481,727  
| | |   
Assets  | 31,543,293| 6,402,152| 37,945,445  
| | |   
Financial assets - Investments in joint ventures and associates  | 1,061,598| 153,978| 1,215,576  
| | |   
Operating Investment | 3,724,238| 936,214| 4,660,452  
  
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Reconciliation of information between Operating Segments and Financial Statements for 31 December

2024

|   
---|---  
Thousand Euros |   
Total Revenues from energy sales and services and other of Reported Segments | 14,137,963  
Revenues from energy sales and services and others from Other Segments | 2,307,868  
Adjustments and Inter-segments eliminations* | -1,480,069  
Total Revenues from energy sales and services and other of EDP Group | 14,965,762  
|   
Total Gross Profit of Reported Segments | 6,813,531  
Gross Profit from Other Segments | 497,460  
Adjustments and Inter-segments eliminations* | -437,512  
Total Gross Profit of EDP Group | 6,873,479  
|   
Total Gross Operating Profit of Reported Segments | 4,919,160  
Gross Operating Profit from Other Segments | -84,711  
Adjustments and Inter-segments eliminations* | -33,348  
Total Gross Operating Profit of EDP Group | 4,801,101  
|   
Total Operating Profit of Reported Segments | 2,481,727  
Operating Profit from Other Segments | -156,749  
Adjustments and Inter-segments eliminations* | -62,995  
Total Operating Profit of EDP Group | 2,261,983  
|   
Total Assets of Reported Segments  | 37,945,445  
Assets Not Allocated | 17,528,405  
Financial Assets | 4,373,275  
Trade Receivables and Other Debtors | 7,711,164  
Inventories | 589,926  
Deferred Tax Assets and Tax Assets | 2,053,244  
Other Assets | 2,800,796  
Assets from Other Segments | 968,550  
Inter-segments assets eliminations* | -11,584  
Total Assets of EDP Group | 56,430,816  
|   
Total Equity accounted Investments in joint ventures and associates of Reported Segments  | 1,215,576  
Equity accounted Investments in joint ventures and associates from Other Segments | 373,124  
Total Equity accounted Investments in joint ventures and associates of EDP Group  | 1,588,700  
|   
Total Operating Investment of Reported Segments | 4,660,452  
Operating Investment from Other Segments | 85,000  
Total Operating Investment of EDP Group | 4,745,451  
Dismantling/decommissioning of PP&E | 176,513  
CO2 Emission Licenses | 154,792  
Concession Rights - IFRIC 12 ** | -725,181  
Other Investments | 184,624  
Total Fixed Assets additions of EDP Group (Notes 17 and 19) | 4,536,199  
  
| | | |   
---|---|---|---|---  
| Total of  Reported Segments| Other  Segments| Adjustments  and Inter-segments eliminations*| Total of EDP  Group  
Other income | 815,835| 60,216| -27,895| 848,156  
Supplies and services | -1,304,131| -234,484| 421,803| -1,116,812  
Personnel costs and employee benefits | -623,185| -210,305| 824| -832,666  
Other costs | -822,993| -53,293| 9,909| -866,377  
Impairment losses on trade receivables and debtors | -68,686| -6,063| 4,923| -69,826  
Joint ventures and associates | 108,789| -144,305| 663| -34,853  
| | | |   
Provisions | -146,815| 3,660| -23,419| -166,574  
Amortisation and impairment | -2,290,618| -75,698| -6,228| -2,372,544  
  
* Mainly related with intragroup balances and transactions eliminations;

** See Note 27 - Debtors and Other Assets from Commercial Activities.

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---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 728|   
| | | | |   
  
EDP Group Operating Segments Information as at 31 December 2023 *

| | |   
---|---|---|---  
Thousand Euros | Renewables,  Clients & EM| Networks | Total Segments  
Revenues from energy sales and services and other | 10,595,400| 4,315,639| 14,911,039  
Revenues inter-segments | 336,028| 2,525,753| 2,861,781  
Revenues from third parties | 10,259,372| 1,789,886| 12,049,258  
| | |   
Gross Profit | 4,456,568| 2,454,406| 6,910,974  
| | |   
Other income | 965,354| 64,778| 1,030,132  
Supplies and services | -914,883| -393,598| -1,308,481  
Personnel costs and employee benefits | -395,858| -223,926| -619,784  
Other costs | -610,030| -373,756| -983,786  
Impairment losses on trade receivables and debtors | -38,399| -27,374| -65,773  
Joint ventures and associates | 41,772| 35,799| 77,571  
| | |   
Gross Operating Profit | 3,504,524| 1,536,329| 5,040,853  
| | |   
Provisions | -18,278| -10,281| -28,559  
Amortisation and impairment | -1,576,330| -547,486| -2,123,816  
| | |   
Operating Profit | 1,909,916| 978,562| 2,888,478  
| | |   
Assets (31 December 2023) | 29,565,465| 6,488,936| 36,054,401  
| | |   
Financial assets - Investments in joint ventures and associates  Assets (31 December 2023)| 925,545| 177,066| 1,102,611  
| | |   
Operating Investment | 4,755,913| 976,632| 5,732,545  
  
* Includes restatement originated by the reorganization of Centrais Elétricas de Santa Catarina, S.A. - Celesc to the Networks segment and reorganization of EDP 

Renováveis, S.A., EDP Renováveis Servicios Financieros, S.A., SU Eletricidade, S.A., Gás SU, S.A., EDPR Cross Solutions, S.A., OW Offshore, S.L. and EDPR 

International Investments, B.V. to Other Segments.

| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 729|   
| | | | |   
  
Reconciliation of information between Operating Segments and Financial Statements for 31 December

2023***

|   
---|---  
Thousand Euros |   
Total Revenues from energy sales and services and others of Reported Segments | 14,911,039  
Revenues from energy sales and services and others from Other Segments | 4,858,276  
Adjustments and Inter-segments eliminations* | -3,567,007  
Total Revenues from energy sales and services and others of EDP Group | 16,202,308  
|   
Total Gross Profit of Reported Segments | 6,910,974  
Gross Profit from Other Segments | 382,029  
Adjustments and Inter-segments eliminations* | -296,043  
Total Gross Profit of EDP Group | 6,996,960  
|   
Total Gross Operating Profit of Reported Segments | 5,040,853  
Gross Operating Profit from Other Segments * | -155,628  
Adjustments and Inter-segments eliminations* | 134,801  
Total Gross Operating Profit of EDP Group | 5,020,026  
|   
Total Operating Profit of Reported Segments | 2,888,478  
Operating Profit from Other Segments | -224,620  
Adjustments and Inter-segments eliminations* | 134,312  
Total Operating Profit of EDP Group | 2,798,170  
|   
Total Assets of Reported Segments (31 December 2023) | 36,054,401  
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 | 1,032,391  
Inter-segments assets eliminations* | -20,907  
Total Assets of EDP Group (31 December 2023) | 56,696,674  
|   
Total Equity accounted Investments in joint ventures and associates of Reported Segments (31 December 2023) | 1,102,611  
Equity accounted Investments in joint ventures and associates from Other Segments  | 455,506  
Total Equity accounted Investments in joint ventures and associates of EDP Group (31 December 2023) | 1,558,117  
|   
Total Operating Investment of Reported Segments | 5,732,545  
Operating Investment from Other Segments | 117,914  
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 | 6,251,693  
  
| | | |   
---|---|---|---|---  
| Total of  Reported Segments| Other  Segments| Adjustments  and Inter-segments eliminations*| Total of EDP  Group  
Other income | 1,030,132| 39,365| -32,806| 1,036,691  
Supplies and services | -1,308,481| -313,314| 445,881| -1,175,914  
Personnel costs and employee benefits | -619,784| -210,559| 11,084| -819,259  
Other costs | -983,786| -47,571| -77| -1,031,434  
Impairment losses on trade receivables and debtors | -65,773| 1,043| —| -64,730  
Joint ventures and associates | 77,571| -5,578| 5,719| 77,712  
| | | |   
Provisions | -28,559| -1,055| -1,658| -31,272  
Amortisation and impairment | -2,123,816| -67,937| 1,169| -2,190,584  
  
* Mainly related with intragroup balances and transactions eliminations

** See note 27 - Debtors and other assets from commercial activities

*** Includes restatement originated by the reorganization of Centrais Elétricas de Santa Catarina, S.A. - Celesc to the Networks segment and reorganization of 

EDP Renováveis, S.A., EDP Renováveis Servicios Financieros, S.A., SU Eletricidade, S.A., Gás SU, S.A., EDPR Cross Solutions, S.A., OW Offshore, S.L. and EDPR 

International Investments, B.V. to Other Segments.

| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 730|   
| | | | |   
  
52. Reconciliation of Changes in the responsibilities of Financing activities

| | | | | |   
---|---|---|---|---|---|---  
| Group  
| Financial debt and Derivative  financial instruments (including Collateral Deposits)| Institutional  partnerships in North  America (Note 38)| Lease  Liabilities (Note 40)| Loans from  non-controlling interests  (Note 40)  
Thousand Euros | Loans  obtained (Note 35)| Collateral  Deposits (Note 35)| Derivative  financial instruments (Note 43)*  
Balance as at 31 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  
| | | | | |   
Cash flows: | | | | | |   
Receipts relating to financial debt (including Collateral  Deposits)| 5,556,273| 18,641| —| —| —| —  
(Payments) relating to financial debt (including Collateral  Deposits)| -3,823,821| —| —| —| —| —  
Interest and similar costs of financial debt including hedge  derivatives| -741,634| —| -93,348| —| —| —  
Receipts/(payments) relating to loans from non-controlling  interests| —| —| —| —| —| 18,927  
Interest and similar costs relating to loans from non- controlling interests| —| —| —| —| —| -19,258  
Receipts/(payments) relating to derivative financial  instruments| —| —| -111,934| —| —| —  
Receipts/(payments) from institutional partnerships  | —| —| —| 828,577| —| —  
Lease (payments) | —| —| —| —| -130,596| —  
Perimeter variations | -146,388| 195| -3,141| —| -51,327| -86,065  
Exchange differences | -235,764| 8,021| 53,056| 165,145| 38,915| 125  
Fair value changes | 7,519| —| -74,438| —| —| —  
Interests and accrued and deferred costs | 668,657| —| 94,893| 10,049| —| 19,139  
Unwinding | —| —| —| 83,827| 51,798| —  
ITC/PTC recognition | —| —| —| -303,108| —| —  
New lease contracts/Increments in rent values | —| —| —| —| 106,619| —  
Reclassification to Liabilities held for sale | -266,698| 1,305| —| —| -5,986| —  
Balance as at 31 December 2024 | 21,650,835| -42,569| -11,204| 2,972,735| 1,322,153| 627,917  
  
* The Group considers as financing activities all derivative financial instruments excluding derivatives related with commodities.

| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 731|   
| | | | |   
  
| | | |   
---|---|---|---|---  
| Company  
| Financial debt and Derivative  financial instruments| Lease  Liabilities (Note 40)| Group  companies (Note 40)  
Thousand Euros | Loans  obtained (Note 35)| Derivative  financial instruments (Note 43)*  
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 | -222,664| -8,938| —| —  
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 | 232,096| 8,296| —| 72,614  
New lease contracts/Increments in rent values | —| —| 3,087| —  
Balance as at 31 December 2023 | 11,762,517| 36,642| 148,308| 10,890  
| | | |   
Cash flows: | | | |   
Receipts relating to financial debt (including Collateral Deposits) | 1,890,000| —| —| —  
(Payments) relating to financial debt (including Collateral Deposits) | -2,168,867| —| —| —  
Interest and similar costs of financial debt including hedge derivatives | -311,285| -6,053| —| —  
Receipts/(payments) relating to loans from related parties | 114,826| —| —| 874,110  
Interest and similar costs of loans from related parties including hedge derivatives | —| —| —| -103,443  
Receipts/(payments) relating to derivative financial instruments | —| 4,015| —| —  
Lease (payments) | —| —| -13,185| —  
Fair value changes | -385| -759| —| —  
Unwinding | —| —| 5,761| —  
Interests and accrued and deferred costs | 307,339| 2,748| —| 108,648  
New lease contracts/Increments in rent values | —| —| 10,182| —  
Balance as at 31 December 2024 | 11,594,145| 36,593| 151,066| 890,205  
  
* The Group considers as financing activities all derivative financial instruments excluding derivatives related with commodities.

53. Explanation Added for Translation

These financial statements are a free translation of the financial statements originally issued in Portuguese in

accordance with International

Financial Reporting Standards as adopted by the European Union. In the event of discrepancies, the

Portuguese language version prevails.

| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 732|   
| | | | |   
  
Annex I. Companies in the Consolidation Perimeter

The subsidiary companies where the Group exercises control as at 31 December 2024 are as follows:

| | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---  
Subsidiaries | Head Office | Share capital | € | Assets Euro'000 | Liabilities Euro'000 | Equity Euro'000 | Revenues Euro'000 | Net  Profit/(Loss)Euro'000 | %  Group | %  EDP  S.A.  
Holdings and other activities  
Iberia and Rest of Europe  
Portugal  
EDP, S.A. | Lisbon | 4,184,021,624| EUR | 24,183,290| 14,258,477| 9,924,813| 297,500| 817,399| |   
EDPR Cross Solutions, S.A. | Oporto | 50,000| EUR | 571| 343| 228| 1,433| 92| 71%|   
Sãvida - Medicina Apoiada, S.A | Lisbon | 450,000| EUR | 20,956| 9,671| 11,285| 23,431| 1,470| 100%| 100%  
EDP Global Solutions - Gestão  Integrada de Serviços S.A.| Lisbon | 15,000,000| EUR | 133,610| 42,285| 91,325| 66,667| 2,141| 100%| 100%  
EDP IS – Investimentos e Serviços,  Sociedade Unipessoal, Lda| Lisbon | 140,309,500| EUR | 476,808| 66,833| 409,975| —| 59,932| 100%|   
EDP Estudos e Consultoria, S.A | Lisbon | 50,000| EUR | 2,979| 93| 2,886| 23| 58| 100%| 100%  
SU Eletricidade, S.A. | Lisbon | 10,110,110| EUR | 989,715| 958,132| 31,583| 1,829,277| -25,415| 100%| 100%  
EDP Gás Serviço Universal, S.A. | Oporto | 1,050,996| EUR | 15,753| 5,131| 10,622| 30,141| 1,375| 100%| 100%  
CNET - Centre for New Energy  Technologies, S.A.| Sacavém | 300,000| EUR | 7,840| 7,428| 412| 672| 3| 60%|   
LABELEC - Estudos,  Desenvolvimento e Actividades Laboratoriais, S.A.| Sacavém | 2,200,000| EUR | 50,460| 35,851| 14,609| 21,755| 3,064| 100%| 100%  
EDP Internacional, S.A. | Lisbon | 12,500,000| EUR | 24,295| 618| 23,677| —| -1,101| 100%| 100%  
EDP Ventures, S.A. | Lisbon | 50,000| EUR | 92,673| 46,509| 46,164| 120| 14,236| 100%|   
EDP Inovação, S.A. | Lisbon | 36,446,960| EUR | 60,190| 19,527| 40,663| 10,211| 1,024| 100%| 100%  
EDP Ventures - Sociedade de  capital de risco, S.A.| Lisbon | 125,000| EUR | 1,009| 64| 945| 17| -65| 100%|   
Fundo EDP CleanTech FCR | Lisbon | 7,543,311| EUR | 6,050| 78| 5,972| —| 121| 60%|   
VC Expansão, S.A. | Lisbon | 50,000| EUR | 5,709| 5,659| 50| —| —| 100%| 100%  
Spain  
EDP Iberia, S.L. | Bilbao | 130,260,000| EUR | 1,278,949| 236,912| 1,042,037| —| 3,481| 100%|   
EDP Renováveis, S.A. | Oviedo | 5,199,279,355| EUR | 13,832,336| 5,772,882| 8,059,454| 87,561| -346,280| 71%| 71%  
EDP Renováveis Servicios  Financieros, S.A.| Oviedo | 84,691,368| EUR | 9,183,027| 8,973,569| 209,458| 43,921| -444,549| 71%|   
EDP Servicios Financieros España,  S.A.U.| Oviedo | 10,300,058| EUR | 8,758,987| 8,229,772| 529,215| —| 11,698| 100%| 100%  
EDP Ventures España, S.A. | Oviedo | 60,000| EUR | 230| 201| 29| —| -7| 100%|   
EDP International Investments and  Services, S.L.| Oviedo | 43,851,442| EUR | 2,344,400| 43,882| 2,300,518| —| 168,549| 100%| 100%  
H2 Soto, S.A.U. | Oviedo | 1,000,000| EUR | 932| 28| 904| —| -16| 100%|   
H2 Aboño, S.A.U. | Oviedo | 1,000,000| EUR | 988| 147| 841| —| -148| 100%|   
H2 Los Barrios, S.A.U. | Oviedo | 1,000,000| EUR | 738| 149| 589| —| -372| 100%|   
Other Countries  
EDP Group Brussels  Representation| Brussels | 1,000,000| EUR | 729| 7| 722| 244| -52| 100%| 100%  
EDP Finance BV | Amsterdam | 2,000,000| EUR | 10,148,774| 10,009,451| 139,323| —| 15,993| 100%| 100%  
Energia RE - Sociedade Cativa de  Resseguro| Luxembourg | 3,000,000| EUR | 212,621| 134,213| 78,408| 9| -433| 100%| 100%  
South America  
Brazil  
EDP Energias do Brasil, S.A. | São Paulo | 6,002,715,947| BRL | 2,065,802| 268,298| 1,797,504| -120| 390,706| 100%|   
EDP Ventures Brasil S.A. | São Paulo | 59,256,475| BRL | 6,705| 849| 5,856| —| 1,315| 100%|   
Asia-Pacific  
Singapore  
Sunseap Group Pte. Ltd. | Singapore  | 685,478,529| SGD | 586,754| 135,255| 451,499| 23,702| 3,364| 71%|   
Sunseap International Pte. Ltd. | Singapore  | 75,635,527| SGD | 144,083| 104,271| 39,812| —| 4,014| 71%|   
Sunseap Delta Holdings Pte. Ltd. | Singapore  | 1| SGD | 5,251| 5,439| -188| —| 52| 71%|   
Other Countries  
Sunseap Commercial & Industrial  Assets (Vietnam) Co., Ltd.| Ho Chi Minh  City| 123,517,702,000| VND | 328,565| 358,929| -30,364| -3,979| -26,869| 71%|   
EDP - Ásia Soluções Energéticas  Limitada| Macau | 1,500,000| MOP | 500| 23| 477| —| -578| 100%| 5%  
Thai-Sunseap Asset Co. Ltd. | Bangkok | 68,000,000| THB | 6,170| 3,673| 2,497| 52| -10| 48%|   
Thai-Sunseap Energy Solutions  Co. Ltd.| Bangkok | 250,000| THB | 11| 44| -33| 6| —| 48%|   
North-America  
Mexico  
EDPR México, S.L.U. | Asturias | 219,087,983| EUR | 219,116| 41| 219,075| —| -32| 71%|   
EDPR International Investments,  B.V.| Amsterdam | 20,000| EUR | 219,287| 127,968| 91,319| —| 80,994| 71%|   
Renewables, Clients and Energy Management  
Wind and Solar Activities  
Iberia and Rest of Europe  
Portugal  
SPEE - Sociedade Produção de  Energia Eólica, S.A.| Oporto | 350,000| EUR | 1,293| 1,099| 194| —| -218| 71%|   
Eólica da Coutada II, S.A. | Oporto | 14,160,000| EUR | 20,434| 2,647| 17,787| 2,224| -14| 71%|   
Fotovoltaica Flutuante do Grande  Lago, S.A.| Oporto | 50,000| EUR | 5,139| 3,625| 1,514| —| -93| 71%|   
EDP Renováveis Portugal, S.A. | Oporto | 7,500,000| EUR | 395,673| 190,604| 205,069| 122,878| 43,065| 36%|   
Eólica da Serra das Alturas, S.A. | Boticas | 50,000| EUR | 11,742| 1,666| 10,076| 2,458| 1,017| 18%|   
Eólica de Montenegrelo, S.A. | Vila Pouca de  Aguiar| 50,000| EUR | 17,488| 2,566| 14,922| 4,602| 2,378| 18%|   
Eólica de Alagoa, S.A. | Arcos de  Valdevez| 50,000| EUR | 6,015| 1,049| 4,966| 2,706| 1,327| 22%|   
Malhadizes - Energia Eólica, S.A. | Oporto | 50,000| EUR | 35,116| 20,985| 14,131| 4,603| 492| 36%|   
EDPR PT - Promoção e Operação,  S.A.| Oporto | 57,500| EUR | 699,664| 334,321| 365,343| 18,918| 9,024| 71%|   
Fotovoltaica Lote A, S.A. | Oporto | 48,760,000| EUR | 153,805| 80,141| 73,664| 10,948| 15,038| 71%|   
Eólica dos Altos de Salgueiros- Guilhado, S.A.| Vila Pouca de  Aguiar| 600,000| EUR | 10,510| 3,005| 7,505| 2,204| 853| 71%|   
Eólica da Coutada, S.A. | Soutelo de  Aguiar| 19,290,000| EUR | 134,411| 25,344| 109,067| 29,247| 11,776| 71%|   
Eólica do Espigão, S.A. | Vila Nova  CMV| 50,000| EUR | 23,749| 2,707| 21,042| 6,514| 2,943| 71%|   
Eólica da Terra do Mato, S.A. | Oporto | 8,840,000| EUR | 38,061| 9,807| 28,254| 7,912| 2,748| 71%|   
  
| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 733|   
| | | | |   
  
| | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---  
Subsidiaries | Head Office | Share capital | € | Assets Euro'000 | Liabilities Euro'000 | Equity Euro'000 | Revenues Euro'000 | Net  Profit/(Loss)Euro'000 | %  Group | %  EDP  S.A.  
Eólica do Alto da Lagoa, S.A. | Oporto | 50,000| EUR | 19,561| 2,543| 17,018| 5,081| 2,254| 71%|   
Eólica do Alto da Teixosa, S.A. | Alhões | 690,000| EUR | 21,823| 4,236| 17,587| 5,322| 2,070| 71%|   
Eólica do Alto do Mourisco, S.A. | Cerdedo | 1,240,000| EUR | 21,477| 6,129| 15,348| 4,207| 1,229| 71%|   
Eólica das Serras das Beiras, S.A. | Piódão -  Arganil| 50,000| EUR | 78,840| 14,707| 64,133| 19,538| 7,908| 71%|   
EDPR PT - Parques Eólicos, S.A. | Oporto | 50,000| EUR | 83,932| 32,655| 51,277| 12| 895| 71%|   
S.E.E. - Sul Energía Eólica, S.A. | Oporto | 150,000| EUR | 3,944| 909| 3,035| 2,263| 927| 71%|   
Parque Eólico do Barlavento, S.A. | Oporto | 60,000| EUR | 35,442| 5,532| 29,910| 12,940| 5,957| 64%|   
ACE Portugal, S.à r.l. | Luxemburgo | 21,108,990| EUR | 211,275| 16,072| 195,203| —| -15| 71%|   
Spain  
EDP Renovables España, S.L.U. | Oviedo | 46,128,100| EUR | 1,945,479| 495,678| 1,449,801| 219,359| 69,081| 71%|   
EDPR Terral S.L.U. | Madrid | 3,000| EUR | 252| 1,000| -748| —| -754| 71%|   
Parque Eólico de Abrazadilla,  S.L.U.| Madrid | 7,000| EUR | 5| —| 5| —| —| 71%|   
Canerde, S.L. | Madrid | 19,000| EUR | 283| 273| 10| —| -5| 57%|   
Desarrollos Renovables de la  Frontera, S.L.U.| Cádiz | 6,000| EUR | 7| —| 7| —| -1| 71%|   
EDPR Yield, S.A.U. | Asturias | 99,405,403| EUR | 304,333| 5,966| 298,367| —| 29,445| 71%|   
Parque Eólico Santa Quiteria, S.L. | Zaragoza | 63,006| EUR | 14,113| 4,257| 9,856| 2,124| -889| 60%|   
Eólica Fontesilva, S.L.U. | La Coruña | 6,860,000| EUR | 36,947| 3,721| 33,226| 7,404| 2,758| 71%|   
Desarrollos Eólicos de Teruel, S.L. | Teruel | 18,890,100| EUR | 61,648| 32,797| 28,851| 8,698| 4,506| 36%|   
Parque Eólico Altos del Voltoya,  S.A.| Madrid | 6,434,349| EUR | 47,246| 15,110| 32,136| 7,172| 2,158| 66%|   
Eólica La Brújula, S.A.U. | Madrid | 3,294,000| EUR | 46,153| 5,228| 40,925| 6,077| -30| 71%|   
Eólica Arlanzón, S.A. | Madrid | 4,508,980| EUR | 13,048| 3,487| 9,561| 3,360| 313| 61%|   
Eólica Campollano, S.A. | Madrid | 6,559,994| EUR | 47,356| 9,535| 37,821| 13,155| 1,713| 53%|   
Tébar Eólica, S.A.U. | Madrid | 4,720,400| EUR | 35,358| 6,125| 29,233| 4,805| 1,508| 71%|   
Renovables Castilla La Mancha,  S.A.| Madrid | 60,102| EUR | 19,031| 8,146| 10,885| 4,212| 699| 64%|   
Parque Eólico La Sotonera, S.L. | Zaragoza | 2,000,000| EUR | 11,709| 2,398| 9,311| 1,479| -621| 50%|   
Compañía Eólica Aragonesa,  S.A.U. | Zaragoza | 6,701,165| EUR | 178,280| 19,624| 158,656| 17,357| 5,468| 71%|   
Parque Eólico Los Cantales, S.L.U. | Zaragoza | 1,963,050| EUR | 15,570| 2,305| 13,265| 2,481| -64| 71%|   
Iberia Aprovechamientos Eólicos,  S.A.| Zaragoza | 1,918,728| EUR | 16,304| 3,016| 13,288| 2,536| -388| 67%|   
Acampo Arias, S.L. | Zaragoza | 3,314,300| EUR | 38,776| 20,943| 17,833| 8,710| 3,022| 68%|   
Aplicaciones Industriales de  Energías Limpias, S.L.| Zaragoza | 131,288| EUR | 1,366| —| 1,366| —| —| 44%|   
San Juan de Bargas Eólica, S.L.U. | Zaragoza | 2,000,000| EUR | 9,932| 3,914| 6,018| 3,223| -323| 71%|   
Global Pracima, S.L.U. | Asturias | 3,600| EUR | 5,308| 50| 5,258| —| -4| 71%|   
Desarrollos Renovables de  Allande, S.L.U.| Asturias | 6,000| EUR | 277| 238| 39| —| -214| 71%|   
IAM Caecius, S.L.U. | Madrid | 6,000| EUR | 12| —| 12| —| -12| 36%|   
Site Sunwind Energy, S.L.U. | Madrid | 6,000| EUR | 5| 1| 4| —| -1| 71%|   
Desarrollos Renovables de Teruel,  S.L.| Teruel | 3,000| EUR | 288| 8| 280| —| -4| 36%|   
Rocio Hive, S.L. | Madrid | 3,000| EUR | 25,905| 25,611| 294| 1,497| -20| 71%|   
Palma Hive, S.L.U. | Madrid | 3,000| EUR | 19,110| 18,723| 387| —| —| 71%|   
Pedregal Hive, S.L.U. | Madrid | 3,000| EUR | 7,628| 7,210| 418| —| —| 71%|   
Desarrollos Renovables de  Alfajarin, S.L.U.| Zaragoza | 6,000| EUR | 6| —| 6| —| -1| 71%|   
Promotores Villarrubia Elevación,  S.L.| Madrid | 3,000| EUR | 4,313| 3,819| 494| —| -121| 48%|   
Jul Solar, S.L.U. | Asturias | 3,000| EUR | 1,109| 530| 579| —| —| 71%|   
Agos Fotovoltaicas, S.L.U. | Asturias | 3,000| EUR | 1,096| 534| 562| —| —| 71%|   
Corona Fotovoltaicas, S.L.U. | Asturias | 3,000| EUR | 3,510| 1,366| 2,144| —| —| 71%|   
Promotores Villarrubia Morata  200KV, S.L.| Madrid | 3,000| EUR | 194| 123| 71| —| -156| 52%|   
Energia Geoide VIII, S.L. | Asturias | 3,000| EUR | 6| 3| 3| —| -3| 71%|   
ICE Tudela, S.L.U. | Madrid | 3,000| EUR | 5| —| 5| —| -2| 71%|   
Soner Goya, S.L.U. | Madrid | 353,000| EUR | 1,947| 4| 1,943| —| -2| 71%|   
Libienergy Green, S.L. | Albacete | 3,000| EUR | 1,338| 4| 1,334| —| —| 71%|   
Cañonera Solar, S.L. | Madrid | 3,000| EUR | 765| 33| 732| —| -13| 71%|   
Montealegre Solar, S.L. | Madrid | 3,000| EUR | 767| 31| 736| —| -13| 71%|   
Yugo Solar, S.L. | Madrid | 3,000| EUR | 753| 30| 723| —| -13| 71%|   
Energía Amanecer, S.L.U. | Madrid | 3,000| EUR | 2,569| 1,856| 713| —| -4| 71%|   
Renovables Alasia, S.L. | Madrid | 3,000| EUR | 3| 2| 1| —| -1| 71%|   
Renovables Canopus, S.L. | Madrid | 3,000| EUR | 3| 2| 1| —| -1| 71%|   
Renovables Lerna, S.L. | Madrid | 3,000| EUR | 3| 2| 1| —| -1| 71%|   
Energia Polimero S.L. | Madrid | 3,000| EUR | 3,391| 5| 3,386| —| —| 71%|   
IGNIS DATA TAU, SL | Madrid | 3,000| EUR | 6| 2| 4| —| —| 64%|   
EDP Renewables Europe, S.L.U. | Oviedo | 249,498,800| EUR | 4,213,117| 1,916,549| 2,296,568| 108,906| -76,311| 71%|   
Italy  
EDP Renewables Italia, S.R.L. | Milan | 34,439,343| EUR | 179,673| 100,475| 79,198| 16,842| 5,082| 71%|   
EDP Renewables Italia Holding,  S.R.L.| Milan | 347,000| EUR | 485,363| 66,548| 418,815| 633| 123,416| 71%|   
Re Plus, S.R.L. | Milan | 100,000| EUR | 456| 451| 5| —| -101| 71%|   
EDPR Villa Galla, S.R.L. | Milan | 9,000,000| EUR | 94,945| 13,631| 81,314| 20,176| 9,322| 71%|   
Tivano, S.R.L. | Milan | 100,000| EUR | 18,680| 15,387| 3,293| 3,143| 1,387| 53%|   
AW 2, S.r.l. | Milan | 100,000| EUR | 20,006| 15,757| 4,249| 4,055| 1,749| 53%|   
T Power, S.p.A. | Cesena | 1,000,000| EUR | 1,345| 9| 1,336| —| 14| 71%|   
Custolito, S.R.L. | Milan | 10,000| EUR | 341| 333| 8| —| -8| 71%|   
EDPR Sicilia PV, S.R.L. | Milan | 10,000| EUR | 47,323| 38,246| 9,077| —| 88| 71%|   
Energia Emissioni Zero 4, S.r.l. | Milan | 10,000| EUR | 36,850| 25,995| 10,855| 6,626| 3,151| 43%|   
EDPR Sicilia Wind, S.r.l. | Milan | 10,000| EUR | 71,112| 71,717| -605| 3,305| 190| 71%|   
Winderg Valleverde, S.r.l. | Milan | 180,000| EUR | 59,419| 51,884| 7,535| —| -268| 43%|   
EDPR Centro Italia PV, S.r.l. | Milan | 10,000| EUR | 2,040| 2,952| -912| —| -1,186| 71%|   
EDPR Sicilia Uno, S.r.l. | Milan | 10,000| EUR | 799| 720| 79| —| -7| 71%|   
EDPR Sicilia Due, S.r.l. | Milan | 10,000| EUR | 99| 6| 93| —| -1| 71%|   
EDPR Sardegna, S.r.l. | Milan | 10,000| EUR | 951| 894| 57| —| -39| 71%|   
EDPR Sud Italia, S.r.l. | Milan | 10,000| EUR | 2,673| 2,646| 27| —| -18| 71%|   
EDPR Sicilia Tre, S.r.l. | Milan | 10,000| EUR | 141| 54| 87| —| -7| 71%|   
EDPR Puglia Due, S.r.l. | Milan | 10,000| EUR | 255| 178| 77| —| -42| 71%|   
EDPR Basilicata, S.r.l. | Milan | 10,000| EUR | 494| 431| 63| —| -11| 71%|   
EDPR Marascione PV, S.r.l. | Milan | 10,000| EUR | 1,793| 1,790| 3| —| -7| 71%|   
EDPR BESS Uno, S.r.l. | Milan | 10,000| EUR | 92| 91| 1| —| -9| 71%|   
  
| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 734|   
| | | | |   
  
| | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---  
Subsidiaries | Head Office | Share capital | € | Assets Euro'000 | Liabilities Euro'000 | Equity Euro'000 | Revenues Euro'000 | Net  Profit/(Loss)Euro'000 | %  Group | %  EDP  S.A.  
EDPR BESS Due, S.r.l. | Milan | 10,000| EUR | 92| 91| 1| —| -9| 71%|   
EDPR BESS Tre, S.r.l. | Milan | 10,000| EUR | 36| 35| 1| —| -9| 71%|   
EDPR BESS Quattro, S.r.l. | Milan | 10,000| EUR | 10| 8| 2| —| -8| 71%|   
EDPR BESS Cinque, S.r.l. | Milan | 10,000| EUR | 29| 26| 3| —| -7| 71%|   
Solar Italy I, S.r.l. | Milan | 10,000| EUR | 84,995| 79,362| 5,633| 276| -622| 71%|   
Solar Italy II, S.r.l. | Milan | 10,000| EUR | 42,635| 43,416| -781| 110| -1,475| 71%|   
Solar Italy IV, S.r.l. | Milan | 10,000| EUR | 66,002| 61,087| 4,915| 20| -334| 71%|   
Solar Italy XXIII, S.r.l. | Milan | 10,000| EUR | 42,438| 42,031| 407| —| -54| 71%|   
EDPR Sicilia Quattro, S.r.l. | Milan | 10,000| EUR | 481| 389| 92| —| -9| 71%|   
Wind Energy Castelluccio, S.r.l. | Milan | 10,000| EUR | 87,085| 87,231| -146| —| -327| 71%|   
Wind Energy Monte Cavallo, S.r.l. | Pescara | 10,000| EUR | 328| 327| 1| —| -9| 36%|   
EDPR Le Murate PV, S.r.l. | Milan | 10,000| EUR | 788| 785| 3| —| -7| 71%|   
ACE Italy, S.à r.l. | Luxemburgo | 4,616,100| EUR | 75,134| 32,778| 42,356| —| -301| 71%|   
EDPR Riardo PV, S.r.l. | Milan | 10,000| EUR | 11| 8| 3| —| -7| 71%|   
EDPR PV 1, S.r.l. | Milan | 10,000| EUR | 11| 72| -61| —| -71| 71%|   
EDPR Boccadoro, S.r.l. | Milan | 10,000| EUR | 12,663| 2,688| 9,975| 51| 5| 71%|   
France  
Saussignac Solaire, S.A.S. | Paris | 5,000| EUR | 132| 495| -363| —| -360| 71%|   
Vanosc Energie, S.A.S. | Paris | 1,000| EUR | 1,047| 1,378| -331| —| -313| 71%|   
Transition Euroise Roman II, S.A.S. | Paris | 603,000| EUR | 11,609| 10,483| 1,126| 1,047| 21| 61%|   
EDPR Energies France, S.A.S. | Paris | 215,000| EUR | 21,347| 22,195| -848| 1,670| -729| 71%|   
EDPR France Holding, S.A.S. | Paris | 79,900,000| EUR | 475,308| 356,160| 119,148| 43,460| -1,269| 71%|   
Parc Eolien de Dionay, S.A.S. | Paris | 215,000| EUR | 2,638| 2,966| -328| —| -402| 71%|   
Monts de la Madeleine Energie,  S.A.S.| Paris | 88,000| EUR | 1,652| 1,976| -324| —| -345| 71%|   
Monts du Forez Energie, S.A.S. | Paris | 200,000| EUR | 1,747| 1,964| -217| —| -305| 71%|   
Oxavi 1, S.A.S. | Paris | 3,000| EUR | 130| 457| -327| —| -328| 71%|   
Oxavi 2, S.A.S. | Paris | 3,000| EUR | 146| 497| -351| —| -352| 71%|   
Kronos Solar France, S.A.S. | Boulogne- Billancourt| 20,000| EUR | 3,113| 3,277| -164| 975| -1,157| 71%|   
Fransol 11, S.A.S. | Boulogne- Billancourt| 1| EUR | 23| 138| -115| —| -86| 61%|   
Fransol 12, S.A.S. | Boulogne- Billancourt| 1| EUR | 35| 152| -117| —| -1| 61%|   
Fransol 13, S.A.S. | Boulogne- Billancourt| 1| EUR | 81| 123| -42| —| -3| 61%|   
Fransol 14, S.A.S. | Paris | 1,013,701| EUR | 3,500| 2,591| 909| —| -94| 71%|   
Fransol 15, S.A.S. | Boulogne- Billancourt| 1| EUR | 19| 133| -114| —| -2| 61%|   
Fransol 16, S.A.S. | Boulogne- Billancourt| 1| EUR | 93| 167| -74| —| -3| 61%|   
Fransol 17, S.A.S. | Boulogne- Billancourt| 1| EUR | —| 3| -3| —| 86| 61%|   
Fransol 18, S.A.S. | Boulogne- Billancourt| 87,901| EUR | 201| 161| 40| —| -1| 61%|   
Fransol 19, S.A.S. | Boulogne- Billancourt| 1| EUR | 17| 100| -83| —| 3| 61%|   
Fransol 20, S.A.S. | Boulogne- Billancourt| 1| EUR | 32| 203| -171| —| -7| 61%|   
Fransol 21, S.A.S. | Boulogne- Billancourt| 11,805| EUR | 4,660| 4,643| 17| —| -39| 71%|   
Fransol 22, S.A.S. | Boulogne- Billancourt| 1| EUR | 2| 8| -6| —| 70| 61%|   
Fransol 23, S.A.S. | Boulogne- Billancourt| 1| EUR | —| 3| -3| —| 77| 61%|   
Fransol 24, S.A.S. | Boulogne- Billancourt| 91,901| EUR | 166| 130| 36| —| 1| 61%|   
Fransol 25, S.A.S. | Boulogne- Billancourt| 1| EUR | 1| 11| -10| —| 118| 61%|   
Fransol 26, S.A.S. | Boulogne- Billancourt| 1| EUR | 19| 114| -95| —| -8| 61%|   
Fransol 27, S.A.S. | Boulogne- Billancourt| 13,969| EUR | 4,252| 4,229| 23| —| -22| 71%|   
Fransol 28, S.A.S. | Boulogne- Billancourt| 103,901| EUR | 119| 89| 30| —| 4| 61%|   
Fransol 29, S.A.S. | Boulogne- Billancourt| 1| EUR | 18| 111| -93| —| -8| 61%|   
Fransol 30, S.A.S. | Boulogne- Billancourt| 1| EUR | 25| 163| -138| —| -95| 61%|   
Fransol 31, S.A.S. | Boulogne- Billancourt| 1| EUR | 2| 16| -14| —| 91| 61%|   
Fransol 32, S.A.S. | Boulogne- Billancourt| 1| EUR | 67| 109| -42| —| -3| 61%|   
Fransol 33, S.A.S. | Boulogne- Billancourt| 1| EUR | 1| 7| -6| —| 44| 61%|   
Fransol 34, S.A.S. | Boulogne- Billancourt| 1| EUR | 14| 86| -72| —| 4| 61%|   
Fransol 35, S.A.S. | Boulogne- Billancourt| 1| EUR | 80| 111| -31| —| -2| 61%|   
Fransol 36, S.A.S. | Boulogne- Billancourt| 1| EUR | 61| 94| -33| —| 5| 61%|   
Fransol 37, S.A.S. | Boulogne- Billancourt| 1| EUR | 81| 132| -51| —| —| 61%|   
Fransol 38, S.A.S. | Boulogne- Billancourt| 1| EUR | 1| 8| -7| —| 51| 61%|   
Fransol 39, S.A.S. | Boulogne- Billancourt| 1| EUR | 11| 69| -58| —| 5| 61%|   
Fransol 40, S.A.S. | Boulogne- Billancourt| 1| EUR | 16| 101| -85| —| -30| 61%|   
Fransol 41, S.A.S. | Boulogne- Billancourt| 1| EUR | 2| 11| -9| —| 64| 61%|   
Fransol 42, S.A.S. | Boulogne- Billancourt| 1| EUR | 1| 4| -3| —| 44| 61%|   
Fransol 43, S.A.S. | Boulogne- Billancourt| 1| EUR | —| 3| -3| —| 46| 61%|   
Fransol 44, S.A.S. | Boulogne- Billancourt| 1| EUR | 15| 93| -78| —| 13| 61%|   
Fransol 45, S.A.S. | Boulogne- Billancourt| 1| EUR | 15| 97| -82| —| -26| 61%|   
  
| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 735|   
| | | | |   
  
| | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---  
Subsidiaries | Head Office | Share capital | € | Assets Euro'000 | Liabilities Euro'000 | Equity Euro'000 | Revenues Euro'000 | Net  Profit/(Loss)Euro'000 | %  Group | %  EDP  S.A.  
Fransol 46, S.A.S. | Boulogne- Billancourt| 1| EUR | 54| 333| -279| 199| 158| 61%|   
Fransol 47, S.A.S. | Boulogne- Billancourt| 1| EUR | 25| 153| -128| —| 16| 61%|   
Fransol 48, S.A.S. | Boulogne- Billancourt| 1| EUR | 14| 84| -70| —| -23| 61%|   
Fransol 49, S.A.S. | Boulogne- Billancourt| 1| EUR | 10| 60| -50| —| -1| 61%|   
Fransol 50, S.A.S. | Boulogne- Billancourt| 1| EUR | —| 3| -3| —| 40| 61%|   
Fransol 05, S.A.S. | Paris | 1,000| EUR | 1,308| 1,425| -117| —| -298| 71%|   
Fransol 06, S.A.S. | Boulogne- Billancourt| 1| EUR | 144| 193| -49| —| -21| 61%|   
Kronos 18 Fain, S.A.S. | Paris | 160,307| EUR | 5,316| 6,201| -885| —| -69| 71%|   
Fransol 07, S.A.S. | Boulogne- Billancourt| 1| EUR | 2| 28| -26| —| 38| 61%|   
Fransol 08, S.A.S. | Boulogne- Billancourt| 1| EUR | 15| 132| -117| —| -30| 61%|   
Fransol 09, S.A.S. | Boulogne- Billancourt| 1| EUR | 250| 297| -47| —| -14| 61%|   
Fransol 10, S.A.S. | Boulogne- Billancourt| 1| EUR | 217| 273| -56| —| -25| 61%|   
Kronosol 11, S.A.R.L. | Saint-Louis | 50,000| EUR | 83| 88| -5| —| 5| 61%|   
Kronosol 12, S.A.R.L. | Paris | 59,656| EUR | 3,165| 3,155| 10| 1| -34| 71%|   
Kronosol 13, S.A.R.L. | Paris | 199,800| EUR | 5,613| 5,656| -43| 152| -276| 43%|   
Kronosol 14, S.A.R.L. | Paris | 898,216| EUR | 26,314| 20,001| 6,313| 104| -234| 71%|   
Kronosol 15, S.A.R.L. | Paris | 236,721| EUR | 3,834| 3,658| 176| 6| -28| 71%|   
Fransol 51, S.A.S. | Boulogne- Billancourt| 1| EUR | 1| 6| -5| —| 46| 61%|   
Fransol 52, S.A.S. | Boulogne- Billancourt| 1| EUR | 16| 95| -79| —| -49| 61%|   
Fransol 53, S.A.S. | Boulogne- Billancourt| 1| EUR | 14| 87| -73| —| -21| 61%|   
Fransol 54, S.A.S. | Boulogne- Billancourt| 1| EUR | 16| 99| -83| —| -18| 61%|   
Fransol 55, S.A.S. | Boulogne- Billancourt| 1| EUR | 6| 41| -35| —| -1| 61%|   
Fransol 56, S.A.S. | Boulogne- Billancourt| 1| EUR | 11| 68| -57| —| -31| 61%|   
Fransol 57, S.A.S. | Boulogne- Billancourt| 1| EUR | 1| 6| -5| —| 47| 61%|   
Fransol 58, S.A.S. | Boulogne- Billancourt| 1| EUR | —| 3| -3| —| 31| 61%|   
Fransol 59, S.A.S. | Boulogne- Billancourt| 1| EUR | 12| 72| -60| —| -26| 61%|   
Fransol 60, S.A.S. | Boulogne- Billancourt| 1| EUR | 1| 6| -5| —| 42| 61%|   
Fransol 61, S.A.S. | Boulogne- Billancourt| 1| EUR | 12| 74| -62| —| -34| 61%|   
Fransol 62, S.A.S. | Boulogne- Billancourt| 1| EUR | 1| 4| -3| —| 29| 61%|   
Fransol 63, S.A.S. | Boulogne- Billancourt| 1| EUR | 21| 127| -106| —| -54| 61%|   
Fransol 64, S.A.S. | Boulogne- Billancourt| 1| EUR | 1| 6| -5| —| 53| 61%|   
Fransol 65, S.A.S. | Boulogne- Billancourt| 1| EUR | 9| 55| -46| —| -1| 61%|   
Fransol 66, S.A.S. | Boulogne- Billancourt| 1| EUR | 14| 85| -71| —| -13| 61%|   
Fransol 67, S.A.S. | Boulogne- Billancourt| 1| EUR | 18| 108| -90| —| -28| 61%|   
Fransol 68, S.A.S. | Boulogne- Billancourt| 1| EUR | 1| 6| -5| —| 48| 61%|   
Fransol 69, S.A.S. | Boulogne- Billancourt| 1| EUR | 14| 81| -67| —| -10| 61%|   
Fransol 70, S.A.S. | Boulogne- Billancourt| 1| EUR | 353| 2,127| -1,774| —| -1,749| 61%|   
United Kingdom  
Altnabreac Wind Farm Limited | Edinburgh | 2,272,165| GBP | 1,123| 1,619| -496| —| -135| 71%|   
Ben Sca Wind Farm Limited | Edinburgh | 1,950,346| GBP | 4,822| 3,999| 823| —| 121| 71%|   
Moorshield Wind Farm Limited | Edinburgh | 1,265,576| GBP | 2,298| 2,615| -317| —| -505| 71%|   
Drummarnock Wind Farm Limited | Edinburgh | 1,350,663| GBP | 2,686| 2,835| -149| —| -360| 71%|   
Balmeanach Wind Farm Limited | Edinburgh | 1,211,923| GBP | 3,377| 3,240| 137| —| 83| 71%|   
EDP Renewables UK Limited | Edinburgh | 9,847,230| GBP | 54,337| 47,139| 7,198| 6,061| 2,286| 71%|   
Muirake Wind Farm Ltd | Edinburgh | 100| GBP | 6,494| 2,845| 3,649| 2,315| 412| 56%|   
Lurg Hill Wind Farm Ltd | Edinburgh | 699,140| GBP | 872| 1,732| -860| —| -566| 71%|   
Harrington Franklin Limited | Leeds | 530,911| GBP | 25,373| 26,053| -680| —| -1,040| 71%|   
Balnacraig Battery Storage  Limited | Edinburgh | 1| GBP | 22,017| 28,079| -6,062| —| -5,721| 71%|   
Kronos Solar Projects Limited | Newmarket | 1| GBP | 1,632| 1,658| -26| 871| -76| 71%|   
KS SPV 46 Limited | Newmarket | 1| GBP | 146| 608| -462| —| -39| 71%|   
KS SPV 65 Limited | Newmarket | 1| GBP | 22| 157| -135| —| -10| 71%|   
KS SPV 69 Limited | Newmarket | 1| GBP | —| 97| -97| —| 29| 71%|   
KS SPV 70 Limited | Newmarket | 1| GBP | 52| 335| -283| —| -206| 71%|   
KS SPV 71 Limited | Newmarket | 1| GBP | 163| 253| -90| —| -36| 71%|   
KS SPV 72 Limited | Newmarket | 1| GBP | 16| 112| -96| —| -23| 71%|   
KS SPV 73 Limited | Newmarket | 1| GBP | 17| 116| -99| —| -13| 71%|   
KS SPV 74 Limited | Newmarket | 1| GBP | —| 60| -60| —| 91| 71%|   
KS SPV 75 Limited | Newmarket | 1| GBP | 66| 412| -346| —| -46| 71%|   
KS SPV 76 Limited | Newmarket | 1| GBP | —| 43| -43| —| 25| 71%|   
KS SPV 77 Limited | Newmarket | 1| GBP | 121| 303| -182| —| -56| 71%|   
KS SPV 78 Limited | Newmarket | 1| GBP | 11| 73| -62| —| -22| 71%|   
KS SPV 79 Limited | Newmarket | 1| GBP | 113| 254| -141| —| -69| 71%|   
KS SPV 80 Limited | Newmarket | 1| GBP | —| 69| -69| —| 18| 71%|   
KS SPV 62 Limited | Newmarket | 1| GBP | 20| 385| -365| —| -41| 71%|   
KS SPV 64 Limited | Newmarket | 1| GBP | 15| 107| -92| —| -50| 71%|   
KS SPV 67 Limited | Newmarket | 1| GBP | 21| 145| -124| —| -33| 71%|   
KS SPV 68 Limited | Newmarket | 1| GBP | —| 52| -52| —| 1| 71%|   
  
| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 736|   
| | | | |   
  
| | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---  
Subsidiaries | Head Office | Share capital | € | Assets Euro'000 | Liabilities Euro'000 | Equity Euro'000 | Revenues Euro'000 | Net  Profit/(Loss)Euro'000 | %  Group | %  EDP  S.A.  
KS SPV 81 Limited | Newmarket | 1| GBP | —| 26| -26| —| 11| 71%|   
KS SPV 82 Limited | Newmarket | 1| GBP | 30| 188| -158| —| -24| 71%|   
KS SPV 83 Limited | Newmarket | 1| GBP | 69| 203| -134| —| -38| 71%|   
KS SPV 84 Limited | Newmarket | 1| GBP | —| 39| -39| —| 12| 71%|   
KS SPV 85 Limited | Newmarket | 1| GBP | —| 28| -28| —| 7| 71%|   
KS SPV 00 Limited | Newmarket | 1| GBP | 218| 702| -484| —| -333| 71%|   
Poland  
R.Wind, Sp. z o.o. | Warsaw | 6,000| PLN | 1,143| 1,634| -491| —| -303| 71%|   
EDP Renewables Polska, Sp. z o.o. | Warsaw | 435,045,000| PLN | 654,067| 89,692| 564,375| 18,465| 25,113| 71%|   
Relax Wind Park III, Sp. z o.o. | Warsaw | 59,603,000| PLN | 246,331| 191,917| 54,414| 36,249| 8,808| 71%|   
Relax Wind Park I, Sp. z o.o. | Warsaw | 46,540,000| PLN | 124,970| 48,348| 76,622| 32,199| 17,382| 71%|   
Elektrownia Wiatrowa Kresy I, Sp.  z o.o.| Warsaw | 70,210| PLN | 125,502| 17,824| 107,678| 27,884| 15,853| 71%|   
Masovia Wind Farm I, Sp. z o.o. | Warsaw | 1,258,000| PLN | 229| 589| -360| —| -251| 71%|   
Farma Wiatrowa Starozreby, Sp. z  o.o.| Warsaw | 466,000| PLN | 297| 117| 180| —| -89| 71%|   
Rowy-Karpacka Mala Energetyka,  Sp. z o.o.| Warsaw | 50,000| PLN | 101| 669| -568| —| -7| 71%|   
Farma Fotowoltaiczna Iłża, Sp. z  o.o.| Warsaw | 5,000| PLN | 60| 238| -178| —| -177| 71%|   
Molen Wind II, Sp. z o.o. | Warsaw | 14,600| PLN | 59,734| 16,993| 42,741| 14,476| 6,780| 71%|   
Korsze Wind Farm, Sp. z o.o. | Warsaw | 35,754,000| PLN | 76,174| 24,650| 51,524| 23,275| 14,111| 71%|   
Radziejów Wind Farm, Sp. z o.o. | Warsaw | 27,605,000| PLN | 32,250| 23,577| 8,673| 5,777| 1,679| 71%|   
Miramit Investments, Sp. z o.o. | Warsaw | 55,000| PLN | 520| 538| -18| —| -119| 71%|   
EDP Renewables Polska HoldCo,  S.A.| Warsaw | 100,100| PLN | 291,114| 788| 290,326| —| 48,971| 71%|   
Rampton, Sp. z o.o. | Warsaw | 11,005,000| PLN | 5,282| 2,763| 2,519| 3,873| 121| 71%|   
EDP Renewables Polska Solar, Sp.  Z o.o.| Warsaw | 5,000| PLN | 40,650| 45,335| -4,685| 2,621| -2,455| 71%|   
Gudziki Wind Farm, Sp. z o.o. | Warsaw | 35,715,400| PLN | 52,983| 33,533| 19,450| 9,529| 5,206| 71%|   
WF Energy III, Sp. z o.o. | Warsaw | 5,000| PLN | 661| 918| -257| —| -240| 71%|   
Farma Fotowoltaiczna Koden, Sp.  z o.o.| Warsaw | 5,000| PLN | 3,403| 3,576| -173| —| -85| 71%|   
Farma Fotowoltaiczna Pakosław,  Sp. z o.o.| Warsaw | 5,000| PLN | 10,933| 11,798| -865| 1| -811| 71%|   
Neo Solar Przykona II, Sp. z o.o. | Warsaw | 5,000| PLN | 2,406| 3,140| -734| —| -632| 71%|   
Elektrownia Kamienica, Sp. z o.o. | Warsaw | 5,000| PLN | 2,263| 2,890| -627| —| -565| 71%|   
Budzyn, Sp. z o.o. | Warsaw | 5,000| PLN | 111| 494| -383| —| -319| 71%|   
Wind Farm Debrzno, Sp. z o.o. | Warsaw | 5,000| PLN | 111| 405| -294| —| -293| 71%|   
Wind Farm Gniewkowo, Sp. z o.o. | Warsaw | 5,000| PLN | 254| 519| -265| —| -264| 71%|   
EDP Renewables Polska Wind, Sp.  z o.o.| Warsaw | 5,000| PLN | 202| 856| -654| —| -650| 71%|   
EDPR Polska Solar 2, Sp. z o.o. | Warsaw | 5,000| PLN | 64| 193| -129| —| -129| 71%|   
EDP Renewables Polska Storage,  Sp. z o.o.| Warsaw | 5,000| PLN | 56| 170| -114| —| -114| 71%|   
Ene-Wia, Sp. z o.o. | Warsaw | 10,000| PLN | 4,532| 4,743| -211| —| -182| 71%|   
Rampton Trading, Sp. z o.o. | Warsaw | 10,005,000| PLN | 2,373| 172| 2,201| —| -139| 71%|   
Ekoenergia Solar 3, Sp. z o.o. | Warsaw | 6,000| PLN | 11,471| 11,164| 307| —| -276| 71%|   
CSH III Renewables, Sp. z o.o. | Warsaw | 5,000| PLN | 1,623| 2,291| -668| —| -616| 71%|   
Farma Fotowoltaiczna Poturzyn,  Sp. z o.o.| Warsaw | 5,000| PLN | 124| 407| -283| —| -282| 71%|   
Farma Fotowoltaiczna Warta, Sp.  z o.o.| Warsaw | 5,000| PLN | 359| 569| -210| —| -153| 71%|   
Farma Fotowoltaiczna  Wielkopolska, Sp. z o.o.| Warsaw | 5,000| PLN | 548| 882| -334| —| -348| 71%|   
Farma Fotowoltaiczna Radziejów,  Sp. z o.o.| Warsaw | 5,000| PLN | 280| 529| -249| —| -224| 71%|   
Farma Fotowoltaiczna Ujazd, Sp. z  o.o.| Warsaw | 5,000| PLN | 437| 730| -293| —| -275| 71%|   
Farma Fotowoltaiczna Budzyn, Sp.  z o.o.| Warsaw | 5,000| PLN | 16,790| 16,436| 354| 881| -517| 71%|   
Farma Fotowoltaiczna Dobrzyca,  Sp. z o.o.| Warsaw | 5,000| PLN | 570| 918| -348| —| -330| 71%|   
Farma Fotowoltaiczna Tomaszów,  Sp. z o.o.| Warsaw | 5,000| PLN | 179| 348| -169| —| -146| 71%|   
ACE Poland, S.à r.l. | Luxemburgo | 10,374,684| EUR | 100,732| 9,676| 91,056| —| -49| 71%|   
EDP Renewables Polska Wind 1,  Sp. z o.o.| Warsaw | 5,000| PLN | 27| 142| -115| —| -115| 71%|   
EDP Renewables Polska Wind 2,  Sp. z o.o.| Warsaw | 5,000| PLN | 27| 142| -115| —| -115| 71%|   
EDP Renewables Polska Wind 3,  Sp. z o.o.| Warsaw | 5,000| PLN | 27| 142| -115| —| -115| 71%|   
EDP Renewables Polska Wind 4,  Sp. z o.o.| Warsaw | 5,000| PLN | 23| 121| -98| —| -98| 71%|   
EDP Renewables Polska Wind 5,  Sp. z o.o.| Warsaw | 5,000| PLN | 1| —| 1| —| —| 71%|   
EDP Renewables Polska Wind 6,  Sp. z o.o.| Warsaw | 5,000| PLN | 1| —| 1| —| —| 71%|   
Romania  
EDPR România, S.R.L. | Bucarest | 1,491,259,750| RON | 641,817| 94,186| 547,631| 128,256| 56,942| 71%|   
International Solar Energy, S.R.L. | Bucarest | 40,000,200| RON | 38,635| 34,902| 3,733| 36| -2,922| 71%|   
Solar Phoenix, S.R.L. | Bucarest | 79,300| RON | 852| 1,453| -601| —| -191| 71%|   
Energopark, S.R.L. | Bucarest | 133,720| RON | 2,024| 2,589| -565| —| -239| 71%|   
Beta Wind, S.R.L. | Bucarest | 207,470| RON | 6,228| 1,754| 4,474| —| -222| 71%|   
Fravezac, S.R.L. | Bucarest | 5,815,810| RON | 3,270| 3,096| 174| —| -239| 71%|   
EDPR Wind Energy, S.R.L. | Bucarest | 200| RON | —| —| —| —| —| 71%|   
EDPR Solar Energy, S.R.L. | Bucarest | 200| RON | —| —| —| —| —| 71%|   
Greece  
Energiaki Arvanikou E.P.E. | Athens | 1,312,380| EUR | 62,364| 44,885| 17,479| 8,609| 2,633| 71%|   
Wind Park Aerorrachi M.A.E. | Athens | 496,020| EUR | 3,230| 6,740| -3,510| —| -722| 71%|   
EDPR Hellas 1 M.A.E. | Athens | 2,855,000| EUR | 47,658| 47,392| 266| —| -807| 71%|   
EDPR Hellas 2 M.A.E. | Athens | 670,000| EUR | 51,180| 51,249| -69| —| -628| 71%|   
Aioliko Parko Fthiotidas Erimia  A.E.| Athens | 880,080| EUR | 40,867| 41,696| -829| 2,125| -637| 71%|   
Wind Shape M.A.E. | Athens | 549,850| EUR | 18,899| 20,088| -1,189| —| -1,610| 71%|   
Aioliki Oitis Energiaki A.E. | Athens | 1,993,050| EUR | 1,889| 37| 1,852| —| -124| 71%|   
Kadmeios Anemos Energiaki, A.E. | Athens | 2,825,000| EUR | 21,482| 21,192| 290| —| -744| 71%|   
  
| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 737|   
| | | | |   
  
| | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---  
Subsidiaries | Head Office | Share capital | € | Assets Euro'000 | Liabilities Euro'000 | Equity Euro'000 | Revenues Euro'000 | Net  Profit/(Loss)Euro'000 | %  Group | %  EDP  S.A.  
Voiotikos Anemos Energy, A.E. | Athens | 1,225,000| EUR | 36,721| 37,555| -834| —| -1,008| 71%|   
EDPR Vounichora M.E.P.E. | Athens | 1,000| EUR | 29| 104| -75| —| -76| 71%|   
EDPR Anaskelo M.E.P.E. | Athens | 1,000| EUR | 50| 92| -42| —| -43| 71%|   
EDPR Desfina M.E.P.E. | Athens | 1,000| EUR | 50| 96| -46| —| -47| 71%|   
EDPR Louzes M.E.P.E. | Athens | 1,000| EUR | 20| 65| -45| —| -46| 71%|   
EDPR Gkekas M.E.P.E. | Athens | 1,000| EUR | 49| 94| -45| —| -46| 71%|   
Aeolos Evias Energiaki, M.A.E. | Athens | 4,125,000| EUR | 4,778| 1,971| 2,807| —| -246| 71%|   
The Netherlands  
Kronos Solar Projects NL, B.V. | Arnhem | 5,000| EUR | 5,627| 5,598| 29| 3,275| -100| 71%|   
KS NL3, B.V. | Arnhem | —| EUR | 8,964| 9,379| -415| —| -317| 71%|   
KS NL6, B.V. | Arnhem | —| EUR | 17| 159| -142| —| -100| 71%|   
KS NL8, B.V. | Arnhem | —| EUR | 8,890| 9,342| -452| 705| -165| 71%|   
KS NL10, B.V. | Arnhem | —| EUR | 183| 241| -58| —| -31| 71%|   
KS NL12, B.V. | Arnhem | —| EUR | 10| 144| -134| —| -91| 71%|   
KS NL13, B.V. | Arnhem | —| EUR | 9,219| 9,617| -398| —| -296| 71%|   
KS NL14, B.V. | Arnhem | —| EUR | 8,304| 8,822| -518| 425| -324| 71%|   
KS NL16, B.V. | Arnhem | —| EUR | 8| 137| -129| —| -87| 71%|   
KS NL17, B.V. | Arnhem | —| EUR | 107| 339| -232| —| -167| 71%|   
KS NL20, B.V. | Arnhem | —| EUR | 38| 326| -288| —| -238| 71%|   
KS NL23, B.V. | Arnhem | —| EUR | 1,250| 1,495| -245| —| -112| 71%|   
KS NL24, B.V. | Arnhem | —| EUR | 116| 239| -123| —| -86| 71%|   
KS NL25, B.V. | Arnhem | —| EUR | 41| 156| -115| —| -91| 71%|   
KS NL27, B.V. | Arnhem | —| EUR | 115| 333| -218| —| -131| 71%|   
KS NL28, B.V. | Arnhem | —| EUR | 10,407| 10,976| -569| 483| -332| 71%|   
KS NL29, B.V. | Arnhem | —| EUR | 83| 131| -48| —| -19| 71%|   
KS NL30, B.V. | Arnhem | —| EUR | 81| 122| -41| —| -19| 71%|   
KS NL31, B.V. | Arnhem | —| EUR | 4| 129| -125| —| -80| 71%|   
KS NL32, B.V. | Arnhem | —| EUR | 1,688| 2,044| -356| —| -175| 71%|   
KS NL33, B.V. | Arnhem | —| EUR | 3| 137| -134| —| -95| 71%|   
KS NL34, B.V. | Arnhem | —| EUR | 1,564| 1,837| -273| —| -131| 71%|   
KS NL35, B.V. | Arnhem | 1| EUR | 4| 116| -112| —| -83| 71%|   
KS NL36, B.V. | Arnhem | 1| EUR | 3| 92| -89| —| -51| 71%|   
KS NL37, B.V. | Arnhem | 1| EUR | 3| 104| -101| —| -52| 71%|   
KS NL38, B.V. | Arnhem | 1| EUR | 107| 160| -53| —| -31| 71%|   
KS NL39, B.V. | Arnhem | 1| EUR | 2| 82| -80| —| -51| 71%|   
KS NL40, B.V. | Arnhem | 1| EUR | 3| 75| -72| —| -53| 71%|   
KS NL42, B.V. | Arnhem | 1| EUR | 90| 150| -60| —| -40| 71%|   
KS NL43, B.V. | Arnhem | 1| EUR | 3| 115| -112| —| -43| 71%|   
KS NL44, B.V. | Arnhem | 1| EUR | 3| 78| -75| —| -38| 71%|   
KS NL45, B.V. | Arnhem | 1| EUR | 3| 81| -78| —| -39| 71%|   
KS NL46, B.V. | Arnhem | 1| EUR | 97| 159| -62| —| -42| 71%|   
KS NL47, B.V. | Arnhem | 1| EUR | 3| 81| -78| —| -51| 71%|   
KS NL48, B.V. | Arnhem | 1| EUR | 5| 82| -77| —| -38| 71%|   
KS NL49, B.V. | Arnhem | 1| EUR | 3| 66| -63| —| -38| 71%|   
KS NL50, B.V. | Arnhem | 1| EUR | 60| 153| -93| —| -64| 71%|   
Germany  
EDPR Windpark Flemsdorf GmbH | Munich | 500| EUR | —| 1| -1| —| -1| 71%|   
EDPR Windpark Küsten- Waddeweitz GmbH| Munich | 25,000| EUR | 25| —| 25| —| —| 71%|   
EDPR Windpark Reinstorf GmbH | Munich | 25,000| EUR | 25| —| 25| —| —| 71%|   
EDPR Windpark Langenleuba- Oberhain GmbH| Munich | 25,000| EUR | 25| —| 25| —| —| 71%|   
EDPR Windpark Lützen- Weißenfels GmbH| Munich | 25,000| EUR | 25| —| 25| —| —| 71%|   
EDPR Deutschland GmbH | Munich | 25,000| EUR | 1,037| 11,341| -10,304| —| -6,496| 71%|   
Kronos Projektgesellschaft mbH | Munich | 25,000| EUR | 31,254| 33,937| -2,683| —| -1,414| 71%|   
Kronos Solar Projects GmbH | Munich | 27,669| EUR | 82,320| 4,699| 77,621| 2,605| 7,779| 71%|   
Kronos Solar Projects France UG | Munich | 1,000| EUR | 7,704| 5,223| 2,481| —| 480| 61%|   
KSD 11 UG | Munich | 1,000| EUR | 433| 579| -146| —| -96| 71%|   
KSD 12 UG | Munich | 1,000| EUR | 3,595| 3,758| -163| —| -111| 71%|   
KSD 13 UG | Munich | 1,000| EUR | 748| 876| -128| —| -87| 71%|   
KSD 14 UG | Munich | 1,000| EUR | 3,304| 3,561| -257| —| -158| 71%|   
KSD 15 UG | Munich | 1,000| EUR | 18| 149| -131| —| -33| 71%|   
KSD 16 UG | Munich | 1,000| EUR | 126| 380| -254| —| -86| 71%|   
KSD 17 GmbH | Ketzin/Havel  | 25,000| EUR | 44,493| 22,929| 21,564| —| -517| 71%|   
KSD 18 UG | Munich | 1,000| EUR | 1,125| 1,211| -86| —| -57| 71%|   
KSD 19 UG | Munich | 1,000| EUR | 271| 374| -103| —| -72| 71%|   
KSD 21 UG | Munich | 1,000| EUR | 108| 307| -199| —| -68| 71%|   
KSD 22 UG | Munich | 1,000| EUR | 92| 253| -161| —| -55| 71%|   
KSD 23 UG | Munich | 1,000| EUR | 465| 638| -173| —| -140| 71%|   
KSD 24 UG | Munich | 1,000| EUR | 22| 194| -172| —| -45| 71%|   
KSD 25 UG | Munich | 1,000| EUR | 452| 576| -124| —| -93| 71%|   
KSD 26 UG | Munich | 1,000| EUR | 42| 332| -290| —| -101| 71%|   
KSD 27 UG | Munich | 1,000| EUR | 280| 694| -414| —| -156| 71%|   
KSD 28 UG | Munich | 1,000| EUR | 28| 216| -188| —| -81| 71%|   
KSD 29 UG | Munich | 1,000| EUR | 62| 257| -195| —| -83| 71%|   
KSD 30 UG | Munich | 1,000| EUR | 88| 268| -180| —| -53| 71%|   
KSD 31 UG | Munich | 1,000| EUR | 153| 392| -239| —| -70| 71%|   
KSD 32 UG | Munich | 1,000| EUR | 224| 314| -90| —| -57| 71%|   
KSD 33 UG | Munich | 1,000| EUR | 20| 118| -98| —| -32| 71%|   
KSD 34 UG | Munich | 1,000| EUR | 27| 168| -141| —| -34| 71%|   
KSD 35 UG | Munich | 1,000| EUR | 166| 308| -142| —| -52| 71%|   
KSD 36 UG | Munich | 1,000| EUR | 216| 377| -161| —| -65| 71%|   
KSD 37 UG | Munich | 1,000| EUR | 36| 276| -240| —| -92| 71%|   
KSD 38 UG | Munich | 1,000| EUR | 73| 285| -212| —| -47| 71%|   
KSD 39 UG | Munich | 1,000| EUR | 279| 434| -155| —| -58| 71%|   
KSD 40 UG | Munich | 1,000| EUR | 110| 329| -219| —| -77| 71%|   
KSD 41 UG | Munich | 1,000| EUR | 2| 35| -33| —| -30| 71%|   
KSD 42 UG | Munich | 1,000| EUR | 112| 177| -65| —| -62| 71%|   
KSD 43 UG | Munich | 1,000| EUR | 64| 115| -51| —| -47| 71%|   
KSD 44 UG | Munich | 1,000| EUR | 49| 99| -50| —| -44| 71%|   
KSD 45 UG | Munich | 1,000| EUR | 2| 35| -33| —| -29| 71%|   
KSD 46 UG | Munich | 1,000| EUR | 140| 233| -93| —| -89| 71%|   
KSD 47 UG | Munich | 1,000| EUR | 23| 62| -39| —| -36| 71%|   
  
| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 738|   
| | | | |   
  
| | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---  
Subsidiaries | Head Office | Share capital | € | Assets Euro'000 | Liabilities Euro'000 | Equity Euro'000 | Revenues Euro'000 | Net  Profit/(Loss)Euro'000 | %  Group | %  EDP  S.A.  
KSD 48 UG | Munich | 1,000| EUR | 2| 35| -33| —| -29| 71%|   
KSD 49 UG | Munich | 1,000| EUR | 4| 45| -41| —| -37| 71%|   
KSD 50 UG | Munich | 1,000| EUR | 2| 35| -33| —| -29| 71%|   
KSD 51 UG | Munich | 1,000| EUR | 2| 35| -33| —| -29| 71%|   
KSD 52 UG | Munich | 1,000| EUR | 129| 199| -70| —| -66| 71%|   
KSD 53 UG | Munich | 1,000| EUR | 51| 98| -47| —| -44| 71%|   
KSD 54 UG | Munich | 1,000| EUR | 2| 43| -41| —| -37| 71%|   
KSD 55 UG | Munich | 1,000| EUR | 70| 123| -53| —| -49| 71%|   
KSD 56 UG | Munich | 1,000| EUR | 2| 35| -33| —| -29| 71%|   
KSD 57 UG | Munich | 1,000| EUR | 2| 35| -33| —| -29| 71%|   
KSD 58 UG | Munich | 1,000| EUR | 66| 118| -52| —| -48| 71%|   
KSD 59 UG | Munich | 1,000| EUR | 2| 35| -33| —| -29| 71%|   
KSD 60 UG | Munich | 1,000| EUR | 56| 105| -49| —| -45| 71%|   
KSD 61 UG | Munich | 1,000| EUR | 2| 2| —| —| -1| 71%|   
KSD 62 UG | Munich | 1,000| EUR | 2| 2| —| —| -1| 71%|   
KSD 63 UG | Munich | 1,000| EUR | 2| 2| —| —| -1| 71%|   
KSD 64 UG | Munich | 1,000| EUR | 1| 2| -1| —| -2| 71%|   
KSD 65 UG | Munich | 1,000| EUR | 2| 2| —| —| -1| 71%|   
KSD 66 UG | Munich | 1,000| EUR | 2| 2| —| —| -1| 71%|   
KSD 67 UG | Munich | 1,000| EUR | 2| 2| —| —| -1| 71%|   
KSD 68 UG | Munich | 1,000| EUR | 2| 2| —| —| -1| 71%|   
KSD 69 UG | Munich | 1,000| EUR | 2| 2| —| —| -1| 71%|   
KSD 70 UG | Munich | 1,000| EUR | 2| 2| —| —| -1| 71%|   
Other Countries  
EDP Renewables Belgium, S.A. | Brussels | 286,500| EUR | 19,449| 16,717| 2,732| 1,951| -153| 71%|   
Szabadsolar, Kft. | Budapest | 3,300,000| HUF | 879| 770| 109| —| -448| 71%|   
EDP Renewables Hungary | Budapest | 30,300,000| HUF | 2,822| 2,720| 102| —| -834| 71%|   
Sunlight Solar, Kft. | Budapest | 5,200,000| HUF | 1,230| 1,506| -276| —| -881| 61%|   
50MW Napenergia, Kft. | Budapest | 3,200,000| HUF | 51,449| 52,431| -982| —| -2,713| 71%|   
Nyírség Watt, Kft. | Budapest | 313,100,000| HUF | 25,642| 24,597| 1,045| —| -1,651| 71%|   
ACE Lux, S.à r.l. | Luxemburgo | 15,007,792| EUR | 201,272| 77,438| 123,834| —| 468| 71%|   
South America  
Brazil  
EDP Renováveis Brasil, S.A. | São Paulo | 3,876,263,545| BRL | 963,685| 295,957| 667,728| 7,357| -24,269| 71%|   
Central Nacional de Energia  Eólica, S.A.| São Paulo | 12,396,000| BRL | 4,927| 2,587| 2,340| 2,325| 1,386| 36%|   
Elebrás Projetos, S.A. | São Paulo | 103,779,268| BRL | 39,243| 13,214| 26,029| 24,404| 12,247| 36%|   
Central Eólica Baixa do Feijão I,  S.A.| São Paulo | 39,216,713| BRL | 20,625| 12,549| 8,076| 2,853| -77| 36%|   
Central Eólica Baixa do Feijão II,  S.A.| São Paulo | 40,551,200| BRL | 20,461| 11,913| 8,548| 2,849| 103| 36%|   
Central Eólica Baixa do Feijão III,  S.A.| São Paulo | 67,416,713| BRL | 22,133| 12,752| 9,381| 2,954| -343| 36%|   
Central Eólica Baixa do Feijão IV,  S.A.| São Paulo | 44,433,110| BRL | 19,331| 11,880| 7,451| 2,649| -165| 36%|   
Central Eólica JAU, S.A. | São Paulo | 174,051,904| BRL | 64,773| 28,921| 35,852| 8,002| -295| 36%|   
Central Eólica Aventura I, S.A. | São Paulo | 81,678,829| BRL | 21,042| 8,335| 12,707| 2,692| -438| 36%|   
Central Eólica Asas de Zabelê I,  S.A.| São Paulo | 50| BRL | —| —| —| —| —| 71%|   
Central Eólica Asas de Zabelê II,  S.A.| São Paulo | 50| BRL | —| —| —| —| —| 71%|   
Monte Verde Holding, S.A. | São Paulo | 538,790,911| BRL | 74,240| 1,331| 72,909| —| -10,856| 71%|   
Central Eólica Monte Verde I, S.A. | Lagoa Nova | 80,156,000| BRL | 52,822| 37,932| 14,890| 5,618| 46| 71%|   
Central Eólica Monte Verde II, S.A. | Lagoa Nova | 95,505,440| BRL | 55,814| 46,361| 9,453| 5,254| -3,789| 71%|   
Central Eólica Monte Verde III, S.A. | Lagoa Nova | 77,376,530| BRL | 48,887| 41,057| 7,830| 4,495| -3,439| 71%|   
Central Eólica Monte Verde IV,  S.A.| Lagoa Nova | 145,433,259| BRL | 52,617| 31,323| 21,294| 4,920| -1,363| 71%|   
Central Eólica Monte Verde V, S.A. | Lagoa Nova | 45,314,600| BRL | 30,043| 25,294| 4,749| 2,703| -1,879| 71%|   
Central Eólica Monte Verde VI,  S.A.| Lagoa Nova | 92,236,782| BRL | 41,497| 27,923| 13,574| 5,431| -416| 71%|   
Central Geradora Fotovoltaica  Monte Verde Solar II, S.A.| São Paulo | 79,164,650| BRL | 35,986| 23,943| 12,043| 2,242| -238| 71%|   
Central Geradora Fotovoltaica  Monte Verde Solar III, S.A.| São Paulo | 136,072,650| BRL | 44,353| 23,613| 20,740| 2,306| -383| 71%|   
Central Geradora Fotovoltaica  Monte Verde Solar IV, S.A.| São Paulo | 69,784,200| BRL | 35,208| 24,490| 10,718| 2,176| -134| 71%|   
Central Eólica Asas de Zabelê III,  S.A.| São Paulo | 50| BRL | —| 1| -1| —| —| 71%|   
Central Solar Pereira Barreto I, S.A. | Pereira  Barreto| 116,826,475| BRL | 24,331| 3,289| 21,042| 3,088| 985| 71%|   
Central Solar Pereira Barreto II, S.A. | Pereira  Barreto| 109,585,544| BRL | 23,370| 3,284| 20,086| 2,991| 1,088| 71%|   
Central Solar Pereira Barreto III,  S.A.| Pereira  Barreto| 172,063,505| BRL | 30,254| 1,919| 28,335| 2,647| -36| 71%|   
Central Solar Pereira Barreto IV,  S.A.| Pereira  Barreto| 118,368,114| BRL | 23,817| 3,376| 20,441| 2,665| 737| 71%|   
Central Solar Pereira Barreto V,  S.A.| Pereira  Barreto| 120,025,000| BRL | 22,531| 2,889| 19,642| 2,275| 684| 71%|   
Central Solar Lagoa I, S.A. | São Paulo | 2,443,000| BRL | 1,915| 1,591| 324| —| -9| 71%|   
Central Solar Lagoa II, S.A. | São Paulo | 2,210,000| BRL | 1,843| 1,554| 289| —| -8| 71%|   
Central Geradora Fotovoltaica  Monte Verde Solar V, S.A.| São Paulo | 68,486,200| BRL | 34,930| 24,330| 10,600| 2,222| 45| 71%|   
Central Geradora Fotovoltaica  Monte Verde Solar VII, S.A.| São Paulo | 180,850,200| BRL | 35,045| 7,004| 28,041| 2,117| 185| 71%|   
Central Eólica Amanhecer I, S.A. | São Paulo | 50| BRL | —| 1| -1| —| —| 71%|   
Central Eólica Farroupilha S.A. | São Paulo | 50| BRL | —| 1| -1| —| —| 71%|   
Central Eólica Amanhecer III, S.A. | São Paulo | 50| BRL | —| 1| -1| —| —| 71%|   
Central Eólica Asas de Zabelê IV,  S.A.| São Paulo | 50| BRL | —| 1| -1| —| —| 71%|   
Central Solar Zebu I, S.A. | São Paulo | 3,599,032| BRL | 485| 1| 484| —| —| 71%|   
Central Solar Zebu II, S.A. | São Paulo | 50| BRL | —| —| —| —| —| 71%|   
Central Solar Zebu III, S.A. | São Paulo | 50| BRL | —| —| —| —| —| 71%|   
Central Solar Zebu IV, S.A. | São Paulo | 50| BRL | —| —| —| —| —| 71%|   
Central Solar Zebu V, S.A. | São Paulo | 50| BRL | —| —| —| —| —| 71%|   
Central Solar Zebu VI, S.A. | São Paulo | 50| BRL | —| —| —| —| —| 71%|   
Central Eólica Amanhecer IV, S.A. | São Paulo | 50| BRL | —| 1| -1| —| —| 71%|   
Central Eólica Amanhecer V, S.A. | São Paulo | 50| BRL | —| 1| -1| —| —| 71%|   
  
| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 739|   
| | | | |   
  
| | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---  
Subsidiaries | Head Office | Share capital | € | Assets Euro'000 | Liabilities Euro'000 | Equity Euro'000 | Revenues Euro'000 | Net  Profit/(Loss)Euro'000 | %  Group | %  EDP  S.A.  
Central Eólica Boqueirão Sul S.A. | São Paulo | 50| BRL | —| 1| -1| —| —| 71%|   
Central Eólica Amanhecer VII, S.A. | São Paulo | 50| BRL | —| 1| -1| —| —| 71%|   
Central Eólica Catanduba I, S.A. | São Paulo | 198,506,543| BRL | 56,610| 26,140| 30,470| 4,819| -192| 71%|   
Central Eólica Catanduba II, S.A. | São Paulo | 162,318,873| BRL | 53,860| 28,281| 25,579| 5,398| 575| 71%|   
Central Solar Novo Oriente I, S.A. | São Paulo | 175,269,489| BRL | 31,235| 4,035| 27,200| 624| -60| 71%|   
Central Solar Novo Oriente II, S.A. | São Paulo | 174,074,660| BRL | 31,403| 4,213| 27,190| 775| 167| 71%|   
Central Solar Novo Oriente III, S.A. | São Paulo | 174,448,499| BRL | 31,277| 4,031| 27,246| 993| 181| 71%|   
Central Solar Novo Oriente IV, S.A. | São Paulo | 174,461,912| BRL | 30,555| 3,845| 26,710| 18| -416| 71%|   
Central Solar Novo Oriente V, S.A. | São Paulo | 291,162,652| BRL | 47,797| 2,833| 44,964| 2,183| -263| 71%|   
Central Solar Novo Oriente VI, S.A. | São Paulo | 187,642,202| BRL | 32,621| 3,928| 28,693| 8| -471| 71%|   
Central Eólica Asas de Zabelê V,  S.A.| São Paulo | 50| BRL | —| 1| -1| —| —| 71%|   
Central Eólica Asas de Zabelê VI,  S.A.| São Paulo | 50| BRL | —| 1| -1| —| —| 71%|   
Central Eólica Asas de Zabelê VII,  S.A.| São Paulo | 50| BRL | —| 1| -1| —| —| 71%|   
Central Solar Zebu VII, S.A. | São Paulo | 50| BRL | —| 1| -1| —| —| 71%|   
Central Eólica Cerro Alegre S.A. | São Paulo | 50| BRL | —| 1| -1| —| —| 71%|   
Central Eólica Dos Anjos S.A. | São Paulo | 50| BRL | —| 1| -1| —| —| 71%|   
Central Solar Presidente JK I, S.A. | São Paulo | 3,186,866| BRL | 1| 1| —| —| —| 71%|   
Central Solar Minas do Sol II, S.A. | São Paulo | 65,800| BRL | 11| 1| 10| —| —| 71%|   
Central Solar Minas do Sol III, S.A. | São Paulo | 65,800| BRL | 11| 1| 10| —| —| 71%|   
Central Solar Minas do Sol IV, S.A. | São Paulo | 65,800| BRL | 10| 1| 9| —| —| 71%|   
Central Solar Minas do Sol V, S.A. | São Paulo | 65,800| BRL | 10| 1| 9| —| —| 71%|   
Central Solar Minas do Sol VI, S.A. | São Paulo | 65,800| BRL | 10| 1| 9| —| —| 71%|   
Central Solar Minas do Sol VII, S.A. | São Paulo | 65,800| BRL | 10| 1| 9| —| —| 71%|   
Central Solar Minas do Sol VIII, S.A. | São Paulo | 65,800| BRL | 10| 1| 9| —| —| 71%|   
Central Solar Fênix I, S.A. | São Paulo | 800| BRL | —| 1| -1| —| —| 71%|   
Central Solar Fênix II, S.A. | São Paulo | 800| BRL | —| 1| -1| —| —| 71%|   
Central Solar Fênix III, S.A. | São Paulo | 10,800| BRL | 2| 1| 1| —| —| 71%|   
Central Solar Fênix IV, S.A. | São Paulo | 10,800| BRL | 2| 1| 1| —| —| 71%|   
Central Geradora Fotovoltaica  Monte Verde Solar I, S.A.| São Paulo | 1,200,050| BRL | 192| 5| 187| —| 4| 71%|   
Central Geradora Fotovoltaica  Monte Verde Solar VI, S.A.| São Paulo | 1,200,050| BRL | 192| 5| 187| —| 4| 71%|   
Central Geradora Fotovoltáica  Minas do Sol, Ltda.| São Paulo | 5,731,977| BRL | 1| —| 1| —| -2| 71%|   
Central Eólica Uruguaiana I, S.A. | São Paulo | 50| BRL | —| —| —| —| —| 71%|   
Central Eólica Uruguaiana II, S.A. | São Paulo | 50| BRL | —| —| —| —| —| 71%|   
Central Eólica Uruguaiana III, S.A. | São Paulo | 50| BRL | —| —| —| —| —| 71%|   
Central Eólica Uruguaiana IV, S.A. | São Paulo | 50| BRL | —| —| —| —| —| 71%|   
Central Eólica Uruguaiana V, S.A. | São Paulo | 50| BRL | —| —| —| —| —| 71%|   
Central Eólica Uruguaiana VI, S.A. | São Paulo | 50| BRL | —| —| —| —| —| 71%|   
Novo Oriente Solar Holding, S.A. | São Paulo | 1,169,829,300| BRL | 182,065| 2| 182,063| —| -4| 71%|   
Central Solar Barra I, S.A. | Lagoa Nova | 10,000| BRL | 1| 1| —| —| -1| 71%|   
Central Solar Barra II, S.A. | Lagoa Nova | 10,000| BRL | 1| 1| —| —| -1| 71%|   
Central Solar Barra III, S.A. | Lagoa Nova | 10,000| BRL | 1| 1| —| —| -1| 71%|   
Central Solar Barra IV, S.A. | Lagoa Nova | 10,000| BRL | 1| 1| —| —| -1| 71%|   
Central Eólica Itaúna III, S.A. | São Paulo | 39,550,500| BRL | 34,296| 28,213| 6,083| —| -54| 71%|   
Central Eólica São Domingos IV,  S.A.| São Paulo | 22,010,500| BRL | 19,604| 16,209| 3,395| —| -19| 71%|   
Central Eólica São Domingos V,  S.A.| São Paulo | 12,125,500| BRL | 9,979| 8,114| 1,865| —| -17| 71%|   
Central Eólica Borborema I, S.A. | São Paulo | 37,128,440| BRL | 20,235| 14,413| 5,822| —| -132| 71%|   
Central Eólica Borborema II, S.A. | São Paulo | 93,359,170| BRL | 35,636| 21,032| 14,604| —| -173| 71%|   
Central Eólica Borborema III, S.A. | São Paulo | 16,530,050| BRL | 10,139| 7,566| 2,573| —| -75| 71%|   
Central Eólica Borborema IV, S.A. | São Paulo | 20,282,050| BRL | 11,092| 7,903| 3,189| —| -83| 71%|   
Central Eólica Itaúna I, S.A. | São Paulo | 51,270,500| BRL | 23,957| 16,026| 7,931| —| -34| 71%|   
Central Eólica Itaúna II, S.A. | São Paulo | 23,095,500| BRL | 19,750| 16,224| 3,526| —| -56| 71%|   
Central Eólica São Domingos I,  S.A.| São Paulo | 28,598,500| BRL | 24,583| 20,194| 4,389| —| -46| 71%|   
Central Eólica São Domingos II,  S.A.| São Paulo | 31,284,500| BRL | 27,584| 22,786| 4,798| —| -51| 71%|   
Central Eólica São Domingos III,  S.A.| São Paulo | 16,895,500| BRL | 16,282| 13,692| 2,590| —| -28| 71%|   
Central Eólica Barra I, S.A. | Lagoa Nova | 10,000| BRL | 1| 1| —| —| -1| 71%|   
Central Eólica Barra II, S.A. | Lagoa Nova | 10,000| BRL | 1| 1| —| —| -1| 71%|   
Central Eólica Vento Bravo S.A. | Lagoa Nova | 10,000| BRL | 1| 1| —| —| -1| 71%|   
Central Eólica Ventania Ceará  S.A.| Lagoa Nova | 10,000| BRL | 1| 1| —| —| -1| 71%|   
Central Eólica Barra V, S.A. | Lagoa Nova | 10,000| BRL | 1| 1| —| —| -1| 71%|   
Central Eólica Barra VI, S.A. | Lagoa Nova | 10,000| BRL | 1| 1| —| —| -1| 71%|   
Central Eólica Barra VII, S.A. | Lagoa Nova | 10,000| BRL | 1| 1| —| —| -1| 71%|   
Central Eólica Barra VIII, S.A. | Lagoa Nova | 10,000| BRL | 1| 1| —| —| -1| 71%|   
Central Eólica Barra IX, S.A. | Lagoa Nova | 10,000| BRL | 1| 1| —| —| -1| 71%|   
Central Eólica Barra X, S.A. | Lagoa Nova | 10,000| BRL | 1| 1| —| —| -1| 71%|   
Central Eólica Barra XI, S.A. | Lagoa Nova | 10,000| BRL | 1| 1| —| —| -1| 71%|   
Colombia  
Eolos Energía, S.A.S. E.S.P. | Bogotá | 63,037,706,700| COP | 300,763| 316,853| -16,090| 71,779| -29,160| 71%|   
Vientos del Norte, S.A.S. E.S.P. | Bogotá | 46,204,115,100| COP | 227,356| 328,331| -100,975| 41,336| -49,342| 71%|   
Solar Power Solutions, S.A.S. E.S.P. | Bogotá | 2,697,093,500| COP | 4,767| 1,153| 3,614| —| -507| 71%|   
Elipse Energía, S.A.S. E.S.P. | Bogotá | 709,567,000| COP | 13| 1,130| -1,117| —| -702| 71%|   
Omega Energía, S.A.S. E.S.P. | Bogotá | 707,951,000| COP | 16| 665| -649| —| -460| 71%|   
Kappa Energía, S.A.S. E.S.P. | Bogotá | 707,971,000| COP | 74| 800| -726| —| -498| 71%|   
Parque Solar Fotovoltaico El  Copey, S.A.S. E.S.P.| Bogotá | 1,270,000,000| COP | 1,987| 3,910| -1,923| —| -898| 71%|   
Renewables Energy Colombia  S.A.S. | Bogotá | —| COP | 15| 1,251| -1,236| —| -489| 71%|   
Chile  
EDP Renewables Chile, SpA | Santiago | 11,961,123| USD | 155,745| 151,993| 3,752| 4,566| -3,116| 71%|   
Los Llanos Solar, SpA | Santiago | 592| USD | 2,745| 4,997| -2,252| —| -543| 71%|   
Parque Eólico Punta de Talca, SpA | Santiago | 358,551| USD | 135,660| 141,730| -6,070| 6,743| -1,432| 71%|   
Parque Eólico San Andrés, SpA | Santiago | 438,894| USD | 643| 8,643| -8,000| —| -2,299| 71%|   
Parque Eólico Victoria, SpA | Santiago | 1,311,374| USD | 410| 2,757| -2,347| —| -1,128| 71%|   
Vientos de Taltal, SpA | Santiago | 581| USD | 5,649| 5,331| 318| —| 305| 71%|   
PV Ballico, SpA | Santiago | 516| USD | 881| 885| -4| —| -4| 71%|   
  
| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 740|   
| | | | |   
  
| | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---  
Subsidiaries | Head Office | Share capital | € | Assets Euro'000 | Liabilities Euro'000 | Equity Euro'000 | Revenues Euro'000 | Net  Profit/(Loss)Euro'000 | %  Group | %  EDP  S.A.  
North-America  
United States of America  
Timber Road Solar Park II LLC | Delaware | 442| USD | 308| 312| -4| —| -4| 71%|   
Timber Road Solar Park III LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
EDPR Scarlet II BESS LLC | Delaware | 236,488,101| USD | 210,495| 7,726| 202,769| 247| -11,835| 71%|   
Ragsdale Solar II LLC | Delaware | 1,619| USD | 4,133| 4,133| —| —| —| 71%|   
Sweet Acres Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
New Road Power LLC | Delaware | 95,355| USD | —| 20| -20| —| -50| 71%|   
Iron Valley Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Edwardsport Solar Park LLC | Delaware | 38,560| USD | —| 19| -19| —| -36| 71%|   
Timber Road II Storage LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Timber Road III Storage LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Top Crop I Storage LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Top Crop II Storage LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Twin Groves I Storage LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Twin Groves II Storage LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Misenheimer Solar LLC | Delaware | 138,120,305| USD | 153,709| 16,735| 136,974| 8,072| 3,870| 71%|   
Sandrini LandCo LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
EDPR Northeast Allen Solar Park III  LLC| Delaware | —| USD | —| —| —| —| —| 71%|   
Trolley Barn Storage LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Azalea Springs Solar Park LLC | Delaware | 140,090,555| USD | 211,003| 101,756| 109,247| —| -516| 71%|   
Duff Solar Park II LLC | Delaware | 8,823| USD | —| 8| -8| —| -14| 71%|   
EDPR Northeast Allen Solar Park  LLC| Delaware | 1,973,818| USD | 2,187| 288| 1,899| —| —| 71%|   
Indiana Crossroads Solar Park II  LLC| Delaware | 11,529| USD | —| 4| -4| —| -9| 71%|   
RTSW Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
RTSW Solar Park II LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
RTSW Solar Park III LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
RTSW Solar Park IV LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
RTSW Solar Park V LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
RTSW Solar Park VI LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
EDPR Solar Ventures V LLC | Delaware | 35,529,762| USD | 56,854| —| 56,854| —| 5,661| 71%|   
Goldfinger Ventures III LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Alabama Solar Park LLC | Delaware | 4,815,902| USD | 5,273| 645| 4,628| —| -1| 71%|   
Teays River Solar Park LLC | Delaware | 4,689| USD | —| 5| -5| —| -6| 71%|   
Solar Ventures Purchasing LLC | Delaware | -25,066,657| USD | 1,677| 2,488| -811| —| 4| 71%|   
Esker Solar Park LLC | Delaware | 284,260| USD | 302| 29| 273| —| —| 71%|   
EDPR Solar Ventures III LLC | Delaware | 67,095,587| USD | 90,281| 164| 90,117| —| 5,461| 71%|   
Greenbow Solar Park LLC | Delaware | 149,894| USD | 2,390| 2,430| -40| —| -84| 71%|   
Holly Hill Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Pleasantville Solar Park LLC | Delaware | 16,648,433| USD | 102,111| 102,001| 110| —| -1,562| 71%|   
Mineral Springs Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
EDPR Solar Ventures IV LLC | Delaware | 78,450,772| USD | 120,786| 145| 120,641| —| 8,825| 71%|   
Black Prairie Solar Park LLC | Delaware | 4,939,238| USD | 5,861| 1,107| 4,754| —| —| 71%|   
Duff Solar Park LLC | Delaware | 47,718| USD | —| 103| -103| —| -143| 71%|   
Eastmill Solar Park LLC | Delaware | 1,142| USD | —| —| —| —| —| 71%|   
Lowland Solar Park LLC | Delaware | 7,482,705| USD | 8,562| 1,382| 7,180| —| -2| 71%|   
Moonshine Solar Park LLC | Delaware | 3,089,227| USD | 3,824| 852| 2,972| —| —| 71%|   
Sedge Meadow Solar Park LLC | Delaware | 60,247| USD | —| 31| -31| —| -59| 71%|   
Helena Harbor Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Headwaters Wind Farm III LLC | Delaware | 4,570,621| USD | 25,421| 6,682| 18,739| —| 533| 71%|   
Loki Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Leprechaun Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Little Brook Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
EDPR Wind Ventures XX LLC | Delaware | -95,703,073| USD | 33,084| 2,129| 30,955| —| 5,725| 71%|   
EDPR Wind Ventures XXI LLC | Delaware | 134,370,956| USD | 256,983| 95,078| 161,905| —| 9,413| 71%|   
2019 Vento XXI LLC | Delaware | 266,979,241| USD | 258,960| 3,097| 255,863| —| -386| 71%|   
Bright Stalk Solar Park LLC | Delaware | 697,950| USD | 724| 56| 668| —| —| 71%|   
Crossing Trails Wind Power  Project II LLC | Delaware | 466,642| USD | 316| 525| -209| —| -539| 71%|   
Headwaters Wind Farm IV LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Tillman Solar Park II LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Indiana Crossroads Wind Ventures  LLC| Delaware | 14,774| USD | —| 5| -5| —| -6| 71%|   
Riverstart Solar Park VI LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Shelby Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
EDPR Northeast Allen Solar Park II  LLC| Delaware | 226,541| USD | 236| 20| 216| —| —| 71%|   
Teays River Wind Farm LLC | Delaware | 175| USD | —| 2| -2| —| -2| 71%|   
EDPR Wind Ventures XXII LLC | Delaware | 364,826,455| USD | 951,424| 521,000| 430,424| —| 27,439| 71%|   
2020 Vento XXII LLC | Delaware | 988,433,730| USD | 943,140| 918| 942,222| —| -1,309| 71%|   
Rosewater Ventures LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Crescent Bar Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Esker Solar Park II LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Bluebird Prairie Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Tillman Solar Park LLC | Delaware | 3,780| USD | 690| 688| 2| —| —| 71%|   
RE Scarlet LLC | Delaware | 409,378,051| USD | 430,825| 45,409| 385,416| 8,289| 24,324| 71%|   
EDPR Solar Ventures XIII LLC | Delaware | 132,031,847| USD | 348,536| 215,612| 132,924| —| 5,601| 71%|   
2024 SOL XIII LLC | Delaware | 362,093,508| USD | 348,996| 464| 348,532| —| -4| 71%|   
Twin Groves Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Columbus Storage LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Lumberjack Storage LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Buffalo Lick Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Winding Canyon Wind LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Prospector Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Rye Patch Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Loblolly Hill Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Meadow Lake Wind Farm VIII LLC | Delaware | -203| USD | —| 31| -31| —| —| 71%|   
Loyal Wind Farm LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Marathon Wind Farm LLC | Delaware | 4,491,018| USD | 4,891| 594| 4,297| —| —| 71%|   
EDPR Wind Ventures XIX LLC | Delaware | -96,659,510| USD | 29,320| 7,209| 22,111| —| 5,687| 71%|   
Cielo Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
  
| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 741|   
| | | | |   
  
| | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---  
Subsidiaries | Head Office | Share capital | € | Assets Euro'000 | Liabilities Euro'000 | Equity Euro'000 | Revenues Euro'000 | Net  Profit/(Loss)Euro'000 | %  Group | %  EDP  S.A.  
Quilt Block Wind Farm II LLC | Delaware | 845| USD | —| —| —| —| —| 71%|   
Shullsburg Wind Farm LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Loma de la Gloria Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Wrangler Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
San Clemente Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Wildcat Creek Wind Farm LLC | Delaware | 253,310,184| USD | 262,548| 20,959| 241,589| 13,366| 2,175| 71%|   
Indiana Crossroads Wind Farm II  LLC| Delaware | 323,014,491| USD | 356,468| 38,840| 317,628| 19,275| 5,818| 71%|   
Bayou Bend Solar Park LLC | Delaware | 1,015,375| USD | 982| 5| 977| —| —| 71%|   
Poplar Camp Wind Farm LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Avondale Solar Park LLC | Delaware | 2,766,793| USD | 3,370| 668| 2,702| —| 37| 71%|   
EDPR Wind Ventures XVIII LLC | Delaware | 143,303,256| USD | 372,963| 154,935| 218,028| —| 19,707| 71%|   
2018 Vento XVIII LLC | Delaware | 387,471,106| USD | 372,337| 266| 372,071| —| -151| 71%|   
Coldwater Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Sweet Stream Wind Farm LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
EDPR Solar Ventures II LLC | Delaware | 51,110,701| USD | 96,444| 13,449| 82,995| —| 159| 71%|   
2017 Sol II LLC | Delaware | 100,195,689| USD | 96,556| 415| 96,141| —| -58| 71%|   
Cameron Solar LLC | South  Carolina| 32,076,039| USD | 33,801| 2,782| 31,019| 1,946| -124| 71%|   
Estill Solar I LLC | South  Carolina| 36,110,768| USD | 35,508| 1,939| 33,569| 1,347| -616| 71%|   
Hampton Solar II LLC | South  Carolina| 32,125,464| USD | 33,835| 1,619| 32,216| 1,851| -97| 71%|   
EDPR Wind Ventures XVII LLC | Delaware | -174,142,014| USD | 49,991| 2,933| 47,058| —| 6,384| 71%|   
Franklin Wind Farm LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Paulding Wind Farm IV LLC | Delaware | 201,241,764| USD | 205,129| 78,561| 126,568| 9,313| -3,409| 71%|   
Rush County Wind Farm LLC | Delaware | 2,951,577| USD | -1| 29| -30| —| -2,755| 71%|   
EDPR South Table LLC | Nebraska | —| USD | —| —| —| —| —| 71%|   
Casa Grande Carmel Solar LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Paulding Wind Farm V LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Headwaters Wind Farm II LLC | Delaware | 253,953,326| USD | 277,701| 97,356| 180,345| 11,432| -2,163| 71%|   
Waverly Wind Farm II LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Spruce Ridge Wind Farm LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Reloj del Sol Wind Farm LLC | Delaware | 316,579,409| USD | 311,352| 38,397| 272,955| 4,733| 937| 71%|   
2016 Vento XV LLC | Delaware | 445,743,270| USD | 429,363| 2,009| 427,354| —| -594| 71%|   
2016 Vento XVI LLC | Delaware | 120,773,568| USD | 115,404| 207| 115,197| —| -163| 71%|   
EDPR Wind Ventures XV LLC | Delaware | 116,027,334| USD | 429,053| 200,413| 228,640| —| 18,783| 71%|   
EDPR Wind Ventures XVI LLC | Delaware | 43,313,817| USD | 116,251| 49,433| 66,818| —| 6,179| 71%|   
Blue Marmot I LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Blue Marmot II LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Drake Peak Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Blue Marmot IV LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Blue Marmot V LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Blue Marmot VI LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Blue Marmot VII LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Blue Marmot VIII LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Blue Marmot IX LLC | Delaware | 4,096,126| USD | 3,942| 4| 3,938| —| —| 71%|   
Blue Marmot Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Blue Marmot XI LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Horse Mountain Wind Farm LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Riverstart Solar Park II LLC | Delaware | 829,946| USD | 928| 132| 796| —| —| 71%|   
Hidalgo Wind Farm II LLC | Delaware | 67,791,442| USD | 67,127| 21,018| 46,109| 1,295| -2,925| 71%|   
Long Hollow Wind Farm LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Castle Valley Wind Farm LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
White Stone Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Riverstart Solar Park III LLC | Delaware | 171,635,361| USD | 202,854| 45,333| 157,521| 454| 2,582| 71%|   
Dry Creek Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Riverstart Solar Park IV LLC | Delaware | 24,255,317| USD | 117,645| 113,081| 4,564| —| -2,821| 71%|   
Riverstart Solar Park V LLC | Delaware | 6,648,130| USD | 6,873| 507| 6,366| —| -1| 71%|   
Paulding Wind Farm VI LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Renville County Wind Farm LLC | Delaware | 1,644,592| USD | 1,988| 406| 1,582| —| —| 71%|   
EDPR CA Solar Park LLC | Delaware | 168,405,895| USD | 317,221| 158,719| 158,502| -352| -2,420| 71%|   
EDPR CA Solar Park II LLC | Delaware | 94,593,233| USD | 168,741| 83,951| 84,790| 191| 266| 71%|   
EDPR CA Solar Park III LLC | Delaware | 20,835,113| USD | 24,324| 4,312| 20,012| —| -1| 71%|   
EDPR CA Solar Park IV LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
EDPR CA Solar Park V LLC | Delaware | 17,619| USD | —| 221| -221| —| -218| 71%|   
EDPR CA Solar Park VI LLC | Delaware | 41,115,495| USD | 42,511| 3,243| 39,268| —| -1| 71%|   
EDP Renewables North America  LLC| Delaware | 8,753,234,472| USD | 8,596,294| 1,089,093| 7,507,201| 167,285| -113,268| 71%|   
Wind Turbine Prometheus LP | Delaware | 5,990| USD | —| —| —| —| —| 71%|   
Lost Lakes Wind Farm LLC | Delaware | 109,331,489| USD | 103,884| 13,461| 90,423| 11,627| -4,059| 71%|   
Whitestone Wind Purchasing LLC | Delaware | 202,031,277| USD | 415,921| 195,775| 220,146| —| -805| 71%|   
Blue Canyon Windpower V LLC | Texas | -28,135,570| USD | 99,453| 8,244| 91,209| 19,622| 8,077| 36%|   
Sagebrush Power Partners LLC | Delaware | 131,251,535| USD | 132,287| 9,754| 122,533| 13,308| 1,488| 71%|   
Marble River LLC | Delaware | 170,667,849| USD | 294,241| 93,248| 200,993| 19,789| -845| 71%|   
Blackstone Wind Farm LLC | Delaware | 65,571,703| USD | 114,380| 41,347| 73,033| 10,312| -90| 71%|   
Aroostook Wind Energy LLC | Delaware | 48,597,610| USD | 41,803| 329| 41,474| —| -14| 71%|   
Jericho Rise Wind Farm LLC | Delaware | 101,331,053| USD | 126,518| 9,589| 116,929| 13,071| 3,017| 71%|   
Signal Hill Wind Power Project LLC | Delaware | 4,502| USD | —| —| —| —| —| 71%|   
Tumbleweed Wind Power Project  LLC| Delaware | 4,003| USD | —| —| —| —| —| 71%|   
Stinson Mills Wind Farm LLC | Delaware | 4,734,619| USD | 4,518| 56| 4,462| —| —| 71%|   
OPQ Property LLC | Delaware | -203,019| USD | —| —| —| —| —| 71%|   
Meadow Lake Wind Farm LLC | Delaware | 159,447,532| USD | 212,238| 74,774| 137,464| 19,890| 3,903| 71%|   
Wheat field Wind Power Project  LLC| Delaware | -53,923,956| USD | 77,440| 25,103| 52,337| 14,315| 6,630| 36%|   
High Trail Wind Farm LLC | Delaware | 100,180,498| USD | 197,273| 19,609| 177,664| 19,330| -108| 71%|   
Madison Windpower LLC | Delaware | 20,769,630| USD | 2,578| 626| 1,952| 378| -1,369| 71%|   
Mesquite Wind LLC | Delaware | 97,844,296| USD | 146,502| 7,714| 138,788| 5,473| -13,109| 71%|   
BC2 Maple Ridge Wind LLC | Delaware | 268,810,946| USD | 95,799| 5,250| 90,549| —| -8,658| 71%|   
Blue Canyon Windpower II LLC | Texas | 282,497,927| USD | 217,956| 21,133| 196,823| 13,167| -9,098| 71%|   
Telocaset Wind Power Partners  LLC| Delaware | -48,176,459| USD | 83,888| 8,318| 75,570| 20,963| 9,293| 36%|   
Post Oak Wind LLC | Delaware | 103,095,573| USD | 158,948| 8,101| 150,847| 6,058| -14,292| 36%|   
High Prairie Wind Farm II LLC | Delaware | 27,341,078| USD | 82,204| 13,348| 68,856| 12,685| 3,010| 36%|   
  
| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 742|   
| | | | |   
  
| | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---  
Subsidiaries | Head Office | Share capital | € | Assets Euro'000 | Liabilities Euro'000 | Equity Euro'000 | Revenues Euro'000 | Net  Profit/(Loss)Euro'000 | %  Group | %  EDP  S.A.  
Old Trail Wind Farm LLC | Delaware | 35,327,218| USD | 198,410| 16,710| 181,700| 36,089| 13,583| 36%|   
Cloud County Wind Farm LLC | Delaware | 88,487,124| USD | 162,685| 13,547| 149,138| 20,923| 3,914| 36%|   
Pioneer Prairie Wind Farm I LLC | Delaware | 98,640,423| USD | 303,060| 32,849| 270,211| 47,877| 11,282| 36%|   
Arlington Wind Power Project LLC | Delaware | 35,780,163| USD | 88,596| 7,030| 81,566| 10,553| -38| 36%|   
Rail Splitter Wind Farm LLC | Delaware | 185,249,939| USD | 123,114| 15,777| 107,337| 8,028| -4,792| 71%|   
Meadow Lake Wind Farm II LLC | Delaware | 133,815,799| USD | 111,907| 14,030| 97,877| 11,213| -4,197| 71%|   
Black Prairie Wind Farm LLC | Delaware | 1,183,528| USD | 1,141| 4| 1,137| —| —| 71%|   
Meadow Lake Wind Farm IV LLC | Delaware | 86,696,132| USD | 101,914| 34,594| 67,320| 8,469| -8,345| 71%|   
Blackstone Wind Farm II LLC | Delaware | 149,345,900| USD | 256,234| 91,780| 164,454| 20,512| 79| 71%|   
Saddleback Wind Power Project  LLC| Delaware | 1,354,487| USD | 11| 7| 4| —| —| 71%|   
Meadow Lake Wind Farm III LLC | Delaware | 69,158,330| USD | 124,329| 44,025| 80,304| 11,878| 1,441| 71%|   
2007 Vento I LLC | Delaware | 467,108,240| USD | 523,690| 12,230| 511,460| 7,730| 4,072| 71%|   
2007 Vento II LLC | Delaware | 123,435,168| USD | 113,188| 367| 112,821| —| -188| 36%|   
2008 Vento III LLC | Delaware | 229,486,863| USD | 214,565| 502| 214,063| —| -44| 36%|   
2009 Vento V LLC | Delaware | -26,929,264| USD | -27,079| 179| -27,258| —| -24| 36%|   
Horizon Wind Ventures I LLC | Delaware | -385,420,076| USD | 779,418| 320,964| 458,454| —| 5,547| 71%|   
Horizon Wind Ventures III LLC | Delaware | -81,544,693| USD | -25,920| 2,568| -28,488| —| 460| 36%|   
Clinton County Wind Farm LLC | Delaware | 170,675,604| USD | 164,277| —| 164,277| —| —| 71%|   
Antelope Ridge Wind Power  Project LLC| Delaware | 12,828,809| USD | —| —| —| —| —| 71%|   
Lexington Chenoa Wind Farm II  LLC| Delaware | 3,314,431| USD | 3,527| 916| 2,611| —| —| 71%|   
Blackstone Wind Farm III LLC | Delaware | 6,275,439| USD | —| —| —| —| —| 71%|   
Paulding Wind Farm LLC | Delaware | 38,543| USD | 1| 1| —| —| —| 71%|   
Paulding Wind Farm II LLC | Delaware | 15,744,435| USD | 123,988| 20,466| 103,522| 20,103| 7,547| 36%|   
Waverly Wind Farm LLC | Delaware | 186,863,848| USD | 236,800| 15,618| 221,182| 18,770| 1,956| 36%|   
Blue Canyon Windpower VI LLC | Delaware | 90,825,824| USD | 91,086| 8,404| 82,682| 2,805| -7,100| 71%|   
Paulding Wind Farm III LLC | Delaware | 119,641,914| USD | 167,151| 19,027| 148,124| 11,279| 5,193| 71%|   
2011 Vento IX LLC | Delaware | 17,225,244| USD | 15,156| 223| 14,933| —| -128| 36%|   
Horizon Wind Ventures IX LLC | Delaware | -20,816,697| USD | 16,580| 32,822| -16,242| —| 1,799| 36%|   
EDPR Vento IV Holding LLC | Delaware | 123,320,567| USD | 178,314| 41,405| 136,909| —| —| 71%|   
Headwaters Wind Farm LLC | Delaware | 143,120,558| USD | 272,429| 28,182| 244,247| 31,316| 10,188| 36%|   
Lone Valley Solar Park I LLC | Delaware | 18,620,087| USD | 23,109| 1,838| 21,271| 2,226| 550| 36%|   
Lone Valley Solar Park II LLC | Delaware | 28,528,741| USD | 43,304| 3,661| 39,643| 4,529| 1,600| 36%|   
Rising Tree Wind Farm LLC | Delaware | 43,079,789| USD | 120,475| 4,175| 116,300| 22,030| 10,541| 36%|   
Arbuckle Mountain Wind Farm  LLC| Delaware | 131,238,023| USD | 127,361| 10,076| 117,285| 8,396| -1,243| 36%|   
Hidalgo Wind Farm LLC | Delaware | 344,733,569| USD | 307,354| 34,460| 272,894| 7,585| -13,678| 71%|   
Rising Tree Wind Farm III LLC | Delaware | 79,725,847| USD | 149,584| 3,418| 146,166| 23,400| 7,914| 36%|   
Rising Tree Wind Farm II LLC | Delaware | 16,741,843| USD | 27,803| 2,519| 25,284| 3,366| 1,185| 36%|   
Wheat field Holding LLC | Delaware | -53,774,109| USD | -51,905| 32| -51,937| —| -4| 36%|   
EDPR WF LLC | Delaware | 39,964,057| USD | 38,468| —| 38,468| —| —| 71%|   
Sustaining Power Solutions LLC | Delaware | 173,505,609| USD | 53,789| 27,204| 26,585| 47,145| 13,556| 71%|   
Green Power Offsets LLC | Delaware | 10,515| USD | —| —| —| —| —| 71%|   
Arkwright Summit Wind Farm LLC | Delaware | 156,424,224| USD | 180,549| 18,849| 161,700| 13,244| 1,101| 71%|   
Randolph Solar Park LLC | Delaware | 288,474,344| USD | 296,310| 20,519| 275,791| 6,732| -1,588| 71%|   
EDPR Vento I Holding LLC | Delaware | 229,434,559| USD | 220,844| —| 220,844| —| —| 71%|   
Turtle Creek Wind Farm LLC | Delaware | 228,397,328| USD | 268,816| 24,285| 244,531| 18,174| -816| 71%|   
Rio Blanco Wind Farm LLC | Delaware | 3,124,980| USD | 3,009| 2| 3,007| —| —| 71%|   
BC2 Maple Ridge Holdings LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Plum Nellie Wind Farm LLC | Delaware | 5,078,054| USD | 6,198| 1,366| 4,832| —| —| 71%|   
Five-Spot LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Horizon Wind Chocolate Bayou I  LLC| Delaware | —| USD | —| —| —| —| —| 71%|   
Alabama Ledge Wind Farm LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Ashford Wind Farm LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Athena-Weston Wind Power  Project LLC| Delaware | —| USD | —| —| —| —| —| 71%|   
Lexington Chenoa Wind Farm III  LLC| Delaware | —| USD | —| —| —| —| —| 71%|   
Blackstone Wind Farm IV LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
WTP Management Company LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Blackstone Wind Farm V LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Blue Canyon Windpower III LLC | Texas | —| USD | —| —| —| —| —| 71%|   
Blue Canyon Windpower IV LLC | Texas | —| USD | —| —| —| —| —| 71%|   
Broadlands Wind Farm II LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Broadlands Wind Farm III LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Chateaugay River Wind Farm LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Cropsey Ridge Wind Farm LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
EDPR Wind Ventures XI LLC | Delaware | 4,070,402| USD | 138,510| 33,514| 104,996| —| 16,372| 36%|   
EDPR Wind Ventures XII LLC | Delaware | 22,001,569| USD | 58,752| 11,654| 47,098| —| 7,678| 36%|   
EDPR Wind Ventures XIII LLC | Delaware | 65,824,207| USD | 205,269| 65,267| 140,002| —| 15,048| 36%|   
EDPR Wind Ventures XIV LLC | Delaware | 23,102,963| USD | 182,752| 74,618| 108,134| —| 18,627| 36%|   
Crossing Trails Wind Power  Project LLC | Delaware | 151,523,061| USD | 150,018| 18,179| 131,839| 4,270| -4,715| 71%|   
Dairy Hills Wind Farm LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Diamond Power Partners LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
East Klickitat Wind Power Project  LLC| Delaware | —| USD | —| —| —| —| —| 71%|   
Ford Wind Farm LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Gulf Coast Windpower  Management Company LLC| Delaware | —| USD | —| —| —| —| —| 53%|   
Horizon Wind Energy Northwest IV  LLC| Delaware | —| USD | —| —| —| —| —| 71%|   
Horizon Wind Energy Northwest VII  LLC| Delaware | 797,561| USD | —| 116| -116| —| -465| 71%|   
Horizon Wind Energy Northwest X  LLC| Delaware | —| USD | —| —| —| —| —| 71%|   
Horizon Wind Energy Northwest XI  LLC| Delaware | —| USD | —| —| —| —| —| 71%|   
Horizon Wind Energy Panhandle I  LLC| Delaware | —| USD | —| —| —| —| —| 71%|   
Horizon Wind Energy Southwest I  LLC| Delaware | —| USD | —| —| —| —| —| 71%|   
  
| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 743|   
| | | | |   
  
| | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---  
Subsidiaries | Head Office | Share capital | € | Assets Euro'000 | Liabilities Euro'000 | Equity Euro'000 | Revenues Euro'000 | Net  Profit/(Loss)Euro'000 | %  Group | %  EDP  S.A.  
Horizon Wind Energy Southwest II  LLC| Delaware | —| USD | —| —| —| —| —| 71%|   
Horizon Wind Energy Southwest III  LLC| Delaware | —| USD | —| —| —| —| —| 71%|   
Horizon Wind Energy Southwest IV  LLC| Delaware | —| USD | —| —| —| —| —| 71%|   
Horizon Wind Energy Valley I LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Horizon Wind MREC Iowa Partners  LLC| Delaware | —| USD | —| —| —| —| —| 53%|   
Horizon Wind Freeport Windpower  I LLC| Delaware | —| USD | —| —| —| —| —| 71%|   
Juniper Wind Power Partners LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Machias Wind Farm LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Blue Canyon Windpower VII LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
New Trail Wind Farm LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
North Slope Wind Farm LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Number Nine Wind Farm LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Pacific Southwest Wind Farm LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Horizon Wyoming Transmission  LLC| Delaware | —| USD | —| —| —| —| —| 71%|   
Buffalo Bluff Wind Farm LLC | Delaware | 5,574,241| USD | 5,419| 56| 5,363| —| -2| 71%|   
Sardinia Windpower LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Rail Splitter Wind Farm II LLC | Delaware | 2,957,809| USD | 3,125| 278| 2,847| —| —| 71%|   
Western Trail Wind Project I LLC | Delaware | 4,591,637| USD | 33| 22| 11| —| —| 71%|   
Whistling Wind WI Energy Center  LLC| Delaware | —| USD | —| —| —| —| —| 71%|   
Simpson Ridge Wind Farm LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Coos Curry Wind Power Project  LLC| Delaware | —| USD | —| —| —| —| —| 71%|   
Horizon Wind Energy Midwest IX  LLC| Delaware | —| USD | —| —| —| —| —| 71%|   
Horizon Wind Energy Northwest I  LLC| Delaware | —| USD | —| —| —| —| —| 71%|   
AZ Solar LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Peterson Power Partners LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Big River Wind Power Project LLC | Delaware | 953| USD | —| —| —| —| —| 71%|   
Tug Hill Windpower LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Whiskey Ridge Power Partners  LLC| Delaware | —| USD | —| —| —| —| —| 71%|   
Wilson Creek Power Project LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Black Prairie Wind Farm II LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Black Prairie Wind Farm III LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
2015 Vento XIV LLC | Delaware | 189,860,715| USD | 181,736| 94| 181,642| —| -154| 36%|   
Simpson Ridge Wind Farm II LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Simpson Ridge Wind Farm III LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Simpson Ridge Wind Farm IV LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Simpson Ridge Wind Farm V LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Athena-Weston Wind Power  Project II LLC| Delaware | —| USD | —| —| —| —| —| 71%|   
17th Star Wind Farm LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Green Country Wind Farm LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
2014 Vento XI LLC | Delaware | 143,897,912| USD | 137,765| 275| 137,490| —| -813| 36%|   
EDPR Solar Ventures I LLC | Delaware | 21,160,739| USD | 46,538| 3,775| 42,763| —| 136| 36%|   
2014 Sol I LLC | Delaware | 48,348,425| USD | 45,657| 45| 45,612| —| -107| 36%|   
2014 Vento XII LLC | Delaware | 61,037,551| USD | 58,518| 71| 58,447| —| -123| 36%|   
Rolling Upland Wind Farm LLC | Delaware | 4,312,519| USD | 4,671| 529| 4,142| —| -7| 71%|   
2015 Vento XIII LLC | Delaware | 213,254,093| USD | 204,104| 229| 203,875| —| -148| 36%|   
EDPR NA DG Holding LLC | Delaware | 228,148,494| USD | 219,527| 13| 219,514| —| -19| 71%|   
NDIW California RE LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Tillman Storage LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Black Prairie Storage LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Black Prairie Storage II LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Pueblo Norte Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
EDPR Solar Ventures VI LLC | Delaware | 1,751,122| USD | 249,492| 247,791| 1,701| —| —| 71%|   
2022 SOL VI LLC | Delaware | 259,197,246| USD | 249,493| 1| 249,492| —| —| 71%|   
EDPR Solar Ventures VII LLC | Delaware | 37,784,119| USD | 19,532| -30| 19,562| —| -14,997| 71%|   
EDPR RS LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Pearl River Solar Park LLC | Delaware | 105,413,839| USD | 292,225| 204,004| 88,221| 8,864| -743| 71%|   
Sugar Plum Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
EDPR NA Greenfield Solar Park  LLC| Delaware | —| USD | —| —| —| —| —| 71%|   
Sailor Springs Solar Park LLC | Delaware | 520| USD | 483| 483| —| —| 402| 71%|   
10 Point Solar Park LLC | Delaware | 3,892| USD | 437| 434| 3| —| —| 71%|   
Black Prairie Solar Park II LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Rock Dane Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Sawmill Junction Solar Park LLC | Delaware | 5,130,134| USD | 6,373| 1,435| 4,938| —| —| 71%|   
Cattlemen Solar Park II LLC | Delaware | 191,548,250| USD | 219,551| 60,298| 159,253| 112| -2,623| 71%|   
Crooked Lake Solar LLC | Delaware | 282,369,277| USD | 310,067| 45,114| 264,953| 10,802| 173| 71%|   
Clover Creek Solar Project LLC | Delaware | 34,746,531| USD | 34,748| 2,561| 32,187| —| -165| 71%|   
Wolf Run Solar LLC | Delaware | 257,224,494| USD | 297,882| 30,807| 267,075| 1,557| -1,572| 71%|   
EDPR Scarlet II LLC | Delaware | 89,598,012| USD | 386,117| 236,186| 149,931| 254| 21,078| 71%|   
Clover Creek Solar Project II LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Hickory Solar LLC | Delaware | 105,347,024| USD | 251,287| 140,972| 110,315| 1,952| 636| 71%|   
EDPR Scarlet I LLC | Delaware | 1,344,173| USD | 1,520| 843| 677| —| -541| 71%|   
EDPR Scarlet III LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Crooked Lake Solar II LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Cypress Knee Solar Park LLC | Delaware | 7,730| USD | —| 3| -3| —| -6| 71%|   
Eagle Creek Solar Park LLC | Delaware | 12,159,503| USD | 13,792| 2,070| 11,722| —| 19| 71%|   
Rose Run Solar Park LLC | Delaware | 840,125| USD | 844| 36| 808| —| —| 71%|   
Salt Lick Solar Park LLC | Delaware | 1,142| USD | 390| 390| —| —| —| 71%|   
Lotus Blocker LLC | Delaware | 151| USD | —| —| —| —| —| 71%|   
EDPR Aurora Holdings LLC | Delaware | 2,648| USD | —| —| —| —| —| 71%|   
Lotus DevCo II LLC | Delaware | 3,027| USD | —| —| —| —| —| 71%|   
Big River Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Shy Place Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
  
| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 744|   
| | | | |   
  
| | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---  
Subsidiaries | Head Office | Share capital | € | Assets Euro'000 | Liabilities Euro'000 | Equity Euro'000 | Revenues Euro'000 | Net  Profit/(Loss)Euro'000 | %  Group | %  EDP  S.A.  
Ragsdale Solar LLC | Delaware | 165,989,607| USD | 187,008| 35,533| 151,475| 650| -2,127| 71%|   
EDPR Wind Ventures XXIII LLC | Delaware | 114,327,784| USD | 249,607| 109,321| 140,286| —| 11,327| 71%|   
2021 Vento XXIII LLC | Delaware | 259,316,702| USD | 271,950| 23,359| 248,591| —| -828| 71%|   
EDPR Vento II Holding LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
EDPR Vento III Holding LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Carpenter Wind Farm LLC | Delaware | —| USD | 20,811| 21,096| -285| —| -274| 71%|   
Eighty South Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Hobolochitto Solar Park LLC | Delaware | —| USD | —| 10| -10| —| -10| 71%|   
Poplarville Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Stone North Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Turkey Creek Solar Park LLC | Delaware | —| USD | —| 20| -20| —| -19| 71%|   
EDPR Wind Ventures XXIV LLC | Delaware | 155,567,613| USD | 309,531| 154,479| 155,052| —| 5,096| 71%|   
2023 Vento XXIV LLC | Delaware | 321,571,707| USD | 314,475| 4,908| 309,567| —| 35| 71%|   
Duff Storage LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Northern Waters Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Three Lakes Solar LLC | Delaware | 187| USD | —| 2| -2| —| -2| 71%|   
Liberty Valley Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
North Slope Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Northern Waters Solar Park II LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
EDPR Northeast Allen Energy  Storage LLC| Delaware | —| USD | —| —| —| —| —| 71%|   
EDPR Northeast Allen Energy  Storage II LLC| Delaware | —| USD | —| —| —| —| —| 71%|   
2023 SOL VIII LLC | Delaware | 525,567,334| USD | 506,217| 349| 505,868| —| -19| 71%|   
EDPR Solar Ventures VIII LLC | Delaware | 203,453,170| USD | 505,889| 280,945| 224,944| —| 27,939| 71%|   
EDPR Magnolia DevCo LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
EDPR Magnolia Holdings LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
EDPR Solar Ventures IX LLC | Delaware | -20,370,811| USD | 23,486| -90| 23,576| —| 47,205| 71%|   
EDPR Dahlia DevCo LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
EDPR Dahlia Holdings LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Jericho Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Black River Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Crooked Lake Solar III LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Trailing Springs Storage LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Daffodil Grove Storage LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Longleaf Storage LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Flatland Storage LLC | Delaware | 300| USD | —| 283| -283| —| -272| 71%|   
Sandrini BESS Storage LLC | Delaware | —| USD | —| 78| -78| —| -75| 71%|   
EDPRNA DG PA Pittston DC 3 LLC | Delaware | 7,850| USD | 105| 97| 8| —| —| 61%|   
EDPRNA DG PA Pittston DC LLC | Delaware | 14,131| USD | 114| 100| 14| —| —| 61%|   
EDPRNA DG PA Pittston LLC | Delaware | 4,640| USD | —| 1| -1| —| -5| 61%|   
EDPRNA DG PA Pottsville LLC | Delaware | 17,195| USD | 48| 32| 16| —| —| 61%|   
EDPRNA DG PA Quakertown LLC | Delaware | 16,577| USD | 52| 36| 16| —| —| 61%|   
EDPRNA DG PA Sayre LLC | Delaware | 18,259| USD | 44| 27| 17| —| —| 61%|   
EDPRNA DG PA Scranton LLC | Delaware | 58,937| USD | 108| 51| 57| —| —| 61%|   
EDPRNA DG PA Somerset LLC | Delaware | 21,465| USD | 48| 27| 21| —| —| 61%|   
EDPRNA DG PA South Reading  LLC | Delaware | 19,647| USD | 54| 35| 19| —| —| 61%|   
EDPRNA DG PA Stroudsburg LLC | Delaware | 18,310| USD | 60| 43| 17| —| —| 61%|   
EDPRNA DG PA Sunbury LLC | Delaware | 54,514| USD | 48| -4| 52| —| —| 61%|   
EDPRNA DG PA Warren LLC | Delaware | 18,465| USD | 45| 27| 18| —| —| 61%|   
EDPRNA DG PA West Lancaster  LLC| Delaware | 18,504| USD | 51| 33| 18| —| —| 61%|   
EDPRNA DG PA Whitehall LLC | Delaware | 17,149| USD | 50| 34| 16| —| —| 61%|   
EDPRNA DG PA Wilkes-Barre LLC | Delaware | 5,919| USD | —| —| —| —| -6| 61%|   
EDPRNA DG North Carolina  Development LLC| Delaware | 958| USD | —| —| —| —| -1| 61%|   
Bear Peak Bethel LLC | Delaware | 188,369| USD | 181| 1| 180| —| -1| 61%|   
Bear Peak Big Spring LLC | Delaware | 134,136| USD | 128| —| 128| —| -1| 61%|   
Bear Peak Cass LLC | Delaware | 120,176| USD | 115| —| 115| —| -1| 61%|   
Bear Peak Harrison LLC | Delaware | 61,756| USD | 59| —| 59| —| -1| 61%|   
Bear Peak Reading LLC | Delaware | 136,514| USD | 132| 1| 131| —| -1| 61%|   
Bear Peak Ridge II LLC | Delaware | 54,143| USD | 51| —| 51| —| -1| 61%|   
Bear Peak Valley LLC | Delaware | 57,267| USD | 64| 10| 54| —| -1| 61%|   
BPP OH Defiance PV I LLC | Delaware | 81,989| USD | 78| —| 78| —| -1| 61%|   
EDPRNA DG GA Cave Spring LLC | Delaware | 364,684| USD | 349| -1| 350| —| -1| 61%|   
2024 Sol X LLC | Delaware | 171,630,433| USD | 165,212| —| 165,212| —| 8| 71%|   
EDPR Solar Ventures X LLC | Delaware | 102,878,757| USD | 165,204| 65,703| 99,501| —| 455| 71%|   
EDPR Cardinal Holdings LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
EDPR Cardinal DevCo LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
2024 SOL XI LLC | Delaware | 326,088,114| USD | 313,876| —| 313,876| —| -2| 71%|   
EDPR Solar Ventures XI LLC | Delaware | 166,620,607| USD | 313,878| 152,142| 161,736| —| 1,300| 71%|   
EDPR Goldfinch Holdings LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
EDPR Goldfinch DevCo LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
2024 SOL XV LLC | Delaware | 166,794,511| USD | 162,101| 1,552| 160,549| —| —| 71%|   
EDPR Solar Ventures XV LLC | Delaware | 166,794,691| USD | 160,549| —| 160,549| —| —| 71%|   
EDPR Sandrini Holdings LLC | Delaware | -1,000| USD | —| 1| -1| —| —| 71%|   
EDPR NA DevCo LLC | Delaware | 221| USD | —| —| —| —| —| 71%|   
2024 SOL XVI LLC | Delaware | 92,993,960| USD | 91,051| 1,539| 89,512| —| —| 71%|   
EDPR Solar Ventures XVI LLC | Delaware | 92,995,071| USD | 89,512| —| 89,512| —| -1| 71%|   
Hickory BESS LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Peach Grove BESS LLC | Delaware | —| USD | —| 20| -20| —| -19| 71%|   
Pleasantville Storage LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Sonrisa BESS LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Indigo Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Western Star Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
EDPR Solar Ventures XII LLC | Delaware | 263,161,774| USD | 462,147| 208,483| 253,664| —| 342| 71%|   
2024 SOL XII LLC | Delaware | 480,124,976| USD | 463,143| 987| 462,156| —| 8| 71%|   
EDPR Solar Ventures XIV LLC | Delaware | 168,520,983| USD | 223,552| 61,333| 162,219| —| 8| 71%|   
2024 SOL XIV LLC | Delaware | 232,248,250| USD | 223,552| —| 223,552| —| —| 71%|   
Big River Energy Storage LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Teays River Energy Storage LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Las Camas Energy Storage LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Sweet Acres Energy Storage LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
  
| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 745|   
| | | | |   
  
| | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---  
Subsidiaries | Head Office | Share capital | € | Assets Euro'000 | Liabilities Euro'000 | Equity Euro'000 | Revenues Euro'000 | Net  Profit/(Loss)Euro'000 | %  Group | %  EDP  S.A.  
2024 SOL XVII LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
EDPR Solar Ventures XVII LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Breezeway Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
2025 BATERIA I, LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
2025 BATERIA II, LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
EDPR BESS Ventures I, LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
EDPR BESS Ventures II, LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
EDPR Sandrini BESS Holdings, LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Emerald Bluffs Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Juneau Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Overton Solar Park LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Pleasantville Solar Park II LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Rail Splitter Wind Farm III LLC | Delaware | —| USD | —| —| —| —| —| 71%|   
Canada  
EDP Renewables Canada Ltd. | British  Columbia| 290,352,084| CAD | 327,888| 115,375| 212,513| —| 27,485| 71%|   
SBWF GP Inc. | British  Columbia| -988| CAD | —| —| —| —| —| 36%|   
South Dundas Wind Farm LP | Ontario | -15,350,443| CAD | 41,802| 18,358| 23,444| 7,063| 3,298| 36%|   
Nation Rise Wind Farm GP Inc. | British  Columbia| 1,690| CAD | 26| 92| -66| —| -38| 71%|   
Nation Rise Wind Farm LP | Ontario | 68,583,970| CAD | 187,795| 135,189| 52,606| 15,843| 194| 36%|   
South Branch Wind Farm II GP Inc. | British  Columbia| —| CAD | —| —| —| —| —| 71%|   
South Branch Wind Farm II LP | Ontario | 1,951,112| CAD | 2,589| 1,925| 664| —| -147| 71%|   
EDP Renewables Canada  Management Services Ltd| British  Columbia| -6,730,775| CAD | 6,277| 10,780| -4,503| 1,198| —| 71%|   
Bromhead Solar Park GP Ltd | British  Columbia| —| CAD | —| —| —| —| —| 71%|   
Bromhead Solar Park LP | Saskatchewa n| —| CAD | 80| 397| -317| —| -68| 71%|   
Halbrite Solar Park GP Ltd | British  Columbia| —| CAD | —| —| —| —| —| 71%|   
Halbrite Solar Park LP | Saskatchewa n| —| CAD | 80| 397| -317| —| -68| 71%|   
Blue Bridge Solar Park GP Ltd | British  Columbia| —| CAD | —| —| —| —| —| 71%|   
Blue Bridge Solar Park LP | Alberta | —| CAD | 81| 449| -368| —| -101| 71%|   
EDP Renewables SH II Project GP  Ltd| British  Columbia| —| CAD | —| —| —| —| —| 71%|   
EDP Renewables SH II Project LP | Alberta | —| CAD | —| —| —| —| —| 71%|   
Sounding Creek Solar Park GP Ltd. | British  Columbia| —| CAD | —| —| —| —| —| 71%|   
Sounding Creek Solar Park LP | Alberta | —| CAD | —| —| —| —| —| 71%|   
Edgeware BESS Project GP Ltd. | British  Columbia| —| CAD | —| —| —| —| —| 71%|   
Edgeware BESS Project LP | Ontario | —| CAD | —| —| —| —| —| 36%|   
South Branch BESS Project GP Ltd. | Ontario | —| CAD | —| —| —| —| —| 71%|   
South Branch BESS Project  Limited Partnership| Ontario | —| CAD | —| —| —| —| —| 71%|   
Mexico  
Eólica de Coahuila, S.A. de C.V. | Mexico City | 7,792,042| USD | 264,123| 207,159| 56,964| 47,693| 30,524| 36%|   
Vientos de Coahuila, S.A. de C.V. | Mexico City | 145,594,263| USD | 193,261| 60,500| 132,761| 13,307| 5,629| 71%|   
EDPR Servicios de México, S. de  R.L. de C.V.| Mexico City | 135,074,350| MXN | 6,013| 1,469| 4,544| 2,116| 263| 71%|   
Parque Solar Los Cuervos, S. de  R.L. de C.V.| Mexico City | 180,244,480| USD | 257,874| 66,871| 191,003| 11,745| 2,429| 71%|   
Asia-Pacific  
Vietnam  
EDP Renewables Vietnam  Company Limited| Ho Chi Minh  City| 7,200,000,000| VND | 5,170| 7,012| -1,842| 1,270| 583| 71%|   
Trung Son Energy Development  LLC| Khanh Hoa  Province| 197,000,000,000| VND | 22,902| 16,243| 6,659| 2,284| -865| 71%|   
Trung Son SG Pte. Ltd. | Singapore  | 14,374,707| USD | 12,923| 19| 12,904| —| -73| 71%|   
LYS Energy Investment Pte. Ltd. | Singapore  | 13,324,707| USD | 10,250| 17| 10,233| —| -147| 71%|   
Sunseap CMX RE Solar Holdings  Pte. Ltd.| Singapore  | 10| SGD | 55,796| 40,370| 15,426| —| -39| 71%|   
Sunseap Links Pte. Ltd. | Singapore  | 10| SGD | 6,566| 12,291| -5,725| —| -153| 57%|   
Sunseap Links Daklong Pte. Ltd. | Singapore  | 40| SGD | 577| 7,321| -6,744| —| -182| 68%|   
CMX RE Sunseap Vietnam Solar  Power Co., Ltd.| Ninh Thuan  Province| 1,065,557,560,000| VND | 134,032| 76,583| 57,449| 20,206| 5,788| 39%|   
Uper Renewable Energy Vietnam  Co., Ltd.| Ho Chi Minh  City| 2,310,000,000| VND | 146| 1| 145| —| -9| 71%|   
Xuan Thien Ninh Thuan Co., Ltd. | Ninh Thuan  Province| 890,000,000,000| VND | 102,170| 57,704| 44,466| 21,046| 9,755| 71%|   
Xuan Thien Thuan Bac Co., Ltd. | Ninh Thuan  Province| 550,000,000,000| VND | 64,826| 38,117| 26,709| 12,504| 5,190| 71%|   
Singapore  
Sunseap Energy Ventures Pte. Ltd. | Singapore  | 1| SGD | 6,664| 3,717| 2,947| 295| 298| 71%|   
Solarland Alpha Assets Pte. Ltd. | Singapore  | 5,654,467| SGD | 80,112| 106,798| -26,686| 2,753| -4,253| 71%|   
Data4Eco Holdings Pte. Ltd. | Singapore  | 50,000| SGD | 2| 114| -112| —| -16| 43%|   
Indonesia  
Sunseap Indonesia Pte. Ltd. | Singapore  | 1,733,001| SGD | 1,143| 31| 1,112| —| -39| 71%|   
Sunseap Batam Pte. Ltd. | Singapore  | 6,960,000| SGD | 5,736| 1,106| 4,630| —| -121| 71%|   
EDPR Interconnection Holdings  Pte. Ltd.| Singapore  | 8,475,000| SGD | 5,983| 7| 5,976| —| -8| 71%|   
EDPR GenCo Pte. Ltd. | Singapore  | 1,500,000| SGD | 1,040| 24| 1,016| —| -42| 71%|   
Green Corridor Indonesia Pte. Ltd. | Singapore  | 6,900,000| SGD | 4,872| 5| 4,867| —| -4| 71%|   
PT Sunseap Commercial Industrial  Indonesia Asset| Jakarta | 10,000,000,000| IDR | 356| 24| 332| 19| -85| 71%|   
PT Green Corridor Indonesia | Kota Batam | 78,500,000,000| IDR | 3,506| 1,658| 1,848| —| -1,675| 71%|   
PT Right People Renewable  Energy| Jakarta | 12,106,199,154| IDR | 68| 15| 53| —| -33| 71%|   
PT EDPR Indonesia Genco | Kota Batam | 17,300,000,000| IDR | 1,172| 152| 1,020| —| -9| 71%|   
Australia  
Sunseap Australia Holdings Pte.  Ltd.| Singapore  | 1| SGD | 4,980| 7,646| -2,666| —| 965| 71%|   
  
| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 746|   
| | | | |   
  
| | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---  
Subsidiaries | Head Office | Share capital | € | Assets Euro'000 | Liabilities Euro'000 | Equity Euro'000 | Revenues Euro'000 | Net  Profit/(Loss)Euro'000 | %  Group | %  EDP  S.A.  
Energy Democracy Management  Pty. Ltd.| Canberra | —| AUD | —| —| —| —| —| 71%|   
Yoogali Solar Farm Pty. Ltd. | Canberra | —| AUD | —| —| —| —| —| 71%|   
Merino Solar Farm Trust | Canberra | —| AUD | —| —| —| —| —| 71%|   
Orange Community Renewable  Energy Park Pty. Ltd. | Canberra | 100| AUD | 2,447| 2,533| -86| —| -101| 71%|   
Orange Community Renewable  Energy Park Trust | Canberra | —| AUD | —| —| —| —| —| 71%|   
EDPR Australia Investments Pty.  Ltd.| Canberra | 3,000,000| AUD | 10,462| 14,467| -4,005| —| -681| 71%|   
Sunseap (Australia) Pty. Ltd. | Melbourne | 1| AUD | —| 741| -741| —| -57| 71%|   
Sunseap Assets (Australia) Pty.  Ltd.| Melbourne | 20,000| AUD | 1| 6| -5| —| -5| 71%|   
EDPR Australia Pty. Ltd. | Melbourne | 2,200| AUD | 9,327| 14,382| -5,055| 101| -3,907| 71%|   
EDPR DevCo Pty. Ltd. | Canberra | 1,200| AUD | 566| 10| 556| —| -21| 71%|   
Merino Solar Farm Pty. Ltd. | Canberra | 100| AUD | 375| 393| -18| —| -11| 71%|   
Other Countries  
Sunseap Japan Pte. Ltd. | Singapore  | 1| SGD | 6,465| 6,905| -440| —| -26| 71%|   
Japan Tk Investment Pte. Ltd. | Singapore  | 1| SGD | —| 2| -2| —| -2| 71%|   
Godo Kaisha NW-3 | Tokyo  | 100,000| JPY | 80,073| 49,515| 30,558| —| 3,423| 71%|   
Miyagi Motoyoshi Solar GK | Tokyo  | 100,000| JPY | 5,455| 5,478| -23| —| -13| 71%|   
EDPR Japan Co., Ltd. | Tokyo  | 204,970,000| JPY | 7,003| 11,083| -4,080| 531| -2,780| 71%|   
Gumisan Wind Power Co., Ltd. | Gyeongju-si | 1,426,000,000| KRW | 824| 11| 813| —| -85| 71%|   
Angang Wind Power Corporation | Gyeongju-si | 1,141,000,000| KRW | 109| 11| 98| —| -53| 71%|   
OMA Haedori Co., Ltd. | Goheung- gun| 957,624,000| KRW | 2,551| 3,236| -685| —| -194| 53%|   
EDPR Korea, Ltd. | Sejong- daero| 6,800,000,000| KRW | 1,165| 731| 434| 306| -895| 71%|   
EDPR Sunseap Korea Holdings Pte.  Ltd.| Singapore  | 9,351,592| SGD | 6,581| 251| 6,330| —| 6| 71%|   
Sunseap Solar Cambodia Co., Ltd. | Phnom Penh  City| 1,000| USD | 1| —| 1| —| —| 71%|   
Songbo Energy Co., Ltd. | Taipei City | 100,000| TWD | 1,769| 4,653| -2,884| —| -2,630| 71%|   
Convencional generation  
Iberia and Rest of Europe  
Portugal  
Greenvouga - Sociedade Gestora  do Aproveitamento Hidroeléctrico de Ribeiradio-Ermida,S.A.| Lisbon | 115,370,603| EUR | 238,818| 66,046| 172,772| 18,672| 10,700| 100%|   
Empresa Hidroeléctrica do  Guadiana, S.A.| Lisbon | 113,763,680| EUR | 378,740| 172,821| 205,919| 69,461| 26,235| 100%|   
CEL Energy - Central Elétrica de  Lares, S.A.| Lisbon | 6,176,245| EUR | 104,970| 99,398| 5,572| 369| -605| 100%| 98%  
RJCE Energy - Central Elétrica de  Ribatejo, S.A.| Lisbon | 7,311,895| EUR | 121,911| 115,640| 6,271| 313| -1,040| 100%| 99%  
TERGEN - Operação e  Manutenção de Centrais Termoeléctricas, S.A.| Carregado | 50,000| EUR | 7,115| 5,592| 1,523| 7,340| -382| 100%|   
FISIGEN - Empresa de Cogeração,  S.A.| Lisbon | 50,000| EUR | 21,638| 13,917| 7,721| 13,127| -526| 51%|   
EDP Gestão Produção Energia,  S.A.| Lisbon | 436,155,055| EUR | 3,719,564| 2,433,605| 1,285,959| 1,010,024| 468,900| 100%| 100%  
Spain  
IBERENERGIA, SAU | Oviedo | 60,200| EUR | 191,400| 92,602| 98,798| 84,809| 17,380| 100%|   
Central Termica Ciclo Combinado  Grupo 4, S.L.| Oviedo | 2,117,000| EUR | 369,857| 108,419| 261,438| 224,158| 44,464| 100%|   
Central Térmica Soto 3, S.L.U | Oviedo | 5,000,000| EUR | 72,556| 45,974| 26,582| 14,428| -8,177| 100%|   
Generaciones Eléctricas  Andalucía, S.L.U.| Oviedo | 25,000,000| EUR | 178,871| 117,411| 61,460| 26,600| -34,780| 100%|   
Biomasa Puente Nuevo S.L.U. | Oviedo | 3,000| EUR | 34| 180| -146| —| -53| 100%|   
EDP España, S.A.U. | Oviedo | 421,739,790| EUR | 2,764,921| 424,959| 2,339,962| 627,445| 87,904| 100%| 100%  
South America  
Brazil  
Enerpeixe, S.A. | Tocantins | 224,455,168| BRL | 274,758| 175,898| 98,860| 53,846| -4,098| 60%|   
Investco, S.A. | Tocantins | 804,458,843| BRL | 195,276| 46,568| 148,708| 27,475| 9,948| 41%|   
Lajeado Energia, S.A. | São Paulo | 6,867,541| BRL | 195,081| 90,304| 104,777| 123,983| 59,358| 56%|   
Resende Engenharia e Assessoria,  Ltda.| São Paulo | 21,651,698| BRL | 3,301| 1| 3,300| —| -3| 100%|   
Energy management  
Iberia and Rest of Europe  
Portugal  
EDP GEM Portugal, S.A. | Lisbon | 800,050,000| EUR | 3,121,556| 1,824,383| 1,297,173| 4,077,396| 147,591| 100%| 100%  
Spain | | | | | | | | | |   
Transporte GNL, S.A. | Bilbao | 1,000,000| EUR | 108,442| 73,183| 35,259| 60,381| 9,508| 100%|   
EDP GEM España, S.A. | Oviedo | 1,000,000| EUR | 1,221| 17| 1,204| —| 2| 100%|   
South America  
Brazil  
EDP Trading Comercialização e  Serviços de Energia, S.A.| São Paulo | 384,679,595| BRL | 545,123| 430,570| 114,553| 519,386| 33,522| 100%|   
Client Solutions  
Liberalised Market  
Iberia and Rest of Europe  
Portugal  
EDP Energia Ibérica, S.A. | Oviedo | 60,200| EUR | 52| 12,979| -12,927| —| —| 100%|   
EDP Comercial - Comercialização  de Energia, S.A.| Lisbon | 64,500,005| EUR | 1,559,797| 1,408,942| 150,855| 3,579,504| 64,119| 100%| 100%  
EDP Energia Crato Trevões, S.A. | Lisbon | 50,000| EUR | 8,104| 8,312| -208| —| -258| 100%|   
Effizency, S.A. | Lisbon | 128,132| EUR | 3,965| 1,315| 2,650| 2,301| 74| 97%|   
EDP Mediadora, S.A. | Lisbon | 50,000| EUR | 5,177| 43| 5,134| —| -606| 100%|   
Spain  
Comercializadora Energética  Sostenible, S.A.| Bilbao | 60,000| EUR | 210| 76| 134| 183| 6| 100%|   
EDP Clientes, S.A. | Oviedo | 1,000,000| EUR | 557,546| 497,625| 59,921| 1,038,372| 9,819| 100%|   
Gestión Calor, S.L.U. | Oviedo | 3,000| EUR | 3| —| 3| —| —| 100%|   
EDP Solar España, S.A. | Oviedo | 1,000,000| EUR | 39,224| 39,079| 145| 27,129| -17,808| 100%|   
Azul y Verde Energía y  Sostenibilidad, S.L.| Cordoba | 3,000| EUR | 174| 312| -138| 323| -158| 100%|   
  
| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 747|   
| | | | |   
  
| | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---  
Subsidiaries | Head Office | Share capital | € | Assets Euro'000 | Liabilities Euro'000 | Equity Euro'000 | Revenues Euro'000 | Net  Profit/(Loss)Euro'000 | %  Group | %  EDP  S.A.  
Leuk Soluciones Energéticas, S.L. | Cordoba | 3,000| EUR | 1,533| 1,521| 12| 3,077| -242| 100%|   
Other Countries  
EDP Energia Italia S.R.L. | Milan | 3,610,000| EUR | 110,238| 87,465| 22,773| 24,947| -16,091| 100%|   
EDP Energie France | Paris | 80,000| EUR | 338| 1,065| -727| —| -516| 100%|   
Enerdeal Group S.A. | Brussels | 100,000| EUR | 12,341| 11,610| 731| —| 43| 100%|   
Enerdeal NV | Nossegem | 161,500| EUR | 14,926| 9,017| 5,909| 20,855| 1,679| 100%|   
Enerdeal Solar invest SA | Brussels | 250,000| EUR | 1,446| 1,282| 164| 289| -23| 100%|   
Smart Energy Invest II SA | Mont-Saint- Guibert| 90,000| EUR | 1,092| 1,044| 48| 211| -5| 60%|   
Neopark SA | Charleroi | 100,000| EUR | 1,757| 1,665| 92| —| -1| 51%|   
EDP Energia Polska | Warsaw | 8,505,000| PLN | 110,936| 126,800| -15,864| 35,204| -8,450| 100%|   
SOON Energy Polska sp z.o.o. | Warsaw | 100,000| PLN | 27,809| 26,626| 1,183| 27,279| -382| 100%|   
Zielona-Energia.com | Czestochowa | 2,170,000| PLN | 13,277| 14,927| -1,650| 5,834| -2,825| 100%|   
EDP Energie Deutschland GmbH | Frankfurt am  Main| 25,000| EUR | 4,203| 4,029| 174| —| -486| 100%|   
EDP Energie Deutschland  Verwaltungs GmbH| Munich | 25,000| EUR | 24| —| 24| —| -1| 100%|   
EDPED Solar Invest 1 GmbH & Co  KG| Munich | 1,000| EUR | 1,131| 1,131| —| —| -1| 100%|   
EDPED Solar Invest 2 GmbH & Co  KG| Munich | 1,000| EUR | 426| 425| 1| —| —| 100%|   
Enerdeal Lux Sarl | Windhof | 12,000| EUR | 3,893| 3,380| 513| 15,143| 142| 100%|   
Enerdeal Solar Invest II SA | Brussels | 61,500| EUR | 3,471| 3,678| -207| 152| -231| 100%|   
Enerdeal Solar Luxembourg Sarl | Windhof | 100,000| EUR | 5,091| 4,999| 92| —| -8| 100%|   
South America  
Brazil  
EDP Smart Energia, Ltda | São Paulo | 54,704,068| BRL | 96,450| 83,543| 12,907| 143,431| 3,623| 100%|   
EDP Smart Soluções, S.A. | Rio Grande  do Sul| 124,072,773| BRL | 15,257| 4,633| 10,624| 5,179| -2,352| 100%|   
EDP Smart Serviços, S.A. | Espírito Santo | 1,457,736,011| BRL | 249,403| 46,981| 202,422| 57,583| -4,641| 100%|   
EDP Smart SPE V Ltda. | São Paulo | 102,786,901| BRL | 61,944| 42,711| 19,233| 1,870| 4,467| 100%|   
EDP Smart SPE Ltda. | São Paulo | 143,091,252| BRL | 25,733| 2,913| 22,820| 3,053| 696| 100%|   
Nova Geração Solar LTDA. | São Paulo | 2,538,124| BRL | 4| 2| 2| —| 18| 100%|   
Energia Solar I SPE LTDA. | Espírito Santo | 1,203,819| BRL | 3| 2| 1| —| 18| 100%|   
Energia Solar II SPE LTDA. | Espírito Santo | —| BRL | —| —| —| —| —| 100%|   
EDP SMART SPE 1 LTDA. | São Paulo | 88,952,101| BRL | 23,644| 8,430| 15,214| 4,170| 2,014| 100%|   
EDP SMART SPE 2 LTDA. | São Paulo | 23,567,082| BRL | 5,118| 1,333| 3,785| 423| 172| 100%|   
EDP SMART SPE 3 LTDA. | São Paulo | 17,959,796| BRL | 6,260| 3,386| 2,874| 344| 115| 100%|   
EDP SMART SPE 4 LTDA. | São Paulo | 45,503,000| BRL | 18,939| 10,771| 8,168| 2,882| 1,596| 100%|   
EDP SMART SPE 5 LTDA. | São Paulo | 87,774| BRL | 6,250| 6,244| 6| 335| -9| 100%|   
EDP SMART SPE 6 LTDA. | São Paulo | 2,806,690| BRL | 9,945| 9,531| 414| 297| -26| 100%|   
EDP SMART SPE 7 LTDA. | São Paulo | 18,035,147| BRL | 6,489| 3,653| 2,836| 230| 43| 100%|   
EDP SMART SPE 8 LTDA. | São Paulo | 5,099,410| BRL | 1,722| 929| 793| —| —| 100%|   
EDP SMART SPE 9 LTDA. | São Paulo | 40,110,986| BRL | 26,855| 20,624| 6,231| 416| -13| 100%|   
EDP SMART SPE 10 LTDA. | São Paulo | 36,000| BRL | 791| 818| -27| —| -36| 100%|   
EDP SMART SPE 11 LTDA. | São Paulo | 11,114,395| BRL | 1,594| 9| 1,585| 87| -159| 100%|   
EDP SMART SPE 12 LTDA. | São Paulo | 425,611| BRL | 53| —| 53| —| -14| 100%|   
EDP SMART SPE 13 LTDA. | São Paulo | 41,316| BRL | 2,595| 2,621| -26| —| -36| 100%|   
Distributed Solar Generation  
North-America  
United States of America  
EDPRNA DG Illinois Development  LLC| Delaware | 446,975| USD | 5| 23| -18| —| -132| 61%|   
EDPRNA DG Wisconsin  Development LLC| Delaware | 127,982| USD | —| —| —| —| -22| 61%|   
EDPRNA DG New York  Development LLC| Delaware | 621,539| USD | 151| 5| 146| —| -194| 61%|   
EDPRNA DG Mississippi  Development LLC| Delaware | 154,113| USD | —| 5| -5| —| -5| 61%|   
EDPRNA DG Missouri  Development LLC| Delaware | 28,529| USD | —| —| —| —| -2| 61%|   
EDPRNA DG Ohio Development  LLC | Delaware | 4,125,013| USD | 2,502| 47| 2,455| —| -480| 61%|   
EDPRNA DG Texas Development  LLC| Delaware | 165,054| USD | —| 4| -4| —| -36| 61%|   
EDPRNA DG Georgia  Development LLC| Delaware | 258,511| USD | —| 1| -1| —| -40| 61%|   
EDPRNA DG California  Development LLC| Delaware | 390,568| USD | 9| 7| 2| —| -202| 61%|   
EDPRNA DG Indiana Development  LLC| Delaware | 120,323| USD | —| —| —| —| -72| 61%|   
EDPRNA DG Pennsylvania  Development LLC| Delaware | 197,631| USD | 11| 9| 2| —| -72| 61%|   
EDPRNA DG Michigan  Development LLC| Delaware | 91,857| USD | —| 2| -2| —| -58| 61%|   
EDPRNA DG Maryland  Development LLC| Delaware | 7,651| USD | —| —| —| —| -3| 61%|   
EDPRNA DG Virginia Development  LLC| Delaware | 59,324| USD | —| —| —| —| -2| 61%|   
EDPRNA DG CA Livermore LLC | Delaware | 7,110,622| USD | 7,488| 662| 6,826| 82| -4| 61%|   
Generate USF McClellan LLC | Delaware | 3,725,841| USD | 3,578| 13| 3,565| —| -7| 61%|   
EDPRNA DG Manassas LLC | Delaware | 7,903,174| USD | 9,300| 1,686| 7,614| 46| 7| 61%|   
Generate USF Las Vegas LLC | Delaware | 2,066,145| USD | 1,902| -84| 1,986| —| -2| 61%|   
Generate USF N Las Vegas LLC | Delaware | 3,062,491| USD | 2,966| 21| 2,945| —| -2| 61%|   
EDPRNA DG PA Mechanicsburg  LLC | Delaware | 20,435| USD | 94| 75| 19| —| —| 61%|   
Soteria Solar Services LLC | Delaware | 794,182| USD | 6| 8| -2| —| -137| 61%|   
EDPRNA DG O&M Services LLC | Delaware | -15,886| USD | —| —| —| —| -3| 61%|   
C2 Alpha Holdings LLC | Delaware | 77,453| USD | —| —| —| —| —| 61%|   
EDPRNA DG MA Managing  Member LLC| Delaware | 20,421,778| USD | 19,653| —| 19,653| —| -2| 61%|   
Smart Sunscribe LLC | Delaware | 2,196| USD | —| —| —| —| —| 61%|   
2021 DG CA Agora Ventures I LLC | Delaware | —| USD | —| —| —| —| —| 61%|   
C2 WM Phase 3 Sponsor LLC | Delaware | 4,315| USD | 2| —| 2| —| —| 61%|   
C2 WM Phase 3 Holdings LLC | Delaware | 2,156| USD | —| —| —| —| —| 61%|   
EDPRNA DG Lessee Holdings LLC | Delaware | 2,485| USD | —| —| —| —| —| 61%|   
  
| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 748|   
| | | | |   
  
| | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---  
Subsidiaries | Head Office | Share capital | € | Assets Euro'000 | Liabilities Euro'000 | Equity Euro'000 | Revenues Euro'000 | Net  Profit/(Loss)Euro'000 | %  Group | %  EDP  S.A.  
C2 NY Brookhaven LLC | Delaware | 8,500,202| USD | 8,948| 1,378| 7,570| 456| 74| 61%|   
EDPRNA DG CI Sponsor 2 LLC | Delaware | 4,435| USD | 2| —| 2| —| —| 61%|   
C2 CI Holdings 2 LLC | Delaware | 2,276| USD | —| —| —| —| —| 61%|   
EDPRNA DG WM 2020 Parent  LLC| Delaware | 4,054| USD | 3| —| 3| —| —| 61%|   
C2 WM 2020 Holdings LLC | Delaware | 2,732| USD | —| —| —| —| —| 61%|   
NY CSG 2 Sponsor LLC | Delaware | 26,111,162| USD | 25,123| —| 25,123| —| -2| 61%|   
NY CSG 2 Holdings LLC | Delaware | 26,100,780| USD | 30,229| -146| 30,375| —| -74| 61%|   
East River Solar LLC | Delaware | 5,424,635| USD | 6,389| 1,375| 5,014| 215| -25| 61%|   
Cortland-Virgil Road Solar LLC | Delaware | 6,479,468| USD | 6,824| 1,433| 5,391| 172| -105| 61%|   
Lime Hollow Solar LLC | Delaware | 6,696,798| USD | 6,790| 1,354| 5,436| 140| -242| 61%|   
McLean Solar 2 LLC | Delaware | 5,931,003| USD | 6,576| 1,449| 5,127| 235| -76| 61%|   
Route 13 Solar LLC | Delaware | 6,782,381| USD | 6,982| 1,542| 5,440| 86| -197| 61%|   
EDPRNA DG CT Fund 1 MM LLC | Delaware | 19,254,671| USD | 34,434| 14,989| 19,445| —| -489| 61%|   
C2 CT Fund 1 Holding LLC | Delaware | 31,878,098| USD | 44,174| -525| 44,699| —| -57| 61%|   
C2 WM Arizona 1 LLC | Delaware | 931,435| USD | 1,073| 221| 852| 54| -19| 61%|   
C2 WM Arizona 2 LLC | Delaware | 1,497,833| USD | 1,661| 293| 1,368| 86| -18| 61%|   
C2 WM Arizona 3 LLC | Delaware | 2,270,028| USD | 2,410| 425| 1,985| 125| -98| 61%|   
C2 WM Arizona 4 LLC | Delaware | 1,783,836| USD | 1,947| 360| 1,587| 99| -32| 61%|   
C2 WM Arizona 5 LLC | Delaware | 1,486,170| USD | 1,615| 283| 1,332| 78| -24| 61%|   
C2 WM Arizona 6 LLC | Delaware | 1,887,350| USD | 2,049| 364| 1,685| 106| -33| 61%|   
C2 WM Arizona 7 LLC | Delaware | 2,652,079| USD | 2,421| 462| 1,959| 126| -37| 61%|   
C2 WM Arizona 8 LLC | Delaware | 2,059,777| USD | 2,288| 424| 1,864| 116| -31| 61%|   
C2 WM Arizona 9 LLC | Delaware | 1,943,871| USD | 2,163| 402| 1,761| 109| -29| 61%|   
C2 WM Arizona 10 LLC | Delaware | 722,093| USD | 793| 142| 651| 42| -16| 61%|   
C2 WM Laurens Leasing LLC | Delaware | 2,320,745| USD | 3,225| 1,159| 2,066| 81| -20| 61%|   
C2 WM New Jersey 1 LLC | Delaware | 4,737,787| USD | 5,560| 827| 4,733| 353| -212| 61%|   
C2 RI Hopkinton LLC | Delaware | 2,945,457| USD | 3,234| 614| 2,620| 184| -77| 61%|   
Blissville Road LLC | Delaware | 2,028,721| USD | 2,123| 219| 1,904| 142| —| 61%|   
Route 149 LLC | Delaware | 2,364,524| USD | 2,456| 301| 2,155| 148| -36| 61%|   
Shields Drive LLC | Delaware | 2,301,677| USD | 2,473| 404| 2,069| 125| -50| 61%|   
Upper Road LLC | Delaware | 2,138,857| USD | 2,346| 295| 2,051| 149| -12| 61%|   
C2 Woodbury Solar LLC | Delaware | 9,533,060| USD | 9,147| —| 9,147| —| -6| 61%|   
MN CSG 2 LLC | Delaware | 9,502,661| USD | 9,624| 1,216| 8,408| 509| -202| 61%|   
EDPRNA DG WM DSA Sponsor  LLC| Delaware | -3,143,588| USD | 6,115| 9,222| -3,107| —| -358| 61%|   
C2 Centrica MT LLC | Delaware | 3,409,216| USD | 16,592| 1,105| 15,487| —| 7| 61%|   
C2 WM DSA Holdings LLC | Delaware | -2,842,993| USD | 14,343| 17,019| -2,676| —| 36| 61%|   
C2 WM Arizona 1549 LLC | Delaware | 934,390| USD | 1,591| 472| 1,119| 141| 54| 61%|   
C2 WM Arizona 2112 LLC | Delaware | 695,414| USD | 1,084| 300| 784| 92| 25| 61%|   
C2 WM Arizona 3360 LLC | Delaware | 723,553| USD | 1,147| 344| 803| 94| 30| 61%|   
C2 WM Arizona 3465 LLC | Delaware | 638,827| USD | 1,229| 391| 838| 114| 50| 61%|   
C2 WM Arizona 3799 LLC | Delaware | 1,092,283| USD | 1,651| 468| 1,183| 126| 17| 61%|   
C2 WM Arizona 3833 LLC | Delaware | 1,072,660| USD | 1,653| 469| 1,184| 128| 38| 61%|   
C2 WM Arizona 3861 LLC | Delaware | 1,064,597| USD | 1,630| 467| 1,163| 125| 36| 61%|   
C2 WM Arizona 4451 LLC | Delaware | 831,686| USD | 1,444| 469| 975| 122| 46| 61%|   
C2 WM California 1789 LLC | Delaware | 541,069| USD | 939| 292| 647| 91| 15| 61%|   
C2 WM California 1988 LLC | Delaware | 416,292| USD | 640| 195| 445| 28| -18| 61%|   
C2 WM California 4202 LLC | Delaware | 319,785| USD | 402| 106| 296| 14| -17| 61%|   
C2 WM California 4317 LLC | Delaware | 1,144,691| USD | 1,313| 229| 1,084| 68| -5| 61%|   
C2 WM California 5890 LLC | Delaware | 624,711| USD | 784| 197| 587| 24| -25| 61%|   
C2 WM Illinois 253 LLC | Delaware | 625,108| USD | 1,615| 490| 1,125| 189| 99| 61%|   
C2 WM Illinois 612 LLC | Delaware | 443,426| USD | 941| 290| 651| 117| 65| 61%|   
C2 WM Illinois 891 LLC | Delaware | 433,503| USD | 1,355| 409| 946| 179| 97| 61%|   
C2 WM Illinois 1404 LLC | Delaware | 559,713| USD | 1,377| 398| 979| 162| 81| 61%|   
C2 WM Illinois 1489 LLC | Delaware | 488,075| USD | 1,035| 296| 739| 108| 42| 61%|   
C2 WM Illinois 1548 LLC | Delaware | 482,620| USD | 845| 263| 582| 93| 44| 61%|   
C2 WM Illinois 1553 LLC | Delaware | 403,893| USD | 1,074| 318| 756| 133| 65| 61%|   
C2 WM Illinois 1761 LLC | Delaware | 562,937| USD | 1,131| 348| 783| 108| 45| 61%|   
C2 WM Illinois 1848 LLC | Delaware | 293,321| USD | 1,026| 304| 722| 149| 73| 61%|   
C2 WM Illinois 1933 LLC | Delaware | 402,987| USD | 1,109| 325| 784| 139| 66| 61%|   
C2 WM Illinois 2215 LLC | Delaware | 438,849| USD | 1,237| 381| 856| 154| 77| 61%|   
C2 WM Illinois 2491 LLC | Delaware | 585,690| USD | 1,655| 519| 1,136| 203| 117| 61%|   
C2 WM Illinois 5442 LLC | Delaware | 395,258| USD | 873| 247| 626| 96| 39| 61%|   
C2 WM Louisiana 87 LLC | Delaware | 483,443| USD | 669| 177| 492| 49| -1| 61%|   
C2 WM Louisiana 309 LLC | Delaware | —| USD | —| —| —| —| —| 61%|   
C2 WM Louisiana 539 LLC | Delaware | 902,409| USD | 1,015| 167| 848| 52| -11| 61%|   
EDPRNA DG Energy Holdings Inc. | Delaware | 83,020| USD | —| 2| -2| —| -13| 61%|   
EDPRNA DG Energy Development  LLC| Delaware | 262,035,966| USD | 249,281| 318| 248,963| —| -344| 61%|   
C2 MN Hopkins LLC | Delaware | 3,170,450| USD | 3,471| 626| 2,845| 132| -27| 61%|   
C2 NC Kitty Hawk LLC | Delaware | —| USD | —| —| —| —| —| 61%|   
C2 NJ Andover I LLC | Delaware | -334,784| USD | 2,447| 1,626| 821| 292| -59| 61%|   
C2 NY Sentinel Heights Solar LLC | Delaware | 7,709,200| USD | 9,976| 2,600| 7,376| 451| 78| 61%|   
C2 OH New Lebanon LLC | Delaware | —| USD | —| —| —| —| —| 61%|   
C2 OH Otsego II LLC | Delaware | -31,293| USD | 2,912| 1,851| 1,061| 273| -164| 61%|   
C2 SH 2019 LLC | Delaware | 2,466| USD | —| —| —| —| —| 61%|   
EDPR NA DG MN YMCA LLC | Delaware | 2,181,612| USD | 2,184| 145| 2,039| 28| -25| 61%|   
CA Marinwood Solar LLC | Delaware | 1,138,416| USD | 1,085| —| 1,085| —| -3| 61%|   
CA Olde Thompson Solar LLC | Delaware | -409,656| USD | 1,184| 1,590| -406| 60| 6| 61%|   
MidCoast C2 Solar LLC | Delaware | —| USD | —| —| —| —| —| 61%|   
NY Hemlock Hills Solar LLC | Delaware | 3,463,462| USD | 3,455| —| 3,455| 228| 197| 61%|   
NY Mines Press Solar LLC | Delaware | 3,504,667| USD | 7,849| 4,788| 3,061| 331| -95| 61%|   
NY Morgan Solar LLC | Delaware | 26,336,364| USD | 25,364| —| 25,364| —| -2| 61%|   
NY OG 1 Solar LLC | Delaware | 2,306| USD | —| —| —| —| —| 61%|   
Omega CSG 1 LLC | Delaware | -2,170,656| USD | 12| —| 12| —| —| 61%|   
Penn Yan Solar I LLC | Delaware | 7,412,856| USD | 10,712| 3,363| 7,349| 543| 51| 61%|   
RI Abrava Solar LLC | Delaware | 6,882,313| USD | 9,263| 2,672| 6,591| 441| 62| 61%|   
Strawberry Solar Farm LLC | Delaware | 3,740,153| USD | 4,211| 525| 3,686| 192| 36| 61%|   
VT Stone Valley LLC | Delaware | 2,294| USD | —| —| —| —| —| 61%|   
C2 WM Holdings LLC | Delaware | 87,128| USD | 77| —| 77| —| -3| 61%|   
C2 WM Arizona Holdings LLC | Delaware | 3,033| USD | —| —| —| —| —| 61%|   
C2 WM California Holdings LLC | Delaware | 5,777| USD | —| —| —| —| 1| 61%|   
C2 WM Illinois Holdings LLC | Delaware | 41,318| USD | —| —| —| —| -2| 61%|   
  
| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 749|   
| | | | |   
  
| | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---  
Subsidiaries | Head Office | Share capital | € | Assets Euro'000 | Liabilities Euro'000 | Equity Euro'000 | Revenues Euro'000 | Net  Profit/(Loss)Euro'000 | %  Group | %  EDP  S.A.  
C2 WM Louisiana Holdings LLC | Delaware | —| USD | —| —| —| —| —| 61%|   
C2 WM Maryland Holdings LLC | Delaware | 2,857| USD | —| —| —| —| —| 61%|   
C2 WM New Jersey Holdings LLC | Delaware | 27,124| USD | —| —| —| —| -6| 61%|   
C2 WM Regent Dev Holdings  2020 LLC| Delaware | 2,002| USD | —| —| —| —| —| 61%|   
C2 WM Arizona 1512 LLC | Delaware | 2,898,491| USD | 2,769| 3| 2,766| —| -18| 61%|   
C2 WM Arizona 5768 LLC | Delaware | —| USD | —| —| —| —| —| 61%|   
C2 WM Maryland 1715 LLC | Delaware | 753,964| USD | 993| 231| 762| 72| 28| 61%|   
C2 WM Maryland 2436 LLC | Delaware | 1,016,844| USD | 1,353| 342| 1,011| 64| 25| 61%|   
C2 WM New Jersey 1807 LLC | Delaware | 515,086| USD | 489| 1| 488| —| -3| 61%|   
C2 WM New Jersey 1844 LLC | Delaware | —| USD | —| —| —| —| —| 61%|   
C2 WM New Jersey 1869 LLC | Delaware | —| USD | —| —| —| —| —| 61%|   
C2 WM New Jersey 1977 LLC | Delaware | —| USD | —| —| —| —| —| 61%|   
C2 WM New Jersey 2195 LLC | Delaware | 782,257| USD | 1,266| 341| 925| 138| -10| 61%|   
C2 WM New Jersey 3795 LLC | Delaware | 1,095,436| USD | 1,501| 343| 1,158| 105| -24| 61%|   
EDPRNA DG Rho LLC | Delaware | 41,230,126| USD | 80,976| 27,926| 53,050| 4,153| 2,810| 61%|   
EDPRNA DG-REA Solar LLC | Delaware | 9,872,859| USD | 9,316| -177| 9,493| —| -4| 61%|   
EDPRNA DG CA 2016 Holdings  LLC | Delaware | 1,589,378| USD | 1,501| 13| 1,488| —| -8| 61%|   
REA-EDPRNA DG 2016 Lessee  LLC| Delaware | 8,089,659| USD | 6,300| 14| 6,286| —| -385| 61%|   
Camden PV Solar LLC | Delaware | 6,543,725| USD | 6,733| 861| 5,872| 643| 87| 61%|   
C2 MA Managing Member II LLC | Delaware | 3,035,189| USD | 2,803| -104| 2,907| —| -13| 61%|   
C2 MA FKW Holdings LLC | Delaware | 2,912,164| USD | 2,449| 430| 2,019| —| -327| 61%|   
RevEnergy C2 Franklin LLC | Delaware | 1,537,418| USD | 2,044| 439| 1,605| 198| 9| 61%|   
C2 MA Kelly Way Solar LLC | Delaware | 1,006,498| USD | 1,291| 262| 1,029| 142| 65| 61%|   
EDPRNA DG MA Lakeville Sponsor  LLC| Delaware | 8,346,941| USD | 8,026| —| 8,026| —| -2| 61%|   
C2 MA Lakeville Holdings LLC | Delaware | 8,338,354| USD | 7,382| -293| 7,675| —| -387| 61%|   
C2 MA Lakeville LLC | Delaware | 7,669,266| USD | 8,765| 1,449| 7,316| 748| 34| 61%|   
EDPRNA DG MA Depcom Sponsor  LLC| Delaware | 3,501,581| USD | 3,366| —| 3,366| —| -2| 61%|   
C2 MA DEPCOM 2017 LLC | Delaware | 3,497,129| USD | 2,480| -533| 3,013| —| -972| 61%|   
C2 MA Adams II LLC | Delaware | 1,139,198| USD | 4,324| 2,947| 1,377| 525| 162| 61%|   
C2 MA New Salem LLC | Delaware | 856,440| USD | 3,060| 1,964| 1,096| 314| 89| 61%|   
C2 MA Dudley II LLC | Delaware | 576,933| USD | 2,314| 1,923| 391| —| -2| 61%|   
Norton Solar I LLC | Delaware | 1,084,453| USD | 1,909| 282| 1,627| 274| 138| 61%|   
Norton Solar II LLC | Delaware | 1,204,098| USD | 1,881| 282| 1,599| 267| 123| 61%|   
EDPRNA DG Starratt Sponsor LLC | Delaware | 20,288,471| USD | 19,524| —| 19,524| —| -2| 61%|   
C2 CB 2017 Holdings LLC | Delaware | 20,283,890| USD | 17,905| -1,052| 18,957| —| -281| 61%|   
EDPRNA DG Scripps 1 LLC | Delaware | 1,559,733| USD | 2,418| 1,331| 1,087| 98| -113| 61%|   
C2 Scripps 3 LLC | Delaware | 1,041,839| USD | 1,429| 693| 736| 40| -96| 61%|   
C2 Scripps 4 LLC | Delaware | 1,469,209| USD | 2,142| 1,012| 1,130| 89| -115| 61%|   
C2 Starratt Solar LLC | Delaware | 13,096,716| USD | 14,379| 3,082| 11,297| 596| -395| 61%|   
C2 WM Greenwood Leasing LLC | Delaware | 909,779| USD | 1,248| 403| 845| 50| -43| 61%|   
C2 WM Powdersville Leasing LLC | Delaware | 874,535| USD | 1,015| 284| 731| 34| -51| 61%|   
C2 WM Simpsonville Leasing LLC | Delaware | 1,194,282| USD | 1,630| 568| 1,062| 72| -71| 61%|   
EDPRNA DG MA Owner LLC | Delaware | 20,417,314| USD | 20,137| 491| 19,646| —| -4| 61%|   
EDPRNA DG MA Adams I Holdings  LLC| Delaware | 11,456,330| USD | 8,811| -7| 8,818| —| -522| 61%|   
EDPRNA DG MA Adams I LLC | Delaware | 9,153,956| USD | 10,071| 1,374| 8,697| 1,050| -63| 61%|   
EDPRNA DG MA Swansea  Holdings LLC| Delaware | 6,556,535| USD | 4,752| 632| 4,120| —| -514| 61%|   
EDPRNA DG MA Swansea LLC | Delaware | 4,938,018| USD | 7,591| 1,439| 6,152| 989| 231| 61%|   
EDPRNA DG MA 2016 Holdings  LLC | Delaware | 1,957,210| USD | 1,619| 2| 1,617| —| -58| 61%|   
RS Holyoke 3 LLC | Delaware | 1,681,806| USD | 1,874| 378| 1,496| 168| -36| 61%|   
EDPRNA DG Franklin LLC | Delaware | 4,215,555| USD | 4,048| —| 4,048| —| -2| 61%|   
EDPRNA DG Gamma Holdings  LLC| Delaware | 4,205,706| USD | 4,020| —| 4,020| 114| 112| 61%|   
EDPRNA DG Morin LLC | Delaware | 2,656,981| USD | 1,947| 301| 1,646| 6| -564| 61%|   
SLX Project 1080 LLC | Delaware | 1,469,029| USD | 1,750| 381| 1,369| 86| -100| 61%|   
EDPRNA DG WM Leasing LLC | Delaware | 3,399,098| USD | 3,215| -52| 3,267| —| -2| 61%|   
EDPRNA DG WM Phase 1 Holdings  LLC| Delaware | 3,339,858| USD | 3,016| 2| 3,014| —| -22| 61%|   
EDPRNA DG WM Chester Leasing  LLC| Delaware | 541,397| USD | 626| 171| 455| 19| -27| 61%|   
EDPRNA DG WM Indian Land  Leasing LLC| Delaware | 1,042,366| USD | 1,236| 353| 883| 40| -56| 61%|   
EDPRNA DG WM Lake Wylie  Leasing LLC| Delaware | 1,092,121| USD | 1,291| 361| 930| 40| -56| 61%|   
EDPRNA DG WM Pickens Leasing  LLC| Delaware | 444,342| USD | 555| 162| 393| 17| -30| 61%|   
C2 Bristol I LLC | Delaware | 10,492,732| USD | 10,594| 649| 9,945| —| -44| 61%|   
EDPRNA DG YMCA II LLC | Delaware | 22| USD | —| 1| -1| —| -1| 61%|   
EDPRNA DG Zephyr Ventures LLC | Delaware | 840,150| USD | 14,958| 13,911| 1,047| —| 230| 61%|   
RI Sposato Solar LLC | Delaware | 265,477| USD | 1,887| 1,621| 266| 100| -24| 61%|   
C2 Bristol II LLC | Delaware | 2,172,414| USD | 2,034| 1| 2,033| —| -3| 61%|   
C2 Omega Holding Company LLC | Delaware | 20,168| USD | —| —| —| —| —| 61%|   
Camden PV PSEG Solar LLC | Delaware | 117,159| USD | —| —| —| —| —| 61%|   
EDPR NA DG MN SLP LLC | Delaware | 4,075| USD | —| —| —| —| -2| 61%|   
ME Dover Foxcroft Solar LLC | Delaware | 1,546,478| USD | 1,464| —| 1,464| —| -2| 61%|   
ME Ellsworth Solar LLC | Delaware | 948,659| USD | 908| —| 908| —| -2| 61%|   
ME Rocky Hill Solar LLC | Delaware | 1,386,952| USD | 1,343| 13| 1,330| —| -2| 61%|   
ME Sandy Hill Solar LLC | Delaware | 307,711| USD | 291| —| 291| —| -2| 61%|   
NH Hinsdale Solar LLC | Delaware | —| USD | —| —| —| —| —| 61%|   
CA Gettysburg Solar Farm LLC | Delaware | 10,601,453| USD | 10,212| 98| 10,114| —| -25| 61%|   
CA Syracuse Solar LLC | Delaware | —| USD | —| —| —| —| —| 61%|   
CA Tours Solar LLC | Delaware | —| USD | —| —| —| —| —| 61%|   
EDPRNA DG Wren Holdings LLC | Delaware | 8,091,149| USD | 7,787| 3| 7,784| —| -3| 61%|   
EDPRNA DG Wren Ventures LLC | Delaware | 8,089,691| USD | 25,951| 17,773| 8,178| —| 377| 61%|   
NC Loy Farm Solar LLC | Delaware | —| USD | —| —| —| —| —| 61%|   
EDPRNA DG Oriole Holdings LLC | Delaware | 44| USD | —| —| —| —| —| 61%|   
RSBF Jeffco II LLC | Delaware | 1,898,463| USD | 2,073| 440| 1,633| 138| -118| 61%|   
2021 DG Agora Ventures I LLC | Delaware | 14,337,176| USD | 73,313| 57,694| 15,619| —| 443| 61%|   
2021 DG Agora Holdings LLC | Delaware | 14,346,814| USD | 13,800| —| 13,800| —| -4| 61%|   
  
| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 750|   
| | | | |   
  
| | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---  
Subsidiaries | Head Office | Share capital | € | Assets Euro'000 | Liabilities Euro'000 | Equity Euro'000 | Revenues Euro'000 | Net  Profit/(Loss)Euro'000 | %  Group | %  EDP  S.A.  
DC Michigan Solar LLC | Delaware | —| USD | —| —| —| —| —| 61%|   
EDPR NA Distributed Generation  LLC| Delaware | 216,575,318| USD | 545,377| 332,538| 212,839| 507| -14,973| 61%|   
ME New Vineyard Solar LLC | Delaware | —| USD | —| —| —| —| —| 61%|   
Creed Road Solar 1 LLC | Delaware | —| USD | —| —| —| —| —| 61%|   
German Community Solar LLC | Delaware | 9,161,224| USD | 12,057| 3,280| 8,777| 606| 35| 61%|   
Gilpatrick Solar LLC | Delaware | 942,942| USD | —| 7| -7| —| -877| 61%|   
North Coast Highway Solar 1 LLC | Delaware | 649,047| USD | 557| 8| 549| —| -37| 61%|   
North Coast Highway Solar 2 LLC | Delaware | 478,217| USD | 390| 3| 387| —| -35| 61%|   
Piscataquis Valley Solar LLC | Delaware | 1,521,022| USD | 1,453| 1| 1,452| —| -2| 61%|   
Potsdam Community Solar LLC | Delaware | 5,747,847| USD | 10,052| 4,232| 5,820| 473| 89| 61%|   
EDPRNA DG Zephyr Holdings LLC | Delaware | 890,440| USD | 843| —| 843| —| -2| 61%|   
RI- Moo Cow | Delaware | 5,007,673| USD | 4,839| 24| 4,815| —| -4| 61%|   
EDPRNA DG WM Illinois 1998 LLC | Delaware | —| USD | —| —| —| —| —| 61%|   
SC Southern Wesleyan Solar LLC | Delaware | —| USD | —| —| —| —| —| 61%|   
SC Beaufort Jasper Solar LLC | Delaware | —| USD | —| —| —| —| —| 61%|   
EDPRNA DG WM Illinois 3459 LLC | Delaware | —| USD | —| —| —| —| —| 61%|   
RPIL Solar 6 LLC | Delaware | 7,366,093| USD | 12,290| 5,200| 7,090| —| —| 61%|   
RPIL Solar 7 LLC | Delaware | 4,789,103| USD | 8,646| 4,037| 4,609| —| —| 61%|   
MT Plentywood Solar I LLC | Delaware | —| USD | —| —| —| —| —| 61%|   
EDPRNA DG Oriole Ventures LLC | Delaware | 22| USD | —| —| —| —| —| 61%|   
ND Crystal Solar I LLC | Delaware | —| USD | —| —| —| —| —| 61%|   
Morgan Road Solar West LLC | Delaware | 12,669,103| USD | 14,683| 2,548| 12,135| 165| -49| 61%|   
Morgan Road Solar East LLC | Delaware | 13,681,666| USD | 15,065| 2,000| 13,065| 121| -92| 61%|   
Mohave Power LLC | Delaware | 17,002,559| USD | 62,177| 43,294| 18,883| 2,312| 4,696| 61%|   
RI Quarry Solar LLC | Delaware | 545,965| USD | 529| 9| 520| —| -2| 61%|   
EDPRNA Bar Harbor Holdings LLC | Delaware | 11,435| USD | —| —| —| —| -5| 61%|   
EDPRNA DG PA Montoursville LLC | Delaware | 11,794| USD | —| 1| -1| —| -12| 61%|   
Bar Harbor Community Solar LLC | Delaware | 8,968,011| USD | 8,837| 221| 8,616| —| -8| 61%|   
Mohave Power Holdings LLC | Delaware | 28,001,759| USD | 39,212| 12,263| 26,949| —| -3| 61%|   
EDPRNA DG PR Radar LLC | Delaware | 461,237| USD | 308| 3| 305| —| -8| 61%|   
EDPRNA DG Distributed Sun  Holding LLC| Delaware | 24,561,065| USD | 24,023| 483| 23,540| —| -71| 61%|   
EDPRNA DG York County Sun LLC | Delaware | —| USD | —| —| —| —| —| 61%|   
Generate USF Loveland LLC | Delaware | 2,157,694| USD | 2,079| 5| 2,074| —| -2| 61%|   
Generate USF Fairburn LLC | Delaware | 3,914,573| USD | 3,769| 4| 3,765| —| -2| 61%|   
Generate USF Phoenix LLC | Delaware | 3,516,001| USD | 3,383| 2| 3,381| —| -2| 61%|   
EDPRNA DG Dickinson Solar LLC | Delaware | 7,999,591| USD | 7,681| 7| 7,674| —| -23| 61%|   
EDPRNA DG Westmoreland Solar  LLC| Delaware | 15,976,947| USD | 15,375| 7| 15,368| —| -5| 61%|   
Longroad DG Portfolio I LLC | Delaware | 395,158| USD | 2,083| 1,668| 415| —| -4| 61%|   
MMA Renewable Ventures Solar  Fund III LLC| Delaware | 5,667,392| USD | 5,366| 6| 5,360| —| -76| 61%|   
Renewable Ventures Solar Fund V  GP LLC| Delaware | 17,363,324| USD | 16,709| —| 16,709| —| -3| 61%|   
Longroad Fund III Holdings LLC | Delaware | 14,826,667| USD | 14,282| —| 14,282| —| -10| 61%|   
EDPRNA DG XII Holdings LLC | Delaware | 24,259,336| USD | 23,348| —| 23,348| —| -2| 61%|   
EDPRNA DG Solar WF Portfolio  LLC| Delaware | -9,611,049| USD | -9,256| —| -9,256| —| -4| 61%|   
EDPRNA DG Solar Portfolio IV LLC | Delaware | -1,082,305| USD | -1,064| —| -1,064| —| -2| 61%|   
SunE Solar VI LLC | Delaware | 2,484,388| USD | 2,374| —| 2,374| —| -5| 61%|   
SunE Solar V LLC | Delaware | 3,960,298| USD | -1,125| -4,554| 3,429| 27| 38| 61%|   
RPIL Solar 11 LLC | Delaware | 6,302,465| USD | 10,781| 4,715| 6,066| —| —| 61%|   
Renewable Ventures Solar Fund V  LLC| Delaware | 17,151,920| USD | 16,494| —| 16,494| —| -3| 61%|   
SunE Solar XIV LLC | Delaware | 3,272,857| USD | 22,124| 18,889| 3,235| —| 105| 61%|   
MMA Solar Fund III GP Sub | Delaware | —| USD | —| —| —| —| —| 61%|   
Renewable Ventures V Equity  Holdings LLC| Delaware | 17,135,391| USD | 16,353| —| 16,353| —| -1| 61%|   
Renewable Ventures V GP  Holdings LLC| Delaware | —| USD | —| —| —| —| —| 61%|   
Longroad Solar Fund III LLC | Delaware | 13,439,899| USD | 13,015| —| 13,015| —| 28| 61%|   
SunE Solar XII LLC | Delaware | 23,925,454| USD | 23,076| 114| 22,962| —| -48| 61%|   
SunE Solar III LLC | Delaware | -9,905,798| USD | 1,904| 11,464| -9,560| —| -5| 61%|   
SunE Solar IV LLC | Delaware | -1,129,453| USD | 2,015| 3,076| -1,061| —| -4| 61%|   
Longroad SD LLC | Delaware | -40,281| USD | 948| 708| 240| 169| 91| 61%|   
Longroad ASD1 LLC | Delaware | 43,822| USD | 69| 16| 53| 12| 5| 61%|   
Longroad CPA CDC1 LLC | Delaware | 700,262| USD | 1,303| 360| 943| 214| 110| 61%|   
Longroad CPA CSU3 LLC | Delaware | 50,233| USD | 308| 217| 91| 43| -2| 61%|   
Longroad CPA CSU4 LLC | Delaware | 468,113| USD | 614| 109| 505| 42| 26| 61%|   
Longroad SIT1 Hoboken LLC | Delaware | 79,125| USD | 166| 79| 87| 3| -7| 61%|   
Longroad ST6 Stockton LLC | Delaware | 466,657| USD | 745| 349| 396| 18| -39| 61%|   
Longroad WF7 Cheshire LLC | Delaware | 119,881| USD | 180| 82| 98| 5| -14| 61%|   
Longroad WGNJ1 LLC | Delaware | 176,878| USD | 301| 120| 181| 12| -9| 61%|   
Longroad WGNJ2 LLC | Delaware | 26,150| USD | 109| 79| 30| 13| -1| 61%|   
MMA Rita Power LLC | Delaware | -144,940| USD | 589| 201| 388| 328| 255| 61%|   
MMA DAS Power LP | Delaware | 40,362| USD | 1,599| 565| 1,034| 602| 431| 61%|   
MMA LHIW Power LP | Delaware | 159,125| USD | 358| 244| 114| 40| -29| 61%|   
MMA CCC Power LP | Delaware | 89,544| USD | 263| 180| 83| 32| -26| 61%|   
MMA Belmar Power LP | Delaware | -31,147| USD | 1,342| 760| 582| 502| 260| 61%|   
MMA WBF Power LP | Delaware | 1,278,307| USD | 1,490| 493| 997| 7| -145| 61%|   
MMA SROSA Power LP | Delaware | -31,949| USD | 692| 492| 200| —| -159| 61%|   
MMA Mission Bay Power LP | Delaware | -36,954| USD | 223| 155| 68| 98| 35| 61%|   
MMA MDS Power I LP | Delaware | 719,226| USD | 491| 459| 32| 41| -557| 61%|   
MMA MDS Power II LP | Delaware | 1,749,473| USD | 2,560| 1,611| 949| 51| -397| 61%|   
MMA MDS Power IV LP | Delaware | 209,448| USD | 894| 673| 221| 100| -30| 61%|   
MMA GDC Power LP | Delaware | 264,375| USD | 881| 262| 619| 221| 130| 61%|   
MMA BWS Power LP | Delaware | -40,105| USD | 540| 378| 162| 131| 45| 61%|   
MMA Happy Valley Power LP | Delaware | -10,508| USD | 201| 61| 140| 73| 52| 61%|   
MMA RMS Power LP | Delaware | 898,747| USD | 9| 280| -271| 14| -848| 61%|   
MMA Fresno Power LP | Delaware | 132,717| USD | 784| 501| 283| 278| 77| 61%|   
RV CSU Power LLC | Delaware | 3,966,723| USD | 5,360| 469| 4,891| 557| 281| 61%|   
FRV CSU Power II LLC | Delaware | 8,666,792| USD | 9,623| 766| 8,857| 530| 48| 61%|   
FRV SI Transport Solar L.P. | Delaware | 4,355,109| USD | 5,037| 667| 4,370| 299| 84| 61%|   
SunE WF3-WG Holdings LLC | Delaware | 2,013,635| USD | 5,883| 3,250| 2,633| 734| 184| 61%|   
  
| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 751|   
| | | | |   
  
| | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---  
Subsidiaries | Head Office | Share capital | € | Assets Euro'000 | Liabilities Euro'000 | Equity Euro'000 | Revenues Euro'000 | Net  Profit/(Loss)Euro'000 | %  Group | %  EDP  S.A.  
SunE WF3 KHL A Holdings LLC | Delaware | 2,779,741| USD | 7,926| 4,040| 3,886| 1,148| 541| 61%|   
SunE WF3 KHL B Holdings LLC | Delaware | 2,139,400| USD | 7,542| 3,908| 3,634| 1,078| 594| 61%|   
SunE WF3-ST Holdings LLC | Delaware | 1,823,785| USD | 5,726| 2,958| 2,768| 838| 376| 61%|   
SunE WF3-Broomfield Holdings  LLC| Delaware | 117,861| USD | 526| 334| 192| 59| 20| 61%|   
SunE WF3-BART Holdings LLC | Delaware | 148,801| USD | 465| 262| 203| 69| 17| 61%|   
SunE Bristow MS LLC | Delaware | 25,554| USD | 114| 77| 37| 18| 3| 61%|   
SunE CPA CDC2 LLC | Delaware | 788,770| USD | 1,153| 274| 879| 177| -9| 61%|   
SunE SR1 NREL LLC | Delaware | 171,025| USD | 720| 167| 553| 232| 180| 61%|   
SunE SR1 Arvada5 LLC | Delaware | 358,837| USD | 632| 177| 455| 145| 54| 61%|   
SunE Lakeland Center LLC | Delaware | 117,184| USD | 344| 160| 184| 66| 38| 61%|   
SunE NC Progress1 LLC | Delaware | 539,031| USD | 1,243| 265| 978| 310| 199| 61%|   
SunE Fairfield SSD LLC | Delaware | 751,173| USD | 1,100| 259| 841| 198| 20| 61%|   
SunE PD Sycamore LLC | Delaware | 28,109| USD | 255| 100| 155| 122| 101| 61%|   
SunE PD Willow LLC | Delaware | 58,604| USD | 156| 62| 94| 33| 10| 61%|   
SunE PD Oak LLC | Delaware | 109,022| USD | 595| 208| 387| 228| 194| 61%|   
SunE Multnomah JBY LLC | Delaware | 149,013| USD | 301| 139| 162| 23| 10| 61%|   
SunE Multnomah JJC LLC | Delaware | 188,731| USD | 366| 159| 207| 30| 15| 61%|   
SunE MCPS Clarksburg LLC | Delaware | 117,623| USD | 340| 161| 179| 68| 30| 61%|   
SunE MCPS Gardens LLC | Delaware | 44,174| USD | 93| 44| 49| 14| 1| 61%|   
SunE MCPS Montgomery LLC | Delaware | 48,142| USD | 135| 63| 72| 27| 9| 61%|   
SunE MCPS Lakelands LLC | Delaware | 48,097| USD | 135| 64| 71| 24| 10| 61%|   
SunE MCPS Parkland LLC | Delaware | 53,011| USD | 184| 86| 98| 42| 23| 61%|   
SunE MCPS Quince Orchard LLC | Delaware | 97,091| USD | 294| 136| 158| 55| 23| 61%|   
SunE MCPS FSK LLC | Delaware | 56,373| USD | 114| 53| 61| 21| -7| 61%|   
SunE MCPS Shriver LLC | Delaware | 42,443| USD | 114| 53| 61| 23| 10| 61%|   
SunE NLB-2 LLC | Delaware | 485,070| USD | 987| 222| 765| 260| 168| 61%|   
SunE PNMC Roof LLC | Delaware | 3,169| USD | 72| 58| 14| 9| 4| 61%|   
SunE W12DG-A LLC | Delaware | 7,590,026| USD | 9,586| 2,670| 6,916| 1,049| -404| 61%|   
SunE W12DG-B LLC | Delaware | 4,908,965| USD | 8,670| 2,808| 5,862| 1,040| 600| 61%|   
SunE W12DG-C LLC | Delaware | 8,143,180| USD | 12,027| 3,681| 8,346| 1,671| -251| 61%|   
SunE WMT PR2 LLC | Delaware | 1,469,442| USD | 1,904| 631| 1,273| 45| -131| 61%|   
SunE H3 Holdings LLC | Delaware | 902,899| USD | 6,327| 3,506| 2,821| 985| -15| 61%|   
SunE CPA CSU5 LLC | Delaware | 428,895| USD | 161| -276| 437| 49| -42| 61%|   
SunE CPA CTS1 LLC | Delaware | 69,700| USD | 299| 107| 192| 88| 55| 61%|   
SunE SR1 Rifle PS LLC | Delaware | -172,079| USD | 488| 146| 342| 238| 162| 61%|   
SunE H4 Holdings LLC | Delaware | 2,084,352| USD | 2,247| 367| 1,880| 404| 31| 61%|   
SunE U6 Holdings LLC | Delaware | 2,325,671| USD | 11,428| 8,679| 2,749| 1,035| 331| 61%|   
SunE M5 Holdings LLC | Delaware | -4,146,158| USD | 8,161| 13,043| -4,882| 1,048| -667| 61%|   
SunE M5B Holdings LLC | Delaware | 3,463,909| USD | 9,427| 6,237| 3,190| 525| -132| 61%|   
SunE M5C Holdings LLC | Delaware | -1,939,510| USD | 8,476| 9,793| -1,317| 1,794| 512| 61%|   
SunE D14 ATC-A Holdings LLC | Delaware | 616,821| USD | 1,538| 546| 992| 529| 207| 61%|   
SunE D14 DGS-A Holdings LLC | Delaware | 5,049,631| USD | 6,970| 1,362| 5,608| 637| 320| 61%|   
SunE D14 KHL-A Holdings LLC | Delaware | 1,948,587| USD | 3,701| 1,299| 2,402| 367| 268| 61%|   
SunE D14 MISC-A Holdings LLC | Delaware | 8,287,544| USD | 11,046| 2,391| 8,655| 1,516| 623| 61%|   
SunE D14 MISC-B Holdings LLC | Delaware | 2,220,372| USD | 3,573| 1,155| 2,418| 398| 202| 61%|   
SunE D14 SPLS-A Holdings LLC | Delaware | 1,971,830| USD | 3,843| 1,544| 2,299| 404| 159| 61%|   
SunE D14 WMT-A Holdings LLC | Delaware | 425,954| USD | 1,446| 882| 564| 149| 22| 61%|   
SunE W12DG-D LLC | Delaware | 1,862,084| USD | 3,690| 1,537| 2,153| 498| 70| 61%|   
Bear Peak Beccaria LLC | Delaware | —| USD | —| —| —| —| —| 61%|   
Bear Peak Brady LLC | Delaware | —| USD | —| —| —| —| —| 61%|   
Bear Peak East Carroll LLC | Delaware | 517,302| USD | 497| 2| 495| —| -2| 61%|   
Bear Peak Glen Hope LLC | Delaware | 457,338| USD | 437| 2| 435| —| -2| 61%|   
Bear Peak Jennerstown LLC | Delaware | 279,457| USD | 268| 2| 266| —| -2| 61%|   
Bear Peak Juniata LLC | Delaware | —| USD | —| —| —| —| —| 61%|   
Bear Peak Paint II LLC | Delaware | 332,488| USD | 319| 2| 317| —| -2| 61%|   
Bear Peak Richmond LLC | Delaware | 293,792| USD | 281| 1| 280| —| -2| 61%|   
HB Steel Community Solar LLC | Delaware | 3,528,622| USD | 6,254| 2,610| 3,644| 442| 249| 61%|   
EDPRNA DG Ridgefield BOE LLC | Delaware | 732,844| USD | 688| 11| 677| —| -17| 61%|   
EDPRNA DG PR Aguadilla LLC | Delaware | 286,194| USD | 272| 5| 267| —| -5| 61%|   
EDPRNA DG PA Morgantown LLC | Delaware | 17,338| USD | 48| 31| 17| —| —| 61%|   
Longroad Solar Portfolio III LLC | Delaware | 3,290,548| USD | 3,165| —| 3,165| —| -2| 61%|   
EDPRNA DG Kentucky  Development LLC| Delaware | 651,301| USD | 4| 8| -4| —| -457| 61%|   
EDPRNA DG Bristol Solar LLC | Delaware | 157,382| USD | 59| —| 59| —| -88| 61%|   
EDPRNA DG Livermore Solar LLC | Delaware | 574,644| USD | 556| 6| 550| —| -3| 61%|   
CF OH Solar St RT 118, Ansonia  LLC| Delaware | 22,064| USD | —| —| —| —| -21| 61%|   
CF OH Solar St RT 118, Rossburg  LLC| Delaware | 800,602| USD | 897| 129| 768| —| -2| 61%|   
CF OH Solar SR 309, Kenton LLC | Delaware | 834,210| USD | 806| 6| 800| —| -2| 61%|   
CF OH Solar County Hwy 58,  Upper Sandusky LLC | Delaware | 1,622,428| USD | 1,569| 10| 1,559| —| -2| 61%|   
CF OH Solar Lincoln Hwy, Bucyrus1  LLC| Delaware | 953,597| USD | 1,049| 134| 915| —| -2| 61%|   
CF OH Solar Rd N, Pandora LLC | Delaware | 371,688| USD | 356| —| 356| —| -2| 61%|   
EDPRNA DG LS RANCHO  CUCAMONGA LLC| Delaware | 102,231| USD | 101| 6| 95| —| -3| 61%|   
EDPRNA DG RT ADDISON LLC | Delaware | 340,709| USD | 326| —| 326| —| -2| 61%|   
EDPRNA DG RT BEDFORD PARK,  LLC | Delaware | 386,126| USD | 270| —| 270| —| -98| 61%|   
EDPRNA DG RT CHICAGO, LLC | Delaware | 433,240| USD | 415| —| 415| —| -2| 61%|   
OH FP COMMERCE CENTER LLC | Delaware | 1,885| USD | —| —| —| —| -2| 61%|   
CF OH Solar SR 81 Ada LLC | Delaware | 1,178,300| USD | 1,131| -1| 1,132| —| -2| 61%|   
EDPRNA DG Mbusa LLC | Delaware | 125,998| USD | 67| 6| 61| —| -58| 61%|   
EDPRNA DG CA CLNS Fairfield  LLC| Delaware | 62,600| USD | —| —| —| —| -34| 61%|   
EDPRNA DG Manning Solar LLC | Delaware | 1,037,432| USD | 998| 1| 997| —| -2| 61%|   
EDPRNA DG Eaton Solar LLC | Delaware | 847,015| USD | 815| 1| 814| —| -2| 61%|   
EDPRNA DG Washington Solar  LLC | Delaware | 1,152,729| USD | 1,096| 18| 1,078| —| -1| 61%|   
EDPRNA DG Morton Solar LLC | Delaware | 1,984,533| USD | 1,877| 15| 1,862| —| -1| 61%|   
EDPRNA DG CA CPH LLC | Delaware | 532,574| USD | 505| 6| 499| —| 26| 61%|   
EDPRNA DG OH Massie Solar LLC | Delaware | 453,549| USD | 388| 1| 387| —| -1| 61%|   
  
| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 752|   
| | | | |   
  
| | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---  
Subsidiaries | Head Office | Share capital | € | Assets Euro'000 | Liabilities Euro'000 | Equity Euro'000 | Revenues Euro'000 | Net  Profit/(Loss)Euro'000 | %  Group | %  EDP  S.A.  
EDPRNA DG OH Continental Solar  LLC| Delaware | 239,644| USD | 163| —| 163| —| -1| 61%|   
EDPRNA DG IL Groveland Solar  LLC| Delaware | 207,747| USD | 152| —| 152| —| -1| 61%|   
CF OH Solar N Dixie Hwy Lima LLC | Delaware | 614,107| USD | 590| —| 590| —| -1| 61%|   
EDPRNA DG PA Altoona LLC | Delaware | 6,132| USD | —| 20| -20| —| -25| 61%|   
EDPRNA DG PA Bethlehem LLC | Delaware | 59,946| USD | 65| 7| 58| —| —| 61%|   
EDPRNA DG PA Bloomsburg LLC | Delaware | 57,021| USD | 44| -11| 55| —| —| 61%|   
EDPRNA DG PA Carlisle LLC | Delaware | 18,434| USD | 75| 57| 18| —| —| 61%|   
EDPRNA DG PA Clearfield LLC | Delaware | 19,239| USD | 47| 29| 18| —| —| 61%|   
EDPRNA DG PA DuBois LLC | Delaware | 18,690| USD | 45| 27| 18| —| —| 61%|   
EDPRNA DG PA East Lancaster  LLC| Delaware | 17,306| USD | 49| 33| 16| —| —| 61%|   
EDPRNA DG PA Easton LLC | Delaware | 54,664| USD | 87| 35| 52| —| —| 61%|   
EDPRNA DG PA Emigsville LLC | Delaware | 5,919| USD | —| —| —| —| -6| 61%|   
EDPRNA DG PA Erie LLC | Delaware | 5,936| USD | —| —| —| —| -6| 61%|   
EDPRNA DG PA Harrisburg LLC | Delaware | 18,699| USD | 88| 70| 18| —| —| 61%|   
EDPRNA DG PA Hatfield LLC | Delaware | 18,228| USD | 45| 28| 17| —| —| 61%|   
EDPRNA DG PA Hazleton LLC | Delaware | 5,919| USD | —| —| —| —| -6| 61%|   
EDPRNA DG PA Indiana LLC | Delaware | 6,132| USD | —| —| —| —| -6| 61%|   
EDPRNA DG PA Lehighton LLC | Delaware | 18,028| USD | 45| 28| 17| —| —| 61%|   
EDPRNA DG PA Lewistown LLC | Delaware | 18,232| USD | 45| 28| 17| —| —| 61%|   
EDPRNA DG PA Lock Haven LLC | Delaware | 39,851| USD | 45| 7| 38| —| —| 61%|   
EDPRNA DG PA Mansfield LLC | Delaware | 17,371| USD | 43| 26| 17| —| —| 61%|   
EDPRNA DG PA Mt Pocono DC 2  LLC| Delaware | 4,640| USD | —| —| —| —| -4| 61%|   
EDPRNA DG PA Mt Pocono DC 3  LLC| Delaware | 4,640| USD | —| —| —| —| -4| 61%|   
EDPRNA DG PA Mt Pocono DC  LLC| Delaware | 5,890| USD | —| —| —| —| -6| 61%|   
EDPRNA DG PA Mt Pocono LLC | Delaware | 18,574| USD | 47| 29| 18| —| —| 61%|   
EDPRNA DG PA Pennsylvania RD  2 LLC| Delaware | 13,845| USD | 109| 96| 13| —| —| 61%|   
EDPRNA DG PA Pennsylvania RD  3 LLC| Delaware | 7,850| USD | 104| 96| 8| —| —| 61%|   
EDPRNA DG PA Pennsylvania RD  LLC| Delaware | 14,132| USD | 115| 102| 13| —| —| 61%|   
EDPRNA DG PA Pittston 2 LLC | Delaware | 4,640| USD | —| —| —| —| -4| 61%|   
EDPRNA DG PA Pittston 3 LLC | Delaware | 4,640| USD | —| —| —| —| -4| 61%|   
EDPRNA DG PA Pittston DC 2 LLC | Delaware | 7,731| USD | 104| 97| 7| —| —| 61%|   
RPIL Solar 16 LLC | Delaware | 6,349,195| USD | 10,766| 4,654| 6,112| —| 1| 61%|   
Swan River Solar LLC | Delaware | 36,584| USD | 14| 5| 9| —| -25| 61%|   
Swan River Solar 2 LLC | Delaware | —| USD | —| —| —| —| —| 61%|   
Asia-Pacific  
Vietnam  
Sunseap Sun Times Solar  Investment Co., Ltd.| Ho Chi Minh  City| 102,912,367,000| VND | 5,904| 2,110| 3,794| —| -3| 64%|   
Sunseap KTG Energy Investment  Co., Ltd.| Ho Chi Minh  City| 5,484,000,000| VND | 205| 2| 203| —| -4| 42%|   
Sun Times 1 Energy Co., Ltd. | Ho Chi Minh  City| 4,851,036,000| VND | 627| 430| 197| 93| 18| 64%|   
Sun Times 3 Energy Co., Ltd. | Ho Chi Minh  City| 14,347,796,000| VND | 1,906| 1,235| 671| 281| 82| 64%|   
Sun Times 4 Energy Co., Ltd. | Ho Chi Minh  City| 4,851,036,000| VND | 629| 445| 184| 90| 15| 64%|   
Sun Times 5 Energy Co., Ltd. | Ho Chi Minh  City| 14,008,437,000| VND | 1,856| 1,242| 614| 272| 69| 64%|   
Sun Times 6 Energy Co., Ltd. | Ho Chi Minh  City| 14,135,538,000| VND | 1,406| 1,232| 174| 261| -349| 64%|   
Sun Times 7 Energy Co., Ltd. | Ho Chi Minh  City| 9,229,812,000| VND | 1,020| 833| 187| 168| -148| 64%|   
STP5 Energy Production Trading  Co., Ltd.| Ho Chi Minh  City| 13,031,646,000| VND | 1,765| 1,131| 634| 267| 81| 64%|   
STP6 Energy Trading Technical  Co., Ltd.| Ho Chi Minh  City| 14,609,528,000| VND | 1,934| 1,283| 651| 300| 74| 64%|   
STP7 Energy Development Co.,  Ltd.| Ho Chi Minh  City| 4,511,677,000| VND | 590| 415| 175| 88| 15| 64%|   
STP8 Energy Investment Co., Ltd. | Ho Chi Minh  City| 9,235,861,000| VND | 1,236| 823| 413| 195| 50| 64%|   
SSKT Beta Energy Co., Ltd. | Ho Chi Minh  City| 5,484,000,000| VND | 727| 409| 318| 103| 31| 42%|   
DKT Energy Investment Co., Ltd. | Ho Chi Minh  City| 103,900,000,000| VND | 3,827| 12| 3,815| —| -5| 71%|   
H2A Co., Ltd. | Long An  Province| 9,000,000,000| VND | 665| 404| 261| 79| -2| 71%|   
H2HA Co., Ltd. | Long An  Province| 9,000,000,000| VND | 642| 534| 108| 45| -111| 71%|   
H2HD Co., Ltd. | Long An  Province| 9,000,000,000| VND | 640| 491| 149| 62| -58| 71%|   
H2HO Co., Ltd. | Long An  Province| 9,000,000,000| VND | 632| 419| 213| 62| -24| 71%|   
H2HU Co., Ltd. | Long An  Province| 9,000,000,000| VND | 663| 404| 259| 76| -16| 71%|   
H2K Co., Ltd. | Long An  Province| 9,000,000,000| VND | 648| 478| 170| 63| -75| 71%|   
H2ML Co., Ltd. | Long An  Province| 9,000,000,000| VND | 657| 412| 245| 76| -36| 71%|   
H2O Ben Luc Investment Co., Ltd. | Long An  Province| 6,800,000,000| VND | 602| 414| 188| 67| -17| 71%|   
H2S Co., Ltd. | Long An  Province| 9,000,000,000| VND | 643| 408| 235| 67| -17| 71%|   
H2T Co., Ltd. | Long An  Province| 9,000,000,000| VND | 640| 474| 166| 53| -52| 71%|   
H2TR Solar Co., Ltd. | Long An  Province| 9,000,000,000| VND | 668| 392| 276| 79| —| 71%|   
H2VP Co., Ltd. | Long An  Province| 9,000,000,000| VND | 655| 416| 239| 76| -7| 71%|   
Long Dai Phat Investment Co., Ltd. | Ho Chi Minh  City| 71,539,000,000| VND | 2,658| 1| 2,657| —| 14| 71%|   
  
| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 753|   
| | | | |   
  
| | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---  
Subsidiaries | Head Office | Share capital | € | Assets Euro'000 | Liabilities Euro'000 | Equity Euro'000 | Revenues Euro'000 | Net  Profit/(Loss)Euro'000 | %  Group | %  EDP  S.A.  
Bien Dong Energy Investment Co.,  Ltd.| Long An  Province| 9,000,000,000| VND | 642| 461| 181| 74| -34| 71%|   
Kim Cuong Energy Investment Co.,  Ltd.| Long An  Province| 9,000,000,000| VND | 652| 493| 159| 79| -45| 71%|   
Phu An Energy Investment Co., Ltd. | Long An  Province| 9,000,000,000| VND | 635| 455| 180| 72| -16| 71%|   
Hao Thanh Dat Investment Co.,  Ltd.| Long An  Province| 9,000,000,000| VND | 638| 459| 179| 74| -32| 71%|   
Thiet Thanh Cong Investment Co.,  Ltd.| Long An  Province| 9,000,000,000| VND | 646| 478| 168| 68| -27| 71%|   
Incom International Investment  and Development Co., Ltd.| Long An  Province| 14,100,000,000| VND | 1,280| 868| 412| 165| -47| 71%|   
Quang Lam Printing Import Export  Co., Ltd.| Long An  Province| 12,360,000,000| VND | 1,258| 859| 399| 167| -30| 71%|   
Millennium Energy Investment Co.,  Ltd.| Ho Chi Minh  City| 70,000,000,000| VND | 2,626| 3| 2,623| —| 3| 71%|   
Lam Gia Luat Co., Ltd. | Ho Chi Minh  City| 14,500,000,000| VND | 932| 458| 474| 155| 25| 71%|   
Dai Linh Phat Co., Ltd. | Ho Chi Minh  City| 14,500,000,000| VND | 979| 391| 588| 189| 57| 71%|   
HTD Vietnam Investment  Development Co., Ltd.| Ho Chi Minh  City| 9,000,000,000| VND | 954| 557| 397| 188| 56| 71%|   
HTT Binh Duong Investment  Development Co., Ltd.| Ho Chi Minh  City| 30,000,000,000| VND | 1,397| 155| 1,242| 279| 120| 71%|   
Singapore  
Sunseap Engineering Pte. Ltd. | Singapore  | 2,100,001| SGD | 73,585| 80,445| -6,860| 19,285| -1,357| 71%|   
Sunseap Leasing Pte. Ltd. | Singapore  | 111,854,175| SGD | 173,342| 98,999| 74,343| 13,387| -3,796| 71%|   
SolarNova Phase 1 Pte. Ltd. | Singapore  | 1| SGD | 67,104| 50,415| 16,689| 9,385| 3,158| 71%|   
Sunseap Commercial Assets Pte.  Ltd.| Singapore  | 16,579,507| SGD | 103,666| 79,047| 24,619| 14,108| 3,637| 71%|   
Sunseap Energy Pte. Ltd. | Singapore  | 68,953,673| SGD | 5,405| 1,730| 3,675| 2,459| -97| 71%|   
Sunseap Gamma Holdings Pte.  Ltd.| Singapore  | 1| SGD | 11,044| 11,309| -265| —| -211| 71%|   
SolarNova 4 Beta Assets Pte. Ltd. | Singapore  | 57,694,278| SGD | 106,922| 85,961| 20,961| 10,041| 2,882| 71%|   
China | | | | | | | | | |   
Sunseap China Pte. Ltd. | Singapore  | 59,525,533| SGD | 51,200| 9,790| 41,410| —| -296| 71%|   
Guangdong Runxi Electric Power  Technology Co., Ltd.| Heshan City | 10,000,000| CNY | 1,342| 25| 1,317| —| -2| 71%|   
Feicheng Xingqi Energy Co., Ltd. | Feicheng City | 4,010,000| CNY | 2,196| 1,673| 523| —| -5| 71%|   
Wuhu Wanfuxin Energy  Technology Co., Ltd.| Wuhu City | 2,650,000| CNY | 1,661| 1,249| 412| 144| 53| 71%|   
Qingdao Chifu New Energy  Technology Co., Ltd.| Qingdao City | 5,143,000| CNY | 2,397| 1,722| 675| —| -3| 71%|   
Chongqing Xingsheng New  Energy Co., Ltd.| Chongqing  City| 3,740,000| CNY | 3,222| 2,686| 536| 101| 41| 71%|   
Ningbo Xingyi Enterprise  Management Consulting Partnership LP| Ningbo city | 6,301,832| CNY | 713| 1| 712| —| —| 64%|   
Dongying Daoli New Energy Co.,  Ltd.| Dongying  City| 3,793,000| CNY | 1,973| 1,464| 509| 175| -2| 71%|   
Suzhou Xingdao New Energy  Technology Co., Ltd.| Suzhou City | 2,172,571| CNY | 817| 550| 267| 260| -25| 71%|   
State Cloud Sunseap Equity  Investment Partnership LP | Jinan City | 4,024,281| CNY | 531| 9| 522| —| -2| 57%|   
Yancheng Qingneng Power  Technology Co., Ltd.| Yancheng  City| 6,987,997| CNY | 4,391| 3,375| 1,016| 281| 496| 71%|   
Qinghe County Xinou Funeng New  Energy Technology Co., Ltd.| Xingtai City | 3,346,308| CNY | 2,112| 1,642| 470| 162| -27| 71%|   
Rongcheng Xingyi New Energy  Technology Co., Ltd.| Weihai City | 26,085,596| CNY | 5,342| 1,993| 3,349| —| -31| 71%|   
Wuhan Panshuo Energy  Technology Co., Ltd.| Wuhan City | 8,796,815| CNY | 4,872| 3,677| 1,195| 340| -7| 71%|   
Qingdao Xingqi Energy Co., Ltd. | Qingdao City | 1,187,444| CNY | 722| 539| 183| 82| 7| 71%|   
Heze Dechen New Energy Co., Ltd. | Heze City | 3,076,843| CNY | 1,741| 1,304| 437| 185| 34| 71%|   
Weihai Deao New Energy  Technology Co., Ltd.| Weihai City | 3,688,686| CNY | 2,016| 1,455| 561| 219| 40| 71%|   
Hubei Jianghui New Energy Co.,  Ltd.| Jingzhou City | 13,600,238| CNY | 7,956| 6,369| 1,587| 613| -95| 71%|   
Sunseap China Energy (Qingdao)  Co., Ltd.| Qingdao  | 35,389| CNY | 1| 1| —| —| -1| 71%|   
Diantou Universal (Wuchang City)  New Energy Co., Ltd| Harbin City | 4,500,000| CNY | 2,261| 1,668| 593| —| —| 71%|   
Langfang Hong'er New Energy Co.,  Ltd| Langfang  City| 4,100,000| CNY | 2,266| 1,727| 539| —| -1| 71%|   
Lianyungang Yurong New Energy  Co., Ltd.| Jiangsu  Province| 1,700,000| CNY | 516| 291| 225| 11| 1| 71%|   
Zhongchuang Rongke (Haining)  New Energy Co., Ltd.| Jiaxing City | 4,320,000| CNY | 2,432| 1,865| 567| —| -3| 71%|   
Xunmai (Dalian) New Energy Co.,  Ltd.| Liaoning  Province| 2,800,000| CNY | 396| 27| 369| —| —| 71%|   
Wusheng Xinhui Maocheng New  Energy Technology Co., Ltd.| Guang'an  City| 2,600,000| CNY | 1,477| 1,136| 341| —| -1| 71%|   
Xingqi New Energy (Shaoxing) Co.,  Ltd.| Shaoxing  City| 900,000| CNY | 542| 420| 122| 13| 3| 71%|   
Jining Hengliang New Energy Co.,  Ltd.| Jining City | 5,000,000| CNY | 2,993| 2,336| 657| 58| -3| 71%|   
Jining Junjing New Energy Co.,  Ltd.| Jining City | 6,000,000| CNY | 5,476| 4,687| 789| 43| -2| 71%|   
Xingbei New Energy (Sihong) Co.,  Ltd.| Suqian City | —| CNY | —| —| —| —| —| 71%|   
Xingcheng (Chongqing)  Comprehensive Energy Service Co., Ltd.| Chongqing  City| 5,720,000| CNY | 3,806| 3,009| 797| 142| 42| 71%|   
Sunseap China Energy (Shanghai)  Ltd.| Shanghai | 303,477,970| CNY | 40,416| 7,936| 32,480| 822| -4,354| 71%|   
Ningbo Jiangbei Baoyi Enterprise  Management Consulting Partnership LP| Ningbo city | 1,361,815| CNY | 253| 49| 204| —| -8| 71%|   
Putian Xingsheng New Energy Co.,  Ltd.| Putian City | 4,052,000| CNY | 1,948| 1,418| 530| —| -3| 71%|   
  
| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 754|   
| | | | |   
  
| | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---  
Subsidiaries | Head Office | Share capital | € | Assets Euro'000 | Liabilities Euro'000 | Equity Euro'000 | Revenues Euro'000 | Net  Profit/(Loss)Euro'000 | %  Group | %  EDP  S.A.  
Jingmen Xingsheng New Energy  Co., Ltd.| Jingmen City | 300,000| CNY | 35| —| 35| —| -1| 71%|   
Jiaxing Luken Energy Technology  Co., Ltd.| Jiaxing City | 3,488,117| CNY | 1,604| 1,120| 484| 90| 26| 71%|   
Harbin Panshuo Energy  Technology Co., Ltd.| Harbin City | 8,570,000| CNY | 1,175| 50| 1,125| —| -1| 71%|   
Jingmen Zhongbei New Energy  Co., Ltd.| Jingmen City | 19,750,000| CNY | 8,348| 5,672| 2,676| 704| 22| 71%|   
Tianjin Pengling Funeng New  Energy Technology Co., Ltd.| Tianjin City | 6,936,000| CNY | 3,732| 2,757| 975| 192| 60| 71%|   
Anhui Jinyang New Energy Co.,  Ltd.| Anhui City | 4,655,880| CNY | 2,921| 2,251| 670| 292| 61| 71%|   
Tianjin Xingsheng Energy  Development Co., Ltd.| Tianjin City | 8,472,000| CNY | 4,807| 3,614| 1,193| 439| 88| 71%|   
Zhenjiang Ruichengda New  Energy Co., Ltd.| Zhenjiang  City| 784,296| CNY | 440| 331| 109| 54| 3| 71%|   
Dongguan Jiehuang New Energy  Technology Co., Ltd.| Dongguan  City| 14,970,238| CNY | 9,686| 7,343| 2,343| 752| 249| 71%|   
Wuxi Lingzhong New Energy  Technology Co., Ltd.| Wuxi City | 9,998,864| CNY | 5,400| 3,876| 1,524| 555| 114| 71%|   
Suzhou Xingyi Energy Engineering  Co., Ltd.| Suzhou City | 2,318,256| CNY | 1,450| 1,111| 339| 151| 20| 71%|   
Suzhou Liansong New Energy  Technology Co., Ltd. | Suzhou City | 5,871,882| CNY | 3,249| 2,497| 752| 287| -23| 71%|   
Chongqing Xingzhi New Energy  Technology Co., Ltd.| Chongqing  City| 14,570,018| CNY | 8,484| 6,259| 2,225| 973| 259| 71%|   
Chuzhou Huitai Photovoltaic  Power Generation Co., Ltd.| Chuzhou City | 19,540,724| CNY | 13,133| 10,097| 3,036| 1,344| 164| 71%|   
Fengcheng Xingtai New Energy  Technology Co., Ltd.| Fengcheng  City| 3,669,794| CNY | 971| 458| 513| 64| 33| 71%|   
Fangxian Tianhang New Energy  Co., Ltd.| Fangxian City | 14,911,509| CNY | 838| 141| 697| —| -419| 71%|   
Siping Lvsheng Energy  Technology Co., Ltd.| Sipiang City | 3,600,000| CNY | 1,733| 1,270| 463| 2| -5| 71%|   
Jiangsu Xingsheng New Energy  Technology Co., Ltd.| Jiangsu City | 2,533,500| CNY | 1,550| 1,151| 399| 161| 66| 71%|   
Changchun Xingsheng Jinhu  Photovoltaic New Energy Co., Ltd.| Changchun  City| 6,300,000| CNY | 4,010| 3,186| 824| 40| -7| 71%|   
Wuhu Xingsheng New Energy Co.,  Ltd.| Wuhu City | 2,341,141| CNY | 1,561| 1,206| 355| 135| 49| 71%|   
Changzhou Jingyi New Energy  Technology Co., Ltd.| Changzhou  City| 5,000,000| CNY | 3,484| 2,062| 1,422| 251| -32| 64%|   
Foshan YingYuan New Energy  Technology Co., Ltd. | Foshan City | 100,000| CNY | 778| 505| 273| 88| 14| 64%|   
Hefei Yiman New Energy  Technology Co., Ltd.| Hefei City | 1,333,200| CNY | 524| 265| 259| 64| 10| 64%|   
Jining Yihang New Energy  Technology Co., Ltd.| Jining City | 17,617,676| CNY | 9,910| 7,252| 2,658| 853| 56| 64%|   
Liyang Yushun Power New Energy  Co., Ltd.| Liyang City | 2,000,000| CNY | 3,184| 1,817| 1,367| 350| 103| 64%|   
Nantong Eaton Guoyun  Photovoltaic New Energy Co., Ltd.| Nantong City | 4,740,000| CNY | 1,971| 1,130| 841| 236| 82| 64%|   
Shanghai Jingwen Equity  Investment Center LP| Shanghai | 72,995,000| CNY | 8,700| 461| 8,239| —| -170| 64%|   
Shanghai Yihuang New Energy  Technology Co., Ltd.| Shanghai | 8,912,848| CNY | 1,177| 2| 1,175| —| —| 64%|   
Shanghai Yikuang New  Technology Co., Ltd.| Shanghai | 30,000,000| CNY | 4,978| 28| 4,950| —| 18| 64%|   
Suzhou Haoruitian Power New  Energy Co., Ltd.| Kunshan City | 1,720,000| CNY | 113| 348| -234| 21| -19| 64%|   
Tianjin Baoyi New Energy  Technology Co., Ltd.| Tianjin City | 5,000,000| CNY | 1,299| 392| 907| 150| 47| 64%|   
Tianjin Yuntong New Energy  Technology Co., Ltd. | Tianjin City | 15,000,000| CNY | 2,324| 3| 2,322| —| -1| 64%|   
Wenzhou Xingyi New Energy  Technology Co., Ltd.| Wenzhou  City| 4,486,874| CNY | 2,014| 1,110| 905| 295| 63| 64%|   
Yancheng Baoyi New Energy  Technology Co., Ltd.| Yancheng  City| 7,734,456| CNY | 1,170| 131| 1,039| 92| -16| 64%|   
Taiwan  
Sunseap Taiwan Pte. Ltd. | Singapore  | 1| SGD | 15,833| 15,504| 329| —| 688| 71%|   
Sunseap Taiwan Solar Holdings  Ltd.| Taipei City | 456,289,510| TWD | 15,522| 3,758| 11,764| 317| -780| 71%|   
Pacific Sunseap Energy Ltd. | Taipei City | 347,000,000| TWD | 10,139| 8| 10,131| —| -11| 46%|   
Top Green Energy Ltd. | Taipei City | 341,000,000| TWD | 48,821| 37,584| 11,237| 4,981| 299| 46%|   
Sunseap Advance Green  Technology Ltd.| Taipei City | 100,000,000| TWD | 38,846| 36,012| 2,834| 5,293| 3,318| 71%|   
Sunseap Advance International  Ltd.| Taipei City | 5,000,000| TWD | 126| 7| 119| —| -8| 71%|   
Shuangjian Photoelectric Ltd. | Taipei City | 52,000,000| TWD | 4,653| 3,252| 1,401| 493| -34| 50%|   
Hoya Energy Ltd. | Taipei City | 89,000,000| TWD | 12,702| 9,704| 2,998| 1,414| 229| 71%|   
Other Countries  
Sunseap Energy (Thailand) Co.,  Ltd.| Bangkok | 45,000,000| THB | 80| 1,117| -1,037| —| -1,274| 68%|   
Thai-Sunseap Co., Ltd. | Bangkok | 225,822,600| THB | 5,788| 6| 5,782| 3| 8| 48%|   
Sunseap Energy (Malaysia) Sdn.  Bhd.| Kuala Lumpur | 7,582,477| MYR | 1,511| 1,967| -456| 10| -247| 71%|   
Networks  
Electricity distribution  
Iberia and Rest of Europe  
Portugal  
E-Redes – Distribuição de  Eletricidade, S.A.| Lisbon | 2,259,580,950| EUR | 4,398,158| 1,067,514| 3,330,644| 1,510,617| 170,641| 100%| 100%  
Spain  
Hidrocantábrico Distribucion  Eléctrica, S.A.U.| Oviedo | 44,002,000| EUR | 1,273,739| 814,936| 458,803| 216,461| 71,583| 75%|   
Electra Llobregat Energía, S.L. | Barcelona | 90,000| EUR | 4,866| 2,951| 1,915| 374| 29| 56%|   
Barras Eléctricas Galaico- Asturianas, S.A.| Lugo | 15,689,797| EUR | 416,958| 244,052| 172,906| 59,256| 16,580| 75%|   
Viesgo Distribución Eléctrica, S.L. | Santander | 77,792,000| EUR | 1,252,900| 824,843| 428,057| 180,587| 48,767| 75%|   
EDP Redes España, S.L.U. | Oviedo | 10,000,000| EUR | 2,492,464| 2,424,334| 68,130| —| -21,720| 75%|   
  
| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 755|   
| | | | |   
  
| | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---  
Subsidiaries | Head Office | Share capital | € | Assets Euro'000 | Liabilities Euro'000 | Equity Euro'000 | Revenues Euro'000 | Net  Profit/(Loss)Euro'000 | %  Group | %  EDP  S.A.  
Viesgo Infraestructuras  Energéticas, S.L.| Santander | 147,195,418| EUR | 581,544| 164,864| 416,680| 51,344| -9,248| 75%|   
South America  
Brazil  
EDP Espírito Santo Distribuição de  Energia S.A.| Espírito Santo | 893,995,761| BRL | 1,450,002| 1,187,555| 262,447| 931,653| 102,334| 100%|   
EDP São Paulo Distribuição de  Energia S.A.| São Paulo | 596,669,107| BRL | 1,341,463| 1,174,433| 167,030| 1,088,237| 118,247| 100%|   
Electricity transmission  
South America  
Brazil  
PCH Santa Leopoldina S.A. | Espírito Santo | 480,410,000| BRL | 325,717| 281,886| 43,831| —| -16,265| 100%|   
EDP Transmissão Aliança SC, S.A. | São Paulo | 340,500,999| BRL | 410,177| 317,617| 92,560| 56,054| 14,278| 90%|   
EDP Transmissão Litoral Sul S.A. | São Paulo | 342,755,430| BRL | 77,628| 8,764| 68,864| 12,385| 7,714| 100%|   
EDP Transmissão Norte S.A. | Espírito Santo | 485,657,000| BRL | 117,115| 24,728| 92,387| 43,066| 23,243| 100%|   
EDP Transmissão Goiás S.A. | Goiás | 520,750,229| BRL | 359,318| 223,614| 135,704| 116,969| 47,363| 100%|   
EDP Transmissão Nordeste S.A. | Piauí | 38,459,394| BRL | 12,362| 5,672| 6,690| 11,192| 1,019| 100%|   
EDP Transmissão Norte 2 S.A. | São Paulo | 105,101,000| BRL | 54,285| 33,495| 20,790| 44,789| 6,093| 100%|   
EDP Transmissão Norte Nordeste 1  S.A.| Piauí | 8,046,966| BRL | 3,330| 2,155| 1,175| 3,361| -85| 100%|   
EDP Transmissão Norte Nordeste  2 S.A.| Piauí | 28,575,215| BRL | 7,780| 2,497| 5,283| 7,178| 1,209| 100%|   
  
The main financial indicators of the joint ventures entities, as at 31 December 2024, are presented as follows:

| | | | |   
---|---|---|---|---|---  
Joint Ventures entities * | Head Office | Share capital | € | %  Group | %  EDP S.A.  
Holdings and other activities  
MABE Construção e Administração de Projectos, Ltda. | Ceará | 566,151,832| BRL | 50%|   
Lomartico Investments, Sp. z o.o. | Warsaw | 5,000| PLN | 36%|   
Medsteville Investments, Sp. z o.o. | Warsaw | 5,000| PLN | 36%|   
Ondentille Investments, Sp. z o.o. | Warsaw | 5,000| PLN | 36%|   
OW Offshore, S.L. | Madrid | 72,205,252| EUR | 36%|   
Renewables, Clients and Energy Management  
Wind and Solar Activities  
Desarrollos Energéticos Canarios, S.A. | Las Palmas | 15,025| EUR | 36%|   
Evolución 2000, S.L. | Albacete | 117,994| EUR | 35%|   
Occey Energie, S.A.S. | Paris | 614,844| EUR | 36%|   
Evoikos Voreas A.E. | Athens | 248,500| EUR | 36%|   
Sofrano A.E. | Athens | 1,150,000| EUR | 36%|   
Solar Ventures Acquisition LLC | Delaware | -44,981,007| USD | 36%|   
Flat Rock Windpower II LLC | Delaware | 215,826,269| USD | 36%|   
Flat Rock Windpower LLC | Delaware | 548,339,611| USD | 36%|   
Riverstart Development LLC | Delaware | —| USD | 14%|   
Riverstart Ventures LLC | Delaware | 210,923,011| USD | 14%|   
Goldfinger Ventures LLC | Delaware | 150,315,623| USD | 36%|   
Goldfinger Ventures II LLC | Delaware | 211,630,928| USD | 36%|   
2019 Vento XX LLC | Delaware | 231,249,885| USD | 14%|   
2018 Vento XIX LLC | Delaware | 33,362,526| USD | 14%|   
2017 Vento XVII LLC | Delaware | 191,641,550| USD | 14%|   
2022 SOL VII LLC | Delaware | 101,189,254| USD | 14%|   
2023 SOL IX LLC | Delaware | 133,759,742| USD | 14%|   
Sharp Hills | British Columbia | 36,325| CAD | 14%|   
KSD 20 UG | Munich | 1,000| EUR | 36%|   
Kronos IBV UK | Berlin | 25,000| EUR | 36%|   
Sunseap Energy (Cambodia) Co., Ltd. | Phnom Penh City | 365,000| USD | 35%|   
Convencional generation  
Hidrocantábrico JV, S.L. | Aboño - Carreño | 10,000,000| EUR | 50%|   
Aboño Generaciones Eléctricas, S.L.U. | Aboño - Carreño | 5,000,000| EUR | 50%|   
Bioastur, A.I.E. | Serín | 60,101| EUR | 50%|   
Kosorkuntza, A.I.E. | Bilbao | —| EUR | 25%|   
Companhia Energética do JARI - CEJA | São Paulo | 650,823,746| BRL | 50%|   
Empresa de Energia Cachoeira Caldeirão, S.A. | Amapá | 728,600,000| BRL | 50%|   
Empresa de Energia São Manoel S.A. | Rio de Janeiro | 2,409,974,104| BRL | 33%|   
Saltos del Navia, C.B | Oviedo | —| EUR | 50%|   
Client Solutions  
Sunseap LCS Energy Sdn. Bhd. | Kuala Lumpur | 100,000| MYR | 35%|   
RL Sunseap Energy Sdn. Bhd. | Sarawak | 2,500,000| MYR | 35%|   
Cenergi Sunseap Energy Solutions Sdn. Bhd. | Shah Alam | 10,000,000| MYR | 29%|   
  
| | | | | | | | |   
---|---|---|---|---|---|---|---|---|---  
| EDP Integrated Annual ReportFinancial Statements and Notes| | | | |   
| | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| Part IV| 756|   
| | | | |   
  
The companies where the Group has significant influence, as at 31 December 2024, are as follows:

| | | | |   
---|---|---|---|---|---  
Associated companies *  | Head Office | Share capital | € | %  Group | %  EDP S.A.  
Holdings and other activities  
Vertequip, Equipamentos e Trabalhos Verticais, Lda | Chamusca | 347,139| EUR | 24%|   
WPVT, S.A. | Oporto | 75,000| EUR | 20%|   
EnergyWorx International, B.V. | Houten | 303| EUR | 40%|   
Solar Works! B.V. | Rotterdam | 10,388,188| USD | 36%| 36%  
SCNET - Sino-Portuguese Centre | Shanghai | 21,600,000| CNY | 40%|   
Powersource Sunseap Corp. | Makati City | —| PHP | 29%|   
Powersource Sunseap Solar Solution Corp. | Makati City | —| PHP | 29%|   
Renewables, Clients and Energy Management  
Wind and Solar Activities  
Biomasas del Pirineo, S.A. | Huesca | 454,896| EUR | 21%|   
Solar Siglo XXI, S.A. | Ciudad Real | 80,000| EUR | 18%|   
Desarrollos Eólicos de Canarias, S.A. | Las Palmas | 1,817,130| EUR | 32%|   
Parque Eólico Sierra del Madero, S.A. | Madrid | 7,193,970| EUR | 30%|   
Parque Eólico Belmonte, S.A. | Madrid | 120,400| EUR | 21%|   
Eos Pax IIa, S.L. | La Coruña | 6,010| EUR | 35%|   
Unión de Generadores de Energía, S.L. | Zaragoza | 23,044| EUR | 36%|   
Archidona Subestación S3, A.I.E. | Sevilla | —| EUR | 22%|   
Promotores Mudejar Norte 220KV | Madrid | 3,000| EUR | 8%|   
Hytlantic, S.A. | Sines | 50,000| EUR | 20%|   
Eólica de São Julião, Lda. | Lourinhã | 500,000| EUR | 32%|   
Blue Canyon Windpower LLC | Texas | 63,851,000| USD | 18%|   
Convencional generation  
HC Tudela Cogeneración, S.L. | Aboño - Carreño | 306,030| EUR | 50%|   
Porto do Pecém Geração de Energia, S.A. | Ceará | 508,504,849| BRL | 20%|   
Client Solutions  
GridBeyond Limited | Dublin | 15,756,606| EUR | 11%|   
Networks  
Centrais Elétricas de Santa Catarina, S.A. - Celesc | Santa Catarina | 2,479,999,978| BRL | 30%|   
AMBERTREE - Tecnologia para Redes de Energia Electrica,  Lda| Lisbon | 5,000| EUR | 26%|   
  
| | | | | | | | | | | |   
---|---|---|---|---|---|---|---|---|---|---|---|---  
| | | | | | | | | | | |   
| | | | | | | | | [Index](edp-2024-12-31.xhtml#ib920c2715747484282aee3cc99126fd4_6509)| 757|   
| | | | | | | | | | | |