EDP sells electricity transmission assets in Spain to REE
Today, in accordance with Law 17/2007 of July 4th, which modifies law 54/97 of the Spanish Electricity Sector and obliges distribution companies to sell their transmission assets to Red Eléctrica de España, S.A.U. ("REE"), Hidrocantabrico Distribución Eléctrica, S.A.U. ("HC Distribución"), EDP Group's subsidiary for the electricity distribution business in Spain, signed an agreement for the sale of its transmission assets to REE for €58million.
Today, in accordance with Law 17/2007 of July 4th, which modifies law 54/97 of the Spanish Electricity Sector and obliges distribution companies to sell their transmission assets to Red Eléctrica de España, S.A.U. ("REE"), Hidrocantábrico Distribución Eléctrica, S.A.U. ("HC Distribución"), EDP Group's subsidiary for the electricity distribution business in Spain, signed an agreement for the sale of its transmission assets to REE for €58million. The completion of this operation will allow EDP to book a capital gain of approximately €28million (before taxes).
This operation is subject to approval by the competent authorities and complies with the European Directive for the electricity market, which defines the existence of a single transmission network manager for each country.
EDP – Energias de Portugal, S.A.
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