2nd Privatisation Phase

Direct sale to Iberdrola in May 1998.

The second privatisation phase, approved by Decreto-Lei nº 315/97, de 19 de Novembro and regulated by Resolução do Conselho de Ministros nº 69/98, took place in May 1998 and consisted of the signing of a strategic partnership agreement between EDP and its Spanish peer Iberdrola, whereby each of the two companies was given the option to purchase 2.25% of the other's share capital. Iberdrola exercised its option during the third privatisation phase.