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The environment in Portugal was, and was seen to be, very different. EDP had not been restructured into smaller companies as was considered in the earl v 1990s, hut was dominant in its market. The competitive threat would be low even without the PPAs. But the PPAs were seen to provide earnings securit)7 for many years for the generation assets. The attraction of EDP to investors was that the revenues were secure, and that value could be created for the shareholders from cost cutting. The continued role of the government in the shares was seen to provide added security.
As a result of these factors, EDP was seen as an integrated regulated utility, with correspondingly lower risks than the other countries where there were greater competitive threats.
The replacement of the PPA agreements with CMECs was intended to preserve the value of the generadon assets (i.e. not change returns). However, issues about the passing on of the tariff deficit in Spain to consumers and potential risks of this in Portugal meant that the cost of capital ŕor EDP was seen to be similar to those ot Spanish companies.
5 DE JUNHO DE 2012
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