Disclaimer :

The Competition DG makes the information provided by the notifying parties in section 4 of Short Form CO available to the public in order to increase transparency. This information has been prepared by the notifying parties under their sole responsibility, and its content in no way prejudges the view the Commission may take of the planned operation. Nor can the Commission be held responsible for any incorrect or misleading information contained therein.

SECTION 4

Description of the concentration

This notification concerns the following undertakings:

-- EDP (EDP, Portugal, listed on the Euronext Lisbon Stock Exchange);

-- Corporación Masaveu (Masaveu, Spain, ultimately controlled by Mr. Fernando Masaveu); and

-- Aboño Generaciones Eléctricas, S.L.U. (Aboño, Spain, controlled by EDP).

The notified transaction consists of the proposed acquisition of joint control within the meaning of Article 3(1) of the Council Regulation 139/2004 of 10 January 2004 on the control of concentrations between undertakings (the EUMR), by EDP and Masaveu over Aboño Generaciones Eléctricas, S.A.U. through an SPV (Hidrocantábrico JV, S.L.) where each party will own a 50% share capital (the Intended Transaction). Aboño Generaciones Eléctricas, S.L.U. operates two thermal plants located in Spain which are currently fully owned by EDP.

Please note that in 2025 it is expected: (i) the closure of one of the Thermal Plants (Aboño Thermal Plant 1); and (ii) the conversion of the other thermal plant (Aboño Thermal Plant 2) into a gas-fired plant.

The business activities of the undertakings concerned are:

-- EDP is a company focused on the generation, transmission, distribution and supply of electricity and natural gas, based in Porutgal with presence in Europe, America and the APAC;

-- Corporación Masaveu is the holding company of the Masaveu group; whose resources are reinvested with the aim of financing future investments, opening new lines of business and enabling sustained growth of the group´s companies. Corporación Masaveu counts with a diversified portfolio of varied strategic business that encompasses industrial, healthcare, wine, financial and energy sectors.

-- Aboño Generaciones Eléctricas, S.L.U.: is a company based in Spain active in conventional cycle thermoelectric installations.

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