Regarding the variation on regulatory receivables, it is worth to highlight EDP’s recovery in 2014 of: (1) 50 million regarding the 2012 deferral on the special regime overcost; (2) 292 million regarding the 2013 deferral on the special regime overcost; (3) 75 million regarding the 2013 deferral of the 2011 annual CMEC revisibility (to be recovered in 2014 and 2015); (4) 118 million related to the annual CMEC revisibility estimated for 2013; and (5) 339 million regarding EDP Distribuio and EDP Servio Universal previous year adjustments. On the other hand, ERSE defined a deferral on the special regime overcost of 1,534 million to be recovered between 2015 and 2018.
Pursuant to the terms and for the purposes of article 248-B of the Portuguese Securities code and article 14 of the Portuguese Securities Commission Regulation no. 5/2008, EDP – Energias de Portugal SA (“EDP”) is providing the following information to the market:
The Portuguese Energy Services Regulatory Authority (“ERSE”) made public the final document regarding the “Tariffs and prices for electricity and other services for 2014” in Portugal, which set a 2.8% average increase of final normal low voltage (NLV) electricity tariffs in Portugal mainland for 2014.
– EDPD agreed the sale of the right to recover the amount of the annual adjustment, referring to 2011, of the compensation due for the early termination of the power purchase agreements, which in 2013 was deferred to 2014 and 2015, in the amount of 149.8 million, together with accrued interests.
Other key assumptions published by ERSE on the calculation of electricity tariffs in Portugal for 2014 include: (1) a forecast for average electricity procurement price of 59/MWh, based on a forecast for average pool price of 53.5/MWh; (2) a forecast for average special regime premium of 61/MWh; (3) an expected electricity demand in Portugal of 44.5 TWh in 2014 (flat vs. ERSE’s expected demand for 2013); and (4) a GDP deflator of 1.3%.
Pursuant to the terms and for the purposes of article 248 of the Portuguese Securities code, EDP – Energias de Portugal, S.A. (“EDP”) provides the following information to the market and general public: