The Portuguese electricity company EDP has announced the sale of a portfolio of €2.5 million of its residential customers in Spain and two gas plants with a capacity of 850 megawatts. The buyer was the French oil company Total, which paid €515m. The company explained in a statement that the transaction includes about 2.1 million customer contracts from EDP Comercializadora and around 400 from CHC, a joint venture between EDP and electricity distributor CIDE.
The company’s CEO António Mexia said that following the transaction, the company will produce nealry all of its earnings in Spain. It will also make Total the fourth largest gas supplier on the Spanish market in with 12 percent market share.
