{"id":1168,"date":"2021-05-10T12:11:59","date_gmt":"2021-05-10T12:11:59","guid":{"rendered":"https:\/\/manuelpinhoconfined.com\/?p=1168"},"modified":"2021-08-01T19:54:30","modified_gmt":"2021-08-01T19:54:30","slug":"eu-decision","status":"publish","type":"post","link":"https:\/\/manuelpinhoconfined.com\/en\/eu-decision\/","title":{"rendered":"EU decision"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p>The EU Commission performed an in depth investigation to the 2 supposedly ilegal measures, they are the following:<\/p>\n<ul>\n<li>CMEC: a &#8220;contract for difference&#8221; scheme created after formal approval by the EU Commission by the government before I took office<\/li>\n<li>Right given to EDP to use its hydropower plants during more 20 years, on average, against a payment to the state<\/li>\n<\/ul>\n<p>It published the following decision in May 2017 that you may consult here<\/p>\n<p><a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/PT\/TXT\/?uri=CELEX%3A32017D1592\">https:\/\/eur-lex.europa.eu\/legal-content\/PT\/TXT\/?uri=CELEX%3A32017D1592<\/a><\/p>\n<p>&nbsp;<\/p>\n<p>CMEC<\/p>\n<p>The EU Commission saw no reason to revisit the CMEC issue. In 2014, Vice President Almunia had made a written statement to the EU Parliament expressing that the EU Commission was following closely the implantation of the contracts for differences and there was no evidence of wrong doing.<\/p>\n<p>&nbsp;<\/p>\n<p>Hydropower plants<\/p>\n<p>The EU Commission first looked to why the government did a bilateral negotiation with EDP instead of launching an auction and concluded that<\/p>\n<ul>\n<li>Just <strong>before I took office<\/strong>, EDP and the system operator had signed a contract to permit the replacement of PPA\u00b4s by the new contracts for differences<\/li>\n<li>That contract had a special provision that has given the right to EDP not to accept the contracts for difference in case the company was not given the right to use its hydropower plants.<\/li>\n<\/ul>\n<p>It then looked to the amount paid by EDP to the state and concluded the following<\/p>\n<ul>\n<li>That amount had been estimated independently by 2 investment banks<\/li>\n<li>Investment banks had used an approach accepted by markets<\/li>\n<li>In addition, the EU Commission looked to a higher estimate produced by the system operator and concluded, first that it had not been done by an independent entity and secondly that it was technically wrong. As a matter of fact, this is the estimate prosecutors take into account!<\/li>\n<\/ul>\n<p>In <strong>Confined<\/strong>, this matter is explained in detail.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; The EU Commission performed an in depth investigation to the 2 supposedly ilegal measures, they are the following: CMEC: a &#8220;contract for difference&#8221; scheme created after formal approval by the EU Commission by the government before I took office Right given to EDP to use its hydropower plants during more 20 years, on average, 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