Portugal electric, petroleum firms seen cooperating on hydro

A banking adviser of Energias de Portugal (EDP) is quoted saying the Portuguese utility might jointly operate hydroelectric projects with Portuguese petroleum company Galp Energia SGPS.

Portugal’s Diario de Noticias reported President Jose Maria Ricciardi of BES Investimento discounted a reported plan by Galp to launch a takeover bid for EDP. It was reported the Portuguese government, which owns parts of both companies, discouraged the bid.

Instead, Ricciardi said it was possible that Galp might take a partnership in some important electricity assets of EDP, notably hydroelectric projects. EDP has hydro projects in Portugal totaling 4,200 MW.

Diario de Noticias said the possibility of the two companies cooperating in hydro already has been raised in relation to management of the 259.2-MW Alqueva project.

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