Portugal won 3.7 billion with the CMECs
The assessments made during EDP's privatization process took into consideration these contracts which allowed the company to appear more appealing to investors.
The Energy Acquisition Contracts (CAE) and the Costs of Maintenance of Contractual Equilibrium (CMECs) that are now being investigated (and which have made many defendants such as António Mexia, the CEO) yielded 3.7 billion euros to the Portuguese State during the different stages of the privatization of EDP.
According to the Portuguese newspaper Jornal de Negócios, EDP’s sale to privates allowed the Portuguese State to earn 9.7 billion euros. From that amount, 37% were earned because of energy contracts — which make for a total of 3.7 billion euros.
During all the stages of the privatization process, the assessments made considered that these contracts have made the electricity company more appealing to investor; the first stage happened in 1997, and the last stage happened in 2012. In the sale of 21,35% equity to China Three Gorges, those contracts weighted 14% so that the State could obtain a 2.7 billion euros‘ income.
