EDP CEO says state sovereign fund plan lacks detail

EDP Chief Executive Miguel Stilwell de Andrade said on Thursday it was too early to comment directly on the Portuguese government’s plan to use a sovereign fund to buy stakes in strategic sectors including energy, but stressed that “this is a free market” where investors can enter or exit based on opportunity.

Speaking at an event marking EDP’s 50th anniversary, Stilwell de Andrade told ECO that “there are still no details” on the initiative announced by Prime Minister Luís Montenegro on June 21 at the PSD party congress. Montenegro said the government wants to create a sovereign fund, managed within IGCP, to allow state intervention in strategic areas such as energy, while not ruling out banking, communications or airport infrastructure.

“Shareholders are welcome, investors are welcome”, the EDP CEO said. “Obviously, this is a free market and, therefore, people can decide to invest or divest, depending on whether it is a good opportunity or not.”

EDP already has sovereign wealth funds among its shareholders: Norway’s Norges Bank held 1.81% of the parent company at the end of 2025, while Singapore’s GIC owned 4.4% of EDP Renováveis, in which EDP holds 71.4%. EDP’s largest shareholder is China Three Gorges, with 22.20%, followed by BlackRock with 8.35% and Spain’s Oppidum with 6.82%.

Stilwell de Andrade also said EDP, which was once fully state-owned and is now fully private, has governance structures that prevent interference in executive management. Referring to the group’s Chinese shareholder, he said nearly 80% of the shareholder base is not Chinese and added: “From the point of view of executive management, there is no interference.”

Originally published at Eco.pt