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What is your assessment of 2017? What were the major challenges?

Murphy’s Law says that if anything can go wrong, it will go wrong; however, the robustness of EDP’s portfolio and the quality of its teams proves the opposite.

2017 was a year that coincided with the end of CMEC (Costs of Maintenance of Contractual Equilibrium) stability programme that left all the company’s conventional capacity in Portugal exposed to the market. There was extreme drought across the Iberian Peninsula, and regulatory and political attacks in Portugal. All of these have had a significant impact on value for shareholders.

EDP was also recognised for its sustainable development strategy, moving to the top of the integrated utilities ranking on the Dow Jones Sustainability Index, with the highest score in the last 10 years. This reflects EDP’s strategy, its operations management, and engagement with society, through its active involvement in such international forums as the World Business Council for Sustainable Development and Sustainable Energy for All.

What facts stand out in the different areas for which you are responsible?

2017 will go down in the history of EDP Produção as a year of change. With the end of the CMEC, all its installed capacity is subject to the conditions and volatility of the market. It was also the year in which major hydroelectric projects in Portugal were completed - the end of a plan that has, over a 10-year period, installed more than 2 GW for a total investment of more than €2.3 billion.

Following this, EDP Produção’s strategic agenda changed to focus on the optimisation of more than 10 GW of installed and operating capacity. To achieve this, the organisational structure was altered to bring all accumulated technical know-how in engineering and construction to the fore, to continue the implementation of the risk-based operation and maintenance strategy, and to hold a digital acceleration workshop as a result of the contract signed with GE Power Digital, which covers all of the installed capacity in the Iberian Peninsula.

EDP Produção received the Secil Prize, recognising excellence in Portuguese engineering, for the works at Baixo Sabor, where there was a 71% reduction in the number of accidents compared to 2016, and it was actively involved in responding to the fires that affected the country, volunteering its skills to assist in the reconstruction of the worst affected areas. These are some examples that show the quality of our people and their commitment and dedication, which is why the company is widely recognised as a sector leader.