EDP windfall

THE PORTUGUESE tax man is to get nearly 760 million euros in extraordinary receipts from the monopoly electricity supplier EDP this year.

In total, the government will bag 0.5 per cent of its Gross Domestic Product from extraordinary revenue sources.

The EDP, Energias de Portugal, windfall is thanks to the company being given a 20 year hydroelectrical energy concession by the state.

Some 466 million euros has already been used by the government to pay off an oustanding subsidy to national grid provider REN.

The remaining 293 million euros will be paid into the state’s coffers.

Do you have a view on this story? Email: [email protected]