Wasted investments in 'Green' energy drive Portuguese to the Chinese!
At a recent signing ceremony at the Portuguese Ministry of Finance, Three Gorges Chairman Cao Guanjing said it was just the start of a larger Sino-Portuguese partnership......
Under the leadership of Chairman Antonio Mexia, who has been in charge since 2005, the company has pursued a green, forward-looking strategy, investing in hydroelectric dams and windfarms in Portugal and other countries. EDP is now the world's number three wind power company.
But while all that investment has been a promising long-term strategy, it has helped put the company into debt in the short term. Some analysts said the government was almost bound to go with a suitor who could help EDP pay down its debts now.....
Until two weeks ago, Germany's E.ON was seen as the front-runner in - not least after company chairman Mexia visited E.ON headquarters in Düsseldorf just days before the Portuguese government announced its decision.
But that visit, along with reports that German Chancellor Angela Merkel was pressuring her Portuguese counterpart to choose E.ON, prompted widespread criticism in the Portuguese press, which have been critical of Berlin's high-handedness in demanding that Portugal undergo structural economic reforms.
Such is what the EU has achieved by its deliberate smashing of the democracies 27 national parliaments all across the Continent of Europe. Resulting, inter alia, in the handing of the utilities of entire nations to totalitarian foreigners from across the other side of the globe.
In Britain's case perhaps we were comparatively fortunate that our energy supply industries were snapped up earliest by our near neighbours, whom we might eventually coerce to relinquish them!