________________________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________
SCHEDULE 13D
Under the Securities Exchange Act of 1934
EDP - ENERGIAS DE PORTUGAL, S.A.
(Name of Issuer)
________________________
Ordinary Shares, (euro)1 nominal value per Share
(Title of Class of Securities)
________________________
268353109
(CUSIP Number)
Praca Marques de Pombal, 12
1250-162 Lisbon, Portugal
Telephone: +351-21-001-2500
(Name, Address and Telephone Number
of Person Authorized to Receive Notices
and Communications)
________________________
with a copy to:
Manuel A. Orillac
Shearman & Sterling LLP
114, avenue des Champs-Elysees
75008 Paris, France
Telephone: +33 1 5389 7040
Fax: +33 1 5353 8329
April 21, 2006
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
Schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the
following box: [ ]
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act.
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CUSIP No.: 268353109
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1 Name of Reporting Person; I.R.S. Identification Nos.
of Reporting Person
Iberdrola, S.A.
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Check the Appropriate Box If A Member of a Group
2 (a) [ ]
(b) [x]
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3 SEC Use Only
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4 Source of Funds
WC (see Item 3)
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5 Check Box If Disclosure of Legal Proceedings Is Required Pursuant
to Item 2(d) or 2(e)
[ ]
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6 Citizenship or Place of Organization
Spain
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7 Sole Voting Power
347,371,083 ordinary shares
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8 Shared Voting Power
None
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9 Sole Dispositive Power
347,371,083 ordinary shares
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10 Shared Dispositive Power
None
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11 Aggregate Amount Beneficially Owned by Reporting Person
347,371,083 ordinary shares (see Item 5)
--------------------------------------------------------------------------------
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain
Shares
[ ]
--------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
9.5% (see Item 5)
--------------------------------------------------------------------------------
14 Type of Reporting Person
CO
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-2-
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CUSIP No.: 268353109
--------------------------------------------------------------------------------
1 Name of Reporting Person; I.R.S. Identification Nos.
of Reporting Person
Iberdrola Portugal - Electriciade e Gas, S.A.
--------------------------------------------------------------------------------
2 Check the Appropriate Box If A Member of a Group
(a) [ ]
(b) [x]
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3 SEC Use Only
--------------------------------------------------------------------------------
4 Source of Funds
WC (see Item 3)
--------------------------------------------------------------------------------
5 Check Box If Disclosure of Legal Proceedings Is Required Pursuant
to Item 2(d) or 2(e)
[ ]
--------------------------------------------------------------------------------
6 Citizenship or Place of Organization
Portugal
--------------------------------------------------------------------------------
7 Sole Voting Power
None
--------------------------------------------------------------------------------
8 Shared Voting Power
347,371,083 ordinary shares
--------------------------------------------------------------------------------
9 Sole Dispositive Power
None
--------------------------------------------------------------------------------
10 Shared Dispositive Power
347,371,083 ordinary shares
--------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Reporting Person
347,371,083 ordinary shares (see Item 5)
--------------------------------------------------------------------------------
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain
Shares
[ ]
--------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
9.5% (see Item 5)
--------------------------------------------------------------------------------
14 Type of Reporting Person
CO
--------------------------------------------------------------------------------
-3-
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CUSIP No.: 268353109
--------------------------------------------------------------------------------
1 Name of Reporting Person; I.R.S. Identification Nos.
of Reporting Person
Iberdrola Participacoes, SGPS, S.A.
--------------------------------------------------------------------------------
2 Check the Appropriate Box If A Member of a Group
(a) [ ]
(b) [x]
--------------------------------------------------------------------------------
3 SEC Use Only
--------------------------------------------------------------------------------
4 Source of Funds
WC (see Item 3)
--------------------------------------------------------------------------------
5 Check Box If Disclosure of Legal Proceedings Is Required Pursuant
to Item 2(d) or 2(e)
[ ]
--------------------------------------------------------------------------------
6 Citizenship or Place of Organization
Portugal
--------------------------------------------------------------------------------
7 Sole Voting Power
None
--------------------------------------------------------------------------------
8 Shared Voting Power
347,371,083 ordinary shares
--------------------------------------------------------------------------------
9 Sole Dispositive Power
None
--------------------------------------------------------------------------------
10 Shared Dispositive Power
347,371,083 ordinary shares
--------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Reporting Person
347,371,083 ordinary shares (see Item 5)
--------------------------------------------------------------------------------
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain
Shares
[ ]
--------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
9.5% (see Item 5)
--------------------------------------------------------------------------------
14 Type of Reporting Person
CO
--------------------------------------------------------------------------------
-4-
STATEMENT ON SCHEDULE 13D
Item 1. Security and Issuer
This statement on Schedule 13D (this "Schedule 13D") relates to the
ordinary shares, (euro)1 nominal value per share ("Shares"), of EDP-Energias de
Portgual, S.A. (the "Issuer"), a company organized under the laws of Portugal
(sociedade aberta), whose principal executive offices are located at Praca
Marques de Pombal 12, 1250-162 Lisbon, Portugal.
Item 2. Identity and Background
(a) This Schedule 13D is being filed by Iberdrola, S.A., a public limited
liability company organized under the laws of Spain ("Iberdrola"), Iberdrola
Portugal - Electricidade e Gas, S.A. ("IPEG") and Iberdrola Participacoes, SGPS,
S.A. ("IP", and together with Iberdrola and IPEG, the "Filing Persons"). IPEG is
a wholly owned subsidiary of Iberdrola organized under the laws of Portugal and
IP is a wholly owned subsidiary of IPEG organized under the laws of Portugal.
(b) The principal business address of Iberdrola is Cardenal Gardoqui 8,
48008 Bilbao, Spain. The principal business address of both IPEG and IP is
Avenida Liberdade 108-A, piso 7, Lisbon, Portugal.
(c) Iberdrola and IPEG are primarily engaged, either directly or through
subsidiaries and affiliates, in the generation, transmission, distribution and
sale of electricity and natural gas. IP is a holding company.
(d)-(e) During the last five years, none of the Filing Persons nor, to the
best knowledge of the Filing Persons, any of the individuals named in Schedule I
hereto: (i) has been convicted in any criminal proceeding (excluding traffic
violations or similar misdemeanors) or (ii) has been a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction and as
a result of such proceeding was or is subject to a judgment, decree or final
order enjoining future violations of, or prohibiting or mandating activities
subject to, federal or state securities laws or finding any violation with
respect to such laws.
(f) The name, employer, business address and citizenship of each of the
executive officers and directors named in Schedule I to this Schedule 13D is set
forth thereon.
Item 3. Source and Amount of Funds or Other Consideration
The purchases of the Filing Persons described in Item 5 were made with
332,310,736 euros from the working capital of the Filing Persons. The purchases
of Mr. Joaquim Pina Moura described in Item 5 were made with personal funds.
Item 4. Purpose of Transaction
In response to the Portuguese government's stated policy that the Filing
Persons invest in only one, and not both, of the leading Portuguese energy
companies, the Filing Persons have decided to concentrate their historical
investments in Portugal in the Issuer.
-5-
The Filing Persons intend to review their investments in the Issuer on a
regular basis and, as a result thereof, may at any time and from time to time
determine, either alone or as part of a group, (a) to acquire additional
securities of the Issuer through open market purchases, in privately negotiated
transactions, through a public tender offer or extraordinary corporate
transaction involving the Issuer or any of its subsidiaries or otherwise, (b) to
dispose of all or a portion of the securities of the Issuer owned by them in the
open market, in privately negotiated transactions or otherwise, or (c) to take
any other available course of action, which could involve one or more of the
types of transactions or have one or more of the results specified in clauses
(a) through (j) of Item 4 of Schedule 13D of the Exchange Act. Notwithstanding
anything contained herein, the Filing Persons specifically reserve the right to
change their intention with respect to any or all of such matters. In reaching
any decision as to their course of action (as well as to the specific elements
thereof), the Filing Persons currently expect that they would take into
consideration a variety of factors, including, but not limited to, the
following: the financial condition, results of operations and prospects of the
Issuer and its businesses; other developments concerning the Issuer and its
businesses; other business opportunities available to the Filing Persons;
general economic, market and industry conditions; and financial and stock market
conditions, including the market price of the Issuer's shares.
Except as set forth in this Item 4, the Filing Persons, and, to the best
knowledge of the Filing Persons, the individuals for whom information has been
provided in Item 2, have no present plans or proposals that relate to, or that
would result in, any of the actions specified in clauses (a) through (j) of Item
4 of Schedule 13D of the Exchange Act.
Item 5. Interest in Securities of the Issuer
(a) Iberdrola beneficially owns 347,371,083 Shares, representing
approximately 9.5% of the outstanding Shares, which it owns through IP, a wholly
owned subsidiary of IPEG, which itself is a wholly owned subsidiary of
Iberdrola. Mr. Joaquim Pina Moura beneficially owns 149 Shares.
(b) Iberdrola has sole power to direct the vote and direct the disposition
of 347,371,083 Shares through its subsidiaries, IPEG and IP. However, according
to disclosure in EDP's Annual Report on Form 20-F for the year 2004, pursuant to
provisions in EDP's articles of association, the Filing Persons may not exercise
voting rights that represent more than 5% of EDP's voting share capital. Mr.
Joaquim Pina Moura has sole power to direct the vote and direct the disposition
of his 149 Shares.
(c) Between April 21, 2006 and April 26, 2006, Iberdrola purchased
138,948,433 Shares for an aggregate price of 332,310,736 euros at an average
price per Share of 2.39 euros per Share on the Euronext Lisbon Stock Exchange.
On March 15, 2006, Mr. Joaquim Pina Moura sold 10,000 Shares for an
aggregate price of 29,753.51 euros at an average price per Share of 2.98
euros per Share. On April 24, 2006, Mr. Joaquim Pina Moura purchased
25,000 Shares for an aggregate price of 81,840.79 euros at an average
price per Share of 3.26 euros per Share. On April 25, 2006, Mr. Joaquim
Pina Moura sold 25,000 Shares for an aggregate price of 79,167 euros at
-6-
an average price per Share of 3.18 euros per Share. These transactions
were effected on the Euronext Lisbon Stock Exchange.
Except as described in this Schedule 13D, none of the Filing Persons,
nor, to the best knowledge of the Filing Persons, the individuals for whom
information has been provided in Item 2, has effected any transactions in
the Shares in the 60 days prior to the date of this statement.
(d) Not applicable.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships With Respect
to Securities of the Issuer
None of the Filing Person, nor, to the best knowledge of the Filing
Persons, any of the individuals for whom information has been provided in Item 2
have any contracts, arrangements, understandings or relationships (legal or
otherwise) with respect to any securities of the Issuer.
Item 7. Material to be Filed as Exhibits
Not applicable.
-7-
SIGNATURE
After reasonable inquiry and to the best of the undersigned's knowledge
and belief, both of the undersigned hereby certify that the information set
forth in this statement is true, complete, and correct.
Date: May 11, 2006
IBERDROLA, S.A.
/s/ Federico San Sebastian Flechoso
-----------------------------------
Federico San Sebastian Flechoso
Secretary of the Board
IBERDROLA PORTUGAL -
ELECTRICIDADE E GAS, S.A.
/s/ Joaquim Pina Moura
----------------------
Joaquim Pina Moura
President
IBERDROLA PARTICIPACOES, SGPS, S.A.
/s/ Joaquim Pina Moura
----------------------
Joaquim Pina Moura
President
-8-
Schedule I
Directors and Executive Officers of Iberdrola, S.A.
------------------------------------------------------------------------------------------------------------------------
Name and Title Employer Business Address Citizenship
------------------------------------------------------------------------------------------------------------------------
Directors:
------------------------------------------------------------------------------------------------------------------------
Jose Ignacio Sanchez Galan (President) | | Spanish
----------------------------------------------| | -------------------
Victor de Urrutia Vallejo | | Spanish
----------------------------------------------| | -------------------
Jose Orbegozo Arroyo | | Spanish
----------------------------------------------| | -------------------
Cesar de la Mora y Armada | | Spanish
----------------------------------------------| | -------------------
Lucas Maria de Oriol y Lopez-Montenegro | | Spanish
----------------------------------------------| | -------------------
Antonio de Garay Morenes | | Spanish
----------------------------------------------| | -------------------
Ricardo Alvarez Isasi | | Spanish
----------------------------------------------| | -------------------
Antonio Maria de Oriol y Diaz-Bustamante | Iberdrola, S.A. | Cardenal Gardoqui 8, Spanish
| | 48008 Bilbao, Spain
----------------------------------------------| | -------------------
Mariano de Ybarra y Zubiria | | Spanish
----------------------------------------------| | -------------------
Jose Ignacio Berroeta Echevarria | | Spanish
----------------------------------------------| | -------------------
Juan Luis Arregui Ciarsolo | | Spanish
----------------------------------------------| | -------------------
Julio de Miguel Aynat | | Spanish
----------------------------------------------| | -------------------
Sebastian Battaner Arias | | Spanish
----------------------------------------------| | -------------------
Xabier de Irala Estevez | | Spanish
----------------------------------------------| | -------------------
Jesus Maria Cadenato Matia | | Spanish
---------------------------------------------- | -------------------
Inigo Victor de Oriol Ibarra | | Spanish
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Executive Officers: | | Spanish
------------------------------------------------------------------------------------------------------------------------
Federico San Sebastian Flechoso | Iberdrola, S.A. | Cardenal Gardoqui 8, Spanish
| | 48008 Bilbao, Spain
----------------------------------------------| | --------------------------------------------------
Julian Martinez-Simancas Sanchez | | Tomas Redondol, 28033 Spanish
| | Madrid, Spain
----------------------------------------------| | --------------------------------------------------
Jose Luis San Pedro Guerenabarrena | | Cardenal Gardoqui 8, Spanish
| | 48008 Bilbao, Spain
----------------------------------------------| | --------------------------------------------------
Jose Sainz Armada | | Spanish
| |
----------------------------------------------| | --------------------------------------------------
Fernando Becker Zuazua | | Tomas Redondol, 28033 Spanish
| | Madrid, Spain
----------------------------------------------| | -------------------
Jose Luis del Valle Doblado | | Spanish
----------------------------------------------| | --------------------------------------------------
Luis Javier Zuza | | Cardenal Gardoqui 8, Spanish
| | 48008 Bilbao, Spain
----------------------------------------------| | --------------------------------------------------
Francisco Martinez Corcoles | | Spanish
----------------------------------------------| | -------------------
Javier Villalba Sanchez | | Tomas Redondol, 28033 Spanish
----------------------------------------------| | Madrid, Spain ------------------
Salvador Font Estrany | | Spanish
----------------------------------------------| | ------------------
Pedro Barriuso Otaola | | Spanish
------------------------------------------------------------------------------------------------------------------------
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Name and Title Employer Business Address Citizenship
----------------------------------------------------------------------------------------------------------------------
Gonzalo Perez Fernandez Blvd. M. Avila Camacho, Spanish
24-p19, Ed.Torre Bosque
Col. Lomas Chapultepec 11000
Mexico D.F. Mexico
----------------------------------------------------------------------------------------------------------------------
Joaquim Pina Moura Iberdrola Avenida Liberdade 108-A, Portuguese
Portugal - piso 7, Lisbon, Portugal
Electricidade e
Gas, S.A.
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Directors of Iberdrola Portugal - Electricidade e Gas, S.A.
----------------------------------------------------------------------------------------------------------------------
Name and Title Employer Business Address Citizenship
----------------------------------------------------------------------------------------------------------------------
Joaquim Pina Moura (President) Iberdrola Avenida Liberdade 108-A, Portuguese
Portugal - piso 7, Lisbon, Portugal ------------------
Fernando M. dos Santos Vigario Pacheco Electricidade e Portuguese
Gas, S.A.
----------------------------------------------------------------------------------------------------------------------
Santiago Martinez Garrido Spanish
---------------------------------------------- ------------------
Jose Luis Sanchez Miro Iberdrola, S.A. Tomas Redondol, 28033 Spanish
---------------------------------------------- Madrid, Spain ------------------
Pedro Javier Azagra Blazquez Spanish
----------------------------------------------------------------------------------------------------------------------
Jorge Manuel Marin Rodenas Iberdrola, S.A. Cardenal Gardoqui 8, Spanish
48008 Bilbao, Spain
----------------------------------------------------------------------------------------------------------------------
Vicente Porcar Descals Iberdrola, S.A. Tomas Redondol, 28033 Spanish
Madrid, Spain
----------------------------------------------------------------------------------------------------------------------
Directors of Iberdrola Participacoes, Sgps, S.A.
----------------------------------------------------------------------------------------------------------------------
Name and Title Employer Business Address Citizenship
----------------------------------------------------------------------------------------------------------------------
Joaquim Pina Moura (President) Iberdrola Avenida Liberdade 108-A, Portuguese
Portugal - piso 7, Lisbon, Portugal
Electricidade e
Gas, S.A.
----------------------------------------------------------------------------------------------------------------------
Inigo Elorriaga Fernandez de Arroyabe Iberdrola, S.A. Cardenal Gardoqui 8, Spanish
48008 Bilbao, Spain
---------------------------------------------- ------------------
Jorge Manuel Marin Rodenas Spanish
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