EDP: the CMEC corruption case, 2024 indictment of former executives and pre-trial delays
EDP: the CMEC corruption case, 2024 indictment of former executives and pre-trial delays: a public-record watch file compiled by Falling Shares Intelligence from filings and exchange disclosures, as of 2026-11-09. Portugal's prosecutors opened an inquiry in 2012 into whether the move from long-term power-purchase contracts (CAE) to compensation payments (CMEC) unlawfully favoured EDP.
From a 2012 inquiry into power-purchase compensation to the October 2024 indictment of two former EDP executives and a former minister, and a pre-trial phase still awaiting evidence disclosure in 2026: what the record shows.
Falling Shares Intelligence, Edited by Wung Thomas, Editor-in-Chief. As of .
Summary
- Portugal's prosecutors opened an inquiry in 2012 into whether the move from long-term power-purchase contracts (CAE) to compensation payments (CMEC) unlawfully favoured EDP.
- In October 2024 the prosecution indicted six people, including EDP's former chief executive and a former administrator for active corruption, alleging losses to the State above EUR 840m, and asked that assets of two EDP group companies be forfeited.
- Key evidence, 3,277 seized emails, was ruled inadmissible in 2023-2024. As of February 2026 the defences said disclosure was incomplete, the pre-trial phase had not been decided and a trial was not expected before late 2026 or 2027.
Key figures
| Alleged State loss | > EUR 840m (The prosecution's figure; not a court finding) |
|---|---|
| Defendants indicted | 6 (Indictment of 28 Oct 2024; two are former EDP executives) |
| Emails ruled inadmissible | 3,277 (Seized June 2017; Supreme Court ruling of Oct 2023) |
The prosecution's case
Inquiry opened and emails seized
Observador reports that the prosecution service, the DCIAP, opened the inquiry in 2012 and that in June 2017 prosecutors seized 3,277 emails during searches at EDP. It reports that the two former executives have been formal suspects since 2017. (2012; Jun 2017)
Executives suspended
Observador reports that the two former EDP executives were suspended from the company in July 2020 and have since left it. (Jul 2020)
Indictment of six people
The Attorney General's Office confirmed an indictment. Press reports say it charges EDP's former chief executive and a former administrator with active corruption of a holder of political office, and a former economy minister and three others with passive corruption. The prosecution says the minister backed the executive's appointment and favoured EDP in exchange for benefits between 2006 and 2014. (28 Oct 2024)
Alleged benefits to EDP
The prosecution alleges the benefits to EDP covered the move from CAE to CMEC contracts including overvalued CMEC amounts, the handover of the Alqueva and Pedrógão dams without a public tender, and EDP paying for a former minister's teaching post at Columbia University. It puts the loss to the State above EUR 840m. (28 Oct 2024)
Forfeiture sought against two EDP group companies
The prosecution asked that the defendants' assets, and those of EDP, S.A. and EDP Gestão de Produção de Energia, S.A., be forfeited to the State up to EUR 840m. (28 Oct 2024)
Evidence rulings and defence arguments
Supreme Court annuls the email seizure
The Supreme Court ruled unanimously that seizing emails during an investigation requires an investigating judge's authorisation, and annulled the seizure of the two former executives' emails. Observador reported that this removed one of the main pieces of evidence. (11-12 Oct 2023)
Judge orders the emails destroyed
The investigating judge ruled the seized emails invalid and ordered every copy in the file destroyed, rejecting the prosecution's request to declare their use valid. ECO reported this as a serious setback for the prosecution. (17 Apr 2024)
One strand archived for lack of evidence
The prosecution archived, for lack of evidence, suspicions about a Sines power plant licence involving about EUR 1.4m, and some facts about EDP's Home Energy business. (28 Oct 2024)
Where the case stands
Pre-trial phase on hold over disclosure
In December 2024 the judge set a five-month deadline for requesting the optional pre-trial phase (instrução), to start only once all evidence was disclosed. In February 2026 the prosecution said it had disclosed everything and proposed 4 February 2026 as the start date; most defences said annexes were missing. The prosecution office said on 27 February 2026 it had already provided all evidence it considered should be provided. (Dec 2024-Feb 2026)
Trial timing
Observador reported that a trial is unlikely before late 2026 and may not begin until 2027, and that missing annexes could add months. (Feb 2026)
Standard
This file compiles court documents, prosecutor statements and published reporting about EDP - Energias de Portugal, S.A. Allegations are attributed to those who made them. An investigation is not a charge, a charge is not a finding, and nothing here is a finding of wrongdoing unless a competent authority has made one. No court has ruled on the merits of the prosecution's case and the defendants are presumed innocent. This desk did not find a published company statement on the indictment; the company's legal position is therefore not set out here. Individuals are not named unless an official document names them and they are central; otherwise roles are used. This is news coverage for information only, not investment advice.
Right of reply
EDP - Energias de Portugal, S.A., and anyone named in a record cited here, can send corrections or comments to info@fallingshares.com (or directly to the Editor-in-Chief, Wung Thomas, at wungthomas@fallingshares.com). Material responses will be published alongside the relevant entry.