EDP's third privatisation phase began in June 1998 with the sale of an additional amount of 97,100,000 shares, corresponding to 16.2% of the share capital. The operation was approved by Decreto-Lei nº 94-C/98, de 17 de Abril with the definitive terms and conditions established in the Resoluções do Conselho de Ministros nºs 65/98 and 71/98. 

A loyalty premium was attributed of 1 share for every 25 shares purchased and secured for more than a year by small shareholders, emigrants and EDP employees.