The fourth phase of EDP’s privatisation took place in October 2000, with the Portuguese State selling the equivalent of 20% of the Company’s capital, corresponding to 600 million shares (value after the stock split).

After the special stock market session held on 23 October 2000, the Portuguese State reduced its position in the Company from the previous 50.8% to 31.3% (directly and indirectly). A loyalty premium was attributed of 1 share for every 10 shares purchased and secured for more than a year by small shareholders, emigrants and EDP employees.