on renew local_21

on changeStephen Dictor

Senior Performance AnalysisManager in Spain

onrenewEnergy without limits · February | March* 2011

online24 hours in the life of

Frédéric Lanoë

EDPR in North America

Five Power PurchaseAgreements

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onindexFebruary | March*

o n r e n e w 3

4|5 onpostA message board available to all employees of EDP

6|10 oncover12|13 online14|15 on peopleMeet Veronica Hallumrecruiting associate EDPRNORTH AMERICA, andDavid Talavan Luque EDPRasset operations director

16 ontopFernando Ilharco teacheshow to perform a perfectexecutive presentation

22|24 ontrackEDPR’s mostimportant news

oncoverSigns of Success

EDP Renewables North America successfully signed 841 megawatts (MW) of long term revenue contracts, a truly significantaccomplishment in the midst of an economic downturn.

online24 hours in the life of Frédéric Lanoë

Responsible for both French and Belgium markets,Fréderic is a positive person who looks forward to the newchallenges every day.

ontargetMARIAN IORDACHE's comments

For the Project Manager, in Romania, the first two years consistedof closing the first production cycle by completing the first twoprojects, Pestera (90MW) and Cerdavoda (138MW), both locatedin the Dobrogea area.

onchangeSTEPHEN DICTOR, Senior Performance Analysis Manager Having worked for EDPR NA in Houston, Texas since July 2007,Stephen previously managed the North American PerformanceAnalysis team and was well equipped to handle his new role asSenior Performance Analysis Manager in Madrid

EDP Renewables Successfully Signs Five Power Purchase Agreements and a REC Contract in 2010 in North America

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onpostMessage board

Since the exhibitions on Chardin organised inconjunction with the bicentenary of his death andthe tercentenary of his birth, in 1979 and 1999respectively, there have been no furtherrevisions of the relatively small oeuvre (around200 works) of this admired and highly originalartist. Featuring 57 paintings, the presentexhibition offers a rare opportunity to appreciateChardin’s work and is the first on the artist to beheld in Spain. The exhibition is structuredchronologically, covering the most importantphases of the artist’s career from his beginningsin the second decade of the 18th century to hislate pastels of the 1770s. Visitors will encountersome of Chardin’s most celebrated paintings,

shown alongside other, little known canvasesloaned from private collections, and somerecently identified compositions. In addition, theversion to be shown in the Prado includes 16works not exhibited in Italy. They include TheRay, one of Chardin’s most important paintings,loaned from the Musée du Louvre; The Attributesof the Arts, from the Musée Jacquemart-André inParis, which is a large-format composition on anallegorical theme that has never previously beenloaned to an exhibition; and the three versions ofThe young School Teacher (National Gallery,London, National Gallery of Art, Washington, andNational Gallery of Ireland, Dublin), now showntogether for the first time in Madrid.

The generous collaboration of a remarkablenumber of leading American and Europeaninstitutions - particularly the Musée du Louvre,which has lent 11 works - as well as that ofprivate collectors has made it possible to realisethe challenging aim of bringing together some ofChardin’s most celebrated paintings for thepresent exhibition.Curator: Pierre Rosenberg, miembro de laAcadémie Française y director honorario delMuseo del Louvre.Exhibition organised in collaboration withFerrara Arte S.p.A. and the Museo Nacional delPrado, with the special collaboration of theMusée du Louvre

CHARDIN

Museo Nacional del Prado Calle Ruiz de Alarcón 23Madrid 28014Opening hours: Tuesday to Sunday from 9am to 8pm (last access at 7pm)General ticket: 10¤

Ray also called Kitchen Interior (1725-1726).

Oil on canvas, 114 x 146 cm. Paris, Musée du Louvre.

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Do you want to leave a message for your fellow colleagues? Now you can communicate across platforms in 250 characters or less

o n r e n ew 5

Message board

onpost

CONGRATULATIONS To: Raquel Mendes

Sometimes the lack of time prevents usfrom talking to people, this is why I wantto take this opportunity to congratulateyour team on the work they developed inEDP Renovaveis' communication area. Kisses.

Rute Ferreirinha, DMC Portugal

To publish your post:Send an email to [email protected], with the following information:

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Saludos a todos to: A mis companñeros de EDPR

Hola a todos mis compañeros de EDP

Renováveis. Han pasado ya 2 meses desde que

me he cambiado a Lisboa, y aunque haya sido

muy bien recibido aquí, os echo de menos a todos!

Un gran abrazo

Nuno Martins, EDP Renováveis

Portugal

Lince success

To: John Metellus

Hello John,

I'm very happy with the way the surv

ey of EDP R's

(USA and Europe) local processes

is going. We count

on you for the success o

f the future Solution!

We also want to thank you for th

e fantastic dinner at

the BRC (Houston) that you provid

ed to the entire

team Ecofin.

Ana Paula Felicio,

Lince Project

Portugal

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6 o n

oncoverEDPR North America signed five PPAs and a REC Contract in 2010

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o n 7

EDP Renewables North AmericaSuccessfully Signs Five Power PurchaseAgreements and a REC Contract in 2010

Signs of Success

B y year end 2010, EDP Renewables NorthAmerica successfully signed 841megawatts (MW) of long term revenue

contracts, a truly significant accomplishmentin the midst of an economic downturn. This wasaccomplished through the successful signing offive power purchase agreements (PPAs) and a long-term renewable energy credit (REC) contract. This major achievement has posi-tioned EDPR NA as the top performer of any developer within the wind industry in 2010.

The enormous effort by the EDPR NA Commercial Department demonstrated their persistence and patience as they stayed thecourse and kept their eye on the prize. SteveIrvin serves as Chief Commercial Officer for EDPR NA, and he fully recognizes and applaudsthe team’s hard work and determination.

“The transactions required a great deal ofanalysis and perseverance, while we battled declining gas prices, regulatory uncertainty,changing energy markets and energy marketdeclines,” said Steve Irvin. “It was the perfectstorm of challenges, and it took persistence,creativity and hard work to overcome the obstacles necessary to achieve our goals. We

are extremely proud of the work we did in 2010and the commitment and effort from eachmember of our team.”

Several teams contributed to the successof completing these projects. They providedinvaluable insight and expertise, and their con-tributions were vital to getting the transac-tions completed. The teams involved includ-ed the Origination Team, Market IntelligenceTeam, Market Operations Team and theTransmission Team.

The processWhen looking for PPA and REC opportunities,the Origination Team works from a pipeline ofpotential projects that span coast to coast. Thereare multiple factors when considering whetheror not to pursue a particular project includinglocation, size, timing, customer demand and return on investment. Each agreement fromstart to finish ultimately presents its own uniqueset of complexities, challenges, stringent rulesand regulations and demanding timelines, but the overall benefit is in the long-lasting relationships and opportunities they each bringto EDPR.

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The Origination Team set out to do just that -and they successfully accomplished much morethan expected for the year.

Tennessee Valley Authority20-year PPA, 115 MWWhile the process proved to be challenging andtime-consuming, it represented the first time theTennessee Valley Authority (TVA) looked to buyutility-scale wind farm projects under long-termPPAs, representing a desirable contract for EDPR NA. Historically, the south-eastern United States did not represent a key mar-ket for the signing of PPAs due to the lack of windpresence.

Through the EDPR NA Market OperationsTeam’s ability to schedule and move power fromone area of the country to the other under long-term transmission rights, EDPR NA was able toleverage some existing transmission rights it hadprocured. This allowed energy to be deliveredfrom the upper Midwest to TVA, an asset othercompetitors could not offer, and reignited nego-tiations with TVA, which led to the signing of thePPA in February 2010.

This 20-year PPA with TVA to sell 115 MW ofrenewable wind energy from the first phase of thePioneer Prairie Wind Farm will deliver energy tohomes and businesses in TVA’s service area inparts of seven southeastern states.

AEP Ohio20-year PPA, 99 MWAEP represents one of EDPR NA’s most notewor-thy relationships, covering a large footprint andemploying a focused renewables procurementgroup. AEP is one of the most sophisticated or-ganizations in the United States, representing adesirable company with whom to do business. Pri-or to the latest PPA with AEP, EDPR NA had twoPPAs with AEP in Oklahoma.

The EDPR NA team met with the chairmanof the Public Utility Commission of Ohio (PUCO)regarding its projects and the need for long-termPPAs in order to build projects with the purposeof achieving certainty of cash flow to finance andplan around. The meeting gave the EDPR NAteam and the AEP team additional comfort thatthe PUCO would look favorably on approving longterm rate recovery of the costs AEP would incurunder the PPA. The extraordinary effort by theOhio Development Team to accelerate the on-linedate for the project, and EDPR NA’s proactive-ness in meeting with the PUCO helped position

“We are extremely proud of the work wedid in 2010 and the commitment andeffort from each member of our team.”

Steve Irvin


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EDPR NA as a leader to gain this contract. The signing of the 99 MW Timber Road II

project with AEP Ohio represented Ohio’s firstutility-scale wind farm, and afforded the compa-ny the opportunity to build on its PJM pipeline,expand into new territories and bring utility-scalewind to Ohio.

Tennessee Valley Authority20-year PPA, 83 MWEDPR NA continued pursuing additional PPAswith TVA after securing the 115 MW PPA in Jan-uary, and was able to differentiate themselvesagain by offering a “redelivery structure,” a prod-uct that would control the cost incurred by mov-ing power to TVA, and would provide more cer-tainty on the power they would be obtaining day-to-day. These product attributes were attractiveto TVA. Equipped with the EDPR NA Market Op-erations Team and their ability to schedule andmove power from one area of the country to theother under long-term transmission rights, ED-PR NA was able to structure the PPA product tomeet TVA’s needs and ultimately assist TVA froma planning resources perspective.

Under this new 20-year PPA with TVA for 83MW, the output of Pioneer Prairie Wind Farm,located in Iowa, is now fully contracted throughlong-term agreements and is no longer a mer-chant project.

Irvin adds, “This product represents an excel-lent example of us understanding the needs of ourcustomers and responding with a structure thatmet their needs.”

em focoon cover

v

Renewable EnergyCredit Marketing andOrigination Erin EckenrodJohn Morrow

From top to bottom:Matthew DuffyHeather WongPayton WrightSteve IrvinManual ArancibiaThomas Greer

The Origination Team set out to do just that - and they successfullyaccomplished much more thanexpected for the year


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Market Operations TeamCedric KouamMichael WeeksAniruddha Joshi

Constellation Energy Commodities Group5-year PPA, 198 MWThis agreement was part of a strategy devisedin mid-2010 in response to the considerablechange in market conditions endured between2008 and 2010. During this turbulent period, thevast majority of PPAs that were signed were withregulated utilities that would sign a PPA and passall of their costs on to their customers with lit-tle concern regarding profit/loss. Their bottomline was unaffected if they signed a PPA higherthan the cost of market energy because of theirability to pass on those costs.

Given the current economic conditions anddemand for PPAs, the EDPR NA team strategizedto develop a product that would set them apartfrom the competition and appeal to competitivesuppliers who were looking for short durationPPAs. To meet those needs, EDPR NA developeda five-year, short-term bundled product (energyand RECs) at a fixed price. By shortening the

term, it provided more comfort to Constellation,helped to reduce credit exposure and providedprice certainty in the medium term.

The signing of the five-year 198 MW PPAended the merchant position at Top Crop IIWind Farm in eastern Illinois and decreasedthe percentage of merchant generation in ED-PR’s portfolio.

Ameren & ComEd20-year PPAs, 75 MW and 100 MWThe Illinois Commerce Commission (ICC) gaveapproval for the Illinois utilities Ameren andCommonwealth Edison (ComEd) to enter in-to long-term renewable energy contracts for 20years. The ICC’s action marked the culmina-tion of two RFPs proposed by the Illinois Pow-er Agency (IPA), as part of a long-term procure-ment plan approved by the ICC in December2009. Under the Illinois Renewable PortfolioStandard (RPS), all RECs procured on behalfof Ameren and ComEd were historically one-year terms.

EDPR NA, along with other industry col-leagues, helped convince the IPA and the ICCthat purchasing renewable energy under long-term contracts was an economically-viablechoice for Ameren and ComEd. Purchasing en-ergy under these long-term contracts was also

"These agreements provideus with the long term pricecertainty that we need forour capital intensiveinvestments,", said EDPRNA CEO Gabriel Alonso


the best way to promote the development andconstruction of wind farms in Illinois andneighboring states. The ICC and the IPA agreedand mandated that Ameren and ComEd pro-cure approximately 700 MW of long-termPPAs.

Since this RFP did not allow for the opportu-nity to renegotiate or rebid, the internal EDPRteams joined forces to develop the bid strategy.The procurement leading up to the PPA repre-sented one of the most intense participation byEDPR internal teams in the company’s history.

EDPR NA won PPAs with Ameren andComEd for 75 MW and 100 MW respectively.The PPA with Ameren includes 25 percent ofMeadow Lake II (25 MW); 25 percent of Mead-ow Lake III (25 MW); and 25 percent of Mead-ow Lake IV (25 MW). The ComEd PPA in-cludes 25 percent of Meadow Lake II (25 MW);25 percent of Meadow Lake I (50 MW); and 25percent of Top Crop 1 (25 MW).

NYSERDA REC Auction10-year contract, 171 MWIn an effort to build out the Marble River WindFarm project, the EDPR NA team responded toan RFP issued by the New York State EnergyResearch and Development Authority (NYSER-DA) in accordance with the Public Service Com-mission (PSC) to sell RECs for a volume equiv-alent to 171 MW of capacity for 10 years. Thecontract awarded represents New York’s fifthcompetitive solicitation, and is funded throughthe New York RPS, which supports and fi-nances the development of renewable energyresources in order to ultimately build a cleanenergy economy.

EDPR NA previously won a REC contractwith NYSERDA in 2005 for Maple Ridge WindFarm, a 10-year contract for 231 MW.

Based on previous experience with NYSER-DA, the EDPR NA team went into the compet-itive bid with an idea as to what price wouldclear. With one opportunity to submit the rightprice in order to be awarded the contract, theteam strategized to ensure they were beingcompetitive.

According to Irvin, “This was a project that wereally wanted to build, so we priced it such thatwe could clear and have a REC contract thatwould make the project attractive from an invest-ment standpoint.”

Benefits to EDPR "These agreements provide us with the longterm price certainty that we need for our capi-tal intensive investments," said Gabriel AlonsoCOO of EDPR NA. "In this environment withdeclining energy prices and flat energy demand,

securing long term selling prices is the right wayto protect our investments which is key in an in-vestment model that is so front loaded. How-ever, we need to be mindful that some of thesePPAs will not deliver the value that we original-ly projected. These PPAs have allowed us to re-duce our exposure to spot prices and brings ourpercentage of long term contracted output toclose to 90% on a global basis. "

Innovation with the products and pricingfurther provided opportunities for EDPR tostructure the PPA contracts more strategicallyand specifically in order to meet the needs andrequests of the customer. This further showedthe EDPR NA Commercial Department’screativity and productivity; they listened to the

customer’s requests and requirements andresponded, making the agreement a truewin-win for both parties.

According to Irvin, these agreements afford-ed EDPR NA with the opportunity of price certainty. When EDPR NA spends significantamounts of capital for an investment, pricecertainty helps from a financial standpoint. Thisallows for better planning of year-to-year earn-ings and with the year-to-year business planprocess.

EDPR continues to commit its resources tothe future of wind development in the UnitedStates, and is dedicated to the long-term growthof renewable energy. 2011 promises to be a prof-itable year.

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Market Intelligence TeamMichael Finger(not pictured)John Mi


Frédéric Lanoë is the CountryManager for EDP Renewables inFrance and Belgium and he has beenwith EDP Renewables since June2010. Prior to joining EDPR, Frédéricwas the general manager of a Germanoffshore windpower subsidiary wherehe successfully developed more than2000 MW of pipeline. The first 5 yearsof his career were in operationoriented projects for Procter &Gamble in an international setting. Hesubsequently took a more businessoriented approach with positions inMarketing & Strategy, Consulting andentrepreneurship. Frédéric graduatedfrom ENSAM Engineering School 16years ago and completed an MBA atINSEAD.When Frédéric is not working, hespends a lot of his time with his wifeAurelie and his two young childrenPaloma and Odilon. He believes thatone of the most fulfilling experienceson earth is watching his children’sjourney as they develop their skillswhether it is speaking, reading orswimming. Frédéric jugglesprioritizing his leisure time spendingtime with friends or enjoying hisfavorite hobbies like touringmuseums, running, cycling, andcollecting aboriginal tribal paintings.Reading about sustainable living isalso a passion for him and a deeplyrooted motivation towards renewableenergy.

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online24 hours in the life of...

24hours

Frédéric Lanoë Country Manager for EDP Renewables in France and Belgium

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ARRIVES AT THE OFFICE BY BYCICLEFrédéric uses this clean method oftransportation to go to work every day.

MORNING COFFEEIt's time for a morning coffee before thejourney.

MORNING PREPARATIONThe quieter office and the fresh morning mindis ideal for analysing and stepping back.

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8h00 8h15 8h30

9h30 10h30 13h00

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15h00 17h00 20h00

Responsible for both French and Belgium markets, Frédéric is a positive person wholooks forward to the new challenges every day. In these two countries, EDPR has 341MW of installed capacity and he believes it is possible to go further

PROSPECTION MEETING Looking for new greenfield & acquisitionopportunities in France and Belgium with Ericwho leads one of the development teams. It isjust the begining of the onshore windpowergrowth!

COORDINATION MEETINGDiscussing transversal topics withcolleaguesfrom involved departments of theEuropeanplatform. Every two weeks atbusiness unit level, every 2 months with alldirectors.

LUNCHA quick lunch to get ready fot the afternoon.

OFFSHORE MEETINGA new team has been created and is in chargeof the new offshore tender in France. Frédéricsupports the work of the key members.

ONE TO ONE MEETING This time with Daniel the asset manager.Frédéric makes sure he meets personally witheach of his direct reports every 2 weeks.

LEAVING THE OFFICEIt is time for story telling with the children anddiners with friends once in a while...

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14 o n r e n ew

V eronica Hallum, Recruiting Associate inthe Human Resources Department ofEDPR North America, has been with

EDPR NA for quite some time. “I joined in 2005as a full-time employee; however, I workedpart-time with the company from 2001 to 2003before leaving to finish college. I’m a veteran,”Veronica said.Veronica began working at EDPR NA, thenZilkha Renewable Energy, as an AccountingAssociate before the company had a HumanResources (HR) Department. Once the com-pany established the HR Department, Veroni-ca worked as an HR Analyst and then transi-tioned to her current position as a RecruitingAssociate. She has been with EDPR NA solong that she can recall when the companyconsisted of just a handful of people. “I amproud to have seen the company mature anddevelop throughout the years and to have beenat the forefront of recruiting and helping thiscompany grow in size,” said Veronica.As Recruiting Associate, Veronica develops andimplements recruiting and selection programsfor Human Resources. She sites her tenurewith the company as a great help in doing herjob. “Knowing EDPR’s background and thefoundation of the company enables me to un-derstand the needs of each department andthe types of people we want to join our team,”said Veronica. As the wind industry grows,more competitors are targeting people with thesame technical knowledge and expertise inwind as EDPR, therefore, making it more chal-lenging to retain the top talent. “However, be-ing a leader in the industry and a company ofreverence gives us a competitive edge,” she ex-plains.Veronica loves not only the challenges associ-ated with her position but also the people. Sheenjoys the teamwork and camaraderie withinher department and the opportunities she hasto work with employees outside of her depart-ment. “Interacting with so many different peo-ple at one time keeps my job very interesting,”Veronica explains. Outside of work, Veronica has many intereststo keep her busy. She enjoys running, fishing,painting, writing and, above all, spending timewith her son, Wallace. Wallace is almost 2years old and learning how to talk. He has stat-ed that he would like to be a CEO one day.“Move over Gabriel Alonso,” laughs Veronica.

onpeopleGet to know your colleagues better

Veronica Hallum· RECRUITING ASSOCIATE, EDPR NORTH AMERICA

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David Talaván has grownprofessionally with EDPRenováveis. He began working

with the company in 2001 and, afterspending time the business managementand constant improvement departments,he is now the Asset Operations Director,where he supports senior executives inensuring that EDPR maintains itscompetitive edge in wind farmoperations. In regards to strategy, Davidapplies it to all activities in the valuechain throughout the life of the windfarms, attempting to establish measuresand best practices in areas that are notexactly the most glamorous in the sector,but are nonetheless essential.His job requires a strong background,and his experience in variousdepartments has given him different

points of view and the opportunity togain in-depth knowledge of the sector. Over an entire decade, he has benefitedfrom witnessing the evolution andgrowth of the company from the inside,and now he can highlight what he likesmost about EDPR. He says the bestexperience has been being able to growalongside the multinational. Becauseeverything is yet to be defined, he canwork with a team that is pro-active, andcreate a department and watch it grow.He feels privileged to interact withcolleagues from around the world.David contributed when EDPR was juststarting out and the company in turn hashelped David develop and grow in hiscareer. David advises new employees tonot limit themselves, because thedynamics at EDP Renováveis mean that

they cannot just settle for the status quo;they must always accept challenges andlearn about all types of activities. EDPRis the perfect setting for growingprofessionally, Talaván says.When David hangs up his suit and tieafter work, he dons his shorts andjersey and spends his free timemountain biking, running or playingpadel tennis, although his favoritepastime is motor sports. He hasn'tmissed a world championship since hewas very young. He says that he“learned to imitate the sound of anengine before talking.”He considers himself to be a simpleman, very patient and ready to help hiscolleagues at any time. He will welcomeyou in his department with a smile andwill offer you a hand or a talk, for sure.

The effort and dedication of our employees allow us to excel as a group. In each issue, we highlight employees who havedemonstrated diligence in their work at EDPR

He recommendsnot limiting

yourself and beingdynamic to keeppace with EDPR

David Talavan Luque · EDPR ASSET OPERATIONS DIRECTOR

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How to perform a perfect executive presentation:

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ontopAconselhamento para gestão

Motivational keys to becoming a competitive leader byFernando Ilharco. He has a degree in law, specializing ineconomic and international relations, and is considered

to be a communications guru. His conferences on leadership have been heard all over the world.

1Anyone

can be a leader.With a bit of effort,where there is a

will there is a way.

2A competitive

leader is coherentand treats others

fairly.

3Never ask of

others what youwould not ask ofyourself. Set an

example.4

A team leader shouldbe human and know

his or her colleagues.Being a professionalmeans getting thebest out of others.

5The end goals areresults of the path

you take andpeople.

6Always work with

passion, embracingchallenges. Never

work just to do“something nice,” youmust go beyond that.

7Incorporating adream into yourwork makes you

different and givesmeaning to whatyou are doing.

8Do not let things

become routine. Youhave to renew,

improve and alwaystry to be different.

9Good work comesfrom effort andsmall details. Agreat leader is agreat observer.

10Effective leadership isderived from technical

and emotionalcharacteristics.

11Do not forget that

what makespeople real is their

emotions.

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18 o n r e n e w

Marian Iordache has worked at EDPRfor almost two years as a Project Man-ager and assumed responsibilities inthe Technical area. He actively workswith to the company’s stakeholders andpartners in Romania. For Marian and the Romanian team,the first two years consisted of closingthe first production cycle by completingthe first two projects, Pestera (90MW)and Cerdavoda (138MW), both locatedin the Dobrogea area. Working on thesetwo projects has improved knowledgeand skills and thanks to a dedicatedEDPR team, they have successfullymanaged to understand the ever-changing Romanian renewable energymarket and were able to respond to itsdemands.The next two projects, Vutcani and Sari-chioi, are currently at SoC level. The

construction is about to begin and willbe completed later this year. The 33 MWSarichioi Project (11 turbines of 3MW)is located in the Dobrogea region nearthe Danube Delta, a legally protectedenvironmental area. This project is be-ing developed in the same area as theprevious two projects, thus creating amajor advantage: the Electrical Com-pany that EDPR will be working with -Enel Distribution Dobrogea - is thesame company EDPR collaborated within the previous projects. The 24MW Vut-cani Project (12 turbines of 2MW) is thefirst one located in the northeast of thecountry, in the Moldova region, which isconsidered to be the second area of po-tential wind energy in Romania.As Marian points, Romania is an inter-esting place for renewable energy.There are approximately 17 GW of wind

energy potential, however the electricalinfrastructure which operates at themoment can't accommodate for morethan 3600 MW. The need for investmentin green energy production is essentialand is closely related to strategic deci-sions taken at EDPR.EDP Renováveis is among the pioneersin the renewable energy field in Roma-nia. This was not just a challenge butalso a responsibility for each memberof the Romanian team.At this time, the current legislation inRomania is not able to answer all thenecessary requests that occur duringthe wind farm development. Making itis necessary to establish a close coop-eration with local authorities in order toidentify and resolve problems encoun-tered by explaining the particular fea-tures of wind farm construction.

MARIAN IORDACHE – Project Manager, Romania

Marian Iordache"EDPR is among the pioneers in the renewableenergy field in Romania. This was not just achallenge but also a responsibility for each

member of the Romanian team."

Close cooperation with local authorities

To respond to emerging demands in the field

Improving the team results

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20 o n r e n e w

onchangeEmployees with the courage to change

U pon being offered a position to work at EDPR’s Corporate Headquarters in Madrid, Spain, Stephen Dictor gladly accepted thenew opportunity. This cross-platform transfer is another example

of EDPR’s continued commitment to foster culture integration and sharebest practices by promoting employee mobility.

Having worked for EDPR NA in Houston, Texas since July 2007, Stephenpreviously managed the North American Performance Analysis team andwas well equipped to handle his new role as Senior Performance AnalysisManager. He is confident that the American team is in good hands follow-ing his move.

Stephen’s current focus in his new role is to maximize wind farms' per-formance by improving the way EDPR leverages its wind farm operationsdata. His team analyzes and interprets data into accurate and timely infor-mation that managers and technical specialists are able to use to improveperformance. Additionally, the team is responsible for in-depth analysisused to assist in predicting failures or tuning turbines to increase produc-tion. “In my new role, I am coordinating between the two platforms to makesure the best ideas for adding value are implemented globally,” Stephenadds.

The transition to the European platform has been a smooth one forStephen. “I like EDPR Europe,” said Stephen. “In many ways it is similar toEDPR NA: a young, vibrant team that wants to work hard to make our com-pany the best. Every office has a different feel to it, but people are alwaysnice when you approach them.”

One thing he misses from downtown Houston, the 4th largest city in theUnited States, is the abundance of lunch options available. There are hun-dreds of restaurants that are located within a 10 minute walk from EDPRNA’s Corporate Headquarters.

Working abroad has also presented several interesting experiences forStephen. “One recurring experience is attending a meeting where we allunderstand each other while switching between Spanish, English, Por-tuguese, and Portuñol,” said Stephen. “I like languages, and it's interestingto be in a multilingual environment every day.”

Stephen agrees that EDPR benefits from cross-platform transfers. “Ithink the benefit to the company is huge in terms of knowledge transfer,process alignment, and employee retention,” said Stephen. “A company ofour size gains a lot when three engineers in America start working with threeengineers in Europe. We reduce duplication and improve performance.”

His best advice for employees transferring to other EDPR platforms isto “be ready to give 100 percent, make sure this is what you really want, anddon't take yourself too seriously.”

Steve Dictor joins the Corporate Technical Unit at EDPR Europe serving as a liaisonand bridging the gap between platforms

STEPHENDICTOR

Bridging the Gap

Age 26 / Senior PerformanceAnalysis Manager

“One recurring experience is attending a meeting where we all understand each other while switching between Spanish, English, Portuguese, and Portuñol.”

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22 o n r e n ew

World events EDP

EDPR European employees spent two days sharing ideas and goals for thisyear and volunteering in Madrid

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we are edp

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Flow 2011 – EDPREuropemeets in Madrid

On the 2nd and 3rd of March thecity of Madrid hosted the An-nual Meeting of the European

Platform: Flow 2011. The aim of theannual meeting was to outline for em-ployees the company’s status at theend of 2010, the goals established for2011 and the challenges that lie aheadover the coming years.

João Paulo Costeria, after giving apresentation detailing our status andgoals for 2011, concluded the first partof the Annual Meeting with a slide thathad the following sentence as a recur-ring theme: “It is never their problem.It is always our problem”.

The conclusion offered by AnaMaria Fernandes was a resounding"thank you" for the effort and workdone so far, and a positive message tocontinue on the same path of growthand effort in the future.

As usual there was a team buildingactivity enabling employees from dif-ferent geographic locations to have theopportunity to work together for a dayand strengthen ties. Moreover, thisyear's team building had an additionalgoal: to carry out a social initiative andso it was undertaken to repair the facil-ities of the Spanish Autism AssociationCEPRI.

WELCOME DAY: THE FIRST OF FIVE SESSIONS TO WELCOME NEW EDP RENOVÁVEIS EMPLOYEES

EDP Renováveis conducted the first Welcome Day of 2011, a gathering that has takenplace in the past to allow newly arrived employees to get to know the company’s internalprocesses, its various departments and the respective areas of activity. EDPR welcomed nearly 40 employees from various countries during a day that beganwith a visit to the Cerros de Radona Wind Farm in the province of Soria. After gainingfirsthand knowledge of the business, the participants watched a series of presentationsgiven by members from EDPR Departments.


EDPR sponsors the Second Conference on Ocean Energy

EDP Renováveis sponsored the Second Conference on Ocean Energy. The event, organized byUnidad Editorial, aims to promote this type of energy in Spain.The event featured a presentation by Enrique Álvarez-Uría, Head of offshore wind at EDPR, aswell as representatives of associations and companies within the sector: John Huckberby, Inter-national Energy Agency, Robert Lagaraz, President of the Association of Renewable Energy Pro-ducers (APPA) and Jose Luis Villate, European Ocean Energy Association (OEA), among others.In this second conference sponsored by EDPR various issues were addressed relating to marineenergy. The most significant of which were: the relevance of this innovative power and the needfor government support in order to carry out the development of projects.

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EDPR Launches theEnergizingDevelopmentProgram EDPR has launched a training and deve-lopment program using the EDP Univer-sity’s Leadership Development Schoolframework. This High-Potential (HIPO)Program has been split into two curriculafor nominated employees at different le-vels of the organization: the EnergizingDevelopment Program and the ExecutiveDevelopment Program.

The Energizing Development Pro-gram began with a two-day training ses-sion in Houston, which included a courseon communication and presentationskills. Three more sessions are planned for2011, including negotiation, strategy andteam leadership training and four additio-nal sessions will be planned for 2012.

Employees from all EDPR platforms(Corporate, Europe, North America, andBrazil) were selected to participate. Thisyear, there are 17 total participants in theEnergizing Development Program, inclu-ding five from North America.

The Energizing Development Pro-gram is being implemented to augmentthe professional development of a selectgroup of employees via high-quality trai-ning, mentoring, and networking oppor-tunities. The goal of the program is tobuild and further develop various leaders-hip and management skills in participantswho are viewed as EDPR’s next genera-tion of leaders.

Participants will be assigned mentorsfrom within their respective platformsand will begin quarterly mentoring ses-sions in March. The next training course,Negotiation Skills, will be held in May. It isexpected that a new group of employeeswill be selected to participate in the 2012HIPO Program.

COOKING CLASS

A morning spent among pots and pans

to encourage teamwork

During the Annual Flow 2011 Meeting,EDP Renováveis employees that werehired in 2010 enjoyed a different morning,which according to the Human ResourcesDepartment, “helped bring together newlyhired employees and increase productivityin a different and fun way, making the dailywork of the new employees easier.” The activities came to life in a large kitchenwhere the employees participated in cook-

ing workshops with the aim of creatingnine delicacies – one per European coun-try where EDPR is present – ranging fromPortuguese codfish to Romanian salmaleor Spanish pisto con huevo. The best wassaved for last when the employees wereable to share and taste the result of theirgastronomic efforts and creativity at alunch that was enriching for the mind andtaste buds.


EDPR participates in EWEA 2011

The wind sector’s most importantbusiness fair in Europe, EWEA, tookplace at the Brussels ExhibitionCenter March 14 - 17, 2011.. EDPRwas present once again in thecapacity of sponsor. In particular, EDPR was the sponsorof the coffee breaks at the fair, andits corporate image appearedalongside several interactive screenswhere information was displayed onthe different markets of the company

within Europe, including informationon sustainability and other topics.Those who attended the fair weresurprised by the application oftechnology used in EDPR’sinteractive screens (50” touchscreens), on which, using a generalmap of Europe, the exact location ofthe company’s wind farms wasdisplayed, as well as data on theinstalled wind capacity and otherinformation on each wind farm.

Analysts recognize EDP RenováveisRui Teixeira (CFO) and Rui Antunes (IR Director) were recognized asthe best in their categories, in a survey conducted by InstitutionalInvestors. Investment analysts recognized the investor relationswork performed by EDP Renováveis as the best among renewableenergy companiesEDPR’s recognition came after analyzing various surveys answeredby investment managers (buy-side) and securities houses (sell-side)when they were asked to vote on which entities offered the bestinvestor relations services. A majority of those surveyed chose EDPRenováveis over other companies in the renewable energies sector.Accordingly, the company’s IR Director Rui Antunes was recognizedfor a second consecutive year as the best at his job amongrenewable energy companies. Company executive Rui Teixeira was voted best CFO in the sector, asper the analysts’ responses.

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Annual Results PresentationEBITDA up by 31% to €713 millionIn a presentation made in Madrid, EDPRenováveis announced that an additional1.1 GW of capacity had been installed during2010, a 20% growth reaching a total of 6.7GW worldwide. The company’s electricityoutput rose by 32%, reaching 14.4 TWh.EDPR was able to maintain system-wideload factors of 29%, one of the highest inthe industry, underlining the quality anddiversification of its operational portfolio.Gross profit rose by 31% to ¤ 948 million in2010, in line with electricity output and pricestability. The EBITDA margin, stable at 75%,reflecting operational efficiency, supported a31% growth in EBITDA to ¤ 713 million.Financial expenses totalling ¤ 174 million,on the back of debt increase to fundcapacity growth and controlled fundingcosts at 5.2% fixed rate, on debtdenominated in Euros, US Dollars, PolishZloty and Brazilian Reals.Net profit for the full year 2010 ended at ¤80 million. Cash from operations rose 45%to € 567 million, reflecting the cashgenerating capabilities of the existingassets. Operational cash flow, combinedwith tax credit monetisation in the US of ¤398 million, totalled approximately 70% ofthe € 1.4 billion capex programme in 2010.

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Documents

national gallery of

madrid edp renewables

project manager

celebrated paintings

important paintings

andnational gallery

employees of edp

2011online24 hours