EDP FORM 20-F FILING

EDP – Energias de Portugal, S.A. (“EDP”), announced today that it is still in process of filing with the U.S. Securities and Exchange Commission (the “SEC”) its Annual Report on Form 20-F for the fiscal year ended December 31, 2004 (the “Form 20-F”).

As previously disclosed, the Form 20-F could not be filed within the prescribed time period as a result of delays in completing the preparation of EDP’s financial statements, resulting from certain issues arising in connection with the preparation of certain U.S. GAAP financial information in the Form 20-F, primarily in relation to the restatement of amounts attributable to minority interests and two other less significant items in order to correct errors in the application of U.S. GAAP to financial information relating to 2003 and 2002 in connection with the reconciliation between Portuguese GAAP and U.S. GAAP.

EDP notes, however, that its Form 20-F has not yet been finalized and, accordingly, the restated U.S. GAAP financial information set forth below remains subject to change.

EDP expects to restate net income in accordance with U.S. GAAP for 2003 and 2002 as € 451.2 million and € 264.5 million, respectively, compared to € 498.0 million and € 300.0 million, respectively, as previously reported. EDP also expects to restate shareholders’ equity in accordance with U.S. GAAP for 2003 and 2002 as € 3,439.7 million and € 3,865.3 million, respectively, compared to € 3,497.3 million and € 3,886.3 million, respectively, as previously reported. Consequently, the basic and diluted net income per share in accordance with U.S. GAAP for 2003 and 2002 is € 0.15 and € 0.09 per ordinary share, respectively, compared to € 0.17 and € 0.10 per ordinary share, respectively, as previously reported.