By Giulia Petroni

EDP-Energias de Portugal SA said late Monday that its fully owned subsidiary EDP Servico Universal, SA has agreed to the nonrecourse sale of 70.6% of its 2020 tariff deficit for a total amount of 825 million euros ($942.4 million).

EDP SU will proceed with the sale through five individual transactions, EDP added.

The tariff deficit is the result of a five-year deferral of the recovery of the 2020 Overcost associated with the acquisition of energy from special regime generation, including adjustments for 2018 and 2019, according to the company.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

March 10, 2020 02:34 ET (06:34 GMT)

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