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4.5.1 ›

ENONDAS

EVOLUTION OF ACTIVITY

FINANCIAL YEAR OF 2016

In 2016, ENONDAS continued a promotional campaign which included participation at conferences and forums on wave energy, such as the annual WAVEC conference, the Renew 2016 international conference promoted by the Centre for Marine Technology and Engineering (CENTEC – IST), and the Business2Sea conference promoted by the Ocean Forum.

Based on its activities plan, ENONDAS also started work on the study of technical alternatives to undersea interconnection cables and drawing up an international benchmark on pilot zones. However, with the evolution of the study concerning the use of sea or sea located renewable energy sources to produce electricity and in light of the recent Council of Ministers Resolution No 81-A/2016, the abovementioned work was suspended. 

With regard to commercial activity, ENONDAS has maintained contacts with potential clients and sector companies with the aim of maintaining their interest in the Portuguese pilot zone.

 

MAIN INVESTMENTS

With the publication of the above mentioned Council of Ministers Resolution No 81-A/2016 and consequent suspension of projects underway, investment in 2016 was zero. 

 

OUTLOOK FOR 2017

As noted in the Council of Ministers Resolution, it is expected the corresponding outcome of the feasibility study on the “…most suitable location for setting up common infrastructures to connect to the public grid”.

Commercial activity will continue through dissemination of the pilot zone at sector events and in key publications.

ENONDAS will continue to maintain solid interaction with the public entities responsible for the areas in question. These include the Directorate-General of Energy and Geology, the Portuguese Environment Agency, the Directorate-General of Maritime Authority, the Directorate-General of Natural Resources, Safety and Maritime Services, the Portuguese Sea and Atmosphere Institute and the Institute for the Conservation of Nature and Forests.

RELEVANT FACTS TAKING PLACE AFTER THE END OF THE FINANCIAL YEAR

No relevant facts exist after the closure of the balance sheet.

OTHER RELEVANT MATTERS

ENVIRONMENTAL AND HUMAN RESOURCES ISSUES

As these matters are common to all REN Group companies, they are dealt with in the REN management report.

 

COMPANY AIMS AND POLICIES WITH REGARD TO FINANCIAL RISK MANAGEMENT

As these matters are common to all REN Group companies, they are dealt with in the REN management report.

ECONOMIC AND FINANCIAL ANALYSIS

Enondas continues to develop the pilot zone project, more specifically with respect to the required technical studies and has capitalized all its operating costs in intangible assets - concession assets.