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July 7, 2020, 1:29 a.m. EDT

EDP CEO, board member suspended amid probe

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By Mauro Orru

EDP-Energias de Portugal SA said late Monday that Chief Executive Antonio Mexia and Executive Board member Joao Manso Neto have been suspended amid a probe open since 2012 related to the alleged favouring of EDP which generated supposed benefits of 1.2 billion euros ($1.36 billion).

The Portuguese energy company said Chief Financial Officer Miguel Stilwell de Andrade would serve as interim chief executive, also retaining his current role as CFO.

The investigation is currently in the inquiry phase and Mr. Mexia and Mr. Neto haven't been formally accused, the company said.

The probe is related to the early termination of power purchase agreements and the transition to costs of maintenance for contractual balance, as well as the extension of the hydro public domain right of use.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

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