Portugal will have nine new hydroelectric dams by the end of the decade, at a total investment of 2.16 billion euros, which will enable the country to reduce dependence on oil and save more than 200 million euros per year on imported crude oil.
The dams are part of the redrafted National Programme of Dams with High Potential Hydroelectric (PNBEPH) which will see a reduction in oil imports of around 3.3 million barrels per year.
The price of a barrel of Brent crude oil was 84 dollars (62.2 euros) at the end of last week.
With the construction of these new hydroelectric dams, Portugal should cut oil costs by around 205 million euros per year.
The new dams will be in Foz-Tua, Gouvães, Padroselos, Alto Tâmega, Daivões, Fridão, Alvito, Pinhosão and Girabolhos.
Eight contracts have already been awarded for construction, with Pinhosão outstanding.
The National Electricity Company, EDP, will be responsible for three, Iberdrola Energy Company for four and Endesa Energy Company for one.
Operations are due to start between 2016 and the end of 2018.
