EDP will continue focused on the execution of its strategic agenda through five levels:
 

• ?focused growth with Net Investments: avg. €1.4bn/year in 2016-2020, 84% of which on Regulated & LT contracted activities, to raise the EBITDA in 3%;
   


• continue financial deleveraging, with higher visibility of medium long term free cash flows consistent with Net Debt/EBITDA target of ~3.0x. The average cost of debt will down 4,2%, in 2020;
   


• keep low risk profile, with the perspective of regulated and LT Contracted at 75% of EBITDA, and weight of renewables up from 71% to 76%, by 2020, and an average residual asset life of 21 years.
   


• reinforce efficiency, with targeting annual cost savings of €200m, by 2020, and accumulated savings on €700m, mostly from Iberian business, O&M, IT and HR, between 2016 and 2020.
   


• deliver attractive returns: dividend floor increases by 3%, from €0,185/share to €0.19/share. The target is to reach a payout ratio between 65% and 75%.