Joao Talone , the chief executive of Energias de Portugal (EdP), has announced plans to stand down once the latest accounts are approved at the shareholders meeting scheduled for March.

In announcing his resignation when his contract expired at the end of last year, Talone criticised speculative plans to give Spanish Iberdrola, which holds more than 5% of EdP equity, a stake in determining company strategy.

Talone’s comments follow widespread media speculation that Iberdrola could be represented on a new supervisory board proposed by Manual Pinho, the economy minister. EdP shares rose at the news.