The Court of Auditors approved the return of the Portuguese State to REN (Redes Energéticas Nacionais), allowing the conclusion of the purchase operation. The process was approved during the Daily Session of 31 August and notified to the entity on 1 September, according to an official source from the Court of Auditors to Jornal Económico.
In August, the State purchased 14% of the company for 380 million euros, including a premium of 55 million, from an investment company owned by the Zara owner, Amancio Ortega, Pontegadea Inversiones. The Chinese state company China State Grid is the largest shareholder of REN with 25% of the capital, acquired during the troika privatizations in 2012.
The purchase was discussed during a visit by the Portuguese Government to China in September 2025. Minister Maria da Graça Carvalho stated that the operation has been studied and planned since the Government took office in 2024, having been coordinated by the Prime Minister. The minister defended that State participation is of crucial importance for energy sovereignty and security.
The minister noted that among 40 European electricity and gas transmission companies from 34 countries, only Portugal had a completely private company, while 18 are 100% public in countries such as Denmark, Sweden, and Norway. The appointment of administrators to REN will be discussed in a second phase, with the involvement of REN and the Government.
