The Portuguese State confirmed the purchase of a 13.7% stake in REN (Redes Energéticas Nacionais), the manager of electricity and gas grids. The Minister of Environment and Energy, Maria da Graça Carvalho, highlighted the strategic interest of this acquisition, considering that the "main interest" of the operation is "the question of sovereignty, public interest and national security," at a time of global geopolitical unrest.
In Parliament, during a regulatory hearing, the government official pointed to three assets considered strategic by the Government: electricity and gas grids, gas storage, and the refinery. With this position, the State gains the capacity to "influence from within" decisions about the country's energy infrastructure. Maria da Graça Carvalho highlighted that Portugal was, until now, an exception at European level, by not holding any stake in REN's capital.
The minister acknowledged that, so far, she has not recorded any problems due to the Chinese State holding a stake in REN, stating that "we have a good working relationship." However, she warned that "we cannot forget changes at the geopolitical level that we have seen in recent months" and that "there is all the importance of controlling what is strategic."
Regarding the cost of the operation, which had been prepared since the government took office in 2024, the minister referred financial questions to the Minister of Finance, Joaquim Miranda Sarmento. Regarding the relationship between the purchase and reducing electricity costs, Maria da Graça Carvalho explained that, to lower electricity prices, it is necessary to increase the penetration of renewables in the energy mix, and the stake in REN "is another tool to influence these important decisions." The government official also stated that she expects the model for the low-voltage electricity grids tender to be defined by the end of this year.
