Sector association wants to realize objectives of the State's entry into REN

O president of the association, which brings together operators and professionals from various areas of the value chain of the sector, including companies such as REN, EDP and Galp, ensures that they are monitoring “with attention” the theme, remembering that the manager of national networks performs central functions in the national energy system, ensuring essential infrastructure for electricity and gas transport.

In this context, as explained to Lusa António Coutinho, they understand that security of supply, infrastructure resilience and investment capacity are fundamental objectives of public interest.

For the association, it is important to “understand which strategic objectives are to be achieved through State shareholder participation and to what extent this instrument adds capacity to the mechanisms that the State already has through energy policy, planning, concessions, regulation and supervision”.

The EPA further argues that “in a sector characterised by very significant investment needs” it is essential “to ensure a stable, predictable and competitive governance and regulation framework capable of protecting the public interest and, at the same time, preserving operator management autonomy and creating conditions for the mobilisation of the investment necessary for the energy transition and the provision of safe and accessible energy”.

In this context, he argues that “more than a discussion between public or private property, it is important to assess which instruments are most appropriate and proportionate to pursue the different energy policy objectives, distinguishing the role of the State as a policy-finding, regulatory and public-interest guarantor of the role of operators in managing and investing in their activities.”.

“The EPA considers that these issues should be the subject of a serene and technically grounded discussion involving the different agents in the sector, and is available to contribute to this debate,” he added.

On the other hand, the Association of Energy Marketers in the Liberalized Market (ACEMEL) does not foresee changes in the relationship between REN and the marketers arising directly from the State's entry into the company's capital, which has the Chinese State Grid as the largest shareholder with 25% of the capital.

“We do not foresee that the repurchase of REN’s actions by the Portuguese State produces changes in the relationship with the marketers,” Lusa João Nuno Serra, president of the association that represents small traders, said.

However, it admits that “any possible impact on the functioning of the electricity and gas market may occur due to changes decided by the State grantee as part of a strategy for the sector in which this entry into REN’s capital is framed, but not as a result of this”.

As regards prices, it considers that the operation will have no direct effect, as the acquisition of the holding “does not have any influence on the pricing process” of electricity and gas for businesses and domestic consumers.

ACEREL further stresses that investments in networks are already approved by the Government and the Assembly of the Republic.

The State's entry into REN, through a 13.7% participation, was announced by the Government last week as a way to strengthen the productive capacity, distribution and integration of renewable energy and strategic autonomy.

The value of the operation, still conditional on the visa of the Court of Auditors, was not disclosed, but according to the Economic Journal the State will pay EUR 380 million to the company of the Ortega family, owner of Zara, more 17% compared to the value of the shares on August 14, date of the announcement of the transaction.