State back to REN? Brussels “accepted well”, Minister

“Fhi [well accepted in Brussels]. The issue of security, sovereignty and having another tool to monitor policies [...] was very well understood” by the European Commission, said Maria da Graça Carvalho.

In statements to Portuguese journalists in Brussels after meeting with the head of the Directorate-General for Energy of the European Commission, Céline Gauer, the Portuguese Minister for Protection indicated that the return of the Portuguese State to the shareholder structure of the National Energy Networks (REN) “was one of the topics” addressed at the meeting.

“ I explained that, in an electricity transmission network company, therefore high-voltage, State participation is of crucial importance for sovereignty and security, and that is one of the main reasons for this decision of the State to enter the capital of REN”, he said.

This is “something that has been being studied and planned since we have been in government since 2024, coordinated by the Prime Minister, who has always been his intention,” he added.

According to Maria da Graça Carvalho, among the companies that integrate the European network of transmission systems operators, Portugal was the only country whose company was “completely private”.

Maria da Graça Carvalho pointed out that 18 of the 40 electricity transmission companies in 34 European countries are entirely public, giving as examples Denmark, Sweden and Norway.

“There could therefore be no other reaction from the European Commission,” the minister said, arguing that public participation is an additional tool for the State to closely monitor an area considered strategic, in addition to energy policy and the supervision exercised by the independent regulator.

However, the governor refused to talk about a possible future strengthening of public participation in REN or the representation of the State in the company's social bodies, referring these matters to a later stage and to the Ministry of Finance.

“It’s a listed company,” he recalled, explaining that the operation was conducted with “the utmost care and secrecy not to disturb the operation of REN”.

For the minister, the State’s entry into the company’s capital makes sense for reasons of “security of supply, security of the state” and the need to ensure an energy policy based on “accessible, clean and safe”.

The Portuguese State decided to return to direct participation in REN by acquiring, through the Parpublica, a participation of 13.7% to Pontegadea.

This operation marks the return of the State to the capital of the company after the complete exit in 2014 in the context of the privatisation process of REN during the financial crisis period.

The government has not yet given details about the final price, the financing mechanisms of the acquisition nor has it specifically explained how the 13.7% will be used to influence REN's strategy.

The operation shall remain subject to the procedures necessary for its completion, including prior audit of the Court of Auditors and pronunciation of the ERSE.

This operation arises in a context in which the management and security of energy networks are of increasing strategic importance, due to the energy transition, the increased electrification of the economy and the need to strengthen the resilience of critical infrastructure.