US praises Portugal’s move on energy sovereignty

The United States has welcomed what it called Portugal’s “ongoing efforts” to strengthen energy security and sovereignty, including in electricity grids, after the Portuguese state re-entered REN’s share capital with the purchase of a 13.7% stake.

In a statement to ECO, an official at the US embassy in Lisbon said Washington believes “energy security and energy sovereignty are fundamental to national security and vital to global stability”. The embassy added that allies and partners should avoid “untrusted suppliers at any point in the energy supply chain”, including those that own and control critical electricity and energy infrastructure.

Portugal’s state, which paid €380 million for the stake formerly held by Spain’s Pontegadea Inversiones, becomes REN’s second-largest shareholder. State Grid Corporation of China remains the largest shareholder with 25%.

The embassy also said it welcomed Portugal’s efforts to strengthen the resilience and security of critical infrastructure so that economic and trade ties do not create vulnerabilities that could be exploited against national security. Prime Minister Luís Montenegro said last week the REN purchase was “very, very important” to protect Portugal’s strategic interest in its electricity infrastructure, take part in key investment decisions and help lower energy prices.

Originally published at Eco.pt