European Commission accepts Portugal’s return to REN, minister says

Portugal’s Energy Minister Maria da Graça Carvalho said in Brussels that the European Commission had reacted positively to the Portuguese state’s return to REN’s share capital, arguing that public ownership in the grid operator strengthens energy security and sovereignty.

Speaking to Portuguese reporters after a meeting with Céline Gauer of the European Commission’s Directorate-General for Energy, the minister said the issue was discussed and “was very well understood” by Brussels. She said the government had explained that state participation in a high-voltage electricity transmission company is of “crucial importance” for sovereignty and security.

Portugal has decided to return directly to REN’s shareholder structure by buying a 13.7% stake from Pontegadea through state holding company Parpública. The transaction marks the state’s return to the company after its full exit in 2014 during REN’s privatisation process.

Carvalho said the plan had been under study since the government took office in 2024 and was coordinated by the prime minister. She also said Portugal had been the only country in the European network of transmission system operators whose company was “completely private”, adding that 18 of 40 electricity transmission companies across 34 European countries are fully state-owned.

The minister declined to comment on any future increase in the state’s stake or on board representation, saying those issues would be addressed later and by the Finance Ministry. The government has not yet disclosed the final price, the financing structure for the purchase or how the 13.7% stake will be used in practice, and the deal still requires the necessary procedures to be completed, including prior review by Portugal’s audit court and an opinion from energy regulator ERSE.

Originally published at Eco.pt