Lisbon, Aug. 18, 2026 (Lusa) - The state's acquisition of a 13.7% stake in energy utility REN may strengthen its influence over strategic decisions, while maintaining the company's independent management and preserving tariff levels, according to Vítor Santos.
The former chair of the Energy Services Regulatory Authority (ERSE) believes that Parpública's acquisition of the stake previously held by Pontegadea, a company owned by the Ortega family (owners of Zara), allows the state to return to REN's shareholder structure as a major shareholder, while maintaining independent management control.
«It may give it greater capacity to monitor and influence certain strategic decisions and, potentially, representation on the governing bodies,» Vítor Santos told Lusa. With this stake, it will be able to appoint one (non-executive) director, out of a total of 15.
China's State Grid, with a 25% stake in REN, remains the largest shareholder; this percentage represents the maximum limit on the voting rights that a single shareholder may exercise.
For Vítor Santos, the state's additional influence must be analysed in light of the regulatory framework to which REN is subject.
The company manages infrastructure under a concession, holds network operator certification and submits its investment plans to ERSE and the Directorate-General for Energy and Geology (DGEG) for intervention and government approval.
«Therefore, the key issue is to understand what additional objectives the State aims to achieve as a shareholder that it cannot achieve through energy policy, concessions and regulation,» argued the official, who served as chair of ERSE between 2007 and 2017.
The former Secretary of State for Industry and Energy in António Guterres's government believes that the current energy and geopolitical context may justify a greater state presence in the share capital of strategic infrastructure, highlighting the growing importance of energy security, the resilience of critical infrastructure and strategic autonomy.
«There may therefore be strategic reasons for the state to wish to hold a stake in REN,» he stated.
He also identified risks, notably the need to clearly separate the state's different roles as a shareholder, a licensing authority and the body responsible for energy policy, as well as the opportunity cost of the public funds used in the acquisition.
«Thus, the issue should be framed in terms of the concrete benefits that this stake provides relative to its cost,» he said.
Regarding any potential impact of the State's entry on electricity or gas tariffs, Vítor Santos emphasises that the transaction and a fall in prices are not directly linked.
«I do not see a direct link between the State's acquisition of 13.7% of REN and a reduction in tariffs,» he stated.
Revenues from REN's regulated activities, recognised investments and the return on assets are determined through ERSE's regulatory mechanisms and not by the shareholders, he pointed out.
«There may be indirect effects if the new shareholder structure contributes to more efficient investments or lower financing costs. But these effects would have to be demonstrated,» he added.
The prime minister reiterated today that the government would make all details of its re-entry into REN's share capital available for «public scrutiny» and acknowledged that the operation could help reduce electricity costs in the medium and long term.
Speaking to journalists in Oeiras, Luís Montenegro said that the operation, which still requires approval by the Court of Auditors, will have to comply with the rules applicable to listed companies, emphasising that the aim is to strengthen production capacity, distribution and the integration of renewables, as well as strategic autonomy, thereby enabling the grid to be optimised and this improvement to be reflected in access conditions.
The prime minister stated that the combination of these factors «in the medium and long term will have an effect on the price».
According to Vítor Santos, the Portuguese energy sector has changed significantly since the privatisation of REN in 2014, mainly due to the return of energy security to the centre of European policy and the growing importance of grids in integrating renewable energy, storage, interconnections, electric vehicles and new large consumers.
In his view, «these changes justify a reassessment of the strategic importance of the state's presence in REN», he said.
Nevertheless, Vítor Santos emphasises that these developments allow one to consider that the acquisition of the 13.7% stake is not necessarily the best solution, arguing that such an assessment depends on the cost of the transaction – which has not been disclosed but, at market price, is estimated to be around 320 million euros – as well as the associated governance rights and the concrete benefits expected by the State.
«In short, REN is undeniably a strategic company, but this does not imply that a company in these circumstances must necessarily have the state as a shareholder,» he said.
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