Brussels, Sept. 1, 2026 (Lusa) - Portugal's energy minister, Maria da Graça Carvalho, said in Brussels on Tuesday that the European Commission had «welcomed» the Portuguese state's return to REN's share capital, as the public stake would allow for greater «energy security and sovereignty».

«It was [well received in Brussels]. The issue of security, sovereignty and having an additional tool to monitor policies […] was very well understood» by the European Commission, said Maria da Graça Carvalho.

Speaking to Portuguese journalists in Brussels after meeting with the head of the European Commission's Directorate-General for Energy, Céline Gauer, the Portuguese minister responsible for the sector, indicated that the Portuguese State's return to the shareholder structure of Redes Energéticas Nacionais (REN) «was one of the topics» discussed at the meeting.

«I explained that, in an electricity transmission network company, i.e. a high-voltage network, the state's stake is of crucial importance for sovereignty and security, and that is one of the main reasons behind the state's decision to acquire a stake in REN,» she said.

This is «something that has been under consideration and in the planning stages since we came to government in 2024, coordinated by the prime minister, for whom this has always been his intention», she added.

According to Maria da Graça Carvalho, amongst the companies forming part of the European network of transmission system operators, Portugal was the only country whose company was «entirely privately owned».

Maria da Graça Carvalho pointed out that 18 of the 40 electricity transmission companies across 34 European countries are wholly state-owned, citing Denmark, Sweden and Norway as examples.

«Therefore, the European Commission reacted positively,» the minister said, arguing that public ownership constitutes an additional tool for the State to closely monitor an area considered strategic, alongside energy policy and the supervision exercised by the independent regulator.

The minister preferred not to comment on a possible future increase in public ownership of REN or on the state's representation on the company's governing bodies, referring these matters to a later stage and to the Ministry of Finance.

«It is a listed company,» she pointed out, explaining that the transaction had been conducted with «the utmost care and in strict confidence to preserve REN's operations».

For the minister, the state's acquisition of a stake in the company makes sense for reasons of «security of supply and national security» and to ensure an energy policy based on «accessible, clean and safe» energy.

The Portuguese state has decided to re-establish a direct stake in REN by acquiring, through Parpública, a 13.7% stake from Pontegadea.

This transaction marks the state's return to the company's share capital following its complete exit in 2014, as part of REN's privatisation during the financial crisis.

The government will provide details on the final price and the financing arrangements for the acquisition in due course, and it will also explain specifically how the 13.7% stake will be used to influence REN's strategy.

The transaction remains subject to the procedures necessary for its completion, including prior scrutiny by the Court of Auditors and a ruling by ERSE.

This transaction comes at a time when the management and security of energy networks are taking on increasing strategic importance, due to the energy transition, the growing electrification of the economy and the need to strengthen the resilience of critical infrastructure.

ANE/ADB // ADB.

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