Lisbon, Aug. 20, 2026 (Lusa) - The Portuguese Energy Association (APE) believes it is important to understand what strategic objectives the state aims to achieve by acquiring a stake in grid operator REN, and what this stake adds to the existing energy policy instruments.
The president of the association, which brings together operators and professionals from various areas of the sector's value chain, including companies such as REN, EDP and Galp, said that they are monitoring the issue «closely», noting that the national grid operator plays a central role in the national energy system, providing essential electricity and gas transmission infrastructure.
In this context, as António Coutinho explained to Lusa, they believe that security of supply, infrastructure resilience and investment capacity are fundamental objectives in the public interest.
For the association, it is important to «understand what strategic objectives the State intends to achieve through its shareholding and to what extent this instrument adds capacity to the mechanisms already available to the State through energy policy, planning, concessions, regulation and supervision».
The APE also argues that, «in a sector characterised by very significant investment needs», it is essential «to ensure a stable, predictable and competitive governance and regulatory framework, capable of protecting the public interest whilst preserving operators' managerial autonomy and creating the conditions for mobilising the investment necessary for the energy transition and the supply of secure and affordable energy».
In this context, he said that «rather than a debate over public versus private ownership, it is important to assess which instruments are most appropriate and proportionate for pursuing the various energy policy objectives, distinguishing the State's role as a policy-maker, regulator and guardian of the public interest from the role of operators in managing and investing in their respective activities».
«The APE considers that these issues should be the subject of a calm and technically sound discussion, involving the various stakeholders in the sector, and is willing to contribute to this debate», he added.
For its part, the Association of Energy Suppliers in the Liberalised Market (ACEMEL) expects the relationship between REN and suppliers to remain unchanged following the State's acquisition of a stake in the company, which has the Chinese firm State Grid as its largest shareholder with a 25% stake.
«We expect the Portuguese state's repurchase of REN shares to maintain the current relationship with retailers,» João Nuno Serra, president of the association representing small retailers, told Lusa.
However, he acknowledged that «any potential impact on the functioning of the electricity and gas market may arise as a result of changes decided by the State as the grantor, as part of a wider strategy for the sector within which this acquisition of a stake in REN is situated, rather than as a direct result of this acquisition itself».
As for prices, he believes the transaction will have no direct effects, since the acquisition of the stake «has no influence on the price-setting process» for electricity and gas for businesses and domestic consumers.
ACEMEL also emphasised that the government and parliament must approve investments in the networks.
Last week, the government announced its acquisition of a 13.7% stake in REN to strengthen generation capacity, distribution and the integration of renewable energy, as well as strategic autonomy.
The parties have yet to disclose the value of the transaction, which remains subject to approval by the Court of Auditors; however, according to *Jornal Económico*, the State will pay €380 million to the company owned by the Ortega family – owners of Zara – representing a 17% premium on the share price on 14 August, the date the transaction was announced.
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