Energy news in Portugal

Portuguese energy firm Galp posted net profits of nearly 1.5 billion euros for the first nine months of the year, averaging 5.4 million euros daily. Earnings were driven by crude production in Brazil reaching 131,000 barrels per day amid strong international oil prices. The financial results coincide with industry survey data showing that foreign investment into Portugal's renewable energy sector remains relatively steady despite broader European declines.

Portugal formally submitted its draft Social Climate Plan (Plano Social para o Clima) to the European Commission, outlining €1.6 billion in spending through 2032. The plan aims to assist vulnerable households and businesses facing rising fossil fuel expenses during the green transition. Investments will focus on energy efficiency renovations and clean transport alternatives across the country.

New government regulations that came into force this Saturday allow fuel stations to store a larger quantity of liquefied petroleum gas (Gás de Petróleo Liquefeito or GPL) cylinders without requiring additional licensing. The measure aims to reinforce the availability of domestic gas for consumers across the country.

The government announced a €60 million investment to expand domestic storage capacity, allowing Portugal to bring back strategic fuel reserves currently held in France. Environment and Energy Minister Maria da Graça Carvalho stated the move was necessary following the 2021 closure of the Matosinhos refinery, which limited national storage space.

Minister of Environment and Energy Maria da Graça Carvalho warned that fuel consumption has risen significantly, with diesel, gasoline, and jet fuel usage up by 4% to 6% compared to last year. The minister urged citizens to save energy and stated that government support should be prioritized for those in need. Meanwhile, rising fuel costs are driving increased interest in residential solar energy systems.

The developer Lightsource BP has reformulated the Sophia solar power plant project in the Castelo Branco district, reducing its planned area and capacity by over 30%. The company also confirmed it is abandoning the separate Beira photovoltaic project due to financial viability concerns following required environmental adjustments. These changes follow extensive public consultation and feedback from local authorities.

A report from the Energy Services Regulatory Authority (Entidade Reguladora dos Serviços Energéticos or ERSE) reveals that Portugal resumed natural gas imports from Russia in 2025. While 95% of the country's gas supply entered through the Sines terminal, the government has set a goal to phase out Russian liquefied natural gas imports entirely by 2027.

The Ministry of Culture, Youth and Sports announced that Portugal has met all milestones established under the Recovery and Resilience Plan (Plano de Recuperação e Resiliência or PRR) for the cultural sector. The initiative mobilized over 330 million euros, with a significant portion dedicated to the preservation of cultural heritage.

Workers at REN Atlântico, which manages the liquefied natural gas terminal in Sines, began a three-day strike this Sunday with 100% participation. The industrial action has raised concerns regarding potential supply disruptions, with officials in Madeira already warning of possible consequences.

The Portuguese government has approved the 2026-2030 Development and Investment Plan for the National High and Medium Voltage Electricity Distribution Network (Plano de Desenvolvimento e Investimento da Rede Nacional de Distribuição de Electricidade em Alta Tensão e Média Tensão or PDIRD-E). This 1.58 billion euro project aims to improve grid resilience and reliability following recent storm damage and blackouts. The investment also supports the energy transition and the integration of renewable energy sources into the national grid.

For the first time on record, solar energy was the primary source of electricity production in Portugal during July. Data from the National Energy Networks (Redes Energéticas Nacionais or REN) shows solar accounted for 19% of consumption, contributing to a month where renewables reached 53% of the national total.

Galp has announced that the agreement to merge its refining and marketing businesses with the Spanish company Moeve has been pushed to the second half of this year. Despite the delay, the company reports that negotiations are progressing constructively. Meanwhile, Galp noted a 175% increase in its refining margin during the second quarter compared to the same period in 2025.

The Portuguese Environment Agency (APA) has granted conditional approval to the GreenH2Atlantic hydrogen project at the former Sines power plant. The project, led by a consortium including EDP and Galp, must ensure that water used for production and cooling is either reused or sourced from the sea.

The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+ (OPEP+), have decided to increase oil production by 188,000 barrels per day starting in July. This adjustment is intended to help stabilize global oil markets following a period where prices finished the week below 100 dollars.

A technical advisory group, the Technical Advisory Group (Grupo de Aconselhamento Técnico or GAT), has presented a final report to the Minister of Environment and Energy, Maria da Graça Carvalho, proposing structural reforms to the National Electrical System (Sistema Elétrico Nacional or SEN). While the report confirms the system remains robust, it emphasizes the need for better monitoring, increased international cooperation, and infrastructure investment to ensure future security following the major blackout of April 2025.

Electricity prices in the Iberian market are expected to remain stable due to the integration of renewable energy sources, particularly hydroelectric power. Pedro Amaral Jorge, president of the Iberian Electricity Market (Mercado Ibérico de Eletricidade or MIBEL), stated that the focus is on increasing price predictability for consumers. He also argued against taxing extraordinary corporate profits.

The Spanish competition authority, the National Commission on Markets and Competition (Comissão Nacional de Mercados e Concorrência or CNMC), has opened inquiries into the April 2025 blackout that paralyzed the Iberian Peninsula. The investigation targets the national grid operator and major energy companies, including Repsol, Naturgy, Iberdrola, and Endesa. Officials identified evidence of non-compliance that may lead to formal sanctions.

The European Network of Transmission System Operators for Gas (Rede Europeia dos Operadores de Sistemas de Transporte de Gás or ENTSOG) reported that European Union gas reserves have fallen to 28%, the lowest level in three years. While the European Commission stated there is no immediate risk to supply, it warned of long-term consequences for energy security due to the ongoing conflict in the Middle East.