Finance: Energy sector news in Portugal

Retail, banking and energy lead bets on the national stock market in a year that promises volatility

Parpública confirms State entry into REN

Parpública confirmed this Tuesday that the Portuguese State now holds 13.7% of REN, following the completion of the acquisition of 91.7 million shares of the company responsible for the national electricity and gas networks. In a statement sent to the Portuguese Securities Market Commission (CMVM) via REN, and following Pontegadea Inversiones, a company...

EDP Renovaveis stock gains as Lisbon index highlights recent volatility

AD HOC NEWS8 Sept

Portugal acquires 13.7% of strategic REN from Amancio Ortega for approximately 380 million euros

The Portuguese state has purchased a 13.7% stake in the energy infrastructure company REN from Amancio Ortega for around 380 million euros.

FashionNetwork Portugal8 Sept

Portugal returns to REN capital 12 years later. Zara owner confirms sale of 13.7%

The Portuguese state has reacquired a stake in the energy grid operator REN, while the owner of Zara has confirmed the divestment of their 13.7% share.

tvi.iol.pt8 Sept

State has already purchased a 13.7% stake in REN. Zara owner makes exit official

Amancio Ortega's holding company has officially confirmed the sale of 13.7% of the capital of REN – Redes Energéticas Nacionais to Parpública, confirming that the operation was approved by the Court of Auditors. The prior approval from this entity was the “suspensive condition” provided for in the purchase and sale agreement, which has now been “verified”.

Portugal wants tax on extraordinary oil company profits, Brussels rejects it

The Portuguese government's proposal to implement a windfall tax on oil companies has been turned down by the European Commission.

Portugal and 5 countries call for EU tax on oil companies' windfall profits

Portugal and five other nations are advocating for a European Union-wide tax on the extraordinary profits generated by oil companies.

Quality seal remains residual in carbon credits purchased in Portugal

Data from Allied Offsets shows a strong concentration in the energy sector. There is a preference for forestry projects, but still little demand for certified high-integrity credits.

EDP dams: who pays the 335 million euros in taxes and what is the current status of the process?

An analysis of the tax dispute involving EDP's dam assets, detailing the liability for the 335 million euro payment and the current legal or administrative stage of the proceedings.

380 million euros "just" to influence: State becomes the second largest shareholder of REN

The 13.7% stake allows access to information but does not provide control over the future of REN.

“Small market” and “inherent power”: the Government’s explanation for the premium paid for REN

The Government admits it will pay a premium to acquire approximately 13.7% of REN, a position that will make the Portuguese State the second-largest shareholder in the energy grid operator, but justifies the “additional” cost of the deal with the “inherent power” that becoming the company’s second-largest shareholder grants it. The purchase value...

State's role in REN sparks discussion on separating management and networks

“It is almost nothing in terms of assets, but it is almost everything in strategic terms.” Transferring the management and planning of the system to a company with State involvement is being pointed out as an alternative to investing in REN.

Spanish government did not intervene in the Portuguese state's deal with Spain's Pontegadea to enter REN

The Spanish government claims to be “extraordinarily zealous” regarding the freedom of business movements and “does not intervene” in commercial operations that do not have consequences for strategic sectors in Spain.

Montenegro keeps PS and Chega in the dark regarding REN operation

Montenegro did not consult opposition leaders before announcing the acquisition of the stake in REN. The PS accuses the Government of inconsistency and demands explanations regarding the source of the funds.

State pays 17% premium to re-enter REN

The purchase of a 13.7% stake in REN by Parpública from a company controlled by the founder of Zara will cost 380 million euros. This amount includes a 17% premium over REN's share price on 14 August, when the deal was announced, which translates to approximately 55 million...

State injects 43 million into Parpública days before announcing entry into REN

The State injected approximately 43 million euros in fresh capital into Parpública two days before the state holding company reached an agreement with the Spanish firm Pontegadea regarding the purchase of a nearly 14% stake in REN last Friday. Parpública carried out a capital increase on the past day...

5 PM: IL wants to question the Minister of Finance regarding the purchase of REN

The Liberal Initiative (IL) party has requested a hearing with the Minister of Finance to discuss the acquisition of REN (Redes Energéticas Nacionais).

State entry into REN provides influence but does not directly lower tariffs, says former ERSE president

Vítor Santos, former president of the Energy Services Regulatory Authority (ERSE), argues that the state's acquisition of a 13.7% stake in REN will increase its influence over strategic decisions but will not grant it management control or lead to an immediate reduction in energy tariffs. While acknowledging that the current geopolitical context may justify a state presence in critical infrastructure, Santos emphasizes the need to clearly separate the state's roles as shareholder, regulator, and policymaker, noting that tariff levels are determined by regulatory mechanisms rather than shareholder composition.

8am. João Galamba criticises PM over 13% stake purchase in REN

He argues that the deal makes no sense as the State can influence REN's activity indirectly. Also, Brazilian actress Laura Cardoso has died at the age of 98.

In the news today: REN, the automotive sector, and health coaching

As it will hold a stake of over 10% in REN's capital, the Portuguese State may appoint at least one representative out of a total of 15 company directors. This is one of the featured stories in the national press this Tuesday. The State may have a director at REN but is limited in its shareholder weight.

Chinese investors have already earned hundreds of millions of euros from REN

The state is preparing to recover 13.7% and is awaiting approval from the Court of Auditors.

Why does the State want to return to REN

In 2014, the State sold its final shares in the company that manages energy networks. Montenegro had already signalled a desire to return, but there is still much to explain regarding the purchase of a 13.7% stake in REN.

State in REN: the sale by Passos, the criticisms from Seguro and the role of the sovereign wealth fund

The privatisation began in 2007 and was concluded in 2014, under the government of Passos Coelho. The PS, PCP and BE contested the sale and are now questioning the reason for the State's re-entry into REN.