Portugal state acquires 13.7% stake in REN energy grid

The Portuguese state, through the state-owned vehicle Parpública, has reached an agreement to acquire a 13.7% stake in REN, the company responsible for managing the national electricity and natural gas transmission networks. The shares, totaling 91,723,676, were sold by Pontegadea Inversiones, the investment firm of Inditex founder Amancio Ortega.

This transaction marks the return of state ownership in REN, following the company's complete privatization in 2014. While the Portuguese government stated the move aims to allow the state to participate in strategic investment decisions and ultimately lower energy prices, the Socialist Party (PS) has criticized the decision. Eurico Brilhante Dias, the PS parliamentary leader, questioned the logic of the operation and the undisclosed transaction value, suggesting the government may have paid a significant premium compared to previous divestments.

The deal remains subject to approval by the Portuguese Court of Auditors.