1. Regulatory and sector context

Portugal is a parliamentary republic with a unicameral parliament, an executive branch headed by a prime minister and a directly elected president (Figure 1.1). The national legislative body is the National Assembly (Parliament), with members elected by universal suffrage. The Assembly has responsibilities over political, legislative and fiscal matters.

The two autonomous regions of the Azores and Madeira are archipelagos located in the Atlantic Ocean with their own political and administrative statutes and their own institutions of self-government (Eurydice, 2019[1]).

In 2018, fossil fuels accounted for 75% of Portugal’s total primary energy supply (TPES) (Figure 1.2). Oil was the largest energy source, accounting for 40% of TPES. Demand for oil originates mainly from the transport and industry sectors as well as building heating. Natural gas was the second-largest energy source, accounting for 23% of TPES and was used mainly for electricity generation, industrial processes and a small share for building heating. Bioenergy and waste covered 14% of TPES and supported electricity generation and building heating. Coal accounted for 12% of TPES and was used mainly for electricity generation. Small shares of TPES came from hydro (5%), wind (5%), covering electricity generation, and from geothermal (1%) and solar (1%), covering electricity generation and building heating. All fossil fuels are imported and domestic energy production comes primarily from renewables, mainly bioenergy, hydropower and wind.

Coal is mainly used for the production of electricity; its falling contribution to TPES is linked with an increase in greener sources of electricity, such as wind and solar power, which has seen a significant increase of 34% between 2010 and 2018.

Total electricity generation in Portugal was 58.4 TWh in 2018. From 2000 to 2018 electricity generation increased by around 35%. However, there were notable annual variations in total generation because of changing levels of economic activity and electricity trade (Figure 1.3). Since 2016, the growth in electricity generation (especially from wind) has turned Portugal from a net importer to a net exporter of electricity. In 2018, natural gas accounted for 27% of total electricity generation followed by wind (22%), hydro (21%), coal (21%), bioenergy and waste (6%), oil (2%) and solar (2%).

Since 2000, hydropower has accounted for 10% to 34% of total generation, with the contribution varying significantly based on hydrological conditions. Bioenergy and waste have accounted for a notable and slowly growing share of generation for several decades. The share of generation from wind power increased significantly from 12% of generation in 2000 to 22% in 2018, to become the second largest source of electricity. Generation from solar photovoltaics (PV), while still small, has been rapidly increasing. Because of the large variation in hydro generation, the overall share of electricity generation from renewables varies notably from year to year. The renewable share peaked at 62% of generation in 2014 and dropped to 40% in 2017. However, the overall trend has been a steady increase in the share of renewable generation, driven by investments in wind and hydropower.

The share of generation from oil has declined substantially from 9% in 2008 to just 2% in 2018. Generation from coal and natural gas continue to play a major role in Portugal with the share from each fuel affected by the comparative cost of electricity from coal versus natural gas and by the level of hydro generation. Generation from natural gas has been more volatile, ranging from 13% to 33% of generation from 2008 to 2018. Generation from coal has been relatively stable, generally around 20% to 25% of generation from 2008 to 2018, but with a notable drop to 13% in 2010 because of a large increase in hydro generation and steady natural gas generation. However, the share of coal generation is expected to drop as the government has committed to closing coal-fired power plants before 2030, and introduced a tax on coal based electricity generation in 2018 that will be progressively increased through 2023 (IEEFA, 2020[2]).

Portugal has taken action to reduce the environmental impact of the energy sector in recent years, by establishing several policies that aim to increase the use of renewable energy, improve energy efficiency, decrease energy import dependency and improve the economic sustainability of the energy system (OECD, 2020[3]).

In 2016, the Portuguese government committed to an emissions-neutral economy by the end of 2050, as a contribution to the Paris Agreement and in line with ongoing international efforts. It submitted its 2050 Carbon Neutrality Roadmap to the United Nations in September 2019 (Portugal Gov, 2020[4]) and its National Energy Climate Plan (NECP) 2030 to the European Commission in December 2019 (Portugal Energia, 2020[5]). The NECP 2030 is the main document that defines energy and climate policy for the 2021-2030 decade, in support of the Carbon Neutrality Roadmap.

In some instances, Portugal’s energy and climate policy goes beyond EU requirements. In line with Directive 2012/27 EU (Energy Efficiency Directive) (Union, 2012[6]), Portugal needed to reduce primary energy consumption by 20% by 2020 compared to 2007 (EC, n.d.[7]). A more ambitious 2020 target of a 25% reduction was subsequently adopted by Portugal (EC, 2017[8]), showing its commitment to transition to a greener economy.

One of the main objectives of the national energy policy is to reduce energy import dependency. Portugal has a high energy import dependency due to the lack of domestic production of fossil fuels, which cover most of the country’s energy demand. In 2018, Portugal’s import dependency was 85%, one of the highest levels among OECD countries (IEA, 2020[9]). However, the increasing level of domestic energy production coming from renewable energy is helping to reduce import dependency. In 2014, strong hydropower generation and the steady increase in wind generation reduced energy import dependency to a record low of 77%. From 2000 to 2008 energy import dependency averaged 89%. Thanks to renewable energy average import dependency from 2009 to 2018 was down to 83%.

Portugal’s markets for electricity and gas are liberalised and open for competition. However, previously state-owned energy companies continue to have large market shares. The privatisation and legal unbundling of the state-owned Electricidade de Portugal (now EDP S.A.) started in 1997. The EDP S.A. group has a large presence in Portugal through its subsidiaries, both in the electricity and gas markets. REN was a state-owned company that took ownership of the transmission network of the electricity market at the unbundling stage in 1997 and is currently privately owned.

Generation and wholesale market: EDP is the largest generator in the electricity wholesale market in Portugal and held a market share of 43% in 2018, in comparison to 52% in 2009 (Eurostat, 2020[10]). EDP also acts as an aggregating market participant for several hundred individual renewable energy generators with guaranteed tariff scheme under the national law, as the supplier of last resort through a subsidiary company with a separate brand (SU Eletricidade) that is regulated by ERSE. Market-based generation is not regulated by ERSE. The Iberian Electricity Market (MIBEL) is the integrated electricity market between Portugal and Spain. MIBEL has a common spot market operator (OMIE) and a forward market operator (OMIP).

Transmission: REN (Rede Elétrica Nacional), is the operator (TSO) of the National Electricity Transmission Network. It was certified by ERSE in 2015 as the TSO under a full ownership unbundling regime. As the TSO, REN is "responsible for the planning, implementation and operation of the national transmission grid, the related infrastructure, as well as all of the relevant interconnections and other facilities necessary to operate the national transmission grid” (IEA, 2016[11]).

Distribution: E-Redes (previously EDP Distribuição1, an EDP S.A. subsidiary) is the largest Portuguese distribution network operator (DSO) with more than 5 million customers. In addition, there are 10 more small distribution operators in the mainland that serve around 30 000 customers. The distribution activity in mainland Portugal is developed according to a public service concession regime at two levels: i) a single concession of the national distribution network at medium voltage (MV) and high voltage (HV) assigned by the state; and ii) the municipal low voltage (LV) concessions granted by the country’s 278 municipalities. The LV concessions have a term of 20 years ending at different times between 2016 and 2026. The majority will cease between 2021 and 2022. Their attribution must result from a public tender.

Retail markets: Portugal was expected to complete the liberalisation process in the retail markets for electricity and natural gas by the end of 2015, but the end of regulated tariffs has been extended2 to new deadlines.3

The liberalised market accounted for about 94% of total consumption in mainland Portugal in August 2019. Virtually all consumption of large consumers is on the liberalised market. For domestic consumers, liberalised market consumption is about 86% of the total segment. The liberalised market has consolidated its position, mainly due to the process of phasing out end-user regulated tariffs that, in January 2013, started to cover all the clients including household customers.

At the end of 2018 there were 29 free market agents, of which 26 served residential customers and small companies. Despite the growth of the liberalised market, overall market concentration remained high in 2018. The incumbent (EDP Group) retains a large market share at over 40% of supply in 2019 (Figure 1.4). EDP is also the supplier of last resort for electricity (regulated prices).

Since 2018, a new legislative provision allows electricity customers in the liberalised market to opt for the same end-user tariffs as the regulated transitional ones, to be offered by suppliers in the liberalised market. If their supplier does not participate in this new regime, customers can opt to be supplied by the supplier of last resort. However, this new regime did not have substantive effects in terms of the return of consumers to the supplier of last resort.

Gas supply and wholesale market: The Portuguese market is supplied through the interconnection with Spain and by the liquefied natural gas (LNG) terminal at the Port of Sines, based on long-term gas contracts. In 2018, approximately 62% of the natural gas supply was delivered by the LNG terminal.

Transmission: REN Gasodutos is the operator of the National Natural Gas Transmission Network. It was certified by ERSE in 2015 as the TSO under a full ownership unbundling regime. The TSO has the responsibility of preparing the assessment of the national natural gas system.4 Activities on the LNG terminal including reception, regasification and storage of liquefied natural gas are operated by REN Atlântico, a subsidiary of REN S.A. All these activities are performed through public service concession contracts awarded by the state.

Distribution: The gas distribution networks are operated by 11 DSOs,5 which operate in exclusive geographical areas through regional or local concessions or license agreements. Nine of these are fully or partially owned by GALP Energia SA.

Retail market: Currently, about 97% of natural gas consumption6 is in the liberalised market, representing about 1.2 million customers. Residential and SME consumers have until the end of 2025 to switch from a supplier of last resort, in an attempt to finalise market liberalisation.7 At the end of 2018, 12 suppliers were present, all serving customers with a consumption less than or equal to 500 m3/year. The biggest suppliers by number of customers as at February 2020 are: EDP Comercial (52%), GALP (24%), Goldenery (11%), Endesa (7%), Iberdrola (5%) (Table 1.1).

The common Iberian Electricity Market (MIBEL) is an initiative between the Portuguese and Spanish governments, aimed at better connecting the two countries’ electrical systems (Figure 1.5). This results in greater interconnection capacity available for commercial purposes (MIBEL, 2020[13]). The MIBEL Board of Regulators reflects its specificity as energy trading market and comprises energy and financial regulators from Portugal and Spain: ERSE and its Spanish counterpart (CNMC) for energy; the Portuguese Securities Market Commission (CMVM) and the Spanish Securities Market Commission (CNMV) on the financial regulation side.

REN, in its capacity as TSO, is responsible for the operation and technical capability of the grid, together with its Spanish counterpart, Red Eléctrica de España. The transmission grids in the two countries are integrated. Management capacity is approved by the MIBEL board under the harmonised action rules specific to Portugal and Spain as per European legislation,8 and any congestion is managed through a mechanism of market splitting.

Electricity producers can trade through MIBEL, in addition to bilateral contracts. MIBEL is structured as a spot and a derivatives market, with management provided by Operador do Mercado Ibérico de Energia (OMIE). The stock in OMIE is owned equally by the Portuguese and Spanish states, with divided responsibilities between the derivatives and spot markets respectively (Europex, 2020[14]). The derivatives market operates on a daily basis offering continual negotiation services for various derivate products9 and recording bilateral operations.10 On the spot market, participants execute transactions on the daily and intra-day market created through markets splitting in the Portuguese and Spanish sides of MIBEL (CNMC, 2019[15]).

The EU-wide target for the level of electricity interconnection is 10% by 2020 and 15% by 2030 (IEA, 2016[11]). This is on a favorable trend, reaching 89% of the 10% target in 2018. The interconnection has an important role in energy integration and in the enhancement of security of supply. It also constitutes an opportunity to integrate the renewable energy production surplus in the European market, thus maximising the Portuguese potential for electricity production based on renewables (EC Expert Group, n.d.[16]).

During the 2nd Energy Interconnection Summit, the Lisbon Declaration was signed between Portugal, Spain, France and the European Commission (EC, 2018[17]). The declaration aims to strengthen regional co-operation within the framework of the Energy Union, and to better integrate the Iberian Peninsula into the EU energy market.

For natural gas, there is limited interconnection in the Iberian Peninsula due to more limited infrastructure.

ERSE is the regulator for the downstream fuels market, which includes petroleum-based fuels, liquefied petroleum gases and biofuels (Figure 1.6). The downstream supply is dominated by GALP Energia, the only operator capable of refining crude oil and which is vertically integrated with direct involvement in the wholesale and retail levels of the market. Other operators (BP Portugal, Repsol, Cepsa and Prio) are present in the procurement, logistics and retail sectors.

The autonomous regions of Azores and Madeira have responsibility for their own energy policy. The Azorean Directorate for Energy and the Madeira Directorate for Economy and Transport are responsible for adopting European and national legislation in the regional context, as well as issuing their own regulations, that take into account specificities of each region so that the energy system is secure, accessible and sustainable even in the most remote islands of the archipelago. They are also responsible for the licensing of all energy-related installations, such as those of the local electricity companies, filling stations or gas networks (Azores Gov, 2020[18]) (Madeira Gov, 2020[19]).

The energy sector in the autonomous regions is not liberalised. Two public energy companies – Electricidade dos Açores (EDA) in the Azores (EDA, n.d.[20]) and Eletricidade da Madeira (EEM) in Madeira (EEM, n.d.[21]) – are vertically integrated organisations responsible for the production, acquisition, transmission and distribution of electricity in all the islands of each archipelago. There is no natural gas supply to end-consumers on the islands. They are subject to both ERSE and regional authorities’ regulation.

ERSE sets tariffs for regulated activities of electricity and natural gas, network access tariffs and end user regulated tariffs.

End-user tariffs for electricity and natural gas in Portugal are composed of three components: network access costs, energy and supply costs, and taxes:

  • network access costs comprise the fee set by ERSE and a second component, set by government in order to finance broader energy policies (such as cross-subsidies for the autonomous regions, subsidies for low-income households, feed-in tariffs for renewable energy, etc.);

  • energy and supply component is regulated by ERSE for the regulated transitional end-user tariffs, and set freely for the market suppliers; and

  • taxes are set by the Parliament.

Tariffs are set annually within a regulatory period that lasts three years for electricity and four years for natural gas. ERSE has the responsibility to approve the tariffs for both electricity and gas, and to publish and supervise compliance with the Tariff Codes. The codes establish the methodology used for calculating allowed revenues and tariffs and is preceded by public consultation.

As a consequence of the COVID-19 crisis, and for the purpose of providing stability and continuity to the electricity sector, ERSE extended the current 2018-20 regulatory period for the electricity sector until 31 December 2021.11 ERSE’s decision highlights that the current health crisis “entails such a dimension of unpredictability that, at this stage, it does not allow for the consistent definition of new regulatory goals and methodologies to take effect in a three-year horizon, i.e. in a new regulatory period” (ERSE, 2020[22]).

Tariff deficits represent shortfalls in revenues in the electricity or gas system, and result when tariffs for the retail electricity or gas price do not cover costs of generating (or delivering) electricity or gas to the final consumers. Portugal has a tariff deficit in the electricity market. Tariff deficits represent a mismatch between the integral electricity tariff (which should cover energy, network, taxes, levies, plus other costs) and the sum of corresponding costs incurred by energy utilities (IEA, 2016[11]). ERSE monitors the evolution of the tariff deficit and its impact on the economic sustainability of the electricity system.

Portugal’s tariff debt is decreasing yet nevertheless remains a concern (Figure 1.7). In 2015, Portugal had one of the highest tariff deficits among EU countries. This arose in the aftermath of the last financial crisis, and at the time, it was estimated at EUR 5 billion, or approximately 3.1% of GDP (IEA, 2016[11]).

European Union legislation frames Portugal’s energy policy (Box 1.1). EU policies in the energy sector are aimed at achieving a cohesive and integrated energy market, underpinned by competition in the generation, supply and distribution of energy. This policy framework is supported by a number of legislative pieces, the main one being the “Clean Energy for all Europeans” package, introduced in 2019, that seeks to promote the energy transition, to convey confidence to consumers and market agents, and establish clear regulatory rules (ERSE, 2020[12]). This legislative package follows the “Third Energy Package”, introduced in 2009, which looked at matters around unbundling,12 independence of regulators and cross-border co-operation (EC, 2019[23]).

The EU has set binding energy and climate targets for member countries to increase the share of renewable energy to 32%, and to reduce GHG emissions by 40% by 2030 (EC, 2020[24]). Countries must submit a 10-year National Energy and Climate Plan (NECP). Portugal’s NECP includes a target for renewable energy of 47% of the national gross final consumption by 2030 (EC, 2018[25]).

On the national level, Decree-Law No 29/2006, of 15 February serves as the fundamental electricity law of the country, which establishes the general basis for the organisation and operation of the national electric system. This is complemented by Decree-Law No. 172/2006 on the regulation applied to the activities of electricity production, transmission and distribution and trading, the organisation of the respective markets and the procedures applicable to the access to those activities.

Transmission and distribution contracts are awarded to concessionaires, while generation and supply activities are liberalised. To prevent vertical integration, generation, distribution and supply activities are unbundled and legal separation applies (except for distributors supplying fewer than 100 000 customers).

On electric mobility, several legislative packages have been published in the past years, which now define the legal framework of the sector. European Directive 2014/94/UE created the framework for the creation of an infrastructure in the EU so that dependence on oil and gas is minimised, and also the environmental impact of transport is reduced. Decree-Law No. 90/2014 established the legal regime of electric mobility, together with the rules for the creation of a pilot electric mobility network. This was complemented by ERSE Regulation No. 879/2015, which covered rules for the exercise of activities related to electric mobility, and Ordinance No. 231/2016 (ERSE, 2020[26]).

The expansion of the laws and regulations was in sync with practical developments in the sector, which saw a continuous extension of the non-commercial phase of the electric mobility network. As of April 2019, public charging points are integrated in the electric mobility network and the costs of such loading are charged to the user.

Decree-Law No. 30/2006, of 15 February is the fundamental gas law. ERSE retains responsibility for establishing the regulatory framework on access to natural gas infrastructure, including transmission system, distribution system, underground storage and LNG facilities. This is done through ERSE developed and enforced rules: code on access to the Natural Gas Network, Infrastructures and Interconnections (ERSE, 2019[27]). Further, third-party access to the gas infrastructure is offered on the basis of regulated access. ERSE sets the regulated tariffs that apply to them, and defines the methodology to calculate the tariffs in the Tariff Code.

In the oil sector, the main policy document concerns security of supply issues (the emergency plan for the mobilisation of oil reserves and petroleum products, so called PIURS was issued by the National Entity for the Energy Sector (Entidade Nacional para o Setor Energético, ENSE) in March 2019 (ENSE, 2019[28]). In addition, there was focus on the transposition of the European Commission Implementing Directive (EU) 2018/1581 of 19 October 2018 amending Council Directive 2009/119/EC as regards the methods for calculating stocks obligations, which was implemented in national legislation through by Decree-Law No. 105/2019 of 9 August. Furthermore, Decree-Law No. 69/2018 of 27 August, designated ENSE as the central stockholding entity in relation to stocks of oil and petroleum products, and added a number of responsibilities in terms of supervising and monitoring the energy sector.


[18] Azores Gov (2020), Portal, https://portal.azores.gov.pt/ (accessed on 4 December 2020).

[15] CNMC (2019), Comparative Study of MIBEL Prices (Spot and Forward) with other European Markets and their Relationship with the Internal Energy Market, https://www.cnmc.es/sites/default/files/editor_contenidos/Energia/Mibel/190703%20Resumen%20Ejecutivo%20Estudio%20Precios_EN_PUB.pdf.

[7] Commission, E. (ed.) (n.d.), Modelling tools for EU analysis, European Commission, https://ec.europa.eu/clima/policies/strategies/analysis/models_en#PRIMES (accessed on 4 December 2020).

[24] EC (2020), Energy policy: general principles, European Commission, https://www.europarl.europa.eu/factsheets/en/sheet/68/energy-policy-general-principles (accessed on 4 December 2020).

[23] EC (2019), Third energy package, European Commission, https://ec.europa.eu/energy/topics/markets-and-consumers/market-legislation/third-energy-package_en (accessed on 4 December 2020).

[17] EC (2018), Second energy interconnection summit: Lisbon declaration is signed, European Commission, https://ec.europa.eu/info/news/second-energy-interconnection-summit-lisbon-declaration-signed-2018-jul-27_en (accessed on 4 December 2020).

[25] EC (2018), Summary of the Commission assessment of the draft National Energy and Climate Plan 2021-2030: Portugal, European Commission, https://ec.europa.eu/energy/sites/ener/files/documents/necp_factsheet_pt_final.pdf (accessed on 4 December 2020).

[16] EC Expert Group (n.d.), Electricity interconnections with neighbouring countries, European Commission, https://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ec/145397.pdf.

[20] EDA (n.d.), Eletricidade dos Açores, https://www.eda.pt/ (accessed on 4 December 2020).

[21] EEM (n.d.), Empresa de Eletricidade da Madeira, https://www.eem.pt/pt/inicio/ (accessed on 4 December 2020).

[28] ENSE (2019), Documentação, https://www.ense-epe.pt/reservaspetroliferas/documentacao/ (accessed on 14 December 2020) (accessed on 4 December 2020).

[12] ERSE (2020), Annual Report on the Electricity and Natural Gas Markets in 2019, Portugal: Annual report submitted to the European Union, July 2020, https://www.ceer.eu/documents/104400/6959701/C20_NR_Portugal_EN.pdf/296a59a1-a18a-a5a3-70d0-73ceedb579b2.

[29] ERSE (2020), Annual Report on the Electricity and Natural Gas Markets in 2019: Portugal, https://www.erse.pt/media/4nopbgnn/relat%C3%B3rio-ce-2019_en.pdf (accessed on 2 December 2020).

[26] ERSE (2020), Gestão da mobilidade elétrica, https://www.erse.pt/atividade/regulamentos-mobilidade-eletrica/gestao-da-mobilidade-eletrica/ (accessed on 3 December 2020).

[22] ERSE (2020), Regulamento Nº 6/2020: Aditamento ao Regulamento Tarifário do setor elétrico, https://www.erse.pt/media/wenf52kc/regulamento-erse-6-2020.pdf (accessed on 2 December 2020).

[27] ERSE (2019), Regulamento de Acesso às Redes, às Infraestruturas e às Interligações, https://www.erse.pt/ebooks/regulamentos-manuais-guias/gas-natural/regulamento-acesso-as-redes-rarii-gn-abril-2019/ (accessed on 3 December 2020).

[14] Europex (2020), OMIE: Operador do Mercado Ibérico de Energia, https://www.europex.org/members/omie/ (accessed on 3 December 2020).

[10] Eurostat (2020), Market share of the largest generator in the electricity market: annual data, https://appsso.eurostat.ec.europa.eu/nui/show.do?dataset=nrg_ind_331a&lang=en (accessed on 3 December 2020).

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[9] IEA (2020), IEA World Energy Statistics and Balances, https://www.iea.org/data-and-statistics?country=WORLD&fuel=Energy%20supply&indicator=TPESbySource.

[11] IEA (2016), Energy Policies of IEA Countries: Portugal 2016, Energy Policies of IEA Countries, OECD Publishing, Paris, https://dx.doi.org/10.1787/9789264243637-en.

[2] IEEFA (2020), Portugal to replace last coal plants in 2023 with hydro power complex, https://ieefa.org/portugal-to-replace-last-coal-plants-in-2023-with-hydro-power-complex/ (accessed on 4 December 2020).

[19] Madeira Gov (2020), Governo Regional da Madeira, https://www.madeira.gov.pt/ (accessed on 4 December 2020).

[13] MIBEL (2020), Mibel Homepage, https://www.mibel.com/en/home_en/.

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[4] Portugal Gov (2020), Portal, https://www.portugal.gov.pt/pt/gc22 (accessed on 4 December 2020).

[8] Union, E. (ed.) (2017), Energy Union Factsheet Portugal, https://ec.europa.eu/commission/sites/beta-political/files/energy-union-factsheet-portugal_en.pdf (accessed on 4 December 2020).

[6] Union, E. (2012), Directive 2012/27/EU of the European Parliament and of the Council on energy efficiency, European Commission, https://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2012:315:0001:0056:en:PDF.


← 1. EDP Distribuição changed its trading name to E-Redes on 29 January 2021.

← 2. Portaria No. 83/2020 of 1 April. https://dre.pt/web/guest/pesquisa/-/search/130954976/details/normal?l=1 (accessed 17 September 2020).

← 3. The new timelines in relation to the liberalisation process are as follows:

  • for electricity medium voltage and special low voltage, the new deadlines are 31 December 2021 and 31 December 2022, respectively.

  • for natural gas, the deadline for low pressure consumers with consumption above 10 000m3 is 31 December 2022.

  • for electricity standard low voltage and natural gas low pressure (i.e. household consumers), the deadline is 31 December 2020 and 31 December 2025 respectively.

← 4. In accordance with the objectives and transparency requirements of Regulation (EC) 715/2009 of the European Parliament and of the Council of 13 July.

← 5. DSOs operating under regional concessions: Beiragás, Lisboagás, Lusitaniagás, REN Portgás, Setgás, Tagusgás. DSOs operating through local natural gas distribution licenses: Dianagás, Duriensegás, Medigás, Paxgás, and Sonorgás.

← 6. This figure does not include combined cycle power (CCGT) plants as customers.

← 7. According to ERSE ordinance 83/2020.

← 8. Commission Regulation (EU) 2016/1719 of 26 September 2016.

← 9. This includes: futures, forwards, swaps, and options on baseload, peak and solar profiles, with physical or financial delivery.

← 10. Over the counter (OTC) contracts

← 11. Regulation No. 6/2020.

← 12. The European directives provide for a departure from the vertical integration of energy companies, and instead propose a full unbundling of structures and functions. This is called ownership unbundling, i.e. independent operation and ownership of each of the energy system components: generation, transmission, distribution and supply. On the other hand, a number of operators have opted for legal unbundling. This allows for the structuring of activities under different legal entities with independent decision-making mechanisms, but nonetheless these entities can be owned by the same group.

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