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Through Decree-Law No. 100/2026 of 22 May (“DL 100/2026”), the Portuguese Government added new rules to Decree-Law No. 15/2022 (the framework law governing electricity generation and grid access in Portugal). The rules give holders of grid capacity access rights (títulos de reserva de capacidade or “TRCs”) more flexibility to manage how electricity is fed into the Portuguese Public Electricity Grid (Rede Elétrica de Serviço Público or “RESP”). A TRC is, in essence, the regulatory title that reserves a slice of grid injection capacity for a specific generation or storage project.

In practice, TRC holders can now trade all or part of their rights, change the generation or storage technology used in their projects, and reduce the connection capacity they hold.
DL 100/2026 came into force on 23 May 2026 and will apply until 30 June 2027. The detailed procedures, forms and rules still need to be set out in a ministerial order, which has not yet been published. Even so, the deadlines for using these new options have already started to run.

1. Key changes

Until now, the capacity allocated through TRCs followed a rigid set of rules. Once a TRC had been granted, project developers had little room to restructure projects, move capacity around or release unused injection rights.

DL 100/2026 addresses these constraints by giving TRC holders new options to:

• Split or consolidate TRCs;
• Waive allocated capacity;
• Transfer capacity to third parties;
• Amend generation technologies;
• Integrate storage or other complementary technologies; and
• Reduce capacity or amend interconnection points.

The main goal is to make better use of available grid capacity and unlock projects that were held back by the original terms of their TRC.

2. Who can benefit from the new mechanisms?

The new options are not open to every TRC holder. Which options a holder can use depends on how its TRC was originally granted under article 18 of Decree-Law No. 15/2022. That article provides three routes: general access (a standard application to the regulator), agreement with the RESP operator (i.e., with REN – Redes Energéticas Nacionais, the Portuguese transmission system operator) and competitive procedure (a public tender).

 In every case, these options cannot increase the total allocated capacity or extend the TRC's deadlines.

3. Reorganisation of TRCs

3.1. Split

The split option lets a TRC be divided into two or three separate titles, while keeping the same total allocated capacity.

The holder must apply to the Portuguese Directorate-General for Energy and Geology (“DGEG”), the national authority responsible for energy licensing and permitting, which will then ask the grid operator for a binding opinion. If approved:

(i) The original TRC ends;

(ii) New TRCs are issued;

(iii) The holder must provide a new guarantee within 10 days of notification; and

(iv) Any earlier guarantees are released five days after the new TRCs are issued.

A split also releases part of the capacity, which can later be transferred.

3.2. Consolidation

Consolidation lets two or more TRCs be merged into a single title, while keeping the same allocated capacity.

The new TRC keeps the date of the oldest title being consolidated, so the original deadlines cannot be extended indirectly.

The procedure is broadly the same as for a split.

3.3. Waiver

TRC holders may give up their title, in whole or in part, provided they apply before the production licence (the final operating permit issued by the DGEG once the project is ready to start commercial operation) is issued.

Applications must be filed with the DGEG, which has 30 days to decide. Approval has three immediate effects:

(i) The TRC ends, in whole or in part, depending on what was requested;

(ii) The released capacity immediately becomes available for others to use; and

(iii) The holder gets back 80% of the original guarantee, with the rest going to the Portuguese Electricity System.

Holders who apply by 22 June 2026 get the full guarantee back.

3.4. Swap

The swap option lets holders of TRCs granted under agreements with the RESP operator exchange their contractual positions by mutual agreement, where those agreements are with the same grid operator.

Applications must be submitted to the DGEG by 22 July 2026.

Once the request is received, the grid operator will review the proposed swap, giving priority to projects that are further along in the regulatory process, namely those holding:

(i) A production licence;

(ii) A favourable or conditionally favourable environmental impact assessment (a regulatory decision required for larger projects, under the EU EIA Directive as transposed into Portuguese law); or

(iii) A favourable or conditionally favourable environmental compliance ruling.

A swap cannot change the allocated capacity or extend the TRCs' deadlines.

3.5. Capacity transfer

TRC holders whose titles were granted under an agreement with the RESP operator may make part of their allocated capacity available for third parties to use in the future.

The holder must tell the DGEG that it intends to make capacity available.

Interested parties have 30 days to accept; otherwise, the request ends. Rejection of the agreement also ends the application.

3.6. Capacity allocation

Capacity made available through a transfer may be used to meet pending requests for agreements with the RESP operator that have not yet undergone a grid study.

Interested parties must file their allocation requests with the DGEG by 22 July 2026.

The amount requested cannot exceed the capacity in the application already registered with the DGEG.

If no application is filed by the deadline, the original request for an agreement may end.

3.7. Amendment of generation technology

This option lets holders change the generation technology originally planned, in whole or in part, while keeping the same overall allocated capacity.

The application must be filed with the DGEG. The change is recorded as an endorsement to the TRC, without issuing a new title.

The change only affects how the project is set up; the allocated capacity, licensing deadlines and TRC validity period stay the same.

3.8. Hybridisation

DL 100/2026 introduces reverse hybridisation: a complementary technology can start operating before the technology originally planned under the TRC is commissioned.

Unlike a technology change, hybridisation does not replace the original technology. It adds a new technology while keeping the original project set-up.

Applications must be filed with the DGEG and follow the licensing rules that apply to the additional component.

Even after the complementary technology starts operating, the original guarantee stays in place until the technology in the original project starts operating.

The rules on ending the TRC and on calling the guarantee in case of default still apply in full.

3.9. Partial reduction of capacity

This option lets holders partially reduce the capacity initially tied to the project, without necessarily reducing injection capacity by the same amount, provided the reduction is offset by storage or another generation technology.

The holder must identify both the planned reduction and the technology used to make up for it.

In all cases, the reduction is subject to these limits:

(i) It may not exceed 20% of the TRC's initial capacity; and

(ii) Charging the associated storage units from the RESP may not exceed 25% of the reduced capacity.

3.10. Amendment of connection point

This option lets holders request a change to the connection point of the project covered by the TRC.

Applications must be submitted to the DGEG by 22 July 2026.

The grid operator must carry out a technical assessment, and the change is recorded as an amendment to the TRC.

No extra guarantee is required, and the TRC's deadlines stay the same.

4. Deadlines

The options under DL 100/2026 come with fairly short windows for action. TRC holders should quickly decide whether they want to use any of them.

5. Final remarks

DL 100/2026 responds to a clear and well-known market need. Being unable to adapt renewable energy projects after a TRC was granted had become a serious obstacle to growth in the sector. Options like transfer, split and swap may unlock capacity that would otherwise stay unused.

The market reaction to DL 100/2026 has been positive overall. In particular, the option to hybridise projects with storage stands out as one of the most important changes, at a time when solar generation increasingly takes place during periods of very low or even zero market prices. In some cases, adding battery storage may be decisive in keeping or restoring the economic viability of renewable energy projects.

Likewise, being able to split large-scale projects may have major practical effects, letting developers adapt the original investment structure and making it easier to obtain favourable environmental decisions where project size had previously been an obstacle.

That said, there are still doubts about how effective these measures will be in practice. Although DL 100/2026 brings in changes that the market has long called for, some participants think its impact on actual project delivery may turn out to be limited. For example, whether splitting a project makes economic sense will often depend on how much of the economies of scale are lost in the process. The new rules may also add regulatory complexity, especially where developers try to combine several options within a single project.

Some structural issues are also still unresolved. Putting options such as capacity transfer and allocation into practice still depends on secondary rules that have not yet been adopted. The framework is also set to apply only until 30 June 2027, which raises questions about how to handle procedures started but not finished during that period.

The overall direction is positive and the measures are, to a large extent, necessary. As is often the case, though, the real test will be in how they work in practice. Once the implementing ministerial order is published, we will look at the developments in more detail.

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Owing to its geography and the vicissitudes of history, Portugal has been a pioneer in communication infrastructures between Europe and the rest of the world. It was here that, in the XV century, the technologies were developed that made the oceans known and linked Europe to a world that had hitherto been known only through legend. From that moment on, the information obtained dispelled the legends, and the knowledge achieved brought the world closer together.

In the XIX century, the world accelerated once again: information was no longer transported by maritime mail and began to be transmitted through electrical impulses. At that time, despite not having developed any of these technologies, Portugal demonstrated an ability to be a pioneer in their adoption, which is why, a mere fifteen days after the worldwide debut of the first submarine cable, Portugal connected to this network. By then, all district capitals were already connected by telegraph through a network with over 1,600 km of lines .

In this second quarter of the XXI century, on the verge of yet another digital frontier, those who attended the various panels of the SIS 2026 summit last April were left with little doubt that Portugal and, generally speaking, the Iberian Peninsula, have a unique opportunity to become a central piece of this universe. Prosaically, one could say that it is a unique opportunity to add the role of an infrastructure hub to its existing role as a picturesque backdrop for social media posts.

Naturally, apart from its strategic location at the crossroads of the Atlantic and Mediterranean corridors, the new centrality of the peninsula will be driven by two crucial vectors: the exponential growth of artificial intelligence (AI) and the abundance of renewable energy. This, however, is not enough. Conceptually, digital infrastructures are more akin to a bicycle wheel, with its hubs, spokes, and rims, than to interconnected isolated silos. In this ecosystem logic, a data centre without connectivity would merely be an expensive fridge, just as a submarine cable that does not serve data centres or have a capillary terrestrial network to connect to would serve no one.

Therefore, for Portugal, it is not enough to have twenty active or planned submarine cables connecting to sixty countries. It is imperative to guarantee robust terrestrial networks that ensure the capillarity of data connections, preventing the country from being reduced to a mere digital whistle-stop and enabling it to transform effectively into a relevant destination.
Consequently, the scale of the projects is undergoing a paradigm shift. If, a few years ago, the installed capacity of data centres in Portugal was measured in megawatts, the market is now openly discussing gigawatt projects. This change, recognised by network operators, is reflected upstream in the very management of energy infrastructure: where there used to be mere estimates of capacity reserve in the electrical grid for data centres, today there are firm orders and large-scale supply contracts.

The dimension of sustainability and energy autonomy has gained unexpected acuity in the face of current geopolitical events. In this context, once again, the Iberian Peninsula presents unique conditions within the European Union, with Portugal recording, in 2025, 68% of its consumption secured by renewable energies, and Spain approaching with a respectable 56% both countries maintaining the goal of exceeding 85% by 2030. Furthermore, energy costs for non-domestic consumers are around 25% lower than the European average, which constitutes a critical advantage for electro-intensive industries.

National geography also allows for the use of more efficient cooling systems, using seawater or the reuse of residual heat, reducing environmental impact and aligning the sector with the energy transition.

Parallel with the Atlantic and Mediterranean corridors, the Africa-Europe axis deserves attention, with the Medusa and Nuvem cables joining the three recently connected to Portugal in the coming years. The growth potential of the African continent is estimated at 5.5 times the current capacity, redesigning traffic between continents to guarantee greater reliability and redundancy, to avoid geostrategic bottlenecks such as that of the Red Sea.

In short, the window of opportunity for the Iberian Peninsula exists, but it requires agility to avoid the flight of investment to Northern or Central European markets. Success will depend on the capacity to transform the current volume of planned projects into tangible realities.

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INTRODUCTION

A loan agreement is an agreement whereby a lender, in many cases a bank, agrees to provide a loan to a borrower. Lenders extends to the borrower an amount of money, while the borrower commits to repay the borrowed monies at the specified time or times and pay the interest accrued over the principal amount.

Loan agreements can be documented in relatively simple documents that provide only the essential terms, such as the borrowed amount, the maturity and the interest rate. However, most loan agreements are more elaborate and complex documents whose terms depend on, among other things, the purpose of the loan, the amounts borrowed, the creditworthiness of the borrower, and the existence or not of collateral.

Several international models of loan agreements may serve as the basis for drafting loan agreements. The Loan Market Association ("LMA") model is designed to provide standardised documentation for various types of loan transactions. Widely adopted in the European syndicated loan market, it serves as a common framework for financial transactions across multiple jurisdictions. Another relevant international model is the Loan Syndications and Trading Association ("LSTA") model, which is extensively employed in the United States. Specifically designed for syndicated loan transactions, it is recognised as a key standard in the U.S. loan market.

In this paper we review the "loan and purpose of the loan" clause of a typical international commercial loan agreement.

This is the first of a series of articles reviewing the key terms of international loan agreements. Subsequent papers will cover:

1. utilisation of the loan and conditions precedent;
2. interest, interest rates and market disruption;
3. representations and warranties;
4. positive and negative covenants;
5. financial covenants;
6. events of default and acceleration;
7. assignment and transfer;
8. remedies and waivers; and
9. governing law and dispute resolution.

1. THE "LOAN" CLAUSE

There are three basic types of loan agreements depending on how the loan is advanced to the borrower:

(a) term loans, where the lender advances the loan in its entirety upon satisfaction of the conditions precedent;

(b) loan facilities, where the lender agrees to provide a maximum amount of credit to the borrower (the facility), which the borrower can draw as needed; and

(c) revolving loan facilities, where the borrower can draw funds up to the facility limit, repay the utilised amounts, and draw again as needed.

Loans can have a repayment schedule of more than five years (long-term loans), a term between one and five years (medium-term loans) or a term of less than one year (short term loans).

Bridge loans are a typical form of short-term loans, which serve to "bridge" the gap between the purchase of the asset and the obtention of funds from another source, such as the sale of another asset, an equity investor or a longer term financing. Bridge loans are often used in real estate transactions or acquisition finance to provide quick access to capital while longer-term finance is being negotiated. Bridge facilities may include a "term-out" option, under which, if the borrower does not draw the facility by an agreed date, the loan will be automatically converted into a longer-term loan, typically at a higher margin, giving the lender an increased return commensurate with risk of extending the term, while the borrower obtains the certainty that funding will be available.

Loans and loan facilities may be secured or unsecured, depending on the presence or absence of collateral arrangements.

Loans can be bilateral or syndicated. A bilateral loan is made by a single lender to the borrower. A syndicated loan is made by several lenders acting together under the same loan agreement, with an agent, who may be one of the lenders or a third party, administering the loan on behalf of the syndicate. Syndication allows lenders to share the credit risk and provide larger loan amounts than a single lender would wish to commit. The LMA and LSTA models are primarily designed for syndicated transactions but can be easily adapted to bilateral loans by deleting the provisions that do not fit and changing those that assume multiple lenders. However, in some cases, it may be advisable to keep the syndicated loan wordings because the single lender may wish to syndicate the loan at some point in the future. Agency provisions per se and other provisions typical of syndicated loans do not affect bilateral loans, they simply do not apply but make the document more complex.

Lenders may extend committed or uncommitted facilities. Under committed facilities, lenders are bound to advance funds up to the agreed limit with the borrower paying a commitment fee on the undrawn portion of the facility. Under uncommitted facilities, lenders are not obligated to extend the loan and may refuse drawdown requests or cancel the facility; costs for borrowers are lower and are not subject to the same capital requirements for banks. Committed facilities are typical in project and acquisition finance, while uncommitted lines are more suited for working-capital and overdraft arrangements.

SUGGESTED CLAUSE

Loan
The Lender agrees to advance to the Borrower, subject to the terms and conditions of this Agreement, a [term loan / loan facility / revolving loan facility] in the aggregate principal amount of [Loan Amount], to be advanced [in a single drawing on the Utilisation Date / in one or more drawings during the Availability Period]. [FOR REVOLVING FACILITIES: The Borrower may draw, repay and redraw amounts under the facility, provided that the aggregate principal amount outstanding at any time shall not exceed the Facility Amount.]

2. THE "PURPOSE" CLAUSE

In general, the loan agreement will indicate the purpose of the loan, that is, where the borrower will apply the amounts borrowed. This is because the lender has agreed to provide money for a specific purpose, and if the borrower uses it for anything different, the loan's risk profile may increase.

The purpose of the loan will determine the type of financing, the structure and mechanics of the loan and collateral provided by the borrower which can broadly be characterised as follows:

(a) corporate finance, which includes loans advanced to corporations to finance their regular operations or to refinance existing debt;

(b) asset-based finance, where the borrower gives assets as collateral, such as property, account receivables, inventory, or equipment;

(c) project finance, which includes loans advanced to finance specific projects, such as infrastructures and other government-backed projects under public/private partnership schemes ("PPP"), design, build, finance and operate ("DBFO"), etc. These schemes are used for the construction of roads, hospitals, power plants, etc. Private projects may also resort to project finance structures which aim to limit the liability of the project sponsor to the project's assets owned by the project company (a special purpose vehicle incorporated to develop the project). Privately led projects include oil and gas, wind and solar farms, mining, real estate development, etc.; and

(d) leveraged buy-outs ("LBO") and acquisition finance, where a company uses debt to purchase another company and the financing is secured with, among other things, a pledge of the acquired company's shares. The acquiring company takes on significant debt to finance the transaction secured by the acquired asset, hence the use of the term "leveraged".

In more recent times, we have seen a rise in green loans where proceeds must be applied to eligible environmental projects directly affecting the purpose clause. Some corporate loans may also be linked to sustainability criteria, where the margin is adjusted up or down against agreed sustainability performance targets, following recognised standards like the Green Climate Fund ("GCF") guidelines and International Capital Market Association's ("ICMA") Green Bond Principles ("GBP").

Stating the purpose of the loan may be necessary for the lender to control how the loan will be spent and ensure it will not be used for reckless or unlawful reasons. The goal is also related to the internal credit assessments and approvals to be obtained by the lenders.

In this regard, the purpose of the loan is relevant in assessing the risk of the transaction. The lender needs to know whether the borrower intends to use the borrowed amounts for, for example, acquiring equipment or shares in a company, refinancing an existing debt, or simply for treasury support, as each of these purposes may entail a different risk.

For these reasons, the borrower must ensure that the purpose stated in the agreement corresponds exactly to the intended purpose. Therefore, if the borrower wishes to use the loan for general purposes, such as working capital, in addition to the specific needs that lead it to seek the financing, it must ensure that this is stated in the agreement, so that the use of funds is not called into question in the future.

The use of funds for a purpose other than the agreed one will constitute a breach of contract, which may, depending on the loan terms, constitute an event of default entitling the lender to cancel undrawn facilities, accelerate the loan and enforce the security given by the borrower under the security documents.

Although the purpose of the loan or facility is not generally a legal requirement, the purpose of the borrowed amounts may not be irrelevant to the lender's decision to enter into the contract, as the risk assumed depends on how the loan will be used.

The purpose clause serves also to monitor compliance with local and international anti-money laundering ("AML"), anti-corruption and sanctions regimes, as banks are required to carry out diligent investigations on the borrower's conduct, activity and operations under the EU AML directives, international standards and local banking laws.

It is equally important to note that, although the borrower undertakes to apply the loan for the stated purpose, the lender is generally not obliged to monitor how the funds are used by the borrower. This position, reflected in the suggested clause at the end of this article, reduces the lender's operational obligations and its exposure to claims that it had an obligation to scrutinise the borrower's application of the proceeds. The compliance risk lays mostly with the borrower.

3. CONCLUSION

The loan clause, which specifies the amount of the loan, together with the obligation to repay it, constitute the essence of the loan agreement. In turn, the purpose clause puts limits on what the borrower can do with the borrowed amounts. Other clauses in typical commercial loan agreements (i.e. the conditions precedent, the representations and warranties, the covenants, the events of default) are directly or indirectly linked to the type of loan and the purpose clause, insofar as they reflect the borrower's and the transaction's risk profile and can justify the various constraints imposed on the borrower.

In the last decade, the importance of the purpose clause, historically seen as less important, has increased significantly. Sanctions, anti-money laundering and anti-corruption regimes and green and sustainability-linked financing are changing lenders and legal advisors approach to the purpose clause.

SUGGESTED CLAUSE

Purpose

The Borrower agrees that it will use all amounts advanced to it strictly for the purposes set out in this clause and that it will not use the whole or any part of any advances made to it in contravention of any applicable law.
The Borrower shall not, directly or indirectly, apply any proceeds of the Loan, nor lend, contribute or otherwise make them available to any subsidiary, affiliate or other person, (i) for the benefit of any person who is the target of economic or financial sanctions imposed by the United Nations, the European Union, the United Kingdom or the United States, or any other sanctions regime applicable to the Borrower or the Lender, or (ii) in any manner that would result in a breach by the Borrower or the Lender of applicable anti-money laundering, anti-corruption or sanctions laws.
Without prejudice to the obligations of the Borrower to apply the Loan for the purpose specified in this clause, the Lender shall not be under any obligation to concern itself with the application of the Loan.

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Law no. 12-A/2026, published on 15 April 2026, implements the EU Digital Services Act (“DSA”) in Portugal.

The statute sets out the national framework and implements the obligations of intermediary service providers under the DSA.

• ANACOM designated as Digital Services Coordinator, with supervisory, investigative and enforcement powers;
• Providers must act against illegal content and comply with orders from judicial and administrative authorities;
• Compliance commitments available as an alternative route to avoid or suspend infringement proceedings;
• Fines of up to 6% of annual worldwide turnover, proportionality criteria govern the determination of sanctions in individual cases; and
• Providers not established in Portugal are subject to the law where their services are directed at the Portuguese market.

Digital Services Regulation

The DSA establishes a harmonised framework of rules for digital intermediary services across the European Union. Its objectives are to strengthen online safety and to create a more transparent and accountable digital environment. As an EU regulation, it is directly applicable in all Member States without requiring national transposition.

The DSA applies to providers of intermediary services, including data transmission, caching and hosting, that offer their services to recipients located in the Union, irrespective of where the provider is established or incorporated.

Its principal obligations include requirements to remove illegal content, to implement notice-and-action mechanisms, to enhance transparency in content moderation and online advertising, and to prohibit practices such as the profiling of individuals based on sensitive personal data for advertising purposes.

General framework

Law no. 12-A/2026 ensures the effective domestic application of the DSA in Portugal. It identifies the competent national authorities, defines their respective powers and establishes coordination mechanisms between national bodies and EU institutions.

On the substantive side, the law specifies the obligations of service providers, in particular as regards action on illegal content and cooperation with public authorities, and sets out the requirements applicable to orders issued by competent authorities.

From an enforcement perspective, the law provides for administrative fines of up to 6% of global annual turnover, periodic penalty payments and, in serious cases, the possibility of seeking temporary access restrictions through the courts.

Competent authorities and institutional structure

The law designates ANACOM as Portugal's Digital Services Coordinator. In that capacity, ANACOM is responsible for supervision, enforcement and coordination with the European Commission, the European Board for Digital Services and counterpart coordinators in other Member States.

Two further authorities hold sector-specific competences:

• The Regulatory Authority for the Media (ERC) oversees matters concerning media content and advertising transparency; and
• The National Data Protection Commission (CNPD) supervises compliance with rules on personal data, including those applicable to targeted advertising and the protection of minors.

This tripartite structure reflects the cross-sectoral scope of the DSA and the existing division of regulatory competences under Portuguese law.

Obligations of intermediary service providers

Providers of intermediary services, including hosting services, online platforms and marketplaces, must comply with orders issued by judicial or administrative authorities. They are required to act against illegal content and to provide information concerning the recipients of their services when lawfully requested to do so.

Orders addressed to providers must satisfy a number of conditions: they must be duly reasoned and proportionate, territorially scoped, subject to defined time limits and must clearly identify the available means of challenge. These safeguards apply regardless of whether the order targets content, conduct or user identity.

These obligations extend to providers not established in Portugal where their services are directed at recipients in the national territory.

Supervisory, investigative and enforcement powers

As Digital Services Coordinator, ANACOM holds broad investigative and enforcement powers. It may request information, conduct inspections, issue cease-and-desist orders and impose corrective measures.

Requests for information must be duly reasoned and must provide for a minimum response period of ten working days. Addressees are required to respond fully and within the stated timeframe.

Compliance commitments. The law allows providers to offer compliance commitments – voluntary measures designed to remedy or prevent non-compliance with the DSA. When accepted by the competent authority and effectively implemented, such commitments may prevent the opening of infringement proceedings or lead to their suspension. This mechanism offers a structured route for providers to engage proactively with regulators and resolve concerns without formal enforcement action.

Interim and judicial measures. In cases of serious and persistent non-compliance, ANACOM may apply to the courts for temporary measures restricting access to services or interfaces. ANACOM may also impose provisional measures of its own initiative where there are indications of an infringement and a risk of serious harm pending final determination.

Administrative offences and sanctions

The law introduces a comprehensive set of administrative offences, aligned with the DSA, spanning content transparency, content moderation, online advertising, recommender systems, protection of minors and user redress mechanisms. Negligent conduct is expressly punishable.

While the statutory maxima are high, the law expressly requires sanctions to be calibrated in accordance with proportionality criteria, including the gravity and duration of the infringement, the degree of fault, the economic capacity of the infringer and the number of users affected.

Maximum penalties will in practice arise only in cases of repeated or deliberate non-compliance or where a provider has failed to cooperate with the competent authority. The imposition of sanctions does not discharge the obligation to bring the infringement to an end.

Impact on market players

The practical implications of the new regime differ considerably depending on the nature and scale of the provider.

Large platforms face the greatest regulatory exposure, subject to higher fines and more demanding governance requirements, particularly as regards transparency, algorithmic accountability and crisis response protocols.

SMEs and small platforms face lower financial risk in practice, given the proportionality mechanism built into the sanctions framework. Their main compliance burden lies in formalising procedures: clear terms and conditions, basic content moderation rules, functional complaint mechanisms and the capacity to respond to authority requests within prescribed deadlines.

Marketplaces and e-commerce intermediaries face strengthened obligations as regards trader traceability, the suspension of non-compliant traders and the provision of information to consumers.

Advertisers and ad-tech operators must comply with stricter requirements regarding advertising transparency, audience targeting and the protection of minors from behavioural advertising.

Conclusions

Law No 12-A/2026 consolidates the Portuguese legal framework for digital services and gives operational effect to obligations already applicable under EU law. It clarifies the institutional architecture, assigns supervisory responsibilities and provides enforcement tools proportionate to the scale and nature of the operator concerned.

For businesses, the practical priority is ensuring that internal procedures are adequate to respond to requests from ANACOM and other competent authorities within the prescribed timeframes. Failure to cooperate is itself an offence under the new regime, making compliance readiness the immediate operational concern.

For users, the law reinforces existing EU protections and provides clearer procedural routes for challenging illegal content.

The effectiveness of the regime will ultimately depend on how authorities calibrate enforcement in practice. A measured, risk-based approach can contribute to a safer and more transparent digital environment; an excessively formalistic or disproportionate application risks generating significant compliance costs, particularly for smaller operators that lack the legal and technical resources of their larger competitors.

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On 19 March 2026, the Portuguese Minister’s Cabinet approved a legislative package with a significant impact on the national energy market, combining the transposition of European obligations with initiatives aimed at attracting investment and accelerating renewable energy projects.

These new regulations, not yet enacted, pursue several key objectives, namely:

(i) reducing dependence on fossil fuels;
(ii) addressing the growing geopolitical and energy price volatility evidenced by recent shocks in international markets; and
(iii) removing barriers to investment by simplifying permitting procedures for renewable projects, promoting self-consumption, reducing grid connection costs for renewable gases, and increasing flexibility in access to electricity grid capacity.

They arise in a context of strong growth in the renewable energy sector — which accounted for approximately 68% of electricity consumption in 2025 — but also of structural limitations in grid connection, on both the generation and consumption sides. This confirms that the sector’s main challenge no longer lies in the ambition of its targets, but in the ability to deliver them.

1. Streamlining of renewable projects and strengthening consumer protection

Renewable Energy Acceleration Areas (Zonas de Aceleração das Energias Renováveis - ZAER) are introduced, where permitting procedures will be faster and more streamlined. This is a direct response to a well-known issue — lengthy licensing processes — which remains one of the main bottlenecks to the development of new projects.

On the consumption side:

(i) self-consumption installations up to 800 W are expected to be exempt from prior control, removing a layer of administrative burden that is not justified for small-scale systems;
(ii) suppliers with more than 200,000 customers will be required to offer fixed-price contracts with a minimum duration of one year, introducing greater predictability into a highly volatile market;
(iii) the announced protection regime for households and SMEs in situations of electricity price crises may allow suppliers to set prices below cost, effectively acting as a safety net during periods of sharp price increases;
(iv) limitations on disconnection for economically vulnerable consumers during critical periods, as well as the obligation to offer payment plans in cases of arrears exceeding 60 days, tailored to consumers’ financial situation and with implications for limitation periods.

2. Development of biomethane and hydrogen

The Government proposal reduces a major cost barrier for biomethane and other renewable gas projects by having the National Gas System cover part of their connection costs to the public gas network. This measure aligns with the Biomethane Action Plan 2024–2040 and the Portuguese National Hydrogen Strategy.

By shifting—even partially—the connection costs to the system, the financial profile of these projects changes significantly, lowering upfront investment needs and easing access to financing.

However, although cost?sharing is helpful, it is not enough on its own to ensure the long?term growth of this sector. Its success will still depend on clearer regulation and market conditions that make projects competitive.

3. Greater flexibility in access to electricity grid capacity

A temporary regime, in force until 30 June 2027, will make the management of Capacity Reservation Titles (TRC) more flexible by allowing capacity to be split, aggregated, exchanged, transferred, partially surrendered, and by permitting technological changes to related projects. This seeks to address a central problem in the sector: limited grid capacity and the large number of TRC?holding projects that cannot progress due to technical, financial or market constraints. Allowing capacity to be reconfigured and transferred should help redirect it toward more mature, execution?ready projects, improving the use of existing infrastructure.

Overall, the measure aims to introduce greater flexibility into a system that has struggled with grid?capacity bottlenecks, bringing it somewhat closer to a market?based model. However, its impact will depend heavily on implementation—especially the rules for capacity transfers and trading—and on preventing speculative behaviour or distortions in how capacity is redistributed.

4. Final remarks

The package of measures now announced targets real constraints in the sector — permitting, connection costs, grid access and demand growth — and is broadly aligned with the needs identified by the market.

Recent experience shows that the sector’s main challenge lies not in defining policies or identifying solutions, but in their effective execution, often dependent on subsequent regulation and lengthy administrative procedures.

In this context, the way in which these new instruments are implemented will be decisive, particularly regarding the regimes applicable to the ZAER, the operationalisation of TRC flexibility, and the support mechanisms for renewable gases. Otherwise, the structural constraints that have hindered the sector’s development may persist.

The signals are positive and the announced legislative package is, to a large extent, necessary. The real test will be, as always, their ability to deliver tangible results. Once the new legislation is enacted, we will publish a more detailed analysis.

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Portugal has launched a new call for applications under the Recovery and Resilience Plan (PRR) to support investments in battery energy storage projects (BESS) co-located with renewable energy power plants.

The new support scheme has a total budget of €60.25 million and may cover up to 20% of eligible project costs.

Applications must be submitted by 8 April 2026.

1. Eligible Projects

The call supports the installation of battery energy storage projects associated with renewable power plants. To qualify, storage projects must:

(i) Have a minimum inverter capacity of 1 MVA;
(ii) Be able to charge and discharge at full capacity for at least two hours; and
(iii) Be connected to the same grid connection point as the associated renewable generation facility.

In addition, at least 75% of the electricity used to charge the storage project must originate from the associated renewable plant and charging from the grid is only allowed under the conditions defined by the relevant grid operator.

Storage projects associated with small-scale generation units (UPP) or self-consumption generation units (UPAC) are not eligible. Projects without a direct connection to the public electricity grid are also excluded.

2. Applicants

The call is only open to companies whose corporate purpose includes the generation of electricity from renewable sources.

Storage projects may be linked to renewable power plants that are already in operation or still under development, provided that the relevant plant holds at least one of the following regulatory titles:

(i) A grid capacity reservation title (Título de Reserva de Capacidade – TRC);
(ii) A Production license; or
(iii) An Operation license.

Applicants must also provide evidence that they are in compliance with their tax and social security obligations and have sufficient financial capacity to carry out the investment.

3. Financial Support

Support is granted in the form of a non-repayable grant, subject to the following thresholds:

(i) Up to 20% of the eligible project costs; and
(ii) A maximum of €30 million per company and per investment projects.

Eligible costs include those directly related to the installation of the storage project, such as, purchase and installation of the batteries, construction of the required infrastructures and control and energy management equipment.

4. Evaluation Criteria

Projects will be ranked based on merit criteria.

One of the key factors considered is whether the project is located in grid areas identified as priority locations for energy storage deployment. The call identifies several transmission and distribution substations where storage is considered particularly beneficial for system management. Examples include Alqueva (Vidigueira), Castelo Branco, Sines (Santiago do Cacém), Fundão, Santarém and Tavira in the transmission network, and Alfarelos (Soure), Aljustrel, Coruche, Lousada and Vendas Novas in the distribution network.

Other factors taken into account include:

(i) Project maturity, with higher scores for storage projects associated with renewable plants already in operation; and
(ii) The applicant’s experience in operating energy storage facilities within the European Union.

5. Award and payment

The decision on the projects is expected to be announced within 45 days after the application deadline.

If a project is approved, the beneficiary must sign a Grant Acceptance Agreement with the Environmental Fund (Fundo Ambiental), setting out the conditions of the grant and the implementation schedule. The call provides for three payment methods:

(i) Initial advance: up to 40% of the approved grant, subject to the provision of a bank guarantee be the beneficiary;
(ii) Reimbursement payments: during project implementation, based on invoices and proof of payment submitted by the beneficiary;
(iii) Final payment: after completion of the project.

Projects must begin implementation within six months of signing the Grant Acceptance Agreement and must be completed within 24 months. These deadlines may be extended by the Environmental Fund on duly justified grounds.

Failure to comply with the implementation conditions may result in the reduction, suspension or cancellation of the grant, as well as the repayment of amounts already received.

6. Application

Applications must be submitted until 8 April on the Environmental Fund’s online platform including, among others, the following documents:

(i) Application form;
(ii) Corporate registration certificate and beneficial ownership information;
(iii) Project description;
(iv) Grid connection title (TRC, production licence or operation license);
(v) Technical documentation and cost estimates for the investment;
(vi) Financial statements and tax and social security compliance declarations; and
(vii) Proof of registration in the Balcão dos Fundos and SIGA public funding platforms.

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The Authority for Working Conditions (“ACT”), the administrative authority responsible for overseeing compliance with labour legislation in Portugal, recently announced the main inspection actions scheduled for 2026.

The inspection priorities will focus primarily on the following areas:

• Misclassification of contractual relationships
• Private security
• Equal pay between women and men

These initiatives are intended to address irregular practices such as bogus self-employment arrangements, undeclared work and pay disparities, while promoting greater transparency and compliance with Portuguese labour legislation.
National companies, as well as foreign companies operating in Portugal, should therefore prepare for these inspection priorities.

1. Misclassification of the Contractual Relationship

Irregular contractual arrangements in Portugal remain one of the most significant infringements in the labour market, with a clear and detrimental impact on employees and their working conditions.
ACT will assess the legality of contractual arrangements in Portugal involving bogus service agreements and all forms of undeclared or under-declared work, including sham internships and fictitious volunteering arrangements. This scrutiny will also apply where the service provider operates as a sole trader or through a single-member company.
The inspection priorities will also target the improper use of fixed-term employment contracts and temporary agency work arrangements.

2. Private Security

According to information published by ACT, as of early 2026 approximately 80 companies were authorised to conduct private security activities in Portugal, employing an estimated 48,000 employees in the sector.

As this is considered one of the most challenging sectors in terms of compliance with Portuguese labour legislation, ACT published, at the end of 2025, a Guide on its website entitled Private Security.
This Guide sets out a series of rules that companies must comply with, notably in relation to:

(i) employment contracts (how they must be concluded; required form; documentation and formalities to be observed);
(ii) wages and other remuneration (applicable amounts; rules on the payment of remuneration; allowances and supplements payable to employees);
(iii) working time (maximum daily and weekly limits; possibility of adjusting applicable limits; rules on overtime work);
(iv) annual leave (number of leave days in the year of admission and the standard annual leave entitlement);
(v) absences (absences that do and do not result in loss of pay);
(vi) parental rights (leave and exemptions); and
(vii) employees’ duties.

In the first quarter of this year, ACT will monitor compliance with this Guide.

3. Equal Pay between Women and Men

In 2025, ACT launched a large-scale inspection action, notifying approximately 4,000 companies to submit their respective “Pay Gap Assessment Plans”.

With regard to the companies notified in 2025, the 12-month period for implementing the Plan is currently underway. At the end of this period, companies must report to ACT on the outcome of the Plan´s implementation, identifying which pay differences are justified and which are not.

This inspection action, to some extent, anticipates the transposition of the EU “Pay Transparency” Directive (Directive (EU) 2023/970), which must be implemented by 7 June 2026. The Directive introduces several key measures aimed at strengthening equal pay, notably:

(i) Companies must apply the principle of “equal pay for equal work or work of equal value”;
(ii) Job applicants are entitled to receive information about their pay, and employers must not inquire about their current or previous salary history;
(iii) Employers must ensure easy access to the criteria used to determine pay, pay levels and pay progression;
(iv) Employees have the right to receive information about their individual pay level and about average pay levels, broken down by sex, for categories of employees performing the same work or work of equal value;
(v) Employers must report to the State on the median gender pay gap, including in relation to complementary or variable components of remuneration;
(vi) Employers must conduct a joint pay assessment with employees representatives whenever there is a difference of at least 5% between the average pay levels of female and male employees that cannot be objectively justified;
(vii) Employees, as well as their representatives, may initiate legal proceedings in cases of pay discrimination and must be protected against retaliation for doing so.

It is for companies to demonstrate compliance with their respective plans and, above all, to prepare to implement models and mechanisms capable of preventing gender-based discrimination and ensuring compliance with the Directive.

In Portugal, the Pay Transparency Directive has not yet been transposed into national law and is expected to be implemented by June 2026.

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The Authority for Working Conditions (Autoridade para as Condições do Trabalho – “ACT”) has begun to use service by public notice in administrative offence proceedings whenever direct service by registered mail or electronic means is not possible. This practice allows statutory deadlines to commence without direct communication with the addressee and creates an increased risk for companies and employers, who should now regularly monitor the ACT’s online portal.

1. Background

As of 29 January 2026, the ACT has started to use service by public notice, published on its online portal, whenever service by registered mail with acknowledgement of receipt or by electronic means cannot be carried out. Although this procedural mechanism is expressly provided for in Article 8(3) of the procedural regime applicable to labour and social security administrative offences, approved by Law No. 107/2009 of 14 September, it had not been applied in practice until now. By activating this mechanism on a more regular basis, the ACT seeks to ensure the effective continuation of sanctioning proceedings, even where difficulties arise in locating or contacting the alleged offender.

2. Legal framework of service by public notice

Service by public notice, published on the ACT’s online portal, covers several relevant procedural acts, including offence reports issued in the context of inspection activities, complaints submitted by employees, trade unions or third parties, as well as final administrative decisions imposing fines or ancillary sanctions.

Such service is deemed to have been effected on the date of publication of the notice and produces legal effects after a three-day extension period. From that moment, the addressee has 15 working days to either make voluntary payment of the fine - generally benefiting from a reduced amount - or to submit a written defence, together with any available evidence, thereby exercising the right of defence and the adversarial principle.

In the absence of voluntary payment of the fine or submission of a written defence within the statutory time limit, the ACT continues and decides the proceedings on the basis of the elements contained in the case file, without holding a hearing or allowing for the production of additional evidence.

By resorting more systematically to service by public notice, the ACT overcomes frequent obstacles such as outdated addresses, prolonged absences or refusal to accept service, which previously delayed or prevented the conclusion of many administrative offence proceedings.

For companies and employers, this development - which does not alter the substantive regime of administrative offences or the legally established defence rights - results in a significant increase in the risk associated with the management of administrative offence proceedings. Service by public notice may go unnoticed, leading to missed defence deadlines and payment of the fine in full.

This practice does not stem from a legislative amendment, but it does make the ACT’s enforcement activity more effective and expeditious, reducing its dependence on the cooperation of the addressee. For companies, this requires closer attention to the regular consultation of the ACT’s online portal, the updating of available contact details and the adoption of internal preventive measures, such as appointing responsible persons for the receipt of notifications and ensuring regular legal monitoring.

In summary, in a context of increasingly active labour enforcement, the regular use of service by public notice reinforces the need for a preventive approach to managing administrative offence risk. Failure to monitor these procedural acts in a timely manner may have significant financial and reputational consequences, making it essential for companies to integrate monitoring of the ACT’s online portal into their labour compliance procedures and to secure timely legal support whenever they are involved in administrative offence proceedings.

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As was the case during the COVID-19 pandemic, a scheme of social support and simplified lay-off has now been created for the areas affected by storm "Kristin", which impacted Portugal.

1. FRAMEWORK

On 30 January 2026, a state of calamity was declared following the damage caused by storm "Kristin". Considering the meteorological events that followed, the state of calamity was extended on 1 February 2026.
Following the declaration of a state of calamity, some exceptional measures and support were defined to be granted to the most affected populations, which are divided into:

(i) Support for families in situations of need or loss of income;
(ii) Support for private social solidarity institutions and equivalent entities;
(iii) Exemption from payment of contributions to Social Security;
(iv) Simplified regime for reduction or suspension of activity in situations of business crisis; and
(v) Support in the field of employment and vocational training for dependent and independent employees.

II. Implementation of Support and Other Measures

Regarding the support measures of a labour nature, the following are noted:

A) Exemption from Payment of Social Security Contributions

An exceptional and temporary regime of total or partial exemption from the payment of social security contributions has been established, which cannot be combined with other extraordinary measures that serve the same purpose.
The regime ensures:

(i) Total exemption from social security contributions for a period of up to six months, extendable for an equal period, for activities directly affected by the declaration of the state of calamity; and
(ii) Partial exemption of 50% of the contribution rate borne by the employer for a period of one year for private, cooperative, and social sector employers who hire employees in a situation of unemployment.

The support corresponding to the total exemption applies to employers in the private, cooperative, and social sectors, contributors to the general social security regime, and to self-employed workers who have had their productive capacity reduced, namely due to the loss of facilities, land, vehicles, or other essential work tools necessary for operation.

The support has a duration of six months, extendable for an equal period, with the necessary condition for its granting being that the employer has its contributory and tax situation regularized with the Social Security and the Tax and Customs Authority at the time of the request.

The partial exemption applies to employers in the private, cooperative, and social sectors, contributors to the general social security regime, covering employees who are in a situation of unemployment due to reasons directly caused by the state of calamity.

The support has a duration of 12 months, extendable for an equal period.

Similarly to what happens with the granting of total exemption, the partial exemption also depends on the employer having its contributory and tax situation regularized with the Social Security and the Tax and Customs Authority; not being in a situation of delay in the payment of remuneration; having, on the date of submission of the application, a total number of employees exceeding the average number of employees registered in the immediately preceding 12 months.

To benefit from the total or partial exemption, the employer must apply through Social Security Direct, within a period of 30 days from 6 February 2026 for the total exemption, and within 15 days after the start of the employment contract or 15 days from 6 February 2026 for prior contracts, respectively.

B) Simplified Regime for Reduction or Suspension of Activity in a Business Crisis Situation (Lay Off)

An employer who can demonstrate that it is in a business crisis situation may resort to the regime of reduction or suspension of employment contracts ("Lay Off"), as provided for in articles 298 and following of the Portuguese Labour Code, with exemption from the obligations set out in articles 299 and 300 of the same Code.

For this purpose, an application must be submitted through the "gov.pt" website and Social Security.

In the application, the economic, financial, or technical grounds for the measure must be indicated; the staff framework, broken down by sections; the criteria for selecting the employees to be covered; and the number and professional categories of the employees to be included.

The existence of a business crisis situation shall be deemed verified upon submission of the electronic application by the employer.

However, the conditions declared may be subject to subsequent verification.

Employees covered by the simplified lay-off in companies affected by the Storms receive two-thirds of their gross salary, up to three times the national minimum wage (up to €2,760).

The remuneration can never be less than the national minimum wage (€920).

During the first 60 days, Social Security ensures 80% of the remuneration due to the employee, while the employer guarantees the remaining 20%. After this initial period, Social Security ensures 70%, and the employer 30%.

C) Support in the Field of Employment and Vocational Training for Employees and Self-Employed Workers

The Institute for Employment and Vocational Training, I.P. (IEFP, I.P.) may grant the following support measures:

• Extraordinary incentive for the maintenance of jobs

It constitutes an extraordinary financial incentive, granted for a period of three months, with the possibility of extension subject to assessment by IEFP, I.P., to private, cooperative, and social sector employers that demonstrate the need for such support in order to ensure the maintenance of jobs whose economic viability is expected to be affected as a result of the state of calamity, with a view to acting preventively against unemployment.
The incentive is intended solely to support the fulfillment of obligations relating to the payment of remuneration up to the amount of the worker's normal gross remuneration, minus the social security contribution, and it cannot exceed the value of twice the guaranteed minimum monthly remuneration, plus food allowance and transport support.

• Extraordinary Financial Incentive for Self-Employed Workers

This incentive consists of extraordinary financial support granted for a period of up to three months, with the possibility of extension, subject to evaluation by IEFP, I.P., for self-employed workers, to the extent that their income has been directly affected by the declaration of the state of calamity.
The beneficiaries of the support are employees of eligible employers who remain in their service and belong to establishments affected by the declaration of the state of calamity, as well as self-employed workers whose productive capacity or loss of income has been affected under the same terms.
Also covered by the extraordinary incentive are members of the statutory bodies of affected employers who are making contributions to the general regime for employees.
Employers of a private legal nature, whether individuals or legal entities with profit-making purposes, and cooperatives, may apply for the extraordinary incentive.
For the extraordinary incentive to be granted, the following conditions must be met:

1. Difficulty in maintaining jobs, namely due to the reduction of the employer's productive capacity resulting from the loss of facilities, land, vehicles, or essential work tools necessary for operation;
2. Compliance with the obligations relating to the payment of remuneration owed to employees and the maintenance of jobs, when applicable;
3. Not having initiated dismissal processes after the start of the month in which the state of calamity occurred, except for reasons attributable to the worker, or having entered into contract termination agreements based on grounds that allow for collective dismissal or dismissal due to job elimination;
4. To have reported the loss to the respective insurance undertaking, whenever the employer or the self-employed worker holds an insurance policy whose coverage provides for a benefit arising from the occurrence of Storms serving the same purpose as the support measures provided for in this Decree-Law;
5. To have its tax and social security situation duly regularized;
6. Not to be in a situation of default regarding financial support granted by IEFP, I.P.;
7. To maintain organized accounting records, where applicable.

• Priority in Active Employment Measures

Employees and self-employed workers affected by the Storms, as well as those unemployed due to reasons directly caused by the storm, have priority in the selection and referral for active employment measures that are applicable to them.

• Extraordinary Qualification and Vocational Training Plan aimed at supporting employees covered by the aforementioned support measures

Vocational training initiatives shall be implemented, under the coordination of the member of the Government responsible for the areas of labour, solidarity and social security, designed to promote professional development, enhance vocational skills, and strengthen the employability levels of persons in a situation of unemployment within the territories affected by the state of calamity as a result of the storm.

Regarding this support, an extraordinary training plan must be developed, and the training hours provided for in it shall be considered for the purpose of fulfilling the mandatory annual continuous training hours.

The new measures entered into force on 28 January 2026.

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Announcement No. 16-A/2026 initiates the public consultation for the exceptional procedure of allocating connection capacity to the RESP throughout the Portuguese mainland territory (see Order No. 1135/2026).

This marks the formal commencement of the exceptional procedure provided for in Decree-Law No. 80/2023, and it is at this moment that interested parties must submit their respective expressions of interest to obtain connection capacity to the RESP for consumption facilities.

The public consultation lasts for 20 working days, counted from the publication date, February 3, in the Official Gazette (Diário da República), representing the only window to submit new requests for consumption capacity while the exceptional procedure is ongoing.

Interested parties must submit a duly completed expression of interest and provide a guarantee in accordance with the defined terms and amounts, under penalty of exclusion from the procedure.

1. Who can participate and how

Interested parties who wish to obtain connection capacity to the RESP for consumption facilities must, by March 3 (considering February 17 as a working day):

(i) Submit an expression of interest; and

(ii) Provide a guarantee.

The expression of interest and the respective proof of the guarantee provision must be submitted to REN exclusively via electronic means by sending them to the following email address: zgp@ren.pt

The expression of interest must be written in Portuguese and electronically signed with a qualified digital signature.

Each expression of interest must pertain to a single consumption facility, and a separate expression must be submitted for each facility.

2. Elements to be submitted

The expression of interest must be accompanied, in particular, by the following elements:

(i) Identification of the interested party:

• Complete identification of the interested party (or company);
• Tax identification number;
• Registered office or domicile;
• Contact details (telephone and unique email address);
• Identification document or permanent certificate;
• Identification code of the expression of interest (composed of the tax identification number of the interested party, followed by a sequential number defined by them).

(ii) Representation (if applicable):

• Identificação dos representantes;
• Identification of the representatives;
• Document proving the powers of representation.

(iii) Characterization of the consumption facility:

• Purpose of consumption;
• Classification as a priority project (if applicable);
• Project timeline and investment plan (must realistically reflect the phased development of the project, with mandatory submission of a schedule up to at least 2035);
• Intended connection capacity (in MVA);
• Time scaling of the actual power needs;
• Location of the facility and georeferencing;
• Intended network and voltage level.

Official documents issued outside Portugal must be duly legalized or apostilled and, when not written in Portuguese, accompanied by a certified translation.

3. Guarantee

Along with the expression of interest, interested parties must provide a guarantee in favor of REN – Rede Elétrica Nacional, S.A., as a safeguard for the execution of the project.

The amount of the guarantee is determined based on the requested capacity, according to the following brackets:

• € 13.500 por MVA, up to 20 MVA;
• €20,250 per MVA, between 20 and 60 MVA;
• € 30.375 per MVA, between 60 and 120 MVA;
• € 35.437,50 per MVA, between 120 and 240 MVA;
• € 40.500 per MVA, above 240 MVA.

The guarantee must be suitable, autonomous, irrevocable, and payable upon first demand, and may take the following forms:

• Bank guarantee;
• Surety insurance; or
• Bank deposit.

Failure to provide the guarantee results in immediate exclusion from the procedure.

If the interested party does not obtain sufficient capacity to meet the needs indicated in the expression of interest, the allocated capacity is forfeited, and the guarantee is returned. Alternatively, the interested party may choose to adjust the project and its respective timeline to the capacity actually allocated. If the allocated capacity is less than requested, it is also possible to request a proportional reduction in the amount of the guarantee.

4. Final note

This public consultation represents a critical moment for investors interested in securing connection capacity to the RESP in Portugal, as access to consumption capacity is concentrated in this procedural window, with the allocation of new capacity suspended outside this framework until the exceptional procedure is concluded.

For more information on the procedure related to HDZ and its practical implications, consult here what we have already written on this matter.