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The first half of 2026 was marked by a number of legislative and regulatory developments affecting Portugal's renewable energy sector. Among these, Decree-Law No. 130/2026 stands out for introducing significant amendments to Decree-Law No. 15/2022, including the creation of Renewable Energy Acceleration Areas (Zonas de Aceleração de Energias Renováveis – ZAER), streamlining of permitting procedures, and revisions to the legal framework governing self-consumption, energy communities and grid access, while further aligning Portuguese legislation with RED III and the revised EU Electricity Market Design.

The first half of 2026 also saw a number of legislative and regulatory initiatives aimed at fostering the deployment of electricity storage. These included new licensing procedures, technical requirements for grid connection and operation, and the publication of the draft rules for Portugal's first competitive auctions for electricity storage projects. Together, these measures start to pave the way for the allocation of grid capacity to large-scale battery storage projects.

Set out below is an overview of the main legislative and regulatory developments adopted in Portugal between January and June 2026 that are of particular relevance to the renewable energy sector.

1. National Legislation

Ordinance No. 15/2026/1 (09.01.2026)

Regulates the exceptional procedure for the allocation of grid connection capacity to electricity consumption installations in high-demand zones, as provided for in Decree-Law no. 80/2023.

For more information on this subject, please refer to our legal update of January 12^th

Order No. 1135/2026 (02.02.2026)

Recognizes the mainland territory covered by the Public Electricity Service Network (Rede Elétrica de Serviço Público - “RESP”) as a High-Demand Zone (Zona de Grande Procura - “ZGP”) and sets the opening of the exceptional procedure.

For more information on this subject, please refer to our legal update of February 2^nd.

Order No. 1532-B/2026 (06.02.2026)

Sets out the planning of the Sectoral Programme for Renewable Energy Acceleration Zones (Programa Setorial das Zonas de Aceleração da Implantação de Energias Renováveis – “PSZAER”).

Decree-Law No. 58/2026 (20.02.2026)

Establishes the Agency for Geology and Energy, I.P (Agência de Geologia e Energia, I.P.  - “AGE”) replacing the Portuguese Directorate of Energy and Geology (Direção-Geral de Energia e Geologia – "DGEG") and consolidating the competences of several public entities to streamline coordination and create a single licensing interlocutor.

Order No. 4411-A/2026 (02.04.2026)

Establishes the conditions for the full exemption from the charges corresponding to energy policy, sustainability and general economic interest costs levied on public electricity service network access tariffs, applicable to individual or collective self-consumption projects and renewable energy communities that obtain the conditions to carry out their activity between 2026 and 2029.

Decree-Law No. 94/2026 (30.04.2026)

Amends Decree-Law No. 62/2020, governing the organisation, operation and legal framework of the National Gas System, and partially transposes Directives (EU) 2024/1788 and (EU) 2023/1791 on common rules for the internal markets for renewable gas, natural gas and hydrogen, and on energy efficiency.

Ordinance No. 218/2026/1 (12.05.2026)

Approves the provisional statues of the Agency for Geology and Energy, I.P..

Ordinance No. 226/2026/1 (20.05.2026)

Establishes the procedure for excise duty (ISP) exemptions applicable to certified advanced biofuels and renewable gases.

Decree-Law No. 100/2026 (22.05.2026)

Establishes a complementary framework to Portuguese National Electricity System, regulating the dynamic management of grid connection capacity titles on the Portuguese Public Electricity Grid.

For more information on this subject, please refer to our legal update of June 25^th.

Law No. 29/2026 (23.06.2026)

Establishes the legal framework governing renewable energy use agreement and provides for the tacit approval in the licensing of renewable self-consumption generation units.

For more information on this subject, please refer to our legal update of June 23^rd.

Order No. 7909/2026 (24.06.2026)

Launches the preparation of Portugal's Green Industrial Strategy, defining its objectives, governance framework, key content and implementation timetable to support industrial decarbonisation and competitiveness.

Decree-Law No. 130/2026 (29.06.2026)

Amends the legal framework governing the Portuguese National Electricity System, introducing Renewable Acceleration Areas (Zonas de Aceleração de Energias Renováveis – ZAER), streamlined permitting, and updated rules on self-consumption, energy sharing and grid access.

Ordinance No. 281-A/2026/1 (29.06.2026)

Establishes the regulatory framework for the Recovery and Resilience Plan funded support scheme for the production of renewable hydrogen and other renewable gases, setting out eligibility criteria, funding conditions and application procedures for grant beneficiaries.

2. DGEG rulings

Notice No. 16-A/2026 (03.02.2026)

Opening of a public consultation for the submission of expressions of interest for the allocation of grid connection capacity to the Portuguese Public Electricity Grid in a High-Demand Zone (Zonas de Grande Procura - “ZGP”).

For more information on this subject, please refer to our legal update of February 4^th.

3. ERSE rulings

Regulation No. 8/2026 (06.01.2026)

Amends the Electricity Self-Consumption Regulation and related sector regulations to implement the new electric mobility framework, enabling self-consumption for eligible EV charging points and introducing rules on internal metering and data management.

Directive No. 1/2026 (27.03.2026)

Establishes the methodology and compensation for the transfer of unused electricity grid connection capacity in high-demand areas.

Directive No. 2/2026 (15.04.2026)

Extends to mainland Portugal the framework governing the transfer of unused electricity grid connection capacity in high-demand areas, including the applicable compensation methodology.

4. Public consultations

Notice No. 14136-B/2026/2 (08.06.2026)

Opens the public consultation on the proposed Sectoral Programme for Renewable Energy Acceleration Areas (Programa Setorial das Zonas de Aceleração da Implantação de Energias Renováveis – “PSZAER”) and its accompanying environmental reports.

For more information on this subject, please refer to our legal update of June 24^th.

Draft Order (18.06.2026)

Establishes new procedures for obtaining prior control titles for electricity storage facilities, consolidating the licensing framework for standalone and co-located storage projects and repealing Order No. 1859/2025.

For more information on this subject, please refer to our legal update of June 18^th.

Draft Order (26.06.2026)

Establishes the general technical conditions and requirements for connecting electricity storage facilities to the Portuguese Public Electricity Grid, including frequency response, grid-forming and synthetic inertia requirements.

Tender Documents for standalone storage and co-located storage (29.06.2026)

Portuguese Government has launched a public consultation on the tender rules for the country's first electricity storage capacity auctions, covering 750 MVA of standalone storage and 300 MVA of co-located storage.

For more information on this subject, please refer to our legal update of July 3^rd.

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The Portuguese Government, through the Directorate-General for Energy and Geology (“DGEG”), has launched a public consultation on the tender programme and specifications for two competitive procedures to award reservation of injection capacity into the Portuguese Public Electricity Grid (Rede Elétrica de Serviço Público - “RESP”), for electricity storage projects.

There are two separate tenders for:

• Standalone storage installations, with 750 MVA of capacity to be auctioned; and
• Renewable power plants with co-located storage, with 300 MVA of capacity to be auctioned.

The documents set out the rules that will govern the future auctions — capacities, locations, guarantees, the bidding model, development milestones and the consequences of default — with the auction expected to launch on 14 September 2026.

The public consultation runs from 29 June to 20 July 2026, on the PARTICIPA portal.

1. Background

These tenders follow the National Energy Storage Strategy and Decree-Law No. 130/2026, of 29 June, which — transposing Directive (EU) 2024/1711 and part of the RED III Directive — revised the framework of the National Electricity System, in order to accelerate the development of large-scale energy storage projects and to strengthen the flexibility, resilience and renewable-integration capacity of the Portuguese electricity system.

2. Summary of the two auctions

The table below summarises how the two auctions:

3. Locations and capacity per connection point

All connection points are located on the 400 kV National Transmission Grid (RNT).

The figures per location below show the injection capacity available at each grid point — not the amount to be awarded. The total to be awarded at the auction is capped at 750 MVA (standalone) and 300 MVA (co-located). 

Connection costs are borne entirely by the title-holder.

Injection of electricity into the grid is subject to congestion-related curtailment of up to 750 equivalent hours/year (standalone) or 1,100 equivalent hours/year (co-located), and the grid operator may require shared connections at certain points.

4. The auction procedure

Winning bidders are selected through an electronic auction run by the DGEG. The auction is operated on an electronic platform managed by OMIP (the Portuguese end MIBEL market operator)

 5. Guarantees

Both auctions require two guarantees in favour of the DGEG, provided by deposit, bank guarantee or surety insurance:

• Provisional guarantee: €500,000 per bid (€10,000/MVA × 50 MVA minimum), valid for 6 months. It is returned if no capacity is awarded, on exclusion, or once the definitive guarantee is provided. It is called if the winning bidder fails to provide the definitive guarantee.
• Definitive guarantee: €10,000/MVA of capacity definitively awarded, valid for 50 months, provided within 10 business days of the award notice. It is released once operation begins.

6. Payment scheme and revenues

At the auction, bidders compete on what each is willing to pay for the injection-capacity reservation title granting the right to inject electricity into RESP (Título de Reserva de Capacidade - “TRC”).

The award value is a one-off amount (€/MVA × MVA awarded), paid in a single instalment within 15 business days of the award notice.

The developer’s revenue comes from participating in the market, entering into bilateral contracts and providing flexibility services; there are no guaranteed tariffs, premiums or contracts for difference.

The financial flows of the procedure are as follows:

7. Development milestones and obligations

The development milestones run from the issue of the TRC and are identical for both auctions:

8. Key points

9. How to take part

The public consultation runs until 20 July 2026 on the PARTICIPA portal, in the form of comments on the tender documents for each procedure.

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Law no. 29/2026 of 23 June establishes a framework for the new Renewable Energy Use Agreements (Contratos de Aproveitamento Energético Renovável – “CAER”), establishes deemed approval for the licensing of self-consumption generation units (Unidades de Produção para Autoconsumo – “UPACs”), and a comparison platform for aggregator offers.

The main purpose of this new legislation is to streamline licensing procedures for renewable self-consumption projects in Portugal and to facilitate their deployment in condominium settings. It enters into force on 1 July 2026, applying also to all pending proceedings at the Directorate-General for Energy and Geology (Direção Geral de Energia e Geologia – “DGEG”).

1. Purpose of the CAER

A CAER allows a property owner to grant a developer the right to use the property's renewable energy potential—including undeveloped urban land, areas not designated for agricultural, livestock or forestry purposes, and rooftops or roof terraces—for the installation and operation of a UPAC.

It is primarily intended for cases where the generation unit is owned by a developer or investor rather than by the self-consumer. In such cases, the property owner who consumes the electricity is not the owner of the UPAC, but instead, a third party is responsible for investing in, installing and operating the generation facility. The CAER regulates this relationship, covering both the installation and equipment and the commercial arrangements governing the self-consumed, stored or grid-injected electricity.

The scope of the regime is, however, limited. It applies only to UPACs with an installed capacity of up to 1 MW, meaning that, in practice, the CAER framework is confined to residential self-consumption projects and small- to medium-scale commercial and industrial self-consumption installations.

2. Requirements applicable to CAER

Companies wishing to offer CAERs must notify the DGEG before commencing activities and may begin operating immediately once the notification has been verified for compliance. The DGEG maintains a public register of developers and must issue a certificate confirming the commencement of activities within five working days.

CAERs must be executed in writing, and a copy must be provided to the property owner within 30 days. They may have a maximum term of 15 years, renewable once for an additional period of equal duration.

At a minimum, CAERs must address:

• Contract duration, renewal and termination;
• Allocation of installation, operation and maintenance costs;
• Sharing of revenues derived from the sale of generated or stored electricity; and
• Ownership of the equipment upon termination of the agreement.

Before entering into a CAER, the developer must provide clear information regarding its identity, the characteristics and expected output of the installation, applicable tariffs and other amounts payable by or to the consumer, maintenance services, and the grounds for termination of the agreement.

The Portuguese Government must approve, within six months, a ministerial order establishing a standard CAER template.  

3. Faster licensing: Deemed Approval

The new law simplifies the licensing process for self-consumption projects. Both the production licence and the operating licence must now be issued within a maximum period of 90 days, instead of the general one-year deadline, failing which they are deemed granted.

In practice, if the DGEG does not issue a decision within the applicable deadline, the relevant licence is automatically deemed granted without the need for any express administrative act.

4. The last-resort aggregator’s purchase obligation

Consumers with solar panels or other generation facilities may sell surplus electricity that they do not consume. This is generally done through an aggregator, a company that purchases electricity from multiple producers and resells it on the market. For producers that have not entered into an agreement with an aggregator, a supplier of last resort aggregator acts as the default purchaser.

Under the new law:

• The supplier of last resort aggregator must automatically purchase electricity from producers that do not have an agreement with another aggregator, eliminating the previous requirement to enter into such an agreement within four months;
• The purchase price for that electricity will be set by the Government through a ministerial order; and

Participation is straightforward and requires only the submission of a form through the supplier of last resort aggregator's website.

5. More information for consumers

The Energy Services Regulatory Authority (ERSE) currently provides a free online comparison tool that allows consumers to compare electricity market offers. Until now, the tool included only offers from electricity suppliers.

Under the new law, the platform will also include offers from aggregators—that is, entities purchasing electricity from producers—including the supplier of last resort aggregator, and will display an updated list of all registered aggregators.

The comparison tool will also become available to a wider range of users. In addition to household consumers and micro-enterprises (with annual consumption of up to 100,000 kWh), it may now be used by self-consumers with generation facilities that inject less than 725 MWh per year into the grid.

6. Self-consumption in condominiums

Law no. 29/2026 also amends the Portuguese Civil Code to facilitate the installation of UPACs in condominium buildings.

Where a building comprises at least two autonomous units, the installation of equipment and operation of renewable energy UPACs may now be approved by a simple majority of condominium owners, rather than the two-thirds majority generally required for building improvements

7. Entry into force

Law no. 29/2026 enters into force on 1 July 2026 and applies to all procedures pending before the DGEG, without prejudice to any acts already carried out.

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The Portuguese Government has launched a public consultation on the draft ministerial order ruling the procedures for the dynamic management of injection capacity on the Portuguese Public Electricity Grid (Rede Elétrica de Serviço Público or “RESP”), as provided for in Decree-Law No. 100/2026, of 22 May (“DL 100/2026”).

The draft order sets out the rules for the implementation of the grid-capacity management mechanisms enacted by DL 100/2026, establishing the procedures, the supporting documents and relevant deadlines to applications submitted by holders of grid capacity access rights (títulos de reserva de capacidade or “TRCs”).

It also introduces a measure with potential sector-wide impact: the public disclosure of available injection capacity at each interconnection point, thereby enhancing transparency regarding the capacity available for use of the RESP.

The public consultation runs until 2 July 2026 on the ConsultaLEX portal.

1. Implementing DL 100/2026

DL 100/2026 introduced flexibility into already allocated injection capacity. Before, once a TRC granted, developers had limited room to adapt projects, reorganise capacity, or release capacity they would not use. To address this, the Decree-Law introduced a set of mechanisms, including:

• Splitting or merging titles (cisão and agregação);
• Releasing or transferring capacity (renúncia, permuta and cedência); and
• Project reconfiguration (change of generation technology, hybridisation, partial capacity reduction, and change of interconnection point).

While DL 100/2026 establishes the general principles governing these mechanisms, their practical implementation depends on complementary regulation. The draft order now under public consultation gives effect to this framework, setting out the procedures, supporting documentation and deadlines applicable to the various applications provided for in DL 100/2026[1].

2. How applications are processed

The draft order establishes a set of common rules applicable to the generality of procedures. In all cases, applications must include:

• The identification of the applicant;
• Evidence of the relevant powers of representation;
• The identification of the TRCs concerned;
• The qualification of the application submitted;
• An indication of any related applications.

Grid operator opinions must now be based on express criteria, including grid security and reliability, the location of interconnection points, technical connection conditions, potential reinforcement needs, and the efficient use of capacity.

Where the grid operator concludes that network reinforcements are required or identifies additional costs to be borne by the applicant, the Directorate-General for Energy and Geology (DGEG) must notify the applicant prior to the final decision, who may withdraw the application within 10 business days.

3. Information on grid capacity

One of the most significant innovations concerns capacity disclosure. Grid operators will be required to publish, on the DGEG platform, up-to-date information on injection capacity at each interconnection point, including:

• Total capacity allocated at each point, distinguishing between already connected and not yet connected capacity; and
• Capacity available for new allocation.

In addition, a dedicated list will be published of capacity that holders have declared available for transfer (cedência), indicating the interconnection point, the MVA value, and the relevant grid operator.

The systematic publication of this information will provide developers with a clearer view of grid occupation at each interconnection point and help identify potential opportunities for the use or transfer of capacity.

4. Timelines

Most applications — splits, consolidations, swaps and amendments of technology, capacity or interconnection point — follow a common flow:

Two applications follow their own paths: the waiver (renúncia), which the DGEG decides within 30 days and without an opinion from the operators; and the capacity transfer (cedência), where, once the agreement has been approved, the holder has 30 days to accept it.

The deadlines are counted in business days.

5. Participation

The public consultation runs until 2 July 2026 on the ConsultaLEX portal.

Contributions must be submitted exclusively through the platform made available for that purpose.

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The Portuguese Government has launched a public consultation on the draft Sectoral Programme for the Implementation of Renewables Acceleration Zones (Programa Setorial das Zonas de Aceleração da Implantação de Energias Renováveis – “PSZAER”), the instrument that identifies the future Renewables Acceleration Zones (Zonas de Aceleração de Energias Renováveis – “ZAER”) in mainland Portugal.

The ZAER stem from the transposition of Directive (EU) 2023/2413 (RED III) and are intended to accelerate the deployment of solar and wind energy projects by simplifying licensing procedures and reducing the administrative and environmental burdens associated with project development.

The public consultation runs until 15 July 2026 on the PARTICIPA portal.

1. What are the ZAER

The ZAER are areas of the Portuguese mainland territory identified as particularly suitable for the installation of renewable energy generation projects, on the basis of:

• Availability of a solar or wind resource;
• Proximity to electricity grid infrastructure;
• Compatibility with the territorial management instruments;
• Low environmental sensitivity;
• Lower potential for conflict with other land uses.

The aim is to concentrate the development of new projects in previously assessed areas, thereby reducing licensing times and increasing regulatory predictability for developers. In any event, the ZAER are not exclusive areas: projects may still be developed outside them under the general rules.

2. No environmental assessment within the ZAER

The main advantage of the ZAER is the simplification of the environmental licensing process.

As a rule, larger renewable energy projects are subject to an Environmental Impact Assessment (Avaliação de Impacte Ambiental – “AIA”), a procedure that can significantly extend development timelines and costs.

Within the ZAER, projects are exempt from AIA.

This exemption is possible because the environmental impacts have already been assessed in advance through the Strategic Environmental Assessment (Avaliação Ambiental Estratégica – “AAE”) carried out under the PSZAER. Rather than analysing each project individually, the environmental assessment is performed upfront for the set of areas identified as suitable for renewable energy deployment.

The AIA exemption does not, however, remove the obligation to comply with the other applicable environmental rules, in particular the existing legal constraints and the obtaining of the opinions, authorisations or licences required by law.

3. What is the PSZAER?

The PSZAER is the planning instrument through which the State identifies the ZAER.

The PSZAER:

• Identifies the areas with potential for inclusion in the ZAER;
• Establishes implementation criteria;
• sets out guidelines for the competent public authorities;
• Frames the future adaptation of the municipal spatial planning instruments.

As a planning instrument, the PSZAER is directly binding on public authorities, but does not produce immediate effects on private parties.

To take full effect at local level, its guidelines will subsequently have to be incorporated by the municipalities into their respective municipal master plans (planos diretores municipais – “PDM”).

According to the timetable published by the Mission Structure for the Licensing of Renewable Energy Projects 2030 (Estrutura de Missão para o Licenciamento de Projetos de Energias Renováveis 2030 – “EMER 2030”), this adaptation is expected to take place between 2026 and 2028.

4. The Green Map in numbers

The so-called “Green Map” is the cartographic representation of the areas considered suitable to host renewable projects, after excluding the zones that are environmentally constrained or incompatible with such infrastructure. It is an indicative reference and does not yet correspond to the definitive delimitation of the ZAER. Confirmation of the selected areas will depend on the planning process being carried through and on its coordination with the municipal territorial management instruments.

In total, 1,302 zones were mapped across the country — 792 for solar energy and 510 for wind energy — corresponding to around 371,348 hectares suitable for solar PV and 84,489 hectares for wind.

The territorial distribution is uneven.

For solar energy, the most prominent regions are Coimbra, Viseu Dão Lafões, Lezíria do Tejo, the Leiria Region and the Porto Metropolitan Area.

For wind energy, the greatest concentration is found in the Beiras e Serra da Estrela, Beira Baixa and Lezíria do Tejo regions.

5. Deadline and participation

The public consultation runs from 17 June to 15 July 2026 via the PARTICIPA portal.

The documents made available include:

• The draft PSZAER;
• The Environmental Report of the Strategic Environmental Assessment;
• Its non-technical summary;
• The opinions gathered from the consulted entities;
• Supporting studies in the areas of energy, ecology, landscape, cultural heritage, spatial planning and geospatial information.

Contributions may be submitted by citizens, municipalities, associations, environmental entities, network operators, developers and other interested parties.

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The Portuguese Directorate-General of Energy and Geology (“DGEG”) launched a public consultation on a draft order setting out the specific licensing procedures for electrical energy storage facilities, under Decree-Law No. 15/2022 of 14 January (“DL 15/2022”). Once enacted, the draft order will replace Order No. 1859/2025 of 10 February and will consolidate into a single instrument the rules applicable to all types of storage — both standalone and co-located.

The draft order proceeds on the assumption that injection capacity on the National Electricity Grid (“RESP”) has already been reserved, i.e., that access to licensing is conditional on prior ownership of a Capacity Reservation Title (“TRC”).

Contributions may be submitted in writing until 24 June 2026 via the email address apoio.renovaveis@dgeg.gov.pt.

1. Rules for Standalone Storage

For standalone storage, the draft order requires that the licensing application be submitted at an advanced stage of documentary and technical maturity. In addition to establishing the applicant’s legal standing and ownership of an injection capacity reservation, the procedure assumes that the developer has already consolidated the key foundational elements of the project, including its location, technical configuration, schedule, and environmental framework. The following must be submitted:

• Document evidencing the authority of the person submitting the application;
• Copy of the Capacity Reservation Title (“TRC”) already granted for the storage facility;
• Summary of operating conditions, including the maximum injection power into the public grid (“RESP”) and the maximum power for charging from the RESP — which may not exceed the injection capacity.
• Documents required under Annex I of DL 15/2022, in particular:

1. Contracts relating to the land on which the storage facility is to be installed;
2. Detailed design of the storage facility, including a technical description and drawings showing the site plans and general electrical diagrams;
3. Decommissioning plan;
4. Implementation schedule;
5. Environmental permits applicable to the project; and
6. Favourable prior information issued by the competent municipal authority.

2. Rules for Co-located Storage

For co-located storage — where the storage facility is associated with a renewable power plant and shares the same grid injection point on the RESP — the procedure broadly follows the same framework as for standalone storage, with the addition of identifying the title or authorisation of the principal facility to which it is linked. The legal framework seeks to accommodate hybridisation and flexibility-enhancing solutions for existing projects, and in those cases does not require the allocation of a standalone TRC, provided that the storage facility’s injection remains within the available capacity of the associated plant.

This approach favours the optimisation of assets already connected to the grid, but also confirms that the instrument is primarily built on the reuse or reorganisation of previously allocated capacity, rather than on the creation of an independent entry pathway for new projects.  

3. How the procedure works

The procedure is fully dematerialised and applications must be submitted through an electronic platform to be created for that purpose or, until such platform is available, via the DGEG website. The draft distinguishes between facilities subject to licensing and those subject to prior registration based on a 1 MW threshold, but in both cases maintains a relatively demanding procedural logic, characterised by successive stages of formal verification, technical interaction, and administrative decision-making. The sequence of acts envisaged helps to identify where the main friction points of the framework are concentrated, in particular the late stage at which the network operator and the Global System Manager (GGS) intervene.

4. Deadline and submission of contributions

The public consultation runs until 24 June 2026 and covers the procedural framework applicable to the licensing and registration of electrical energy storage facilities. According to DGEG itself, the objective of the draft is to consolidate, clarify, and systematise the procedures applicable to the various types of storage, replacing the framework currently set out in Order No. 1859/2025 of 10 February.

DGEG also notes that a technical regulation on the technical conditions for connecting these facilities to the RESP will be submitted to public consultation at a later stage, meaning that the present consultation covers only part of the proposed new framework.

5. Our initial comments

5.1. The absence of a capacity allocation mechanism undermines the new framework as regards standalone storage

The draft order regulates prior control of storage facilities, but does so on the basis of a fundamental assumption: that the developer already holds reserved injection capacity on the RESP. In practical terms, access to licensing, under any of the modalities provided for, continues to be conditional on prior ownership of a TRC.

However, general access to injection capacity — the entry condition for new standalone storage projects — remains dependent on DGEG publishing the capacity available on the grid. Since DL 15/2022 entered into force, no such publication has taken place, which has in practice prevented new projects from being submitted and developed.

The mechanisms introduced in the meantime have not addressed this structural gap. Some merely allow the reuse or reconfiguration of previously allocated capacity. This is the case with the temporary measures approved by Decree-Law No. 100/2026 of 22 May, which provide greater flexibility for projects already holding capacity reservations, permitting changes to technology, location, size, or schedule with a view to their viability. Others are aimed solely at redistributing capacity among existing title holders, through the division, aggregation, or transfer of TRCs.

The auction for the procurement of storage capacity intended for the provision of system services — announced by the Government last year, with the procedural documents, calendar, and connection points to be published on 29 June 2026 — does not resolve this issue either. This is a one-off, competitive procedure tailored to a specific purpose, and it cannot substitute for a general, permanent, and predictable framework for allocating injection capacity to standalone storage projects oriented towards market energy sales. Even if successful, it will benefit only those projects selected to provide system services, leaving in place the absence of a regular, transparent, and non-discretionary mechanism for network access.

A mechanism for allocating injection capacity to standalone storage therefore remains to be defined. This omission undermines the practical effectiveness of the proposed framework. However swift or efficient the licensing procedure may be, its usefulness for genuinely new projects will necessarily be limited for as long as there is no effective pathway to injection capacity. Without this basic condition, the framework risks remaining largely programmatic — failing to create a functional storage market or to provide, in effective terms, the support the electricity system needs to integrate variable renewable output.

5.2. The network operator’s opinion should precede the licensing application

DL 15/2022 treats the verification of charging capacity through the RESP as a preliminary step in the procedure applicable to storage. Article 79(3) expressly subjects this activity to prior verification by the competent network operator and the GGS.

The draft order, however, follows a different logic. The joint opinion of the network operator and the GGS only comes after the application has been fully compiled, including all documents required under Annex I — in particular, proof of land availability, the detailed design of the facility, and the applicable environmental permits or authorisations.

In practice, this means that the developer is required to bear significant costs and advance the project to a mature stage without knowing in advance whether it will be able to charge energy from the grid, on what terms, and subject to what restrictions. These conditions are, however, determinative for the technical and economic viability of the investment and, ultimately, for the decision to proceed with the project.

If issued only after significant investment has been made, the opinion can no longer fulfil the function it should serve: enabling the developer to know the terms of grid access in advance and to decide, in an informed and rational manner, whether to proceed.

The approach is also procedurally inefficient, as it exposes both the developer and the public administration to the allocation of resources to procedures that may ultimately be abandoned at an advanced stage as a result of an unfavourable opinion.

It should therefore be possible to obtain this opinion in advance, or at the very least to determine upfront the available charging capacity and applicable restrictions before the licensing application is submitted. Such an approach would be more consistent with Article 79 of DL 15/2022, would respect the preliminary nature of the legally required verification, and would strengthen procedural rationality, regulatory predictability, and investment protection.

5.3. The public consultation is launched without the technical regulation on connection conditions

DGEG itself acknowledges that the draft now submitted to public consultation is only partial in scope. In the background note published alongside the consultation, DGEG clarifies that a technical regulation clarifying and governing the technical conditions for connecting storage facilities to the RESP will be submitted to public consultation at a later stage. This means that stakeholders are now being asked to comment on the procedural design of the framework without yet knowing the technical rules that will govern, in essential respects, the connection, operation, and effective use of these facilities.

This approach reduces the practical utility of the consultation and may compromise an overall assessment of the proposed framework. In the field of storage, procedural and technical connection aspects are closely interlinked: the definition of charging capacity, operating restrictions, safety conditions, and grid interface arrangements is not a mere executive detail, but a central dimension of the very viability of projects. Fragmenting the consultation into two separate stages therefore risks producing a procedurally complete-looking instrument that remains dependent on a future technical component — without which significant uncertainties remain for developers.

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The Government enacted Decree-Law 102/2026, which amended the commercial paper legal framework approved by Decree-Law 69/2004, with a view to making this financing instrument more attractive to both companies and investors.

The key measures include the reduction of the maximum term of commercial paper, the new prior notification regime, the elimination of the obligation to engage a financial intermediary, and the removal of the exemption from the Portuguese-language requirement.

1. MAIN AMENDMENTS

A. Reduction of the maximum maturity

Decree-Law 69/2004 defined commercial paper as a debt security issued with a term equal to or less than 397 days, which allowed issues with a term slightly longer than one year.

The new decree-law reduces the maximum term, requiring that issues have a maturity of less than one year, as was the case in the original version of Decree-Law 69/2004, thereby reinforcing the nature of commercial paper as a short-term financing instrument.

B. Prior notification

Decree-Law 69/2004 provided that the information memorandum (nota informativa) for a public offer of commercial paper was subject to approval by the Portuguese Securities Market Commission (the “CMVM”), and that this approval could cover either a single issue or an issuance programme.

An offer was classified as a public offer under articles 109 and 110 of the Portuguese Securities Code. However, an offer would be classified as a private offer if the commercial paper had a unit nominal value equal to or greater than €50,000.

With the approval of Decree-Law 102/2026, the information memorandum for the offer of commercial paper will be subject to prior notification to the CMVM when:

• it is addressed, in whole or in part, to an indeterminate group of recipients;
• it is, in whole or in part, preceded or accompanied by market research or the collection of investment intentions from an indeterminate group of recipients or by advertising; or
• it is addressed to more than 150 non-professional investors with residence or establishment in Portugal.

Accordingly, unlike the previous regime, an offer of commercial paper with a unit nominal value equal to or greater than €50,000 is no longer automatically exempt from the prior notification requirement and may become subject to it if it falls within the situations referred to above.

CMVM approval is no longer required and the issuance may proceed if the CMVM does not notify the issuer of its opposition to the information memorandum within 10 business days.

C. Elimination of the obligation to engage a financial intermediary

The previous regime required that public offers of commercial paper be carried out with the intervention of a financial intermediary legally authorised for that purpose.

In these offers, the financial intermediary was required to provide assistance and placement services as well as all financial services arising from the issue, including payments.

For private offers of commercial paper issued by entities without legal certification or an audit of accounts carried out by a ROC or a ROC firm, the regime required the intervention of either a financial intermediary or an issuance sponsor.

Decree-Law 102/2026 revoked the requirement for a financial intermediary. However, it continues to provide that offers of commercial paper issued by entities without legal certification of accounts or audit of the accounts must have an issuance sponsor, who must carry out the prior verification of the issuance requirements.

It should be noted that only the following may act as sponsors of a commercial paper issue: (i) credit institutions; and (ii) issuers of securities admitted to trading on a regulated market that hold a controlling interest in the issuer.

D. Use of the Portuguese Language

The previous regime provided that the information memorandum for a private offer was not subject to the provisions of Article 6 of the Portuguese Securities Code. This article establishes that information addressed to investors must be drafted in Portuguese or accompanied by a translation into Portuguese, and the CMVM may waive, in whole or in part, the translation when it considers that the interests of investors are safeguarded.

Decree-Law 102/2026 revoked that rule, with the result that article 6 of the Portuguese Securities Code now applies to all commercial paper offers, including private offers that were previously exempt.

2. IMPACT OF THE AMENDMENTS

Commercial paper has been widely used as a short-term financing instrument by companies, particularly medium and large ones, although mostly through private offers subscribed by credit institutions.
Public offers have been less frequent, largely due to the requirements for approval of the information memorandum and the involvement of a financial intermediary.
The Government's efforts to encourage public offers — through the reduction of approval requirements and the elimination of the need for a financial intermediary — are to be acknowledged. However, the new regime may not be sufficient to attract companies and investors: prior notification to the CMVM and an issuance sponsor are still required, and offers with a unit value equal to or greater than €50,000, previously exempt, are now potentially subject to the prior notification regime.
Ultimately, only practice will show whether these measures have effectively made commercial paper more attractive.

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The Portuguese Parliament has enacted Law No. 1/2026 which approved new amendments to the Nationality Law. These amendments entered into force last Tuesday and bring significant changes to the periods of legal residence required for acquiring nationality, new criteria for assessing and approving applications, and modifications to the regimes for attribution and acquisition of nationality.

Although public debate has focused mainly on the changes affecting the acquisition of nationality based on legal residence in Portugal, the reform now approved is broader in scope, covering various structural aspects of the nationality regime. As such, it affects various categories of applicants, including grandchildren and great-grandchildren of Portuguese citizens, minor children, adoptees, spouses, de facto partners, and even ascendants of original Portuguese citizens.

1. KEY AMENDMENTS

In a context of increasing regulatory requirements, the recent amendments to the Nationality Law reinforce the importance of timely and specialized legal planning. The approved amendments affect the various regimes governing the acquisition and attribution of Portuguese nationality, as well as the different categories of applicants covered by the law.

A. Attribution of nationality to grandchildren of Portuguese citizens

Applicants seeking to be granted original Portuguese nationality as grandchildren of Portuguese citizens are now required to pass a mandatory examination on the Portuguese language and culture and to demonstrate knowledge of fundamental rights and duties, as well as of the political organization of the Portuguese State. They must also formally adhere to the fundamental principles of the democratic rule of law.

At the same time, this revised framework introduces stricter criteria. Applicants who have been sentenced to an effective term of imprisonment exceeding three years for offenses related to terrorism, violent or particularly violent crime, highly organized crime, crimes against State security, or aiding illegal immigration - provided such conduct is punishable under Portuguese law - are excluded from this regime. The same exclusion applies to individuals considered to pose a threat to national security or defence, as well as to those subject to restrictive measures imposed by the United Nations or the European Union.

B. Attribution of nationality to children of foreign nationals born in Portugal

It is now required that, at the date of the minor’s birth, one of the parents has been legally residing in the country for a minimum period of five years, instead of the previous minimum requirement of one year.

C. Acquisition of nationality by marriage or de facto union

Although the minimum requirement of three years of marriage or de facto union for the purpose of acquiring Portuguese nationality remains unchanged, the amendments now approved subject this form of acquisition of nationality by declaration to a substantially more demanding regime concerning possible opposition to the application.

Under the new rules, opposition will only be excluded when the marriage or de facto union has lasted more than six years or when the couple has children in common who hold Portuguese nationality.

D. Acquisition of nationality by adoption

Portuguese nationality granted in the context of adoption has now become a form of acquisition by declaration, representing a clear regression in the legal framework. A person adopted by a Portuguese national must now acquire Portuguese nationality through a declaration of intent - which subjects them to the possibility of opposition proceedings in relation to the acquisition of nationality.

Under the opposition regime, nationality may be refused on the grounds of the “non-existence of effective ties to the national community”, a criterion assessed by reference to the requirements applicable to naturalization, namely proof of knowledge of the Portuguese language and culture and adherence to the principles of the democratic State.

E. Acquisition of nationality by naturalization based on legal residence

The minimum period of legal residence required for naturalization, previously set at five years, has now been extended to ten years, except for European citizens and citizens of Portuguese-speaking countries, for whom the required period is now seven years. Moreover, the calculation of this period is now based on the date on which legal residence in Portugal commenced and no longer to the date of submission of the first residence permit application.

Furthermore, applicants are now required to pass mandatory examination on Portuguese language and culture, including knowledge of national history and symbols, as well as fundamental rights and duties and the political organization of the Portuguese State, together with adherence to the principles of the democratic rule of law. The grounds for exclusion of candidates set out in Article 6 (1) (f) through (h) of the Nationality Law remain applicable, particularly on security grounds.

F. Naturalization of minors

Minors enrolled in and attending compulsory education in Portugal may apply for Portuguese nationality through naturalization, provided that one of their parents has been legally residing in Portugal for a minimum period of five years. Periods of unlawful residence or shorter periods are no longer taken into account.

Regarding the applicants aged 16 or over, the requirements to adhere to the fundamental principles of the democratic rule of law, as well as the grounds for exclusion on security grounds provided for in Article 6 (1) (f) through (h) of the Nationality Law, also apply.

G. Naturalization of stateless persons

A new pathway is introduced for stateless persons who have been legally residing in Portugal for at least four years and who meet the remaining requirements, such as passing the mandatory examination on Portuguese language and culture and adherence to the fundamental principles of the democratic rule of law. Grounds for exclusion of candidates on security concerns set out in Article 6 (1) (f) through (h) of the Nationality Law remain applicable.

H. Naturalisation of great-grandchildren of Portuguese citizens

Direct naturalization is now limited to great-grandchildren of Portuguese citizens, provided that they have been legally residing in Portugal for at least five years, that they pass the mandatory examinations on Portuguese language and culture, and demonstrate adherence to the fundamental principles of the democratic rule of law. Great-great-grandchildren and subsequent generations of Portuguese descent are therefore excluded from this regime, as well as applicants failing within the national security exclusion grounds set out in Article 6 (1) (f) through (h) of the Nationality Law.

I. Elimination of certain naturalisation pathways

The naturalization pathways previously available to descendants of Sephardic Jews, ascendants of original Portuguese citizens, persons who, although not stateless, previously held Portuguese nationality (for example, those born in the former Portuguese colonies), individuals considered descendants of original Portuguese citizens, and members of communities of Portuguese ancestry have now been abolished.

2. PRACTICAL IMPACT OF THE AMENDMENTS

The amendments to the Nationality Law will apply only to new nationality applications, while pending administrative nationality proceedings will continue to be governed by the previous rules.

The Government must also amend the Portuguese Nationality Regulations within 90 days of the publication of Law No. 1/2026. This revision will be particularly important, as the implementation of several of the new legal requirements will depend on further regulatory clarification. In fact, it remains to be clarified how proof of integration will be provided, what will be the content of the knowledge examinations (on language, culture, political organization, and fundamental rights), and in which situations they may be waived.

In light of this evolving regulatory framework, individuals considering applying for Portuguese nationality are advised to closely monitor forthcoming developments and to seek specialised legal advice before initiating proceedings.

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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.