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Commission Delegated Regulation (EU) 2026/1061, amending Commission Delegated Regulation (EU) 2019/980, complements the prospectus reform launched under the EU Listing Act, which revised the legal framework governing the European Union capital markets, notably the Regulation (EU) 2017/1129 (the “Prospectus Regulation”).

This Regulation replaces the dual-annex regime with a unified framework, simplifies and standardises the format and order of prospectuses according to the type of security concerned, creates a new category of prospectus for initial public offerings (“EU IPO prospectus”), establishes maximum time limits for the review and approval of prospectuses, and introduces a specific transparency regime for sustainable non-equity securities.

1. Regulatory background

Commission Delegated Regulation (EU) 2026/1061 (“Regulation 2026/1061”)forms part of a broader package of reforms known as the EU Listing Act.

The EU Listing Act is a legislative package adopted in October 2024, comprising Regulation (EU) 2024/2809 and Directives (EU) 2024/2810 and 2024/2811, which introduced wide-ranging amendments to the European Union capital markets framework, notably the Prospectus Regulation, the Market Abuse Regulation, and MiFID II.

Its principal instrument in the field of prospectuses was Regulation (EU) 2024/2809. The purpose of this legislative package was to make EU public capital markets more attractive to companies by facilitating access to financing and enhancing liquidity for already listed issuers.

2. Key Changes

2.1. Merger of wholesale and retail regimes for non-equity securities

Until now, Commission Delegated Regulation (EU) 2019/980 provided for separate annexes depending on whether the non-equity security was intended for the wholesale market (i.e. securities with a minimum denomination per unit of at least €100,000, or admitted solely to a regulated market, or a specific segment thereof, to which only qualified investors have access) or for the retail market.

The Regulation 2026/1061 removes this dual-annex approach. Annexes 7 and 14, which have been entirely replaced, now constitute the sole annexes applicable to the registration document and the securities note, respectively.

Within these unified annexes, disclosure items are labelled as “wholesale-specific” where they relate to securities meeting the conditions set out in Article 7(1), second paragraph, points (a) or (b), of Regulation (EU) 2017/1129, and as “retail-specific” in all other cases.

2.2. Creation of the “EU IPO Prospectus” category

The Regulation 2026/1061 introduces for the first time the concept of an “EU IPO prospectus”, namely a prospectus drawn up pursuant to Article 6 of Regulation (EU) 2017/1129 in connection with an initial public offering of a class of shares admitted to trading on a regulated market for the first time.

The creation of this standalone category reflects the important role played by IPOs in EU public markets and justifies the highest degree of standardisation for this type of prospectus.

In practice, an EU IPO prospectus must follow, depending on whether it is prepared as a single document or as separate documents, the sequence prescribed by Article 24(2) or 24(3), respectively.

2.3. New prospectus format

To date, legislation prescribed the information that had to be included in a prospectus without imposing a strict order for its presentation. Under the Regulation 2026/1061, prospectuses based exclusively on the core annexes must now follow a mandatory order, which varies according to the type of security.

The degree of prescriptiveness depends on two variables: whether the prospectus is drawn up as a single document (using Annexes 15 or 16, depending on whether shares or non-equity securities are concerned) or as separate documents (a registration document and a securities note), and whether it relies exclusively on the core annexes (Annexes 1 and 11 for shares and Annexes 7 and 14 for non-equity securities) or also incorporates more specialised annexes designed for securities with particular characteristics.

Single-document prospectuses based solely on the core annexes are subject to the most rigid sequence: table of contents, summary, risk factors and, finally, the remaining information in the exact order set out in Annexes 15 or 16. By contrast, base prospectuses, used for issuance programmes supporting multiple future transactions, remain subject to the most flexible regime.

One rule, however, applies universally: risk factors must always appear before the remaining disclosure, namely immediately after the summary or, where no summary is required, after the table of contents; and, in the case of base prospectuses, after the general description of the offer programme.

2.4. Binding review and approval deadlines

Until now, specific deadlines applied to each individual submission during the approval process, but no overall deadline existed for the approval procedure as a whole. In practice, this allowed approval processes to become prolonged through multiple rounds of comments and revised drafts. This is likely the change introduced by the Regulation 2026/1061 with the greatest practical impact on day-to-day transaction execution.

Accordingly, new Article 45a establishes a maximum overall period of 90 working days (or 100 working days for SMEs) between the initial application and the decision of the competent authority, after which the authority must discontinue its review without approving the prospectus.

The competent authority may establish intermediate deadlines, which may not be shorter than 10 working days, for the issuer to submit revised drafts. Such deadlines may be extended by up to 10 additional working days upon the issuer’s written request. Failure to submit revised drafts within the prescribed period may result in refusal of approval. The overall review period may itself be extended by up to 30 working days upon the issuer’s written request.

Furthermore, following the repeal of Article 40, competent authorities may no longer apply additional scrutiny criteria on investor-protection grounds.

2.5. Other changes – ESG and atypical securities

The Regulation 2026/1061 also introduces two additional adjustments worth noting.

First, pursuant to the new Article 23a, where a non-equity security is marketed as sustainable or linked to ESG objectives, additional disclosures set out in the new Annex 23 must be included.

To avoid duplicative disclosure requirements, this obligation does not apply to European Green Bonds (Article 3 of Regulation (EU) 2023/2631), nor to environmentally sustainable bonds and sustainability-linked bonds that follow the voluntary disclosure templates established under that Regulation.

Secondly, the new Article 23b provides that, where securities do not fit neatly within any existing annex, the competent authority may, after consultation with the issuer, determine how the required information should be adapted and incorporated into the prospectus.

3. Practical Impact

As this Regulation has direct effect in all Member States, any prospectus submitted to the CMVM since 16 August 2026 must comply with the new regime.

Issuers should review their internal registration document and securities note templates in light of the new annexes, particularly in the debt capital markets context, where the consolidation of the wholesale and retail regimes will be most significant

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In October 2024, the “Listing Act” was adopted: a European legislative package designed to make the European Union’s capital markets more attractive to companies and, in particular, to facilitate access by small and medium-sized enterprises (“SMEs”) to new sources of financing.
Decree-Law no. 171/2026, of 26 August, has now partially transposed and implemented the “Listing Act”, as well as other European legislation, into Portuguese law, introducing amendments to the Portuguese Securities Code (Código dos Valores Mobiliários - “CVM”). In this newsletter, we analyse the main changes introduced by this decree-law.

1. Key changes

1.1. Requirements for the admission of shares to trading

Decree-Law no. 171/2026 has reduced the minimum level of distribution to the public, or free float, required for the admission of shares to trading on a regulated market from 25% to 10%.

The market operator may also accept a percentage below 10% where it considers that the regular functioning of the market is ensured. To that end, it must take into account at least one of the following criteria:

• The number of shares held by the public;
• The number of shareholders; or
• The market value of the shares held by the public.

The requirement of a foreseeable market capitalisation of at least €1,000,000 or, where this cannot be determined, of capital and reserves of an equivalent amount remains unchanged.

1.2. Public offers and prospectuses

Using the discretion granted by the Prospectus Regulation, as amended by the “Listing Act”, Portugal raises from €8,000,000 to €12,000,000 the threshold below which publication of a prospectus is not required.

This threshold is calculated per issuer or offeror, taking into account the aggregate value of the securities offered in the European Union over a period of 12 months. The change aims to reduce the costs associated with smaller offers and to facilitate recourse to the capital markets as an alternative to bank financing.

1.3. SME growth markets

It is now possible to register as an SME growth market not only a multilateral trading facility, but also a specific segment of that facility.

This allows market operators to create specialised SME segments without having to subject the entire multilateral trading facility to the regime applicable to SME growth markets. The change is intended to reduce the burden associated with organising these markets and to increase the visibility of SMEs to investors.

1.4. Investment research

The previous market capitalisation threshold of €1,000 million, which restricted the possibility of bundling payments for order execution services and investment research, has been removed.

Financial intermediaries now have greater flexibility to pay for these services jointly or separately, provided that requirements relating to transparency, client information, management of conflicts of interest and assessment of research quality are met.

The concept of “issuer-sponsored research” is also introduced, meaning investment research paid for, in whole or in part, by the issuer and prepared in accordance with the applicable EU code of conduct.

Such research must state clearly, on its first page, that it has been prepared in accordance with that code. Material paid for by the issuer that does not meet the relevant requirements is classified as a marketing communication.

1.5. Multiple-vote shares

In implementation of Directive (EU) 2024/2810, the transparency obligations applicable to companies issuing multiple-vote shares are strengthened. Information on these shares must be included in the prospectus or admission document and, where changes occur, in the annual management report.

The information disclosed must include the different classes of shares and the rights attached to them, the percentage of share capital they represent and the total number of votes attached, any restrictions on the transfer of shares or on voting rights, and the identity of holders of multiple-vote shares representing more than 5% of the voting rights.

Operators of regulated markets or multilateral trading facilities may not prevent the admission of these shares to trading and must ensure that they are clearly identified.

1.6. Best execution

Decree-Law no. 171/2026 strengthens information duties in the execution of orders: material changes to order execution arrangements – and not only changes to the execution policy – must now be communicated to the client before they are applied.

In implementation of Regulation (EU) 2024/791, which amends the Markets in Financial Instruments Regulation (“MiFIR”), the CVM now cross-refers to the ban on receiving payment for order flow laid down in Article 39a of MiFIR.

Accordingly, financial intermediaries acting on behalf of clients may not receive any fee, commission or non-monetary benefit from third parties for executing client orders or routing them to a particular execution venue.

1.7. European single access point

Decree-Law no. 171/2026 partially transposes Directive (EU) 2023/2864, which establishes the European Single Access Point (“ESAP”), a platform that will provide centralised access to financial and sustainability-related information on entities and their products.

Issuers within scope must now submit their management report and consolidated management report to the Portuguese Securities Market Commission (“CMVM”) at the time of publication, so that they can be made available on ESAP. To that end, they must obtain a Legal Entity Identifier (“LEI”) and submit the information in a data-extractable format, accompanied by certain metadata.

These obligations apply in phases: the rules on the management report and the LEI have applied since 10 July 2026, with further application dates up to 10 January 2030.

1.8. Squeeze-out

In line with Directive 2004/25/EC on takeover bids, the squeeze-out right following a general takeover bid now requires the bidder to hold, cumulatively, at least 90% of the voting rights and 90% of the share capital of the offeree company.

A bidder that reaches or exceeds these thresholds by the time the results of the offer are determined may, within the following three months, acquire the remaining shares for cash consideration.

1.9. Other changes

Decree-Law no. 171/2026 also carries out a cross-cutting review of the CVM, aimed at regulatory simplification and greater legal certainty. Notable changes include:

• The removal of the requirement to renew the suspension of trading in financial instruments every 10 days, the suspension now lasting only for as long as strictly necessary to remedy the situation that gave rise to it; and
• The exemption from sending periodic statements for book-entry securities issued by entities in liquidation or insolvency, unless there have been changes since the last statement or the holder requests one.

2. Entry into force and practical impact

Decree-Law no. 171/2026 entered into force on 1 September 2026, although certain provisions take effect on specific dates between 10 July 2026 and 10 January 2030.

The measures now adopted aim to diversify companies’ sources of financing, with a particular focus on small and medium-sized enterprises, to promote cross-border investment, to make financial markets more attractive to investors and savers, and to enhance the competitiveness, resilience and strategic autonomy of the EU economy, including the financing of the green and digital transitions

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The use of Employers of Record (EORs) has grown significantly in recent years and has become an increasingly common solution for multinational companies seeking to hire employees in different countries without having to establish a local entity. Under these arrangements, the Employer of Record formally enters into the employment agreement with the employee and assumes the employment, tax and social security obligations associated with employer status, while the employee works exclusively for another company, usually based in a different jurisdiction.

The growing use of this structure reflects the internationalisation of businesses, the expansion of remote work and the need to recruit talent on a global scale. However, the operational simplicity associated with Employer of Record arrangements does not eliminate the legal challenges they raise. On the contrary, as these structures become more widespread, questions concerning the allocation of responsibilities between the entities involved and how these arrangements fit within Portuguese employment law become increasingly relevant.

Until recently, the legal challenges associated with the use of Employers of Record were largely discussed in the abstract. More recently, however, the debate has moved beyond theory and begun to reach the Portuguese courts.

A decision by the Porto Labour Court last July was widely reported in the media after the Court found the dismissal of an employee hired through an international Employer of Record arrangement to be unlawful. According to publicly available information, the employee had entered into an indefinite-term employment agreement with Deel Portugal but worked exclusively for a US technology company. The dismissal was based on the alleged redundancy of the employee’s position.

As the full reasoning of the judgment is not publicly known, definitive conclusions as to the legal grounds underlying the decision should be avoided. Nevertheless, the case is particularly relevant as it shows that Employer of Record arrangements are beginning to come under judicial scrutiny in Portugal and brings to the forefront some of the questions that these structures inevitably raise.

First, it is important to bear in mind that the use of an Employer of Record does not, in itself, constitute a distinct legal arrangement expressly provided for under the Portuguese Labour Code. Rather, it is a contractual structure designed to facilitate international hiring, under which a local entity formally assumes the position of employer while another company benefits from the employee’s work.

Although Portuguese law recognises situations in which the entity benefiting from an employee’s work is not the formal employer – as occurs in temporary agency work or outsourcing arrangements – Employer of Record structures have specific characteristics that do not fit neatly within any of these traditional legal frameworks. There is currently no specific legal framework governing this type of arrangement in Portugal, which raises a number of employment law questions for which Portuguese legislation does not yet provide clear answers.

It is precisely this separation between the formal employer and the company that actually benefits from the employee’s work that gives rise to some of the most significant legal challenges associated with Employer of Record arrangements.

Who actually exercises direction and control over the employee? Who sets the employee’s objectives, assesses performance or decides on promotion? In the event of a business reorganisation, who actually determines that a particular position should be eliminated: the Employer of Record or the company benefiting from the employee’s work? And could this contractual structure affect the legal requirements applicable under Portuguese employment law to the termination of employment?

The questions do not, however, end with identifying the entity that effectively exercises the employer’s powers. The structure of Employer of Record arrangements also raises questions as to the enforceability of contractual provisions intended to protect the interests of the client company - such as confidentiality, intellectual property, non-compete and non-solicitation clauses - as well as the allocation of liability between the different entities involved when employment disputes arise.

The answer to the fundamental question should be clear: the mere use of an Employer of Record arrangement does not, in itself, displace the mandatory provisions of Portuguese employment law or reduce the degree of judicial scrutiny applicable to employment decisions. On the contrary, all indications are that the courts will continue to focus on the substance of the employment relationship, seeking to identify who effectively directs, organises and controls the employee’s work.

This becomes particularly important in the context of business reorganisations and termination of employment. The increasing internationalisation of businesses does not remove the need to properly substantiate dismissal decisions, nor does it allow responsibilities to be diluted or fragmented through increasingly sophisticated contractual structures.

One conclusion nevertheless seems clear: Employer of Record arrangements are no longer raising purely theoretical questions and are now beginning to come under scrutiny before the Portuguese courts. The number of disputes involving these contractual structures is likely to increase in the coming years, requiring companies, employees and courts to address questions that the Portuguese legislature has not yet expressly regulated.

Hiring has become global. Employment law responsibilities, however, still require local, transparent and legally robust answers. The future of Employer of Record arrangements in Portugal will largely depend on achieving the right balance between organisational flexibility and employee protection.

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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.