The new remuneration regime for cleantech energy resources set forth on Royal Decree 413/2014, – which has granted operators long awaited legal certainty – has brought a great deal of M&A and restructuring opportunities for clients.
With the aim of controlling the electricity deficit and continuing the reform of the sector, the Council of Ministers has approved the Royal Decree which regulates the generation of electricity through renewable energy sources, cogeneration and waste (the “Royal Decree”).
The Portuguese Government has deemed it necessary to implement a second package of cost-cutting in the electric system, aimed at cutting back the tariff deficit of the national electrical system (SEN). This is linked to external factors such as the fall in energy consumption in Portugal and the CO2 licence price cut in Europe.
Over this last year, Portugal has been facing the most significant legal and regulatory changes in terms of the energy market since the creation of MIBEL (Iberian Electricity Market). Along with the transposition of the EU Directives including in the Third Energy Liberalisation Package, the legal and regulatory changes that took place were mostly boosted by the commitments of the Portuguese State pursuant to the Memorandum of Understanding and bailout with the Troika.