Powering legal strategy at REN
General counsel, head of compliance and company secretary Marta Almeida Afonso on regulation, the energy transition and the evolving role of in-house legal teams
by glória paiva
Few sectors are changing as rapidly – or are as heavily regulated – as energy. For in-house legal teams, that means staying ahead of evolving regulation while helping shape business strategy. At REN – Redes Energéticas Nacionais, Marta Almeida Afonso has spent the past eleven years leading the group’s legal and compliance functions, advising on some of the company’s most strategic projects, from the energy transition and hydrogen infrastructure to green bonds and electric mobility. She also sits on the board of REN’s Chilean subsidiary, Electrogás. Speaking to Iberian Lawyer, she reflects on the changing role of the general counsel, the biggest legal challenges facing the sector, and the skills today’s in-house lawyers need to succeed.
What led you to pursue a legal career in a sector such as energy?
It was not a straightforward choice, but rather the result of my career path and the opportunities that arose. I began my career at law firms including Vieira de Almeida and later Linklaters. I initially worked in the capital markets practice and, a few years later, joined Dr Pedro Siza Vieira’s finance team, advising on banking and project finance matters, which brought me closer to projects in the energy sector. With the financial crisis, the market slowed down. At that point, I decided to invest in further education in management. Shortly afterwards, I was invited to work on privatisation projects and M&A transactions in the energy sector, which ultimately cemented that connection. In 2015, I was invited to lead REN’s legal team, a challenge that made perfect sense given my professional journey.
How has the role of the general counsel and legal teams changed in recent years?
In my experience, the role has evolved from being predominantly reactive to becoming increasingly involved in decision-making. Today, legal teams are involved from the earliest stages of projects, contributing to the definition of strategy. This close involvement enables a better understanding of business objectives and allows legal advice to be more closely aligned with operational realities. The legal function is no longer associated solely with disputes or responding to problems, but has become a strategic partner in delivering the company’s objectives. Today, it is a far more integrated function, making a clear contribution to value creation.
What is the legal department’s main role today in supporting REN’s strategy?
REN’s legal department is a strategic partner, working closely and in an integrated way with the group’s various business areas. We are involved from the very outset of initiatives, including during the conception and strategic planning stages. This approach allows us not only to mitigate risks effectively, but also to anticipate them, structure legally robust solutions and contribute to more informed and sustainable decision-making. Close collaboration with the technical teams is equally critical in a highly regulated and technically demanding sector such as energy.
What are the main legal challenges you currently face as general counsel?
The sector is highly regulated and presents demanding legal challenges, combining technical complexity, constantly evolving regulation and a high degree of scrutiny from regulatory authorities. One of the main challenges is keeping pace with the evolving regulatory framework, particularly in the context of the energy transition, which involves new business models and legal frameworks that are still taking shape. Added to this are issues such as AI and the increasing risks associated with cybersecurity. Another challenge is the integrated management of legal, regulatory and reputational risks in an environment of high public visibility, where decisions have a direct impact on the stability of the energy system. I would also highlight the growing importance of compliance, governance and sustainability, which require an increasingly multidisciplinary legal approach that is closely aligned with the business and focused on anticipating risks and supporting the group’s strategy.
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