The growth of renewable energies, driven by wind, hydroelectric and, more recently, solar production, has made it possible to reduce the use of fossil fuels in electricity production and to develop relevant skills in a strategic sector for the economy. In 2025, renewable sources supplied around 68% of national electricity consumption, demonstrating the extent of the road travelled. But as we enter a new phase of the energy transition, I believe that the time has come to ask a different question: are we transforming this production capacity into a real economic advantage for Portugal?

For many years, the priority was to increase installed capacity and reduce energy dependence. This strategy made sense and remains important. However, the growth of renewable production has brought new challenges. Solar and wind electricity is not always available when companies need it most, electricity grids face limitations, and wholesale market prices can vary significantly throughout the day. In certain periods, the abundance of renewable production can even lead to very low or negative prices, without necessarily representing an equivalent reduction in the costs borne by companies. Producing competitive electricity and ensuring competitive energy for the economy are two different realities.

It is precisely on this difference that Portugal should focus a growing part of its energy strategy. An industrial company considering investing in our country does not only assess the amount of sun or wind available. It analyses the effective costs of electricity, the capacity to connect to the grid, the stability of supply and the predictability of prices. If we want to attract new industrial units, strengthen export capacity and increase productivity, we need to bring energy policy closer to the concrete needs of the economy. Investment in networks, storage, digitalisation and intelligent management of consumption should also be seen as a business competitiveness policy.

There is also an opportunity that I consider to be undervalued. Portugal has thousands of industrial, commercial, agricultural and logistical facilities whose roofs could, when technically adequate, be used to produce electricity. Self-consumption and collective energy management models can help companies reduce costs, make better use of the built heritage and reduce pressure on new land. At the same time, inland regions that host large renewable projects should be able to capture a more significant share of the economic value created. The installation of solar or wind farms is important, but territorial development also requires companies, specialised services, qualified employment and infrastructure capable of attracting new productive activities.

The next phase of the energy transition should also be accompanied by a clearer industrial ambition. Portugal does not need to manufacture all the equipment used in renewable energy, but it can seek to increase its participation in engineering, technology, maintenance, automation and energy management activities. Existing skills in companies and research institutions can contribute to developing solutions with export potential. The real economic benefit of renewables is not only in the electricity produced, but also in the knowledge, services and business activities that we can create around this sector.

Portugal has favourable natural conditions, accumulated experience and a business base that allow it to face this new stage with ambition. But we need to start measuring the success of the energy transition beyond the megawatts installed and the percentages of renewable production. It is important to understand how many companies become more competitive, how many investments are attracted, what opportunities arise in the interior and how much added value remains in the national economy. The first phase of the energy transition was mainly a question of production. The next will have to be a question of economic development. And it is in this ability to transform energy into wealth that an important part of Portugal's future will be decided.

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