Solar production continues to grow, wind energy maintains a fundamental role, and water resources make it possible to complement an energy system that is increasingly less dependent on fossil fuels. But this transformation raises a question that I consider essential for the future of our economy: are we really managing to transform renewable production into a competitive advantage for companies?

There is an important difference between producing electricity at low cost and getting that electricity to companies under competitive conditions. The final price of energy does not depend only on the cost of production. It includes components associated with networks, marketing, contracting and taxation. It also depends on consumption schedules, market volatility and the ability of each company to negotiate supply conditions appropriate to its activity.

A factory that works continuously cannot depend exclusively on periods when there is greater solar or wind production. It needs electricity available when it needs to produce, predictable prices and security of supply. For many companies, the stability of energy costs can be as important as the price charged at a given time. It is precisely here that one of the great challenges of the Portuguese energy transition begins to emerge.

As renewable generation capacity increases, there are periods when electricity supply is high and wholesale market prices can drop significantly. In certain circumstances, they may even turn negative. However, these times do not automatically mean that businesses benefit from cheaper electricity throughout the year. Without sufficient storage, adequate grids and procurement mechanisms that can take advantage of this availability, part of the economic potential of renewables may go unrealised.

The international report 2026 Trends: Renewable Energy and Solar Research identifies precisely the saturation of networks, administrative delays and the need for greater flexibility as some of the main obstacles to the sector's growth. It is a sign that the next stage of the energy transition no longer depends only on the installation of new production equipment.

Portugal has interesting examples of solutions that point in this direction. The Tâmega hydroelectric complex demonstrates the importance of pumped storage, while the Alqueva floating solar project shows the potential of combining different technologies and taking advantage of existing infrastructure.

But the economic issue goes further. If we want to attract new industrial units, develop technology centres and strengthen the competitiveness of Portuguese companies, we need to ensure that the availability of renewable energy translates into real conditions for investing and producing. This requires networks capable of responding to demand, adequate supply contracts, investment in storage and a strategy that brings energy policy closer to the needs of industry.

It also requires companies to have access to information and tools that allow them to better manage consumption, invest in self-consumption when economically justifiable, and reduce exposure to price volatility.

Portugal has favourable natural conditions to produce renewable energy. This is an important advantage, but it is not enough. The real opportunity lies in transforming this capacity into a more productive economy, with companies able to compete internationally and investments that create added value in the country.

Because energy competitiveness is not only measured by the price at which we can produce electricity. It is measured by the ability to ensure that this electricity reaches companies, when they need it, at predictable and economically sustainable costs.

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