March 2. 2024. 2:18

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Portuguese energy sector needs €60 billion by 2030, government says

According to energy transition and decarbonisation plans, Environment Minister Duarte Cordeiro said on Wednesday, the energy sector would see at least €60 billion of investment, mainly private, by 2030.

“Based on estimates made by our ministry, by 2030, the Portuguese energy sector will mobilise investment of at least €60 billion,” the Coreiro told parliament.

According to the minister, this is a “conservative” assessment based on the objectives set out in the energy transition and decarbonisation plans for the energy sector and corresponds mainly to private investment from national and foreign companies.

Cordeiro also pointed out that, to meet the goals of the National Energy and Climate Plan 2030 (PNEC 2030), it will be necessary to increase wind power capacity by 3.4 gigawatts (GW), “which represents an investment of between €4 and €4.5 billion”.

In terms of solar energy, increasing production capacity by 6.4 GW will be necessary, “which represents an investment of between €4.3 and €4.7 billion ,” the minister said.

As for the 10 GW auction for offshore wind power, which will be launched after the public discussion underway about the maritime areas where it may be installed, the Environment Ministry estimates that the investment will be between €30 and €40 billion.

Investments in hydrogen have also been accounted for, and the National Strategy foresees an amount between €7 and €9 billion in production projects, as well as investment and production support of €900 million, until 2030.

In addition, €204 million will be provided for the ‘green’ gas pipeline corridor that will cross the Iberian Peninsula to Marseille, France.

Finally, the minister also pointed out the investments in the National Transport Network, with approved amounts of €430 million, until 2026, and €760 million from the Operational Programme Sustainability and Efficiency in the Use of Resources (POSEUR) and the Recovery and Resilience Plan (PRR) that were allocated to energy efficiency projects.

“The total value of these investments that I have described corresponds to about 25% of our country’s current GDP [Gross Domestic Product],” he added.

(Maria João Pereira |