Management of the Portuguese national gas and electricity grids is to be reportedly handed over to a new operating company, of which energy firms will be able to buy up to 3%.

The government hand over plans form part of a larger scheme for the energy sector, which includes €8 billion for the development of the renewable energy sector to the tune of 1,700 MW by 2030.

Electricity grid owner Rede Electrica Nacional was spun off from Electricidade de Portugal (EdP) in 2000. The state-owned power group still holds some 30% of the grid along with state holding company Parpublica. State-owned bank Caixa Geral de Depositos and the government each hold 20% stakes.