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Tugadaily bar chart of the consumers covered by Portugal's new electricity time bands: 500,000 on two and three-rate tariffs, 70,000 business four-rate, and six million on the simple tariff
Business 20 August 2026

Portugal's cheap night electricity is moving. Set your washing machine half an hour later

The energy regulator has signed off new time bands. On the two-rate tariff the off-peak window shifts to 22:30-08:30, half an hour later at both ends. It reaches 500,000 homes between July and December 2027, and six million simple-tariff meters get updated too.

If you are on a two-rate electricity tariff in Portugal, you have probably internalised one rule: after ten at night, the dishwasher can go on. That rule is about to be wrong.

On 31 July the regulator, ERSE, closed its review of electricity time bands for mainland Portugal, and the headline fits in two lines. On the daily cycle of the two-rate tariff, the off-peak window stops starting at 22:00 and starts at 22:30 instead. To compensate, it stops ending at 08:00 and ends at 08:30. On weekdays under the weekly cycle the same half hour applies at both ends: off-peak begins at 00:30 rather than midnight and finishes at 07:30 rather than 07:00.

For households on the three-rate tariff, and for businesses on four-rate, the change is a different shape. Morning and early-afternoon peak hours disappear altogether, and peak concentrates at the end of the day. The daily length of every band stays exactly as it is. Only the start and end points move.

Why touch this now

ERSE’s reasoning is that the electricity system no longer behaves the way it did when these bands were drawn. As decentralised renewable generation has grown, the real profile of network use has shifted, and the tariff periods stopped lining up with it. There is a second argument, and it is about money: bands that match actual use defer investment in transmission and distribution networks, and network costs land on everybody’s bill. That is the same pressure showing up in what households are currently paying at the pump — the energy bill keeps being decided by rules most people never read.

Two simplifications come with it. There will be a single daily cycle all year, with no winter-time and summer-time split, and a single weekly cycle.

When it actually reaches your bill

Nothing changes this year or next summer. Business and industrial installations all switch on one date, 1 April 2027. Households and small businesses on two or three-rate tariffs switch between 1 July and 31 December 2027, and there is nothing to do: the network operator makes the change remotely through the smart meter, and 99% of low-voltage customers already have one. Only in a small number of cases will a technician turn up at the door.

Then there is the part that went unnoticed. The roughly six million customers on the simple flat tariff are not covered by the band change at all, but their meters are being updated anyway, between 1 November 2027 and 31 March 2030, so they can read consumption by time period. Translated: anyone who has always suspected the two-rate tariff would not pay off for their household will finally be able to check it against their own numbers rather than guess. If you would rather not wait your turn, you can ask E-REDES to configure your meter early.

ERSE has promised simulators and explanatory material as the rollout proceeds. For now, the communique setting out the new bands is on the regulator’s site — and July 2027 is worth a note somewhere.

By Beatriz Mota

Chart: Tugadaily · data ERSE

Tugadaily chart: revenue from Portugal's aviation carbon charge since 2021 — €266.58 million collected, €258.58 million passed to the Environmental Fund and €31.48 million in the first half of 2026
Business 19 August 2026

The €2 carbon charge on Portuguese flights has now raised €266.6 million

Portugal's per-passenger aviation carbon charge has collected €266.58 million since July 2021, including €31.48 million in the first half of this year. €258.58 million has reached the Environmental Fund; the €8 million gap is the share the law reserves for the aviation regulator.

It is two euros. It sits inside the ticket price, almost nobody notices it, and since July 2021 it has added up to €266.58 million. Portugal's aviation carbon charge is a flat amount per passenger, collected by airlines when they sell a commercial ticket and handed on to the state. In the first half of this year it brought in €31.48 million, against €30.6 million over the same months of 2025 — a rise of 2.9%, tracking traffic growth closely. The law is…

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Two linesmen suspended from REN's high-voltage transmission cables during maintenance work, against a blue sky with clouds
Business 19 August 2026

Who signs off Portugal's 13.7% REN stake? The Court of Auditors, and it rarely gets asked

Pontegadea and state holding company Parpública have signed for 91,723,676 REN shares, but the deal only takes effect once the Court of Auditors grants prior approval — a step seldom used for share purchases by state entities. The market filing carried no price; the figure since put on it is about €380 million, a premium of roughly 17%.

There is a contract, and the deal has not actually happened yet. Pontegadea Inversiones, the investment vehicle of Zara's founder, has agreed to transfer 91,723,676 REN shares — about 13.7% of the company — to the state holding company Parpública, according to the filing REN sent to the market on 14 August. Everything waits on the Court of Auditors granting prior approval, and it is the filing itself that says so.

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The Court of Justice of the European Union in Luxembourg, with member state flags flying outside the building
Business 18 August 2026

€880m in competition fines were about to expire. A one-article law changed that today

Law 51/2026 takes effect on 18 August and settles a split between two Portuguese courts over when the clock stops on antitrust cases. Nineteen proceedings across banking, retail, energy, telecoms and transport are affected.

More than a dozen Portuguese banks were convicted at first instance for swapping commercial information between 2002 and 2013. They never paid. Lisbon's appeal court ruled the case time-barred, and the whole thing evaporated. From today that particular escape route closes for the cases still running. Law 51/2026 was published in Diário da República on Monday and comes into force on Tuesday. The text creates nothing new. It states that Law 17/2022 — which…

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Tugadaily bar chart of gross monthly pay per worker in Portugal: €1,835 total in Q2 2026, €1,342 base pay in June 2026 and €1,278 in June 2025
Business 17 August 2026

Portuguese pay is up 5.1% to €1,835 a month. After inflation it is up 1.8%

Average gross monthly pay per worker reached €1,835 in the second quarter, INE reports. Base pay alone was €1,342 — and the €493 gap is everything that is not written into the contract.

Average gross monthly pay per worker in Portugal rose 5.1% in the second quarter to €1,835. Strip out inflation and the real gain was 1.8%. Prices took the other 3.3 percentage points. The figure that usually falls out of the headlines is the second one. Base pay — what the contract says, before bonuses, variable allowances, overtime or top-ups — went from €1,278 in June 2025 to €1,342 in June 2026. That is also 5.1%.

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Line workers carrying out maintenance on a REN extra-high-voltage overhead power line in Portugal
Business 16 August 2026

Zara's owner sold out of Portugal's power grid. The state stepped in

Pontegadea, Amancio Ortega's holding company, has agreed to sell 91,723,676 REN shares to Parpública, or 13.7% of the capital. The deal needs Court of Auditors clearance and no price was disclosed.

Twelve years after selling out of REN, the Portuguese state is back in. Pontegadea Inversiones, Amancio Ortega's holding company, has signed a contract with state holding company Parpública to sell 91,723,676 REN shares, equal to 13.7% of the capital. The deal was announced to the market on 14 August and is conditional on clearance from the Court of Auditors. Neither side disclosed a price. Pontegadea was the second-largest shareholder in the operator of…

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Tugadaily chart with three bars for diesel: a ten-cent rise from markets, two cents absorbed by the ISP discount, and a real rise of eight cents on 17 August 2026
Business 16 August 2026

Filling up before Monday will save you about four euros a tank

Diesel goes up around 8 cents a litre from 17 August and petrol 7.5, after the government raised the ISP discount on Friday to soften a much bigger rise.

If you can get to a pump this weekend, do. From Monday 17 August fuel goes up across mainland Portugal, and it is one of the sharper rises of the summer: roughly ten cents a litre on standard diesel and nine on 95 petrol, counting only what comes from international markets. What reaches the forecourt is a little gentler than that. On Friday the government published Portaria 345-C/2026/1, the order revising the rates of the fuel tax, ISP, raising the…

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Tugadaily bar chart showing tourism's weight in the Portuguese economy in 2025: consumption 16.1%, total contribution 11.8%, direct gross value added 8.1%
Business 15 August 2026

Portuguese tourism is 8.1% of the economy. It is also 16.1%

Portugal's 2025 Tourism Satellite Account gives three different readings of the same sector, which is why the headlines never agree. Only one of them measures what tourism actually adds.

If you read this month that tourism is worth 8.1% of the Portuguese economy, you read correctly. If you read 11.8%, that was correct too. And 16.1%. All three come from the same INE release, published on 3 August, and they measure different things. Worth knowing which, because mixing them up is why the argument about tourism in Portugal keeps going round in circles.

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A FlixBus coach in the company green and orange livery, seen from the side, parked on a street beside a building
Business 14 August 2026

Montijo finally has a long-distance coach stop of its own. The fare to Coimbra starts at €4.49

The route began running on 13 August and links Montijo to Torres Vedras, São Martinho do Porto, Nazaré, Marinha Grande and Coimbra. Four departures a day, two each way, from a new stop at Portas da Cidade beside the A33 and A12.

If you live in Montijo and wanted a long-distance coach, the drill until this week was tedious and familiar. Cross the Tagus, get to Gare do Oriente, start the journey there. That changed on 13 August, when FlixBus began running in the municipality and put its new stop at Portas da Cidade, on Avenida Pedro Nunes, behind the Decathlon and next to a Carris Metropolitana stop.

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Cars stacked in a scrapyard awaiting shredding, with fluid collection drums in the foreground
Business 13 August 2026

The EU's new car-scrapping rules start today. The parts that reach your driveway come later

Regulation (EU) 2026/1738 entered into force on 13 August. It requires 15% recycled plastic in new cars from 2032, extends the framework to lorries, buses and motorcycles, and from mid-2031 lets only roadworthy vehicles be exported out of the EU.

The regulation that decides how cars are designed, dismantled and recycled at the end of their lives came into force across the European Union today. It replaces two directives old enough to vote: one from 2000, the other from 2005. None of this will be visible in a showroom tomorrow. Almost every figure in the text is dated to the next decade, and that is where the story sits. From today, manufacturers have to publish clear instructions for removing and…

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The front of a Novo Banco branch in Albufeira, with the green and white sign above the entrance
Business 11 August 2026

Novobanco made €367.2m in six months, 15.6% less than a year ago

The drop comes from one-off costs tied to the sale to Groupe BPCE and a higher effective tax rate. Lending grew 5.9%, deposits 7.7%, and the CET1 ratio climbed to 19.2%.

Novobanco closed the first half of the year with a profit of €367.2 million. The same six months last year produced €434.9 million, which makes for a 15.6% fall. The bank's explanation rests on two things, neither of them commercial. The first is the one-off cost of the sale to Groupe BPCE, the French deal that formally got moving this half and completed on 30 April. The second is a higher effective tax rate, with the tax bill up by close to 38%. Add…

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Entrance to the La Vaguada shopping centre in Madrid
Business 11 August 2026

Norway's oil fund just bought eight Spanish shopping centres. Sonae Sierra gets to run them

Norges Bank Investment Management takes 92% of a portfolio valued at around €1.5bn. Sonae Sierra puts in 8% and takes on asset management of the 258,000 square metres.

The world's largest sovereign wealth fund is adding eight Spanish shopping centres to its books, and the company running them day to day will be Portuguese. Norges Bank Investment Management, which manages Norway's oil fund, signed the agreement on 31 July to acquire a 92% interest and will pay around €1.4bn for it. The portfolio's gross value is roughly €1.5bn. A Sonae Sierra subsidiary takes the remaining 8% and will perform asset management on behalf…

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Rows of new cars lined up at the port of Setúbal awaiting export, with a cargo ship behind them
Business 11 August 2026

Portuguese industry sold 6.5% more in June. Its payroll shrank

Turnover rose 6.5% year on year, driven by the domestic market (up 9.0%) and energy (up 11.6%). In the same month industrial employment fell 0.7% while wages paid rose 5.6%.

Portuguese factories took more money in June. The industry turnover index rose 6.5% on the same month last year, according to the series INE publishes for industrial business indices, and across the whole second quarter sales were up 7.5%, against a mere 1.4% in the previous quarter. The small print matters here. A good chunk of that rise is price rather than volume — the statistics office itself attributes the quarterly acceleration largely to prices.…

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The Santa Bárbara garden beside the episcopal palace wall in central Braga
Business 10 August 2026

Five Braga charities are up to 95% through their builds and could still lose the EU money

UDIPSS Braga has written to the President and the Government about €11.9 million of social investment, €6.1 million of it from the recovery plan, at risk because deadlines expire before the works finish.

The question sounds absurd until you look at the paperwork. There are building sites in Braga that are 95% complete and may lose the European money that has paid for them so far, because the spending deadline runs out before the builders do. UDIPSS Braga, the district union of private social solidarity institutions, has sent an open letter to the President, the Prime Minister and several government ministers asking for an urgent political answer. Its…

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A Talgo train on the Granada to Madrid run passing through Iznalloz station in Spain on an electrified line
Business 10 August 2026

Only two bidders are left in the race to sell CP its 300 km/h trains

France's Alstom and Spain's Talgo were the only companies to clear pre-qualification in CP's tender for 12 high-speed trains. They now have 90 days to file firm proposals, with a decision due late this year.

Two are left. Alstom of France and Talgo of Spain were the only companies to enter the pre-qualification stage of the tender CP launched in May to buy 12 high-speed trains, with submissions closing on 1 August. The timetable from here is set. Both have 90 days to turn a qualification into a firm proposal with prices and delivery dates, and a decision is expected before the end of the year. The tender carries a base value above €500 million and can reach…

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