And perhaps more important than that, it is international recognition. The most recent report of the European Stability Mechanism only confirms what those on the ground have felt for some time: Portugal is among the countries that have most strengthened their energy security in recent decades.

The numbers are clear. The country went from an energy security index of 0.49 to 0.82 between 1995 and 2024, placing it in the European top 5 in terms of improvement. It is not just a technical evolution. It is a structural transformation. And in a global context where energy means economy, sovereignty and stability, this is not a detail. It is a competitive advantage.

But more than the numbers, it is important to understand what is behind them. Portugal has made a consistent path in investing in renewable energies, diversifying sources and reducing external dependence. And that makes a difference today. In a world marked by conflicts, disruptions and volatility, having a more resilient energy system is no longer an environmental ambition but an economic pillar.

And here comes a perspective that I consider relevant to share. Over the last few years, I have been directly involved in the international expansion process of a company that originated in Portugal and is well known in the renewable energy sector. This experience allows me to confirm something that is not always visible within the country: Portugal is being watched very closely abroad.

It is not just for natural resources. It is for the way the country has managed to position itself in an area that is now at the centre of the new economy. In international markets, at conferences, in meetings with investors and operators, Portugal is increasingly emerging as an example of how a country can accelerate the energy transition and, at the same time, create conditions to attract investment.

The European Stability Mechanism report reinforces this. It highlights that countries with a solid renewable energy base, such as Portugal and Spain, have been able to better mitigate the impacts of recent energy disruptions, namely those related to the Middle East and other geopolitical conflicts. This is relevant because it shows that investing in renewables is not just an environmental choice. It is a resilience strategy.

Of course, challenges remain. Dependence on critical raw materials, risks associated with climate phenomena and the need to continue investing in networks and storage are realities that cannot be ignored. But this is part of any transition.

What has changed is the positioning: Portugal is no longer just a country that follows trends to start anticipating them in several areas, with a direct impact on the way it is now seen by investors, companies and international markets; energy is no longer just electricity, it is infrastructure, it is economy, it is influence, and Portugal, discreetly but consistently, is gaining space on this board, perhaps more than what we have yet to value internally.