Available, clean and quick to connect to the network. And this is where Portugal enters with a clear advantage.

We have one of the best-positioned energy systems in Europe when it comes to renewables. We have the capacity for growth, we have natural conditions and we have a geographical positioning that places us as a bridge between continents. In theory, we have rounded up almost everything that big investors are looking for.

But the study also shows something less comfortable: the market has stopped rewarding only potential. Rewards execution. And it is precisely here that Portugal is still failing.

Lisbon appears on the radar. It is no longer invisible. But it is also not yet a priority. It is in an intermediate group of markets that arouse interest, but that cannot compete with the big European hubs or with some emerging markets that are growing faster. And this does not happen for lack of natural conditions. It happens due to a lack of speed.

Today, investors do not wait. Capital moves where it encounters less friction. Where there is regulatory clarity, speed of licensing and real capacity to connect to the electricity grid. And here, Portugal remains stuck with slow processes, fragmented decisions and an administrative structure that often acts as a brake rather than a facilitator.

The most interesting thing is that we are not competing with the best. We are competing with the most agile. And that should be a warning sign.

Because while Portugal discusses, other countries are simplifying. While the impact is being debated here, it is being executed outside. And in a sector where timing is everything, wasting time is losing investment.

That said, the scenario is far from negative. On the contrary. Portugal is in a privileged position to grow in this new cycle. But it needs to align three fundamental dimensions.

First, to accelerate the State's response capacity. Licensing, grid connections and strategic decisions have to keep pace with the market.

Second, invest seriously in energy infrastructure. It is not enough to produce renewable energy. It is necessary to ensure that it is available, distributed and integrated.

Third, align vision. Energy, technology and investment can no longer be treated as separate areas. They are part of the same ecosystem. Basically, the Cushman & Wakefield study does not bring anything new. It brings a confirmation.

Portugal has everything to be relevant in the new digital economy. But it is no longer enough to have potential. We have to prove that we can execute. And that is, at this moment, the only difference between who will lead... and who will just follow.