We are engaged in two principal lines of business: electricity transmission, where we own and operate Portugal's national high-voltage electricity transmission network (the "RNT"), the only electricity transmission network in mainland Portugal, and natural gas, where we are engaged in the reception, storage and regasification of liquefied natural gas ("LNG"), the operation of the national high-pressure gas transmission network, which we own and operate under respective concessions and the underground storage of natural gas.
Our electricity transmission business is conducted through our subsidiary REN - Rede Eléctrica, which holds a 50 year concession to operate the electricity transmission network in Portugal. This concession was originally granted in September 2000 and renewed for a 50 year period commencing in June 2007, pursuant to the relevant concession agreement between the Portuguese State and REN, executed on June 15, 2007, according to the principles and rules set forth in Decree Law 29/2006 and Decree Law 172/2006. Pursuant to this concession we provide a public utility service in Portugal, which includes planning, constructing, operating and maintaining the electricity transmission network and managing the technical aspects of the national electricity system.
Our natural gas business comprises the ownership and operation of (i) the high-pressure natural gas transmission network in Portugal, (ii) the LNG terminal in Sines, which is engaged in the reception, storage and regasification of LNG, and (iii) our underground storage and related facilities in Carriço. We operate these businesses through 40 year concessions granted by the Portuguese State in September 2006.
At the end of 2008, REN was assigned to manage a new concession agreement for a 45 year period regarding the first wave energy production pilot zone. This concession will be held by a new company to be created by REN that will fully own its initial social capital. According to the principles and rules set forth in Decree Law 238/2008, of December 15th, this new company will be responsible for the management of the off-shore "pilot zone" identified in Decree-law 5/2008 and the promotion of scientific and technological development of the wave electricity power generation area. The pilot zone concession includes the use of the corresponding corridor set up for electricity power grid substructure as soon as its location is determined.
We also operate certain other businesses that complement our core electricity and natural gas businesses: a telecommunications business to exploit the excess telecommunications capacity of our electricity and natural gas networks, an energy trading business, and the Portuguese marketplace for trading Iberian electricity derivatives.