REN Trading

REN Trading’s main object is the purchase, sale, import, and export of electricity and the purchase and sale of power and system services within the scope of the management of Power Purchase Agreements, as well as the purchase of natural gas and other fuels, in order to optimise the management and costs associated with these agreements, through operations in organised markets and auction systems or through bilateral agreements.

REN Trading was set up on 13 June 2007 to manage the Power Purchase Agreements not subject to early termination, in accordance with Decree-Law 172/2006 of 23 August. That is, the Power Purchase Agreement signed with Tejo Energia, regarding the Pego thermal power station (600 MW) and the Power Purchase Agreement with Turbogás, regarding the Tapada do Outeiro thermal power station (990 MW). The Power Purchase Agreement entered into with Tejo Energia ended in November 2021.

REN Trading's main objective is to maximise revenues from the sale of energy and system services in the market, as well as to minimise the costs of the PPAs, in accordance with Directive 2/2021 of the Portuguese Energy Services Regulator.

The sale of electricity on the market by REN Trading is mainly carried out through operations on the Iberian Electricity Market (placement of daily and intraday sale and repurchase offers on the designated electricity market operator) and on the System Services Market, operated by the System Manager.

REN Trading is also active in the European Emissions Trading Scheme through participation in the daily market of the Intercontinental Exchange. REN Trading is responsible for managing the need for CO2 emission licences and for establishing a strategy for managing these environmental obligations for the two power plants, which includes the purchase of European Unit Allowances, integrated into the variable costs of the power plants.

According to the decision of 9 September 2014 of the Portuguese Energy Services Regulator concerning the certification of the Operator of the Portuguese National Electricity Transmission Grid and of the Portuguese National Natural Gas Transmission Network, REN – Trading changed its headquarters to Praça de Alvalade 7, in Lisbon, and a Board of Directors was appointed consisting of Nelson Cardoso (Chairman) and Tiago Andrade e Sousa (Member). 

In organizational terms, REN Trading is made up of three operational areas: Marketing and Contract Management,  Administrative, Legal and Financial and Information systems.