When asked whether the government would lower the carbon tax or fuel tax, Maria da Graça Carvalho stated that the government is monitoring the situation involving the conflict with Israel, Iran, and the U.S., and it will “make decisions when necessary.”
Oil prices are unstable due to the conflict, as Iran threatens to close the Strait of Hormuz in retaliation for American attacks on its nuclear program. The strait is a critical maritime route for the transportation of oil and gas.
“What I would like to say is that we fortunately have a very large diversity of energy sources. More than 80% of our electricity originates from renewables, and our oil imports are primarily from Brazil, over 40%, followed by Algeria. Our gas imports do not depend on this conflict area, primarily coming from Nigeria and then the United States,” said the minister, noting that the situation with the Strait of Hormuz does not directly affect Portugal.
“Of course, any issue with the Strait of Hormuz affects the global market, and we will monitor it closely,” Maria da Graça Carvalho remarked, indicating that there are mechanisms in electricity pricing that allow EU member state governments to act in price hikes without waiting for authorization.
Portugal, she also highlighted, has strategic reserves for three months and has been working to increase them for some time.
Apart from the overall government oversight, specifically within the Ministry of Environment and Energy, a unit has been established to monitor the energy situation and identify impact mitigation measures.
Alongside the minister and the Secretary of State for Energy, participants include the Directorate-General for Energy and Geology (DGEG), the National Entity for the Energy Sector (ENSE), the Energy Services Regulatory Authority (ERSE), and REN – Redes Energéticas Nacionais, among other entities.
