Fast Facts
| Registration lead time | Deemed approved if DGEG does not respond within 30 days |
| Trading licence | Registration as a comercializador with DGEG required |
| Registration fee | EUR 1,182.21 |
| Local entity | Not mandatory for market participation |
| MIBGAS guarantee | Minimum EUR 20,000, granting access to both Spanish and Portuguese trading |
| Market supply | Over 90% of demand supplied as LNG via the single Sines terminal |
Portugal Gas Market Fundamentals
Portugal's gas trading market is liberalised and open to registered Comercializadores. A small regulated segment remains but is being phased out by 2026.
The Portuguese Virtual Trading Point is run jointly by MIBGAS and REN GTG.
MIBGAS is Iberia's sole organised-market operator. Its derivatives arm, active since 2018, adds futures and spot LNG products, cleared by OMIClear and integrated with Trayport Joule.
Portugal has no domestic gas production and is supplied through the Sines LNG terminal and the Spanish interconnection, mainly from Nigeria and the USA.
Gas demand is around 40.5 TWh, down year on year and falling.
Portugal targets carbon neutrality by 2045. The NECP 2030 sets a 55% emissions cut versus 2005 and a 51% renewable share, alongside a 10% hydrogen blending target and 2.7 TWh of biomethane by 2030.
When Is a Licence Required in Portugal's Gas Market?
ERSE is Portugal's energy market regulator, covering tariffs, third-party access and market supervision.
Commercializer Registration: traders must register with the Ministry DGEG in writing before trading begins.
Wholesale trading and supply activities are covered under the single Comercializador licence.
DGEG is the licensing and administrative body that grants the commercialisation registration.
Tacit Approval: if DGEG does not respond within 30 days, the registration is automatically approved.
Foreign traders can register without setting up a company in Portugal.
Before network access, traders need a CRIA code from ERSE, ACER/REMIT registration and an EIC code from REN.
Portugal regulatory authority
Portugal licensing and administrative bodyWhat Are Portugal's Gas Market Licence Requirements for EU and Non-EU Entities?
Registration: Foreign gas traders can register without setting up a company in Portugal, though DGEG reserves the right to require a Portuguese branch (and local address) as a condition of registration.
Applicants headquartered abroad must submit their company statutes. The application must be submitted in Portuguese or accompanied by an official Portuguese translation.
The registration procedure applies to domestic and foreign entities; however, recognition of foreign gas traders may be subject to applicable international agreements to which Portugal is a party.
Network access: Foreign traders need the same CRIA, ACER/REMIT and EIC codes as domestic traders before accessing the network.
For cross-border trading via VIP Ibérico, traders active on both sides must register with REN and Enagás and hold a single EIC code valid on each side.
Balancing in the Portugal Gas Market
REN GTG is the Portuguese Gas System Manager and TSO, running daily balancing and clearing on the VTP.
MIBGAS is the Operator of the Organised Gas Market and hosts the VTP platform where REN GTG's balancing is executed.
Single Balancing Zone: the entire RNTG forms one Virtual Trading Point, and every trader must balance daily.
REN GTG handles clearing and balancing through MIBGAS daily and intraday products. Compensation charges are calculated daily, published on D+1 and billed weekly.
Shippers must hold minimum gas stocks within the RNTIAT.
The Integrated Guarantees Manager, GIG, part of OMIP, handles guarantees separately from the MIBGAS trading guarantee, with a minimum of EUR 100,000 for VTP imbalance and capacity.
Transmission Capacity in the Portugal Gas Market
VIP Iberico is the single virtual interconnection point with Spain, linking Campo Maior/Badajoz and Valenca do Minho/Tuy. It has been operational since November 2015.
Capacity products include annual, quarterly, monthly, daily and intraday auctions. Bundled capacity is allocated through PRISMA.
Traders must register with both REN and Enagas under a single EIC code valid on each side.
REN onboarding requires adhesion contracts with the System Manager, GTG, and TSO, plus the storage and LNG operators where those services are used.
Capacity rights, DUCs, can be traded between shippers on the secondary market, with congestion resolved by auction.
Portugal Gas Market Exchange(s)
MIBGAS is the sole organised-market operator in Iberia and has offered VTP products since March 2021, including intraday, daily and weekend products.
Trading runs through a Daily Session and an Intraday Session.
MIBGAS Derivatives adds futures and spot products, cleared by OMIClear, with connectivity through Trayport Joule.
Admission steps include obtaining commercializer status, gaining OMIClear authorisation for Day-Ahead, completing technical accreditation and opening a guarantee account with a EUR 20,000 deposit.
For REMIT reporting, traders sign a reporting contract with MIBGAS as their Registered Reporting Mechanism.
5 Market Entry Steps for Portugal Gas Market
- 01Register as Commercializer with DGEG.
- 02Obtain the three system codes: CRIA, ACER/REMIT and EIC.
- 03Complete REN onboarding through adhesion contracts via the @IGN Portal.
- 04Register on PRISMA and/or MIBGAS.
- 05Set up guarantees and reporting through GIG and MIBGAS.
- Post-Market Entry Reporting Obligations.
CorreggioNET, Portugal Gas Market Access Report
Market Access Reports: CorreggioNET offers Pre-Market Entry Reports (PMER) as part of the PMER Library, providing firms with an A-to-Z guide for market entry.
CorreggioNET Alert Service: Helps you never miss a reporting obligation. Note that Portugal has multiple gas market reporting obligations, with a complex and evolving regulatory landscape. The Alert Service ensures you never miss a deadline.
CorreggioNET Hotline: For your time-sensitive queries, the Regulatory Hotline Service provides direct support through an online interaction with a qualified regulatory specialist.
Consulting Solutions: For those firms which require additional assistance, Correggio Consulting is on hand to assist with all your licensing needs:
- Market entry & registration in Portugal;
- DGEG Commercialiser registration & CRIA/ACER/EIC code setup;
- REN / VTP onboarding;
- MIBGAS & OMIClear exchange onboarding;
- Corporate structuring;
- EFET contract negotiation;
- Yearly compliance audits.
Market Info
Stay Compliant After Market Entry
Entering a new market is only the beginning.
Once trading activity starts, the real challenge is staying compliant with ongoing regulatory updates and reporting obligations. CorreggioNET supports this post-market entry stage through its regulatory platform and monitoring services.
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