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Energy

Brent Cracks Below $100 to $99.55 on the Trump-Iran Hormuz De-escalation — Portugal's Energy-Shock Unwind Resets the Pump-Price Trajectory, Galp's Downstream Tail-Wind and the IMF Article IV's Fuel-Excise Recommendation

Brent Cracks Below $100 to $99.55 on the Trump-Iran Hormuz De-escalation — Portugal's Energy-Shock Unwind Resets the Pump-Price Trajectory, Galp's Downstream Tail-Wind and the IMF Article IV's Fuel-Excise Recommendation

Brent July futures cracked below $100 to $99.55 on Thursday, down 12.5% from Tuesday's $113.54 peak, after Trump paused the Hormuz Project Freedom escort initiative. The unwind resets pump-price trajectories and reframes the IMF Article IV fuel-excise recommendation.
The Portugal Brief
EDP's Q1 2026 Net Profit Falls 12% to €378 Million on a Lower Iberian Wholesale Tape — But Stilwell Lifts Full-Year Guidance 5% to €5.2 Billion EBITDA and €1.3 Billion Profit, and Closes the Door on Miranda Sarmento's Windfall Tax

EDP's Q1 2026 Net Profit Falls 12% to €378 Million on a Lower Iberian Wholesale Tape — But Stilwell Lifts Full-Year Guidance 5% to €5.2 Billion EBITDA and €1.3 Billion Profit, and Closes the Door on Miranda Sarmento's Windfall Tax

EDP Q1 2026 net profit fell 12% to €378M on lower Iberian wholesale prices; recurring profit rose 9% to €399M. Stilwell raised 2026 EBITDA guidance 5% to €5.2 billion and net-profit guidance to €1.3 billion. Management closed the door on Miranda Sarmento's windfall tax.
The Portugal Brief
REN's Q1 2026 Net Profit More Than Doubles to €36.2 Million on a Storm-Hit Comparison Base — EBITDA Up 11.1% to €143.2 Million as Chile Contributes, CESE Gas Levy Disappears and Electricity Demand Hits a 14.6 TWh First-Quarter Record

REN's Q1 2026 Net Profit More Than Doubles to €36.2 Million on a Storm-Hit Comparison Base — EBITDA Up 11.1% to €143.2 Million as Chile Contributes, CESE Gas Levy Disappears and Electricity Demand Hits a 14.6 TWh First-Quarter Record

REN booked Q1 2026 net profit of €36.2 million, up 150.7% on the storm-hit Q1 2025 base. EBITDA rose 11.1% to €143.2 million, capex fell 29.9%, and electricity demand hit a 14.6 TWh first-quarter record. CESE-gas elimination added €10M of tax relief; Portgás CESE-2022 ruling added another €4.1M.
The Portugal Brief
Quercus, Gardunha Sul and Five Other Movements Stage a 13:00 Protest at APA's Castelo Branco HQ Over the Beira and Sophia Mega-Photovoltaics — 525 Hectares Already Carry a Negative DIA, Sophia's 425,600 Modules Still Under Analysis

Quercus, Gardunha Sul and Five Other Movements Stage a 13:00 Protest at APA's Castelo Branco HQ Over the Beira and Sophia Mega-Photovoltaics — 525 Hectares Already Carry a Negative DIA, Sophia's 425,600 Modules Still Under Analysis

Seven civil-society movements gathered at the APA delegation in Castelo Branco at 13:00 on 6 May to demand transparency on two contested mega-solar projects — the Beira plant (525 ha, already with a negative DIA) and Sophia (390 ha, 425,600 modules) — both straddling four Beira Baixa municipalities.
The Portugal Brief
EDP Renováveis Posts a 36% Q1 Profit Jump to €70 Million on a US-Led Recovery — Capex Cut Almost in Half to €324 Million as Stilwell Steers a Tighter 2026 Capacity Year

EDP Renováveis Posts a 36% Q1 Profit Jump to €70 Million on a US-Led Recovery — Capex Cut Almost in Half to €324 Million as Stilwell Steers a Tighter 2026 Capacity Year

EDPR's Q1 2026 results land at €70 million net profit, up 36%, with €489 million recurring EBITDA and 20.5 GW of installed capacity. The number behind the headline is the capex cut — investment falls roughly 50% from €610M to €324M as the group reweights toward US growth at lower opex.
The Portugal Brief