Neutral
Informational - no clear directional impact
Low Impact
Minor progress or informational
Following the major Iberian blackout of 28 April 2025, Portugal’s environment and energy minister Maria da Graça Carvalho ordered grid operator REN to restart talks with Morocco’s ONEE and, by ministerial order, required both TSOs to deliver within six months a pre-design and financing blueprint for a proposed ~1 GW Portugal–Morocco HVDC cable, for which a joint-venture capital cost of around €650 million (€325 million on the Portuguese side) and potential EU co-funding via the Connecting Europe Facility are being examined.