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    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
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    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Headlines

    Posted By Global Banking and Finance Review

    Posted on June 25, 2025

    Featured image for article about Headlines

    By Sergio Goncalves

    LISBON (Reuters) -Iberia's blackout in April showed that European grids must modernise to cope with more renewable power generation, and Portugal wants the EU to help finance these investments, its energy minister told Reuters on Wednesday.

    Energy minister Maria da Graca Carvalho said that unlike in the past, when thermal power plants facilitated grid management with their stable supply, more renewable sources such as wind and solar mean more intermittency and decentralised output which are harder to manage.

    "The blackout made it clear there is a need for greater modernisation, digitalisation of the grids, applying data science, storing data, in order to understand what is happening in a more complex system and reacting to it," she said.

    "It requires investment and we have been asking the European Commission to guide Europe in this investment and also help co-finance it because it is also a security issue," she said.

    The Commission has estimated that to meet its clean energy transition targets, EU countries would need to invest 584 billion euros ($679 billion) to expand and modernise electricity grids by 2030.

    In May, it launched a public consultation to receive input for the future European Grids Package, which is expected to be finalised by the end of 2025.

    The Spanish government said in a report last week that grid operator Redeia had miscalculated the correct mix of energy in the system on April 28, but also blamed some thermal power plants using coal, gas and nuclear, for failing to help maintain an appropriate voltage level.

    A surge in voltage triggered a cascade of power plant disconnections, ultimately leading to the outage that spread to Portugal.

    The minister said the report still lacked clarity and Portugal was awaiting an independent report from the European energy regulators' agency ACER to understand what caused the outage and what needs to be done to "avoid future blackouts and, if they occur, to be able to restart (the system) more quickly".

    ($1 = 0.8605 euros)

    (Reporting by Sergio Gonçalves; editing by Andrei Khalip and Elaine Hardcastle)

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