REN is the exclusive Electricity and Gas Transmission System Operator in Portugal, and it also holds the second largest Natural Gas distribution concession in the country. Regulated revenues, which are indexed to interest rate and inflation moves, offer investors significant earnings and dividends visibility, while we see significant long-term Capex (and RAB) upside from various growth levers. Regulated model: High earnings visibility until 2025 (Electricity) and 2027 (Gas) REN''S regulated acti ....