But reading the International Energy Agency's latest report on global energy investment, I got the feeling that we are witnessing a much more profound change than when it first appeared.

The world continues to need energy, perhaps more than ever. The difference is that the priority is no longer just to find fuel. The priority became to ensure electricity, resilient grids, storage capacity, data centres, and access to the minerals that power this entire technological transformation. The war in the Middle East has only accelerated a trend that was already underway. Energy security is no longer just a matter of climate or costs. It has become a question of economic sovereignty and competitiveness.

This is precisely where Portugal enters the equation.

While many European countries remain heavily dependent on imported energy, Portugal has built a position in recent years that deserves more attention. Today, it produces a large part of its electricity through renewable sources, has exceptional conditions to expand solar and wind energy and has a strategic location between Europe, Africa and the Americas. For a long time, these characteristics were seen as environmental advantages. Now they are beginning to be seen as economic advantages.

It is no coincidence that large investments in data centres, artificial intelligence and digital infrastructures are increasingly paying attention to the Portuguese market. The International Energy Agency report states that the availability of reliable and competitive electricity will be one of the factors that will determine which countries will lead the next phase of the digital economy.

When we look at projects linked to data centres, sovereign cloud, artificial intelligence or new energy infrastructures, we realise that there is a common thread between all of them. Everyone needs energy. Lots of energy. And they need it in a stable, predictable and sustainable way.

At the same time, the global economy is moving into value chains where critical minerals, batteries, power grids, and storage capacity are becoming more important than oil did during the 20th century.

Of course, this does not mean that Portugal has a guaranteed path. International competition is enormous. We continue to face challenges in terms of licensing, the speed of project execution, the qualification of human resources and the capacity to expand electricity grids. But perhaps for the first time in many years, the major global trends are in line with some of the natural advantages that Portugal possesses.

While many continue to look at the Portuguese economy through the traditional lens of tourism, construction or services, a new reality is emerging. The country is beginning to position itself in an economy where clean energy, data, connectivity and technology will be the main drivers of growth.

The world is changing dependencies. It is exchanging dependence on fossil fuels for dependence on electricity, grids and technological capacity. And in this new global economic map, Portugal may play a much more relevant role than many imagine.

The opportunity exists. The question, as is so often the case, will be our ability to take advantage of it.