GGND's portfolio is composed of long-term contracts that regulate the construction, maintenance, and operation of the regulated infrastructures. We consider the regulator's track record of stability solid, and note that the GGND's activities are further supported by the EU's supervisory framework. Additionally, Portugal's three-year regulatory periods provide visibility on gas and electricity operators' financial performance, albeit less so than in countries with longer regulatory periods. GGND has a market share above 65% thanks to its ownership of nine of the 11 distribution networks operating in Portugal. It has no activities in other businesses or countries, which leads to limited diversification. The so-called the "Energy Sector Extraordinary Contribution," cannot be passed on through tariffs, and although it makes up about 5%
