Selected regulatory developments in European energy and infrastructure 

Key Q1 2026 FSR developments  

Foreign direct investment ("FDI") in the United Kingdom is covered by the National Security and Investment Act ("NSIA") of 2021 (which equally applies to UK purchasers), and in 2025 the government continued to update information and guidelines concerning the legislation.

In Portugal, transactions involving the acquisition of control over strategic assets by entities residing outside the European Union or the European Economic Area ("EEA") may be subject to foreign direct investment ("FDI") screening.

The Netherlands is set to expand its investment screening regime by extending the general mechanism to more sectors and by introducing additional sector-specific regulations.

Two years after its entry into force, the Luxembourg foreign direct investment ("FDI") screening regime has reached a solid level of maturity, and its requirements are now well understood by market stakeholders.

Ireland's Screening of Third Country Transactions Act entered into force on January 6, 2025.

French foreign direct investment ("FDI") screening continues to focus on foreign investments involving medical and biotech activities, food security activities or the treatment, storage and transmission of sensitive data. The nuclear ecosystem is subject to very close scrutiny.

The Belgian foreign direct investment ("FDI") screening regime entered into force in July 2023. Investors and authorities alike are still coming to grips with the regime and the limited guidance available to help parties navigate it.

The European Union continues to be a driver of foreign direct investment ("FDI") screening, with coordinated and mandatory enforcement now on the horizon.

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