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Although the Portuguese electricity market was fully liberalized in 2006 and Iberian Electricity Market operators were set up some years ago, almost all electricity generated in Portugal benefits from a State guaranteed price, independent of market behavior. This applies not only to producers using renewable energy sources and cogeneration under feed-in tariffs, but also to all conventional power plants that undersigned a Power Purchase Agreement in the 1990s. This paper assesses current and future amounts of electricity traded without State guaranteed price and identifies the main challenges facing the transition towards a competitive Portuguese electricity generation market in the next two decades. The electricity market of the future, freed from the present legacy generation contracts, will have to promote economic efficiency within a complex multi-variable climate/energy policy framework.