Electricity prices in Portugal 2023
In 2023, the average wholesale day-ahead electricity price in Portugal was € 0.0897 /kWh (▼47% vs 2022). Below is the month-by-month breakdown plus a chart of how prices moved through the year.
Monthly breakdown — 2023
| Month | €/MWh | €/kWh | MW |
|---|---|---|---|
| January 2023 | € 70.60 | € 0.0706 | 6,396 |
| February 2023 | € 135.03 | € 0.1350 | 6,410 |
| March 2023 | € 91.70 | € 0.0917 | 6,017 |
| April 2023 | € 79.49 | € 0.0795 | 5,237 |
| May 2023 | € 77.22 | € 0.0772 | 5,350 |
| June 2023 | € 96.29 | € 0.0963 | 5,511 |
| July 2023 | € 94.63 | € 0.0946 | 5,639 |
| August 2023 | € 98.44 | € 0.0984 | 5,491 |
| September 2023 | € 104.82 | € 0.1048 | 5,553 |
| October 2023 | € 90.94 | € 0.0909 | 5,608 |
| November 2023 | € 64.06 | € 0.0641 | 6,034 |
| December 2023 | € 72.85 | € 0.0729 | 6,319 |
Portugal generates one of the highest renewable shares in the EU: in 2024 wind, solar, hydro and biomass together delivered over 70% of national electricity. REN, the national TSO, operates the PT bidding zone within the MIBEL Iberian market, electrically coupled to Spain via 3.7 GW of cross-border capacity. The country was the first in the EU to retire all coal — Sines and Pego closed in November 2021 — making the system gas + renewables only.
Hydro accounted for 26% of generation in a wet 2024, but Portugal's reservoirs vary widely with rainfall (15–35% range). Solar capacity surpassed 5 GW in 2025, driven by large utility-scale projects in the Alentejo plains; the country plans a 9 GW solar auction by 2030.
The 1 100 MW Tâmega pumped-storage complex commissioned 2022–2024 is among Europe's largest, providing critical flexibility for the high-renewables grid. Day-ahead clearing on OMIE.