Electricity prices in Portugal 2024
In 2024, the average wholesale day-ahead electricity price in Portugal was € 0.0648 /kWh (▼28% vs 2023). Below is the month-by-month breakdown plus a chart of how prices moved through the year.
Monthly breakdown — 2024
| Month | €/MWh | €/kWh | MW |
|---|---|---|---|
| January 2024 | € 74.77 | € 0.0748 | 6,612 |
| February 2024 | € 40.83 | € 0.0408 | 6,140 |
| March 2024 | € 20.87 | € 0.0209 | 6,028 |
| April 2024 | € 14.87 | € 0.0149 | 5,473 |
| May 2024 | € 32.23 | € 0.0322 | 5,406 |
| June 2024 | € 59.31 | € 0.0593 | 5,442 |
| July 2024 | € 75.80 | € 0.0758 | 5,800 |
| August 2024 | € 93.91 | € 0.0939 | 5,487 |
| September 2024 | € 76.79 | € 0.0768 | 5,633 |
| October 2024 | € 70.49 | € 0.0705 | 5,807 |
| November 2024 | € 104.97 | € 0.1050 | 5,900 |
| December 2024 | € 112.29 | € 0.1123 | 6,259 |
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.