Portugal produced 46.8% of its electricity from renewable power sources, earning for itself a fifth place in Europe and forth if the cumulative energy stock for 2022 is counted. Portugal, in 2022, was able to produce 54.6% of its energy from renewables. This result is lower than Norway, Austria and Denmark which reach respectively 99%, 80% and 77%. Portugal represents a decrease by 10% when compared to the same period of the previous year.
This is due to drought which severely reduced the country’s water reserves. There are fewer changes instead about prices. The average price on the Iberian Electricity Market (MIBEL) is 192-euro megawatt per hour, therefore over three times higher than 2021 but with a reduction of 16.5% from 15 June, when the Iberian cap on prices was implemented, an exception that the EU allowed for Spain and Portugal starting last spring.