EXCHANGES 2025
Morocco and Andorra
Information based on provisional data as of January 2026
The balance of scheduled exchanges through the interconnection with Morocco is once again export-oriented for the fourth consecutive year, with a value of 3,743 GWh, compared to 2,537 GWh registered last year. This is the highest value since 2017. The net balance is export-oriented in all months of the year. The total volume of energy exchanged was 4,014 GWh, 30% higher than that of last year, but far from the all-time maximum volume recorded in 2014 (5,835 GWh).
The average utilisation of the capacity of this interconnection continued to stand at 74% in the export direction, higher than the 63% reached the previous year. In the import direction, the average utilisation was 7%, lower than the 13% recorded in 2024. This year, the interconnection was used 85% of the time, up from 75% last year.
The average two-way utilisation of the interconnection flow in 2025 was 63.8%, while the average two-way utilisation in 2024 was 53.4%. If only scheduled days are taken into account, the average utilisation rate in 2025 was 75.5%, up from 70.8% in 2024.
Exchange capacity and net balance of scheduled exchanges in the interconnection with Morocco in 2025
In 2025, the interconnection was not congested at any time in the import direction, while in the export direction it was congested for 89 h, with September reaching the maximum monthly hours of congestion (60 h), while August only recorded one hour of congestion. No hours with export congestion were recorded in May and July to September.
The reductions in exchange capacity in this interconnection were due to the unavailability of one of the two links that compose this interconnection or of a feeder line. The export capacity fluctuated much more than the import capacity, with the latter being zero for 10% of hours and reduced for 31% of hours.
This year, more energy is again scheduled in the day-ahead market than in the intraday market.
The scheduled balance in the interconnection with Andorra was an export-oriented balance, with a value of 215 GWh, which represents a decrease of 8.8% compared to 2024. The average capacity utilisation in the export direction was 21.4%, compared to 21.8% last year.
Exchange capacity and net balance of scheduled exchanges in the interconnection with Andorra in 2025
Monthly invoicing for access tolls to the Moroccan interconnection recorded a total revenue of €12.1 million, a 7.2% decrease compared the previous year, while access tolls to the Andorran interconnection recorded a total revenue of €0.8 million, 28.9% lower than the figure for the previous year.
Access tolls in Morocco and Andorra
Intercambios internacionales programados de energía eléctrica
Portugal
Intercambios internacionales programados de energía eléctrica
Resumen intercambios internacionales