EXCHANGES 2024
Portugal
Information based on provisional data as of January 2025
The annual net balance of scheduled electricity exchanges through the interconnection with Portugal was export-oriented for the sixth consecutive year, with a value of 10,199 GWh, compared to 9,968 GWh in 2023. This value exceeds the maximum export balance, which was recorded in 2023. Scheduled imports reached 4,354 GWh, a 36.1% increase compared to the previous year, while scheduled exports reached 14,553 GWh, 10.5% higher than last year's figure, and the highest exporter value on record.
The net balance of scheduled exchanges was export-oriented, except in March and April. For the year as a whole, 75.4% of hours registered a net export-oriented balance, with August being the month with the highest number of hours (738 h), closely followed by July (732 h). Marc was the month with the highest import-oriented balance (515 hours).
Exchange capacity and net balance of scheduled exchanges in the interconnection with Portugal in 2024
With regard to the final day-ahead utilisation of exchange capacity, this interconnection did not record any days with 24-hour congestion.
The import-oriented balances are largely due to high electricity generation from hydropower and wind power in Portugal. This year, in Portugal, both the producible hydroelectric and wind power indexes recorded a value above 1 (1.16 and 1.06, respectively)1. March and April were the only months with an import-oriented balance. March had the highest producible hydroelectric index, whereas the wind power index was above average. April recorded the second-highest producible solar index, and all indices were above 1.
Hourly capacity allocated in the long-term explicit auctions in the interconnection with Portugal (IPE)
In the daily horizon, the levels of convergence recorded in the interconnection with Portugal in 2024 were high, although lower than in 2023, resulting in a percentage of hours of congestion slightly over 6.8% in the day-ahead market. The absolute hourly price differential was only €0.74/MWh, lower than the €1.34/MWh of last year.
The monthly evolution shows that August was the month with the highest price convergence index, while June recorded the highest percentage of hours with congestion, with 14.7% of the hours in the month and a price difference of €2.03/MWh.
Hours with and without congestion in the interconnection with Portugal in 2024
Monthly congestion levels and difference in prices in the interconnection with Portugal in 2024
Congestion rents resulting from the international management mechanisms in the interconnection with Portugal
€ Million
Congestion rents totalled 32.6 million euros, with 67.5% coming from auctions, 26.7% from the day-ahead market, 2.6% from the intraday market, and 3.2% from the RR and mFRR products. Of this amount, 50% corresponds to the Spanish electricity system.
1,415.6 GWh of imports and 725.7 GWh of exports were allocated through the European platform for managing balancing energy from replacement reserves of the RR type. 8.2 GWh of imports and 6.6 GWh of exports were allocated for tertiary energy via the European balancing platform MARI, which was first used on 17 December.
Annual evolution of counter-trading in the interconnection with Portugal
A total of 60.5 GWh of coordinated counter-trading actions were required in 2024, far below the previous record of 127.5 GWh set in the previous year. 77.5% were scheduled in the import direction, and the remaining 22.5% in the export direction.
Cross-border electricity exchanges
France
Cross-border electricity exchanges
Morocco and Andorra