EXCHANGES 2025
Portugal
Information based on provisional data as of January 2026
The annual net balance of scheduled electricity exchanges through the interconnection with Portugal was export-oriented for the seventh consecutive year, with a value of 9,184 GWh, compared to 10,199 GWh in 2024. Scheduled imports reached 3,928 GWh, a 9.8% decrease compared to the previous year, while scheduled exports reached 13,112 GWh, 9.9% lower than last year's figure.
The net balance of scheduled exchanges was export-oriented every single month. For the year as a whole, 73.9% of hours registered a net export-oriented balance, with October being the month with the highest number of hours (704 h), closely followed by July (680 h). March and April were the months with the highest import-oriented balance (343 and 342 hours, respectively).
Exchange capacity and net balance of scheduled exchanges in the interconnection with Portugal in 2025
With regard to the final day-ahead utilisation of exchange capacity, this interconnection only recorded one day with 24-hour congestion.
The import-oriented balances are largely due to high electricity generation from hydropower and wind power in Portugal. This year, the producible hydroelectric index in Portugal was 1.31 and the producible wind power index was 1. January to May were the months with the highest number of import-oriented hours. These months are characterised by high producible hydroelectric indexes. In particular, March is the month with the highest number of hours with an import-oriented balance, coinciding with the highest hydro availability index of the year and a wind power producibility index above unity.
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 2025 were high, although lower than in previous years, resulting in a percentage of hours of congestion slightly over 9.0% in the day-ahead market. The absolute hourly price differential was only €1.29/MWh, higher than the €0.74/MWh recorded last year.
The monthly evolution shows that December was the month with the highest price convergence index, while May recorded the highest percentage of hours with congestion, with 52.3% of the hours in the month and a price difference of €9.01/MWh.
Hours with and without congestion in the interconnection with Portugal in 2025
Monthly congestion levels and difference in prices in the interconnection with Portugal in 2025
Congestion rents resulting from the international management mechanisms in the interconnection with Portugal
| Revenue | Total rev. | Payments | Total payments | Net total | % |
|---|---|---|---|---|---|
| Annual autcions | 6,7 | - | - | - | - |
| Quaterly auctions | 6,4 | - | - | - | - |
| Monthly auctions | 5,9 | - | - | - | - |
| Total auctions | 18,9 | Resales | 0,2 | 18,7 | 49,3 |
| Daily connection | 17,0 | Rem. FTRs | 19,5 | -2,5 | -6,6 |
| Intraday market | 1,2 | - | - | 1,2 | 3,2 |
| Product RR + mFRR | 20,6 | - | - | 20,6 | 54,1 |
| Total | 57,7 | Total | 19,7 | 38,0 |
Congestion revenue totalled €38 million, with 49.3% coming from auctions, 3.2% from the day-ahead market, 54.1% from the intraday market and RR and mFRR products, while day-ahead market revenue dropped by 6.6%. Of this amount, 50% corresponds to the Spanish electricity system.
1,051.2 GWh of imports and 810.6 of exports were allocated through the European platform for managing balancing energy from RR-type replacement reserves. 333.6 GWh of imports and 361.6 GWh of exports were allocated for tertiary energy via the European balancing platform MARI.
Annual evolution of counter-trading in the interconnection with Portugal
A total of 222.2 GWh of coordinated counter-trading actions were required in 2025, far above the 60.5 GWh recorded the previous year. This figure exceeds the 2023 level and sets a new record. 81.5% were scheduled in the import direction, and the remaining 18.5% in the export direction.
Intercambios internacionales programados de energía eléctrica
Francia
Intercambios internacionales programados de energía eléctrica
Marruecos y Andorra