Information based on provisional data as of January 2023
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The annual net balance of scheduled energy exchanges in the interconnection with Portugal has been an exporter for the fourth consecutive year, with a value of 9,023 GWh, compared to 4,588 GWh in 2021. Although the exporter balance has doubled compared to last year, it remains below the maximum exporter balance recorded in 2008 (9,439 GWh). Scheduled imports reached 2,810 GWh, a decrease of 31.9 % compared to the previous year, while scheduled exports reached 11,833 GWh, 36 % higher than last year's figure and the highest exporter value on record.

Exchange capacity and net balance of scheduled exchanges at the interconnection with Portugal in 2022

The net balance of scheduled exchanges has been an exporter, except in December. For the year as a whole, 77.3 % of the hours have recorded an export balance, with August being the month with the highest number of hours (700 h). December is the month with the highest importer balance (505 hours).

With regard to the final day-ahead use of exchange capacity, this interconnection has not recorded any days with 24-hour congestion.

The importer balances are largely due to the high hydro and wind production in Portugal. This year, the producible hydro index was 0.63 and the producible wind index was 0.991. December is the only month with an importer balance, being the month with the highest producible hydro index in the Portuguese system and the second highest producible wind index. January, March, and May were the months with the fewest hours of congestion (6 in January, 5 in March, and 7 in May).

Hourly capacity allocated in the long-term explicit auctions on the interconnection with Portugal (IPE)

On the day-ahead horizon, the levels of convergence recorded in the interconnection with Portugal in 2022 have been high, resulting in a percentage of hours of congestion in the day-ahead market slightly below 3 %. Consequently, prices in both systems have been very similar, with the absolute hourly price differential being 0.53 €/MWh.

Hours with and without congestion in the interconnection with Portugal in 2022

The monthly evolution shows that November was the month with the highest rate of coupling, while July recorded the highest percentage of hours with congestion, with just over 9 % of the hours of the month and a price difference of 0.26 €/MWh. However, it is the months of February and July that recorded the highest price differential (2.38 and 1.15 €/MWh, respectively).

Monthly congestion levels and difference in prices in the interconnection with Portugal in 2022

The congestion rents amounted to 6.9 million euros, 33.9 % of which came from the day-ahead market, 9.0 % from the Intra-Day market, 4.8 % from the Replacement Reserves product, and 52.3 % from the auctions (15.9 % in the annual auction, 17.9 % in the quarterly auction, and 18.5 % in the monthly auction). Of this amount, 50 % corresponds to the Spanish electricity system.

Congestion rents resulting from the international management mechanisms in the interconnection with Portugal

€ Million

773.0 GWh of imports and 599.8 GWh of exports have been allocated through the European platform for the management of balancing energy from Replacement Reserves.

A total of 31.4 GWh of coordinated counter-trading actions were required in 2022, far above the previous record of 7.3 GWh set in the previous year. 91.1 % were scheduled in the import direction and the remaining 8.9 % in the export direction.

Annual evolution of counter-trading in the interconnection with Portugal

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