EXCHANGES 2023
Portugal
Information based on provisional data as of January 2024
The annual net balance of scheduled electricity exchanges in the interconnection with Portugal has been an exporter balance for the fifth consecutive year, with a value of 9,968 GWh, compared to 9,023 GWh in 2022. This value exceeds the maximum export balance, which was recorded in 2008 (9,439 GWh).
Exchange capacity and net balance of scheduled exchanges at the interconnection with Portugal in 2023
Scheduled imports reached 3,198 GWh, a 13.8 % increase compared to the previous year, while scheduled exports reached 13,166 GWh, 11.3 % higher than last year's figure, and the highest exporter value on record.
The net balance of scheduled exchanges has been an exporter balance, except in January and November. For the year as a whole, 76.7 % of hours have registered a net export balance, with May being the month with the highest number of hours (714 h). January is the month with the highest importer balance (445 hours).
With regard to the final day-ahead use of exchange capacity, this interconnection has not recorded any days with 24-hour congestion.
Hourly capacity allocated in the long-term explicit auctions on the interconnection with Portugal (IPE)
The importer balances are largely due to the high hydro and wind production in Portugal. This year, in Portugal, both the producible hydro and wind indexes stood at 0.99. January and November are the only months with an importer balance. January saw the third highest producible hydro index. The wind and solar indexes were above average, while November registered the highest producible hydro of the year.
In the day-ahead horizon, the levels of convergence recorded in the interconnection with Portugal in 2023 were high, although lower than in 2022, resulting in a percentage of hours of congestion in the day-ahead market slightly over 5 %. The absolute hourly price differential was only €1.34/MWh, much higher than the €0.53/MWh of last year.
Hours with and without congestion in the interconnection with Portugal in 2023
The monthly evolution shows that October was the month with the highest rate of coupling, while March recorded the highest percentage of hours with congestion, with 11.5 % of hours of the month and a price difference of €0.35/MWh, but it was in July, April and June that the highest price differentials (€3.33/MWh, €3.23/MWh and €2.58/MWh, respectively) were recorded.
Monthly congestion levels and difference in prices in the interconnection with Portugal in 2023
The congestion incomes amounted to 23 million euros, 45.9 % of which came from the day-ahead market, 2.9 % from the day-ahead market, 1.0 % from the Replacement Reserves product and 50.2 % from the auctions (10.3 % in the annual auction, 14.0 % in the quarterly auction and 25.9 % 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
652.0 GWh of imports and 830.4 GWh of exports have been allocated through the European platform for the management of balancing energy from Replacement Reserves.
A total of 127.5 GWh of coordinated counter-trading actions were required in 2023, far above the previous record of 31.4 GWh set in the previous year. 99.3 % were scheduled in the import direction, and the remaining 0.9 % in the export direction.
Annual evolution of counter-trading in the interconnection with Portugal
Cross-border electricity exchanges
France
Cross-border electricity exchanges
Morocco and Andorra