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Portugal's Renewable Energy Overview: A Look Back at 2023
14 February 20242 minutes

In the ever-growing landscape of Portugal’s energy sector, 2023 is looking to become a pivotal chapter, marked by significant shifts, achievements, and challenges. Let’s delve into a comprehensive overview of the past year, drawing insights from the detailed work of journalist Miguel Prado.

 Electricity Market Price Stabilization

One notable aspect of 2023 was the slow-down in the electricity market price (MIBEL), which experienced a downward trend. However, despite this decrease, consumers might not see a corresponding reduction in their bills for 2024. Why is that? The answer lies in grid access tariffs, which have already increased earlier in the year, offsetting the decline in market prices that would be felt in consumers’ pockets, causing the opposite.

 

Solar Power Soars

One of the main highlights of 2023 was the surge in solar capacity installation, reflecting Portugal’s steadfast commitment to renewable energy and accompanying the trend from previous years. According to data revealed by DGEG (Direção Geral de Energia e Geologia), there was a staggering 46% increase in installed solar capacity during the year. What’s even more interesting is that more than half of this capacity was dedicated to self-consumption, underlining a growing trend towards decentralized energy production and consumption, such as Renewable Energy Communities.

Renewables Take the Lead

Portugal continued to solidify its position as a renewable energy leader in 2023, with 70% of the energy produced in the country coming from renewable sources. This achievement only confirms Portugal’s dedication to sustainability and its ambitious goals for decarbonization.

 

Future Prospects for Licensing

Despite the progress made in renewable energy deployment, new projects faced challenges due to licensing delays, prolonging their development timelines. However, there seems to be a shift as we transition into 2024. New approaches and investment seem to be improving conditions for renewable projects, with hopes of streamlining the licensing process and expediting project implementation.

Topics
Decarbonisation
Energy Community
Energy Education
Energy Transition
Overcoming Challenges
Summary
Summary

A reflection on the energy landscape of Portugal in 2023, highlighting the brought significant strides towards a more sustainable future.

On a reflection on the energy landscape of Portugal in 2023, it becomes clear that, while there are still some hurdles to overcome, the past year brought significant strides towards a more sustainable future. With solar capacity soaring, renewables dominating the energy mix, and a promising outlook for the year ahead, Portugal remains steadfast in its journey towards a greener and more resilient energy ecosystem.

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