- Portugal aims to generate 85% of its annual electricity from renewable sources by 2030.
- Consumption in the natural gas market dropped by 21% from 2022.
REN, Portugal’s grid operator, said renewable power sources supplied 61% of electricity to the country in 2023. This percentage rose from 49% in the previous year, hitting a new record due to periods of heavy rains, strong winds and good doses of sunshine. Portugal aims to generate 85% of its annual electricity from renewable sources by 2030 but already has one of the highest ratios in Europe.
European nations are increasingly betting on renewable energy, especially after gas prices hit record highs following the invasion of Ukraine by Russia, which was Europe’s top gas supplier. According to REN, wind energy accounted for a quarter of all electricity usage in Portugal, while hydropower made up 23%, solar 7% and biomass 6% last year.
Consumption in the natural gas market dropped by 21% from 2022. Ninety-five per cent (95%) of natural gas volumes enter the country through its deepwater port of Sines, and the remaining 5% comes via the interconnection with neighbouring Spain. Last month, more than 100 countries at the COP28 climate summit in Dubai agreed to triple renewable energy capacity by 2030. Still, they will face several challenges, from a labour shortage to high project implementation costs.