Electricity consumption returns to 2019 levels

In 2022, the consumption of electricity from the public grid amounted to 50.4 TWh, an increase of 1.8% from 2021, or 2.4% when correcting for the effects of temperature and the number of working days, thus returning to the levels recorded in 2019. In December, due to the above-average temperatures felt, consumption decreased 1.7%, which is corrected to +0.5% when considering the effects of temperature and working days.

For the entire year, the capability index stands at 0.63 for hydropower, 0.99 for wind, and 1.06 for solar (historical averages of 1). In 2022, renewable generation supplied 49% of consumption, with wind contributing 25%, hydropower 12%, biomass 7%, and photovoltaics 5%. Apart from the last two months of the year, extremely low inflows led to a 35% decrease in annual hydropower generation. Photovoltaics trended in the opposite direction, growing 48% due to the gradual increase of the installed capacity. Non-renewable generation accounted for 33%, while the import balance supplied 18% of consumption, the highest percentage since 2008.

In December, the significant rainfall increased the hydropower capability index to 1.67, whereas wind generation reached 1.11 and solar only got to 0.78 (historical averages of 1). In this same month, renewable generation supplied 81% of consumption (including exports), and non-renewable supplied the remaining 19%. For the first time in the year, the monthly balance favoured exports, which were equivalent to 12% of the domestic consumption.

In the natural gas market, consumption recorded 61.8 TWh last year, a negative change of 3.2% vis-à-vis 2021, stemming from a reduction of 19% in the conventional segment that was partly offset by an increase of 26% in the power generation segment. Overall consumption in 2022 was the lowest since 2016, despite the electricity market segment recording the highest value ever.

In 2022, the Portuguese national system was supplied predominantly from the Sines LNG terminal, which accounted for 94%, with the remaining 6% coming from the interconnection with the Spanish system.

In December, the consumption of gas continued the negative trend recorded in the past few months, with a year-on-year overall decrease of 17%, and with the conventional segments and electricity market recording drops of 14% and 22%, respectively.