Monthly wholesale electricity prices in Portugal 2019-2024
The average wholesale electricity price in Portugal stood at 19.26 euros per megawatt-hour in March 2024, one of the lowest figures in the period under consideration. Wholesale electricity prices in Portugal peaked at over 283 euros per megawatt-hour in March 2022.
In 2021, electricity prices in the European Union soared, the combination of a myriad of factors, including increased heating demand due to cold winters, a rise in natural gas and coal prices, and a decline in wind power generation due to low wind speeds. This trend was further aggravated in February 2022, following Russia's invasion of Ukraine.