Flash Notes

3 de Fevereiro de 2023
Portugal Macroeconomic and financial outlook | November 2022
  • Compared to the rest of Europe, Portugal is more dependent on oil as a primary energy source (44%). On the other hand, the energy component via renewable energies is also substantially higher.
  • In 2021, natural gas was the source of 31,7% of the electricity produced, meaning that the country is also exposed to the price of gas, which has experienced a sharp increase on international markets in the context of geopolitical tension with Russia and war with Ukraine (in March 2021 Dutch TTF, the European benchmark for gas, was trading gas at ≈ 17 eur/MWh and in the end of August 2022 the price peaked to 311 eur/MWh. It is now trading at around 160 eur/MWh).