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OMIE Intraday price analysis for Portugal & Spain

Written by
Tomás Oliveira

Spotting an outlier in an historically correlated market.

1 min
31st Jan, 2023
Market Trends
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The Portuguese and Spanish electricity prices have historically been closely correlated and frequently identical. On Christmas Eve (24th of December 2022), a strong separation between both markets' Intraday prices has been notable.

 

OMIE average Intraday price spread (Portugal and Spain) OMIE hourly Intraday prices (Portugal and Spain)

 

 

Two main factors contributed to the event


1. Strong precipitation in Iberia led to high levels of hydroelectric production in Portugal.


2. Insufficient transmission capacity to transport excess electricity from Portugal to Spain

 

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