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Energy Studies | 31st Jan, 2023

OMIE Intraday price analysis for Portugal & Spain

Spotting an outlier in an historically correlated market.

Reading time : 1 min

Written by

Tomás Oliveira

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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Synertics PPA Evaluation Tool allows you to use weather data to define the value of assets according to the assets' technology and location-specific available renewable resources.


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