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    A revolution that has already been 15 years (João Manso Neto's opinion)


    July 1, 2022 - CE Noticias Financieras

     

      The Iberian Electricity Market is the result of a process of cooperation between Portugal and Spain. It was a work that began more than two decades ago, with the aim of promoting the integration of the systems of these two countries, geographically far from Central Europe. And which has borne, and will continue to bear fruit, being of undeniable importance for the development of the electricity sector that we have been witnessing since then.

      It was an innovative idea. I would go even further: it was a revolution in the market, transformative for the different players in this market. With this single market we have seen an important reinforcement of what is the energy production capacity on both sides of the border, but also a growing advent of alternative forms of energy generation.

      The creation of a competitive, transparent market was an important impulse for the growing investment in combined cycle power plants and, at the same time, the end of fuel oil. It then led to the advent of renewable energies, first with wind power, then solar energy, and at the same time saw the closure of coal-fired plants in Portugal, which were environmentally harmful.

      All of this, all of this transformation that we have been witnessing, has been done with clear benefits for everyone, especially for consumers. With increased competition among operators, consumers can now count on lower electricity prices, with renewables having an effect by presenting substantially lower costs than other forms of energy generation.

      Falling prices have been a reality. Currently, however, we are living in an exceptional period. We, Portuguese, Spanish, Europeans, are living in a scenario of war in our backyard.

      This war made the European Union realize how important the bloc's energy independence is, too. And if the focus on renewables was already great, Putin's blackmail has made it even greater, accelerating the goals of energy production from clean sources, such as wind or sun. The flaws in the licensing processes are recognized, but also the need to establish shorter deadlines so that more and more energy can be made from wind and the sun becomes an increasingly relevant source of electricity.

      Portugal has always been at the forefront when it comes to renewable energy resources. Now, important steps are being taken in Europe in this same direction, encouraging the proliferation of clean energy generation systems, essential for the defense of the environment. This reinforced commitment will also undoubtedly lead to a significant reduction in electricity costs, reducing the burden on both the productive fabric and consumers, with clear benefits for the entire Portuguese economy.

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