BMI View: Thanks to heavy rains, and strong winds, Portugal not only hit its renewables targets but surpassed them altogether, achieving 70% renewables generation for the first three months of the year, and 72% in June alone, according to Portuguese grid regulator REN , which noted that in Q1 official hydropower accounted for 37% of electricity generation, and wind turbines produced another 27%.
Portugal adopted the E4 Programme (Energy Efficiency and Endogenous Energies) in 2001, which set goals for renewable power generation, in line with the wider EU Directive on renewable energy. The target was set at achieving a 39% share of renewable energy sources for gross electricity consumption by 2010, and a 31% share of renewable energy sources for total energy consumption by 2020. However in April 2013, REN announced that in Q1 70% of all electricity consumed was provided by renewable energy generation, (including hydropower). The company also flagged up wind as a key contributor, in line with our forecasts that wind would continue to be the main sector of the Portuguese renewables industry. 'This increase is due, on the one hand, to more renewable power generation facilities but even more so to the weather conditions in a year that has been very damp so far meaning a lot of hydro power can be generated', REN said.
In light of this, the country has opted to increase its 20.20.20 emissions targets to a 45% renewables share in its electricity production by the end of the year, and a 60% share by 2020. However, much of this renewables generated energy came from hydropower, so despite this brilliant first half of 2013, we have not increased our overall non-hydropower renewable forecasts other than a moderate increase in our long-term forecasts for geothermal and solar generation and biomass capacity.
Overall, wind continues to be the main focus of the non-hydro renewables sector in Portugal, and we have maintained our forecast for the wind sector to achieve...
The Portugal Renewables Report researched at source contains Business Monitor International (BMI)'s assessment of the current renewables market in Portugal. The report also contains historical data together with forecasts to end-2017 covering electricity generation (TWh) and electricity capacity (MW).
The renewables sectors covered in the report include Wind, Solar, Geothermal, Tidal and Wave, and Biomass (See Table of Contents for exact coverage). The report also features details on government green energy agendas and funding opportunities, as well as presenting a detailed list of key renewables projects currently being planned or undertaken in Portugal, their capacity, the timeframe of construction and their current status.
The report discusses the various energy policies currently in force, including targets, subsidies and the relevant infrastructure developments or limitations which might impact on renewables growth, analysing the potential effects of regulatory changes in conjunction with the background macroeconomic outlook. Finally, there is a general overview of the competitive landscape in Portugal, together with a detailed summary of the main utilities and manufacturers present and their business operations.
BMI's Portugal Renewables Report provides industry professionals and strategists, sector analysts, investors, trade associations and regulatory bodies with unique independent forecasts and competitive intelligence on the Portugal renewables industry.
- Benchmark BMI's independent renewables industry forecasts for Portugal to test other views - a key input for successful budgeting and planning in the renewables market.
- Target business opportunities and risks in the Portugal renewables sector through our reviews of latest industry trends, regulatory changes and major deals, projects and investments in the country.
BMI Industry View
Summary of BMI's key industry forecasts, views and trend analysis covering the renewables market in Portugal, regulatory changes, major investments and projects and significant multinational and national company developments.
Industry SWOT Analysis
Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the renewables sector and within the broader political, economic and business environment.
BMI Industry Forecasts
Historic data series (2010-2012) and forecasts to end-2017 for electricity generation (TWh) and electricity generating capacity (MW) for each individual renewables sector present in the country.
These in turn are broken down into:
Electricity Generation: Overall capacity (TWh), growth % change year-on-year, KWh per capita, % of Total Non-Hydropower renewables generation, % of total electricity generation.
Electricity Capacity: Overall capacity (MW), growth % change year-on-year, % of non-hydroelectric renewables capacity and % of total capacity.
These forecasts are in turn supported by explicit assumptions, in conjunction with analysis of the key risks to the main forecast.
Business Environment Ratings
BMI's Renewables Business Environment Ratings provide fully comparable Risk-Reward Ratings aimed at investors in the regional renewables market.
The ratings methodology makes sophisticated use of various industry, economic and demographic data point.