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Natural gas and renewable energies increased their importance in the energy mix of the Portuguese economy in recent decades

18.02.2022

Economics in a picture: Natural gas and renewable energies increased their importance in the energy mix of the Portuguese economy in recent decades https://www.bportugal.pt/en/page/economics-picture-146

 

The energy mix corresponds to the energy supply structure in terms of primary sources and is expressed in percentage terms in relation to the country's total energy consumption. The energy mix has implications in terms of the economy's exposure to risks arising from disruptions in the supply of energy sources and changes in their relative prices. Another fundamental dimension, related to climate challenges, is the weight of renewable energies in the energy mix, that is, the role of hydro, geothermal, wind, solar and energy derived from biomass and waste.

 

The most important transformations registered in Portugal in the last decades are the emergence of natural gas as a primary energy source after the end of the 1990s, reaching about a quarter of the total energy supply in 2019, which had as a counterpart a reduction in the weight of the oil and its products. Another relevant transformation was the continued increase in the weight of renewable energies and biofuels, reaching 27 percent in 2019. In the euro area, renewable energies have a smaller share (about 16 percent in 2019) and there is a greater proportion of other energy sources. This latter difference corresponds to the share of nuclear energy, which accounted for around 15 percent of the total energy supply in the euro area in 2019.

 

 

For more details see article “Energy mix and intensity in Portugal: Portraits from aggregate and firm-level data”, published in the Banco de Portugal Economic Studies, volume VIII - nº1.

Prepared by João Amador. The analyses, opinions and findings expressed above represent the views of the author and not necessarily those of Banco de Portugal or the Eurosystem.

 

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