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By 2021, Portugal will have 31 new solar power plants built, tripling the installed capacity of solar power generation from the current 572 megawatts to nearly 1,600 megawatts, with a total value of about 800 million euros ($920 million).
Portugal once used renewable energy to meet 100% of its electricity needs, mainly from hydropower and wind power.According to Portugal electric power company, the country's green power plant produced 521 gigawatts of power between March 9 and March 12, compared with national electricity consumption of 408 gigawatts.Renewable energy accounts for 100 percent of Portugal's national electricity consumption to a record 69 hours, with wind power the largest contributor, meeting 65 percent of that total.
With the cost of solar power and the cost of energy storage for battery systems falling in recent years, it would be wise to balance solar power with hydropower and wind power.
Portugal's renewable energy association and sustainable earth systems association said, "" Portugal aims to be completely dependent on renewable energy for electricity generation, and it is expected that renewable energy generation will be able to guarantee Portugal's annual total electricity consumption in a cost-effective manner by 2040.One of the economic benefits of being totally dependent on renewable energy is to stop using fossil fuel subsidies, and the government of Portugal recently suspended payments to producers for power plant operations, about 20 million euros per year, most of which goes to fossil fuel plants ".
Any excess power can be exported, and the net balance of Portugal's electricity system is now 249 gigawatts, worth the equivalent of 2.4 billion euros.The price of electricity exports is expected to continue to rise, given the emergency situation in France's power sector and severe weather conditions in central Europe.