Portugal Raises Electricity Tariffs Amid Global Market Turmoil

Portugal's energy regulator ERSE has announced a 2.7% increase in regulated electricity tariffs for around 779,000 households and small businesses from October 1.

The decision comes after a surge in natural gas prices linked to the US-Iran conflict pushed wholesale power costs above forecasts.

Despite having a renewable-heavy energy mix, with hydro, wind, and solar sources meeting around 70% of demand, Portugal remains exposed to swings in natural gas prices because gas-fired plants often help set wholesale prices on the Iberian wholesale electricity market (MIBEL).

Spot power prices on MIBEL have more than doubled from a year ago, averaging €147.64 per megawatt hour so far in September versus €64/MWh in September 2025.