1 kilowatt-hour electricity for 1 cent! Portugal sets record new solar tenders

Portugal's Ministry of Energy recently issued an announcement that the latest round of tenders Portugal has obtained 1.
15 GW of solar energy development, with an average cost of $22.
53 per megawatt hour, and an investment of about 800 million euros, about 887 million US dollars
.

According to local media in Portugal, one of the bids was 14.
76 euros/MWh ($16.
44/MWh), which was declared the lowest world record
in a solar tender.

It is worth mentioning that the previous record for the lowest price for solar energy was $17.
5 per megawatt hour, equivalent to 0.
12 yuan / kWh, which was a 211 MW PV project on the Brazilian A-4 round of bidding on June 28, breaking the record
of $19.
97 per MWh set by a 200 MW project in Los Angeles just a few days ago.
Therefore, many industry insiders said that Portugal's record may also be broken soon, because the Saudi tender results are about to be announced
.

It is understood that there are a total of 24 projects in this tender, of which 23 projects attracted developers and were eventually awarded to 13 bidders
.
Spanish renewable energy company won the bid for 7 projects, the company with the most bids, and Akuo of France won the largest project with an installed capacity of 370 MW
.

The tender is Portugal's largest to date and more than
double the country's current installed solar capacity.
"This tender shows that the energy transition promised by the government can not only significantly accelerate investment and penetration of renewable energy in Portugal, but also at a very low price," Galamba told the news agency
.

Portugal achieved record levels of clean energy in March 2018, the first time renewable energy has reached 100% of the electricity supply
in Portugal, the agency said.
Although solar power is now increasing rapidly, most of the country's renewable energy comes from hydro and wind power
.

According to Portuguese electricity company Redes Energeticas Nacionais (REN), the country is expected to become a 100% renewable energy producer by 2040
.
In 2018, renewable energy accounted for about
52% of the country's electricity demand.

"By 2021, we will be able to triple Portugal's solar capacity from the current 572 MW to almost 1,600 MW," Portugal's Energy Minister Jorge Seguro Sanches said
in 2018.

Since 2007, Portugal and Spain have established a grid interconnection system and an Iberian electricity market MIBEL.

The two countries conduct electricity auctions
through the Spanish regulator CNMC and the Portuguese Electricity Agency (ERSE).