Why Portugal and Spain Dodge Europe’s Energy Price Shock

There is a persistent belief in energy debates that refuses to die: renewables and electrification are necessary, but expensive. It is often framed as an unavoidable trade?off — clean energy comes at a premium, while fossil fuels remain the cheaper, more reliable baseline. That assumption is now being tested against reality. And reality is not being kind to it. As gas prices climb again amid tensions around Iran and the Strait of Hormuz, Europe is seeing a familiar pattern: electricity prices surge in regions heavily exposed to gas, while…