MADRID – 2022 was a historic year for renewable energy in Spain, contributing almost €20 billion to GDP. These impressive figures are mainly due to increased energy prices, rather than an increase in production itself.
Renewable energy sources, especially solar and wind energy, contributed significantly to economic profits. Spain set a new record with 8,918 MW of new installations in 2022. This saved the country more than €15 billion on fossil fuel imports, an increase of 77% compared to 2021.
Economic benefits and market impact
The renewable energy sources helped Spain save €90,880 million in energy import costs, which without them would have been more than €106,000 million. In addition, €4,510 million were saved on emission allowances. This led to a total saving of almost €20 billion. This development also contributed to lower energy prices on the market, with an average saving of €43.10 per MWh.
Contribution to GDP
Renewable energy sources contributed almost €19,500 million to Spain’s GDP in 2022, an increase of 21.6% compared to 2021. This increase was mainly driven by higher electricity sales prices, as 2022 was the most expensive year ever for electricity in Spain.
Green energy in Spain
There are several forms of green energy used in Spain, including solar energy and wind energy. Spain is a major producer of solar energy in Europa. Solar energy is particularly popular in Spain because of the abundant sunlight. There are numerous solar panel installations spread across the country, especially in sunny regions such as Andalucia, Extremadura and Castilla-La Mancha.
In terms of wind energy, Spain also has significant wind farms along the coastline and inland areas. These wind farms also contribute heavily to the total production of green electricity.
The country has committed to increasing the share of renewable energy sources in its energy mix and has ambitious goals for the future.
Also read: Europe’s largest solar park opened in Spain