In the past year, more than half of Spain’s electricity was generated from renewable sources. This not only results in an increasingly cleaner energy mix but also in falling electricity prices.
In 2023, 54.9% of electricity produced in Spain came from renewable sources, a record at 134,315 GWh. This represents an increase of 15.1% compared to the previous year.
The driving forces behind success
The photovoltaic sector saw the greatest growth with an increase of 33.8%. This was followed by hydroelectric energy, which took advantage of increased precipitation. Despite the economic expansion, electricity demand fell by 2.2%. Partly due to the rise of self-consumption in companies and households.
Space for electric vehicles
Last year the Spanish system added 6,253 MW. This brought the total installed electrical capacity to 125,620 MW. This indicates that there is plenty of room for electric vehicles, even during peak demand times.
Falling electricity prices
Due to the increase in renewable energy sources, the price of electricity in Spain has fallen significantly. In March the price was €26.24 per MWh, which is 34.4% lower than in February and 70.8% lower on an annual basis. This makes the Spanish electricity price 61.6% lower than in Germany and 58.7% lower than in France.
Future prospects
This trend of falling prices is expected to continue as more renewable energy projects are connected. This will not only extend low-cost hours, but also pave the way for an even more sustainable and affordable energy future in Spain.
Also read: Resistance of ’empty Spain’ against large renewable energy projects
