Market Intelligence
Renewable Energy Spain

Spain Renewable Energy

Spain is a vibrant market for U.S. producers of renewable energy technology.

Spain is focusing on increasing the use of renewable energy and estimates spending USD 14.8 million per year until 2030 for energy storage to decrease CO2 emissions. Renewable energy in Spain reached 52 percent and, for the first time, exceeded the other generation technologies with the integration of an additional 6,528 MW of new renewable generation in 2019.

The Spanish government submitted to the EU in April 2020 its Strategic Energy and Climate Framework, which includes the National Integrated Energy and Climate Plan 2021-2030, the Draft Bill on Climate Change and Energy Transition, and the Just Transition Strategy. This strategy plans to achieve up to 42 percent consumption of renewable energies out of the total energy use by the year 2030.

As for electricity generation, renewables will stand at 74 percent. By reaching these targets, Spain’s energy efficiency will improve by 39.6 percent by 2030. On energy security, it sets the ambitious objective of reducing energy dependency to 59 percent by 2030, having had an import dependency of 74 percent in 2017. The document also proposes a reduction of between 20 to 21 percent of greenhouse gas emissions compared to 1990 levels.

The Spanish Utilities Association estimates that Spain needs an investment of 6.5 GW of storage to meet the National Plan objectives, with an investment of USD 14.8 million per year until 2030 for energy storage. The Plan quantifies a total of USD 264 billion, in the period 2021-2030, annually around 2 percent of GDP, of which only 20 percent would come from public sources. The figure covers key sectors, mainly renewables, energy efficiency, storage, grids and non-energy sectors. These investments are the main driver of the projected positive impacts on growth for 2021-2030 for Spain. 

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