• 3 minutes Will Iron-Air batteries REALLY change things?
  • 7 minutes Natural gas mobility for heavy duty trucks
  • 11 minutes NordStream2
  • 13 mins Evergrande is going Belly Up.
  • 2 hours U.S. Presidential Elections Status - Electoral Votes
  • 7 hours Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 1 day Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 3 days Poland Expands LNG Powered Trucking and Fueling Stations
  • 3 days World’s Biggest Battery In California Overheats, Shuts Down
  • 2 days The unexpected loss of output from wind turbines compels UK to turn to an alternative; It's not what you think!
  • 2 days Ten Years of Plunging Solar Prices
  • 2 days Extraction of gasoline from crude oil.
  • 4 days The coming Cyber Attack
  • 4 days Is the Republican Party going to perpetuate lies about the 2020 election and attempt to whitewash what happened on January 6th?

Spain Looks To Cut Soaring Power Prices With More Renewables

Spain, one of the fastest-growing renewable energy markets in Europe, is looking to award 3.3 gigawatts (GW) of new wind and solar capacity as it wants to reduce high power prices, which skyrocketed in Europe this year.

The Spanish government expects that the additional supply of electricity will help it cut the power prices, Bloomberg reports.

Spain, as well as the whole of Europe, has recently seen a surge in power prices amid rallying natural gas prices and record levels of carbon prices.

Spain’s answer to high power prices is more renewables, as the government looks to accelerate solar and wind power auctions to have more electricity supply to choose from. More clean energy auctions are expected to bring relief to power consumers, according to the government quoted by Bloomberg.

“The objective is to continue auctioning renewable energy, to push for the transformation of the power system in an orderly manner,” Teresa Ribera, Spain’s Minister for the Ecological Transition, told reporters, as carried by Bloomberg.

In its previous auction, Spain allocated in January this year 3 GW to new wind and solar power capacity, with offers of 9.7 GW exceeding three times the procurement capacity, pv magazine reported earlier this year. Just over 2 GW of solar photovoltaic (PV) capacity and nearly 1 GW of wind power capacity were awarded in Spain’s auction in January 2021.

Last month, as much as 46.1 percent of Spain’s electricity came from renewable energy sources, transmission grid operator Red Eléctrica said in early August. Of the renewable energy, 18.9 percent came from wind power, 11.4 percent from solar PV, and 9.9 percent from hydropower.

“In Spain, the costs of generating electricity from existing fossil gas and hard coal plants are triple those for new onshore wind (€31.7/MWh) and double those for new solar PV (€39/MWh),”climate and energy think tank Ember said in its European Electricity Review for the first half of 2021.  

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News