Renewable Energy Development to Remain Focus in Spain Power Sector: Ken Research

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According to study, “Spain Power Market Outlook to 2030, Update 2018 – Market Trends, Regulations, and Competitive Landscape” some of the major companies that are currently working in the Spain’s power market are Union fenosa, Acciona, ACS group, EMTE, Naturgy, Iberdrola, Torresol energy, EDP renovavels, Bio fuel systems.

Spain is the largest power market in southwestern Europe. It is moving towards the sustainable development of power sector. The power sector in Spain was privatized in 1985. About 33.7% of the power generated in the country came from renewable energy sources. By the end of 2017, the Spain had installed power generation capacity of 104,122 megawatts (MW).

New methods of energy production and development are being developed. Major method of energy production is the use of renewable resources such as wind energy. Spain is dependent on imported oil due to its geographical position and lack of natural resources. In order to reduce this dependence, government aims to shift towards renewables by promoting wind energy. By the end of 2017, the Spain had installed windpower generation capacity of 23,121MW.

In Spain, another renewable resource is hydro energy. Spain is extensively utilizing its hydropower potential in order to ensure safer environment for its future generation. Country has numerous hydropower projects that are still under construction and some that began operations long back. In 2017, the Spain had installed hydro power generation capacity of 20,354MW. One of the advantages of this source of power is that it is cheaper, expands irrigation and provides water& 19% of electricity.

In Spain, wholesale electricity market is operated by OMIE. OMIE is the daily market and its purpose is to handle electricity transactions for the following day through the presentation of electricity sale and purchase bids by market participants.

In Spain, the private sector companies are investing in smart grid development and R&D to promote increased competitiveness for Spanish utility providers. It is estimated that a 1€ investment in smart grid technology generates 2 EUR – 2.3 EUR in economic benefits. The stakeholders in the energy sector in the evolution of Spain’s smart cities include government entities at the national level such as the Ecological Transition Ministry, the National Commission on Markets and Competition, Red Electrica de Espana, the Institute for Diversification and Energy Saving and OMIE that manages the entirety of the markets.

In 2017, Spain is the fifth country in the world in terms of installed wind power after China, the US, Germany and India. The future of power industry is expected to be bright especially due to the strong support that the Spanish regulatory framework provides. In the upcoming years there will be an extreme investment, change in government’s policies in favor of these resources and auctions are expected to promote electricity generation from renewable. Opportunities exist for the transmission system to connect the remote areas. The transmission systems are expected to ensure supply/demand balance. Electricity delivery and demand side management solutions as are expected to increase due to smart grid deployments. Spain has also leveraged its development by pledging to meet between 30-44% of gross final energy demand through clean energy by 2030, and by 2020, country has pledged to meet 20 percent of the gross final energy demand through clean energy.

To know more, click on the link below:-

https://www.kenresearch.com/energy-and-utilities/power/spain-power-market-outlook/154921-103.html

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