WEMO24-Compiled Report-Interactive compressed (002) 4154-7882-8116 v.1 - Flipbook - Page 178
MARKET
DATA
• The European Investment Bank is providing a €1 billion loan to Iberdrola to co-finance the construction of the 22 renewable energy plants in Spain, Portugal and Germany, in a deal
signed in June 2023
• As of July 2024, the Spanish government has approved subsidies worth almost €800 Mn for major green hydrogen projects.
• Amazon Web Services aims to invest €15.7 billion in Spain, expanding their existing cloud region there and investing in almost 600MW of renewable energy projects
Red Eléctrica de España, SA (REE) is the sole TSO for the Spanish electricity
system. Spain’s Long-Term Decarbonization Strategy (ELP 2050) will reduce
greenhouse gas (GHG) emissions by 90% by 2050. The two largest companies
represent 43% of electricity generation in Spain. These are Iberdrola (24%)
and Endesa (19%).
CO2 Emissions (million metric tons of CO2 equivalents)
2023 Electricity Mix
8%
9%
300
Enagas is the operator of Spain's network of gas pipelines and LNG terminals
and was, in December 2023, designated as the country's provisional hydrogen
transmission network operator (HTNO).
268.5
251
Renewables
254.9
41%
Natural Gas
200
Nuclear
20%
100
Hydro
Others
0
2022
2021
2023
22%
New Generation Capacity- Solar (In GW)
81
100
Source: Statistical Review of World Energy Data 2024
Source: Statistical Review of World Energy 2024
75
50
31
New Generation Capacity - Wind (in GW)
2023 Electricity consumption by sector
25
22%
0
Solar
Transport
31
50
Residential
25
Source: IRENA, Global Energy Monitor
Industrial
62
75
2030
2023
23%
Commercial and Services
17%
0
2030
2023
The O昀케cial Journal of the European Union has adopted the Delegated Act on
Projects of Common Interest (PCI), which includes the H2Med and the Spanish
Hydrogen Backbone projects, giving them access to the advantages linked to
PCI status.
Source: Various sources, internal analysis
38%
Wind
Source: IRENA, Global Energy Monitor
These projects are also partially managed by Spain's gas grid operator Enagas.
Sources:
https://www.eib.org/en/stories/renewable-energy-autonomy-spain
https://www.datacenterdynamics.com/en/news/aws-to-invest-157-billion-into-spain-announces-600mw-in-renewable-energy-projects/
https://www.energyinst.org/_ _data/assets/pdf_file/0006/1542714/EI_Stats_Review_2024.pdf
https://carbonpricingdashboard.worldbank.org/compliance/price
https://www.irena.org/-/media/Files/IRENA/Agency/Publication/2024/Mar/IRENA_RE_Capacity_Statistics_2024.pdf?rev=a587503ac9a2435c8d13e40081d2ec34
https://www.reuters.com/business/energy/wind-solar-groups-call-spain-reignite-power-demand-2023-09-28/
https://globalenergymonitor.org/report/spain-maintains-solar-leadership-but-needs-to-accelerate-pace-to-meet-2030-renewables-goals/
https://img.saurenergy.com/2024/01/european_ppa_market_outlook_2024_v7_high_res.pdf
https://go.pexapark.com/l/891233/2023-02-08/cjj25/891233/1675852816rjodUGY4/European_PPA_Market_Outlook_2023_V9.pdf
https://www.enagas.es/en/press-room/news-room/press-releases/h2med-spanish-hydrogen-backbone-definitive-pci/
https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/
natural-gas/042324-enagas-to-present-spanish-hydrogen-grid-plan-as-regulatory-talks-advance
Spain approves 800 million euros of subsidies for green hydrogen projects | Reuters
CO2 pricing (euro/ton CO2)
PPA Deals
20
60
40
46
35
15.2
15
14.8
2023
2024
15
31
10
20
5
0
2021
2022
Source: Pexapark- European PPA Market Outlook
0
2023
2022
Source: World Bank
WEMO 2024
In parallel to the development, Spain is working on the regulatory framework
for its green hydrogen sector, part of which involves the re-establishment of a
National Energy Commission (CNE), which is in the process of demerging from
the Market and Competition Regulator (CNMC).
178
Spain
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