Spain enjoys cheap electricity amid record renewable energy production

While much of Europe faces rising electricity prices, Spain is living a dream. Thanks to record production of renewable energy from sun and wind, electricity prices in the country fell in February to a fraction of the price in neighboring France.

Daily electricity prices were set on Thursday at just $5.20 (€4.80) per megawatt hour (megawatt hours) in Spain, compared to $68.86 (63.59 euros) per megawatt hour in France, according to data compiled by Bloomberg.

France relies mainly on its huge national generation Nuclear Energy To cover most of its electricity needs and is usually a net exporter of electricity to neighboring countries.

But as generation Wind force Solar energy in Spain achieved new records earlier this year, as Spain has been exporting electricity since February 21, according to grid data reported by Bloomberg. Currently, Spain even sells electricity to France.

Generation is expected Solar energy Wind power in Spain reached a record level this month and high production is expected to continue until March, according to Bloomberg models.

Low energy prices hurt Spanish utilities’ profits, but were a boon to consumers as retail prices reflected lower wholesale electricity prices.

Last year, renewable energies represented 50.8% of Spain’s electricity mix, compared to 42.2% in 2022.

More than half of the electricity Spain currently consumes comes from renewable energy sources, and total renewable energy generation exceeded 135,000 gigawatts per hour last year, up from 116,695 gigawatts in 2022, Energy Transition Minister Teresa Ribera said in December.

Spain has made significant investments in solar and wind energy over the past ten yearswhile the Hydroelectronic energywhich was Spain’s largest source of renewable energy, accounts for about 10% of its total generation today.

Spain outperformed its European counterparts in publishing Solar energy and wind last year, taking second place in onshore wind installations, according to Rystad Energy.

Although Germany maintains its dominance in… Solar energy And the wild winds «the course of Spain in Solar energy Rystad Energy said wind shows remarkable growth prospects in the coming years.

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