Port of spain energy storage participates in power field

Will Spain have 22 GW of energy storage capacity by 2030?

The country plans to have 22 GW of storage capacity in place by 2030, said the ministry. This will include battery and pumped hydro plants, as well as potentially some thermal storage associated with concentrated solar power technology, which Spain is a leader in. Spain's capacity market could provide opportunities for energy storage

Why is pumping hydro storage important in Spain?

Pumped hydro storage already plays an important role in helping to balance large amounts of renewable energy on the Spanish grid, which as of April 2024 was operating with between 60% and 70% renewable energy penetration. Battery storage, meanwhile, is increasingly being co-located with renewable energy plants to avoid revenue cannibalization.

How will a solar power plant work in Spain?

The plant will utilise surplus solar energy to pump water, ensuring a 100% clean process. Construction will begin in 2025, creating around 3,000 jobs over six years. This project emphasises Spain’s commitment to renewable energy and reducing dependence on fossil fuels.

How will Iberdrola contribute to Spain's energy security?

Iberdrola’s project will contribute to Spain’s energy security and reinforce its position as a leader in technological innovation in the European energy sector. Conso II demonstrates the crucial role that renewable energies, mainly hydroelectric power, play in building a greener future.

How much does a battery plant cost in Spain?

Battery plants picked up more than 655 MW of capacity in the auction, with a clearing price of £35.79 per kW a year. This volume was dwarfed by the almost 3 GW of capacity awarded to gas plants, which is likely a guide to what will happen in Spain as well.

Will Spain introduce a capacity market?

Spain has approved plans to introduce a capacity market. The grid operator in Spain, “Red Eléctrica de España”, would establish this, and would secure capacity five years and one year in advance, similar to the capacity market contracts seen in Great Britain.