Spain will hit 68% renewable power in 2030, but needs more flexibility - BNEF

09/12/2019 08:59 Renewable


Spain will be able to meet 68% of its electricity demand with renewable energy by 2030 and 88% in 2050, according to a report co-authored by Bloomberg New Energy Finance (BNEF) and Spanish renewables and infrastructure group Acciona SA (BME:ANA).

Wind and solar power will play a major role in Spain’s future power mix, generating a combined 51% of electricity in 2030 and 75% in 2050, the report states.


Nevertheless, these percentages, assuming the lowest-cost base scenario, are lower compared to targets established by the Spanish government in the draft National Energy and Climate Plan (NECP) for 2021-2030, which sees Spain reaching 74% renewable power generation in 2030.


The NECP has also placed its bet on wind and solar, aiming for 50.2 GW of wind and 36.9 GW of installed solar photovoltaic (PV) capacity. The Acciona-BNEF report projects the wind power capacity to be much lower, at 35.2 GW. Solar PV at 31.2 GW is closer to the target.


The fossil-fueled capacity will not go away in 2050 even assuming the scenario in which batteries have become cheaper. The power system will still be cleaner as enough cheap storage can reduce the fossil-fuel backup capacity by 13% and emissions by 12% in 2050 compared to the base scenario.


Daily (06.07.2020) NBP spot plunged by almost 5% on Friday influenced by an upward revision of the French nuclear output.

06/07/2020 10:40:00

Crude oil prices lost momentum on Friday, on renewed fears over global fuel demand as U.S reported a surge in coronavirus cases. Nevertheless, signs of improving global economy and OPEC+ record high supply cuts limited the loss. As a result, Brent crude decreased by 0.8% to $42.80 a barrel. Similarly, WTI futures traded 1% lower at $40.24 a barrel.


Swinoujscie terminal receives 100th LNG shipment

06/07/2020 10:05:00

The Swinoujscie gas terminal in north-western Poland received its 100th liquefied natural gas cargo on Friday. The 90,000 tonnes LNG shipment came from Qatar Liquefied Gas Company Limited (Qatargas) aboard the Al-Safliya LNG tanker.


Russia's Novak sees global oil output cuts easing from August

06/07/2020 09:56:00

Russian Energy Minister Alexander Novak said on Thursday that the OPEC+ group of oil producers is expected to start easing oil output cuts from August as previously agreed.