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Electricity Market in Spain during Q1 & Q2 2024

During the first and second quarters of 2024, electricity in Spain exhibited unusual behaviour due to several significant events and developments in the energy sector.

  • Increase of renewable capacity:

Solar energy: The installed capacity of photovoltaic solar energy continued growing. Moreover, in May, photovoltaic led the energy mix for the first time, taking the lead from wind power, which had been the leader for 7 consecutive months. In quarter 1, photovoltaics represented 11.8% of the energy mix, while in quarter 2, it represented 22%.

In parallel, a significant amount of energy was generated through wind technology. Both onshore and offshore wind farms were completed in Galicia and the Catalonia coast. Wind energy accounted for 28% of the energy mix in the first quarter and 21% in the second quarter.

Negative prices were registered in Spanish market for the first time. The first occurrence in April was induced by the rise of photovoltaic energy and low demand at certain times. Additionally, the spot average electricity price, although high in January, decreased significantly, reaching low levels in March, April, and May, with April recording the lowest average price at 13.67€/MWh. In Q1 the spot price average was 44.4€/MWh while in Q2 was 33.4 €/MWh.

Figure 1. Spot Average prices 2023-2024 – Haya Energy Solutions

Figure 2 illustrates the significant price volatility experienced during the first six months of 2024. Throughout this period, prices fluctuated, reaching both high prices and negative values. July witnessed the most pronounced price swings, with one of the  highest and the lowest prices recorded. This peak is attributed to periods of high demand when solar power was unavailable.

 Figure 2. Spot Min & Max prices – Haya Energy Solutions

  • Nuclear energy represents a significant proportion of the energy-mix; however, a nuclear phase-out is planned with the shutdown of the Almaraz plant’s reactors in 2027 and 2028.

As wrap-up of the energy mix, it was led by wind, nuclear, photovoltaic, and hydraulic.

 Figure 3. Spain’s Generation 2024 – Red eleéctrica

Cheyenne Rueda Lagasse

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Biography

Diego is a Consultant at Haya Energy Solutions. He has 1 year of experience specializing in developing models for energy price forecasting, energy availability and production, and battery optimization.

Diego obtained a bachelor’s in Science in Political Economy from the King’s College London, and later a dual Master’s in Management and Computer Science from the IE University of Madrid.

Diego Marroquín

Consultant

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Biography

Céline is the Head of Business Development and Administration at Haya Energy Solutions. She plays a key role in driving the company’s growth by expanding its market presence, strengthening brand positioning at the European level and implementing strategic initiatives. She also manages the company’s administrative operations, ensuring efficient financial management, including accounting and budget oversight.

She is also a Consultant at Haya Energy Solutions, specialising in the optimisation of energy procurement through the analysis of market trends and regulatory developments. She also provides strategic guidance to identify opportunities and tailor solutions to the specific needs of each client.

Céline holds a degree in Philology from the Sorbonne University and holds a master’s in Project Management and Cultural Tourism from the University of Clermont-Ferrand.

Céline Haya Sauvage

Head of Business Development and Administration

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“Decarbonization of the Energy and Transport sectors is arguably today’s main economic driver for the industry.”

Biography

His career started in civil engineering as a Project Manager in France, Martinique and Australia. Afterwards, he became the General Manager of a subsidiary in Venezuela. In 1992, he established Dalkia in Germany (district heating, cogeneration, and partnerships) and represented Véolia in Thailand. In 2000, he opened the commercial office of Endesa in France to take advantage of the liberalized retail market. From 2006, as a development Manager at Endesa France, he led Endesa’s plan for Combined Cycle generation in France and developed the wind and PV portfolio of Snet at the same time. 

Philippe worked for 3 years at E.ON’s headquarters coordinating the company´s activities in France. He was strongly involved in the French hydro concession renewal project. As a Senior Vice President – Project Director at Solvay Energy Services from April 2012 to February 2014 he was in charge of the H2/Power to gas and European direct market access deployment projects. Philippe has been an HES expert since 2014.

Philippe holds engineering degrees both from the Ecole Polytechnique and the Ecole Nationale des Ponts & Chaussées (France) and has a combined experience of more than 25 years in energy and infrastructure. In addition to English, Mr. Boulanger is fluent in French, German & Spanish.

Philippe Boulanger

Electricity Expert

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“The world is changing. New investors pay particular attention to the energy sector while historical actors adapt their position to the market.”

Biography

Antonio is the founder and President of Haya Energy Solutions, a specialized consulting firm focused on the energy sector, which has developed M&A projects in renewable and conventional power generation, cogeneration, district heating, gas and power retail, energy procurement and power optimization in France, Spain, Portugal, Germany and UK.

Prior to this, Antonio was CEO of KKR’s CELEST Power in France (2x410MW CCGT). He was also CEO of Endesa France and General Secretary, Strategy & Corporate Development Director at E.ON France. Formerly, he held different positions at Endesa, including Responsible for M&A at Endesa Europe and Regulation Specialist at Endesa Distribution.

Antonio holds an MBA from the University of Deusto and a degree in Industrial Engineering from the Higher Technical School of Engineering of the University of Seville.

Antonio Haya

President

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