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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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Each month, one of our experts publishes an article describing his view on a specific topic of the constant changes taking place in the energy market, with special focus on the French market.

Profesional Experience & Education

Diego graduated in Political Economy at King’s College University (London – 2021). He started his professional career in a family business in Madrid as an operations manager. Diego then studied a Master in Management and Master in Computer Science at IE University (Madrid – 2022), during which he participated as an Information Technology (IT) intern in a startup. In May 2023, Diego joined the HES team as an intern specialised in programming models. In his first project, he developed a software tool for modelling the unavailability of the French nuclear fleet. Afterwards, Diego has also participated in the development of new software tools for modelling price curves, generation asset performance and other topics related to the energy market. 

Diego Marroquin

Junior Consultant

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Profesional Experience

Céline joined Haya Energy Solutions in November 2021 as marketing and administration manager. She had a first professional experience in the tourism sector as a social media manager. At HES, her activities are focused on the development of the company’s visibility at European level through: commercial actions, content marketing and development of brand strategy. Céline is also involved in the management of the company’s communication: optimisation of the website (WordPress & Elementor), LinkedIn, publication of the monthly newsletter and the organisation of conferences. Céline participates in energy projects with the clients and acts as coordinator and project manager. Finally, she is in charge of administration (accounting, expenses management, invoicing).   

Education

Céline graduated in Spanish and English Philology at La Sorbonne (France – 2018) and holds a Master’s degree in Project Management and Cultural Tourism (Clermont-Ferrand/ Buenos Aires – 2021). 

Céline Haya Sauvage

Marketing Responsible

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

Profesional Experience

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 Boulanger 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.

Education

Philippe Boulanger 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

HES-Philippe-Boulanger
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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.”

Profesional Experience

Antonio started his career in the electricity sector in 1991 working as a member of the General Manager’s team at Sevillana de Electricidad (Spain). In 1997, he was appointed head of commercial regulation at Endesa Distribución. In 2000, he joined the mergers and acquisitions (M&A) department of Endesa Europe. He was appointed Managing Director of Endesa Power Trading Ltd (UK) in 2003. A year later, he became responsible for energy management at SNET (France). In 2008, he was appointed Managing Director of SNET (France). In 2009, he became Director of Corporate Development at E.ON France. In 2011, he founded Haya Energy Solutions (HES), a consulting firm focused on optimising the energy management of consumers, producers and retailers of gas and electricity. From 2015 to 2018, Antonio combined the consulting activity at HES with the general management of 2 production facilities in France (2 CCGTs x 410MW), owned by KKR. At the end of 2018, he joined Asterion Industrial Partners, an infrastructure investment fund, as an operating partner. Antonio currently devotes most of his efforts to the Asterion Portfolio, while advising through HES companies in the energy sector in France, Italy, Germany, UK and Spain. 

Education

Antonio graduated from the Escuela Técnica Superior de Ingenieros of Seville (Spain) and holds an MBA degree from Deusto University (Spain). 

Antonio Haya

CEO

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