In December, renewable sources accounted for 47.64% of total energy production. This aligns with the increase in the renewable share of the electricity mix, which reached 56%. Notably, photovoltaic renewable generation capacity grew by 18% during 2024. Among the renewable sources, wind energy accounted for 23.1%, hydropower for 11.2%, and photovoltaics for 10.8%. Meanwhile, nuclear energy contributed 18.7%, and combined cycle plants comprised 22.6% of the total energy production. Compared to the previous month, there have been slight percentage decreases in photovoltaic and hydropower generation, which have been largely offset by increases in combined cycle generation, the technology experiencing the highest growth.

A notable trend emerged in early December, as combined cycle generation increased by 91.5% compared to the same period in 2023. This surge was primarily fuelled by a 24.5% decrease in wind energy output and a 35% decline in hydropower generation, which were both attributed to lower precipitation levels. Additionally, challenges in nuclear generation further affected the energy mix. Both reactors at the Ascó plant were offline, resulting in a 20% reduction in nuclear output across Spain’s nuclear fleet compared to the previous year. Ascó I was undergoing scheduled maintenance, while the return of Ascó II after an outage was delayed due to an incident.

The total energy generated during the month amounted to 22,663 GWh. In terms of electricity demand, an 8% increase was recorded, rising from 19,724 GWh in November to 21,473 GWh in December, driven by low temperatures. However, this figure is comparable to the same period of the previous year, when demand stood at 21,125 GWh. 

REE also highlights that Spain closed 2024 as a net energy exporter for the third consecutive year, achieving a net surplus of 10 TWh.

The average electricity price in December stood at 111.70 €/MWh, marking a 5.75% increase compared to November’s average price of 105.63 €/MWh. The highest hourly price during the month was 181.00 €/MWh on the 10th, while the lowest was 0.44 €/MWh on the 8th.

The wholesale electricity market closed 2024 with the lowest annual average price in four years, at 63.19 €/MWh. This represents a 28.4% decrease compared to the 2023 average of 88.27 €/MWh.

The significantly low prices seen during the spring, driven by substantial renewable energy production, played a key role in lowering the annual average. This period even saw negative prices during certain hours, a first for the Spanish market. As a result, the 2024 annual average closely resembles the 2018 figure of 57.29 €/MWh.