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Gas Market in Spain during Q1 & Q2 2024

Currently, the gas market in Spain changed its decreasing trend in gas prices experienced at the end of 2023 and began to increase again after February 2024. This rise in gas prices can be attributed to several interconnected factors:

  • The economic recovery after COVID-19 has resulted in higher energy demand due to increased industrial activity and consumer spending.
  • The disruptions in supply chains due to geopolitical tensions or logistical issues, and stricter environmental regulations increase production costs.
  • The global transition to renewable energy may affect gas infrastructure investments and supply.

Figure 1. Gas prices (Day ahead prices) – Haya Energy Solutions

However, by the beginning of summer, Spanish underground storage was filled, nearly to 98%, with over 35,000 gigawatt-hours (GWh) of gas. It is expected that storage will be full by August.

  • High storage levels are likely to stabilize or potentially reduce gas prices, as having ample reserves lowers the risk of supply shortages and sharp price increases.

The price of CO₂ EUA ETS impacts electricity prices primarily by affecting the operating costs of fossil fuel power plants. Higher CO₂ prices increase the cost of burning fossil fuels, which can lead to higher electricity prices. Additionally, higher CO₂ prices make renewable energy sources more competitive, potentially shifting the market dynamics and influencing overall electricity costs.

  • As a fossil fuel, natural gas emits CO₂ when burned, so fluctuations in CO₂ prices directly impact the operating costs of natural gas. The average prices of CO2 for December ‘24, ‘25 and ’26 are shown in the following table:

 Figure 2. EUA CO₂ ETS Prices

In Q2 prices were higher than in Q1, due to expectations of shortages, fulfilment of obligations established by UE, higher anticipated demand, market speculation, and seasonal adjustments. Moreover, implementing ETS (Emissions Trading System) in the maritime sector may also cause an increase in CO2 prices.

The Royal Decree 203/2024, effective from February 28, 2024, regulates the free allocation of CO2 emission rights for 2026-2030, imposing stricter conditions for energy efficiency and emission reduction. Installations that do not comply with efficiency recommendations may see their free allocations reduced by 20%, which could increase operational costs and consequently electricity prices.

Seems as this regulation will be in at sooner rather than later in 2026, involving the urgent need for CO2 EUA ETS allocation just in time.

Cheyenne Rueda Lagasse

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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

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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.”

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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.

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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.”

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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.

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