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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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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

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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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