Electricity in Spain - statistics & facts
With a population of some 47.8 million inhabitants, Spain is one of the largest electricity consumers in the European Union. As of May 2024, it also had some of the lowest electricity prices in the region.
In 2023, Spain’s electricity demand stood at roughly 244 terawatt hours, a figure that has been slightly decreasing in the last years. Today, approximately one quarter of the country’s energy needs is covered by electricity, although the share of electricity in final energy consumption has fluctuated strongly in the last four years.
In line with renewable generation targets, the role of renewables in the Spanish electricity sector will continue to grow considerably. After a series of price fluctuations that started in 2021, electricity prices in Spain have returned to pre-pandemic values. As of May 2024, Spain had one of the lowest electricity prices across Europe.
Spain’s electricity mix
The Spanish grid was mainly powered by wind, nuclear, and combined cycle power plants in 2023. These three sources accounted for over 60 percent of the total electricity generated in that year. The role of renewables in the power sector is steadily increasing, with the share of electricity produced from renewable sources peaking at 50.3 percent in 2023. This figure is expected to increase rapidly in the next years, as the country aims for a 76 percent share of renewable electricity generation by 2030. Of the 124 gigawatts of installed power capacity in the country, more than half consists of renewables. With over 30 gigawatts installed, wind is the generation technology with the most extensive capacity in Spain.Leading power utilities in Spain
Iberdrola and Endesa are the two main electricity suppliers in Spain. Together, they had roughly 50 gigawatts of installed capacity across the country at the end of 2021, and both ranked among the 10 largest European electric utility companies as of 2023. The two companies also account for more than half of the sales in the retail electricity market and cover roughly 70 percent of electricity customers across the country. Although the market is still highly concentrated, a large number of small electricity providers have emerged in recent years.Electricity prices in Spain
Throughout 2021 and 2022, electricity prices soared in Europe. Spain recorded an average annual electricity price of more than 200 euros per megawatt hour in 2022, a five-fold increase from the average price in 2020. Monthly wholesale prices saw historic increases during the past year, peaking in March after Russia’s invasion of Ukraine. Spain introduced a gas price cap in June 2022, which helped contain the price of electricity in the following months. The ever-growing share of renewable technologies such as solar has also contributed to the recent decrease in electricity prices. In March 2024, electricity prices in the country reached the lowest value recorded since April 2020.In line with renewable generation targets, the role of renewables in the Spanish electricity sector will continue to grow considerably. After a series of price fluctuations that started in 2021, electricity prices in Spain have returned to pre-pandemic values. As of May 2024, Spain had one of the lowest electricity prices across Europe.
