Spain’s Renewable Energy Often Exceeds Demand, Raising Concerns

Spain finds itself in an exceedingly unique position: after making significant investments into renewable energy over the last decade, clean-energy production in the country now sometimes exceeds energy demand. The European nation has invested billions of dollars into clean energy and developed an impressive network of wind farms, allowing it to generate more clean energy than its citizens can use.

In central Spain, the Castilla-LA Mancha plains that were once infamous for the windmills dotting their skyline are now overlooked by the Sierra del Romeral windfarm, a wind-energy project that features 28 vast wind turbines. Ran by Spanish company Iberdrola, the wind farm is among the multitude of clean-energy projects that have sprung up in the past five years and propelled Spain to the forefront of the green-energy space.

Wind energy has become Spain’s main source of green-energy and wind-energy generation in the country has grown to such a degree that the total capacity has increased by 100% since 2008. Spain’s total solar energy capacity also went up eight times in the same period, putting Spain in second place behind Sweden in installed green-energy infrastructure in the European Union.

According to the country’s Socialist Workers’ Party prime minister, Pedro Sánchez, Spain is a “driving force” in the world’s race to transition from fossil fuels to cleaner alternatives. Sánchez’s government accelerated renewable-energy development in Spain by removing regulatory hurdles and subsidizing the installation of renewable energy projects shortly after Sánchez assumed office in 2018. The COVID-19 pandemic sped up green-energy adoption in Spain, especially at the domestic level.

UNEF (Spanish Photovoltaic Association) chief executive, José Donos, notes that the pandemic had a “very positive” impact on the photovoltaic (PV) solar panel industry. It helped people save money and gave them time to figure out how to invest their savings, with many deciding to purchase solar panels rather than store the funds in the bank, Donos explains. UNEF represents Spain’s photovoltaic solar panel industry.

However, some experts are concerned that the surge in clean energy and the supply-demand imbalance it has caused could have untold consequences. Spain’s power consumption has fallen in recent years, despite its economy enjoying a major post-pandemic recovery and growing faster than the other major EU economies. In some cases, Red Eléctrica (REE) head of system development Torre Rodriguez explains, this imbalance can cause prices to drop to “zero or even negative.”

Such prices may be great for customers, but they will make it difficult for the green-energy sector to attract additional investment and could even bottleneck Spain’s energy transition, said Greenpeace Spain renewable energy expert Sara Pizzinato.

Not all countries and regions are positioned to reap maximum benefit from wind and solar energy in the way that Spain is doing, and that is where alternative clean-energy solutions such as those developed by FuelPositive Corp. (TSX.V: NHHH) (OTCQB: NHHHF) can be a viable alternative in the quest to move away from fossil fuels that are driving climate change.

NOTE TO INVESTORS: The latest news and updates relating to FuelPositive Corp. (TSX.V: NHHH) (OTCQB: NHHHF) are available in the company’s newsroom at https://ibn.fm/NHHHF

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