The Power export in Spain reached 14,649 GWh in 2020
The indicator recorded a historical growth at a CAGR of 0.13% between 2017 to 2020
Why did the power export in Spain grow in 2020?
Spain was a net importer of electricity from 2000 to 2003. In 2000, the country imported more electricity than exported. From 2004 to 2015, the country’s power exports consistently exceeded imports. However, from 2016 onwards, the country’s imports have again exceeded exports. In 2020, the country imported more electricity compared to electricity exported in the year.
Supply Security
Although Spain derives most of its electricity from thermal power sources, it does not have large reserves of fossil fuels, forcing it to depend on gas imports from Algeria, Nigeria, Qatar, and Egypt and oil imports from the Middle East. Domestic coal reserves are of poor quality, necessitating imports from South Africa, Colombia, the US, and Russia. Consequently, Spain has looked to renewable power to provide alternative sources of energy, and its feed-in tariff (FiT) policy caused renewables to spread rapidly. However, it also generated massive government debts from subsidies for power utilities, which suggests that renewables cannot expand beyond a certain limit without attracting adverse conditions. This situation has been addressed to an extent by the government undertaking auctions that are helping fetch record low prices for renewable power in the country. The auctions held in May 2017 witnessed contracts fetching the lowest possible price under the country’s tendering system. Spain also produces a substantial portion of its electricity from hydropower and nuclear sources, giving it a reasonably balanced power mix.
Impact of COVID-19
Spain was one of the worst hit countries in the world due to the COVID-19 pandemic. To curb the spread of COVID-19, the Spanish Government imposed strict national lockdowns in the country. Majority of the sectors in the country were affected due to these lockdowns; however, tourism and hospitality sector was the most badly affected.
With respect to power sector, the electricity consumption in the country declined in 2020 as compared to 2019. Electricity demand from industrial and commercial sectors declined significantly due to national lockdowns.
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