The Power import in Spain reached 15,413 GWh in 2020
The indicator recorded a historical decline at a CAGR of 13% between 2017 to 2020
Why did the power import in Spain decrease 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.
Challenges
Spain faces a significant challenge in the aftermath of its decision to reduce renewable subsidies, in that it needs to ensure its energy security. As the growth of renewables subdued, Spain reverted to thermal power and a situation where it will have to depend on imports to fuel its thermal power plants.
Major power generating companies in Spain
Iberdrola SA, Enel SpA, Naturgy Energy Group SA, and Acciona SA are among some of the major power generating companies in Spain.
Iberdrola S.A. (Iberdrola) is an energy utility. It constructs, operates, and manages power generation plants, transmission and distribution facilities and other assets. The company produces electricity using conventional and renewable energy sources. It also trades electricity and gas in wholesale markets, and retails electricity, gas, and other related products and services. Iberdrola retails energy to residential, commercial, industrial, institutional, and other customers. In its transition to a sustainable energy model, the company makes considerable investments in smart grids, renewable energy, large-scale energy storage and digital transformation, Iberdrola operates in Europe, North America, South America, and other regions. Iberdrola is headquartered in Bilbao, Vizcaya, Spain.
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