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Spain and Portugal will have the cheapest energy prices in Europe thanks to renewables

A new study on energy transition, carried out by the company Standard & Poor’s and echoed by the economic newspaper Expansión, estimates that between 2023 and 2025 Spain and Portugal will see reduced energy prices in real terms, compared to what will happen in other European countries, where energy will cost more.


The S&P report, entitled ‘What does the energy transition mean for European prices and producers?’, predicts an average energy rise of 30 percent in Europe, driven by Germany’s nuclear blackout and its consequent rise in gas and coal costs, as well as the gradual decline in gas and coal use.

Spain, for its part, will maintain an uneven trend in prices until 2023, with a fall expected for 2020, and an increase for 2021 higher than the average for other European markets. It will be from 2023 when the estimated drop occurs, due to the expectation of growth of 15 gigawatts of installed capacity for wind and solar production.

Despite this estimate, S&P perceives obstacles in the national growth of renewables due to the difficulty of commercial financing for projects. In addition, the request for new connection points for renewables to the Spanish Electricity Grid is at a high point of difficulty.

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