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Will Spain reach 30 GW of energy storage by 2050?

The Spanish government on Tuesday approved the energy storage strategy, targeting some 20 GW of storage capacity in 2030 and reaching 30 GW by 2050 from today’s 8.3 GW.

Can LCP Delta and Santander invest in battery energy storage systems in Spain?

Download the analysis report by LCP Delta and Santander on the investment opportunity in Battery Energy Storage Systems (BESS) in Spain. LCP Delta and Santander have combined their expertise to analyse the opportunity for investment in battery energy storage systems (BESS) in Spain.

Why are battery storage options more suitable in Spain?

As a result, shorter duration storage options like batteries are more suitable in Spain. In Spain, over 50% of excess renewable energy occurs in periods where there is continuous excess for less than 12 hours i.e. a battery that chooses to charge on this energy would be able to discharge within 12 hours.

Does Spain need energy storage?

Spain quantified its storage needs in line with decarbonisation targets established in the 2021-2030 national energy and climate plan (NECP), which sets the share of renewables in gross final consumption of energy at 42% by the end of the decade.

How will Iberdrola improve Spain's energy storage capabilities?

Credit: Petrmalinak/Shutterstock.com. Iberdrola is set to enhance Spain’s energy storage capabilities by installing six BESS installations with a total capacity of 150MW. The projects will be located across Castilla y León, Extremadura, Castilla La Mancha and Andalusia and will help integrate renewable energy into the national grid.

How much does storage cost in Spain?

Namely, from 43 €/MWh (lower case) to 52.5 €/MWh and from 47 €/MWh (high case) to 56.5 €/MWh. This is comparable with the 67 €/MWh LCOH for the TES with retail charges. In Spain, subsidies for storage will be granted through four calls under the PERTE ERHA1 scheme.