However, behind this success story, there are concerns within the electricity industry caused by an imbalance between supply and demand with, at times, a surplus of electricity.
Even though the Spanish economy has bounced back strongly from the trauma of the Covid pandemic, and is growing faster than all of the bloc’s other big economies, electricity consumption has been dropping in recent years.
Last year, demand for electricity was even below that seen in the pandemic year 2020, and the lowest since 2003.
“What we saw until 2005 was that when GDP increased, demand for electricity increased more than GDP,” says Miguel de la Torre Rodríguez, head of system development at Red Eléctrica (REE), the company that operates Spain’s national grid.
More recently, he says, “we’ve seen that demand has increased less than GDP. What we’re seeing is a decoupling of energy intensity from the economy”.
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