POWER
Spanish hydro stocks remained unchanged on the week for the second consecutive week over 13-19 May as domestic hydro output slightly fell week-on-week, with PV and wind output remaining firm, according to data from Spain’s Environmental Ministry.
- Hydro reservoir levels are at 66.3% of capacity at the end of last week – unchanged since 7 May.
- Hydro output edged down to around 718GWh from 722GWh in the previous week, slightly supporting hydro stocks.
- In contrast, wind output picked up to 963GWh from 871GWh in the previous week, with PV generation at 1.09GWh compared to 1.14GWh the week before.
- Hydro output in Spain so far in May is on track to hit a yearly low, totalling 2.06TWh compared to about 4.01TWh in April, data from Spanish TSO Red Electrica shows.
- Spanish power demand is forecast to rise slightly over 20-26 May (this week) to 24.38GW compared to 24.22GW estimated over 13-19 May (week 20), which may weigh on Spanish reservoir levels.
- Demand is then forecast to increase over 27 May-2 June (week 22) to around 24.77GW, according to data from Entso-E.
- But Spanish base-load solar output is forecasted between load factors of 22-24%, or 5.50-6.24GW, over 22-25 May, according to Spot Renewables, which could support hydro reservoir levels.
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