Spanish Hydro Stocks Saw Fourth Weekly Decline

Spanish hydropower reserves last week further declined to 63.7% of capacity, down from 64.3% of capacity the week before, marking the fourth weekly decline, according to data from Spain’s Environmental Ministry.

• Spanish hydropower output last week rose by around 536MW on the week to 4.054GW.
• Nuclear generation in Spain last week rebounded to 6.99GW, up from 5.82GW the week before.
• Solar PV output in Spain rose by 391MW on the week to 7.6GW. Onshore wind output declined by 1.32GW to 4.89GW.
• Spanish power demand last week rose to 25.46GW, up rom 24.86GW the week before.
• Looking ahead, power demand in Spain this week is forecast to peak at 31.13GW this week on Wednesday, up from a peak of 30.49GW last week.
• The latest ECMW operational forecast suggested mean temperatures in Madrid are currently forecast above the seasonal normal until 27 June, before falling back below normal until 2 July, when temperatures are forecast to rebound back above normal. Maximum temperatures in Madrid are forecast to reach 37C on 4 July, spurring cooling demand expectations.
• The latest forecasts for precipitation in the hydro-intensive region of Huesca suggested rainfall to pick up this weekend to reach 12.35mm on 29 June, which could support inflows into reserves.