Spanish Power Demand Begins to Recover

Spanish power demand has recovered this year from the EU energy crisis in 2022, with demand anticipated to continue upward as industrial consumption will be supported by lower power prices, according to analysts, cited by Montel.

• “[Spanish Power] demand could grow 2% year on year in 2024, senior consultant at Afry Javier Revuelta said. Power consumption could climb by 10% in total between 2023-2030, Reverlta added.
  
• “We are going to enter a scenario of demand expansion in the coming years but it is going to take time,” energy analyst at Ignis Pedro Cantuel said.
• Large industrial consumers are one of the main drivers of rising demand, with consumption climbing 3.6% on the year in April, TSO RED Electrica Show.
• Both analysts suggest the rebound in industrial demand in April was due to the restart of large facilities, with power prices in April averaging a record low of €13.67/MWh in April, Montel calculations show.
• “Companies are not coming back because the price is very low today but because the outlook for the next few years will be for prices to remain relatively low,” according to the analysts.