The European Commission has approved a €350m Spanish scheme to support the construction and operation of electricity storage facilities. The scheme, which will run until June 2026, aims to increase the share of renewable energy sources in the Spanish electricity system, reduce the deliberate reduction in renewable electricity generation at times of overproduction and support the secure operation of the Spanish electricity system.
Under the scheme, investment grants will be offered for the construction of electricity storage facilities, with a joint capacity of approximately 1 GW connected to the transmission or distribution network. The maximum amount of aid per beneficiary will be €50m. The award of the contracts to the projects - selected through a bidding process - is expected to take place before the end of 2024, and the storage facilities should be operational by the end of 2026 (except for pumped-storage hydropower projects, which may be commissioned by the end of 2030). The scheme will be fully funded through the Recovery and Resilience Facility (RRF).
Interested in Global Energy Research?
Enerdata's premium online information service provides up-to-date market reports on 110+ countries. The reports include valuable market data and analysis as well as a daily newsfeed, curated by our energy analysts, on the oil, gas, coal and power markets.
This user-friendly tool gives you the essentials about the domestic markets of your concern, including market structure, organisation, actors, projects and business perspectives.