Spain Allocates Over $956 Million for 9.4 GWh of Energy Storage
Spain has allocated more than $956 million (€818 million) in public funding to support large-scale energy storage projects, selecting 126 projects with a combined capacity
Red Eléctrica de España (REE) has begun publishing pumped hydro and battery energy storage data and said the proportion of clean energy in Spain's power mix rose 1% in 2024 as a result of the updated figures.
That rapid increase has put Spain at the forefront of Europe's transition to renewable energy and led to much lower electricity prices and less reliance on fossil fuels. This shift, though, may also have made the grid more prone to the sort of disruption that occurred on Monday.
In terms of energy storage, Iberdrola sees it as a key driver of decarbonisation and the energy transition, enabling large-scale and small-scale storage through pumped storage and lithium-ion battery technology to support the electrification of the energy system.
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