Many countries are still characterized by their high energy dependence on fossil fuels, which reached an all-time high of 81.3% in 2008 in Spain. Thanks to renewable energy generation, this dependence has been reduced year by year until 2013, when it was minimized to 70.2%.
According to Greenpeace reports, “the potential for renewable energies in Spain is so high that the available renewable technologies could produce more than ten times the total energy demand we would have in 2050”. In other words, a system totally dependent on renewable energy is technically possible if we combine different models of renewable energy generating systems.
Furthermore, talking about the economic part, this report showed that alternative energy is the lowest cost source. Nowadays, this statement is normal for us but at the time it was found surprising because renewable technologies were the most expensive.
In today’s article, we would like to take the economic aspect into consideration. Precisely, how much does our country save thanks to the generation of electricity from renewable sources?
First, it is important to find out about the current production capacity of these technologies.
Almost half of Spanish energy is generated by renewable sources
In 2020, renewable sources produced almost 45% of all the energy produced in Spain, a figure that had never before been reached in the country, according to data published by the Spanish Electricity Grid (REE), making Spain the eighth country in the world with the highest installed capacity of RES.
This is largely due to the favorable weather conditions, the increased use of wind and sun, e.g. wind and solar energy as well as the increase in renewable power installed.
According to the Ministry of Industry, the most widely used renewable energy sources in Spain are: wind energy (51%), hydro energy (36%) and solar energy (8%). Together they generate approximately 40% of the country’s total energy demand, so the remaining percentage comes from alternative energy sources.
A saving of 67 billion euros
In December 2021, Prime Minister Pedro Sánchez stated that some savings could be achieved in fuel imports thanks to the Strategic Project for Economic Recovery and Transformation (PERTE) for renewable energy sources, renewable hydrogen and storage could reach 67 billion euros.
In addition, he indicated that the project would also boost reindustrialisation with the creation of higher-quality jobs as well as new business models, thanks to factors such as the deployment of biogas around agricultural activity.
Also, President Sánchez reiterated that the PERTE project could mobilize around €16.37 billion in investments in the coming years, already moving its first €500 million to various calls for proposals.
The future of renewable energy in Spain
Our planet aims to achieve carbon neutrality by 2050. Although this goal seems complicated, currently more than 80% of the world’s energy comes from fossil fuels, most countries are seeking for more neutral and less polluting systems.
The Spanish government aims to reduce CO2 emissions by at least 55% by 2030. The governors have been working for years on what is known as green recovery- changing the paradigm in saving energy through its efficient consumption.
The government encourages the renovation of homes to install renewable energy systems and, since last month, it has also allowed Spanish citizens to save up to 40% of their income tax by renovating their homes in order to improve the energy efficiency of their properties.
Furthermore, Spain is one of the European Union countries with the greatest potential for renewable energy resources, thanks to the high level of sunshine, strong Mediterranean and Atlantic winds and waves, as well as excellent hydro resources; all with sufficient technology and innovation for its development and potential.
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