Spanish utility giant Iberdrola SA has announced plans to shutter its seven combined-cycle gas plants in Spain within the next “four or five years,” according to sources cited by Spanish newspaper La Vanguardia in a report published on Sunday.
The decision to close the gas plants is part of Iberdrola's overarching commitment to achieving zero emissions in both generation and consumption by 2030, with aspirations to extend this goal across the entire value chain by 2040.
“If we don't close the combined-cycle plants, we will not be able to meet our targets,” the sources emphasized.
Currently, Iberdrola boasts 5,695 MW of installed gas-fired capacity spread across seven combined-cycle power plants in Spain, with a global portfolio totaling 7,840 MW. Notably, the utility's gas portfolio underwent a significant reduction earlier this year following the sale of 8,436 MW in Mexico as part of a deal with the Mexican government.
In a strategic shift towards renewable energy solutions, Iberdrola has earmarked EUR 1.5 billion (USD 1.6 billion) of its spending for the 2024-2026 period to invest in energy storage, particularly pumped-storage hydro projects. This move underscores the company's commitment to enhancing system flexibility and transitioning towards a cleaner, more sustainable energy future.
As Iberdrola moves forward with its plans to close gas plants and bolster its renewable energy infrastructure, the company reaffirms its position as a global leader in the transition towards a carbon-neutral energy landscape.
