The Spanish government has finalized its 2023-2030 National Integrated Energy and Climate Plan (NECP), making only minor adjustments to the draft version, primarily increasing targets for energy storage and green hydrogen. The updated plan follows a significant leap in goals compared to its 2021 predecessor, aiming for an 81% share of renewables in electricity generation and a 32% reduction in greenhouse gas emissions from 1990 levels by 2030.
The final version, released recently, sets a new energy storage target of 22.5 GW for 2030, up from 22 GW in the draft. Additionally, the target for electrolysis capacity has been raised to 12 GW, from 11 GW previously outlined.
Key targets that remain unchanged include:
- Total installed capacity of the Spanish electricity system is projected at 214 GW, with 160 GW sourced from renewables.
- Wind power capacity is set to reach 62 GW, including 3 GW from offshore wind.
- Solar photovoltaic capacity is expected to increase to 76 GW, comprising 19 GW from self-consumption systems.
- Hydro power and solar thermal power targets remain at 14.5 GW and 4.8 GW, respectively.
The government has indicated that the distribution of capacity across technologies is flexible, depending on technological advancements, costs, availability, and integration capabilities.
The new NECP also outlines ambitions to increase domestic energy production to 50% by 2030, rehabilitate 1.38 million homes, and have 5.5 million electric vehicles on Spanish roads.
To achieve these objectives, the government estimates that EUR 308 billion (USD 344.6 billion) will need to be mobilized by 2030, with 82% expected from the private sector and 18% from public funding. Approximately 37% of this investment will be directed towards renewable energy, 28% towards energy savings and efficiency, 17% for energy networks, and 17% for electrification.
The anticipated benefits of the plan include a 3.2% boost to GDP by 2030, the creation of hundreds of thousands of new jobs driven by re-industrialization, and a significant reduction in Spain's reliance on imported fossil fuels, resulting in savings of EUR 86.7 billion over the planning period.
