The Iberian market has proven to be resilient during the energy crisis as it does not rely on Russian gas. “Through a combination of investment, geography and policy, Spain and Portugal have managed to avoid or reduce the impact of the European energy crisis. The below figure shows the development of European power prices over the past three years. Iberia has not been unaffected by the energy crisis and surging prices that have hit European gas hubs and the global LNG market. The share of renewable is expected to grow from 48% in 2021 to 64% in 2025 and 79% in 2030, putting the region at the forefront of the European energy transition.

Source: The North Africa Journal November 24, 2022 21:03 UTC