Power prices in Iberia hit record lows in recent months and negative prices in the day-ahead market for the first time. A record buildout of solar capacity is further depressing prices.
Iberia added 5.5GW of solar last year with Spain seeing a 30% year-over-year increase in capacity. While deployment of wind capacity is at a slower rate, it is still comparable with the pace of other European countries, according to Margarita Flores, senior power research analyst in LSEG’s Data & Analytics unit.
