Spanish Election Hands the Biggest Win to Clean Energy

This article first appeared on the BNEF mobile app and the Bloomberg Terminal.

  • 30 gigawatts renewable energy auctions rises up the agenda
  • Socialist-Podemos alliance could target 50% emissions cut

Spain’s general election on April 28 resulted in no clear majority, but the result bodes well for decarbonization efforts in this booming renewables market.

The energy transition-friendly socialists (PSOE) must now form a coalition, or govern as a minority, but their ambitious climate agenda is safe given the weakened opposition. The PSOE is planning 30 gigawatts of renewable energy auctions and 70 percent renewable electricity generation by 2030, while phasing out coal.

If the socialists ally with Podemos, the latter could push for its ‘Green Horizon Plan’ to translate into policies, scaling ambition for halving Spain’s emissions by 2030. A less-likely PSOE-Citizens government would also favor long-term decarbonization efforts and clean energy investment. In both cases, the Spanish renewables sector has even more cause for optimism.

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