Renewable energy in Spain showed a strong performance as the economy expanded in 2022. A record year for the sector saw renewable contributions reach 19.484 billion euros, accounting for 1.65% of GDP and supporting more than 130,000 jobs. This data comes from the study on the macroeconomic impact of renewable energies in Spain, presented by the presidents of key associations in the sector. The study notes that the sector helped lower electricity prices by reducing the cost of megawatt hours by more than 40 euros, while also curbing fossil fuel imports. These findings are highlighted in a report that underscores the positive effect of renewables on the economy and energy prices for households and businesses.
This year’s edition, produced by Deloitte, reinforces the view that the industry is currently in a favorable cycle and should be a central pillar of the national energy transition. In 2022, a total of 6,269 new megawatts (MW) were connected to the grid, with 2,649 MW linked to more than 240,000 self-consumption facilities, and employment reached 130,815 workers. The report describes these figures as historic for the renewable sector and notes the ongoing momentum toward greater deployment across the economy.
Regional breakdowns show Catalonia ranking seventh in installed renewable capacity in 2022, with 3,702 MW. Leads were held by Castilla y León with 12,554 MW, followed by Castilla-La Mancha with 9,865 MW, Andalusia with 9,811 MW, Extremadura with 8,557 MW, Aragon with 8,221 MW and Galicia with 7,725 MW. The regional government has been actively promoting renewable energy through policy instruments and agreements. In that context, more than 1,600 MW were authorized at the time, though authorization does not guarantee that all projects will be realized.
Higher energy prices in the markets helped Spain save on fossil fuel imports, with savings rising from 8.613 billion euros in 2021 to 15.230 billion euros in 2022. Emissions savings reached 55.8 million tonnes of CO2, delivering economic benefits estimated at about 4.51 billion euros for the Spanish economy.
less cost
The growing use of renewable energy contributed to a drop in the electricity market price by 43.10 euros per MW per hour. The savings generated in the wholesale pool far exceeded the costs associated with renewable technologies themselves. In practical terms, the price consumers would have paid without renewable production in 2022 would have been higher, estimated at 210.62 euros per MWh instead of 167.52 euros per MWh.
A record level of installations occurred in photovoltaics, with 7,260 MW added (4,611 MW in grid-connected photovoltaics and 2,649 MW in self-consumption). This surge helped shape the sector’s trade balance and led to a net import balance of 2,598 million euros. Excluding photovoltaics, most other technologies and services in the sector were exporters. The study stresses that 15.23 billion euros would be saved by avoiding fossil fuel imports and 4.51 billion euros by reducing emissions.
Renewable energies were responsible for contributing 16.4% and 42.2% of final energy demand, respectively, and they also supported GDP growth, savings in electricity markets, lower fossil imports, emissions reductions, and job creation. The broader effect is a lower electricity consumption level in Spain, an essential factor in decarbonizing the economy and reducing energy dependence on external sources.