Offshore staff
OSLO, Norway — Iberia is well positioned to compete with—or even replace—Northern Europe’s existing energy industrial hub as sectors in Spain and Portugal can call on abundant sunshine, strong winds and mature gas infrastructure as well as a wealth of industry and managerial expertise. With reliable gas supply from North Africa, lower power prices compared to the rest of Europe, and a renewable energy pipeline that stands out on the continent, Spain and Portugal have the potential to evolve into a new European energy powerhouse, according to Rystad Energy research.
As a pioneer in the European wind industry, Spain is the second largest generator of renewable power in Europe.
In Portugal, Rystad says offshore wind is headed for a bright future as the government announced last month it will boost the country’s offshore wind target from 6 GW to 10 GW by 2030, which will most likely be awarded through auctions.
Portugal is also on track to host the world’s first subsidy-free commercial floating offshore wind project with BayWa’s permit application for a 600-MW floating offshore wind project off the Portuguese coast.
The Iberian Peninsula has more than 50 GW of installed capacity, with more than 60% coming from onshore wind—and it will not end there. The region has ambitious plans, Rystad says, and with the National Integrated Energy & Climate Plan, Spain aims to source 74% of its power from renewables by 2030. Solar PV installations have climbed rapidly in recent years, and this is expected to further accelerate. If all goes as planned, solar PV installations will catch up with onshore wind installations and make up more than half of the region’s renewable energy by 2030.
