Renewables curtailment looms in Iberia

Spanish solar and wind capture prices dropped substantially in the first half of 2023, following a record year of PV installations in 2022. Actual production numbers indicate that renewables assets are being curtailed in the market. Wood Mackenzie has identified six dynamics that are underpinning the rise of curtailment and falling capture prices. The results of the recent national election in Spain will certainly impact these underlying factors in coming years. This Insight examines the drivers of curtailment and capture pricing for solar asset owners in Spain. Furthermore, we take a look at how each of these key influences will evolve over the coming decade.