Commodity market report
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19 Pages

Spain power markets long-term outlook H2 2014

Spain power markets long-term outlook H2 2014

Report summary

The tariff deficit in Spain’s power market reached €26 bn in 2013 and has grown further in 2014. In response, the government has overhauled of retail tariffs, increased taxes on generators and restructured support schemes. Special Regime feed-in tariffs have ended and a system of Specific Remuneration put in place, capping the pre-tax return for the most efficient renewable generators capped at 7.5% - subject to regular revision.

What's included?

This report includes 2 file(s)

  • Spain power markets long-term outlook H2 2014 PDF - 414.09 KB 19 Pages, 2 Tables, 14 Figures
  • Spain Power H2 2014.xls XLS - 782.50 KB


The power sector is rapidly transitioning to a cleaner generation mix supported by technological and regulatory changes. Regional markets and structures are adjusting to these new realities with implications on fuel demand, commodity pricing and asset values.

This Power Markets Long Term Outlook report provides a detailed analysis of supply, demand and price fundamentals, as well as the regulatory and market issues affecting regional power markets.

Use this report to examine key issues driving regulatory and economic trends and identify future growth opportunities in regional power markets.

Wood Mackenzie's detailed analysis and reliable market forecasts give you a strong foundation for your investment decisions and corporate planning. Our experienced power research analysts use high-quality proprietary gas, coal and oil markets research to help you unlock power market fundamentals and identify future growth opportunities.

  • Executive summary
    • Expansion and investment replaced by oversupply and restraint
    • Strong growth in renewables gives way to market restraint
    • Despite indigenous supply receiving state support, coal's long term prospects remain poor
  • Economic outlook
    • GDP forecast - Spain
  • Market structure
  • Policy and regulation
    • key offices and dimensions
      • Key offices
      • Power market regimes and support arrangements
        • Ordinary regime
        • Special regime
        • Tariff deficit growth
        • Restructuring of renewable energy support - taxes and specific remuneration
        • Specific Remuneration Scheme
        • Support for indigenously-produced coal
  • Demand
    • Power demand by sector
  • Supply
    • Existing capacity
    • Capacity developments and forecast
      • Gas
      • Renewables
      • Nuclear
      • Coal
  • Supply-demand balances
    • Annual generation by source
      • Renewable power generation target and forecast (excluding hydro)
  • Trade
  • Prices
    • Annual whole power prices and spreads
      • Hydro output, gas prices and low demand weaken prices in 2014
      • Gas generators remain uneconomic at base load for several years
        • Spark and dark spread – fuel and emissions

In this report there are 16 tables or charts, including:

  • Executive summary
    • Annual generation by fuel
  • Economic outlook
    • Q3 2014 Economic indicators (2005-2035)
    • Economic outlook: Image 1
  • Market structure
  • Policy and regulation
    • Policy and regulation: Table 1
  • Demand
    • Demand: Image 1
  • Supply
    • Existing capacity
    • Forecast new capacity
    • Generation capacity by fuel
    • Supply: Image 4
    • Reserve margin
  • Supply-demand balances
    • Generation by fuel
    • Changes in power supply between views
    • Supply-demand balances: Image 3
  • Trade
    • Net imports
  • Prices
    • Annual wholesale price
    • Prices: Image 2
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