In 2023, Spain's total renewable energy stood at 19.47 Million Tonnes of Oil Equivalent (Mtoe). The forecast for subsequent years indicates a steady increase in renewable energy capacity, with values projected to reach 19.79 Mtoe in 2024, 20.13 Mtoe in 2025, 20.47 Mtoe in 2026, 20.8 Mtoe in 2027, and 21.12 Mtoe in 2028. This consistent growth underscores the country's commitment to expanding its renewable energy portfolio.
The year-on-year variations in renewable energy capacity are as follows:
- 2024: 1.65%
- 2025: 1.72%
- 2026: 1.69%
- 2027: 1.61%
- 2028: 1.54%
The compound annual growth rate (CAGR) over the five-year period from 2024 to 2028 is approximately 1.64%.
Future trends to watch for include advancements in energy storage technologies, policy changes promoting renewable energy adoption, and increased investments in wind and solar power projects. Monitoring these trends will be crucial to understanding the trajectory of Spain's renewable energy sector.
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