In 2023, Spain's renewable power generation stood at 92.19 Terawatthours. The year-on-year increase was 3.73%, up from the previous year’s 4.54% growth. Over the last two years, renewable power generation grew by an average of around 4%. The Compound Annual Growth Rate (CAGR) for the past five years, including 2023, was 5.72%, indicating steady growth in renewable power generation.
Looking forward, forecasted data from 2024 to 2028 suggests a continuation of growth, albeit at a slower pace, with a forecasted CAGR of 1.6%. This translates to an overall 5-year growth rate of 8.28%, reflecting a sustained yet decelerating expansion in renewable energy production.
Future trends to watch for include:
- Innovations in renewable technology driving efficiency and capacity increases.
- Government policy and regulatory changes influencing market dynamics.
- Investment in grid infrastructure and storage solutions to support higher renewable penetration.
- Potential impacts of climate change policies and international agreements on renewable energy targets.