AGP Executive Report

Iberdrola: The utility reported €5.8 billion in net profit for the first nine months of 2026, up 10%, as it increased investment 13% to €10.1 billion, mostly in grids and overseas operations. Fuel Supply: Spain has begun releasing 4.4 million barrels of diesel and other middle distillates from strategic reserves as Brent climbed above $112 on fears of Middle East supply disruption. Power Prices: Spanish wholesale electricity prices rose above €280/MWh after dark, highlighting the cost of limited supply when solar generation fades. Storage and Renewables: Spain is advancing 1.9 GW of energy storage projects, while Bruc secured €222 million for solar and storage and Encavis signed a hybrid solar-and-wind power deal with Spanish supplier Visalia.

Power Prices: Spanish electricity prices climbed back above €280/MWh after dark, underscoring the challenge of meeting demand as solar output fades. Storage Pipeline: Spain is advancing 1.9 GW of energy-storage projects, which could help balance renewable supply. Solar Deals: Naturgy received construction approval for its El Almendro solar plant, while Encavis signed its first hybrid power-purchase agreement in Spain, with Visalia.

Power Prices: Spanish electricity prices climbed back above €280/MWh after dark, renewing pressure on consumers as energy costs fuel wider cost-of-living unrest. Storage Build-out: Spain is advancing 1.9GW of energy-storage projects, while Naturgy won construction approval for its El Almendro solar plant. Renewables: Encavis signed its first hybrid power-purchase agreement in Spain, pairing renewable generation with storage. Rising Demand: IREN plans a 300MW Spanish campus, adding to the country’s fast-growing data-centre load. Storm Recovery: The EU approved €149.1 million for Spain’s storm recovery, including support to restore energy and other essential infrastructure.

Gas Security: Sedigas chief Joan Batalla says Spain’s gas infrastructure is a strategic asset for energy security as conflict-driven volatility pushes up prices. The government’s cap on the regulated gas tariff delays some cost increases rather than eliminating them. Energy Costs: Rising fuel prices are adding to cost-of-living pressures behind protests across Europe, including Spain, where housing concerns are also driving demonstrations. Green Investment: Spanish companies accounted for 9% of EU Taxonomy-aligned corporate investment in 2025, within a small group of countries responsible for most reported spending. Supply and Solar: SK Enmove’s Cartagena plant is seeing stronger demand for base oils as Middle East supply disruptions tighten availability. In Spain, Recurrent Energy has also begun commercial operations at its 200 MW Villameca solar farm.

Fuel Prices: Spanish 95-octane petrol fell to €1.766 a litre on Tuesday, while diesel held at €1.887, as households face a wider European energy-cost squeeze. Energy Shock: Pedro Sánchez says the Iran war has added more than €100 billion to Europe’s energy bill. In Spain, unions have registered a general strike for Nov. 11 amid rising prices and housing costs. Solar Expansion: Recurrent Energy has begun commercial operations at its 200 MW Villameca solar farm, and GES has secured €225 million in engineering and construction contracts for Spanish solar projects. Energy Management: Valencia-based Linkener raised €7.5 million to expand its platform for optimizing business energy use.

Power Prices: Spain’s wholesale electricity prices surged 182% on Monday, hitting their highest level of 2026. Energy Exports: Spain’s diesel exports to Morocco doubled to 161,000 tonnes in August, making Morocco the country’s largest petroleum export market. Energy Management: Barcelona-based Linkener raised €7.5 million to expand its platform for helping businesses digitise and optimise energy use. Renewables: Recurrent Energy’s 200MW Villameca solar farm has begun commercial operations. Industrial Decarbonisation: Moeve and ENSO have teamed up to advance emissions cuts using biomass and renewable gases. EU Policy: The European Commission is urging greater public participation in renewable energy projects.

Power Prices: Spain’s wholesale electricity price surged 182% on Monday to a 2026 high, adding to pressure from rising energy costs. Energy Management: Spain-based Linkener raised €7.5 million to digitise and optimise businesses’ energy use. Solar Expansion: Recurrent Energy began commercial operations at its 200MW Villameca solar farm, while GES secured €225 million in contracts for four Spanish solar projects. Industrial Decarbonisation: Moeve and ENSO formed an alliance to cut industrial emissions using biomass and renewable gases.

Electricity Prices: Spain’s wholesale power price is forecast to hit a 2026 high of €215.11/MWh on Monday, up 182% from Sunday. The spike affects wholesale markets; the impact on household bills depends on each customer’s tariff. Grid & Solar: A Spanish company has won contracts for transmission projects linking offshore and onshore renewables, while researchers are testing low-height solar panels in vineyards. Industrial Decarbonisation: Moeve and ENSO have formed an alliance to cut industrial emissions using biomass and renewable gases.

Power Prices: Spain’s wholesale electricity price is set to hit a 2026 high of €215.11/MWh on Monday, up 182% from Sunday. The peak is €299/MWh at 9 p.m.; heavy rain is also weighing on solar output. Fuel Trade: Morocco became Spain’s biggest petroleum export market in August as diesel shipments jumped 94% month on month to 161,000 tonnes, about a quarter of Spain’s total diesel exports. Russian Energy: US Treasury Secretary Scott Bessent says Europe rejected a US call for tariffs on India and China over Russian oil. He also said 136 of 140 cargoes from Russia’s Yamal facility in the first half of the year went to Europe, including Spain. Separate data show Spain received one EU-bound cargo of fuel refined in India from Russian crude in September.

Energy Price Shock: Europe’s renewed energy crisis is accelerating the shift to electrification as diesel prices climb and gas costs more than double. Spain is feeling the pressure too: inflation has reached 4.9%, with fuel prices a key driver, while electric-car sales show signs of catching up. Russian LNG: EU imports of Russian LNG rose 9.5% in the first nine months of 2026 to €7.88 billion; Spain remains among the bloc’s destinations even as the EU prepares tighter restrictions. Solar Buildout: Recurrent Energy has started commercial operations at its 200-megawatt Villameca solar project in Spain, and GES has won €225 million in Spanish solar engineering and construction contracts.

Energy Prices: EU leaders pressed for relief as energy costs divided the Brussels summit; in Spain, inflation had climbed to 4.9% amid rising fuel prices, with electricity bills potentially changing again in November. Solar Expansion: Recurrent Energy began operating its 200MW Villameca solar farm, while GES won €225 million in contracts for Spanish solar projects. Agrivoltaics: Spanish researchers are testing low-mounted solar panels in vineyards to explore how power generation can share land with crops. Industrial Decarbonisation: Moeve and ENSO joined forces to cut heavy-industry emissions using biomass and renewable gases.

Spanish Solar: Recurrent Energy has begun commercial operations at its 200MW Villameca solar farm, while GES secured €225 million in contracts to build four more Spanish solar projects. Energy Costs: Spain’s annual inflation reached 5% in September. Energy made up about 45% of the eurozone’s inflation rise, as EU leaders called for relief but remained divided over carbon-market rules. Renewable Fuels: Moeve and ENSO have teamed up to decarbonise heavy industry with biomass and renewable gases; separately, Axpo completed its first Valencia bunkering using mostly bio-LNG. Solar Abroad: Spain’s Solaria signed a deal to help develop a 500MW data-centre campus in Uruguay, with plans for 350MW of solar power.

Solar: Recurrent Energy has begun commercial operations at its 200MW Villameca solar project in Spain, with battery storage planned. GES also secured €225 million in EPC contracts for four Spanish solar projects. Industrial decarbonisation: Moeve and ENSO have formed an alliance to cut heavy industry emissions using biomass and renewable gases. Clean fuels: Axpo completed its first Valencia bunkering with mostly bio-LNG, while Spanish pump prices diverged on Friday: 95-octane petrol fell to €1.781 a litre and diesel rose to €1.890. Grid and growth: Galileo expanded its grid-secured Spanish portfolio to 825MW. Solaria, meanwhile, signed a deal to develop a 500MW solar-powered data-centre campus in Uruguay, extending a Spanish energy developer’s reach abroad. EU policy: Leaders resisted calls to delay carbon rules as energy costs rise, keeping climate policy and affordability in tension.

Industrial Decarbonisation: Moeve and ENSO will develop biomass and renewable-gas projects to replace fossil fuels in Spain’s chemical, paper and food industries, building on ENSO’s carbon-capture work in Soria. EU Carbon Policy: Leaders agreed to review the emissions trading system amid energy-price concerns, but dropped calls to delay the planned extension to heating and transport fuels. Renewables and Grids: A Spanish company won transmission contracts to connect offshore and onshore renewables, while Galileo expanded its grid-secured Spanish portfolio to 825 MW. Cleaner Fuels: Axpo completed its first Valencia bunkering operation using majority bio-LNG.

Bio-LNG Shipping: Axpo completed its first Valencia bunkering, supplying a container ship with fuel containing more than 50% bio-LNG. Valencia is now the company’s fourth Spanish LNG bunkering port. Renewables Pipeline: Galileo has expanded its Spanish grid-secured portfolio to 825 MW, while Iberdrola is promoting industrial electrification in Extremadura through the Q-Cero Alliance. Energy Costs: Spain’s inflation reached 4.9% as fuel prices rose, and electricity bills could change again in November. The IEA also agreed to release more than 20 million barrels of diesel as soon as possible amid supply disruption and soaring prices. Gas Security: Europe may miss its 2026 deadline to phase out Russian LNG, even as Spain turned off the Russian gas tap in September.

Energy Costs: Spanish inflation climbed to 4.9% in September as fuel prices surged, and electricity bills could change again in November. The EU summit is also weighing short-term responses to the energy-price crisis. Gas and Shipping: Axpo completed its first LNG bunkering operation in Valencia, adding a new supply option for ships. Solar Innovation: Barcelona researchers say a new approach could lift solar-cell efficiency to 43%. Renewables Investment: Developer Dos Grados acquired more than 500MW of Spanish solar projects from Akuo, expanding the pipeline of clean-power capacity.