2021 Spanish Auction: main results

2021 Spanish Auction: main results

Yesterday, on January 26th 2021, Spanish government published the results of the latest renewable energy auction.

PV wins 67% of awarded capacity

This auction was open to any renewable technology, with a premium in case of adding storage. 1,000 MW were reserved for wind, 1,000 MW for solar, and 1,000 MW for any technology.

The awarding process focused only on bid price: the lowest wins.

Solar was the clear winner, winning the whole “any technology” block.

Nevertheless, average price of wind ended close to solar price, with EUR 25.3/MWh for wind and EUR 24.5/MWh for solar.

Auction results

The following chart shows the results grouped by company and ordered by total awarded volume.

Only three companies won with both wind and solar:

  • Elawan: 280 MW in total, at EUR 25.7/MWh in average.
  • Naturgy: 234.6 MW in total, at EUR 24.9/MWh in average.
  • EDP Renováveis: 143.4 MW in total, at EUR 23.3/MWh in average.

Only four companies won with wind only:

  • Capital Energy: 621.7 MW at EUR 24.6/MWh.
  • Greenalia: 134.3 MW at EUR 28.6/MWh.
  • Enerfin: 40 MW at EUR 22.5/MWh.
  • Eurus: 14 MW at EUR 26.5/MWh.

And twenty companies won with solar only. The most relevant insights:

  • X-Elio won the largest solar volume, with 315.1 MW at EUR 23/MWh.
  • Grupo Ignis had the lowest price ever seen in Spain, with a total 125 MW at an average price of EUR 19.3/MWh, and one block of 30 MW at EUR 14.89/MWh.
  • Enel GP had the highest price (for both wind and solar), with EUR 28.9/MWh for a 50 MW PV plant.

Wind prices are the most surprising: some of them are even lower than solar prices! The market expectations were to have higher price for wind, and much lower prices for solar (much closer to Grupo Ignis lowest bid).

And what about storage?

This auction is designed to give a premium for plants with storage, with the following minimal requirement: plant nominal power, and two hours capacity.

For now, there is no information available to know if some of these awarded projects will include storage.