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ENERGY

Spain generated record 50% of power from renewables in 2023

Spain generated more than half of its electricity from renewable sources such as wind and solar power in 2023 in a "historic" record, the national power grid said Thursday.

Spain generated record 50% of power from renewables in 2023
The figure makes Spain one of the leaders in Europe in terms of the most renewable power capacity. (Photo by PHILIPPE DESMAZES / AFP)

According to data from the Red Eléctrica Española (REE), the production of electricity from renewable sources reached nearly 135,000 GWh last year, the equivalent of 50.4 percent of the overall national energy mix.

That percentage, which is eight points higher than 42.2 percent reached in 2022, represents a record, with Spain passing the 50 percent threshold for renewable electricity for the first time, an REE statement said.

Wind was the leading source of energy for the second year running, generating 63,000 GWh, or 23.3 percent of the total electricity generated in Spain.

And solar power installations generated 37,000 GWh of power, or 14 percent of the overall total, well above the figure for hydropower which accounted for 9.5 percent, it said.

The figure for nuclear-generated electricity remained stable, accounting for 20.3 percent of the total, while gas-generated power fell seven points to 17.2 percent over the same period.

The figures “are irrefutable proof that the green transition is advancing steadily in Spain,” said Beatriz Corredor, head of REE’s parent company Redeia, in a statement.

The government of Socialist Prime Minister Pedro Sánchez has pledged to increase the share of renewable-generated energy to 74 percent of Spain’s overall electricity production by 2030, a feasible target given the country’s natural abundance of sunshine and wind.

As a result, there has been a surge in huge projects involving solar installations and wind farms boosted by massive investment, notably in the sparsely-populated north and centre of the country.

The figure makes Spain one of the leaders in Europe in terms of the most renewable power capacity.

Germany also released preliminary figures in mid-December showing that for the first time, electricity generation from renewable sources was over 50 percent of the total in 2023.

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ECONOMY

Madrid approves sale of Vodafone’s Spanish unit

Spain's government has approved the sale of British mobile phone giant Vodafone's Spanish division to investment fund Zegona for up to €5.0 billion.

Madrid approves sale of Vodafone's Spanish unit

Digital Transformation Minister José Luis Escrivá said Madrid had given the green light because the London-based fund has committed to “a very substantial investment plan in the telecommunications sector over the medium term, in both fixed and mobile telephony”.

Vodafone announced in October that it had reached a deal to sell its Spanish business to Zegona, which was founded by two former Virgin Media executives, as part of its efforts to streamline its European operations under pressure from shareholders.

Under the terms of the deal the investment fund will pay Vodafone €4.1 billion ($4.4 billion) in cash, and up to 900 million shares in Zegona, which is listed in London.

The deal is expected to be completed at the end of May, Vodafone said in a statement.

The company said it now plants to start a €500-million share buyback programme on May 15th as part of its plans to return €2.0 billion to shareholders over 12 months.

In a further streamlining, Vodafone in June agreed to merge its British operations with Three UK, owned by Hong Kong-based CK Hutchison, to create Britain’s biggest operator with 27 million customers and accelerate rollout of faster 5G connectivity.

The group, which has more than 300 million mobile customers in Europe and Africa, is heavily focused on accelerating rollout of 5G in the UK.

At the end of 2022, Vodafone unveiled a huge deal with investment firms GIP and KKR to form a joint venture that would maintain its majority stake in European masts division Vantage Towers.

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