synertics logo synertics menu icon

Energy Procurement made simple

Join us on our journey towards renewable energy excellence, where knowledge meets innovation.

Categories

PV Solar Capture Rates in Spain are decreasing

Written by
Tomás Oliveira

Searching for possible reasons that justify the abnormal decrease registered in 2023.

2 min
15th May, 2023
Market Trends
Share

Recent data analysis has revealed that the Capture Rates for PV solar in Spain have decreased significantly in 2023 compared to previous years. But why is this happening? 

PV Capture Rates in Spain over the years

Our first guess was that this event would likely be linked to Spain's added capacity, thus suggesting the first signs of cannibalization in this market. Cannibalization due to an increase in generation capacity is one of the most common market predictions for this event. However, this assumption did not align with our models, and we, therefore, assumed that the answer must’ve been revealed in other metrics.

Cumulative Solar PV added capacity in Spain

Indeed it was, as we looked into the irradiation levels registered this year and compared them to the averages of previous years (2018-2022). 2023 is featuring an abnormal increase in average irradiation values, which is contributing to the rapid decline of Spain’s PV Capture Rates. Such can further be explained by the value's connection with low-demand months (January-April) in which electricity prices are at their lowest.

Normalized irradiation in Spain graph


These insights suggest potential challenges for maintaining growth in the solar PV sector and could impact PPA prices for PV projects in Iberia. Further examination of the factors driving this decline and potential solutions will be crucial for maintaining sustainable growth in the solar PV industry in Spain.

 

About Synertics

Synertics provides advisory services and develops digital data-driven solutions for the energy industry with the purpose of driving productivity and transferring knowledge.

Share it if you found it useful
Might also interest you
2 min
Extra revenues with ancillary services in Portugal and Spain

Market-trends

13th Jun, 2024

3 min
The potential of Ancillary Services in Sweden

Market-trends

24th Apr, 2024

3 min
Understanding the ins and outs of Balancing Services in Spain

Market-trends

5th Apr, 2024

About Synertics
Synertics provides advisory services and develops digital data-driven solutions for the energy industry with the purpose of driving productivity and transferring knowledge.
PPA Origination, Structuring and Pricing