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Research

Spain’s upcoming voltage control market

Market & Policy Updates

17 Nov 2025

This analysis examines the current trends in voltage control through CCGT activation in the Technical Restrictions market. Tracks the evolution of voltage control from pilot projects to the regulator’s 2025 market reform. And, it compares Spain’s new framework with the UK’s established reactive power tenders.

PPAs in a time of negative prices: Lessons from Spain

Market Analysis

22 Oct 2025

Spain was one of Europe's leading solar PPA markets in 2024, but contracts were stress-tested when the wholesale market saw negative prices for the first time. In spring 2025, there were 404 negative-price hours in the wholesale market, which is 72% more than in Germany.

aFRR in Spain: what really changed with PICASSO

Ancillary Services

06 Oct 2025

Spain introduced a new national aFRR (automatic Frequency Restoration Reserve) market in November 2024 as a preparatory step, and then fully connected to the PICASSO European platform on 17 June 2025. This shift has reshaped how bids are submitted (including asymmetric bids), how prices form, and where the value lies upward and downward.

Spain’s battery energy storage buildout outlook

Battery Buildout

26 Sep 2025

Spain’s utility-scale battery storage market is entering a decisive growth phase. By 2029, the country could host up to 5 GW of installed capacity, including announced projects and those supported by €700m in EU FEDER subsidies.

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