Spanish gas-fired generation in November fell from its average level in October as renewable output surged, while coal-to-gas switching continues, according to S&P Global Platts data and Red Electrica data.
Red El?ctrica de Espa?a data showed that gas-fired generation in November was 21% higher year on year but fell from being the leading generation source, while Spain was a net exporter of power.
Spanish spot prices have been at a discount to corresponding French prices amid lower nuclear output in France and healthy hydroelectric and renewable output in Spain. In November, Spanish spot prices were at an average of EUR42.19/MWh, almost EUR4 lower than the corresponding EPEX average for France. This led to lower French power imports and to Spain being a net exporter of an average of 0.4 GW in November.
Gas-fired generation fell from being the No. 1 generation source — it led for five consecutive months — as renewable output surged 57% year on year to take the top spot. Above-average rainfall also boosted hydroelectric stocks, which recovered earlier than usual, and lifted hydro output in the month.
Gas-fired generation in October was on average running at almost 6 GW, replacing coal-fired generation, but was lower than in September, when it was at an average of more than 8 GW, as strong renewable output reduced the thermal gap.
Average running coal-fired generation in November was down 83% year on year at 1 GW and was down over 16% month on month amid the increased hydroelectric output. Coal in May was at 346 GWh, the lowest on record going back to 2012.