Spain saves over 22 billion euros on gas imports through renewables

The International Energy Agency reports that Spain saved 22.4 billion euros on natural gas imports between 2011 and 2024 because of expanding solar and wind power.

This growth in renewable energy helped the country reduce its exposure to international gas price fluctuations and lowered greenhouse gas emissions by approximately 20 percent. During this same decade, Spain more than doubled its renewable generation capacity to reach 119 GW.

The International Energy Agency suggests that Spain should lower taxes on electricity to encourage the use of electric vehicles and heat pumps. Currently, the agency notes that high taxes and regulated costs can make electric alternatives less competitive compared to fossil fuels. While wholesale electricity prices can be very low during peak solar production, these savings do not always reach consumers because of the added fiscal burden.

To maintain a secure power supply, the International Energy Agency advises Spain to balance solar growth with more wind power and battery storage systems. These storage technologies would help manage excess renewable energy and provide stability to the grid. The agency also recommends strengthening the electrical grid to prevent future outages, such as the one that affected the Iberian Peninsula in April 2025. Despite these gains, fossil fuels still dominate the Spanish energy mix.

Oil and its derivatives accounted for 50.7 percent of the total energy supply in 2025, while natural gas made up 16.7 percent. Together, fossil fuels represent more than 57 percent of final energy consumption. Electric vehicle sales currently only represent about 10 to 15 percent of total sales.