Spain and Portugal Expand Renewable Energy Storage Capacity

In a joint effort to bolster their renewable energy infrastructure and meet their climate targets, Spain and Portugal have approved the development of 3.5 gigawatts (GW) of new pumped hydro energy storage capacity.

  • Pumped Hydro Energy Storage (PHES): A proven technology that stores excess renewable energy by pumping water uphill to a reservoir, releasing it through turbines when needed.
  • CSRD Compliance: These projects align with the EU's Corporate Sustainability Reporting Directive (CSRD), which requires large companies to report on their environmental and social impacts.
  • Renewable Energy Targets: Both countries aim to increase their renewable energy consumption significantly by 2030, with Spain targeting 74% and Portugal 80%.

This strategic move not only enhances the grid's flexibility and reliability but also supports the integration of variable renewable energy sources like wind and solar, crucial for achieving their respective climate goals. As sustainability auditors, we encourage enterprises to monitor such developments, as they may impact energy procurement strategies and ESG reporting.