Iberdrola to close gas-fired plants in Spain in 4-5 years - report

Spanish utility Iberdrola SA (BME:IBE) plans to close its seven combined-cycle gas plants in Spain in “four or five years”, Spanish newspaper La Vanguardia reported on Sunday citing company sources.

The closure would be in line with the company's zero emissions goal in generation and consumption by 2030 and across the value chain by 2040.

“If we don’t close the combined-cycle plants, we will not be able to meet our targets,” the sources were quoted as saying.

Iberdrola has 5,695 MW of installed gas-fired capacity across seven combined-cycle power plants in Spain and a total of 7,840 MW worldwide, according to its provisional energy report for the first quarter of 2024. Its combined-cycle gas portfolio became lighter following the sale of 8,436 MW in Mexico in a deal with the Mexican government earlier this year.

The utility has already made plans to add flexibility to the system by investing in energy storage, specifically pumped-storage hydro, to which it allocated EUR 1.5 billion (USD 1.6bn) of its spending for the 2024-2026 period.

(EUR 1.0 = USD 1.064)

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