Redeia to Invest $7.7 billion in Spanish Power Grid Through 2029
Spain’s grid operator Redeia Corporación SA plans to invest $7.7 billion (approximately €6.5 billion) through 2029, primarily to upgrade and expand the country’s electricity transmission network.
About $7.1 billion (€6 billion) will be directed toward strengthening and modernising Spain’s domestic grid. The remaining $590 million (€500 million) will support the company’s international operations, technology activities, and fibre-optic businesses. Redeia owns Red Eléctrica de España SA, which operates more than 46,000 kilometres of high-voltage transmission lines.
The investment plan comes as investigations continue into a major blackout that affected Spain and Portugal in April last year, described as Europe’s largest power outage in over two decades. Spanish authorities concluded that both Redeia and power generators shared responsibility. The company has stated it complied with all required procedures and has not set aside provisions for potential claims, citing a low likelihood of future payouts.
Following the outage, Redeia increased its use of more stable generation sources, including gas-fired plants, to help balance the grid.
Redeia said the share of electricity generated by wind and solar declined from 56.8% to 55.5% in 2024, while the average price on Spain’s wholesale power market rose about 9% to €83.45 per megawatt-hour.
The company reported a 37% increase in net profit, reaching €505.6 million for the year.
Source: energynews.oedigital.com
