Spain Looks To Cut Soaring Power Prices With More Renewables

Spain, one of the fastest-growing renewable energy markets in Europe, is looking to award 3.3 gigawatts (GW) of new wind and solar capacity as it wants to reduce high power prices, which skyrocketed in Europe this year. The Spanish government expects that the additional supply of electricity will help it cut the power prices, Bloomberg reports.

Spain, as well as the whole of Europe, has recently seen a surge in power prices amid rallying natural gas prices and record levels of carbon prices. Spain’s answer to high power prices is more renewables,…