Spain and Portugal Blackout Triggers 14.8% Economic Drop, Highlights Need for $2.6T Grid Upgrades
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Spain and Portugal experienced a massive blackout on April 28, which lasted for several hours and affected essential services such as transportation, communications, and energy supply across the Iberian Peninsula. The incident has sparked a debate on the stability of the electrical grid and the role of renewable energy sources.
The Spanish government, led by President Pedro Sánchez, has promised a thorough investigation into the causes of the blackout, emphasizing the need for transparency and accountability. Sánchez highlighted the resilience of the Spanish system, noting that power was restored within five hours in several regions, and by the next day, 99.5% of the supply was back.
In Portugal, the blackout led to a significant increase in electricity prices, as the government temporarily halted imports from Spain. This decision was criticized and became a point of contention in the lead-up to the country's snap elections on May 18. The Portuguese government aims to enhance its energy infrastructure to prevent future incidents. The blackout caused a 14.8% drop in the Portuguese economy, with electricity prices reaching 48 euros per MWh, compared to 10 euros per MWh in Spain.
The blackout has underscored the importance of grid stability in a world increasingly reliant on renewable energy. Experts suggest that the integration of batteries and other energy storage solutions could help manage frequency fluctuations and prevent similar incidents in the future. The Tesla Powerwall provided over 6,000 hours of collective backup power during the outages, highlighting the potential of such technologies. The EU needs up to $2.6T in grid upgrades by 2050 to support the energy transition.
The Government replies to Mazón that he was in charge after the blackout and that “on time” Sánchez was already in Red Eléctrica but he cannot explain what he did on the day of the dance: “I don't know if he could tell us what he did” https://t.co/hAP15Kl3II
