Naturgy contributed 10,797 GWh of renewable energy to the Spanish electricity system last year, which represents an 11% increase compared to the previous year. Broken down by technology, solar increased its production by 27%, hydropower by 15% and wind by 6%.
This increase in production was accompanied by an increase in installed capacity in Spain, with 271 MW of new capacity, an increase of more than 5% compared to 2023, taking the country’s operational capacity to 5.3 GW. Solar power accounts for 241 MW of this new capacity, while wind power is responsible for the remaining 30 MW.
Thanks to the energy produced by these facilities, the use of other conventional power generation sources was displaced last year, helping reduce pollutant and greenhouse gas emissions by around 6.13 million tonnes. These avoided emissions are equivalent to taking 2.55 million cars off the road for a year, or the amount that could be removed by 662 million trees over a 12-month period.
The company has 170 renewable facilities in Spain, 13 of which will be commissioned in 2024. Of these, 96 are wind farms, 24 are photovoltaic plants and 50 are hydropower plants.
Commitment to Energy Transition
Naturgy continues to uphold its commitment to promoting the energy transition and developing renewable projects, with an installed capacity of 7.3 GW worldwide. Wind power accounts for half of the company’s global green power generation capacity (3.6 GW), developed in Spain, Mexico, Chile and Australia. Meanwhile, it has an installed solar capacity of 1.4 GW, distributed among Brazil, Chile, the United States, Australia and Spain. As for hydropower, it has an installed capacity of 2.2 GW: 2.1 GW in Spain and 0.1 GW in Costa Rica and Panama. It also has a cogeneration capacity of 0.1 GW in Spain.
Last year, the company’s global installed capacity reached 7.3 GW, 842 MW of which were new renewable capacity: 271 MW in Spain, 555 MW in Australia and 14 MW in Latin America.
To develop this new renewable capacity, the company invested a total of 926 million euros: 374 million euros in Spain, 311 million in Australia, 240 million in the United States and 1 million euros in Latin America. These investments confirm its commitment to a more sustainable energy mix, as well as its commitment to the energy transition, without neglecting the fundamental objectives of value creation and growth for each of the businesses as well as ESG objectives.
In addition, the group currently has around 1.6 GW of renewable capacity under construction, 838 MW of which are planned in Spain, as well as 360 MW in Australia and 387 MW in the United States.
In 2025, 649 MW of this new capacity are expected to come on stream in Spain and 262 MW in the United States, resulting from the construction of the Grimes photovoltaic project in Texas, its second renewable facility in this region.
Additionally, in Australia, Naturgy continues construction and development work at Glenellen (260 MW) in New South Wales and Bundaberg (100 MW) in Queensland, which are expected to come on stream in 2026.
New 2025-2027 Strategic Plan
In its new 2027 Strategic Plan, Naturgy has undertaken to increase its international renewable operating capacity by more than 30% by the end of the period. The target is to reach a green power generation capacity of 9.5 GW.
The company’s ambition is to increase renewable assets to meet customers’ decarbonisation needs, prioritising value over size.
To strengthen value creation in the development of renewable generation, Naturgy has established three springboards: increasing the flexibility of its portfolio by expanding the number of projects focused on wind energy and batteries for solar photovoltaic hybridisation, focusing on stable regions and projects at an advanced stage of development, and having a high level of control of the value and operational chain to improve efficiency in all assets.