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POWR
03-18

Spain built one of the cheapest solar markets in Europe. Then the grid said NO. 693 hours of negative prices in 2025. Curtailment tripled after the blackout. Gas paid to stabilise what solar broke. Grid services went from 14% to 57% of the household energy bill. The problem was never generation. Spain doubled solar and wind since 2019. But generation outran the three things that must come with it. - Storage - Grid infrastructure - Markets. Coordination is everything. Move it. Store it. Price it. Miss one → system breaks. Abundant clean power doesn’t matter if it shows up at the wrong time. Renewable without market design = Expensive gas with extra steps.

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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