Bloomberg reported that Spain is taking a dramatic step by shutting down all its nuclear reactors.
The country gets 20% of its power from the seven nuclear reactors it plans to shut down within the decade. Solar panels, giant batteries, and wind turbines are being expedited to fill that gap over five years. With a target of 20 gigawatts of energy storage by 2030, the goal is ambitious since the current capacity is only three gigawatts. The end goal is to have truly clean energy sources responsible for at least 81% of the Iberian country's power.
BloombergNEF European power markets analyst Kesavarthiniy Savarimuthu proclaimed, "Spain is a postcard, a glimpse into the future where you're not going to need baseload generators from 8 am to 5 pm."
Spain's eviction of nuclear energy goes against the grain of other countries, 31 of which plan to triple their nuclear reliance by 2050. There are still misconceptions about nuclear energy, especially after devastating meltdowns such as Chernobyl. However, it can also be useful with a proper recycling strategy.
So why is Spain washing their hands of this source? Namely, economics. The country mostly worries about the cost of handling nuclear waste and taxes associated with keeping the plants open. Plus, Bloomberg reported that solar and wind use has enabled some areas of the country to have negative electricity bills. April 1, 2024, marked the first time the Spanish market registered negative prices, according to AleaSoft.
After shutting down its last coal plant, natural gas plants will remain as a backup to Spain's clean power sources. However, others still have hope that there is still space for a nuclear backup in the fight for clean energy.
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"There's still room for negotiation — we are hopeful," Ignacio Araluce, president of the Spanish nuclear industry association Foro Nuclear, said to Bloomberg.
It's understandable why Spain is eager for wind and solar farms. After all, one offshore wind farm off the coast of Virginia will power up to 660,000 homes, and Ohio's largest solar farm is set to create hundreds of jobs.
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