Spain launches capacity market as grid investment rises above EUR 17 billion

The capacity market will use pay-as-bid auctions with offers expressed in megawatts and euros per megawatt-year. Existing assets can secure one-year contracts, while new investment may receive contracts of up to 15 years and new demand-side resources between one and 10 years. Spain's expanded grid plan includes 193 substations, 6,706 kilometers of new transmission lines and reinforcement of 8,164 kilometers of existing lines.