Spanish hydro stocks rise to 2023 high in week 44

Spanish hydropower stocks continued their recovery amid increased rainfall to reach 10.5 TWh during the week ended Nov. 5, according to the Spanish environment ministry (MITECO), the highest weekly level so far this year.

Reservoirs levels increased by 1.4 TWh from the previous week and reached 45.8% of total nominal capacity. Stocks were close to 66% higher than 2022 levels and 15% higher than the five-year average.

Hydroelectric power output was 788 GWh, gaining 38% week on week, according to grid operator Red Electrica Espana.

Cumulative hydro production stood at 22.7 TWh so far this year, 33.5% above production for the same period in 2022.

Elevated rainfall continued across the entire peninsula to 31.7 mm, yet levels were lower than the previous week at 45 mm.

In the coming days, forecasts showed mostly dry weather across Spain, with some rainfall in the northwest, according to Spanish State Meteorological Agency AEMET Nov. 9.

Spanish day-ahead spot power prices plunged 59% on the week to average Eur23.02/MWh, according to OMIE Webex exchange. The drop followed low demand during the All Saints holiday Nov. 1, with the lowest price seen over the weekend at Eur1.51/MWh.