Wind generators operated by Gamesa Eloica SA close to Zaragoza, Spain, on Wednesday, March 25, 2026. Renewables are serving to cushion the blow of upper oil and fuel costs in Europe.
Bloomberg | Bloomberg | Getty Pictures
Spanish Economic system Minister Carlos Cuerpo lauded the nation’s power resilience to the Iran conflict, saying a pivot to photo voltaic and wind energy has shielded Madrid from the worst impacts of the ensuing power shock.
His feedback come at a time when Spain’s authorities has emerged as one of many European Union’s main critics of the U.S.-Israel conflict towards Iran, with Prime Minister Pedro Sánchez having described the continuing Center East disaster as a “catastrophe.”
U.S. President Donald Trump pledged to chop off commerce with Madrid after Spain prevented two collectively operated bases in its territory from being utilized in strikes towards Iran.
Talking to CNBC’s Karen Tso on Thursday, Cuerpo mentioned that Spain had been higher ready for this disaster, stating that the nation has been the fastest-growing superior economic system in Europe during the last couple of years.
Spain additionally created 40% of all new jobs within the euro zone final 12 months, Cuerpo mentioned, whereas noting that on budgetary phrases, the nation’s debt has almost returned to pre-Covid ranges.
“In power phrases, we’re additionally higher ready as a result of we have pursued our agenda on renewables,” Cuerpo mentioned on the sidelines of the IMF and World Financial institution Group Spring Conferences in Washington this week.
Spain’s reliance on fuel for electrical energy costs has dropped to only 16% this 12 months, Cuerpo mentioned, down from 75% in 2019. “So, it sort of will increase our power sovereignty and reduces the publicity to the shock,” he added.
Cuerpo acknowledged, nevertheless, that residents and companies had been nonetheless struggling the results of the Iran conflict by means of larger gas and fertilizer costs.
Analysts have pointed to Spain as a primary instance of how nations have been in a position to restrict their publicity to fossil gas worth volatility in current weeks.
Spain, alongside Portugal and a few Nordic nations, is among the many nations to have registered the bottom fuel costs throughout the 27-nation bloc because the Center East battle started.
Spanish Prime Minister Pedro Sánchez (R) and Ukrainian President Volodymyr Zelensky (L) meet at Moncloa Palace on March 18, 2026 in Madrid, Spain.
Pablo Cuadra | Getty Pictures Information | Getty Pictures
Spain’s renewables push has not been with out its critics. Certainly, the nation’s authorities was sharply criticized final 12 months following a catastrophic blackout. The outage, which some U.S. lawmakers blamed on Spain’s inexperienced agenda, was certainly one of Europe’s worst in dwelling reminiscence.
Spain’s authorities subsequently denied renewable power was guilty for the blackout, and a report by Entso-e, which had been investigating the foundation explanation for the April 2025 incident, later discovered that there was no single trigger and as an alternative mentioned there was a mix of “many interacting elements” which led to the outage.
Spain’s anti-war stance
Talking alongside German Chancellor Friedrich Merz final month, Trump pledged to sever commerce ties with Spain, saying the White Home didn’t need something to do with the nation.
The U.S. president has additionally repeatedly criticized Madrid for its refusal to satisfy the NATO protection spending goal of 5% of gross home product.
Trump’s risk to punish Spain on commerce is claimed to be difficult, nevertheless, provided that the 27 EU nations negotiate commerce agreements collectively.
“Spain didn’t need to take part on this unilateral battle that’s exterior of worldwide regulation. And that is truly what we did,” Cuerpo mentioned when requested about Spain’s anti-war place and Trump’s commerce threats.
“We’re not alone on this place towards the present state of affairs and the participation within the conflict in Iran, many different European nations and companions have additionally expressed a really comparable place,” he continued.
“And relating to commerce relations with the U.S., Spanish firms function in the very same surroundings as French, German or Italian ones, as a result of we now have a novel commerce relation. I imply throughout the EU with respect to the U.S., and we’re attempting to go forward with a deal that we signed final August, and that is truly the place we must always put all our efforts to have the ability to fulfil that deal and make good on it.”
