Nenuphar Advisors group presentation (Jan 2025)


The PNEC 2030 targets are ambitious, but are we truly on the path to meeting them? Right now, the Direct Agreements – Terms of Reference remain Portugal’s only real chance of making meaningful progress, yet they are continuously ignored in discussions. Key concerns: Why does APREN (Portuguese Renewables Association) focus on offshore wind and Spain’s…

What’s in the EU’s Affordable Energy Action Plan? The European Commission has launched its Affordable Energy Action Plan, aiming to make electricity more affordable, boost clean energy adoption, and enhance energy market stability. Key Measures: Redesigning electricity tariffs – New grid tariffs to provide better access to the most affordable electricity sources. Lowering energy taxes…

Spain’s solar fleet just crossed 23% of the electricity mix — and captured prices are now paying for it. https://elperiodicodelaenergia.com/el-boom-solar-pierde-fuelle-la-fotovoltaica-afronta-precios-cero-menos-ppas-y-dificultades-de-financiacion Captured solar prices in Spain fell from €42.28/MWh in 2024 to €29.68/MWh in H1 2026. Zero- and negative-price hours are on track to top 900 this year, up from 797 in 2025. PPA volumes are…

Portugal is moving to formalise a capacity market with a dedicated battery storage auction — the latest step in reshaping how flexibility gets remunerated in Iberia. As developers and advisors running storage DSAs across Portugal, we read this as confirmation of a trend that’s been building for a year: standalone BESS is no longer a…

A 1,000 MW interconnector between Portugal and Spain went live this month — quietly rewriting the calculus for hybrid projects across Iberia. Cross-border capacity used to be a constraint developers designed around. Now it’s a variable in the base case. We’re seeing the same shift on the ground: co-located storage retrofits on operating solar assets,…

Portugal has set a target of 5 GW of pumped hydro storage by 2040, positioning long-duration storage as the backbone of its energy strategy alongside the 750 MVA battery auction already underway. That framing matters. Batteries solve for hours; pumped hydro solves for days. A strategy that names both, rather than treating storage as one…
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