Red Eléctrica will invest 1 billion euros in strategic facilities in the transmission grid until 2016 in a special programme that will bridge the gap between the suspension of the former planning, according to Royal Decree Law 13/2012 of 30 March, and the new planning foreseen for 2014-2020, currently pending administrative approval.
This 1 billion together with investments of projects currently underway, approximately 400 million per year, sets out an established road map for investment in the transmission grid until 2016 with an average annual figure of over 600 million euros.
The programme, in which the approved facilities distributed per Autonomous Community are listed and was published today in the Official State Gazette, represents 15% of the outstanding investments under the latest planning.
40% of the investment foreseen under the special programme is earmarked for projects on the Spanish peninsula, whilst the remaining 60% is shared equally between the electricity systems of the Balearic Islands and the Canary Islands.
Electricity interconnection Peninsula-Balearic Islands
One of the most important investments, from the point of view of security of supply and structuring for the territory, is the Majorca-Ibiza submarine interconnection, linking the two electricity subsystems currently in the Balearic Islands (Majorca-Menorca and Ibiza-Formentera).
Additionally, it represents the completion of the electrical interconnection between the Spanish peninsula and the Balearic Islands which will fully connect the insular electricity system to the Iberian electricity market and to the continental, which began with the Romulo project (Spanish peninsula-Majorca electrical interconnection).
After the first four months of the commercial operation of the Peninsula-Majorca interconnection, the estimated annual savings for the Spanish electricity system is around 25 million euros.
In addition, for the first year of commercial operation the estimated savings of CO2 emissions are forecasted to be about 250,000 tonnes, which is equivalent to more than an additional two million euros.
Finally, the submarine interconnection has also allowed the security of supply for Majorca and Menorca to be strengthened, especially in critical situations as those occurred in the months of September and November this last year.
Investments in the Canary Islands
With regard to the Canary Islands' electricity system, it will benefit from the investment contemplated under this special programme. Specifically noteworthy is the investment in the Jinámar substation in Gran Canaria, and the Candelaria substation in Tenerife.
These actions complement the Grid Asset Improvement Programme (MAR) initiated by Red Eléctrica two years ago, which includes investments for a five-year period for an amount of 150 million.