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Who pockets Spain's €3.9B post-blackout redispatch — and the Besós case

TL;DR

Who pockets the hidden RT3 cost

Who pockets the hidden RT3 cost: €3,900M of pay-as-bid concentrated in 5 utilities →

Twelve months after the Iberian blackout, the pay-as-bid Spain pays its CCGT fleet for solving day-ahead technical constraints (consumer-side RT3) is €3,870M per year. Three groups absorb 62% of the flow. Iberdrola is the marginal winner (+€152M post vs pre); Endesa, the only major loser (-€100M).

The Besós case: same plant, two owners, opposite trajectories

Operación Reforzada at unit level: which CCGTs win and lose the redispatch →

Drilldown to the plant level: post-blackout pay-as-bid for solving technical constraints does not reward all combined-cycles equally. Within the Besós complex in Barcelona, unit 4 (Naturgy) gains €28M while unit 5 (Endesa) loses €71M — same site, two owners, opposite trajectories. The cluster pattern: south (Cádiz/Huelva) all winners, north interior all winners, Mediterranean coast and SE mixed.

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