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

Quick correction on last week's posts · Expert reader Sergio B. pointed out that the column compodem.RT3 is not tertiary reserve — it's the consumer-side cost of day-ahead technical constraints (REE redispatching the OMIE clearing for system security). All data and ratios stand; the mechanism is now correct, corroborated by PwC's Feb 2026 report. Both posts updated — thanks Sergio.

This week we follow up: who pockets that flow? Two new pieces zoom in from group level to unit level:

• By group: €3,870M/year of pay-as-bid is paid to the CCGT fleet for solving day-ahead technical constraints. Five groups absorb 82% of the flow. Iberdrola is the marginal winner (+€157M post vs pre); Endesa, the only major loser (-€98M).
• By unit: REE doesn't reward all CCGTs equally. In the Besós complex (Barcelona), Besós 4 (Naturgy) gains €28M while Besós 5 (Endesa) loses €71M — same physical plant, two owners, opposite trajectories. The geography: south (Cádiz/Huelva) all winners, north interior all winners.

Both pieces below — the group view first, then the unit drilldown.

Every analysis in this newsletter was built on datons.esios — 1.27 billion I90 settlement rows + 196 million ESIOS indicators, normalized and queryable from day one. Four integration surfaces:

• Chat (MCP) — ask questions in natural language, get tabular answers. The same interface we used to build these posts.
• REST API + Python SDK — programmatic access for pipelines, scripts, and automated reports.
• Power BI connector — plug the dataset directly into your dashboards. No ETL, no staging tables.
• ClickHouse direct — for teams that want raw SQL against the full dataset in their own analytics stack.

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