Acciona EnergĂa has achieved increase your renewable electricity production one 3,1% at the start of 2026, but this progress has not translated into a direct improvement in revenue due to the sharp drop in wholesale electricity prices. The combination of increased generation, historically low prices, and an active asset rotation strategy sets the tone for the company's first quarter.
In parallel, the group is consolidating a solid financial position, with high liquidity and a net investment of 300 million euros in the first three months of the year, while maintaining its commitment to the energy business as a central pillar and sustaining its annual objectives despite the complicated environment in European electricity markets, especially in Spain.
3,1% increase in renewable production
In the first quarter, Acciona EnergĂa recorded a consolidated renewable energy production of 6.800 GWhThis represents a 3,1% increase compared to the same period last year. This generation comes primarily from wind, hydroelectric, and solar technologies, distributed between Spain and other international markets.
This increase comes in a context where the company has replaced the classic presentation of quarterly results with a Market trends report submitted to the CNMVThe report details the main figures of its energy business. It confirms that the company continues to grow in volume, although the price environment is hindering the translation of that growth into the bottom line.
The average consolidated selling price of Acciona EnergĂa's energy was at 54,6 euros per MWhThis represents a decrease of 24,1%, compared to €88,1/MWh in the first quarter of the previous year. This drop in wholesale prices, particularly pronounced in the Spanish market, significantly reduces revenue per unit of energy generated.
Even so, the company maintains its forecast that the The average annual price is around €55/MWhsupported by factors such as the cost of gas in Europe and the hedges already contracted, which act as a safety net against the volatility of the electricity market.
International success compensates for the decline in Spain
Behind this 3,1% increase in renewable production is, primarily, the impulse of international BusinessOutside of Spain, Acciona EnergĂa's generation grew by 12,6% year-on-year, thanks to the contribution of new facilities and a better renewable resource in several markets where the company operates.
That dynamism in other countries has allowed to offset the 10,2% drop in production in the Spanish marketIn Spain, the decline is largely due to the sale of certain hydroelectric assets and wind farms that the company completed during 2025, as part of its portfolio rotation strategy.
This rotation policy is not a one-off: Acciona EnergĂa has put on the market divestment processes for more than 1,5 GW of power, with the aim of closing the most advanced deals before summer. The company expects to generate around €1.100 billion in additional revenue during 2026 through these sales.
Far from being interpreted as a step backwards, this dynamic is conceived as a mechanism to free up capital and recycle it into new renewable projectsThis is in line with the usual strategy of many players in the sector: selling mature assets to finance growth in markets and technologies with greater potential.
Electricity prices at record lows and their effect on margins
One of the elements that has most marked the quarter is the behavior of Spanish electricity marketwhere prices have been near historic lows. The extraordinary water availability during this period—that is, a high level of water in reservoirs and, therefore, a lot of hydroelectric generation—has driven down prices on the daily market.
According to data released by the company, the price of electricity in Spain fluctuated around €16,4/MWh During the first quarter, the level was exceptionally low compared to previous years. This situation has put downward pressure on the average consolidated price that Acciona EnergĂa receives for its production.
The difference compared to the previous year is significant: The average price of €54,6/MWh contrasts with €88,1/MWh of the same period in 2025. Despite this deterioration, the company emphasizes that its energy coverage They have partially mitigated the impact, since part of the production is sold at pre-set prices.
Furthermore, Acciona EnergĂa points out that the High gas prices in EuropeIn a context marked by the war in Iran and geopolitical tensions, these factors are acting as support for Spanish electricity market prices in the coming months. The logic is that expensive gas raises the generation costs of thermal power plants, which establishes a floor for electricity prices.
In this scenario, the company is confident that, although the beginning of 2026 has been affected by an exceptional hydraulic episode, the rest of the year will show a somewhat more stable price environment, consistent with its financial objectives for the entire year.
EBITDA targets and financial discipline
Despite downward pressure on revenue per MWh, Acciona EnergĂa maintains its unchanged goal to achieve an EBITDA of 1.200 billion euros in the energy division in 2026. This figure would represent a 22,4% drop compared to the gross operating profit obtained in 2025, reflecting the impact of lower electricity prices.
The company, however, insists on its commitment to the discipline in debtThe goal is to keep net debt below €3.000 billion in the energy business, a limit it considers compatible with its investment level and the volatility of the electricity market.
From a regulatory perspective, Acciona views some of the measures adopted in Spain To address the current energy environment and the tensions arising from the conflict in the Middle East, measures include the reduction and temporary elimination of the tax on electricity generation, which eases the tax burden on the sector.
It also highlights initiatives for promote wind power repowering —replacing old wind turbines with more efficient ones at existing sites— and efforts to optimize and free up capacity in the electrical gridThis is key to connecting new renewable projects and continuing to increase green production in Spain and the rest of Europe.
Overall, the company maintains a cautious but continuity-oriented outlook: it adjusts expectations on the margin side, but It is not abandoning its roadmap for growth in renewables, relying on its international presence and active management of its assets and financial profile.
The snapshot left by the quarter shows an Acciona EnergĂa that is generating more clean electricity, relying heavily on its international business to compensate for the weakness of the Spanish market, and navigating an environment of unusually low electricity prices Thanks to hedges and a comfortable financial position, it is advancing its asset rotation strategy and maintaining a focus on medium-term profitability.
