
Spain's unprecedented power outage sparks a blackout blame game over green energy
An abrupt and widespread blackout, one of Europe's worst in living memory, affected the entire Iberian Peninsula on April 28.
The outage, which lasted for several hours, plunged much of the region into darkness, stranded thousands of train passengers and left millions without phone or internet coverage or access to cash from ATMs.
Spanish authorities have since launched several investigations to determine the root cause of the incident, including a probe into whether a cyberattack could be to blame.
Alongside Spanish opposition parties, some external observers have flagged renewables and net-zero emissions targets as possible reasons for the outage, particularly given Spain and Portugal both rely on high levels of wind and solar for their electricity grid.
"It's very sad to see what's happened to Portugal and Spain and so many people there, but you know, when you hitch your wagon to the weather, it's just a risky endeavor," U.S. Energy Secretary Chris Wright told CNBC's "Power Lunch" on April 28.
Spanish Prime Minister Pedro Sanchez and the country's grid operator Red Electrica de Espana (REE) have both said record levels of renewable energy were not at fault for the blackout.
European Union energy chief Dan Jorgensen, meanwhile, said that there was "nothing unusual" about the sources of energy supplying electricity to the system at the time of the outage.
"So, the causes of the blackout cannot be reduced to a specific source of energy, for instance renewables," he added.
European energy technology companies called for observers to refrain from drawing their own conclusions in the absence of a formal explanation from authorities.
Henrik Andersen, CEO of Danish wind turbine manufacturer Vestas, said he'd encourage "a degree of statesmanship" over the blackout, particularly as Spanish policymakers continue to investigate.
"First of all, energy security means that you can run societies without having blackouts. That's stating the obvious," Andersen told CNBC's "Squawk Box Europe" on Tuesday.
"Everyone is grasping quick root causes and blaming each other, and I simply just don't want to go there because until we know the root cause of why grids can fail across Spain and Portugal, let's not second guess or try to blame someone at cybersecurity or blame individual energy sources," he added.
"Europe needs more energy -- and we probably also need a stronger grid. That goes without saying," Andersen said.
Siemens Energy CEO Christian Bruch, meanwhile, said the German energy tech group was holding talks with the relevant transmission and utility operators following the blackout.
"What you do see is that when you build an energy system, you need to think about the generation, like solar, wind, gas, whatever, but you also need to think about how the overall system on the grid side [is[ operating and how you stabilize that," Bruch told CNBC on Thursday.
"This is sometimes underestimated in its complexity, and this is why products from us for grid stabilizations are in demand at the moment to balance these things out," he continued.
"It's possible to solve it but it will require investments and it's not easy. It's not just a couple of solar cells and some batteries. It's a little bit more complex than this," Bruch said.
For those on the ground at the time of the outage, the lack of power underlined the challenges of a digital society.
"Cash suddenly becomes really important," Roseanna, a resident of the southern Spanish city of Málaga, told CNBC. She said she only had 40 euros ($45.16) available when the power cut just after midday.
"Obviously you can't get money out and you can't pay with card, so it's certainly important to have a little bit of cash in your pocket at all times," she continued.
"We've gone all digital but the system's ruined if there's no electricity," Roseanna said.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


CNBC
6 minutes ago
- CNBC
Buying the dip on this footwear stock using options after 'overdone' sell-off
Crocs got hammered — down nearly 30% after the Thursday report — after cautious guidance tied to the macro backdrop overshadowed an earnings beat. Sure, uncertainty is everywhere right now, but such a flush on a name that still topped earnings looks overdone. Analyst views are mixed, yet even the downgrades (Stifel, Barclays, BofA, KeyBanc) carry price targets in the $80–$100 range — still above where CROX is trading. I'm not expecting fireworks here, but the setup I like only needs CROX to trade around $77 —about 50 cents from current levels — to deliver a 100% return on risk. Small move, defined risk, clear payoff. For CNBC readers: I'm opening up my options trade scanner for free —grab a few more trades like this while it's live. I also break down these setups in detail in my book Mean Reversion Trading . To provide confirmation, I am using two technical indicators for this trade setup. MACD (moving average convergence divergence): One reliable way to spot potential reversals is the MACD indicator. The standard settings (12, 26, 9) are widely used but can be a bit laggy, so I often switch to MACD (5, 13, 5) for quicker reads. On CROX, the MACD line (blue) still hasn't crossed above the signal line (yellow). With post-earnings setups — especially after a steep drop — patience pays. Waiting for confirmation (e.g., the bullish crossover or at least a turning histogram) helps avoid getting trapped in the wrong trade if the slide continues. RSI (relative strength index): The RSI is a straightforward momentum gauge and a handy reversal tell. Since it's currently oversold, consider waiting for it to curl higher and reclaim 30 for added confirmation — helps avoid jumping in on a false start. The trade: CROX 76-77 bull call spread To get bullish on CROX, I'm using a bull call spread. With the stock around $76.56, the setup is simple: buy the $76 call (ITM) and sell the $77 call (OTM) as one package — defined risk and defined payoff. If price wiggles, you can scale by layering more spreads. For example, if CROX dips toward $73, add a $73–$74 call spread to take advantage of the pullback while keeping risk tight. Here is my exact trade setup: Buy $76 call, Sept. 12 expiry Sell $77 call, Sept. 12 expiry Cost: $50 Potential Profit: $50 If CROX finishes at or above $77 (the short strike) by expiration, the spread pays its full $1.00 value—turning a roughly $0.50 debit into a 100% return. Running 50 contracts risks $2,500 for a $2,500 max gain. As CROX rebounds, you can ladder in additional spreads to scale exposure methodically and capitalize on these occasional washouts. -Nishant Pant Founder: Author: Mean Reversion Trading Youtube, Twitter: @TheMeanTrader DISCLOSURES: None. All opinions expressed by the CNBC Pro contributors are solely their opinions and do not reflect the opinions of CNBC, NBC UNIVERSAL, their parent company or affiliates, and may have been previously disseminated by them on television, radio, internet or another medium. THE ABOVE CONTENT IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY . THIS CONTENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSITUTE FINANCIAL, INVESTMENT, TAX OR LEGAL ADVICE OR A RECOMMENDATION TO BUY ANY SECURITY OR OTHER FINANCIAL ASSET. THE CONTENT IS GENERAL IN NATURE AND DOES NOT REFLECT ANY INDIVIDUAL'S UNIQUE PERSONAL CIRCUMSTANCES. THE ABOVE CONTENT MIGHT NOT BE SUITABLE FOR YOUR PARTICULAR CIRCUMSTANCES. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR. Click here for the full disclaimer.

Politico
6 minutes ago
- Politico
Trump officials cast a wider net for Powell replacement at Fed
The list suggests officials are aiming to present President Donald Trump with a diverse set of options to replace Powell, whom Trump has relentlessly pressed to lower interest rates, and they aren't ruling out picking a Fed insider for the job. The selection process is especially challenging because whoever fills the seat will have to balance the central bank's inflation-fighting credibility with Trump's expectation that his calls for lower rates will be taken into consideration. The new chair will also lead an institution with thousands of employees tasked with not only setting interest rates, but also regulating banks and overseeing the payments system. Jefferson, an appointee of former President Joe Biden, has been a less visible presence than other recent vice chairs at the Fed but has consistently garnered bipartisan support. He was confirmed by the Senate as the central bank's No. 2 in an 88-10 vote. Many of the people under consideration have publicly said the Fed should cut borrowing costs — Waller and Bowman, both Trump appointees, dissented from a decision to hold rates steady last month — but have also emphasized the importance of the institution's insulation from short-term politics. Bullard said on CNBC on Tuesday that he would accept the job 'if we set it up for success, if we protect the value of the dollar, [to] be the reserve currency — that'll give us lower interest rates over time, if we aim for low and stable inflation, and if we can respect the independence of the institution under the Federal Reserve Act.' Bullard and Sumerlin's candidacies were first reported by the Wall Street Journal, and the new internal Fed candidates were earlier reported by Bloomberg News. Treasury Secretary Scott Bessent confirmed in a CNBC interview last week that a formal process for choosing Powell's successor has kicked off but did not a provide a timeline for when the choice might be made. In the meantime, Trump has nominated his chief economist, Stephen Miran, to an open position on the Fed, though the term for that slot ends in January. Miran has argued that the central bank should be subject to more political control.


Eater
35 minutes ago
- Eater
Popular Flushing Rice Roll Stand Is Heading Into Brooklyn
is a born-and-raised New Yorker who is an editor for Eater's Northeast region and Eater New York, was the former Eater Austin editor for 10 years, and often writes about food and pop culture. Joe's Steam Rice Roll, the popular Flushing rice roll stand, is expanding with its third location, to Sunset Park at 774 58th Street, near Eighth Avenue. No opening date has been announced yet, but an Instagram post on July 30 states that it is 'coming soon.' Eater has reached out for more information. Owner Joe Rong is known for his Cantonese chang fen, where the rice cakes are produced with an electric-powered stone mill from China. The filling menu is simple with five options ranging from curry fish balls to pork, plus additions like corn and scallions. He first opened Joe's in Flushing in 2017, followed by Canal Street in 2018. There had been an outpost on St. Marks Place, but that closed. There's an Uptown location on the Upper West Side that opened in 2020. The new location appears to be taking over the sole New York location of Los Angeles Taiwanese tea shop chain Yi Fang Taiwan Fruit Tea. Very new Manhattan restaurant changes its name One of summer's hot new dining destinations in the city has already changed its name after less than a month in service. Haymarket, the modern European restaurant with Caribbean flair in Chelsea, is now called Markette. A rep tells Eater this is because there are similarly named businesses in the area. Within a two-block radius, there's gastropub Haymaker Bar, condo building Haymarket, and the Haymarket Media company. Co-owners chef India Doris and Alex Pfaffenbach had originally chosen the name Haymarket to honor a 19th-century dance hall in the borough and the famous London district. Longtime Manhattan bakery up for sale A longtime Tribeca bakery is up for sale now. Owner Madeline Laciani is looking to sell her 33-year-old Duane Park Patisserie because she wants to retire, as reported by Tribeca Citizen. Laciani had been baking in New York for some time, per the publication. She had opened her first bakery in 1997 with her then-husband, Patisserie Lanciani, and ran two locations of it after they got divorced until it closed. Then she opened Duane Park in 1992, becoming known for its cakes and cupcakes. Eater NY All your essential food and restaurant intel delivered to you Email (required) Sign Up By submitting your email, you agree to our Terms and Privacy Notice . This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.