Spain estimates blackout losses at up to €800m

The Spanish government has estimated that Monday's mass power outage across the Iberian peninsula may have cost the Spanish economy up to €800 million.

Spain's economy minister, Carlos Cuerpo, said the figure was a preliminary upper-limit estimate, adding: "we’ll see whether the data confirms it or not."

According to Cuerpo, around €400 million in losses came from reduced consumer spending, as economic activity dropped to 55% of a normal Monday.

However, he noted that some of this loss, between €130 and €140 million, was recovered on Tuesday and Wednesday.

The remaining €400 million stems from a fall in industrial production, as well losses of stock and goods. Insurance companies may play a role in covering some of these losses, the minister suggested.

Investigation committee

Spain's investigation committee into the blackout is holding its first meeting on Wednesday afternoon. 

The committee chair, Third Deputy Prime Minister Sara Aagesen said that the aim is to conduct a "full audit" of the situation before, during, and after the power outage.

"We need to identify the measures that will prevent this from happening again," Aagesen said during the press conference following the Spanish government's weekly cabinet meeting on Wednesday

She also confirmed that the government has asked all energy operators to submit the relevant data they have on the incident.

Additionally, officials from the Ministries of the Interior, Defense, and Digital Transformation will visit operators' facilities to "verify that systems are functioning correctly and that no attack has taken place."

PM calls for energy sector cooperation

On Tuesday evening, Spanish Prime Minister Pedro Sánchez called on the energy sector to fully cooperate with the Spanish government and "independent bodies" in identifying the causes of the blackout.

He also urged companies to carry out the "necessary improvements" to ensure reliable service and safeguard the "competitiveness of the system."

Sánchez made the remarks during a meeting with representatives of Iberdrola, Endesa, EDP, Acciona, and Naturgy, as well as national grip operator Red Eléctrica Española.

Posting on the social network X, Sánchez said he had held an "emergency meeting" with "private operators," whom he also thanked for their role in the "swift restoration" of the power supply.