Since 2008, Spanish industry has reduced its energy cost per unit of output by less than a third of what Germany achieved and less than a quarter of Portugal's gains, a disparity that a new BBVA Foundation and Ivie study frames not as a temporary setback but as a structural vulnerability. When global energy prices surge, as they periodically do, Spanish manufacturers absorb the shock with less insulation than their European peers. The research suggests that much of Spain's apparent progress is illusory—a quiet migration toward lighter industries rather than a genuine rethinking of how energy i
EL PAÍS
· May 14, 2026
· economy
· 2 min de lectura
High
Verificación: Verificado
Spanish industry lags in energy efficiency, study warns
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Economy & Finance
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Sesgo y Encuadre
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Impacto Geopolítico
🌎
Spain's manufacturing sector lags European peers in energy efficiency improvements, relying on sector shifts rather than process innovation, increasing vulnerability to global energy price volatility.
Escalation Risk
moderate
Confidence
HIGH
Spain
European Union
Germany
Portugal
Spain's industrial competitiveness weakens relative to Germany and Portugal, reducing its leverage in EU economic policy discussions. Energy-intensive sectors face structural disadvantages, potentially shifting economic power toward less energy-dependent economies and increasing Spain's dependence on EU energy policy coordination.
Similar to 1970s oil crises when energy-inefficient European industries faced competitive pressure, forcing structural reorganization and technological investment.
Lente Económico
📈
Spanish manufacturing lags EU peers in energy efficiency improvements, with only 4 sectors showing real gains while most rely on shifting to less energy-intensive activities rather than genuine process improvements.
Market Signal
bearish
Confidence
HIGH
Manufacturing (general)
Chemical and petrochemical
Textiles and leather
Transport equipment
Machinery
Metallurgy
Food, beverage, and tobacco
Non-metallic minerals (cement, ceramics, glass)
Paper production
Higher energy costs will likely be passed to consumers through increased prices for manufactured goods, particularly in food, beverages, textiles, and transport equipment. Spanish consumers may face higher inflation in these sectors compared to EU peers.
Spanish government should consider targeted industrial policy to accelerate genuine energy efficiency investments, potentially through subsidies, tax incentives, or mandatory efficiency standards. EU energy market volatility requires hedging strategies and domestic energy security measures. Risk of competitive disadvantage may warrant support for technological modernization in energy-intensive sectors.