Wind turbines operated by Gamesa Eloica SA near Zaragoza, Spain, on Wednesday, March 25, 2026. Renewable energy is helping to cushion the blow of high oil and gas prices in Europe.
Bloomberg | Bloomberg | getty images
Spain’s Economy Minister Carlos Cuerpo praised the country’s energy resilience during the Iran war, saying that the pivot to solar and wind power had spared Madrid the worst effects of the resulting energy shock.
His comments come as Spain’s government has emerged as one of the EU’s leading critics of the US-Israeli war against Iran, with Prime Minister Pedro Sanchez calling the ongoing Middle East crisis a “disaster.”
US President Donald Trump Mortgage Cutting trade with Madrid after Spain blocked two jointly operated bases on its territory from being used in attacks against Iran.
Speaking to CNBC’s Karen Tso on Thursday, Cuerpo said Spain was better prepared for the crisis, pointing out that the country has been the fastest-growing advanced economy in Europe for the past few years.
Cuerpo said Spain created 40% of all new jobs in the euro zone last year, while on budgetary terms, the country’s debt is almost back to pre-Covid levels.
“On energy, we are better prepared because we have advanced our agenda on renewable energy,” Cuerpo said on the sidelines of the IMF and World Bank Group spring meetings in Washington this week.
Spain’s dependence on gas for electricity prices has fallen to just 16% this year, from 75% in 2019, Cuerpo said. “So, it increases our energy sovereignty and reduces the risk of shocks.”
However, Cuerpo acknowledged that citizens and businesses are still suffering the consequences of the Iran war through higher fuel and fertilizer prices.
Analysts have pointed to Spain as a prime example of how countries have been able to limit their exposure to volatility in fossil fuel prices in recent weeks.
Spain, along with Portugal and some Nordic countries, is among the countries to record the lowest gas prices in the Group of 27 since the Middle East conflict began.
Spanish Prime Minister Pedro Sanchez (right) and Ukrainian President Volodymyr Zelensky (left) meet at the Moncloa Palace in Madrid, Spain, on March 18, 2026.
Pablo Cuadra | Getty Images News | getty images
Spain’s renewable energy push has not been without its critics. In fact, after the horrific blackout last year, the country’s government was strongly criticized. The outage, which some US lawmakers blamed on Spain’s green agenda, was one of the worst in Europe’s living memory.
The Spanish government later denied that renewable energy was responsible for the blackout, and a report by Entso-E, which was investigating the root cause of the April 2025 incident, followed. found There was no single cause and instead it was said that there was a combination of “several interacting factors” that led to the outage.
Spain’s anti-war stance
Speaking with German Chancellor Friedrich Merz last month, Trump promised to cut trade ties with Spain, and said the White House wanted nothing to do with the country.
The US President has also repeatedly criticized Madrid for refusing to meet NATO defense Target to spend 5% of GDP.
However, Trump’s threat to punish Spain on trade is seen as challenging, as the EU’s 27 countries collectively negotiate trade agreements.
Asked about Spain’s anti-war position and Trump’s trade threats, Cuerpo said, “Spain did not want to participate in this unilateral conflict that is outside international law. And that’s exactly what we did.”
He added, “We are not alone in this position against the current situation and participation in the war in Iran, many other European countries and partners have also expressed a similar position.”
“And when it comes to trade relations with the US, Spanish companies operate in the same environment as French, German or Italian companies, because we have a unique trade relationship. I mean within the EU with respect to the US, and we are trying to move forward with an agreement that we signed last August, and really we must make all our efforts to be able to fulfill that agreement and capitalize on it.”
