The Government must decide in the coming months how the data centers that arrive in Spain will be. The regulation, processed as regulatory development, concluded this Thursday its phase of public participation.
For now, it is only a draft, but it introduces energy, environmental, efficiency, and digital sovereignty requirements for a sector that is skyrocketing its requests for access to the electrical grid.
The regulation will have a decisive impact on all companies involved, directly or indirectly, in the business.
Merlin Properties: the most direct exposure
Type of impact: direct.
Merlin Properties appears among the Spanish listed companies most directly exposed because data centers are part of its growth strategy. The company reached 160 MW leased in this division during the first half of 2026.
Access to electricity or the environmental and efficiency conditions that are defined will affect the development of new capacity. More demanding requirements may increase costs and condition future projects, but also raise barriers for other developers who do not have prepared assets, energy, or connections.
ACS: more demands may turn into more work
Type of impact: direct in certain projects and potential benefit in construction.
The group participates in the design and construction of data centers through various subsidiaries and has extended its activity towards the development and investment in these infrastructures. One of its subsidiaries, Turner, concentrates 37% of its business in these centers, with data as of the end of 2025.
Through Iridium, ACS announced its entry as investor and operator of a data center in Alcalá de Henares, on a plot of 6.7 hectares and with 50 MW of guaranteed electrical supply.
The future regulation may affect its own Spanish developments and, at the same time, generate construction business. Greater demands for efficiency, cooling, electrical infrastructure, or resilience may translate into more technical investment. That potential benefit will depend on the projects that are ultimately executed and the contracts that the group secures.
Iberdrola: new renewable to supply centers
Type of impact: indirect and potential benefit.
It appears among the energy companies best positioned if the final text maintains strong demands for new renewable generation linked to the consumption of data centers.
The company has already developed a specific strategy for this market and has projects and alliances aimed at combining data centers, electrical connection, and renewable supply.
Growth can translate into PPAs, new generation, and energy solutions. Regulation can reinforce that demand if it requires operators to accompany their projects with additional renewable capacity.
Endesa: electrical demand, renewables, and networks
Type of impact: indirect benefit.
Endesa estimates that data centers could consume around 15 TWh of electricity in Spain by 2030, approximately 5% of the projected national demand. This growth opens several business avenues. One is supply through long-term contracts and renewable generation. Another involves distribution networks, where requests for new capacity are forcing additional investment considerations.
The company contemplates 5.5 billion euros of investment in networks between 2026 and 2028, although the execution of that effort is conditioned by the regulatory framework and the remuneration recognized to distributors.
Naturgy: renewables and combined cycles
Type of impact: mixed.
It has renewable generation, but it also has a strong position in gas combined cycles. Naturgy operates 17 plants in Spain, with about 7.4 GW of power. These are flexible facilities that come into operation when the available generation from other technologies does not meet demand and play a backup role for the system.
The growth of data centers can increase structural electrical demand, as they are facilities that require continuous supply, even during hours when solar or wind production is insufficient.
The demands for new renewable generation can favor its green portfolio and open opportunities for supply contracts. Its combined cycles cannot cover a renewable consumption obligation, although they may still be necessary to support the entire electrical system when renewables do not produce enough energy.
Acciona Energía: specialized construction and renewable pathway
Type of impact: potential.
It can enter the race from renewable generation. Its position is, however, different from that of Iberdrola or Endesa. An economic benefit derived from the royal decree cannot be attributed as long as there are no specific contracts or projects linked to these demands.
In the group also appears the construction leg. The new infrastructure needs can generate additional opportunities, but they again depend on future awards.
Solaria: new demand for new generation
Type of impact: potential.
It also fits in the group of companies that can benefit from a greater need for renewable generation. Its exposure is simpler than that of integrated utilities: if data centers demand new renewable capacity and long-term supply contracts, the potential market for producers expands.
Redeia: the whole race goes through the network
Type of impact: indirect and regulated.
It does not sell electricity to data centers nor does it build these facilities. Its importance lies in Red Eléctrica, system operator and transporter. The magnitude of the requests makes the network one of the main limits for the development of the sector. Redeia contemplates 6 billion euros of investment in the national TSO between 2026 and 2029, within its strategy to reinforce electrical infrastructure.
More data centers would justify new investments in the network, but the return for Redeia is subject to the regulated framework. There is no automatic relationship between more connection requests and more profit.
Telefónica: digital sovereignty and operation
Type of impact: direct, but limited.
Telefónica enters through a different route. The company provides colocation and digital infrastructure services through its own facilities and agreements with third parties, but data centers have a much lower weight within the group than in Merlin.
Requirements for resilience and digital sovereignty are especially important for the telecom operator. The exposure exists, although it does not allow anticipating a relevant economic impact for the whole of Telefónica.
Ferrovial: own division to develop centers
Type of impact: direct.
It has also made the leap from constructing data centers for third parties to developing its own digital infrastructure. Among its projects is the Telefónica data center in Alcalá de Henares, a 50 MW facility with 23 rooms designated for computer equipment.
Now concentrate this activity on Ferrovial Digital Infrastructure, a platform specialized in the development of data centers. It covers everything from land and electrical power identification to the design, construction, and maintenance of the facilities. It also has land in Madrid to develop infrastructure of this type.
Sacyr: without exposure still quantified
Type of impact: direct, but of unquantified scope.
The company has incorporated profiles specifically linked to a data center project in Zaragoza, from technical specialists to facility managers, planning, and costs.
But, unlike ACS, Ferrovial, or Acciona, the available corporate information does not allow to determine how much the data centers weigh in their portfolio or in their revenues. Regulation can create opportunities for their engineering and construction areas if it forces increased investments in electrical facilities, cooling, efficiency, or resilience.