Europe's ageing power grid and lack of energy storage capacity will require trillions of dollars in investments to cope with rising green energy output, increasing electricity demand and to avoid blackouts.

Spain’s nationwide blackout this week has put a spotlight on potential vulnerabilities in its system that may offer warnings to other countries, as rising electrification and clean energy sources place new demands on power grids around the world.

A widespread power outage hit Spain and Portugal, affecting millions of people who live across Europe's Iberian Peninsula.