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.

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

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.