• About
  • Advertise
  • Privacy Policy
  • Contact
Tuesday, July 14, 2026
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result
in Europe

Spain, Portugal Recover From Mass Power Outage

Comfort Ampomaaby Comfort Ampomaa
April 29, 2025
Reading Time: 5 mins read
Spain, Portugal Recover From Mass Power Outage

Power lines connecting pylons of high-tension electricity are seen during sunset at an electricity substation, during the blackout, on the outskirts of Ronda, Spain.

Power has now been restored in Spain and Portugal after a massive blackout hit the Iberian Peninsula on Monday, April 28, 2025, stranding passengers in trains and elevators while millions lost phone and internet coverage.

Parts of France also briefly lost power.

Trains, both local and cross-country, stopped running in Spain and Portugal. Airports in both countries reported delays. Traffic lights were knocked out, causing chaos on the roads

Play at the Madrid Open was suspended and Spain declared a state of emergency in response to the outage.

ADVERTISEMENT

On Monday night, many went to bed in darkness, while others posted videos online celebrating the gradual return of power after many hours off-grid.

As of this morning, Tuesday, April 29, 2025, both Spain and Portugal reported power supplies almost back to normal with the network stabilised after the largest power cut in Europe’s recent history.

However, disruption continued, with trains and flights facing delays.

Spain, Portugal Recover From Mass Power Outage
Commuters pack platforms as Madrid Metro resumes.

Spanish Prime Minister, Pedro Sánchez announced that 99.95% of energy demand has been restored in Spain, with 100% of substations back operational, as he headed for another meeting of the national Security Council. “Thank you to all citizens for once again being an example of responsibility and civic spirit,” he said.

Sánchez also warned that people should be careful about misinformation regarding this whole crisis.

ADVERTISEMENT
Spanish Prime Minister, Pedro Sanchez as Spain, Portugal Recover From Mass Power Outage
Spanish Prime Minister, Pedro Sanchez.

The Portuguese government is also expected to meet later this morning.

It earlier issued a short social media update confirming the return of largely normal operations.

According to the government, Schools are set to reopen, and the health service is now fully stable.

ADVERTISEMENT

Inevitably, people are looking very closely at what might be the cause of the outage.

Spain’s national meteorological office, Aemet, appeared to rule out the weather as a culprit. “During the day of 28 April, no unusual meteorological or atmospheric phenomena were detected, and nor were there sudden variations in the temperature in our network of meteorological stations,” Aemet disclosed.

Cyber Attack Ruled Out As Power Outage’s Cause

Moreover, Spain’s electricity grid operator, Red Eléctrica ruled out cyber-attack as the cause of Monday’s mass blackouts that left millions without power.

Speaking on Tuesday morning, the operator’s head of services, Eduardo Prieto, said that preliminary investigations meant “we can rule out a cybersecurity incident.”

This matches what Portuguese Prime Minister Luis Montenegro said on Monday – that there’s no sign a cyberattack was behind the power cut.

Cyber Attack Ruled Out As Power Outage’s Cause
Portugal’s Prime Minister, Luis Montenegro

Prieto added that there was nothing to suggest “there was any kind of intrusion into the Red Eléctric control system.”

Also, Prieto said that there were two “disconnection events”, barely a second apart, just before the blackout on Monday.

He said the incidents took place in the south-west of Spain, where there is substantial solar generation.

He added that “nothing leads us to believe that it could have been human error.”

Prieto disclosed that systems managed to recover from the first event, but they couldn’t recover from the second, which led to the power outage in Spain and Portugal.

When asked, Prieto admitted that it is “very possible” that the affected generation was solar, though he said that authorities don’t yet have enough information to be sure.

Finally, he said that Red Eléctrica restored power to the grid by using hydro and combined-cycle gas, which operate through a combined gas and steam turbine method.

On Monday, the regional President of Andalucía, Juanma Moreno, suggested that a cyberattack was the likely cause.

However, that was then quickly dismissed by other officials close to the government.

READ ALSO: Ghana’s 91-Day Treasury Yield Falls to 15.32% Amid Auction Success

ADVERTISEMENT

Sign Up to Our Newsletter

Fresh updates, Straight to your inbox

Tags: cyberattackPedro SanchezPortugalpower outageSpain
ShareTweetShareSendSend
Please login to join discussion
Previous Post

BoG Slashes Inflation Forecast to 12%, Banking on Tight Monetary Policy

Next Post

YEA, SOS Labour Ghana Begin Talks To Expand Work Abroad Model

Related Posts

820x468 cmsv2 86e7aa35 68d3 5baf 9841 05d88e7ebe88 9835724
Europe

Hungary Passes Constitutional Amendment To Oust President

July 13, 2026
EU flag
Europe

EU Issues Sanctions Over Alleged Russian Cyber-spying Campaign

July 13, 2026
220407223710 facebook meta phone stock
Europe

EU Targets Meta Over Risks of Addictive Design

July 10, 2026
reuters 6a5090d9 1783664857
Europe

Wildfire In Southern Spain Claims Lives

July 10, 2026
ADVERTISEMENT

Sign Up to Our Newsletter

Fresh updates, Straight to your inbox

ADVERTISEMENT

Recent News

World Health Organization

WHO Launches Research Agenda on Climate, Migration and Health

July 14, 2026
Seal of United States Central Command.svg

US Strikes Iran Again Amid Hormuz Strait Standoff

July 14, 2026
Basic School Children   in Ghana receiving instructions from their teacher

One in Three Districts in Ghana Faces Severe Teacher Shortages, Report

July 14, 2026
CalBank Profit Soars 25% to GHS353.6 Million in Strong First Half Performance CalBank PLC has delivered an impressive financial performance for the first half of 2026, posting a remarkable 25 percent increase in Profit Before Tax (PBT) to GHS353.6 million. The outstanding results highlight the bank's successful strategic transformation and underline its growing strength as one of Ghana's leading financial institutions. The latest figures show that Profit Before Tax climbed from GHS283.2 million in the corresponding period of 2025 to GHS353.6 million, driven by robust growth across the bank's core business operations. The performance reflects improvements in lending, customer deposits, fee based services, trading income, and overall operational efficiency. Unlike previous periods where earnings were significantly supported by impairment recoveries, CalBank's latest results demonstrate that its profitability is now being powered largely by the strength of its underlying banking business. Core Banking Business Drives Exceptional Earnings One of the biggest highlights of the first half performance was the remarkable growth in net interest income, which surged by 83 percent to GHS347.5 million. The increase came despite a relatively lower interest rate environment. Interest income rose from GHS399 million to GHS451.5 million as the bank continued expanding its earning assets. At the same time, funding costs fell sharply, with interest expenses dropping from GHS209 million to GHS104 million. This significant reduction in funding costs improved the bank's profitability and demonstrated stronger balance sheet management. CalBank also recorded exceptional growth from non interest income sources as it continued diversifying its revenue streams. Net fees, commissions, and trading income almost doubled, rising by 99 percent to GHS323.3 million from GHS162.7 million during the same period last year. The strong performance reflects increased customer activity across the bank's retail, commercial, and corporate banking segments. The diversified earnings profile places CalBank in a stronger position to withstand changing market conditions while maintaining sustainable profitability. Stronger Earnings Quality Boosts Investor Confidence Perhaps the most significant aspect of CalBank's results is the improved quality of its earnings. During the first half of 2025, impairment recoveries contributed approximately GHS154 million to profits. However, in the latest reporting period, impairment gains accounted for only GHS7 million. This means the overwhelming majority of profits were generated through normal banking operations rather than one off recoveries. The shift highlights the success of management's transformation strategy and provides greater confidence that future earnings will remain sustainable. Industry analysts often view recurring operating income as a stronger indicator of long term financial health than exceptional gains. Assets and Deposits Record Strong Expansion CalBank also recorded significant growth in its balance sheet during the period. Total assets expanded by 30 percent to GHS13.9 billion from GHS10.7 billion recorded at the end of June 2025. Customer deposits increased by the same margin, rising to GHS10.9 billion. The growth in deposits reflects increasing customer confidence in the bank's brand, improved service delivery, and expanding retail and commercial banking operations. Higher deposits also provide the bank with a stable funding base to support future lending and business expansion. The figures reinforce CalBank's growing position within Ghana's competitive banking industry. Bad Loans Decline Dramatically One of the most remarkable achievements during the first half of the year was the dramatic improvement in asset quality. The bank's Non Performing Loan ratio dropped sharply to 10.10 percent from an exceptionally high 51.60 percent recorded at the end of June 2025. The improvement reflects the successful execution of CalBank's balance sheet remediation programme and disciplined credit risk management practices. A healthier loan portfolio reduces future credit losses while creating additional room for prudent loan growth. The significant decline in bad loans also strengthens investor confidence and enhances the bank's overall financial stability. Capital Position Strengthens After Recapitalisation Following its successful recapitalisation in 2025, CalBank has continued strengthening its financial foundation. Its Capital Adequacy Ratio improved dramatically to 18.17 percent from a negative 7.6 percent recorded a year earlier. The turnaround highlights the success of the bank's recapitalisation efforts and demonstrates its renewed financial resilience. Strong liquidity levels further position the bank to support customers, finance new business opportunities, and meet future regulatory requirements with confidence. The improved capital position also creates greater flexibility for expansion while protecting shareholders against unexpected financial shocks. Management Confident of Even Better Results Commenting on the results, Managing Director Carl Selasi Asem described the first half performance as clear evidence that CalBank's transformation strategy is producing sustainable financial outcomes. He said the bank had achieved strong growth across its core businesses while improving funding efficiency, strengthening profitability, enhancing asset quality, reinforcing its capital base, and expanding its balance sheet. Mr. Asem stressed that the latest earnings were driven by the strength of the bank's underlying operations rather than one time recoveries, reinforcing the quality and sustainability of the results. Looking ahead, he expressed confidence that the momentum built during the first half would enable CalBank to deliver an even stronger performance during the remainder of 2026. Management says the bank remains committed to disciplined execution of its strategic priorities, strengthening customer relationships, maintaining prudent risk management, and creating sustainable long term value for shareholders. CalBank's Transformation Continues to Deliver CalBank's latest financial performance paints the picture of a bank that has successfully rebuilt its foundations and is entering a new phase of sustainable growth. With rising profits, stronger capital, expanding customer deposits, healthier assets, and significantly lower bad loans, the bank appears well positioned to compete aggressively within Ghana's banking sector. As economic conditions continue to improve, CalBank's focus on operational excellence and disciplined execution could make 2026 one of the strongest years in the institution's recent history. READ ALSO: GSE Opens Week with Explosive Trading Activity CalBank Profit Soars 25% to GHS353.6 Million in Strong First Half Performance

CalBank Profit Soars 25% to GHS353.6 Million in Strong First Half Performance

July 14, 2026
Foster Buabeng (CEO/Fund Administrator)

Teachers’ Fund Directs Members to Verify Names Across Official Records

July 14, 2026
ADVERTISEMENT
Next Post
Malik Basintale, Migration, Ghana

YEA, SOS Labour Ghana Begin Talks To Expand Work Abroad Model

The Vaultz News

Copyright © 2025 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2025 The Vaultz News. All rights reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.