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July 4, 2010
MADRID -- The government of Spain, a world leader in the renewable energy, said it has reached agreements with producers to slash subsidies for wind and solar power. The premiums for wind power will be cut by 35% from January 1, 2013, when the current scheme expires, the industry ministry said in a statement late on Friday.
Thermosolar plants will also give up an advantageous rate they receive for the first year they are in operation. The two deals also envisage a limit on the number of hours in which wind and thermosolar plants will have the right to collect rates that are above market prices. "The agreements include short-term measures that will reduce the impact on electricity prices of these technologies, as well as long-term measures that will ensure future stability for both sectors," the statement said.
It said the measures will "not compromise the profitability of existing facilities and will "benefit consumers." Spain's socialist government last month announced a freeze in electricity prices, suspending a 4.0% hike scheduled for July, in order to help households and businesses cope better with the country's economic crisis. Spain, along with Germany and Denmark, is among the three biggest producers of wind power in the European Union through companies such Iberdrola Renovables and Gamesa.
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