Renewable energy sources racked up 4.637 billion euros in premiums in the first half of 2012, a high amount that will surely drop in the second half of the year because hourly power-use limitations that lower energy production will go into effect. One part of this 26.7% quarter-to-quarter increase can be explained by new power plant construction.
More plants are good, mostly because it's important that companies who agreed to investment deals before the Government-agreed moratorium made good on their commitments to build. Still, renewable energy growth through June shows the imbalance of premiums that have been received. Solar and thermoelectric plants have clearly benefited more than other energy sources.
The disparity out to be balanced out, capitalizing on the third energy reform package that the Spanish government keeps waiting to approve becuase of intense differnences of opinion between the Ministry of Finance and the Ministry of Industry about how to subsidize renewable energies.
Ministery José Manuel Soria's latest draft proposes a 13% tax on thermosolar energy. Thirteen international investment firms are protesting the tax because they have stakes in the sector. The inability to reach an agreement between the two ministries has pushed the final decision to Prime Minister Mariano Rajoy, who ought to adopt a resolution that does away with the insanely high 24 billion euro tariff deficit. The government has to nix its unsustainable current model because of crippling inefficiencies.
