The Spanish Wind Energy Association (AEE) yesterday welcomed
the Ministry for the Ecological Transition’s (MITECO) draft bill determining
the rates of remuneration for renewable power, intended to guarantee reasonable
profitability.
AEE said it is happy with the methodology used to calculate
the remuneration rates for regulated activities of the electricity system in
Spain, using the yield of the 10-year government bond as a base and increasing
it with an appropriate differential.
MITECO presented a week ago the draft bill that sets the
financial remuneration rate for the period 2020-2025 for renewable energy,
cogeneration and waste-to-energy facilities, and for the transport, distribution
and production of electricity on Spanish islands. For clean energy the level
allows profitability of 7.09%, while for the distribution of electricity in
non-peninsular territories that rate is 5.58%.
The draft bill also proposes that the remuneration rate
currently in force for clean energy facilities hit by Royal Decree-Law 9/2013
will remain fixed by 2031. This is expected to prevent further litigation by
investors whose projects were affected by the sudden cut to renewable energy
subsidies announced back in 2013. MITECO said five out of the seven arbitration
awards issued to date have been partially condemnatory and there are 35 more
open international arbitration proceedings against Spain.
In the current regulatory period, the remuneration rate for
renewable energy capacity, cogeneration and waste-to-energy is 7.503%, but for
projects prior to Royal Decree-Law 9/2013 it stands at 7.389%.
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