Iberdola supports Spanish freeze on renewable subsidies

Iberdrola, the world’s leading onshore wind farm owner has applauded the Spanish government’s renewable subsidies freeze, saying it is a sensible move for a country that has been paying too much for electricity it does not need.

The Financial Times reports that Chairman Ignacio Galán said, Spain had spent millions subsidising relatively costly renewable energy technologies such as solar power, which accounts for 13 per cent of the cost of Spanish electricity but produces only 3 per cent of electricity supply.

Two weeks ago the Spanish industry minister, José Manuel Soria, announced a temporary halt of subsidies for all new power plants using renewable energy, to help to curb the country’s €24bn electricity “tariff deficit”.

This is the accumulated difference between what consumers pay and what it costs suppliers to deliver subsidised electricity.

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