Iberdrola backs subsidies freeze on renewables
, Iberdrola's chairman said, Spain had spent millions subsidising relatively costly renewable energy technologies such as solar power ..."It makes no sense," Mr Galán said in an interview with the Financial Times. "Spain is installing the most expensive technologies in Europe instead of looking for those which are cheapest."
February 12, 2012
by Pilita Clark
in Financial Times
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.
"What we were doing was irrational," said Ignacio Galán, chairman of Iberdrola, which is also Spain's biggest power utility by market value.
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... [continue via Web link]