Spain targets first cash from renewables with energy tax
"The new taxes that are being considered are astronomical," Miguel Salis, chief executive officer of Eolia Renovables SA, a Madrid-based wind and solar farm developer. "They represent 9 percent to 20 percent of gross revenue for these plants, which would create several problems, including many solar plant defaults."
July 12, 2012
by Marc Roca
in Bloomberg News
Mariano Rajoy's pledge to tax utilities and power consumers signals Spain is planning to raise cash from renewable energy for the first time, a blow to an industry already struggling with subsidy cuts.
The prime minister told Parliament yesterday he'd impose a levy to spread the expense of closing a gap between costs and revenue in the country's electricity business, which has racked up debts of 25 billion euros ($31 billion). Details may be announced as early as tomorrow after the weekly Cabinet meeting.
Extending the treasury's net to cover wind and solar power is part of Rajoy's 65 billion-euro... [continue via Web link]