The Spanish government yesterday passed a decree to stop subsidies for wind power, solar power, waste heat power generation, and new power plants for waste incineration. In an interview in Madrid, the Spanish Minister of Industry Jose Manuel Soria stated that "the current energy issue may become an economic problem." The state-controlled price of income is not enough for the cost of distribution, so that the subsidy system will accumulate debt. Due to the increase in grid regulatory costs, support for Spanish coal mines, and subsidies for renewable energy power stations, distribution costs have continued to expand over the past five years.
"Obviously, they had to make drastic cuts," said Francisco Salvador, FGA/MG Valores strategist. "The government has excluded the possibility of significant price increases, so it will be cut in many places. Focus on renewable energy, but not It's just on renewable energy."
This move by Spain has caused the stock market of many renewable energy companies to plummet. On the Copenhagen Stock Exchange, Vestas WindSystems A/S (VWS), the world's largest wind turbine manufacturer, slipped as much as 2.9%. Abengoa SA, a Spanish engineering company specializing in solar reflectors, fell more than 2.2% on the Madrid Stock Exchange. Iberdrola SA (IBE), the worldâ€™s largest renewable energy manufacturer headquartered in Bilbao, Spain, fell 1.5%.
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