The Spanish Government has announced that it is seeking investors to finance a €100 billion transformation of its energy system. It is drawing up plans to expand renewable power generation, modernise its transport system, and refit buildings to make them more energy efficient.
Teresa Ribera, Minister for the Ecological Transition, said: “We have to craft carefully a proposal that is adequate, credible, and sound in terms of new investments, both for national and foreign investors. It can be through regulatory means or it can be via fiscal means.”
Power prices in Spain have increased this year, with one-year futures for baseload power rising more than 30 per cent, which makes for a difficult political situation when combined with an economy that is likely to fall for a fourth successive year in 2018/19. Ribera said that she will address the issue when she speaks to the Spanish Parliament on 19 September.