The Spanish Ministry of Industry, Energy and Tourism has sent the draft Ministerial Order to the National Commission for Financial Markets and Competition (CNMC) with the parameters to be applied for calculating the new reimbursement on all renewable sources. The rate of reasonable return applicable has been set at 7.398%, which is obtained from the average yield on 10-year Government Bonds, set at 4.398%, to which we add 300 base points. In the following article, published by CSP Today, Jorge Alcauza reviews the impact of the new reimbursement on Spanish CSP plants.
The system through which all solar thermal power plants in Spain have been installed was based on an incentive to produce, called a bonus, which was paid to producers to offset the higher cost of production when compared with electricity prices in the wholesale market, called the pool in Spain.
This system, guaranteed by the State in the form of a law, made possible the major development of CSP in Spain, currently totalling around 2,300 MW of installed capacity.
Article published in: FuturENERGY March 2014