2026-05-23T02:58:48Zhttps://riubu.ubu.es/oai/request

oai:riubu.ubu.es:10259/54902024-05-14T11:38:18Zcom_10259_4393com_10259_5086com_10259_2604col_10259_4394

Fernández González, Raquel 74f543da-249b-4fa9-98ff-2658acb3a8e3 500 Suárez García, Andrés 543 500 Álvarez Feijoo, Miguel abc91ae4-4d8f-4a2b-a426-bfbbbc36fb6f 500 Arce Fariña, Elena 1863a7c8-8601-470c-bd9d-e5b7d495f93a 500 Diez Mediavilla, Montserrat 154 500 0000-0002-4957-9530 2020-09-28T11:55:02Z 2020-09-28T11:55:02Z 2020-03 http://hdl.handle.net/10259/5490 10.3390/su12051892 2071-1050 Spain is a country with a high dependence on fossil fuels. For this reason, in 2007, it implemented a bonus system that aimed to encourage the production of renewable energies, particularly photovoltaic solar energy. These production bonuses, guaranteed by the Spanish government, led to an exponential increase in the number of companies in the market and, consequently, the MWh produced. However, in 2012, given the excessive budgetary burden involved in maintaining this “feed-in tariff” system and after several years of institutional instability, the aforementioned system of incentives for phoyovoltaic (PV) energy was eliminated. This paper has tried to analyze the consequences of this institutional change, a clear example of the “hold up” problem. For this purpose, a sample of 5354 companies, which was divided, geographically, into Spanish regions and, temporarily, into three different periods, has been taken, considering diverse economic and financial variables. The results show a notable weakening of the sector that, due to the effects of the regulatory change, has lost attractiveness and profitability for investors and is consequently suffering from stagnation, which has led to the disappearance of many companies in the sector. Raquel Fernández González gratefully acknowledge the financial support provided by the Xunta de Galicia under Grants ED431C2018/48 and ED431E2018/07 and the Ministry of Economy and Competitiveness under Grant RTI2018-099225-B-100. This research was funded by Regional Government of Castilla y León under the “Support Program for Recognized Research Groups of Public Universities of Castilla y León” (ORDEN EDU/667/2019) and the Spanish Ministry of Science, Innovation & Universities under the I + D + i state program “Challenges Research Projects” (Ref. RTI2018-098900-B-I00). application/pdf eng MDPI Sustainability. 2020, V. 12, n. 5, 1892 https://doi.org/10.3390/su12051892 info:eu-repo/grantAgreement/JCyL/EDU/667/2019 info:eu-repo/grantAgreement/MICINN/RTI2018-098900-B-I00 Atribución 4.0 Internacional http://creativecommons.org/licenses/by/4.0/ info:eu-repo/semantics/openAccess Spain Solar photovoltaics Institutional frameworks for energy transition Hold-up problem Electrotecnia Consumo de energía-Aspectos económicos Electrical engineering Energy consumption-Economics aspects Spanish photovoltaic solar energy: institutional change, financial effects, and the business sector info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Sustainability 12 5 1892 TEXT Fernandez-sustainability_2020.pdf.txt Fernandez-sustainability_2020.pdf.txt Extracted text text/plain 84747 https://riubu.ubu.es/bitstream/10259/5490/5/Fernandez-sustainability_2020.pdf.txt 761a07f845e4eef411cf1de326732932 MD5 5 THUMBNAIL Fernandez-sustainability_2020.pdf.jpg Fernandez-sustainability_2020.pdf.jpg IM Thumbnail image/jpeg 3292 https://riubu.ubu.es/bitstream/10259/5490/4/Fernandez-sustainability_2020.pdf.jpg 4ccd2342f48490ae52710aedc460ba45 MD5 4 LICENSE license.txt license.txt text/plain; charset=utf-8 999 https://riubu.ubu.es/bitstream/10259/5490/3/license.txt b295bcbce42e2caabeb0c623d3860c06 MD5 3 CC-LICENSE license_rdf license_rdf application/rdf+xml; charset=utf-8 908 https://riubu.ubu.es/bitstream/10259/5490/2/license_rdf 0175ea4a2d4caec4bbcc37e300941108 MD5 2 ORIGINAL Fernandez-sustainability_2020.pdf Fernandez-sustainability_2020.pdf application/pdf 2356720 https://riubu.ubu.es/bitstream/10259/5490/1/Fernandez-sustainability_2020.pdf 244ee9ac2167aca4912f13bc69d2cecd MD5 1 10259/5490 oai:riubu.ubu.es:10259/5490 2024-05-14 13:38:18.824 Repositorio Institucional de la Universidad de Burgos bubrep@ubu.es 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