2024-03-28T08:28:49Zhttps://riubu.ubu.es/oai/requestoai:riubu.ubu.es:10259/54902021-11-02T12:07:21Zcom_10259_4393com_10259_5086com_10259_2604col_10259_4394
Spanish photovoltaic solar energy: institutional change, financial effects, and the business sector
Fernández González, Raquel
Suárez García, Andrés
Álvarez Feijoo, Miguel
Arce Fariña, Elena
Diez Mediavilla, Montserrat
Spain
solar photovoltaics
institutional frameworks for energy transition
hold-up problem
Ingeniería eléctrica
Energía-Aspectos económicos
Electric engineering
Energy (Economics)
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).
2020-09-28T11:55:02Z
2020-09-28T11:55:02Z
2020-03
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
http://hdl.handle.net/10259/5490
10.3390/su12051892
2071-1050
eng
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
application/pdf
MDPI
https://riubu.ubu.es/bitstream/10259/5490/4/Fernandez-sustainability_2020.pdf.jpg
Hispana
TEXT
http://creativecommons.org/licenses/by/4.0/
RIUBU. Repositorio Institucional de la Universidad de Burgos
http://hdl.handle.net/10259/5490