RT info:eu-repo/semantics/article
T1 Spanish photovoltaic solar energy: institutional change, financial effects, and the business sector
A1 Fernández González, Raquel
A1 Suárez García, Andrés
A1 Álvarez Feijoo, Miguel
A1 Arce Fariña, Elena
A1 Diez Mediavilla, Montserrat
K1 Spain
K1 Solar photovoltaics
K1 Institutional frameworks for energy transition
K1 Hold-up problem
K1 Electrotecnia
K1 Electrical engineering
K1 Consumo de energía-Aspectos económicos
K1 Energy consumption-Economics aspects
AB 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.
PB MDPI
YR 2020
FD 2020-03
LK http://hdl.handle.net/10259/5490
UL http://hdl.handle.net/10259/5490
LA eng
NO 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).
DS Repositorio Institucional de la Universidad de Burgos
RD 21-nov-2024