Reflections on the Spanish Regulation Framework. Dr. Luis Crespo Secretary General of Protermosolar President of ESTELA

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1 Reflections on the Spanish Regulation Framework Dr. Luis Crespo Secretary General of Protermosolar President of ESTELA

2 Recent History of STE regulation and deployment in Spain The Electrical Sector Law 54/1997 created the Special Regime and set the basis for the supports to Renewable generation technologies. Due to strange circumstances the conditions that allow STE plants to be build in Spain started in 2004 Afterwards the R.D. 661/2007 created a favorable atmosphere for the commercial deployment of STE plants Attempts to stop STE: - RDL 6/ Law SOCIMI Oct-2012 (500 MW) - Approv.projects: Dec-2009/Phases - RD 1614/2010 Limits on oper. hours

3 A very brief summary of the regulatory changes Law 54/1997: Switch from Marco Legal Estable to Mercado 16 years later: Large deployment of Combined Cycles / high penetration of RE / Economic crisis (lower demand) High accumulated ( M ) and structural ( M /year) electrical deficit Recent measures to reduce costs: RDL 6/2009 (Requirements and preasignación ) RDL 1/2012 (Moratorium) RDL 13/2012 (Cuts to Distribution) Law 15/2012 (New taxes and discriminatory cuts on RE) RDL 2/2013 (New indexation and fixed tariff) REFORM: RDL 9/2013 (new system: market + investment incentive) Project of Law of the Electrical Sector (under discussion in the Parliament)

4 Retrospective measures affecting the investment conditions of STE Plants in Spain RDL 1614/2010 (Dec) All the plants were obliged to choose the fixed tariff option on the first operation year. This was worth 120 million. RDL 2/2012 (March) Tax reform reducing the discount of financial costs on the profits before taxes. The impact was 50 basic points on the profits after taxes. Very recently: Law 15/2012 (Dec). 7% new tax and abolition of premium for the electricity produced from natural gas. A share of 15% of electricity out of gas was previously officially established by R.D. 661/2007. RDL 2/2013 (Feb). Abolition of the choice pool price + premium. This represented around 13% income reduction. Change of the updating index. This has an impact of 2% income reduction. Results: The Debt Service Ratio on the Project Financing contracts is currently below 1 in many plants. Today: LSE + RDL 9/ RD + OM???

5 What is behind the Reform? A wrong Vision: Energy dependency and industrial support didn t play any significant role A wrong Diagnosis: R.E. are not responsible of the huge accumulated electrical deficit. Moreover they have contribute to reduce electricity prices in Spain in the last years. A clear Discrimination: A further cut of 1350 M on RE has been announced, while other technologies will be further supported and their former privileges maintained This reform seems looking more after keeping the prevailing interest of the utilities than supporting the new RE industry, which will be the basis of the future

6 Lessons which were not learned Setting up -on a proper time- a system with annual quota and progressively decreasing premiums. This possibility was offered by Protermosolar to the Ministry by middle 2008 when the financing of new projects under the RD661 was coming to an end. This was disregarded by the Ministry which provoked instead the undesired call effect with the RDL 6/2009 Modulating premiums according to the demand curve. Thus the depressor effect of dispatchable technologies on pool prices could have been more important The tricky behavior of high promises followed by cuts when then Investments have been done must not be repeated anywhere

7 Europe is looking into the future COMMUNICATION FROM THE COMMISSION (Draft) Delivering the internal electricity market: making the most of public intervention Today, the EU needs to look further ahead, and decide about the way how to achieve the long term objective of almost carbon free electricity, stated in the Energy Roadmap RE-THINKING PUBLIC INTERVENTION IN ENERGY IS NECESSARY The internal market has changed the role of governments in energy markets, but it has not removed the need for government intervention. Role of RE / The need for well designed capacity markets and integration of national markets MAKING PUBLIC INTERVENTION MORE EFFECTIVE AND EFFICIENT Providing public intervention is justified, well-designed and targeted and temporary in its application, it is possible for governments to intervene without distorting markets beyond what is necessary to achieve the policy objective. Ending hidden subsidies / Promoting real competition to reduce costs / Exploiting efficiencies at EU level Best practice for renewable energy support schemes The Commission has called for government intervention to create stable conditions for renewable energy investment and encourage the integration of renewable energy into the energy market. Support scheme reforms should not harm investor confidence.

8 The misleading arguments from the utilities

9 El impacto de la Solar en los precios de la electricidad en España (I)

10 El impacto de la Solar en los precios de la electricidad en España (I)

11 El impacto de la Solar en los precios de la electricidad en España (I)

12 El impacto de la Solar en los precios de la electricidad en España (I)

13 Muchas gracias por la atención

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