Saturday 16 February 2013

Green fatcats want to grind the faces of the Spanish poor

Thanks to Bishop Hill for the link:

Foreign investors in renewable energy projects in Spain have hired lawyers to prepare potential international legal action against the Spanish government over new rules they say break their contracts.
It is unclear how much claims might be worth, but international funds have more than 13 billion euros ($17 billion) of renewable energy assets in Spain and say that the government has reneged on the terms of their investment.
The Spanish Parliament approved a law on Thursday that cuts subsidies for alternative energy technologies, backtracking on its push for green power.

The clanger for me in the source article is this:

The problem was that the cost of the subsidies were not passed on fully to consumers because that would have pushed prices to unprecedented highs.

Imagine that - solar and wind subsidies push up electricity prices to unaffordable levels.

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