Spanish government looks to reform energy sector

first_imgSpanish government looks to reform energy sector FacebookTwitterLinkedInEmailPrint分享Bloomberg:The Spanish government is exploring ways to persuade investors to finance a 100 billion-euro ($116 billion) transformation of its energy system as it tries to move beyond past policy mistakes that led to widespread losses and lawsuits.The Socialist administration is drawing up plans to expand renewable power generation, modernize its transport system and refit buildings to make them more energy efficient through 2030. But the effort to mobilize private investment is hampered by ongoing legal disputes from the party’s last green energy push a decade ago, which saw over-generous solar power subsidies cut retroactively.“We have to craft carefully a proposal that is adequate, credible and sound in terms of new investments, both for national and foreign investors, and also providing some recognition about what happened,” Teresa Ribera, minister for the ecological transition, said in an interview at her office in Madrid. “It can be through regulatory means or it can be via fiscal means.”Ribera has limited room for maneuver because the government is still fighting legal claims from investors over cuts in subsidies for photovoltaic power plants. Spain became the world’s biggest installer of PV panels in 2008 after the government misjudged the amount of subsidy required to stimulate investment. The payments were gradually reduced over successive years — leaving some plants struggling to cover their financing costs — as they began to jeopardize the public finances.A second problem for the minority administration is its lack of support in parliament, where the governing party has just 84 of 350 lawmakers. Ribera said she is aiming to win cross-party support for her plans but can also use administrative levers to push through some measures if she is blocked by opposition parties.Among her first moves, Ribera aims to remove a levy on Spaniards who installed solar panels on their homes by the end of November. She said both the left-wingers of Podemos and the liberals of Ciudadanos have in the past signaled they would support the decision, but the government can also push through the change by decree if necessary.More: Spain Aims to Win Investors for $116 Billion Energy Refitlast_img read more

Transfer: Barcelona Block Neymar’s Bonus

first_img“These 26 million euros have been placed with a notary pending to see if the player continues,” the source who refused to be named told AFP.The renewal bonus was agreed on a year ago when Neymar extended his contract with Barcelona until 2021, and was due to be paid to the player after he completed a year.But the club has decided to put it on hold pending to see how the situation evolves.The contract Neymar signed also increased an early termination clause from 200 to 222 million euros, which PSG is reportedly willing to pay.Neymar’s future is the talk of Spanish football, and particularly Barcelona supporters.After a successful pre-season tour in the United States that saw Barcelona win against Juventus, Manchester United and Real Madrid, the footballer flew to China for a promotion trip.But he studiously avoided commenting on the situation.Barcelona players are expected to resume training today after their summer break, with a double session in the morning and in the afternoon.Neymar has been called to the training, the club source said, although Spanish sports media doubt he will show up.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Barcelona has blocked payment of a $31-million bonus for star attacker Neymar as speculation mounts that he will move to Paris Saint-Germain, a source at the club disclosed on Tuesday.The Brazilian football star who is due to come return to Camp Nou for training this morning is at the centre of an apparent tug of war between the two European giants in what would be the most expensive transfer fee in football history.Speculation is mounting that the 25-year-old could quit Barcelona for PSG for a world-record 222 million euros.last_img read more