Spain to vote on 7% tax on renewable power generation

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Prime Minister Mariano Rajoy

Spain’s Senate is today due to vote on a reform of its energy sector that includes an even harsher than planned, across-the-board tax on electricity generation that would cost renewable power producers hundreds of millions of euros.

The majority Popular Party of Prime Minister Mariano Rajoy is trying to hike the levy to 7% from the 6% that had originally been envisaged in the austerity-racked nation.

The reforms before the Senate – Spain’s upper house – also include a levy on nuclear, large-scale hydropower and solar-thermal.

The Spanish wind energy association, AEE, says at the higher rate the new tax would hit the sector by some €300m ($392m) annually.

But even at the 6% announced in September, the tax would hurt. Renewables group Acciona would have to digest a Log in to read complete article.

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