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You would think that a cut to future subsidies for solar power in Spain would have minimal impact on northern European wind developers. But renewables execs at a planning meeting for the Power and Renewables Summit 2011 looked almost traumatised by the events of last year.
When asked about the biggest hurdle for investment in capex-intensive projects such as offshore wind farms, all agreed that it was uncertainty in government subsidy regimes. “Look what happened in Spain,” they murmured.
However, what happened in Spain purely affected future contracts. What renewables execs really worry about is retrospective cuts: ones which will damage profits on projects that are already up and running. Was even the mere suggestion that cuts could be applied retrospectively in Spain enough for investors to fret? That’s what these bosses claimed.
Many apologies to our readers, especially those who sent in questions, but we have had to cancel the planned question and answer session with Josh Fox due to a misunderstanding over publication terms and conditions.
Sorry to all of those who expected to see answers to their questions, but keep watching this blog for the session with Gazprom’s Alexander Medvedev, to be published here on Friday.
Last year, the Kremlin depended on this single company for 15 per cent of its tax revenues. Gazprom, in turn, depended on gas sales to Europe for most of its export earnings, which totalled $72.4bn last year, while supplies to the world beyond the former Soviet Union accounted for $52.8bn.
Meanwhile, a string of European countries, particularly the Kremlin’s former satellite states, depend on Gazprom for between 80 and 100 per cent of their natural gas imports. Just as the Russian energy giant must sell its wares, so these countries have nowhere else to turn if they are to keep their lights on. Mutual interdependence locks together Gazprom, the Russian state and European gas consumers.
Ever wondered exactly how the various layers of UK and EU energy legislation might affect your business? Well here, thanks to engineering company Arup, is the answer.
The energy specialists there have put together this handy timeline for how and when regulations are due to come into force.
So if you’ve ever wondered when the renewables obligation is due to end, or how much return on investment to expect from the feed-in tariff, this is the place to look.
I will also put a permanent link to the chart on the right hand side of this site.
- Cairn chief warns time running out on Indian deal – The Times (£)
- How much oil does Saudi Arabia actually have? – The Guardian
- Eni reports 24% jump in profits – Bloomberg
- Market gives thumbs down to chief’s first year – WSJ (£)
- China regions push for carbon trade – Reuters
- Corporate grandee returns to centre stage – The Times (£)
- Piracy threat affects oil product prices – Argus
- Plans for Channel undersea nuclear reactors – The Guardian
- Chevron unlikely to pay a cent in Ecuador – FT Lex
- Costner sued over oil spill technology – NY Times Green blog