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BOX 6.1 Feed-in Tariffs in Spain Spain’s history with FITs illustrates both the effectiveness of FITs and the difficulty of calibrating them. Spain has promoted renewable energy deployment through FITs since 1998, motivated by the desire for energy security, industrial development, and climate change mitigation.a In 2004, renewable energy generation had increased to the point where policymakers were concerned about grid stability and voltage drops, among other issues, and generators felt that the annual FIT revisions were non-transparent and arbitrary, so the FIT program was modified.b It was further modified in 2007, adopting a cap-and-floor price to help control system costs and improve the security of the electricity supply.c However, Spain’s solar installations in 2008 exceeded expectation by a wide margin. The government forecast achieving 400 MW of solar capacity by 2010, but under the FIT system 2.6 gigawatts of capacity was installed in 2008 alone, which accounted for 40 percent of total global installations that year and resulted in Spain having the largest installed concentrated solar power (CSP) capacity in the world.d This rapid deployment was largely due to the fact that the costs of solar panels collapsed while FITs remained unchanged.e The country’s solar energy market crashed in 2009; there had been excessive construction and payments,f and demand for electricity, which was closely tied to real estate development, had collapsed. The Spanish government temporarily closed its FIT system starting in 2012 (with an exception for plants already receiving payments and plants already registered for pre-allocations), citing the country’s economic crisis.g The country also implemented several retroactive changes to renewable energy contracts, including a lifetime cap on FITs for plants connected to the grid before 2008, which prompted some global investors to seek international arbitration.h Firms, and banks that loaned money to them, had made their investing and financing decisions based on anticipated FITs.i Spain’s frequent FIT modifications created an unpredictable policy environment, and resulted in price uncertainty and high volatility in the renewable energy market.j Yet Spain was able to transform its energy mix by deploying an enormous amount of renewable energy in a short span of time. Although Spain’s FITs did not provide the renewable energy industry with stable and competitive economic underpinnings, the frequent amendments and policy shifts did not discourage renewable energy investment in the country.k _____________ a Industry representatives, interview by USITC staff, Madrid, Spain, May 8, 2013. b Del Río González, “Ten Years of Renewable Electricity Policies in Spain,” 2008. c Del Río González, “Ten Years of Renewable Electricity Policies in Spain,” 2008. d SolarServer, “Spanish Government Halts PV, CSP Feed-in Tariffs,” January 30, 2012. e Industry representatives, interview by USITC staff, Madrid, Spain, May 8, 2013. f Voosen, “Spain’s Solar Market Crash Offers a Cautionary Tale,” August 18, 2009 g SolarServer, “Spanish Government Halts PV, CSP Feed-in Tariffs,” January 30, 2012. h ICIS, “Cloud of Legal Action,” November 30, 2011. i Industry representatives, interview by USITC staff, Madrid, Spain, May 7, 2013. j Industry representatives, interview by USITC staff, Madrid, Spain, May 8, 2013. k Ibid. 6-7PDF Image | Renewable Energy and Related Services: Recent Developments
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