Monday, January 30, 2012
Spain the first to scrap renewable subsidies
Economic reality has struck home in Spain where the power system borrowings have reached a staggering 24 billion euros last year. With a budget deficit of 8% of GDP Spain has to act quickly and is scrapping renewable subsidies for new projects although existing subsidies are untouched and will remain a continuing financial black hole for the government. Spain has gone from the poster-boy of renewable power to a bankrupt country staving off creditors in a very short time largely because of resources wasted on foolish green projects. It is now the face of the future for countries with similar green-addled politicians squandering their country's wealth on a mirage. Spain is only the first domino to fall with many more to come.