Spain: Caramba! Green energy miracle bankrupts sunny, wind-swept nation!
So you can imagine what it’s going to do to Britain and Germany.
Spain’s wind turbine manufacturers are laying off workers and farmers who installed solar panels are facing ruin as austerity policies afflict the long-coddled green energy sector – killing more than 40,000 ‘green’ jobs.
Further cuts are expected this summer.
State subsidies to clean energy producers have already fallen by between 12 and 40 percent on average in recent years, industry analysts say.
They could fall by another 10-20 percent in a new energy sector reform expected mid-July, according to the Spanish media.
“The punishment meted out to renewable energies in the past five years amounts to more than six billion euros ($8 billion),” said Sergio Otto, secretary general of the business group Renewables Foundation.
“In the wind turbine industry alone we have lost 20,000 jobs and in the solar energy sector it’s probably more,” he said.
At the heart of the problem is a deficit of more than 26 billion euros in Spain’s energy market, built up by subsidies to cover the gap between the cost of producing electricity and the price charged to consumers.
When these schemes were approved someone else must have been using the abacus.