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.
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.
more
Spanish downturn a disaster for green energy
via sda:
"Buy High, Sell Low" meets "Running out of other peoples money". So, instead of just being a huge drain on the public purse, it's also going to cause another bank run because too many people borrowed against the gov't subsidies. Coming to a Province near you whose name may be Ontario.
This quote is classic,
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.
more
Spanish downturn a disaster for green energy
via sda:
"Buy High, Sell Low" meets "Running out of other peoples money". So, instead of just being a huge drain on the public purse, it's also going to cause another bank run because too many people borrowed against the gov't subsidies. Coming to a Province near you whose name may be Ontario.
This quote is classic,
"The current policy is harmful because the sector was maturing and close to becoming competitive without any aid but has suddenly totally collapsed," Izurzun said.
