Feeds

Sunny Spain suspends solar subsidy scam

€18bn flushed down the baño

High performance access to file storage

Dead broke Spain can't afford to prop up renewables anymore. The Spanish government is cutting the numbers of hours in a day it's prepared to pay for "clean" energy.

Estimates put the investment in solar energy in Spain at €18bn - but the investment was predicated, as it is with all flakey renewables, on taxpayer subsidies. With the country's finances in ruins, making sacrifices for the Earth Goddess Gaia is an option Spain can no longer afford. Incredibly, Spain pays more in subsidies for renewables than the total cost of energy production for the country. It leaves industry with bills 17 per cent higher than the EU average.

“We feel cheated", Tomas Diaz of the Spanish Photovoltaic Industry Association told Bloomberg. But it's undoubtedly taxpayers who have been cheated the most.

"Sustainability" has been the magic word that extracted large sums of public subsidy that couldn't otherwise have been rationally justified using traditional cost/benefit measures. Spain paid 11 times more for "green" energy than it did for fossil fuels. The public makes up the difference. The renewables bandwagon is like a hopeless football team that finishes bottom of the league each year - but claims it's too special ever to be relegated.

For sure, you can create a temporary jobs boom, but these are artificial, and the exercise is as useful as paying people to dig a hole in the ground, then fill it in. Spanish economist Professor Gabriel Calzada, at the University of Madrid estimated that each green job had cost the country $774,000.

Worse, a "green" job costs 2.2 jobs that might otherwise have been created - a figure Calzada derived by dividing the average subsidy per worker by the average productivity per worker. Industry, which can't afford to pay the higher fuel bills, simply moves elsewhere.

You can download Calzada's paper here (pdf) and find more details of the subsidy cuts here.

You can also read how the UK's "sustainability" mob plan to fleece your wallet, here and here. ®

High performance access to file storage

More from The Register

next story
Fancy joining Reg hack on quid-a-day challenge?
Recruiting now for charity starvation diet
Red-faced LOHAN team 'fesses up in blown SPEARS fuse fiasco
Standing in the corner, big pointy 'D' hats
KILLER SPONGES menacing California coastline
Surfers are safe, crustaceans less so
Opportunity selfie: Martian winds have given the spunky ol' rover a spring cleaning
Power levels up 70 per cent as the rover keeps on truckin'
KILLER ROBOTS, DNA TAMPERING and PEEPING CYBORGS: the future looks bright!
Americans optimistic about technology despite being afraid of EVERYTHING
Discovery time for 200m WONDER MATERIALS shaved from 4 MILLENNIA... to 4 years
Alloy, Alloy: Boffins in speed-classification breakthrough
Elon Musk's LEAKY THRUSTER gas stalls Space Station supply run
Helium seeps from Falcon 9 first stage, delays new legs for NASA robonaut
prev story

Whitepapers

Top three mobile application threats
Learn about three of the top mobile application security threats facing businesses today and recommendations on how to mitigate the risk.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
SANS - Survey on application security programs
In this whitepaper learn about the state of application security programs and practices of 488 surveyed respondents, and discover how mature and effective these programs are.