Spanish government cuts renewable energy firm subsidies

3 Dec 2010

The Spanish government has approved cuts to subsidies paid to solar thermal power plants and certain wind farms in an effort to reduce the costs of electricity for homes and businesses.

The cuts, announced today by the government, will total 35pc between now and 2012, according to an article posted on Bloomberg.

The government estimates that the subsidies will save €1.1bn by 2013 and will see the renewable energy providers facing limits on the number of hours they can earn subsidised rates.