Solar energy is facing difficulties - Spain considers financial aid for the industry
The Spanish government is considering whether to offer financial support to the domestic solar energy industry, which is facing oversupply and negative wholesale energy prices. No decision has been made yet, and the government may decide not to offer any support to solar energy producers.
Spain's solar industry has been under pressure since last year, as prices fell sharply due to overcapacity. While many solar power producers have supply contracts that ensure fixed prices, many smaller companies are vulnerable to the volatility of the spot market.
Promoting clean energy has been a central policy of Prime Minister Pedro Sánchez's government since he took office in 2018, with the strong expansion of solar power leaving Spain in a better position compared to other European countries in terms of the energy crisis.
But with an abundance of solar farms and sunshine, Spain has already broken its annual record for hours of negative electricity prices. While building solar power has helped reduce fossil fuel use and lower wholesale energy costs, investment in grids and storage has lagged behind.
Overreliance on solar power was a central problem after the power outage across Spain in April last year. Since then, the grid operator has become more careful in managing the stability of the system with increased use of gas-fired generation, which is less sensitive to voltage fluctuations.
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