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Spain’s Congress Ends New Renewable-Energy Subsidies, Cinco Says

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Feb. 10 (Bloomberg) -- Spain’s Congress yesterday approved Prime Minister Mariano Rajoy’s royal decree to halt subsidies for new renewable-energy projects, Cinco Dias reported.

Rajoy’s People’s Party voted in favor, while three smaller parties abstained and the rest of the Parliamentary groups including the main opposition Socialists voted against the measure, which is already in effect, the newspaper said, citing newswire Efe.

Energy Minister Jose Manuel Soria said the goal of ending above-market payments for solar and wind energy projects is to help eliminate Spain’s so-called tariff deficit, which he called an “insurmountable” obstacle to the proper development of clean-energy technology, the report said.

Soria said the suspension of premium power rates will likely last until the country has eliminated the power system deficit, which has created a 24 billion-euro ($32 billion) debt by charging consumers less than the revenue booked by utilities, according to the report.

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To contact the editor responsible for this story: Todd White at twhite2@bloomberg.net