Spain s Second Renewable Energy Auction 2017
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1 Spain s Second Renewable Energy Auction 2017 Spanish Wind Back in Action with Record Low Prices Wind power projects in Spain won a major share of 2,980 Megawatts (MW) in the recently held auction on May 17 for generating the country s 3 Gigawatts (GW) of renewable energy capacity. Solar photovoltaic (PV) installations and other technologies occupied the remaining shares of 1 MW and 20 MW, respectively. The auction led to contracts for 43/MWh ($48/MWh), the maximum discount rate granted under the Spanish tendering process, and record low prices in the European onshore wind power tender. The low tender prices came after the Spanish market witnessed a three-year standstill caused by the government s retroactive Feed-in Tariff (FiT) cuts in They highlight the renewed investment interest in Spain s wind power sector and are seen as a positive development for the market. The major aims of the auction were to increase support for its new renewable power projects after the three-year standstill, provide scope for new installations in the country, and bring Spain closer to attaining its European Union (EU) target of generating 20% of power from renewable energy sources. In accordance with the country s Energy Planning , it requires 8.5 GW from renewable energy sources to attain the EU 2020 target, of which wind power should account for 6.4 GW. The winning bidders of the auction will be entitled only to the wholesale price for the power generated, with operators accepting subsidy-free renewable power. The declared key players in the auction included Forestalia, winning 1.2 GW of capacity, followed by Gas Natural (667 MW), Endesa s Enel Green (540 MW), Energias Eolicas Y Ecologicas 54, SL. (238 MW), and Sistemas Energeticos Sierra De Valdefuentes (206 MW). 1
2 The table below provides details of the total volume awarded to each participant for wind technology. Table 1: Wind Market, Spain, Total Volume Awarded to Each Participant Participants Total Volume Awarded (MW) Alfanar Co Cobra Concesiones, S. L Cepsa Gas Y Electricidad, S.A Enel Green Espana SL EDP Renovables Espana, SLU Energias Eolicas Y Ecologicas 54, SL Energias Renovables Del Bierzo S.L Gestamp Eolica, S.L Gas Natural Fenosa Renovables Greenalia, S.L Hocensa Empresa Constructora, S.A Norvento S.L.U Sociedad Aragonesa Transeuropea De Energias Renova Sistemas Energeticos Sierra De Valdefuentes, S.L.U Total Source: GlobalData, Minetad, 2017 While Enel Green and Gas Natural did not announce their wind turbine suppliers, Forestalia chose GE Renewable Energy s 3 MW product range to offer 1.2 GW of wind power; in Spain s tender last year, GE was also selected to provide another 300 MW of its 3 MW range to Forestalia. GE s technology collaboration with Forestalia for the project will help boost renewable energy growth and lead to cost competitiveness in the European market. For Forestalia, the two contracts will support its aim to foster wind power production in autonomous communities, and will lead renewable electricity generation to an open, efficient, and competitive market. Although the auction was termed technologically neutral, implying the absence of capacity caps for wind, solar PV, and others, this was challenged by Asociación Nacional de Productores de Energía Fotovoltaica (Anpier), the National Association of Photovoltaic Energy Producers, and Unión Española Fotovoltaica (UNEF), the Spanish Photovoltaic Union. Anpier is of the opinion that the auction was protecting an electricity oligopoly by offering support for large-scale capacity projects, leaving behind little space for generation from small-scale PV systems. UNEF stated that PV projects were discriminated against with no support for development in the market, as only a 1 MW share was given for solar PV installations and 20 MW for other technologies. Though both solar and wind projects shared the same bidding price, it is believed by UNEF that the auction design led to discrimination and wind power was 2
3 prioritized in the event of a tie. UNEF challenged the very decision of the auction, wherein wind power projects involved a maximum percentage reduction of 63.43%, solar PV 51.22%, and other technologies 99.99%. UNEF, moreover, wants the government to abolish the floor price so that the PV industry can bid as low as possible. The union is also in the act of lodging a complaint with the Directorate-General for Competition (DG COMP) within the European Commission (EC) about the discriminatory regulations associated with the country s renewable energy auction. It hopes that the court intervention will bring about fair bidding rules that would be of advantage to the solar sector. In addition, the Spanish energy ministry has set July 18 as the date for carrying out the next 3 GW renewable energy auction. It has also put forward a bidding parameter change, wind 81.91% and solar 65.80%, under its draft regulation that would give the solar sector a stronger possibility of succeeding in the next auction unlike in the recent auction. The auction results came as good news for the wind sector, with Giles Dickson, CEO of WindEurope, stating that the auction results highlight that onshore wind power is now the cheapest choice for new power generation. It is also a crucial measure toward bringing back investor confidence into the wind power sector. He is also of the opinion that the country needs to do away with the procedure of changing reasonable return of projects, which is every six years (regulatory period) it leads to uncertainty for both current and new projects. The wind sector is awaiting a clear agenda for future tenders. The figure below provides details of the recent auctions witnessed in Spain and Germany and highlights the trend of decreasing cost of renewables in the European market, where onshore wind power is getting cheaper and cheaper. 3
4 Figure 1: Onshore Wind Market, Europe, Auctions in Spain and Germany, /MWh ($63.1/MWh) 50 Germany's First Auction (May 2017) 43/MWh ($48/MWh) 40 Bid prices in /MWh) 30 Spain's Recent Auction (May 2017)t Source: GlobalData The auction marks a further drop in renewable energy generation costs, leading to increased capacity installations in the coming years. It highlights that renewable energy sources are now becoming economically cost-competitive with fossil fuel generation, which will remove the traditional advantage that fossil fuels have over renewable energy sources. The renewable energy development will continue only if Spain s economic recovery is sustained along with price stability. The Spanish government needs to provide clarity on pipeline auctions and deployment volumes, which are crucial for making investment decisions. A clear picture of the country s pipeline and well-designed tenders will enable it to gain economic benefits. 4
5 Abbreviations Table 2: Abbreviations Acronym Anpier DG COMP EU EC FiT GW MW PV UNEF Source: GlobalData Expanded form Asociación Nacional de Productores de Energía Fotovoltaica Directorate-General for Competition European Union European Commission Feed-in Tariff Gigawatt Megawatt Photovoltaic Unión Española Fotovoltaica Bibliography Minetad (2017). Listado de los adjudicatarios en la pasada subasta de renovables. Ministerio De Energía, Turismo Y Agenda Digital. Available from: les.pdf Contact Us If you have any queries about this report or would like further information, please contact us: North America: Europe: Asia-Pacific: eninfo@globaldata.com 5
6 Disclaimer All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form by any means, electronic, mechanical, photocopying, recording, or otherwise without the prior permission of the publisher, GlobalData. The facts of this report are believed to be correct at the time of publication but cannot be guaranteed. Please note that the findings, conclusions, and recommendations that GlobalData delivers will be based on information gathered in good faith from both primary and secondary sources, whose accuracy we are not always in a position to guarantee. As such GlobalData can accept no liability whatsoever for actions taken based on any information that may subsequently prove to be incorrect. 6
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