Spain to Sell Renewable Generation Capacity to Stop Future Energy Prices

On Monday, Teresa Ribera, energy and environment minister of Spain said, the country is going to launch an auction process for the renewable energy generation capacity as the country has been reeling from the high prices of the power and it is also seeking the ways for preventing the future increase in the energy prices.

The demand for natural gas and the continuously increasing cost of the permits of European Union for emitting the carbon-dioxide for global warming have been responsible in pushing up the prices of the electricity in most of the countries and it has also prompted the political disputes in the country.

Teresa Ribera said, Spain wants to increase the level of the more cheap renewable energy in the system, and it is also going to launch an invitation for the bids which worth 3.3 gigawatts of the capacity of the renewable energy production.

Teres Ribera also said, they have now been working to make sure that, the price of the energy in the country does not depend on the external factors and it has also been carrying the low costs as early as possible, but it had been difficult for managing the dynamics of the wholesale power price as the system has been affected by the price of the increasingly expensive fossil fuels along with some of the external factors.

The technologies like solar and wind energy is having no underlying costs of the fuel and are more cheaper for the purpose of maintaining themselves than the plant based on the fossil fuels.