Expected Impact on the Spanish Wind Market due to the Proposed Amendments in Royal decree 661/2007

The cumulative wind power capacity in Spain in the first half of 2010 is 19,876 MW. The major driver for the growth of this sector in Spain is the Royal Decree, which has been effective since 2007. Recently, there have been some proposed amendments to the Royal Decree with respect to subsidies and the number of production hours. The government has proposed a 35% subsidy cut on the installation of wind farms built after January 2008 and limit the number of subsidized production hours to 2,350 hours per year for receiving higher electricity prices. Rumours in the wind market on subsidy cuts and plans to reduce the number of production hours was followed with the proposed amendments to the Royal Decree resulting in the increase of shares of major wind power players in Spain, such as, Iberdrola, EDP Renovables, Acciona and Gamesa Corporation. The share prices of major utilities gained during the first week of July, 2010. The amendments, if effective, are not expected to effect the growth of this sector much due to the existing electricity market prices in Spain. Against this backdrop, the government plans to encourage its wind power sector are expected to increase the country’s cumulative wind power capacity to 20,494 MW by 2010.

Scope

1. The information related to the wind market in Spain

2. Royal Decree – Major Investment Driver in the Spanish Wind Energy Market

3. Market reactions to the Proposed Amendments

4. Impact of the Agreement on Spanish Wind Market

5 Future Outlook

Reasons to buy

1. Understand Royal Decree being the major Investment Driver in the Spanish Wind Energy Market

2. Major reactions to the Proposed Amendments in Royal Decree and its impact on the Spanish wind market

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