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  5. > Spain Renewables Report Q3 2016

Spain Renewables Report Q3 2016

  • June 2016
  • -
  • Business Monitor International
  • -
  • 44 pages

Includes 3 FREE quarterly updates

BMI View: We maintain a muted outlook for the Spanish renewables sector this quarter, as substantial cutsto government support and limited visibility over the future direction of energy policy - due to the failure toestablish a government after the 2015 general election - will weigh on growth in the sector. While Spainaims to restart growth through the introduction of a competitive subsidy scheme, the first renewablescapacity auction in January 2016 suggests that race to the bottom bidding dynamics could heighten the riskof contracted projects being commercially unviable.

Latest Updates And Structural Trends

- Spain is set to embark on a second general election in June 2016, after no workable coalition wasestablished in the December 2015 election. Our Country Risk team believes that a third election will bepolitically unpalatable, but that the parties nonetheless will be likely to negotiate over months before aworkable coalition can be established. This will mean that the Spanish renewables sector will faceelevated policy uncertainty over the coming months, while a lack of cross-party consensus on key issuescould weigh on long-term policy. As such, we do not expect a rebound in the Spanish renewables sectoranytime soon.

- Abengoa, Spain's largest renewable energy company initiated insolvency proceedings in late November2015. While the outlook for Abengoa has been precarious for a number of years - owing to its significantdebt pile, the highly leveraged nature of the company and domestic energy sector woes - the companycould now be heading towards bankruptcy. We stress the Spanish banking sector remains exposed toAbengoa's troubles - with the three Spanish banks Santander, CaixaBank and Banco deSabadell reportedly holding the largest debt shares, which in Santander's case amounts to EUR1.5bn. Weexpect Abengoa's economic troubles to warrant greater caution on behalf of Spanish banks fundingrenewables companies over the next years.

Table Of Contents

Spain Renewables Report Q3 2016
BMI Industry View 5
Table: Renewables Headline Forecasts (Spain 2015-2021) 5
SWOT 7
Industry Forecast 9
Spain Renewables Forecast Scenario 9
Latest Updates 9
Structural Trends 10
Table: Total Electricity Generation Data And Forecasts (Spain 2014-2019) 22
Table: Total Electricity Generation Data And Forecasts (Spain 2020-2025) 23
Table: Electricity Generating Capacity Data And Forecasts (Spain 2014-2019) 24
Table: Electricity Generating Capacity Data And Forecasts (Spain 2020-2025) 25
Spain Renewables Projects Database 26
Table: Spain - Top 10 Renewables Projects By Capacity (MW) 26
Industry Risk/Reward Index 27
Spain Renewables Risk/Reward Index 27
Rewards 27
Risks 28
Market Overview 30
Sustainable Energy Policy and Infrastructure 30
Targets 30
Subsidies 31
Infrastructure 32
Competitive Landscape 35
Iberdrola 35
Endesa 35
Acciona 36
Gamesa 36
Glossary 38
Table: Glossary Of Terms 38
Methodology 39
Methodology And Sources 39
Industry Forecast Methodology 39
Sources 41
Risk/Reward Index Methodology 41
Table: Renewables Risk/Reward Index Indicators 43
Table: Weighting Indicators 44

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