Modelling of the current RES retribution scheme in Spain since 2013

Abstract

This Master’s Thesis describes the creation of an Excel model used to calculate the regulated revenues to be obtained by any renewable energy source (RES) power plant that participates in the support scheme present in Spain (Royal Decree 413/2014). In order to achieve this, it was necessary to analyze all the legislation that is relevant to the matter, to understand the issue at hand and to envision the proper way of implementing it into a model. The model was then created, taking into account the particularities of the Spanish support scheme, and considering that new power plants could be added to this scheme, so the model would have to cope with those too. With this model it was possible to analyze how different scenarios would affect the regulated revenues of different RES power plants. It was also possible, due to estimations on the installed capacity of the different power plants, to approximate the variation in cost for the electric system of these scenarios. Finally, this model yielded results in order to assess the profitability of a hypothetical power plant associated to this support scheme, given variations with respect to a reference RES power plant. In conclusion, this model is able to obtain results that are useful for businesses that are owners of RES power plants, or that are willing to enter into the sector, academics that wish to study the effects of this support scheme, and regulators that wish to assess changes in the scheme.