Keywords
MII-O (H62-organizacion), Energia, Renovables, Solar, Eólico, Financiación, Energy, Renewable, Solar, Wind, Financiación
Análisis de la financiación de proyectos renovables
Abstract
El sistema eléctrico español ha experimentado cambios importantes en las últimas décadas. Sin embargo, esto continuará, el progreso de la tecnología y la regulación / desregulación conducirán a un mayor movimiento y cambios en el mercado. Entre la interrupción que creará la nueva tecnología hay, sin embargo, problemas más inminentes, ya que es probable que sucedan en el corto plazo. La interrupción a largo plazo, como el impacto de los vehículos eléctricos, Internet of Things (IoT), el comercio P2P a través de plataformas como Blockchain y el impacto de los consumidores activos sobre el modelo comercial existente, aún no está claro debido a las grandes incertidumbres que los rodean. Estas incertidumbres se relacionan no solo con los fundamentos del mercado y las estrategias de los actores del mercado, sino también con las barreras regulatorias que podrían no ser fáciles de superar. Los temas mas relevantes en la actualidad en e sistema energético español son los siguientes: Incertidumbres de capacidad convencionales: la decisión de cerrar plantas CCGT, nucleares y carbón. Las decisiones del gobierno español sobre una serie de temas, como qué hacer con los excedentes creados recientemente, y las decisiones políticas sobre cómo proceder con los diferentes impuestos en el sistema eléctrico Nuevo paradigma para las energías renovables: aumento de la capacidad en un entorno de subastas que da lugar a una gran exposición a riesgo de mercado.
El sistema español, se liberalizó originalmente en 1997 cuando se introdujo la Ley de Electricidad (54/1997). Desde entonces, el sistema eléctrico en España ha sufrido una transformación bastante relevante que ha causado problemas importantes en todos los niveles. Los problemas que afectaban al gobierno, las empresas de servicios públicos, los usuarios finales, los inversores de renovables, los bancos, etc., ponían en riesgo todo el sistema. Durante todo este período, el gobierno español no estuvo inactivo. En el camino, se publicaron una serie de nuevas reglas y piezas legales con el fin de abordar partes del problema que, sin embargo, siempre fue creciendo.
Como resultado de todas las cuestiones acumuladas a lo largo del tiempo, el sistema eléctrico español experimentó una gran transformación durante 2013, cuando el Gobierno español introdujo varios cambios que modificaron la estructura general de la regulación de la electricidad. Este cambio se produjo como la Ley 24/2013 que anuló la antigua Ley 54/1997, y desde una perspectiva de mercado proporciona medios para resolver los problemas relacionados con la fortaleza financiera de la electricidad sistema.
Además, también se desarrolló una legislación posterior, el RD 413, que rige sobre las energías renovables. Además, también se introdujeron cambios en la regulación de las redes.
Dada la magnitud de las necesidades de inversión en la generación de energía baja en emisiones de carbono para mitigar el efecto invernadero, la disponibilidad y el coste de capital es crucial para una transición energética se desarrolle con éxito. Recientemente, se ha podido observar un fuerte aumento de la financiación de proyectos sin recurso para los proyectos de generación de energía. Sin embargo, los cambios políticos y regulatorios que se han desarrollado en España han trucando o están truncando muchas posibles financiaciones para nuevos proyectos. El nuevo escenario de las subastas ha introducido mucha incertidumbre sobre cual es el soporte regulatorio real que tienen o pueden tener los nuevos proyectos de energía renovable.
Este documento evalúa la importancia de la financiación de proyectos para proyectos de energía renovable, y los factores subyacentes para usar este tipo de financiación.
Los cambios ocurridos en el sector eléctrico español desde 1997, la falta de garantía de la estabilidad financiera del sistema eléctrico y la dispersión regulatoria llevaron al Gobierno español a aprobar una nueva ley del sector eléctrico en diciembre de 2013 ("LSE"). Se discuten las implicaciones de los cambios regulatorios que ha habido recientemente en el sector, y como eso puede afectar a la financiación de los proyectos.
También analiza el panorama financiero de las energías renovables y describe las tendencias clave a nivel mundial, examina las diferentes funciones y enfoques de la financiación, destaca el importante papel de los instrumentos de mitigación de riesgos y proporciona una perspectiva para la financiación de energías renovables en 2018 y más adelante en España.
The Spanish electricity system has undergone significant changes in recent decades. However, this will continue, the progress of technology and regulation / deregulation will lead to greater movement and changes in the market. However, there are more imminent problems between the interruption that the new technology will create, since they are likely to happen in the short term. The long-term interruption, such as the impact of electric vehicles, Internet of Things (IoT), P2P trade through platforms such as Blockchain and the impact of active consumers on the existing business model, is not yet clear due to the great uncertainties that surround them. These uncertainties are related not only to market fundamentals and the strategies of market players, but also to regulatory barriers that may not be easy to overcome. The most relevant issues at present in the Spanish energy system are the following: Conventional capacity uncertainties: the decision to close CCGT, nuclear and coal plants. The decisions of the Spanish government on a series of topics, such as what to do with the surpluses created recently, and the political decisions on how to proceed with the different taxes on the electricity system New paradigm for renewable energies: increases in capacity in an auction environment that leads to a large exposure to market risk. The Spanish system was originally liberalized in 1997 when the Electricity Law was introduced (54/1997). Since then, the electrical system in Spain has undergone a quite relevant transformation that has caused important problems at all levels. The problems that affected the government, utilities, end users, renewables investors, banks, etc., put the whole system at risk. Throughout this period, the Spanish government was not inactive. Along the way, a series of new rules and legal pieces were published in order to address parts of the problem that, however, was always growing. As a result of all the issues accumulated over time, the Spanish electricity system underwent a major transformation during 2013, when the Spanish government introduced several changes that modified the general structure of electricity regulation. This change occurred as Law 24/2013 that annulled the old Law 54/1997, and from a market perspective provides means to solve the problems related to the financial strength of the electricity system. In addition, a subsequent legislation was also developed, RD 413, which governs renewable energies. In addition, changes were also introduced in the regulation of networks. Given the magnitude of the investment needs in the generation of low carbon energy to mitigate the greenhouse effect, availability and the cost of capital is crucial for an energy transition to develop successfully. Recently, it has been possible to observe a strong increase in the financing of non-recourse projects for power generation projects. However, the political and regulatory changes that have taken place in Spain have trickled or are truncating many possible financings for new projects. The new auction scenario has introduced a lot of uncertainty about the actual regulatory support that new renewable energy projects have or can have. This document assesses the importance of project financing for renewable energy projects, and the underlying factors for using this type of financing. The changes occurred in the Spanish electricity sector since 1997, the lack of guarantee of the financial stability of the electricity system and the regulatory dispersion led the Spanish Government to approve a new electric sector law in December 2013 ("LSE"). The implications of the regulatory changes that have recently occurred in the sector are discussed, and how that can affect the financing of the projects. It also analyzes the financial landscape of renewable energies and describes key trends worldwide, examines the different functions and approaches to financing, highlights the important role of risk mitigation instruments and provides a perspective for the financing of renewable energies in 2018 and later in Spain.
The Spanish electricity system has undergone significant changes in recent decades. However, this will continue, the progress of technology and regulation / deregulation will lead to greater movement and changes in the market. However, there are more imminent problems between the interruption that the new technology will create, since they are likely to happen in the short term. The long-term interruption, such as the impact of electric vehicles, Internet of Things (IoT), P2P trade through platforms such as Blockchain and the impact of active consumers on the existing business model, is not yet clear due to the great uncertainties that surround them. These uncertainties are related not only to market fundamentals and the strategies of market players, but also to regulatory barriers that may not be easy to overcome. The most relevant issues at present in the Spanish energy system are the following: Conventional capacity uncertainties: the decision to close CCGT, nuclear and coal plants. The decisions of the Spanish government on a series of topics, such as what to do with the surpluses created recently, and the political decisions on how to proceed with the different taxes on the electricity system New paradigm for renewable energies: increases in capacity in an auction environment that leads to a large exposure to market risk. The Spanish system was originally liberalized in 1997 when the Electricity Law was introduced (54/1997). Since then, the electrical system in Spain has undergone a quite relevant transformation that has caused important problems at all levels. The problems that affected the government, utilities, end users, renewables investors, banks, etc., put the whole system at risk. Throughout this period, the Spanish government was not inactive. Along the way, a series of new rules and legal pieces were published in order to address parts of the problem that, however, was always growing. As a result of all the issues accumulated over time, the Spanish electricity system underwent a major transformation during 2013, when the Spanish government introduced several changes that modified the general structure of electricity regulation. This change occurred as Law 24/2013 that annulled the old Law 54/1997, and from a market perspective provides means to solve the problems related to the financial strength of the electricity system. In addition, a subsequent legislation was also developed, RD 413, which governs renewable energies. In addition, changes were also introduced in the regulation of networks. Given the magnitude of the investment needs in the generation of low carbon energy to mitigate the greenhouse effect, availability and the cost of capital is crucial for an energy transition to develop successfully. Recently, it has been possible to observe a strong increase in the financing of non-recourse projects for power generation projects. However, the political and regulatory changes that have taken place in Spain have trickled or are truncating many possible financings for new projects. The new auction scenario has introduced a lot of uncertainty about the actual regulatory support that new renewable energy projects have or can have. This document assesses the importance of project financing for renewable energy projects, and the underlying factors for using this type of financing. The changes occurred in the Spanish electricity sector since 1997, the lack of guarantee of the financial stability of the electricity system and the regulatory dispersion led the Spanish Government to approve a new electric sector law in December 2013 ("LSE"). The implications of the regulatory changes that have recently occurred in the sector are discussed, and how that can affect the financing of the projects. It also analyzes the financial landscape of renewable energies and describes key trends worldwide, examines the different functions and approaches to financing, highlights the important role of risk mitigation instruments and provides a perspective for the financing of renewable energies in 2018 and later in Spain.
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