It Could Happen Here

by William Yeatman on October 25, 2010

in Blog

In 2007, the Spanish government of Prime Minister Jose Luis Rodriguez Zapatero passed a law that guaranteed solar power producers a price for power more than 10 times the 2007 average wholesale price paid to conventional energy suppliers. The generous subsidies sparked a rush to solar, and taxpayer costs mounted. Today, the government owes $172 billion to renewable energy investors, but it doesn’t have the means to meet its obligations in the face of rising budget deficits. As a result, more than 50,000 other Spanish solar entrepreneurs face financial disaster.

grant duncan October 25, 2010 at 8:07 am

untrue untrue untrue . we owe 357 billion

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