Posts Tagged ‘Government’
Deficit in Electricity Tariff Securitization
The bond program Sinking Fund Deficit Electric (FADE) provides for a maximum of 25,000 million Euros, of which the Government guarantees a maximum of 13,500 million from the General State Budget 2010. Furthermore, as stated in the prospectus, the fund will have a credit line of 2,000 million Euros.
The bond issue will allow utilities to draw from their accounts receivables that are known to recover the tariff deficit, which is generated since 2000 because the revenues gained through energy bill are not sufficient to cover costs that support the system, as the premiums to renewable supplies to the islands, transport or distribution.
An imbalance that he assured the Minister of Industry, Tourism and Trade Miguel Sebastian, on 16 November in the Senate, is expected to rise to around 4,000 million Euros, 1.000 billion more than the 3.000 million set by the Government for this year.
As stated in the prospectus, after the end of the period of exploration of the demand for the first issue of the fund, which will begin on November 24 and ending expected by 8 December, will be sent to the CNMV and conditions necessary documents for registration, which is expected to occur later than two business days.
According to financial sources said, for the time being “the monitored” market conditions to see when it would be advisable to carry out the first issue, the amount is unknown. BNP Paribas, BBVA, Santander, Deutsche Bank, Goldman Sachs, will be among the banks in charge of the operation. Read the rest of this entry »
How does the Minister of Environment in spain
The Minister of Environment and Rural and Marine Affairs, Elena Espinosa, says in this interview to be responsible to the measures the Government has put in place to cushion the economic crisis will not affect environmental requirements. He also defends the use of renewable energy, turning its back on nuclear and admits that Spain will have to go to international carbon markets to meet Kyoto.
Spain is far from meeting the targets set in Kyoto. What are we doing wrong?
Spain has taken in recent years a major exertion compared to other neighboring countries. And we understand that this allows us to establish the groundwork so early to facilitate the transition to a carbon-intensive economy, laying a solid pillars that allow for more efficient energy model, decoupling GDP growth in demand for energy, promoting savings and energy efficiency and increasing renewable energy.
Spain will comply with Kyoto. While we cannot do, as we would like, exclusively from domestic action because Spain must go to the international carbon market. The Government, however, has launched a strategy to convert this need in a good way to learn about their performance and potential, on the need for improvement, a good opportunity also to help support a new model of growth with sustainable pattern of much higher that constitutes also an opportunity for our companies with the capacity to invest and develop activities in the fields of renewable energy, energy efficiency, sustainable waste management, etc.
I like to recall that the previous legislature allowed setting a solid foundation of these lines of work on climate change and must now further in this direction by involving all levels of government, but also the private sector and, especially, public opinion to maintain competitiveness, social cohesion and job creation. To this end, the Executive Committee on Climate Change adopted on 17 July six strategies that include performances of all ministries and facilitate coordination and cooperation with other government.
These actions will be developed over the next two years, reinforcing measures in the areas with greatest potential for emissions reduction is Spain, such as mobility, building and energy sustainability as well as the proper management and prevention of waste and manure, policy forestry sinks and important issues in innovation and technological development.