SPANISN ENERGY SECTOR: TRENDS, MAIN PROBLEMS AND SOLUTIONS

• Main Author: G. S. Yakubovsky
• Format: Article
• Language: Russian
• Published: Government of the Russian Federation, Financial University 2017-10-01
• Series: Финансы: теория и практика
• Subjects: spanish energy sector; renewable energy; spanish energy reform; the eu third energy package; imbalanced tariffs
• Online Access: https://financetp.fa.ru/jour/article/view/456

For the recent 15 years, a renewable energy implementation program has been realized in the Spanish fuel and energy sector, which is necessitated by the scarcity of coal, oil and gas fields, low energy potential of rivers and the nuclear moratorium. The implementation of the program is expected to change the balance of primary energy production and make the country’s economy more sustainable. However, the energy sector modernization has caused problems aggravating the consequences of the finance and economic crisis in the Spanish economy. They can be resolved only through the urgent reforms of the industry.The present study is based on the systematic analysis of documentation of the European Union, the Government of Spain, the National Energy Commission of Spain, publications of Russian and foreign experts in the energy field. It is directed to identifying causal links in the process of the modern energy sector formation in Spain. The Spanish energy sector history and modern characteristics are described. The dynamics of the government debt to energy companies and the sector reformation plan are discussed. The comparison of the implementation scenarios for introduction of energy innovation technologies in Spain and Germany has enabled to identify the program flaws and demonstrate the need for continuous monitoring along with taking immediate corrective measures.The analysis of the implementation in Spain of the EU’s «Third Energy Package» aimed at creating a stable unified energy system through structural reform of vertically integrated companies, liberalization of access to the infrastructure, increasing transparency in the industry and a balanced tariff regulation has been performed. The experience obtained in the Spanish energy sector modernization is valuable for Russia as an example of the innovative technology introduction in the situation of the world financial crisis. The implementation of renewable energy projects is advantageous because of its positive environmental impacts. Finally, understanding the Spanish energy sector is important for development of both the Russian-Spanish cooperation and global economic relations.