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The public promotion of wind energy in Spain from the transaction costs perspective 1986-2007

  • Perez, Yannick
  • Ramos-Real, Francisco Javier

This paper analyzes the success of wind energy in Spain from 1986 to 2007. Certain special characteristics have emerged in Spain that provide credibility to the feed-in tariff (FIT) device to promote this energy source. To explain this success, the analysis will focus on the intrinsic characteristics of FIT using the concepts of the transaction cost theory (TCE). Nevertheless, in this framework, special attention is placed on the role that specific political and institutional factors have played in providing stability to this instrument. Thanks to an early start and an on-going and generous FIT device, wind energy promotion for electricity has become a political success story in Spain. The main implication of this analysis is that this success is mainly due to the trade-off between stability and flexibility in the use of Spanish FIT.

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Article provided by Elsevier in its journal Renewable and Sustainable Energy Reviews.

Volume (Year): 13 (2009)
Issue (Month): 5 (June)
Pages: 1058-1066

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Handle: RePEc:eee:rensus:v:13:y:2009:i:5:p:1058-1066
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  1. del Rio, Pablo & Gual, Miguel A., 2007. "An integrated assessment of the feed-in tariff system in Spain," Energy Policy, Elsevier, vol. 35(2), pages 994-1012, February.
  2. Blok, Kornelis, 2006. "Renewable energy policies in the European Union," Energy Policy, Elsevier, vol. 34(3), pages 251-255, February.
  3. Dinica, Valentina, 2006. "Support systems for the diffusion of renewable energy technologies--an investor perspective," Energy Policy, Elsevier, vol. 34(4), pages 461-480, March.
  4. Wiser, Ryan & Bachrach, Devra & Bolinger, Mark & Golove, William, 2004. "Comparing the risk profiles of renewable and natural gas-fired electricity contracts," Renewable and Sustainable Energy Reviews, Elsevier, vol. 8(4), pages 335-363, August.
  5. Agnolucci, Paolo, 2008. "Factors influencing the likelihood of regulatory changes in renewable electricity policies," Renewable and Sustainable Energy Reviews, Elsevier, vol. 12(1), pages 141-161, January.
  6. Pablo T. Spiller & Ingo Vogelsang, 1997. "The Institutional Foundations of Regulatory Commitment in the UK: The Case of Telecommunications," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 153(4), pages 607-, December.
  7. Weingast, Barry R, 1995. "The Economic Role of Political Institutions: Market-Preserving Federalism and Economic Development," Journal of Law, Economics and Organization, Oxford University Press, vol. 11(1), pages 1-31, April.
  8. Yannick Perez, 2005. "'Credibility as a trade off' in electricity industries, a first evaluation," Global Business and Economics Review, Inderscience Enterprises Ltd, vol. 7(2/3), pages 278-291.
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