DOCSLIB.ORG

Decision on Responsibility and on the Principles of Quantum

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Decision on Responsibility and on the Principles of Quantum INTERNATIONAL CENTRE FOR SETTLEMENT OF INVESTMENT DISPUTES In the arbitration proceeding between RREEF Infrastructure (G.P.) Limited and RREEF Pan-European Infrastructure Two Lux S.à r.l. Claimants and Kingdom of Spain Respondent ICSID Case No. ARB/13/30 DECISION ON RESPONSIBILITY AND ON THE PRINCIPLES OF QUANTUM Members of the Tribunal Professor Alain Pellet, President Professor Pedro Nikken Professor Robert Volterra Secretary of the Tribunal Mr. Gonzalo Flores Date: 30 November 2018 REPRESENTATION OF THE PARTIES Representing RREEF Infrastructure (G.P.) Representing the Kingdom of Spain: Limited and RREEF Pan-European Infrastructure Two Lux S.à r.l.: c/o Ms. Judith Gill QC* c/o Mr José Manuel Gutiérrez Delgado Mr. Jeffrey Sullivan* Mr Antolín Fernández Antuña Ms. Marie Stoyanov Mr Roberto Fernández Castilla Ms. Virginia Allan Ms Patricia Froehlingsdorf Nicolás Mr. Ignacio Madalena Ms Mónica Moraleda Saceda Ms. Lauren Lindsay* Ms Elena Oñoro Saínz Mr. Tomasz Hara Ms Amaia Rivas Kortázar Ms. Stephanie Hawes Ms María José Ruíz Sánchez Mr Diego Santacruz Descartín Allen & Overy LLP Mr Javier Torres Gella One Bishops Square London E1 6AD Abogacía General del Estado United Kingdom Ministry of Justice of the Government of Spain * no longer with the firm Calle Ayala 5 28001, Madrid Spain i TABLE OF [SELECTED] ABBREVIATIONS/DEFINED TERMS ICSID Rules of Procedure for Arbitration Arbitration Rules Proceedings [2006] BDO Group Expert Economic-Financial Report BDO First Report on the RREEF Solar Thermal Plants and Wind Farms, dated 14 July 2016 BDO Group Expert Report Duplicating BDO Report duplicating Brattle’s Rebuttal Brattle’s “Rebuttal Report: Financial Damages Report to RREEF”, dated 8 February 2017 BDO Group Report on Tribunal Requests, dated BDO Report on Tribunal Requests 5 March 2018 Working papers accompanying BDO Report BDO Working Papers duplicating Brattle’s Rebuttal Report, dated 8 February 2017 Brattle Group Response to Tribunal Requests, 5 Brattle Memorandum March 2018 C-[#] Claimants’ Exhibit CJEU Court of Justice of the European Union CL-[#] Claimants’ Legal Authority Claimants’ Observations on Additional Claimants’ Observations on Additional Documents Documents, 26 March 2018 Claimants’ Response to the Respondents Claimants’ Response to Spain’s Comments on Comments on the European Commission’s State Aid Decision Decision, 5 February 2018 Claimants’ Memorial on the Merits dated 21 CM November 2014 CNE National Energy Commission Claimants’ Post Hearing Brief dated 5 May CPHB 2017 CPI Consumer Price Index ii Claimants’ Reply on the Merits dated 22 CR December 2016 Claimants’ Response to Respondent’s CRR Submission on Tribunal’s Information Request, dated 26 March 2018 Claimants’ Submission on Tribunal Request, CS dated 5 March 2018 CSP Concentrated Solar Power DCF Discounted Cash Flow The Tribunal’s Decision on Jurisdiction of 6 Decision on Jurisdiction June 2016 ECT Energy Charter Treaty FIT Feed in Tariffs Hearing on the Merits held on 20-24 March Hearing 2017 Convention on the Settlement of Investment ICSID Convention Disputes Between States and Nationals of Other States dated 18 March 1965 ICSID Rules of Procedure for the Institution of ICSID Institution Rules Conciliation and Arbitration Proceeding International Centre for Settlement of ICSID or the Centre Investment Disputes Instituto para la Diversificación y Ahorro de la IDEA Energía IRR Internal Rate of Return MITYC Ministry of Industry, Tourism and Commerce MOA Margin of Appreciation PEIF RREEF Pan-European Infrastructure Fund L.P. iii PER Renewable Energy Plan PFER Renewable Energy Promotion Plan R-[#] Respondent’s Exhibit Registro Administrativo de Instalaciones de RAIPRE Producción de Energía Eléctrica [en régimen especial] Respondent’s Counter-Memorial on the Merits RCM dated 15 July 2016 Spain’s Renewable Energy power generation RE sector REEF Infra RREEF Infrastructure (G.P.) Respondents Comments on European Respondent’s Comments on State Aid Decision Commission Decision on the State Aid, 30 January 2018 Respondent’s Observations on Additional Respondent’s Observations on Additional Documents Documents, 26 March 2018 RL-[#] Respondent’s Legal Authority RPHB Respondent’s Post Hearing Brief dated [date] Respondent’s Rejoinder on the Merits dated 3 RR February 2017 RREEF Pan-European Infrastructure Two Lux RREEF Pan-European Two S.à r.l. Respondent’s Response to Tribunal Request for RRR Additional Information, 05 March 2018 Respondent’s Reply to Claimants’ Submission RRS to Tribunal’s Request for Additional Information, 26 March 2018 SES / SEE Spanish Electricity Sector Tr. Day [#] [Speaker(s)], [page:line] Transcript of the Hearing iv Treaty Energy Charter Treaty Tribunal Arbitral tribunal constituted on 31 July 2014 Tax on the Value of the Production of Electric TVPEE Energy VCLT Vienna Convention on the Law of Treaties WACC Weighted Average Cost of Capital YBILC Yearbook of the International Law Commission v TABLE OF CONTENTS The Spanish Electricity System .................................................................................... 17 (a) Spain’s Energy Policy and the Relevant International Framework ........................ 17 (b) The National Legal and Regulatory Framework .................................................... 24 1. The Initial Measures ...................................................................................... 25 2. The Disputed Measures ................................................................................. 35 The Claimants’ Investment in Spain ............................................................................ 43 (a) Pre-Investment Phase and Due Diligence ............................................................... 43 (b) The Claimants’ Investments in Renewable Energy ................................................ 50 1. The Dédalo Wind Project .............................................................................. 50 2. The Arenales CSP Plant ................................................................................ 51 3. The Andasol CSP Plants ................................................................................ 53 a. The Decision on Jurisdiction ............................................................. 55 b. The Parties’ Positions ........................................................................ 55 The Respondent’s Position .......................................................... 56 The Claimants’ Position .............................................................. 56 c. The Tribunal’s Analysis on the Tax Objection ................................. 57 A. Applicable Law ............................................................................................................... 60 1. Article 42 of the ICSID Convention .............................................................. 60 2. Relevance of EU Law .................................................................................... 62 a. The Parties’ position .......................................................................... 62 The Respondent’s Position .......................................................... 62 The Claimants’ Position .............................................................. 64 b. The Tribunal’s Analysis .................................................................... 66 B. General Framework: The Object And Purpose Of The ECT, The State’s Regulatory Power and The Applicability of a Margin of Appreciation .......................................... 69 a. The Parties’ Positions ........................................................................ 69 vi The Claimants’ Position .............................................................. 69 The Respondent’s Position .......................................................... 72 b. The Tribunal’s Analysis .................................................................... 75 C. Legal Standards of Protection (The FET and the Umbrella Clause).............................. 79 (a) The Legal Standard ................................................................................................. 80 1. Scope of the FET ........................................................................................... 80 a. The Parties’ positions ........................................................................ 80 The Claimants’ Position .............................................................. 80 The Respondent’s Position .......................................................... 81 b. The Tribunal’s Analysis .................................................................... 82 2. The Umbrella Clause ..................................................................................... 84 a. The Parties’ Positions ........................................................................ 84 The Claimants’ Position .............................................................. 86 The Respondent’s Position .......................................................... 87 b. The Tribunal’s Analysis .................................................................... 89 (b) The Alleged Violations of the Claimants’ Rights ................................................... 91 1. Stability and Predictability ............................................................................ 91 a. The Parties’ Positions ........................................................................ 91 The Claimants’ Position .............................................................. 91 The Respondent’s Position .........................................................
Load more

Recommended publications
  • Decision on Jurisdiction, Liability and Certain Issues of Quantum
    INTERNATIONAL CENTRE FOR SETTLEMENT OF INVESTMENT DISPUTES In the arbitration proceeding between RWE INNOGY GMBH AND RWE INNOGY AERSA S.A.U. Claimants and KINGDOM OF SPAIN Respondent ICSID Case No. ARB/14/34 DECISION ON JURISDICTION, LIABILITY, AND CERTAIN ISSUES OF QUANTUM Members of the Tribunal Ms. Anna Joubin-Bret, Arbitrator Mr. Judd L. Kessler, Arbitrator Mr. Samuel Wordsworth QC, President Secretary of the Tribunal Ms. Mercedes Cordido-Freytes de Kurowski Date of dispatch to the Parties: December 30, 2019 REPRESENTATION OF THE PARTIES Representing RWE Innogy GmbH and Representing Kingdom of Spain: RWE Innogy Aersa S.A.U: Mr. Antonio Vázquez-Guillén Mr. José Manuel Gutiérrez Delgado Ms. Marie Stoyanov Mrs. Elena Oñoro Sainz Ms. Virginia Allan Mr. Roberto Fernández Castilla Mr. David Ingle Mrs. María José Ruiz Sánchez Mr. Pablo Torres Mr. Diego Santacruz Descartín Ms. Patricia Rodríguez Mr. Antolín Fernández Antuña Allen & Overy LLP Mr. Javier Torres Gella Serrano 73 Ms. Amaia Rivas Kortazar 28006 Madrid Mrs. Patricia Froehlingsdorf Nicolás Spain Mr. Pablo Elena Abad Mr. Alberto Torró Molés and Mr. Rafael Gil Nievas Ms. Alicia Segovia Marco Mr. Jeffrey Sullivan Abogacía General del Estado Gibson, Dunn & Crutcher LLP Depto. Arbitrajes Internacionales Temple Avenue c/Marqués de la Ensenada, 14-16 London, EC4Y 0HB 2ª. Planta United Kingdom 28004 Madrid Spain i TABLE OF CONTENTS INTRODUCTION AND PARTIES ................................................................................... 1 PROCEDURAL HISTORY ...............................................................................................
    [Show full text]
  • Energy Support Measures and Their Impact on Innovation in the Renewable Energy Sector in Europe
    EEA Technical report No 21/2014 Energy support measures and their impact on innovation in the renewable energy sector in Europe ISSN 1725-2237 EEA Technical report No 21/2014 Energy support measures and their impact on innovation in the renewable energy sector in Europe Cover design: EEA Cover photo: © olm26250/istockphoto.com Layout: EEA/Rosendahls – Schultz Grafisk A/S Legal notice The contents of this publication do not necessarily reflect the official opinions of the European Commission or other institutions of the European Union. Neither the European Environment Agency nor any person or company acting on behalf of the Agency is responsible for the use that may be made of the information contained in this report. Copyright notice © European Environment Agency, 2014 Reproduction is authorised, provided the source is acknowledged, save where otherwise stated. Information about the European Union is available on the Internet. It can be accessed through the Europa server (www.europa.eu). Luxembourg: Publications Office of the European Union, 2014 ISBN 978-92-9213-507-2 ISSN 1725-2237 doi:10.2800/25755 European Environment Agency Kongens Nytorv 6 1050 Copenhagen K Denmark Tel.: + 45 33 36 71 00 Fax: + 45 33 36 71 99 Web: eea.europa.eu Enquiries: eea.europa.eu/enquiries Contents Contents Acknowledgements .................................................................................................... 5 Executive summary .................................................................................................... 8 1 Introduction
    [Show full text]
  • Autoconsumo En Los Sistemas Fotovoltaicos
    UNIVERSIDAD CARLOS III DE MADRID ESCUELA POLITÉCNICA SUPERIOR GRADO EN INGENIERÍA ELÉCTRICA TRABAJO FIN DE GRADO AUTOCONSUMO EN LOS SISTEMAS FOTOVOLTAICOS Autor: Diana Domínguez Durán Tutor: Vicente Salas Merino Leganés, Junio de 2014 “Autoconsumo en los sistemas fotovoltaicos” Diana Domínguez Durán Universidad Carlos III de Madrid 2 “Autoconsumo en los sistemas fotovoltaicos” Diana Domínguez Durán Universidad Carlos III de Madrid “Cuando menos lo esperamos, la vida nos coloca delante un desafío que pone a prueba nuestro coraje y nuestra voluntad de cambio”. 3 “Autoconsumo en los sistemas fotovoltaicos” Diana Domínguez Durán Universidad Carlos III de Madrid Agradecimientos Gracias a este proyecto, voy a poder agradecer a todas las personas que me han ayudado en la etapa más importante y a la vez dura de mi vida. Primeramente, agradecer a mi familia, en especial a mis padres y hermanos, por su gran apoyo durante toda mi vida, ya que sin ellos esto no habría sido posible. Ellos me han enseñado a no rendirme a pesar de las adversidades y cuando creía que todo se desmoronaba. Gracias al esfuerzo que hacen día a día, me han ayudado a luchar hasta conseguir lo que deseaba. A una persona muy especial, David. No me ayudó a tomar la decisión más importante de mi vida al escoger esta carrera y hacerme ingeniera, pero ha estado ahí desde hace seis años, diciéndome que no dejase de luchar ni tirara por la borda el trabajo y esfuerzo de todos estos años. Muchas gracias por ser una pieza fundamental en mi vida y por todo lo que me has aportado estando ahí día a día.
    [Show full text]
  • Spanish Photovoltaic Solar Energy: Institutional Change, Financial Effects, and the Business Sector
    sustainability Article Spanish Photovoltaic Solar Energy: Institutional Change, Financial Effects, and the Business Sector Raquel Fernández-González 1 , Andrés Suárez-García 2 , Miguel Ángel Álvarez Feijoo 2,* , Elena Arce 2 and Montserrat Díez-Mediavilla 3 1 ERENEA-ECOBAS, Department of Applied Economics and Faculty of Economics, Campus As Lagoas-Marcosende, University of Vigo, 36310 Vigo, Spain; [email protected] 2 Defense University Center at Spanish Naval Academy, 36920 Marin, Spain; [email protected] (A.S.-G.); [email protected] (E.A.) 3 Solar and Wind Feasibility Technologies Research Group (SWIFT), Electromechanical Engineering Department, University of Burgos, Avda. de Cantabria s/n, 09006 Burgos, Spain; [email protected] * Correspondence: [email protected] Received: 7 February 2020; Accepted: 27 February 2020; Published: 2 March 2020 Abstract: Spain is a country with a high dependence on fossil fuels. For this reason, in 2007, it implemented a bonus system that aimed to encourage the production of renewable energies, particularly photovoltaic solar energy. These production bonuses, guaranteed by the Spanish government, led to an exponential increase in the number of companies in the market and, consequently, the MWh produced. However, in 2012, given the excessive budgetary burden involved in maintaining this “feed-in tariff” system and after several years of institutional instability, the aforementioned system of incentives for phoyovoltaic (PV) energy was eliminated. This paper has tried to analyze the consequences of this institutional change, a clear example of the “hold up” problem. For this purpose, a sample of 5354 companies, which was divided, geographically, into Spanish regions and, temporarily, into three different periods, has been taken, considering diverse economic and financial variables.
    [Show full text]
  • Current State and Future of Wind and Solar Power in Spain
    2015 Edition Flyer 2019 Report Available CURRENT STATE AND FUTURE OF WIND AND SOLAR POWER IN SPAIN This report provides an in-depth analysis of the wind and solar (CSP and PV) markets in Spain, examining the background and the latest changes in regulation. We provide an independent analysis and our views on how the future is expected to develop. At the core of this report are the wholesale electricity price projections for Spain out to 2040. THE MARKET REPORT WHOLESALE ELECTRICITY PRICE REPORTS AND ADVISORY This market report is the definitive guide PROJECTIONS For the Spanish wind and solar market, for companies that are looking to fully The report provides wholesale electricity Pöyry offers the following services: understand the intrinsic dynamics of the price projections for Spain out to 2040 in Spanish renewables industry. three internally consistent scenarios - high, • A standard off-the-shelf report covering the Spanish market, including our price At the core of this 160-page report are the central and low. projections for the country out to 2040. wholesale electricity price projections for Spain. Modelling wholesale markets with an hourly • Bespoke reports with tailor-made market Along with a market analysis per resolution allows us to produce merit order analysis and business opportunities. technology, the report also includes curves and price duration curves, helping a detailed assessment of the Spanish clients to better understand the detail • Tailor made consulting and engineering regulatory framework applying to wind underlying of our price projections. advisory services. and solar assets together with our expert We use our electricity model to examine the • Capture prices for any technology based analysis on associated regulatory risk.
    [Show full text]
  • An Observation of Solar Photovoltaic Electricity Across the Globe
    Vol-6 Issue-4 2020 IJARIIE-ISSN(O)-2395-4396 An Observation of Solar Photovoltaic Electricity across the globe 1* 2 3 4 5 K. A. Khan , Md. Alamgir Kabir , Mustafa Mamun , Md. Anowar Hossain , Samiul Alim 1Department of Physics, Jagannath University, Dhaka-1100, Bangladesh. 2Experimental Officer, National Institute of Nuclear Medicine & Allied Sciences, Bangladesh Atomic Energy Commission., 3Experimental Officer, National Institute of Nuclear Medicine & Allied Sciences, Bangladesh Atomic Energy Commission, 4Experimental Officer, Center for Research Reactor, Bangladesh Atomic Energy Commission, 5Experimental Officer, Nuclear Medical Physics Institute, Bangladesh Atomic Energy Commission, (1*- Corresponding Author) Abstract This work is mainly on survey based work. What is happening in the renewable energy world across the world. After finishing the oil, gas and coal solar PV will provide electricity enormously. To keep it in mind it has been studied the use of SPV (Solar Photovoltaic) across the world. It is found the use of SPV in the both developing and developed country across the world. It is also found the use of SPV electricity in the poor and under developed country across the glove. In this study it is also found the use of solar home system (SHS), Solar grid connected SPV and solar building integrated system across the globe. The use of floating PV has also been studied across the world. The present installed capacity of SPV in different countries has also been studied. The mission and vision of different countries regarding SPV electricity has also been studied. This work will help the further use of SPV electricity across the globe. Key words: Solar Photovoltaic, Globe, Solar Home System, Grid connected SPV, Building Integrated SPV, Inverter.
    [Show full text]
  • 01. SUN Spain Is One of the Most Advanced Countries in the Development of Solar Energy, Since It Is One of the Countries of Europe with More Hours of Sunshine
    01. SUN Spain is one of the most advanced countries in the development of solar energy, since it is one of the countries of Europe with more hours of sunshine. The Spanish government committed to achieving a target of 12 percent of primary energy from renewable energy by 2010 with an installed solar generating capacity of 3000 megawatts (MW). Spain is the fourth largest manufacturer in the world of solar power technology and exports 80 percent of this output to Germany. Spain added a record 2.6 GW of solar power in 2008, increasing capacity to 3.5 GW (Couture 2011). Total solar power in Spain was 4 GW by the end of 2010 and solar energy produced 6.9 terawatt-hours (TW·h), covering 2.7% of the electricity demand in 2010. Through a ministerial ruling in March 2004, the Spanish government removed economic barriers to the connection of renewable energy technologies to the electricity grid. The Royal Decree 436/2004 equalized conditions for large-scale solar thermal and photovoltaic plants and guaranteed feed-in tariffs. In the wake of the 2008 financial crisis, the Spanish government drastically cut its subsidies for solar power and capped future increases in capacity at 500 MW per year, with effects upon the industry worldwide. Converting the sun’s radiation directly into electricity is done by solar cells. These cells are made of semiconducting materials similar to those used in computer chips. When sunlight is absorbed by these materials, the solar energy knocks electrons loose from their atoms, allowing the electrons to flow through the material to produce electricity.
    [Show full text]
  • Spain's Electricity Market Design
    Spain’s electricity market design – A case study PATRIK BENNERSTEDT JOHAN GRELSSON Master of Science Thesis Stockholm, Sweden 2012 Spain’s electricity market design -A case study Patrik Bennerstedt Johan Grelsson Master of Science Thesis INDEK 2012 Master of Science Thesis KTH Industrial Engineering and KTH School of Industrial Engineering and Management Management Energy Technology EGI-2012-025MSC Industrial Management 2012:31 Division of Applied Thermodynamics SE-100 44 STOCKHOLM SE-100 44 STOCKHOLM Master of Science Thesis INDEK 2012:31 Master of Science Thesis EGI 2012: EKV883 Spain’s electricity market design -A case study Patrik Bennerstedt Johan Grelsson Approved Examiner Supervisor 2012-06-08 Staffan Laestadius Thomas Sandberg Commissioner Contact person Vattenfall Mats Nilsson Abstract Spain’s rapid implementation of renewable energy has been described as a success but the governmental cost associated to this rapid implementation has grown significantly. The purpose of this report is to investigate Spain’s electricity market, its current situation and present it, using the Swedish system as a reference. The report commences with a presentation of the Spanish and the Swedish electricity markets, followed by a chapter where they are compared. The renewable electricity production and the associated development during the last decade is one focus of the comparison. The other focus is how the costs of the subsidy systems have evolved and how they are connected to the different energy sources. Two sources, wind and solar, receives a higher interest than the others. Wind power shows a strong development in electricity production and contributes to a significant part of the Spanish electricity mix.
    [Show full text]
  • Radiant Floors Versus Radiant Walls Using Ceramic Thermal Panels in Mediterranean Dwellings: Annual Energy Demand and Cost-Effective Analysis
    sustainability Article Radiant Floors versus Radiant Walls Using Ceramic Thermal Panels in Mediterranean Dwellings: Annual Energy Demand and Cost-Effective Analysis Víctor Echarri-Iribarren 1,* , Nyuk Hien Wong 2 and Ana Sánchez-Ostiz 3 1 Department of Building Construction, University of Alicante, 03690 San Vicente del Raspeig, Spain 2 Department of Building, National University of Singapore, Singapore 119077, Singapore; [email protected] 3 Department of Construction, Installations and Structures, University of Navarre, 31009 Pamplona, Spain; [email protected] * Correspondence: [email protected]; Tel.: +34-965-903677 Abstract: The present study focuses on the application of large-format thermal ceramic conditioning panels (TCPs) containing polypropylene (PPR) capillary tube mats in dwellings on the Mediterranean coast. The thermal and energy behaviours were examined once the underfloor heating was installed, and they were compared with an alternative wall application. The system was implemented in a single-family house located on the Spanish Mediterranean coast. After having monitored the house during a complete one-year cycle, the annual energy demand was quantified using the Design Builder tool. TCP panels applied to radiant floors reduced energy demand by 5.15% compared to the wall-layout alternative. Significant reductions in CO2 emissions were also achieved, as well as a 25.19% reduction in energy demand compared to convection systems. The incorporation of 24 m2 of solar thermal panels into the system, combined with solar cooling systems based on lithium chloride, was also analysed. A reduction in energy demand of 57.46% was obtained compared to all-air convection systems. Finally, the amortisation periods of the investments in TCP panels and Citation: Echarri-Iribarren, V.; Wong, solar panels were calculated and compared to a convection system.
    [Show full text]
  • How Corporations and Lawyers Are Scavenging Profits from Europe's
    How corporations and lawyers are scavenging profits from Europe’s crisis countries Authors: Cecilia Olivet & Pia Eberhardt with contributions from Nick Buxton and Iolanda Fresnillo. Editor: Katharine Ainger Design and illustrations: Ricardo Santos Amsterdam/Brussels, March 2014 Published by the Transnational Institute and Corporate Europe Observatory Contents of the report may be quoted or reproduced for non-commercial purposes, provided that the source of information is acknowledged. Acknowledgements We would like to thank Lisa Brahms, Nick Dearden, Tomaso Ferrando, Peter Fuchs, Ioannis Glinavos, Kenneth Haar and Pietje Vervest for insightful comments to the different drafts of the texts. We are also grateful to Lyda Fernanda Forero for research support. How corporations and lawyers are scavenging profits from Europe’s crisis countries Contents Executive summary 6 Chapter 1 Introduction: protecting speculators, endangering democracy 9 Chapter 2 Never let a good crisis go to waste 10 Chapter 3 Greece and Cyprus: falling into the debt trap 18 Chapter 4 Spain’s solar dream becomes a legal nightmare 26 Chapter 5 Legal sharks circling crisis countries 36 Chapter 6 Conclusion: ending corporations’ VIP treatment 44 Profiting from Crisis Executive summary Profiting from Crisis looks closely at how corporate investors have responded to the measures taken by Spain, Greece and Cyprus to protect their economiesˆ in the wake of the European debt crisis. In Greece, Postová Bank from Slovakia bought Greek debt after the bond Profiting from Crisis is a story about how corporations, value had already been downgraded, and was then backed by lawyers, are using international investment offered a very generous debt restructuring package, yet agreements to scavenge for profits by suing governments sought to extract an even better deal by suing Greece from Europe’s crisis countries.
    [Show full text]
  • Model-Based Assessment of Concentrated Solar Power in Spain: a Case Study Analysis
    MODEL-BASED ASSESSMENT OF CONCENTRATED SOLAR POWER IN SPAIN: A CASE STUDY ANALYSIS Franziska Schöniger, Energy Economics Group, TU Vienna, +43 1 58801 370378, [email protected] Gustav Resch, Energy Economics Group, TU Vienna, +43 1 58801 370354, [email protected] Overview The use of solar radiation for electricity generation has been dominated by Photovoltaics (PV) over the last decade. Compared to PV, Concentrated Solar Power (CSP) has higher costs and has been less implemented within Europe as well as at global scale. In January 2019, 10 GW capacity of CSP projects around the world were operational, under construction, or under development. 2.4 GW of these projects are located in Europe, with Spain being the dominant market leader having 2.3 GW of installed capacity (SolarPACES, 2017). Nevertheless, CSP plants offer complementary features to PV generation. In combination with thermal storage, they allow for a variety of applications due to the dispatchibility of their generation. CSP plants can operate as baseload plants and offset conventional power plants. The usage of a thermal storage system can help to increase the capacity factor of the CSP plant. At the same time, the increased dispatchability barely raises the levelised cost of electricity (LCOE) compared to a plant without a storage system (Lilliestam et al., 2018). Within this paper, we analyse model-wise the interplay of distinct CSP technology concepts with thermal storage units, here exemplified for the case of Spain and including different variations in storage size, solar multiple, natural gas and CO2 price, and shares of wind and solar PV in the electricity generation.
    [Show full text]
  • Leaving the Lights on for Community Involvement in Renewable Energy: Devising a Legal Framework for Feed-In Tariffs to Promote Community Investment in Renewables
    1 Leaving the Lights on for Community Involvement in Renewable Energy: Devising a Legal Framework for Feed-in Tariffs to Promote Community Investment in Renewables Anton Tabuns March 31, 2011 A Major Paper submitted to the Faculty of Environmental Studies in partial fulfillment of the requirements for the degree of Master in Environmental Studies, York University, Toronto, Ontario, Canada. Signature of Student (Anton Tabuns): Signature of the Major Paper Supervisor (Mark Winfield): 2 Table of Contents Foreword ....................................................................................................................................................... 4 Abstract ......................................................................................................................................................... 4 1. Introduction .............................................................................................................................................. 5 a) Climate Change ........................................................................................................................................ 5 b) Renewable Energy as a Viable Means of Mitigating Dangerous Climate Change .................................... 6 c) Policy Options for Promoting Renewables ................................................................................................ 7 d) FITs and Community Power ...................................................................................................................... 8
    [Show full text]