CIG: Spain hopes to more than double its renewable energy output by 2020.

In its efforts to meet its European Union targets, the Spanish government recently proposed more than doubling production from renewable sources.
By: CIG LLC
 
March 1, 2010 - PRLog -- CIG sources report that the Spanish government has recently proposed increasing the countries reliance on renewable energy to just over 20% of total usage by 2020.

"We face a high degree of energy dependence, high price volatility in international energy markets and the challenges of climate change," CIG understands a document from the Economy Ministry as having said.

The document forecast that renewable energy production by 2020 would be the equivalent of 27.9 million metric tons of gasoline, an increase from the 11.96 million metric tons of 2009. This would be just more than 20% of Spanish primary energy consumption and just above the target set by the 27-nation EU.

CIG believes that it was anticipated that the increase in generation would come from Spain’s already booming wind and solar power sectors.

The government has previously indicated that it intends to phase out the country’s nuclear power facilities by 2020, with the aging Garona plant already ordered to be closed by 2013.

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CIG is an exclusive, members only, offshore, private equity, investment firm that provides consulting services to like minded members of the private equity and alternative investment community.
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