Even More Expensive Energy Transition In Spain

Even more expensive energy transition, if the timelines for reducing emissions tighten further, the economy will suffer.

The latest update of the report on climate change prepared by UN scientists has had an immediate effect on the Ministry of Ecological Transition .

Its head, the third vice president Teresa Ribera, relies on that document when advocating another shortening of the deadlines to consolidate an economy free of polluting emissions . The EU has already assumed a very ambitious goal by advancing to 2030 the objectives initially set for 2050 . But, now, Ribera, argues that “not even 2030” already marks an acceptable horizon and assures that it is urgent “to accelerate a just ecological transition.”

The UN report undoubtedly enjoys scientific prestige and is forceful in its conclusions, drawing a worrying scenario, in which the global temperature is doomed to rise 1.5 degrees in the next two decades. However, it is highly questionable whether it should become the dominant guideline for governments’ energy policies , especially in a situation as critical for this sector as the current one.

After the successive highs in July, the wholesale price of electricity in Spain will beat another mark today, standing at almost 112 euros per megawatt. It is undeniable the responsibility that, in this constant increase in price, corresponds to instruments linked to the ecological transition such as CO2 emission rights, the price of which does not find a ceiling.

An even more accelerated evolution towards a green economy forces to exert even greater pressure on that market and, by extension, on the receipt of electricity from companies and citizens, and on the high taxes they already pay. Undoubtedly, the ecological transition is necessary but it must be subject to economically sustainable deadlines .

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