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Date: Thu, 17 Jan 2002 19:10:19 -0800 (PST)
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Subject: Impending Power Crunch in Spain - CERA Private Report
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Title: Praying for Rain: Impending Power Crunch in Spain
URL(s):

http://www.cera.com/eprofile?u=35&m=2936;


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IMPENDING POWER CRUNCH IN SPAIN

The Spanish power market could be headed for a shortage in capacity for the
next several years. The tight power balance is due to strong demand growth and
modest increases in capacity. Direly needed new capacity has been delayed
because of market imperfections:

*  Stranded costs mechanisms are distorting market pricing.

*  Gas market liberalization lags that of power market.

*  Gas is unavailable on commercially attractive terms.

The key issue will be the hydro availability. Should rain be scarce, system
reliability will be at risk at times of peak demand.


E-mail Category: Private Report
CERA Knowledge Area(s): European Power



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