Analysis of Spanish Wholesale Gas Price Determinants and Non-stationarity Effects for Modelling

This study expands on previous research on Spanish gas prices by investigating on the nature of the existing relationships with its main determinants and with special attention to Brent oil price relationship. The study focus on capturing the best representation of the main drivers behind SGP movements as a sensible step towards a more complex modelling exercise to explain Spanish gas pricing mechanics. In addition the analysis does also seek to better understand long-term persistence properties of SGP to obtain a view of how and to what extent those are transmitted through links with other primary energy commodities. Results from our investigation show that when comparing the different lags of Brent oil prices fitting normalized gas prices, the proxy best representing crude oil price is close to a Brent price lagging six months with validity for the next three months. Results for generic unit root tests indicate that all the series analysed are stationary in first differences logarithm what would open scope for using cointegration methods to study SGP long-run dynamics in the future

Regulatory Proposals for the Development of Renewable Energy Self-Consumption in Spain

COP22 called for political commitment to combat climate change by using low-carbon energy sources. The European Commission recognises that industrial and domestic sectors have the possibility of consuming their own electricity, due to the level of development and innovation of most Member States. The rise in electricity prices, together with the decrease in the cost of renewable generation technologies, results in estimations foreseeing up to a 75% increase of the self-consumption rate in European households. However, the lack of regulation on this issue at European level has derived in different regulations being approved across Member States. In Spain, Royal Decree 900/2015 has been considered too restrictive, in the sense of precluding the financial feasibility of self-consumption systems’ deployment, whereas other European countries with poorer renewable energy resources are experiencing a higher growth in this field

La deuda de los sectores eléctrico y gasista. Balance y perspectivas

Tras registrar el primer año de superávit en más de una década, el sector eléctrico ha vuelto a obtener un excedente en el ejercicio 2015, esta vez por importe de 469,3 millones de euros, según la liquidación definitiva de las actividades reguladas del sector eléctrico, aprobada el pasado 1 de diciembre de 2016 por la Comisión Nacional de los Mercados y la Competencia (CNMC), como se muestra en la figura 1. Por el contrario, el sector gasista acumula resultados deficitarios en la mayoría de años desde 2004, que continúan en el ejercicio 2015, en el que se ha registrado un desajuste por importe de 27,2 millones de euros, de acuerdo con la liquidación definitiva de las actividades reguladas del sector del gas natural, aprobada el 24 de noviembre de 2016