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Italy Industry Minister: must realign renewable incentives 

Credit:  www.finchannel.com 31 March 2012 ~~

The FINANCIAL – The Italian government will cut subsidies to the country’s fast-growing renewable-energy sector, Industry Minister Corrado Passera said Saturday.

Publicly funded incentives for renewable energy have produced “excessive” investment in solar and wind power, distorting prices, Passera said.

According to Borsa Italiana – London Stock Exchange Group, the government will “realign” the scale of its incentives to match European levels, he said on the sidelines of a conference in this town north of Milan.

“Italy has important goals to meet and even surpass,” he said of European Union pledges to boost the supply of renewable energy in coming years.

“But we need to do so without over-reliance on taxpayer resources,” he added.

Italy’s incentive scheme, based on investment rebates, spurred a deluge of solar and wind projects. The additional capacity has undermined the profitability of traditional power plants at a time of stagnant demand, Paolo Andrea Colombo, chairman of former electricity monopoly Enel SpA, said on Friday.

Italy currently gets about 26% of its electricity from renewable sources, according to a study published this week by environment group Legambiente.

Source:  www.finchannel.com 31 March 2012

This article is the work of the source indicated. Any opinions expressed in it are not necessarily those of National Wind Watch.

The copyright of this article resides with the author or publisher indicated. As part of its noncommercial educational effort to present the environmental, social, scientific, and economic issues of large-scale wind power development to a global audience seeking such information, National Wind Watch endeavors to observe “fair use” as provided for in section 107 of U.S. Copyright Law and similar “fair dealing” provisions of the copyright laws of other nations. Send requests to excerpt, general inquiries, and comments via e-mail.

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