Solar power, the midget among renewables in terms of output, is credited with a bright future. This month the International Energy Agency said solar plants could be producing 22 per cent of global electricity needs by 2050.
Unfortunately, as European investors are being reminded, solar power in particular depends heavily on subsidies. And the arrival of an age of austerity to rescue the public finances of eurozone member states means some governments are regretting their earlier generosity. Nowhere is this more obvious than in Spain.
Uncertainty over possible retroactive subsidy cuts has cast a shadow over the sun-drenched Spanish landscape.
Full story from Financial Times