The Canary Islands have become an example of renewable energy. Wind and hydraulic energy are the most used due to the conditions of the trade winds and the unevenness that are used for waterfalls.
Gas Natural Fenosa is planning to carry out one of the most relevant projects that it will carry out that will boost Spain in the renewable economy. It's about investing 100 millones de euros between Gran Canaria and Fuerteventura to build a total of 13 wind farms. The operation of these parks is expected to begin in 2018.
To highlight the scale and importance of the project, Gas Natural Fenosa has underlined that the 100 million euros allocated to the construction of wind farms represent one eighth of all planned investments in the period 2016-2020. In addition, the subsidiary is also preparing other projects that will produce more wind and photovoltaic energy in the Canary Islands.
But, why the Canaries to invest so much money in renewables? Well, one of the reasons is that the penetration of renewable energies in the Canary Islands is low. Dispose of 50% to be able to cover energy needs with renewable energies, however, only 12% of the total electricity demand is covered.
Another factor to take into account in this decision to invest in the Canary Islands is that generating electricity through renewable energies is much cheaper than with fossil fuels. Making a comparison, the megawatt produced with fossil fuels is around the 180 euros, however, with wind energy only 90 euros.
Finally, the construction of these plants is supported by public economic incentives, which have been previously agreed in the framework of the negotiations by which the central government and the Canary Islands agreed.