Spain: Energy Law

With regard to export finance deals, given that they take place in a global, multijurisdictional framework, English law is the most common governing law in such instances.

The Spanish Government has passed a Royal Decree temporarily suspending pre-allocation registration as well as abolishing financial incentives for new energy production projects from cogeneration, renewable energy sources and waste.

On March 15, 2004, Law Nos. 10,847 and 10,848 were enacted establishing the guidelines for the "New Regulations on the Electrical Energy Sector" (the "New Regulations"). The New Regulations are intended to provide incentives to both private and public entities in order to maintain sufficient output capacity to guarantee electricity supply to the whole of Brazil and at the same time providing reasonable consumer rates through competitive electricity bidding processes.