An assessment of the design of the new renewable electricity auctions in Spain under an international perspective.

In order to comply with its renewable energy targets, a new auction scheme has been adopted in Spain, and the first auction with the new scheme was conducted in January 2021. The design of the new auction implies a radical rupture with the previous auction scheme, on the basis of which auctions were organized in 2016 and 2017. The aim of this paper is to assess the design element choices made in the new auction scheme, identifying its pros and cons according to several criteria and goals, comparing them with the choices made in the previous auctions and with the international practice. The main conclusion is that the design elements of the new auctions are generally in line with international practice and are appropriate to achieve the goals set in the National Climate and Energy Plan (NECP). Nevertheless, some suggestions for changes in the scheme are provided. [ABSTRACT FROM AUTHOR]