Abstract
In recent years cogeneration in Spain has flourished. However, new legislation will have a significant impact on the future development of such projects. This paper offers an analysis of recent experience and looks at the effect of the new legal framework. It concludes that the excessive economic rents previously available in the industry had to be curbed, but that there is a need to ensure that cogenerators are able to compete effectively in the new environment. Industry players should be compensated for higher efficiency requirements, given access to lower fuel prices and be able to share project risk with the power purchaser and the fuel supplier. Otherwise a situation will develop where unacceptable risks are imposed on the heat host.
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