Inflexible price regime and record coal prices mean something has to give

摘要

Spain and Portugal together represent one of the fastest growing economies in the "old" European Union. From 1994 to 2001, Spain experienced average growth of 3.4 per cent per year, one of the highest rates in the EU. After a slowdown in 2002 and 2003, its economy is on the move again, with a real GDP growth rate of 2.8 per cent predicted for 2004. Growth in GDP in Spain and Portugal, as in any other economy, increases demand for power. In the case of Spain, the demand for energy increased by more than 100 per cent from the mid-1970s. Electricity demand has grown on average 4.6 per cent pa from 1993 to 2002.