I'd like to think the TA simply reflects the fundamentals. I have no real idea what the economics of the Spanish projects will be like but the way I see it they are a good bet for the following mostly qualitative reasons:
1. Potentially low risk because they are goethermal district heating (GDH) rather than EGS to begin with (EGS is an option in Barcelona apparently) which means that they are based around heating through hot water delivery rather than electrical generation, at least to begin with 2. As I understand it Spain has an excellent, recent track record of supporting renewable energy 3. I know PTR recruits Spanish speaking reservoir engineers because I met one on a plane once! Alweays a bonmus if you can speak the local language, IMHO 4. I love Spain and Barcelona in particular. Madrid ain't bad either. 5. Yes, number 4 is not a real reason!
PTR Price at posting:
31.5¢ Sentiment: Buy Disclosure: Held
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