Solar energy has become one of the most important sources of energy all around the world. Only in the European Union, between 2010 and 2019, solar photovoltaic (PV) electricity generation capacity increased from 1.9 to over 133 GW. Throughout this work, an economic analysis of the production of photovoltaic solar energy utility scale facilities is performed, previously defining some theoretical concepts relating to electricity generation by means of photovoltaic modules, as well as commenting on studies that have inspired the project. In order to carry out this economic analysis, the locations of twenty capital cities within European Union countries are selected, in order to estimate their yearly solar PV energy produced under specific conditions. The Levelized Costs of Energy (LCOE) is calculated with the goal of comparing the profitability of each photovoltaic tracking technology: fixed, one-axis tracking systems (vertical or inclined) and two-axis tracking systems; including LCOE maps country-wise for each technology. A sensitivity analysis is also presented, in order to evaluate the significance and impact of the main variables involved in the analysis. The results show that one-axis tracking systems are the best option in all countries, reducing LCOE by more than 20% when compared to two-axis tracking system. The impact of wages is also significant. In higher latitudes, in most cases, wages also increase, hence the LCOE is higher and consequently less interesting for a potential investor.

Self-consumption of photovoltaic energy is being promoted as an effective way for energy consumption in residential households. The European Directive 944/2019 promotes the use of green energy and battery energy storage systems (BESS) for self-consumption and, in Spain, the 244/2019 Royal Decree of the Spanish electrical regulatory framework allows the self-consumption of energy with a photovoltaic (PV) facility for residential use, as well as the injection of the surplus energy into the grid for which compensation will be received. At the same time, new developments in PV and BESS technologies reduce the costs of facilities, a fact that can increase the profitability of self-consumption through PV energy. This study evaluates the profitability of a household PV facility with BESS using a model based on real market prices, hourly data from user smart meters, and their own location; especially, the model gives the best configuration of PV panels power and BESS capacity. The financial indicators taken as reference for the results and conclusions are the Net Present Value (NPV), Internal Rate of Return (IRR), and Investment Return (IR). Our method examines also the effect of the BESS and PV panel costs on the profitability of the facility. Unlike other studies, our model is based on actual (not simulated) demand and price data, and it can be easily extended to other locations and market prices.

This study analyzes the determinants of the annual compensation of directors belonging to the boards of the Spanish companies that constitute the IBEX 35 stock index. We investigate the importance of observed and unobserved heterogeneity in explaining director compensation. Based on a three-level mixed effect model, our analysis includes time-invariant random effects at company and manager level as determinants of director pay. We find that company effects explain 30% of the variation in director pay, while company and director effects taken together explain 77% of that variation. Our findings suggest that the characteristics of the company, in terms of activity sector, size and financial performance, and the professional attributes of the director (especially the role within the board), influence the compensation received. In addition, some directors and companies show random effects (either positive or negative) that significantly separate them from the expected compensation estimated from the fixed part of the model.