is that wind, a zero-marginal cost generator brings wholesale prices down, thus reducing revenues for baseload producers (nuclear, coal, and high capacity gas CCGT), ie the incumbents.

At current levels of penetration in Spain, that merit-order effect bites into utilities revenues seriously (the savings for consumers are larger than the cost of the feed-in tariffs, thus making "subsidies" for renewable energy paying for themselves instantly).

But nobody EVER discusses this.

Wind power