Spain signed into law Royal Decree 1/2012 on 27 January 2012, which announces a moratorium for its renewable energy incentive programs. The subsidy cut forms part of the government's broader budget austerity plan, and applies to all projects lacking pre-assignation in its registry, including wind, solar PV, solar thermal, biomass, biogas, and mini hydro. The Minister of Industry, Energy and Tourism cited Spain's weak overall budgetary position, a €24 billion electricity tariff deficit, and installed generation capacity over 50% greater than peak demand as cause for the suspension.