New levies as a result of Spanish energy reforms accounted for half of a €1bn global hit on Iberdrola’s earnings before interest, tax, depreciation and amortisation (Ebitda) as a result of regulatory costs in key markets, including the UK where it has a significant presence via its ScottishPower subsidiary.

As far as the Spanish market is concerned, Iberdrola – the world’s biggest wind power operator – criticised the reforms for failing to benefit the public or effectively address the country’s ‘tariff deficit’ – the gap between consumer prices and generation costs.

Iberdrola