Iberdrola back on solar's case

Iberdrola CEO Ignacio Galan

Iberdrola CEO Ignacio Galan

Spanish wind-power giant Iberdrola renewed its attack on the solar sector today, as it revealed that regulatory changes in its home market had knocked €503m ($692) from its operating profits in the first nine months of the year.

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 Log in to read complete article.

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