Acciona Energy’s earnings beforetax were €27m ($36.1m) for the July toSeptember  period, down from €108m in the first nine months of 2012.

The fall was “mainly due” to theSpanish regulatory changes – including a 7% generation tax and tariff revisions– which have cost it €137m in lost profit so far this year, Acciona said.

Acciona Energy actually increased its revenuesby 2.3% year-on-year to reach €1.63bn,