Spain reforms cost Acciona €137m
New Spanish regulations continued to take their toll at Acciona, wiping 75% off pre-tax profits in its Energy division during the first nine months of the year.
Acciona Energy’s earnings before tax were €27m ($36.1m) for the July to September period, down from €108m in the first nine months of 2012.
The fall was “mainly due” to the Spanish 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 revenues by 2.3% year-on-year to reach €1.63bn, thanks to the installation of 105MW more total capacity – 63MW of it wind power – and better output from its Spanish wind and hydro fleet.
But that was not enough to offset the effect of the regulatory revisions, not all of which have yet fed through into the accounts.
At a group level, Acciona suffered a 34.3% fall in net profit to €75m as its infrastructure division also felt the impact of Spain’s economic slowdown.