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
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