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.

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