Acciona could be one of the victims of the new policy
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By Andrew Lee in London
Thursday, February 27 2014
Updated: Thursday, February 27 2014
Acciona said reforms to the Spanish energy market directly cost it €257m in 2013, and led to the huge goodwill write-offs and impairment charges on its renewables interests.
In 2012 Acciona posted a net profit of €189m.
But the impact of the reforms, which include retroactive elements designed to close the country’s so-called tariff deficit, hit the company’s generating assets hard.
Almost 6GW of Acciona’s global installed capacity of 8.5GW is in Spain – most of it comprised of wind power.
Acciona’s earnings before interest, tax, depreciation and amortisation (Ebitda) was €1.23bn, 14% down mostly because of the new regulations.
The Acciona Energy division saw its Ebitda fall 13% and pre-tax profits collapse by 96% to €6.7m.
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