Spain Says Power Reform to Cost Companies 2.7 Billion Euros
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Spain slashed profit for renewable energy companies and the electric grid operator, part of Prime Minister Mariano Rajoy’s effort to eliminate a 4.5 billion euro ($3.9 billion) deficit forecast this year for the industry.
Industry Minister Jose Manuel Soria said the measures will cost utilities 2.7 billion euros and consumers 900 million euros. The government will absorb a further 900 million euros of costs. The changes take effect tomorrow.