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Spain Govt Doesn't Rule Out Retroactive Renewable Subsidy Cut

Spain's government doesn't rule out a retroactive cut in its generous subsidies for renewable power, an industry ministry spokesman said Wednesday.
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Τετ, 21 Απριλίου 2010 - 18:43
Spain 's government doesn't rule out a retroactive cut in its generous subsidies for renewable power, an industry ministry spokesman said Wednesday.

Shares in renewable energy companies plunged Wednesday amid regulatory concerns after Spanish media speculation about a retroactive subsidy cut.

At 1055 GMT, engineering and renewable power company Abengoa SA (ABG.MC) fell 4.9% to EUR20.07, while wind turbine maker Gamesa Corporacion Tecnologia SA (GAM.MC) fell 3.9% to EUR10.23 and wind power producer Iberdrola Renovables SA (IBR.MC) was down 2.8% at EUR3.04.

A retroactive cut is legally possible, but the government hasn't taken a decision yet and is weighing its options, the industry ministry spokesman said.
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