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Spain cuts 2014 disbursements to power distributors

Source: Reuters - Mon 3rd Feb 2014
 Spain cuts 2014 disbursements to power distributors

The Spanish government will disburse 4.57 Bln in regulated revenues for electricity distributors in 2014, down 10% from a year ago and below expectations.

In the state bulletin published on Saturday, the government outlined the payment for the 3 main power distributors as follows: Endesa would receive 1.98 Bln, Iberdrola 1.57 Bln and Gas Natural 723 Mln.

Banco Sabadell said in a note to clients that the total was 6.6% below the amount expected by the market and was negative for the distributors.

Regulated distribution revenues account for 25% of earnings before interest, taxes, depreciation and amortisation (EBITDA) for Endesa, 18% for Iberdrola and 12% for Gas Natural, it said.

The funds come out of power bills paid by consumers, which are divided into regulated and non-regulated items.

Spain also set the regulated rates for transportation at 1.66 Bln, with the vast majority going to national electricity grid operator Red Electrica, in line with the amount flagged by the company last month.

Further Reading

* 1 in 4 Complained to Spain's Electricity Providers in 2013

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