Spanish energy reform was worse than expected, Credit Suisse says

New energy measures could cut utilities and renewable operators by up to €2.7bn,Credit Suisse’s Equity Research says.

The energy measures introduced by the Spanish government on 12 July, aimed at eliminating €4.5bn of annual tariff deficit. We cut our estimates and PTs to reflect the regulatory changes, were more disappointing than expected according to Credit Suisse Equity Research.

The decision to transfer €900m of tariff deficit to the State Budget, instead of €1.8bn previously forecast translates into higher cuts for utilities and
renewable operators, for €2.7bn (v. €2bn expected), Credit Suisse said.

Consumers will also play a role, with a c.3% tariff increase, raising €900m p.a.

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