Spanish government reveals $32bn bailout for power sector

The Spanish government has revealed that it has provided over $32bn in order to assist Spanish companies working within the power generation industry.

Iberdrola (BMADIBE), who are set to exhibit at POWER-GEN Asia this week, and Gas Natural SDG are two of the companies whose debt repayments are being covered.
Jose Manuel Soria
  Companies working within the sector booked more revenue than they received from their clients for most of the past decade -- the difference between government-set prices for buyers and sellers -- with the shortfall booked as receivables on their balance sheets, according to Bloomberg.

  Industry Minister Jose Manuel Soria said in September that the government will cover repayments of power system debt this year alongside a package of tax increases on power companies to break the debt spiral.

  For more power business news

     

 

Share
     


Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...