Spain plans to recoup profits from renewable power plants

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MADRID, January 28 (Reuters)Spain’s energy ministry plans to claw back some of the profits from renewable power plants to reduce retail electricity prices, the Cinco Dias newspaper reported on Friday, citing unidentified industry sources.

The government would claw back about 2 billion euros ($2.23 billion) from renewable energy utilities, which have benefited heavily from record wholesale electricity prices, the newspaper said.

A The energy ministry spokesman told Reuters the government was constantly working with energy companies to reduce the effect of energy prices on people’s electricity bills. They did not specify.

Late last year, the government decided to claw back profits from all utilities in a bid to limit electricity price hikes that are fueling inflation. He cut taxes and increased subsidies for low-income households.

($1 = 0.8986 euros)

(Reporting by Inti Landauro and Isla Binnie; Editing by Jason Neely and Kim Coghill)


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