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Iberdrola core earnings fell 7 per cent to €7.2 billion (£5.9 billion) in 2013, hit by Spanish levy hikes, the company reported on Wednesday.
In the UK, Scottish Power’s generation and supply businesses reported earnings before interest, tax, depreciation and amortisation (Ebitda) down 11 per cent from the previous year to €320 million (£263 million). That reflects the closure of Cockenzie power station in March, a rising carbon tax and the devaluation of the pound against the euro.
The UK networks fared somewhat better, increasing Ebitda 0.2 per cent to €939 million (£773 million), with a growing asset base offsetting currency effects.
UK levies cost the company some €250 million (£210 million), mainly as a result of the Eco energy efficiency scheme.
It was in Spain the energy firm’s finances really suffered, with regulatory intervention costing some €800 million (£660 million).
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