Spain proposes cutting fixed returns on gas and electricity transport, distribution [Reuters]
ENAGAS SA UNSP/ADR (ENGGY)
NASDAQ:AMEX Investor Relations:
enagas.es
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Source: Reuters
Spain proposes cutting fixed returns on gas and electricity transport, distribution - Reuters 2 Min Read MADRID, July 5 (Reuters) - Spain’s competition regulator proposed on Friday cutting fixed rates of return on the transport and distribution of gas and electricity, calling for a “stable and rigorous” system to calculate how much money power companies can make. Spain regulates income from the transport and distribution of gas and electricity by fixing the rate of return that power companies can make on their investments. On Friday it proposed cutting the returns on the transport of gas and electricity by 21.8% and slashing the rate for distribution by 17.8%. Shares in gas companies Enagas and Naturgy fell 5.8% and 3.1% respectively by 1247 GMT, adding to sharp losses on Thursday when Spanish newspaper Cinco Dias reported on the watchdog’s plan to cut the rates. The newspaper had said the cuts would be as deep as 40%, sending Enagas shares down 3.8% on Thursday and Naturgy shares tum
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