Iberdrola Renewables' Spanish profit down 91%

Despite record production, net profit from wind business in Spain fell 91% and Ebitda by 63% as a result of new regulatory decision  - Iberdola Press Release

Iberdrola Renewables' Spanish profit down 91% | Windpower Monthly:

SPAIN: Iberdrola has blamed a 91% decrease in Q1 net profits for its Spanish renewables operation on government regulation.
Last year, the cash-strapped Spanish government ended existing feed-in tariffs for renewables and replaced them with a 7.5% remuneration on profits.
Iberdrola said wind projects were worse affected by the changes rather than other renewable technologies such as solar.

full article at Windpower Monthly

While Iberdola lead the news release of its first quarter report with the lament on wind subsidy changes, that didn't even warrant a mention in a Bloomberg article on the company's earnings - nor are Spain's policy changes particularly apparent in the stock chart.

Perhaps Spain's government has had some success in rolling back the expensive contracts that lead to its enormous tariff deficit.