MADRID Feb 3 The Spanish government will
disburse 4.57 billion euros ($6.2 billion) in regulated revenues
for electricity distributors in 2014, down 10 percent from a
year ago and below expectations.
In the state bulletin published on Saturday, the government
outlined the payment for the three main power distributors as
follows: Endesa would receive 1.98 billion euros,
Iberdrola 1.57 billion euros and Gas Natural
723 million euros.
Banco Sabadell said in a note to clients that the total was
6.6 percent below the amount expected by the market and was
negative for the distributors.
Regulated distribution revenues account for 25 percent of
earnings before interest, taxes, depreciation and amortisation
(EBITDA) for Endesa, 18 percent for Iberdrola and 12 percent for
Gas Natural, it said.
The funds come out of power bills paid by consumers, which
are divided into regulated and non-regulated items.
Spain also set the regulated rates for transportation at
1.66 billion euros, with the vast majority going to national
electricity grid operator Red Electrica, in line with
the amount flagged by the company last month.
($1 = 0.7415 euros)
(Reporting by Tracy Rucinski; Editing by Fiona Ortiz and