The Spanish government’s proposal to claw back ‘windfall’ profits of carbon-free utilities will reduce revenue of hydro and nuclear power plants commissioned before 2005, Fitch Ratings says. A small number of wind farms where support schemes expired before 2005 will also be affected. The move will put pressure on financial profiles of Iberian utilities and reduce their rating headroom to various degrees with Endesa and Iberdrola being the most affected, although we do not expect it to result in ratings changes. According to the draft proposal, non-emitting plants unduly benefit from rising wholesale prices, inflated ... (full story)