Pre-tax profits at Acciona’s renewable energy division fell 26% for the first quarter of 2013, despite high average winds and and hydro activity in the period.
The Spanish firm said that generation revenues had in fact risen by 16.3% taking its energy revenues to £520million, thanks to an increase in capacity put in place over the past twelve months and exceptional wind and hydro load factors in Spain in the period.
Acciona, whose group profits were up 1.5% at £34.7million, however, blamed the downturn in energy earnings on regulatory changes.
The group, which has businesses in infrastructure, renewable energy, water and services, saw its first quarter turnover rise 1.9% to £1.4billion.
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