Spanish renewable energy shares feel hit after word that subsidies may be cut

Spanish renewable energy generators Iberdrola Renovables, Acciona and EDP Renovaveis shares took a hard hit after a Spanish news site, El Confidencial, released information, which stated that the Spanish government is looking to possibly retroactively cut pre-2009 renewable subsidies.

According to Reuters, sources from the energy and government sectors are expressing that the government may decrease existing subsidies in its new energy sector regulation, which finance many of the renewable energy plants in the country.