The Spanish government has been sentenced to pay a fine to two equity funds as retroactive compensation for cutting subsidies to renewable energy sources, announces Spain's Ministry of Energy.
The electricity reform, announced in 2013 and implemented in 2014, has cost developers upwards of EUR 2.15 billion, according to the industry. Meanwhile, media report that a total 26 international investors have filed similar arbitration cases against the Spanish government.
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Ahead of Thursday’s long awaited meeting between EU’s energy ministers, the EU Commission still has yet to rubber-stamp any proposed solutions to the energy crisis. According to a commissioner, preparations are still underway for the meeting – and gas prices are in focus, according to documents leaked Wednesday.