Spain power reforms will 'crush' steel: Unesid

Jul 30, 2013 | 02:58 PM | Alexandra Chapman

Tags  Spain, steel industry, power reform, power costs, subsidies, Unesid, energy market, European Union Jose Manuel Soria

LONDON — Spain’s newly instituted power reforms will be devastating for the future of the country’s steel industry, according to Spanish steel association Unesid.

The reforms, which were introduced in mid-July, will reduce subsidies for renewable energy generation and electricity, and will cost utility companies in Spain as much as 2.7 billion euros ($3.6 billion) and consumers €900 million ($1.2 billion), according to Spanish Industry Minister Jose Manuel Soria.....

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