By Reuters Staff
(Adds detail, spin-off confirmation, 2020 earnings)
MADRID, Feb 18 (Reuters) - Spanish energy and engineering company Acciona is planning to hive off and list its renewable power business on the stock market, the company said on Thursday as it posted an 8% rise in annual profit.
While the scale and structure of the listing have yet to be defined, at least 25% of the new company would be floated and Acciona would remain the majority shareholder.
The listing, which would include the entire energy business apart from a stake in turbine maker Nordex, is likely this year to take advantage of strong demand for clean-energy projects.
(Adds details on asset write-downs, investment plans)
MADRID, Feb 4 (Reuters) - Spanish utility Naturgy reported a net loss in 2020 after 2.84 billion euros ($3.4 billion) in writedowns on assets mainly in its home market and in Argentina as the COVID-19 pandemic slashed demand for gas and electricity.
It made a net loss of 347 million euros versus a net profit of 1.4 billion in 2019. Earnings before interest, tax, depreciation and amortisation fell to 3.45 billion euros from a revised 4.25 billion.
Naturgy wrote down 1.15 billion euros on its combined-cycle gas power plants in Spain as regulatory changes made these assets less profitable than renewables.
And in Argentina, it wrote down almost all the value of its assets, saying that high inflation is denting profits as local regulators have prevented utilities from raising prices for a year-and-a-half.
(Adds details on asset write-downs, investment plans)
MADRID, Feb 4 (Reuters) - Spanish utility Naturgy reported a net loss in 2020 after 2.84 billion euros ($3.4 billion) in writedowns on assets mainly in its home market and in Argentina as the COVID-19 pandemic slashed demand for gas and electricity.
It made a net loss of 347 million euros versus a net profit of 1.4 billion in 2019. Earnings before interest, tax, depreciation and amortisation fell to 3.45 billion euros from a revised 4.25 billion.
Naturgy wrote down 1.15 billion euros on its combined-cycle gas power plants in Spain as regulatory changes made these assets less profitable than renewables.
And in Argentina, it wrote down almost all the value of its assets, saying that high inflation is denting profits as local regulators have prevented utilities from raising prices for a year-and-a-half.