Turning the corner

Spain focus


Headaches in Latin America and falling global share prices have weighed heavily on Spanish utilities, which have subsequently suffered weakening credit profiles. But third-quarter earnings from the main players, Endesa, Iberdrola and Union-Electrica Fenosa (UEF) are providing some upside in sentiment and more good news is in the offing.

Domestic electricity prices are set to increase for the first time in six years and allow annual price rises until 2010; another welcome source of cashflows w

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