broker comments..

The former Spanish Secretary of Energy has left a draft with a new tariff system for wind energy in Spain that represents a large cut on the current tariff, according to the newspaper La Gaceta...................

........Implications: The Spanish assets contribute c.16% of electricity output for the BBW portfolio. In FY07, the Spanish wind farms contribute 48% to total EBITDA. If the Spanish tariffs dropped by 10%, this would reduce our BBW SOTP valuation ($1.72) by about 6% with a
10% drop in EBITDA (post associates). This would also reduce FY07 NPAT by 15%.