The National Electric Power Regulatory Authority (Nepra) has recently announced an increase of 26 paisa per unit in its power tariff for consumers of nine distribution firms of Wapda from the end of this month, mainly because of monthly fuel cost adjustment.

While talking to media, a spokesperson from Nepra said that the power firms had sought a surge of 52 paisa per unit under the fuel adjustment formula for July.

However, the power regulator sanctioned a growth of 26 paisa and rejected the remaining sought due to system losses, late payments and overall circular debt.

The Spanish government has recently announced that it has forwarded a proposal for a regulatory decree to Spanish national energy commission to reduce subsidies for future photovoltaic solar plants by around 45 percent.

The above declaration was made by the industry ministry of the country.

According to the new scheme, subsidies for open-field solar farms will be reduced by 45 percent, and those for large roof-top installations will come down by 25 percent.

Meanwhile, subsidies for small roof-top installations will reduce by 5 percent under the new scheme.

Spain’s Iberdrola has recently announced that it has decided to sell three United States Gas utilities for $1.3 billion to lift up funds for construction of a transmission line joining New England and Canada.

As per the statement released by the Spanish electricity maker, Connecticut Natural Gas Corp., Southern Connecticut Gas Co. and Berkshire Gas Co. are being sold to UIL Holdings Corporation, the Connecticut-based parent company of United Illuminating Company.

Spanish oil company Repsol YPE SA has announced that it will hold a board meeting on January 15 to vote to confirm its confidence in Chairman Antonio Brufau.

While filling to the Spanish market regulator, the company has revealed that it will vote on the degree of success if it’s strategic plan.

Earlier this week, some of the Spanish news channels reported that the company’s leading shareholder, Sacyr-Vallehermoso SA, has in past weeks been looking for a replacement for Brufau.

Highly indebted Sacyr in current months has been at odds with Brufau over the allocation of funds.

According to the news, Spain-based Gas Natural has inked a deal with Mitsui and Tokyo Gas to sell some of its power generation assets in the Mexican market.

It is expected that the transaction will allow Gas Natural to continue its restructuring plan and rebalance its global exposure to different nations around the world.

Repsol, Spain’s largest oil company, has announced that its board has sanctioned a huge interim dividend of 0.425 euros per share, which is less than the 0.525 euros awarded last year.

While talking to reporters, chairman of Repsol, Antonio Brufau said, “This dividend balances an adequate return for shareholders with the investment plan aimed at putting the company on track for growth.”

Further, a spokesperson from the company told reporters that the dividend cut was backed by all board members of the company.

Oil firm Repsol YPF SA declared that its adjusted profit dropped 61% in the third quarter due to the decreased refining margins and the decline in output.

The clean replacement cost of supplies or the adjusted net profit, excluding the inventory effects decreased to EUR279 million in the third quarter, from EUR723 million in a year earlier.

Repsol and Hess Corporation has discovered two oil beds in Gulf of Mexico. The discovery is expected to pump up the potential output of oil from theregion.

Madrid situated Repsol said in a statement that the findings are at the G104 and Shenzi-8 wells. The operator for this task was the world’s largest mining company, Melbourne situated BHP and it owns 44% of the stake. Repsol and Hess each own 28%.

After this discovery, Repsol said in a statement that the discovery is made in order to increase the future productivity of this area.

Spain's Gas Natural SA, on Saturday, has agreed to sell its 63.8% stake in Empresa de Energia del Pacifico SA to Colombia's holding company Colinversiones SA for $1.1 billion.

Gas Natural anticipates the deal with Colinversiones to be accomplished before the termination of the year.

ABU DHABI International Petroleum Investment Company (Ipic) has announced that it has acquired a stake in Compania Espanola de Petroleos (Cepsa).

Ipic is an investment subsidiary of Abu Dhabi's government.

Compania Espanola de Petroleos (Cepsa), is one of Spain's largest energy companies.

Ipic stated in a communiqué that it would seek exemption from introducing a takeover bid.

Ipic, at present holds 47 per cent stake.

The value of the Ipic deal with Cepsa has not been revealed.