Reuters: Regulatory News: Spain's treasury will finance part of power tariff deficit, says minister

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Spain's treasury will finance part of power tariff deficit, says minister Jul 10th 2013, 10:11 MADRID, July 10 | Wed Jul 10, 2013 6:11am EDT MADRID, July 10 (Reuters) - Spain's Treasury will finance part of a gaping power tariff deficit, a government minister said on Wednesday, likely paving the way for approval of long-anticipated energy reforms this week. The 26-billion-euro ($33 billion) deficit, created by years of mismatched regulated electricity prices and costs, has become a growing headache for recession-hit Spain, which is likely to slash renewable energy subsidies as part of the reform. Spanish Industry Minister Jose Manuel Soria, whose department is leading the reforms, said on Wednesday that the Treasury Ministry had agreed to plug part of the deficit.

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