The companies, where they admit “internal concern” and value going to Justice, maintain their falls in the Stock Market after the shock plan approved yesterday
The decree with the shock plan to contain the electricity bill approved yesterday by the Government has caused sparks to fly between the Executive and the electricity companies affected by cuts such as the 2.6 billion to nuclear and hydroelectric plants. Industry sources admit that “there is a lot of internal concern” about the content of the rule they are already studying, although for now they do not clarify whether they will go to court to defend their rights.
To avoid a further confrontation, the vice president and minister for the Ecological Transition, Teresa Ribera, has announced that she will meet with them “in a few days” to analyze the content of the text. The person responsible for the crash plan sees the rejection of the companies as “natural”, as they are temporarily affected in their income, as indicated in an interview on TVE.
In line with the warning about the possible early closure of the nuclear plants, Ribera explained that this is “the first hot reaction.” “It is obvious that if (the electricity companies) were used to it and if they were expecting that with this evolution of the price of electricity their profits were going to increase so much, they don’t like it that they don’t increase so much, but only increase a little. To a certain extent, it is a natural reaction, which must be understood, but it is also important to understand the extraordinary nature of this turbulence and the need to contribute all, “he said.
The vice president has indicated that she had already spoken with the electricity companies about the content of the shock plan to lower the price of the electricity bill approved yesterday by the Council of Ministers, which will begin to be noticed in the bills this month, after its entry into force tomorrow. Ribera stated that these companies knew the need to intervene “quickly” so that the rise in the price of electricity in the wholesale market did not have such an impact on the bills of citizens and industrial customers.
Ribera considers it “striking” that the increase in profits that they were going to have as “essential” is “invoked” when six months ago they would not have been able to count on those resources given that the exponential increase in prices that has occurred had not occurred. registered in recent weeks.
Ribera has insisted that profitability for electricity companies is “out of question” with what has been done in the decree and that, “obviously”, these companies would have preferred that the problem of the price of electricity “passed them by side” and they did not have to get involved in a response that seems to the Government “essential”.
Regarding the threat of advancing the closure of nuclear power plants, the vice president has indicated that the measures adopted respect the thresholds that were agreed when the companies signed the calendar for the closure of nuclear power plants and recalled that, in any case, the power plants cannot be closed by themselves, as they require authorization from Red Eléctrica, the system operator. They know that it is so. What they are doing is showing that they are not happy with the measures, “said the vice president, who has also questioned the response that the PP has given to the decree approved by the Government.
Meanwhile, large companies continue to suffer in their stock market prices with falls that, in the case of Iberdrola and Endesa, stood at around 2% this morning. Naturgy, however, immersed in its IFM takeover bid, barely wears out 0.3% and Enagás yields a minimum 0.2%.
These falls are added to those registered by Endesa and Iberdrola on Tuesday, with the power company controlled by Enel as the most penalized value (-5.18%), followed by Iberdrola (-1.71%) and Solaria (-1 , 55%).
Among the measures that will contribute the most to this reduction are the reduction of VAT to 10% –which the Government rules out extending for gas–, the suspension of the 7% tax on electricity generation, the discount of the electricity tax at 0.5% or the expected contribution of 2,600 million euros from the electricity companies from the so-called ‘profits from the sky’.
In addition, to all this is added a bill currently being processed in Congress to also reduce CO2 to companies that produce electricity but do not generate polluting emissions and, nevertheless, benefit from emission rights. This concept will reduce the invoice by 13% and the Government has already asked to process it urgently.