Updated Thursday, 7 October 2021 – 18:36
Endesa proposes to the vice president that the adjustment in the regulated remuneration of the oldest renewable energies be advanced.
Jos Bogas (Endesa), Ignacio Galn (Iberdrola) and Beatriz Corredor (Red Elctrica) .IGNACIO GIL
Iberdrola and Endesa they have joyfully celebrated on the stock market the possibility that the Government will moderate the hack inflicted on the income of its nuclear and hydraulic power plants to contain the sharp rise in the price of electricity. The vice president of Ecological Transition, Teresa Ribera, yesterday began a round of meetings with the five major heads of the electricity companies operating in the country to address the complex situation of the electricity bill, which continues to rise despite the noise that its package of measures has generated among investors.
The possibility that Ribera suspends the regulation that he approved less than a month ago – as published by Cinco Das – strongly boosted the price of electricity companies, which still continues to do so. 10% below the level recorded before the adjustment. Official sources of Ecological Transition limited themselves to explaining that the ministry will review its measures if Europe takes the reins of the crisis and approves measures for the entire continent.
Electrical and industrial companies trust that Ribera will correct the mess that has caused its intervention in the market on numerous and diverse fronts. Few believe that they would back down their own regulation, as this would irritate United we can and it would leave the vice president herself in a very compromised situation, but they do bet that there will be changes that will alleviate the pressure on the industrial groups -which Iberdrola or Endesa themselves have already warned that the hack will rebound- or adjust it to the current gas prices to avoid that the adjustment is even higher than the 2.6 billion euros originally planned.
The electricity companies will be the last interested in being received by Ribera, who met on Monday with the large industry and on Tuesday with consumer associations. Jos Bogas, CEO of Endesa, yesterday inaugurated the series of meetings, which also include meetings with executives at the highest level of Iberdrola, Naturgy, EDP and Acciona.
Bogas presented Endesa’s proposals to contain the rise in electricity. These include releasing the system’s strategic gas reserves, which are accounted for at a much lower price than the market, and adjusting the regulated remuneration of older renewable energies annually. These facilities have a recognized remuneration of 7.4%, but at the moment they are entering much more money due to the prices that the wholesale market is registering. When the regularization is carried out, in 2023, they will have to return the difference between what was charged and what was stipulated. Endesa’s proposal is that this regularization take place at the end of this fiscal year, which would mean an injection of 4,000 million euros into the system according to the calculations made by the company.
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