Updated on Tuesday, October 5, 2021 – 10:22
Industrial representatives transfer the vice president to remove fixed contracts from the regulatory cut to avoid chaos after the notice of the electricity companies about their transfer to the bill.
The Ministry of Ecological Transition is studying formulas to alleviate the chaos that the hack has produced on the income of the large electricity companies in the fixed price contracts that they have signed with the industrial companies of the country. The vice president Teresa Ribera met yesterday with a large number of representatives of the secondary sector of the economy to hear their concern after Iberdrola, Endesa and Naturgy have transferred their intention to pass the cut in their income on the price of the contracts. The industry warned that, if the coup is consolidated, many companies will be forced to reduce their activity and stop production in the last straight of the year and in 2022 with the consequent effect on the recovery of the economy, according to the assistants told EL MUNDO to the meeting.
The vice president took note of the message and conveyed that her department is looking for solutions to avoid this impact. Everything happens to exclude from the blow the fixed bilateral contracts that are already signed and are not indexed to the market price. The difficulty lies in how to do it, since it involves private agreements signed between two companies.
“It is important that the signed contracts are respected and the only way to avoid the current mess is to exclude from the effect of the reduction those signed prior to the adjustment”; explains one of the meeting attendees who asks to remain anonymous.
The meeting also served to review the initiatives that the Government is transferring to Europe to try to contain the increase in the cost of energy on a continental level. The Vice President for Economic Affairs, Nadia Calvio, insisted yesterday during her participation in the Eurogroup on the “urgency” of seeking a continental solution to the problem.
The industry is not only concerned about the imminent impact that the repercussion of the regulatory cut may have on its current bill, but about the revision of the cost of the energy that it will have to face when it expires and adjusts to the current references of the market. “The prices that mark the futures for next year and 2023 are unsustainable”; points out another industrialist who participated in the telematic meeting.
Ribera added that all European governments have been surprised by the rapid increase in energy prices and the alarming situation in which it has resulted for homes and companies. Some assistants members of the Association of Companies with Large Energy Consumption (AEGE) wave Alliance for Industry Competitiveness They asked the vice president who is pressing in Europe to change the current marginalist market system, in which a high price of gas ends up conditioning the cost of other energy sources.
On the other hand, the regulatory cut approved by the Government is beginning to have pernicious effects on the wholesale electricity market. Groups such as Iberdrola have begun to exclude part of their wind and photovoltaic production from the price matching when they consider that the price of electricity is below the reduction approved by the Government on their income.
This situation occurred both on Saturday and Sunday for a total of 16 hours, when part of the renewable production went to zero when the hourly price of electricity fell below 115 euros per megawatt hour. Group sources explain that all they have done is internalize the new variable cost, linked to the price of gas, and avoid selling at a loss. The absence of renewables, despite the fact that there was wind and sun to produce, implied their substitution in the market for a greater import of electricity from France.
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