Updated Friday, October 1, 2021 – 11:06
“The measure adopted constitutes an economic embargo on the operating account of our companies”, denounces the AEMEC
The President of the Government, Pedro Snchez, along with Nadia Calvio and Yolanda Daz during the control session to the Government Juan Carlos HidalgoEFE
The Spanish Association of Minority Shareholders of Listed Companies (AEMEC) has sent a letter to the president of the European Commission, Ursula von der Leyen, in which he asks him to intervene in the face of the “clear attack” perpetrated by the Government of Pedro Sanchezto power companies.
In the letter, to which EL MUNDO has had access, he refers Von der Leyen, “as a defender of the different treaties and agreements of the Union, a matter of extreme gravity that affects the shareholders of Spanish electricity companies.”
The AEMEC recalls that “on September 14, through Royal Decree-Law 17/2021, the Spanish Government adopted a anomalous decision that violates multiple legal provisions and represents great regulatory instability in the Spanish electricity market “.
“It is a measure of government intervention in the energy market,” he continues, “which deprives companies of a significant part of the amounts to which they are entitled by the application of the European price system.” “From the outset, it is estimated that this will have a direct impact on billing of a minimum of 2,600 million euros until March 2022, “says this association, whose legal representation is provided by the Cremades & Calvo Sotelo law firm.
“The Spanish government has adopted an unprecedented measure throughout the EU, charging a majority of small shareholders the cost of the alleged reduction in the final price of electricity in an arbitrary and discriminatory way,” he asserts.
Thus, the small shareholders of the electric companies consider that it is an intervention “contrary to the legitimate interests” of the shareholders and, therefore, “to their property rights.”
“The measure taken constitutes an economic embargo of the operating account of our companies. This means that, broadly speaking, we are facing a reduction or detraction, which, if it materializes, would have to be compensated, like any other produced in the EU, with adequate compensation “.
“In case of not being fulfilled, we would be facing a potential patrimonial damage to the shareholders, which entails the legal consequences that could derive from it”, abounds the AEMEC. “Furthermore, we must take into account the danger that this precedent may pose for other regulated sectors and other member states.”
It also notes that the government decision is “contrary to legal security already legitimate trust“.” The adopted regulation constitutes a clear intervention in the EU electricity market operating rules, resulting in a policy change for investors in renewable and clean generation. “” A regulated sector must respond to clear rules. , safe and reliable “, he emphasizes. Not surprisingly,” small investors traditionally choose to deposit their savings in this type of company, to avoid speculative fluctuations and unpredictable ups and downs “.
For all these reasons, the AEMEC considers that “measures such as these represent a clear attack and distortion of the basic rules of the Treaty on Competition Law and the Internal Market” and urges Von Der Leyen to intervene immediately.
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