Updated on Wednesday, 15 September 2021 – 14:52
Again as on the previous day, Endesa and Iberdrola are the most punished for these doubts. The first faces the afternoon session with a drop greater than 4% and the second touches that level
Quotation screens at the Madrid Stock Exchange Palace Energy The Government will charge the electricity bill with everything saved with gas from April
The electrical Investors’ doubts about the government’s plan to lower the electricity bill are also paying on the stock market today. In this session, in addition, these doubts are increased due to the increase in tension between the Executive and the companies in the sector, which at the end of Tuesday threatened to stop producing nuclear energy if the Moncloa plan goes ahead.
Again like the day before, Endesa and Iberdrola they are the most punished for those doubts. The first one faces the afternoon session with a fall of more than 4% after yesterday it dropped 5.2%. Its securities stand at 18.6 euros and its capitalization has decreased by almost 2 billion euros in less than two days.
The reason must be found in the plan approved yesterday by the Council of Ministers to deal with the increase in electricity bills in recent weeks. The price will set a record again tomorrow Thursday at a level of 188.18 euros per megawatt hour (MWh), according to the auction held this Wednesday.
The rise is dizzying and seems unstoppable, and that is why the Executive has put together an emergency package with which it tries to alleviate the pocket of consumers. His plan contemplates injecting into the system the extra cost obtained by the electricity companies for the CO2 emission rights and establishing a time limit in the price of gas that users will return in future bills, starting in April, when the system is not so stressed.
Both the reduction in gas and the redistribution of extraordinary profits from electricity companies will be transitional measures, but its impact has unleashed investors’ fears about its impact and, in addition, has awakened the immediate response of the sector, which threatens the early closure of the plants if the Government cuts them the calls ‘profits from heaven’.
Iberdrola it is, after Endesa, the other value that is accommodating the doubts of the markets. The company lost 3.8% this Wednesday after falling 1.7% yesterday.
Naturgy 0.46% is left, but where appropriate the fall is limited by the takeover bid of the IFM fund whose resolution is scheduled for the next few days.
The falls also extend to renewables such as Solaria, which is close to the 3% decline, and outside the Ibex, Acciona Energa lose more than 1.5% in the session.
All this in the midst of growing tension between the Government and the main electricity companies in the country.
After the approval of the decree law in the Council of Ministers, the employers’ association Foro Nuclear, which includes Naturgy, EDP, Endesa and Iberdrola, It threatened to stop producing nuclear energy if the measures promoted by the Executive were successful. A notice that from the wing of United We Can, in addition to other parliamentary partners of the Government, have described as “blackmail.”
The cut mainly affects nuclear and hydroelectric facilities, which benefit from a price affected by the increase in the cost of CO2 emission rights and natural gas, and which, however, do not have to pay.
In the government control session held this Wednesday in Congress, President Pedro Sánchez stressed that his Executive “will always defend the interest of citizens above any pressure or private interest”, while the PSOE spokesman, Hector Gmez, He has assured that the Executive will be “firm”: “We prioritize citizens with respect to other types of benefits that companies may have,” he assured.
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