energy sector

European economy 9th April 2024

Surplus electricity production plus structural reduction in consumption, leads to negative prices on wholesale markets

Alphavalue / Divacons| The recent phenomenon of negative electricity prices in several European countries reflects a complex combination of factors, mainly driven by the law of supply and demand and the increasing prominence of renewable energy sources. Countries such as Germany, Finland, Belgium and France frequently experience a surplus in electricity production, largely due to a combination of favourable weather conditions and an increase in renewable energy capacity. This surplus,…

European economy 5th April 2024

EU ends the winter with record gas storage levels

BancaMarch: The European Union ends the winter season with record levels of gas storage. Gas stocks in March recorded values of up to 58.72% of storage capacity, 3 p.p. higher than the previous peak, which took place last year. The energy crisis is behind us. Despite the reduction in Russian gas supplies, the mild winter and the targets set by the EU to reduce gas use have contributed to this…

Spanish economy 28th March 2024

Iberdrola sues Repsol for exaggerating biofuels efforts and presenting itself as leader in energy transition

Alphavalue/Divacons| Iberdrola has filed a complaint against the oil company, accusing it of greenwashing, El País reported on Tuesday. Iberdrola is suing Repsol for distorting reality by exaggerating its biofuels efforts to the public and presenting itself as a leader in the energy transition, while 99.4% of its revenues come from non-renewable energy. Iberdrola: Add, Target Price €13.1/share. Repsol: Add, Target Price €17.8/share.

Spanish economy 30th January 2024

Repsol, Endesa, Iberdrola and other energy companies negotiate with government to redesign tax on profits

Norbolsa| Spanish energy companies are negotiating with the government to redesign the tax on their profits. In this regard, among the companies, Repsol (REP), Cepsa, Endesa (ENE), Iberdrola (IBE) and Naturgy (NTGY) stand out; all of which are trying to find a solution as soon as possible to the windfall tax that was created two years ago against large companies. For the time being, the tax is still in force…

In Spain, Relevant News Item 2nd January 2024

Major confusion in energy sector over details of “solidarity” levy’s implementation

Link Securities| The reform of the tax on large energy companies (Repsol, Iberdrola, Endesa, Naturgy and Cepsa) is generating monumental confusion in the sector, the newspaper Expansión publishes in today’s edition. To date, and despite the fact that the reform has theoretically come into force on 1 January 2024, nobody knows exactly how it will be applied. Thus, energy companies are urging the government to clarify when the reform of…

Relevant News Item 29th December 2023

Government announces extension beyond 2024 of tax paid by energy companies

Norbolsa| The Government has announced an extension beyond 2024 of the tax paid by large energy companies. However, it has also announced that it will introduce tax incentives in which strategic investments linked to industrial projects and decarbonisation can be deducted, so the scope of the deductions remains to be seen. On the other hand, the government has taken advantage of the omnibus law to extend anti-crisis measures to introduce…

In Spain 18th November 2023

Endesa, Acciona Energía and Iberdrola to be most affected by new government, with impact on EPS due to tax on windfall profits

Morgan Stanley | Pedro Sanchez won an absolute majority in the congressional investiture vote, which should allow him to continue as Prime Minister for the next four years. However, the Spanish government will be an eight-party coalition, similar to the previous coalition government, which will include PSOE and Sumar, along with regionalist parties ERC, Junts, PNV, Bildu, BNG and CC. Analyst Rob Pulleyn expects the confirmation of the new Spanish…

European politics 10th July 2023

Supreme Court urges return of €320 million of social bonus to electricity companies; European Parliament to remove price cap for renewables

Banc Sabadell : The Supreme Court has urged the MITECO (Ministry for Ecological Transition and Demographic Challenge) to pay the main distributors €320 million euros owed to them after declaring the social bonus inapplicable (Endesa €152.2 million, Naturgy €64 million, Iberdrola €103 million). In other related matters, the European Parliament has reached an agreement for the vote on the proposal on the reform of the electricity market, among which it…

Spanish Politics 8th July 2023

PP’s electoral programme looks positive for main national players in energy sector, IBE, ENE and NTGY

Norbolsa| The Popular Party (PP) has announced its electoral programme in which the following points are highlighted with regard to the energy sector: The elimination of the exceptional intervention measures in the wholesale electricity market (67 €/MWh).The extension of the useful life of nuclear power plants.The introduction of a “milestone fee”, to be paid by the project developer, to speed up the management of files, as it will serve to…

Spanish economy 13th October 2022

Spain To Follow Italy And Poland And Leave The Energy Charter

Spain has initiated proceedings to withdraw from the Energy Charter Treaty (ETC), signed by 53 countries and in force since 1998, designed to protect foreign investment in energy infrastructure, according to Politico. Investors have invoked the treaty to litigate against Spain in more than 50 cases over renewable energy cuts. The third vice-president of the government and minister for Ecological Transition, Teresa Ribera, had already pointed out on numerous occasions…

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