Santander Corporate & Investment | According to Bloomberg, European Commission Vice-president Maroš Šefčovič expects EU plans for joint natural gas purchases to take their first step next month. The commissioner cites initial estimates of a demand of 24 billion m3 over the next three years. Once the tender is launched in April, the EU expects the first contracts with suppliers in regions such as the US, the Middle East and…
The Ministry for Ecological Transition has informed the Council of Ministers of the proposed reform of the European wholesale electricity market that the government has sent to Brussels today. Following the economic measures that the Spanish government has proposed, and which Brussels “has accepted as its own”, according to the Secretary of State for Energy, Sara Aagesen, during the presentation of the proposal to the media, the “conceptual” debate on…
Morgan Stanley | Q3’22 results have been very similar to those of Q2’22 and Q1’22, substantially better-than-expected in terms of revenues and also strong in terms of profits, although to a lesser degree. There was a fairly negative skew in publications, with those stocks which published better-than-expected figures rising very little, while those which presented worse numbers fell sharply. Financials and energy were the two sectors which published better figures,…
The Spanish government sent a letter last week to the European Commission, in which it urged the region to adopt a common response to the electricity problem at the European level. The letter called for a reform of the wholesale electricity market and the creation of a European gas purchasing platform and strategic reserves. However, the institution dismissed Spain’s request. It will limit itself to guiding member states on measures to temporarily reduce the electricity bill within the margins of EU regulations.
Iberdrola is sounding out possible acquisition opportunities in the European energy sector and Innogy is on its radar. According to financial sources, the Spanish firm could be interested in launching a bid for the German utility company.
“We are still generating 20% of our electricity with coal and this increased in 2016 compared with the previous year…It’s cheaper than gas. And that’s the point: no matter how much we try to establish targets, companies operate on a day-to-day basis, look for economic efficiency and use the cheapest form of energy available,” says Carmen Gómez de Barreda, board member at Red Eléctrica.