Red Eléctrica de España (REE) plans to put into service in 2025 the underwater electricity link with France. This new electricity interconnection will allow the exchange capacity between Spain and France to increase to 5.000 MW compared with the current 2.800 MW.
The Public Works Ministry has approved a plan to optimise the value of 2000 hectares of land around Aena’s airports. The sale of these lands should provide substantial capital gains and/or rental revenues in a favourable real estate cycle.
Iberdrola has asked the Energy Minister to authorise the closure of its thermal power plants in Lada, Asturias and Velilla in Palencia, the only two operational coal power plants the group has left. With their closure, it will conclude the process of shutting down its thermal plants across the globe.
Ferrovial has been awarded the contract to change the Manchester street lighting system, substituting it for one with LED technology. As a result, the city will reduce its energy spend by some 2 million pounds (2.25 million euros) a year, according to the company.
Repsol is the Spanish firm with the biggest exposure to Venezuela, which S&P has said is in selective default for failing to make $200 million in overdue coupon payments on its 2019 and 2024 global issues.
This Monday Colonial has launched a bid for all the shares in the socimi Axiare which it does not already own at a price of 18,50 euros/share. This means valuing the whole of the company at 1.462 billion euros. The transaction will allow Colonial to become a leader in the offices sector in Europe.
Yesterday, Saudi Aramco signed the contract awarding Técnicas Reunidas the construction of two gas projects promoted by Aramco. One day later, the Spanish company has confirmed its profit warning and announced that profit to September fell 45% to 55,5 million euros from a year earlier.
Droughts are not new in Spain, but current year is the third driest year of all time, behind 1981 and 2005. This situation is hitting the hydroelectric capacity of both Spanish utilities Iberdrola and Endesa. In fact, hydroelectric production in Spain fell almost 58% as reservoirs are at 37% capacity when they are normally at 60% during this time of the year.
Indra posted net profit of 85 million euros in the first nine months of 2017, up 76% from the 48 million euros registered a year earlier. The number of contracts obtained grew 13%, thanks to the incorporation of Tecnocom and organic growth in Indra’s IT business (4%)
