According to data from Red Eléctrica, this year wind power installations have already produced more than 56,000 GWh. The importance of this milestone is that wind has outperformed other sources on many occasions, but never before had it done so over the course of a year. Until now, nuclear has been the largest source of energy generation for electricity consumption in Spain. This year it has already produced 50,834 GWh.
Banco Sabadell | According to the press, ACS would be in talks with Atlantia over the possible acquisition of the stake they still do not own in Abertis. (Atlantia is ACS’ partner with a majority stake in Abertis; ACS has 40% net of minorities). In addition, the press reports mention that ACS chairman Florentino Pérez could leave his post in March 2022. Valuation: This news is of limited impact to the…
Last week, the European Commission gave the go-ahead for the first 10 billion euros of the recovery fund to reach Spain, pending approval from the other Member States. Today, Brussels has given the green light to the first of the six “Strategic Projects for Economic Recovery and Transformation” (PERTE) which Spain has presented, dedicated to the development of electric and connected vehicles. “This €3 billion Spanish plan will help to…
The Gecama project, which is located in several municipalities of Cuenca (Tébar, Cañada Juncosa, Atalaya de Cañavate and Honrubia), is being promoted by the Israeli company Enlight Renewable Energy. It will cover an area of 41 km2 and will include an almost 80-kilometre long network of paths.
Intermoney | ACS and OHLA, which are already present in the US market, are positioning themselves ahead of investments expected to be made by the state of New York in its main city. This is according to today’s Expansion newspaper. To this end, the state Governor has updated the Penn Station macro project which is now valued at between 6 and 7 billion dollars. And both of the Spanish contruction firms could bid…
According to today’s Expansión newspaper, the Spanish retail leader – with a market share of close to 25% – has become the first major company to take measures to prevent inflation from causing a loss of purchasing power for its more than 93,000 employees in Spain. The figure rises to 95,000 workers if its teams in Portugal are added, whose salaries will also be adapted in that market. Inflation closed…
The OECD criticises the fact that Spain is abandoning the system of automatic adjustment of the pension system – which used the so-called “sustainability factor” – to replace it with the so-called “intergenerational equity mechanism”. The latter involves a rise in social security contributions of 0.6% over 10 years, something that is not even equivalent to the costs of indexing pensions to inflation. According to the OECD, the “intergenerational equity…
Jorge Sicilia (BBVA Research) | Price pressures continue to build up; inflation is at high levels mainly in the US, but also in the Eurozone, while in China it remains still relatively low. The recovery will continue, but will lose momentum on the ongoing supply shocks and impact on inflation, which will lead CBs to act earlier, especially in the US.A solid demand recovery on stimuli, savings and vaccines, coupled…
The Minister for Agriculture, Fisheries and Food, Luis Planas, has conveyed Spain’s disagreement with some of the European Commission’s proposals on fishing opportunities and management measures for 2022 to his Slovenian counterpart Jože Podgoršek, whose country currently holds the EU presidency. Podgoršek will chair the Council of Agriculture and Fisheries Ministers which is due to decide on Total Allowable Catches (TACs) and quotas for 2022 on 12-13 December in Brussels….
Rafael Domenech (BBVA Research) | Though 2022 should be a better year for GDP growth in the Spanish economy than 2021, the current outlook is also far more uncertain than it was a year ago, due to the appearance of new risks and an increase in existing ones — making forecasts even more volatile. Key points There has been a clear acceleration in recovery over the current year: from a…