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Spanish economy

The security of the UK’s LNG supply is precarious

Spanish economy 12th July 2022

Spain Increases Gas Purchases From Russia (+3.2%) While Purchases Of Algerian Gas Fall (+41%)

Imports of gas from Algeria fell by 41.11% in the first half of 2022 compared to the same period the previous year. Meanwhile, purchases of this raw material from Russia increased by 3.2% year-on-year in the first six months of the year, according to the latest data from Enagás’ Boletín Estadístico, corresponding to June. Specifically, in the first half of the year Spain bought 55,962 gigawatt hours (GWh) of gas…

Enagas

Companies, Ibex, Spanish economy 12th July 2022

Enagás will flag potential growth in hydrogen; but visibility with regard to financing is very limited

Morgan Stanley | Enagas will present its strategic plan 2022-2030 this week. We are not very positive ahead of this presentation as we expect the company will flag the potential growth in hydrogen. This is something which we believe is very long-term and seems already to be reflected in the price at 20 euros/share. Meanwhile the visibility with regard to financing is very limited. In the most optimistic scenario the…

PIBpercapita

Spanish economy 11th July 2022

Spain Under Sánchez: Worst GDP Performance In 2018-2021

“Sánchez could not stand that for two years in a row, 2021 and 2022, the growth rate of the Gross Domestic Product has been revised downwards, in the first quarter of the year. This has triggered the dismissal of the president of the National Institute of Statistics, Juan Manuel Rodríguez Poo. A discreet and honest professor of Fundamentals of Economic Analysis at the University of Cantabria, appointed president of the…

Telefónica

Spanish economy 11th July 2022

Telefónica Workers Reject 4-Day Work Week With 16% Pay Cut

Telefónica España workers have almost unanimously rejected the proposal to voluntarily opt for a four-day working week, which entailed a corresponding pay cut, although the company compensated with a 20% bonus. With just four days left before the deadline to join the plan, barely 1% of the workforce has signed up, according to EL PAÍS today, citing sources in the negotiations. The main reason for this lack of interest on…

Iberdrola

Companies, Ibex, Spanish economy 11th July 2022

Iberdrola wins 2.122 MW in UK renewable auctions

Norbolsa | Iberdrola (IBE) has won Contracts for Difference (CfD) for 16 renewable energy projects in Scotland, England and Wales via a renewables auction in the UK. The company obtained a contract for the offshore wind farm East Anglia Three for 1.400 MW, five onshore wind projects for a total of 396 MW and ten solar photovoltaic sites for a total of 326 MW. In this way, Scottish Power has ensured…

Repsol

Companies, Ibex, In Spain, Spanish economy 9th July 2022

Repsol production falls 3.2% in Q2’22 (540.000 b/d); but refining margins continue recovery

Renta 4 | On Thursday after the market’s close, Repsol published operating figures for Q2’22, during which the price of Brent (113,9 USD/b) rose 65.1% year-on-year and 11.4% quarter-on-quarter. Meanwhile the price of gas (7,2 USD/Mbtu) was up 157.1% year-on-year and 44% quarter-on-quarter. We recall that in its guidelines for 2022, the Spanish oil and gas group considers levels of 70 USD/b and 3,7 USD/Mtbu, and that the sensitivity to…

construcciongruaTC

Spanish economy 8th July 2022

CNMC Fines Major Spanish Construction Companies 203 Million Euros For Sharing Contracts Until 2017

The National Markets and Competition Commission (CNMC) has fined six of Spain’s leading construction companies 203.6 million euros for having altered thousands of public tenders for building and civil works infrastructure contracts over 25 years. The companies penalised are Acciona, Dragados, FCC, Ferrovial, OHLA and Sacyr. According to the CNMC, between 1992 and April 2017, the construction companies met weekly to analyse tenders for works carried out by the various…

AirefCristinaHerrero

Spanish economy 7th July 2022

The Airef Says That Revaluing Pensions With The CPI (13.5 Billion Euros) Leaves The Government With No Margin For More Public Spending

Cristina Herrero, president of the Independent Authority for Fiscal Responsibility (Airef) calculates that pensions will have to be revalued at 9%, which will cost 13.500 billion euros of the 15 billion increase in spending recommended for 2023. This would leave the government with no margin to increase social or defence spending. Herrero warned that “inflation increases revenue in the short term but deteriorates public finances in the medium term because…

Abengoa anticipates tripling its billing in 10 years

Spanish economy 6th July 2022

Public Administrations Try To Save Abengoa

The Central Government and the Andalusian Regional Government agreed on Monday to “delimit” the network of around 300 subsidiaries of multinational Abengoa that could be saved. This will necessarily require them to have business activity and a workload. In any case, the operation will require the backing of Brussels, according to both administrations. Their work begins this Tuesday with a technical working group to analyse the viability plan presented by…

Forty years of Spanish constitution: What's next?

Spanish economy, Spanish Politics 5th July 2022

The Government Will Today Approve Extraordinary Spending Of 1 Billion Euros On Defence. His Podemos Partners Say Sánchez Has Lost His Way

The government will today approve a loan of up to 1 billion euros for the Ministry of Defence, according to El País. A decision that does not have the approval of Unidas Podemos and was not even consulted over with them, according to purple sources. However, government sources specify that “all ministerial departments were informed” in the General Commission of Secretaries of State and Undersecretaries held the previous week. They…