energy sector

energia mercados

Energy sector: Congress to overturn extension of energy tax due to PNV’s vote against

According to press reports, the Congress will overturn this Wednesday the energy tax by the vote against it by the PNV, who would not have negotiated with the Treasury. Likewise, Junts would also be against the measure and Podemos considers that the PSOE would have failed to fulfil its commitments. Thus, the royal decree-law approved at the end of December that extended the tax burden to the sector which included…


energy sector

Government approves 2025 energy tax extension today – but it won’t pass Congress

Norbolsa | This Monday a royal decree law will be approved with the extension of the tax on large energy companies to 2025, a commitment of the Government with its partners -ERC, Bildu and BNG- but it seems unlikely that it will get the approval of Congress due to the opposition of PNV and Junts. As with any decree law, the extension of the energy tax will have to be…


energy sector

Government considering letting “supertax” on energy companies disappear

Banc Sabadell: According to the press, the vice-president and minister for energy transition, Teresa Ribera, has expressed her willingness to let the 1.2% tax on energy sales disappear after Brussels’ request that the interventionist measures adopted during the energy crisis be abandoned. Initially, the government had considered using the general budget to include tax breaks linked to investment, but the decision to withdraw the draft public accounts left the extension…


energy sector

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,…


UE gas

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…


iberdrola solar

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.


ElectricityTC

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…


energy sector

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…


utilities

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…


utilities

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…