Michael Bradshow ( The Conversation) | The UK government has been in emergency talks with leaders from the energy industry as gas prices (and with them, electricity prices) have soared to more than four times the level they were at the same time in 2020. Concerns are growing about the security of winter gas supplies, and industries reliant on gas, such as the fertiliser industry, are curtailing production, threatening various…
Cepsa wants to open up a gap for itself in the sector for commercialisation of residential electricity and gas, with the aim of grabbing a 1o% share over the coming years. It will thus become one of the four main operators along with Endesa, Iberdrola or Gas Natural Fenosa.
Russia’s economy of 140 million people has managed to survive inflation (2.5%) and the fall in the rouble, although it needs to make the energy miracle last one decade more to offset sanctions.
An average user’s electricity bill rose 10.8% in 2017 from a year earlier, according to Facua-Consumidores en Acción (Consumers in Action). Whatsmore, Facua denounces the “brutal” 16% increase in tariffs for energy consumed.
Spain’s big utility companies have accused the Energy Ministry of “driving investors away” with their strategy of revealing the next milestones in the energy reform to the large investment banks. The main electricity firms (Iberdrola, Endesa, Gas Natural and REE) saw almost 3 billion euros shaved off their market capitalisation in just one day.
Goldman Sachs has reached an agreement to sell its Spanish energy business Redexis to a consortium formed by First State and CPPIB for 2 billion euros. Corporate transactions in Spain’s gas sector have been in focus over the last few months, benefiting Gas Natural’s share price.
The Colombian government has finally decided to liquidate the electricity distributor Electricaribe, controlled by Gas Natural Fenosa. The company was intervened by the government last November, as a temporary preventitive measure.
On Tuesday, the Colombian government ordered an intervention in Electricaribe because there was a risk the company could discontinue its services. Electricaribe is an electricity distributor with 2.5 million clients on Colombia’s Caribbean Coast. Gas Natural owns 85%, while the remaining stake is in state hands.
Repsol and La Caixa, via Criteria, have closed the sale of 20% of Gas Natural Fenosa to the US fund Global Infraestructure Partners (GIP) for €3.803 billion. GIP will now become one of the core shareholders of the energy multinational.
Spain’s three biggest utility companies, Iberdrola, Endesa and Gas Natural, earned 30% less in 2015, recording a combined profit of € 5.0009,6 billion in 2015, 29.6% less than a year earlier.