The cuts which the Economy Ministry want to implement in the distribution of gas to networks could amount to over 1 billion euros in three years. And this has set off the alarm bells amongst the big financial institutions and international funds, which have invested a lot in this sector in Spain
Goldman Sachs and Spain energy sector
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.