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Iberdrola

energy sector

Companies, Ibex, Spanish economy 13th November 2022

Tax on energy firms could mean €400 M for Endesa, €300 M for Iberdrola and €200 M for Naturgy

Norbolsa | The government has unveiled its proposal for temporary special taxes on energy firms. The tax would mean a charge of 1.2% on revenues in 2022 and 2023 and payment would start in 2022. We estimate the following impact in 2022e for the big Spanish utilities: Endesa 400 million euros, Iberdrola 300-320 million and Naturgy 160-200 million. The impact is a guideline, given that we still do not have…

iberdrolaTC

Companies, European economy, Ibex 10th November 2022

Iberdrola teams up with Axa to develop four offshore wind parks in France

Renta 4 | Iberdrola would have reached an agreement with Axa for the development of four offshore wind farms in France, with a total of 1.750MW. Via the agreement, the French firm would have a minority stake in the event the projects are awarded to Iberdrola in the auctions expected to take place in 2023. The implementation is planned for 2030. Valuation: This is a repeat of the strategy of…

Iberdrola Avangrid

Companies, Ibex, Spanish economy 2nd November 2022

Iberdrola could divest some €2 B in renewables (total or partial) in the US given its high investment level

Renta 4 |According to press reports, Iberdrola’s US subsidiary Avangrid is preparing a plan via which the group is looking at divesting in some renewable assets (total or partial) to strengthen the balance sheet ahead of its investment plan over the next few years. This amounts to 14.6 billion usd until 2025, including the purchase of PNM (6.5 billion usd) if the courts allow that to materialise. The divestments could…

iberdrolaTC

Companies, Ibex, World economy 26th October 2022

Iberdrola, Acciona, Ferrovial, EDPR will compete for some areas to be auctioned in California to install offshore floating wind turbines

Link Securities | Iberdrola, via its susidiary Avangrid, Acciona, Ferrovial and EDPR will compete for some of the five areas which will be up for auction in California to install offshore floating wind turbines. This will be the first offshore wind energy auction on the west coast of the US, as well as the first the country will carry out to support the potential development of offshore floating wind energy on…

Iberdrola Avangrid

Companies, Ibex, Spanish economy 24th October 2022

Iberdrola Requests 1 Month Delay For US Offshore Wind Project To Revise Conditions

Renta 4 | Iberdrola, via its US subsidiary Avangrid, has requested a one month suspension on the project Park City Wind in Martha’s Vineyard. This is due to the impact on the viability of the park of the global energy crisis, the hikes in interest rates and the increase in raw materials’ costs, according to the press. The project was assigned in 2015, with a planned investment of 3.5 billion…

Iberdrola

Spanish economy 18th October 2022

Iberdrola To Sell 49% Of Its Largest Offshore Wind Farm For 2 Billion Euros

Iberdrola will sell a stake of up to 49% of East Anglia Three, its largest offshore wind farm in the world, located in the southern North Sea off the coast of the United Kingdom. According to elEconomista.es, the electricity company has just started the process, through which it intends to incorporate an international fund in the project’s capital. The infrastructure, which has just begun construction, will have an installed capacity…

iberdrola guapis

Companies, Ibex, Spanish economy 26th September 2022

Iberdrola could be in process of selling a 49% stake in 1.200 MW of renewable projects

Renta 4 | According to the press, Iberdrola (IBE) would have hired Barclays for the sale of a 49% stake of 1.200 MW of renewable projects, 80% of which are solar and the remaining 20% wind (200 MW already in operation). This move would be aimed at incorporating a strategic partner in the business and obtaining financing to continue developing its investments, without putting pressure on its balance sheet. (The company…

energy sector

Companies, Ibex, Spanish economy 22nd September 2022

Electricity companies ask for extraordinary tax on profits, not revenues

Banc Sabadell | The Royal Decree on energy has been approved and the electricity companies are still asking that in Spain profits are taxed and not revenues. Yesterday the Cabinet approved the Decree which includes: Cut in VAT on gas from 21% to 5% up to December (which could be extended until 2023). Application of the “Iberian exception” to co-generation plants (600 installations) Service mechanism for rapid demand response, allowing industries…

Iberdrola

Companies, European economy, Ibex 22nd September 2022

Iberdrola, Acciona Energía, amongst favourites to play European energies theme

Morgan Stanley | Despite Gazprom cutting the gas supply via Nord Stream 1, Martijn Rats (our Commodities strategist) believes that rationing will not be necessary this winter. However he warns that Europe could enter winter 2022-24 with inventory levels which are too low. In response to this, the European Union has suggested introducing different measures: Limit the price of electricity for the “fixed cost” energy generators, 2. Limit the price…