A portion of every electricity bill goes to pay off the huge debt it has accumulated over the years and years when not all customers’ income is enough to cover the entire recognized electricity system. Some mismatches that have been going on since the early years of the century and whose effects still linger, resulting in a billionaire puff.
Spanish consumers started paying this “big mortgage” in 2003 and won’t pay until 2028. until now electricity bill almost 32,000 million uploaded until the end of last year and 10,465 million more to be paid in the next six years According to the latest estimates from the National Markets and Competition Commission (CNMC) (10,016 million remaining debt and approximately 450 million interest).
Total, The cost of the electricity hole reflected in the electricity bill will exceed 42 billion 400 million liras. (debt plus interest) for over twenty-five years. This year alone, the Spanish bill will carry more than 2,300 million euros to pay off the debt as part of the regulated fees set by the Government to finance the costs associated with energy policy (fee for regulated renewable energy sources, extra cost) in peninsular regions… and also this accumulated debt).
at the first time consumers owed this accumulated debt to electricity companiesThey were the ones who took on the difference in their balance sheets for years and financed the difference between recognized revenue and costs. But starting in 2011, this collapsed billionaire was securitized and placed in financial markets and Electricity companies were transferring their collection rights to mutual funds and banks.
financial sinkhole
The mismatches between the costs and revenues of the electricity system came from far away, but in 2000 the Government José María Aznar allowed electricity companies to pay the full cost of the supply, this gap became a liability. and at the same time drilling a fiscal hole to rein in inflation and meet the Maastricht criteria for entering the euro.
The hole exploded exorbitantly especially because of the r years.Distribution of premiums to new renewable energies with the governments of José Luis Rodríguez Zapatero. The administration encouraged the deployment of green energy at a guaranteed fee, which added rapidly rising costs as it placed no limits on the construction of new facilities that could qualify for assistance.
For years, what consumers paid with their electricity bills was not enough to cover all the accepted costs of the electrical system. The huge gap, known as the tariff gap, spiraled out of control until it hit a debt peak of 28.7 billion euros in 2013. Hard cuts and tax increases of Mariano Rajoy’s first Government’s electricity reform They caused the electrical system to start accumulating excess for five years from 2014.
Over the five years, when revenues outweighed costs, more than 1,500 million euros were accumulated. It’s a kind of piggy bank used by the governments of Rajoy and later Pedro Sánchez to reimburse power companies for Supreme Court rulings that shattered energy regulations, and to offset imbalances in the years that followed. managed to formally prevent a return to the tariff deficit (which would only have been officially recorded if it were not for these injections or other exceptional budgetary items).