CEO Endesa, José BogasHe assured that the government could take action “as soon as possible”. Making the regulation “clarified and visible” and “more predictable and more stable” will lead to “more confidence in investing”. in spain”.
In an interview with Europa Press, Bogas admitted: The investor “always looks for stability, “So anything that isn’t stability brings a certain constraint or resentment about what can happen or the investment of money.”
So he thought A Government having to “make a series of agreements with different parties to run the legislature” could constitute a “weakness”.
In this context, the group InsideThe main shareholder of the Spanish electricity company,He makes a very important bet on EndesaThe company is given a ‘vote of confidence’ with a strategic plan worth approximately 9 billion euros for the next three years.
He drew the framework along these uncertainties: Extraordinary tax that will be a burden on energy companies for 2023 and 2024Taxing 1.2% of turnover from companies with revenues exceeding €1,000 million, excluding regulated businesses and activities outside Spain and non-peninsular areas, which, he said, could make sense as a “solidarity contribution” of large companies. Companies are in a crisis period. “However “We believe that there is no point in this when the crisis is over or in the worst moments of the crisis, when the situation returns to normal.”he claimed.
Moreover, in its new strategic plan for the next three years, Endesa does not foresee this extraordinary tax – 2023 and 2024 – going beyond what was planned. PSOE and Sumar Government agreement envisages extension of the agreement and “bets” that it “will not be there” from 2025.
“We believe that this does not make sense ‘in itself’, because it is no longer an extraordinary contribution, nor does it make sense, because the investments needed in the fight against climate change are huge. And these huge investments have to be made in the future, if there is such a tax that depletes our resources, investment “It also consumes our capacity,” he said. Likewise, he reminded me that Competitors from outside Spain and even “some competitors in Spain” do not have to face this tax.or “it doesn’t make sense.”
Regarding another agreement in the PSOE and Sumar pact, such as the bailout of the former National Energy Commission (CNE), Endesa’s first executive estimated that “there is no big difference in the combination” of all the competencies. the National Markets and Competition Commission (CNMC)), so he understands that “there won’t be a big difference in separating the two,” he told Europa Press.
“A lot of work” to be done in the regulation
Regarding the government’s ‘roadmap’ to decarbonise by 2030 (the draft National Integrated Energy and Climate Plan (PNIEC) presented at the end of June), Bogas said “I’m proud of her ambition” in tackling climate change and her goalsAlthough he noted that “there are still a lot of adjustments that need to be made to electrify” everything that is necessary.
Like this, warned there was “a lot of work” to do to advance regulation provide the necessary framework to face challenges energy transitionStorage regulation, a new electricity market design model, etc. like.
“You often have to make decisions with all the information, both in business and in every aspect of life, but this is one example of our strategic plan. We have made a firm commitment to investing in Spain. This is a firm commitment to investing in Spain that will be fixed throughout this plan. “It’s based on the assumption that things happen, and the sooner the better,” he commented.
In any case, Bogas points out,or having a “very good idea.” Teresa RiberaEchoing this new Executive head of energy matters, he praised the “tremendous effort” made by Spain and the Government on plans to combat climate change.
However, he insisted on this “There is a lack of specificity on where things need to be changed”, mainly related to regulation, such as distribution networks, which have been called a “key element” in the integration of renewable energy sources and the electrification of demand.
Energy crisis “already passed”
What he considers already resolved is the energy crisis that devastated the world last year due to the impact of the war in Ukraine, and he assessed: “this already happened“.
“I believe that a crisis like the previous one cannot happen again, and perhaps I am confused. Now there are small crises, volatilities, tensions in prices… so this is our daily bread.” he agreed.
Like thisHe admitted that exceptional measures taken with the invasion of Ukraine were accepted – such as the reduction in non-marginal production (nuclear, hydroelectric and other renewable sources) and all bilateral contracts with a price higher than 67 euro/MWh – “should be abolished.”
“I think all these measures make sense when the crisis occurs, and they have very good consequences and bad consequences. One of the bad consequences is the deterioration of regulations, for example the European Union, this is what we need to look at. Because is this market only European,” he concluded .