Nearly the majority of the firms that form the core of the Ibex-35 operate in sectors that face stringent regulation. These companies often align with official guidelines and decisions made at various levels of government, from local authorities to the European Union. Their public image is intertwined with the state, and their fortunes frequently hinge on political moves and last minute shifts in policy. In practice, government projects can appear to be managed on behalf of clients or consumers, creating a perception that policy serves specific interests rather than broad public good.
In the wake of the 2008 financial crisis, the financial sector experienced a fundamental shift, with new controls and oversight designed to restore confidence. That regulatory framework set the tone for what followed: a steady move toward greater government involvement, transparency, and accountability across markets. In recent years, there is a growing trend for governments to intensify oversight and demand tighter controls across multiple industries, including energy. The energy transition and the global pressure on prices are often cited as key drivers behind this push for more governance. The result is a steady stream of reports, rumors, and debates about the legal and strategic direction of the sector, as stakeholders weigh risks, costs, and potential benefits.
Public policy moves, subsidies for renewable sources, and the long tail of policy decisions, such as the amortization of legacy energy debts, continue to influence the industry price and investment climate. All of this unfolds in a context where the consequences of past policy choices are still being felt. The central challenge remains clear: align the incentives of industry players with broader public goals while maintaining economic vitality and energy security. This requires thoughtful policy design, credible execution, and ongoing dialogue among regulators, businesses, and citizens.