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The electricity companies lose their fear of the Government, Brussels and the PNV tighten, and investors flee

After years of attending as clappers to all the paripees that he rode Pedro Sanchez to the greater glory of himself, the managers of the great electrical have lost patience with a government that not only does not appreciate that support, but has taken them as a scapegoat for the stratosphere light rise and has put his hand in the pocket of his shareholders por las bravas, in the best communist tradition. Although it seems that it is going to back down partially, the companies have had enough. And to all this, Brussels also begins to lose patience, the PNV stands on the side of Iberdrola and investors put their feet in dust at so much legal uncertainty, the great problem of Spain.

The definitive gesture of this rupture has been the refusal of Iberdrola and Endesa to go to the second renewable auction what rides Teresa Ribera (for which an honorable exit to an international position is already being prepared after the catastrophe) as an antidote to the escalation of the receipt. An outrage that has left the entire economic world speechless and that has sent a devastating message to investors and investment banks: “If the large Spanish electricity companies do not want to invest in renewables in Spain, we are going to invest less”.

renewable bag
A wind energy park.

This, in addition, generates problems for the Government, as the bulk of the gigawatts have gone to small companies such as Capital Energy O Forestalia, that they do not have the financial capacity to develop these facilities; hence they need partners or, in the future, they are forced to ‘give the pass’ to other buyers. The only big one that has come is Naturgy, which, with the internal cocoa that it has after the partial success of the IFM, the least you need is to put the government against it.

Galán goes to the mountains … but he has Zumosol’s cousin

Ignacio Sánchez Galán has gone even further and has taken a photo with Boris Johnson promising large investments in the UK with clear intentions to touch your nose in Moncloa (and it seems quite successful); He goes on to say that, as in Spain they mistreat me, I go with the investments to another part where they welcome me with open arms. It is the difference between a government business friendly and another interventionist and anti-market. So, if you are still being treated with banquettes here, you are capable of taking the headquarters there and stop paying taxes in Spain.

Boris Johnson Sánchez Galán
Boris Johnson receives Ignacio Sanchez Galán.

Galán risks a lot because we already know what Sánchez does with his enemies (and even friends, see the fall from grace of Ivan Redondo), and his judicial future hangs by a thread in the Villarejo case, a thread that is in the hands of the Prosecutor’s office, that is, of Dolores Delgado. So far, he has not succeeded in getting the judge Manuel García-Castellón withdraw the imputation; in fact, the magistrate intends to summon him to testify in November.

But the president of Iberdrola has his particular cousin from Zumosol, an ally who can stop Sánchez’s feet: the PNV, essential, as is known, for the president to move forward with his budgets with the highest expense in history and, ultimately, to continue in Moncloa. Galán is not exactly Basque (he is from Salamanca), but he has always defended Iberdrola’s «Basqueness» and has won the support of the nationalists, who consider the electricity company the business flagship of Euskadi (and want it to become the largest from Europe with a large acquisition).

Endesa goes to the US and Brussels gets fed up

Endesa has also clearly put the bow to Sánchez. Apart from refusing to go to the auction, its owner, the Italian Enel, has decided to divert part of the investments it planned to make in Spain to USA also looking for more destinations friendly. Like everyone except Yolanda Diaz You know, Enel acquired Endesa thanks to the good offices of Zapatero, and that is why it has taken great care of the governments of the PSOE. But everything has a limit, and stealing the benefits because it has exceeded it.

Endesa light
The CEO of Endesa, José Bogas.

This measure by Sánchez has also met with the reluctance of Brussels, where this cost recovery system does not convince them at all. “There may be doubts about the market, which can be improved, but this type of rough intervention – Podemos style – does not like anything,” explains a community source.

In the European Comission They are also getting fed up with the drift of our Government and are beginning to put the pears to quarter. There is no doubt that the president’s reversal with the labor counter-reform, removing authority from Yolanda to give it to the humiliated Nadia Calvin, is behind community pressures. Let’s not forget that it was the EU that asked us to do the labour reform 2012 and that, in exchange for the funds Next Generation, has required us to abound in it (the opposite of repealing it), apart from returning to the path of reducing the deficit and to reform the pensions.

Pedro has been called Andana this year and in 2022 God and Ursula Vonder Leyen they will say (and if they get too tough in Brussels, he will bring the elections forward before eating the toad of unpopular reforms). But the decree of light has also filled the glass of European patience and it may not have as much margin as he believed. It would be a disaster for the beloved leader… but a blessing for Spain.

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