Bogas (Endesa) opens the door to alliances with renewable companions and warns the Government: “More and more companies want to come to Spain and they cannot” | EUROtoday

Endesa has left behind a posh yr, marked by extraordinary impacts that lower its revenue by 71% and by which adjustments within the management of its Italian dad or mum firm, Enel, have led to a profound renewal of the Board of the listed Spanish firm. This has been the backdrop for the Shareholders' Meeting that the corporate held at present in Madrid, the place its CEO, Jose Bogashas opened the door to incorporate new companions to assist promote their renewable tasks and has issued a warning to the Government: “More and more companies want to settle in Spain and cannot due to the lack of capacity of our electrical networks”.

Electrical networks are seen as Endesa's workhorse in its contacts with the Government. “Endesa can increase investment, but it is vital to improve regulation, to eliminate the limitations and caps on investment that do not allow sizing the access capacity to distribution networks.”

The CEO was thus referring to the annual limits set by legislation in Spain on the funding that electrical energy corporations could make in networks. This is a measure extremely criticized by the sector at a time when these infrastructures have grow to be a real stopper for industrial and renewable deployment, however which the Government defends by understanding that eliminating them would indicate an additional value for the buyer.

For Bogas, Spain should match different surrounding nations in public remuneration for these investments, “to guarantee the recovery of the costs incurred.” The supervisor has emphasised that this bottleneck is stopping “opportunities as a country”, amongst which he has highlighted the event of a producing trade. information middle. “They see Spain as an ideal destination, but the lack of network capacity does not allow it to be carried out. One fact: if in Ireland the electricity consumption of data centers represents 20% of the total demand, in Spain It's only 0.2%.”

On the hunt for inexperienced companions

Last November, Endesa introduced a brand new strategic plan 2024-2026 that contemplated an funding quantity of 8.9 billion euros. 90% will go to its three principal areas: Networks, Renewables and Customers.

“To develop this ambitious plan and that of future years, We contemplate the participation of partners to develop certain projects renewable energy,” Bogas introduced. This sort of alliance is taking root in Spain, the place giants comparable to Iberdrola or Repsol have already signed agreements which have allowed them to realize monetary muscle to speed up their clear vitality plans.

Along these traces, the CEO recalled that in 2023 they disconnected As Pontes, the final coal plant that they stored energetic, from the grid: “For this region and other locations we have plans in the process of development… if the right circumstances arise.” .

Speaking of tasks, José Bogas has harassed that the Government's plan to take care of the extraordinary tax limits the corporate's funding capability. “It is a comparative and competitive tort within the framework of European law”he has asserted.

Italy strengthens itself within the Council

The sector is experiencing turbulent days, with the drums of the OPA over Naturgy, the judicial battle between Iberdrola and Repsol and the forecast of a substitute on the head of the Ministry for the Ecological Transition, after confirming that its proprietor, Teresa Ribera, would be the one who lastly heads the PSOE record for the European elections in June. Endesa is at present a haven in the midst of the storm, however the phrases of José Bogas present that the quick way forward for Spain's second largest electrical energy firm isn’t alien to the nationwide waves. Nor to that of Italy.

The new composition of the Endesa Board, which can enhance the variety of seats to 14, will impression the steadiness of forces within the highest governing physique of electrical energy. With 50% unbiased administrators, 42% proprietary members appointed on the request of Enel and seven% govt administrators. That is, Enel (managed by greater than 23% by the Government of Giorgia Meloni) enhance its management over the Board, with a purpose to “rebalance” the burden that the Italian firm has historically exercised, which “despite controlling 70% of the capital had only a 33% representation on the Board”, as defined by the president of Endesa, Juan Sánchez-Calero Guilarte.