The Government's attempt to stop the unstoppable escalation of the light invoice has not been well received by the markets. Electric companies, with Endesa at the head, have received the investor corrective on Tuesday after confirming that the Executive will cut its extraordinary benefits and the punishment has been raised with a loss of 2,341 million euros at its joint value in the IBEX.
ENDESA has been the most damaged company within the sector after collecting 5.2% and losing 1,123 million in capitalization. Its descent has been greater than the rest because the exhibition of its business in Spain is also greater than others such as Iberdrola, Naturgy or Electric Network.
IBERDROLA has lost 1,114 million capitalization, up to 64,170 million totaling this Tuesday, after its titles have been left 1.7%. Naturgy, on the other hand, has fallen by 0.64% and that has been translated into 136 million less than value, while red network has saved red with a rise of 0.35%.
"There are energy companies that are now having extraordinary benefits, it does not seem acceptable to me, because they are benefits that come from the evolution of the energy price," said government president Pedro Sánchez, in an interview on 1 of RTVE, and that's why the executive "will detract extraordinary benefits from energy companies, which can allow it, to run the gas receipt" and thus reduce the electric bill.
The measure, advanced on Monday night, has been confirmed today after the Council of Ministers. The Government has approved a wider package of measures to deal with the vertiginous increase in Spain. Without going any further, the auction for tomorrow Wednesday has returned to mark a record record that will make the price in the wholesale market reach 172.78 euros the megawatt hour (MWh).
The approved package will allow to inject 2,600 million obtained by the electrical as a result of this crisis and contemplates, among other things, to strengthen the protection of vulnerable consumers and implement fiscal and sectoral measures to reduce the invoice, such as the temporary suspension of the tax Sale of energy production, 7%, which will last until December 31, 2021, or the reduction of the Special Tax on Electricity (IEE), which passes from 5.11% to 0.5%.
With regard to the redistribution of the extraordinary benefits of the electrical, additional 900 million (up to 2,000 million) of the emission rights auctions to the system will be injected to reduce the charges.
In this way, Sánchez aims to fulfill its commitment that consumers pay at the end of 2021 the same invoice as in 2018, that is, about 600 euros per year.
However, markets have their own codes and analysts and investors warn of the short-term character of the measures and impact they may have in the medium and long term. "You have to take care with what is done with the benefits, because if you give a sense of legal insecurity, what happened with renewables can occur and end up in a legal process like the one that now has open Spain," said Miguel Ángel García, Director of Investment by Diaphanum, during the presentation of the investment forecasts of the firm.
Other energy companies such as Solaria or ACCIONA Energy (the latter outside the IBEX) have also been infected with the doubts of investors towards the sector and have finished the day with a drop of 1.55% and 2.6%, respectively.
Among all have determined the course of the IBEX 35 during the day and have ended up preventing them from consolidating their assault at the level of 8,800 points. The selective has closed with a recoil of. 0.41% that has been located at 8,780 integers.
The positive news has run from Pharma Mar, which has been scored a rise of 5.8%, far ahead of others such as Inditex (+ 2.3%), Grifols or Almirall, both with progress around 1,3 %.Updated Date: 20 September 2021, 23:48