The Diplomat
Iberdrola, Endesa and EDP have sent a letter to the Vice-Presidents of the European Commission, Frans Timmermans and Margrethe Vestager, and to the Commissioner for Energy, Kadri Simson, in which they express their protest at the decree approved by the Spanish government that confiscates 2.6 billion euros of their profits to compensate for the high cost of energy.
In the letter, which is also signed by the large infrastructure funds and the energy sector’s employers, the electricity companies demand that the measure be revoked because they understand that this type of action, if extended to other EU countries, could lead to a fracturing of the internal energy market.
The companies warn that this reduction in the remuneration they receive for the sale of electricity on the wholesale market will paralyse investment in new renewable energy plants and, therefore, will hit the energy transition process that the government is trying to promote.
The letter calls for negotiations with the Spanish government on other types of solutions that do not alter the legal security for dealing with the rise in the price of electricity. Thus, they ask Brussels to study how to protect vulnerable consumers with other types of regulations (tax reductions, contributions from budgets, tariff calculation systems) to solve the problem.
