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socorro fernandez larrea 777x400 a

Interviews, Spanish economy 4th September 2021

“All Neighbouring Electricity Markets Have Been At Record Highs For Days. The Rules Are The Same Throughout Europe, And They Are Not Going To Change Them”

Almudena Díez | Red Electrica’s Director -Socorro Fernández Larrea- explains why the current price of electricity in Spain (140€ MW/h) has been at record highs for days: Q: How do you explain to consumers that the system can have such sharp fluctuations in the price of electricity that directly affect their pockets? A: Very easily, by telling the truth, if you like. The problem arises because the price of energy…

red electrica cableado

Spanish economy 10th December 2020

The Amount Of Renewables With Access Permission To REE Shows Spanish Network Is Starting To Be Saturated

Renta 4 | Withdrawals from network access points are continuing. To the over 20 GW of renewable projects abandoned in September, we must now add another almost 5 GW during the month of October. As of October 31st 2020, the number of renewables’ plans with access permits has risen to 121.7 GW. This means only a further 0.5 GW have obtained the access point, a clear sign the transport network is fairly saturated.

The Spanish Ministry of Ecological transition hinders REE and Enagas growth via acquisitions

Ibex, Markets 14th February 2020

The Ministry of Ecological Transition Hinders REE And Enagás’ Growth Via Acquisitions

The Ministry for Ecological Transition plans to make changes to the law which will affect Red Eléctrica and Enagás, operators of Spain’s electricity and gas networks, respectively. According to press reports, the two companies, each with a stake of public capital, will be obliged to inform the competition supervisor (CNMC) of any interest they have in acquisitions (now they are not required to do so). The CNMC will not have the right of veto, but it will impose conditions on its approval.

Ministry of Ecological Transition answers CNMC

Ibex 13th August 2019

After the response of the Ministry of Ecological Transition, Enagas and REE remain underweight

Santander Corporate & Investment | The Ministry of Ecological Transition has published its response to the regulator´s (CNMC) proposals for changes to the rules on the gas and electricity transportation and distribution networks and gas storage installations. Based on the four documents presented in CNMC before the 9 August deadline, the Ministry values the regulator´s proposals favourably.

REE Hispasat

Ibex 10th April 2019

REE downgraded by Fitch after Hispasat purchase

Fitch downgraded Red Eléctrica (REE, A- from A, and elevates the perspective to stable from negative) after the firm’s acquisition of Hispasat. The credit rating agency says that the 2018-2022 strategic plan announced by the group in February “does not support a capital structure consistent with the ‘A’ rating level in the medium term.”

REE finally buys 89,68% of Hispasat from Abertis for 949M€

Spanish economy 13th February 2019

REE Finally Buys 89,68% Of Hispasat From Abertis

Red Eléctrica, the company which manages Spain’s high tension electricity cables, has agreed to buy 89.68% of Hispasat, the largest operator of satellite infrastructure by volume in Spain and Portugal, for 949 M€ from Abertis Infraestructuras. REE had already tried to buy Hispasat at the beginning of last year, even reaching a pre-agreement with Abertis. But the deal was frustrated by the corporate operations in Abertis and the disagreement of the previous government.

REE still eyeing Hispasat

Ibex, Markets 16th October 2017

Red Electrica: Still Eyeing Potential Acquisition Of Hispasat

Abertis and Red Eléctrica are keeping talks open regarding an eventual corporate deal involving Hispasat. According to the press, Abertis, which holds 90.4% of the satellites firm, is asking for a control premium in addition to the valuation it made of the company in May.