Iberdrola joins the campaign against government use of energy. If last week the electrical sector employers' association Aelec (in which it is listed together with Endesa and EDP) announced that it had filed a controversial appeal administrative before the National Court against the tax, now the company he runs Ignacio Sánchez Galan hope it will also be in your account and hopefully you win your appeal.
Iberdrola , that presented a series of the best results of its history with a benefit net of 4,339 million euros, considers that the tax is "arbitrary" because it only affects some sectors (energy and banking).
“It is in accordance with the European constitution and European law”, rescheduled the company in a conference with analysts to report 2022 results. I shit in Justice until next year.
“Turnover in Spain fell by 19% under the pressure of regulatory and fiscal measures. and higher costs that the company does not pass on to customers,” the company said in its annual report. which was presented to the company by the National Delegation of the Stock Exchange of Thailand (CNMV).
Iberdrola expects net profit to grow between 8% and an annual 10% between 2023 and 2025, since the 4.2 billion last year until the 5.4 billion at the end of the cycle.
However, he noted that the increase could reach 5%, including the energy tax.
Last Friday it was known that the National audience had rejected the request for Repsol to apply precautionary measures against the order of the Ministry of Finance to impose a temporary tax on corporate income energy companies and large banking entities.
On February 8, the day after the approval of the order, the tanker filed an appeal calling for the temporary suspension of the rule.
The general director of the Jos oil company, John Imaz, estimates that his company will be affected by a tax of 450 million euros.
“Populist messages”
Imaz considered that this tax was incompatible with the Spanish constitution or European regulations.
“Populist messages aim to curb commercial activities. arouse investor distrust, reduce investment and economic activity, reduce taxes and threaten industrial employment.” Based on these messages, Repsol is committed to social responsibility.
For his part, the president of Naturgy, Francisco Reynés, estimated it at 300 million the impact for the gas company, although it has not yet specified whether it will appeal or not.
The tax is levied on 1.2% income from liberalized activities of companies in the sector with a turnover greater than 1,000 million euros.
It remains to be seen the position of Endesa, which presented results this Friday and It estimated losses of 400 million euros.
As the Minister of Finance stated this Tuesday, Maria Jesus Montero, the banks and major energy companies They paid a total of 1,454 million euros in the first installment.
Montero explained that the energy tax took 817.4 million and the bank 637.1 million.
Thus, he clarified that after this first payment, the annual collection will exceed the 2.9 billion euros, in accordance with the executive regulations.
For its part, the Spanish Confederation of Savings Banks (CECA) and the Spanish Association of Bankers (AEB) They filed two administrative appeals against the tax.
Electricity market reform
Sanchez Galan believes that Europe should take measures “attractive” to encourage investment in decarbonization, and defended the promotion of long-term contracts so that the consumer can benefit from the lower cost of the developed technologies.
“Europe has to make investments if we want to decarbonize the environment and be energy self-sufficient (…) If we do not do attractive things, the money will go to other geographies,” analysts warn.
lEA TOO
Regarding the next reform of the European electricity market, he defended that the multinational was always “agree” to make changes “to continue improving” but “always recognizing that it worked well.”
The market is only for buyers and sellers, but the 80% of energy is already sold in pre-sale and only the 20% is linked to the spot,” he explained, highlighting the idea of favoring the bilateral contracting system (PPP).