69.7% of Spaniards support a public intervention to control the price of electricity, according to the CIS



69.7% of Spaniards support a public intervention to control the price of electricity, according to the November barometer published this Wednesday by the Sociological Research Center (CIS), which states that a minority percentage of the population, on 14 1% believe that this measure would have negative effects for the electricity sector.

The latest CIS barometer shows that 83.2% of the population considers that the current system for fixing the price of electricity is totally (50.7%) or quite incorrect (32.5%).

The body chaired by Félix Tezanos has included in its latest barometer a battery of questions about electricity, coinciding with the electricity price crisis that started last summer and which led the wholesale electricity market to pulverize all its records in the past October. 64.9% are concerned “a lot” about this rise and 27.3% quite. 97.5% of those surveyed consider that electricity should be considered a basic consumer good, such as water.

Despite the escalation, there is 10.1% of respondents who assure that their receipt has not gone up “at all”. Another 21.8% affirm that they have done it “a little”. For 28.5% it has risen “quite a lot” and for 19.7% it has risen a lot. And it is that the records of the wholesale electricity market are directly reflected in the consumers who are in the regulated tariff or voluntary price to the small consumer (PVPC), where 40% of the low voltage supplies are located. The majority, 60%, is in the free market, which these increases do not affect them immediately and are for now outside the universe that the National Institute of Statistics takes into account to calculate inflation.

The rise in prices led the Government to approve in September a Royal Decree-Law to cut 2,600 million to electricity companies through a mechanism to reduce excessive income from non-CO2-emitting technologies that it later corrected by leaving out bilateral contracts, to protect the industry from highs. With this, the cut will be much lower than announced. The Government has also opened the battle in Brussels to try to de-index electricity prices from gas prices due to the functioning of the wholesale market. The price of this raw material has been skyrocketing for months and this week it has again experienced strong increases after Germany’s decision to suspend the license of the Russian Nord Stream II gas pipeline.

The Spanish Executive has put on the table that renewable producers who have a guaranteed remuneration (with a profitability of 7.4%) can advance the return of the extra income that they must repay in the future as a result of the pool increases. But the measure has not found consensus, as admitted a few days ago by the third vice president, Teresa Ribera. The Government maintains that the receipt will end the year at levels similar to those of 2018, as Pedro Sánchez promised last September.

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