Endesa warns of the risk of falling into a new renewable bubble

The CEO of the electrical, José Bogas, criticizes the mechanism of auctions "green" because it generates speculation

The green convergence towards which Endesa travels, like other energetic ones, implies a rosary of thorns in the form of extra costs that the Spanish electricity company tries to dodge. One of them is the closure of its thermal plants - drowned by the fall in gas prices and the increase in CO2 emission rights - which has led to a deterioration in its accounts of 1,417 million euros. The impact of decarbonization, noted in the 2019 books, has consequently weighted the group's profits by 88%, with a net profit of 171 million for the whole of last year. But in addition to the imported coal binder, requested last December, which joined that of the plants that burned national coal, Endesa tries to boost its presence in the renewable business, where only in 2019 its investments have increased by 211%. In fact, about 70% of Endesa's development investments were linked to renewable generation projects, which has allowed 73% of the pensinsular generation and 59% of the total generation as a whole to be free of CO2 emissions . In this context, with gross investments of more than 2,200 million euros focused on wind and photovoltaic, the energy directed by José Bogas must go to renewable auctions prepared by the Government. To this end, it has investment provisions of 6,300 million between 2019 and 2021, half of them destined for renewable installations. However, Bogas himself warned yesterday of the risk of these auctions, which he described as "parallel business that is increasing the price of the kilowatt / final hour." The CEO of Endesa warned that these auctions can regenerate another renewable bubble. In fact, there are requests to Red Eléctrica for about 200,000 megawatts to connect to the networks, five times more than the energy and climate plans (PNIEC) until 2030. This fever is five times more than the total renewable power installed in Spain in At present, it threatens to inflate the price of the authorizations of the access points, which are resold at gold prices even without being granted pending the Government auctioning 3,000 MW annually. «My theory is that if there had been no auctions, the renewable bubble that was generated would not have been generated. I would not do these auctions that, in addition, lose the market signal when it is known that 40 euros will be charged no matter what happens, ”said Bogas in his appearance to explain the company's results.

Nuclear blackout

On the future "nuclear blackout", Bogas remarked that Endesa will not modify the amortization of its plants as long as it can continue to renew permits for ten years, to which he added that "in fifteen years, many things can happen." Although Bogas reiterated that the power company has "no desire" to buy stakes in nuclear power plants and will adhere to the protocols for the closure of the plants, which will adjust the amortization as the blackout approaches in 2035, it left "the door open to everything ».


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