Naturgy and Iberdrola ask Ribera that the decree does not affect contracts with fixed prices


Madrid

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The Minister for Ecological Transition, Teresa Ribera, today finished the round of meetings with the top executives of the main electricity companies to explain to them, ‘to the last bull’, the electric decree that on Thursday will be validated, except for surprises, in Congress. In the morning he met with the president of Naturgy, Francisco Reynés, and in the afternoon with that of Iberdrola, Ignacio Galán.

Naturgy has reiterated to the Minister the importance and value of the company’s commitment to society and reaffirms its willingness to maintain its support for its clients with measures within the company’s scope of action. Naturgy announced its initiative at the beginning of September (60 euros / MWh for two years without conditions), which it maintains despite the measures subsequently launched by the Government and included in Royal Decree Law 17/2021.

During the meeting, Reynés sent the minister several proposals in order to contribute to a constructive debate on the current situation in the electricity sector. Between them, that the expected reduction does not apply to fixed price rates / PPAs (long-term contracts between a renewable company and a consumer) for industrial customers signed before September 14, “Because this would impede the development of renewables and therefore compliance with the Pniec.”

In addition, confirming the “transitory and temporary” nature of the measures and ensure that your application is only six months old. Otherwise, “this uncertainty will make it impossible to sign any type of long-term contract or PPA.”

From the meeting with Ignacio Galán, he proposed to the minister that the reduction foreseen in the decree for the price of gas do not affect those customers with fixed price contracts. Likewise, the need for the reduction of CO2 income, contemplated in the draft bill that is processed in Parliament, to be modified has been transferred.

Too, the time horizon is confirmed and transitory nature of the measures and to promote the necessary measures to ensure the supply of gas during the coming winter.

Ribera met last week with the executives of Endesa, Acciona and EDP.

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