August 3, 2021

Red Eléctrica parks the purchase of Hispasat and plans to invest 7,000 million in modernization | Economy

Red Eléctrica parks the purchase of Hispasat and plans to invest 7,000 million in modernization | Economy



Red Eléctrica de España (REE) estimates investments of 7,000 million euros to modernize the high voltage network and address its digitalization, according to what has been advanced on Tuesday by the group's president, Jordi Sevilla. The investment, foreseen for the period between 2020 and 2025, means parking the acquisition of Hispasat to which the previous president, José Folgado, had committed himself.

This amount is practically double the investment rhythm of the strategic plan now in force. The changes seek to expand the renewable energy park and put an end to the most polluting plants. In particular, it will be used primarily to digitize the electric transport network, with more optical fiber, as well as the start-up of many others, and even small points of self-consumption generation.

The main consequence of this plan is that it will largely fall on the electricity bill, since it will affect the fixed tolls that are deducted from the receipt to remunerate the activity of Red Eléctrica. Sevilla, who has acknowledged that this remuneration will be greater than the current one, has recalled that the weight of REE on the bill is 4.5% and with this change can add a percentage point.

Seville, which agreed to the post last July after the change of government, has stressed that the problem lies in the wholesale price not in the network. In fact, the company has asked the National Commission of Markets and Competition to raise the regulated remuneration of 5.47% established for investments in the network to around 6.2%, which would mean an increase of some 120 million.

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