At the end of 2019, the debt of the electricity system amounted to 16,602 million euros, after having reduced by 2,249 million euros over the past year. This fall represents a decrease of 11.93% compared to 18,851 million euros in 2018.
According to the report on the current state of the debt of the Spanish electricity system of the National Commission of Markets and Competition (CNMC), from 2000 to 2013, the income of the Spanish electricity system was insufficient to cover its costs, thus generating a debt that, at the end of last year, reached that figure of 16,602 million euros. The CNMC also notes that the outstanding deficit of 2005, which amounts to 291.4 million, will be definitively settled with the 2020 annuity.
Currently, there are four categories of debt collection rights of the electricity system: the 2005 Deficit, the collection rights of the bidders of the second auction of the ex ante deficit, the collection rights of the 2013 deficit and the collection rights of the Electricity System Deficit Securitization Fund (FADE). The collection right associated with FADE represents 82.8% of the total amount pending collection as of December 31, 2019, followed by the collection right of the 2013 Deficit, with 13.5%.
By type of holders of collection rights of the electrical system, 82.8% of the collection rights of the electrical system at the end of 2019 corresponds to the FADE, 10.4% is held by financial institutions, 4.9% corresponds to foreign securitization vehicles and the remaining 2% to the Official Credit Institute (ICO).
The weighted average cost of the electricity system debt in 2020 is 2,395%, 16.7 basis points less than the weighted average cost of the debt in 2019, with data available at the end of 2018. In absolute terms, interest of the estimated debt for 2020 amount to 397.7 million euros, almost 200 million less than the interest paid in 2018.
In 2014, the system recorded for the first time a surplus of 550.3 million, a situation that has been repeated during the years 2015, 2016, 2017 and 2018, although each year in smaller amounts. Thus, the aggregate surplus that has been generated from 2014 to 2018 is 1,687.5 million euros. Of this total amount, 649.8 million euros have been used. Thus, currently, there is a balance in the specific surplus deposit account of 1,037.7 million plus interest generated.
In accordance with Law 3/2017, various ministerial orders determined that part of the surplus would be used to return the amounts financed by the societies or groups of companies as a social bond in execution of various annulment sentences of the Supreme Court. Specifically, the amounts for 2014, 2015 and 2016 for a total of 518.5 million euros.
Likewise, in accordance with the regulations, 120 million euros have been dedicated to aid for investment in energy production facilities from renewable sources in non-peninsular territories, by transferring 60 million to the budget of the Institute for Diversification and Energy Savings (IDAE) with effects of the year 2017, and another 60 million euros with effects of the year 2018.
Also the Order TEC / 1303/2018, of November 27, that executes diverse judicial pronouncements, determined the payment with charge to the surplus of 11.3 million for the refusal of the payment of the complement of efficiency to plants of treatment of slurries.