The electrification plans of the Spanish economy put on the table by the Government of Sanchez, with a multi-million dollar cost, collide with the weight of the electric debt that still accumulates in the system. No less than 18,851 million euros that will not be paid until 2028, according to the data published today by Competition. The supervisory body reflects that the debt has been reduced to 18,851 million euros at December 31, 2018, which represents a reduction of 2,143 million euros (10% less) with respect to 2017 (20,994 million euros).
The weighted average cost of the debt of the electricity system in 2019, with the data available at December 31, 2018, is 2.562%, which implies a decrease of 66.6 basis points with respect to the 2018 fiscal year. The cost of the annuity corresponding to 2018 of the debt of the electricity system amounts to 2,738 million euros, 2.81% less than the total annuity paid in 2017 (2,818 million euros).
After the reform of the electricity system carried out by the Government of Rajoy, Spain accumulated surpluses since 2014. In that year, the electricity system registered a surplus of 550 million euros, after 14 consecutive years generating annual deficits. Since then, surpluses have been generated in the following years: 2015 (469 million euros), 2016 (422 million), and 2017 (150 million). To date, the accumulated surplus amounts to 1,591 million euros.
The Government of Sanchez intends to develop an electrification plan for the economy with a cost of 236,000 million until 2030, 20% of them, 47,000 million, charged to the State. Of that amount, more than 11,000 million would be destined to put into circulation five million electric vehicles on that date.