The new tax on electric companies entangles Ribera and Montero with Yolanda Díaz

The vice presidents Calviño, Díaz and Ribera, in Congress. / CR

The head of Ecological Transition supports that the Treasury study a tax for companies in the 2023 Budgets against the Minister of Labor, who chooses to apply it imminently

Jose Maria Waiter

The weakened premiere that the 'Iberian exceptionality' has had with increases in the price of electricity since Tuesday has also opened the possibility that the Government approves a new tax to tax the activity of electricity companies, although its implementation has provoked new frictions within the Executive. While the Minister of Labor, Yolanda Díaz, advocates applying a new fiscal figure imminently, the Minister of Finance, María Jesús Montero, chooses to include it in the draft State Budget Law for 2023. And, in the middle, the Minister for the Ecological Transition, Teresa Ribera, has pointed out this morning that more attention must be paid "to Montero than to Díaz".

The second vice-president of the Government responded yesterday to the head of the Treasury that "it is not possible" to create a tax for electricity companies through the General State Budgets because the Constitution does not allow it, for which she has defended the need to "legislate with immediate nature" to implement this measure. «Article 134 in section 7 of the Constitution prevents it, therefore, with all my love for the Minister of Finance, I have to tell her that it is not possible to create this tax through the General Budgets», he indicated from Luxembourg, to his arrival at a meeting of employment ministers of the European Union.

A day earlier, Montero denied that there are discrepancies between the two parties that make up the Government in relation to establishing a tax on electricity companies, but warned that "we must find the right formula and vehicle for its implementation." For his part, Ribera has pointed out that "everything at his time."

The statements of the head of Ecological Transition have come two days after the Iberian mechanism that caps the price of gas to limit the rise in electricity was launched. However, the results of those first two days have not been satisfactory: the final price rose to 224 euros/MWh on Wednesday and up to 258 euros/MWh this Thursday. Despite these advances, the Executive maintains that the increases in electricity would have been even greater (240 euros/MWh and 275 euros/MWh, respectively on each day) if the mechanism that limits the gas price had not been applied.

Expectations are not encouraging for the auction that will take place this midday to set prices for tomorrow, Friday. The price of gas that must be compensated with the Iberian mechanism is already set at 106.94 euros/MWh, compared to 97 euros yesterday and 80 euros on Tuesday. In the absence of knowing the result of the 'pool', this amount will have to be increased considerably to adjust the compensation to the gas companies, as determined by the Iberian exceptionality.

Friday's session will once again be marked by high temperatures due to the persistence of the heat wave, which will increase the demand from homes and businesses. At the same time, gas combined cycles continue to be more necessary than ever, whose contribution to generation is currently exceeding 40% of the total, a record rarely seen in Spanish energy history, given the lack of wind (wind) , the technical shutdown of a nuclear power plant (Trillo) and a price of gas in the international environment that continues to rise.

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