The president of Endesa in Portugal admits that the electricity bill will rise 40% due to the Iberian exception

The president of the Portuguese subsidiary of Endesa, Nuno Ribeiro da Silva, has uncovered the box of thunders by acknowledging that the electricity bill can rise by 40% as a result of the so-called Iberian exception. The measure disclosed by Pedro Sánchez as the 'stellar' mechanism to lower prices, will generate the opposite effect, according to the experienced Portuguese director of the Spanish company. The result is that all the accounts of the Portuguese State with the emblematic signature will be looked at in detail before being paid, within the period from August 2 to May 31, 2023. The Secretary of State for Energy, Joao Galamba will personally scrutinize "all the invoices issued to the related purchasing entities." In other words, Endesa will have to include "information on the net profit from the application of the adjustment of the production costs of electricity". And the Regulatory Entity for Energy Services will publish the costs of the 'Iberian exception'. It so happens that the Spanish company is more than consolidated on the other side of the border and collaboration with the Portuguese State has gone further. Thus, it reaches the second place by market share within the sector. Without going any further, Endesa took a giant leap in the neighboring country after winning the competition to lead one of the most ambitious energy transition projects there. Renewables, green hydrogen and hand-in-hand storage of 600 million euros in Pego, belonging to the Abrantes area. Related News standard No Iberdrola will invest 3,000 million in Portugal "for its legal stability and good dialogue" Francisco Chacón Galán inaugurated today, together with the Prime Minister of Portugal, António Costa, the Támega 'gigabattery', made up of three hydroelectric plants, with a investment of more than 1,500 million euros About 58 kilometers north of Lisbon, this investment was made to set up the largest battery in Europe, which places the neighboring country as the most avant-garde in this area (again with more determination and above from Spain). It will imply the creation of 75 jobs, which makes the region take a breath, with an undoubted advance in wealth to which more adjacent initiatives will be added in the coming months. Endesa's General Director of Generation, Rafael González, declared in this regard: "This company not only continues to bet on Portugal, as it has always done, but we do so with a project to which we have dedicated a lot of effort, working to put An innovative model of renewable development is underway in which local communities have a real role. And he added: "We are sure that this proposal will mark a before and after in the sector, almost 20 years after our arrival in Portugal." An expansion beyond La Raya (popular name by which the 1,214-kilometre border that divides the Iberian Peninsula is known), which is an oxygen balloon for the expansion strategy of the Spanish icon. In fact, their accounts have gained solvency in these two decades. The same figures that will now be audited to the maximum. More dynamism and flexibility Since then, Nuno Ribeiro da Silva has always been willing to build bridges with Spain as proof of a real, not merely cosmetic, Iberianism. This circumstance materializes due to the facilities provided by the Portuguese legislation regarding the hybridization of electrical energy. The dynamism and flexibility are much greater in Lisbon and Porto, with fewer corsets that encourage companies to take steps such as the aforementioned project. “We have drawn up concrete sustainability plans and actions on the ground for the sites where we are decommissioning power plants. Plans to mitigate impacts, change and transform local economies. And make the transition as clean and fair as possible," added Ribeiro da Silva. In this way, Endesa's market share in Lusitanian territory is increased, passing to 22% in electricity (15% in the case of natural gas). And its turnover is more than 2,000 million euros. A real business accolade. Thus, its second position is consolidated, only below EDP, which already exceeds 30% and is the most established in its own country. There are still important links to develop the Iberian electricity market to its full extent, according to what was indicated by the Portuguese executive, who is increasingly committed to actions on both sides of the border.

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