The president of the CEOE refuses to intervene in the price of energy or limit dividends from electricity companies

The president of the CEOE refuses to intervene in the price of energy or limit dividends from electricity companies

The president of the Spanish Confederation of Business Organizations (CEOE), Antonio Garamendi, has opposed this Thursday any possibility of "interventionism" in the energy market and in the electricity companies. "It is not in our DNA, we work on another line", he has said.

Large Spanish energy companies remain exposed to the purchase of oil and gas from Russia

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In this sense, the president of the businessmen has explained that the energy market is European and not Spanish, so the Government "cannot make any price intervention decision, unless Europe allows opening spaces to balance that terrain".

Just as he has rejected the intervention of energy prices, the businessman does not support the "temptation to contain dividends" and has warned that it may lead to "less investment".

"The most important thing for a country is trust, it is where people invest today. The first ones who invest are the Spanish, retirees who have shares in companies. Be careful with this because we would turn a temporary problem into a structural one and we would begin to resemble some country of Ibero-America whose regime we do not share many ideas with," warned the president of the CEOE.

Likewise, the president of the employers' association has indicated that it is necessary to "be aware" that the sanctions imposed on Russia to stop the war affect globally.

Garamendi, on behalf of Spanish businessmen and as vice president of the European employers' association, has once again expressed his "express support" for all the decisions taken by the European Union and the Government of Spain in the face of the invasion of Ukraine, as he has said this Thursday to the media in an act of CEOE and Airbus.

"We have to be aware that Europe is in a war, we are in a war. Before we saw wars very close but not so close to us. This is a war that we are feeling as our own and I say this because it is our own, it is in the center of Europe and affects Europe (...). It is the moment of freedom, of Western values, of democracy", said the president of the CEOE.

Garamendi has recognized that the war worries businessmen due to the uncertainty generated by not knowing the impact and consequences it will have and the time it will last.

Industry and field protection

The president of the businessmen has warned that the situation in Eastern Europe is beginning to suffer in the Spanish production sectors, due to the rise in the prices of raw materials and the rise in electricity prices.

Garamendi has asked to protect the industry, since "there are factories that are stopping because the costs are almost unaffordable" and has also requested "very special help with the Spanish countryside", both in agriculture and livestock.

"I once again value a very special aid to the primary sector in Spain, because we may have a supply problem. You have to think that corn, cereals, fertilizers... are basic. The Spanish countryside needs very special support ", he insisted.

At the moment, the business community has not evaluated the impact of this crisis on employment, but Garamendi has admitted that "we are in a crisis and it can affect us." "The same thing that we see is seen by all of Spain," he added.

At a tumultuous time for economic news, it is more important than ever to be well informed. All the repercussions of the Ukraine war on the world economy, explained from a rigorous and different point of view.

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