You are currently viewing The electricity sector loses more than 4,200 million euros in the stock market due to the tax hack prepared by the Government

The electricity companies listed on the Spanish stock market are going through difficult times. The sector as a whole has lost just over 4,200 million euros in just three sessions. The punishment has been propitiated by the tax hack that the Government is preparing for these companies from 2023.

This week the first notice was given the Minister of Labor and Social Economy, Yolanda Díaz. Last Monday, the second vice president also proposed raising the corporate tax rate by 10 points for “large energy companies.”

That day, the sector avoided falls on the parquet. A day later, he couldn’t. On Tuesday, the Minister of Finance, María Jesús Montero, He pointed out the possibility of applying a tax surcharge to electricity companies from 2023.

This was explained in an interview on TVE in which he did not want to give many more details. Only in that stock market session the sector lost 3,700 million euros. The falls reached 3%.

Wednesday’s session also ended with heavy losses for these companies. The government spokesperson, Isabel Rodríguezexplained that the decision to tax the power companies in some way had already been “taken and communicated”.

Without details

The Executive has not clarified -for now- neither the companies affected nor the format of the tax surcharge. As this newspaper has published, The Treasury is considering the possibility of extending the tax to more companies in the energy sector, such as Acciona or Repsol. On the second question, from the ministries they point out that the possibility that is handled would be a surcharge on the Corporation Tax.

This is not the first time the electricity sector suffers on the floor the measures proposed by the coalition government. In the middle of last September, the prices of electricity companies were already strongly pressured by the battery of measures that the Executive launched at that time to try to reduce the electricity bill.


In this case, the greatest impact has been Iberdrola, for being precisely the one with the largest capitalization. The accumulated blow between Tuesday and Thursday -when it rebounded 3.82%- is almost 1,300 million euros. Now its value is around 63,150 million euros. The fall, in percentage, is close to 2%

In nearly 1,000 million has been reduced the value of naturgy in the same period, falling 3.76%. The gas company is now worth less than 26,000 million. The decline of Endesa has reached 4.2%, a percentage that is equivalent to 860 million market capitalization. Its value has fallen below 19.6 billion.

[Iberdrola y Endesa, satisfechas con el cambio regulatorio que suaviza el ‘hachazo’ a su retribución]

But the losses have not been limited to the companies most targeted by the measure. The capitalization of Redeia (the old Red Eléctrica) has been reduced by 350 million and that of Enagás, by 275.

renewables Acciona Energy and Solaria they have lost 420 and 40 million, respectively. drive, For his part, he has left just over 12 million along the way.

More measures

For now, the tax blow proposed by the Government to the electricity sector has resulted in the loss of those 4,200 million in the stock market. After two days of heavy falls, most of them closed Thursday’s session higher.

But the investor punishment may not be over for these stocks. Next week Congress will approve what are known as ‘CO2 dividends’. With the support of the majority of the Congress in Committee, its objective is to reduce the supervening remuneration of those technologies that are not emitters of C02.

[El Congreso aprobará el Fondo de Sostenibilidad eléctrico y el impuesto al CO2 a nucleares, hidráulicas y algunas eólicas]

Parliament will also give the go-ahead to the National Fund for the Sustainability of the Electricity System (FNSSE) will mean a new cost for oil and gas companies. They will have to contribute this ‘green background’ which will finance the fixed costs of policies to promote renewables, the high efficiency cogeneration and the waste energy recovery (RECORE).

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J. A. Allen

Author, blogger, freelance writer. Hater of spiders. Drinker of wine. Mother of hellions.

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