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5 Oct 2021
The Board of Directors of the Basque Energy Cluster Association (ACE) wishes to publicly express its position in relation to the measures announced by the Spanish Government to try to reduce the cost of electricity bills.
ACE has followed the evolution of electricity prices in the Iberian wholesale generation market in recent months, as well as the analysis of experts and assessments of the different agents in the electricity market. From this monitoring and analysis, it is concluded that the causes of the high prices being reached in this market are mainly due to the increase in natural gas prices, the reduction in CO2 emission rights by the EC and geopolitical tensions with gas producing countries following the crisis resulting from the pandemic. It also notes that this situation is occurring in a similar way in most of the European countries around us (France, Italy, Germany and the United Kingdom). As a result of this analysis, the Board of Directors of ACE wishes to express its concern about the measures announced by the Spanish Government to try to reduce the cost of electricity bills, based on the following considerations:
- The proposed measures unfairly penalise companies in the energy sector, which operate respecting at all times the rules and requirements of an electricity market defined and regulated by the European Commission and the Spanish regulator itself.
- The proposed measures are detrimental to consumers with long-term contracts, with a particular impact on electricity intensive consumers.
- As a consequence of the economic losses caused to energy companies and the perception of legal uncertainty created, investments in renewables, electrification and energy efficiency necessary to achieve the decarbonisation objectives established by the National Integrated Energy and Climate Plan (PNIEC) are put at risk.
- Delaying these investments with respect to the planned deadlines would have a serious impact not only on meeting emission reduction targets, but also on achieving the benefits in terms of economic activity and quality employment for the entire value chain of the energy sector.
We understand that the energy sector is an essential part of mitigating increases in electricity bills, due to its ability to make investments that accelerate the energy transition, to drive economic recovery and, at the same time, to reduce the costs of the electricity mix. In this regard, ACE calls on all stakeholders and interest groups to identify agreed measures to mitigate electricity bill increases and avoid negative effects on the energy and industrial sectors and on the energy transition process, thereby promoting a stable regulatory framework that continues to attract the interest of investors.
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