The electricity sector suffers today falls in the stock market greater than 1% after yesterday afternoon, with the already closed market, a setback for the government, which intended to launch some measures to avoid another possible blackout in the country, among others, enhance investments in renewable energies. In addition, the National Securities Market Commission (CNMV) has agreed to suspend the negotiation of Iberdrola, after the amount of 5,000 million euros to carry out new investments in electrical networks in the United States and the United Kingdom.
Apart from Iberdrola, which remains suspended in the stock market, other large companies such as Endesa, Naturgy, Redeia, active energy and Solaria react today with higher declines 1% after the rejection of the decree, which among other aspects sought to boost the funds in photovoltaic and wind. Specifically, Naturgy, who has also submitted its semester accounts today, is left 1.3%, Endesa drops 1.4%, Redeia (Electric Red) loses 1%, acts energy falls by 1%and solar, 1.5%.
The rule that the Congress knocked out a boost for investment in green energies. From the sector it is estimated that around 3,000 million euros in investments can vanish, since this Thursday, July 24, about 5 GW in wind and photovoltaic energy are threatened to lose permits and that guarantees are executed. In addition, other sources raise up to 200,000 million the potential loss of investment, since the standard also advanced in storage investment and obstacles to network connection were eliminated. The industry will also be affected, since the decree included 250 million euros to bonate 80% of tolls, a fixed component of the industry’s electrical invoice.
Regarding Iberdrola, the stock market regulator announced before the opening of the market that has decided to “suspend precautionary, with immediate effects” the price of Iberdrola, which will consider that there are “circumstances” that can “disturb the normal development of operations” on the value. The supervisor has not specified when the suspension will be lifted.
The electric that Ignacio Galán has announced that it will carry out an accelerated placement of the new shares, among qualified investors, to determine through a process of prospecting of the demand, the type of issuance and the definitive number of new shares to be issued. In addition, Iberdrola has presented its results on Wednesday, with a benefit of 3,572.2 million euros, 14% less.
From Bankinter they estimate that the price of accelerated placement “could be at 15.10 euros per share” compared to yesterday’s closure of 15.90 euros per share, which represents a 5% discount. “We think that the demand on the part of institutional investors will cover the extension at that price,” they add. Experts consider that “today’s potential cut in the price of the action provides a good investment opportunity.”
Naturgy has also presented results of the semester. The electricity, which drops around 1.4%, achieved a net profit of 1,147 million until June, 10% more, in line with the estimated by Bloomberg analysts.
