The president of Iberdrola, Ignacio Sánchez Galán, once again showed himself yesterday as the leader of the electricity sector most critical of the Government's measures, as he has been doing since the energy price crisis broke out. Galán criticized yesterday the "Iberian exception" to which the Government has appealed to decouple the price of electricity from the volatility of the gas markets. "High gas prices are a problem that affects all of Europe equally and the solutions have to be common and not for each country to take measures in isolation," said Galán during his speech at the Wake up! Spain organized by El Español .
The president of Iberdrola also regretted that the decision delves deeper into the "legal uncertainty of Spain".
Reynés assumes that Algeria will raise gas prices and fulfill supply contracts
Galán's criticism was qualified by his colleagues in the sector and answered forcefully by the Minister for the Ecological Transition, Teresa Ribera.
The nuance to the criticism provided by José Bogas, CEO of Endesa, came hand in hand with exceptionalism. "In exceptional moments, exceptional measures are needed that are easy to criticize," he said. But he also warned that "any intervention in the market distorts it" and that the cap on the price of gas will generate problems for companies that will have to be compensated. That is why he asked that "the measure be punctual and as short as possible".
More forceful regarding Galán's position was Josu Jon Imaz, the CEO of Repsol, who explained that his company's international experience allows him to affirm that "Spain is a stable and reliable country as an investment destination." In the same vein, Teresa Ribera said that "Spain is and will continue to be a solvent and interesting country for investors in the energy sector."
For his part, the president of Gas Natural, Francisco Reynés, focused part of his speech on the relationship with Algeria. "Algeria can be expected to continue fulfilling its contracts with Spain, as it has always done" and took for granted that it will raise prices. "In an environment where market prices have risen by 500% you can't expect anything else at a time when a review of contracts was already planned," he said.
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