Monday, August 8

Ribera believes that a nationalization like that of EDF “would not make sense” in Spain but urges the electricity companies to reduce profits

The Third Vice President of the Government and Minister for the Ecological Transition, Teresa Ribera, considers that it makes no sense to propose in Spain the nationalization of a large electricity company as France has done with the EDF company because such a measure would not have as much impact here and has bet on the other hand, to facilitate the existence of many “simultaneous alternatives” and, therefore, to deepen the democratization of the energy sector.

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The minister participated this Friday in the opening of the event ‘The decarbonisation of the economy, hijacked by fossil fuels?’, in a talk with the president and CEO of the European Climate Foundation, Laurence Tubiana, moderated by the Director of Opinion at, Gumersindo Lafuente.

Asked about the French Government’s decision to acquire 100% of the capital of Electricité de France (EDF), announced this week, Ribera limited it to the specific situation in the neighboring country, which, he said, is significantly behind in the time to plan your energy model for the future.

“It is a rescue operation for a large company at a critical moment, where there has been a long delay at the national level in planning what energy model France, a large country, with citizens with a significant income level, wants. I think it has to be understood in that context. We are not in that situation ”, she opined.

Instead, he has proposed making a more intelligent use of energy resources: “Instead of thinking about how I can undo what has been the history of our country in the last 30 years for better or for worse, with a very important outlay is how I can make the most intelligent use of resources.

“I think that the French state owned 84% of the company, the difference is 16, and its market share there is practically the majority, it has an immense market share,” Ribera insisted, commenting that the effect on the The sale price in that country of such a measure “is much higher than what a nationalization of any company in Spain could have.” “We cannot rewind 30 years ago so easily”, he has considered.

distribute the dividends

The minister has also addressed the general situation of the world in the face of decarbonisation, marked in recent months by the economic impact of the war in Ukraine. “We are addicted to gas and oil and undoing this addiction is difficult”, summarized the minister, who pointed out that the pace of societies to counteract this dependence on fossil fuels is not being “fast enough” in relation to the temporary needs that the planet has.

In this line, he has opted for the transition measures in the countries, but above all, on “focusing attention on seeing what the redistributive effects are and the social policies that can accompany them”. “Where the benefits are so great, we have to see who gets them and how this can be redistributed,” said Ribera.

“We are at a time when we need to reduce the distribution of dividends and distribute it. This is the most activist thing I am in a position to say”, commented the minister, who added: “The situation that European citizens are experiencing is of such magnitude that it will probably reduce the margin of companies that have margin to continue increasing later would be the best marketing operation they can do right now”.