Tuesday, October 19

The socialist Antonio Miguel Carmona will be the new vice president of Iberdrola Spain in full conflict with the Government over the rise in electricity

The socialist Antonio Miguel Carmona will become vice president of Iberdrola Spain, a company chaired by Francisco Córcoles, as advanced by OKdiario and has confirmed elDiario.es. The announcement comes the same week in which the company decided to harden its pulse with the Government by paralyzing renewable projects after the shock plan approved by the Executive to reduce the price of electricity, which includes, among other things, the VAT reduction at 10%, the suspension of the 7% tax on electricity generation, the discount of the electricity tax at 0.5% or the deduction of 2,600 million euros from the income of the electricity companies.

Iberdrola hardens its pulse with the Government with the paralysis of renewable projects

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Some measures that this Wednesday, the CEO of Iberdrola Renovables Energía, Julio Castro, described as “the imperfect solution in which we all lose”, while stressing that “the rate has not been reformed” as a last resort. Electricity consumers with a supply point with a voltage lower than 1 kV and a contracted power less than or equal to 10 kW can benefit from this rate, the voluntary price for small consumers (PVPC).

Currently, the configuration of this rate, which has 10.7 million customers, around 40% of the total, fully and rapidly collects the fluctuations that are translated into the wholesale market and transfers them to households and SMEs. “To the small customer”, they affect from Iberdrola.

Royal Decree-Law 17/2021, which regulates urgent measures against the rise in electricity, already establishes that the PVPC will be revised in order to incorporate the price reference of the new auctions of long-term energy purchase contracts , with a maximum weight of 10%.

However, the Government wants to go further and undertake a structural reform that raises the possibility of modifying the structure and calculation methodology of the PVPC to reduce the volatility of such a basic good for households as electricity. For this reason, on October 1, the Ministry for the Ecological Transition and the Demographic Challenge launched a public consultation regarding its modification.

In the consultation, open until October 22, you are invited to answer questions regarding the rate structure, the convenience of including price references for forward products, the most appropriate periodicity for updating, the need to establish a regime transitory for the new configuration or the opportunity to maintain a dynamic PVPC for those consumers who wish to do so.

This Tuesday, the third vice president of the Government, Teresa Ribera, will meet with the Council of Consumers and Users in order to know their opinion on the revision of this rate.

Deputy of the PSOE in the Madrid Assembly and councilor in the City Council

Antonio Miguel Carmona is a professor of economics and has years of political experience. He was elected deputy for the PSOE in the Madrid Assembly in two stages: between June 1999 and December 2002, and between June 2011 and June 2015.

Subsequently, the one who will be the new vice president of Iberdrola in Spain was a councilor in the Madrid City Council in the municipal elections of 2015, spending four years as mayor in the council chaired then by the mayor Manuela Carmena.

Doctor in Economic Sciences specialized in economic growth and new technologies, Carmona began his professional career teaching at the Complutense of Madrid and is currently a professor at CEU San Pablo University. At this time, the economist does not occupy any position within the PSOE.


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