Possible changes that the government could introduce the new regulatory framework in the energy sector to mitigate the rising prices of gas and electricity are favoring the rebound in prices of the electricity sector in general and renewables, in particular, , on average, they are up 11% in the last two weeks.
To this has been added the market noise that has been heard again this week around Opdenergy , which could soon resume the plans to go public that it postponed last May after the bad debut of Ecoener in the middle of the bubble in the sector of clean energy .
Thus, Solaria has been at the head of the increases in the Spanish stock market in the last two weeks, with a rebound of 19% since last October 7 the Government considered the withdrawal of the Royal Decree that it approved on September 14 . It is followed by Acciona , which has risen by 12%, compared to 11% for Iberdrola and 8% for Endesa , the most affected by the measures.
Sabadell: “We believe that the suggested changes go in the right direction to limit volatility to the wholesale market”
If these modifications are confirmed, a large part of the initial impact valued at 2,600 million euros could be canceled and it would open the door to incorporate the possibility of renegotiating new contracts that are currently on the market. “We believe that the suggested changes go in the right direction to limit volatility in the wholesale market. Our favorites in the sector would be Iberdrola and Acciona, Acciona Renovables and Solaria,” they point out from the Sabadell analysis team.
However, the non- attendance of Iberdrola, Endesa and Acciona to the second renewable auction of the year held this Tuesday “has overshadowed the process and highlights the discrepancies with the Government on account of the new regulation approved to stop the upward spiral in the price of electricity, one of whose most controversial measures reduces the income of companies “, warn Bankinter experts.
All in all, over the year as a whole, losses on the stock market are still in the double digits for most companies in the sector, except for Acciona, which has risen by around 35%. The most bearish is Soltec , which lost 47% the week before its first anniversary on the stock market, followed by Solaria, which fell 20.7% and is one of the most bearish on the Ibex.