Only 15% value a stoppage in production
MADRID, 23 May. (EUROPA PRESS) –
68% of companies will apply a price increase in 2022 as a “contingency measure” in the face of the increase in energy costs, according to the latest report ‘Electricity Sector in Spain’, prepared by Solunion, in which the panorama of the electricity sector in Spain.
However, only 15% of companies are considering a stoppage in production. This figure contrasts with the good sales expectations of the companies. Thus, according to the Solunion survey, 59% consider that their sales will be maintained throughout the year and even 24% foresee an improvement.
Likewise, the companies consulted have been affected by the volatility of electricity prices in the last quarter. Specifically, 65% of Spanish companies have not signed a PPA (Power Purchase Agreement) with long-term fixed prices, so they are more exposed to fluctuations.
Regarding the gas market, the diversification of gas origins in Spain has helped to obtain an “acceptable level of security of supply”. “In 2020, 10.3% of total Spanish imports came from Russia, a low position compared to the European average”, they have explained from Solunion.
Despite this low dependence on Russia, the average price has risen from 18 euros per megawatt hour in 2020 to 300 euros on average at the beginning of March, with peaks of 600 euros.
The number of insolvencies declared in the energy sector increased “radically” in 2021, by more than 83%, accentuating especially in the second half, in parallel with the rise in the price of electricity.
Likewise, the number of companies that have entered bankruptcy proceedings in the energy sector has shot up 117% at the end of the first quarter of 2022, reaching 13 bankruptcy proceedings. All in all, the sector continues to present a low volume of insolvencies compared to other industries, ranking 14th out of 21 sectors.
“The number of insolvencies declared in the sector has experienced a strong increase in the last two years, although on a one-off basis”, explained the Solunion Spain risk analyst and author of the report, María Ángeles Piñero. “We hope that with the new measures the situation will be regularized,” she added.
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