Tuesday, July 5

The Government will return 1,900 million to the electricity companies for the hydraulic canon of the previous Executive

The Popular Party established a charge in 2015 retroactively to 2014 and 2013 for the use of inland waters to produce electricity

The Treasury has drawn down from the contingency fund of 1,900 million euros to return to the electricity companies the amount charged for the hydraulic gun established by the previous Government to enforce the Supreme Court ruling that classifies this rate as illegal, as advanced by the vice president and minister for the Ecological Transition, Teresa Ribera, in the press conference after the Council of Ministers.

The Popular Party established a rate in 2015, retroactively for the years 2013 and 2014, for the use or exploitation of continental waters for the electrical energy production with the aim of putting an end to the tariff deficit in the electricity system. However, the Supreme Court ruled its nullity, which obliges the Public Treasury to return the proceeds to the companies. The fee for the use of inland waters gravels with 25.5% (before it was 22% but it was raised in 2017).

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Iberdrola is the leading hydraulic power generator in Spain, in the company of other companies such as Endesa, Naturgy and Acciona. In submitting your accounts for the first nine months, Iberdrola accounts for the return of 417 million euros for the “reversal of taxes in Spain corresponding to the years 2013 to 2016, as a result of court rulings”, while Endesa includes about 48 million euros to the hydraulic canon.

Reference-www.elperiodico.com

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