Spanish Watchdog Plans Sharp Remuneration Cut for Energy Networks; Endesa Still Overvalued
On July 5, the Spanish watchdog CNMC (national commission of markets and competition) proposed cuts in remuneration of energy networks much sharper than our and market's expectations. Companies affected have now one month to present their allegations. All in all, we do not change our estimates at this stage. Still, these proposals strengthen our cautious view on European regulated utilities due to upcoming significant returns cut against a backdrop of low interest rates. In Spain, Endesa remains...Red Electrica is engaged in the transmission of electrical energy, the operation of the system and the management of the transmission network in the Spanish electricity system. In addition, through its subsidiaries, Co. is engaged in the acquisition, holding and management of foreign securities, co-ordination of international exchanges, provision of telecommunications services for third parties, provision of consultancy, engineering and construction services outside the Spanish electricity system, securing of funds, carrying out of financial transactions and provision of financial services.
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