Report
Virginia Romero
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ELECTRICITY/ENERGY SECTOR: GOVT. SPEEDS UP FNSS AND CO2 REDUCTION BILLS AND UP PROPOSES 35% CORPORATION TAX (ANÁLISIS BANCO SABADELL)

The Ministry for Ecological Transition has brought back two bills, the National Fund for the Sustainability of the Electricity System (known as FNSS by its initials in Spanish) and the reduction of CO2. The Govt. aims to pass the FNSS bill on to the Senate, have approval before the summer and, if it gains enough support, for it to come into force in September. The steps in the Parliament will be carried out at the same time as the bill for CO2 reduction, a measure that for the time being has no direct effect as an RD-Law, which the Govt. wishes to make a law in order to keep it in force indefinitely.
Underlyings
Acciona SA

Acciona is the parent company of a construction group. Co. is engaged in general construction activities in the areas of civil engineering and buildings, including railways, marine and hydraulic works, motorways and airports, town planning, conduits, pavements, parking lots, and industrial and urban buildings. In addition, Co. is engaged in the provision of real estate services, the operation of parking lots, telecommunications, services, ecology and alternative means of energy. Co.'s operations are organized in six business divisions: Infrastructures, Real Estate, Energy, Water, Environmental & Urban Services and Logistic & Transport Services.

Enel Generacion Chile S.A.

Enel Generacion Chile is engaged in the electricity generation, transporting, producing and distributing in Chile. Co.'s purpose also includes investing in financial assets, developing projects, carrying out activities in the energy industry and in other fields in which electrical energy is essential and participating in public civil or hydraulic infrastructure concessions, in which it may participate directly or through subsidiaries or associate companies in Chile or abroad. As of Dec 31 2016, Co. owns and operates 111 generation units in Chile with an aggregate installed capacity of 6,351 MW.

Iberdrola SA

Iberdrola is a holding company. Through its subsidiaries, Co. operates in four segments: network business, which includes all the energy transmission and distribution activities, and other regulated activity originated in Spain, the U.K., the U.S. and Brazil; deregulated business, which includes electricity generation and sales businesses as well as gas trading and storage businesses carried on by Co. in Spain, Portugal, the U.K. and North America; renewable business, with activities related to renewable energies in Spain, the U.K., the U.S. and the rest of the world; and other businesses, including the engineering and construction businesses and the non-power businesses.

Repsol SA

Repsol is an oil and gas company. Co. is engaged in all the activities relating to the oil and gas industry, including exploration, development and production of crude oil and natural gas, transportation of oil products, liquefied petroleum gas (LPG) and natural gas, refining, the production of a wide range of oil products and the retailing of oil products, oil derivatives, petrochemicals, LPG and natural gas, as well as the generation, transportation, distribution and supply of electricity. Co. operates in more than 40 countries. Co.'s operations are divided into four segments: Upstream, Downstream, LNG and Gas Natural Fenosa.

Provider
Sabadell
Sabadell

Analysts
Virginia Romero

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