ENGGF - Red Electrica: Too Exposed To The CNMC
Red Eléctrica (RDEIY) (RDEIF) is the sole transmission agent and operator ((TSO)) of the Spanish electricity system. In their mandate, they are naturally required to supply electricity to Spanish households through the electricity grid, but they are also being required to spend a lot in CAPEX in order to meet an ESG mandate, particularly with energy storage technology to make electrification more viable. However, despite the fact that Red Eléctrica needs cash to reinvest on somewhat risky projects, as electrification is by no means a foregone conclusion, remuneration reductions of a substantial nature