Wednesday, December 8

The rise of light, a bare cable for Sánchez’s future


The Government’s energy policy is a vortex that, far from acting in isolation, drags everything around it with it. Economy, Industry, Foreign Affairs, Ecological Transition and Justice are, at the very least, the ministries affected by the lack of control in the price of electricity and the legitimate defense of those affected. The Government got used to acting by decree during the pandemic and now, as the whole forest is oregano, it wants to continue like this with the energy sector, which the latest action by the Council of Ministers is costing tens of billions of euros to the private enterprise and the incalculable loss of confidence in the markets.

to speak, he has sent equivocal messages to the Monclovite champions, where they have come to think that the anesthesia is total and that they neither feel nor suffer. And anything farter from the reality. Namely, Ignacio Galán – president of Iberdrola – has once again made good that for each villain there is a hero and has left the comfort space of the propaganda acts of ‘Spain can’ to show his teeth to President Sánchez, and proclaim to the four winds that the Executive is curdling a failed country model, at least to do business.

Sánchez ignores, and maybe the Minister of the Presidency, Félix Bolaños, and his chief of staff, Óscar Lopez, also, that Galán has already brought down giants like the Nadal brothers, whom he showed that the devil knows more by old than by devil, and that Iberdrola is not what has come to be from the hand of the Salamanca businessman by chance. The president of Iberdrola became the giant killer of the PP government and can now repeat a move with the social-communist Cabinet. Galán has not stayed still as some expected, stunned like a rabbit by the lights of an interventionist battery that decides what it is to earn a lot or little money, that sets the limit of business assets and sets the appointment for profits. Galán has spurred Iberdrola, and he is going to extend it to all companies, large and small, and to individuals, dismantling the trolls –yes, yes, as they are- of Teresa Ribera, Nadia Calviño, Reyes Maroto, José Manuel Albares and, of course, Sánchez. Yes, Albares too, because now they already know outside of Spain with whom the great international funds are played. A meeting of Galán with the world president of BlackRock is worth more than a whole season of councils of ministers and half a dozen trumpeting acts by Sánchez and Zapatero, to repeat that Spain plays in the ‘Champions’ of almost everything. Well … President Biden is sure that he crosses himself thinking that Spanish companies are safer in their country than in their own, due to the action and effect of the slender walker who put so much effort in taking his picture next to him

The point, he said, is that Galán’s music sounds good. Then the letter will have to be thoroughly reviewed. Iberdrola, far from shutting up, lowering its head and clapping its hands, has contacted individuals to explain the reason for the rise in light. And in parallel, he has addressed the business community to make them a participant in the problem and refresh their memory of who is causing the electricity bill to go through the roof, a favorite terrain for Sánchez and his Falcon.

Ask analysts and investors what they think of the legal uncertainty in Spain! Where the rental market is equally involved in the benefits of a large electricity company. The alarms have gone off in Brussels and in the United States, where the Plexiglas speech of President Sánchez no longer filters and where Galán’s lashes resound like the trumpet of the third angel of the Apocalypse while the waters turn bitter. Sánchez must think that he has in front of another one of the ‘beatiful people’, another specimen of that clan who follows the current and who usually has a very long tongue and short understandings. Galán is not made of plasticine and, like Dalton Trumbo’s Johnny, he has taken his rifle to put in black on white a terrifying story about which the rest of the business community is willing to write a ‘silence of the lambs’. Ribera, Calviño, Bolaños and the rest of them imagined that a company can sit idly by with its shareholders and investors when the income statement is in danger, when the rules of the game and the game itself are changed on the fly. All this they had to think together with the frivolity of a government, for many already from Chichinabo, which has found the shape of its shoe inside and outside of what, still and although it is despite some, are our borders.

And all this in a week in which the life of Spain goes of islands. From the explosive La Palma to the eruptive Sardinia and the magmatic Puigdemont … and Galán himself, who is on his way to becoming another island within the national business fabric, at the head of a volcanic Iberdrola that can cover Sánchez with reputational lava. account of the rise of light. The tactic is sparkling. We will see the strategy, because calling individuals and companies against Moncloa is not an easy task.

Ah! And do not forget the second derivative of the government’s intervention in energy, because when the share value and future expectations regarding profits and dividends fell, IFM’s takeover bid for Naturgy suddenly changed. In a scenario of uncertainty and with the stock market damaged, it is much easier for the Australians to go well. But for the minimum. For now, it has forced La Caixa to strengthen itself in the gas company to narrow the margin of action of the foreign buyer. And it is that our businessmen the loss of Spanishness hurts. Not like other presidents.


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