All posts by Carmen Gomaro

Carmen Gomaro - leading international news and investigative reporter. Worked at various media outlets in Spain, Argentina and Colombia, including Diario de Cádiz, CNN+, Telemadrid and EFE.

The 20 accused of fraud for the expansion of the port of Gijón are acquitted

The National Court has acquitted the 20 defendants in the trial held for the expansion of the Port of Gijón. He considers that there is no evidence that their action was to defraud a public entity, that they made any illegal decision or that they failed in their duties as public officials.

Among those who sat on the bench and have now been acquitted are those who at the time of the events were president of the Gijón Port Authority, Fernando Palao; the director of the Port Authority, José Luis Díaz Rato, and the general director of Transport and Ports, Fernando Menéndez Rexach.

The Anti-Corruption Prosecutor's Office, the State Attorney's Office representing the State Ports and the Gijón Port Authority, the Observatori Ciudadanu dAsturies (OCAN) as popular prosecution and the private prosecution on behalf of a citizen and the San Lorenzo del Alto Aboño attributed to the 20 defendants a crime of fraud against the Administration. Some defendants also faced a crime of administrative prevarication.

The Chamber points out in its judgment the “ineffectiveness that the procedurally established filters have shown in this case to prevent events with little or no incriminating power from reaching the oral trial phase, especially with respect to any of the defendants in which their participation in the facts prosecuted has been merely episodic”.

The magistrates consider that the facts analyzed constitute a crime since no collusion can be seen between those responsible for the Port of Gijón Authority and the representatives of the companies integrated into the Dique Torres Joint Venture.. “On the contrary, there is only repeatedly the deep discrepancy between one and the other in the course of the long relationship they maintained,” he explains.

The court also takes into account the judgment that the Court of Accounts issued on November 15, 2019, in which the non-existence of any damage to the public funds of the Gijón Port Authority is declared.. “There is no evidence that the actions of the defendants or any of them obeyed the purpose of defrauding a public entity. On the contrary, the evidence carried out only indicates the action of those responsible for the Port Authority to successfully carry out a huge and highly complex work”.

In addition, they consider that there is no breach of the duties that those public officials had based on their positions.. “Although some of their decisions could be questioned, none of them constitutes an illegal decision given the dilemmas they faced,” he concludes.

Verstappen plays with his rivals and Alonso is not in Spa either

Rain had washed away the stench of flares on the Kemmel Straight before the sun finally dried the good lane of the line.. It was a typical Saturday afternoon in Spa, with constant alternatives in the lead, until Max Verstappen felt like it. The leader of the World Cup let go, playing over and over again with his rivals, until at the moment of truth he appeared as an alien. With his 1:46.168 he was ahead of Charles Leclerc and Sergio Pérez by just over eight tenths. It was his eighth pole of the course, although he carried a previous penalty of five places for changing the gearbox. It doesn't matter.

He picked up his trophy of the day Mad Max and smiled for the cameras, so that Red Bull would not be too offended by the anger he had dedicated to his engineers. “I'm sorry I ranted like that,” he apologized.. It did not seem acceptable for the next champion to be irritated in this way, given his absolute control of the situation, almost obscene in the second sector. The configuration of his RB18, with more downforce than Ferrari, left Leclerc's options at nothing, who only had options while opening his DRS.

Pérez, with identical means, could not even show his nose and did enough to contain Lewis Hamilton and Carlos Sainz, author of pole position last year. The man from Madrid shone in the first and last sectors, although he lost more than half a second in the intermission. At least, he did not receive the penalty for pushing to the track limits in his last attempt in Q3 and finished in a creditable fifth place. There was also no way for Fernando Alonso, ninth, to recover his tone with his Aston Martin.

10 minute late

With this 1,47,843, the Asturian is 1.6 seconds away from the head. Or five tenths of the first McLaren, which should be its true reference, after the magnificent inertia of Oscar Piastri and Lando Norris from Silverstone. As expected, the AMR23 also does not find the rhythm of the best in these dizzying curves of the Ardennes.

The FIA, extremely careful, delayed the start by 10 minutes. The asphalt conditions must not have been so delicate when nobody mounted the extreme wet tire. Even with the intermission, Norris already saw and wished with an excursion through the gravel in turn 15. Meanwhile, there was trouble with Verstappen's impeding Alex Albon at turn 18, which could have led to another three penalty spots. The next champion, however, was acquitted by the commissioners.

Although a timid sun was peeking through the trees, no one could afford a distraction. Leclerc, usually uncomfortable in the cold and humidity, had to speed up his last attempt to get out of the well. And he did it by setting the best time in Q1. Alonso also spent his pluses and minuses before sneaking in among the best.

Tenth in Q2

The water was evaporating and the line seemed almost dry in corners like Pohuon. The appearance of the first slicks seemed imminent and Alfa Romeo was the first to be encouraged by Valtteri Bottas. But that example was premature. It would still be necessary to push to the extreme for the exponential improvement of the times. And there was no one who did not taste the taste of anguish.

That carousel of emotions at the close of Q2 was worth the price of admission on its own. Because not even Verstappen himself was spared, as bad planning with the batteries would make his engineers ugly. While Piastri led the table, Mad Max could only pass as tenth. And he still had Pierre Gasly and Kevin Magnussen to thank for his latest failed attempt. Another fateful Saturday for Alpine, who had already lost Esteban Ocon, due to a touch that caused damage to his front wing.

Elena Ruiz, a world MVP of only 18 years, consolation for Spain

Elena Ruiz remembers that in her room, as a child, she had a poster of Roser Tarragó hanging and the anecdote describes her. By triple departure Ruiz is young, very young, barely 18 years old, which is why his childhood idol is still only 30. Ruiz is a gunboat, like Tarragó, and, in fact, is his natural replacement in Spain. And Ruiz has lived water polo since she was a child because her mother already played, an unusual inheritance.. The teenager, the pitcher, the passionate about water polo Elena Ruiz was chosen yesterday as MVP of the Fukuoka World Cup and that was surely the best news for the team after losing on penalties in the final against the Netherlands.

One defeat, another in the fight for gold -and there are already five between the World Cups and the Olympic Games-, which could not hide the fact that the team has a leader for many years. With Ruiz's arm as an argument, Spain will be planted in the 2024 Paris Games in search of the victory that resists it, but it can also be projected in the 2028 Los Angeles Games, in the 2032 Brisbane Games and even in the Games of 2036, wherever they are held. By then, surprising as it may seem, he will only be 32 years old.

His precociousness hardly resists comparisons: if anything, in Spanish sports, with Ricky Rubio. Born in 2004 in Rubí, a municipality in the industrial zone that surrounds Barcelona, Ruiz started swimming at the age of four and, following in the footsteps of her sister Ariadna, also an international at the World Cup, at the age of seven she jumped into water polo.. Her mother had played at Club Natació Rubí and that is why it was not strange to see her in the lower categories. But it was strange, very strange, that he made his debut in the Division of Honor just the day before his 13th birthday.

In the first year of ESO, with a cadet license, she was already a starter and, after the pandemic, while she was in her fourth year, she was the top scorer in the Spanish league. Then came the call of the selection. Despite playing for a modest club and her extraordinary youth, the coach, Miki Oca, took her to the Tokyo 2020 Games and gave her a lot of minutes. While other players of her generation, such as her sister Ariadna (2002), Cristina Nogué (2003), Nona Pérez (2003), Paula Camus (2002) and the goalkeeper Martina Terré (2002), struggled to gain a foothold -and are still in it- Ruiz was a leader since his debut.

“I am very proud”

He confirmed it in this Fukuoka World Cup. With an Olympic silver, a European and a Champions with Sabadell already in his record, he was the center of the Spanish attack along with Judith Forca, who with 24 goals finished as the tournament's top scorer. «We lost the final, but I think we had a great championship. I am very proud of this silver. It is very important to me. It is the result of all the training and all the sacrifices we have made as a team,” Ruiz commented at the end of the decisive match.. .

“It was a very tight match. Despite not getting the gold, we have to be satisfied with the result. Losing a final always leaves a bitter aftertaste, but we have to celebrate that we have won a medal and have qualified for the Paris Games,” added the coach, Oca.

In the match against the Netherlands Elena Ruiz did not shine as, for example, in the semifinals against Australia, when she scored four goals, but she did her part. In her penalty shot she was perfect, with a relaxation inappropriate for her age. Then, just after, Bea Ortiz, a close friend of hers, also a neighbor of Rubí, failed, and hence the defeat of Spain.

Actually, the whole team was wrong during the final, especially in defense, with the Dutch buoys marking at will. To reach the penalty shootout, the team had to come back from behind two goals in the last quarter and came to the conclusion heartbroken. As Oca recognized, the defeat left a bad memory of this World Cup, but the silver has value and more the confirmation of a leader. Here Elena Ruiz, only 18 years old, with the future ahead of her.

Thorpe, Phelps and now Dressel or Peaty: Why do so many star swimmers fall into depression?

André Agassi argues in his Open biography that tennis is the loneliest sport because there is not even contact with the rival, as in boxing, for example. No reason. Underwater a swimmer is not only separated from his adversaries, he is also isolated from the public, he cannot shout and he hardly sees what is happening around him. Swimming is a desert. And on the road that crosses it, many, many have been lost. Two of the three best swimmers in history, Michael Phelps and Ian Thorpe, went through a severe depression, like Grant Hackett, Missy Franklin and, among the Spanish, Rafa Muñoz.

“When you submerge your head you are very alone. When you're good, you're the best, you break the corduroy. But when you're bad… You don't stop thinking that everything is fucking shit, “Muñoz explained a few days ago to EL MUNDO with aquatic confinement as one of the reasons for the scourge. But surely there is more. In discovering and treating them are now two swimming references absent from the present Fukuoka World Cup: Caleb Dressel and Adam Peaty.

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Free style. From Popov to Popovici

From Popov to Popovici

Stars just two years ago at the Tokyo Olympics, where Dressel won five gold medals and Peaty, two more, now both are undergoing treatment to overcome their problems. One, Dressel, has already competed again, although far from his level, of the elite. The other one, Peaty, is on it.. In the diagnosis of both, with their differences, there is a common evolution marked by success: they fell when they reached the top.

«There came a time when I thought: Fuck swimming, fuck training! My life was the Olympic Games and everything had to be perfect. I won five golds in Tokyo, but I didn't get the times I wanted and I felt like garbage. I wasn't fair to myself. I fell into a well. I locked myself up,” Dressel recounted how he broke down after the best moment of his career. For several weeks he stayed in his room, without talking to anyone, without knowing what was wrong with him and, of course, without training.. Then he returned by inertia, he even competed in the last World Cup in Budapest 2022 and won two golds, but in the middle of the competition he relapsed: the sky darkened again, he caught the first plane to the United States and, then yes, he decided to stop. Not another stroke. The priority, his head. Tranquility and treatment. If you competed a few weeks ago in the Trials in your country, it was only to prove yourself. Whether he will be at the 2024 Paris Olympics is unknown.

Peaty's new life

As with Peaty. The Briton, who dominated the breaststroke between 2015 and 2020 – he managed to chain 18 consecutive races without losing – also broke after the Tokyo Games and disappeared from the water. In his case there was no confinement and therapy. In his case there was alcohol, a lot of alcohol, and religion. With two medals around his neck, Peaty suffered a rare injury training in the gym of his hotel in Tenerife, faced a divorce and his life fell apart. What was the point of trying to recover and win again if no one was waiting for him at home?

«As a swimmer you hope that a gold or a world record will solve all your problems, but when you achieve success like that you realize that nothing is fixed at once.. After all, a medal is a very cold object for which you have sacrificed your life. There is a moment in which you realize that you really have to stop and put order in what surrounds you, “explained Peaty in the middle of the process.. In his case, he was no longer at the World Cup in Budapest due to that strange injury and it is not very well known at what level he is currently training.

In the last year he has been seen giving swimming lessons to children, running some charity races, starting a new relationship with Holly Ramsay -one of the daughters of television chef Gordon Ramsay- and at mass, where he has found some refuge.. There he now dodges the isolation, the silence, the loneliness of swimming.

Another lost final: Spain misses the World Cup on penalties

More opportunities will come because there is plenty of youth, talent, and motivation, but the curse will continue. For Spain the finals are to lose. In the big events he has played six and lost five, the last one this Friday, against the Netherlands in the Fukuoka World Cup (17-16). He only won the 2013 World Cup, in the Picornell pools in Barcelona, a blessed setting for national water polo.

Until now, the jinx, the sentence, the bad streak, had a justifiable reason: the United States. He was an executioner in the finals of the London 2012 and Tokyo 2020 Olympic Games and in the 2017 Budapest and Gwangju 2019 World Cups. But this time, with the North American team already at home, eliminated in the quarterfinals, the disappointment was repeated. The Netherlands took a game that they really deserved on penalties.

The punishment was for Bea Ortiz, a benchmark for the new generation along with Judith Forca. She was the only one who missed her shot in the decisive round, where the Spanish goalkeeper, Martina Tarré, was not successful. But the selection had already been on the wire for too long.

From the break, discovering their defense of the buoy, the team led by Miki Oca let the Netherlands take the lead and turned gold into a miracle. He arrived at the last quarter with a two-goal deficit (9-7) and never in history has such a comeback been completed. If there was an opportunity, if the penalties were reached (12-12) it was because Paula Crespí and Forca herself stood out, but after five meters the Spanish arrived exhausted.

Strength and confidence were lacking: the remains of so many past defeats. On the way to the 2024 Paris Olympic Games, with qualification already guaranteed, the team will have to do an exercise in psychological growth to achieve glory.

The United States, previously an unbreakable ceiling, is now defeatable and there are other teams that are presenting themselves to the fight for gold without the complexes that Spain drags. Despite the poor performance of some young women, such as Tarré or Elena Ruiz, the group faces the most important event with a successful generational change, young leaders like Forca and Ortiz and veterans capable of standing out like Maica García. Now all that remains is to climb again to a final so that, finally, after so many attempts, end the curse.

UEFA excludes Juventus from the Conference League

The First Chamber of the UEFA Club Financial Control Committee (CFCB) announced this Friday to exclude Juventus from the Conference League for possible infringements of the Club Licensing and Financial Fair Play regulations of the body chaired by Aleksander Ceferin.

“The First Chamber of the CFCB concluded that Juventus violated the UEFA regulatory framework and breached the resolution agreement signed in August 2022. Consequently, the CFCB First Chamber rescinded the resolution agreement entered into with the club and decided to exclude Juventus from the 2023/24 UEFA men's club competition,” UEFA said in an official statement.

In addition, it will impose on the Italian club an “additional financial contribution of 20 million euros, of which 10 are “conditional” and will only be executed if Juventus' annual financial statements for the years 2023, 2024 and 2025 “do not meet the requirements accounting standards defined in Annex G of the UEFA Club Licensing and Sustainability Regulations”.

The CFCB also concluded that Chelsea were in breach of UEFA's Club Licensing and Financial Fair Play Regulations “by having submitted incomplete financial information”.

“Following the sale of the club in May 2022, the new ownership identified, and proactively notified UEFA, instances of potentially incomplete financial reporting under the club's previous ownership.. The notified matters referred to historical transactions that took place between 2012 and 2019,” the football body said in the aforementioned statement.

“After its evaluation, including the applicable limitation period, the First Chamber of the CFCB reached an agreement with the club (Chelsea), which has agreed to pay a financial contribution of 10 million euros to fully resolve the reported issues,” he concluded. .

BBVA earns 3,878 million euros, 31% more, and announces the third share buyback program in three years

BBVA achieved a profit of 3,878 million euros during the first six months of the year, which represents an increase of 31% compared to the previous year. This figure would exceed 4,100 million euros if the temporary tax paid to the State in the first quarter in full and which amounted to 225 million for the business in Spain is not deducted from it.. From April to June alone, profits amounted to 2,032 million euros, with an interest margin of 5,768 million, 25% higher than a year ago and 100 million more than the quarter of the year.

Group revenue reached 14,148 million euros, with growth close to 24%. Specifically, the interest margin (which is the difference between what the bank charges for the money lent and what it pays to its customers for deposits) shot up 33.6%, up to 11,410 million euros, in line with what has been seen in the rest of the entities that have been presenting their accounts over the last week. The commissions in his case grew by 9.4%, reaching 2,909 million euros.

On the other hand, operating expenses increased at a group level at a rate of 21.6% largely due to the inflation rates observed in the countries where the group is present, such as Turkey (where it is close to 40% ) or Argentina (at 116% at the end of June). Likewise, BBVA has carried out salary increases “to compensate for the loss of purchasing power of the workforce”.

SPAIN AND MEXICO

During the first half of the year, the entity chaired by Carlos Torres managed to grow in its main markets, thanks to the impact of the rise in interest rates on its business in Spain and the increase in spreads in Mexico, which remain at levels of 11.25%. since the last rise carried out by the Central Bank of the country last March, and which are the highest since the financial crisis. Here in the Eurozone, the European Central Bank (ECB) increased the reference rates again this Thursday to 4.25%.

Against this backdrop, BBVA's banking business in Spain increased its profit by 53.6% to 1,231 million euros, and represents a quarter of the group's total result, with an interest margin that was almost 45%. higher despite a slight drop in commissions. Mexico continues to be its first market, with 53% of the profit. From January to June, he earned 30.1% there, up to earning 2,614 million euros.

As regards the national business, the loan portfolio remained stable at the end of 2022 and closed June at 173,944 million euros and there was a 3% drop in customer deposits, to 214,276 million. euro. The default rate rises slightly in the semester to 4%. The entity considers that the fall in the mortgage portfolio, of 1.1%, and in loans to large companies, which also fell by 3%, has been offset by credit to the public sector and to consumption, in addition to the greater demand for financing from medium-sized companies.

In the case of Mexico, the entity registered an increase in the interest margin of 26.6% from January to June thanks to the “dynamism”, according to its report, of the country. Net commissions increased by 21% due to the higher volume of customer transactions, mainly due to the use of credit cards and the management of investment funds.

Turkey, where BBVA owns 86% of the capital of Garanti, generated an attributable result of 525 million euros during the first half of 2023 within a specific accounting for hyperinflation that has been dragging on for several semesters.

The entity once again increased its profitability in the semester as it took its ROTE (return on tangible capital, for its acronym in English) to levels of 16.9%, while the ROE also climbed another 180 basis points on the closing of 2022 up to 16.2%.

Non-performing loans increased by 7 basis points, up to levels of 3.4% at the end of June. At the group level, the bank recognizes a 3.9% increase in the doubtful balance between April and June 2023, due to greater delinquencies in individual portfolios.

The Tier 1 capital ratio, known in the sector as CET1 fully loaded, was close to 13% at the end of the semester, above the target set by the entity for a range of 11.5% to 12%..

1,000 million to buy shares

BBVA has become the clearest example of the national banking sector in terms of shareholder remuneration. The entity not only distributes half of its profits among investors in a dividend entirely in cash (unlike Banco Santander, which only gives 25% in cash) but also has set a new share repurchase as its objective, the third in three years and that would bring the total amount allocated to own shares to over 4,500 million euros, at the head of the big Europeans.

Previously, BBVA had completed a share buyback program for 3,160 million euros and last year announced a timid program of 422 million more.

The entity has requested authorization from the European Central Bank (ECB) to carry out this new buyback as extraordinary shareholder remuneration.

CaixaBank earned 2,137 million up to June, 36% more, thanks to its extensive commercial network

CaixaBank closed the first semester with a profit of 2,137 million euros, 35.8% more than in the same period of 2022, “due to the excellent commercial evolution”, it communicated this Friday to the National Securities Market Commission (CNMV). ).

During the first half of the year, the bank's revenues grew by 31.3% year-on-year, to 7,110 million euros, and the entity has highlighted the increase in interest income, which was 4,624 million, 55.2% more. It also registered growth in the result of the insurance service of 18.5% and in the income from bancassurance investees, 59% more than offset the drop in commissions of 4.2%. Specifically, recurring bank commissions show a year-on-year reduction of 7.6%, “impacted, fundamentally, by the abolition of custody commissions for deposits from large companies.”

The CEO, Gonzalo Gortázar, explained that the “solid result is a consequence of the good progress of the commercial activity, as well as the prudent management of credit risk”. He highlighted that the return on equity stood “at levels of 10% after a long period of very low returns”. The “positive” evolution of the entity from January to June allowed it to achieve ROE profitability of 10.2%, while the recurring efficiency ratio -without including extraordinary expenses- dropped to 45.7%.

For its part, delinquency fell to a minimum, with 2.6% as of June 30, the best data in the last 15 years. Doubtful balances fell to 10,317 million after “the good evolution of asset quality indicators and the active management of delinquency”, which means 373 million less in the year.

Regarding capital, the CET1 ratio was 12.5%.

CREDITS

Customer funds at June 30 stood at 627,824 million, 2.7% more than at the same time in 2022, “thanks to the usual positive seasonality of demand savings at the end of the second quarter and the good evolution in long-term savings products.

Assets under management stood at 156,111 million, 5.5% more “due to the favorable evolution of the markets and positive net subscriptions, which included 111,340 million in investment funds, portfolios and sicavs, and 44,771 million in pension plans. In the first six months, net subscriptions to investment funds, pension plans and savings insurance reached 5,100 million euros.

Regarding the healthy credit portfolio, CaixaBank closed the first semester at 354,199 million; and the sustained growth in the loan portfolio to companies, which increased by 2.2%, and the good evolution of consumer credit, which increased by 1.2%, offset the greater deleveraging in home purchase loans, with a portfolio reduction of 2.6%.

Regarding the new production, in the first half of the year 21,026 million new loans were granted to companies, 5,172 in consumption and 4,654 in mortgages.

Spain has 2% more employees than in 2008, but they work 7% less

Never before have so many people worked in Spain (more than 21 million in the second quarter of this year), but what did happen before is that we worked longer than now, more hours. This is demonstrated by the INE Active Population Survey, updated yesterday with data from the second quarter of 2023, according to which, although the country now has 2% more workers than in 2008, before the financial crisis broke out, the total number of hours actually worked in the country is 7% below the levels of that time.

In total, the country has half a million more workers than then, but they work 51.23 million hours less than fifteen years ago. The total volume of hours worked in the country is closely related to the production achieved, especially in a country where productivity has barely grown in recent years.. If productivity grows, a reduction in hours worked is positive; but if it does not improve, the drop in hours is usually related to lower production.

Spain has not recovered until 2023 the total hours worked that were done in the country before the covid, hence the level of GDP prior to the pandemic has not recovered until this year either, Spain being the last in the EU to return to that level.

On average, workers now spend 33 hours a week at work (6 hours and 40 minutes a day), compared to the 36.5 hours they worked each week in 2008 (7 hours and 20 minutes a day).. This decline is mainly due to the boom in part-time work in the post-crisis years, which has not yet returned to its original levels.

The number of people working part-time has grown by 409,000 since 2008, compared to a rebound of just 96,000 people working full-time. All those people who work only a few hours a day contribute to the decrease in total hours worked.

The question is that not all of them do it voluntarily. 47% of the total have this type of job because they have not been able to find a full-time job, while others do so because they have family reconciliation problems (they need to work less to be able to care for children or other relatives), because they are training or because they have an illness or disability of their own.

The increase in sick leave -linked to aging- has also contributed to a decrease in hours worked. In particular, in the second quarter of this year, 1.67 million people with a job did not work any hours in the reference week (the week in which the INE pollsters call to do the survey), 61% more than in 2008.

In addition, the sectoral restructuring of the economy, with less weight in construction (a sector that is highly intensive in working hours) and more weight in services, has also contributed to the drop in hours.

Compared to the first quarter, the hours worked have grown by 1.5%, compared to the 2.9% that the number of employed has increased. According to experts, the evolution of hours is more relevant than employment when it comes to knowing how much the economy is growing.

“The growth of the total number of hours worked is more consistent with that of the GDP than the growth of the employed, so GDP growth in the second quarter should be similar to that of the first quarter, except for significant variations in productivity,” explained yesterday Rafael Doménech, head of Economic Analysis at BBVA Research. According to their seasonally adjusted calculations, hours grew by 0.5% in the second quarter, which is why they forecast an increase in GDP of that order, similar to the 0.6% registered in the period from January to March.

20% of work underutilized

Although the unemployment rate in Spain has dropped to 11.6% in the second quarter, its lowest level since 2008, alternative measures of the underutilization of work in the country can be used.

According to Florentino Felgueroso, a Fedea researcher who is an expert in the labor market, based on EPA data, if the discouraged are added to the unemployed, the rate rises to 12.1%, and if those who would like to work are added but are not looking for a job, reached 14.1%.

If part-time workers who work involuntarily are added to this group, the rate of underutilized personnel in the labor market reaches 19.6%.

The CNMC fines Naturgy 6 million for "manipulating" the market and forces it to return another 35.5 million

The National Commission for Markets and Competition (CNMC) fines Naturgy for “manipulation” of the electricity market. Specifically, the regulator has sanctioned the gas company with 6 million euros and forced it to return another 35.5 million in compensation for the damage caused, concluding that the group took advantage of moments of technical restrictions, when the manager of the system delimits the offers of electricity producers for exceptional reasons, to increase their offers and thus increase their billing.

In its resolution, the CNMC states that Naturgy has two months to appeal the sanction before the courts, filing a contentious-administrative appeal before the National Court. Official sources from the company chaired by Francisco Reynés have confirmed to EL MUNDO that they will take action in court to appeal the sanction.

Specifically, the action punished by the supervisor refers to the one carried out by the combined cycle plant (facilities that burn gas to produce electricity) Sabón 3, in the electrical zone of Galicia, between March 23, 2019 and December 31. December 2020.

Within the framework of the sanctioning file, on March 23, 2023, Naturgy Generación submitted its allegations to the resolution proposal of the CNMC. In them, the company defended that “the plant has consistently (and not only in the analyzed period) formulated its offers in restrictions seeking to reasonably recover -but not achieving- its total costs based on the best and imperfect estimate of the competitive conditions in each moment”.

Regarding the benefits derived from the infringing conduct, Naturgy Generación highlighted that, in the last ten years, the plant has obtained a “generally negative” ebitda (gross operating result).

Technically speaking, any circumstance that may affect the security conditions or the quality of the electricity supply is known as technical restrictions and, therefore, oblige Red Eléctria to execute operating procedures, which can range from limiting the offers of the producers when excess energy, until forcing their entry into operation if the opposite situation occurs.

In accordance with Law 24/2013 of the Electricity Sector, the infraction for which the CNMC has fined the gas company is considered “serious”. “The manipulation of the price of adjustment services by a market agent by making offers at excessive prices, which are unjustifiably disparate from the prices offered by it in other segments of the production market”, typifies the rule.