GLG News by Energy / Utilities Experts: Legal, Economic, and Regulatory Affairs (Spain)

Sebastian MarizManaging PartnerEPPA

Recapitalizing Spanish banks

November 14, 2011

Members of Spain’s Partido Popular (PP), which is expected to win the general elections on November 20, all agree that a recapitalization of Spanish banks and savings banks is a key to growth and jobs in Spain. In order to recapitalize, the banks need to clean their books of toxic real estate assets and loans. 

Sebastian MarizManaging PartnerEPPA

Can Spain's housing and construction sectors generate growth again?

November 14, 2011

The Partido Popular (PP), which is poised to win the November 20 elections, thinks real estate will have a role in a Spanish recovery. According to the party’s statistics and data, demand for Spanish real estate ampng northern Europeans could equate to  2.5 to 3 million homes.  Such demand could easily absorb most of the 1 million-plus housing units currently on the books of banks and savings banks. The impact would probably be greatest in coastal areas.

Sebastian MarizManaging PartnerEPPA

Who's who in Spain's PP party

October 27, 2011

Spain’s conservative People’s Party is leading the polls with a 14-point advantage over the incumbent socialist party (PSOE).  Such a lead would give the PP an absolute majority in the Parliament if it wins the elections on November 20. If Mariano Rajoy wins the elections his cabinet could be made up of the following people. 

Sebastian MarizManaging PartnerEPPA

Spain's never ending story: The electricity tariff deficit

September 26, 2011

The Spanish Government has adopted a new Royal Decree modifying the conditions in which the electricity tariff deficit – the difference between the cost of generating electricity and the price that consumers pay for it – can be securitized to investors and the amounts which can be securitised until 2013.

Sebastian MarizManaging PartnerEPPA

Refinancing Spain’s Electricity Sector

August 2, 2011

Energy Minister, Miguel Sebastián’s announcement yesterday that his Ministry will not put forward a new regulatory regime for wind energy before the end of his term on the 20th of November means that Spanish energy policy will not be set until a new Government takes office on the 1st of January 2012. So what might energy policy look like as of 2012?Judging from what PP party members have told me in the past a new PP government may mean a refinancing of Spain’s electricity sector.

Sebastian MarizManaging PartnerEPPA

Early elections in Spain

July 25, 2011

At the moment rumour has it that early elections may be called in Spain for the 30th of October or the 27th of November. How likely is this and when might we know whether the rumours are true?

Sebastian MarizManaging PartnerEPPA

Spain: Greece part II?

June 23, 2011

According to rumours, Spain’s regions are bankrupt and unaudited. No one knows how much money has been spent, on what and for who and worse yet, rumour has it that deficits have ballooned through shady payment schemes to suppliers and hidden checks and IOUs to the private sector. The Spanish central Government can’t do anything, because they have no control over regional budgets and little coercive action to real in overspending. Sounds an awful lot like Greece.

Sebastian MarizManaging PartnerEPPA

Spanish Local Election Results: More Bad News for Spanish Bonds?

May 30, 2011

Spain's local and regional election results on the 22nd of May could spell more bad news for Spanish bonds.  The Partido Popular has already announced it will uncover hidden regional and local deficits. The socialists in turn will want to regain confidence from the 2 million left-wing voters who voted against them, may not implement any more budget cuts and may let some of the cajas fall in an attempt to show that they are willing to let the "capitalists" pay.

Sebastian MarizManaging PartnerEPPA

Spanish Regional and Municipal Elections: The Morning After

May 20, 2011

This Sunday the 22nd of May Spanish citizens will vote for their regional and municipal governments in fourteen of Spain’s 17 autonomous regions.   What might this means for Spanish fiscal policy and Spain’s budget deficit? Simply put it means revised deficit figures and what I think will boil down to greater market pressure on Spanish bonds.

Sebastian MarizManaging PartnerEPPA

European Litigation Against Spanish Feed-in-Tariff Cuts

February 11, 2011

Spanish renewable energy producers grouped together in APPA have subscribed to a proposal to litigate against Law 14/2010 on the basis of European Law and in particular Directive 2009/28/EC on renewable energies. Litigation on the basis of European law is the only viable litigation strategy that can be pursued by solar park owners and investors.

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