The rise in gas and electricity prices since the beginning of the crisis until the end of the year could generate an energy cost overrun of nearly 7.4 billion euros for the Spanish manufacturing industry, according to estimates from the Alliance for the Competitiveness of the Spanish Industry* based on the evolution and futures of the TTF (gas) and OMIE (electricity) markets. Specifically, the impact associated with the increase in gas prices would amount to nearly 4.22 billion euros, while the cost overrun derived from electricity would reach 3.175 billion euros.
The organisation points out that the situation has significantly deteriorated during the months of July, August, and especially September, due to the intensification of tensions in international energy markets and a new escalation in gas and electricity prices arising from the geopolitical situation. According to their calculations, only during the last quarter of the year could 70% of the expected annual impact on the energy costs of the industry be concentrated.
In light of this situation, the organisation considers it necessary to adopt urgent and more far-reaching measures than those activated so far, considering that the price of gas has exceeded the threshold of 80€/MWh and the daily electricity market has recorded an average close to 150€/MWh so far in September (compared to 61€/MWh in the same month last year).
"We are facing an exceptional situation that requires exceptional measures. The industry has demonstrated an enormous capacity for adaptation, but it can hardly absorb an energy impact of this magnitude on its own. It is necessary for public authorities to act urgently to prevent this cost deterioration from resulting in a loss of production, investment, and employment," explains the spokesperson for the Alliance, Carlos Reinoso
*The Alliance is made up of AICE (fuel), ANFAC (automotive), ASPAPEL (paper), FEIQUE (chemicals and pharmaceuticals), FIAB (food and beverages), OFICEMEN (cement), PRIMIGEA (mineral raw materials), SERNAUTO (automotive components), and UNESID (steel industry), and represents 60% of Spain's Gross Industrial Product