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The Red Eléctrica group changes its name and will be renamed Redeia | Economy

In lowercase, with blue letters and the point of the i in turquoise. The former Red Eléctrica group will now be called Redeia, the new brand under which the group’s five subsidiaries will operate: Red Eléctrica (the system manager and responsible for transport), Reintel (fiber provider), Hispasat (which encompasses the satellite business), Redinter (the new brand of the international subsidiary) and Elewit (the technological platform). This was announced this Tuesday by its president, Beatriz Corredor, at the entity’s shareholders’ meeting. The ticker under which it is listed on the Stock Exchange will also change from REE to RED.

The corporate image change will cost 213,000 euros, an “austere” budget, according to Corredor, which aims to better reflect the company’s business diversity, which in addition to operating more than 49,000 kilometers of electrical circuits, operates a network of more than 52,000 kilometers dark fiber optic cable and nine satellites. “It evokes fluidity and dynamism”, the president, one of the three women who occupy that position in the Ibex 35, the index that groups the largest Spanish companies, has pointed out about Redeia.

The company will gradually replace its old identity with the new one, until 2024, taking advantage of the infrastructure maintenance work. The movement is reminiscent of that of large technology companies such as Google (Alphabet since 2015), or Facebook (renamed Meta), which opted for this turn to include other companies in the group in the name of the conglomerate’s parent company —for example, Facebook also owns Instagram and WhatsApp—.

Beyond the name change, the directors have left several messages. Corredor recalled that the interconnection with France, which should have reached 10% of capacity in 2020, is at 3%, so it is running late. Redeia directors believe, however, that the growing pressure from Brussels to advance it can speed up the procedures. “If before the urgency could be understood as from Spain to Europe, now it is from Europe to Spain, and this is going to speed up the processing,” said Corredor. “In the next two or three years we will see significant progress,” said the CEO, Roberto García, on the interconnection with France through the Bay of Biscay.

Corredor insisted that the tensions in the energy markets due to the war in Ukraine do not endanger the energy supply for the summer, when there is a greater expense for the use of air conditioners to combat the heat. “Not even a gas shortage would affect us”, he stated while arguing that Spain obtains energy from 14 different sources, does not depend on Russian gas, has supplies from Algeria, has six regasification plants, and receives liquefied gas ships above your needs. “I understand the anguish and doubts in the family environment, but it is not worth worrying about that,” he reassured about a possible supply problem.

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According to their data, Spain has an installed power of more than 114,000 megawatts, and the peak demand is around 45,000 megawatts, with which the installed power more than doubles, although 57% of it is from renewable sources. , and is not always available. In 2021, the record for electricity generated from renewable sources was broken, with 46.7% of the total, with wind power as the leader and photovoltaic as the one that grew the most.

The CEO of Redeia applauded that Spain has a mix “privileged” when compared to the countries around it. Last year, 4,500 new megawatts of renewable energy were integrated into the system, and it is expected that in 2022 that figure will be higher. “The mix it is going to improve to be cheaper and renewable,” said Roberto García. The manager also recalled that Redeia “does not earn a single euro derived from the price of electricity”, that is, it is not affected by increases or decreases in rates, since the infrastructure is remunerated independently of its price. For his part, Corredor criticized the marginal pricing system as “inefficient.” And he believes that he does not respond to the reality of the mix Spanish or European energy.

The shareholders’ meeting approved the re-election of three company directors: Socorro Fernández, Antonio Gómez and Mercedes Real and has ratified the appointment of Esther Rituerto as director. In addition, it authorized the delivery of a dividend of one euro per share charged to the results of the 2021 financial year. On July 1, the payment of the complementary dividend of 0.7273 euros gross per share will be made, which is added to the advance of 0 .2727 euros paid on January 7. The appointment of Ernst & Young as auditor of the accounts of the parent company and its consolidated group for a period of three years (2023-2025) was also approved.

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