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Gas Natural sees "impepinable" tariff increases if renewable premiums are not contained

The CEO of Gas Natural Fenosa, Rafael Villaseca, warned that renewable energy premiums reached close to 7,000 million euros in 2010 and considered it "impepinable" that new increases in electricity tariffs be applied in case this item is not contained.

During a conference with analysts, Villaseca also considered that, after the measures already adopted, the Government must now seek formulas "that do not generate a deficit and that do not necessarily have to be resolved through tariff increases."

In addition, he indicated that, in terms of energy policy and after the approval of Royal Decree Law 14/2010, "the puzzle already has few chips to fit".

Villaseca described as "good news" that the "complex issue of the tariff deficit" is beginning to be "impregnated" through the first two placements in the markets for 4,000 million euros of the electricity debt.

- Publicidad -

Of these €4,000 million, Gas Natural Fenosa will receive €448 million for the part of the electricity debt it must finance, while of the total €16,694 million in the recognised tariff deficit, the company is responsible for €1,950 million.

DEMAND GAS AND ELECTRICITY.

On the other hand, he forecast that the demand for gas and electricity will increase this year by around 1%, and that margins in the gas market will not worsen. In 2011, the company will not aim for "as many extraordinary" results as in previous years, he added.

Along with this, and in line with the policy adopted by other companies such as Iberdrola, Gas Natural Fenosa has announced that it will give its shareholders the possibility of receiving the dividend in shares, and not only in cash, as had been happening until now.

The remuneration to the shareholder will be of a maximum amount equivalent to 0.80 euros per share charged to the results of the year 2010, which represents an increase of 1% compared to the previous year and a 'pay out' of 61.4%.

This proposal of the board of directors, which must be approved by the shareholders' meeting, includes the payment in dividends of 324 million, as well as a capital increase released through the issuance of new ordinary shares for a maximum reference market value of 412 million.

This capital increase would allow shareholders the possibility of receiving ordinary shares of the company instead of the payment in July 2011 of the complementary dividend for the year 2010. (EUROPA PRESS)

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