The impact of a historic shutdown
At 12:33 this Monday, an unprecedented event left Spain and Portugal plotted in the dark. An abrupt electric blackout made 15 energy gigawatts disappear in just five seconds, which represents 60% of energy consumption at that time. This incident has raised questions about the safety of the electrical system and its management.
The Institutional Answer and the Failing of Transparency
Despite the seriousness of the situation, the first minutes were marked by the lack of communication. Only two hours after the incident, the director of Red Eléctrica Espanyola (REE), Eduardo Prieto, offered a brief virtual appearance. Later, the President of the Government, Pedro Sánchez, addressed the citizenry, but had spent four hours since the crisis began.
Solving power: Who really handles the threads?
The situation raises a fundamental question: Who really controls the electrical infrastructure that affects the daily life of the citizens? Javier Andaluz, an expert in Energy and Climate of Ecologists in Action, said that the liberalization of the sector had left the responsibility of electricity in the hands of private initiative, without proper planning to ensure its resilience.
Actions in Private Hands
Currently, 20% of REE shares belong to the Spanish government, through the State Society of Industrial Participations. However, an impressive 80% is in the hands of investment funds and large corporations. Among the most prominent, Amancio Ortega, founder of Inditex, controls 5% through Pontegadea Inversiones.
Foreign influence
Companies like JP Morgan and Blackrock have a significant influence, with JP Morgan holding 8.7% and Blackrock controlling more than 15% of shares. In addition, other foreign banks and investors, including French and British funds, have also entered into shareholders, which strengthens concern about energy sovereignty.
The consequences of a private dependency
The presence of international investors and the lack of state control over such a critical sector raises questions about future energy safety. How can the electricity supply be ensured not to undergo investment and multinational fund gain strategy?
Final reflections
Monday’s shutdown has not only highlighted the vulnerabilities of the Spanish electrical system, but also revealed a power structure that can compromise the country’s energy safety. With a model that privileges private interests, the question of sustainability and reliability of energy supply becomes more relevant than ever.
