Antonio Garamendi, President of the CEOE: “Regulation must be predictable and not cause stock market ups and downs of the magnitude we’ve witnessed lately.”

Jornada Christopher Jones Walter Boltz Garamendi Fundación Naturgy Energy and environment

Today, the president of the CEOE inaugurated a session by the Naturgy Foundation on ‘The role of gas in the decarbonisation of the EU energy system’, where he stated that “environmental sustainability goes hand in hand with economic sustainability”.

“It is necessary to have predictability and regulatory security to avoid ups and downs in the markets caused solely by the announcement of a decision that is not yet definitive,” said the president of the Spanish Confederation of Business Organizations (CEOE), Antonio Garamendi, today in allusion to the cut proposed by the CNMC to the gas sector. Garamendi made these statements at the opening ceremony of the conference ‘The role of gas in the decarbonisation of the EU energy system’, in which energy experts Christopher Jones and Walter Boltz took part.

He also described it as “barbaric what has happened in the sector”, in relation to the remuneration cut proposed by the CNMC, and questioned “the decisions that cause a single company to lose 5,000 million in one day”. As for regulation, he said that “we must be aware that we have to listen to and value the analysis and points of view of companies,” adding that “we must be aware that companies invest when there is predictability and regulatory security.”

“Environmental sustainability goes hand in hand with economic sustainability,” said Garamendi, who added that “the first objective of this country is employment and the companies that support it.” The president of the Spanish employers’ association showed his support for the energy sector, due to its fundamental role in the economy. “Spain needs basic energy and the best at present is gas, which is also fundamental for industry. As long as renewables are not 100% reliable, we need this basic energy. At the CEOE we are fully committed to gas,” he said.

See the press room