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The Council of Ministers has given the ‘green light’ to the creation of the reserve fund of guarantee for entities electro-intensive, with the aim of supporting the major industry in the green power purchasing through contracts of purchase and sale of electricity in the long term (‘PPP’, for its acronym in English).

At a press conference after the Council of Ministers, the minister spokesman of the Government, María Jesús Montero, stressed that this was a fund “very demanding” for the sector and is considered to be “essential” as it is “an important factor to facilitate the development of these operations.”

The approval by the Executive of this fund was highly anticipated by the sector. In fact, the minister of Industry, Trade and Tourism, Reyes Maroto, announced its approval to the Council of Ministers last Tuesday, even though finally Friday when it has received the green light by the Government.

This fund ensures the coverage of the State to the operations of purchase and sale of electric energy to the medium and long-term perform consumers electrointensivos and lays the foundation for the relationship between the consumer electrointensivo and electric company “to have a framework where it is linked to renewable energy plants that promote this type of sustainable sources of energy,” said Montero.

In particular, the fund for industry electrointensiva will be endowed with 200 million euros per year, to cover a maximum of 600 million of investment in three years.

Montero stressed that with the authorization of this fund is to meet “the political commitment” of support to the industrial sector, that this Government highlighted the adoption in December 2018 of the Royal Decree-law RDL in which it undertook “to give impetus to the economic competitiveness” of the industry and introduced the figure of the consumer electrointensivo.

In fact, the spokesman of the Government stated that this fund represents “a first step” to get to the approval of the Statute of the Consumer Electrointensivo “in the coming weeks.”

anyway, he reiterated that right now the cost of the electricity “not a problem” to the great industry, as during the pandemic coronavirus the price has dropped to “historic levels, and is a lot cheaper than four months ago.”