Red Eléctrica defends itself against the blackout to shareholders: "The companies failed to comply."

MadridAmid the crossfire over responsibility for the massive power outage of April 28, Red Eléctrica, the operator of the Spanish electricity system, has confronted its shareholders, who were scheduled to participate in a new virtual general meeting on Monday, and has not hesitated to defend itself: "[On April 28] they will [company, Beatriz Corredor, who during her initial intervention of almost an hour reiterated that Red Eléctrica "rigorously" complied with the regulations.

In this way, the system operator has not hesitated to focus on the companies in the sector, particularly the large electricity companies, with which it has been maintaining a standoff for days. In fact, Corredor denounced that some of the accusations made against Red Eléctrica were "unfounded" and "very serious." "[The accusations] seek to undermine the confidence [of the system operator]," she assured. Just a week ago, the sector's employers' association presented a report on the causes of last year's blackout. April 28, in which Red Eléctrica is identified as the sole culprit for the incident. Major companies attribute the blackout to "poor management" Red Eléctrica's power grid, while the system operator maintains that the generators "did not effectively provide" the expected voltage for that day. For its part, the Spanish government, which also presented its own report, also pointed the finger at Red Eléctrica, in which the State holds a 20% stake, as well as the companies themselves.

Red Eléctrica's defense of its role before, during, and after the blackout, however, has not convinced all its shareholders. Thus, three representatives of shareholder Francisco Javier Cremades García have raised the issue of Corredor's resignation, but also the operator's lack of transparency in reporting on what happened. However, the agenda item proposing Corredor's dismissal as president was not approved after 98% of shareholders voted against it.

"How can the alleged errors [of the incident] be understood as the exclusive responsibility of third parties?" the firm's representative stated. "We must assume responsibility," he asserted. Other investors who decided to participate in the meeting have demanded further explanations about the blackout and clarity regarding the measures Red Eléctrica is implementing to prevent a massive power outage from happening again.

The crossfire between the two sides is leading to a legal battle over any compensation claims. In this regard, the system operator insists that it will not need to provide any "financial coverage" for the blackout and reiterates that it will not have to face any liability.