Redeia hires Albert Castellanos (ERC) as an independent director

Barcelona / MadridRedeia, the parent company of Red Eléctrica de España and 20% controlled by the State through SEPI, has proposed the incorporation of Albert Castellanos, close to the ERC (Republic of Catalonia) and former Secretary of Business and Competitiveness during the Pere Aragonès government. Redeia has called a general shareholders' meeting for June 30th -with the massive blackout still as a background-, at which it will also propose, in addition to Castellanos, the entry of the former Minister of Foreign Affairs of the first government of Pedro Sánchez, Arancha González Laya, as a proprietary director (at the proposal of Fabra, former director of Enagás until the last meeting of the company, as an independent director.

In fact, Fabra is one of the top experts in the energy sector and daughter of Jorge Fabra -former president of Red Eléctrica and former director of the National Energy Commission (CNE)-, and has been closely linked to the Spanish government, especially to the former Minister of Ecological Transition, Teresa Ribera, and also to Sesa Ribera, and also to Sesa Ribera. of the executive in energy matters. Without going any further, the proposal of reform of the Spanish energy system In the wake of the energy crisis, it was based on a report prepared by her.

Furthermore, Redeia has also decided to renew the mandate of José María Abad, an energy expert appointed in 2021 at the proposal of the PP, led at the time by Pablo Casado.

Former politicians on the boards

Lately, the trickle of politically connected figures onto business boards has been constant. Together also takes advantage of its decisive role in Madrid to gain ground in the economic world. Ramon Tremosa, former Minister of Business and until now a Barcelona councilor, joined Aena a few weeks ago. They have also introduced new members to the board of directors of Spanish National Broadcasting (RTVE), such as journalist Miquel Calçada, and to the National Commission on Markets and Competition (CNMC), with former Police Director Pere Soler (recently criticized by support the authorization of BBVA's takeover bid for Banc Sabadell). ERC also promoted Sergi Sol—a Republican leader very close to Oriol Junqueras—at RTVE and economist Jordi Pons at the Bank of Spain as part of the so-called Catalan quota, the unwritten agreement that one of the monetary entity's advisors will be informally proposed by the Generalitat.

Castellanos's signing, however—like Pons' and Sol's—contradicts the words of ERC spokesperson in the Congress of Deputies, Gabriel Rufián, who has used his speeches in the Spanish lower house to criticize the Junts members who "get their friends into Spanish companies." "No to press conferences with the Spanish flag, but getting friends into Spanish companies, yes," the Junts spokesperson in Congress, Míriam Nogueras, once rebuked Rufián.

The blackout as a backdrop

Red Eléctrica's June 30th meeting will be marked by the massive blackout that hit the Iberian Peninsula on April 28th, the exact cause of which is still unknown. However, the organization chaired by Beatriz Corredor has been in the spotlight for its possible involvement. Even Corredor's continued tenure as president, according to some media reports, has been questioned.

During the meeting, the distribution of the 2024 profit will also be submitted for shareholder approval, with the payment of a total gross dividend of €0.80 per share, of which €0.20 per share was already paid last January. Thus, a final dividend of €0.60 per share will be paid on July 8th.