The presidents of Repsol and Naturgy have raised their voices against Brussels, denouncing that European climate policies are a burden on competitiveness. They point to China as the great unregulated polluter while we tie our own hands here. However, it is worth remembering that while they warn of deindustrialization, the electricity bill has not stopped rising and their profits are soaring. A stance that, seen in perspective, sounds more like a defense of their margins than concern for the consumer.
The technological dilemma between decarbonization and corporate margins 🔥
The technical debate centers on the energy transition. While Europe demands investments in renewables and emission reductions, major oil companies advocate keeping gas as a transition fuel. The problem is that this model, without firm regulation, allows companies to set prices in marginalist markets that make electricity more expensive. Solar and wind technology is already cheaper to produce, but the price matching system means we pay the cost of gas, not renewables. That is the technical key to the discontent.
Complaining about China while filling their pockets, a classic 💰
So, the energy executives are very concerned about Chinese pollution. So much so that while they denounce the situation, their companies post record revenues. It's like a waiter complaining that the customer next door is ordering too many portions while serving you the most expensive bill on the menu. Of course, they worry about deindustrialization, but only if they can't move production to Morocco. Don't let them fool you: they want a Europe where they set the rules and citizens pay for the gasoline.