Andorra la VellaFEDA director Albert Moles explained during the 2024 balance sheet that Andorra’s agreement with the European Union would “facilitate” energy import and new infrastructure agreements with Spain and France. This is the logical consequence of an agreement that makes the Principality a member of a club of which the two neighboring states are part. The director made it clear to facilitate “doesn’t mean it’s essential” because Andorra has been importing energy from France and Spain for decades and this should not change if the agreement is rejected.
Moles boasts that the agreement has more advantages for this energy import link and common projects than a scenario without it. And he specified that this is the impression “at the moment”, taking into account that it is not yet known what the consequences are of a rejection of the text negotiated with Brussels.
Good financial balance
FEDA will obtain profits higher than those obtained last year, which were 23 million euros. Moles did not want to give an exact figure because the year is not yet over and because there are some maintenances that are not yet closed, but he did state that “the result will be very good, it will be better than that of 2023”. The general manager has attributed this, in part, to the fact that market prices in neighboring countries have been “very low” due to the “decline in demand across Europe” and a “increase in renewable energies”.
The public electricity company has recovered the pre-pandemic reserve levels. The accumulated 40 million was spent at that stage to be able to guarantee very low electricity prices at a time when costs soared coinciding with the war in Ukraine. This means that FEDA will once again make profit contributions to the State. A third of those in 2024 will be given to the Government, which will surely exceed, at least, 8 million euros.