Energy crisis strikes the Spanish meat sector
A recent survey carried by Cde Comunicacion magazine among the companies within the Spanish meat industry reveals increased costs in electricity for most of the entities. Specifically, 62.07% of the companies interviewed stated that between September 2020 and September 2021 that cost has increased by more than 40%. In addition, another 25.86% has experienced increases between 25 and 40%.
As much or more significant is that only 3.45% of the participants indicate that the rise in their energy bill has been below 10%. As ANICE recalled a few days ago, the meat sector may face losses of more than 500 million euros if electricity prices continue at the same level of escalation as in recent months. Specifically, the cost of electricity has gone from an annual average in 2020 of € 34.0 / MWh to multiplied by 6, with a current price of € 207.14 / MWh, the price as the most expensive in its history.
The impact on the sector remains to be seen, but taking into account what the survey participants have voted, it can be very important and would confirm ANICE's estimates that the increase in the electricity bill threatens to reduce the economic results of the sector by 70%. Coupled with this data to an estimated 5% rise in the CPI, the current electricity bill becomes a determining factor for the profitability and even viability of many meat companies.
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