AENA freezes tariffs again and commits to EUR2.3 billion investment

Premium Analysis

When AENA was partially privatised in 2015 a law was introduced to exercise control over it and to manage and regulate all AENA's airports. Now that law is being extended under circumstances which could not have been envisaged then.

Under the 2022-2026 'DORA' (Airport Regulation Document) airport tariffs will again be frozen across the entire AENA spectrum of small, medium and large airports, and infrastructure expenditure will be capped (again).

While the government is adamant it is making the right decisions, which will aid the recovery of the sector, it is possible that there is limited flexibility in the law to cater for eventualities such as resurgences of the coronavirus pandemic on one hand, another Black Swan event, or a rapid recovery of the air transport business (which has already begun in Spain) on the other.

Meanwhile, and hardly unexpectedly, the government is ploughing an environmental strategy furrow by which AENA commits to self-powering all its airports with solar power by 2026.

At least if AENA's financial lights go out, the sun won't.

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