GA_P advises Banco Santander on financing granted to Greenalia

The fiduciary nature of the managed investment relationship supports the view that the bank should be liable for the loss of the pledged item because there would not have been such loss had the client’s order been executed prior to the bank’s resolution — but not for the reason given in the judgment.

The Supreme Court judgment of 10 April 2026 characterises the concept of public service under Article 24(1) of Act 39/2015 as an exception to the ‘double silence’ rule, distinguishing it from the concept of service of general economic interest, which applies in liberalized sectors such as that of electricity supply. The Supreme Court thus concludes that in seeking an authorisation to close a combined-cycle power plant, the ‘double silence’ rule applies to the effect of a presumption of approval.

The measures related to grid access and connection respond to investor interest in large-scale decarbonization projects, data centres, electric mobility, and energy storage, and aim to reduce the current hoarding of demand-side access.

Royal Decree-law 7/2026, of 20 March, approving the Comprehensive Plan to Address the Crisis in the Middle East - published in the Official Journal of Spain on 21 March - introduces significant changes to the regulation of the electricity sector. Although it needs to be ratified by Parliament, generally speaking it came into force on the day of its publication.

Reduced connection charges for electro-intensive consumers and the Fund for the Promotion of Industrial Decarbonization will help improve the industrial sector's competitiveness in the current economic climate.

Royal Decree 997/2025, of 5 November, approving urgent measures to strengthen the electricity system, aims to "establish urgent measures that contribute to a more resilient and decarbonised electricity system" and amends several statutory instruments that govern the electricity system. This paper details the main areas of change.

“Royal Decree 997/2025, of 5 November, approving urgent measures to strengthen the electricity system, has been published in the Official Journal of Spain on 6 November 2025. It will broadly come into force on the date of its publication”.

The Court of Justice of the European Union (Fourth Chamber), in its judgment of 1 August 2025, case C-665/23, IL v. Veracash SAS, concludes that a payer is deprived of the right to reimbursement of the amount of an unauthorised transaction if he or she delayed in notifying his or her payment service provider of the unauthorised payment transaction, even though he or she did so within 13 months from the debit date. This interpretation of the Payment Services Directive is applicable in Spain (Art. 43 RDL 19/2018) and appears to be retained in the future Regulation on payment services.