Spain moves to revoke Holaluz licence, putting 144,000 electricity customers at risk

## Background Holaluz, the Catalan electricity retailer co-founded by Carlota Pi, faces the loss of its operating licence after Spain's Ministry for Ecological Transition initiated proceedings to revoke its authorisation. The resolution, adopted on 16 July by the director general of Energy Policy and Mines, was published in the Official State Gazette (BOE) on Saturday 18 July, opening a 10-working-day window for the company to present appeals.

The toll dispute

The ministry's action stems from unpaid distribution tolls, the regulated fees that retailers pay to grid operators for use of the electricity network. Industry sources cited by El Confidencial estimate Holaluz's monthly toll obligations at 2.6 million euros, payable to distributors owned by Iberdrola, Endesa, and Naturgy. To trigger a revocation, a retailer must typically be in arrears for three to four months, according to sector insiders. Holaluz has not disclosed the exact amount owed or the duration of non-payment.

Customer impact

The company's customer base is reported at between 139,111 and 144,000 electricity supply points, depending on the data source. The CNMC's third-quarter 2025 figures show 139,111 users, while other reports cite more than 144,000. Holaluz's own 2025 annual report listed 221,650 energy contracts, over 95% with households and small businesses. If the licence is revoked, those customers would be transferred to a reference retailer, likely Endesa, Iberdrola, Naturgy, TotalEnergies, or CHC (Repsol), to ensure uninterrupted supply. Holaluz has not communicated directly with its clients about the situation, leaving them to learn of the threat through media reports.

Financial strain

Holaluz has been under financial pressure. In 2025, revenue fell 41% to 158.9 million euros, down from 271 million in 2024. Net losses narrowed by 29.5% to 22.2 million euros, following a debt restructuring of 57 million euros and the entry of investment partner Icosium. The company's shares, traded on the BME Growth market for small and medium enterprises, were suspended on Monday 20 July after the ministry's announcement. The last traded price was 0.826 euros, up nearly 17% year-to-date.

Company response

Carlota Pi, Holaluz's CEO, described the procedure as "a punctual administrative procedure within the sector's regulatory framework" and said the company is managing it "in accordance with usual procedures." In a statement to the market, she expressed confidence that the appeal would succeed and noted that the internal mood was "optimistic." The company insists that commercial activity continues normally and that electricity supply to all clients is fully guaranteed.

It is a punctual administrative procedure within the sector's regulatory framework, which the company is managing in accordance with usual procedures.

What happens next

Holaluz has until the end of the 10-working-day appeal period, likely around 31 July, to submit its arguments and evidence that it is up to date with payments. If the ministry upholds the revocation, the customer transfer process will begin. The outcome will determine whether the retailer can continue operating or whether its 144,000 clients become customers of the large regulated suppliers.