The Government presented almost three weeks ago, on August 27, its proposal to regulate the activity conditions of data centers that are installed in Spain.
After the impact map of the listed companies, Demócrata now analyzes how the value of their shares has evolved in the markets.
Be careful, the drop or rise --especially the drop, eleven of the twelve analyzed lose value-- does not necessarily respond to the impact of the regulation. Or, at least, not only. First, because the exposure of each listed company to the regulation is disparate. But, above all, because there are many factors that have conditioned the investor, particularly downward.
Merlin Properties (-7.14%)
Type of impact: direct
Profile of the listed company: consult the profile of Merlin Properties, with its latest news and regulatory keys.
Merlin Properties closed on August 26 at 13.93 euros per share. On September 14, it ended the session at 12.935 euros, which represents a decrease of 7.14%.
It presents a more direct exposure than most of the analyzed companies: the requirements for energy, water, efficiency, or access to the grid directly affect the development and operation of its new data centers. The company reached 160 MW leased in this division during the first half of 2026.
ACS (-11.77%)
Type of impact: direct on certain projects and potential benefit in construction
Profile of the listed company: consult the profile of ACS, with its latest news and regulatory keys.
ACS has gone from 104.10 euros on August 26 to 91.85 euros on September 14. The difference represents a drop of 11.77%, the largest among the analyzed listed companies.
The group participates in the design and construction of data centers through various subsidiaries and has extended its activity towards the development and investment in these infrastructures. One of its subsidiaries, Turner, concentrates 37% of its business in these centers, with data as of the end of 2025. Through Iridium, ACS announced its entry as investor and operator of a data center in Alcalá de Henares, on a plot of 6.7 hectares and with 50 MW of guaranteed electrical supply.
Ferrovial (-8.58%)
Type of impact: direct
Profile of the listed company: consult the profile of Ferrovial, with its latest news and regulatory keys.
Ferrovial closed on August 26 at 51.42 euros and on September 14 it did so at 47.01 euros. The share has lost 8.58% during the analyzed period.
Among its projects is the data center of Telefónica in Alcalá de Henares, a 50 MW facility with 23 rooms dedicated to computer equipment. It now concentrates this activity in Ferrovial Digital Infrastructure, a platform specialized in the development of data centers. It encompasses everything from land and electrical power identification to the design, construction, and maintenance of the facilities.
During the same period, other corporate events have occurred. Ferrovial made effective its exit from Euronext Amsterdam on September 11 and maintains its listing in Spain and Nasdaq.
Sacyr (-4.29%)
Type of impact: direct, but with unquantified scope
Listed company profile: consult the Sacyr profile, with its latest news and regulatory keys.
Sacyr closed on August 26 at 4.334 euros and ended the session on September 14 at 4.148 euros. It accumulates a drop of 4.29%.
The company has specific activity linked to the construction of data centers in Spain, with equipment destined for a project in Aragón. Its exposure, however, is less quantifiable than that of ACS, Ferrovial, or Acciona, as Sacyr does not break down the weight of this business on its portfolio or its revenues.
Iberdrola (-2.21%)
Type of impact: indirect and potential benefit
Listed company profile: consult the Iberdrola profile, with its latest news and regulatory keys.
Iberdrola has gone from 20.16 euros on August 26 to 19.715 euros on September 14, a drop of 2.21%.
Its exposure is different from that of Merlin or the construction companies. Iberdrola can become one of the suppliers of the new electrical demand associated with data centers and has already developed specific projects and agreements for this market.
The draft may favor this path if it maintains the requirement to associate a large part of the consumption of the new centers with additional renewable generation. But Iberdrola's stock price depends on numerous factors —interest rates, network regulation, energy prices, and international businesses— that prevent relating the decline exclusively to this regulation.
Endesa: (-1.62%)
Type of impact: indirect benefit
Listed company profile: consult the Endesa profile, with its latest news and regulatory keys.
Endesa closed on August 26 at 42.04 euros and on September 14 at 41.36 euros. The difference represents a drop of 1.62%.
The electricity company estimates that data centers could represent around 5% of Spanish electricity demand in 2030, about 15 TWh. In addition to selling electricity, it can participate through renewable PPAs and through its distribution networks.
Naturgy (-2.76%)
Type of impact: mixed
Listed company profile: consult the Naturgy profile, with its latest news and regulatory keys.
Naturgy has gone from 29.76 euros to 28.94 euros, which represents a drop of 2.76% between both dates.
On one hand, it has renewable generation that can supply new demand through long-term contracts. On the other hand, it has 7.4 GW of combined cycles in Spain, capable of providing manageable generation when wind or solar production is insufficient. Gas would not serve to meet the renewable obligations posed by the draft, but a greater continuous electricity demand may increase the systemic need for flexible capacity.
Acciona (-5.89%)
Acciona's shares have gone from 210.40 euros to 198 euros between August 26 and September 14. The accumulated decline reaches 5.89%.
Its construction division has specific experience in data centers and is working on this type of infrastructure in Zaragoza. In addition, Acciona Energía's position as a potential supplier of renewable generation is added.
Acciona Energía (-4.29%)
Type of impact: potential
Listed company profile: consult the Acciona Energía profile, with the latest news from the group.
Acciona Energía closed on August 26 at 21.44 euros and on September 14 at 20.52 euros, a loss of 4.29%.
On paper, it is one of the companies that could benefit from the renewable requirements of the project. If the new centers must back a good part of their consumption with new clean generation, it would increase the potential market for PPAs and other supply contracts.
Solaria (-0.53%)
Type of impact: potential
Listed company profile: consult the Solaria profile, with its latest news and regulatory keys.
Solaria has gone from 16.96 euros on August 26 to 16.87 euros on September 14, a decrease of just 0.53%.
The hourly correspondence requirement posed by the Government introduces a specific difficulty for a fundamentally solar portfolio. The result may favor combinations of technologies, storage, and more complex contracts.
Redeia: down 3.55% while the grid becomes a critical piece
Type of impact: indirect and regulated
Stock sheet: consult the Redeia sheet, with its latest news and regulatory keys.
Redeia has gone from 15.23 euros to 14.69 euros, a drop of 3.55%.
Red Eléctrica manages the transport network to which a significant part of the new demand intends to connect. The increase in access requests may reinforce the investment needs in the network, although that investment is subject to planning and regulation.
Telefónica (+1.80%)
Type of impact: direct, but limited
Stock sheet: consult the Telefónica sheet, with its latest news and regulatory keys.
Telefónica is the only one of the analyzed companies that ends the period clearly above the initial level. It closed on August 26 at 3.609 euros and on September 14 at 3.674 euros, an increase of 1.80%.
It offers colocation and digital infrastructure services and has facilities linked to data hosting and processing, so it may be affected by the demands for efficiency, resilience, and digital sovereignty.
The evolution of the stock during these weeks has also been conditioned by factors completely unrelated to the draft royal decree, including shareholder and financial movements.