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MarketScreener Homepage  >  Equities  >  Bolsa de Madrid  >  Iberdrola    IBE   ES0144580Y14

IBERDROLA

(IBE)
  Report
End-of-day quote. End-of-day quote Bolsa de Madrid - 08/14
10.97 EUR   -0.90%
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UK regulator proposes network overhaul for green energy drive

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07/09/2020 | 01:31am EDT
FILE PHOTO: The sun rises behind electricity pylons near Chester

By Susanna Twidale

British energy regulator Ofgem said energy network operators should invest 25 billion pounds ($32 billion) from 2021 to 2026 to deliver emissions-free energy and proposed cutting returns these companies can make in order to reduce household bills.

Britain has a climate target to reach net zero emissions by 2050 which will require a huge increase in renewable energy and investment to increase the stability of its energy networks.

"Given the scale of green investment likely to be needed in future, Ofgem is keeping costs as low as possible for consumers by proposing the lowest ever rate of return on capital for network companies," Ofgem said in a statement.

National Grid, one of several companies that owns and runs Britain's infrastructure of gas pipes and power cables, said it was disappointed by the proposals, saying they "jeopardised the delivery of the energy transition."

Under Ofgem's price control system network operators present plans for work they will do and setting out costs. Ofgem assesses the plans and sets limits on the profit they can make.

Consumers pay for the investment through network charges, making up almost a quarter of an average household energy bill.

Ofgem said it was allocating 25 billion pounds upfront expenditure but was proposing to cut more than 8 billion pounds from companies' spending plans by setting efficiency targets and cutting costs it did not think were justified.

"Ofgem's proposals nearly halve network companies' allowed rate of return, so that less of consumers' money goes towards network companies' profits, and more towards driving network improvements," it said.

Ofgem estimates this will save more than 3.3 billion pounds over the next five years leading to an expected fall of 20 pounds per household in network charges on bills.

Britain's energy infrastructure is owned by several firms, including SSE, National Grid and Iberdrola Scottish Power.

($1 = 0.7913 pounds)

(Reporting by Susanna Twidale; Editing by Edmund Blair)

Stocks mentioned in the article
ChangeLast1st jan.
IBERDROLA -0.90% 10.97 End-of-day quote.19.50%
NATIONAL GRID PLC -1.37% 891.8 Delayed Quote.-5.56%
SSE PLC -1.33% 1302 Delayed Quote.-9.49%
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More news
Financials
Sales 2020 37 409 M 44 290 M 44 290 M
Net income 2020 3 761 M 4 453 M 4 453 M
Net Debt 2020 40 061 M 47 430 M 47 430 M
P/E ratio 2020 18,8x
Yield 2020 3,79%
Capitalization 69 077 M 81 728 M 81 783 M
EV / Sales 2020 2,92x
EV / Sales 2021 2,83x
Nbr of Employees 35 058
Free-Float 97,1%
Chart IBERDROLA
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Technical analysis trends IBERDROLA
Short TermMid-TermLong Term
TrendsNeutralBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 10,56 €
Last Close Price 10,97 €
Spread / Highest target 15,8%
Spread / Average Target -3,76%
Spread / Lowest Target -29,8%
EPS Revisions
Managers
NameTitle
José Ignacio Sánchez Galán Chairman, President & Chief Executive Officer
José Sáinz Armada Chief Financial & Resources Officer
Fernando Lucero Batalla Head-Information Technology & Finance
Íñigo Víctor de Oriol Ibarra External Director
Samantha Catherine Barber Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
IBERDROLA19.50%81 709
NEXTERA ENERGY17.44%139 256
ENEL S.P.A.13.24%96 289
DOMINION ENERGY, INC.-4.24%66 561
DUKE ENERGY CORPORATION-9.29%60 850
SOUTHERN COMPANY-13.64%58 098