Iberdrola S A : "There has to be a correlation between climate goals and the policies designed by states to achieve them"
May 26, 2022 at 02:00 pm EDT
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26/05/2022
"There has to be a correlation between climate goals and the policies designed by states to achieve them"
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Ignacio Galán interviewed on Bloomberg during the Davos Forum 2022
Ignacio Galán interviewed on CNBC during the Davos Forum 2022
Ignacio Galán interviewed on CNBC during the Davos Forum 2022 (without audio content)
Ignacio Galán, Chairman of Iberdrola, took part in an interview organised by the American financial media Bloomberg within the framework of the Davos Forum 2022, where the CEO attended as a representative of the electricity company. During the conversation, in which the importance of providing coherence between energy objectives and policies was highlighted, Galán highlighted the following ideas:
We have been investing in the energy transition for more than 20 years, electrifying the economy, and the situation is not new for Iberdrola.
Europe is doing a commendable job in regulatory matters, providing countries with the right tools, including: speeding up permitting processes; stable regulation and industrial incentives, as there are many sectors that want to decarbonise their activities. They have improved their Fit for 55 plan, which Ignacio Galán calls "Fit for Self-Sufficiency".
The current context has not changed our strategy. We plan to invest more than €60 billion in more renewables and in strengthening the grid.
Countries have realised that the solution to the current crisis is to become less dependent on fossil fuels. We are going to secure our investments in the UK and for that we need stable regulatory frameworks. Predictability is essential.
On windfall profits, the UK has not yet taken a decision, but if the rules change we need to know why. Iberdrola is going ahead with its investment plan.
To overcome the current situation, a huge amount of investment in grids and renewables is needed in an environment where coherence between energy objectives and policies is maintained to advance the energy transition.
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Iberdrola SA published this content on 26 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 May 2022 17:59:55 UTC.
Iberdrola, S.A. is one of the leading Spanish electricity producers and distributors. The group is also the world's No. 1 producer of wind energy. Net sales break down by activity as follows:
- production and sale of electricity, and renewable energy (51%): 163,032 GWh produced in 2022 and broken down by country between Spain (56,698 GWh), Mexico (55,938 GWh), the United States (22,711 GWh), Brazil (14,751 GWh), the United Kingdom (7,823 GWh), and others (5,111 GWh);
- transmission and distribution of electricity (49%).
Net sales are distributed geographically as follows: Spain (42.4%), United Kingdom (18.1%), Brazil (15.9%), United States (14.6%), Mexico (7.5%) and others (1.5%) .
IBERDROLA, S.A. 
