Iberdrola wants more renewable energy to gain energy dominance and promises more profits and more dividends for years to come

Despite uncertainty over the evolution of the war in Ukraine and fears of the global impact in the form of a slowdown in inflation and economic growth, Iberdrola confirmed its targets for net profits of between 4,000 and 4,200 million euros this year. (compared to a record 3,885 million last year) and has committed a similar increase in dividends.

The positive evolution the company envisions will continue in the years to come. “Great investments will continue to grow in the coming years, both in terms of results and dividends.”, Sánchez Galán declared that he defended his administration based on the results and the size the electric company had gained. “Today the company is one of the two largest companies on the Spanish stock exchange, the largest electricity company in Europe and one of the largest in the world (…) value for all”.

At the meeting, the shareholders approved an extraordinary dividend distribution proposed by the group management to keep the results going well. 0.44 euro per share, 5% more than the previous year and the highest in the history of the group; and also a distribution An extra dividend of one euro for every 200 shares (0.005 euros per share) as they hold a quorum of more than 70% of the shareholders At this Friday’s meeting, it’s a measure the company seeks to encourage partner participation at this year’s meeting. The company underlined the great support of the shareholders to the group management after the 20 proposals on the agenda received an average of 98% positive votes.

Renewable for self-sufficiency

Galán highlighted the “minimal impact” of Russia’s military invasion of Ukraine for the company because it is not present in either country and has no commercial relations for the purchase of Russian gas, but underlined its importance for Europe. Promote energy independence by protecting the Union and its member states through the resolute promotion of renewable energies.

“We have to be more self-sufficient and for that More investment will be required in renewables, new electricity grids and storage.”, explained Galán, has advocated promoting electrification of the economy in order to gain energy dominance and move towards decarbonization. “If we want to decarbonize, we need more electrification and a higher percentage of renewable energy. There is great opportunity to develop more renewable energy, more grids and storage, and other carriers like green hydrogen.”

Amid the energy price crisis and regulatory changes to deal with price increases in Spain, Galán stressed that Iberdrola Spain this year sold 80% of all electricity production by 2023, and a “very significant percentage” in the following years. to “fixed and lower-than-current” prices that mark the electricity market.

Fusion in the USA

The Iberdrola president was confident he could reinvigorate one of his major corporate operations abroad after he challenged the New Mexico regulator’s (US) veto for the purchase of power company PNM, which refused to buy. It is operated by Avangrid – Iberdrola’s subsidiary in the US – worth approximately $8,300 million (about €7,000 million).

Galán said he was convinced that an appeal to the regulator’s decision would “be positive”. “We will have completed the operation in the coming months, as it is very beneficial for the shareholders of the companies and for the citizens,” he said.