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Friday, September 30, 2022

Iberdrola accelerates in the US and will invest 15,000 million euros by 2025

Iberdola is strongly committed to the United States and will invest 15,000 million euros over the next three years, according to its 2022-2025 strategic plan, its subsidiary in that country, Avangrid, as part of its capital markets day in New York yesterday. presented as.

The bulk of this investment, some 13,000 million euros, will be allocated to the network business, with which it expects to end the period, with a total of 22,000 million euros in regulated assets, representing an increase of 70% with respect to the defined Is. Challenge in your previous strategic plan.

In line with the company’s general strategy, renewable energy will also be a key to its US growth. Specifically, AvantGrid will invest 1,800 million euros in renewable energy projects by 2025, which is 12% of the total investment. A set of investments that would allow the creation of 1,100 renewable megawatts (MW) between 2022-2025, 13% more than the current generation.

In less than two decades, Iberdrola has managed to be present in 24 of the 50 states in the country.

With this commitment, Iberdrola shows that it has overcome the setback that its project in the US suffered nearly a year ago, when the New Mexico state regulator blocked a merger with local services company PNM Resources. He did so, alleging that suspicions arose that various Iberdrola directors, including its chairman, Ignacio Galán, were charged with their alleged involvement in illegal wiretapping that Commissioner Villarejo may have done on behalf of the company. An investigation that was archived by the National High Court last June and, therefore, puts a complete hold on the PNM takeover operation. As the directors of Avangrid confirmed yesterday, they are still interested in the operation, and believe it could be a reality in the coming year.

Overall, through its subsidiary Avandgrid, Iberdrola has managed to be present in 24 of the country’s 50 states in less than two decades, with over 8,500 MW of renewable energy installed spanning 170,000 km, the main mainly wind and photovoltaic. Lines through eight distributors in New York, Connecticut, Maine and Massachusetts.

Galan spoke during a round table organized by a group of climate leaders and chaired by Frans Timmermann, Executive Vice President of the European Commission for Renewable Energy, within the framework of Climate Week in New York City. Highlight a commitment. In it, the president of Iberdrola recalled that the company has already invested 140,000 million euros in renewable energy and called for a stable legal framework from the rulers. “This is the only way to attract investments fueling an energy transition that in the current world scenario rising fossil fuel prices has shown it cannot wait,” he assured.

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