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Wednesday, December 07, 2022

Iberdrola will invest more in the US and UK than in Spain for its “greater regulatory protections”

Iberdrola will invest more in the US and UK than in Spain for its "greater regulatory protections"

iberdrola has decided to direct its investments to the United States and the United Kingdom for the period 2023–2025, as they are currently “more regulatory protection And creating more value than Spain,” according to its directors at the presentation of its new Strategic Plan 2023-2025 in London this Wednesday.

The energy company on Wednesday announced a record investment plan of 47,000 million euros over the next three years, with the United States being the main investment destination—with 47% of which includes organic investments and the integration of PNM resources—after UK (16%). Meanwhile, Spain will take 13% of its investment in this period, some 6,000 million euros, the same as in previous years.

President of Iberdrola, Ignacio Sanchez Galanhas indicated that the group analyzes its investments “in countries where they offer greater stability, predictability, a rule of law and better returns.” Galan has stressed that the group’s board manages the money that belongs to the shareholders, so it has an obligation to see “what are the best places we can take that money.”

Financial Director of Energy Company, Jose Sainz Armada He said that “unfortunately” In Spain we are facing judgment With whom we do not agree and with whom we will face». In addition, he believes regulatory protections are “better” in countries such as the United States or the United Kingdom, where there are growth opportunities and where value creation is “higher in the long term than in Spain.”

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In this sense, Galen explained that the government’s plan on energy companies based on income and not extraordinary profits, as proposed by the EU, is “absolutely unreasonable” and stressed that the company, among other measures, has taken it to court. Will fight

Galen highlights that in this crisis “there are people who are reaping many added benefits”, although he pointed out that this is not the case with Iberdrola. “As long as this situation can be corrected, we are open to help in this crisis situation.”

For his part, Sainz Armada indicated that the company has already included in its forecasts for this year’s accounts and the potential impact of this tax for 2023, “Probably in a lesser amount” than Andesa -which yesterday estimated an impact of 400 million euros- “but in the same parameters.”

CEO of Iberdrola, Armando Martinez, He called for “adequate regulation” in Spain to be able to promote investment in pumping projects, as it is “the best answer for storage.”

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