Ignacio Galán: “We will speed up investments as soon as possible to contribute to economic activity and promote employment”

The chairman of Iberdrola, Ignacio Galán, has addressed the more than 600,000 shareholders of the company in what was the first 100% remote AGM in its history. During his address from the Iberdrola Tower in Bilbao, he appealed for responsibility and collaboration in mitigating the effects of the crisis brought about by the coronavirus (COVID-19) pandemic.

During his address, Ignacio Galán announced that, in view of the current situation, “as soon as possible we will speed up our investments in order to contribute to economic activity and prevent people's jobs from being lost. Of course, the most appropriate health and safety measures will be applied for all those who deliver these projects.”

He went on to say: “We share with you the certainty that speeding up investments, once these exceptional circumstances come to an end, is the best - I would venture to say the only - way to get through this situation of crisis and uncertainty. Therefore, in 2020, it is our intention to surpass last year's investment record and reach €10billion.”

As a result of this effort, at least half of the 9,000 megawatts (MW) of new capacity currently under construction will be commissioned this year. Specifically, across the world Iberdrola is advancing on 30 photovoltaic solar plants, 50 onshore windfarms, new offshore wind farms such as Saint Brieuc in France, Baltic Eagle in Germany and Vineyard in the U.S.; the Tâmega pumped storage hydroelectric giga battery in Portugal, more than 5,000 kilometres of high voltage transmission lines in Brazil and new distribution networks in the states of New York, Maine and Connecticut.

Together with the new investments, Ignacio Galán announced an ambitious procurement plan which will give visibility to the entire supply chain while promoting economic activity and jobs: “In the last few days we've brought forward over €3.8 billion in orders to thousands of suppliers, with purchases in progress for delivery by 2023 standing at more than €20 billion.

“We will move forward with the total conviction that we will come through this situation and that this new infrastructure will be absolutely necessary,” he explained. “To this end, having taken on 3,500 new employees in 2019, we expect to reach the record figure of 5,000 new recruits in 2020. This will bring our global workforce to more than 40,000,” he added. At the same time, the company will uphold its full commitment to gender equality. Iberdrola is a leader in Ibex 35 companies based on the percentage of women on the Board, in the group as a whole there is equal pay for genders, and there is a growing number of women in all positions in the company.

Galán also highlighted the company's firm commitment to caring for the environment and fighting climate change: “Our CO₂ emissions are now 110 grams per kWh, two-thirds lower than our competitors, and already below the objective that some of them are setting for 2030.” 

Galán went on to reiterate “Iberdrola's complete readiness to perform its role of locomotive as soon as we come through the current situation, at which time turbo-charging economic activity and jobs is going to be more necessary than ever. This activity will also have a very notable effect on public finances, benefiting all the citizens of the countries where we are present.” In 2019 alone, Iberdrola's tax contribution amounted to €14 billion, of which €8 billion corresponded to direct taxes in the income statement or collected from customers and employees.

To read the full announcement, please visit the Iberdrola homepage.