“We are open and we will help when needed as long as this windfall benefit issue is removed.” This was the challenge launched yesterday by the chairman of Iberdrola, Ignacio Sánchez Galán, in response to questions from analysts during the Capital Markets Day that the company held in London.
Asked about the impact of the measure on Iberdrola's accounts, Galán avoided specifying but said that it would be "somewhat below" the 400 million euros that Endesa has recognized. Although he reiterated his opposition to the measure: “We do not have extraordinary benefits in Spain due to the rise in gas prices. On the contrary, the market situation this year has caused us to have to buy energy at market prices to meet the demand of customers with whom we have signed contracts at fixed prices between 65 and 70 euros. That has meant that we have 40% less profits”, explained Sánchez Galán. "It is not fair and we will resort to the courts," he warned once again before launching the order so that it is the Government that makes the move regarding the tax. In exchange, Iberdrola "will help", although Galán left open the "how" beyond the commitment to maintain the prices of its long-term contracts.
It was not the only message that he sent to the Executive. The big headline with which Iberdrola presented itself to analysts was a powerful investment of 47,000 million euros, of which 47% will go to projects in the US and 15% to the United Kingdom. Investment in Spain will remain at 13%, in line with previous years, around 6,000 million. No more bet. The reason? “We are suffering decisions with which we do not agree. We look for the countries that give us the best return, stability and where the rule of law works. We find that in the US and the UK. Spain does not offer that security”, he launched openly before the entire court of world investors gathered at the event.
A security that also seeks the 2023-2025 strategic plan that the company outlined yesterday. The main bet is investment in networks, which offer guaranteed returns, and in renewable energies as a bet for the future. "We are facing a situation in which if we do not get it right, it will be the seed of future crises," Galán warned the EU authorities. "This crisis should allow us to be more self-sufficient not only in energy, but also industrially in the entire renewable value chain, and build here as many semiconductors as possible, solar panels...", he added.
