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05/11/2018

“We are ready to invest 500 million in Italy, but for that we need a stable and predictable regulatory framework”

Ignacio Galán has granted an interview to the Italian newspaper Corriere della Sera in which he highlighted the Iberdrola group's strong commitment to Italy. This commitment is fundamentally based on three main goals: one million customers in three years, an investment of 500 million euros, and a market share of 4-5%.

The interview focused on the company's firm commitment to renewable energy and, in particular, to wind power. "Since 2001 we have invested more than 1 billion euros in renewable energy, smart grids and efficient storage", explains Galán on the occasion of the inauguration of Wikinger, the largest offshore wind farm in the Baltic and Iberdrola's first in Germany.

Since 2001 we have invested more than 1 billion euros in renewable energy, smart grids and efficient storage

In his 17 years as Chairman and CEO of Iberdrola, Ignacio Galán has led a profound transformation in the company, making it one of the five most important energy companies in the world and the third biggest Spanish company by capitalisation.

For the Iberdrola chairman it is undeniable that "the world has consistently underestimated the potential of renewable energy. The costs of the various technologies have fallen far beyond expectations in the last five years alone: by more than 80% for photovoltaic power, almost 60% for onshore wind power, and 40% for offshore wind energy".

Lastly, Galán contends that "the energy transition is an excellent opportunity for Europe to re-industrialise on a level playing field. European industry must take a proactive role to capitalise on these opportunities. If we do not do it, others will, and this is why it is important to remain united”. The key is "more Europe", closer integration so that all the EU countries move in the same direction and commit themselves to implementing the Clean Energy Package.