Iberdrola announces investment speedup as soon as possible for boosting economy and employment


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Iberdrola's CEO, Ignacio Galán, announced this Wednesday (2) that, in view of the present circumstances, “we will speed-up investments as soon as possible, to contribute to economic activity and promote the employment". The executive also highlighted the immediate put in place of 107 actions to combat Covid-19 e to ensure the energy supply in the countries where the company operates, including Brazil - where its operation is run through its subsidiary Neoenergia. 

According to Galán, in spite of the sanitary crisis, investments forecast for this year are expected to exceed those made in 2019. “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 10 billion euros". 

As a result of this effort, he says, at least half of the 9,000 megawatts (MW) of new capacity currently under construction will be commissioned in 2020. Across the world, Iberdrola is advancing on 30 photovoltaic solar plants, 50 wind and marine farms, more than 5,000 kilometers of high voltage transmission lines in Brazil and new distribution networks at the USA.​


In parallel, Ignacio Galán announced an ambitious procurement plan aimeed at maintaining the feasibility of the supply chain. “We've brought forward over 3.8 billion euros in orders to thousands of suppliers, with purchases in progress for delivery by 2023 standing at more than 20 billion euros". 

Iberdrola's CEO also highlighted the estimate to hire the record number of 5,000 new professionals in 2020, exceeding the mark of 40,000 employees around the world. 

Iberdrola's leader also emphasized the commitment with the energy transition and the environment, in line with the process of the ongoing economy decarburization, the stimulus to the increased participation and leadership of women within the group and the support of the more than 600 thousand shareholders to the current Iberdrola's management - with approval always over 95% to all actions proposed, including as to the remuneration of 0.40 cents of euro per share.​


Galán informed that Iberdrola is putting its logistical and financial capabilities to good use by acquiring medical and protective supplies to combat Covid-19​ for an amount of at least 25 million euros (masks, ventilators and individual safety kits) in the amount of, at least, 25 million euros. Further measures include the allocation of more than 90% of the office staff working from home, reinforcement of protection and, additionally, the work of outside personnel of the power stations and transmission and distribution networks has been reorganized. “This integrated plan is allowing us to secure the continuity of electricity supply to the whole population while bolstering particularly sensitive infrastructure such as hospitals and healthcare centers with human and technical resources," said Galán. ​

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