– Iberdrola plans to invest €41 billion in grid upgrades and renewables
– The company aims to employ 10,000 people by 2026 to accelerate electrification
– Electrification is seen as unstoppable, with a focus on expanding and strengthening networks in key markets.
At its recent Capital Markets Day, Spanish energy company Iberdrola unveiled its updated strategy, including plans to invest €41 billion in grid upgrades and renewables globally. The company aims to employ 10,000 people by 2026 to accelerate electrification, which it believes is unstoppable due to rapid decarbonization. The focus will be on strengthening networks, with 60% of the investment going towards this in countries like the US, UK, Brazil, and Spain.
Ignacio Galán, Iberdrola’s executive chairman, emphasized the importance of electrification in driving decarbonization, boosting energy security, and reducing fossil fuel volatility. The company’s strategy centers on enhancing grids to support supply security and expanding renewable capacity to meet growing demand. Galán highlighted the role of storage technologies in maintaining supply-demand balance 24/7.
Iberdrola’s strategic pillars include networks, geographical diversification, and a balanced energy and customer mix. The company’s plan is designed to grow its asset base, profitability, and financial strength, while also increasing dividends, creating jobs, and driving economic growth. The electricity sector is seen as the engine of the energy transition, with Iberdrola aiming to play a key role in shaping a sustainable and electrified future.