Galan puffs out his chest and emphasizes Iberdrola’s “vision” that has brought her value to 80 billion.

President of Iberdrola, Ignacio Sanchez Galanpuffed out his chest and praised the strategic “success” and “vision” of the energy company in recent decades, thanks to which the group is “worth 80 billion euros, more than all Spanish energy companies”, and He assured that “the wind is blowing” in his favor further break records.

In his speech to the company’s general meeting of shareholders held in Bilbao, Galan, who joined Iberdrola in 2001 as CEO and executive vice president and was appointed president in 2006, emphasized: “vision”, “success” of strategy and “excellent” execution over the past decades. company. “Today the wind is blowing in our direction”said.

Thus, the general meeting of shareholders, with a quorum of more than 75% and an average positive vote of 98.2%, approved all agenda items.

“I think that we should be proudI am sure that this company exists in our country. If someone had told me 24 years ago that this company would be worth 80 billion euros… I think many or none of us here would have believed it. We are worth 80 billion, we are worth more than all the Spanish energy companies. We are the largest European energy company, we are worth three times more than the next Spanish energy company, or four times more. We are worth more than the banks,” he said.

Commit to the Energy Transition

In addition, he warned that electrification as “the preferred way to provide more and more energy use to millions of consumers around the world” is “unstoppable process” and assured that the group is “in the best position to continue to drive the virtuous circle of growth, financial strength and value creation.”

Galan believed that 2023 represents the world’s real turning point towards an energy matrix less dependent on fossil fuels”, as was also signed in the past Dubai Climate Summit (COP)and confirmed the “success of the strategy” that Iberdrola launched more than two decades ago.

Thus, the manager indicated that the energy transition process will be signed in the coming years with an increase in electricity consumption in the industry close to 60% by 2040or in sustainable mobility, where demand will quadruple by 2030 and almost 20-fold by 2050.

In addition, he noted that electricity will “gradually” replace oil, coal and gas in air conditioning buildings until in just 15 years more than 60% of this energy consumption in both Europe and the USA.

Loss of workers’ purchasing power

During a question-and-answer session with the board, Galan was asked by the company’s union representative about the “loss of purchasing power” of employees, with “wage increases below the CPI” and he was asked, “Can these group growth projections be justified?” is supported by a dissatisfied workforce, but this fact does not jeopardize the restoration of these goals?

In this regard, the company’s president assured that Iberdrola is “one of the favorite companies to work for” with an “excellent” level of employee satisfaction, although he invited social agents to “have an objective dialogue.”