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Iberdrola to speed up investments and projects

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Iberdrola’s chairman, Ignacio Galán, has addressed more than 600.000 shareholders of the company in the first ever 100 percent remote annual general meeting in its history.

During the address, Ignacio Galán said that, because of the current situation with the COVID-19 pandemic, investments will be accelerated to aid economic activity and to prevent people loosing their jobs.

Galán went on to say:

“We share with you the certainty that 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.”

As a result of this effort, at least half of the 9.000 megawatts (MW) of new capacity currently under construction will be commissioned this year.

Regarding the response to COVID-19, a total of 107 measures have been implemented by the group worldwide during this crisis, in which more than 90% of the office staff are working from home and in which 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,” Galán added.

An ambitious procurement plan which will give visibility to the entire supply chain while promoting economic activity and jobs was also announced by Galán:

“In the last few days we’ve brought forward over €3.8 billion in orders to thousands of suppliers, with purchases in progress for delivery by 2023 standing at more than €20 billion. We will move forward with the total conviction that we will come through this situation and that this new infrastructure will be absolutely necessary.”

Having employed 3.500 new employees in 2019, Iberdrola is expecting to hire a record 5.000 new recruits in 2020. That would bring the global workforce to more than 40.000.

The company’s firm commitment to caring for the environment and fighting climate change was also highlighted by Galán:

“Our CO2emissions are now 110 grams per kWh, two-thirds lower than our competitors, and already below the objective that some of them are setting for 2030.” 

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