Galán: “We need to increase investments in networks to make the energy transition possible”

2023-10-11 17:51:08

Ignacio Galán, president of Iberdrola, called this morning to accelerate investments in networks. “We need to increase investments in electrical networks to make the energy transition possible,” he said at the summit. Bloomberg New Energy Finance (BNEF), which has brought together the main leaders of the sector in London.

The president has assured that in order to carry out the decarbonization of the economy, there must be a greater commitment to the networks. “For every euro invested in renewables, one euro must be invested in electrical networks,” has asserted. In fact, Galán estimates that investments in networks will be multiplied by three or four to be able to integrate the new renewable power, offer security of supply and resilience in the face of extreme climate phenomena and be able to develop the digitalization of the system, so necessary for the expansion of electric mobility, self-consumption and heat pumps.

“Energy companies are prepared to invest, since we have the technology, people, talent and capacity to carry it out. It is vital that regulators recognize this need and create the conditions for this to happen. To be able to invest in networks we need predictability, stability and attractive profitability,” said the president.

Aware of the potential of electricity networks in the transition, two thirds of the company’s investment plan for 2023 and 2025 – the company plans invest 47,000 million euros in its plan – will be allocated to the activity of electrical networks, with the aim of giving continuity to its deployment, consolidating a solid distribution network and providing it with flexibility, based on an ambitious digitalization process as a key element to respond to the future needs of the electrical system.

Iberdrola already operates one of the most important electricity distribution systems in the world; more than 1.3 million kilometers of power lines and more than 4,500 substations, which distribute electricity to more than 35 million people in the world.