Galan: "Iberdrola can become the largest electricity company in the world" |Energia

For Ignacio Galán, president of Iberdrola, the fact that the company is celebrating its 125th anniversary this year is not the culmination of a success story.It's just a goal...

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The president of the largest Spanish energy giant explains exclusively to EXPANSIÓN the plans for the group's further growth.This year marks its 125th anniversary.

For Ignacio Galán, president of Iberdrola, the fact that the company is celebrating its 125th anniversary this year is not a result.It's just a flying target along the way.The leader, who has an indomitable desire in the company to grow and continue to create added value, declares that these 125 years give "credibility".But "the future requires us to be ambitious."

This is why "we are talking about light years".The theme is the 125th anniversary, which the largest Spanish energy group will celebrate in 2026 with a series of events for shareholders, suppliers, employees and customers.All stakeholders.

This is how Galan explains it in an interview with EXPANSIÓN - the only Spanish publication - in the Swiss city of Davos, where the World Economic Forum (WEF), the largest political, financial and business meeting in the world, is taking place these days.

- The theme of WEF this year is "The Spirit of Dialogue".Do you think this is correct?

- Such a constantly changing world needs dialogue more than ever.And, in my experience, you can always find rallying points.

- You are a regular visitor to Davos.What are the most worrying issues this year?Trump?Rates?AI?Energy security?

- All these topics are important, but what is important is that they tell us that we are entering a new era.That is why the discussion is so relevant.Issues such as electronic security or artificial intelligence are global, and such meetings should create a basis for policies.

- What role do companies play in today's political and economic environment?Especially energy companies like Iberdrola.

In the electrical industry, we have a unique opportunity: activities that have always been protected have become the engine of economic growth. Electric lines are the best example.The International Energy Agency has talked about the "age of electricity," and many countries have doubled their investment plans in the grid. In the United Kingdom, for example, we will double our investment in electricity connections by four, and states such as New York in the United States are talking about doubling the investment in transmission and distribution by us. At Iberdrola, we hope to have this opportunity with the plansinvestment of €58 billion until 2028, two thirds of which will go to electricity networks and about 70% to the UK and the US.

- As president of Iberdrola, how do you combine 125 years of tradition with new strategic challenges?

- It is a matter of pride and responsibility.First of all, to those who preceded us in this 125 year journey.Also to more than 46,000 people who work at Iberdrola today. And, of course, to the society that we have served for more than a century.We serve 100 million people who, now more than ever, need electrical solutions to grow and develop.

- And the financial challenges?

- We increased the capital based on our reality and opinions, but also because of the credibility of the market of our project. A year ago, we knew that we could exceed the capitalization of 100,000 million euros, and today we are convinced that we can become the largest electricity company in the world. If we are worth 125,000 million today when only 20% of energy consumption is electrified, how much can we be worthwhether to electrify 40% or 50% as the most conservative estimates indicate?

There is also a lot of talk about responsible leadership in Davos.What does it mean in Iberdrola?

- Liderazgo responsable es el que fija objetivos en función de tus propias prioridades, pero también de las implicaciones para la sociedad. Porque no se puede crear valor a largo plazo si se generan desequilibrios.Cada vez que hacemos un plan, en Iberdrola dedicamos mucho esfuerzo a analizar también el impacto de cada inversión para nuestros empleados, nuestros clientes, nuestros proveedores y la sociedad en general.Con nuestras inversiones, hasta 2028 vamos a incorporar a 15.000 nuevos empleados en todo el mundo, realizar compras por valor de 65.000 millones a miles de proveedores que sostienen 500.000 puestos de trabajo y aportar más de 40.000 millones de euros a las arcas públicas.

"Electrical grids will allow us to create a real European Energy Union"

Ignacio Galán, president of Iberdrola, is convinced that "companies are the best engines of investment and economic activity".But if they have "legal certainty and clear rules of the game, they can provide concrete solutions to major global issues.""In Davos, they talk about growth and security in all its aspects, including energy security."More electrical infrastructure means "less reliance on energy imports."Therefore, "electrification brings efficiency, lower costs and greater safety for citizens."Yes.” Networking is “a fundamental factor in that security.”

Iberdrola has been "investing for decades in the infrastructure needed to electrify the economy."The challenge is "to create a framework that encourages investment in electricity networks so that they can move from the status of a vegetable garden to the status of great accelerators of electrification".

In Spain, this includes "the complete elimination of investment restrictions that are unique in the world, the continuation of the simplification of permits and the creation of incentive regulations at least equivalent to comparable countries in Europe, with taxation that promotes competitiveness".For Galan, electricity networks are so important that they decide the European Union's energy future.

"The European Commission announced an important network package," he noted.