Galán reminds that the commitment to renewables is a European requirement even if the Government changes

The president of Iberdrola, Ignacio Galán, wants to take the wind out of the sails of a possible change of government after the general elections on July 23 with regard to the policies that the Executive that emerges from the ballot box in the field of energy. In his opinion, no major structural changes will take place, nor will any formation question the guidelines that come from the European Union on such sensitive issues for the economy as the implementation of renewable energies throughout Spain.

In an informal meeting with the media in Mérida, where Iberdrola presents the Convive Awards today, Ignacio Galán considers that the energy policies developed by the EU member states will not be very different depending on the political color of the future president who will live in the Moncloa Palace. He considers that, after several governmental changes, not only in Spain but also in other economies where the electricity company operates, these electoral processes are carried out normally and are part of the democratic culture of any country.

What Galán does insist on is the need to continue expanding Spain's renewable energy fleet and the electrification of the economy for activities such as, for example, recharging points for electric cars. And he warns that the EU directives are very clear in this sense, and of obligatory compliance for this or the future Executive resulting from the general elections.

In fact, in his opinion, there is no political party in Spain that is currently questioning these energy commitments. A different matter, according to Iberdrola's chairman, is how to develop these renewable energy plans or what measures the future government will take.

With regard to the extraordinary tax on energy sales, Galán considers that when the time comes, they will discuss with the corresponding minister what the future holds for this tax that the Executive of Pedro Sánchez has implemented for both energy companies and banks.

One of the first questions that the new government will have to address will be whether it will keep the timetable for the closure of nuclear power plants as agreed. This pact takes to 2027 the decommissioning of the first of the seven active reactors, and culminates in 2035 the whole process. Given the doubts about the possible problems of lack of supply, the president of Iberdrola indicates that if the Executive asks for an extension of the calendar and the useful life of the nuclear plants, they will study it. Technically it is possible, he says. Although everything will depend on how much it will cost to implement this energy decision and how it will be paid for.

On the other hand, Iberdrola and Norges Bank Investment Management have closed this Wednesday their alliance of 1,265 Megawatts (Mw) renewables in Spain and are negotiating more than 500 additional Mw. The companies comply with all legal requirements to carry out the alliance, as reported to the CNMV. Both companies are joining forces to accelerate decarbonization in Spain - where Iberdrola already has almost 19,500 MW of renewable energy installed and will build 4,100 MW more before 2025 - with the possibility of extending it to other countries in the future.