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Iberdrola re-elects Ignacio Galan as chairman

Ignacio Galan. Source: Iberdrola SA (www.iberdrola.com)

April 1 (Renewables Now) - Ignacio Galan was re-elected chairman of Spanish utility Iberdrola SA (BME:IBE) for a four-year term at the annual shareholders’ meeting on Friday.

Speaking at the meeting, Galan highlighted the company’s achievements last year which included surpassing the EUR-3-billion (USD 3.4bn) mark in net profits for the first time. Iberdrola posted a net profit of EUR 3.01 billion in 2018, up by 7.5%, while earnings before interest, taxes, depreciation, and amortisation (EBITDA) grew by 28% year-on-year to EUR 9.35 billion.

The company will pay a dividend 2018 of EUR 0.351 gross per share for 2018, the highest in its history and a year-on-year increase of 7.7%.

By 2022, Iberdrola is targeting an EBITDA of EUR 12 billion and a net profit in the EUR 3.7 billion-EUR 3.9 billion range, up by 30% compared to the 2018 results. For the 2018-2022 period, the planned investment volume amounts to EUR 34 billion.

The company said its installed renewables capacity is nearing 30 GW. Galan spoke favourably about Spain’s integrated national energy and climate plan (NECP 2021-2030), recently put forward by the government, calling it ambitious and tough, but achievable.

(EUR 1.0 = USD 1.12)

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Sladjana is the newest addition to the Renewables Now team. She has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry.

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