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4-Traders Homepage  >  Equities  >  Bolsa de Madrid  >  Iberdrola    IBE   ES0144580Y14

IBERDROLA (IBE)
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Iberdrola : announces the complete closure of its coal-fired power capacity

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11/10/2017 | 03:59pm CET

After reaffirming its solid commitment to fighting Climate Change at COP23 in Bonn

In line with its strong commitment to tackling the effects of climate change, Iberdrola has decided to complete the process of phasing out all its coal-fired power generation capacity worldwide. The technology represents 1.8% of the group's total installed capacity of 48,062 megawatts (MW) and 1.5% of its electricity production for the first nine months of the year (1,596 GWh out of 102,494 GWh).

To this end, the company has filed a permit application with the Ministry of Energy, Tourism and Digital Strategy to close the coal-fired power plants in Lada (Asturias) and Velilla (Palencia). Both of the assets are situated in Spain and represent a combined capacity 874 MW. With this decision the company ratifies its commitment to reduce its CO emissions intensity by 50% in 2030 and become carbon neutral in 2050.

Iberdrola group operates 28,778 MW clean capacity through renewable energy generation sources, mainly onshore and offshore wind (15,902 MW) and hydroelectric power (12,756 MW).

Last week, Iberdrola, together with other leading Energy companies, called upon European policy makers to embrace higher and more ambitious binding renewable energy targets for 2030 by raising the share of renewables in the final energy demand on the continent from the current target of 27% to 35%.

Once the remaining coal-fired plants are closed the company's emissions-free capacity will stand at 68%. This figure rises to 76% in Spain, where the security of supply will not be impacted by this initiative thanks to the 5,695 MW back-up capacity in combined gas cycles the company operates.

Closure of the plants will not impact the company's strong commitment to job stability since all the affected employees (90 at Lada and 80 at Velilla) will either be relocated to other facilities or will be engaged in their respective decommissioning process which will last for four years after approval of the closure by the Ministry of Energy, with an investment of €35 million.

Since 2001, the company has phased out 7,500 MW of thermal power capacity (see chart below) worldwide. In 2013 and 2016, Cockenzie and Longannet, two large power plants in the United Kingdom with a combined capacity of 3,600 MW, were closed. Also, between 2001 and 2012 over 3,200 MW of fuel-oil-fired plants were decommissioned in Spain.

Thanks to the progressive decarbonisation of its electricity generation mix, over the past 15 years Iberdrola has become a reference point in the global fight against climate change, having invested €90 billion in the process.

Today, it has become a global leader in onshore wind while bringing down emissions to 70% below its European peers, representing an improvement of 75% since the year 2000.

Commitment to fighting climate change

In 2009, Iberdrola approved its Policy to Fight Climate Change undertaking, among other measures, to support an ambitious global emissions reduction target; to promote the development of efficient technologies to bring down greenhouse-gas emissions; to advocate for an integrated and fair global emissions market while fostering the efficient and responsible use of energy involving all company stakeholders.

Also, and in order to reduce emissions, it is essential for Iberdrola that a strong signal on CO prices is given to markets, affecting all sectors of the economy. In addition, the company understands that with the right climate policies the fight to mitigate emissions and adapt to global warming are opportunities for economic growth.

Lastly, the company has been working as a key partner with the United Nations Framework Convention on Climate Change and has an active presence at COP23 which takes place in Bonn until 17 November.

THERMAL POWER PLANTS CLOSED BY IBERDROLA SINCE 2001

PLANT

TECHNOLOGY

Capacity

(MW)

Closed in

Escombreras 1, 2 y 3

Fuel oil

300

2001

Castellón 1 y 2

Fuel oil

1.000

2008

Aceca 2

Fuel oil

314

2009

Santurce 1 y 2

Fuel oil

1.000

2009

Escombreras 4 y 5

Fuel oil

574

2010

Cockenzie

Coal

1.200

2012

Pasajes

Coal

217

2012

Lada 3

Coal

150

2012

Aceca 1

Fuel oil

314

2012

Longannet

Coal

2.400

2016

Iberdrola SA published this content on 10 November 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 10 November 2017 14:58:02 UTC.

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Financials (€)
Sales 2017 31 271 M
EBIT 2017 4 545 M
Net income 2017 2 882 M
Debt 2017 33 007 M
Yield 2017 4,98%
P/E ratio 2017 14,15
P/E ratio 2018 13,94
EV / Sales 2017 2,36x
EV / Sales 2018 2,16x
Capitalization 40 874 M
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José Ignacio Sánchez Galán Chairman & Chief Executive Officer
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Samantha Barber Independent Director
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