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Iberdrola : Ignacio Galan urges world leaders in Davos to speed up decarbonisation of the global economy

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01/23/2018 | 02:54pm CET

During his participation at the World Economic Forum's panel debate on 'Strategic Outlook: Energy Systems'

The Chairman of Iberdrola participated today in the Strategic Outlook: Energy Systems panel debate at the World Economic Forum in Davos.

Galán defended the need to decarbonise the economy in order to fulfill all pledges made by the Paris Agreement which he defined as 'a historic milestone requiring changes in production and consumption patterns in all sectors of the economy.'

Ignacio Galán explained that so as to meet the rising demand for electricity in a decarbonised energy model, massive electrification of the economy is essential, through more renewables, more storage capacity, more and smarter networks and more electric vehicles. He reminded attendants that the technology is readily available with rapidly declining costs, stating that the electricity industry will have to invest $19 trillion over the next 25 years.

Galán indicated that climate change should be seen as an opportunity since decarbonisation and profitability are perfectly compatible. Proof of this is the example of Iberdrola which, having invested $100 billion in renewables, networks and hydro pumped storage technology, has seen its asset base grow five-fold and its earnings and dividends by three times. 'We have moved from being the 20th utility by market capitalization to become one of the world's four largest utilities', he added.

The Chairman of Iberdrola also highlighted the need for action from all parties involved in the fight against climate change. In addition to governments and the private sector, NGOs, cities and consumers are jumping in to create global partnership for sustainable development as established by the UN Sustainable Development Goal 17 for 2030. 'Industry and civil society are always ahead of governments', he explained.

To appropriately implement this energy transformation across the economy, however, stable and predictable regulatory frameworks must be defined by public authorities together with a reform of environmental taxation based on the 'polluter pays' principle and the removal of non-energy costs from electricity tariffs.

In this context, Ignacio Galán revealed that not all countries signatory to the Paris Agreement are implementing policies destined to fulfill their commitments. Despite this situation, very positive steps are being taken by the European Union with the processing of the Clean Energy for All Europeans package.

Iberdrola SA published this content on 23 January 2018 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 23 January 2018 13:54:03 UTC.

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Financials (€)
Sales 2017 30 713 M
EBIT 2017 4 409 M
Net income 2017 2 923 M
Debt 2017 33 368 M
Yield 2017 4,66%
P/E ratio 2017 14,63
P/E ratio 2018 14,64
EV / Sales 2017 2,49x
EV / Sales 2018 2,22x
Capitalization 43 144 M
Duration : Period :
Iberdrola Technical Analysis Chart | IBE | ES0144580Y14 | 4-Traders
Technical analysis trends IBERDROLA
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 31
Average target price 7,07 €
Spread / Average Target 5,8%
EPS Revisions
José Ignacio Sánchez Galán Chairman & Chief Executive Officer
José Sáinz Armada Chief Financial & Resources Officer
Íñigo Víctor de Oriol Ibarra External Director
Braulio Medel Cámara Independent Director
Samantha Barber Independent Director
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