The president of Iberdrola especially supports the European commitment to the energy transition, “more urgent than ever”.
Euskaraz irakurri: Sanchez Galan: “Europako Batzordeak energia-kontsumoa eta prezioa murrizteko proposamenak onargarriak dira”
The President of Iberdrola, Ignacio Sánchez Galánassume as acceptable the proposals of the European Commission (EC) to reduce consumption and lower energy pricesand above all, supports the European commitment to the energy transition“more urgent than ever”.
Sánchez Galán gave a conference on the challenges and opportunities for the energy sector on Thursday, hosted in Bilbao by Deusto Business Alumni, in which he urged his company’s commitment to renewable energy and reducing dependence on fossil fuels.
The president of Iberdrola has revised the European Commission’s proposals, admitting that “consumption must be reduced, we must reduce demand”, and stopped at the “falling from the sky benefits” because of the price increases, which, in his view, is not the case in the electricity sector. These “extraordinary gains are the product of the actions of the producing countries, especially Russia, and of the fossil fuel companies, which are achieving excellent results,” he claimed.
On the other hand, according to Sánchez Galán, the electricity companies “convert gas into electricity, and most of what is produced is sold at fixed prices, always before increments. For example, BBK has 15-year contracts with us. We are not selling against short-term prices, we have a lot of fixed and long-term prices,” he insisted.
For this reason “the results of all electricity companies are deteriorating, they are worse than last year”, and in Europe some governments, such as Germany, Sweden or Switzerland, are giving “approvals and guarantees so that the electricity companies do not go bankrupt”.
Now, he recalled, these EC directives need to be translated into regulatory policy, into market design: “I think the EC is clear about regulatory clarity, and we need to make sure that Member States do too”.
Sánchez Galán specified that “energy is not the same as electricity; electricity is 20% of the energy we consume, 80% of it is of fossil origin. Short-term solutions are always adopted, when the long-term problem is to overcome dependence.” reduce” on gas and oil.
energy transition
The solution he has defended is betting on the energy transition: “The question is whether we have technologies; yes, we have technologies. In transport, for example, we see an unstoppable electrification process; by the end of the decade there will be 60 million electric vehicles in Europe. In industry there are many electrifiable processes with heat pumps”
“There is a viable alternative to gas and oil. We have the technology and the financial resources to develop renewables, and we need incentive frameworks that will give us this green investment. If we succeed, fossil fuel imports will fall,” he noted. “The United States has already decided, and they are giving incentives to renewables and electric transportation, to chargers,” he explained: “As a result, the first destination of Iberdrola’s investments is the United States.”
In Europe we need “regulatory frameworks and support for investment”, for which he has demanded that part of the European funds be spent on this. With the energy transition, he concluded, “in Europe we will save between two and three hundred billion a year on the import of fossil fuels”.
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Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
