Galán endorses record profit target for Iberdrola in 2022 and an increase in dividend

Euskaraz irakurri: Galanek Iberdrolaren mozkin-marka helburua berretsi du 2022rako, dibidenduaren areagotzearekin batera

Despite the current crisis in energy prices caused by the war in Ukraine, Iberdrola’s president, Ignacio Sánchez Galán, has endorsed the group’s goal of between 4,000 and 4,200 million eurosthereby increasing the dividend for its shareholders “in the same proportion”.

At the general meeting of shareholders, held this Friday in Bilbao, Galán supported the commitment to the forecasts announced to the market a few months ago, due to the good performance of the company so far this year, especially in its activities in the United States and Brazil.

In 2021, the energy company achieved a record net profit of €3,885 billionincreasing the figure by 8% compared to the previous year and exceeding the targets set.

During his speech at the meeting, Galán de geographic diversification of the group In addition, he emphasized that the group has sold all its energy production in Spain by 2022 “at fixed prices before the current ones”, as well as “more than 80% by 2023 and a significant part for the following years” and underlined that due to the drought and the lack of wind energy has forced it to buy more energy to provide its customers with prices that are “more expensive than what it has sold”.

Likewise, the meeting of Iberdrola approved the payment of an additional dividend of 0.27 euros per share charged to the results of 2021, which, together with the 0.17 euros already paid, brings the total compensation to its shareholders to 0.44 euros per share, 5% more.

Galán has also achieved the goal of hosting the company’s annual meeting with a Significant shareholder support, with a quorum of more than 72%. This board quorum well exceeds last year’s 65.83%, although it represents the lowest, excluding 2021, participation in the past six years.

On this occasion, the meeting did not deliver the usual speech of the chairman and limited itself to answering questions from some shareholders, although none of them referred to the ‘Villarejo case’for which Galán is charged.

Galán was questioned only about the merger operation with the American PNM Resourceswhich was brought down by the New Mexico regulator late last year, although Iberdrola is appealing the decision.

In this regard, Galán is “confident” that the appeal against that decision by the regulator “will be positive and in the coming months we will complete the operation as it is very beneficial for the shareholders of the companies and the citizens”.