IBERDROLA UPS NEW ENERGY STAKES - $8 BIL!

From Iberdrola’s announcement of their intentions to spend $8 billion on New Energy in the U.S.: “[Corporate chairman] Galán stressed that the commitment of IBERDROLA to the development of renewable energies in the U.S. requires an improvement of the regulatory framework, which must be predictable, sufficient and provide stability…”

Pretty blunt. Either Congress gets its act together in support of the New Energy incentives and a national Renewable Electricity Standard (RES) or it costs the nation $8 billion in invests JUST FROM ONE COMPANY!

The urgency? From Galan’s remarks: “…driven by emerging economies like China and India, the global demand for primary energy will grow 102% by 2030 compared with 1990 and that CO2 emissions will rise by 103%…together with the constant increase in price of the main energy raw materials –oil, gas and coal- and the progressive reduction in reserves, has caused energy to become an ever more scant and expensive resource…”

There’s also good news from Galan’s statements: “…barriers such as the lengthy and complex administrative process involved in the construction of the new and necessary electricity networks are being eliminated…” and “…renewable energies, one of the strategic pillars of Iberdrola, will be ever more competitive, both from an environmental point of view and an economic point of view…”

Iberdrola is the biggest New Energy producer in the world.

click to enlarge

Spain’s Iberdrola to invest 8 billion dollars in US renewable energy
May 18, 2008 (AFP via Yahoo News)
and
Iberdrola will invest $8000 million in renewable energies in the U.S. in the period 2008-2010
18 May 2008 (Iberdrola)

WHO
Spanish power company Iberdrola (Ignacio Sanchez Galan, Chairman)

click to enlarge

WHAT
Iberdrola announced it will invest $8 billion (5.1 billion euros) in U.S. New Energy production, primarily in wind, over a period of 2 years.

WHEN
- Iberdrola is planning its investment for the 2008 thru 2010 period.
- Iberdrola’s goal is to produce 15% of U.S. wind power by 2010.

click to enlarge

WHERE
- Iberdrola is based in Bilbao, Spain.
- Iberdrola has 8,200 megawatts of wind energy capacity in 22 countries.
- Iberdrola’s corporate chairman indicated he sees the U.S. as his company’s “most exciting growth” market.

WHY
- Iberdrola has already invested $9 billion in North American New Energy and has 700 direct employees. The company has 1400 employees worldwide.
- Iberdrola owned 2,400 megawatts of wind energy capacity at the end of March 2008 and expects to have 3,600 megawatts by the end of the year.
- Concerns about global climate change and fast-rising fossil fuel prices are driving a demand for wind energy and other New Energy sources.
- Iberdrola’s 2008 1Q net profit was 1.2 billion euros, up 458 million euros from 2007 1Q.
- Iberdrola owns UK power giant Scottish and Southern Energy (SSE).

Energia Verde. Love it. (click to enlarge)

QUOTES
From Iberdrola’s announcement: “…the head of the Spanish electricity company pointed out that by 2010 Iberdrola was hoping to reach a quota of 15% of growth in the wind power market in North America, where it has already invested $9,000 million in recent years, having some 700 direct employees spread out over 27 States and in Canada and has become the second largest operator in terms of capacity…”