Ignacio Galan News
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Almost two-thirds of U.K. citizens say they are worried about the risk of electricity blackouts because of the government’s “confused” energy policy, the Institution of Mechanical Engineers said.
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Iberdrola SA Chief Executive Officer Ignacio Galan faced renewed criticism from his biggest investor, which analysts say may be plotting to undo the international expansion he carried out at the Spanish utility.
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Iberdrola SA, the worst performer among European utility stocks in 2012, will maintain its dividend by cutting costs and increasing foreign profit as it begins to reduce debt as much as 20 percent, the chairman said.
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Chairman Ignacio Galan of Iberdrola SA, the world’s biggest producer of renewable energy, has battled for five years to limit the influence of his largest investor. Galan is about to lose one of his best tools.
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Iberdrola SA, Spain’s largest utility, said first-quarter profit beat analyst estimates as growth in the U.S. and U.K. offset declining income at home.
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Iberdrola SA Chairman Ignacio Galan is resisting the Spanish government’s campaign to make utilities like his assume some of the 24 billion euros ($32 billion) in debt that consumers owe to electricity producers.
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Iberdrola SA, Spain’s largest utility, may sell as much as 5 billion euros ($6.5 billion) in assets as part of a strategic plan that aims to reduce debt and maintain profitability.
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Iberdrola SA Chairman Ignacio Galan said European politicians are undermining the energy industry’s ability to drive an economic recovery by increasing taxes on power companies.
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Iberdrola SA, Spain’s largest electricity utility, said fourth-quarter profit declined 33 percent on lower income from Brazil and at home.
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Spain can eliminate the debts run up by its government-controlled electricity system by applying the existing rules, Iberdrola SA Chairman Ignacio Galan said.
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