Iberdrola Chairman: We are an engine for economic growth
In U.S., the Group purchased more than $1.4 billion - invested $800 million in
infrastructure in 2013
NEW GLOUCESTER, Maine, March 28, 2014
NEW GLOUCESTER,Maine, March 28, 2014 /PRNewswire/ -- Today, Iberdrola
(IBDRY:US) chairman Ignacio Galan addressed attendees at the Group's Annual
General Meeting (AGM) and reiterated the important role the Company plays as
an engine for economic growth in countries where it operates. Galan
highlighted the projected rate of capital investment, estimated at €9.6
billion ($12.5 billion USD) between 2014-2016, as well as the secondary
benefits of corporate purchasing, tax payments, and job creation. As examples
he cited €4.4 billion ($5.8 billion USD) in corporate purchases and €5.4
billion ($7.2 billion USD) in tax payments worldwide in 2013.
Electricity/natural gas transmission & distribution + renewable energy too.
In the U.S. last year, Iberdrola invested some $800 million in infrastructure
improvements, purchased more than $1.2 billion in goods and services, and
created thousands of supply chain jobs. Galan reminded investors of the
importance of the U.S. market, where Iberdrola's networks businesses deliver
electricity and natural gas to more than 2.4 million customers and its
renewables group is the country's second-largest wind producer with 5,500
megawatts of capacity, which represents 10 percent of the U.S. total wind
Galan said the Company will continue to execute its business strategy of
investing internationally in regulated businesses in 2014 despite a drop of 7%
in net profit last year, while keeping spending flat to increase operating
efficiency and reducing its debt to further strengthen its balance sheet. In
2013, the Company reduced its net debt by €2.3 billion ($3.1 billion USD).
Around the world, Iberdrola directly employs more than 33,000 people,
including more than 5,000 in the U.S. It is estimated that the economic impact
of the Group's business activities generate nearly 150,000 additional jobs
through direct and indirect employment across the globe. In 2013, the
Iberdrola companies hired 2,200 people, half of whom were under 30, and it
hires around 1,200 interns each year as well.
"Without a doubt, our human capital is our main asset," Galan said. "Last year
we increased training to a total of 1.2 million hours and involved nearly 90%
of our workforce."
Through the Iberdrola Foundation, the company also reaches beyond its current
workforce. In 2013, the Foundation awarded seventy scholarships worldwide for
post-graduate studies, including more than $300,000 awarded by the Iberdrola
USA Foundation for energy and environment postgraduate students in Maine and
New York. This year, the Foundations expect to provide more than one hundred
scholarships in Spain, the United Kingdom, and the United States.
Galan also stressed the scientific research, technological development, and
innovation that are essential elements of the Group's strategy. He noted that
the Company designated nearly €160 million ($212 million USD) for R&D efforts
related to smart grids, clean energy generation, and new technologies.
Galan stated that investors evidently agree with the company's long-term
strategy since Iberdrola shares had appreciated 10.5% in 2013, surpassing
performance of the Eurostoxx Utilities index and most of Iberdrola's European
Galan repeated the Group's strong commitment to preserve the environment,
reporting that in 2013 Iberdrola increased its emission-free generation to
more than 60% of its total. This led to the elimination of nearly 20 million
tons of CO2, making the Company's emissions 30% lower than its European
He also noted with pride that Iberdrola was named as one of the most ethical
companies in the world, according to the 2014 World's Most Ethical Company
ranking drawn up by the Ethisphere Institute, which acknowledges organisations
that are committed to ethical leadership and behaviour at a corporate level.
Iberdrola is the only Spanish enterprise to have achieved this award in 2014.
Finally, Galan paid tribute to the efforts of "all the men and women who work
for Iberdrola around the world," including the management team, union
representatives and the Board of Directors "without whose commitment we would
not be able to present the results we are submitting to the AGM today."
Visit Iberdrola's website to view the complete 2013 results report:
All financial results herein were calculated using international financial
reporting standards (IFRS) and converted to Euros where appropriate. 2013 Euro
to USD average conversion rate: €1 = $1.328.
Iberdrola USA is the U.S. subsidiary of global energy leader Iberdrola, S.A.
The Iberdrola USA companies employ about 5,000 people with operations in 24
states from New England to the West Coast, providing electricity generation,
transmission and distribution, natural gas storage and distribution, and
energy services. For more information, please visit our website:
www.iberdrolausa.com. Follow us on Twitter: @IberdrolaUSA
Logo - http://photos.prnewswire.com/prnh/20140128/MM54425LOGO
SOURCE Iberdrola USA
Contact: Dan Hucko, Daniel.Hucko@IberdrolaUSA.com, 585.724.8825
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