Iberdrola, the only European company invited by Biden in the presentation of the investment plan in the US.


Madrid

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Iberdrola participated yesterday in the Table on Energy with the president of the United States, Joe Biden, at the White House, being the only European company invited to the meeting.

During the meeting -which was also attended by the Secretary of Energy, Jennifer Granholm, and the White House climate adviser, Gina McCarthy-, the priorities of the investment program have been discussed in electrical infrastructure.

The meeting occurs at a time when it is sought to advance a new version of the call 'Build Back Better Act', spending 454.6 billion euros ($550 billion) on energy and climate. It includes more than €273 billion ($300 billion) in new tax credits for wind and solar power, among other technologies.

The meeting focused on clean energy tax credits and the long-term benefits that they will bring to consumers, as well as the need to build new transmission and storage infrastructures to strengthen the system, exponentially increase the share of clean energies in the generation mix and support the deployment of electrification transport and other sectors of the economy, as explained by the Spanish group.

A meeting was also held with Secretary of Energy Jennifer Granholm, White House National Security Adviser Liz Sherwood-Randall, and National Director of Cybersecurity Chris Inglis on increasing collaboration between the Administration and the private sector to deal with the cybersecurity threats electrical networks and installations, strategic assets of the economy, as well as making it more resilient in response to severe weather events that require significant peaks in demand.

President Biden has shown that building modern infrastructure that is resilient to climate change is key to your financial plan and for a clean energy future, and that companies like Iberdrola will play a key role in building a sustainable future and creating more jobs.

Presence in the country

In less than two decades, the company chaired by Ignacio Galán has not only managed to be listed on the New York Stock Exchange, but also to position itself as one of the largest electrical groups in the country, present in 25 states. This is due to the important commitment it made 17 years ago to clean energy in the country, where it already has more than 8,000 MW installed, has more than 170,000 kilometers of power lines and manages eight public service companies in New York, Connecticut. , Maine and Massachusetts, serving a population of nearly 10 million people.

Iberdrola is positioned as one of the three largest renewable companies in the country, mainly with its new offshore wind projects, where it is a benchmark with a portfolio of 4,900 MW. In the US, it will invest more than 30,000 million dollars in the period 2020-2025 in transmission and distribution networks and renewables, which will allow it to practically double its renewable power by 2025. These investments are aimed at increasing its presence in the sectors of offshore and photovoltaic wind power, in addition to strengthening its leadership in onshore wind power.

The company has been pioneer in the development of the US offshore wind market, with investments of more than 10,000 million only in the three parks that it already has in operation. Construction has recently begun on Vineyard Wind One (800 MW), the first large offshore wind farm in the country. In December, Avangrid was awarded a contract for the Commonwealth Wind offshore wind farm in Massachusetts. The 1,232 megawatt (MW) project, New England's largest offshore wind project to date, will involve an investment of $4 billion and create 11,000 jobs.

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