Iberdrola has unveiled plans to invest €41 billion (£35bn) and create 10,000 jobs by 2026, as part of its strategy to accelerate electrification.
The company’s investment will primarily focus on enhancing grid infrastructure, expanding renewables capacity and integrating storage technologies to ensure a balanced energy supply.
Ignacio Galan, Iberdrola’s Executive Chairman, said: “The electrification of energy is unstoppable and will expand exponentially in the years ahead, supporting decarbonisation, boosting energy security, and reducing the volatility caused by fossil fuels.
“Customers are already driving this change. People are not returning to fossil fuels after they move to electric. Those who flip from petrol to electric vehicles do not move back, likewise for customers replacing gas boilers with heat pumps.”
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