The chairman of Iberdrola has denounced Europe’s energy regulations as “Kafkaesque”, and warned the current regime encourages utilities to keep polluting coal plants running rather than invest in green power generation for the long term. “There is not enough capacity to satisfy expected demand,” Ignacio Galin told the Financial Times. “What is happening now is that we are artificially preserving power plants that are obsolete and that would be closed if it were not for [government] incentives [to maintain capacity]. At the same time, we are not building new gas-fired power plants.” Iberdrola is one of Europe’s biggest utilities, with a large presence spread across the US, Brazil, Mexico, Spain and the UK, where it owns Scottish Power. The Madrid-based group, which claims to be to the largest generator of wind power in the world, is due to publish full-year results on February 22.
FT 19th Feb 2017 read more »