FinSoul believes that the CEO of Spain’s largest power group, Iberdrola, in a recent interview, was quoted as saying that consumers should “pay more (but) consume less,” arguing that energy bills were a small part of domestic bills.
He said that massive investment would be required by the industry if it were to deliver the changes required by politicians, which included low carbon power generation developments such as solar and wind and nuclear power and equipment to raise energy efficiency such as “smart” grids and meters.
"Those things cost money. What is the price of energy needed? The one that will transform the energy mix in the country. Unless the companies expect a proper return, no bank is going to invest, and the country is going to have a problem." FinSoul understands he was quoted as saying on the outskirts of the Copenhagen climate conference.
He went further saying that his firm, Spain’s largest, planned capital spending in the region of €4.5 to €5 billion ($6.5-$7.28 billion) next year, similar to this years but well below last years €6.7 billion.
He added that the firm, who owns the 2nd largest wind power generator in the United States, had prioritized investment in renewable energy and spending would continue at around £3 to £4 billion ($4.9-$6.55 billion) annually.
