“In 2007 we are marking our tenth anniversary in Brazil, a country to which our company feels deeply committed,” said Ignacio Galán, Chairman of IBERDROLA, during his remarks at the seminar “Outlook for the Brazilian Economy”, in Madrid, which was opened by Brazil’s President Luiz Inácio Lula da Silva.

Ignacio Galán cited his company’s support for the country's “Growth Acceleration Plan” for 2007-2010, and praised the current policies of the Brazilian government, which realised in 2003 that “energy is a scarce resource and the most costly thing is not to possess it”.

Galán said the energy model designed by Brazil in recent years had “guaranteed legal security and regulatory stability”, which encouraged companies like IBERDROLA to make investments which would benefit the country and its citizens.

Galán said that the company had accepted the challenge of seeing that all Brazilians had access to electric power, while improving supply quality and investing in new generation assets.

Brazil, he said, is now “one of the pillars of IBERDROLA’s international expansion”, adding that the company is the largest supplier in the country’s north-eastern region, where it serves more than 8 million homes and businesses in the states of Bahía, Pernambuco and Rio Grande do Norte.

“Our affiliates together post revenues of more than 2.5 billion euros, and provide jobs for more than 5,000 Brazilians. In addition, we have wonderful local partners: Banco do Brasil and Previ”, he added

Galán stressed “the three distributors in which IBERDROLA holds stakes have improved their service quality by 52% since privatisation, in addition to bringing light to more than three million homes and industries, under the ‘Light for All’ programme.” He noted that “we have been distinguished on several occasions by the regulating authority for service quality and customer satisfaction.”

He recalled that in the past few years IBERDROLA’s Brazilian investments in wind, hydroelectric, and combined cycle plants have spawned 1,500 MW in new electric power for the country, and that current projects for five new hydroelectric power stations will add another 600 MW.

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