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IBERDROLA’s experience in UK
Juan Rivier Head of Prospective Iberdrola Renovables
Madrid, 20th November 2014
WIND INVESTMENT OPPORTUNITIES IN UK
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46 GW of installed capacity and 31 million customers
7.205 M € of EBITDA in 2013
Investments worth 3.053 M €
Net benefit of 2.572 M €
On of the largest world utilities with…
Figures for 2013
IBERDROLA main figures
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IBERDROLA worldwide
* Data at 12M 2013
Tunisia
Mexico
Bolivia
USA.
Venezuela
Chile Brazil
South Korea
Taiwan
India
Kenya
Kazakhstan
Qatar
UAE
Russia
Algeria
Syria
Ukraine Rumania
Finland
Latvia
Poland
Slovakia Germany
United Kingdom
Switzerland
Greece
Albania
FYR of Macedonia
Portugal
Spain France
Italy
Current presence Generation / Distribution
Engineering
Renewables Hungary
Active in over 40 countries
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Focus on stable and attractive businesses and countries
EE.UU - Wind - Networks
Reino Unido - Wind - Networks
Brasil - Wind and Hydro - Networks
México - Wind & CCGTs
IBERDROLA
Stable & Attractive
frameworks
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IBERDROLA in UK
Iberdrola is present in UK through Scottish Power since 2007
6.5 GW of installed capacity of which 1.6 GW of Wind
3.5 Electrical Customers* & 2.2 Gas Customers
Over 100.000km distribution & 4000km transmission lines
*Electrical supply points
3.150 M€ investments since 2012, 1.260 M€ in Wind
Current 2014-16 Strategic Plan allocates 40% of new investment to UK
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UK Regulatory framework
UK is undergoing a radical change of the renewables supporting mechanism
Shift from… Renewables Obligation:
• Quota system with tradable GC
• Floor to the value of the GC
to… Contract for Differences:
• Stable price during 15 years
• Competitive auctions
Strong focus on risk reduction and affordability (LCF)
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UK Regulatory framework
A change in the regulation is not negative per se…
• Transparent discussion with stakeholders
• Long lead times, with transition period with both mechanisms available (2014-2017)
• Not a single retroactive change
but… • Budget allocation not consistent with Round 3 project sizes and supply chain development looking at the necessary long term cost reductions
• Uncertainty due to lack of budget visibility for the next auctions