Iberdrola (OTC:IBDRY)’s Executive Chairman, Mr. Galan, has highlighted potential risks of power price inflation due to the planned shutdown of nuclear plants. In an interview with the Financial Times, Galan noted that the closure of these facilities could lead to a significant increase in retail prices.
Galan suggested that Spanish consumers could face a price surge in the range of 25% to 30% if the nuclear power plants cease operations. He emphasized that consumers will ultimately bear the financial burden of this decision.
Moreover, Galan urged for political pragmatism in the face of European Union competitiveness challenges. He questioned Europe’s willingness to relinquish natural energy resources due to ideological reasons, referencing Spain’s anti-nuclear stance. He contrasted this with the more pragmatic approach taken by the United States in the energy sector.
