Iberdrola CEO urges European electrification to boost competitiveness

At the Eurochambres Congress 2026 in Valencia, Iberdrola CEO Ignacio Sánchez Galán called for the accelerated electrification of the European economy. He argued that this transition is essential to reduce Europe's dependence on imported fossil fuels, which currently accounts for approximately 60% of the continent's energy consumption. Galán emphasized that increasing electrification would bolster European competitiveness, energy security, and autonomy against global economies like China and the United States.

Galán noted that Europe spends roughly 400 billion euros annually on oil and gas imports. He suggested that redirecting even half of those funds toward electrification could lead to self-sufficiency in a few years. The proposed model would leverage more efficient technologies in transport, industrial processes, and building climate control, while supporting a pan-European value chain of large manufacturers and SMEs.

In a separate development, Spanish Finance Minister Arcadi España addressed the congress, discussing the government's efforts to negotiate a new housing decree. The minister emphasized the need for political compromise to address housing access and tenant protection, noting that negotiations regarding fiscal measures, such as potential VAT reductions for home sales, are ongoing.