Iberdrola doubles Q1 purchases, avoids retrenchments and creates 400k new jobs

Spanish multinational utility Iberdrola has placed equipment orders of €4 billion ($4.3 billion) during the first quarter of 2020 to avoid shortages and disruptions to energy supply and business operations during the lockdown.

Of the equipment purchases made, €2.9 billion ($3.1 billion) were made in March alone. The €4 billion in purchases made in the first quarter doubles those made in the same period last year.

The equipment, materials, works and services bought will help avoid the retrenchment of 700 full-time employees but instead will help the utility to employ an additional 400,000 workers during the year.

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24% of the equipment and services were acquired from suppliers based in Spain, 21,5% in the United States and 18% from those in Brazil.

The purchases will enable Iberdrola to start producing at least half of the 9,000MW it is currently building around the world.

The development enables the utility to move ahead with projects including 30 solar PV projects around the world, 50 onshore wind farms, the Tâmega pumped storage hydroelectric giga battery in Portugal, more than 5,000km of very high voltage transmission lines in Brazil, as well as new distribution networks in the states of New York, Maine and Connecticut.

Iberdrola made purchases of over €2O bIllion ($21.6 billion) from more than 22,000 suppliers in 2019.

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