Galán (Iberdrola): "Only the fools who continue with the Government's regulated rate pay more electricity"

Ignacio Sánchez Galán

, president of Iberdrola, has charged against the Government and its measures to reduce the price of electricity in an act in Sagunto (Valencia).

The manager, who has recalled that 80% of Spaniards do not pay the wholesale market price, has assured that "only the fools" who still have the "regulated rate set by the Government" pay more for electricity.

"80% of Spaniards do not pay the price of the 'pool'", said Galán - by way of "advertisement" -, during a colloquium in the framework of the presentation of the future Volkswagen gigafactory in Parc Sagunt II, to which Iberdrola will supply with solar energy with an investment of 500 million euros.

According to

, the manager's comment came when they asked the president of the Volkswagen Group, Herbert Deiss, how the total supply of the gigafactory will be achieved.

At that moment Galán introduced "a parenthesis" in which he pointed out this nuance.

Likewise, he stressed that "80% of Spaniards are paying

because taxes have been lowered", to then charge against the regulated rate "set by the Government".

The regulated rate does not have a fixed price, but rather varies depending on the wholesale market -the 'pool'- in which electricity is traded every day.

In times when this market is not so stressed, prices can be much lower, but since the power surge in the middle of last year this has not been the case.

Galán, who a few days ago asked the Government to modify the regulated rate to lower prices, also clashed with the Executive for the 'Iberian exception', a mechanism that he rejects in favor of "common solutions".

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