Spanish electricity company Iberdrola SA (IBE.MC), in response to the global financial crisis, will limit its investments only to those financed by its own cash generation, Chief Executive Ignacio Galan told staff at a year-end meeting Wednesday.
"At this moment, we need to give priority to our financial stability over growth possibilities, diminish our debt level, and limit our investments to our internal cashflow," Galan is quoted as saying in a company release.
Spain's largest electricity utility by market capitalization will also adapt profitability criteria to changed costs of money, and seek improved efficiency and cost cuts, Galan said.
The company this year expects a 20% rise in its electricity output to 145 terawatt hours, Galan said.