Iberdrola and Graftech Ibérica reach a preliminary agreement to establish a fixed electricity price for the next two years

• The electricity company will guarantee the graphite electrode manufacturing company based in Ororbia (Navarre) a supply of energy at a fixed cost to avoid the variations in the SPOT market.

Iberdrola is, once again, showing its commitment to industry. The company has reached a preliminary agreement with Graftech Ibérica to fix an electricity price for the next two years. Under the agreement, the energy company would charge the agreed fixed electricity prices so as not to affect the company's competitiveness with increases in the price of natural gas, as long as there are no primary energy auctions.

So far this year, maintaining the prices agreed with industry despite the increase in electricity prices has saved Spanish industry 2 billion euros. Now, with this preliminary agreement, Graftech Ibérica, a company based in Ororbia (Navarra), will avoid variations in electricity prices in the SPOT market until the end of 2023.

Iberdrola is doing its best not to pass on the situation in the international markets to its electricity-intensive customers. This effort is conditional on there being no auctions of primary emissions, which would deprive Iberdrola of a significant volume of energy.

Iberdrola already contributes 3.7 billion euros in taxes, generates 85,000 jobs in Spain and contributes to the maintenance of 400,000 jobs in its supply chain, as well as planning to invest 150 billion euros until 2030 for the decarbonisation of our country.