Spanish utility company Iberdrola will spark renewed energy-price competition when it begins selling electricity to Irish homes this week and reveals plans to spend €100 million on wind farms.
The Spanish player will begin selling electricity to domestic customers this week and intends adding natural gas and dual fuel in October, promising more competition in the market.
Iberdrola’s move will pitch it against State company ESB, Bord Gáis Energy, owned by British group, Centrica, Airtricity, which is part of Scotland’s SSE and Energia, owned by US investor I Squared Capital.
Colin McNeill, chief executive of Iberdrola Ireland and Scottishpower’s retail arm, pledged that the business would compete on price.
“I would say that we would be consistently competitive,” he said. “We will always be in the top three places of the most competitively priced.”
Iberdrola Ireland intends to back its efforts with a marketing campaign, tie-ins with websites that encourage consumers to switch utilities and with sales people on the ground.
The company will employ more than 100 sales staff, along with 10 people in an office in Dublin and 40 more in a services operation in Sligo.
It also intends offering domestic chargers for electric cars, something for which the company believes demand will grow as the cost of the vehicles themselves falls and more drivers buy them.
The energy market’s latest player is promising that its electricity will be “100 per cent green”, cashing in on consumer’s growing concerns about global warming.
Iberdrola Ireland plans to spend €100 million renewing three of its wind farms boosting the amount of electricity they generate by equipping them with newer, more efficient wind turbines.