Iberdrola has published its strategic plan by 2014, based on four pillars: generate more cash than investments (to reduce debt), focus on basic business (to improve financial liquidity), divest non strategic assets (to improve solvency ratios) and improve energy efficiency. The group aims to cut its net debt by €6bn, from €32bn to €26bn, mainly by reducing investments to about €3.5bn per year until 2014 (of which, 60% will be dedicated to growth), i.e. 37% below the 2009-2011 average (€8.2bn in 2011 only). Investments will be focused on networks (59%), renewables (25%) and liberalised activities (generation and trade, 13%). More than 40% will be invested in the United Kingdom, 23% in Latin America, 19% in Spain and 16% in the Europa Union. Divestment should raise €2bn, from the sale of non-strategic assets (Hartford Steam, gas commercialisation business in Europe, gas distribution in Spain, Gas Natural Mexico and Euskaltel).
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