23 IESE Energy: The energy transition between the world of yesterday and today

This video is a highlights reel of the 23 IESE Energy Industry Meeting held at IESE Business School. The meeting explores how the global energy landscape has shifted since the 2015 Paris Agreement, examining the emerging tension between decarbonization goals, industrial competitiveness and security of supply. Speakers analyze how Europe, facing higher energy prices than the US and China, risks accelerating deindustrialization if climate policies, CO2 costs and regulatory frameworks are not aligned with competitiveness and social acceptance. Josu Jon Imaz, CEO of Repsol, warns that current CO2 pricing and regulatory approaches are undermining European industry, arguing that companies already face energy costs up to four times higher than in the US. Oliverio Álvarez, Partner and Head of Energy, Resources and Industrials at Deloitte Spain, stresses that since the COP21’s Paris Agreement the world has become increasingly dangerous and volatile. Professor Juan Luis López Cardenete, Academic Director of the meeting, highlights the multiple dimensions of the energy transition – technological, supply, geopolitical and industrial – and calls for a more integrated vision that balances climate ambition with economic and strategic constraints. Rafael Mateo, CEO of Acciona Energía, underlines that while 80% of power generation in Spain is already clean, 75% of primary energy consumption remains non electric, so the real challenge lies in transforming demand, not just generation. Joaquín Coronado, Non Executive Chairman of Redexis, and Natalia Fabra, Professor of Economics at Universidad Carlos III de Madrid, point out that high wholesale prices, system charges and taxes mean Spanish electro intensive users can end up paying more for electricity than their competitors in countries like Germany, dampening demand and undermining the transition. On the regulatory and infrastructure side, Francisco Reynés, Executive Chairman of Naturgy, argues that the absence of a true European energy policy and excessive regulatory complexity slow down progress, calling for simplification rather than pure deregulation. Miguel Gil Tertre, Chief Economist for Energy at the European Commission, underscores the importance of regulatory stability and the EU's "omnibus" effort to find a balance between simplification and preserving the European model. Roberto García Merino, CEO of Red Eléctrica Corporación, and Rocío Prieto, Director of Energy at the Spanish National Markets and Competition Commission (CNMC), explain how network investment and flexible access models are critical, as grid constraints have become the main bottleneck for new clean projects despite record levels of investment by Red Eléctrica. Enric Juliana, Deputy Director at La Vanguardia, contrasts Europe's traditional prioritization of sustainability with the US and China's hierarchy of competitiveness, security and then sustainability, arguing that this order has now shifted and Europe must adapt. Ana Palacio, former Spanish Minister of Foreign Affairs and Visiting Professor at Georgetown University, and Professor Lara Lázaro, Senior Research Fellow at the Elcano Royal Institute, highlight that many Spanish citizens perceive the transition as economically negative and limiting their freedom, warning that without stronger social acceptance and concrete actions, implementation will become increasingly difficult. Loreto Ordóñez, CEO of Engie España, and Olvido Moraleda, President of BP España, insist that Europe must convert the energy transition into a vector of competitiveness and that cost effective CO2 reduction and realistic implementation timelines are essential if Europe is to retain industrial capacity while advancing towards net zero goals. Also appearing in this video: • Pedro Vasconcelos, former Chief Executive Officer of EDP España, • Carmen Becerril, President of OMEL • Rocío Sicre, Chief Executive Officer of EDP España • Mario Ruiz Tagle, Chief Executive Officer of Iberdrola España • Luis Cabra, Executive Managing Director of Industrial Transformation at Repsol • Vicente Cortés Galeano, President of INERCO, and Jorge Sanz, renewable energy expert at NERA Economic Consulting To know more: industrymeetings.iese.edu #Energy #EnergyTransition #COP21 #Decarbonization #Competitiveness #Europe #Renewables #EnergyPolicy #ClimateChange #NetZero