Energy in the New Global Paradigm

10th Energy Sector Meeting in Madrid



A the 10th Energy Sector Meeting, jointly organized by IESE and Goldman Sachs, was held on the Madrid campus and brought together some 200 professionals from the sector. The title of this year’s conference was “A New Energy Policy to Face up to the Urgency of the New Global Paradigm.” Some 30 speakers discussed questions of competitiveness, regulatory reform and energy financing. The meeting was overseen by IESE professor Juan Luis López Cardenete.

José Folgado, the president of the Spanish grid, emphasized a number of key points for energy to become a source of growth and development in Spain. Among them were greater use of electric power and less of hydrocarbons in transport, more energy savings and efficiency, the development of smart grids and meters and the prioritization of national sources of energy such as nuclear and hydroelectric.

The president of Gas Natural Fenosa, Salvador Gabarró, said that “natural gas is an energy of the future,” and that there are sufficient reserves for at least 230 years.

José Manuel Soria, the minister of industry, energy and tourism, defended the use of nuclear energy as part of the energy mix and backed the continued use of nuclear power stations in Spain. “But all of this must be compatible with the growing role that renewables will play in this mix,” he said.

Alastair Maxwell, who has joint global responsibility for energy at Goldman Sachs, said that prices were a vital aspect of the sector’s development. “The price rises in 2004 and 2007 have encouraged investment in new technologies. As a result of this investment, the sector has entered a new era.”