Redeia's Power Play: Defending Against Blackout Fallout

Redeia's chair, Beatriz Corredor, defended the company at a tense shareholder meeting following a major blackout in April affecting Spain and Portugal. She blamed power generators for the outage and announced plans for record investments. Shareholders voted to keep her in position amidst intense public scrutiny and misinformation.

Beatriz Corredor, the chair of Redeia, Spain's electricity grid operator, addressed shareholder concerns at a high-pressure meeting on Monday. This followed a widespread power outage on April 28 that plunged Spain and Portugal into darkness. Despite an unplanned vote to remove her, Corredor retained her position.

The government report on the outage criticized Redeia's energy planning, citing a failure to properly calculate energy mix. Corredor, along with CEO Roberto Garcia Merino, defended the company's actions and dismissed calls to allocate funds for blackout-related costs.

Amid ongoing public scrutiny and calls for investment in Spain's grid infrastructure, Corredor announced plans for unprecedented investment levels in Redeia's next strategic plan. The investments are expected to exceed 1.4 billion euros by 2025.

(With inputs from agencies.)