History of the company
A multinational with over 170 years of history
The hallmark of the group is its steady growth and its forward vision to prepare for society's future energy needs.
Hard work, talent, commitment and enthusiasm have always been the life force driving Iberdrola's history, a group that is now firmly established on both sides of the Atlantic. The company is today the number three largest electricity company in the world by market capitalisation and number one in Europe, as well as being the world leader in renewable energy. This position is built on sound values, a merger process which has successfully integrated different cultures, and the capacity to look one step ahead to society's coming energy needs and offer solutions that safeguard the environment for future generations. This is our story.
EXPERIENCE, RECOGNITION AND SOLIDITY
- Europe was undergoing a process of change that eventually led to the Second Industrial Revolution.
- Water resources that could be used as energy sources acquired great importance.
- Many cities in the United States saw a boom in companies providing lighting for homes and streets using gas as an energy source. These were the cornerstones of Energy East on the east coast.
- In Spain, Hidroeléctrica Ibérica was set up at a time of maximum energy need, and inspired by the future vision of its founders, who were fully engaged with the society of their time.
Some of the main milestones of the Iberdrola Group
- 1840.- The Hartford City Light Company is set up in the USA (the origin of Iberdrola USA, today Avangrid).
- 1901.- Establishment of Hidroeléctrica Ibérica in Spain, which will become part of Iberdrola.
- 1907.- Constitution of another of the cornerstones of the company: Hidroeléctrica Española.
- 1918.- Establishment of Saltos del Duero, a pioneer in the development of R+D projects.
- 1935.- Inauguration of the Ricobayo dam, Spain's first large-scale hydroelectric operation.
The outbreak of the First World War forced the sector to seek new sources of energy and to set up vast distribution networks.
- American electricity companies began to amalgamate as a way of overcoming the uncertainty caused by the changing economic and financial situation. The stock market crash of 1929 nearly drove these fledgling groups to the wall.
- In Spain the Civil War called an abrupt halt to development, destroyed facilities and seriously interfered with the maintenance of the scarce equipment that remained.
- Outbreak of World War II.
- Spain underwent a period of international isolation in the 1940s and had considerable difficulty acquiring technology and materials.
Some of the main milestones of the Iberdrola Group
- 1944.- Foundation of Saltos del Duero Hidroeléctrica Ibérica. Establishment of Iberduero.
- 1945.- Work started on the Saltos del Sil hydroelectric plant
- 1955.- Establishment of the South of Scotland Electricity Board, the first seed of ScottishPower.
In the 1960s the boom in nuclear energy marked another step forward for the companies that would eventually comprise the Iberdrola Group.
- The 1970s were marked by the search for new energy sources, mergers, and a huge surge in demand and output.
- During the oil crisis the electricity sector played a key role in the recovery
- The process of privatisation began in the electricity sector, and was the first step on the path towards the definitive deregulation of the business
Some of the main milestones of the Iberdrola Group
- 1971.- Start of operations at the Santa María de Garoña nuclear power plant.
- 1981.- Beginning of commercial operations in the first group at the Almaraz nuclear power plant (Cáceres), the first Spanish second-generation nuclear facility.
- 1989.- Start-up of the La Muela hydroelectric plant (Spain).
Wikinger Offshore wind farm project.
LOOKING AHEAD TO WORLDWIDE ENERGY TRANSFORMATION
The big electricity companies were starting to operate like genuine multinationals.
- This was the period when the businesses were restructured, and basically divided into Generation, Distribution and Sales.
Some of the key milestones of the Iberdrola group
- 1990.- Constitution of ScottishPower, a benchmark for the sector in the United Kingdom.
- 1992.- Merger of Iberduero and Hidroeléctrica Española. The birth of Iberdrola.
- 1992.- The Carland Cross windfarm starts operations in Scotland.
- 1994.- Iberdrola Ingeniería y Construcción starts operations.
- 1995.- First expansion of Iberdrola into the Latin American market.
- 1996.- Iberdrola embarks on its first electric car project.
- 1997.- ScottishPower listed on the New York Stock Exchange.
- 1998.- Creation of Energy East after the merger of six companies in the USA.
- 2001.- Iberdrola launches its Strategic Internationalisation Plan and announces its corporate vision of a world whose increasing energy needs will require cleaner and more sustainable sources.
- 2005.- Start of operations at the Maranchón windfarm, the largest in Spain at that time.
The company decided not to follow the general trend of diversifying its business and investment in sectors such as telecommunications, but to focus on the energy sector, where they invested in generation and grids in Spain, Mexico and Brazil. This made it well-placed to prepare for the surge in demand of subsequent years.
- Iberdrola opted to make a significant investment in wind power, a business which was then underestimated and even overlooked by competitors, but was on the verge of taking off thanks to the Kyoto Protocol and the European directives that followed.
- Iberdrola's corporate vision outlined in 2001 continued to be one step ahead of the trends in the sector, when they predicted that the surge in world energy demand could only be satisfied by clean and sustainable energy sources.
- In 2007 Iberdrola embarked on a major international expansion and increased its presence in the United Kingdom and the United States.
Some of the main milestones of the Iberdrola Group
- 2006.- Ignacio Galán is appointed the new Chairman of Iberdrola.
- 2007.- Completion of the merger between Iberdrola and ScottishPower.
- 2007.- Iberdrola Renovables is listed on the stock exchange.
- 2008.- Completion of the merger between Iberdrola and Energy East.
- 2009.- The Group attains a capacity of almost 45,000 MW.
- 2009.- Whitelee, the largest windfarm in Europe, opens in Scotland.
- 2009.- The first CO2 storage plant begins operations in Longannet .
- 2009.- Iberdrola undertakes to reduce its emissions below the sector average in Europe.
- 2010.- Completion of the merger between Iberdrola and Iberdrola Renovables.
- The future of the energy sector requires significant investments in order to guarantee supply, competitiveness and sustainability, and to satisfy the worldwide demand for electricity, which is expected to outstrip that of any other form of final energy.
- In 2016, Iberdrola was consolidated as the 'energy company of the future' as a result of its leadership in clean energy — Iberdrola is the first renewable energy producer out of the European utilities and a global leader in installed onshore wind power —, the deployment of smart networks, the development of innovative products and services for its customers and its energy storage capacity (4.5 GW).
- Currently, offshore wind power is one of the keys to the future of the company. The UK, Germany, France and the USA have been chosen as the countries in which the company will develop and expand its activities in this area over the next few years.
Some of the main milestones of the Iberdrola Group
- 2011- Completion of the merger with Elektro.
- 2011.- Start of the work to deploy smart grids in ten geographic areas in Spain, an important step forward in the STAR project after the successful conclusion of the pilot trial in the city of Castellón.
- 2011.- Start of operations of the Dardanelos hydroelectric plant and the Narandiba substation in Brazil.
- 2012.-Completion of the extension of the Whitelee windfarm in the United Kingdom, with 539 MW, one of the largest onshore windfarms in Europe.
- 2012.- Successful installation of the 625,000 smart meters scheduled in the AMI project for the implementation of a new advanced measuring and reading system in the State of Maine (USA).
- 2012.- Start-up of the La Venta III windfarm in Mexico.
- 2013.- Start of the extension of the Santo Estevo hydroelectric plant in Spain.
- 2014.- Start of operations at the La Muela II pumped storage hydroelectric facility, with 850 MW, which together with La Muela I constitutes the largest complex of its kind in Europe, with almost 1,500 MW.
- 2014.- Completion of Iberdrola's first offshore windfarm in the Irish Sea (United Kingdom), West of Duddon Sands, with 389 MW of power.
- 2014.- Completion in Maine of the installation of the high-voltage transmission line connecting the United States and Canada.
- 2014.- Completion of the construction of the Baffin windfarm (202 MW) in the United States.
- 2015.- Start-up of the extension of the San Pedro II hydroelectric power plant in Spain.
- 2015.- Start-up of the Black Law wind farm extension in the United Kingdom.
- 2015.- Closure of the Longannet coal-fired plant in the United Kingdom.
- 2015.- Start-up of the Pier II (66 MW) and Dos Arbolitos wind farms (70 MW), both in Mexico.
- 2015.- Completion of the construction of the Teles Pires hydroelectric plant with a total of 1,820 MW, of which 362 MW correspond to Iberdrola through its share in Neoenergia1.
- 2015.- Avangrid2 is created from the amicable merger between Iberdrola USA and UIL Holdings Corporation, and is listed on the New York Stock Exchange.
- 2015.- Iberdrola starts to collaborate with the AECC in awareness-raising activities and collecting funds for research.
- 2015.- Iberdrola is granted the contract for an 850 MW combined cycle plant in Northeast Mexico.
- 2015.- Iberdrola secures financing for €325M from the European Investment Bank (EIB) for investments in Spain.
- 2015.- Iberdrola and BMW launch a corporate electric 'car sharing' service.
- 2015.- Iberdrola and Neoenergia grant a contract to Gamesa for the supply of 84 MW in Brazil.
- 2016.- Iberdrola, the only Spanish company amongst the 100 most sustainable in the world.
- 2016.- Iberdrola signs a shareholder agreement with Siemens and will own an 8.1% share in Gamesa, as a result of the merger with Siemens Wind Power.
- 2016.- Iberdrola has commissioned the Calangas wind energy complex in Brazil, the largest wind energy complex in South America.
- 2016.- Navantia and Iberdrola at the delivery ceremony for the first Wikinger offshore wind farm jackets, a project with an investment of approximately €1,400M.
- 2016.- Iberdrola's commitment to promoting women's sports in Spain.
- 2016.- Iberdrola has already installed over eight million smart meters in Spain, thanks to the progress of the STAR project.
- 2016.- Iberdrola launches the Sustainable Mobility Plan with the goal of contributing to a rational use of means of transport.
- 2016.- Iberdrola achieves its best ever quality of supply.
- 2016.- Iberdrola commissions the hydroelectric power plant of Teles Pires (Brazil).
- 2016.- Iberdrola celebrates the tenth anniversary of the Corporate Volunteerism Program.
- 2016.- Over 300,000 homes have hired the personalised rates offered by Iberdrola, achieving a mean 10% saving in their electricity bill.
- 2016.- Iberdrola inaugurates the Dulces Nombres II power plant in Monterrey (Mexico).
- 2017.- Iberdrola builds the tunnel of the Daivões hydroelectric power plant, the first milestone of its Tâmega hydroelectric project (Portugal).
- 2017.- Iberdrola becomes the only Spanish company amongst the 100 most sustainable in the world.
- 2017.- Ignacio Galán stands up for the decarbonisation of the economy in Davos, in a scenario in which global demand is rising.
- 2017.- Installation of the first wind turbine in the Wikinger offshore wind farm (Germany).
- 2017.- Iberdrola has won the tender to supply up to 1,500 MW of offshore wind power capacity in the United States, its first project in North America with this technology.
- 2017.- The company is the successful bidder in a tender for the construction and operation of a combined cycle power plant (766 MW) in the State of Sinaloa (Mexico).
- 2017.- Inauguration of the 'Memory regained. Traces in the History of the United States', exhibited at the Iberdrola Tower building.
- 2017.- Protection of 100% of its customers in Spain against an interruption in the supply of electricity.
- 2017.- Iberdrola to build a wind farm for Apple.
- 2017.- The company installs over 10 million smart meters in Spain.
- 2017.- Neoenergia acquires the businesses of Elektro to create a leading electric utility in Brazil and Latin America.
- 2017.- Iberdrola included again in the Dow Jones Sustainability Index utilities industry group.
- 2017.- Iberdrola crosses 2,000 MW threshold for renewables in the United Kingdom.
- 2017.- Iberdrola renews its support for Women's Universe, the program promoting women's sport.
- 2017.- Iberdrola successfully installs all 70 wind turbines at Wikinger offshore wind farm (Germany).
- 2017.- Net profit reaches €2.41 billion (+18.4%) thanks to international businesses which compensate poor results in Spain.
- 2017.- Iberdrola announces the complete closure of its coal-fired power capacity.
- 2017.- Ignacio Galán visits the COP23 summit in Bonn: "Time for talking has passed, it´s time for action now!"
- 2017.- Iberdrola launches the Spanish 'green' hybrid bond market with an issuance of €1 billion.
- 2017.- Trama Tecnoambiental, Instituto Nacional de Eficiencia Energética y Energías Renovables (Ecuador) and Nexus for Development, winners of Iberdrola's II International Energy Cooperation Awards.
- 2017.- Iberdrola signs a long-term renewable energy sales agreement with Google.
- 2017.- HRM King Felipe gave audience to Iberdrola's scholarship recipients.
- 2017.- Iberdrola, awarded 295 megawatts of wind power capacity in Brazil.
- 2017.- Iberdrola's Wikinger offshore wind farm connected to the grid in Germany.
1 Neoenergia, S.A. is 50% + 1 share indirectly owned by Iberdrola, S.A.
2 Avangrid, Inc. is 81,50% owned by Iberdrola, S.A.
Changes in the energy sector continue to revolve around three pillars: technological progress, decarbonisation and electrification, and increased customer connectivity.
- These trends strengthen the focus of our three businesses: renewables, networks, and generation and retail.
- We are accelerating the creation of value in our businesses by means of five strategic pillars: geographical diversification, energy transition, efficiency, portfolio optimization and, finally, innovation.
Some of the key milestones of the Iberdrola group
- 2018.- The company signs an agreement with the University of Salamanca to hold the Ibero-American Conference on Sustainable Development Goals.
- 2018.- Iberdrola extends two syndicated multicurrency loans for 5.3 billion euros under the best terms and conditions since 2007.
- 2018.- Announcement of the Iberdrola International Master's Degree Scholarship Program for the 2018-2019 academic year.
- 2018.- Iberdrola wins the Stadium Cup at the 2016 National Sports Awards.
- 2018.- Iberdrola convenes its General Shareholders' Meeting for 13th of April.
- 2018.- Iberdrola will invest €32 billion between 2018 and 2022, building the foundations for sustainable growth in the next decade.
- 2018.- The company will install 25,000 quick charging points for electric vehicle between 2018 and 2021.
- 2018.- For the third year in a row, General Shareholders' Meeting is certificated as sustainable event.
- 2018.- Iberdrola reaffirms its support to the paralympic sport for Tokio 2020.
- 2018.- Iberdrola launches its calls for its 2019 Social Program in order to support vulnerable collectives.
- 2018.- The company starts the construction of a marine wind farm in the west coast of the United States.
- 2018.- Iberdrola has renewed its Compliance Leader Verification, awarded by the Ethisphere Institute.
- 2018.- Iberdrola receives the European Environmental Award.
- 2018.- Climate Reality Awards 2018 (Al Gore Foundation) to the company that has done the most to fight against climate change.
- 2019.- Iberdrola uses blockchain technology to guarantee that the energy it supplies to consumers is 100% renewable.
- 2019.- The company has been recognised for its commitment to gender equality with its inclusion in the 2019 Bloomberg Gender-Equality Index (GEI) for the second year in succession. It is the only Spanish electricity company to feature in this table.
- 2019.- Iberdrola has been named as one of the world's 100 most sustainable companies.
- 2019.- The group is offering 75 scholarships and research grants in five different countries.
- 2019.- Iberdrola exceeds € 3 billion net profit for the first time, with a growth of 7.5% in 2018.
- 2019.- The company accelerates its global growth with investments of € 34 billion until 2022.
- 2019.- Iberdrola becomes the only Spanish company selected among the most ethical in the world.
- 2019.- Ignacio Galán is re-elected as president of Iberdrola by a large majority of the shareholders' votes.
- 2019.- Iberdrola's first quarter net profit increased by 15% to € 964 million.
- 2019.- Iberdrola is awarded as the Spanish company with the best corporate governance practices by prestigious publication World Finance.
- 2019.- Iberdrola joins Forética, the leading business network on sustainability and corporate social responsibility in Spain and Latin America.
- 2019.- The company launches a call for its Social Programme 2020 to support vulnerable sectors of society with a budget of more than one million euros.
- 2019.- Iberdrola officially opens the Baixo Iguaçu hydroelectric power station, a facility which will supply a million Brazilians with clean energy.
- 2019.- Iberdrola launches i-DE, its new electricity retail brand in Spain, which manages 270,000 km of digitalised electric lines and operates in ten autonomous regions.
- 2019.- In Extremadura Iberdrola starts developing Europe's biggest photovoltaic plant in Europe: the Francisco Pizarro project.
- 2019.- Neoenergia, Iberdrola's affiliate in Brazil, launches the energy sector's largest initial public offering on the São Paulo stock market since 2000.
- 2019.- Iberdrola is included, for the tenth consecutive year, in the prestigious FTSE4Good Index, designed to encourage investment in the world's most sustainable companies.
- 2019.- Iberdrola is the first multinational company to obtain the global AENOR Healthy Company Certificate.
- 2019.- Iberdrola achieves net profits of 1.6 billion euros in the first semester (+16.6% more than the same period the previous year).
- 2019.- Iberdrola moves into the solar business in Portugal.
- 2019.- Iberdrola and the Sustainable Excellence Club announce the 3rd International Energy Cooperation Awards.
- 2019.- Iberdrola is listed on the Stoxx Europe 50 Index based on its good performance on the stock market (with an increase of almost 35% during the year so far).
- 2019.- The East Anglia ONE offshore wind farm starts producing clean electricity.
- 2019.- Iberdrola is listed on the Dow Jones Sustainability Index for the 20th time, making it the only European utility to be included in all editions.
- 2019.- Iberdrola is recognised as a LEAD company in the United Nations Global Compact.
- 2019.- Iberdrola powers towards its vehicle fleet electrification goals by joining the EV100 initiative by The Climate Group.
- 2019.- The company commissions two combined cycle power plants in Mexico: Escobedo and El Carmen.
- 2019.- Iberdrola enters into two financial agreements with BEI, worth €690 billion, for renewable energy projects in Brazil and further grid digitalisation in Spain.
- 2019.- The European Commission ranks Iberdrola as Spain's most and Europe's third-most-innovative utility.
- 2019.- Moving for Climate NOW, an Iberdrola initiative, is recognised at the Climate Leaders Awards for its educational efforts on the subject of climate change.
- 2019.- Iberdrola launches at IFEMA the first ever sustainable car park at an exhibition centre in Spain.
- 2019.- Iberdrola, through i-DE, launches the first battery storage system for electricity grids in Spain.
- 2019.- Iberdrola signs a cooperation agreement with COE (Spanish Olympic Committee) to encourage equality in sport.
- 2019.- Iberdrola steps up its commitment to clean energy in Spain with over 400 new MW of photovoltaic electricity, to be commissioned in Extremadura.
- 2019.- Iberdrola becomes the first Spanish company to obtain the AENOR certificate for its Tax Compliance System.
- 2019.- Iberdrola doubles its investment in clean energy in Andalusia, with 1,100 new MW of renewable energy.
- 2019.- Iberdrola progresses toward zero emissions in Europe by 2030.
- 2019.- Iberdrola starts proceedings to develop its first 350 MW photovoltaic plants in Castilla y León: Ciudad Rodrigo and Villarino.
- 2019.- Iberdrola completes construction in one year of the largest photovoltaic plant in Europe: Núñez de Balboa.
- 2020.- At Davos, Ignacio Galán points to electrification as a key factor for the success of the EU Green Deal, which may double investment in the sector in coming decades.
- 2020.- Orange chooses Iberdrola to provide green energy for 9,000 supply points in its own network over the long term.
- 2020.- Record investments of €8.158 billion take Iberdrola's net profit to a record €3.4 billion in 2019, 13% up on 2018.
- 2020.- Iberdrola steps up its commitment to offshore wind power in France after acquiring 100% of the share capital of Ailes Marines to drive the Saint-Brieuc Project (496 MW).
- 2020.- Iberdrola guarantees electricity supplies and activates its action plan to prevent the spread of the coronavirus.
- 2020.- Iberdrola commissions Europe's largest photovoltaic power station: the Núñez de Balboa plant (500 MW) in Badajoz.
- 2020.- In March, Iberdrola makes orders from suppliers worth €2.9 billion in the throes of the coronavirus crisis.
- 2020.- The company purchases almost €4 billion of goods and services from 10,000 suppliers during the first quarter of the year, double the amount in 2019.
- 2020.- Iberdrola records ordinary net profits of €968 million to March, a rise of 5.3%, thanks to record investments of almost 10 billion during 2019.
- 2020.- Iberdrola purchases French renewables company Aalto Power, which has 118 MW onshore wind generation in operation and a portfolio of 636 MW of projects in various stages of development.
- 2020.- Iberdrola acquires two onshore wind projects (165 MW) in Scotland from 3R Energy and Mitchell Energy at a cost of almost €190 million.
- 2020.- Last year, Iberdrola paid €8.16 billion in direct taxes around the world, €217 million more than in 2018.
- 2020.- Ignacio Galán announces that Iberdrola will invest between €3-4 billion in France in the next four years to continue growing in the renewables sector.
- 2020.- Iberdrola is the first multinational listed on the Ibex 35 to gain AENOR certification for its COVID-19 action protocol.
- 2020.- Iberdrola boosts the green recovery by commissioning the first major wind complex in Spain since the COVID-19 outbreak.
- 2020.- Iberdrola has completed more than 1,450 initiatives to protect biodiversity around the world since 2018.
- 2020.- Iberdrola awards the biggest offshore wind power contract in its history, worth €350 million, to Navantia-Windar.
- 2020.- Iberdrola moves into Sweden with the signing of majority purchase option to develop eight offshore wind projects (9 GW).
- 2020.- Ignacio Galán receives the National Prize for Innovation and Design 2019 in the Track Record for Innovation category from their Majesties the King and Queen of Spain.
- 2020.- Iberdrola secures loans worth €800 million from the European Investment Bank (EIB) and the Official Credit Institute (ICO) to drive the green recovery in Spain.
- 2020.- Iberdrola is the first company in the world to obtain AENOR certification for its COVID-19 protocol.
- 2020.- Iberdrola increases investment to €3.58 billion and posts a net profit of €1.8 billion up to June, up 12.2%.
- 2020.- Iberdrola to build and operate the world's largest on-site photovoltaic self-consumption system for SABIC.
- 2020.- Iberdrola listed for the 11th consecutive year on the prestigious FTSE4Good international index.
- 2020.- Iberdrola makes Spain a world class innovation centre for smart grids to lead the energy transition with the Global Smartgrid Innovation Hub.
- 2020.- Iberdrola launches the first collaborative electric vehicle charging app for private users.
- 2020.- Iberdrola sets its sight on Australia as work starts on the world's first hybrid wind and solar farm in Port Augusta.
- 2020.- After 10 years in operation, SEO/BirdLife's Migra programme has gathered information on 1,173 birds belonging to 33 different species.
- 2020.- The Nasdaq welcomes Iberdrola as the first Spanish issuer to join the sustainable bond network.
- 2020.- Iberdrola increases investment by 23% as of September — to €6.6 billion — and its net profits by 5%, up to €2.68 billion.
- 2020.- In the United States, Iberdrola acquires PNM Resources, the New Mexico and Texas electricity company.
- 2020.- Iberdrola makes its largest ever bond issue worth €3 billion.
- 2020.- Iberdrola to operate a giant storage system with network batteries in Australia.
- 2020.- Iberdrola and Fertiberia join forces to make Spain a European leader in green hydrogen with an 800 MW target and an investment of €1.8 billion by 2027.
- 2020.- Iberdrola starts installing Spain's most powerful onshore wind farm in Castilla y León.
- 2020.- Iberdrola launches a €75 billion investment plan with a 2025 horizon to make a decisive contribution to the economic recovery.
- 2020.- Ignacio Galán receives the Management Leadership Award from the Spanish Quality Association (AEC).
- 2020.- Iberdrola collaborates with the world's leading electrolyser manufacturer, Norwegian company Nel, to make Spain a leader in green hydrogen technology and industry.
- 2020.- Iberdrola is selected as a leading company in the 1st edition of the OpenODS Index after achieving the highest total score in the three phases of implementing the Agenda 2030 for the OpenODS System.
- 2020.- Iberdrola accepts the MAPFRE Responsible Inclusion award for its commitment to disabled people.
- 2020.- Iberdrola ramps up its entrepreneurship strategy by allocating €40 million to invest in emerging innovative industrial companies for the energy transition.
- 2020.- Iberdrola steps up its commitment to Brazil with the acquisition of the Brasilia distributor for €400 million.
- 2020.- Ignacio Galán wins the award for Financial Personality of the Year from newspaper El Economista for his key role in the international growth of Iberdrola.
- 2020.- Iberdrola reinforces its offshore wind strategy by entering the Polish market.
- 2021.- For the eighth year in a row, Iberdrola has been recognised by the Ethisphere Institute as one of the world's most ethical companies.
By 2030, we'll have tripled our renewable capacity and doubled our network assets (Spanish versión).