Glossary

C

  • CNE (Spanish National Energy Commission)
    Energy system regulator, created by the Hydrocarbon Sector Act 34/1998 dated 7 October and implemented by Royal Decree 1339/1999 dated 31 July. The aim of the CNE is to watch over the effective competition in the energy systems and the objectivity and transparency of their operation, to the benefit of all the actors that operate in those systems and the consumers. For such purposes, ?energy systems' means the electricity market, as well as the liquid and gas hydrocarbon markets.
    Spanish: CNE (Comisión Nacional de Energía)
  • CO2 capture and storage
    Consists of extracting CO2 from the flow of gases produced during combustion, for transport and storage in, for example, non-operational mines or exhausted oil reserves. Represents one of the challenges for electricity generation in the long term, since it concerns a technology that is not yet mature for large-scale use.
    Spanish: Captura y almacenamiento de CO2
  • CO2 emission
    CO2 is a greenhouse gas and thus one of the causes of climate change. IBERDROLA's strategy is based on the development of renewable energies, mainly wind power, and on more efficient thermal production technology, together with combined-cycle natural gas power stations. This places it among the largest European companies with the least CO2 emissions per GWh produced.
    Spanish: Emisión de CO2
  • CO2 equivalent
    This is a way of indicating the atmospheric warming potential of a greenhouse gas compared to that of carbon dioxide, or CO2. Each greenhouse gas has a different warming potential as well as a varying continuance in the atmosphere. For instance, a unit of gas that has a CO2 ?equivalence? of 21 means that it has a warming effect equal to the emission of 21 units of carbon dioxide (over a 100-year period).
    Spanish: CO2 equivalente
  • Call to the General Shareholders' Meeting
    See ?Announcement of the call to meeting?.
    Spanish: Convocatoria de la Junta General de Accionistas
  • Capacitor banks
    Equipment that makes up for the extra non-useful energy demand (reactive energy), facilitating stability and quality of supply while optimising the performance of the installation. They form part of IBERDROLA's offer of energy efficiency solutions.
    Spanish: Baterías de condensadores
  • Carbon
    Carbon is the fourth most common chemical element in the universe, and carbon compounds -i.e. carbon combined chemically with other elements- are the basis of all forms of life on Earth. Pure carbon appears in many and diverse natural forms, from diamonds to carbon graphite, but it is far more common to find it in such substances as coal, oil, natural gas, wood and peat used for fuel. When we burn these substances to get energy, whether directly in our homes in the form of heat or industrially such as in power plants to produce electricity, the combustion process produces carbon 'oxides' and releases CO2 into the atmosphere (1 carbon atom bonds to 2 oxygen atoms). By extracting such resources for combustion purposes, huge quantities of carbon are released into the atmosphere in the form of gases, which alter the natural carbon cycle and are the cause of our current climate change.
    Spanish: Carbono
  • Carbon Disclosure Project
    Prestigious study in which 385 (NOW 655 ACCORDING TO THE UPDATED CDP WEBSITE) international investors, who manage assets valued at 57 trillion dollars, evaluate 10 key aspects of the initiatives adopted by companies to bring a halt to climate change. IBERDROLA is also present in the Carbon Disclosure Leadership Index and Carbon Performance Index.
    Spanish: Carbon Disclosure Project
  • Carbon Fund for a Sustainable Economy (FES-CO2)
    Climate finance instrument created through Law 2/2011 of 4 March on Sustainable Economy, the goal of which is to refocus economic activity towards low-carbon models, while at the same time contributing to meeting the international goals assumed by Spain to reduce emissions of greenhouse gases.
    Spanish: Fondo de Carbono para una Economía Sostenible (FES-CO2)
  • Carbon dioxide (CO2)
    Gas that is produced both naturally and as a sub-product of the combustion of fossil fuels (coal, natural gas and oil) and biomass, changes in the use of land, and other industrial processes. It is the main greenhouse gas produced by human activity, and therefore the one that most affects the planet's radiation balance.
    Spanish: Dióxido de carbono (CO2)
  • Carbon leakage
    We talk about ?carbon leakage? when a strict climate policy in one country means that its production and associated emissions move to other countries. If the destination country has less efficient technology, total emissions may rise.
    Spanish: Fuga de carbono o ?carbon leakage?
  • Carbon sinks
    The term "sink", according to the United Nations Framework Convention on Climate Change (UNFCCC), is defined as any process, activity or mechanism which removes a greenhouse gas, an aerosol or a precursor of a greenhouse gas from the atmosphere (UN 1992). Major natural carbon sinks include the sea and, in certain years, terrestrial vegetation.
    Spanish: Sumideros de carbono
  • Caring for Climate
    Platform of business leaders, governments and some 190 companies from all over the world, inspired by the United Nations Global Compact to come up with solutions to tackle climate change. IBERDROLA joined the initiative in September 2008 and has committed itself to increasing the efficiency of energy use and reducing CO2 emissions from its activities. IBERDROLA is to adopt and promote among its stakeholders - employees, customers, investors, suppliers, etc. - measures designed to reduce climate risks and drive forward sustainable development.
    Spanish: Caring for Climate
  • Cessation in office, removal and resignation of directors
    Termination of the relationship between a director and the company, which occurs upon the expiration of the term of office to which the director was appointed or when so decided by the shareholders in exercise of their powers at a general shareholders' meeting.
    Spanish: Cese, separación y dimisión de los consejeros
  • Chairman of the Board of Directors
    The chairman of the Board of Directors is in charge of the senior management and representation of the Company and leads the Board of Directors. He must be appointed from among the directors after a report from Appointments and Remuneration Committee and has the status of chairman of the Company and of all of the decision-making bodies of which he is a member, which he shall permanently represent with the broadest powers.
    Spanish: Presidente del Consejo de Administración
  • Chairman of the General Shareholders' Meeting
    The chairman of the Board of Directors or, in the absence thereof, the vice-chair of the Board of Directors, shall act as chairman of the General Shareholders' Meeting; if there are several vice-chairs of the Board of Directors, they shall act in the order set forth in the By-Laws, and in the absence of the foregoing, the person designated by the Presiding Committee shall serve as chairman.
    Spanish: Presidente de la Junta General de Accionistas
  • Chief executive officer (Consejero delegado)
    Member of the Board of Directors to whom the powers of the collective body are individually delegated and who has the power to represent Iberdrola, S.A.
    Spanish: Consejero delegado
  • Chlorofluorocarbons (CFCs)
    Substance derived from saturated hydrocarbons obtained through the substitution of hydrogen atoms by fluorine and or chlorine atoms. For a long time, they were used as coolants and propellants, but destroyed the ozone layer if released to atmosphere. Their use is to be restricted in most countries from 2010.
    Spanish: Clorofluorocarburo (CFC)
  • Circular economy
    Strategy aimed at generating a system for using resources that prioritises the reduction, reuse and recycling of elements.
    Spanish: Economía circular
  • Clean technologies and products
    This term is generally applied to goods, services and processes that cause minimal harm to the environment. In the case of climate change, a ?clean? technology or product is one that has a low ?carbon? (or equivalent) content.
    Spanish: Tecnologías y productos ?limpios?
  • Climate
    Atmospheric pattern that manifests cyclically over a long period of time in a particular region or area of the planet. The atmospheric patterns are: tropical, subtropical, marine and Mediterranean.
    Spanish: Clima
  • Climate Leadership Index
    Selective index that recognises the strategy of companies for fighting climate change. There are two indices: Disclosure, which assesses the transparency in a company's climate change information, and Performance, which assesses a company's performance in this area. IBERDROLA is listed on both indices.
    Spanish: Climate Leadership Index
  • Climate change
    Modifications in the climate, with respect to the past, on a global or regional scale. The energy sector is counted upon to play a fundamental role in the fight against climate change, since the technologies that fossil fuels use are to a large degree responsible for greenhouse gas emissions, one of the main causes of climate change. These emissions can be reduced by cutting down on energy consumption and improving efficiency in the generation, transport and final use of energy. Additionally, the use of renewable energies, and the substitution of fuels by others with less carbon dioxide content, are important vectors of action.
    Spanish: Cambio climático
  • Co-ownership of Rights in Shares
    See ?Co-ownership of shares?.
    Spanish: Cotitularidad de derechos sobre la acción
  • Co-ownership of Shares
    A situation in which one or more shares of IBERDROLA, S.A. are held by several owners. The co-owners of one or more shares of IBERDROLA, S.A. must designate a single person for the exercise of shareholder rights, and shall be jointly and severally liable to the Company for all obligations arising from such shareholder status. The same rule applies to other instances of co-ownership of rights in equity interests or shares.
    Spanish: Copropiedad sobre la acción
  • Code for the Separation of Activities of the Companies of the Iberdrola Group Carrying Out Regulated Activities in Spain
    Code of conduct containing measures aimed at ensuring compliance with the independence standards and the specific obligations of the employees of companies carrying out activities deemed to be regulated activities. See "Regulated activities".
    Spanish: Código de separación de actividades de las sociedades del Grupo Iberdrola con actividades reguladas en España
  • Code of Ethics
    A code that further develops the ethical principles set out in the Purpose and Values of the Iberdrola group, good governance recommendations and social responsibility principles, and is intended to serve as a guide for the conduct of the directors, professionals and suppliers of the Company and its group of companies.
    Spanish: Código ético
  • Cogeneration
    A process whereby electricity and useful thermal energy, such as steam, domestic hot water and cold air, are obtained simultaneously. The advantages of cogeneration are greater energy efficiency, fuel savings and a reduction in CO2 emissions.
    Spanish: Cogeneración
  • Cogeneration plant
    Electric power generation plant that simultaneously uses a portion of the heat produced as a source of thermal energy, which significantly increases the performance of the process compared to the performance that can be achieved by conventional electric power generation.
    Spanish: Central de cogeneración
  • Combined cycle
    Energy generation infrastructure which uses natural gas as a fuel. Incorporates one or several units formed by a gas turbine and a steam cycle (boiler and turbine) which utilizes energy from the exhaust gases. The efficiency of a combined-cycle power station is much higher than a coal-fired power station: 55%, compared to 35% for the latter. This greater efficiency translates into a lower consumption of fuel per GWh, lower consumption by auxiliaries in thermal production, less emissions per GWh, a lower consumption of water and a lower volume of waste (ash).
    Spanish: Ciclo combinado
  • Combined cycle plant
    Combined cycle electric power generation plant, with gas turbine (Brayton cycle) and steam turbine (Rankine cycle) driving electrical generators, which is fed by natural gas. The efficiency of a natural gas combined cycle plant (55%) is much higher than that of a coal-fired power plant (35%). This higher efficiency translates into lower fuel consumption per GWh, lower consumption of auxiliary materials from thermal production, lower emissions per GWh, lower water consumption and lower volume of waste (ash).
    Spanish: Central de ciclo combinado
  • Companies Act
    Restatement approved by Royal Legislative Decree 1/2010 of 2 July on the Rules Governing Partnerships Limited by Shares, Joint-Stock Companies and Limited Liability Companies. See "Company".
    Spanish: Ley de Sociedades de Capital
  • Company (Sociedad Anónima)
    A company in which capital is divided into shares of stock and made up of the contributions of all the shareholders, who are not personally liable for the corporate debts.
    Spanish: Sociedad anónima
  • Company books
    Books legalised at the Commercial Registry in which the minutes of the meetings held and the decisions and resolutions adopted by the corporate decision-making bodies are recorded.
    Spanish: Libros sociales
  • Compliance Unit
    A collective internal and permanent body linked to the Company's Corporate Social Responsibility Committee of the Company's Board of Directors, with powers and duties in the area of regulatory compliance and the Company's Corporate Governance System, in particular, regarding crime prevention matters. See "Code of Ethics" and "Crime Prevention Policy".
    Spanish: Unidad de Cumplimiento
  • Conflict of interest
    Situation in which the interests of an individual or legal entity directly or indirectly collide with the interest of the Company or of the companies within the Group.
    Spanish: Conflicto de interés
  • Contribution to global warming
    This concept refers to the real and ultimate contribution of each gas. To that end, it is essential to know the warming potential of each greenhouse gas (i.e. its capacity to absorb heat over a specific period of time) and the amount of each gas released into the atmosphere. In order to compare the warming potential of each gas, carbon dioxide is used as a benchmark, which is why we talk about CO2 equivalent.
    Spanish: Contribución al calentamiento global
  • Convertible debenture
    Fixed-income negotiable security representing a debt for the issuer thereof, which bears interest in favour of the investor and entitles the holder to exchange it for newly-issued shares at the price specified in the terms of the issuance.
    Spanish: Obligación convertible
  • Corporate Decision-Making Bodies
    The shareholders acting at a General Shareholders' Meeting, the Board of Directors, the Executive Committee, and the chairman & chief executive officer of IBERDROLA, S.A.
    Spanish: Órganos sociales
  • Corporate Governance System
    Set of corporate rules and regulations of Iberdrola, S.A., consisting of the By-Laws, the Corporate Policies, the internal corporate governance regulations, and the other internal codes and procedures approved by the appropriate bodies of the Company
    Spanish: Sistema de gobierno corporativo
  • Corporate Governance and Regulatory Compliance Policies
    Set of rules that must be mandatorily complied with by IBERDROLA, S.A., setting forth its principles and values in the area of Corporate Governance.
    Spanish: Políticas de gobierno corporativo y cumplimiento normativo
  • Corporate Interest
    The common interest of all the shareholders of an independent corporation, oriented towards the exploitation of its object, in accordance with the provisions of applicable law and of the Corporate Governance System.
    Spanish: Interés social
  • Corporate Name
    Name used to identify a company as a holder of rights and obligations in all legal relationships in which it engages.
    Spanish: Denominación social
  • Corporate Policies
    Set of rules further developing the principles established in the Company's Corporate Governance System and containing the guidelines governing the activities of the Company and of the companies within its Group, as well as those carried out by its directors, officers, and employees, within the framework of the strategic plan and the vision statement and values of the Company. They consist of the following policies: Corporate Governance and Regulatory Compliance Policies, Risk Policies, and Social Responsibility Policies.
    Spanish: Políticas corporativas
  • Corporate Purpose
    The activities contemplated in article 2 of the By-Laws of IBERDROLA, S.A., which are carried out by the Company pursuant to the provisions of law and the Corporate Governance System.
    Spanish: Objeto social
  • Corporate Resolution
    Decision validly adopted by any of the corporate decision-making bodies that binds the company vis-à-vis third parties.
    Spanish: Acuerdo social
  • Corporate Social Responsibility
    Set of activities aimed at contributing to sustainable development through the adoption of principles and practices calculated to maintain a responsible corporate ethics that addresses the needs and expectations of the stakeholders of IBERDROLA, S.A.
    Spanish: Responsabilidad social corporativa
  • Corporate Social Responsibility Committee
    Internal informational and consultative body created by the Board of Directors, without executive duties, with information, advisory, and proposal-making powers in the area of corporate social responsibility and sustainability, corporate reputation, corporate governance, and regulatory compliance.
    Spanish: Comisión de Responsabilidad Social Corporativa
  • Corporate Transformation
    Resolution adopted by the shareholders at the General Shareholders' Meeting in order to change the original form of corporate organisation to another among those allowed by law.
    Spanish: Transformación social
  • Corporate Website
    www.iberdrola.com.
    Spanish: Página web corporativa
  • Corporate environmental footprint
    AENOR index based on the ISO/TS 14072 international technical specification accrediting that the organisation has identified all environmental impacts during the life cycle of its activities, with the aim of improving and reducing them. IBERDROLA was the first organisation to obtain the Corporate Environmental Footprint certificate from AENOR.
    Spanish: Huella ambiental corporativa
  • Corporate governance
    Defined in the Cadbury Report as the system by which companies are directed and controlled, it is a set of rules, principles and procedures that govern the structure and operation of a company's governance bodies and the relations among the board of directors, shareholders and stakeholders.

    Spanish: Gobierno corporativo
  • Counsel to the board of directors
    Counsel appointed by the Board of Directors, who has the duty to give advice on the legality of the resolutions adopted by the board of directors and, if applicable, of the deliberations at which the counsel is present; evidence of all action taken in the counsel?s professional capacity must be recorded in the corporate documents, as provided by Law 39/1975 of 31 October on the Appointment of Counsel to the Board of Directors of Certain Commercial Companies.
    Spanish: Letrado asesor del consejo de administración
  • Counting of votes
    Counting of votes cast by the shareholders on proposals that the board of directors submits to the shareholders at a general meeting. The results of the voting must be published on the corporate website within five calendar days following the end of the general shareholders' meeting of listed companies.
    Spanish: Escrutinio de votos
  • Country subholding Companies
    Companies of the IBERDROLA Group grouping together equity stakes in each of the business subholding companies that carry out their activities in the various countries in which the Group operates and centralising the provision of services common to such companies.
    Spanish: Sociedades subholding
  • Crime Prevention and Anti-Fraud Policy
    Set of rules embodying the crime prevention programme (as a set of measures designed to prevent, detect, and react to possible crimes), which also covers the prevention and control of fraud, administrative violations, and serious irregularities, all within the framework of the process of review and adjustment to the new duties imposed by the Spanish Criminal Code after the amendment thereof by Implementing Act 5/2010 of 22 June, without prejudice to the laws and regulations applicable in any other jurisdiction in which IBERDROLA, S.A. or the companies belonging to its Group carry out their activities.
    Spanish: Política para la prevención de delitos y contra el fraude
  • Cybersecurity
    Set of measures intended to protect the components of the information technology and communications systems infrastructures from external cybernetic threats.
    Spanish: Ciberseguridad
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