News
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13/12/2024 - 14:30 UTC +01:00Iberdrola congratulates British distribution network operator ENW for Utility of the Year Award Iberdrola congratulates Electricity North West (ENW) for winning the prestigious Utility of the Year award in the United Kingdom. At the Utility Week Awards, judges pointed out ENW ‘continually punched above its weight and found innovative solutions to industry challenges’. ENW also won the award for innovation in energy for its Net Zero Terrace project, which explores how terraced housing stock can benefit from low carbon technology. Taking a smart integrated systems approach to low carbon heat, the project aims to decarbonise terraced communities and reduce their energy costs through an integrated, optimised community virtual power plant. In October 2024, Iberdrola acquired 88% of Electricity North West (ENW) in the UK. The deal values 100% of the company, including debt, at approximately €5 billion. The transaction is subject to review by the UK Competition and Markets Authority (CMA) and Iberdrola and ENW are operating independently as separate, non-integrated businesses until receipt of the CMA's approval, according to the applicable regulations to this type of transactions. As announced at that time, this acquisition is part of Iberdrola's strategy to strengthen its network business in countries with strong ratings, such as the UK's AA credit rating. Following CMA approval of this acquisition, the UK will become the company's primary market in terms of network asset base value (€14 billion), followed by the US (€13.3 billion), as at the end of the first half of 2024. ENW distributes electricity to almost five million people in the North West of England, in locations such as Manchester and the Lake District and has approximately 60,000 km of electricity distribution networks. Geographically, ENW is located in a prime area for Iberdrola, between the two existing ScottishPower networks license areas, in central and southern Scotland and Merseyside and North Wales. The acquisition accelerates Iberdrola's commitment to grow its electricity networks business, with the company to become the second largest electricity network operator in the UK following CMA approval. Iberdrola would then distribute electricity to around 12 million people in the UK, across a network spanning more than 170,000 kilometers. In addition, Iberdrola will employ more than 8,500 people in the country. Iberdrola and a consortium of investors from Japan, led by Kansai, which will retain 12% of ENW's capital, have signed a shareholders' agreement to collaborate on a long-term basis. READ MORE
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12/12/2024 - 21:18 UTC +01:00Iberdrola gives entry to Kansai into the German offshore wind project Windanker valued at 1.28 billion euros Iberdrola has given entry to the Japanese electric company Kansai into its Windanker offshore wind project, which is already under construction. The Japanese electric company will co-invest in the asset, reaching a 49% stake, while Iberdrola will retain control with the remaining 51%. The Windanker offshore wind farm, located in the German Baltic Sea, will have an installed capacity of 315 MW and will be operational in the last quarter of 2026. The operation values 100% of the offshore wind farm at 1.28 billion euros, which implies a multiple of 4.1 million euros per MW and 13.5 times EBITDA. Iberdrola will control and manage the assets, providing construction, operation, maintenance, and other corporate services. The agreement strengthens the relationship between the two companies, following Iberdrola's acquisition of Electricity North West (ENW) , where Kansai holds a 12% stake, and allows Iberdrola to advance its alliance and asset rotation plan, accelerating its growth in high-credit-quality countries while consolidating its financial strength. The Windanker wind farm will feature 21 wind turbines with a unit power of 15 MW and has already sold 100% of its production through long-term contracts. "This operation will allow us to accelerate our growth in offshore wind with a strategic partner like Kansai. The Windanker wind farm, whose energy is already sold to industrial customers on a long-term basis, demonstrates the potential of renewables to promote the industrialization of Europe with indigenous, clean, and competitive energy," said Iberdrola's president, Ignacio Galán. Leader in Offshore Wind Iberdrola currently has 2,400 MW of installed offshore wind capacity and expects to reach 4,800 MW by the end of 2026. The company already has four offshore wind farms in operation: Saint Brieuc (off the coast of Brittany, France), West of Duddon Sands (located in the Irish Sea, off the coast of the UK); Wikinger (in the German Baltic Sea), and East Anglia One (one of the largest offshore wind farms in the world, off the British coast of the North Sea). Additionally, the company has four other wind farms under construction that will come into operation in 2025 and 2026: Baltic Eagle, in Germany, whose turbines are already fully installed; Vineyard Wind One, the first large-scale project in the United States; East Anglia Three, in the UK; and the Windanker wind farm (Germany), the subject of the agreement with Kansai. The investment in these operational and under-construction wind farms already amounts to 15 billion euros. Additionally, last summer Iberdrola was awarded the East Anglia Two (UK) and the New England Wind 1 (Massachusetts, USA) offshore wind projects The company also has secured seabed rights for future wind farms in the UK, Continental Europe, the United States, Australia, and Japan. Alliances for Growth Iberdrola has recently closed several long-term alliances to accelerate its growth and drive the decarbonization of the economy while maintaining its financial strength, including: * In October, Iberdrola closed the purchase of the UK distribution network operator ENW to continue expanding in the network business, with Kansai as a partner. * In January 2023, it signed an alliance with Norges Bank to co-invest in renewables , which, after its expansion, will reach 2,500 MW. * In December 2023, Iberdrola closed an agreement with Masdar to co-invest up to 15 billion in offshore wind and green hydrogen in Germany, the UK, and the USA, with the first milestone being the agreement announced in July for the Baltic Eagle offshore wind farm in Germany. * In September 2023, the company closed an alliance with GIC for the expansion of transmission networks in Brazil for 430 million euros. * In February, the company sold more than 8,400 MW of combined cycle gas plants in Mexico for 6.2 billion dollars. * In March 2023, Iberdrola and BP launched a joint venture to deploy 11,700 fast-charging points in Spain and Portugal and established a 50% joint venture to develop a 25 MW green hydrogen project, the largest plant in Spain. * Iberdrola and MAPFRE have continued to advance their strategic alliance by incorporating 150 new MW through a joint venture, which already has 450 MW. * Additionally, Iberdrola signed an alliance with Energy Infrastructure Partners to co-invest in the Wikinger offshore wind farm and enhance its offshore wind portfolio. READ MORE
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11/12/2024 - 16:18 UTC +01:00Iberdrola awards EnergyLoop the blade recycling contract for its first repowering in Spain Iberdrola has awarded EnergyLoop the contract for recycling blades and managing part waste for the Isabela and Molar de Molinar wind farms, the first Iberdrola wind farms to be repowered in Spain. A total of 139 wind turbines will be dismantled, with 417 blades weighing more than 800 tonnes. EnergyLoop was created in 2022 as a partnership between Iberdrola Ventures Perseo - through its Venture Builder programme for launching new innovative and sustainable businesses - and FCC Ámbito - a subsidiary of FCC Servicios Medio Ambiente specialising in integrated waste management – to lead wind turbine blade recycling on an industrial scale in Spain and Portugal in a pioneering facility. EnergyLoop's blade recycling plant located in Navarra is expected to start operating in early 2025. In the meantime, it already has all the necessary facilities and permits to receive and collect the blades. One of the most important factors during the dismantling process is managing the waste from the replaced wind turbines, especially the blades. The Iberdrola Group has already set a target of recycling 50% of the blades of dismantled wind turbines and solar panels by 2025 and 100% by 2030, as part of its commitment to the efficient use of resources and as part of its Circular Economy Plan. This involves a cultural change in the way we understand the production and consumption system to address the lack of resources, environmental impact, value creation and jobs. You can read the full story at Iberdrola España's Communication Room . READ MORE
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09/12/2024 - 14:39 UTC +01:00Iberdrola gets green light to install Portugal's largest wind farm Iberdrola has obtained the production licence from the Portuguese Directorate General for Energy and Geology, which is another step towards the construction of the largest wind farm in Portugal. This project, located in the districts of Vila Real and Braga, in northern Portugal, and with a total investment of close to €350 M, confirms Iberdrola's commitment to its environmental objectives, and is the first of its kind to combine wind power with hydroelectric power. This involves sharing the connection point and the electricity evacuation line, which will include an extension of the substation, already foreseen in the project’s initial design. With an installed capacity of 274 MW and a production capacity of 601 GWh per year, equivalent to the use of 128,000 households, this infrastructure will be integrated into the Tâmega Power Plant System. The project, which will benefit from the existing connection point in Ribeira de Pena, will sign a PPA or power purchase agreement. This project, consisting of the Tâmega Norte and Tâmega Sul wind farms, is part of an agreement signed with the Norwegian sovereign wealth fund, managed by Norges Bank Investment Management . The incorporation of wind energy in the Tâmega Complex will increase the contribution of clean, competitive and low-cost energy to the Portuguese electricity system, guaranteeing the maximum supply of green energy originally authorised for each project for as long as possible. The reduction in CO2 emissions comes not only from 100% green energy production, but also from the construction of the project, which, by being integrated into the Támega Complex, significantly reduces the environmental impact by making use of existing infrastructure, roads and facilities. In addition, at peak times, some 700 jobs will be created in areas such as civil engineering, wind turbine assembly, substations and transmission lines. The project will strengthen the country's energy independence, which will make an important contribution to achieving the objectives of the National Energy and Climate Plan. Alejandra Reyna, director of Iberdrola Renovables Portugal, says, "We’ve taken an important step towards the construction of the largest wind farm, and the first hybrid project combining wind and hydro power, in Portugal. This project is a further demonstration of Iberdrola's commitment to promoting the energy transition in Portugal, where it has already invested more than €2 B in renewable energy over the past 20 years. This commitment to electrification, through renewable energy and a focus on innovation, shows our commitment to building a sustainable, reliable and affordable future". Advanced technology and impact on the local economy The wind project has been awarded to Vestas and will consist of the installation of 38 of the latest wind turbines, the Vestas Enventus V172, with a unit capacity of 7.2 MW and a height of 114 metres. Alternating between hydropower and wind technologies will significantly reduce dependence on intermittent environmental conditions and the constraints of scarce resources such as wind. This will increase stability in renewable energy production and optimise infrastructure. As with all renewable energy projects in Portugal, the focus on local suppliers will be key: companies such as CJR and Conduril-Socorpena will be involved in developing the basic structure, while Painhas and Proef will be involved in building the substation and lines, which will start roll-out in early 2025. Innovative environmental measures Preserving the ecosystem is an essential element when building this type of project. Iberdrola will implement systems for constant oversight of environmental factors during construction to monitor birds, flora, habitats and archaeology, to mitigate potential impacts, identify new solutions to minimise them and gain a deeper understanding of local biodiversity. Tâmega Power Plant System The Tâmega Power Plant is one of the biggest hydroelectric projects carried out in Europe in the last 25 years. With a total investment of more than €1.5 B, it consists of three power plants: the Alto Tâmega Hydroelectric Power Plant, with an installed capacity of 160 MW, the Gouvães Pumped Storage Power Plant (880 MW) and the Daivões Power Plant (118 MW). The latter two have been in operation since 2022. The three plants have an installed capacity of 1,158 MW, which increases the total installed electrical power in the country by 6%. The complex is capable of producing 1,766 GWh a year, enough to meet the energy needs of neighbouring municipalities and the cities of Braga and Guimarães (440,000 households). In addition, this renewable infrastructure has a storage capacity of 40 million kWh, equivalent to the energy consumed by 11 million people 24 hours a day in their homes. The Támega Complex will eliminate the emission of 1.2 million tonnes of CO2 per year, which is equivalent to removing approximately 260,000 fossil fuel combustion vehicles from the roads each year. This will enable diversifying production sources, preventing the import of more than 160 thousand tonnes of oil a year. The positive impact on the region will boost economic activity and jobs with the creation of up to 3,500 direct jobs and 10,000 indirect jobs during construction, 20% of which will come from neighbouring municipalities thanks to the more than 100 suppliers, 75 of which are Portuguese. READ MORE
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09/12/2024 - 12:20 UTC +01:00Iberdrola, best corporate website in Spain according to the consultancy firm Comprend Iberdrola , Europe's largest electricity company by stock market value and one of the three largest in the world, has the best corporate website in Spain according to the international consultancy Comprend, which evaluates the digital corporate communication of the 700 largest European companies by market capitalisation in its annual Webranking study. The electricity company chaired by Ignacio Galán tops out the ranking of companies in Spain. It took first place with 79.2 points out of 100 in a list made up of 20 large companies in Spain. Iberdrola has also climbed 12 places in the European ranking, reaching 15th out of the 500 companies analysed. The report mentions especially the Executive Chairman's Area , the section dedicated to Ignacio Galán within the website, with a detailed profile of the Executive Chairman and news, photos and videos, among other resources. This section of the website provides all the company's stakeholders with information about the company's leadership, and within Webranking 2024–2025 is held to be one of the best practices in terms of corporate website transparency and credibility. Among the main strengths of Iberdrola's website, Comprend highlights the treatment and transparency of the information in its Sustainability section, with 85% compliance with the established criteria. The consultancy firm also mentions the growth over the last year of its Work with us area focused on job offers and the creation of a benchmarks space on employee experience, with a score of 83%, and the quality of the Get to know us section, whose information on the company scores 81% in compliance. Comprend also positively assesses the performance of the company's home page, the sections on Corporate Governance , Communication Room , Shareholders and Investors , the publication of Annual Reports and other features, where Iberdrola exceeds 70% of the requirements that assess the quality of its website. A key indicator of transparency Through its Webranking, Comprend benchmarks the corporate websites of 700 companies in Europe selected by market capitalisation in the Stoxx All Europe 800 index. This study is a KPI of transparency and is the only ranking based on the expectations of the main stakeholders in areas such as financial reporting, corporate governance, investor relations, sustainability and employer branding. Every year since 1997, the consultancy firm has asked analysts, investors, journalists, job seekers and others about what they expect from a corporate website, and their responses are used to formulate the evaluation criteria for the ranking. The Webranking report includes a total of 100 analysis criteria and more than 400 measurement points. READ MORE
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05/12/2024Jaime Alfonsín, new Chairman of Iberdrola's Foundations Committee At its meeting held today, Iberdrola's Foundations Committee appointed Jaime Alfonsín as its new chairman. Alfonsín will thus chair the body that coordinates the activities of the Group's various foundations in the countries in which it is present (mainly Spain, the United Kingdom, the United States, Brazil and Mexico). State Lawyer and after almost 3 decades in the service of HM King Felipe VI - occupying the post of Head of the King's Household from 2014 to 2024 - Jaime Alfonsín will now lead a leading institution in the field of the third sector in Spain and internationally. In the coming weeks, Alfonsín will also take over the other duties that Fernando García Sánchez had been performing to date, as he brings to an end his professional career of more than 6 years at the Group. Under the chairmanship of García Sánchez, and thanks to his excellent work, Iberdrola's Foundations Committee and Fundación Iberdrola España have consolidated their activities in the areas of training and research, biodiversity and climate change, art and culture, and social action in all of the territories in which they are present. Jaime Alfonsín's profile Jaime Alfonsín Alfonso holds a degree in Law from the Universidad Autónoma de Madrid (where he obtained the first extraordinary prize of his promotion) and is a State Lawyer. He has also taught European Union Law at ICADE and Tax Law at the Universidad Autónoma de Madrid. In 1995 he joined His Majesty the King's Household as Head of the Secretariat of His Royal Highness the Prince of Asturias and in 2014 he was appointed Head of His Majesty the King's Household, a post he held until last January. Iberdrola: commitment to society in fulfilment of its social dividend Since its creation almost 124 years ago, Iberdrola has always been linked to the energy, socioeconomic, and cultural development of the communities in which it has a presence. The company pioneered this commitment in its Governance System through the concept of "social dividend". Since then, Iberdrola has been systematically reporting on the specific initiatives in which this concept is substantiated. The role of the company's various Foundations -and of the Foundations Committee- is fundamental to the fulfilment of this social dividend. Through them, the Iberdrola Group promotes a wide range of activities to improve the quality of life of people in the areas of training and research -for example, through scholarship and grant programmes for young people-; biodiversity and defence of the environment, art and culture; and social action -through social and labour inclusion initiatives, especially with children and young people. READ MORE
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05/12/2024 - 11:25 UTC +01:00Iberdrola receives the award for the "Best Corporate Governance Report" On December 4, within the framework of the 1st Congress on Good Corporate Governance, organized by the Institute of Corporate Governance and held at the College of Civil Engineers of Madrid, the Good Corporate Governance 2024 Awards were presented, among which Iberdrola received the “Award for the Best Corporate Governance Report”, which was collected by the Director of Corporate and Governance of the General Secretariat and the Board, Félix Sobrino. These awards recognize those individuals and organizations that promote excellence in corporate governance and highlight the work of those who lead with transparency, promoting responsibility and good practices in the corporate sphere. The Corporate Governance Institute, based in Valencia, has the ultimate goal of promoting a renewed corporate culture that is committed to corporate governance with criteria of excellence in a holistic manner. View Iberdrola's annual reports. READ MORE
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03/12/2024 - 18:23 UTC +01:00Galán meets President Lula in Brasilia and reaffirms commitment to Brazil During a meeting this morning in Brasilia with the country's president, Luiz Inácio Lula da Silva, Galán confirmed his commitment to Brazil's energy transition. The meeting was also attended by the Ministers of Mines and Energy, Alexandre Silveira, and of the Executive Office of the President of Brazil, Rui Costa, as well as the CEO of Neoenergia, Eduardo Capelastegui. Neoenergia , Iberdrola's subsidiary in the country, plans to invest more than €7 B – 45 B reais – between 2024 and 2028 in Brazil thanks to the regulatory framework for electricity grids . In fact, the distribution concessions will be renewed in the first half of next year, reaffirming the stability and predictability of the Brazilian electricity sector. The renewal will be for a 30-year term at no additional cost, according to what was published. Galán also conveyed to Lula his commitment to COP30, to be held in Brazil in 2025. Firm commitment to the country Iberdrola, through Neoenergia, is the leading distributor in Brazil, supplying electricity to more than 40 M Brazilians. The electricity company has almost 730,000 kilometres of power lines in Brazil, and is present in 18 states and in the federal district. Iberdrola's Brazilian subsidiary has five electricity distributors: Neoenergia Coelba (BA), Neoenergia Pernambuco (PE), Neoenergia Cosern (RN), Neoenergia Elektro (SP/MS) and Neoenergia Brasília (DF). Iberdrola also has around 4,500 MW of installed capacity in Brazil, 3,900 MW of which is renewable. Its regulated network asset base in the country stood at €10.3 B at the end of the third quarter, representing 27% of the total, behind only the United Kingdom and the United States (€13.7 B). The Iberdrola subsidiary has total assets of more than €16 B, has a total of almost 16,000 employees and has taken on more than 7,000 new employees in the last four years. Through the Neoenergia Institute, the electricity company promotes sustainable development based on social and environmental actions and contributes to improving the quality of life of the communities where the company operates, especially the most vulnerable population, always aiming at sustainable development. READ MORE
