Press releases
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14/03/2023We convene our General Meeting of Shareholders for next Friday 28 April The Board of Directors of Iberdrola has agreed, at its meeting today, to convene the 2023 General Shareholders' Meeting of the company for 28 April . Iberdrola has been committed for years to strengthening dialogue with its hundreds of thousands of shareholders and to achieving their maximum involvement in the most significant decisions of the company. For this reason, for the second consecutive year, the Board of Directors has proposed an engagement dividend, making it the only Ibex 35 company that rewards its shareholders for participating in the company's most important event. If this new incentive is approved by the General Shareholders' Meeting on 28 April and a certain quorum is reached, Iberdrola will pay an additional amount to all its shareholders entitled to participate in the Meeting. Both the percentage of the quorum and the amount of this participation dividend will be published in the next few days, together with the announcement of the call to meeting. The agenda for the upcoming General Meeting includes 22 proposed resolutions, including amendments to the By-Laws, with the objectives of strengthening the corporate structure of the Group for more efficient risk management and giving full statutory recognition to the Compliance System of the Company and of each of the companies of the Iberdrola group. In addition, it is proposed to approve the annual accounts, the management report, the statement of non-financial information, the application of the 2022 result and two new editions of the optional dividend system " Iberdrola Retribución Flexible", as well as the re-election of several external directors and the executive directors, among others. It is proposed to the General Shareholders' Meeting to re-elect Ms María Helena Antolín Raybaud as external director, Mr Manuel Moreu Munaiz, Ms Sara de la Rica Goiricelaya and Mr Xabier Sagredo Ormaza as independent directors and Mr Armando Martínez Martínez and Mr Ignacio Sanchez Galán as executive directors. It is also proposed to maintain the number of members at 14. In this way, the company consolidates the high level of independence of the members of its Board of Directors, as well as its diversity, at all levels. The wide range of age, experience and origin of the directors, with six nationalities present on the governing body, reflects the company's firm commitment to diversity. Iberdrola also has a balanced presence of women and men on the Board of Directors: external directors are distributed 50-50 between both genders, and no gender has a representation of less than 42.86% of all directors. In fact, this company has been ahead of the requirements in force, complying uninterruptedly, since 2021, with the target of 40% of female directors set for the end of 2022 in the Good Governance Code for Listed Companies, and with the minimum presence of each gender in 40% of the non-executive members or 33.33% of the total members set for 30 June 2026 in Directive (EU) 2022/2381 of the European Parliament and of the Council, of 23 November 2022. New share buy-back programme The Board of Directors has also agreed, at its meeting today, to carry out a new share buyback programme with the aim of reducing the share capital, subject to the agreement of the General Meeting of Shareholders. The aim is to meet the group's commitment to keep the number of outstanding shares, on which earnings per share are calculated, stable at around 6.24 billion. To this end, Iberdrola will redeem a maximum of 206,364,000 of its own shares, representing 3.201% of the company's current share capital, including those acquired through the buyback programme. The General Meeting of Shareholders, a sustainable event Iberdrola continues to be committed to its leadership in the sustainability of all its processes, including corporate events, as provided for in its Sustainable Management Policy. Its General Shareholders' Meeting would be certified as a sustainable event for the eighth consecutive year. This recognition is granted by AENOR, based on compliance with the requirements of the ISO 20121 standard for sustainable event management, and by the Basque Government's public company IHOBE, through its "Erronka Garbia" seal . These certifications certify that all of the Board's processes - from planning to after the event - follow sustainable criteria in order to ensure accessibility, minimise environmental impact, help the local community and vulnerable groups and raise awareness of sustainability. Iberdrola was the first Ibex 35 company to obtain this certification in 2016 and to renew it in 2019. In 2020, the company was a pioneer in certifying the sustainable management of both the Board and the results presentations and Capital Markets Day. READ MORE
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13/03/2023We are the only Spanish company among the most ethical companies in the world Iberdrola has been selected for the tenth consecutive year as one of the most ethical companies in the world, according to the ranking of the World's Most Ethical Companies , prepared by the Ethisphere Institute, a leading organisation in the definition of standards of good business practices. Iberdrola continues to be the only Spanish company in this ranking and is one of the nine companies included in the Energy and Utilities category, which also includes its subsidiary in the United States, Avangrid . With the publication of this index, the Ethisphere Institute has since 2007 recognised companies that promote positive change in the global business community and take into account the impact of their activities on their employees, customers and other stakeholders, while fostering a culture of integrity and values in their decision-making. The companies included in this index stand out for their ethical practices, promote the highest international standards of compliance and demonstrate high levels of stakeholder engagement and commitment to transparency, diversity and inclusion. To compile the World's Most Ethical Companies ranking, the Ethisphere Institute analyses 200 indicators in the areas of governance, leadership and reputation, compliance, ethical culture, and social and environmental impact. In this new 2023 edition, a total of 135 companies from 19 countries and 46 productive sectors have been recognised and included in the list. This ranking is also a key tool for investors, who take ESG (environment, society and governance) criteria into account in their decisions. Committed to the highest ethical standards Iberdrola's Governance and Sustainability System is inspired by and based on a commitment to ethical principles, transparency, and leadership in the application of international best practices, and revolves around three main vectors: environmental, social, and corporate governance. In order to enforce the highest ethical standards established in its Governance and Sustainability System, the company has set up a Compliance System that seeks to ensure that it acts in accordance with ethical principles and applicable legislation and to prevent irregular conduct of any kind. As evidence of this good practice, Iberdrola has published its first Compliance System Transparency Report in 2022, and is also the first Ibex 35 company to undertake a study of these characteristics. This is a further step in the company's commitment to the implementation and ongoing improvement of a robust ethics and compliance system and reaffirms a business model that respects the rights of customers, employees, shareholders, and all of its stakeholders in general. READ MORE
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09/03/2023We start construction of Montechoro photovoltaic complex in Portugal Iberdrola continues to make progress in the development of its renewable projects in Portugal. The company has begun work on the installation of the Montechoro I and II photovoltaic complexes, with 11.57 and 25 MW respectively, in the town of Albufeira, in southern Portugal. With a total installed capacity of 37 MW, these plants will prevent the emission of 42,000 tons of CO2 into the atmosphere per year. Altogether, they will be equipped with more than 64,500 bifacial panels which, by having two light-sensitive surfaces, allow for greater production without increasing the number of panels. In this way, they will be able to generate 20,000 MWh per year of indigenous green energy to supply around 15,000 households, the equivalent of half the population of the city of Albufeira. The project, which involves an investment of more than €28 million, will generate up to 200 jobs, mostly filled by local workers. It is expected to come into operation later this year. Portugal, a key country for Iberdrola Iberdrola plans to invest €3 billion in wind and solar energy in Portugal over the next few years. Among the initiatives to be carried out in this country is the construction of the Fernando Pessoa photovoltaic plant which, with 1,200 MW of power, will be the largest photovoltaic project in Europe and the fifth largest in the world. The plant, located in the municipality of Santiago de Cacém, is expected to come into operation in 2025 and will supply clean, cheap and locally generated energy to cover the annual needs of 430,000 homes. The company plans to start construction in the coming months of the Carregado (62 MW) solar plant in Alenquer (Lisbon) and Estoi (83 MW) in the Algarve, which also includes battery storage and will come on stream in 2024. These facilities will be added to the Alcochete (46 MW), Conde (13.5 MW) and Algeruz II (27 MW) photovoltaic projects, located in the Setúbal district (Lisbon region), whose construction was completed at the end of 2022. These plants - together with Carregado and Estoi - belong to the auctions that Portugal held in 2019 and 2020, in which Iberdrola was awarded a total of eight photovoltaic projects with a total capacity of 270 MW, being the largest winner by number of lots in the 2019 auction. In addition, the group plans to build a wind farm linked to the mega pumped-storage hydroelectric plant the company has inaugurated in Alto Tâmega, northern Portugal. This facility will convert the complex into a hybrid generation plant. The Tâmega gigabattery, the largest clean energy initiative in the country's history, has three dams and three power plants (Gouvães, Daivões and Alto Tâmega) with a combined capacity of 1,158 MW and will be able to store the energy consumed by eleven million people a day in their homes. Iberdrola already operates 92 MW of wind power in the country, spread over three wind farms: Catefica, in the municipality of Torres Vedras, with 18 MW; Alto do Monção, in Mortágua and Tondela, with 32 MW; and Serra do Alvão, in Ribeira de Pena, with 42 MW. Together, these plants produce 200 GWh per year, equivalent to the electricity used by 35,000 households. READ MORE
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02/03/2023We sign a strategic alliance with bp to accelerate the deployment of electric mobility Iberdrola and bp today signed a strategic alliance to accelerate the energy transition in sustainable mobility . The companies, which announced their intention to form a joint venture in July 2022 , plan to invest €1 billion to deploy a network of 11,700 fast and ultra-fast charging points in Spain and Portugal. The signing of this strategic alliance is a step forward in the future formation of the joint venture, subject to the necessary regulatory and competition approvals and expected, once obtained, in the second half of 2023. Once approved, the joint venture will enable Iberdrola and bp to significantly expand the public fast charging infrastructure for electric vehicles that will accelerate the penetration of electric vehicles in Spain and Portugal. The Chairman of Iberdrola, Ignacio Galán, said that "this strategic alliance enables progress to be made in the electrification of transport as a key element in reducing energy dependence on fossil fuels and increasing energy efficiency. Iberdrola and bp contribute with this agreement to accelerate the deployment of electric vehicles and generate industrial development in Spain". Bernard Looney, CEO of bp, said: "Agreements like this can help people and companies to decarbonize sooner. By pooling our resources and expertise, we can deploy lower-carbon mobility solutions at scale for our customers". "We have great respect for Iberdrola, who has been one of the first companies to lead the energy transition, and I believe this agreement will bring significant benefits to both our customers and our partners," he said. This agreement calls for the installation and operation of 5,000 fast charging points by 2025, with nearly 11,700 points to be reached by 2030. To achieve this goal, bp and Iberdrola will contribute their existing and future fast charging points to this joint venture. Both companies are collaborating to develop joint solutions for public and domestic charging in the UK. The Joint Venture will maximize the capabilities of both companies to meet all the needs of electric vehicle users. Iberdrola leads the public charging infrastructure in Spain and Portugal with more than 3,500 points in operation and others under development, which rely on renewable energy to achieve the decarbonization of transport, serving more than 100,000 users. It also offers solutions for electric vehicle users: residential, business and public recharging, including solutions for urban and heavy transport (electrification of buses and trucks). Bp's goal is to rapidly expand its electric vehicle charging points worldwide, and to continue investing in fast and ultra-fast charging infrastructure. Electric vehicle drivers can already access bp's European network of more than 10,000 charging points, mainly in the United Kingdom and Germany. The joint venture will use part of bp's extensive network of service stations as electric vehicle charging hubs in Spain and Portugal. READ MORE
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23/02/2023Installation of Baltic Eagle’s offshore substation successfully completed Baltic Eagle´s offshore substation topside (OSS) has been successfully installed. The operation was executed by Heerema Marine Contractors using the Thialf installation vessel. The jacket foundation had been placed on site in October 2022. The role of the OSS is to collect the electricity generated by the wind turbines and transform the supply voltage before feeding it into the onshore power grid at the Lubmin grid interconnection point. The move involved the heaviest lifting operation for the Baltic Eagle project with a total estimated net weight of around 4,200 tonnes. Iberdrola now starts the offshore phase to make the OSS ready for energization. This will be followed by the installation of the monopiles to which the wind turbines are attached with transition pieces. The monopiles have been manufactured by the regional company EEW SPC from Rostock. Once the wind farm is connected to the grid, the electricity generated by its wind turbines will be delivered via inter-array cables to the offshore substation where it is then transformed from 66 kV to 220 kV and transmitted via two high voltage subsea cables across the 90 km distance to the landing point at Lubmin into the 50Hertz transmission grid. The 220 kV submarine cables were already laid in 2021 and 2022 and deposited on the seabed at a safe distance from the platform position. The next step will be to move the two cable ends into the transformer platform in the second quarter of this year. In May 2021, Iberdrola and 50Hertz signed an agreement to cooperate on the construction, installation and commissioning of the OSS for Baltic Eagle offshore wind farm, which is currently, being built in German waters of the Baltic Sea. Iemants-Fabricom was responsible for the manufacturing of all structural elements of the substation, the marine contractor Heerema for transportation and installation, and Siemens Gas and Power for the delivery of all main electrical equipment for Iberdrola’s low-voltage part of the OSS. Iris Stempfle, Managing Director of the Offshore Division and Deputy CEO of Iberdrola Deutschland, said: “The offshore substation is a key piece of technology for supplying sustainable energy to hundreds of thousands of households and for the decarbonisation of German industry. We are very pleased to have achieved this central milestone in close cooperation with 50Hertz as planned.” Stefan Kapferer, CEO of 50Hertz: "The Baltic Sea still has a lot of potential and 50Hertz, together with partners such as Iberdrola, will help to achieve the German and European offshore targets: I congratulate everyone involved on the successful installation of the substation Baltic Eagle. Now we are once again a big step closer to completing the Ostwind 2 grid connection project by next year." Ostwind 2 is the project to connect the Baltic Sea wind farms Arcadis Ost 1 and Baltic Eagle to the German high voltage grid. To transfer the power from the two wind farms, 50Hertz is building three submarine cable systems that will transmit a total of 750 megawatts (MW). Generating green electricity for more than half a million households The substation consists of a foundation and a topside housing the transformers as well as electrical equipment. Its four-legged steel jacket foundation weighs approximately 2,900 tonnes and is fastened with two hammered piles at each leg. The topside features a closed multi-storey module of five decks. As one of the key elements of the Baltic Eagle windfarm, the substation is tasked with collecting and exporting the entire electricity estimated to account for ca. 1.9 TWh per year. This production will be able to sustainably meet the demand of more than half a million homes and to avoid the emission of 800,000 tonnes of CO2 into the atmosphere each year. Promoting Europe’s renewable energy industry and creating jobs The Baltic Eagle offshore wind farm is located northeast of the Rügen island off the Pomeranian coast in the Baltic Sea and is planned and operated from the local Port of Mukran in Sassnitz. With its 50 wind turbines of 9.5 MW capacity each, it will have a capacity of 476 MW. The wind turbines are to be installed on monopile foundations and will cover an area of 40 km2. Following turbine installation, the wind farm is set to be commissioned in 2024. Baltic Eagle is part of Iberdrola´s so-called “Baltic Hub” in the Baltic Sea. Together with Wikinger (350 MW) and the planned Windanker (300 MW), the Hub will have an installed capacity of over 1.1 GW by 2026, underpinning the company's strategic focus in the Baltic Sea. Iberdrola and 50Hertz are committed to the German energy transition, promoting green growth and the sustainable transformation of industries across the European Union, including the reindustrialisation and modernisation of shipyard facilities. Working together, both companies contribute to creating high-quality jobs across the whole renewable energy value chain, from the local site on the island of Rügen to regional contractors in Mecklenburg-Vorpommern and European suppliers. READ MORE
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22/02/2023We announced full-year 2022 results Iberdrola continues to take firm steps in its commitment to accelerate the energy transition and reduce dependence on fossil fuels. The company made historic investments of €10.73 billion, 13% more than in the same period last year, despite inflationary pressures and supply chain challenges. 90% of the investment was in renewables and smart grids to accelerate electrification and promote energy autonomy. 38% of investment went to the European Union - close to €3 billion in Spain, the country that received the most investment, and €1.2 billion in other countries such as Germany, France and Portugal. Some 25% of the investment was made in the United States, 20% in Latin America, and 13% in the United Kingdom. The remaining 4% went to other countries, such as Australia. As a result of the investments already made, the group has closed 2022 with an installed renewable capacity of around 40,000 MW worldwide , consolidating its installed capacity as one of the cleanest in the world, as 80% is emission-free. The company also has 7,675 MW under construction that will be operational in the next four years. Of these, almost 3,500 MW correspond to offshore wind projects in the United States, the United Kingdom, Germany and France. The network asset base increased by 19% compared to the same period of the previous year, reaching €39.2 billion. This asset base is evenly split between the US, with 31% of the total, the UK and Spain, with 24% each, and Brazil, with 21%. READ MORE
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21/02/2023We form an alliance with Asturian company Exiom to lead the manufacture of photovoltaic solar cells in Spain Iberdrola and the Asturian business group Exiom have created an alliance to lead the manufacture of photovoltaic solar panels in Spain. Thus, both companies will locate in the Asturian municipality of Langreo the first large photovoltaic construction plant in our country and one of the first on an industrial scale in Europe. The solar panel factory in the mining basin will come into operation this year, 2023. The agreement with Exiom responds to Iberdrola's efforts to attract part of the value chain linked to renewable energies to Spain. Specifically, solar energy. The aim is to make Spain into a spearhead for leading this emerging sector in Europe. The Asturian region of Langreo will host the site for the construction of what will become the first large photovoltaic factory in Spain. The planned investment is €20 million and will contribute to the economic reactivation of the mining basins with the generation of 115 direct jobs in the area. Exiom is also a 100% Spanish-owned manufacturer, with origins in Asturias itself, and one of the only European groups to appear on the prestigious list of Tier 1 manufacturers. The opening of this new factory in Europe responds to the interest of both companies in achieving competitive manufacturing at EU level, focused in a first phase on solar panels with the possibility of extending the collaboration to other components of the photovoltaic value chain. Furthermore, the initiative reinforces the commitment of both companies to the industrialisation associated with the energy transition as reflected in the 'Green Deal Industrial Plan' , recently presented by the European Commission. Both companies have been in permanent contact with the Government of the Principality of Asturias, given the energizing effect that the project will have on the region. PERSEO Iberdrola Ventures, 15 years innovating with start-ups and industrial businesses Iberdrola's commitment to a sustainable energy model is part of its PERSEO program to promote the development of start-ups and innovative industrial companies working in new areas of electrification and in sectors that are difficult to decarbonise. The PERSEO program has been allocated €40 million, through the Perseo Venture Builder, specifically to launch industrial initiatives that can be developed in the field of energy transition. Since its creation in 2008, PERSEO has invested €175 million in businesses that develop innovative technologies, focusing on those that will improve the sustainability of the energy sector through further electrification and decarbonisation of the economy. About Exiom Group Exiom Group is a business group dedicated to photovoltaic energy with more than 14 years of experience in the sector. It has a workforce of about 300 employees and operates both in Spain and internationally. Exiom has carried out 650 projects in the last year alone, both at home and abroad, covering photovoltaic developments, distribution and self-consumption, with a total capacity of 1 GW, thus contributing to the development of photovoltaic energy. It currently has two solar panel manufacturing centers in China, thanks to which it has acquired sufficient experience and knowledge of the production processes. In addition, it also has a steel structure factory es for photovoltaic parks, located in Langreo. With all this, it has reached a turnover of more than €200 million in 2022 , making it one of the leading companies in the sector and with a very important growth projection in a sector in such full expansion as the photovoltaic sector. READ MORE
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18/02/2023Ignacio Galán at Harvard Business School to discuss company case study with students: "Iberdrola, leading the energy revolution" Around 1,000 postgraduate students at Harvard Business School were given the opportunity today (Friday 17th February) to engage directly with Iberdrola Executive Chairman, Ignacio Galán, and scrutinise the decisions taken over the last 20 years that have shaped the company’s strategy and drive into clean energy, as well as the company’s forward-looking strategy. The day in the lecture hall forms part of a case study titled, “Iberdrola, leading the energy revolution” , which was prepared by Professor Juan Alcácer, James J Hill Professor of Business Administration. Mr Galán took to the lectern in Aldrich Hall along with other senior management from the company across the day, as 11 different groups of 95 students each posed questions and drilled down into the finer details of Iberdrola’s business model and decision making processes. The case also analyses Iberdrola's forward-looking strategy, such as its role in green hydrogen, based on the position taken by the group in renewables, grids and storage. The event was led by Professor Alcácer, who was joined on the day by R ebecca A. Karp, Assistant Professor of Business Administration. By examining the real decisions and strategy taken by major companies, and speaking directly to senior leadership, the postgraduate students get access to unique insights to aid them in their studies and future careers. READ MORE
