Capital Markets & ESG Day 2024

60% of our investment plan (€21.5 billion) is dedicated to expanding and reinforcing grids in the US, UK, Brazil and Spain. Key infrastructure to ensure new renewable capacity integration into the electricity system and to absorb increased demand from new uses: electric vehicles, heat pumps and data centres.

Thus, electricity grid assets will grow by 38% to €54 billion euros, with €15 billion in transmission grids. Of this asset base, 85% of this asset base has closed frameworks for the coming years.

We plan to allocate €15.5 billion gross to renewables business – including €5 billion contributed by strategic partners in ongoing projects – with selective growth in manageable technologies.

Over half of this amount is focused on offshore wind in the US, UK, France and Germany; 28% on onshore wind and 18% on solar PV. In addition, 100% of the investment is focused on projects already under construction.

Thanks to these investments, we will have 3,000 MW of new offshore wind in operation from 2027, bringing our total to 5,000 MW, and we plan to commission an additional 6,000 MW of onshore wind and solar.

Storage is becoming a strategic technology to stabilise market prices and avoid volatility in margins. We therefore want to allocate €1.5 billion to this area, which will allow us to reach 120 million kWh of storage capacity through hydroelectric pumping (an increase of 20%). We will also have an additional portfolio of 150 million kWh.

Iberdrola continues to advance in its role as an active agent in the fight against climate change. Thus, environmental and social factors are fully integrated into our Strategic Plan, and we intend to make our growth compatible with the objective of zero emissions in our generation plants and own consumption by 2030, as well as in all our activities by 2040.

In addition, the company's activities will create 10,000 jobs globally by 2026, which will increase to 500,000 jobs throughout our supply chain. Furthermore, we will maintain our commitment to gender equality: women already represent 34.5% of senior management positions and this percentage will rise for the foreseeable future and will continue to lead in governance, ethics and compliance rankings.