About this Report

This report, which Iberdrola directs to both its shareholders and all other Stakeholders, has been prepared adopting the IIRC guidelines, and constitutes one more example of the group’s interest in the area of transparency.

Integrated report

  • This report has been prepared in accordance with the reporting framework published by the International Integrated Reporting Council (IIRC) and in accordance with the recommendations thereof, taking into consideration the separate and consolidated annual financial statements formulated by the Board of Directors, audited and pending approval by the shareholders at the General Shareholders’ Meeting of Iberdrola.
  • A multi-disciplinary team made up of corporate businesses and areas was created in order to provide a complete view of the group, its business model, the challenges and risks it faces, and its social, environmental, financial and governance performance. The participating organisations guarantee the completeness of the information included.
  • The content of this report has been supervised by the company’s Operating Committee. All operating and financial figures were approved by the Board of Directors at its meeting held on 23 February 2021, after a favourable report from the Sustainable Development Committee, and the strategic forecasts were approved by the Board of Directors on 20 October 2020 and published during Capital Markets Day 2020.

Material aspects identified

  • Iberdrola has channels of communication and dialogue with its Stakeholders, developed in accordance with the principles of the AA1000 Assurance Standard, as described in detail in the Stakeholder Relations Policy and in the Statement of Non-Financial Information. Sustainability Report 2020.
  • The company also performs materiality analyses that help identify matters of significance to its Stakeholders, bringing to light particularly sensitive financial, environmental or social, and corporate governance issues related to the business in the various communities and geographic areas in which the group operates.
  • The contents of this report have been selected by taking into account the existing channels for dialogue as well as the materiality analyses and the framework defined by the IIRC for this kind of information.

Social and Relationship Capital

Information boundaries

  • The information submitted covers Iberdrola and its subsidiaries and affiliates. The information boundaries are defined in the group’s consolidated annual financial statements and Statement of Non-Financial Information.
    Sustainability Report 2020.

Iberdrola’s performance

  • The group’s performance in recent years has been influenced by external corporate transactions, which the reader should take into account in order to properly interpret this report. These transactions and activities are described in the group’s public information, the following being particularly noteworthy.
    • In the United States, the integration of UIL Holdings Corporation and the initial public offering of the group’s US subholding company, Avangrid, Inc. (December 2015), together with the merger agreement for the acquisition of 100% of the share capital of PNM Resources, Inc. by Avangrid, Inc. This latter agreement, signed in October 2020, is subject to acquisition of the required approvals and authorisations.
    • In Brazil, the inclusion of all the businesses that the group had through Elektro Holding S.A. within Neoenergia S.A., which thus became the Iberdrola group’s country subholding company in Brazil (August 2017), the initial public offering of Neoenergia S.A. (July 2019) and the award at public auction of 100% of the share capital of the Brazilian company CEB Distribuição S.A. to a wholly-owned subsidiary of Neoenergia S.A. (December 2020).
    • Transactions finalised during 2020 included: in France, the acquisition of 100% of the share capital of the Saint-Brieuc offshore wind farm (March) and the purchase of the Aalto Power renewables company (July); in Sweden, the framework agreement with Svea Vind Offshore AB for the development of offshore wind projects (June); in Japan, the agreement with Macquarie’s Green Investment Group for the acquisition of the local developer Acacia Renewables (September); and in Australia, the acquisition of 98% of the share capital of Infigen Energy Limited and Infigen Energy RE Limited by Iberdrola Renewables Australia Pty Ltd (October).


  • This report has been subject to a process of internal assurance, by means of a limited review performed by the Management of the Internal Audit Area of Iberdrola.
  • Although it has not been subject to a process of independent external assurance, a significant portion of the information contained herein relating to financial year 2020 and to previous years comes from annual financial reports and sustainability reports, all of which have been the subject of an external audit or assurance for which the respective certificates are available. The remaining information comes mainly from other reports or public presentations made by the company.

Legal disclaimer with respect to forward-looking statements

  • This document contains forward-looking information and statements about Iberdrola and its affiliates. Such information or statements include projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, capital expenditures, synergies, products and services, and statements regarding future performance. Forward-looking statements are statements that are not historical facts and are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates” and similar expressions.
  • Although Iberdrola believes that the expectations reflected in such forward-looking information or statements are reasonable, investors and holders of the Company’s shares are cautioned that forward-looking information and statements are subject various to risks and uncertainties, many of which are difficult to predict and generally beyond the control of Iberdrola, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in the documents filed by Iberdrola with the Comisión Nacional del Mercado de Valores and which are available to the public.
  • Forward-looking information and statements speak only as of the date on which they were made, are not guarantees of future performance and have not been reviewed by the auditors of Iberdrola. You are cautioned not to place undue reliance on the forward-looking information or statements. All the forward-looking information and statements hereby made are qualified by the cautionary statement above and are based on information available on the date of approval hereof. Except as required by applicable law, Iberdrola undertakes no obligation to publicly update any statements or revise forward-looking information, whether as a result of new information, future events or otherwise.

Integrated Report, February 2021
Published by: IBERDROLA, S.A.
© 2021 IBERDROLA, S.A. All rights reserved.

For purposes of Section 32 of the restated text of the Intellectual Property Act approved by Royal Legislative Decree 1/1996 of 12 April, IBERDROLA, S.A. expressly objects to any commercial use of this publication without its express approval, particularly including any reproduction, modification, registration, copy, exploitation, distribution, communication, transmission, delivery, re-use, publication, processing or any other total or partial use of this publication in any way, means or format. Except as allowed by law, any form of reproduction, distribution, public communication or transformation of this work may only be performed with the prior approval of IBERDROLA, S.A.