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Iberdrola is a Spanish multinational electric utility company based in Bilbao, Spain. Iberdrola has a workforce of around 34,000 employees serving around 31.67 million customers. Subsidiaries include Scottish Power (United Kingdom) and a significant part of Avangrid (United States), amongst others. In 2013, the largest shareholder of the company was Qatar Investment Holding. Other significant shareholders included Norges Bank, Kutxabank and Bankia.

Iberdrola, a global energy company, is the second biggest producer of wind power after Ørsted (company) by revenue and market capitalisation. They are the world's third electricity utility by market capitalisation. They have subsidiaries in numerous countries, mainly in Spain, United Kingdom (Scottish Power), USA (AVANGRID), Brazil (Neoenergia), Mexico, Germany, Portugal, Italy and France.

Early History
Iberdrola was created on November 1, 1992 as a result of the merge between Hidroeléctrica Española and Iberduero. Hidroeléctrica Española, also known as Hidrola had started activity in 1907, while Iberduero started in 1944 as the result of the merge between Hidroeléctrica Ibérica (1901) and Saltos del Duero (1918).

The origin of Iberdrola lies in the Spanish industrialisation in the early 20th century, when Hidroeléctrica Ibérica was formed. As of 2011 and with the integration of Scottish Power and Energy East, now renamed Iberdrola USA, the company has become a major multinational group.

In 1840, a group of American entrepreneurs created the Hartford City Light Company, setting in motion the incorporation on the eastern seaboard of the US of Energy East, which would much later become Iberdrola USA. Meanwhile, thousands of kilometres away in Spain, a similar process was underway. In 1901 in Bilbao, a group of entrepreneurs headed by engineer Juan de Urrutia established Hidroeléctrica Ibérica. In 1907, Hidroeléctrica Ibérica shareholders created Hidroeléctrica Española to supply Madrid and Valencia. A decade later, Saltos del Duero was founded, opening the country's first hydroelectric facility in 1935, the Ricobayo power plant.

World War I forced the industry to seek new sources of energy and to install large distribution networks. Amid huge instability, US power companies began to join forces, attempting to become strong enough to withstand the economic and financial uncertainty. However, no one foresaw the magnitude of the stock market crash of 1929, which brought these emerging groups to the verge of ruin. In Spain, which had experienced a period of economic growth at the start of the 20th century, the industry suffered a severe setback in 1936 whose impact would be felt for the following two decades: the Civil War abruptly halted development, destroyed facilities and made maintaining the little equipment that remained extremely difficult.

Spain suffered international isolation in the 1940s and experienced extreme difficulty in acquiring technology and materials, prices of which were soaring. It was against this backdrop that Hidroeléctrica Ibérica and Saltos del Duero joined forces to form Iberduero.

1990s
In 1955, the South of Scotland Electricity Board (SSEB) came into being, paving the way for the creation of Scottish Power four decades later, in 1990. Two years after that, Hidroeléctrica Española and Iberduero[4] teamed up, creating Iberdrola.

In the 90s, Iberdrola began expanding into Latin America, mainly Mexico and Brazil, fuelled by domestic energy policies. Its strategy was focused on the areas of electricity, gas, water, and telecommunications, and was divided into four holding companies. Namely, these were IBERENER (Iberdrola Energy), Iberdrola Diversification, IBERINCO (Iberdrola Engineering and Consulting), and IBERDROLA (Iberdrola Systems).

By the end of the decade, Iberdrola had invested more than 2.44 billion USD in Latin America, and was present in Argentina, Bolivia, Brasil, Chile, Colombia, Guatemala, and Mexico. Investment began with its 1992 Argentinian acquisitions of a 60% stake in Central Termica Guemes S.A. and 100% of Litoral Gas S.A, and at first focused on Argentina, Chile, and Peru. This is due to the fact that these countries had begun reforming their infrastructure services sector, including energy and gas, and so presented a very favorable business opportunity through the privatization of their national companies. Thus, the first phase of Iberdrolan investment was more opportunistic than strategic.

In 1995, Iberdrola continued to expand in Latin America. It acquired a majority stake in the Bolivian companies Electricidad de La Paz (90%) and Empresa de Luz y Fuerza Eléctrica de Oruro (95%). These two entities controlled 45% of the electricity distribution market in Bolivia and were being privatized by the Bolivian government.

In 1996, the company participated in the Chilean electricity sector privatization with multiple aquisitions as part of various consortiums.

In 1997, the company set a goal of investing 400 million USD on its international expansion in order to further participate in Latin American energy privatization efforts as well as to enter the Brazilian and Mexican markets. The company also entered into Colombia and Guatemala, albeit with less focus than in the other two. As part of a consortium, it acquired a stake in Companhia Estadual de Gas do Rio de Janeiro and CegRio, which supplied gas to over 500,000 clients in the Rio de Janeiro area, and the Companhia de Electricidade do Estado da Bahia, which was the state electricity distributor for the state of Bahia. The later acquisition of the Companhia Energética do Rio Grande do Norte by the same consortium meant Iberdrola gained 3.3 million clients in Brazil as well as exclusive rights to electricity distribution in the mentioned states.

In the Colombian market, alongside Repsol and Gas Natural, Iberdrola acquired a controlling interest in Gas Natural de Bogotá and Gas Oriente S.A., as well as ownership of Gases de Barrancabermeja S.A. and Metrogas S.A. Furthermore, with the same partnership, Iberdrola created the Sociedad Transportadora Colombiana de Gas (TRANSCOGAS S.A), which had exclusive gas distribution rights in the Cundiboyacense area.

In 1998, Iberdrola further expanded in Brazil, acquiring through the "Guaraniana" consortium the right to build and operate for 35 years an electric plant in Itapebi of 450MW.

This same year, the company expanded into Brazilian telecommunications with the establishment of a partnership alongside Telefónica, BBV, and Portugal telecom through Iberdrola Diversification. They then participated in the privatization of Companhía Riograndense de Telecomunicações as well as Telebrás with the acquisition of Telesp through this consortium. Telesp covered one third of all the landline terminals in the country. Through another consortium Iberdrola acquired part of the controlling interest of Tele Sudeste Celular, which provided telephone services in Rio de Janeiro (state) and Espírito Santo. In the same year the company led a consortium that acquired a controlling interest in Tele Leste Celular. After these acquisitions, the number of Iberdrola's telephone clients in Brazil was 7 million, which was estimated to double by 2002.

Iberdrola also entered the Guatemalan market in 1998, acquiring 80% of shares of Empresa Eléctrica de Guatemala (EEGSA) (which controlled 65% of the electricity market in the nation) through a consortium with TECO Energy and Electricidade de Portugal. The consortium won the bid by offering 520 million USD, a higher amount than the consortium formed by Enron and Gas Natural's bid of 475.4. This was Iberdrola's first foray into Central America.

In 1999, Iberdrola acquired a 95% stake in Energía Ibener in Chile, which has a total electricity generation capacity of 140MW through two plants. They also created various subsidiary companies within Guatemala to complement EEGSA in both the client and supply-side.

Mexico had been unwilling to engage in the privatization that other Latin American countries were engaging in, but nonetheless was interested in foreign investment. Thus, it put in place a build–operate–transfer model. Iberdrola won a bid to build and operate a 489MW thermal plant in Monterrey in 1999, finished construction in 2002, and is thereafter selling it to the Mexican state's company progressively over 25 years.

By the end of the 90s, Iberdrola controlled 35% of the Colombian gas market.

2000s
Following the arrival of Jose Ignacio Sanchez Galan in 2001 Iberdrola began focusing on renewable energy. In 2007, the company continued its international expansion, increasing its presence in the UK and the US via the integration of Scottish Power and Energy East. Iberdrola has faced several merger attempts and made additional acquisitions:


 * Attempted merger between Iberdrola and Repsol in 1997, which failed due to a lack of agreement between the companies.
 * Attempted merger between Iberdrola and Repsol in 1999, which was rejected by La Caixa (Repsol's main shareholder).
 * Attempted merger between Iberdrola and Endesa in 2000, which was stopped due to the conditions imposed by Spanish Prime Minister José María Aznar.
 * Attempted hostile takeover bid by Gas Natural for Iberdrola in 2003, which was vetoed by Spain's National Energy Commission (Comisión Nacional de Energía, CNE).
 * Acquisition of Scottish Power by Iberdrola in November 2006, which led to the integration of this company in April 2007. This gave rise to Europe's third largest utility.
 * Acquisition of US company Energy East by Iberdrola in 2008.
 * Acquisition of Brazilian company Elektro in 2011.
 * Acquisition of US company United Illuminating in 2015.

In large parts, this expansion has been fuelled both by debt (with the Debt ratio between 2000 and 2006 fluctuating between 2.54 and 3.13) as well as a 139.8% increase in revenue in that same period.

Company Chairpersons

 * Hidrola chairmen


 * Lucas de Urquijo Urrutia (1907-1910)
 * José Luis de Oriol y Urigüen (1910-1911) (1936-1941)
 * Fernando María de Ybarra (1911-1936)
 * José María de Oriol y Urquijo (1941-1960)
 * Íñigo de Oriol Ybarra (1960-1992)


 * Iberduero chairmen


 * Pedro de Careaga and Baseabe, Conde de Cadagua (?-1977)
 * Pedro de Areitio (1977–1981)
 * Manuel Gómez de Pablos (?-1992)


 * Iberdrola chairmen


 * Iñigo de Oriol Ybarra (1992–2005)
 * Jose Ignacio Sanchez Galan (2005 to present)

Deregulated business
Iberdrola's liberalised business combines power generation and gas and electricity supply. The company had assets with combined installed capacity of 46.471 MW at the end of 2015. Iberdrola manages its production assets, comprising hydroelectric, combined-cycle gas, nuclear and co-generation plants located in 40 countries, mainly in Europe, North America and Latin America. Output in Spain: 58,076 GWh in 2013, of which 14,795 GWh were produced at hydroelectric plants. As a result, 79% of Iberdrola's production in Spain was CO2 emission free.

Regulated business
Iberdrola provides service to more than 32.26 million people. In Spain has over 10.91 million supply points and a total distributed energy of 92,676 GWh. The TIEPI indicator for supply quality has been situated at a value of 61,8 minutes (2015). In the United Kingdom, the affiliate for the ScottishPower Group has over 3,51 million distribution clients. The volume of energy distributed has been 36.213 GWh. In USA, Avangrid has 2.2 million power supply points of electricity and 0,99 million of gas. The volume of energy distributed has been 31.337 GWh. In Brazil, Iberdrola has distributed a total of 29.941 GWh in 2015. The number of customers has been 13.1 million.

Renewable energy business
In Q1 2021, Iberdrola reported having operating installed capacity of 55,396 MW producing a total of 42,951 GWh of electricity in the year. Their clean energy capacity increased by 13.3% to 79%

ScottishPower
The UK's 4th largest energy provider, ScottishPower has 5.79 million customers across the country and 7,380 employees. It has generation assets in hydro, coal, combined cycle gas and cogeneration, as well as a distribution network covering 65,000 km of underground cables and 47,000 km of overhead lines. ScottishPower is involved in smart grid projects in Glasgow and Liverpool, and provides charging points as a member of the Glasgow consortium which is developing an electric vehicles project. The installed capacity in the United Kingdom has reached 6,342 MW and production has been 19,936 GWh in 2013.

Iberdrola USA
Iberdrola USA, which became part of the group in September 2008, distributes electricity and gas to 2.44 million customers in the states of Maine and New York. It has offices located in its principal distribution centres in the two states. In New York, the business is shared by two operating subsidiaries – New York State Electric & Gas (NYSEG) and Rochester Gas and Electric (RG&E)– both headquartered in Rochester. In Maine, Central Maine Power (CMP) has headquarters in Augusta. NYSEG serves 878,000 electricity customers and 261,000 natural gas customers across more than 40% of upstate New York, whereas RG&E serves 367,000 electricity customers and 303,000 natural gas customers in nine counties around the city of Rochester. CMP is the largest energy supplier in Maine, serving over 600,000 customers.

Iberdrola USA promotes important infrastructure projects in both Maine and New York. In Maine, CMP began construction in September 2010 of the Maine Power Reliability Program (MPRP), a $1.4 billion upgrade of the state's transmission network which will also improve grid connections to Canada. It also began the roll-out of a smart meter installation plan for 625,000 customers in Maine. In New York, important infrastructure projects have been undertaken at Ithaca and Corning Valley.

In 2015 Iberdrola USA merged with UIL Holdings (parent of Connecticut's United Illuminating and other companies) to become Iberdrola-controlled Avangrid.

Iberdrola Ingeniería
With projects in more than 30 countries throughout Europe, Asia, Africa and North and South America, Iberdrola Ingeniería and Construcción's services include engineering, supply, construction and commissioning, turnkey projects and operational support. In the area of R&D, is developing the Iter project.

Iberdrola Inmobiliaria
Iberdrola Inmobiliaria offers a range a real estate products, with a focus on residential property, holiday homes, offices, factory premises and shopping centres.

Assets in Spain
Iberdrola also owns hydroelectric plants, especially in the Duero river basin (provided by Iberduero) and the Tajo and Segura river basins, etc. (provided by Hidroeléctrica Española).

Construction is finished on the 848 MW La Muela plant (at Cortes de Pallás, Valencia) and on the 175 MW San Esteban II plan, on the Sil river. The San Pedro II project has started its construction. See also: Saltos del Duero.

Combined cycle plants

 * C. T. de Castejón 2, in Castejón (Navarre), with 386 MW.
 * C. T. de Castellón, in Castellón, with two units with a combined 1,650 MW.
 * C. T. de Santurce, in Santurce (Vizcaya), with 402 MW.
 * C. T. Tarragona Power, in Tarragona, with 424 MW.
 * C. T. de Arcos de la Frontera, in Arcos de la Frontera (Cádiz), with two groups with a combined 1,613 MW.
 * C. T. Bahía de Bizkaia, in Ciérvana (Vizcaya), which is operated jointly with three other operators (EVE, Repsol YPF and BP with 25% each), of 780 MW.
 * C. T. de Aceca, in Villaseca de la Sagra (Toledo), of 391 MW.
 * C. T. de Escombreras, in Cartagena (Murcia), with 831 MW.

Nuclear plants
Iberdrola operates the following five nuclear plants individually or jointly with other companies:


 * Almaraz Nuclear Power Plant (1983/1984)
 * Trillo Nuclear Power Plant (1988)
 * Cofrentes Nuclear Power Plant (1984)
 * Vandellòs II (1988)
 * Ascó II (1986)

Thermal plants
Iberdrola also owns some conventional thermal plants, mostly coal-fired, although they can also use fuel-oil and gas-oil. Two of these plants are:


 * C. T. de Velilla, in Velilla del Río Carrión (Palencia), with two units, one of 148 MW and one of 350 MW, in operation since 1964 and 1984, respectively.
 * C. T. de Lada, in Langreo (Asturias), which had as many as four units, but now only has one of 350 MW, put into operation in 1981.

Renewable energy
Headquartered in Valencia (Paseo de la Alameda), the Iberdrola Renovables subsidiary had been listed on the stock exchange from December 2007 until July 2011, when Iberdrola decided to re-acquire the minority shares and integrate it into the parent company.

In Q1 2021, Iberdrola reported having operating installed capacity of 55,396 MW producing a total of 42,951 GWh of electricity in the year. Their clean energy capacity increased by 13.3% to 79%.

Iberdola reported to have increased their investments in renewables with 29% and has 8,700 MW of renewable energy under construction. They plan to build 78,000 MW until 2025.

Major assets

Iberdrola's Renewable Energy Operations Centres (CORE for their initials in Spanish) in Toledo, Portland and Glasgow control all Iberdrola's renewables facilities and their related substations worldwide. Iberdrola's first CORE was set up in Toledo in 2003, with the other two coming on stream since.
 * Renewable Energy Operations Centres - CORE (Toledo, Portland and Glasgow)


 * The Whitelee Wind Farm (Glasgow, Scotland)Whitelee_panorama.JPG.]]

With initial installed capacity of 322 MW, it is currently being enlarged to 539 MW. The complex is situated south of Glasgow and covers an area of 55 square kilometres, the same as that occupied by Glasgow itself.


 * The El Andévalo wind farm (Huelva, Spain)

The El Andévalo wind farm, which was commissioned in 2010, is the largest wind power facility in Spain and continental Europe. It has installed capacity of 292 MW and is located between the towns of El Almendro, Alosno, San Silvestre and Puebla de Guzmán in the south of Huelva province. To transfer the power generated by these wind farms and connect them to the transmission grid, Iberdrola has built a new 120-kilometre line between Spain and Portugal, which means this complex occupies a key strategic position in the power interconnections between the two countries.


 * Peñascal Wind Power Project (Texas, USA)

The Peñascal wind farm is the largest facility operated by the company worldwide, with installed capacity of 404 MW. Located in Kenedy County, Texas, its innovative features include a radar that detects the arrival of large flocks of migratory birds and shuts down the turbines if visibility conditions represent a danger.


 * Núñez de Balboa solar plant (Badajoz Province, Spain)

The 500-megawatt Núñez de Balboa photovoltaic facility entered its testing phase in January 2020.

Press articles

 * We need a co-ordinated European energy policy and an end to states protecting their own interests
 * Maine chooses Iberdrola to build gas pipeline to state properties
 * Iberdrola Begins Work On Its First German Offshore Wind Farm, Plans 11 GW Of Offshore Wind In Europe
 * Iberdrola joint venture bags $182 million investment for Brazilian wind farms
 * Iberdrola USA Foundation and Fundacion Iberdrola Scholarship Program Completes Successful First Year
 * Iberdrola invests 1.6 bln eur in German wind farm
 * Wind energy in Poland: Iberdrola opens a wind farm
 * Iberdrola prices 750 mln euro 2017 bond
 * Iberdrola USA Subsidiaries Recognized for Outstanding Sandy Recovery Efforts
 * Iberdrola sells 1 billion euro bond