Iberdrola continues to make progress in its commitment to electrification, as the only way to reduce energy dependence and improve economic competitiveness. Europe’s leading electricity company by market capitalisation breaks records for distributed electricity – the energy the company transports through its networks – in 2024 with 238,164GWh, a 1.9% increase compared to 2023, as reported to the National Securities Market Commission (CNMV).
The good performance of the electricity distribution business is due to the recovery of demand in all countries where the company operates electricity grids, namely Spain, the United Kingdom, the United States and Brazil.
The increase in electricity demand also strengthened Iberdrola’s renewable production, which also reached a record of almost 83,300GWh, a 5% increase on the previous year. The company’s total production stands at 132,499GWh (-21.4%), taking into account that the sale of 8,500MW of combined cycle plants in Mexico closed in the first quarter of 2024.
In addition to the two previous milestones, Iberdrola’s renewable capacity ended 2024 at a historic figure of 44,478MW, after adding 2,440 new MW in the last 12 months.
This triple record obtained by Iberdrola in electricity distribution, renewable generation and installed “green” power is due to the investments made, which accelerate the deployment of electricity grids and renewable energy, especially manageable technologies such as pumped storage.
Commitment to electrification
Iberdrola Group generates 100% emission-free energy in countries such as the United Kingdom, Brazil, France, Italy, Germany, Poland, Portugal and Greece. Emission-free production reaches 90% in Spain.
This positive performance of the energy balance is part of the company’s roadmap, which plans to continue promoting electrification as the only way to achieve energy autonomy and, thus, greater energy and economic efficiency for all consumers.
For more than two decades, Iberdrola has taken the initiative to transform the energy sector with investments that exceed 160,000 million euros in that period.
The aim is to keep contributing to this end in the future, with investments that will reach 46,000 million euros – 41,000 million euros announced in the strategic plan to which ENW’s 5,000 million will be added – and could reach 100,000 million in the coming years.
In the second half of September, the company plans to update the 2024-2026 Strategic Plan.
