Iberdrola breaks distributed energy record from demand recovery and electrification

Iberdrola continues to advance in its commitment to electrification as the only way to reduce energy dependence and improve the economy’s competitiveness. Europe's leading electricity company in terms of market capitalisation breaks its record for distributed electricity - the energy that the company transmits over its grids - in 2024 with 238,164 GWh, 1.9% more than in 2023, as reported to the Spanish National Securities Market Commission. 

The electricity distribution business’ solid performance is due to the recovery of electricity demand in all areas where the company operates electricity grids in Spain, the United Kingdom, the United States and Brazil and to electrification.

The increase in electricity demand also boosted Iberdrola's renewable production, which also reached a record high of 83,300 GWh, 5% more than the previous year. The company's total production stood at 132,499 GWh (-21.4%), taking into account that the sale of 8,500 MW of combined cycle plants in Mexico was completed in the first quarter of 2024.

In addition to the two previous milestones, the company's renewable capacity will also end 2024 at a historic 44,478 MW, after adding 2,440 MW of new capacity in the last 12 months. 

This triple record obtained by Iberdrola in electricity distribution, renewable generation and installed green capacity is due to its investments, which accelerate the deployment of electricity grids and renewable energies, especially manageable technologies such as pumped storage.

Commitment to electrification

Given the company's commitment to renewable energies, the Group generates 100% emission-free energy in countries such as the United Kingdom, Brazil, France, Italy, Germany, Poland, Portugal and Greece. Emissions-free production is at 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, consequently, 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 have already exceeded €160 B in that period. And the aim is to continue to contribute to this end in the future, with investments that will reach €46 B - the €41 B announced in the strategic plan plus the €5 B from ENW - and could reach €100 B in the coming years.

In the second half of September, the company plans to update its Strategic Plan 2024-2026.