The chairman of Iberdrola, Ignacio Galan, today addressed the more than 600,000 shareholders of the company in what was the first 100% remote AGM in its history.

During his address from the Iberdrola Tower in Bilbao, he appealed for responsibility and collaboration in mitigating the effects of the crisis brought about by the coronavirus (COVID-19) pandemic.

With shareholders representing 77.04% of the share capital 'present', which was particularly significant given the fact that this AGM was held remotely, all the blocks of agreement on the agenda were supported, with more than 94% of votes in favour, distributed as follows

Group 1 (Annual accounts and conduct of the company's business): 98.99%

Group 2 (Corporate governance system): 99.92%

Group 3 (Remuneration): 97.82%

Group 4 (Board of Directors): 97.90%

Group 5 (Authorizations and delegation of powers): 94.93%

During his address, Ignacio Galan announced that, in view of the current situation, 'as soon as possible we will speed up our investments in order to contribute to economic activity and prevent people's jobs from being lost. Of course, the most appropriate health and safety measures will be applied for all those who deliver these projects.'

He went on to say: 'We share with you the certainty that speeding up investments, once these exceptional circumstances come to an end, is the best - I would venture to say the only - way to get through this situation of crisis and uncertainty. Therefore, in 2020, it is our intention to surpass last year's investment record and reach EUR10billion.'

As a result of this effort, at least half of the 9,000 megawatts (MW) of new capacity currently under construction will be commissioned this year. Specifically, across the world Iberdrola is advancing on 30 photovoltaic solar plants, 50 onshore windfarms, new offshore wind farms such as Saint Brieuc in France, Baltic Eagle in Germany and Vineyard in the U.S.; the Tmega pumped storage hydroelectric giga battery in Portugal, more than 5,000 kilometres of high voltage transmission lines in Brazil and new distribution networks in the states of New York, Maine and Connecticut.

Together with the new investments, Ignacio Galan announced an ambitious procurement plan which will give visibility to the entire supply chain while promoting economic activity and jobs: 'In the last few days we've brought forward over EUR3.8 billion in orders to thousands of suppliers, with purchases in progress for delivery by 2023 standing at more than EUR20 billion.

'We will move forward with the total conviction that we will come through this situation and that this new infrastructure will be absolutely necessary,' he explained. 'To this end, having taken on 3,500 new employees in 2019, we expect to reach the record figure of 5,000 new recruits in 2020. This will bring our global workforce to more than 40,000,' he added. At the same time, the company will uphold its full commitment to gender equality. Iberdrola is a leader in Ibex 35 companies based on the percentage of women on the Board, in the group as a whole there is equal pay for genders, and there is a growing number of women in all positions in the company.

Galan also highlighted the company's firm commitment to caring for the environment and fighting climate change: 'Our CO2 emissions are now 110 grams per kWh, two-thirds lower than our competitors, and already below the objective that some of them are setting for 2030.'

Galan went on to reiterate 'Iberdrola's complete readiness to perform its role of locomotive as soon as we come through the current situation, at which time turbo-charging economic activity and jobs is going to be more necessary than ever. This activity will also have a very notable effect on public finances, benefiting all the citizens of the countries where we are present.' In 2019 alone, Iberdrola's tax contribution amounted to EUR14 billion, of which EUR8 billion corresponded to direct taxes in the income statement or collected from customers and employees.

THE GROUP'S EMPLOYEES, A MODEL OF SELFLESS DEDICATION AND SOLIDARITY

The Chairman of Iberdrola devoted much of his address to thanking the company's employees for their continuing work to ensure the supply of electricity during these difficult times: 'I wish to pay tribute to the extraordinary work being done by the thousands of professionals of all the companies in our group who are showing, worldwide, a great sense of duty and enormous competence in the service of their fellow citizens. With their selfless dedication and solidarity, they are all helping to write new chapters in the history of our company.'

Ignacio Galan also discussed the company's quick response to the threat of COVID-19 from the moment it became apparent, 'with the objective of protecting the health of our employees and of our contractors; thus ensuring that homes and businesses can continue to have a normal supply of electricity, guaranteeing our workers' jobs and doing everything in our power to prevent the jobs of the tens of thousands of people who work in our supply chain from being lost, while at the same time maintaining maximum health and safety precautions.'

During his address, the Chairman of Iberdrola also explained how the company is putting its logistical and financial capabilities to good use by acquiring, in agreement with the health authorities, medical and protective supplies for an amount of at least EUR25 million. Specifically, the company will deliver ventilators, protective clothing and masks to the health system in Spain.

A total of 107 measures have been implemented by the group worldwide during this crisis, in which more than 90% of the office staff are working from home and in which the work of outside personnel of the power stations and transmission and distribution networks has been reorganised. 'This integrated plan is allowing us to secure the continuity of electricity supply to the whole population while bolstering particularly sensitive infrastructure such as hospitals and healthcare centres with human and technical resources,' Galan added.

In summary, Iberdrola's response to the COVID-19 crisis is 'entirely consistent' with the model that it has been applying for decades, geared to sustainable value creation for shareholders, employees and society at large.

Contact:

Juan Llobell

Tel: +34 91 784 32 32

Email: comunicacioncorporativa@iberdrola.com

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