1. Homepage
  2. Equities
  3. Spain
  4. Bolsas y Mercados Espanoles
  5. Iberdrola, S.A.
  6. News
  7. Summary
    IBE   ES0144580Y14


Delayed Bolsas y Mercados Espanoles  -  11:38 2022-06-24 am EDT
10.06 EUR   +2.41%
06/24AVANGRID, INC. : Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)
06/24IBERDROLA S A : aims to make the agricultural and livestock sectors 100% green
06/24Scottish power ltd. - international women in engineering day
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Iberdrola S A : USA (Avangrid) accompanies His Majesty the King on his visit to New York

05/27/2022 | 05:53am EDT

News Back

Iberdrola USA (Avangrid) accompanies His Majesty the King on his visit to New York

His Majesty the King meeting with Pedro Azagra, CEO of Avangrid (Iberdrola's subsidiary in the USA), and other members of the Spain-USA Chamber of Commerce.

• Don Felipe was received at the Spain-US Chamber of Commerce by Pedro Azagra, CEO of Avangrid, Iberdrola's subsidiary in the United States.

• His Majesty the King was also awarded the Foreign Policy Association Medal at the Association's annual dinner. The award recognises individuals who demonstrate responsible internationalism and work to expand public understanding of international affairs.

• The Spanish company has managed to position itself as one of the three largest renewable energy companies in the United States, with operations in 25 states and more than 8,000 MW of renewable capacity.

The Spain-U.S. Chamber of Commerce in New York, which promotes economic relations between the two countries and has become one of the most important transatlantic business organisations, received His Majesty King Felipe VI yesterday.

In the evening, Don Felipe received the Foreign Policy Association Medal, which was presented during the Association's annual dinner. At the latter meeting, His Majesty the King was received by the Permanent Representative Ambassador of Spain to the United Nations, Agustín Santos Maraver; the Consul General of Spain in New York, Caridad Batalla; the President of the Foreign Policy Association, Noel V. Lateef; and the Vice-President of the Foreign Policy Association, Sana H. Sabbagh, among other authorities. Both events were attended by Pedro Azagra, CEO of Avangrid, Iberdrola's subsidiary in the United States.

The Chamber, founded in New York in 1959, is a private, non-profit American institution that promotes bilateral trade and investment. It represents the interests of companies that have established or are interested in establishing trade and business relations between Spain and the United States and promotes and strengthens relations between companies, from entrepreneurs and SMEs to large companies.

Iberdrola's history in the United States is a story of growth. In less than two decades, the company chaired by Ignacio Sánchez Galán has become, through its subsidiary, one of the largest groups in the North American electricity sector, listed on the New York Stock Exchange since 2015. Avangrid has contributed to Iberdrola becoming the most valuable company on the Spanish stock exchange with a market capitalisation of around 73 billion euros and the leading European energy company.

The firm is present in 25 states and manages more than 9,200 megawatts (MW) of generation capacity, of which more than 8,300 MW of renewables (mainly wind and solar PV), and more than 170,000 kilometres of power lines through eight distributors in New York, Connecticut, Maine and Massachusetts. In addition, the Spanish company has a portfolio of high-quality renewable projects in the United States of more than 22,000 MW, which represent a stable platform for continued growth over the next few years as the country meets its decarbonisation targets.

Iberdrola plans to invest more than $30 billion between 2020 and 2025 in electricity grids and renewables, with the aim of doubling its clean energy capacity by 2025.

Iberdrola has also been a pioneer in offshore wind in the United States, where it manages and develops a portfolio of more than 5,000 MW. It has the support of the Biden Administration, which is accelerating the implementation of this technology after committing to reaching 30 GW by 2030.

In December 2021, the Spanish company began construction of the first large offshore wind farm in the United States (Vineyard Wind 1), which will be operational in 2023/24. The 800-megawatt (MW) project, located about 24 km south of the coast of Martha's Vineyard, will generate enough wind power to meet the demand of more than 400,000 homes. Its commissioning will also prevent the emission of more than 1.6 million tonnes of carbon dioxide per year, the equivalent of removing 325,000 vehicles from the road.

It also owns the Kitty Hawk development area (2,500 MW) in North Carolina and has initiated the BOEM permitting process for the Kitty Hawk North project (800 MW), the first project to be developed in this area, and manages other farms at an earlier stage of development.

In January 2022, it also closed the takeover of the offshore wind portfolio it shared with CIP (Copenhagen Infrastructure Partners) in the United States, with more than 2,000 megawatts (MW) of capacity, making it one of the largest developers of this technology worldwide. This portfolio includes Commonwealth Wind, a project selected late last year to supply power to utilities in Massachusetts. At 1,232 megawatts (MW), it is the largest offshore wind facility on the east coast of the country, will create 11,000 full-time equivalent jobs over its lifetime and will generate enough energy to power 750,000 homes a year.

The Spanish company also obtained exclusive ownership of Park City Wind, an offshore project with a secured PPA and permits from the Bureau of Ocean Energy Management (BOEM) in the pipeline that, with its 804 MW, will cover 14% of the electricity demand of the state of Connecticut and prevent the emission of more than 25 million tonnes of CO2. Through the partner agreement, Iberdrola retains 50% of the Vineyard Wind 1 wind farm and the right to take control of it during the operation phase.

In total, Iberdrola's investment in its US offshore portfolio could exceed $15 billion in the coming years.

In addition, the Iberdrola group operates eight utilities in New York, Connecticut, Maine and Massachusetts, serving a population of seven million people, with 3.3 million direct customers.


Iberdrola SA published this content on 27 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 May 2022 09:52:04 UTC.

© Publicnow 2022
All news about IBERDROLA, S.A.
06/24AVANGRID, INC. : Change in Directors or Principal Officers, Financial Statements and Exhib..
06/24IBERDROLA S A : aims to make the agricultural and livestock sectors 100% green
06/24Scottish power ltd. - international women in engineering day
06/24EKF grants a record-breaking EUR 1bn loan to Spanish energy giant
06/23Spanish court ends investigation into Iberdrola boss over spying case
06/22IBERDROLA S A : sends all its energy to the Spanish Women's National Football Team ahead o..
06/22Iberdrola donates Augusto Ferrer-Dalmau's painting 'El Regreso' to the Centro Superior ..
06/22Scottishpower and inobat enter strategic partnership
06/21European shares extend gains but recession risks hover
06/21IBERDROLA S A : donates Augusto Ferrer-Dalmau's painting "El Regreso" (The Return) to the ..
More news
Analyst Recommendations on IBERDROLA, S.A.
More recommendations
Sales 2022 42 850 M 45 200 M 45 200 M
Net income 2022 4 117 M 4 343 M 4 343 M
Net Debt 2022 43 850 M 46 256 M 46 256 M
P/E ratio 2022 15,4x
Yield 2022 4,60%
Capitalization 63 889 M 67 393 M 67 393 M
EV / Sales 2022 2,51x
EV / Sales 2023 2,53x
Nbr of Employees 39 692
Free-Float 98,3%
Duration : Period :
Iberdrola, S.A. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends IBERDROLA, S.A.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus BUY
Number of Analysts 22
Last Close Price 10,06 €
Average target price 11,93 €
Spread / Average Target 18,6%
EPS Revisions
Managers and Directors
José Ignacio Sánchez Galán Chairman, President & Chief Executive Officer
José Sáinz Armada Director-Finance, Control & Corporate Development
Fernando Lucero Batalla Head-Information Technology & Finance
Maria Dolores Herrera Pereda Compliance Director
Juan Carlos Rebollo Liceaga Group Director-Administration & Control
Sector and Competitors
1st jan.Capi. (M$)
IBERDROLA, S.A.-3.41%67 393
NEXTERA ENERGY-16.43%153 270
ENEL S.P.A.-21.76%59 095