Iberdrola continues to make progress in its commitment to electrification, as the only way to reduce energy dependence and improve the competitiveness of the economy
(IN BRIEF) Iberdrola achieved significant milestones in 2024, setting records in electricity distribution, renewable generation, and green capacity. The company transported a record amount of electricity, saw a rise in renewable energy production, and increased its renewable capacity to new heights. These achievements align with Iberdrola’s commitment to electrification, energy independence, and economic efficiency, supported by substantial investments. Looking ahead, Iberdrola plans to further its leadership in clean energy through continued strategic investments and innovations.
(PRESS RELEASE) BILBAO, 1-Feb-2025 — /EuropaWire/ — Iberdrola, Europe’s largest electricity company by market capitalization, has reported impressive achievements in its efforts to lead the energy sector’s electrification. In 2024, the company set new milestones for distributed electricity, renewable generation, and renewable capacity, reinforcing its commitment to reducing energy dependence and advancing economic competitiveness.
The company transported a record 238,164 GWh of electricity through its grids in 2024, marking a 1.9% increase compared to 2023. Iberdrola’s electricity distribution business saw strong performance, fueled by recovering electricity demand across its markets in Spain, the United Kingdom, the United States, and Brazil. This surge in demand, coupled with the company’s ongoing electrification efforts, has proven crucial in driving growth in all the countries where Iberdrola operates.
Alongside its success in electricity distribution, Iberdrola also achieved a significant milestone in renewable energy generation, reaching 83,300 GWh in 2024—a 5% increase from the previous year. Despite the sale of 8,500 MW of combined cycle plants in Mexico during Q1 2024, the company’s total production stood at 132,499 GWh, a decrease of 21.4% year-over-year.
Iberdrola’s renewable capacity reached an all-time high of 44,478 MW by the end of 2024, following the addition of 2,440 MW in the last 12 months. This growth was made possible by the company’s substantial investments in both grid infrastructure and renewable energy technologies, particularly in flexible energy solutions such as pumped storage.
The company’s dedication to renewable energy has led Iberdrola to generate 100% emission-free power in several countries, including the United Kingdom, Brazil, France, Italy, Germany, Poland, Portugal, and Greece. In Spain, emission-free generation accounted for 90% of the company’s total output. This progress is part of Iberdrola’s ongoing efforts to support electrification as the key to achieving energy independence and improving efficiency for consumers.
Over the past two decades, Iberdrola has been at the forefront of transforming the energy sector, investing more than 160 billion euros. The company plans to continue its ambitious trajectory, with an additional 46 billion euros earmarked for future investments, which include 5 billion euros from ENW. Looking ahead, Iberdrola forecasts investments that could total up to 100 billion euros in the coming years.
As part of its forward-looking strategy, Iberdrola will update its 2024-2026 Strategic Plan in the second half of September, outlining new steps toward furthering its commitment to sustainability and clean energy.
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First published in this link of EuropaWIRE.
