Iberdrola

Iberdrola is Spain's largest electricity company and one of the world's largest utilities by installed capacity, operating across Spain, the United Kingdom, the United States, Brazil, Mexico, and Australia. It is listed on the Madrid stock exchange and has positioned itself as a global renewable-energy leader, with wind and solar assets accounting for the majority of its generation portfolio. In May 2026 Iberdrola was named among the companies subject to CNMC's 63-case investigation into the April 2025 Iberian blackout, one of eight entities facing 'serious' infraction charges under Spanish energy law .

Founded in Bilbao in 1901 and restructured into its current form through the 1990s deregulation of the Spanish electricity sector, Iberdrola has grown through acquisitions including ScottishPower (2007) and Avangrid (United States). CEO Ignacio Galán has led the company since 2001, overseeing a strategic pivot from fossil fuel generation to renewables. Iberdrola had roughly 73 GW of total installed capacity as of 2025 and reported revenues exceeding EUR 40 billion.

The CNMC blackout investigation creates a multi-year compliance and litigation overhang for Iberdrola's Spanish operations. The CNMC finding of "violations that went on for long periods" suggests the investigation will review Iberdrola's operational compliance records over years preceding the April 2025 event, not only blackout-day Conduct. Any first-mover settlement would set the tariff for the remaining 63 cases and directly affect the market's assessment of Iberian utility forward contracts into 2027.