The CEO of Red Eléctrica's parent company earned 165% more in the year of the great blackout

BarcelonaRoberto García Merino, CEO of Redeia – the parent company of Red Eléctrica – earned €2.054 million in 2025, a 165% increase compared to the €774,000 he received in 2024, after adding a long-term incentive, according to the compensation report published by the Spanish National Securities Market Commission (CNMV) this Thursday. For Redeia, the company that operates the electricity transmission network in Spain, the year was marked by the massive blackout of April 28. However, excluding the incentive, the year-on-year change in compensation would be 8.7%. The average compensation for Redeia employees in 2025 was €75,000, in line with the previous year. For her part, the company's president, Beatriz Corredor, received a salary of €546,000 in 2025, the same amount as in 2024. In fact, Corredor has been receiving the same annual salary for five years.

Redeia presented its 2025 results this Thursday, marked by its record-breaking investments, necessary to address the energy transition in Spain. Last year, the group increased its investments in the transmission network and the operation of the electricity system by 40.4%, reaching €1.551 billion, a figure that almost quadruples the company's investment volume since 2020. Redeia's allocation for the development and reinforcement of the network reached €1.424 billion. The remaining investments have been allocated to system operation and the construction of the Salto de Chira nuclear power plant in Gran Canaria, which is progressing well. In total, Redeia's investments amounted to €1.626 billion, 38.7% more than in 2024. This year, the sale of Redeia's stake to Hispasat was finalized for €725 million, with no impact on the 2025 income statement.

Redeia posted a net profit of €505.6 million in 2025, a 37.2% increase over the previous year. This increase was attributed to the accounting impact of the Hispasat sale agreement in 2024, the company reported. Group revenue reached €1,716 million, 4.2% higher than the previous year, primarily due to growth in its regulated business in Spain. Reintel's fiber optic business generated €149.5 million in revenue, a 0.8% increase compared to 2024. Meanwhile, the contribution from international electricity transmission subsidiaries decreased by 2.5% compared to the previous year, with a decline in revenue in Chile and the effects of the euro-dollar exchange rate, partially offset by positive performance in Peru and Brazil.

Furthermore, the board of directors will propose to the general shareholders' meeting a dividend of €0.80 per share from the 2025 results. From this amount, the €0.20 per share paid as an interim dividend on January 7th must be deducted. The final dividend of €0.60 will be paid in the first days of July.

Regarding the power outage of April 28th, the group chaired by Beatriz Corredor has reiterated, as in previous quarters, that "the aforementioned incident is not likely to implies the outflow of resources from the group in the futureTherefore, no provision has been recorded in the financial statements." However, Redeia adds that, given that several investigations are ongoing, including one by the National Markets and Competition Commission (CNMC), "this estimate made by the directors could be modified in the future."

still awaiting the technical report on the causes of the incident And the other investigation by the committee of experts made up of electricity operators and European regulators, Redeia points out that it is still "not possible to objectively quantify the amount derived from claims for damages."