Iberdrola, the electricity company, posted record profits of €6.285 billion in 2025, a 12% increase compared to the €5.612 billion of the previous year, driven by investments of €14.460 billion during the year, the company reported on Wednesday. Excluding the capital gain from the sale of smart meters in the UK (€379 million) and the recognition of past costs in the US (€389 million), but including negative adjustments of €465 million in the renewable generation and customer business, adjusted net profit was €6.231 billion, a 10.5% increase.

The legal battle between Iberdrola and Redeia, the parent company of Red Eléctrica (REE), the system operator, over the massive blackout of April 28th of last year, has been reignited. A Madrid court has accepted the complaint for unfair competition filed by the electricity company chaired by Ignacio Sánchez Galán, alleging that Redeia, although not explicitly naming it, held it responsible for the blackout, according to reports. El País-Cinco Días And ARA has been able to confirm this.

The responsibility for the massive blackout of April 28th of last year remains unclear, but the major electricity companies have consistently pointed the finger at the Spanish electricity system operator, Red Eléctrica, and they reiterated this point on Thursday. During their appearance before the Senate committee investigating the events, the CEOs of Endesa and Iberdrola, José Bogas and Mario Ruiz-Tagle, respectively, again identified the system operator as solely responsible for the blackout that left the entire Iberian Peninsula without power. "It did not act with sufficient agility in forecasting, scheduling, or correcting the errors," stated Bogas of Endesa. Ruiz-Tagle, the Iberdrola executive, ruled out a "multifactorial" cause for the blackout and pointed to a "single" reason: "A planning error in the elements for controlling the voltage," he said, implicitly referring to Red Eléctrica (REE).

A Massachusetts district court has granted the injunction requested by the Vineyard Wind 1 offshore wind megaproject. The company is owned by Iberdrola – through its North American subsidiary Avangrid – and the Danish fund Copenhagen Infrastructure Partners (CIP). This injunction was granted in response to the suspension order issued last December by the Office of Marine Energy Management (BOEM) of the Department of the Interior under the Trump administration, according to sources at the company chaired by Ignacio Sánchez Galán. This court decision clears the way for the project and will allow construction, commissioning, and electricity production to resume immediately. Vineyard Wind has indicated that it will continue working with the U.S. administration "for a swift and permanent resolution of the proceedings." The Vineyard Wind 1 offshore wind farm is now 95% complete and is already generating power for homes and industries in the New England region of the northwestern United States. It will continue generating power, and the remaining 5% of the farm will be built as soon as possible, "with safety remaining a key priority, so we can provide affordable and secure energy."

2025 is a record-breaking year for the Spanish stock market. For the first time, five listed companies have surpassed a valuation of €100 billion. These include four companies from the Ibex 35, the country's main stock market index: Inditex (€175.218 billion), Banco Santander (€148.347 billion), Iberdrola (€122.466 billion), and BBVA (€114.055 billion). Airbus (€155.430 billion) joins them on the continuous market, a market that is setting all-time records and is one of the most profitable in the world, according to the latest report from Bolsas y Mercados (BME), the Spanish stock exchange operator. Together, these five companies represent almost half the total value of the 130 companies on the continuous market, three-quarters of which are concentrated in the Ibex 35.

Iberdrola, the electricity company chaired by José Ignacio Sánchez Galán, has set its sights on expanding in the United States. It is, in fact, one of its strategic markets along with the United Kingdom Now it aspires to be recognized as a "global Spanish" company. This move may seem surprising given Donald Trump's energy policy and the business the electricity company has always been proud of: while Trump's presidency was marked by the fight against renewables and the dismantling of climate policy, for the company, these technologies—wind power in particular in the US—are one of its cornerstones. So why does Sánchez Galán continue to look across the Atlantic? One of the keys lies in the business. of the electrical transmission and distribution networksThis is unknown to the general public, but not to the company. This activity accounts for a large part of its income and investments in the United States. In fact, it represents 80% of its business.

The four major energy companies listed on the Ibex 35, Iberdrola, Endesa, Naturgy, and Repsol, have just presented their results for the first nine months of the year, that is, between January and September. And although themassive power outage of April 28 It has had an impact on their accounts, but in one way or another they have managed to navigate the effects of the blackout that plunged the Iberian Peninsula into darkness, to the point that three of them (Iberdrola, Endesa, and Naturgy) expect to close 2025 with record profits. However, the businesses of the four companies are not the same, although some have more in common, as is the case with Iberdrola and Endesa. Therefore, the underlying reasons for how they have managed to avoid the impact are also different.

Iberdrola will close the year with record profits, the company announced on Tuesday, coinciding with the presentation of its results for the first nine months of the year (January through September). Although the country's leading electricity company recorded a net profit of €5.307 billion between January and September, which represents a 3% decrease compared to the first nine months of 2024 (taking into account divestments and deductions), and expects for the whole year to exceed 6.6 billion euros in adjusted net profit, as reported by the company to the National Securities Market Commission (CNMV), while the net result will stand at 6.2 billion euros (389 million euros not taken into account).

Iberdrola will take legal action against the president of Red Eléctrica España (REE), Beatriz Corredor, after she attributed the massive power outage of April 28 to the non-compliance of conventional groups. This was confirmed to Efe by legal sources and reported on Monday by the newspaper The World, the electricity company maintains that Corredor's statements on September 11 constitute an "attack on its honor," although the president of the Spanish electricity system operator did not mention the company at any time.

Iberdrola has presented its new roadmap for the next four years (2025-2028) and has done so in a key market for its growth: the United Kingdom. The company, which is Europe's leading electricity company, held its Capital Markets Day in London and announced a record investment of €58 billion during this period (30% more than in the previous four years). It has also promised to distribute €20 billion in dividends to its shareholders.

Iberdrola reaffirms its commitment to the United States. And also to the United Kingdom. The leading electricity company in Spain has completed a historic capital increase of €5 billion to address investments in these two markets, as announced this Wednesday by the National Securities Market Commission (CNMV). Following the announcement, the Spanish stock market regulator has decided to suspend its listing. A capital increase occurs when a company decides to increase its resources to finance new projects, as is the case with Iberdrola, or reduce its debt, and can be done in different ways (from issuing new shares to using retained earnings). To understand the magnitude of the figure proposed by Iberdrola, it is worth considering that it represents 5% of its stock market value, which is around €100 billion.

Endesa and Iberdrola have made moves to extend the useful life of nuclear power plants, including the Almaraz I plant in Cáceres, which is the first to be shut down, in November 2027. For now, however, the attempt has been derailed. Both companies have submitted a proposal to the Ministry for Ecological Transition, which the Ministry has rejected—according to sources from this ministry who spoke to ARA—because it "does not meet the red lines" that Pedro Sánchez's administration has put on the table for assessing the extension of the useful life of this technology. Specifically, the Spanish government's three red lines are: ensuring safety for people and security of supply, and ensuring that the decision does not entail additional costs for citizens.

After 48 hours of the blackout and with normality restored, the Spanish government is lowering the decibels, but maintaining its urgent request to companies to send all the data from the peninsular zero on Monday. Pedro Sánchez surprised everyone on Tuesday when he insisted that the "pertinent responsibilities" would be held from the electricity system operators, despite not yet knowing the causes, with a much harsher tone than that displayed this Wednesday by the Third Vice President, Sara Aagesen, who was more conciliatory. At the press conference, he praised the work of the president of Red Eléctrica, Beatriz Corredor—she has assured that she will not resign—and did not consider the electricity companies hindering their cooperation. However, he did advance that one of the first actions of the committee investigating the blackout, which includes the CNI (National Institute of Statistics and Census), will be to visit the companies' facilities to verify that they have not been attacked. In other words, all hypotheses remain open.

From an energy perspective, 2024 was marked by the end of the great crisis caused by the Russian invasion of Ukraine. Prices for both electricity and oil moderated and, in the case of electricity, there were even days with negative prices in the wholesale market, something that had never happened in Spain. But the large energy companies that are part of the Ibex 35, the index of the Spanish stock market, overcame the ordeal of price moderation with significant profits. The four largest companies in the sector – Repsol, Endesa, Iberdrola and Naturgy – together obtained a net profit of 11,157 million euros, almost 4.3% more than in 2023. 2024 (start of the war in Ukraine), when the four major companies achieved a joint record profit of 12,780 million euros. However, these companies' 2024 earnings are the second-best record since 2019, the year before the Covid-19 pandemic.

The French company Renault does not want to miss out on one of the most important macro-projects driving the Spanish automotive sector in recent years: the first battery plant for electric cars in Spain. It will be the star infrastructure of the Strategic Project for the Recovery and Economic Transformation, known as PERTE, in the automotive sector.