Iberdrola, S.A. is a vertically integrated global energy company and one of the largest electric utilities in the world by market capitalization. The company's business model is centered around the transition to clean energy, with operations spanning renewable energy generation, regulated electricity networks, and liberalized retail and wholesale power markets. Iberdrola's revenue is primarily derived from its regulated networks business, which accounts for approximately 45% of total revenue and provides stable, tariff-based cash flows. The remainder comes from its liberalized generation and supply segment, as well as its rapidly growing renewable energy portfolio. Geographically, Iberdrola is highly diversified, generating over half of its revenue outside of Spain. Its key international markets include the United States (through its subsidiary Avangrid), the United Kingdom (through ScottishPower), and Brazil (through Neoenergia), alongside a growing presence in Mexico and Australia. The company is a global leader in onshore and offshore wind power, and its generation mix also includes hydroelectric, solar, nuclear, and combined-cycle gas plants. Iberdrola's competitive position is bolstered by its early pivot toward renewable energy, massive investments in smart grid infrastructure, and long-term power purchase agreements (PPAs) that secure revenue stability.
