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Iberdrola is a 100-year-old company based in Bilbao devoted to the national and international energy sector. As of March 2006, it had an installed capacity of 3914 megawatts from renewable sources of which 3598 megawatts come from wind power. Iberdrola bought Scottish Power in April 2007. The merger created the third largest utility in Europe, and generates around 6000 megawatts of renewable energy. The price offered for Scottish Power by Iberdrola, which generates most of its energy from coal fired power stations and natural gas, was 40% higher than a bid a year earlier from E.ON of Germany. Iberdrola is also Spain's largest nuclear energy producer. In September 2008, Iberdrola bought Energy East, a utilities company that serves 2.9 million customers in the Northeast United States., following approval by the New York Public Service Commission. 20% of the company's renewable energy division Iberdrola Renovables, the world's largest owner-operator of wind farms, was spun off on the Bolsa de Madrid in December 2007 in a -4.1 billion IPO. Building of Iberdrola's new headquarters (Iberdrola Tower) in Bilbao started in 2007. The tower will be 165 m high and has been designed by architect Cesar Pelli. Some 8% of the shares are owned by Grupo ACS. Iberdrola Renewables has signed a power purchase agreement (PPA) with We Energies of Milwaukee, Wisconsin. We Energies will purchase 50MW of clean, renewable energy from Iberdrola Renewables’ Barton Wind Power Project in operation near Kensett, Iowa. |
