Core Insights - The report provides a comprehensive assessment of the Russian electricity sector, focusing on market trends, regulations, and competitive landscape up to 2035 [1][2] Installed Capacity and Generation - The report analyzes installed capacity in gigawatts (GW) and electricity generation in terawatt-hours (TWh) from 2020 to 2025 and forecasts from 2026 to 2035 [2] - Total renewable power capacity is projected to increase from approximately 9.8GW in 2025 to around 18.4GW by 2035, with a compound annual growth rate (CAGR) of about 6.5% [3] Renewable Energy Growth - Renewable capacity growth is facilitated by the Capacity Supply Agreement framework, which offers fixed capacity payments for selected wind and solar projects for up to 15 years, enhancing revenue predictability for investors [4] - Onshore wind capacity is expected to rise from around 4.3GW in 2025 to approximately 10.2GW by 2035, while solar photovoltaic (PV) capacity is projected to increase from about 3.1GW in 2025 to nearly 5.3GW by 2035 [5] Thermal and Nuclear Generation - Thermal generation, particularly natural gas, dominates Russia's capacity mix, with gas-fired capacity projected to increase from around 143.5GW in 2025 to approximately 151.2GW by 2035 [6] - Nuclear capacity is expected to expand from about 26.8GW in 2025 to around 28.6GW by 2035, maintaining its strategic role in Russia's energy planning [6]

Strategic Direction - Iberdrola is focusing on A-rated countries and prioritizing regulated/long-term contracted businesses for predictable and profitable growth[52] - The company aims to increase its regulated and long-term contracted EBITDA profile to approximately 75% by 2028-2030, up from approximately 60% in 2021-2024[109, 110] - Iberdrola reaffirms its shareholder remuneration policy, targeting a payout ratio between 65% and 75% of EPS and a DPS floor at EUR 064/Share[118, 119] Investment and Growth - Gross investments are projected to reach approximately EUR 58 billion, with approximately EUR 8 billion contributed by partners[70] - Approximately 2/3 of gross investments are allocated to the UK and the US, representing approximately 65% of the total[70, 71] - Networks investments are expected to double by 2030 and triple by 2035[34] - Renewable investments are projected to increase by over 50% by 2030[36] Financial Performance - EBITDA is projected to reach approximately EUR 18 billion by 2028, an increase of approximately EUR 3 billion from 2024[100, 101] - Adjusted Net Profit is expected to grow at a high single-digit CAGR from 2024 to 2028, reaching approximately EUR 76 billion by 2028[114, 115] - The company aims to increase its RAB (Regulated Asset Base) by approximately 40% in just 4 years[82]