Spanish energy utility giant Iberdrola has appointed the former CEO of its US renewable energy development subsidiary, Avangrid, as its new head.
Pedro Azagra will take over as CEO of The Iberdrola Group, having served as Avangrid CEO since May 2022.
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Jose Antonio Miranda, the former president and CEO of Avangrid Power – the firm’s renewable-energy-specific division – will take over as CEO of Avangrid, and Kimberley Harriman will be deputy CEO, leaving her role as SVP of public and regulatory affairs.
The personnel change comes at a bullish time for both Iberdrola and Avangrid. In the first quarter of 2025, the parent company posted over US$2.2 billion in net profits. It said its total shares had reached a market capitalisation of €100 billion, one of two global energy companies to reach this valuation.
The vast profits were driven by Iberdrola’s focus on its regulated networks and transmission projects. When it fully acquired Avangrid in May 2024, following the cancellation of a merger with the Public Services Company of New Mexico (PNM), Iberdrola said it would pivot the company towards its transmission networks business and regulated markets (those where it has a stake in the distribution and transmission of power).
This is likely a big part of the Iberdrola Group’s future strategy. Avangrid, which owns eight electric and natural gas utilities in the US, has seen a “period of substantial growth in both financial performance and project development and execution” under Azagra’s leadership, Iberdrola said in a statement.
This period has also seen the Iberdrola Group move towards “selective” investment in renewables and a focus on established, high-income markets like the US and UK, a strategy which has paid off financially.
