A plan to lead the energy transition

On 24 February 2026, we updated our 2026–2028 Strategic Plan with a record €10.6 billion investment, 10% higher than the previous plan (€9.6 billion), which had already been the largest in our history within the Iberian Peninsula perimeter since 2014.

With this renewed momentum, we are in a position to lead the energy transition and capitalise on the opportunities of electrification across the economy. Our goal is clear: accelerate connections, strengthen the grid, grow renewables profitably and support customers with greater value and better service.

Electricity distribution grid

We will invest €5.5 billion in the distribution grid, more than half of the plan (+40% compared to the previous plan), provided that the Royal Decree allowing investments above the regulatory cap and full 100% recognition of investments is approved. This priority responds to a clear reality: the grid is saturated (88% nationwide and 94% in our service areas).

In 2025, we were only able to authorise 14% of the 32,000 MW of connection requests received. Strengthening the grid will open the door to more connections for new customers, including new industrial demand and data centres, unlocking electrification across the entire country.

Renewables and storage

We will allocate €3 billion to renewables (28% of the plan) following a selective approach with a focus on wind and storage. We will add 1,900 MW of new renewable capacity by 2028, of which 1,500 MW will correspond to wind + batteries, improving the generation profile and capturing value with lower volatility.

In addition, we are launching a platform of up to 3,000 MW of hybrid projects with secured land and grid connection in the Iberian Peninsula, ready for PPAs with large consumers, such as data centres requiring stable, low-emission power supply.

Closer to our customers

We will strengthen the customer business with a €900 million investment in electricity and gas retail. We will reinforce in-person service, activate partnerships, such as the agreement signed with MasOrange for cross-selling offers, and deepen efficiency measures to maintain competitiveness in a demanding market.

Nuclear energy for security of supply

We support adapting the 2019 nuclear calendar to the actual progress of the NECP. Delays in wind and storage targets for 2030 require dispatchable firmness to protect security of supply and system costs.

On a tax-neutral basis compared with other technologies, replacing nuclear generation with a mix of solar, batteries and gas would cost twice as much as maintaining nuclear. For this reason, we propose extending operations by an additional ten years: this would help reduce costs and emissions and stabilise the system during the most intensive phase of electrification. We have already requested the extension of Almaraz I and II until mid-2030.

In summary, we will invest where the system needs it most: grids to connect and ensure quality, renewables and storage to generate with reliability and profitability, and the customer business to deliver value through improved service and integrated solutions.

All of this with capital discipline and a ready-to-deploy project platform to capture new demand, from industry to data centres, through long-term contracts.

This is how we lead the energy transition and maximise the opportunities of electrification across the economy, creating sustainable value for our customers, the system and our shareholders.