When Pedro Azagra Blázquez was appointed CEO of Iberdrola in June 2025, it placed him at the helm of one of the most consequential energy companies in the world.
Iberdrola is not simply a European utility. It is a global energy leader with operations spanning the United States, United Kingdom, Spain, Brazil, and beyond, serving tens of millions of customers. Over the past two decades, the company has transformed itself into one of the largest investors in renewable energy and electricity networks, with a strategy centered on electrification and long-term infrastructure.
Its scale, geographic reach, and capital deployment make it a central player in how countries generate, distribute, and secure energy in an increasingly volatile world. Leading Iberdrola today means shaping not just a company, but a significant portion of the global energy system.
A Career Built Inside Iberdrola
Azagra’s rise to CEO is the product of a nearly three-decade career inside the company. He joined Iberdrola in 1997 after working at Morgan Stanley, where he specialized in mergers and acquisitions.
Inside Iberdrola, he became one of the principal architects of its international expansion. He played a central role in major acquisitions, including ScottishPower in the United Kingdom and Energy East in the United States, which helped transform the company from a domestic utility into a global energy powerhouse.
Over time, Azagra built a reputation as a disciplined operator and strategist, with deep expertise in capital allocation, cross-border transactions, and long-term infrastructure growth.
The U.S. Proving Ground
Before becoming Group CEO, Pedro Azagra Blázquez served as CEO of Avangrid, the company’s U.S. business.
There, he led a portfolio that included regulated utilities, renewable energy generation, and transmission infrastructure across multiple states. His tenure coincided with a period of rapid growth in U.S. energy demand and increasing political focus on grid modernization and domestic energy security.
The experience sharpened his understanding of how energy policy, capital markets, and infrastructure development intersect—particularly in complex, high-stakes environments.
A Builder of Energy Systems
Pedro Azagra Blázquez is not known for bold rhetoric. His influence comes from execution.
Throughout his career, he has focused on building systems at scale: acquiring assets, integrating operations, and deploying capital into infrastructure that generates stable, long-term returns. That approach has aligned closely with Iberdrola’s strategy of investing heavily in electricity networks and renewable generation.
What distinguishes his leadership is the recognition that energy is no longer just about supply. It is about systems.
Electricity grids, transmission capacity, and energy integration are becoming as important as generation itself. As demand surges from data centers, electrified transport, and industrial transformation, the ability to move and manage electricity efficiently is emerging as a defining constraint—and opportunity.
Sustainability as a Long-Term Bet
Long before sustainability became a dominant theme in global markets, Iberdrola began investing aggressively in renewable energy, particularly wind power.
Pedro Azagra Blázquez was part of the leadership team that supported and executed this shift. Today, that early bet has positioned the company as one of the largest renewable energy producers in the world.
Under his leadership, the focus is expanding beyond generation to include the infrastructure required to make clean energy reliable at scale. This includes transmission networks, grid resilience, and system integration—areas that are increasingly central to both economic growth and energy security.
For Azagra, sustainability is not a standalone initiative. It is embedded in how the company allocates capital and builds for the long term.
Why His Leadership Matters Now
Pedro Azagra Blázquez steps into the CEO role at a moment when energy is at the center of global transformation.
Countries are attempting to simultaneously decarbonize, secure supply, power technological growth, and maintain economic competitiveness. These pressures are converging on the electricity system, elevating the importance of companies capable of building and financing infrastructure at scale.
Azagra’s career has been defined by doing exactly that.
His leadership of Iberdrola will help determine how one of the world’s most important energy companies navigates this transition—and, in turn, how energy systems evolve across multiple continents.
In an era defined by electrification, resilience, and long-term capital deployment, that role carries global significance.
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