Counselor Walfredo Fernández appointed Undersecretary of State for the Economy




The president of the United States Joe Biden has made his next signing in Iberdrola. Specifically, the counselor of the energy JosephWalfredo Fernandez has resigned from his position as director and member of the Audit and Risk Supervision Committee of the electricity company after being signed by Joe Biden’s Administration.

As reported by the utility to the National Securities Market Commission (CNMV), Fernández has joined the US Government as Undersecretary of State for the Economy, Energy and Environment, position incompatible with the performance of the functions of director of the Spanish company.

His resignation took effect last Friday, August 6, although it was this Monday, August 9, when the company communicated it to the market by virtue of the current Securities Market Law.

The former Iberdrola director began to exercise his functions on the board of directors in February 2015, being reelected in March 2019. Fernández had previously been Undersecretary of State for Economic, Business and Energy Affairs of the United States of America.

Graduated in History from Dartmouth College and Doctor of Law from Columbia University, he has been Counselor of Darmouth College, NPR Station WBGO-FM, Middle East Institute and the Ballet Hispanico of New York, and of non-governmental organizations such as International Action.

It has also been Representative of the Department of State in the Foreign Investment Committee of the United States of America and named one of the ‘World’s Leading Lawyers’ by Chambers Global for his work in the M&A sector,’ Expert ‘by the International Financial Law Review, one of the’ World’s Leading Privatization Lawyers’ by Euromoney and ‘Ambassador of the Spain Brand ‘.

The United States, a priority market

Among the strategic markets and one of its growth axes for the company chaired by Ignacio Sánchez Galán is the United States: It operates through Avangrid – listed on the New York Stock Exchange with a value of more than 20,500 million dollars and assets of 40,000 million dollars -, which will see its position in the market for renewables and distribution networks strengthened after the acquisition of PNM Resources, the electric power of Texas and New Mexico.

At the close of this operation, Avangrid will operate in 24 states and will have a regulatory asset base of more than 14,500 million euros, while serving a population of 12 million Americans.

In turn, it will have more than 10,000 operating renewable megawatts (MW) and a project portfolio of 24,800 MW. It currently builds more than 2,700 MW (onshore, offshore and photovoltaic wind).

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