Pedro Azagra 

Chief Development Officer and Member of the Executive Committee, Iberdrola
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Pedro Azagra,

Chief Development Officer and Member of the Executive Committee, Iberdrola

He earned a Master in Business Administration from the University of Chicago, Graduate School of Business and a Business Degree and a Law Degree from Universidad Pontificia Comillas in Madrid - ICADE.

Energy sector
Since 2008 he has been the Chief Development Officer and a member of the Executive Committee of Iberdrola and responsible for the Company’s corporate activity, including mergers, acquisitions and divestitures. Since he joined Iberdrola in 1997, the Group is ranked as the 3rd or 4th largest utility in the world in almost all operational and financial parameters, improving from 21st position.
He has been responsible for the execution and integration of transactions in excess of $120 Bn, among others:

  • In the US the $8 Bn acquisition of Energy East, from planning through to execution, closing and post-transaction integration.
  • In UK the $27 Bn purchase of the traded company ScottishPower.
  • In Spain the $17 Bn merger between Iberdrola and Iberdrola Renewables, the $1 Bn leveraged sale of Iberdrola’s high voltage transmission assets, the regulatory management of the $35 Bn tariff deficit generated by the Spanish utilities and its securitization, the Iberdrola Renovables $6 Bn IPO and Iberdrola’s capital increases in excess of $20 Bn.
  • In Latam the $3 Bn acquisition of Brazilian company Elektro.
  • In Middle East the $3 Bn acquisition of a 6% stake in Iberdrola by Qatar Holding.

He managed the US businesses of Iberdrola Group, being responsible of the following actions, among others:
o Obtaining regulatory approvals for the merger cases in New York, Maine, Connecticut, and New Hampshire, and at the Federal Energy Regulatory Commission, the Committee on Foreign Investment in the US (CFIUS), the Nuclear Regulatory Commission (NRC), and the Department of Justice (DOJ)
o The rate case in New York in 2009 (3-year rate term, equity ratio raised to 48%, earnings sharing mechanism in place, quality of service incentives established)
o The rate case in Maine (5-year rate term, 47% equity ratio, earnings sharing mechanism in place, protection from uncontrollable costs)
o The approval of the 1.4 Bn MPRP transmission project in Maine with a 12.89% ROE
o The New York approval of the 2013 internal reorganization of the US companies
o Actual ROE improvement from 8% to 11% in the period 2009-2013
As Director of Strategy of Iberdrola Group, he was responsible for the development of the Company’s 2001-2006 strategic plan.
He also served as Member of the Board of Directors of Energy East, Rochester Gas and Electric, New York State Electric and Gas Corporation, Iberdrola Portugal and Rokas.
He is currently an Executive Member of the Board of Directors of Iberdrola USA.
Before joining Iberdrola, he served in the Investment Banking Division of Morgan Stanley executing mergers, advisory mandates, equity and debt offerings.
He is also a Professor of Corporate Finance and Mergers and Acquisitions at Universidad Pontificia de Comillas - ICADE, Madrid Spain.
He served as a Second Lutennant in the Spanish Army ranked 1st in the Academy.
He was also member of Estudiantes Basketball team which was second in 1985 and 1986 Spanish High School League.

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