Iberdrola Holds Spanish Customers as Analyst Raises Valuation Above €150 bn

Iberdrola in the Spanish electricity market has limited its loss of residential customers despite intense competition from rivals such as Endesa and Repsol and the impact of the new anti‑spam law. The utility’s strong brand, diversified electricity and gas offers and higher customer loyalty have helped it retain its subscriber base while competitors push aggressive acquisition campaigns.

Analyst JB Capital upgraded Iberdrola, setting a price target of €23.8 per share and implying a market capitalisation of more than €150 billion. The firm highlighted the utility’s extensive regulated‑network assets and a planned €37 billion investment in networks through 2028, representing 65% of total capex. Growth prospects are tied to the United Kingdom and United States markets and to rising electricity demand from AI‑driven data‑centers.