What Redeia is and where it is based
Redeia Corporación, S.A., tax identification number A78003662, is the Spanish listed parent of an electricity infrastructure and telecommunications group. Its registered and tax office is at Paseo del Conde de los Gaitanes, 177, Alcobendas, Madrid.
This profile covers the consolidated group. Red Eléctrica de España, S.A.U. is the subsidiary responsible for electricity transmission and system operation in Spain; Redeia is the holding company. The Barcelona office shown in the illustration belongs to Red Eléctrica and is not the parent company’s headquarters.
Sources: 2025 accounts: identity and business · 2025 governance report: legal identification · Red Eléctrica: Barcelona office.
From Red Eléctrica to Redeia
The company was incorporated on 29 January 1985 as Red Eléctrica de España. Its origins are linked to the organisation of electricity transmission and system operation in Spain. In 2008 it reorganised as a group, separating the holding company from the subsidiary responsible for regulated electricity activities in Spain.
The Redeia brand was introduced in 2022. In 2023 the shareholders approved the parent company’s new legal name, Redeia Corporación, S.A. The group’s rebranding and the legal name change were separate milestones; Red Eléctrica retained its identity as the operating subsidiary.
Sources: 2025 governance report: group history · 2023 AGM: change of the parent company’s legal name · 2025 accounts: identity and business.
Ownership and leadership
At the end of 2025, the Spanish state holding company Sociedad Estatal de Participaciones Industriales, SEPI, owned 20% of the share capital. This public shareholding does not mean 100% state ownership: the governance report states that no person or entity exercises or may exercise control within the meaning of the legislation it cites.
Beatriz Corredor Sierra is the non-executive chair and Roberto García Merino is the chief executive officer. The company’s October 2026 communication confirms that they continue to hold the chair and executive leadership roles respectively.
Sources: 2025 accounts: SEPI shareholding · 2025 governance report: no controlling shareholder · 2025 governance report: board roles · Redeia: chair and CEO in October 2026.
Electricity networks, international transmission and fibre
The Spanish business combines management of the high-voltage transmission network with electricity system operation. These functions differ from selling electricity to consumers. Redinter develops the international transmission business, with a presence in Peru, Chile and Brazil.
Reintel leases and maintains dark fibre and associated infrastructure, mainly for telecommunications operators. Redeia owns 51% and KKR, through Rudolph Bidco, owns 49%. The group also adapts sites on its electricity towers for 5G mobile infrastructure; this does not make Redeia a retail mobile operator.
Sources: 2025 accounts: identity and business · 2025 accounts: Redinter, Reintel and telecommunications.
Infrastructure and operating scope
The 2025 accounts report 46,074 circuit kilometres in Red Eléctrica’s Spanish transmission network and 99,071 MVA of transformation capacity at year end. These are physical infrastructure measures, not road kilometres or generating capacity.
Reintel operated more than 54,777 kilometres of fibre cable along electricity and railway networks. This length should not be added to electricity circuit kilometres as if both measured the same infrastructure. Some international investments are equity-accounted, and their full revenue is not added to Redeia’s consolidated turnover.
Sources: 2025 accounts: Spanish transmission network · 2025 accounts: Redinter, Reintel and telecommunications · 2025 accounts: definition of the reported income aggregate.
Hispasat: an important change in reporting scope
The sale of the 89.68% interest in Hispasat to Indra was completed on 30 December 2025 for €725 million. Hispasat left the Redeia group; this profile does not present it as a current group business. The sale price is also not annual turnover.
The accounts treat the satellite business as a discontinued operation. However, the non-financial statement includes its activity until 30 December, except for indicators explicitly measured at 31 December. Year-end headcount, annual averages, accidents and emissions therefore do not automatically share the same reporting boundary.
Sources: 2025 accounts: disposal of Hispasat · 2025 non-financial statement: reporting boundary.
2025 figures and the turnover measure
Consolidated net turnover in 2025 was €1,659.517 million. Profit attributable to the parent was €505.643 million, while total consolidated profit, including non-controlling interests, was €535.468 million.
The €1,716.0 million aggregate used in Redeia’s communications combines turnover with €56.475 million of profits from equity-accounted companies conducting similar activities. This editorial comparison uses net turnover without adding those profits. It also excludes the €119.966 million of other operating income: that line combines, among other items, Salto de Chira construction, the financial accretion of the asset and insurance claim compensation.
Sources: 2025 accounts: net turnover and profit · 2025 accounts: definition of the reported income aggregate · 2025 accounts: nature of other income.
Elewit and specific technology applications
Elewit manages part of the group’s innovation activity. In 2025 it managed projects including TwinEU, focused on a digital twin of the European electricity system, and InterSCADA, aimed at a modular supervision and control system. DALIA uses synthetic images, modelling and AI techniques to train models to detect anomalies on overhead lines.
In safety, SafeLighting is a device for signalling and monitoring portable earthing equipment. The accounts describe a working prototype assessed in 2025 and a decision to investigate its market potential further. They do not document widespread deployment or an accident reduction attributable to the device.
Employment and reporting boundaries
Redeia ended 2025 with 2,099 employees: 588 women and 1,511 men. Permanent contracts accounted for 98.3%. The year-end figure excludes the 551 Hispasat employees who left the group through the sale.
The safety table instead uses an average workforce of 2,572 people and includes Hispasat until 30 December. These are not contradictory estimates of the same measure: they relate to different dates, methods and reporting boundaries.
Sources: 2025 non-financial statement: year-end workforce · 2025 non-financial statement: safety indicators · 2025 non-financial statement: reporting boundary.
How prevention is organised
The 2024–2025 Occupational Safety and Wellbeing Plan covers safety culture, innovation, wellbeing and stakeholder relations. The report describes workplace risk assessments and preventive planning, alongside authorisation and competence requirements before contractor personnel start work.
The safety manual for companies within the shared prevention service is aligned with ISO 45001. Reported management-system coverage does not by itself establish that every subsidiary, site or contractor holds independent certification. The PRER application allows employees and suppliers to report risks and suggest improvements.
Sources: 2025 non-financial statement: safety plan and contractors · 2025 non-financial statement: safety management system · 2025 non-financial statement: participation and psychosocial risks.
Inspections, isolation procedures and contractor learning
In 2025 Redeia reported 16,931 safety inspections and 1,167 corrective actions, with 89.6% closed. Specific measures included three sessions on coordinating electrical isolation at shared installations and ten audits of isolation procedures involving third parties, examining coordination and operators’ technical knowledge.
The Positive Safety community brought together 230 people from 40 companies to share preventive practices. These figures describe management activity; they do not alone establish that a campaign caused a change in accidents, nor should the community’s participant count be confused with the entire contractor workforce.
Sources: 2025 non-financial statement: inspections and prevention.
Accidents: employee data and a third-party discrepancy
The 2025 S1-14 table records 13 employee accidents, five involving lost time, 321 lost days and no employee fatalities. The frequency rate is 1.09 lost-time accidents per million hours. The severity rate is 0.07, calculated as lost days plus scheduled lost-day equivalents for disability, per thousand hours worked. The health and safety system covers 100% of the own workforce defined in the table, which includes Hispasat until 30 December.
There is a material limitation: the contractor section reports one fatal accident involving an external worker under investigation, while the S1-14 table records zero in the row for other workers at Redeia installations. The cited pages do not reconcile this difference. The employee zero therefore cannot be extended to the entire value chain, and this profile does not attribute responsibility for that accident.
Sources: 2025 non-financial statement: safety indicators · 2025 non-financial statement: inspections and prevention.
Occupational health and psychosocial risks
The 2025 psychosocial risk assessment had a participation rate of 79.4%. This is a response rate, not the proportion of people with a disorder or harmful exposure. The report links the findings of employee listening processes to improvement measures planned for 2026.
Redeia Contigo, launched in 2025, brings together physical, emotional, professional, social and financial wellbeing initiatives. The report also describes the EMOCIÓN programme, medical examinations and an extension of mandatory examinations for shift workers. These are company-reported programmes; demonstrated clinical effectiveness is not claimed.
Sources: 2025 non-financial statement: participation and psychosocial risks · 2025 non-financial statement: health and wellbeing · 2025 non-financial statement: inspections and prevention.
Emissions, grid losses and SF6
The 2025 gross inventory reports 25,776 tonnes of CO₂ equivalent in Scope 1, 566,649 in market-based Scope 2 and 967,880 in Scope 3. Location-based Scope 2 is 580,261 tonnes: the two Scope 2 measures are alternatives and must not be added together. The inventory includes Hispasat’s contribution during its time within the group.
Electricity losses in the network are part of Scope 2; leaks of the insulating gas SF6 are a source of Scope 1 emissions. Reported measures include maintenance, leak detection and repairs. The report puts the reduction in Scopes 1 and 2 against 2019 at 28%, below the 30% target for 2025. Carbon offsets are not deducted from the gross emissions shown here.
Sources: 2025 non-financial statement: emissions and methods · 2025 non-financial statement: SF6 and climate targets · 2025 non-financial statement: reporting boundary · 2025 non-financial statement: climate targets and progress, p. 56.
What the technical blackout report concludes
ENTSO-E’s final report, published on 20 March 2026, explains the Iberian blackout of 28 April 2025 through interacting factors: voltage control, oscillations, generation disconnections and cascading overvoltage disconnections. It recommends improvements to coordination, operation and data.
This is a technical analysis. The document expressly excludes the allocation of legal liability and identifies limitations in the available information. It is neither an exoneration of Red Eléctrica nor a sanctioning decision.
Sources: ENTSO-E: final report on the Iberian blackout · ENTSO-E: causes and conclusions, p. 28.
Regulatory proceedings and the company’s position
The CNMC register checked on 8 November 2026 lists case SNC/DE/021/26 against Red Eléctrica de España as ongoing. It was opened on 16 April for a suspected infringement of Article 64.25 of Spain’s Electricity Sector Act. The CNMC states that opening these proceedings does not itself establish the cause of the blackout or prejudge the outcome.
In its interim accounts, Redeia reports that it submitted representations on 11 May and maintains that it did not commit the infringement. At 30 June 2026 it had recognised no provision for the incident, based on its directors’ assessment, which the document acknowledges may change. This corporate position and accounting decision do not replace the outcome of the proceedings.
Sources: CNMC: Red Eléctrica case SNC/DE/021/26 · CNMC: opening of proceedings in April 2026 · CNMV: Redeia’s position in its 2026 interim accounts.
2026 update and ongoing projects
In its communication of 28 October 2026, Redeia reported investment of €1,139 million and net profit of €410.3 million for the first nine months of the year. These are interim figures and do not replace the 2025 annual close used in this profile.
The same communication dates commissioning of the new 400 kV Galicia–Portugal interconnector to July 2026 and describes progress on the Bay of Biscay link, still under construction. The 2026–2029 plan envisages €6,000 million of investment in the transmission system operator: this is a strategic forecast, not spending already completed.
Sources: Redeia: results for the first nine months of 2026 · Redeia: 2026–2029 investment plan.
Frequently asked questions
Are Redeia and Red Eléctrica the same legal entity?
No. Redeia Corporación, S.A. is the parent; Red Eléctrica de España, S.A.U. is the subsidiary responsible for electricity transmission and system operation in Spain. [1]
Is Redeia wholly state-owned?
No. SEPI held 20% of the capital at the end of 2025. The governance report identifies no person or entity exercising control under the legislation it cites. [1] · [2]
Why does this profile’s turnover differ from the announced €1,716 million?
This profile uses consolidated net turnover of €1,659.517 million. The announced aggregate also includes €56.475 million of profits from equity-accounted companies. [1] · [2]
Is Hispasat still part of Redeia?
No. The sale of the 89.68% interest to Indra was completed on 30 December 2025. Its activity still appears in certain 2025 non-financial indicators, under the boundary specified in each table. [1] · [2]
What does the 1.09 frequency rate measure?
It measures lost-time occupational accidents per million hours within the own-workforce boundary stated in the 2025 table. It is not a TRIR and should not be extended to contractors; the report contains a specific discrepancy concerning external-worker fatalities. [1] · [2]
Did ENTSO-E’s report settle responsibility for the blackout?
No. It analyses technical causes and does not allocate legal liability. CNMC case SNC/DE/021/26 was listed as ongoing when checked on 8 November 2026. [1] · [2]
