Iberdrola

Iberdrola is based in Bilbao. Spanish distribution and transmission-related investments are remunerated under a regulatory framework, ScottishPower runs networks and retail in Britain, and Avangrid owns New York and New England utilities plus a renewables arm.

Homes and businesses on those wires do not choose a different distributor. Competitive supply, where it exists, still rides Iberdrola's network, which is the same structural split BT's rivals have with Openreach, in electricity rather than telecom.

The renewable-development business bids into auctions and signs offtake with utilities and corporations, competing with Enel, EDP, NextEra, and a crowd of smaller developers. A network investment plan and a wind auction are two different competitions inside one group.

Regulated networks in Spain, Britain, and the US Northeast are franchise or licensed monopolies.

Retail suppliers in those territories depend on the network tariff and connection times.

Wind and solar auctions award offtake that Iberdrola then has to interconnect, often to its own or a peer's grid.

A Spanish or Scottish household depends on Iberdrola's network for the physical delivery of power.

A corporate buyer signing a renewable offtake with Iberdrola depends on that project reaching commercial operation.