Wednesday, November 30

Antonio Miguel Carmona leaves the vice presidency of Iberdrola Spain

Former socialist deputy Antonio Miguel Carmona has left the board of directors of Iberdrola Spain, of which he was appointed director and vice president just over a year ago. This is confirmed to sources of the group. These sources assure that this movement is due to the fact that the former councilor of the Madrid City Council is going to have a new responsibility in the Spanish subsidiary, which they do not specify.

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These sources point out that the former socialist councilor, “on his own initiative, does not appear on the council in order to be a member of the management” of the Spanish subsidiary. “An executive position is incompatible with being on the council,” said a spokesman for the energy multinational. On the Iberdrola Spain website, the only executive director that appears is Mario Ruiz-Tagle, appointed last summer.

Carmona was appointed vice president of the subsidiary a little over a year ago, with a remuneration that is not public but that some media put at around half a million euros per year.

His signing was announced in the midst of a conflict with the Government over the rise in electricity and he landed at the multinational after a summer in which Iberdrola had been singled out by the third vice-president, Teresa Ribera, for the “scandalous” emptying of reservoirs, which was not had consequences for the company. His incorporation came in full swing with the Government by a Royal Decree to drain the extra income from electricity companies due to the rise in gas that was later corrected in Congress after pressure from the PNV.

In the socialist ranks, the appointment was interpreted as “a declaration of war” from the president of Iberdrola, Ignacio Sánchez Galán, to the president of the Government, Pedro Sánchez. Carmona, who never held relevant positions in the Administration and in the 2015 elections lost the Madrid municipal elections against Manuela Carmena, had been criticizing Sánchez for years on different television sets.

With the former councilor managing the communication area of ​​Iberdrola, since then the relationship between the multinational and the Government, far from being redirected, has remained tense, as the energy crisis worsened after the invasion of Ukraine and the explosion of electricity and gas prices.

This Wednesday, after ratifying the objective of pulverizing a new profit record in 2022, more than 4,000 million euros, Galán confirmed to analysts his intention to resort to the new tax on energy companies that the Executive is preparing. A few months ago, the man from Salamanca made a resounding stumble (with a public apology and a reprimand from the Government included) by calling consumers covered by the regulated rate of the voluntary price for small consumers (PVPC), the great beneficiaries of the Iberian solution started, “fools” by Spain and Portugal to the EU, which Iberdrola has opposed with an intense lobbying campaign.

The dismissal of Carmona as vice president of Iberdrola Spain comes after the recent promotion of the vice president of CEOE and former number two of Luis de Guindos, Íñigo Fernández de Mesa, in the British subsidiary of Iberdrola, Scottish Power.


The name of Carmona, professor of economics and former deputy for the PSOE in the Madrid Assembly in two stages (between June 1999 and December 2002, and between June 2011 and June 2015), had been missing for days from the section of the Iberdrola’s corporate website detailing the composition of the highest management body of its subsidiary in Spain. His dismissal does not yet appear in the Mercantile Registry.

On that Iberdrola website he does appear as CEO of the Spanish subsidiary Ruiz-Tagle, appointed in July as chief executive of the subsidiary to replace Ángeles Santamaría. And, as president, the new number two of the company, Armando Martínez, appointed this week by Galán as the new CEO of the energy multinational.

Martínez will be the first CEO since the man from Salamanca has all the power in the company, in a maneuver that timidly goes in the direction of separating the positions of the president and CEO, as they have been asking for the funds for years and recommend the best corporate governance practices . But, as Galán (who maintains the executive power) told analysts this Wednesday, it is a sign of “continuity” and will not imply a “revolution” in the first line of management of the largest Spanish electricity company, which has been piloting 22 years.