October 2026
Largest Utilities Public Companies in Spain
Benchmark revenue and EBITDA valuation multiples for public comps like
Iberdrola, Endesa, Naturgy Energy Group, Redeia and Enagas.
 | Iberdrola is one of the largest utilities in the world with electric utility operations in nearly 40 countries. The company has a 57-gigawatt portfolio of hydro, wind, natural gas, and nuclear power plants. It is one of the largest owners of wind farms in the world, representing about 40% of its portfolio. Although the company has recently developed or acquired distribution and power generation assets in other geographic areas, Spain is still home to more than half of its power generation capacity. Iberdrola also owns and operates electricity and distribution networks in Spain, the UK, Brazil, and the US. | $24 | +16% | $158B | $224B | 4.5x | 13.5x | ||
| Endesa generates, distributes, and supplies electricity in Spain and Portugal. The company has 21.5 gigawatts of installed generation capacity split among hydroelectric, nuclear, natural gas, oil, solar, and wind. Endesa also supplies gas to retail and business customers in Spain and France. | $48 | +33% | $49B | $61B | 2.6x | 10.3x | ||
| Naturgy stems from the 2008 acquisition of Union Fenosa. The company operates across the gas value chain, from procurement to distribution and marketing. It owns and operates the largest gas distribution network in Spain, where it is also the leading retail gas supplier. The company additionally operates gas and electricity distribution networks across several Latin American countries. It owns 17.9 GW of generation capacity, including 7.3 GW of wind and solar. | $34 | +10% | $31B | $46B | 2.1x | 7.7x | ||
| Redeia owns and operates the Spanish electric transmission system. The company has acquired almost all of the nation's power grid, which other owners were forced to sell to it by government decree. Its activities are regulated by the National Energy Commission, which answers to the Spanish legislature. Redeia also operates a small fiber optics network in Spain and has a growing Latin American infrastructure business. | $16 | -9% | $8.9B | $15B | 7.9x | 10.2x | ||
| Enagas SA is a Spanish utility company involved in the transport, storage, and regasification of natural gas. Its segment include operations into Infrastructure activity, Technical system management, and Non-regulated activities businesses. | $19 | +16% | $4.8B | $7B | 6.5x | 8.5x | ||
| COX ABG Group SA is a vertically and horizontally integrated water and energy utility company in infrastructure and efficient management of water resources, specializing in desalination, reuse, and treatment technologies, as well as renewable energy generation and transmission. It mainly has a presence in the Middle East, Latin America, Europe, South Africa, and North Africa. It engages in designing, planning, constructing and operating all kinds of civil and electromechanical works and, in particular, power plants through which it will generate energy, operates and manages power plants, mainly under photovoltaic technology, generating, marketing and/or distributing electricity in each country in which it operates. Its segments are Water, Energy, Services and Corporate. | $12 | -2% | $989M | $5.1B | 4.0x | 24.1x | ||
| Audax Renovables SA is engaged in the development of renewable energy for generating electricity. The company is mainly focused on developing wind energy. The group's projects are located in Spain, France, Panama, Germany, and Poland. The majority of the revenue is generated from Spain and Portugal. | $1 | -24% | $538M | $1.1B | 0.5x | 10.2x | ||
| Energy Solar Tech SA is a technology company in the energy sector whose mission is to facilitate the migration of companies to renewable energies, The company offers its clients energy generation and efficiency technologies through its offer of energy Outsourcing services under the Energy As A Service model. | $1 | -54% | $34M | $43M | 9.1x | 85.1x | ||
| Holaluz is a Barcelona renewable-energy company founded in 2010 and listed on BME Growth. It supplies electricity to households and businesses and develops rooftop solar self-consumption systems. The company’s proposition links renewable retail supply with distributed generation at customer premises. Holaluz Cloud credits qualifying surplus solar production against a customer’s electricity bill. Revenue comes from recurring energy contracts, solar installations and related energy services rather than investment management. During 2021 and 2022 it expanded its operating capacity through acquisitions including Bulb’s Spanish business and the installers Katae Energía, Serna Energía and GHC Instalaciones. Those corporate purchases are distinct from separate acquisitions of customer books that did not transfer operating companies. | $1 | -45% | $22M | $63M | 0.4x | (6.9x) | ||
| Median | $16 | -2% | $4.8B | $7B | 4.0x | 10.2x |
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