the value 
of connected
energy
CORPORATE 
RESPONSIBILITY
REPORT
2015Logo of Red Eléctrica Corporación.

Corporate
Responsibility
Report
2015

1
02. STRATEGY
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
ree.es
This Corporate Responsibility 
Report, which Red Eléctrica 
publishes for the fourteenth 
consecutive year, provides 
relevant information regarding 
strategy, corporate governance, 
business development, financial 
results and objectives of its 
sustainable management in 2015. 
Its drafting follows the guidelines 
of the Guide (G4 version) for the 
drafting of sustainability reports 
(Comprehensive Option) and of the 
Electric Utilities Sector Supplement 
established by the Global Reporting 
Initiative (GRI). In addition, this report 
meets our commitment to report 
on the fulfilment and progress of 
the Company in implementing the 
ten principles of the United Nations 
Global Compact.
In order to continue moving  
forward in offering our various 
stakeholders a more complete 
information, and integrate into 
one single document financial and 
non-financial information, Red 
Eléctrica includes in this report 
aspects defined by the International 
Integrated Reporting Council (IIRC) 
for the drafting of integrated reports, 
whose content aims to be improved 
in the coming years.
Red Eléctrica has submitted this 
report to the external verification 
of PricewaterhouseCoopers (PwC) 
with a limited level of assurance. 
The Independent Review Report 
and complementary information 
regarding the drafting of this 
Corporate Responsibility Report  
are included in the annexes of this 
report for their consultation.
For a more complete understanding 
of the actions of Red Eléctrica, 
the reader can also consult the 
Corporate Governance Report and 
the Consolidated Annual Accounts  
of the Red Eléctrica Group, as well as 
extensive content on the corporate 
website www.ree.es.
We welcome your comments  
and suggestions for future reports. 
Please contact our ‘Dígame’ 
Attention Centre: www.ree.es / 
Phone: +34 917286215 / Fax: +34 
916504542.
Presentation  
of the report
Corporate Responsibility Report 2015
KEY PERFORMANCE 
INDICATORS
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER

p 3
The year in review, a comprehensive 
assessment of 2015.
p 6
Red Eléctrica
at a glance: our 
performance 
during 2015.
p 7
Who we are and 
what we do 
/ Structure of the 
Group / Management 
structure.  
p 161
Environmental 
commitment / Integration 
into the environment 
/ Biodiversity / Climate 
change / Effluents
and Waste.
p 203
About this report / GRI-G4 Content Index / United Nations 
Global Compact / External Assurance Report / Annual 
Executive Report of the Management of the Code of 
Ethics 2015 / Executive Summary of the Internal Audit.
p 15
Scenario 
/ Strategic Plan
/ Essential 
and transversal 
strategies.
p 128
Investment 
in the community
/ Community 
ties / Social 
commitment 
/ Tax transparency.
p 96
Stable and quality 
employment / Diversity 
and inclusion / Talent 
management / Dialogue 
and transparency / Social 
dialogue / The healthy 
workplace.
p 24
Governance of the 
Red Eléctrica Group 
/ General Shareholders’ 
Meeting / Board 
of Directors / Risk 
management 
/ Integrity Model. 
p 66
Quality and security 
of electricity supply 
/ Grid development 
/ System Operation
/ Energy efficiency 
and innovation.
p 88
Evolution of 
results / Financial 
strategy / Shareholder 
return.
p 144
Dialogue with shareholders and investors / Clients, 
market agents and regulatory bodies / Relationship  
with suppliers and the media.
Table of 
Contents
LETTER FROM 
THE CHAIRMAN 
AND THE CHIEF 
EXECUTIVE 
OFFICER
02. STRATEGY
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
08. SOCIETY
09. 
DIÁLOGUE WITH 
STAKEHOLDERS
KEY 
PERFORMANCE 
INDICATORS
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
07. EMPLOYEES
01. THE COMPANY
10. THE 
ENVIRONMENT
ANNEXES
p 52
Commitment 
to sustainability 
in Red Eléctrica 
/ Stakeholder 
management.
To get detailed 
information, click 
on the symbol and 
access additional 
information about 
the Company  
that may be of 
interest to you.

3
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Corporate Responsibility Report 2015
Letter from the 
Chairman and the CEO (G4-1)
undertaking of the investment  
plan for the further development 
of the transmission grid. Secondly, 
the regulatory reform was 
completed with the approval of the 
unit values concerning investment 
in transmission facilities, as well as 
their operation and maintenance, 
and the establishing of their 
2015 was characterised by 
a series of important milestones 
that lead to a bright future for 
company growth and brings 
with it major challenges for Red 
Eléctrica along the way. Firstly, 
the Transmission Grid Planning 
2015-2020 was approved, which 
provides a period of certainty for the 
regulatory useful life, which is an 
important milestone for the stability 
of the remuneration framework.  
In addition, work has continued on 
the deployment and implementation 
of the new Strategic Plan; a plan 
which emphasises the promotion  
of new business activities that aim 
to expand the business base.
From the point of view of the 
management structure of the 
organisation, another significant 
event was the separation of the 
postions of Executive Chairman 
and Chief Executive Officer (CEO), 
which helps maintain the proper 
balance of powers on the Board 
of Directors and improves the 
corporate governance structure of 
the Company, responding to the 
commitment made to shareholders, 
and in line with best international 
practices in this field.
IN 2015 
The laying and 
installation of the first 
cable of the Majorca-Ibiza 
link was carried out. The 
commissioning of the 
second cable, scheduled 
for the first months 
of 2016, will complete 
the full integration of 
the Balearic Islands’ 
electricity system with 
the peninsular system 
and that of Europe.
José Folgado
Chairman of 
Red Eléctrica 
Corporación
Juan Lasala
Chief Executive
Officer
LETTER FROM THE 
CHAIRMAN 
AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES

4
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Corporate Responsibility Report 2015
It is estimated that the second cable 
be brought into service in the first 
months of 2016.
With respect to international 
interconnections, it should be noted 
that in 2015 the Spain-France 
interconnection via the eastern 
Pyrenees, a high-profile project 
because of its influence on the safety 
and quality of supply, was brought 
into brought into commercial 
operation. But nevertheless, the need 
to increase interconnection capacity 
with the European system remains 
a priority for the Spanish electricity 
system, as endorsed in June 2015 
with the creation of a high-level 
group, composed of the European 
Commission, France, Portugal 
and Spain, to boost key energy 
infrastructure projects in  
southwest Europe.
Significant progress 
of the Strategic Plan
The new Strategic Plan, in addition  
to continuing to develop our role  
as TSO and strengthening efficiency 
criteria, attaches great importance  
to expanding the business base  
as an alternative way for growth 
and the creation of value.
In 2015, a number of important 
steps were taken in this area. Firstly, 
the new dimension undertaken by 
the telecommunications business 
following the purchase of ADIF’s 
dark fibre network has made it 
necessary to create REINTEL, 
whereby the Company now positions 
itself as the first neutral supplier 
of telecommunications networks 
in Spain. Secondly, the expansion 
of international business has 
allowed our presence in Peru to be 
consolidated through the awarding 
of two new projects in the region 
and has enabled our entry into Chile 
through the acquisition of 50%  
of the Chilean company TEN.
Additionally, the subsidiary  
REINCAN was created to promote 
energy storage projects in the Canary 
Islands to be used as system operator 
tools in order to guarantee supply 
on the islands and also improve 
system security and optimise the 
integration of renewable energies.  
The construction project for the 
Chira-Soria pumped-storage hydro 
power station, a 320 million euro 
investment, responds to these 
objectives.
Electricity infrastructure planning 
In October 2015, the Transmission 
Grid Planning 2015-2020 was 
approved; said planning sets out 
the new electricity infrastructure 
projects that need to be undertaken 
nationwide under the principles 
of transparency, respect for the 
environment and with minimal  
cost for the electricity system 
as a whole, and that has a budget  
of 4,554 million euros.
An important point of this  
planning is the relevance taken 
on by interconnections between 
systems, specifically the links 
between island systems and the 
connections between the Spanish 
Peninsula and the non-peninsular 
systems. These projects will not 
only pose a great challenge for the 
Company, but will also improve the 
guarantee and security of supply 
in isolated systems and increase 
competitiveness in the electricity 
markets. In this regard, noteworthy 
is the completion of the installation 
of the first interconnection cable 
between Ibiza and Mallorca in 2015. 
DRIVING
INTERNAL
PROMOTION  
80% of the 
directors 
appointed in 
2015 in the  
Group were 
internal 
promotions.
LETTER FROM THE 
CHAIRMAN 
AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES

5
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Corporate Responsibility Report 2015
A key aspect in this area is 
gender equality and equal 
opportunities. In 2015, noteworthy 
is the increase in the number of 
women in the workforce and in 
management positions, as well as 
the establishment of a Women’s 
Leadership Observatory that aims 
to propose actions to increase the 
presence of women in management 
positions. In this regard, women 
covered 31% of internal promotions 
to management positions in 
2015. Moreover, 42% of the Board 
of Directors are women, which 
positions the Company as leader 
in gender diversity among IBEX 35 
companies.
Also, the healthy workplace model 
implemented by Red Eléctrica 
represents a strategic commitment 
to the management, promotion and 
monitoring of the health and well-
being of the workforce. During 2015, 
several initiatives were carried out  
in this field related to the promotion  
of health, the work-life balance and 
the prevention of work-related risks.
These commitments undertaken by 
the Company contribute to improving 
the involvement of workers in the 
business project, as reflected in the 
climate survey, with a satisfaction 
level of employees of 9.4 out of 10.
The activities carried out by the 
Company for the integration 
of renewable energy and the 
improvement of energy efficiency 
are essential for achieving European 
sustainability objectives. Therefore, 
among the actions carried out, 
noteworthy, once again, was the work 
of our control centre for renewable 
energies, which, on average over  
the past three years, has allowed 
40% of the electricity demand  
to be covered using renewables.
Finally, in line with its strategy  
to combat climate change,  
in 2015 Red Eléctrica launched a 
new Action Plan on climate change 
which includes the goals to be 
achieved in this area. Specifically, 
in the commitment to reduce the 
carbon footprint, the goal has been 
set for 2020 to reduce or offset 
the Company’s emissions by 21% 
compared to the values in 2010.
Focusing on the creation of value, 
significant progress was made 
in achieving the objectives of 
the Strategic Plan. The Company 
achieved solid results and a 
significant strengthening of its core 
solvency ratios. Profit for the year 
reached 606 million euros, up 8.3% 
compared to 2014 in like-for-like 
terms and shareholder remuneration 
in the form of dividends increased  
by 7% with respect to 2014.
Commitment to corporate
responsibility
In the area of corporate 
responsibility, in 2015 the Company 
has again been included in the Dow 
Jones Sustainability Indexes (DJSI 
World and DJSI Europe) and renewed 
the European Seal of Excellence 
500+ according to the EFQM model, 
achieving a score of over 700 points, 
which places the Company among 
the best rated both worldwide and 
nationally.
Corporate responsibility for Red 
Eléctrica is part of its corporate 
culture and a key tool for creating 
value. Therefore, it has been included 
within the management objectives 
and the long-term goals of the 
management team, in compliance 
with the corporate responsibility 
programme.
Sustainable 
commitment 
Red Eléctrica, 
fully aware of its 
responsibility towards 
sustainability, joins  
the commitment to 
the achievement 
of the UN Sustainable 
Development Goals, 
aimed at eradicating 
poverty, protecting 
the planet and  
ensuring the 
prosperity of  
all people.
LETTER FROM THE 
CHAIRMAN 
AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES

6
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Corporate Responsibility Report 2015
THE FIGURES SHOWN IN PARENTHESES REFLECT 
THE VARIATION WITH REGARD TO 2014
More information on 
these indicators is 
provided throughout 
this report.
SUBSTATIONS 
(+2.6%)
5,428 substation bays 
KM OF LINES 
(+1.0%)
42,986 km
QUALITY OF SERVICE OF 
THE PENINSULAR GRID 
(-0.3%)
97.93% grid 
availability 
BUSINESS 
37 % 
of demand
INTEGRATION
OF RENEWABLES 
(-14%)
INDEPENDENT 
DIRECTORS 
(-9.4%)
58%
REDUCED BOARD
(+9.1%)
12 members
ATTENDANCE 
TO THE 
SHAREHOLDERS’ 
MEETING 
(+2.1%)
57.3%
GOOD 
GOVERNANCE 
42 %
WOMEN 
ON THE 
BOARD
(-8.4%)
NET REVENUE  
(+5.0%)
€1,938.9M
EBITDA 
(+5.3%)
€1,458.4 M
DISTRIBUTION OF 
DIVIDENDS 
(+7%)
3.21€/share 
FINANCIAL DATA 
606
NET 
PROFIT
M€
(+8.3%)
(*) in like-for-like 
terms
*
SOCIAL
INVESTMENT IN 
THE COMMUNITY
(+15.8%)
€6.6M
SHAREHOLDER INFORMATION 
OFFICE (+16.2%)
1,284 visits attended to
LOCAL SUPPLIERS 
(No variation)
98% of total 
purchases
FULFILMENT OF 
ENVIRONMENTAL 
PROGRAMME (+7.7%)
84%
RESTORATION OF HABITATS 
(+15.9%)
€1.4 M for the ‘REE Forest’
KM OF LINE MARKED WITH 
BIRD-SAVING DEVICES 
(+6.3%)
2,950 km
ENVIRONMENTAL 
€22.7
ENVIRONMENTAL 
MANAGEMENT 
EXPENDITURE
M
(+1.2%)
WOMEN ON THE 
WORKFORCE (+2.1%)
23.1%
WOMEN IN MANAGEMENT 
POSITIONS 
(+4.3%)
20.2%
WORKFORCE 
(+0.9%)
1,697people 
EMPLOYEES 
100h
 per employee
TRAINING  
(+35.1%)
8.3
CLIENT 
SATISFACTION 
No variation
out of 10
Key performance  
indicators 2015 (G4-9)
02. STRATEGY
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
KEY 
PERFORMANCE 
INDICATORS
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER

LA 
EMPRESA
01
Connected 
to a secure 
and sustainable 
energy future
THE 
COMPANY
01
01. THE  
COMPANY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
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Corporate Responsibility Report 2015

8
ree.es
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
KEY PERFORMANCE 
INDICATORS
Corporate Responsibility Report 2015
A complete picture of the Company  
in the 'About us' section of the 
corporate website.
MISSION
Red Eléctrica has the 
mission of ensuring the 
continuity and security 
of the electricity supply 
and the effective 
coordination of the 
electricity generation 
and transmission 
system. Additionally, 
it is responsible for the 
transmission of high 
voltage electricity and 
it builds, maintains and 
operates the facilities  
of the transmission grid.
VISION
The goal is to be one  
of the leading 
companies in the 
management of 
electricity systems, 
recognised for offering 
a quality service of the 
highest standards, 
implementing ethical 
management, 
maintaining a 
firm commitment 
towards sustainable 
development and 
generating value for all 
our stakeholders.
VALUES
Responsibility
Respect
Reliability
Environmental 
awareness
Leadership  
and creativity
Red Eléctrica, a TSO of 
international reference.
Red Eléctrica is the sole 
transmission agent and 
operator (TSO) of the 
Spanish electricity system. 
The Company carries out 
this responsibility with 
transparency, neutrality, 
independence and economic 
efficiency, with the aim 
of providing the highest 
quality electricity service  
for society as a whole. 
01. THE  
COMPANY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER

9
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02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
KEY PERFORMANCE 
INDICATORS
Corporate Responsibility Report 2015
A GROUP WITH 
A ‘HOLDING’ STRUCTURE 
(G4-3, G4-7, G4-17)
With the objective of reinforcing 
the separation and transparency 
of the regulated activities in Spain 
from the rest of the activities,  
the organisational structure of the 
Company was transformed into  
a holding structure in 2008.
Structure 
of the Red 
Eléctrica Group
In the 
Consolidated 
Annual Accounts 
Report.
Red Eléctrica Corporación 	
7
Red Eléctrica de España 	
1,690
Red Eléctrica Internacional 	
3
REINTEL 	
9
REINCAN	
4
REDESUR	
17
TESUR	
2
TESUR2	
4
REA	
29
REDCOR	
1
Total	
1,763
Note: The data regarding total workforce does not coincide 
with the sum of all the companies of the Group due to the  
fact that two employees belong simultaneously to the staff  
of more than one company.
WORKFORCE 
OF THE GROUP
Nº
Investment in electricity transmission infrastructure abroad is channelled through different 
subsidiaries integrated in Red Eléctrica Internacional (REI). In Peru, REDESUR, in which REI controls 
55% of the shareholding, and Red Eléctrica Andina (REA), a company wholly owned by REI. In turn, 
REDESUR controls Transmisora Eléctrica del Sur and Transmisora Eléctrica del Sur 2. In Chile,  
Red Eléctrica Chile, a company wholly owned by REI. This subsidiary, in turn, has acquired 50% 
of the share capital of Transmisora Eléctrica del Norte (TEN), owned by the Chilean company EC-L.
RED ELÉCTRICA DE ESPAÑA  
owns 50% of the share capital 
of INELFE, a company created 
jointly with its French counterpart, 
RTE, for the development of 
interconnections with France.
R E D  E L É C T R I C A  C O R P O R A C I Ó N
Electricity system 
operator and 
transmission agent 
activity
100%
100
100
100
100
Electricity Activity 
outside Spain
RED
ELÉCTRICA 
INTERNACIONAL
Energy storage 
Activity in the 
Canary Islands
REINCAN
Telecommu- 
nications  
Activity
REINTEL
Risk reinsurance  
and financing activity
REE FINANCE
REE FINANCIACIONES
AND REDCOR
%
93%
ELECTRICITY 
ACTIVITY 
IN SPAIN
of net revenue
7%
OTHER 
ACTIVITIES
of net revenue
01. THE  
COMPANY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
AS AT 31.12.15

10
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02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
KEY PERFORMANCE 
INDICATORS
Corporate Responsibility Report 2015
Electricity  
activity in Spain (G4-4, G4-6, G4-8)
Red Eléctrica de España carries 
out the Group's core business as 
transmission agent and system 
operator in Spanish territory. In 
the performance of this activity it 
undertakes the responsibility to:
• Develop, expand and maintain the 
transmission grid under uniform 
and efficient criteria.
• Manage the necessary and 
constant balance between 
electricity generation and demand, 
guaranteeing the continuity and 
security of supply at all times.
Red Eléctrica owns the entire 
Spanish high-voltage electricity 
transmission grid and, through  
its electricity control centres,  
it operates both the peninsular 
and non-peninsular electricity 
systems, 24 hours a day, 365 days 
a year. Furthermore, it is a world 
reference in the safe integration  
of renewable energy into the 
electricity system.
Red Eléctrica is the owner 
of the entire Spanish 
high-voltage transmission 
grid and is a world reference 
in the integration of 
renewable energies.
km 
IN SERVICE
CIRCUIT OF
LINE
42,986
In 2015
INTEGRATION OF 
RENEWABLES
IN 2015
92.9
37% 
of demand
TWh
01. THE  
COMPANY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER

11
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02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
KEY PERFORMANCE 
INDICATORS
Corporate Responsibility Report 2015
What 
we do
1
Red Eléctrica,  
through its 
transmission grid, 
evacuate the  
electricity generated 
by the power-
generating stations. 
2
Next, it transports  
the electricity, 
transformed into 
high-voltage, from 
the power-generating 
stations to the 
distribution networks.
3
Subsequently, it 
delivers the electricity, 
transformed into  
lower voltage levels, 
to the distribution 
companies who then 
deliver it to the final 
consumer.
4
For this process to 
work, Red Eléctrica 
has to operate the 
system maintaining 
the constant balance 
between generation and 
consumption, due to 
the fact that electrical 
energy cannot be stored 
in large quantities.
5
To do this, Red Eléctrica 
forecasts the electricity 
consumption that is 
going to be demanded 
nationwide throughout 
the day. Power stations 
use this forecast 
to schedule their 
production.
6
Red Eléctrica, through 
its Electricity Control 
Centre (CECOEL), 
is responsible for 
maintaining the 
balance between the 
scheduled production 
and the energy 
demanded at each 
moment.  
And, as demand varies, 
it sends the appropriate 
orders to the power 
stations to adjust their 
production.
Electricity transmission activity
System operation activity
System operation
Electricity 
transmission
Domestic 
consumption
Industrial 
and services 
sector 
consumption
Power-generating stations 
4 / 5 / 6  
Electricity control 
centre (Cecoel) and 
control centre of 
renewable energies 
(Cecre)
2 Transmission substation
1 Power line  
3
Transmission/
distribution 
substation
 
 
01. THE  
COMPANY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER

12
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02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
KEY PERFORMANCE 
INDICATORS
Corporate Responsibility Report 2015
Other 
activities (G4-13)
INTERNATIONAL ACTIVITY
For the Company, the development 
of International business is a natural 
growth path which is centred mainly 
on the construction and operation 
of transmission grids outside Spain. 
To boost this business, Red Eléctrica 
analyses corporate acquisitions  
and frequently participates in 
concession tenders. The objective  
is to invest in low-risk countries 
with stable regulatory environments, 
ensuring noteworthy participation 
in the shareholding structure and 
an involvement in the management 
process.
Red Eléctrica Internacional has been 
present in South America for more 
than 15 years, where it manages 
transmission grids while maintaining 
220 kV Montalvo-Los Héroes 
line for a period of 30 years, 
representing an investment 
of 40 million dollars.
Acquisition in Chile
• In December 2015, Red Eléctrica 
Chile, a subsidiary of Red Eléctrica 
Internacional, and the Chilean 
Company E-CL, reached an 
agreement for the acquisition 
by Red Eléctrica of 50% of the 
share capital of Transmisora 
Eléctrica del Norte (TEN), owned 
by E-CL. With this acquisition 
both companies are jointly 
involved in the construction and 
commercial operation of the 
Mejillones-Cardones transmission 
line, which TEN is constructing. 
With an investment of over 780 
million dollars, this line will be the 
first interconnection between the 
central and northern electricity 
subsystems of the country.
excellent rates of availability  
of the facilities and a seamless 
collaboration with all stakeholders.
During 2015, the Company 
consolidated its presence in Peru 
and has entered the transmission 
business in Chile, increasing its 
positioning in the two neighbouring 
geographical areas of northern  
Chile and southern Peru.
New concession 
contracts in Peru
• In February 2015, Red Eléctrica 
Internacional and the Peruvian 
investment fund manager  
AC Capitales, were awarded the 
concession contract for the 
220 kV Azángaro-Juliaca-Puno 
line in southern Peru. The project, 
with a forecasted investment  
of 70 million dollars, includes the 
design, financing, construction, 
operation and maintenance of  
the line for 30 years.
• In December 2015, Red Eléctrica 
Internacional was also awarded  
the concession contract for the 
In the ‘About us’ section 
of the corporate website.
PRESENCE IN
SOUTH AMERICA
THREE
NEW
IN 2015
PROJECTS
Two in Peru
and one in Chile
01. THE  
COMPANY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER

13
ree.es
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
KEY PERFORMANCE 
INDICATORS
Corporate Responsibility Report 2015
TELECOMMUNICATIONS 
ACTIVITY
The telecommunications activity is 
based on the commercial operation 
and management of the surplus 
capacity of fibre optic networks and 
associated dark fibre infrastructure 
of the electricity transmission grid. 
Additionally, as of November 2014, 
it also includes the national rail 
network as a result of the acquisition 
of the transfer of the rights to 
operate and manage ADIF’s-High 
Speed rail dark fibre optic network  
for the next 20 years.
This new dimension of the 
telecommunications business 
has required the creation in 
2015 of a new subsidiary, Red 
Eléctrica Infraestructuras de 
Telecomunicación (REINTEL) and 
that is wholly owned by Red Eléctrica 
Corporación. Its main activity is the 
leasing of dark fibre and technical 
spaces in electricity substations and 
railway stations for operators to host 
their equipment for the provision 
of telecommunications services  
to customers.
In this way, REINTEL positions 
itself as the first neutral provider of 
telecommunications infrastructure 
in Spain, through the use and 
management of a fibre optic network 
with national coverage, with access 
to rural and urban areas, and with 
both international connections and 
connections to the islands.  
ENERGY STORAGE  
ACTIVITY IN THE CANARY 
ISLANDS
In September 2015, Red Eléctrica 
Infraestructuras en Canarias 
(REINCAN) was created; a company 
wholly owned by Red Eléctrica 
Corporación. The creation of this 
subsidiary responds to the need  
to promote energy storage projects 
on the Canary Islands. Said projects 
will act as tools for the system 
operator in order to guarantee the 
electricity supply on the islands at all 
times, as well as to improve system 
security and optimise the integration 
of renewable energy. The project, 
with a budget of 320 million euros, 
for the construction of the Chira-
Soria pumped-storage hydro power 
station, on the island of Gran Canaria, 
meets these objectives.
REINTEL, created in 
2015, has become 
the first neutral provider 
of telecommunications 
infrastructure in Spain.
REINTEL 
INFRASTRUCTURE
DARK OPTICAL FIBRE
km
33,000
REINTEL 
Manages  
a backbone 
network based 
on two basic 
infrastructures: 
the electricity grid 
and the railway 
network.
And 800 points 
of presence 
and technical 
spaces
01. THE
COMPANY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER

14
ree.es
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
KEY PERFORMANCE 
INDICATORS
Corporate Responsibility Report 2015
Management   
structure (G4-34) 
the separation of the positions 
of Chairman of the Board and  
CEO of the Company, the Board  
of Directors appointed Juan Lasala 
as CEO of the Red Eléctrica Group.
This new management structure  
not only contributes to maintaining 
the proper balance of powers on  
the Board of Directors, and improves  
the corporate governance structure  
of the Company, but also facilitates 
the fulfilment of the new challenges 
and objectives set out in the Strategic 
Plan of the Red Eléctrica Group.
In order to respond to international 
best practices in corporate 
governance and to the commitment 
acquired with shareholders  
geared towards taking steps for 
CHIEF EXECUTIVE OFFICER
Juan Lasala Bernad
Corporate Director  
of Resources
Ángel Luis 
Mahou Fernández
Chief Financial  
Officer 
María Teresa Quirós 
Álvarez
Corporate Director 
of Business 
Diversification
Roberto García Merino
General Manager 
of Transmission 
Division
Eva Pagán Díaz
General Manager of 
System Operation 
Division
Miguel Duvison García
General Counsel and Secretary  
of the Board of Directors
Rafael García de Diego
Corporate Director of Sustainability, 
Innovation and Institutional Coordination
Ana Cuevas Tello
Assistant Corporate 
Director to the CEO
Francisco Ruiz Jiménez
01. THE  
COMPANY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
 
EXECUTIVE CHAIRMAN
José Folgado Blanco
Manager of Internal Audit and  
Control Risk Management Area
Carlos Méndez Trelles

Connected 
to TSO 
development, 
maximising 
efficiency and 
expanding 
the business 
base
STRATEGY
02
KEY PERFORMANCE 
INDICATORS
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
02.
STRATEGY
01. THE COMPANY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
ree.es
Corporate Responsibility Report 2015

16
ree.es
Corporate Responsibility Report 2015
The Strategic Plan 2014-2019,
in addition to continuing to develop our role as TSO 
in Spain, it maximises efficiency criteria to adapt the 
Company to the new regulatory environment and a more 
restrictive remuneration policy, the Plan also encompasses 
a greater scope regarding the expansion of the business 
base as an alternative way to grow and create value.
This Plan, approved by the 
Board of Directors in February 
2015, establishes three key 
strategic lines, which define the 
actions to be undertaken and 
three transversal strategic lines 
that address the action criteria 
for its execution.
INNOVATION
PEOPLE
EXPANDING 
THE BUSINESS 
BASE
EXCELLENCE
KEY STRATEGIES
TRANSVERSAL  
STRATEGIES
DEVELOPMENT 
OF THE TSO 
ACTIVITY
KEY PERFORMANCE 
INDICATORS
02. 
STRATEGY
01. THE COMPANY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
03. CORPORATE 
GOVERNANCE
EFFICIENCY

17
ree.es
KEY PERFORMANCE 
INDICATORS
02. 
STRATEGY
01. THE COMPANY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
03. CORPORATE 
GOVERNANCE
Corporate Responsibility Report 2015
Economic, energy   
and regulatory scenario 
The decisions of oil-producing 
countries regarding the volume 
of supply, some of them derived 
from strategies of a geopolitical 
nature, as well as the moderate 
deceleration observed during 2015 
in the pace of economic growth 
in emerging countries, the main 
consumers of this raw material, 
are some of the factors that explain 
the behaviour of oil prices, which 
has had a positive impact on  
the economies of countries  
that must import most of their  
oil consumption, as is the  
case of Spain.
Thus, the preliminary report on the 
latest quarterly Gross Domestic 
Product data (GDP) published by 
the National Institute of Statistics 
estimates that the Spanish 
economy will grow by 3.2% in 
2015, exceeding the forecasts that 
had been made for this year, and 
consolidating the recovery trend 
already noted in 2014.
For yet another year, domestic 
demand has been the engine of 
growth, driven not only by the effect 
of the low cost of oil, but also due 
to the bringing forward, in July 
2015, of tax relief announced by the 
government for 2016 and, above 
all, by the progressive improvement 
of net job creation recorded 
throughout 2015. This fiscal year 
has ended with 525,100 more jobs 
than a year ago, an increase in the 
employment rate of 3% which has 
also reduced the unemployment 
rate by 3 points, to place it in 
December 2015 at 20.9%, the 
lowest level since 2011.
 
In 2015, the international economic 
situation was marked by the 
evolution of oil prices, following 
the progressive and accentuated 
decline experienced in the final 
months of 2014, it remained in 
the vicinity of 60 dollars per barrel 
during the first half of 2015, to 
resume the downward trend in the 
last few months of the year when 
the average price stood at 40 dollars  
a barrel, far from the price of  
110 dollars a barrel this raw material 
cost just a year and a half earlier,  
in June 2014.
3.2
INCREASE 
SPANISH GDP
2015
The evolution of the price 
of oil marked the behaviour 
of the international 
economic environment.
DOMESTIC 
DEMAND
for yet another year, 
this has been the 
engine of growth, 
driven by the effect 
of the low cost of oil, 
the bringing forward 
of tax relief and 
the improvement 
in net job creation 
recorded in 2015.
%

18
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KEY PERFORMANCE 
INDICATORS
02. 
STRATEGY
01. THE COMPANY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
03. CORPORATE 
GOVERNANCE
Corporate Responsibility Report 2015
This loss of correlation between 
energy and economic growth that 
has been observed for some years 
is the result of, on the one hand, the 
progressive transformation from  
a production model predominantly 
industrial towards a less intensive 
more technological economy in 
energy consumption. On the other, 
is the result of the progress in the 
implementation of energy efficiency 
and savings measures consistent 
with the objectives of the Spanish 
and European energy policy to 
achieve a sustainable energy model 
and to combat climate change.
The firm commitment of the 
European Union to the energy targets 
and the fight against climate change, 
reaffirmed by the European Council 
in October 2014 with the setting  
of new specific targets for 2030  
(40% reduction in emissions 
compared to 1990, a 27% share of 
renewables in the final consumption 
of energy, 27% energy saving 
compared to consumption forecasts 
and 15% of interconnection capacity 
between member countries), 
received a new impetus in February 
2015 with the publication by the 
European Commission of the EU’s 
'Third Energy Package'.
To encourage and facilitate the 
achievement of these objectives,  
this new legislative package attaches 
great importance to increasing 
interconnection capacity between 
member countries, including a 
specific strategy to ensure the full 
integration of the internal electricity 
market. This package requires a 
great and renewed political impetus, 
at a European level, involving both 
the authorities of the countries that 
are connected and the Community 
authorities.
In this recovery scenario, energy 
consumption in Spain in 2015 
resumed the positive growth rates 
not seen since 2010, although more 
moderate than those of GDP values. 
Thus, the final energy consumption, 
with the data available until August 
2015, grew by 1.4% over the 
first eight months of 2014, while 
the increase in consumption of 
electricity in 2015, after factoring  
in seasonal and working patterns, 
was 1.5%.
INCREASED 
BY
ELECTRICTY   
CONSUMPTION 
IN SPAIN
In 2015, energy consumption 
in Spain recovered a positive 
growth rate and broke the 
downward trend of the last 
four years.
1.5
%
After having 
factored in 
seasonal and 
working 
patterns

19
ree.es
KEY PERFORMANCE 
INDICATORS
02. 
STRATEGY
01. THE COMPANY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
03. CORPORATE 
GOVERNANCE
Corporate Responsibility Report 2015
The Spanish energy regulation, 
fully identified with the objectives 
of EU energy policy, was approved 
during 2015. Among its most 
important provisions, the first 
tender for the promotion of new 
renewable generation with specific 
remuneration, and the Royal 
Decree on the auto-consumption 
of electricity, with which the reform 
process of the electricity sector 
regulation undertaken by the 
Government in 2013 is practically 
closed.
During the two years of 
implementation of this new 
regulatory framework, revenues 
in the electricity sector have 
exceeded costs, meaning the 
deficit problem of structural tariffs,  
whose elimination was one of the 
priority objectives of the reform,  
no longer exists.
Another relevant milestone of the 
international energy scenario in 
2015 was the global agreement to 
curb global warming reached in the 
21st UN Climate Change Conference 
held in Paris in December 2015. This 
agreement, the first of consensus 
in all summits, incorporates the 
objective that the average increase 
in global temperature by the end of 
the century be less than 2° C above 
that of the pre-industrial era, by 
establishing the commitments for 
the 195 signatory countries, most 
demanding for developed countries, 
which should lead the emission 
reduction efforts.
More on the regulatory aspects in the 
Consolidated Annual Accounts.
The European Union 'Third Energy 
Package' of the European Commission 
defined a new strategic framework to 
achieve the communitarian objectives 
of European energy policy, based on 
five pillars:
• Reduce dependency and increase 
energy solidarity.
• Achieve a fully-integrated European 
energy market.
• Promote energy efficiency as a 
means of moderating demand.
• Decarbonise the economy.
• Increase research, innovation and 
competitiveness.
In 2015, the regulatory reform 
was concluded with the approval 
of the unit values of investment 
and operation and maintenance 
of transmission facilities. 
Focusing on regulatory aspects 
directly related to Red Eléctrica 
during 2015:
• Ministerial Order IET / 2659 
of 12/12/2015 was published, 
approving the unit values of 
investment and operation and 
maintenance of transmission 
facilities and the regulatory useful 
life of these facilities. The approval 
of this Ministerial Order represents 
the coming into force of the 
new remuneration methodology 
established in RD 1047/2013.
• In relation to its functions in  
non-peninsular electricity systems, 
the transference of the Chira-Soria 
reversible pumped-storage power 
station project in Gran Canaria to 
Red Eléctrica, as system operator, 
was executed in accordance with 
Order IET / 728/2014 of 28 April.

20
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KEY PERFORMANCE 
INDICATORS
02. 
STRATEGY
01. THE COMPANY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
03. CORPORATE 
GOVERNANCE
Corporate Responsibility Report 2015
Key  
strategies
The main activity of Red Eléctrica 
is linked to its status as sole 
transmission agent and operator 
of the Spanish electricity system. 
Therefore, the main strategy of 
the Company is based on the 
development of an increasingly 
meshed and robust transmission 
grid that is better interconnected and 
in its contribution, as a key element 
in the functioning of the electricity 
system, to make the challenge of 
sustainable development a reality 
through the integration of renewable 
energy and promoting projects 
aimed at energy efficiency and 
innovation.
Although logically the future of the 
electricity sector will be defined  
by the main players in the sector, it 
is a priority that Red Eléctrica adopt 
a strategic positioning to strengthen 
its position as Spanish TSO and to 
defend its position both nationally 
and at a European level.
Development  
of the TSO activity
• Approval of the Energy Planning  
2015-2020 by the Council of Ministers.
• Closing of the regulatory reform 
following the approval of the remaining 
aspects for the definition of the new 
remuneration framework for the 
electricity transmission activity in Spain.
• The coming into full operation of the 
interconnection with France through 
the Eastern Pyrenees, a project that 
has represented a major technological 
challenge and that doubles the 
exchange capacity with the European 
system.
• Commissioning of the first submarine 
cable of the Majorca-Ibiza link to 
strengthen the electricity integration  
of the Balearic Islands and guarantee 
the reliability of the supply.
The Strategic Plan continues 
is based on the continuous 
development of the key role 
as Spanish TSO, consolidating 
our position both nationally  
and at a European level.
KEY 
STRATEGY
develop an 
increasingly 
meshed and robust 
transmission 
grid that is better 
interconnected to 
contribute to the 
efficient functioning 
of the electricity 
system. 
TSO
DEVELOPMENT
In 2015
2015-2020
APPROVED 
INFRASTRUCTURE 
PLANNING
Execution of  
the Plan in 2015

21
ree.es
KEY PERFORMANCE 
INDICATORS
02. 
STRATEGY
01. THE COMPANY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
03. CORPORATE 
GOVERNANCE
Corporate Responsibility Report 2015
an operational and process level. 
Obtaining greater efficiency helps  
to mitigate the impact of the 
declining profitability of new 
investments, according to the new 
remuneration model, generating 
value through improved operating 
margins.
• Energy storage: an increase in 
energy storage capacity on the 
islands, mainly via pumped-storage, 
as a tool available to the system 
operator, will enable a better 
integration of renewables and  
at the same time provide more 
security for the electricity system.
• International: the 
internationalisation process is 
based on our knowledge regarding 
the management and operation 
of electricity transmission grids 
and is conceived with a vocation 
of long-term presence in low risk 
countries and stable regulatory 
environments.
The strategic Plan seeks to 
improve current levels of efficiency, 
which represents promoting 
management and corporate 
culture, focused mainly on the 
optimisation of construction and 
maintenance activities (the greatest 
economic and financial impact) 
and continuous improvement at 
The current economic and energy 
context brings with it a lower growth 
scenario linked to Company’s 
main activity, which means 
having to consider expanding the 
business base both in Spain and 
internationally, to boost the growth 
trend over the upcoming years in  
the following areas:
• Telecommunications: after 
the transfer and commercial 
exploitation of the dark fibre optic 
network of ADIF, Red Eléctrica has 
become the neutral operator of 
reference in Spain for dark fibre.
Efficiency
Expansion of the business base
• Optimisation of financing through the 
repurchase of bonds.
• Refinancing REDESUR through a bond 
issue in Peru.
• Defining a framework for relations 
between the Group’s companies and 
the different management areas  
of Red Eléctrica in order to build the 
pillars of growth and the diversification 
of the Group.
• Creation of Red Eléctrica 
Infraestructuras de Telecomunicaciones 
(REINTEL), whose activity is focused  
on the leasing of dark fibre optic 
networks and points of presence.
• Setting up of Red Eléctrica 
Infraestructuras en Canarias 
(REINCAN), that will manage the 
construction of facilities aimed  
at energy storage in the Canary 
Islands, such as the project for the 
Chira-Soria pumped-storage hydro 
power station.
• Concession contract awarded  
to Red Eléctrica Internacional for  
the 220 kV Azángaro-Juliaca-Puno 
line and the Montalvo-Los Héroes 
lines in Peru.
• Acquisition of 50% of the share  
capital of Transmisora Eléctrica  
del Norte (TEN), to participate  
in the construction and operation  
of the Mejillones-Cardones line 
in Chile.
Execution of  
the Plan in 2015
Execution of 
the Plan in 2015

22
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KEY PERFORMANCE 
INDICATORS
02. 
STRATEGY
01. THE COMPANY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
03. CORPORATE 
GOVERNANCE
Corporate Responsibility Report 2015
Transversal  
strategies
At an excellence level, we must 
maintain the current benchmark  
in the execution of our activities, 
while focussing our efforts on 
the active management of our 
reputation and corporate brand 
and strengthening communication 
with stakeholders. We seek to 
do this while maintaining the 
objective to consolidate ourselves 
Excellence and corporate responsibility
• Incorporation into the Dow Jones 
Sustainability World and Europe 
Indexes.
• Implementation of the Sustainable 
Mobility Plan.
• Approval of the Action Plan for  
Climate Change 2015-2020.
• Appointment of a new CEO, separation 
of the roles of Chairman of the Board  
of Directors and Chief Executive Officer 
of the Company.
• Renewal of the EFQM European 
Seal of Excellence 500+, with a score  
in excess of 700 points, consolidating  
Red Eléctrica among the leading 
companies both at a national and 
European level.
• Undertaking of 76 technologically 
innovative projects aimed at increasing 
system efficiency and the integration 
of renewable energies.
• New Innovation and Technological 
Development Plan 2016-2019.
• Completion of the ESP-Líder project 
(redirection of current flows) of 
the INNPACTO programme and its 
installation in Torres de Segre available 
for system operation.
Innovation as a transversal 
strategy implies a cultural change, 
which is not limited only to the 
activity of R&D+i. Therefore, 
innovation is presented with  
a greater scope, being an integral 
part of the operational process 
Innovation
as a sustainable company, 
through ethical management 
and a commitment to society 
with a focus on excellence and 
responsibility in the development 
of our activity.
and that promotes technological 
innovation as a lever for growth  
that will respond to the great 
challenges of the future.
Execution of  
the Plan in 2015
Execution of  
the Plan in 2015

23
ree.es
KEY PERFORMANCE 
INDICATORS
02. 
STRATEGY
01. THE COMPANY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
03. CORPORATE 
GOVERNANCE
Corporate Responsibility Report 2015
environment conducive to the 
organisation of work and well-
being of employees, allowing the 
optimisation of resources.
People are the cornerstone  
on which the whole strategy is 
built, and are those that enable the 
proposed objectives to be achieved. 
Red Eléctrica is committed to 
establishing a healthy working 
People
IN FIVE YEARS
the plan foresees 
investments for 
an amount of 
4,575 million euros 
that will allow the 
Company to achieve 
solid growth in 
consolidated 
activities and 
further growth  
in new activities.
€3.1bn
Investment in the  
Transmission Grid 
€475m
Investment in the dark  
fibre optic network
SOLID GROWTH IN 
CONSOLIDATED ACTIVITIES
€1bn
ADDITIONAL GROWTH 
IN NEW ACTIVITIES
SIGNIFICANT PROGRESS IN 
the Strategic Plan 2014-2019
NET DEBT 
RATIO/
EBITDA
Average 
GROWTH
IN EPS 
(CAGR in 
the period) 5-6%
3.5X
IMPROVED 
EBITDA 
MARGIN 
in 2019 ≥200BPS.
€437m
3.6X
6.9%
€234m
GOALS 2014-2019
• Definition of a healthy workplace  
model that establishes the general 
principles and guidelines for the 
promotion of health, safety and the 
well-being of employees.
• Creation of banks of employee 
potential and boosting the quality  
of the associated programmes  
in collaboration with prestigious 
business schools.
• Implementation of the LideraT  
training programme for the 
management team.
Execution of  
the Plan in 2015
€903m
+100BPS.
Achievements 2014-2015

ree.es
Corporate Responsibility Report 2015
Connected to 
ethics, integrity, 
transparency 
and good 
governance 
GOVERNANCE
03
ree.es
Corporate Responsibility Report 2015
03. 
GOVERNANCE
KEY PERFORMANCE 
INDICATORS
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
01. THE COMPANY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY

25
ree.es
Corporate Responsibility Report 2015
58%
42%
Board of Directors 
AS AT 31 DECEMBER 2015
INDEPENDENT DIRECTORS
EXTERNAL 
NOMINEE 
DIRECTORS
CHAIRMAN
7
3
1
CHIEF 
EXECUTIVE 
OFFICER
1
Appointments and  
Remuneration Committee
CHAIRWOMAN
FEMALE LEAD INDEPENDENT DIRECTOR
100%
independent directors
Audit 
Committee
CHAIRMAN
INDEPENDENT DIRECTOR 
60%
independent directors
GOVERNANCE 
STRUCTURE 
OF THE COMPANY
(G4-34, G4-38)
GENERAL 
SHAREHOLDERS’  
MEETING 
03. 
GOVERNANCE
02. STRATEGY
01. THE COMPANY
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
KEY PERFORMANCE 
INDICATORS
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER

26
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Corporate Responsibility Report 2015
Good 
governance
From the outset, Red Eléctrica 
has maintained a constant and 
firm commitment to adopting best 
corporate governance practices. 
This is made possible not only 
by complying with the applicable 
legal regulations and the 
most widespread national and 
international recommendations on 
the subject, but also by voluntarily 
implementing a series of measures 
and initiatives that are targeted 
at the core of the most important 
issues regarding good governance 
of the Company, and which most 
concern and are demanded by 
shareholders, investors and  
the markets.
• Separation of the positions of Chairman 
of the Board and Chief Executive Officer 
(CEO).
• Approval by the Shareholders’ Meeting 
of the remuneration policy for board 
members for a period of 3 years.
Noteworthy actions in 2015
• Consolidation of the position of 
leadership of Red Eléctrica in the  
IBEX 35 in relation to gender diversity 
on the Board of Directors.
• Reincorporation of Red Eléctrica into  
the Dow Jones Sustainability Indexes 
(DJSI) with a high score regarding 
corporate governance.
• Design and implementation of 
dissemination and communication 
actions for stakeholders regarding 
corporate governance.
• Adaptation of the corporate regulations 
to the new legislation regarding  
corporate governance.
• Code of Ethics.
• Corporate By-laws.
• Regulations of the General 
Shareholders’ Meeting.
• Regulations of the Board of Directors.
• Internal Code of Conduct on the 
Securities Market.
• Procedure on proxies, voting and 
information by remote means.
• Operating Rules of the Shareholder 
Electronic Forum.
• Succession Plan for the Chairman 
of the Company.
• Corporate Governance Policy.
Internal governance regulations
31st December 2015
APPROVED FOR 
A PERIOD OF 
REMUNERATION 
POLICY FOR 
BOARD 
MEMBERS
THREE
YEARS
By the 
Ordinary General 
Shareholders’ 
Meeting 2015
DJSI
Reincorporation
in 2015 into the 
Dow Jones 
Sustainability Index, 
achieving a high score 
regarding corporate 
governance.
03. 
GOVERNANCE
02. STRATEGY
01. THE COMPANY
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
KEY PERFORMANCE 
INDICATORS
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER

27
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Corporate Responsibility Report 2015
The entry into force of Law 17/2007, 
of 4 July, introduced a series of 
legal limitations on participation 
and voting rights applicable to 
the Company's shareholders, 
with the aim of guaranteeing the 
independence of the Company 
vis-a-vis all other electricity sector 
activities and agents.  
In this regard, the following limits 
were established:
• Any individual or legal entity may 
hold shares in the Company, 
provided that the sum of their 
direct and indirect interests in 
the Company’s capital does not 
exceed 5% of the capital and they 
do not hold more than 3% of the 
voting rights.
• Parties that engage in activities 
in the electricity sector, and those 
individuals or legal entities that 
directly or indirectly hold more than 
5% of its capital, may not exercise 
more than 1% of the voting rights  
in the Company.
• The special regime for the State 
Industrial Holding Company (SEPI) 
is maintained, whereby it must hold 
at least ten percent (10%) of the 
share capital in all cases.
In 2015, the equity of the 
Company was comprised of a 20% 
shareholding owned by SEPI, with the 
remaining 80% being free float.
CORPORATE   
SHAREHOLDING  
STRUCTURE 
As at 31st December 2015, the 
Company's share capital was 
comprised of 135,270,000 fully 
subscribed and paid-up shares 
belonging to a single class and 
series, each with a par value of two 
euros, represented by book entries 
and listed on the four Spanish  
stock exchanges.
270,540,000
NUMBER 
OF SHARES
EUROS
SHARE CAPITAL
135,270,000
RED ELÉCTRICA 
SHAREHOLDING
OWNED BY SEPI
Free float
20%
80%
20	
SEPI
65	
Foreign Institutions  
5	
Spanish Institutions 
10	
Minority Shareholders
SEPI: State Owned Industrial Holding Company.
65
10
20
5
SHAREHOLDER
STRUCTURE  (G4-EC4)
%
03. 
GOVERNANCE
02. STRATEGY
01. THE COMPANY
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
KEY PERFORMANCE 
INDICATORS
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER

28
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Corporate Responsibility Report 2015
• External audit of the management 
processes of the Ordinary General 
Shareholders’ Meeting.
• Vote certification.
Transparency 
and participation
The Company pays special attention 
to the right to information, as reflected 
in Article 15 of the Corporate By-laws 
and in the Regulations of the General 
Shareholders’ Meeting, which also 
facilitates the maximum participation 
of shareholders. Some of the key 
mechanisms are:
• Implementation of the electronic 
voting system at the General 
Shareholders’ Meeting since 2005.
• Section on the corporate website 
with complete information 
regarding the Meeting.
GENERAL  
SHAREHOLDERS’ 
MEETING
The General Shareholders’ Meeting 
represents all of the shareholders, 
and exercises the duties assigned 
to it as the governance body of 
the Company. The rules on the 
organisation and functioning of the 
General Shareholders’ Meeting are 
set out in the Corporate By-laws 
(Articles 11 through 18 inclusive) and 
in the Regulations of the General 
Shareholders’ Meeting.
Guarantees and rights 
of attendance 
These are regulated in Red 
Eléctrica’s Corporate By-laws and 
in the Regulations of the General 
Shareholders’ Meeting. The most 
relevant aspects related to the rights 
of attendance, representation and the 
right to information are the following:
• No minimum number of shares 
required to attend the Meeting.
• Representation at the Meeting  
by any person, without having  
to be a shareholder.
• Separate voting on each matter 
submitted for approval at the 
Meeting.
In the ‘General Shareholders’ Meeting' 
subsection of the Corporate Governance 
section of the corporate website.
PERCENTAGE OF  
ATTENDEES AT THE 
ORDINARY GENERAL 
SHAREHOLDERS’ 
MEETING
57.3
56.1
57.6
61.9
66.1
% over share capital.
2015
2014
2013
2012
2011
EQUAL 
RIGHTS FOR  
SHAREHOLDERS  
ONE
SHARE
ONE
VOTE
• Live broadcast of the Meeting 
via Internet, with simultaneous 
translation in English and sign 
language in Spanish.
• Shareholders’ Electronic Forum.
 
• Dissemination via social networks.
• Shareholders and investors office.
%
IN FAVOUR OF 
THE APPROVAL 
OF AGREEMENTS
AVERAGE 
PERCENTAGE OF 
VOTES
92.1
In the Annual 
Ordinary  
General 
Shareholders’ 
Meeting 2015
%
03. 
GOVERNANCE
02. STRATEGY
01. THE COMPANY
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
KEY PERFORMANCE 
INDICATORS
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER

29
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Corporate Responsibility Report 2015
• Annual assessment of the quality 
and efficiency of the Board and the 
performance of its Committees.
Balance of powers
Red Eléctrica establishes in its 
Corporate Governance Policy the 
essential principle to preserve 
an adequate balance and 
proportionality in the powers 
inherent to the Board of Directors’ 
structure and composition, by 
adopting the necessary measures 
to enable action with unity of 
purpose and impartiality, pursuing 
the interest of the Company and 
its shareholders, as well as the 
sustainability of the Company.
Separation of the positions 
of the Chairman of the 
Board of Directors and 
the Chief Executive Officer 
(CEO) (G4-39)
Responding to the commitment 
undertaken by the Company at the 
General Shareholders’ Meeting held 
in April 2012, and its commitment 
to best international practices in 
corporate governance, the Board 
of Directors of Red Eléctrica 
submitted the separation of the 
positions of the Chairman of the 
Board and the CEO of the Company, 
as well as the appointment of 
Juan Lasala Bernad as executive 
BOARD OF DIRECTORS 
(G4-38)
The Board of Directors  
administers, manages and 
represents the Company, 
without prejudice to the powers 
that correspond to the General 
Shareholders’ Meeting. It carries 
out its activity according to the 
rules of organisation and operation 
contained in the Corporate By-laws 
and the Regulations of the Board.
The responsibilities of the Board  
of Directors can be summarised  
as follows:
• Approval of the general policies  
and strategies of the Company  
and the Group.
• Decisions on the remuneration 
of board members, financial 
reporting, strategic investments 
(except those that correspond to 
the General Meeting), the creation 
or participation in special purpose 
entities or those registered  
in tax havens and authorisation  
of related-party transactions.
2	
Executive
3	
External nominee directors
7	
Independent directors 
3
2
7
Nº
REDUCED AND BALANCED BOARD 
NUMBER AND TYPE 
OF DIRECTOR
board member, for approval of the 
General Shareholders' Meeting at 
extraordinary session held on  
17 July 2015 and convened solely 
for this purpose. Both proposals 
received a favourable vote of 99% 
of shareholders, with an attendance 
figure of 58%. The Board of 
Directors at its meeting on 28 July 
2015, appointed Juan Lasala Bernad 
as the new CEO of the Company.
SEPARATION 
OF POSITIONS
In 2015, the 
separation of 
the positions 
of the Chairman 
of the Board 
and the Chief 
Executive 
Officer was 
concluded.
41.7
45.5
36.4
13.5
(1) Source: CNMV. 2014 data.
%
DIVERSITY ON THE BOARD
FEMALE BOARD 
MEMBERS
2015
2014
2013
IBEX 35
AVERAGE (1)
03. 
GOVERNANCE
02. STRATEGY
01. THE COMPANY
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
KEY PERFORMANCE 
INDICATORS
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER

30
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Corporate Responsibility Report 2015
AUDIT COMMITTEE
The Audit Committee is assigned, 
among other functions, those of 
providing support to the Board in its 
role as monitor of the process for 
the drafting of financial information, 
internal control of the Company 
and independence of the external 
auditor. It also monitors compliance 
with the legal provisions and internal 
regulations and those relating to the 
shareholders of the Company along 
with those powers which the Board 
of Directors expressly attributes  
to said Committee.
During 2015, the Committee held 
11 meetings, with no absences or 
delegation of powers by its members 
having been registered.
APPOINTMENTS  
AND REMUNERATION 
COMMITTEE
This Committee has powers 
assigned to it regarding the 
appointment and removal of board 
members and senior executives, 
their remuneration, their fulfilment 
of their duties of administrators and 
their respect for the principles and 
rules of corporate governance and 
the Corporate Responsibility Policy.
In addition, on an annual basis, it 
prepares a specific report on gender 
diversity that is submitted to the 
Board for their approval. 
During 2015, the Committee held 
14 meetings, with no absences 
or delegation of powers by its 
members having been registered.
A transition period has been 
established that will culminate 
at the Annual Ordinary General 
Shareholders’ Meeting in 2016,  
with the full separation of the duties 
between the Chairman of the Board 
and the Chief Executive Officer. As 
of said Meeting, the Chairman of the 
Board of Directors shall be attributed 
exclusively the responsibilities 
inherent to said position.
Until the Annual Ordinary General 
Shareholders’ Meeting 2016, the 
Chairman shall maintain his current 
executive powers, focusing his 
efforts on managing, supporting 
and fostering the transfer of 
executive powers to the new CEO 
in order for said transfer to take 
place in a rational and organised 
manner during the transition phase. 
Therefore, the CEO will take on 
executive duties as of the date  
of his appointment.
Moreover, the figure of the 
independent lead director created 
in 2013 remains unchanged. This 
figure along with the responsibilities 
assigned to it, is recognised by 
shareholders and proxy advisors as 
an effective corporate governance 
practice. 
The process for the 
separation of powers vested 
in the Chairman and CEO will 
culminate in the Ordinary General 
Shareholders’ Meeting 2016.
%
LEADERS 
IN THE IBEX 35
BOARD  
OF DIRECTORS
WOMEN
42
In gender 
diversity
THE DOCUMENTATION 
concerning the 
outcome of the 
Extraordinary General 
Shareholders’ 
Meeting 17 July 
2015 can be found 
in the 'Corporate 
Governance' section of 
the corporate website: 
www.ree.es.
03. 
GOVERNANCE
02. STRATEGY
01. THE COMPANY
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
KEY PERFORMANCE 
INDICATORS
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER

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Corporate Responsibility Report 2015
GENERAL COUNSEL 
AND SECRETARY 
OF THE BOARD  
EXTERNAL NOMINEE 
DIRECTORS (SEPI)
Fernando 
Fernández 
Méndez 
de Andés
Member 
of the Audit 
Committee
Santiago
Lanzuela 
Marina
Member  
of the Audit 
Committee
José Ángel 
Partearroyo 
Martín
Member of the 
Appointments and 
Remuneration 
Committee 
Rafael 
García 
de Diego 
Non-Board 
Director 
EXTERNAL INDEPENDENT DIRECTORS
Mª Ángeles 
Amador Millán
Member of the 
Appointments 
and Remuneration 
Committee
Paloma 
Sendín 
de Cáceres
Member  
of the Audit 
Committee
Carmen Gómez 
de Barreda Tous de 
Monsalve
Chairwoman of the 
Appointments and 
Remuneration Committee and 
Independent Lead Director
Socorro 
Fernández 
Larrea
Member of the 
Appointments 
and Remuneration 
Committee 
José Luis 
Feito 
Higueruela
Chairman 
of the Audit 
Committee
Antonio 
Gómez 
Ciria
Member of 
the Audit 
Committee
María José 
García Beato
Member of the 
Appointments 
and Remuneration 
Committee 
CHIEF EXECUTIVE OFFICER
Juan
Lasala 
Bernad
EXECUTIVE CHAIRMAN  
José 
Folgado 
Blanco
BOARD OF DIRECTORS 
AS AT 31st DECEMBER 2015
On the structure and composition of the Board 
of Directors in the Annual Corporate Governance 
Report 2015 in the 'Corporate Governance'  
section of the corporate website.
(1) Appointed as member of the Appointments  
and Remuneration Committee on 26/01/16.
(1)
03. 
GOVERNANCE
02. STRATEGY
01. THE COMPANY
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
KEY PERFORMANCE 
INDICATORS
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER

32
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Corporate Responsibility Report 2015
The directors of these divisions are 
part of the Executive Committee, 
chaired by the Chief Executive 
Officer, as well as the Management 
Committee, headed by the Chairman 
of the Board, which ensure dialogue 
with the Board of Directors. In 
addition, they are permanently 
available to the Board to report on 
matters within the scope of their 
responsibilities.
DIALOGUE BETWEEN 
STAKEHOLDERS AND 
THE HIGHEST 
GOVERNANCE BODY 
(G4-37, G4-49, G4-50)
One of the principles underlying 
the Corporate Governance Policy  
of Red Eléctrica and that serves as 
a benchmark for the performance 
of the Company in its relations with 
its stakeholders is: to consolidate, 
develop and nurture symmetrical 
mechanisms of dialogue and 
engagement with shareholders, 
investors and key stakeholders  
to improve relationships, increase 
commitment and strengthen 
their confidence.
In application of this principle, 
Red Eléctrica strives to fulfil 
the demands of institutional 
shareholders, given their noteworthy 
presence in the Company’s 
shareholding, as well as the most 
relevant proxy advisors and other 
stakeholders, in order to improve 
its relationship with them, increase 
commitment and strengthen their 
trust, without prejudice to the 
guarantees of equal treatment 
enjoyed by other shareholders.
Similarly, in application of this 
principle, Red Eléctrica undertakes 
the commitment to provide its 
shareholders homogeneous and 
systematised information that 
communicates the corporate 
environmental, social and good 
governance objectives that are part 
of the Company’s social interest.
DELEGATION OF 
ECONOMIC, SOCIAL AND 
ENVIRONMENTAL MATTERS   
(G4-34, G4-35, G4-36, G4-42)
The policy of the Board is to 
delegate the general management 
of the Company and of Red Eléctrica 
de España, S.A.U., to the executive 
bodies and the management team 
of the Company and of Red Eléctrica 
de Spain, S.A.U., and focuses its 
activity on the general supervision 
and approval of the essential 
guidelines for action.
On this basis, the Corporate 
Economics and Finance Division 
is conferred overall responsibility 
for economic matters, while 
responsibilities regarding social 
and environmental issues are 
distributed among the Assistant 
Corporate Director to the CEO and 
the areas responsible for Corporate 
Resources, Corporate Management 
of Sustainability, Innovation and 
Institutional Coordination.
Essential
guidelines
SUPERVISION AND 
APPROVAL OF
BOARD OF  
DIRECTORS
STAKEHOLDERS
Red Eléctrica, as 
part of the Corporate 
Governance Policy, 
encourages dialogue 
with shareholders, 
investors and key 
stakeholders in order 
to improve relations 
and foster their 
commitment and trust.
Delegates 
the general 
management to 
executive bodies and 
the management 
team
03. 
GOVERNANCE
02. STRATEGY
01. THE COMPANY
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
KEY PERFORMANCE 
INDICATORS
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER

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SELECTION OF BOARD 
DIRECTORS  
(G4-40)
The system used for the selection, 
appointment and re-election 
of members of the Board of 
Directors is expressly governed 
by the Corporate By-laws and the 
Regulations of the Board.
Red Eléctrica’s Corporate Governance 
Policy applies the principle of 
ensuring that appropriate procedures 
exist to select Board directors, 
guaranteeing a reasonable balance 
and diversity within the Board of 
Directors in order to adequately 
perform its tasks.
Moreover, there is a general matrix 
of competencies for the evaluation 
of candidates participating in the 
selection process. The procedure 
takes into account any competences, 
experience, professionalism, 
suitability, gender, impartiality, 
knowledge, qualities, abilities and 
availability of the members of the 
Board of Directors at all times, and 
the Appointments and Remuneration 
Committee plays a relevant role in 
the process.
The appointment and removal  
of directors and the ratification, 
where appropriate, of the 
appointments previously carried out 
by co-optation, corresponds to the 
General Shareholders’ Meeting.
CONFLICT OF INTERESTS  
(G4-41)
Regarding the Board members, 
Article 32 of the Regulations of 
the Board establishes the possible 
conflict of interests and procedures 
to be followed in such conflicts. 
Furthermore, the Corporate 
Governance Annual Report 2015 
details the mechanisms put 
in place to detect and resolve 
possible conflicts of interests 
between Red Eléctrica and its Board 
directors, managers and relevant 
shareholders.
Besides the direct communication 
channels indicated in the 
Transparency and Participation 
section, on page 28 of this 
report, and detailed in the Annual 
Corporate Governance Report 
2015 and in the Regulations of the 
Board (Articles 42-47), the Board 
of Directors has access to other 
consultation mechanisms with 
stakeholders among which the 
following are noteworthy:
• Consultation and grievance system 
of the Code of Ethics.
• Social representation/committees.	
• Stakeholder satisfaction reports.
• DÍGAME Service.
During 2015, there have not been 
any relevant issues regarding 
said channels that would require 
submission to the Board. (G4-50)
BOARD  
OF DIRECTORS
APPOINTS, 
REMOVES 
AND RATIFIES 
MEMBERS OF THE
SELECTION OF 
BOARD MEMBERS 
Regulated in the 
Corporate Bylaws 
and the Regulations 
of the Board, and  
it is the Nomination 
and Remuneration 
Committee which 
adopts the relevant 
role in the process.
ANNUAL GENERAL  
SHAREHOLDERS’ 
MEETING 
03. 
GOVERNANCE
02. STRATEGY
01. THE COMPANY
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
KEY PERFORMANCE 
INDICATORS
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER

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Corporate Responsibility Report 2015
out under the management of the 
Appointments and Remuneration 
Committee in coordination with the 
lead independent director, and a 
summary of its main conclusions 
is voluntarily included in the Annual 
Corporate Governance Report.
In terms of knowledge development, 
Article 24 of the Regulations of the 
Board of Red Eléctrica establishes 
that the Company will have an 
information programme that 
provides new directors sufficient 
knowledge about the Company  
and its corporate governance rules, 
and shall also offer programmes for 
directors to update their knowledge 
when circumstances deem it 
appropriate.
Periodically, internal information 
programmes on national and 
international trends in corporate 
governance may be established.
One of the tools that has 
contributed to increasing the 
efficiency of the Board and its 
Committees has been the Intranet 
of the Board Directors, in which 
relevant information is published, 
such as the meeting minutes 
of the Board and its Committees,  
as well as corporate information 
of interest regarding economic, 
social and environmental matters, 
among other things.
REMUNERATION 
OF THE BOARD  
(G4-51, G4-52, G4-53)
The remuneration of the Board was 
approved by a majority at the Annual 
Ordinary General Shareholders’ 
Meeting 2015. Regarding the 
remuneration of the Board of 
Directors for the year 2015, the 
concepts and their amounts have 
remained the same as in 2014. 
ASSESSMENT OF 
THE COMPETENCIES 
AND PERFORMANCE 
OF THE BOARD  
(G4-43, G4-44)
For years now, Red Eléctrica has 
been applying the principle of 
conducting an annual assessment 
of the operation and performance 
of the Board of Directors, the 
Chairman of the Board and Chief 
Executive Officer of the Company 
and the Board’s Committees, 
ensuring that support is received 
from independent external 
advisors. The process is carried 
Red Eléctrica maintains 
a Board remuneration policy 
based on moderation and 
which is incentive in nature, 
but its total amount does not 
condition the independence 
of the board member.
FIXED
REMUNERATION
IS ESTABLISHED 
COMPARED TO 
THE VARIABLE 
REMUNERATION
OF EXECUTIVE 
BOARD MEMBERS
BOARD  
OF DIRECTORS
REMUNERATION
In 2015
03. 
GOVERNANCE
02. STRATEGY
01. THE COMPANY
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
KEY PERFORMANCE 
INDICATORS
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER

35
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Corporate Responsibility Report 2015
Regarding the remuneration of 
executive board members in 2015, 
the following principles have been 
established:
• Alignment of the remuneration 
policy for executive board 
members with company strategy.
• Maintaining a reasonable balance 
between the various components 
of fixed and variable remuneration 
reflecting adequate risk-taking 
combined with the achievement 
of defined objectives linked to 
sustainable value creation.
• Among the objectives linked 
to variable remuneration 
qualitative metrics related to 
corporate responsibility projects 
(Environmental, Social and 
Governance - ESG) of the Red 
Eléctrica Group are included.
Other principles applicable to the 
remuneration of the members of the 
Board of Directors are those:
• Related to effective dedication.
• Linked to the responsibility and  
the development of their duties  
as board members.
• Regarding the absence of variable 
remuneration components in the 
interest of its total independence 
from the remuneration of 
executive board members and  
the management team.
• Incentive in nature, but its total 
amount does not condition the 
independence of the board. 
Principles of the 
remuneration policy
The Remuneration Policy of Board 
members, approved by the Annual 
Ordinary General Shareholders’ 
Meeting held on 15 April 2015,  
is based on the following general 
principles:
• Balance and moderation.
• Alignment with practices 
demanded by shareholders and 
investors.
• Transparency.
• Voluntary submission of any 
decision regarding remuneration 
for approval of the General 
Shareholders’ Meeting.
• Alignment with the remuneration 
established in comparable 
companies.
ESG
INCORPORATES 
CRITERIA
BOARD MEMBERS  
AND MANAGEMEN
REMUNERATION
Detailed information regarding the remuneration of the Board can be  
found in the Annual Report on the Remuneration of Board Members, the 
proposal to amend the remuneration policy for Board members and the 
proposed resolutions on the annual remuneration of the Board of Directors 
for 2016. These will be submitted for approval by the Ordinary General 
Shareholders' Meeting of Red Eléctrica to be held in 2016, as separate items 
on the agenda. All this information is available in the ‘Corporate Governance’ 
section of the corporate website.
Environmental, 
social and corporate 
governance
03. 
GOVERNANCE
02. STRATEGY
01. THE COMPANY
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
KEY PERFORMANCE 
INDICATORS
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER

36
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Corporate Responsibility Report 2015
Risk  
management (G4-14)
COMPREHENSIVE RISK 
MANAGEMENT POLICY
This system has a Comprehensive 
Risk Management Policy and 
a General Procedure for the 
comprehensive control and 
management of risks, approved 
respectively by the Board of 
Directors and the Management 
Committee, which are based on 
the Comprehensive Framework 
for Corporate Risk Management 
COSO II (Committee of Sponsoring 
Organisations of the Treadway 
Commission). In addition, the 
comprehensive risk management 
system conforms to the ISO 31000 
standard on principles and guidelines 
on risk management.
The Risk Policy identifies the 
different risk categories, defines 
the risk level that the Company 
considers acceptable and sets out 
the action guidelines to manage and 
mitigate said risks. In September 
2015, the Policy for the control 
and management of tax risks 
was integrated into this policy, 
incorporating action guidelines for 
the management and mitigation 
of these risks.
This policy is fully aligned with  
the Strategic Plan of the Group  
and is available on the corporate 
website in the 'Corporate 
Governance' section.
PROCEDURE FOR
THE COMPREHENSIVE 
MANAGEMENT AND 
CONTROL OF RISKS 
 
This procedure regulates 
the process of identification, 
assessment and management of 
significant risks which the Group 
faces. This process is undertaken 
in order to ensure that different 
The Red Eléctrica Group has a 
Comprehensive Risk Management 
System established whose objective 
is to ensure that the risks, which 
could affect the strategies and 
objectives of the Company, are 
systematically identified, assessed, 
managed and controlled with 
uniform criteria and within the 
established risk limits, so as to 
facilitate the fulfilment of the 
Group’s strategies and objectives.
ISO 
31000
according 
TO THE 
STANDARD
COMPREHENSIVE 
RISK 
MANAGEMENT 
SYSTEM 
In 2015
the tax risks control 
management Policy 
was incorporated into 
the comprehensive 
risk management 
system in line with 
the Strategic Plan 
of the Company.
On principles 
and guidelines 
regarding risk 
management
In the Risk Policy different 
categories of risk are identified, 
their acceptable level is set and 
guidelines are established for 
their management.
03. 
GOVERNANCE
02. STRATEGY
01. THE COMPANY
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
KEY PERFORMANCE 
INDICATORS
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER

37
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Corporate Responsibility Report 2015
levels of responsibility of the Group 
understand and appreciate the 
risks that threaten the activities, 
processes and projects, and that 
their management takes them into 
account, and is carried out within 
the set risk tolerance limits.
ORGANISATIONAL 
STRUCTURE
The Risk Policy and Procedure 
define the different responsibilities 
of the governing bodies and those 
of each of the organisational units, 
as well as the flow of information 
and the activities to be undertaken 
by the various bodies (see 
organisational chart).
The risk management system is 
comprehensive, to the extent that all 
units of the Group and the different 
governing bodies participate in it, 
within a systematised management 
process, in accordance with the 
guidelines and criteria established 
in the Procedure and Policy for 
comprehensive risk management 
and control.
 
RISK MANAGEMENT ORGANISATIONAL DIAGRAM  
(G4-45, G4-46, G4-47)
• Approve the Policy for the 
control and management  
of risks of the Group
• Regular monitoring of control, 
prevention and information 
systems (at least twice a year).
• Promote the implementation  
of the risk policy.
• Monitor the risk map and  
agree on appropriate courses 
of action to facilitate the 
achievement of the overall 
objectives.
• Support organisational units 
of the Group to ensure 
compliance with the risk policy.
• Management of the periodic 
process for the identification, 
analysis and control of risks.
• Analyse and secure the 
flow of information on material 
risks to the bodies responsible 
for their control (Board of 
Directors, Audit Committee  
and Management Committee).
• Comply with the principles  
of the risk policy. 
• Identify and manage material 
risks that may affect the 
activities and processes 
managed.
• Incorporate a culture for the 
identification and prevention  
of risks in the processes 
managed.
• Manage the processes and 
activities according to the risk 
profile established.
Board of directors
Audit committee
Management 
committee
GUIDELINES
INFORMATION
Internal Audit 
and Risk Control 
Department
Organisational  
units responsible 
for processes or 
projects 
+
03. 
GOVERNANCE
02. STRATEGY
01. THE COMPANY
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
KEY PERFORMANCE 
INDICATORS
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER

38
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Corporate Responsibility Report 2015
As for the impact, risks are 
assessed in terms of the effect their 
materialisation can have on four  
key business elements:
• The electricity supply. This is 
measured by the Energy Not 
Supplied (ENS) that would result 
in the possible event taking place.
• The achievement of the essential 
strategies. Degree of impact on 
the achievement of the essential 
strategies.
• Reputation. Degree of impact on 
the reputation (geographical scope, 
duration and reparability).
• The income statement. Effect on 
the income before corporate tax.
For each of these four elements, 
the Red Eléctrica Group has defined 
a table with five levels of effect or 
impact. In the case of the electricity 
supply and the income statement, 
quantification is quantitative  
(MWh and euros), while in the case 
of the essential strategies and 
reputation this is qualitative.
The combination of these two 
parameters (probability and impact) 
automatically determines the 
risk level, this may be low, medium 
or high.
The tolerance level defined by the 
Red Eléctrica Group only considers 
admissible those risks whose 
assessment, according to the above 
matrix, is considered of low value. 
According to the risk policy, any 
risk that exceeds this permissible 
level, should be the target of actions 
to achieve said value, in as far as 
the risk be manageable and the 
management costs are proportionate 
to the effect of the risk avoided.
Acceptable risk 
at a global level
During 2015, work continued on 
determining the overall level of 
acceptable risk that the Group is 
willing to accept for each of the four 
types of impacts already mentioned: 
electricity supply, Group strategies, 
reputation and the income 
statement.
MANAGEMENT SYSTEM 
(G4-2)
The risk management system  
of the Red Eléctrica Group defines 
a methodology for determining the 
level of acceptable risk. This level  
of acceptable risk (or risk tolerance) 
is established both at an individual 
level, for each risk, and globally.
Acceptable risk 
at an individual level
Risk assessment is performed based 
on two parameters: the probability  
of the risk occurring and the 
impact on the Company should it 
materialise.
The probability of occurrence is 
classified into four levels according 
to a specific probability distribution 
by type of risk: low, medium, high 
and very high.
IMPACT
That determine 
the level of risk
PROBABILITY OF 
OCCURANCE AND
RISK LEVEL
MEASUREMENT  
PARAMETERS
RISK
ASSESSMENT
The risks are 
assessed in 
terms of impact 
on the electricity 
supply, strategies, 
reputation and the 
income statement.
03. 
GOVERNANCE
02. STRATEGY
01. THE COMPANY
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
KEY PERFORMANCE 
INDICATORS
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER

39
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Corporate Responsibility Report 2015
systems structured according to 
international standards (ISO 9001, 
ISO 14001 and OHSAS 18001, 
among others), which are submitted 
to internal and systematic external 
audits, adaptation of design and 
compliance, and that incorporate 
control aspects corresponding  
to the objectives to be met.
In addition, Red Eléctrica has  
several contingency plans that 
regulate crisis situations that could 
occur in the case of electrical 
incidents (to ensure security of 
supply), or any other incident 
that may affect the environment, 
people, the operational aspects 
of the Company, the availability 
of its systems, business results, 
or any other events that could 
have an impact on the Company's 
reputation.
Complementary to that already 
stated, noteworthy is that in 
2007, Red Eléctrica initiated a 
project for the alignment, review 
and improvement of its System 
of Internal Control over Financial 
Reporting (ICFR), with the basic 
aim of obtaining improvements 
in efficiency and the security 
of processes for the drafting of 
economic and financial information 
of the Company, adopting in 
a voluntary and early manner, 
international best practices.
Also, an aggregation methodology is 
being developed for determining the 
level of aggregate risk, based on the 
assessment of the individual risks.
This level of acceptable risk will  
be submitted to different contrast 
tests before being presented to
Board of Directors for approval.
RESPONSE AND 
MONITORING PLANS
In the process of identification, 
analysis, assessment and control 
of risks, referred to previously,  
the actions required are established 
to reduce the degree of risk to an 
acceptable level.
For the monitoring of risks, the 
current risk management system 
includes the monitoring of over  
500 action plans that seek to  
reduce the level of risk, and more 
than 300 indicators to monitor  
their progress. 
Moreover, the processes of the 
Group incorporate elements  
to mitigate or reduce the related 
risks. These processes have been 
integrated into management 
The process of identification, 
analysis, assessment and 
control of risks establishes 
the actions necessary to 
reduce the degree of risk 
to an acceptable level.
CONTROL 
INDICATORS
More than 
RISK  
MONITORING
Regarding 
its evolution
ACTION 
PLANS AND
500
300
03. 
GOVERNANCE
02. STRATEGY
01. THE COMPANY
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
KEY PERFORMANCE 
INDICATORS
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER

40
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Corporate Responsibility Report 2015
RISK STRUCTURE 
(G4-2)
The principal business of the Red 
Eléctrica Group is the transmission 
of electricity and operation of the 
electricity system in Spain, which 
are regulated activities, in so far as 
they are critical to the security and 
continuity of the electricity supply 
and are carried out on under a 
regime of exclusivity.
This classification as a regulated 
activity affects both the setting 
of revenues and the environment 
and conditions in which it has to 
undertake its principal activities. 
Risk types of the Red Eléctrica Group
 
REGULATORY RISKS
Risks derived from possible changes 
to the legal framework regulating the 
activity, which could affect its revenues 
and/or costs, either directly or through 
the introduction of new requirements 
and conditions for the carrying out  
of this activity.
 
FINANCIAL AND COUNTERPARTY RISKS
Risks arising from capital management  
and debt transactions made through 
companies of the Group. This category  
also includes market risks and liquidity.
 
OTHER RISKS
Risks arising from the relevance  
acquired by new businesses developed  
by the Red Eléctrica Group as of 2015.
 
OPERATIONAL RISKS
Risks caused by the failure of processes, 
personnel, equipment or internal systems 
or due to external events. The criticality 
of the functions performed by the Red 
Eléctrica Group make it possible for 
these risks to have widespread social  
and economic importance.
 
• Regulation as Spanish TSO.
• Other regulation: tax risk  
and environmental regulation.
 
• Increased cost of equipment and  
raw materials.
• Increased interest rates and changes  
in exchange rates.
• Conditions of access to financial markets.
• Coverage of accidents. 
 
• Risks associated with the 
telecommunications business relating  
to the management and operation 
of the dark fibre network.
• Risks from foreign business concerning 
investments in Peru and Chile.
 
• Operational: that may affect the proper 
functioning of the transmission grid and 
the operation of the electricity system.
• Corporate security: security of facilities  
and cybersecurity.
• Environment and occupational health  
and safety of people: respect for the 
natural environment and the special 
importance of security and safety  
in the activities undertaken.
• Other operational risks: that may affect 
other processes of the Group. In this 
category criminal risks are considered.
In this context it is important to 
highlight the following due to their 
importance and relevance: the 
regulatory and operational risks,  
as well as others which are common 
to the undertaking of economic and 
business activities.
41
17
15
9
6
5
4
1
1
Electricity 
system operations
Corporate 
security
Other 
operational risks
TSO 
regulation 
Environmental and 
occupational health and safety
Financial 
and counterparty
Foreign 
business
Other
regulation
Telecommunications 
business
%
RISK 
STRUCTURE
03. 
GOVERNANCE
02. STRATEGY
01. THE COMPANY
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
KEY PERFORMANCE 
INDICATORS
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER

41
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Corporate Responsibility Report 2015
MATERIALISED 
RISKS IN 2015
 
The facilities of the transmission 
grid are exposed, permanently,  
to operational events that might 
affect the continuity and security  
of the electricity supply.
During 2015, there were events 
whose consequences represented 
power outages of minor importance. 
In general, these events were 
caused by third parties and by 
extreme weather conditions.
Given these events, the control 
systems worked properly, as 
evidenced by the peninsular 
transmission grid availability 
rate which in 2015 was 97.93% 
(provisional figure), close to the  
rate (98.2%) obtained in 2014.
The Company also has insurance 
policies that limit the potential 
impact of these events on the 
income statement.
OBJECTIVES 
2015
• Improved definition of 
acceptable risk level globally 
and development of a new 
dashboard of risk indicators.
• Updating the analysis of 
criminal risks of the legal 
entity.
• Identification, analysis  
and risk assessment  
of the construction  
and management of 
pumped-storage facilities 
in the Canary Islands  
granted by Law to Red 
Eléctrica.
CHALLENGES  
2016
• Improvement of 
communication 
mechanisms of new  
risks and relevant events.
• Development of the risk 
analysis methodology in the 
management of projects.
• Adaptation of risk 
management processes to 
the requirements of the new 
versions of the ISO 9001 and 
14001 standards.
RESULTS 
2015
• Progress in determining the 
global level of acceptable risk  
of the Red Eléctrica Group.
• Updating the analysis and 
assessment of criminal risks 
and their inclusion in the risk 
map of the Group.
• Identification, analysis 
and assessment of the 
risks associated with the 
construction and management 
of the Chira-Soria pumped-
storage hydro power station 
and its incorporation into  
the risk map.
• The bottom-up analysis of 
risks has been complemented 
with a top-down analysis 
carried out by the Senior 
Management of the Group.
• Progress in the development 
of a methodology to determine 
the level of aggregate risk.
• Progress in improving the 
assessment of the degree  
of effectiveness of the 
action plans.
03. 
GOVERNANCE
02. STRATEGY
01. THE COMPANY
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
KEY PERFORMANCE 
INDICATORS
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER

42
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Main Risks of the Red Eléctrica Group at present (G4-45)
 
Risk 
RISK OF CHANGES 
TO THE ELECTRICITY
SYSTEM REGULATION
 
Description
• Risk of regulatory changes occurring  
that could have a negative impact  
on the activities related to transmission 
and system operation.
 
Main management aspects
• Dialogue with the Regulator.
• Presentation of proposals to the Regulator.
REGULATORY RISKS AS TSO 
OTHER REGULATORY RISKS
OTHER REGULATORY 
RISKS
• Tax risks.
• Changes in environmental  
regulation.
• Adherence to the Code of Good Tax Practices.
• Setting up of the tax strategy of the Red Eléctrica Group.
• Incorporation of Tax Risk Policy into the Comprehensive Risk Management Policy of the Group.
• Adaptation to the legislation related to climate change.
OPERATIONAL RISK OF THE ELECTRICITY SYSTEM
RISK RELATED TO POWER 
OUTAGES AND THE EVACUATION 
OF GENERATION
RISKS ASSOCIATED 
WITH THE OPERATION 
OF THE SYSTEM
• Risk of a breakdown/fault occurring 
in the facilities that may significantly 
impact on the electricity system,  
causing power outages on the Spanish 
peninsula or the islands.
• Human errors in the coordination  
or configuration of equipment.
• Malfunction of telecommunications.
• Failure of computer systems that 
support the activity.
• Emergency equipment and procedures.
• Periodic inspections of equipment and systems.
• Preventive and predictive maintenance programmes.
• Renovation and improvement plans for facilities.
• Improvement of grid meshing and increase in the construction of facilities to deal with  
the Electricity Infrastructures Plan approved by the State.
• Contracting insurance policies to cover possible damages that can be derived from an incident.
• Contingency plans.
• Strengthening of the transmission grid in certain areas where the situation is precarious.
• Power service restoration plans.
• Renovation and improvement of facilities plan.
• Improvement of the telecommunication systems.
• Implementation of security mechanisms in the IT information systems used.
• Ongoing training of operators.
• Contingency plans.
CORPORATE SECURITY RISKS
RISKS THAT MAY AFFECT 
THE SECURITY OF FACILITIES
• Impact on security in facilities 
(substations, control centres, 
buildings, etc.) such as vandalism, 
sabotage, theft, terrorism, etc.
• Security systems in facilities.
• Permanent vigilance services.
• Contact with the Civil Guard and National Police.
• Corporate Security Management Model.
• Consultation and collaboration with the CNPIC (The National Centre for Critical  
Infrastructure Protection).
• Operator Security Plan (OSP) and Specific Protection Plans (SPP).
(Continued on next page)
03. 
GOVERNANCE
02. STRATEGY
01. THE COMPANY
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
KEY PERFORMANCE 
INDICATORS
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER

43
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Main Risks of the Red Eléctrica Group at present (G4-45)
 
Risk 
RISK RELATED 
TO CYBERSECURITY
 
Description
• Non-availability of systems
• Unauthorised access to specific  
IT applications.
 
Main management aspects
• Fire walls and anti-intrusion systems
• Antivirus systems
• Increase in the security of access requirements
• Mechanisms for the detection of incidents
• Software updates
• Hacking simulations
• Training and awareness programmes.
• Corporate Security Management Model.
• Consultation and collaboration with the CNPIC (The National Centre for Critical Infrastructure Protection).
• Development of the Operator Security Plan (OSP) and Specific Protection Plans (SPP).
• Action guide in the event of cyber incidents.
RISKS ASSOCIATED TO THE ENVIRONMENT AND THE HEALTH AND SAFETY OF STAFF
RISKS OF IMPACT 
ON THE ENVIRONMENT
RISKS DERIVED 
FROM CLIMATE CHANGE 
(G4-EC2)
• Impact on flora.
• Impact on fauna.
• Contamination of soil.
• Impact on archaeological heritage.
• Risk of fires.
• Reduction in rainfall. 
• Increase in temperatures. 
• Changes in wind currents. 
• Impacts on structural elements due 
to wind, ice, electrical discharges 
(lightning) etc.
• Alteration in the properties  
of the conductors.
• Erosion around the foundations 
of the towers and the towers 
themselves.
• Application of strict environmental criteria in all phases of planning, development and maintenance 
of facilities.
• Environmental supervision of construction works.
• Biodiversity strategy and actions.
• Development of research projects and fire prevention plans.
• Projects for birdlife conservation.
• Environmental training courses for field staff.
• Environmental awareness of suppliers.
• Environmental supervision of construction works.
• Implementation of Environmental Work Certification.
• Establishment of collaboration agreements in the field of environmental protection  
with all the Autonomous Communities.
• Fire protection plans.
• Contingency plans.
• Internal environmental audits.
• Climate change strategy.
• Voluntary Agreement for the comprehensive management of SF6 in the electricity industry, among 
the Ministry of Agriculture, Food and Environment, equipment manufacturers (AFBEL), UNESA,  
REE and waste management companies.
• Internal audits of the SF6 management process.
• Development of system operation tools (CECRE).
• Construction of new transmission lines for the evacuation of renewable energy.
• Strengthening of international interconnections.
• Development of demand-side management initiatives (interruptibility service, measures to achieve  
a more efficient consumption profile, and initiatives for the implementation of the electric vehicle).
• Development of research and innovation projects: new technologies and technical solutions 
for efficient system management, new tools for emergency situations, smart demand-side 
management, energy storage.
(Continued from previous page)
(Continued on next page)
03. 
GOVERNANCE
02. STRATEGY
01. THE COMPANY
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
KEY PERFORMANCE 
INDICATORS
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER

44
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Corporate Responsibility Report 2015
Main Risks of the Red Eléctrica Group at present (G4-45)
 
Risk 
RISKS RELATED 
TO MANAGEMENT 
AND EMPLOYEES
 
Description
• Lack of motivation and competencies 
of staff to reach the Company 
objectives.
• Fraud and corruption.
• Workplace accident rate.
• Adaptation of occupational health  
and safety risk prevention.
 
Main management aspects
• Development programmes for experts and directors.
• Work-life balance policy and implementation of a management system.
• Recruitment of young employees with potential.
• Maintenance and improvement of the structured risk prevention system in accordance with the 
OHSAS 18001 standard.
• SA8000, EFR1000 certifications and internal audits.
• Implementation of the Code of Ethics, the grievance system and audits.
• Applying the staff appraisal system.
• Technical Procedures for the organisation of safety.
• General procedure for accident management and incidents.
• Operational Group regarding Prevention.
OTHER OPERATIONAL RISKS
OTHER OPERATIONAL 
RISKS
• Failure of the processes associated with 
certain activities of the Group such as 
engineering, construction, procurement, 
human resources, etc.
• Controls implemented in each process.
• Specific action plans.
• Contingency plans.
FINANCIAL AND COUNTERPARTY RISKS
RISK OF INCREASED COSTS 
OF EQUIPMENT AND RAW 
MATERIALS
RISK OF INCREASE 
IN THE INTEREST RATES
UNFAVOURABLE VARIATIONS 
IN EXCHANGE RATES
RISK OF TIGHTENING 
OF THE CONDITIONS 
REGARDING THE ACCESS 
TO FINANCIAL MARKETS
INADEQUATE COVERAGE 
WHEN FACED WITH A CLAIM
• The control of the price of equipment 
and raw materials is a key part of the 
management of the construction  
and maintenance activities.
• Variations in interest rates that may 
detract from that contemplated in the 
Strategic Plans of the Company.
• Although the part of the business 
managed in non-euro currencies is not 
very significant, unfavourable variations in 
exchange rates may have a negative impact.
• Negative development of different 
macroeconomic variables, affecting 
financial markets, status of the euro  
and sovereign debt rating.
• Insufficient coverage when faced with 
a significant increase in claims made 
against the Company.
• Loss of solvency of the reinsurance 
company.
• Promote competition.
• Increase normalisation and standardisation.
• Drafting of turnkey contracts.
• Use of hedging mechanisms.
• Periodic reviews of the interest rates and their impact on the accounts.
• Maintenance of the fixed/variable percentages of the financial structure.
• Development of a financial risk policy and mechanisms for its management and control.
• Establishing hedging mechanisms for transactions performed in non-euro currencies.
• Development of a Financial Risk Policy and mechanisms for its management and control.
• Contracting of long-term financing with public funding institutions.
• Establishment of new financing mechanisms.
• Monitoring of possible situations that may imply a reduction in the rating of the Company.
• Provisioning.
• Ongoing monitoring of the level of claims.
• Reinsurance risk.
(Continued on next page)
(Continued from previous page)
03. 
GOVERNANCE
02. STRATEGY
01. THE COMPANY
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
KEY PERFORMANCE 
INDICATORS
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER

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Corporate Responsibility Report 2015
Main Risks of the Red Eléctrica Group at present (G4-45)
 
Risk 
RISKS THAT CAN AFFECT 
THE BUSINESS
 
Description
• Operational and business risks  
related to the telecommunications 
business.
 
Main management aspects
• Monitoring the quality of service provided.
• Monitoring the portfolio of clients.
TELECOMMUNICATIONS BUSINESS RISKS
FOREIGN BUSINESS RISKS
RISKS TO FOREIGN 
SUBSIDIARIES
• Regulatory and operational risks  
of foreign subsidiaries.
• Maintaining good relationships with agencies and organisations where the subsidiaries are located.
• High quality standards in the services offered.
• Monitoring of regulatory developments and economic evolution.
• Monitoring of the projects undertaken by subsidiaries.
RISKS THAT MAY EMERGE IN THE FUTURE
UNCERTAINTY IN THE DEVELOPMENT 
OF THE EUROPEAN REGULATORY 
FRAMEWORK
MAJOR ENVIRONMENTAL 
AND SOCIAL DEMANDS IN PROJECTS
• Regulatory changes with an impact  
on the activities of Red Eléctrica.
• Delays or increased costs in the  
execution of projects.
• Active participation in ENTSO-E.
• Increased role in international forums.
• Communication with the European regulator.
• Communication plan of the environmental and social activity.
• Maintain relationships with relevant institutions.
(Continued from previous page)
03. 
GOVERNANCE
02. STRATEGY
01. THE COMPANY
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
KEY PERFORMANCE 
INDICATORS
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER

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Corporate Responsibility Report 2015
Integrity model   
of the Red Eléctrica Group (G4-DMA, G4-56, G4-57)
performance criteria that must  
be undertaken by all people within  
the Company in the execution of 
their professional activities.
CODE OF ETHICS
The Code of Ethics of the Red 
Eléctrica Group aims to provide 
an ethical guide for managers and 
employees of the companies of the 
Red Eléctrica Group, setting out the 
values and commitments that should 
govern the performance of their 
activity within the Company.
The current edition of the Code  
of Ethics of the Red Eléctrica 
Group was approved by the Board 
of Directors on 28 May 2013 with 
the aim of taking on board the 
requirements of stakeholders 
and the recommendations of the 
international organisations of 
repute in this field, among which 
the following are noteworthy: United 
Nations Organisation, the European 
Union, the Organisation for Economic 
Cooperation and Development and 
international organisations such as 
Transparency International or the 
ÉTNOR Foundation, amongst others.
Plan to encourage awareness
During 2015, work continued 
on the execution of the plan for 
raising awareness regarding ethical 
management; a plan that was 
launched in 2013 after the approval 
of the current edition of the Code 
of Ethics. Within the framework of 
this plan, a series of brainstorming 
sessions and discussions were held 
in all work centres of the Company, 
aimed at improving knowledge of the 
ethics management system.
Red Eléctrica considers ethics, 
integrity and transparency as 
fundamental pillars for the good 
operation of the business. This 
involves acting with the utmost 
integrity in the fulfilment of the 
obligations and duties entrusted 
to the Company, as well as in the 
relationships with and commitments 
to its stakeholders.
To do this, Red Eléctrica has a 
number of rules of conduct that 
establish corporate values and 
APPROVED
THE LATEST 
EDITION
CODE OF ETHICS 
RED ELÉCTRICA
Code of 
Ethics
Criminal  
risk  
prevention 
programme 
Guide for the  
Prevention  
of Corruption
Supplier 
Code  
of Conduct
NTEGRITY 
MODEL  
RECOGNITION
Maximum score 
in the Code of 
Ethics/Compliance/
Corruption and 
Bribery section 
of the Dow Jones 
Sustainability  
Index (DJSI).
Ethics Guide for 
managers and 
employees of the 
Group
03. 
GOVERNANCE
02. STRATEGY
01. THE COMPANY
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
KEY PERFORMANCE 
INDICATORS
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER

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ETHICS MANAGER 
To ensure understanding, 
implementation and enforcement 
of the Code of Ethics, Red Eléctrica 
appointed Rafael Garcia de Diego, 
General Counsel and Secretary of the 
Board of Directors, as Ethics Manager 
and Stakeholder Ombudsman. The 
responsibilities of the Ethics Manager 
are the following:
• Resolve enquiries and advise all  
stakeholders regarding any doubts 
in relation to the values and 
commitments contained in the 
Code of Ethics.
• Institute proceedings regarding 
grievances through the verification 
and investigation of the conduct  
of those employees or 
organisational units reported.
• Develop action plans to resolve  
the grievances reported and submit 
them for approval by the Chairman 
of Red Eléctrica Group or the 
Chairperson of the Audit Committee 
if it affects any member of the 
Management Committee.
• Keep an updated record on the 
process (enquiries, grievances, 
procedures and communications 
with interested parties).
• Keep claimant abreast on the 
status and resolution of enquiries  
or grievances, when required.
• Draft a periodic report on the  
review of the reporting system  
and propose actions to improve 
the management system.
• Maintain at all times the 
confidentiality of the claimant, 
unless legally required to disclose 
this information.
• Carry out the functions 
assigned under the principles of 
independence, rigour and fairness.  
WHISTLE-BLOWING 
CHANNEL  
(G4-DMA, G4-57, G4-58,  
G4-HR12, G4-LA16, G4-SO11) 
To promote the application of  
the Code of Ethics, Red Eléctrica  
has a whistle-blowing channel, 
available on the corporate website, 
through which enquiries, grievances 
or suggestions can be conveyed  
to the Ethics Manager. This channel 
has been audited and guarantees 
the confidentiality of those using 
this channel.
In addition, Red Eléctrica has 
another channel for reporting non-
These sessions include the 
participation of the Ethics Manager 
and Stakeholder Ombudsman of Red 
Eléctrica. (G4-SO4)
SUPPLIER CODE 
OF CONDUCT  
(G4-DMA, G4-SO4)
Red Eléctrica has a specific code for 
its suppliers in which stresses the 
compliance with respect for human 
rights, equality and the integration of 
people with disabilities and supplier 
compliance with the requirements 
regarding the environment and 
occupational health and safety in 
the procurement of products or 
services required by the Company, 
whether they are carried out directly 
or through other companies.
The figure of the Ethics 
Manager was created to ensure 
managers and employees were 
aware of the Code of Ethics, its 
implementation and the need  
to comply with it.
WHISTLE 
BLOWING CHANNEL
CORPORATE 
WEBSITE
ENQUIRIES MADE 
TO THE ETHICS 
MANAGER
IN 2015
Maximum 
resolution period 
is 10 days
27
03. 
GOVERNANCE
02. STRATEGY
01. THE COMPANY
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
KEY PERFORMANCE 
INDICATORS
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER

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In 2015, three grievances were 
received regarding compliance with 
the Code of Ethics, two of which were 
resolved during the year and one was 
in the processing stage at year-end 
2015. A more accurate account of 
these grievances can be found in 
the Annual Executive Report on the 
Management of the Code of Ethics 
published in the annex to this report.   
(G4-LA16, G4-SO5) 
CRIMINAL RISK  
PREVENTION
Red Eléctrica has a Criminal Risk 
Prevention Programme that aims  
to identify the rules, procedures and 
tools established within the Group 
to prevent the breaching of the legal 
rules that carry criminal implications 
applicable to the Company and its 
staff, and to adapt it to the new 
regulatory environment. Therefore, 
in addition to the already existing 
risk control exercised by the Red 
Eléctrica Group, the scope now 
incorporates the management and 
prevention of criminal risks that 
could affect the Company according 
to their activity and business sector, 
in compliance with the Spanish 
Criminal Code.
This programme, approved by 
the Board of Directors of the Red 
Eléctrica Group at its meeting on 24 
November 2011, has a control body 
that monitors its compliance and 
undertakes specific measures to 
ensure it is adequately updated and 
implemented. In addition, it regularly 
reports to the Audit Committee 
on the actions taken, proposed 
improvements, updates implemented, 
agreed measures as well as any other 
aspect considered relevant in the 
performance of their duties. 
 
This body is composed of the 
following members:
• The Ethics Manager.
• A representative of the Internal 
Audit and Risk Control Department.
• A representative of the Human 
Resources Organisation and 
Planning Department.
• A representative of the Legal 
Department.
compliance, grievances, enquiries 
and suggestions regarding ethical 
matters through its Stakeholder 
Attention Centre DÍGAME, in order 
to provide a reporting channel for 
requests from external stakeholders 
who are not aware of the whistle-
blowing channel. This service will 
transfer to the Ethics Manager the 
requests received, preserving their 
confidentiality.
In 2015, 27 enquiries were received 
by the Ethics Manager through 
the whistle-blowing channel,  
with a maximum resolution period 
of 10 days. 
Consultations received have referred 
to the following areas of conduct:
• Responsible monitoring of the 
management of suppliers.
• Adequate handling of confidential 
information.
• Protection and use of facilities  
and equipment of the Organisation.
• Limitation on the acceptance  
of gifts, loans or invitations.
• Respect, integrity, accountability 
and transparency within the 
organisation.
DÍGAME 
ATTENTION 
CENTRE
Provides access to 
ethical questions and 
suggestions from 
external stakeholders, 
and passes them to 
the Ethics Manager 
for processing 
whilst maintaining 
confidentiality.
CRIMINAL RISK 
PREVENTION
Prevents 
non-compliance 
with legal 
regulations 
PROGRAMME
APPROVED
IN 2011
AND HAS 
A CONTROL BODY
03. 
GOVERNANCE
02. STRATEGY
01. THE COMPANY
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
KEY PERFORMANCE 
INDICATORS
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER

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PREVENTION 
OF CORRUPTION 
(G4-DMA)
The Code of Ethics and the 
corresponding management system 
for queries and grievances, in 
which aspects related to the fight 
against corruption are included, 
are an effective mechanism for the 
detection and handling of possible 
cases of corruption and fraud. 
Governance bodies, employees  
and suppliers of Red Electrica 
accept the Code of Ethics and, 
where applicable, the Code of 
Conduct for suppliers of the 
organisation as a whole.
In addition, in 2015 the Board of 
Directors approved the Guide for 
the Prevention of corruption that 
develops corporate values and 
behavioural patterns contained  
in the Code of Ethics related to the 
main manifestations of corruption. 
All people of the Red Eléctrica Group 
are obliged to know and accept 
the contents of this guide and 
review their behaviour based on 
the principles, commitments and 
controls established. (G4-SO4)
As a complement to the 
aforementioned, with a specific 
character, the processes considered 
susceptible to the risk of corruption 
and fraud are regularly monitored 
through internal audits using the 
risk prevention programmes for 
fraud and criminal risk prevention 
as a basis, and in which specific 
controls regarding these risks are 
incorporated. In 2015, 100% of 
the divisions/departments of Red 
Eléctrica de España have been 
This body reports to the Internal 
Audit and Risk Control Department, 
responsible for monitoring 
compliance of the control measures 
regarding criminal risk, as well as  
to the Legal Department.
Also, the Ethics Manager informs 
the Control and Monitoring Body 
about grievances received, that 
may have a possible criminal law 
implication. This body guarantees 
the confidentiality of all information 
received, in the same way as the 
Ethics Manager does. In 2015, 
the Ethics Manager received no 
grievance about infringements 
related to criminal risks and none 
of the companies of the Group has 
been investigated or convicted 
of infringements related to the 
criminal risks of the organisation.
All members of the Group are obliged 
to know and accept the contents of 
the Guide for the prevention of corruption
and to act on its principles.
BY THE BOARD 
OF DIRECTORS
PREVENTION OF
CORRUPTION
Guide 
APPROVED
Actions 2015
(G4-SO4)
• Launch of the new Legal Compliance 
System.
• Dissemination Programme for 
criminal risk prevention of the Red 
Eléctrica Group through the corporate 
website.
• Criminal Risk Prevention Audit.
In 2015
03. 
GOVERNANCE
02. STRATEGY
01. THE COMPANY
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
KEY PERFORMANCE 
INDICATORS
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER

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Corporate Responsibility Report 2015
use of assets and intentional errors 
in the financial statements, whose 
independent assurance report is 
included in the annex to this Report.
In 2015, in accordance with the 
guidelines on conduct contained 
in the Code of Ethics, in which the 
contribution to political parties 
or organisations is prohibited, 
no donations, grants or loans 
to political parties or political 
organisations have been provided 
on behalf of the Group.
HUMAN RIGHTS 
(G4-DMA)
The activities of Red Eléctrica  
are carried out in conformance 
with the principles and guidelines 
contained in its Corporate Social 
Responsibility Policy and in a 
manner compatible with the values 
and commitments established in 
the Code of Ethics.
When drafting the Corporate 
Social Responsibility Policy, Red 
Eléctrica has kept in mind the 
OECD Guidelines for Multinational 
Enterprises, as well as the Tripartite 
declaration of principles concerning 
multinational enterprises and 
social policy drafted by the ILO 
(International Labour Organisation). 
In this manner, the Corporate Social 
Responsibility Policy contains  
an explicit commitment to 
Human Rights.  
audited regarding the various risks 
related to corruption; no risks were 
identified in said audits. (G4-SO3, 
G4-SO5)
Additionally, the processes of 
Red Eléctrica are integrated in 
structured systems in compliance 
with the international benchmark 
standards (ISO 9001, ISO 14001 
and OHSAS 18001) and their design 
includes controls to mitigate or 
reduce the main risks associated 
thereto. 
In addition to these processes, the 
Company has an Internal Control over 
Financial Reporting (ICFR) system in 
place, which includes controls over 
the risks regarding the inappropriate 
The Internal Control over 
Financial Reporting (ICFR) 
system includes controls 
associated to risks  
regarding the inappropriate 
use of assets.
CONDUCTED ON
INTERNAL 
AUDITS
2015
%
OF THE 
DEPARTMENTS 
OF REE100
No risk was 
detected related 
to corruption
Actions 2015
• Approval of the Guide for the Prevention  
of Corruption: zero tolerance.
• Assignment to the unit responsible 
for the legal compliance of the 
competencies relating to the application 
and interpretation of the Guide for the 
prevention of corruption. Similarly, the 
appropriate grievances, as a result of 
possible breaches of the commitments 
contained within the Guide, may be 
submitted to the unit in question.
03. 
GOVERNANCE
02. STRATEGY
01. THE COMPANY
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
KEY PERFORMANCE 
INDICATORS
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER

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As an example, in 2015 a project 
was undertaken aimed at identifying 
risks from the perspective of 
corporate responsibility (including 
aspects related to human rights) 
associated with supplies, in order 
to establish the requirements 
to be fulfilled by the suppliers of 
Red Eléctrica. In addition, social 
audits on suppliers have continued 
to be conducted, through which 
the degree of compliance with 
the requirements covered by the 
Code of Conduct for suppliers is 
evaluated, among which includes 
the commitment to fundamental 
human rights.
In addition, the Company has 
participated in the Human Rights 
Working Group and Companies 
of the Spanish Network of the UN 
Global Compact, aimed at designing 
a practical tool to facilitate the 
implementation of the Guiding 
Principles into the Spanish  
business fabric.
Similarly, the level of performance 
of Red Eléctrica is audited according 
to standards that govern aspects 
related to respect for human rights 
in business, such as SA8000,  
e SR10, the EFR (certificates 
renewed in 2015) and the healthy 
workplace model, certified for the 
first time this year.
In order to meet the requirements  
of the standards, all work centres 
have to be visited in each 
certification cycle of three years. 
Thus, in 2015 the head offices and 
the building in Palma de Mallorca 
was audited by AENOR, which means 
that two of the four workplaces 
with business activity have been 
visited (50%), and in two of the  
eight regional offices (the Balearic 
Islands zone and the Northern  
zone), representing 25% of the 
total. (G4-HR9)
Similarly, the Code of Ethics, 
which determines the guidelines 
for behaviour to be followed by all 
employees, establishes respect for 
human rights as a binding principle.
It should also be noted that since 
2002, Red Eléctrica has been  
a founding member of the Spanish 
Network of the UN Global Compact, 
which implies drafting an annual 
progress report that sets out and 
details the actions that represent 
advances in the Company´s 
commitment to the Ten Principles. 
The Company has performed an 
internal assessment of the degree 
of alignment of its practices with the 
U.N. Guiding Principles on Business 
and Human Rights. In order to delve 
further into the aspects that were 
detected in this assessment and 
may require action, the Company 
continues to work on developing  
an action plan.
IN 2015
Red Eléctrica 
participated in  
the Human Rights  
Working Group of the 
Spanish Network of  
the UN Global Compact. 
The goal is to design 
a practical tool to 
implement the Guiding 
principles into the 
Spanish business fabric.
MEMBER 
Red Eléctrica 
SPANISH  
NETWORK OF 
THE UN GLOBAL  
COMPACT
FOUNDING 
Since 2002
03. 
GOVERNANCE
02. STRATEGY
01. THE COMPANY
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
KEY PERFORMANCE 
INDICATORS
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER

MANAGEMENT  
APPROACH
04
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Corporate Responsibility Report 2015
Connected to 
excellence and 
sustainability
02. STRATEGY
04. 
MANAGEMENT  
APPROACH
KEY PERFORMANCE 
INDICATORS
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
01. THE COMPANY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
03. CORPORATE 
GOVERNANCE

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Corporate Responsibility Report 2015
OUR CORPORATE
RESPONSIBILITY MODEL
A sustainable, 
ethical 
and responsible 
company 
1.	STRATEGIC 
	 APPROACH
The Strategic Plan of the Red Eléctrica  
Group includes corporate responsibility  
as a key action.
Approved by the Board  
of Directors
2.	CORPORATE 		
	
RESPONSIBILITY   
	
POLICY
Establishes the principles and guidelines 
regarding corporate responsibility.
Approved by the Board  
of Directors
3.	CORPORATE 
	 RESPONSIBILITY 
	 PLAN
Action framework that integrates all 
initiatives in this area and establishes the 
course of action for the next three years.
Approved by the Appointments and 
Remunerations Committee of the Board  
of Directors
4.	ANNUAL 
	 PROGRAMME 
Projects defined according to the course 
of action established in the Corporate 
Responsibility Plan.
Approved by the Corporate Responsibility 
Committee 
93% fulfilment of annual programme
5.	MONITORING  
	 AND EVALUATION
Definition of the tools necessary 
for evaluating the implementation 
and execution of the Corporate 
Responsibility Plan.
Dashboard and internal  
and external audits
CORPORATE 
RESPONSIBILITY 
Fulfilment linked 
to a management 
objective
PROGRAMME
02. STRATEGY
04. 
MANAGEMENT 
APPROACH
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
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Corporate Responsibility Report 2015
Commitment  
to sustainability
a management approach based 
on best practices in corporate 
responsibility as a cornerstone.  
In the execution of this strategy, 
Red Eléctrica acts as a sustainable 
and ethical company, committed  
to society.
THE QUEST  
FOR EXCELLENCE
The commitment of Red Eléctrica 
to excellence in management is 
evidenced through its Excellence and 
Quality Policy, and its inclusion as 
one of the transversal strategies  
of the Strategic Plan of the Company. 
In 1999, Red Eléctrica implemented 
the EFQM (European Foundation for 
Quality Management) excellence 
management model. In 2015, 
Red Eléctrica renewed the EFQM 
European Seal of Excellence 500+, 
with a score in excess of 700 points, 
consolidating the Company among 
the leading national and European 
companies.
For Red Eléctrica, corporate 
responsibility is part of the 
Company’s corporate culture and 
provides the framework for all 
its activities in order to carry out 
its mission as operator and sole 
transmission agent of the Spanish 
electricity system. 
The Strategic Plan 2014-2019 of the 
Red Eléctrica Group, approved by 
the Board of Directors, establishes 
Red Eléctrica 
renews the EFQM 
European Seal of 
Excellence 500+ 
with a score in excess 
of 700 points, placing 
Red Eléctrica among 
the leading companies 
both nationally and  
at a European level. 
Red Eléctrica’s Strategic Plan includes 
excellence as a transversal strategy 
through a business management 
model that is sustainable, ethical 
and committed to society.
EXCELLENCE
MANAGEMENT 
MODEL 
European 
Foundation 
for Quality 
Management
EFQM
SINCE 1999
02. STRATEGY
04. 
MANAGEMENT 
APPROACH
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
03. CORPORATE 
GOVERNANCE

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Corporate Responsibility Report 2015
THE MANAGEMENT OF  
CORPORATE RESPONSIBILITY
Red Eléctrica’s commitment to 
sustainable development is set out in 
its Corporate Responsibility Policy. 
In 2015, the Board of Directors 
approved the review of said policy, 
which incorporates the Company’s 
updated commitments related  
to the challenge of contributing  
to a sustainable energy future. 
The development of this 
commitment is instrumented 
through a multi-year plan which 
establishes the medium-term 
framework for action in the field 
of corporate responsibility. The 
Corporate Responsibility Plan  
2014-2016 was approved in 2014.
The excellence management 
system is established on a 
process-based management 
approach. In 2015, an alignment 
matrix between the key actions 
of the Strategic Plan 2014-2019 
and the Company’s key processes 
was drafted. Furthermore, as an 
important part of the monitoring of 
the management, in 2015, the sixth 
edition of the Internal Customer 
Satisfaction Survey (ESCI), which 
has been conducted every three 
years since 2001, measures the 
degree of satisfaction in relation  
to processes. 
In 1994, Red Eléctrica began to 
implement quality management 
systems for its processes based 
on international standards, which 
led to the first certifications of the 
key activities of the organisation 
in 1996. Since 2000, the Company 
has had a certified system that 
encompasses all processes of the 
organisation. In 2015, it conducted 
the fourth comprehensive audit  
of all certified corporate 
management systems.
2014-2016
Structured 
on five scopes 
of management
CORPORATE
RESPONSIBILITY 
PLAN
In the ‘Responsible management 
model’ subsection of the 
‘Sustainability’ section of the 
corporate website.
AREAS OF ACTION OF 
Corporate Responsibility
Environment
Employees
Society 
Our 
business 
Suppliers
Opinion 
generators
Social 
environment
Employees
Regulatory 
bodies
Business 
sector
Clients 
and 
agents of 
the sector
Shareholders 
and investors
Corporate 
governance 
and ethics
EXCELLENCE AND
responsibility
02. STRATEGY
04. 
MANAGEMENT 
APPROACH
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
03. CORPORATE 
GOVERNANCE

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Corporate Responsibility Report 2015
The set of actions carried out  
under the Corporate Responsibility 
Plan in 2015 are reflected 
throughout this report.
The management system is 
evaluated systematically with 
various tools to assess the progress 
of the commitments, objectives and 
projects established. 
Internally, the Company has a 
corporate responsibility dashboard, 
in which the main management 
performance indicators are 
established. 
In addition, the management 
system is periodically submitted 
to internal audits. The executive 
report included in the annex to this 
report contains the results of the 
latest audit, conducted in 2015. 
Externally, Red Eléctrica is certified 
under the international standard 
IQNet SR10 (Social Responsibility 
Management System) and SA8000. 
Alignment with these standards is 
evaluated annually through external 
audits. In 2015, the Company met 
the requirements established for 
retaining both certifications.
 
ORGANISATIONAL  
STRUCTURE
The organisational structure for 
the management and supervision 
of corporate responsibility 
commitments in Red Eléctrica has 
the involvement of the highest 
levels of decision making in the 
Company and the involvement of all 
management areas of the Company. 
In 2015, within the framework of 
organisational changes, the structure 
was strengthened with the creation 
of the Corporate Sustainability, 
Innovation and Institutional 
Coordination Department.
On the next page is an organisational 
diagram outlining the governance 
and management bodies and their 
main functions.
This plan is structured into five 
areas of management that allow the 
Company to work in a coordinated 
manner to fulfil its commitments. 
An overall objective has been 
defined for each of the areas  
of corporate responsibility.  
The fulfilment of each objective is 
deployed through specific courses 
of action, in which all areas of the 
Company are involved.
Based on these courses of action,  
a corporate responsibility 
programme is defined each year 
that includes the most significant 
projects that contribute substantially 
to achieving the objectives set out in 
the Plan. In 2015, for the first time, 
the fulfilment of this programme 
was incorporated as a management 
objective, with impact on the 
remuneration of the workforce.  
This programme had an overall 
fulfilment of 93%. 
IN 2015 
Red Eléctrica 
renewed the 
SA8000 and 
SR10 certificates 
following the 
comprehensive 
external audit of 
the management 
systems.
CORPORATE
REPONSIBILITY
PROGRAMME
%
OVERALL 
FULFILMENT OF 
93
In 2015
02. STRATEGY
04. 
MANAGEMENT 
APPROACH
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
03. CORPORATE 
GOVERNANCE

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Corporate Responsibility Report 2015
Organisational 
units
• Approve the Corporate Responsibility 
policy.
• Propose and promote the policy.
• Monitor the implementation of the 
policy and periodically assess progress  
and results.
• Approve an annual management report 
of corporate responsibility, escalated 
to the Board.
• Propose the principles and guidelines  
of corporate responsibility.
• Guarantee the establishment of 
a management system and promote 
certifications that ensure its efficient 
implementation.
• Approve the corporate responsibility 
plans and programmes.
• Ensure the development and ongoing 
improvement of systems, structures, 
plans and projects of the management 
system.
• Advise the Company on matters related 
to corporate responsibility.
• Define and design the activities and 
structural elements of the management 
model.
• Design and monitor the corporate 
responsibility plans and programmes 
agreed with the various organisational 
units.
• Collaborate in the implementation 
of the corporate responsibility 
management model and support the 
integration and participation of internal 
and external collaborators.
• Develop its activities and projects 
in accordance with the corporate 
responsibility principles and guidelines.
 
ORGANISATIONAL DIAGRAM
of the management of Corporate Responsibility
INFORMATION
GUIDELINES 
Appointments 
and Remuneration 
Committee
Board 
of Directors 
Corporate
Management 
of Sustainability, 
Innovation and 
Institutional 
Coordination 
Corporate 
Responsibility 
Committee
(Managers of 
the main areas of
CR management)
6 sessions held in 
2015 with an average 
attendance of 84%
02. STRATEGY
04. 
MANAGEMENT 
APPROACH
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
03. CORPORATE 
GOVERNANCE

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SUSTAINABILITY   
INDEXES
During 2015 Red Eléctrica’s 
presence in the main sustainability 
indexes was confirmed. Among  
them, noteworthy is the inclusion  
in the Dow Jones Sustainability  
World and Dow Jones Sustainability 
Europe indices with a score of 88 
out of 100, which places the 
Company only one point behind 
the sector leader.
As a result of this excellent result, 
in January 2016 Red Eléctrica 
received the RobecoSAM 'Gold Class' 
distinction of the Sustainability 
Yearbook 2016.
88
89
52
RED ELÉCTRICA OVERALL SCORE 
IN THE DJSI 2015
Red Eléctrica
Sector leader
Sector average
Red Eléctrica’s main recognitions regarding sustainability
In the ‘Sustainability indexes’ 
subsection of the ‘Sustainability’  
section of the corporate website.
Red Eléctrica has been ranked 
just one point from the 
industry leader in the Dow 
Jones Sustainability Index and 
in January 2016 it received 
the RobecoSAM 'Gold Class' 
distinction of the 'Sustainability 
Yearbook 2016'.
SCORE   
BY DIMENSIONS
IN THE DJSI 2015
90
92
57
Red 
Eléctrica
Sector
leader
Sector
average
ECONOMIC DIMENSION
84
94
44
Red 
Eléctrica
Sector
leader
Sector
average
ENVIRONMENTAL DIMENSION
93
93
58
Red 
Eléctrica
Sector
leader
Sector
average
SOCIAL DIMENSION
02. STRATEGY
04. 
MANAGEMENT 
APPROACH
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
03. CORPORATE 
GOVERNANCE

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Corporate Responsibility Report 2015
actions carried out in relation 
to the Ten Principles regarding 
the defence of fundamental 
human rights, protection of the 
environment, support for social 
development, respect for workers’ 
rights and the fight against 
corruption.  
• Carbon Disclosure Project (CDP)  
Since 2008, Red Eléctrica has 
participated in this initiative to fight 
against climate change and for the 
protection of natural resources, 
annually providing information on 
its strategy, practices, performance 
and objectives in the fight against 
climate change
• Caring for Climate 
In 2007, Red Eléctrica signed 
up to this initiative promoted by 
the United Nations for business 
leadership on climate change. 
Its aim is to help prevent climate 
change crisis by mobilising a critical 
mass of business leaders to apply 
and recommend solutions and 
policies.
• Spanish Business and Biodiversity 
Initiative (Iniciativa Española 
Empresa y Biodiversidad (IEEB)) 
In 2013, Red Eléctrica signed  
up to this initiative, promoted by 
the Spanish Ministry of Agriculture, 
Food and Environment, aimed 
at the inclusion of biodiversity 
conservation and management 
in the business strategies of 
companies.
• Voluntare  
In 2014, Red Eléctrica joined the 
corporate volunteering global 
network, an organisation that 
connects businesses with third 
sector organisations.
COMMITMENT TO  
EXTERNAL INITIATIVES  
(G4-15)
Red Eléctrica voluntarily participates 
in different initiatives that strengthen 
its commitment to corporate 
responsibility, amongst which the 
following are noteworthy: 
• UN Global Compact  
Red Eléctrica has adopted the 
Global Compact since 2002 and  
is founding member of the Spanish 
Global Compact Network (Red 
Española del Pacto Mundial), and 
annually presents the Progress 
Report, which includes the main 
Red Eléctrica is a founding 
member of the Spanish Global 
Compact Network and as 
of 2002 is adhered to the 
UN Global Compact.
FIGHT AGAINST 
CLIMATE CHANGE
CDP
AN INITIATIVE 
IN WHICH RED 
ELÉCTRICA
Reporting 
annually
HAS 
PARTICIPATED
SINCE 2008
02. STRATEGY
04. 
MANAGEMENT 
APPROACH
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
03. CORPORATE 
GOVERNANCE

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• Renewables Grid Initiative 
Red Eléctrica signed up to this 
initiative, launched in 2009, which 
seeks to integrate 100% of energy 
generation from renewable sources 
into the electricity system. TSO 
companies and NGOs have come 
together to promote the existence 
of an infrastructure system in 
Europe that allows the introduction 
of renewable energy generated both 
decentralised and on a large scale.
• Spanish Green Growth Group 
Since 2004, Red Eléctrica has 
undertaken the commitment to the 
development of an economically, 
socially and environmentally 
sustainable model with the signing 
of the Barcelona Declaration. 
Said initiative is supported by 
the 30 companies that make 
up the Spanish Green Growth 
Group (GECV), and promoted by 
the Ministry of Agriculture, Food 
and Environment that promotes 
Tax Authority. This undertaking 
entails the obligation to reflect its 
effective fulfilment in the annual 
Corporate Governance Report.
• Business Network for a Society 
Free of Gender-based Violence 
Red Eléctrica signed up to this 
initiative in 2012, promoted by the 
Ministry of Health, Social Services 
and Equality, whose main objective 
is to move towards a society free  
of gender-based violence.
economic growth that is compatible 
with the efficient use of natural 
resources.
• Code of Good Tax Practices  
Red Eléctrica adopted this Code 
in October 2015 through the 
formalisation of an agreement of 
the Board of Directors and which 
was communicated to the Spanish 
Compliance with the Code 
of Good Tax Practices, which  
Red Eléctrica undertook in 2015, 
is reflected in the annual 
Corporate Governance Report.
RENEWABLES GRID
INITIATIVE
INTEGRATION 
INTO THE 
ELECTRICTY 
SYSTEM OF
%100
Of electricity 
coming from 
renewable 
sources
02. STRATEGY
04. 
MANAGEMENT 
APPROACH
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
03. CORPORATE 
GOVERNANCE

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Stakeholders (G4-25)
management system that includes 
their identification, segmentation 
and prioritisation, as well as the 
definition of the relationship 
framework with each stakeholder 
group. This system is constantly 
reviewed and improved.
The identification and segmentation 
of stakeholder groups is carried 
out based on the analysis of the 
processes and activities, as well  
as of the interaction with the socio-
economic environment in which the 
Company carries out its activities.
The prioritisation is plotted in 
accordance with the stakeholders’ 
capability to influence the 
achievement of the strategic 
objectives of the Company, and 
the importance or effect of the 
impacts of the organisation on 
stakeholder groups.
Finally, the relationship framework 
defines the types of relations 
with each stakeholder. In order to 
consolidate and strengthen these, 
the methods used are based on 
transparency and active dialogue.
Red Eléctrica’s corporate 
responsibility policy clearly sets 
out the commitment to improve 
relations and dialogue with its 
stakeholders, promoting the 
relationship channels that allow 
the Company to respond to their 
requirements and expectations,  
as well as to create shared value. 
In order to ensure compliance with 
this commitment, in 2004 Red 
Eléctrica designed and implemented 
its corporate stakeholder 
More on the Stakeholder Management 
Model in the subsection 'Stakeholders' 
of the 'Sustainability' section of the 
corporate website.
Improving dialogue and relations 
with stakeholders, and promoting 
the creation of shared value 
is part of Red Eléctrica’s Corporate 
Responsibility Policy.
POINTS
OUT OF 100
DJSI
INDEX
99
Evaluation 
of the 
commitment 
to stakeholders 
in 2015
02. STRATEGY
04. 
MANAGEMENT 
APPROACH
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
03. CORPORATE 
GOVERNANCE

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• The Dígame service guarantees, 
since 2008, the professional 
management of all queries 
and requests from external 
stakeholders, by making available 
various communication channels 
(phone, email and online web form). 
This service is staffed by personnel 
from the Juan XXIII Roncalli 
Foundation, an organisation that 
works with people with some type 
of disability. (G4-DMA)
The assessment and analysis of 
the requirements collated from the 
satisfaction surveys give way to the 
drafting of an improvement action 
plan and the subsequent monitoring 
of compliance with these actions.
In 2015, as a new development 
and as a consequence of the need 
identified, a new action was included 
in the monitoring plan whereby 
the reception of the results is 
Thus, for each category of 
relationship, and based on the nature 
or reason why it is established, 
the Company defines the most 
appropriate channels. 
Of these channels, two are 
noteworthy due to their transversal 
nature across all stakeholder groups:
• Satisfaction surveys that allow 
a quantitative and qualitative 
analysis of stakeholders’ 
requirements and expectations 
to be performed. These surveys 
are conducted periodically, usually 
biennially, by an external consultant 
to ensure the confidentiality and 
validity of the process. 
(G4-26, G4-27)
34	
Investors and shareholders 
2	
Public administration and regulators
9	
Clients
6	
Suppliers and technology providers
36	
Social environment
0	
Opinion generators 
13	
Business sectors and associations
‘DÍGAME’
SERVICE 
%
(3,325 requests in 2015)
2
34
9
6
36
13
The requirements 
contained in satisfaction 
surveys result in an action 
plan for improving and 
monitoring their fulfilment.
By type	
No. of applicable 
	
grievances
Impact of facilities	
35
Quality and continuity	
4
Projects and permitting processes	
3
Other	
2
Total	
44
By stakeholder complainant
Social environment 	
35
Business sector/Professional associations	
4
Other	
5
Total 	
44
Note: An applicable grievance is understood as that which corresponds to the duties and responsibilities  
of Red Eléctrica. Grievances accepted by Red Eléctrica, as a result of considering the arguments presented as 
valid and reasonable for their acceptance, complete or partial, are considered estimated grievances. These include 
environmental grievances (see indicator GRI G4-EN34). 93% of grievances are closed, whereas the other 7%  
is currently in process. In 2015, eight grievances submitted in 2014 were closed.
GRIEVANCES MANAGED  
THROUGH THE ‘DÍGAME’ SERVICE IN 2015
(G4-SO11)
02. STRATEGY
04. 
MANAGEMENT 
APPROACH
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
03. CORPORATE 
GOVERNANCE

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Corporate Responsibility Report 2015
confirmed with stakeholders, and the 
improvement actions derived from 
the survey are agreed upon. (G4-45)
In addition to a corporate 
stakeholder management system, 
the Company is committed to the 
development of operational maps 
as tools for the identification and 
management (at a process level) 
of the stakeholder groups involved, 
and for the optimisation of the 
established relationship channels. 
SURVEY RESULTS 2015  
(G4-26)
In 2015, satisfaction surveys were 
conducted on the following external 
stakeholder groups: financial 
analysts, ESG (Environmental, 
Social and Governance) analysts, 
institutional investors, financial 
capital providers and providers  
of goods and services.
	
2011	
2012	
2013	
2014	
2015
Overall satisfaction	
8.1	
8.2	
8.2	
8.2	
8.4
Satisfaction of the quality of services	
7.9	
7.9	
7.9	
7.7	
7.9
Reputation	
8.2	
8.5	
8.5	
8.4	
8.6
Ethical behaviour	
7.9	
8.1	
8.1	
8.1	
8.3
Management of Corporate Responsibility	
7.5	
7.6	
7.6	
7.7	
7.6
Dialogue with stakeholders	
7.9	
7.9	
7.8	
7.9	
8.0
Note: value range (0-10).
OVERALL INDICATORS   
STAKEHOLDER PERCEPTION SURVEYS
In 2015, the working 
climate survey was 
conducted, and for the first 
time satisfaction of ESG 
analysts was evaluated.
The overall satisfaction result of all 
these stakeholders was 8.4 out of 10.
Internally, a working climate survey 
was conducted. Studies were carried 
out that have allowed employee 
satisfaction in relation to corporate 
information systems to be assessed, 
and a survey was performed geared 
towards obtaining data regarding  
the carbon footprint associated  
with employee commutes to and 
from their regular work centres.
In 2015, in recognition of the actions 
conducted by Red Eléctrica in this 
field, the Dow Jones Sustainability 
Index awarded the Company 99 
points out of 100 on the criteria  
that evaluates the commitment 
to stakeholders.
POINTS
EXTERNAL 
STAKEHOLDERS
OVERALL
SATISFACTION 
SURVEYS 2015
8.4
Out of 10
02. STRATEGY
04. 
MANAGEMENT 
APPROACH
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
03. CORPORATE 
GOVERNANCE

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Corporate Responsibility Report 2015
More on stakeholder dialogue 
and commitment in the 
'Stakeholders' subsection  
of the 'Sustainability' section 
of the corporate website.
Our commitments to stakeholder groups (G4-24, G4-25, G4-27)
STAKEHOLDER  
GROUPS 
INVESTORS AND 
SHAREHOLDERS
REGULATORY 
BODIES
CLIENTS
EMPLOYEES 
MAIN 
COMMITMENTS
• Creating value.
• Good governance and risk control.
• Fluid and transparent dialogue.
• Security, quality and continuity of service.
• Independence and transparency.
• Effective solutions to challenges.
• Fulfilment of the Transmission Grid planning.
• Leadership and innovation.
• Efficient management.
• Dialogue, impartiality and transparency.
• Stable employment and equal opportunity.
• The work-life balance.
• Professional development and recognition.
• Ensuring occupational health and safety.
• Freedom of association and dialogue with 
management.
• Ethical and responsible conduct.
MAIN COMMUNICATION 
CHANNELS
• Shareholders’ office.
• E-mail for shareholders / investors.
• Shareholders’ Electronic Forum / Web Page.
• Road Shows and meetings.
• Satisfaction surveys.
• Corporate reports.
• Periodic work meetings.
• Institutional meetings.
• Periodic information.
• Handling of requests for information.
• Public Web and Market agents Web.
• Periodic technical publications.
• Customer service lines.
• Specific e-mail addresses.
• 'Dígame' Service.
• Satisfaction surveys.
• Committees and Technical working groups.
• Communication forums.
• Ethics code consultations and  
whistle-blowing channel.
• Corporate portal miRED 2.0.
• Employee auto service site.
• Employee care phone line.  
• Working climate survey and services  
satisfaction survey.
• Communication plan and induction  
and integration programme.
• Work, social and leisure communities.
• Bulletin boards and information screens
• Social representation committees/panels.
• Assessment interview.
(Continued on the next page)
02. STRATEGY
04. 
MANAGEMENT 
APPROACH
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
03. CORPORATE 
GOVERNANCE

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Our commitments to stakeholder groups (G4-24, G4-25, G4-27)
STAKEHOLDER  
GROUPS 
SUPPLIERS
SOCIAL 
ENVIRONMENT
OPINION 
GENERATORS 
BUSINESS  
SECTORS/
PROFESSIONAL 
ASSOCIATIONS
MAIN 
COMMITMENTS
• Compliance with contractual obligations.
• Ethics and transparency.
• Collaboration to generate mutual benefits.
• Transparency on actions carried out and their impact.
• Territorial planning and involvement in the 
community.
• Safety and security of facilities and the electricity 
supply.
• Ethical business practices.
• Protection of the natural environment.
• Information transparency.
• Efficiency in the management of enquiries  
and requests.
• Fluid, transparent and close-knit dialogue.
• Exchange of best practices.
MAIN COMMUNICATION 
CHANNELS
• Channel for consultation and grievances 
regarding the Supplier Code of Conduct.
• Specific supplier attention channel, ASA 
(Procurement attention and support centre).
• Specific area on the corporate website.
• Associations and working groups.
• Meetings and training days.
• Satisfaction surveys.
• Tenders published via DOUE and BOE.
• Informative bulletin regarding construction.
• 'Dígame' Service.
• Satisfaction surveys.
• Attention channel on grid planning 
and development processes.
• Periodic meetings.
• Dissemination of information on the electricity 
system.
• Corporate reports.
• Informative brochures.
• Visits to electricity facilities.
• Statistics of the electricity system.
• ‘Entrelíneas’ blog.
• E-mail / Website.
• Road Shows and meetings.
• Satisfaction surveys.
• Reports, press releases, training days,  
social networks etc.
• Corporate reports.
• ‘Entrelíneas’ blog.
• Participation in technical committees,  
working groups (national and international).
(Continued from previous page)
02. STRATEGY
04. 
MANAGEMENT 
APPROACH
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
03. CORPORATE 
GOVERNANCE

SUSTAINABLE 
ENERGY
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Corporate Responsibility Report 2015
Connected to 
providing a secure 
and efficient 
electricity supply 
of the highest 
quality
KEY PERFORMANCE 
INDICATORS
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
01. THE COMPANY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
05. 
SUSTAINABLE  
ENERGY

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CORNERSTONES FOR ACHIEVING 
SUSTAINABLE ENERGY
The value of 
a secure, efficient  
and sustainable 
energy supply 
INTERCONNECTIONS 
BETWEEN SYSTEMS
Strengthening of interconnections to improve  
the guarantee and security of supply and achieve 
a greater integration of renewables.
Entry into operation of the Spain-France 
interconnection
Installation of the 1st cable of the 
Majorca-Ibiza link 
ENERGY  
EFFICIENCY
Development of initiatives aimed at achieving 
a more efficient management of the electricity 
system in the fields of energy storage, smart grids 
or the involvement of consumers as an active player 
in the electricity system. 
Projects: PRICE, PERFILA and ALMACENA
TECHNOLOGICAL  
INNOVATION
Incorporation of new innovative technologies 
that increase the stability and efficiency  
of the system, and facilitate the integration 
of renewable energies.
76 technologically innovative projects
€9.6m in investment
SUSTAINABLE 
DEVELOPMENT OF THE 
TRANSMISSION GRID
Construction of new facilities in order to 
increase transmission capacity, improve grid 
meshing and facilitate connections between 
electricity systems.
414 km of new lines
136 new substation bays
INTEGRATION 
OF RENEWABLES
The safe integration of renewable energies 
to contribute to the reduction of air pollutant 
emissions, and to reduce Spain’s dependence 
on foreign energy.
37% of the electricity demand covered  
with renewable energies
OF THE 
INFRASTRUCTURE 
PLANNING 
2015-2020 
APPROVAL
05. 
SUSTAINABLE 
ENERGY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
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INDICATORS
02. STRATEGY
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Red Eléctrica, as transmission 
agent and operator of the Spanish 
electricity system, is responsible 
for helping to make the objectives 
of the energy policy viable in regard 
to providing a secure, efficient and 
sustainable electricity supply. 
Therefore, we are working on 
developing a transmission grid that 
is increasingly more meshed and 
robust and better interconnected 
through the strengthening of 
SUSTAINABLE 
DEVELOPMENT OF THE 
TRANSMISSION GRID
Electricity  
infrastructure  
planning (EU10)
In October 2015, the electricity 
transmission grid planning for  
2015-2020 was approved by the 
Council of Ministers, after being 
submitted to the Congress of 
Deputies.
This planning, covering periods  
of six years, aims to guarantee the 
security of the electricity supply 
nationwide and details new electricity 
infrastructure projects that must 
be undertaken under the principles 
of transparency, respect for the 
environment and with minimal cost 
for the electricity system as a whole.
international interconnections, 
and also those between the 
islands. We are also focusing on 
the safe integration of renewables, 
the development of initiatives 
aimed at energy efficiency and on 
incorporating innovative technologies 
to improve system efficiency. All this 
is geared towards achieving the new 
energy targets set by the European 
Council for 2030:
Quality and security
of supply (G4-DMA)
REDUCTION 
OF CO2 EMISSIONS 
WITH RESPECT 
TO THE 1990 
VALUES
RENEWABLES 
SHARE 
40%
IMPROVEMENT 
IN ENERGY 
EFFICIENCY 
27%
27%
In the ‘Activities’ section  
of the corporate website.
€
m
ESTIMATED 
INVESTMENT
PLANNING 
2015-2020
4,554
05. 
SUSTAINABLE 
ENERGY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
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INDICATORS
02. STRATEGY
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Based on this planning, binding  
in nature, Red Eléctrica de España, 
in its capacity as transmission agent 
and operator of the system, has 
the responsibility to develop a safe, 
efficient and sustainable electricity 
transmission grid. 
Interconnections between
electricity systems
A fundamental aspect in this 
planning is the development of 
interconnections between electricity 
systems such as international 
interconnections, interconnections 
between island systems and the link 
between the Spanish Peninsula and 
non-peninsular systems.
Among these, noteworthy is the 
development of the Spain-France 
interconnection, due to its great 
influence on the quality and security 
of the electricity system and the 
integration of renewable energy 
plans. For the European Commission, 
the need to increase the capacity 
of this interconnection is one of the 
priorities regarding electricity when 
faced with achieving the energy 
objectives that allow access to  
a sustainable, competitive and 
secure energy.
undergoing the due hearing process. 
In addition, the electricity planning 
undergoes a strategic environmental 
assessment process that culminates 
with the Environmental Report 
jointly endorsed by the Ministry of 
Industry, Energy and Tourism and 
the Ministry of Agriculture, Food and 
Environment.
A participatory process
The Ministry of Industry, Energy 
and Tourism, upon request from 
Red Eléctrica de España, as system 
operator, drafts the electricity 
planning, in conjunction with the 
autonomous communities and 
the Autonomous Cities of Ceuta 
and Melilla, as required under the 
National Commission of Markets 
and Competition report and after 
General objectives of the planned  
infrastructures
STRUCTURAL ACTIONS  
• Resolving technical constraints.
• Security of supply.
• Reliability.
• International interconnections.
• Connections between the Spanish 
Peninsula and non-peninsular systems.
• Interconnections between island systems.
OTHER ACTIONS
• Grid development associated with the 
high-speed train network.
• Support for distribution and new demand 
for large consumers, mainly industrial.
• Evacuation of generation.
• Connection of energy storage facilities.
SECURITY  
OF SUPPLY
ECONOMIC  
EFFICIENCY
ENVIRONMENTAL  
SUSTAINABILITY
CORNERSTONES OF THE 
transmission grid planning (2015-2020)
are the most 
relevant projects
GRID 
PLANNING 
BETWEEN 
ELECTRICITY 
SYSTEMS
THE
LINKS 
GRID  
PLANNING
As a new development, 
the planning  
2015-2020 includes 
an annex, non-binding, 
for those facilities 
deemed necessary 
with a horizon for post 
2020, so that it can 
begin its administrative 
permitting process. 
05. 
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04. MANAGEMENT 
APPROACH
06. CREATION 
OF VALUE
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08. SOCIETY
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10. THE 
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In this regard, in 2013 the 
Infrastructure Package was 
approved, whose regulation sets the 
requirements and procedures for the 
identification of those projects known 
as European Projects of Common 
Interest (PCI). The categorisation 
as PCI is relevant because only 
projects that are identified in this 
way include measures which are 
applicable under the Infrastructure 
Package. These measures represent 
the Community contribution to the 
development of these projects and 
cover various areas, including notably 
the obligation for Member States to 
grant PCI projects the status of top 
priority at national level and to grant 
them the available economic and 
community financial support.
• A direct current submarine 
interconnection in the Bay of Biscay 
(PCI Project). 
• Two more interconnections through 
Navarra and Aragón (PCI Projects).
Regarding the interconnection with 
Portugal, a new project is included 
in the area of Galicia, between 
Fontefría and Vilafria (PCI project) 
for 2017.
The Madrid Declaration of March 
2015 gave impetus to these new 
interconnections with France 
to reach 8 GW of exchange 
capacity, specifically naming 
the aforementioned northern 
Spain-Portugal interconnection, 
as well as the project through 
the Bay of Biscay and two new 
interconnections via the central area 
of the Pyrenees. Therefore, national 
and European political support for 
these projects is evident, which 
must also represent an economic 
and financial support and that 
includes the creation of a high-level 
group as a facilitator of the same.
In the case of Spain, the need for 
investment in the strengthening  
of interconnections is very relevant, 
because we have a limited level of 
interconnection with Europe, which 
is well below the 10% of the installed 
capacity target set at the European 
summit in Barcelona in 2002. In 
October 2014, the European Council 
set a new target, increasing the 
interconnection capacity up to  
15% by 2030.
Therefore, to improve the 
interconnection between Spain and 
France in the horizon 2015-2020, 
a phase-shifting transformer is 
included in the Arkale-Argia 220 kV 
line (PCI Project) for 2017. However, 
due to their large scale, the entire set 
of actions allow a significant increase 
in exchange capacity are included for 
the horizon beyond 2020:
The new planned 
infrastructures guarantee 
the quality and security 
of supply nationwide.
new substation 
bays 
km
GRID 
CONSTRUCTION
414
136
OF NEW LINE
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Construction of the  
transmission grid (EU4)
In 2015, investments in the 
transmission grid have basically 
responded to the need to increase 
capacity and grid meshing to support 
distribution in various parts of the 
country, and the implementation of 
unique international interconnection 
projects and submarine 
interconnections between islands. 
In this fiscal year, 414 km of new 
line and 136 new substation bays 
have been brought into service, and 
also transformer capacity has been 
increased by 605 MVA, with a joint 
investment in the transmission grid 
of 410.7 million euros.
During 2015, the most significant 
actions undertaken regarding the 
development of the transmission grid 
were, by large axes, the following:
• Asturias-Galicia axis: in the 
northern region the construction 
of Asturias-Galicia axis continues, 
whose purpose is to guarantee 
the quality and security of supply 
throughout the northern axis, 
creating a 400 kV transmission 
infrastructure. The main objective 
is to connect northern Galicia and 
western Asturias in order to meet 
the foreseen consumption in this 
area, and facilitate the evacuation 
of new generation in the upcoming 
years. This axis will complete the 
Cantabrian axis, so that areas 
of surplus, such as Galicia and 
Asturias, can evacuate their energy 
into regions with a deficit. Much 
As for the interconnections  
from the Spanish Peninsula with 
non-peninsular systems, planning 
includes a link to Ceuta planned 
for 2020 and a second Spanish 
Peninsula-Majorca link for some 
time after 2020. Both facilities 
will reduce generation costs and 
significantly improve the guarantee 
and security of supply in the 
systems of Ceuta and the 
Balearic Islands.
Finally, with regard to the 
interconnections between island 
systems, ten new links between 
islands are included for connecting 
isolated systems or strengthening 
existing connections, which 
represents, as in the previous case, 
the increased security of supply and 
the reduction of generation costs.  
Of the links indicated, eight 
correspond to the period 2015-2020 
(five in the Balearic Islands and three 
in the Canary Islands).
INTERCONNECTIONS 
BETWEEN INSULAR 
SYSTEMS
The Planning includes  
ten new links between 
islands, of which eight  
are for the period  
2015-2020 (five in the 
Balearic Islands and 
three in the Canary 
Islands).
411
493
564
672
819
M€
INVESTMENT IN
THE TRANSMISSION GRID
2015
2014
2013
2012
2011
m
€
OVERALL 
INVESTMENT
2015 
TRANSMISSION 
GRID
410.7
05. 
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EXECUTIVE OFFICER
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APPROACH
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• Torrent axis: The purpose of this 
axis in the future is to increase 
the voltage in the transmission 
grid from 66 kV to 132 kV on the 
island of Ibiza. In 2015, the Torrent 
substation was brought into service, 
which is the connection point of the 
submarine link between Majorca 
and Ibiza. In addition, this axis 
includes the construction of the  
132 kV Ibiza-Torrent 1-2 line,  
the 132 kV Ibiza-Torrent 3 line and 
the enlargement of the 132 kV  
Ibiza substation.
• Bajo Llobregat axis: This axis is 
to strengthen the meshing of the 
220 kV network in the area  
of Bajo Llobregat in the province of 
Barcelona whereby the electricity 
supply to Barcelona will be 
improved and it will also help  
feed the high-speed train in the 
Barcelona-French Border section.  
In 2015, the Nudo Viario-Zal line 
was brought into service.
• Majorca-Ibiza interconnection: 
The purpose of this link is to end 
the current electrical isolation  
of Ibiza, in addition to saving costs 
for the system and promoting 
competition in energy generation 
on the islands. In addition, this new 
link strengthens the process of 
electrical integration of the Balearic 
Islands with the Spanish Peninsula, 
and is essential for guaranteeing 
the reliability of supply throughout 
the archipelago.
of this axis was put into service 
before 2011 and in 2015, progress 
was made on the construction 
of the Boimente-Pesoz line after 
the completion of its permitting 
process.
• Aragón-Levante axis: This axis 
aims to strengthen the meshing 
of the transmission grid to allow 
the evacuation of wind energy 
from Aragón into Castellón. 
Specifically, the axis links the 
Aragón Fuendetodos, Muniesa, 
Mesquita, Morella and Mudéjar 
substations by means of a grid of 
414 km of line. In 2015, the Mudéjar 
substation and the Morella-Mudéjar 
line were brought into service and 
the hanging of the Mezquita-Morella 
line began.
Investment in the transmission grid 
is geared mainly towards strengthening 
grid meshing and the development 
of international interconnections 
and those between islands.
MVA
INCREASE IN 
TRANSFORMER 
CAPACITY 
GRID 
DEVELOPMENT 
2015
605
05. 
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APPROACH
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
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10. THE 
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The electricity connection consists 
of a high-voltage alternating current 
dual link of 100 MVA per circuit and 
132 kV, with a total length of 126 
km. The route of the cable consists 
of a land section on each island 
that runs underground (3 km in 
Majorca and 5 km in Ibiza) and a 
submarine stretch of 118 km, with 
a maximum depth of 800 m. In 
2015, the installation of the first 
cable for the link took place, with the 
commissioning of the second cable 
scheduled to be brought in service 
in the first few months of 2016.
Other relevant  
projects in 2015:
Among those facilities brought 
into service in 2015, in addition to 
the infrastructure reflected in the 
principal axes, also included are 
the following: the Santa Águeda 
substation (Canary Islands) with 
15 new substation bays, the Santa 
Águeda I/O (input/output) line for the 
Barranco-Jinámar 2 line 52.3 km in 
length, the Plasencia I/O line of 26.3 
km, the Plasencia-Almaraz line of 
43.7 km, the Penagos-Güeñes line of 
21.9 km, the 132 kV switchyard of the 
Santa Ponsa substation, the Berja 
substation with 5 bays and the Berja 
I/O line of 31 km.
The Majorca-Ibiza link will 
reduce system costs and will 
favour competition in electricity 
generation on the islands.
INTERCONNECTION
MAJORCA
IBIZA
KM118
OF SUBMARINE
CABLE
IN 2015 
The Spain-France 
interconnection 
via the eastern 
Pyrenees came 
into operation.  
With this facility the 
electricity exchange 
capacity between 
the two countries 
has doubled 
reaching 2,800 MW.
	
Peninsula	
Balearic 	
Canary	
Total
	
	
Islands	
Islands
Overhead lines (km)	
39,245	
1,061	
1,075	
41,381
Submarine cable (km)	
265	
423	
30	
718
Underground cable (km)	
483	
162	
242	
887
Total	
39,994	
1,646	
1,347	
42,986
Cumulative data as at 31 December 2015.
TRANSMISSION GRID  
KM OF LINE
(EU4)
	
2011	
2012	
2013	
2014	
2015
km of 400 kV line	
19,671	
20,109	
20,639	
21,094	
21,179
km of 220 kV line	
18,410	
18,779	
19,053	
19,192	
19,387
km of 150-132-110 kV line 	
272	
272	
272	
272	
398
km of <110 kV line	
2,011	
2,014	
2,014	
2,014	
2,022
Total km of line	
40,364	
41,174	
41,978	
42,572	
42,986
400 kV Substation bays	
1,253	
1,319	
1,374	
1,394	
1,441
220 kV Substation bays	
2,813	
2,936	
3,026	
3,077	
3,124
150-132-110 kV Substation bays	
52	
52	
52	
52	
84
<110 kV Substation bays	
743	
743	
745	
769	
779
Total substation bays	
4,861	
5,050	
5,197	
5,292	
5,428
Transformer capacity (MVA)	
72,869	
78,629	
81,289	
83,939	
84,544
TRANSMISSION GRID  
PENINSULAR AND NON-PENINSULAR
05. 
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TRANSMISSION 
GRID MAINTENANCE
Red Eléctrica’s mission is to 
guarantee that the facilities of 
the transmission grid are always 
in optimum condition in terms 
of availability and reliability by 
establishing adequate maintenance, 
renovation and improvement 
policies. This is accomplished 
through the establishment of an 
annual programme that sets out 
all the activities and resources 
necessary to ensure energy 
efficiency and the continuity of the 
electricity supply. This programme 
• R&D+I projects, which ensure 
the continual improvement of our 
activity. 
In this area, noteworthy is the 
project for the monitoring of 
parameters regarding preventive 
maintenance and the control  
of the ageing of the elements of 
transmission lines, as well as the 
implementation of maintenance 
techniques for intelligent 
substations. The goal of both is to 
optimise processes. Also noteworthy 
is the project for the installation 
of remote control devices to detect 
fires near electricity lines and as  
an ultrasonic nesting deterrent.
is established in line with the 
Company's Strategic Plan.
In addition to maintenance, 
renovation and improvement actions 
are undertaken which have become 
a key activity for the integration 
of our assets. These works are 
geared towards guaranteeing supply 
by improving transmission grid 
operating systems and are carried 
out, like maintenance, according  
to the current long-term plan.
During 2015, the following actions 
were noteworthy:
• Establishment of new tools to 
improve cybersecurity to improve 
secure access to electronic 
equipment of the transmission grid.
Maintenance work 
tasks seek to ensure 
the optimum availability 
and reliability conditions 
of facilities.
TRANSMISSION GRID 
MAINTENANCE 
for the proper 
functioning 
of the network
ANNUAL
PROGRAMME
R&D+   PROJECTS
During 2015, 
the project for 
the monitoring 
of parameters 
regarding preventive 
maintenance and the 
control of the ageing 
of grid elements was 
carried out.
i
05. 
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ENERGY
LETTER FROM THE 
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EXECUTIVE OFFICER
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GOVERNANCE
04. MANAGEMENT 
APPROACH
06. CREATION 
OF VALUE
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• Committed to society and 
sustainable activity. In relation 
to this, a project was launched 
to analyse the resilience of the 
transmission facilities in order 
to design a plan to respond to 
unpredictable events which 
seriously affect the capacity of 
supply and the recovery of the 
facilities.
Similarly, there have been 
thermographic inspections of 
all facilities and monthly visual 
inspections in order to ensure the 
good condition of the substations, 
as well as the annual inspection 
of 100% of underground lines, to 
ensure that there are no negative 
impacts on the environment.
In addition to scheduled 
maintenance, a significant 
investment has been made to 
apply environmentally responsible 
coatings to 59 substation bays, 
recondition various transformer 
units and update the firmware for 
improvement in the processes 
related to telecontrol and protection 
equipment. A total of 249 towers 
have been replaced by more modern 
ones (60% more than the previous 
year), with the aim of increasing the 
reliability and quality of our facilities.
Finally, tools have been designed to 
optimise the treatment of vegetation 
and the use of drones for the 
inspection of overhead lines.
• Commitment to excellence.  
In order to ensure the excellence 
of activities, the Company promotes 
the exchange of experiences with 
other national and international 
companies through participation 
in different working groups and 
benchmarking studies. In addition, 
steps have been taken to improve 
efficiency in maintenance activities 
through the implementation of 
intelligent maintenance techniques.
• Responsible stakeholder 
management. To do so, a 24/7 shift 
has been implemented in order 
to provide a permanent service 
for external clients related to the 
telecommunications business.
MAR PROJECT (Improvement of Grid Assets) 
Within the maintenance activity,  
Red Eléctrica undertakes a significant 
programme for the integration of the 
assets acquired from the utility companies, 
especially in the island systems, raising 
them to the quality standards established 
by the Company. At year-end 2015, 73% 
of the acquired substation bays had been 
integrated. The objectives of the MAR 
project are:
• Adapt grid facilities/infrastructure in  
the insular systems to the quality 
standards of Red Eléctrica.
• Address the weaknesses of the existing 
transmission grid.
• Integrate acquired assets into Red 
Eléctrica’s control systems.
• Adopt a specific maintenance plan  
for improving the transmission grid.
• Deployment and improvement of 
the telecommunications network 
on the islands.
ENSURING 
EXCELLENCE 
Red Eléctrica promotes 
actions such as the 
exchange of experience 
with national and 
international companies 
and the implementation 
of intelligent maintenance 
techniques to ensure the 
excellence of its activities.
ELECTRICITY 
TOWERS 
REPLACED
249
Compared 
to 2014
(+60%)
05. 
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Service quality  
(EU28-EU29)
The service quality indicators 
highlight for yet another year the 
high level of security and quality  
of supply provided by Red Eléctrica’s 
facilities, being well within the 
benchmark established in the 
current legislation which establishes 
average interruption time at 15 
minutes/year. 2015 indicators show 
a significant decrease in the values 
of ENS and TIM compared to the 
previous year.
Peninsular grid	
2011	
2012	
2013	
2014	
2015 (1)
Grid availability (%)	
97.72	
97.78	
98.20	
98.20	
97.93
Energy Not Supplied (ENS) (MWh)	
259	
113	
1,126	
204	
52
Average Interruption Time (AIT) (minutes)	
0.535	
0.238	
2.403	
0.441	
0.111
Balearic Islands’ grid	
2011	
2012	
2013	
2014	
2015 (1)
Grid availability (%)	
98.21	
98.07	
97.96	
98.00	
96.87
Energy Not Supplied (ENS) (MWh)	
35	
7	
80	
13	
7
Average Interruption Time (AIT) (minutes)	
3.194	
0.678	
7.366	
1.205	
0.642
Canary Islands’ grid	
2011	
2012	
2013	
2014	
2015 (1)
Grid availability (%)	
98.95	
98.91	
98.30	
98.37	
96.76
Energy Not Supplied (ENS) (MWh)	
17	
10	
3	
64	
29
Average Interruption Time (AIT) (minutes)	
1.023	
0.613	
0.177	
3.938	
1.763
(1) The 2014 values are pending external audit.
The total availability rate of the transmission grid does not include the non-availability due  
to causes of force majeure or third party actions.
The continuity of supply indicators presented do not include the potential impact of incidents that are pending 
classification due to currently being subject to administrative proceedings.
QUALITY OF SERVICE   
INDICATORS
CONTINGENCY  
MANAGEMENT (G4-DMA) 
Planning and response when  
faced with emergencies 
and disasters 
Red Eléctrica develops protocols 
and methodologies to efficiently 
manage the contingencies that 
may occur in the Company. These 
protocols are set out in a series 
of policy documents governing 
actions in the case of operational 
emergencies. Their application in 
crisis situations are complemented 
through mobile response equipment 
capable of responding immediately 
in any area of the country, aimed 
at guaranteeing the quality and 
continuity of supply.
These measures are complemented 
with action plans, called Service 
Restoration Plans, which detail 
the precise actions to be taken to 
restore the electricity supply, under 
safe conditions for the electricity 
system.
The Company also has a 
dedicated training centre called 
the Red Eléctrica Corporate 
School (ECRE), where staff from 
the electricity control centres 
is trained by means of system 
restoration and service recovery 
simulations. It also develops safety 
QUALITY 
OF SERVICE
SIGNIFICANT 
DECLINE IN THE 
VALUES OF
ENS
&
AIT
With respect 
to 2014
05. 
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awareness campaigns for general 
dissemination and drafts specific 
training courses on safety for certain 
employees.
On 30 June 2014, at the request  
of the Secretary of State for 
Security, Red Eléctrica was 
designated Critical Operator 
according to the procedure 1/2014, 
instructed by the National Centre 
for Critical Infrastructure Protection 
(CNPIC). As a result, and to comply 
with Law 8/2011 on Critical 
Infrastructure Protection and its 
regulations to be implemented, the 
Company undertook the creation  
of the plans required by said Law:
• Operator Security Plan (OSP), which 
sets the guidelines to be followed 
by the Company in the protection 
of these facilities.
• Specific Protection Plan (SPP), 
developed by the Company for 
each of the facilities designated  
by the Secretary of State for 
Security.
TRANSMISSION  
GRID LOSSES 
(G4-DMA, EU12)
The transmission of electricity 
inevitably entails a loss of energy  
in the grid. This means that in order 
to satisfy a given final consumption, 
it is necessary to have a higher 
level of generation. Therefore, 
losses in the transmission grid 
are the difference between the 
energy generated and the energy 
demanded for distribution.
There are several factors that 
generate losses: the Joule (1) 
effect, the corona effect and the 
own consumption of electricity 
substations required for their 
proper operation. Of these, the most 
important is undoubtedly the Joule 
effect associated with the flow of 
current through the conductors.
Losses in the electricity 
transmission grid depend on the 
distance between generation points 
and consumption points (primarily), 
the generation mix, the size of the 
transmission grid, voltage levels, 
international exchanges and the 
behaviour of the demand (amount  
of energy demanded and shape  
of the demand curve).
The drafting of the Specific 
Protection Plans for each of the 
critical facilities is made without 
prejudice to the mandatory 
compliance of that set out in the 
Technical Construction Code, 
approved by Royal Decree 314/2006, 
of 17 March, Royal Decree 393/2007 
of 23 March, which approves the 
Basic regulation for Automatic 
Protection of the centres, facilities 
and premises dedicated to activities 
that can be a cause of emergency 
situations, or any other specific 
regulation applicable to the sector. 
For this reason, and as an additional 
measure, the Corporate Security 
and Occupational Health and Safety 
department drafts other documents 
that complement the coverage 
of operational contingencies, and 
encompass the entire spectrum 
of possible contingencies such as 
those that affect people and / or the 
environment.
These other regulations 
contemplate actions when 
faced with situations caused 
by pandemics, the evacuation 
of buildings and facilities of the 
Company, as well as Automatic 
Protection plans for Company 
buildings, facilities and substations.
(1) Joule effect: the effect whereby, when 
an electrical current flows through a 
conductor, part of the kinetic energy 
of electrons is transformed into heat 
which thereby raises the temperature 
of the conductor. Joule effect losses 
are proportional to the intensity 
flowing through the conductor and the 
resistance thereof, the greater the length 
of the line the greater this resistance 
is. In view of this, it can be understood 
that the losses are mainly related to the 
distance between points of generation 
and consumption. 
TRAINING
CENTRE
FOR CONTROL 
CENTRE 
OPERATORS
Conducts system 
restoration 
and service 
recovery 
simulations
OPERATION 
SCHOOL
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03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
06. CREATION 
OF VALUE
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08. SOCIETY
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STAKEHOLDERS
10. THE 
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Red Eléctrica works to improve 
aspects that depend on their 
management and that can have an 
influence in reducing these losses. 
Among them noteworthy are the 
following actions:
• Development and meshing  
of the transmission grid.
• Increase in the number 
of conductors per circuit.
• Use of technologies and systems 
with the best performance 
(conductors with lower resistance, 
efficient equipment ...).
• Maintenance of facilities in the 
best conditions to ensure their 
proper operation.
The first two measures seek to 
create parallel paths to circulate 
the same intensity, which reduces 
resistance and thereby the losses.
However, all these improvements 
have a greatly reduced impact 
in the evolution of losses, with 
other aspects, not controlled by 
Red Eléctrica, having the greatest 
influence.
Losses mainly increase with 
increasing distances between points 
of generation and consumption.  
The structure of electricity 
generation depends on the rules of 
the electricity market, regulated by 
an independent body. The role of 
Red Eléctrica as electricity system 
operator should be performed 
according to specific and mandatory 
operating procedures. According to 
these procedures, it is not possible 
to operate the electricity system 
based on the criteria for reducing 
losses, so the Company has little 
capacity to act in relation to the 
reduction of said losses.
Moreover, it is important to note 
that in the case of the Spanish 
electricity system, the increase 
in losses is closely related to the 
share of renewable energies in the 
generation mix. Typically, increases 
in hydro and wind generation 
are related to an increase in 
transmission distances (this type 
of generation is located far from 
consumption points).
%
IN 2015
TRANSMISSION  
GRID
ENERGY 
LOSSES
1.22
With respect 
to the demand 
in 2015
1.22
1.32
1.26
1.17
1.13
%
PERCENTAGE OF TRANSMISSION GRID LOSSES
WITH RESPECT TO ANNUAL DEMAND
2015
2014
2013
2012
2011
05. 
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03. CORPORATE 
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04. MANAGEMENT 
APPROACH
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
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10. THE 
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ELECTRICITY   
SYSTEM OPERATION
The fundamental objective of the 
operation of the electricity system 
is to ensure the safety and quality 
of the electricity supply, while 
maximising the integration of 
renewable energies.
The most significant aspect of the 
Spanish electricity system balance 
report in 2015 was the growth in 
demand of 1.9% over the previous 
year, after four consecutive years 
of decline. Regarding generation, 
most noteworthy was the fall in 
renewables, due mainly to lower 
hydroelectric generation. Meanwhile, 
the balance of electricity exchanges 
continued to be as an exporter, 
although a significant drop was 
recorded due to the substantial 
increase in imports from France.
Renewable energies continue  
to maintain a prominent role in the 
overall electricity generation mix, 
despite a fall of around 5 points 
compared to 2014, due mainly  
to the variability of hydro and wind 
power generation, which in 2015 
fell 28.2% and 5.3% respectively. 
Despite this decline, it should be 
noted that wind power was the 
technology that most contributed 
to total energy production in the 
Spanish Peninsula in the months  
of February and May.
The safe integration  
of the maximum amount  
of renewable generation 
is one of the objectives of  
system operation.
PENINSULAR 
DEMAND
2015
TWh
248
Compared 
to 2014
(+1.8%)
ELECTRICITY 
CONSUMPTION 
IN SPAIN 
recovered a 
positive growth 
rate in 2015, not 
seen since 2010.
05. 
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OF VALUE
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Energy production from renewable 
sources represented 37% of the 
total generated in the Spanish 
Peninsula electricity system.  
For yet another year, noteworthy  
is the important role of wind power 
generation, whose contribution 
to the annual energy production 
reached 19%, which ranks this 
technology in third place in terms of 
participation of the different types 
of energy for demand coverage, just 
behind nuclear and coal.
In addition, in 2015 the maximum 
values of wind production registered 
in recent years were exceeded: 
yearly maximums for instantaneous 
wind power production (17,553 
MW), hourly energy (17,436 MWh) 
and daily energy (357,741 MWh). 
On 21 November at 4:50am a new 
all-time high was also registered in 
the contribution of wind power to 
demand coverage reaching a figure 
of 70.4%.
To enable the operation of an 
electricity system with such a high 
penetration of renewable energy 
under safe conditions, the role of 
CECRE (Control Centre of Renewable 
Energies) is essential.
  
RENEWABLE 
ENERGY
INTEGRATED 
IN 2015
Of peninsular 
demand
92.9
(37%)
TWh
11	
  Hydro (1)	
3.1	
  Solar photovoltaic
21.8	
  Nuclear	
2	
  Solar thermoelectric
20.3	
  Coal	
1.8	
  Other renewable
10.1	
  Combined cycle	
10.1	
  Cogeneration
19	
  Wind 	
0.8	
  Waste
(1) Excludes pumped-storage generation.
COVERAGE OF PENINSULAR
DEMAND
%
21.8
20.3
11
10.1
19
3.1
0.8
10.1
2 1.8
CO2 EMISSIONS ASSOCIATED TO GENERATION 
OF ELECTRICITY ON THE PENINSULA
2015
2014
2013
2012
2011
2015
2014
2013
2012
2011
  Coal        Fuel+Gas       Thermal renewable        Cogeneration       Combined cycle       Waste
tCO2
| 0
| 20,000,000
| 40,000,000
| 60,000,000
| 80,000,000
37
43
42
32
33
PARTICIPATION OF RENEWABLE ENERY IN THE
COVERAGE OF THE PENINSULAR DEMAND
2015
2014
2013
2012
2011
%
| 0
| 10
| 20
| 30
| 40
| 50
05. 
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ENERGY
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Corporate Responsibility Report 2015
In order to further advance 
the supervision and control of 
renewable energy, without the 
security and quality of the electricity 
supply being affected, the CECRE 
has begun to monitor the wind 
production in Portugal throughout 
this year and renewable generation 
from this country was incorporated 
into the calculations of the 
maximum permissible renewable 
generation that can be integrated 
into the peninsular electricity 
system without jeopardizing the 
interconnection with France. These 
actions keep CECRE at the forefront 
as a control centre of worldwide 
reference regarding the monitoring 
and control of renewable energies
Moreover, in 2015 the Spain-France 
direct current interconnection 
was brought into service which 
is capable of carrying 2,000 MW. 
This milestone represents a 
significant strengthening of the 
interconnection capacity between 
the two countries, resulting in an 
increased margin of renewable 
energy integration into the system, 
and an increased support with 
which to deal with any incidents  
in the Spanish electricity system 
in a safe manner.
As for the Balearic Islands electricity 
system, in 2015, work continued 
on the consolidation of the positive 
impacts of the operation of the 
interconnection linking the island  
of Majorca with the Spanish 
Peninsula electricity system. This 
link brings with it an improvement 
in terms of quality and security of 
electricity supply on the islands 
of Majorca and Menorca, avoiding 
frequency deviations outside of 
safety limits and power disruptions 
caused by generation losses. 
The energy transferred from the 
Peninsula covered 23% of the 
demand on the Balearic Islands, 
reaching peaks of 38% of the hourly 
consumption. This represented 
an overall saving of 14% on the 
coverage costs of the Balearic 
Islands system and has prevented 
the emission into the atmosphere  
of approximately 350,000 tonnes  
of CO2 in the territory of the Balearic 
Islands. It should also be noted 
that in the first quarter of 2016 
the new link between Majorca and 
Ibiza will be brought into service, 
which will allow the consolidation 
of the electrical integration process 
of the entire archipelago with the 
Peninsula.
In the electricity system of 
the Canary Islands, renewable 
generation - wind and photovoltaic 
- represented 8% of the total 
generation in 2015, reaching values 
of 33% in Tenerife and 32% in La 
Palma throughout 2015, values that 
are especially challenging in small 
isolated electricity systems.
In the ‘Activities’ section of the corporate website.
CECRE is a control centre of 
worldwide reference regarding 
the integration of renewable 
energies.
%
SAVINGS 
IN THE 
COVERAGE 
COSTS
PENINSULA 
BALEARIC  
ISLANDS 
LINK
14
Of the 
Balearic Islands’ 
system
05. 
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LETTER FROM THE 
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04. MANAGEMENT 
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06. CREATION 
OF VALUE
07. EMPLOYEES
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Corporate Responsibility Report 2015
around 320 million euros. The 
project, which is in the permitting 
stage, includes the construction 
of a 200 MW pumped-storage 
power station to be used as a 
tool of the system operator to 
ensure stability and security of the 
electricity supply, and at the same 
time, shall constitute an essential 
infrastructure for the integration 
of renewables on the island. It will 
be one of the major projects of Red 
Eléctrica over the coming years, 
as it will represent an essential 
infrastructure for the integration  
of renewables in the island system 
and will contribute to a gradual 
change in the energy model on 
the Canary Islands making it more 
secure, efficient and sustainable.
Additionally, Red Eléctrica is 
undertaking a major investment 
plan to improve the efficiency and 
security of the insular electricity 
systems on the Canary Islands, in 
response to the following objectives:
1. Promote change in the energy 
model of the Canary Islands:
• Guarantee a more sustainable  
and efficient electricity supply.
• Improve the stability of the isolated 
systems.
• Facilitate the evacuation and 
integration of renewables.
2. Move towards more secure and 
robust electricity systems:
• Improve grid meshing.
• Resolve structural weaknesses  
in the network.
• Increase the quality of the existing 
infrastructure.
• Develop interconnections  
between islands.
Similarly, since mid-2015, the 
hydro-wind power station Gorona 
del Viento has been increasing its 
production, thereby increasing the 
integration of renewable energy 
into the electricity system of El 
Hierro. Thus, 19% of the total annual 
generation of this system came 
from renewable energy sources and 
for the very first time on 9 August 
2015, 100% of the demand was  
met through the integration of 
renewable energy.
 
Energy storage 
on the Canary Islands 
In 2015, the creation of the 
subsidiary REINCAN responds to  
the need to promote energy storage 
projects on the Canary Islands, as 
tools for the system operator to 
guarantee supply, improve system 
security and optimise the integration 
of renewable energies in the 
archipelago.
To this end, the Company is 
carrying out the project for the 
Chira-Soria pumped-storage hydro 
power station on Gran Canaria, 
representing an investment of 
m
€
INVESTMENT
ENERGY  
STORAGE IN THE
CANARY
ISLANDS
320
In the 
Chira-Soria 
pumped-storage 
hydro power 
station
REINCAN
Created in 2015 to 
boost energy storage 
projects on the 
Canary Islands, as 
tools for the system 
operator.
05. 
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LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
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GOVERNANCE
04. MANAGEMENT 
APPROACH
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
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83
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Corporate Responsibility Report 2015
Red Eléctrica continues to 
work actively on the promotion, 
development and dissemination 
of demand-side management 
measures as necessary tools for 
the current and future electricity 
system. Among these, noteworthy 
on one hand are those measures 
aimed at achieving a more balanced 
Energy  
efficiency (G4-DMA)
The electricity system is in a transition 
phase towards a new more-dynamic energy 
model in which the role of the citizen 
as a key part of the system operation is 
increasingly essential, and that is why 
Red Eléctrica promotes demand-side 
management initiatives geared towards 
making information available to the 
citizen about the status of the system,  
or disseminate recommendations on best 
practices for efficient consumption.
In this regard, Red Eléctrica has 
collaborated with the publisher ‘Planeta’ 
on the publishing of a book from the 
‘Dummies’ collection which explains, in 
simple language, the concepts of electricity 
bills and advice on how to make savings.
The progressive electrification of our 
society, resulting from the ever-increasing 
importance of electricity in our lives, 
requires these kinds of initiatives that 
enable citizens to easily understand the 
functioning of the electricity system, 
helping them to change their consumption 
habits leading to a more efficient and 
responsible use of energy.
In field of residential demand, especially 
noteworthy is the ‘PRICE’ deployment 
project (Joint Smart Grid Project in 
the Corredor del Henares area of the 
Community of Madrid) in which Red 
Eléctrica has participated together with 
another 20 partners since its inception 
in 2011. Said project has funding from 
the Spanish Ministry of Economy and 
Competiveness through the INNPACTO 
Programme, and has received the European 
Electricity Grid Initiative Core Label that 
recognises the alignment of the project 
with the criteria and objectives defined in 
the European Electricity Grid Initiative. 
This project, completed in 2015, has allowed 
Red Eléctrica to develop knowledge and 
technology regarding the implementation 
of mechanisms for demand-side 
management and new mechanisms based 
on providing information to citizens about 
the state of the system.
consumption profile and on the 
other, those aimed at providing 
greater flexibility to the operation  
of the system.
Main actions
Demand-side management 
initiatives undertaken by Red 
Eléctrica seek to address demand 
in its entirety, carrying out specific 
actions for the residential sector and 
the industrial sector. Furthermore, 
other initiatives that have a global 
impact on all consumers in our 
country are also carried out.
IMPLEMENTATION 
OF 
PRICE 
PROJECT
2011-2015
In the ‘Corredor 
del Henares’
SMART 
GRIDS 
Residential demand: active citizen
IN THE 
RESIDENTIAL
SECTOR
Red Eléctrica 
encourages 
consumer 
involvement  
as a key player 
in the new  
energy model.
05. 
SUSTAINABLE 
ENERGY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
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03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
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ANNEXES
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Currently, most households in our  
country do not have smart meters and, 
therefore, do not have hourly metering. 
However, due to the fact that in the 
electricity market all energy is settled on 
an hourly basis, it is necessary to make 
an estimation based on how those 
consumers without hourly metering 
have behaved on an hourly basis. Said 
forecast is carried out through what are 
known as 'settlement profiles' that Red 
Eléctrica prepares and are assigned to 
each consumer based on a type of demand 
behaviour depending on their contracted 
power and voltage levels (access fees).
The goal is to improve the current profiling 
service and obtain a better understanding 
of the hourly consumption of households, 
The Almacena Project consists of the 
field installation, and subsequent 
operation, of an electrochemical energy 
storage system, specifically a lithium-ion 
prismatic battery with a power of 1 MW 
and a capacity of at least 3 MWh. During 
2015, testing has been conducted on the 
future applications of this new technology 
in the field of renewable integration and 
for the improvement of operation services 
(modulation of the load curve  
and frequency-power regulation).
Industrial demand:  
interruptibility service
The industrial interruptibility service 
is a demand-side management 
tool provided by large consumers 
that aims to quickly and efficiently 
respond to the needs of the 
electricity system in situations of 
imbalance between generation and 
demand. This service is activated in 
response to an order issued by Red 
Eléctrica to reduce power. 
In this sense, industrial consumers 
that meet the requirements of 
the regulations and have signed a 
contract with the system operator, 
will reduce their consumption down 
to certain predetermined values at 
the operator’s request.
Order IET/2013/2013, of 31 
October 2013 introduced, into the 
management of the demand-side 
interruptibility service, the challenge 
of providing a new interruptible 
resource allocation mechanism 
based on an auction procedure. 
This mechanism, first implemented 
in 2014, allowed an interruptible 
resource of 3,020 MW in 2015.
and an important part of small businesses 
and service providers. Since 2013, Red 
Eléctrica has spearheaded the PERFILA 
project, with the participation of the 
most important electricity distribution 
companies. This project is based on the 
analysis of the hourly information coming 
from a panel of 20,000 consumers who 
already have smart meters installed. 
PERFILA 
PROJECT
ANALYSES 
OF HOURLY 
INFORMATION 
REGARDING 
20,000
consumers with 
smart meters
IN THE 
INDUSTRIAL 
SECTOR 
the demand-side 
management service 
of interruptible 
resource allocation 
via competitive 
mechanisms was 
consolidated.
Profiling service
Almacena Project 
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For 2016, Red Eléctrica, in its 
role as auction administrator, has 
managed the auctions conducted 
in 2015, placing special emphasis 
on communication, with the 
stakeholders involved, through 
informative sessions and a plenary 
session, held at Red Eléctrica 
facilities in late May, that brought 
together all candidates interested in 
providing the interruptibility service. 
In addition, as of 2015, the new 
e·sios website has a specific space 
for demand-side management 
where all information related to the 
interruptibility service is available.
Future outlook
Red Eléctrica will continue to 
promote actions in the field of 
the 'active citizen' enabling the 
consumer to assume a more 
important and active role in 
the electricity sector. Moreover,  
self-consumption is already  
a reality in our country following  
the adoption in 2015 of the 
legislation that regulates it. 
Therefore, Red Eléctrica prepares 
for this new reality by conducting 
forecasts and analysis studies in 
order to adjust system operation 
and to anticipate the impact of this 
new type of generation.
The next challenge is 
the incorporation of 
new flexibility measures 
in the services sector 
through aggregation 
of demand.
Another challenge to be 
addressed in the near future is 
the incorporation of new flexibility 
measures in the services sector via 
demand aggregation, developing 
specific mechanisms to take into 
account the specific nature of this 
type of demand.
On the e-sios website.
ON THE WEB
e•sios
NEW 
SECTION ON 
DEMAND
SIDE 
MANAGEMENT
of the 
interruptibility 
service in the 
industrial sector
05. 
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OF VALUE
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Corporate Responsibility Report 2015
Technological   
innovation (G4-DMA)
For its part, Red Eléctrica has 
continued to make an active 
contribution to the drafting of 
different documents regarding 
R&D+i in the international arena:
• 'R&D Application Report 2014'  
of the ENTSO-E R&D+i Committee, 
a document that analyses the 
application by the TSOs of the 
results of the European R&D+i 
projects concluded in recent years.
• 'R&D Monitoring Report 2015',  
a report that evaluates compliance 
with the ENTSO-E R&D+i Plan.
• ‘R&D+i Plan 2017-2022' document 
prepared in collaboration with the 
European GRID+Storage project.
In 2015, the Company approved the 
new Technological Development 
Plan 2016-2019, which, in line 
with the new Strategic Plan, has 
identified the objectives and 
technological priorities of the 
Company in the medium and long 
term. It should be noted that this 
Technological Development Plan will 
be one of the pillars of the global 
innovation strategy of Red Eléctrica 
to be presented in 2016.
Throughout 2015, work 
continued on developing a total 
of 76 technologically innovative 
projects geared towards 
achieving greater system 
efficiency and facilitating the 
integration of renewables. 
  R&D+i Expenditure      
  No. of Projects    
9.62
8.28
14.23
7.64
7.22
M€
2015
2014
2013
2012
2011
| 0
| 5
| 10
| 15
| 20
56
62
66
76
50
m
€
DURING 2015
WERE 
INVESTED9.6
Compared 
to 2014
(+16%)
R&D+
PROJECTS
 
R&D
EXPENDITURE
+i
+i
05. 
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OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
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R&D+i projects undertaken in 2015
NATIONAL  
PROJECTS 
ESP-LÍDER
PRICE
SIMA 
FIRE 
MONITORING
SUBSTATION  
61850
AMCOS-STABILITY 
FACTS
EUROPEAN   
PROJECTS
e-HIGHWAY 
2050
MIGRATE
BEST PATHS
ENVIRONMENTAL  
PROJECTS
VISIBILITY OF 
ELECTRICITY 
LINES
ENERGY 
EFFICIENCY
POSIDONIA 
OCEANICA
PROJECT 
DESCRIPTION
Device for the redirection of current  
flows installed in Torres de Segre. 
Completed in 2015.
Set of smart grids in the ‘Corredor del 
Henares’ area of Madrid for the promotion 
of demand-side management in the 
residential sector. Completed in 2015.
Intelligent Asset Maintenance System. 
Completed in 2015.
Automatic forest fires monitoring  
system for overhead electricity lines. 
Completed in 2015.
Digitalisation of facilities:  
development of an advanced model 
of a substation to undertake, with 
guarantees, its field deployment. 
Completed in 2015.
A pilot device which controls the main 
parameters that provide stability to 
an isolated system (frequency control, 
continuous voltage control and damping 
of power oscillations).
PROJECT 
DESCRIPTION
New methodology for the planning  
of the Pan-European transmission system 
that includes the new model of the 
electricity system with a 2050 horizon. 
Completed in 2015.
Improved understanding of the behaviour 
of the electricity system with a high 
penetration of power-electronics based 
devices.
Analysis to overcome various technical 
barriers that the current Pan-European 
electricity network could encounter in order 
to integrate safely, efficiently and reliably, 
massive amounts of energy from renewable 
sources such as solar and offshore wind.
P 
A
Tool for the analysis of the visibility  
of high voltage electricity lines 
using a Digital Elevation Model (DEM)  
that takes into account all the elements 
that produce visual shields, such as 
vegetation, buildings and infrastructure.
Incorporation of Peltier cells for cooling 
substation racks and the development  
of a prototype power transformer that is 
more sustainable, safe and intelligent.
Development of a technique for the  
recovery of 'Posidonia oceanica' sea 
meadows through the use of seeds 
germinated under laboratory-controlled 
conditions and fragments obtained via 
natural fragmentation.
In the ‘Red 21’ section  
of the corporate website.
• 'Implementation Plan 2016-2018', 
reflects the technological measures 
to be undertaken in the next three 
years within the framework of the 
ENTSO-E R&D+i plan.
During 2015, a total of 9.6 million 
euros was dedicated to R&D+i, 
representing an increase of 16% 
over the previous year. A total 
of 362 employees collaborated on  
76 R&D+i projects active during 
2015 (21.4% of the workforce of  
Red Eléctrica de España), of which 
13.8% (50) were women, investing 
a total of 46,308 hours, equivalent 
to 27.4 full-time personnel.
05. 
SUSTAINABLE 
ENERGY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
KEY PERFORMANCE 
INDICATORS
02. STRATEGY
01. THE COMPANY

Connected to 
solid growth 
and a clear 
orientation 
towards 
efficiency 
and financial 
soundness
CREATION 
OF VALUE
06
ree.es
Corporate Responsibility Report 2015
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
07. EMPLOYEES
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
03. CORPORATE 
GOVERNANCE
01. THE COMPANY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETY
06. CREATION 
OF VALUE

89
ree.es
Corporate Responsibility Report 2015
SHAREHOLDER  
RETURN
Maximising returns for shareholders and 
investors, offering an attractive dividend yield, 
and contributing to the increase in the share 
price through efficient business management.
5.3% increase in the share price
7% increase in the dividend
FINANCIAL
STRATEGY
A financial policy adapted to the new 
remuneration model, maintaining a diversified 
financial debt and a comfortable position of 
liquidity to cover upcoming maturities.
€4,905.9m of net financial debt,  
9.3% less than 2014
Financial  
soundness, 
solvency and  
solid growth
CORNERSTONES FOR ATTAINING  
THE CREATION OF VALUE
IN NET PROFIT
m
€606
FINANCIAL
RESULTS
8.3% higher than 2014 in  
recurring terms
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
07. EMPLOYEES
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETY
06. CREATION 
OF VALUE

90
ree.es
Corporate Responsibility Report 2015
In the Consolidated Annual Accounts Report.
Evolution 
of results (G4-dma, G4-9)
representing growth of 5.3%  
year-on-year. More than half of 
the growth in EBITDA is due to the 
telecommunications business,  
the rest comes from the traditional 
activities of Red Eléctrica.
For its part, net profit totalled 606 
million euros, 15.6% below that of  
the previous year. If we strip out  
non-recurring items included 
in 2014, such as compensation 
for TDE and the impact of the 
implementation of the tax reform, set 
out in Law 27/2014 on corporation 
tax for a total of 106.1 million euros, 
the profits for the year would have 
increased by 8.3%.
During 2015, has managed to 
show stable growth. The Company 
achieved solid results and a 
significant strengthening of its core 
solvency ratios whilst maintaining  
a clear focus on operational 
efficiency and the permanent 
creation of value. 
Net revenue in 2015 amounted to 
1,938.9 million euros, an increase 
of 5% year-on-year. This increase 
reflects the growth in the revenue 
associated with new transmission 
facilities commissioned in 2014, 
and that associated with the 
provision of telecommunications 
services. For this concept 83.5 
million euros were registered as 
they include revenue during 2015 
associated with the rights to use 
and manage the dark fibre optic 
network of ADIF while revenues for 
2014 included only a month and 
a half as the acquisition of said 
agreement was formalised  
in November 2014.
Gross operating result (EBITDA) 
totalled 1,458.4 million euros, 
m
1,458.4
EBITDA
2015
Compared 
to 2014
(+5.3%)
	
2015	
2014	
Δ%
Net Revenue 	
1,938.9	
1,846.7	
5.0
Gross operating result (EBITDA) 	
1,458.4	
1,385.4	
5.3
Profit before tax 	
829.7	
853.5	
(2.8)
Profit for the period	
606.0	
717.8	
(15.6)
Recurring profit for the period (1)	
606.0	
559.5	
8.3
Non-current assets 	
9,156.5	
9,138.2	
0.2
Net equity	
2,760.6	
2,552.5	
8.2
Net financial debt  	
4,905.8	
5,408.5	
(9.3)
Operating Cash flow after tax 	
1,134.9	
1,009.1	
12.5
Investments (2)	
447.8	
957.6	
(53.2)
(1) Earnings for 2014 include non-recurring gains from the compensation for TDE (€52 million) and from  
application of Corporate Income Tax Law 27/2014 (€106 million). Stripping out these items would have increased  
profits by 8.3% year-on-year. (2) Investment in 2014 included the acquisition of the rights to use ADIF's dark fibre  
optic network for €434 million.
KEY  
FINANCIAL INDICATORS 
€m
€
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
07. EMPLOYEES
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETY
06. CREATION 
OF VALUE

91
ree.es
Corporate Responsibility Report 2015
at the close of the fiscal year was 
4,905.9 million euros.
Investments made by the Group 
during 2015 reached 447.8 million 
euros, of which 410.7 million euros 
were earmarked for the development 
of the national transmission grid, and 
12 million euros to energy storage  
in the Canary Islands. Investments  
Operating cash flow after tax was 
1,134.9 million euros, an increase 
of 12.5% compared to that 
generated in the same period last 
year. The strong cash generation 
and positive behaviour of working 
capital has allowed investments 
and dividends to be paid, and  
to reduce the net financial debt 
of the Red Eléctrica Group, which 
in 2015 were 53.2% lower than 
during the preceding year, given 
that in 2014 the acquisition of rights 
of use and management of ADIF’s 
dark fibre optic network were also 
incorporated, a transaction that 
amounted to 433.7 million euros.
At the close of 2015, 89% of the 
Group's Financial debt is long term. 
Regarding the interest rate, 85% of 
it is fixed rate, while the remaining 
15% is variable. In 2015, the average 
cost of financial debt of the Group 
was 3.20%, compared to 3.49% the 
previous year. The average balance 
of gross debt stood at 5,418.9 million 
euros, compared to 5,047 million 
euros in 2014.
Finally, Net Equity of the Red 
Eléctrica Group reached 2,760.6 
million euros, 8.2% higher than 
at the end of 2014. This growth is 
mainly due to the results of the 
corresponding period reduced by the 
distribution of dividends.
€m
53.3	
Other net incomes and losses
1,938.9	 Net revenue 
 
139.6	
Employees: personnel costs
223	
Company: Corporate  Income Tax 
6.6	
Society: investments in   
	
the community 
367.5	
Suppliers: other operating   
	
expenses
434.2 	
Shareholders: dividends
159.3	
Other Capital providers:   
	
net financial costs
 
CREATION OF VALUE
ECONOMIC VALUE 
GENERAted (G4-EC1)
ECONOMIC VALUE 
DISTRIBUTED
1,938.9
139.6
159.3
434.2
367.5
6.6
223
53.3
	
2013	
2014	
2015
Economic value generated (EVG)	
1,805.8	
1,884.1	
1,992.2
Net revenue 	
1,758.3	
1,846.7	
1,938.9
Other net profits and losses (1)	
47.5	
37.4	
53.3
Economic value distributed to stakeholders (EVD)  	
(1,208.0)	
(1,122.3)	
(1,330.2)
Employees: personnel costs	
(127.3)	
(133.0)	
(139.6)
Company: Corporate Income Tax (2)	
(203.2)	
(134.4)	
(223.0)
                   Investment in the community (3)	
(4.0)	
(5.7)	
(6.6)
Suppliers: other operating expenses (4)	
(363.4)	
(347.7)	
(367.5)
Shareholders: dividends (5)	
(343.9)	
(405.8)	
(434.2)
Other Capital providers: net financial costs	
(166.1)	
(95.7)	
(159.3)
Economic value retained (EVR)	
597.8	
761.9	
662.1
Reserves	
181.2	
312.0	
172.5
Amortisation and depreciation (6)	
416.6	
449.8	
489.5
Note: Data obtained from Consolidated Annual Accounts. (1) Includes: other operating income/net results obtained via equity 
method/results from divestment of non-current assets (divestitures)/capital subsidies/other deferred incomes transferred 
to the fiscal year’s results/works performed by the Company on its assets. During 2010, the Company was awarded a grant  
by the European Commission for the Spain-France electricity interconnection. The grant was awarded for a maximum total  
of 112.5 million euros, of which 59.3 million euros were received in 2015. With the aforementioned amount in 2015, the 
totality of the grant has now been received. More information in note 11 of the Consolidated Annual Accounts. (G4-EC4)  
(2) Costs due to Corporate Income Tax. (3) Investments in the community: data obtained by applying the LBG methodology 
and subsequently subjected to external verification. (4) Procurements and other operating costs (excluding investments in 
the community). (5) Includes the interim dividend and complementary dividend. (6) Includes: Amortisation / Depreciations 
(includes mainly provisions for deterioration in asset value). 
€m
ECONOMIC VALUE    
GENERATED AND DISTRIBUTED (GROUP) 
(G4-EC1)
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
07. EMPLOYEES
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETY
06. CREATION 
OF VALUE

92
ree.es
Corporate Responsibility Report 2015
Financial  
strategy
The financial strategy traditionally 
followed by Red Eléctrica is geared 
towards reflecting the nature of 
the business it undertakes, whilst 
adhering to the legislation in force 
at each moment.
Transmission and operation of 
the electricity system are very 
capital-intensive activities, 
wherein investments mature over 
long periods.  In addition, the 
remuneration of these assets is for 
periods of 40 years at rates linked 
to Spanish long-term government 
debt. Therefore, our financial debt 
The financial debt 
of the Company is 
mainly contracted 
long-term and referenced 
at fixed-rates.
is primarily long-term and referenced 
mainly at fixed rates. 
Information on financial  
strategy in the ‘Shareholders  
and Investors’ section of  
the corporate website.
85.2	 Fixed type
14.8	 Variable type
85.2
14.8
%
FINANCIAL DEBT STRUCTURE
FIXED vs. VARIABLE
10.6
89.4	 Long-term  
	
debt 
10.6	 Short-term  
	
debt
89.4
%
FINANCIAL DEBT STRUCTURE
SHORT-TERM vs.  
LONG-TERM
882.5
384.7
700.2
94.1
563.4
FINANCIAL
DEBT MATURITY
2020
2019
2018
2017
2016
€m
| 0
| 250
| 500
| 750
| 1,000
Credit rating
Red Eléctrica has been given a long-term 
credit rating of ‘A-’ by Standard & Poor's 
with a stable outlook and a short-term rating 
of ‘A-2’. Meanwhile, Fitch has given Red 
Eléctrica a long-term rating of ‘A-‘, with a 
positive outlook, and ‘F2’ in the short term.
Both rating agencies indicated the 
predictability and recurrent earnings and 
strong balance sheet as strengths of the 
Company.
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
07. EMPLOYEES
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETY
06. CREATION 
OF VALUE

93
ree.es
Corporate Responsibility Report 2015
Shareholder  
return
year, a behaviour similar to that 
registered by the Japanese Nikkei. 
Wall Street, meanwhile, fell behind 
after 6 consecutive years a clear 
predominance in gains, both the 
S&P 500 and the Dow Jones closed 
the year with slight losses, while 
the Nasdaq was positive again at 
the close of the year. The IBEX 35 
and FTSE were the main exceptions. 
The significant weight of mining 
companies and basic resources in 
the latter, caused a drop close to 5% 
in the British index. The fall in our 
index, of over 7%, is possibly due to 
political uncertainty associated with 
our country at the end of the year.
STOCK MARKET 
PERFORMANCE
Gains have been seen in the most 
important variable income markets, 
reflecting a more favourable 
economic situation for the stock 
markets in developed countries 
than in previous years. The main 
European markets have registered 
gains of between 5 and 10% in the 
The favourable 
reception of the 
Strategic Plan 2014-2019 
and the visibility of 
the dividend policy has 
allowed Red Eléctrica 
to maintain a positive 
evolution in 2015.
RED ELÉCTRICA
2015
POSITIVE 
EVOLUTION
Exceeds the IBEX 35 in 2015
in the stock 
market
DROP OF 
OVER 
IBEX 35
2015
%7
Compared to 
the gains of 
the major 
European 
markets of 
between  
5 and 10% 
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
07. EMPLOYEES
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETY
06. CREATION 
OF VALUE

94
ree.es
Corporate Responsibility Report 2015
However, 2015 has been especially 
turbulent from a stock market 
point of view. Greece's problems to 
meet the demands of its creditors 
represented the first serious obstacle 
of the year, although confined to 
European markets. The decision 
in May by the Federal Reserve to 
postpone the rate hike, which had 
already been announced in the 
previous year, spread doubts among 
investors, because the situation the 
world economy was facing was not 
as buoyant as initially thought.
China made this evident, as in late 
August it was forced to devalue 
its currency, causing sharp falls 
on stock exchanges around the 
world that lasted for much of the 
autumn. The collapse of oil prices 
and raw materials, the slowdown 
of the Chinese economy and the 
clear recession in other emerging 
countries, or equivocal action by 
central banks, prompted a bearish 
reaction in the markets during the 
final month of the year.
GROSS
DIVIDEND
2015
3.21
Compared  
to 2014
(+7%)
€
PER SHARE
VALUE 
COMPARISON
%
  Red Eléctrica     
  Energy sector     
  IBEX 35 
115
110
105
100
95
90
85
| jan
| feb
| mar
| apr
| may
| jun 	
| jul
| aug
| sep
| oct
| nov
| dec
9.6
9.1
8.5
5.7
5.3
3.8
-2.2
-4.9
-7.2
%
EVOLUTION OF RED ELÉCTRICA AND THE MAIN
STOCK MARKET INDEXES 2015
| -8
| -6
| -4
| -2
| 0
| 2 	
| 4
| 6
| 8
| 10
Dax
Nikkei
Cac 40
Nasdaq
REE
Euro Stoxx 50
Dow Jones 
FTSE
Ibex 35
RED ELECTRICA’S 
SHARE 
has appreciated  
in value more than 
58% in the last 
two years.
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
07. EMPLOYEES
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETY
06. CREATION 
OF VALUE

95
ree.es
Corporate Responsibility Report 2015
RED ELÉCTRICA   
SHARES
Red Eléctrica again surpassed the 
IBEX 35 in 2015 and in addition to 
the extraordinary rise registered  
in 2014, over 50%, we have to add 
an increase in the share price of 
more than 5% over the last year, 
and a return of over 9% if we include 
the dividends paid out by the 
Company. The favourable reception 
of the Strategic Plan 2014-2019, 
and the visibility of the dividend 
policy has allowed our Company  
to avoid negative values in 2015.
In 2015 as a whole, 248.2 million 
shares were traded, representing 
1.84 times the capital of the 
Company. Purchases made in cash 
totalled 18.537 million euros, up 
22% on the previous year which 
totalled 15.184 million euros. 
Meanwhile, the number of shares 
traded in 2014 was 241.5 million.
DISTRIBUTION 
OF DIVIDENDS
Red Eléctrica maintains its 
commitment to maximising the 
share value for its shareholder, 
offering on one hand, an attractive 
dividend yield and, on the other, 
contributing to the increase in the 
In 2015,  
Red Eléctrica’s share 
price rose by 5.3% and 
shareholder returns 
exceeded 9% if we  
include dividends paid out 
by the Company.
In the ‘Shareholders and Investors’ 
section of the corporate website.
share price through the efficient 
management of its business. 
The direct shareholder return in the 
form of dividends increased by 7% 
over the previous year. The gross 
dividend proposed at the General 
Shareholder’s Meeting with a 
charge to 2015 profit, is 3.21 euros 
per share. On 4 January 2016, 
a gross interim dividend payout 
of 0.8906 euros per share was 
made, with 2.3194 euros per share 
pending distribution, as part of  
a gross complementary dividend.
	
2011	
2012	
2013	
2014	
2015
Total number of shares (thousands) 	 135,270	
135,270	
135,270	
135,270	 135,270
Nº of shares in circulation  
(thousands)	
108,216	
108,216	
108,216	 108,216	 108,216
Face value of the share (in €) 	
2	
2	
2	
2	
2
 
Share price (in €)	
 	
 	
 	
 	
      Maximum	
43.89	
39.75	
48.50	
74.95	
81.77
      Minimum 	
30.24	
29.00	
36.99	
47.40	
67.95
      Year end 	
33.06	
37.30	
48.50	
73.21	
77.11 
	
 
Market capitalisation at close 	
 
of fiscal year (in €m)	
4,472.0	
5,045.6	
6,560.6	
9,903.1	 10,430.7
Earnings per share (EPS) (in €) 	
3.42	
3.66	
3.92	
5.31	
4.49
Share price/EPS (Nº of times)	
9.66	
10.19	
12.37	
13.78	
17.17
Dividend per share (in €)	
2.2124	
2.3651	
2.5422	
3.0	
3.21
MAIN STOCK MARKET   
INDICATORS
€
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
07. EMPLOYEES
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETY
06. CREATION 
OF VALUE

EMPLOYEES
07
Connected  
to equality, 
talent, the 
security and 
well-being  
of employees 
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
03. CORPORATE 
GOVERNANCE
01. THE COMPANY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETY
06. CREATION 
OF VALUE
ree.es
Corporate Responsibility Report 2015
07. 
EMPLOYEES

ree.es
Corporate Responsibility Report 2015
CORNERSTONES OF OUR  
COMMITMENT TO EMPLOYEES
97
TALENT MANAGEMENT
The training and development of Red Eléctrica 
staff is integrated under a global talent 
management model.
170,436 hours of training (G4-LA9)
More than 97,000 hours of training to improve 
employability (G4-LA10)
DIVERSITY AND INCLUSION
Increase of women on the workforce and in 
management positions, and the establishment 
of a model and an action plan for the inclusion 
of people with disabilities.
20.2% of women in management positions. 
+4.3% compared to  2014
2.54% of people with a disability (includes 
workforce and LGD agreements)
STABLE AND QUALITY  
EMPLOYMENT
Our commitment: internal employability of 
people during their time as an employee 
through the integration, development and 
mobility programmes.
99.9% permanent contracts
80% of new directors via internal promotion
HEALTHY WORKPLACE
Our objective is the continued and progressive 
improvement in the levels of occupational 
health and safety which is understood as 
physical, psychological and social well-being.
AENOR Healthy Workplace  Certification
5,850 hours of occupational health and  
safety training
Constant backing  
for a qualified, 
motivated and  
committed team
9.4
WORKING CLIMATE
SURVEY
EMPLOYEE  
SATISFACTION
91% took part
OUT OF 10
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETY
06. CREATION 
OF VALUE
07. 
EMPLOYEES

98
ree.es
Corporate Responsibility Report 2015
Stability and quality  
of employment (G4-DMA)
the model and guidebook regarding 
the knowledge management 
model and the model and disability 
management action plan and a 
management model that allows the 
impact of an ageing workforce in 
different areas of the Company to be 
assessed.
Also in 2015, Red Eléctrica continued 
to strengthen its commitment to 
leadership in occupational health 
and safety and in November obtained 
the AENOR Healthy Workplace 
Certification.
In order to respond to a changing 
and complex environment and 
based on the Strategic Plan of 
the Company, in 2015, a thorough 
review of the organisation of the Red 
Eléctrica Group was conducted.
The alignment of human resource 
policies in the different companies 
of the Group in 2015, will allow work 
to take place under a common 
model while performance indicators 
are gauged, assessed and defined, 
and products and service levels 
agreed on.
The Human Resources Director 
Plan linked to the Strategic Plan 
of the Company and the Corporate 
Responsibility Plan, facilitates the 
achievement of business goals within 
an environment of commitment and 
good social climate.
Within the framework of the Human 
Resources Director Plan initiated 
in 2014, during this fiscal year 
the training model was launched 
along with plans for leadership and 
individual development, renewal 
of all human resources processes, 
RECOGNITIONS
Red Eléctrica obtained 
the maximum score 
(100 out of 100) for  
the ‘Attracting and 
Retaining Talent’ criteria 
of the Dow Jones 
Sustainability Index 
2015, and occupies 
21st position in the 
mercoTALENTO 2015 
and 29th position in the 
Universum ranking.
Efficiency
Equal  
opportunities
Work-life  
balance
 
 
Respect  
for  
diversity
Fair and 
personalised 
treatment for all 
professionals
PRINCIPLES  
OF THE HUMAN  
RESOURCES 
DIRECTOR  
PLAN
%
WITHIN THE 
WORKFORCE
FIXED
CONTRACTS
99.9
Out of a total 
of 1,697 
employees
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETY
06. CREATION 
OF VALUE
07. 
EMPLOYEES

99
ree.es
Corporate Responsibility Report 2015
Of the 20 appointments that 
took place during 2015 in the 
management team of the Group, 
80% were internal promotions.
External turnover stood at 2.1%, 
which is above the target 
of 1% set for 2015.
A STABLE, COMMITTED 
AND HIGHLY QUALIFIED 
WORKFORCE
(G4-LA1)
Red Eléctrica by the end of 2015, had 
a team of 1,697 professionals, an 
increase of 0.9% compared to 2014. 
At a Group level, the workforce, as at 
31 December, stood at 1,763.
Our commitment towards creating 
stable employment is reflected 
in the percentage of workers on 
permanent contracts, which stands 
at 99.9%, as well as through the 
boosting of internal promotion.
KEY EMPLOYMENT   
INDICATORS (1)
 
2013 
2014 
2015
Total workforce 
    1,672    
1,682  
1,697 
Women (%) 
23.1 
22.8 
23.1
Men (%) 
76.9 
77.2 
76.9
Women in management positions (%) 
19.7 
19.3 
20.2
People with some type of disability (%)  
0.7 
0.7 
0.8
Creation of net employment (Nº of job positions)  
26 
10 
15
Average age 
43 
43 
44
Average length of service (years)  
13 
14 
15
Undesired external turnover (%) 
0.4 
0.9 
1.6
Total turnover (%) 
1.0 
1.2 
2.1
Permanent contracts (%) 
99.8 
99.4 
99.9
(1) Data regarding Red Eléctrica de España + Red Eléctrica Corporación  
(G4-LA1, G4-LA12)
1,697
1,682
1,672
1,646
1,633
Nº
WORKFORCE
EVOLUTION
2015
2014
2013
2012
2011
7 
Management team
30 
G1 Master degrees 
33 
G2 Bachelor degrees 
23 
G3 Specialists
7 
G4 Administrative personnel
WORKFORCE STRUCTURE 
BY PROFESSIONAL GROUP
%
30
7
33
23
7
WORKFORCE DISTRIBUTION 
BY AGE AND GENDER
> Over 55
46 to 55
36 to 45
26 to 35
< Under 25
Data REE + REC.
328
503
236
3
235
108
177
71
3
33
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETY
06. CREATION 
OF VALUE
07. 
EMPLOYEES

100
ree.es
Corporate Responsibility Report 2015
Additionally, it provides benefits in 
kind (non-monetary), adapted to 
the personal circumstances and 
preferences of employees: health 
insurance, pension plans, life 
insurance, public transportation card, 
luncheon vouchers and childcare 
vouchers. Salary increases, in 
addition to updates agreed in the 
Collective bargaining agreement, are 
linked to results.
In this regard, Red Eléctrica’s 10th 
Collective bargaining agreement 
guarantees the development of 
the remuneration model to unlink 
salary increases from the Consumer 
Price Index (CPI), linking it instead 
to internal productivity based on the 
fulfilment of management objectives 
and productivity.
For the management personnel a 
new model has been implemented 
incorporating the special 
characteristics of Red Eléctrica and 
the principles of internal equity and 
competitiveness. The annual variable 
remuneration values the contribution 
to the achievement of individual 
objectives related to economic, 
efficiency, quality variables, and 
those of management, such as 
safety and corporate responsibility. 
Within this model a deferred 
variable remuneration for senior 
management has been incorporated.
In addition, the compensation 
package is complemented by non-
monetary items such as health 
insurance, a pension plan, life 
insurance and, in 2015, the option of 
an electric vehicle was incorporated 
in alignment with the sustainability 
policy of the Company.
The financial remuneration of new 
hires is established depending on 
the training and experience provided 
within the previous scheme. These 
criteria are applied equally to both 
men and women.
COMPENSATION AND 
REMUNERATION
Red Eléctrica works with a 
comprehensive remuneration and 
reward model that responds to the 
fulfilment of the following principles:
• Equality and non-discrimination. 
• Attract and motivate people.
• Internally fair and equitable. 
• Externally competitive.
• Recognition and respect for 
diversity. 
• Foster career development and the 
spirit of excellence. 
On this basis, the remuneration 
model of Red Eléctrica for employees 
included in the collective bargaining 
agreement is composed of monetary 
elements: fixed remuneration, within 
broad salary bands, and a special 
bonus scheme that recognises 
outstanding contributions. 
REMUNERATION
MODEL
Increases no  
longer linked  
to CPI and linked 
to objectives
10th
COLLECTIVE 
BARGAINING
AGREEMENT
MONETARY AND 
NON-MONETARY 
ELEMENTS
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETY
06. CREATION 
OF VALUE
07. 
EMPLOYEES

101
ree.es
Corporate Responsibility Report 2015
Diversity 
and inclusion (G4-DMA)
respond to factors such as age, 
gender or disability.
In 2015, noteworthy was the approval 
by the Management Committee of 
the ageing workforce management 
model and an associated action 
plan to perform a comprehensive 
management of ageing in the 
workforce that is sustainable, 
transversal and integrated into  
the Company strategy.
Diversity favours the creation  
of an inclusive company based 
on equality, adaptation to change, 
innovation and talent management. 
The commitment to diversity and 
inclusion are part of the culture 
of Red Eléctrica, being integrated 
into the Code of Ethics and internal 
policies of the Company. The 
objective is to create business 
strategies for individuals and their 
social, professional and personal 
development, addressing cultural 
barriers and stereotypes that 
The commitment to 
diversity and inclusion  
are part of Red 
Eléctrica’s corporate 
culture.
Cornerstones for  
action on diversity 
and inclusion
• Equal Opportunities in employment.
• Promotion of women into positions 
of responsibility.
• Protection against gender-based violence.
• Protection against moral, sexual  
and gender-based harassment.
• Coexistence between generations  
and adapting to change.
• Inclusion of professionals with disabilities.
• Integration of people at risk of social 
exclusion.
%
WOMEN ON the
WORKFORCE
23.1
Compared 
to 2014
(+2.1%)
MANAGEMENT OF AN 
AGEING WORKFORCE
in 2015, the 
Management 
Committee of the 
Company approved  
the model and  
an associated 
action plan for the 
comprehensive 
management of ageing 
in the workforce.
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETY
06. CREATION 
OF VALUE
07. 
EMPLOYEES

102
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Corporate Responsibility Report 2015
a Women's Leadership Observatory 
that aims to propose actions to 
increase the presence of women in 
management positions.
As a result of the actions carried out 
and Red Eléctrica’s commitment 
for the promotion of women to 
positions traditionally filled by 
men, 31% of internal promotions 
to management positions that 
have been filled in 2015 were 
filled by women. Also, in this 
fiscal year the first two female 
specialist technicians in substation 
maintenance joined the workforce.
The indicator that measures equal 
opportunities for promotions (men/
women) stood at 1.2 exceeding the 
target of 1.3 set for 2015.
Red Eléctrica also supports 
initiatives that promote the 
role of women in positions 
of responsibility such as the 
‘Promociona’ Project which 
involved three female directors 
of the Company, two of them 
were promoted to positions of 
greater responsibility. The project, 
promoted by the Ministry of Health, 
Social Services and Equality has 
GENDER EQUALITY  
AND EQUAL  
OPPORTUNITIES
(G4-DMA)
Red Eléctrica has had an Equality 
Plan since 2009, developed jointly 
with the Social Representation, which 
includes actions to promote effective 
equality between men and women in 
the areas of employment (selection, 
promotion and recruitment), training 
and development, remuneration, 
as well as activities geared towards 
raising awareness across the 
workforce.
During 2015, noteworthy is the 
increase in the number of women 
on the workforce and in managerial 
positions, as well as the setting up of 
REE renews the ‘Equality  
in the company’ Seal awarded  
by the Ministry of Health,  
Social Services and Equality.
WOMAN IN
MANAGEMENT 
POSITIONS
%20.2
Compared 
to 2014
(+4.3%)
392
384
386
373
370
Nº
EVOLUTION OF WOMEN
ON THE 
WORKFORCE
2015
2014
2013
2012
2011
WOMEN’S 
LEADERSHIP 
OBSERVATORY
Set up in 2015 
with the aim of 
proposing actions 
to increase 
the presence 
of women in 
management 
positions.
20.2
19.3
19.7
19.4
17.6
%
EVOLUTION OF WOMEN
IN MANAGEMENT  
POSITIONS
2015
2014
2013
2012
2011
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETY
06. CREATION 
OF VALUE
07. 
EMPLOYEES

103
ree.es
Corporate Responsibility Report 2015
INCLUSION OF PEOPLE  
WITH DISABILITIES
Red Eléctrica has given a new 
boost to its strategy of inclusion of 
professionals with disabilities with 
the approval of a management model 
and the associated action plan for its 
deployment. This model, approved 
by the Management Committee in 
the support of the CEOE, it is  
EU-funded and has been developed 
at the ESADE Business School.
The equality dashboard, designed in 
2014, is enabling us to carry out an 
analysis and make decisions so as to 
advance in the field of equality.
Red Eléctrica has approved 
a model and an action plan 
acción for the inclusion of 
people with disabilities.
early 2015, was developed jointly 
with the Adecco Foundation and the 
involvement of nine strategic areas 
of the Company.
The action plan is divided into six 
operating areas of action: 
1. Strategy and identity.
2. Compliance with the Disability Act.  
3. Cultural Change.  
4. Standardisation of disability.
5. Inclusive selection process. 
6. Social Action (inclusion of people 
with disabilities at risk of social 
exclusion). 
Adherence to initiatives 
and agreements with 
the Ministry of Health, 
Social Services and 
Equality 
• Agreement to promote balanced 
participation of women and men  
on boards of directors. 
• Agreement to increase the presence 
of women in management and in 
management committee positions.
• Collaboration agreement 'Company 
Networks for a society free of 
gender-based violence'.
• Participation in the ‘Promociona’ 
Project which promotes training 
and professional development 
as a strategy for women's access  
into leadership positions.
%
PEOPLE WITH
DISABILITIES
2.5
Includes people 
on the workforce 
and via LGD 
agreements
6,230
Jobs were generated 
for people with 
disabilities through 
the project 'Empleo 
Para Todos’ (‘Jobs 
For All') of the Adecco 
Foundation, which 
was supported by  
Red Eléctrica.
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETY
06. CREATION 
OF VALUE
07. 
EMPLOYEES

104
ree.es
Corporate Responsibility Report 2015
AWARENESS TRAINING SESSIONS
Geared towards the management team 
and all staff in order to formalise the 
Company’s commitment; to inform and 
transfer the responsibility to all managers 
and to involve all employees of the 
Company in the project.
COMMUNICATION CAMPAIGNS
Support for the calendar ‘3,285 days 
to be happy’, developed by the Adecco 
Foundation, and the #Reacciona 
awareness campaign launched to 
celebrate the International Day of 
People with Disability and oriented 
to challenge overprotection, prejudice 
and discrimination which people with 
disabilities have to face in companies.
Main actions 2015 
THE GENERATION OF EMPLOYMENT 
The procurement of goods and services 
offered by Special Employment Centres for 
an amount of 400,000 euros, equivalent to 
hiring 21 people, and support for the 2020 
Plan: 'Empleo Para Todos’ (‘Jobs For All’) 
of the Adecco Foundation, through which 
6,230 jobs have been generated for people 
with disabilities, or at risk of exclusion.
PLAN FAMILIA
Eight employees of Red Eléctrica are 
benefiting from this initiative through 
which family members with disabilities 
receive care and professional assistance 
from the earliest ages to support their 
social and labour integration.
PLAN AFLORA
Support for employees likely to obtain the 
disability certificate providing information 
on the benefits and social and corporate 
benefits involved plus assisting in the 
application processing to obtain it.
UNIDOS PROJECT
Collaboration on this Adecco Foundation 
project in which universities and companies 
join together knowledge, resources and 
experience to accompany, guide and 
prepare college students with disabilities 
during their academic stage and for their 
access to the labour market. In 2015, 26 
companies and 9 universities participated 
in this project and 42 university students 
with disabilities benefited from it.
Key objectives 2016
COMMITMENT AND LEADERSHIP
Communication plan and corporate dialogue 
regarding disability.
• Define, position and transfer vertically 
Red Eléctrica’s commitment to disability 
throughout the entire organisation. 
• Train, raise awareness and transfer the 
joint responsibility to the leaders of Red 
Eléctrica regarding the values and mission 
of the Company on disability.
DISABILITY CULTURE
Disability training for strategic areas of the 
Company with the aim of:
• Instilling the principles of diversity 
and inclusion through a strategy of 
communication and dialogue with Red 
Eléctrica’s stakeholders.
• Standardise disabilities through training, 
awareness and adaptation of business 
processes that favour the corporate 
identification and elimination of barriers. 
• Reinforce the identity and values of the 
Company by  sharing, involving and making 
all people employed by Red Eléctrica jointly 
responsible.
SUPPORT FOR EMPLOYEES
Care programme for employees or family 
members with disabilities. 
• Selection and integration. Training on 
disability for those responsible of the 
process for the selection and incorporation 
of new employees. Integration into the 
Company’s selection plan of recruitment 
sources specialized in the inclusion of 
professionals with disabilities.
IMPROVING EMPLOYABILITY  
OF PEOPLE WITH DISABILITIES
Awareness, education and guidance 
for this group at different stages of 
their development. Unidos Project.  
‘RedesParaElEmpleo’ Project.
GENERATION OF EMPLOYMENT
Support Plan 2020: ‘Empleo Para Todos’ 
(‘Jobs For All’) of the Adecco Foundation in 
the communities in which Red Eléctrica’s 
facilities are present. 
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETY
06. CREATION 
OF VALUE
07. 
EMPLOYEES

105
ree.es
Corporate Responsibility Report 2015
Talent  
management (G4-DMA, G4-LA10)
all staff through various channels, 
facilitates the construction of various 
itineraries on which to base the 
development of people.
KNOWLEDGE 
MANAGEMENT AND 
LEADERSHIP MODEL
The knowledge management  
model and the leadership model, 
are key elements in managing 
talent because they facilitate the 
transfer of key knowledge regarding 
the Company and promote the 
involvement of the leader to support 
learning, encourage knowledge 
sharing of its collaborators and 
acquire the commitment to the 
development of their teams.
Under the leadership model two 
programmes have been developed: 
Bank of Potential and LideraT 
that pursue the development of 
managerial skills required to achieve 
a style of leadership that is flexible 
and agile geared to the creation 
of collaborative and participative 
environments.
Training and development of people 
in Red Eléctrica are integrated under 
a global talent management model. 
Thus, the attraction, training and 
development of people, knowledge 
management, the identification and 
development of talent, are part of the 
same process, resulting in greater 
efficiency and quality in response to 
the Strategic Plan of the Company. 
This model, approved by the 
Management Committee in 2014 
and which has been made known to 
Almost 3,000 hours  
of training for managers  
to develop skills, values 
and leadership styles.
%
HAS COVERED 
OF DIRECTOR 
POSITIONS 
IN 2015 
THE BANK OF
POTENtIAL
75
KNOWLEDGE 
MANAGEMENT MODEL 
Is accompanied with 
a guide that provides 
methodological and 
practical support and 
an action plan that 
begins in 2016 . 
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETY
06. CREATION 
OF VALUE
07. 
EMPLOYEES

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ree.es
Corporate Responsibility Report 2015
The various programmes are 
grouped into four areas: technical 
training, skills development, 
corporate education and training 
aimed at specific groups.
In 2015, 33% of head of department 
positions and 75% of director 
positions have been filled with people 
included in the Bank of Potential 
programmes of the Company.
Additionally, Red Eléctrica's 
knowledge management model 
was developed, accompanied by a 
guide that provides methodological 
and practical support which 
includes: definition of the objectives, 
methodology and description of 
twenty associated knowledge 
management tools. The model has 
been completed with the design 
and approval of a plan of action that 
begins in 2016.
LEARNING STRATEGY
A key element in the new talent 
management model is a learning 
strategy that acts as a reference 
in the construction of training and 
development programmes.
EUROS
INVESTMENT
3,984
per employee
The methodology used in all training 
activities is based on the 70-20-10 
model and incorporates significant 
technological advances and also has 
a virtual classroom, Aul@REE, for 
online training.
On the 
job training
70%
Formal training
10%
Other types  
of training
20%
MODEL
70-20-10
HOURS
AVERAGE NUMBER 
OF HOURS OF
TRAINING PER 
EMPLOYEE
DATA REGARDING
TRAINING
100
Total hours
(170,436)
ECRE, Red Eléctrica’s Corporate School 
The Red Eléctrica Corporate School  
(ECRE), facilitates the global framework for 
the development of training that is tailored 
to the needs of the Company and its 
employees. The school backs the use of  
new technologies with a strong investment 
in equipment designed for practical 
learning for advanced-level training and 
knowledge transfer through internal 
teachers and experts. 
In 2015, an extensive renovation process 
began to give greater support to the global 
talent management model, including,  
in addition to technical training, training  
in values, knowledge management, 
innovation and leadership.
Without neglecting presence training, 
the practical learning was promoted. 
Knowledge transfer is the key to this 
ongoing process where internal experts 
are essential.
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETY
06. CREATION 
OF VALUE
07. 
EMPLOYEES

107
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Corporate Responsibility Report 2015
In 2015, more than 170,436 hours 
of training were given, which 
meant an average of 100 hours 
per employee and an investment 
of 3,984 euros per employee. 23% 
of training hours were given using 
in-house resources. (G4-LA9)
The learning strategy has  
a training evaluation system, 
improved during 2015, which 
will help reveal the impact of the 
training actions, which will result 
in the improvement of the quality 
of said actions. The evaluation 
TECHNICAL TRAINING
Programmes: CapaciTA, THabla, 
AseguraT, NaTura. Theoretical and 
practical aspects that you need to 
know to work in each business  
unit, as well as training in processes 
and procedures, languages, safety 
and the environment.
SKILLS DEVELOPMENT
Skills required to perform the role  
of each employee in the Company 
and that are enhanced in performance 
evaluations.
CORPORATE TRAINING
Actions and training programmes 
that are transversal to the Company: 
corporate responsibility, work-life 
balance, criminal risks, equality  
and quality.
TRAINING FOR THT DEVELOPMENT  
OF SPECIFIC TARGET GROUPS 
Programmes: InTegra, Enlace, Mobility, 
RED Experts, Bank of Potential, 
LideraT, PracTica. Newly incorporated 
people, experts/staff with  
high-potential, management team.
Red Eléctrica has a training 
evaluation system that  
will reveal the impact of the 
training actions and calculate 
the return on investment 
(ROI) in training.
system includes different levels: 
satisfaction with training, applying 
the knowledge acquired, and the 
impact of training.
The development of this system 
will culminate in the calculation  
of the return on investment (ROI) 
for training.
100
74
57
71
96
h
AVERAGE NUMBER OF
HOURS OF TRAINING  
PER EMPLOYEE
2015
2014
2013
2012
2011
3,984
3,756
3,153
3,503
4,192
€
INVESTMENT IN TRAINING
PER EMPLOYEE
2015
2014
2013
2012
2011
PROGRAMS  
THAT PROMOTE
TALENT IN REE
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETY
06. CREATION 
OF VALUE
07. 
EMPLOYEES

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In Red Eléctrica there are three 
possible levels of career progression 
for each person according to their 
maturity, knowledge and work 
experience. The system provides 
real options for development and 
evolution from a professional and 
economic standpoint. In parallel, 
the organisation also enables the 
technical professional career as 
an alternative to management 
progression. The Functional Mobility 
Plan facilitates this transversal 
development.
Thus, in 2015, 36 mobility projects  
of a transversal nature were 
developed with the aim of enhancing 
versatility and employability, as 
PERFORMANCE APPRAISAL 
AND MANAGEMENT  
(G4-LA11)
In Red Eléctrica all employees 
are evaluated annually based on 
competence, commitment and 
contribution. The evaluation model 
is geared towards facilitating 
development and the professional 
career of employees and to manage 
efficiently their performance. Since 
2012, the opinion of those who 
evaluate and those evaluated is 
collated for the analysis and review 
of the model.
During 2015, this has included 
the evaluation of digital skills for 
all employees in order to support 
the digital transformation in 
the Company. The multi-source 
assessment of the management 
team has also been expanded, 
including the collateral appraisal by 
process. 
The evaluation of  
digital skills, included since  
2015 in the annual assessment 
of employees’ competencies and 
commitment, will support the 
digital transformation in  
the company.
well as 6 international mobility 
projects for developing people 
and exchanging knowledge with 
European companies in the sector.
Also in 2015, the induction process of 
new personnel was reviewed, making 
a special effort to promote and 
strengthen the role of the mentor, 
as well as to raise the awareness 
of those people responsible for the 
units regarding the importance 
of this phase in the life cycle of 
personnel. 
IMPROVEMENT of
EMPLOYABILITY
COURSES
300
And more than 
97,000 hours
MOBILITY PLAN 
FUNCTIONAL
In 2015, this plan 
has developed 36 
transversal mobility 
projects and 6 
international mobility 
projects with European 
companies in the sector.
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETY
06. CREATION 
OF VALUE
07. 
EMPLOYEES

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Also during this year, 8 students 
from universities and 5 students of 
vocational training centres carried 
out their external academic practices 
in Red Eléctrica.
To boost cooperation with this 
sector, a comprehensive program 
has been designed that allows 
COOPERATION WITH  
THE EDUCATION SECTOR 
(G4-LA10)
Red Eléctrica maintains its commitment 
to the practical training of young 
people through the fourth edition of 
‘Practica +’ scholarship program that 
benefited 112 new graduates in 2015.
Main objectives 2016
• Support changes in the organisational 
structure within the leadership model, 
carrying out the actions associated with 
the process of integration and transition of 
managers in Red Eléctrica. 
• Carry out the actions included in the Plan 
for the deployment of the knowledge 
management model. 
• Implement the new the new induction and 
integration Plan, encouraging innovation 
and new technological resources.
• Promote ECRE as a conduit of the strategy 
of the Company, taking advantage of the 
possibilities of the new facilities.
• Encourage the use of technological 
innovation for training: the design of 
simulators, new virtual courses, videoing 
sequences of operational techniques for 
consultation.
• Analyse different ways of hands-on 
working with students from vocational 
schools, promoting a system of 
cooperation with government agencies and 
educational areas.
• Train maintenance staff from the Company 
to perform the local operation activity of 
substations.
• Implement the training evaluation system 
and ROI calculation. 
• Understand the motivations and 
professional interests of employees of Red 
Eléctrica to facilitate their employability 
and promote mobility.
• Continue to promote the mobility model, 
proposing functional rotation criteria and 
annual rotation ratios to be achieved.
• Implement the relational framework 
established for the companies of the Group 
in the field of talent management with the 
subsidiaries in Latin America.
access to practical training both 
for students and for new graduates 
from universities or from vocational 
training, whereby expanding the 
cooperative scope and facilitating 
the promotion of various projects.
Main actions 2015
LEADERSHIP MODEL
• A development programme has been 
designed and implemented to deploy the 
Red Eléctrica leadership model from four 
training spaces that can be accessed by 
100% of managers to develop skills, values 
and leadership styles. In 2015, almost 
3,000 hours of training in leadership  
were given.
• A process was designed for the integration 
and transition of management to ensure 
the continuity and consolidation of the 
leadership model throughout 2016. 
TRAINING AND DEVELOPMENT
• Completion of the mass certification of 
SF6 gas recovery units in accordance with 
RD 795/2010.
• Training of new telecommunications 
operators in Red Electrica for the dark fibre 
acquired from ADIF.
• Practical advanced training on protection 
systems.
• Implementation of six training itineraries 
for skills that deal with improved results in 
the appraisal of employees. In these first 
editions 170 people have been trained,  
with a Blended Learning methodology 
(physical and virtual). 
• Development of the first part of ‘Experts 
in RED’ programme, with 1,200 hours 
of training, aimed at all professional 
experts encompassed within the higher 
progression level, so they can share 
their knowledge, teaching them digital 
techniques, mentoring techniques and 
enabling them to be internal instructors.
• 300 courses and more than 97,000 hours 
of training to favour the employability of 
workers in technical areas, languages and 
competencies and skills not directly related 
to the functions and duties of the job 
position. (G4-LA9)
• 300 hours of training in corporate 
responsibility, which includes aspects 
of human rights, in which experts, 
management team and new incorporations 
to the Company took part. (G4-LA9)
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETY
06. CREATION 
OF VALUE
07. 
EMPLOYEES

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Dialogue 
and transparency 
people to connect and facilitates 
dialogue.
In parallel, the analysis and diagnosis 
to manage the employee voice 
was carried out, as a bidirectional 
channel of the human resources area 
with the rest of the organisation, 
geared towards ensuring continuous 
improvement and excellence in 
management.
Similarly, face-to-face 
communication actions have 
continued to be conducted for the 
dissemination of strategies, policies 
and objectives that have had the 
commitment of the management 
team. In this regard, noteworthy in 
2015 was the fact that their role 
as communicators of leadership 
goals has been linked to variable 
remuneration.
Convinced that the opinion of 
employees is essential in the 
shared business project, in the 
first quarter of 2015 Red Eléctrica 
launched a new edition of the climate 
survey, which highlighted the high 
participation of 91%, demonstrating 
the great employee interest in this 
consultation.
The results were communicated to 
employees by the management team 
and work is being carried out on 
action plans derived from the results. 
Individualised plans have been 
defined for the units concerned and 
corporate action plans to enhance 
those results that did not reach the 
expected level.
Internal communication is an 
essential tool for achieving the 
goals of Red Eléctrica, and actively 
contributes to achieving the changes 
that the Company proposes, with the 
involvement of its professionals. 
In order to facilitate and stimulate 
dialogue, the new miRED intranet, 
the newest development regarding 
internal communication channels, 
supports the commitment for a 
shared communication between all 
organisational units and provides 
collaborative spaces that allow 
PERCENTAGE 
THAT TOOK PART
91%
IN  
COMMITMENT
IN PRIDE OF 
BELONGING 
IN 
SATISFACTION
9.4
7.9
9.1
RESULTS OF THE 
climate survey 2015 (Rating between 0 and 10)
18 points 
up on the 
survey held 
in 2012
THE EMPLOYEE 
VOICE
Bidirectional channel 
area of human 
resources with all 
units of the Group, 
aimed at ongoing 
improvement 
and excellence in 
management.
INTERNAL
COMMUNICATION
CHANNEL
Collaborative 
space
     RED
NEW  
INTRANET
mi
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETY
06. CREATION 
OF VALUE
07. 
EMPLOYEES

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Direct communication actions 
Code of Ethics, Healthy Workplace Model, 
Corporate Responsibility, IT Security, 
CARS Project (Safe Responsible and Agile 
Driving) and results of the climate survey.
Social Plan
Taking advantage of the 30th anniversary 
of Red Eléctrica, numerous actions 
were carried out within the Social Plan, 
such as the 14th edition of the painting 
competition for employees' children, the 
24th edition of the photography contest, 
the 1st competition of short stories and 
the launch of the ‘Corriente Positiva’ 
cultural programme.
Employee channel
Almost 9,000 requests for information 
were managed through a service managed 
by the Fundación Juan XXII, a foundation 
that works with people with disabilities.
Internal communication  
is an essential tool that  
actively contributes  
to achieving the changes 
proposed by the Company, 
with the involvement of its 
professionals.
Main actions 2015
SOCIAL
PLAN
SHORT
STORIES
FIRST  
COMPETITION OF 
One of the  
many actions  
undertaken  
in 2015
9,000
requests for information 
were managed in 2015 
through an employee 
channel managed by 
the Fundación Juan 
XXII, a foundation that 
works with people with 
disabilities.
Main objectives 2016
• Support and monitoring of action plans 
resulting from the 2015 climate survey to 
work on aspects for the improvement and 
consolidation of the strengths identified. 
• Implementation of the second phase  
of the miRED intranet with collaborative 
tools that enable multidirectional 
communication, encourage participation 
and facilitate knowledge management  
and information agility.
• Implementation of an internal 
communication model that facilitates the 
planning and the effective implementation 
of communication actions within the 
Company.
• Development of transversal 
communication and personalised plans 
that promote knowledge of all areas and 
expand the business vision.
• Implementation of the ‘employee voice‘ 
as a bidirectional channel for human 
resources with all units of the  
Red Eléctrica Group.
• Expansion of cultural activities of the 
Social Plan aimed at the participation 
and integration of employees, and raise 
awareness on issues of sectoral, social 
and environmental interest.
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETY
06. CREATION 
OF VALUE
07. 
EMPLOYEES

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Social 
dialogue (G4-DMA, G4-LA4, EU15)
Measures linked to flexibility:  
the adaptation of timetables to the 
needs of the service and seeking 
working times that are more 
effective and efficient. Worth noting 
in this regard was the new working 
timetable for office staff:
• Based on 7 hours per day from 
Monday to Friday. 
• Programming of 35 afternoons, in 
two-hour blocks, available to the 
management team based on the 
needs of the department.
• Number of remaining hours  
-in order to complete the annual 
schedule of 1,690 effective hours- 
to be managed by the employee in 
blocks of 30 minutes as a minimum 
or a maximum of 2 hours.
• Flexibility in starting times is 
available (up to an hour and a half) 
and leaving times, to facilitate the 
management of working time.
• Reduction of 10 hours in the annual 
effective schedule which is now 
currently fixed at 1,690 hours.
Following the implementation of 
these measures, the number of 
employees with reduced working 
hours for childcare has been reduced 
by almost 50%.
Measures linked to efficiency and 
productivity: updating salaries linked 
to the fulfilment of management 
objectives and productivity of the 
country (GDP). The updating of salary 
concepts, according to Article 36 
of the 10th Collective Bargaining 
Agreement of Red Eléctrica, was 
reflected in the April 2015 payroll on 
a retroactive basis from 1 January 
2014. In the update, an increase of 
2.29% was applied.
Red Eléctrica de España guarantees 
its employees the right to union 
affiliation, association and collective 
bargaining within the framework 
of existing labour laws and the 
collective bargaining agreement. 
The 10th Collective Bargaining 
Agreement of the Company came 
into force on 1 May 2014 and shall 
remain in force until 31 December 
2017. This agreement was approved 
by the entire union representation 
(SIE, CCOO and UGT) and was 
endorsed by 82.74% of the workforce.
During 2015, the 10th Collective 
Bargaining Agreement was 
implemented taking into account 
its inspiring principles: efficiency 
and productivity, flexibility and 
sustainability. In 2015, noteworthy 
were the following aspects:
HOURS
ANNUAL WORK 
SCHEDULE
WORKING
FLEXIBILITY
1,690
After being  
reduced by 10 
hours in 2014, 
through the  
signing of the  
10th Collective  
Bargaining  
Agreement 
THE 10th COLLECTIVE  
BARGAINING AGREEMENT
Came into force in 2014 and 
was endorsed by 82.74% of the 
workforce. In 2015, this was 
implemented following the 
principles of efficiency, productivity, 
flexibility and sustainability.
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETY
06. CREATION 
OF VALUE
07. 
EMPLOYEES

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with social representation. 14 
meetings were held in 2015 through 
these channels.
COMPANY-EMPLOYEE  
COMMUNICATION CHANNELS
• Job classification commission.
• Training commission.
• Occupational Health and Safety 
Committee. (G4-LA8)
• Inter-work centre committee.
• Joint commission on social affairs.
• Joint commission on monitoring 
and interpretation.
• Joint commission for staff of 
transmission grid facilities.
• Joint commission on equality.
• Geographical mobility commission.
Notification of organisational 
changes is carried out pursuant 
to current legislation (Royal Decree 
2/2015, Articles 39, 40 and 41).  
The organisational changes 
involving geographical mobility  
of workers are made with thirty 
days' notice, for both the worker 
and the social representation.  
In all cases, a consultation process 
is carried out.
As for substantial modifications 
to the employment contract, in the 
case of changes to an employee’s 
contract, these will be notified 
fifteen days in advance to both the 
affected worker and representatives. 
If it concerns collective changes,  
a consultation period will be opened 
with legal representatives which 
may be replaced by a mediation  
or arbitration procedure.
Measures linked to the sustainability 
and flexibility: the 10th Collective 
Bargaining Agreement incorporates 
new work-life balance measures 
such as 15 hours paid leave to 
accompany family members of first 
degree of consanguinity or affinity  
on medical appointments. 
The Agreement covers virtually all 
of the workforce (98.79%). Excluded 
from the scope are the management 
team and employees who voluntarily 
and reversibly accept the proposal 
from the Company for exclusion 
from the Agreement. However, 
social agreements are of universal 
application.
The 10th Agreement provides 
different channels of communication 
The 10th Collective Bargaining 
Agreement foresees different 
communication channels 
between the Company and 
employees, which has resulted 
in 14 meetings in 2015.
%
COVERED BY 
THE AGREEMENT
COLLECTIVE  
BARGAINING  
AGREEMENT
98.97
Main objectives 2016
In 2016, work will continue on implementing 
the measures already underway, seeking the 
full achievement of the objectives for which 
they were drawn up and adopted:
• Quest for excellence.
• Link to the values of the organisation.
• Take into consideration the needs and 
expectations of employees.
• Efficient management.
• Fostering responsibility. 
• Promoting a culture of collaboration.
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETY
06. CREATION 
OF VALUE
07. 
EMPLOYEES

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A healthy  
workplace (G4-DMA)
It is also a commitment to 
leadership, as health and safety is 
part of the management team’s 
management objectives.
In the first half of 2015, the model 
was implemented and the Healthy 
Workplace Manual was approved, a 
policy document that outlines the 
management system, establishes 
the principles, the general guidelines 
and responsibilities as well as the 
associated regulations to carry 
out the management of well-being 
in the workplace. Moreover, a 
communication plan regarding the 
model has been developed for the 
entire workforce.
The healthy workplace model has 
received the approval of employees 
with a rating of 8.7 out of 10 in the 
latest climate survey.
The healthy workplace model,  
approved by management in 2014, 
sets out the principles and guidelines 
for the management, promotion and 
monitoring of the health of people 
that make up Red Eléctrica. It is a 
strategic commitment as set out 
in the Code of Ethics, the Corporate 
Responsibility Policy, the Human 
Resources Policy and the adherence 
to the Luxembourg Declaration.  
Psychosocial 
work 
environment
Implement 
work management 
organisation tools 
and resources that 
promote the physical 
and psychosocial  
well-being of 
employees.
Physical  
work  
environment
Provide
the necessary 
means to 
perform the tasks 
associated to 
the job under the 
best health and 
safety conditions.
Health 
resources
Provide 
the workforce with tools 
to improve the state 
of physical and mental 
health, contributing to 
their well-being and 
quality of life.
Actions  
developed by the  
Company that can impact 
on the improvement of the 
health and well-being of 
their employees’ families 
and the communities in 
which their facilities are 
located.
Community 
involvement
RED ELÉCTRICA
HEALTHY 
WORKPLACE 
MODEL 
Principles
In the ‘People’ subsection of the ‘Sustainability’ 
section of the corporate website.
RECOGNITIONS 
Healthy Workplace 
Certification awarded by 
AENOR (Spanish Association 
for Standardisation and 
Certification). OHSAS  
18001 Audit .
HEALTHY
 WORKPLACE 
MODEL
HEALTH
MANAGEMENT, 
PROMOTION 
AND  
MONITORING OF
Of Red Eléctrica 
employees
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETY
06. CREATION 
OF VALUE
07. 
EMPLOYEES

115
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In the first phase a demographic 
study was conducted of the 
workforce and its future projection, 
as well as an analysis of risks 
associated with age, in order to 
assess the impact of an ageing 
workforce in different areas of the 
Company. This study constitutes 
the basis for establishing a 
comprehensive, global, sustainable 
and transversal management 
model, which incorporated into 
the Company strategy and with 
the strong support of senior 
management, seeks the ongoing 
improvement in the management of 
the ageing workforce by undertaking 
a transversal approach from all 
areas of human resources, with the 
consultation and participation of the 
business units.
Within the framework of a healthy 
workplace, this model will contribute 
to reaching old age in better health, 
get people working in jobs according 
to their abilities, while maintaining 
the best motivation to continue their 
professional development and pass 
on knowledge to younger people.
 
PHYSICAL WORK  
ENVIRONMENT
For Red Eléctrica the reduction 
of labour-related accidents is a 
priority as well as the continuous 
and progressive improvement in 
the health and safety levels of its 
employees and the employees of 
suppliers who collaborate or work 
on the Company’s premises. 
HEALTH PROMOTION
Among the many actions carried 
out in the field of health promotion, 
noteworthy is the Cardiovascular 
Health Plan, participation in the 
PECS programme (Healthy Heart 
Programme for Companies) and 
the Plan for musculoskeletal injury 
prevention with workshops in various 
work centres.
Similarly, projects were carried 
out to promote physical activity, 
such as holding Sports Days or 
the awareness project for the 
management team through their 
participation in a physical activity 
and health study in collaboration  
with the University of Castilla La 
Mancha, which also promotes other 
corporate values. 
MANAGEMENT OF AN  
AGEING WORKFORCE
In order to respond to the 
commitment of the Company with 
generational diversity, in 2015 the 
management model for an ageing 
workforce and an associated action 
plan were approved.
HEALTHY
 WORKPLACE
In the climate  
survey
EMPLOYEE
EVALUATION8.7
MODEL FOR THE MANAGEMENT 
OF AN AGeING WORKFORCE  
Assesses the impact of 
ageing in different areas 
of the Company to achieve 
a comprehensive, global, 
sustainable and transversal 
management model of the 
workforce.
SEVERITY rate
EMPLOYEES (G4-LA6)
0.12
0.14
0.12
0.27
2015
2014
2013
2012
Objetive 2015: 0.9
FREQUENCY rate
EMPLOYEES (G4-LA6)
4.52
2.82
2.49
5.35
2015
2014
2013
2012
Objetive 2015: 4
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETY
06. CREATION 
OF VALUE
07. 
EMPLOYEES

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working group was set up which 
has identified several lines of action 
on which work is already being 
undertaken in order to avoid similar 
situations occurring in the future. 
(G4-LA6)
Thanks to the preventive measures 
applied and within the social context 
of Spain, there is not currently any 
incidence or risk of certain diseases 
related to professional activity, or 
to date none have been identified. 
In addition, the results of the health 
checks performed confirm this 
statement. (G4-LA7)
HEALTH & SAFETY  
IN THE SUPPLY CHAIN
All contractors who work in facilities 
and work centres of Red Eléctrica are 
certified and qualified in occupational 
health and safety, and in the case of 
performing activities that carry risk, 
such activities shall be dealt with 
by the contractor’s work managers 
that have been previously approved/
certified by the Risk Prevention 
Service of Red Eléctrica. In this 
regard, Red Eléctrica has authorised 
more than 2,000 work managers and 
more than 400 subcontracted work 
supervisors. (EU18)
CONSULTATION 
AND PARTICIPATION  
OF EMPLOYEES  
(G4-LA5, G4-LA8)
Red Eléctrica de España has an 
Occupational Health and Safety 
Committee whose composition and 
functions are set out in Chapter 7 
of the 10th Collective Bargaining 
Agreement.
In terms of risk prevention, 
continuous monitoring of the work 
and activities of higher risk through 
inspection programmes is key to 
achieving the high levels of health 
and safety required by Red Eléctrica. 
In this regard, in 2015 there have 
been: 14,319 occupational health and 
safety inspections in facilities (13.2% 
more than in 2014), which have led 
to 2,451 corrective actions, of which 
95% have been resolved. 
Unfortunately, despite having 
improved levels of inspection 
and control of activities, in 2015 
there were two fatal accidents of 
subcontracted personnel during 
works in Red Eléctrica facilities. To 
carry out an analysis and diagnosis 
of these accidents, a group of 
specific and multidisciplinary 
More than 2,000 work 
managers and more than 400 
subcontracted work supervisors  
have been authorised by the 
Risk Prevention Service.
CONDUCTED
RISK
PREVENTION
14,319
Compared 
to 2014
(+13.2%)
INSPECTIONS
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETY
06. CREATION 
OF VALUE
07. 
EMPLOYEES

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Meetings are held on a quarterly 
basis (in accordance with Law 31/95 
on the prevention of occupational 
risks), but also may be held as 
and when requested by any of the 
parties concerned.
In 2015, four meetings were held 
meeting the foreseen objectives. 
During these meetings monitoring 
is performed of all preventive 
and health activity, the review of 
processes and internal regulations 
and the analysis and monitoring 
of the occupational health and 
safety programmes and results. 
The minutes of these meetings 
are available to all employees in a 
specific section of the corporate 
intranet. Also, this Committee 
is made aware of the results of 
internal and external audits carried 
out and the improvement actions 
implemented.
TRAINING AND  
AWARENESS
Red Eléctrica considers education 
and awareness in the prevention of 
occupational risks an essential line 
of work to prevent or reduce health 
risks arising from work.
5,850 hours of training were given 
regarding health and safety to 1,165 
participants during 2015. Of the total 
training hours, 410 were allocated 
to specific training in electricity risk. 
(G4-LA9)
Regarding the contractors and 
subcontractors, Red Eléctrica 
randomly asks its suppliers for 
evidence of its training on the health 
and safety of its employees, but no 
quantitative data concerning this is 
available. (EU18)
This Committee is a joint and 
collective body set up for regular 
and periodic consultation regarding 
the Company’s actions on the 
prevention of occupational risks. 
The Committee consists of six 
representatives nominated by 
the Company and six prevention 
delegates chosen from 
representatives of the workers, 
representing 100% of the workforce.  
In addition, the Company’s Risk 
Prevention Service experts take part 
in the meetings of this Committee. 
The Occupational Health and 
Safety Committee deals with  
the regular consultation of 
actions on the prevention  
of occupational risks.
HOURS
SAFETY
TRAINING
OCCUPATIONAL RISK
PREVENTION
5,850
given 
specifically 
regarding 
electricity risks
410 h
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETY
06. CREATION 
OF VALUE
07. 
EMPLOYEES

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out certifications of suppliers 
that perform critical functions, 
namely work managers and works 
supervisors. In the authorisation 
process of both, evidence of training 
is requested and the completion 
of a questionnaire to validate their 
knowledge. (EU-18)
It also requests evidence of 
training in occupational health and 
safety during the incorporation of 
employees into the database of 
the provider in PRER. It also carries 
Main actions 2015
HEALTH PROMOTION
• Preparation of a psychosocial risk 
assessment to be held in 2016. 
• 963 medical and nursing consultations, 
and 1,112 medical examinations. 
Annual flu vaccination campaign; 220 
vaccinations were administered.
• New health campaigns aimed at 
promoting healthy eating and physical 
exercise.
• Eye care campaign with 40% of the 
personnel in the work centres of Madrid 
taking part.
• Individualised treatment and monitoring, 
in collaboration with Carlos III Hospital, to 
give up smoking.
• Prevention of colon cancer for those over 
50 and detecting prostate cancer markers 
in males older than 50 years of age.
• Dissemination of healthy eating, 
hydration and physical exercise tips. 
Implementation of healthy menus in the 
dining room in the Head Office. 
• Promoting physical activity as a healthy 
lifestyle habit through financial support 
which has benefited 39% of the workforce 
across 38 sporting groups. 
OCCUPATIONAL HEALTH AND SAFETY
• 5,850 hours of occupational health and 
safety training with 1,165 participants.
• Organisation of workplace safety 
in confined spaces. A joint goal has 
been set with the management of 
the Maintenance department for the 
identification and marking of confined 
spaces in Red Eléctrica. At the end of 2015 
more than 1,300 confined spaces had 
been identified and marked, representing 
80% of those that exist in the Company. 
All information regarding these spaces is 
in the PRER corporate application which 
is available to users.
• Implementation of access control system 
(Kerberos) in 65 substations.  
• Four meetings regarding occupational 
health and safety have been held, 
fulfilling the foreseen objectives.
Main objectives 2016
• Conduct a health and safety action plan 
that favours the development of best 
practices in the field.
• Improve training and competence needs 
required for those agents involved in 
the execution of works and activities in 
facilities.
• Establish actions aimed at improving the 
control and monitoring of the activity as a 
key element of health and safety rules.
• Develop communication strategies that 
promote the knowledge and awareness 
of workplace health and safety of all 
stakeholders.
• Develop a system of virtual access control 
(Kerberos) to expand the information 
available to the Company related to 
personnel performing work on overhead 
lines. 
• Drafting and dissemination of an 
informative manual on healthy lifestyle 
habits.
• Evaluation Study of the index of work-
related training within professional 
groups with risks associated to an ageing 
workforce.
• Planning and carrying out of the 3rd 
psychosocial risk assessment.
• Development of personalised plans of 
physical and health activity.
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETY
06. CREATION 
OF VALUE
07. 
EMPLOYEES

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In this regard, the actions that are 
being undertaken every year, such 
as the days without school, urban 
summer camps or the role of  
work-life balance interlocutors,  
allow individual situations to be 
responded to.
The 10th Collective Bargaining 
Agreement, that came into force 
in 2014, has also been a clear step 
forward in terms of the work-life 
balance as it includes new measures 
or extending existing ones on the 
following matters:
• Labour flexibility.
• Authorised leave. 
• Parenthood.
• Disability/family dependents.
• Social Benefits.
• Services.
• Events and activities.
These measures, which apply to the 
entire workforce regardless of the 
type of contract, have been highly 
valued by employees in the 2015 
climate survey, whose score was up 
five points on 2012. (G4-LA2)
THE WORK-LIFE  
BALANCE
To further progress in creating more 
flexible work environments tailored 
to the needs of people, is one of the 
great challenges that Red Eléctrica 
contemplates within the Work-life 
Balance Plan integrated into the 
healthy workplace model. Through a 
wide range of measures, actions and 
initiatives, which are applicable to the 
entire workforce, it aims to improve 
the well-being and quality of life of 
people, fostering their commitment 
and pride of belonging.
Main actions 2015
• Development programme for the 
management team: training and 
awareness for the management of people 
through the work-life balance.
• Development of new work-life balance 
measures related to health and well-being: 
health workshops held during working time 
and on Company premises, sports days and 
aid for physical activity.
• Activities and family support services: 
takeaway food service (dishes included on 
the menu of the canteen), days without 
school (activities with the children of 
employees during working time), urban 
summer camps.
• New drive for local work-life balance 
partners to study the needs of other work 
centres and collectives.
• Consolidation of the figure of the work-
life balance interlocutor supporting 
the interpretation of measures and 
facilitating solutions to personal 
circumstances. In 2015, 50% of 
consultations were resolved with 
solutions tailored to specific needs, 
beyond the provisions of the Collective 
Bargaining Agreement
Main objectives 2016
• Analysis of the implementation of certain 
measures to all work centres through local 
work-life balance partners, giving greater 
visibility to these figures.
• Development of actions within a school 
programme for parents.
• Inform all staff about the philosophy 
regarding the work-life balance, the 
management model and the concept of the 
EFR (Family Responsible Company) model 
via a training video.
FOR THE 
WORK-LIFE 
BALANCE 
CLIMATE
SURVEY 
EVALUATION
6.9
Compared 
to 2012
(+5pp)
RECOGNITIONS 
Renewal of the EFR 
(Family Responsible 
Company) certification 
as a Socially 
Responsible Company.
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETY
06. CREATION 
OF VALUE
07. 
EMPLOYEES

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Indicators
BREAKDOWN OF WORKFORCE BY  
TYPE OF EMPLOYMENT, CONTRACT, REGION AND GENDER Spain (1)
	
	
	
2013	
	
	
2014	
	
	
2015
	
Men	
Women	
Total 	
Men	
Women	
Total	
Men	
Women	
Total
Workforce	
1,286	
386	
1,672	
1,298	
384	
1,682	
1,305	
392	
1,697
Employees with permanent contract 	
1,285	
383	
1,669	
1,289	
383	
1,672	
1,304	
392	
1,696
Employees with temporary contract 	
1	
3	
3	
9	
1	
10	
1	
0	
1
Permanent contracts (%) 	
99.9	
99.2	
99.8	
99.3	
99.7	
99.4	
99.9	
100.0	
99.9
Part-time contracts (%) 	
0	
0	
0	
0	
0	
0	
0	
0	
0
Workers from temporary employment agencies 	
7	
6	
13	
6	
4	
10	
13	
15	
28
Interns	
55	
16	
71	
20	
35	
55	
30	
28	
58
(1) Data for Red Eléctrica de España + REC. Total workforce of the Red Eléctrica Group is 1,763 people. 
Note: Red Eléctrica has no self-employed workers that are legally recognised.
(G4-10)
Nº
EMPLOYEES 
COVERED BY THE COLLECTIVE BARGAINING AGREEMENT Spain (1)
	
2013	
2014	
2015
Employees included in the collective bargaining agreement 	
98.84	
98.99 	
98.79
Employees excluded from the collective bargaining agreement  (2)	
1.16	
1.01	
1.21
(1) Data for Red Eléctrica de España + REC.
(2) People voluntarily excluded from the collective bargaining agreement that are not part of the management team.
(G4-11)
%
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETY
06. CREATION 
OF VALUE
07. 
EMPLOYEES

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NEW RECRUITMENT BY   
AGE AND GENDER  Spain (1)
	
	
2013	
	
2014	
	
2015
	
Nº of new  	
Recruitment 	
Nº of new 	
Recruitment	
Nº of new 	
Recruitment
	
employee hires	
rate (%)	
employee hires 	
rate (%)	
employee hires 	
rate (%)
	
M	
W	
Total 	
M	
W	
M	
W	
Total 	
M	
W	
 M	
W	
Total 	
M	
W	
Under 25 	
1	
2	
3	
20	
100	
5	
0	
5	
62.5	
0.0	
0	
3	
3	
0	
100	
26 to 35 	
16	
9	
25	
4.4	
7.6	
12	
3	
15	
3.9	
3.0	
21	
6	
27	
8.9	
8.5	
36 to 45 	
6	
8	
14	
1.5	
5.4	
5	
4	
9	
1.1	
2.6	
11	
7	
18	
2.2	
4.0	
Over 45 	
0	
0	
0	
0.0	
0.0	
0	
1	
1	
0.0	
0.8	
1	
1	
2	
0.2	
0.7	
Total recruitment	
23	
19	
42	
1.8	
4.9	
22	
8	
30	
1.7	
2.1	
33	
17	
50	
2.5	
4.3	
(1) Data for Red Eléctrica de España + REC.
M = Men   W = Women
(G4-LA1)
TOTAL NUMBER OF EMPLOYEES   
BROKEN DOWN BY AGE GROUP, GENDER AND REGION Spain (1)
	
	
	
2013	
	
	
2014	
	
	
2015
	
Men	
Women	
Total 	
Men	
Women	
Total	
Men	
Women	
Total
Under 25 	
5	
2	
7	
8	
1	
9	
3	
3	
6
26 to 35 	
361	
119	
480	
311	
101	
412	
236	
71	
307
36 to 45 	
398	
147	
545	
439	
152	
591	
503	
177	
680
46 to 55 	
349	
98	
447	
339	
107	
446	
328	
108	
436
Over 55 	
173	
20	
193	
201	
23	
224	
235	
33	
268
Total	
1,286	
386	
1,672	
1,298	
384	
1,682	
1,305	
392	
1,697
(1) Data for Red Eléctrica de España + REC.
(G4-LA1)
Nº
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETY
06. CREATION 
OF VALUE
07. 
EMPLOYEES

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TURNOVER INDICATORS BY   
AGE AND GENDER  Spain (1)
	
	
2013	
	
2014	
	
2015
	
Number of people leaving	
Turnover rate  (%)	
Number of people leaving 	
Turnover rate (%)	
Number of people leaving 	
Turnover rate (%)
	
Men	
Women 	
Men	
Women	
Men	
Women 	
Men	
Women 	
Men	
Women 	
Men	
Women
Under 25 	
 0	
0	
0.0	
0.0	
0	
0	
0.0	
0.0	
0	
0	
0.0	
0.0
26 to 35 	
 3	
2	
0.8	
1.7	
0	
3	
0.0	
3.0	
1	
4	
0.0	
5.6
36 to 45 	
 1	
2	
0.3	
1.4	
1	
5	
0.2	
3.3	
8	
2	
1.6	
1.1
46 to 55 	
 2	
1	
0.6	
1.0	
2	
0	
0.6	
0.0	
4	
2	
1.2	
1.9
Over 55 	
 5	
0	
2.9	
0.0	
7	
2	
3.5	
8.7	
13	
1	
5.5	
3.0
Total turnover 	
11	
5	
0.9	
1.3	
10	
10	
0.8	
2.6	
26	
9	
2.0	
2.3
(1) Data regarding Red Eléctrica de España + REC.
Note: Average length of service of those leaving: 17.12 years.
(G4-LA1)
MATERNITY/PATERNITY   
LEAVE RATES (M/P)  Spain (1)
	
	
2013	
	
2014	
	
2015
	
Men	
Women	
Men	
Women	
Men	
Women
Employees with the right to M/P leave (nº) 	
79	
35	
76	
38	
80	
40
Employees who have taken M/P leave (nº) 	
79	
35	
76	
38	
80	
40
Reincorporations at the end of M/P leave (nº) (2)	
79	
31	
76	
33	
80	
36
Employees with M/P leave who remain 	
100	
99	
100	
95	
100	
90
on the workforce (%) (3)
(1) Data for Red Eléctrica de España + REC. 
(2) The difference between the number of reincorporations of women compared to those   
       who have enjoyed leave is due to 4 authorised leaves due to child care. 
(3) Employees who return to work after M/P leave and continued their work in the twelve 
months after their reincorporation. Data as at year end.
Note: In the columns with the heading 'women', takes into account people who have benefited from maternity leave (which includes men with that right). 
(G4-LA3)
Nº
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETY
06. CREATION 
OF VALUE
07. 
EMPLOYEES

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OCCUPATIONAL HEALTH   
AND SAFETY INDICATORS Spain (1)
	
	
	
2013	
	
	
2014	
	
	
2015
	
Men	
Women	
Total 	
Men	
Women	
Total	
Men	
Women	
Total
Average workforce 	
1,267	
386	
1,653	
1,291	
385	
1,676	
1,313	
391	
1,704
Hours worked (thousands)	
2,154	
656	
2,811	
2,182	
651	
2,832	
2,214	
659	
2,873
Accidents with sick leave (serious/minor) 	
0/7	
0/0	
0/7	
0/7	
0/1	
0/8	
0/8	
0/5	
0/13
Fatal accidents 	
0	
0	
0	
0	
0	
0	
0	
0	
0
Days lost due to accidents (2) (3)	
332	
0	
332	
348	
35	
393	
202	
146	
348
Accident frequency rate 	
3.24	
0.00	
2.49	
3.21	
1.54	
2.82	
3.61	
7.58	
4.52
Accident severity rate 	
0.15	
0.00	
0.12	
0.16	
0.05	
0.14	
0.09	
0.22	
0.12
Incidence rate 	
5.52	
0.00	
4.23	
5.42	
2.60	
4.77	
6.09	
12.79	
7.63
Absenteeism rate due to common illness  (4) (a)	
1.18	
0.98	
2.13	
1.61	
2.64	
1.84	
1.80	
3.19	
2.10
Absenteeism rate due to occupational diseases  (b) 	
 -	
 -	
 -	
 -	
 -	
 -	
1.89	
3.30	
2.20
(1) Data for Red Eléctrica de España + REC + REI + REINTEL + REINCAN.
(2) The calculation is based on 6,000 working days per fatal accident and 4,500 for total permanent incapacity. 
(3) In 2015, sick days are those associated to an accident that occurred during the period of the report. 
(4) The calculation formula was amended as of 2014. Therefore, the data for that year is not comparable with previous years.
Serious accident. Those classified as serious by each doctor that issued the sick leave certificate.
Frequency rate. The number of work-related accidents with leave of absence per million hours worked.
Accident severity rate. The number of work days lost due to work-related accidents + incapacity scale, per thousand hours worked.
Incidence rate. The number of accidents with sick leave x 1,000 / average workforce.
Absenteeism rate: (a) From 2014 the calculation formula is: days absent due to common TI (temporary incapacity) > 3 days + days absent TI <3 days / average headcount x 365 x 100    
and (b) From 2015 it also incorporates the total absence due to health and safety: days absent due to common TI > 3 days + days  absence TI <3 days + days absence  
for WA (Work accident) + EP (Permanent illness) / average headcount x 365 x 100. Absenteeism rates (both a and b), and accounted calendar days from the day that the contingency occurs.  
Also, lost days are counted during the reporting period (even though they may be associated with pre-2015 contingencies) and commuting accidents are taken into account. 
Note 1. Days off work due to accident TA (excluding commuting) men: 202 / women: 146 / Total 348.
Note 2. The accident severity rate data for the years 2013 and 2014 corresponding to men differ from those published in the Corporate Responsibility Report 2014,  
due to an error in the values published.
Note 3. The register and reporting of accidents is done based on Spanish law and as set out in the Red Eléctrica management system, certified according to OHSAS 18001.
(G4-LA6)
Nº
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETY
06. CREATION 
OF VALUE
07. 
EMPLOYEES

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TRAINING AND   
EDUCATION INDICATORS Spain (1)
	
2013	
2014	
2015
Training hours 	
100,997	
133,118	
170,436
Employee training hours 	
94,333	
124,158	
169,666
Training hours for interns (operation internship grant programme) 	
6,664	
8,960	
770
Hours per employee (2)	
57	
74	
100
Employees in training (%) (3)	
96	
102	
101
Hours given with own resources (internal and virtual) 	
24,682	
35,668	
40,464
Number of courses managed 	
696	
758	
934
Investment in training/total personnel costs (%) 	
4.3	
4.9	
5.0
Investment per employee (€) (4)	
3,153	
3,756	
3,984
Training during working hours (%)	
77	
68	
44
Hours dedicated to the management to reinforce leadership	
1,838	
924	
2,936
(1) Data for Red Eléctrica de España + REC + REI + REINTEL + REINCAN.
(2) Over the average workforce. 
(3) Employees who have attended a course/average workforce. A person who leaves the company and had attended 
a course throughout the year counts in the numerator, but not in the denominator.  
(4) External training cost + travel + hourly student cost + hourly teacher cost + management cost / Average workforce.
(G4-LA9)
Nº
AVERAGE HOURS OF TRAINING  
BY PROFESSIONAL GROUP AND GENDER Spain (1)
	
	
	
2013	
	
	
2014	
	
	
2015
	
Men	
Women	
Total 	
Men	
Women	
Total	
Men	
Women	
Total
Management team 	
50	
90	
54	
64	
77	
66	
112	
163	
123
G1 Master degrees	
46	
48	
44	
86	
93	
88	
148	
146	
149
G2 Bachelor degrees 	
65	
74	
62	
47	
74	
51	
86	
111	
91
G2 Control centre operators  	
121	
54	
106	
101	
77	
98	
105	
93	
105
G3 Specialists	
47	
22	
43	
38	
13	
38	
59	
44	
59
G4 Administrative personnel	
6	
32	
24	
13	
23	
20	
30	
54	
48
Total 	
64	
54	
57	
76	
73	
74	
86	
114	
100
(1) Data for Red Eléctrica de España + REC + REI + REINTEL + REINCAN. 
(G4-LA9)
Nº
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETY
06. CREATION 
OF VALUE
07. 
EMPLOYEES

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PERCENTAGE OF EMPLOYEES WHOSE PERFORMANCE    
AND PROFESSIONAL DEVELOPMENT IS APPRAISED PERIODICALLY Spain (1)
	
	
2013	
	
2014	
	
2015
	
Men	
Women	
Men	
Women	
Men	
Women
Employees with a performance appraisal 	
100	
100	
100	
100	
100	
100
(1) Data for Red Eléctrica de España + REC.  
(G4-LA11)
%
COMPOSITION OF  
THE CORPORATE GOVERNANCE BODIES BY AGE 
	
	
	
2015
	
Under 30	
30-50 	
Over 50
Board of Directors	
0	
41.7	
58.3
Audit Committee 	
0	
0	
100
Appointments and Remuneration Committee	
0	
75	
25
(G4-LA12)
%
COMPOSITION OF   
THE CORPORATE GOVERNANCE BODIES  
	
	
	
	
2013	
	
	
	
2014	
	
	
	
2015
	
M	
W	
Total 	
% W	
M	
W	
Total 	
% W	
M	
W	
Total 	
% W
Board of Directors	
7	
4	
11	
36.4	
6	
5	
11	
45.5	
7	
5	
12	
41.7
Audit Committee 	
1	
2	
3	
66.7	
2	
2	
4	
50.0	
4	
1	
5	
20.0
Appointments and Remuneration Committee (1)	
2	
1	
3	
33.3	
1	
3	
4	
75.0	
0	
4	
4	
100.0
(1) This committee had 4 members until 24 November 2015, and on that date it was increased to 5 members. However Mr. Francisco Ruiz Jiménez (nominee director)  
resigned from his position on that same day as well, which meant that at the end of 2015 there was a vacancy on this committee.
M = men  W = women
(G4-LA12)
Nº
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETY
06. CREATION 
OF VALUE
07. 
EMPLOYEES

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DISTRIBUTION OF WORKFORCE BY   
GENDER AND PROFESSIONAL GROUP Spain (1)
	
	
	
2013	
	
	
2014	
	
	
2015
	
Men	
Women	
% Women 	
Men	
Women	
% Women	
men	
Women	
% Women
Management team 	
94	
23	
19.7	
96	
23	
19.3	
95	
24	
20.2
G1 Master degrees	
326	
170	
34.3	
326	
170	
34.3	
333	
180	
35.2
G2 Bachelor degrees	
467	
90	
16.2	
471	
89	
15.9	
475	
86	
15.3
G3 Specialists	
369	
9	
2.4	
374	
10	
2.6	
371	
12	
3.1
G4 Administrative personnel 	
30	
94	
75.8	
31	
92	
74.8	
31	
90	
74.4
Total 	
1,286	
386	
23.1	
1,298	
384	
22.8	
1,305	
392	
22.8
(1) Data for Red Eléctrica de España + REC.
(G4-LA12)
BREAKDOWN OF THE WORKFORCE BY   
AGE AND PROFESSIONAL GROUP Spain (1)
	
	
	
2014	
	
	
2015
	
< 30 yrs	
30-50 yrs	
> 50 yrs 	
< 30 yrs	
30-50 yrs	
> 50 yrs
Management team	
0.0	
51.3	
48.7	
0.0	
50.4	
49.6
G1 Master degrees	
3.0	
75.6	
21.4	
2.7	
74.7	
22.6
G2 Bachelor degrees	
4.8	
76.8	
18.4	
5.0	
74.7	
20.3
G3 Specialists	
3.9	
66.1	
29.9	
3.1	
66.3	
30.5
G4 Administrative personnel 	
0.8	
55.3	
43.9	
0.0	
50.4	
49.6
(1) Data for Red Eléctrica de España + REC 
(G4-LA12)
Nº
%
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETY
06. CREATION 
OF VALUE
07. 
EMPLOYEES

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EMPLOYEES WITH THE POSSIBILITY OF  
RETIREMENT IN THE NEXT 5 YEARS Spain (1)
	
In the next 5 years 	
In the following 5 years	
	
2016-2020	
2021-2025
Management team 	
 1.5	
1.4
G1 Master degrees	
1.4	
2.6
G2 Bachelor degrees	
1.0	
1.7
G3 Specialists	
2.3	
2.6
G4 Administrative personnel 	
0.2	
1.9
Total	
6.5 	
10.2
(1) Data for Red Eléctrica de España + REC.
Note 1. Considering retirement age as a sole requirement and estimating this as 65 years of age.
Note 2. In the first period (2016-2020), employees considered are those whose age is equal to or greater than 65.
(EU15)
RATIO OF BASE  
SALARIES OF WOMEN TO MEN Spain (1)
	
2013	
2014	
2015
Management team	
1.03	
1.02	
1.01
G1 Master degrees	
1.11	
1.10	
1.11
G2 Bachelor degrees	
1.06	
1.05	
1.06
G3 Specialists	
0.97	
0.98	
1.03
G4 Administrative personnel	
1.00	
0.98	
1.01
Total	
1.03	
1.02	
1.02
(1) Data for Red Eléctrica de España + REC.
M = Men   W = women
(G4-LA13)
OCCUPATIONAL HEALTH 
AND SAFETY INDICATORS REE Contractors (1)
	
2013	
2014	
2015
Average workforce (1)	
3,527	
3,336	
2,950
Hours worked (thousands)	
6,059	
5,637	
4,986
Accidents with sick leave (serious/minor) 	
4/105	
4/88	
11/51
Fatal accidents 	
0	
0	
2
Days lost due to accidents (2)	
5,368	
3,437	
15,347
Accident frequency rate 	
17.99	
15.61	
12.84
Accident severity rate 	
0.89	
0.61	
3.08
Incidence rate	
30.9	
27.57	
21.69
(1) Based on hours worked, considering 1,690 hours per worker.  
(2) Calculation based on 6,000 working days per fatal accident and 4,500 for total permanent incapacity. 
Serious accident. Those classified as serious by each doctor that issued the sick leave certificate.
Frequency rate. The number of work-related accidents with leave of absence per million hours worked.
Accident severity rate. The number of work days lost due to work-related accidents + incapacity scale, per thousand hours worked.
Incidence rate. The number of accidents with sick leave x 1,000 / average workforce.
Note: regarding G4-10, no data is available broken down by type of work contract and regulatory regime.
(EU17, G4-10, G4-LA6)
%
%
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETY
06. CREATION 
OF VALUE
07. 
EMPLOYEES

SOCIETY
08
Connected to  
the progress  
and well-being  
of the 
communities 
in which our 
facilities are 
located
ree.es
Corporate Responsibility Report 2015
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
03. CORPORATE 
GOVERNANCE
01. THE COMPANY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETY

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Dialogue,  
collaboration  
and social 
commitment
CORNERSTONES OF OUR  
RELATIONSHIP WITH SOCIETY
INVESTMENT IN  
THE COMMUNITY
Social contribution aimed at improving 
the well-being and progress of the 
communities in which the Company’s 
facilities are located.
€6.6 million 
contributed to society
TAX  
CONTRIBUTION
Tax information transparency and contribution 
through the payment of taxes in the different 
countries in which the Red Eléctrica Group 
operates.
€638 million Total Tax Contribution 
COMMUNITY
TIES
Building and maintaining relationships based 
on trust and ongoing dialogue to facilitate the 
implementation of projects in the territory.
94% of agreements reached  
with landowners are amicable.
SOCIAL 
COMMITMENT
Undertaking projects and initiatives of a social, 
cultural, environmental, educational and 
corporate volunteering nature.
Over 200 projects geared towards  
social development
57
COLLABORATION WITH
LOCAL/REGIONAL 
ADMINISTRATIONS
COLLABORATION 
AGREEMENTS
With Autonomous Communities 
and Local Councils
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
08. SOCIETY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER

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Corporate Responsibility Report 2015
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
08. SOCIETY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
Our commitment  
to society
To achieve these objectives, the 
Company manages the transmission 
grid under the principles of neutrality 
and efficiency. It also manages 
grid access requests from the 
different agents that are involved 
in the electricity system under the 
same criteria, something that Red 
Eléctrica conceives as a process for 
the creation of shared value with 
society, which goes beyond the mere 
provision of a service. 
Respect for society, both 
environmental and social, is a 
basic principle of action for the 
Company and is present throughout 
the development process for new 
infrastructure. On the one hand, 
seeking solutions that generate the 
least environmental impact and, on 
the other, promoting the participation 
of society in the process through 
dialogue and ongoing collaboration. 
In this manner, the needs of society 
are resolved through dialogue and, at 
the same time, the facilities respond 
to the needs of the electricity 
system. 
Finally, Red Eléctrica accompanies 
its projects in the territory with 
collaboration programmes that 
reflect the Company’s social 
commitment and pursue the 
goal of contributing to the social 
development of the communities in 
which its facilities are located.
 
Red Eléctrica, as a key player in 
the Spanish electricity system, 
contributes to ensuring all citizens 
and companies have guaranteed 
access to an essential commodity, 
such as electricity. Guaranteeing the 
security of supply is our first and 
foremost social contribution. 
Additionally, the work that Red 
Eléctrica carries out, through 
its Control Centre of Renewable 
Energies (CECRE), allows the 
integration of renewable energies to 
be maximised. This in turn, makes 
it possible for the energy model to 
respond to society’s ongoing demand 
for it to be increasingly sustainable.
Red Eléctrica
SOCIAL 
CONTRIBUTION
Our first and 
foremost social 
contribution
THE POWER 
SUPPLY
  GUARAN-
TEEING
RECOGNITION 
The Dow Jones 
Sustainability Index 
(DJSI) awarded the 
Company a high 
score in the corporate 
citizenship and 
philanthropy criteria 
(96 out of 100).

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02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
08. SOCIETY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
Therefore, it has an organisational 
structure distributed nationwide 
in order to maintain institutional 
communication and collaboration 
with government administrations and 
also public and private institutions. 
This open and participatory strategy 
aims to establish relationships based 
on trust and collaboration that: 
• Integrate the presence of 
the Company in the social, 
environmental and institutional 
fabric of the territories where the 
projects are implemented, through 
collaboration agreements.
• Explain and disseminate the 
need for the projects and provide 
adequate response to the demand 
for information from communities 
where its facilities are located.
• Maintain informative transparency 
and facilitate the maximum amount 
of information to communities 
where its facilities are located.
TIES WITH THE  
COMMUNITY 
(G4-DMA, G4-SO1)
Red Eléctrica carries out a program 
of actions that promotes institutional 
and social relations, seeking 
collaboration agreements in a 
transparent manner, disseminating 
information on the functioning of 
the electricity system and driving 
participation in projects and 
initiatives that promote social  
well-being and progress in the 
territory.
The Company promotes and 
maintains an ongoing relationship 
with the local areas in which its 
facilities are located, not only during 
the process of construction of new 
facilities, but also throughout the 
entire life cycle of the facilities.
• Balance the general interests of the 
territorial scope with the needs of the 
project to obtain social acceptance.
• Promote the maximum institutional 
and social consensus in the 
implementation of investment 
projects.
As a result of this strategy, in  
2015 noteworthy was the signing  
of 57 agreements with Autonomous 
Communities and local councils 
for projects aimed mainly at 
socio-economic, environmental, 
educational and cultural development. 
Among these projects, noteworthy 
is the agreement signed with 20 
local councils for a specific social 
responsibility plan associated  
to the Mezquita-Morella and  
Mudéjar-Morella lines.
DEVELOPMENT
PROJECTS
COLLABORATION 
AGREEMENTS 
SIGNED 
With  
Autonomous 
Communities 
and local  
councils
57
Social Responsibility Plan associated to the  
Mezquita-Morella and the Mudéjar-Morella lines
In 2015, a Social Responsibility Plan 
was defined aimed at 20 local councils 
in the municipalities of Teruel and 
Castellón which will be crossed by the 
Mezquita-Morella and Mudéjar-Morella 
electricity lines. This programme 
encompasses a number of social, cultural 
and environmental initiatives aimed 
at creating value in each of the towns 
involved in the project through the 
implementation of specific plans.  
The agreement on the actions that  
make up the Plan was achieved  
through a process of joint assessment 
of proposals with each of the town 
councils, based on criteria for the 
creation of value for society, the 
environment and local heritage. The 
overall financial contribution amounted 
to 300,000 euros.

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02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
08. SOCIETY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
responsibility policy, which is 
carried out through defined actions 
in collaboration with different 
institutions and public and private 
entities to respond to the demands 
for collaboration put forth by 
stakeholders. 
In 2015, 6.6 million euros (1.21% of 
the net profit of REE) was contributed 
to the development or promotion 
of social initiatives. In 2014, the 
Company started to apply the LBG 
methodology to measure these 
outcomes and submits them to a 
data verification process, ensuring 
the correct application of the model.
 
In the case of local councils, and in 
relation to the construction of new 
infrastructure, the Company fosters 
close-knit ties with communities to 
report on the need for facilities and 
their role within the transmission 
grid, and to promote dialogue that 
facilitates the development of 
projects in a sustainable manner 
and with social acceptance. 
Thanks to this ongoing dialogue 
and the collaboration on projects 
for local development, the Company 
has managed to sign collaboration 
agreements with 56% of the local 
councils affected by the facilities 
brought into service in 2015. 
Furthermore, noteworthy is the fact 
that amicable agreements were 
reached with 94% of the landowners 
affected by projects whose 
permitting process was completed 
in 2015.
INVESTMENT IN   
THE COMMUNITY 
In the framework of the strategy 
of business development, Red 
Eléctrica provides and promotes 
social action as an essential 
element of its corporate 
75	
Monetary
16	
Time
1	
In-kind 
8	
Management costs
CONTRIBUtIoN 2015
TYPE OF  
CONTRIBUTION
%
8
75
16
1
0.4	
One-off  
	
contribution
59.1	
Social investment 
40.5	 Initiative aligned 
	
with the business
CONTRIBUtIoN 2015
REASONS
FOR ACTION
%
59.1
0.4
40.5
21.4	
Education
37.7	
Socio-economic 
	
development
17	
Environment
17	
Art and culture 
5.6	
Social well-being 
0.2	
Humanitarian aid 
0.9	
Other
CONTRIBUtIoN 2015
aREA of
ACTION
%
0.9
0.2
17
17
21.4
37.7
5.6
new  
INFRASTRUCTURE
CONSTRUCTION
AMICABLE 
AGREEMENTS
 With  
landowners 
%94
In 2015 
6.6 million euros 
were invested in the 
development and 
promotion of social 
initiatives.

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02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
08. SOCIETY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
A very important milestone of 
Red Eléctrica in 2015, was the 
commissioning of the electricity 
interconnection between Spain 
and France, a project that enabled 
the interconnection capacity to be 
doubled and promotes progress in 
the territories on both sides of the 
border. The project is a reference in 
technological development, which 
strengthens ties with France and 
represents a move towards the 
internal energy market.
SOCIAL  
COMMITMENT 
Red Eléctrica’s social programme 
includes actions mainly aimed at the 
socio-economic development of the 
territory; conservation, protection 
and enhancement of the natural 
heritage of the municipalities; and 
disseminating knowledge of the 
electricity system.
In the field of socio-economic 
development of the territory, 
in 2015, Red Eléctrica promoted and 
collaborated on over 200 initiatives, 
among which noteworthy are the 
projects for sustainable lighting, 
construction or improvement 
of municipal infrastructure, 
collaboration on projects of social 
relevance with an impact on tourism, 
enhancement of the cultural wealth 
of the territories and projects for the 
restoration of emblematic buildings, 
among others. 
In the ‘Sustainability’ section 
of the corporate website.
2015, International Year of Light
On occasion of the celebration of Red 
Eléctrica’s 30th anniversary and the 
proclamation by the UN of 2015 as the 
International Year of Light, the Company 
carried out a programme of activities 
with the objective of raising raise public 
awareness about the importance of light 
and its associated technologies for the 
development of life and the progress of 
society.
In 2015, and in collaboration with public 
and private institutions in the fields of 
education, science, culture and economy, 
Red Eléctrica organised, in different 
locations of Spain, 34 activities that 
responded to the Company's ongoing 
commitment to society to disseminate 
information about the functioning of the 
electricity system, its needs and challenges 
in order to develop a sustainable energy 
model.
Among the initiatives, noteworthy are the 
conferences that representatives of Red 
Eléctrica gave at congresses and seminars 
in universities, engineering schools and 
institutions related to the electricity sector, 
such as the European University of Madrid, 
the Menendez Pelayo University, the 
Polytechnic University of Valencia and the 
Spanish Association for Energy Economics. 
Informative seminars led by experts related 
to the sector were organised, such as the 
one held at the University of Santiago de 
Compostela on light-based technologies, 
or the Intelligent Energy Forum of the 
Chamber of Commerce of Seville.
Within the scope of education, the 
Company organised courses in order to train 
students of different levels on electricity 
infrastructure as well as showing the key 
concepts for a sustainable energy model. 
The Electric Power Campus for students of 
Castilla y Leon and workshops on light at 
the Science Museum of Castilla-La Mancha 
were highly successful according to the 
participants.
Similarly, in order to publicise the role of 
electricity in the future of the society, Red 
Eléctrica developed a programme of various 
exhibitions and workshops nationwide, 
such as Il.lumina't in Palma de Mallorca. It 
also collaborated on the Movilab initiative, 
a scientific laboratory on wheels, and 
participated in the project to improve 
facilities of the Electricity Theatre (Teatro 
de la Electricidad) at the Science Museum 
of Valencia.
As for the activities related to art and 
heritage, Red Eléctrica undertook several 
projects to improve lighting and the 
sustainable use of energy in buildings 
of high cultural and social value in some 
municipalities. 
The renewal of the lighting of the Santa 
Teresa Museum in Avila, and the church of 
Montemolín, Badajoz, plus efficient lighting 
projects in two schools in Madrid and 
one in Ezkio-Itsaso (Guipúzcoa) are some 
examples.
767,899 euros were invested 
in carrying out this project; a 
project on which Red Eléctrica 
collaborated with the Spanish 
Committee of the International 
Year of Light.

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02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
08. SOCIETY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
consumption, placing value on the 
activities of the company as TSO and 
key player of the electricity system, 
and raise public awareness about the 
need for an efficient and responsible 
energy consumption. And at the 
same time, the exhibition serves as 
a communication vehicle to enhance 
the understanding, by the public, 
of the need to develop electricity 
infrastructure, thereby facilitating its 
implementation in the territory.
In this regard, in 2014 the exhibition 
was chosen by the Directorate 
General for Energy of the European 
Commission as one of the five best 
practices of the European TSOs to 
facilitate social acceptance of projects. 
In the field of knowledge 
dissemination, Red Eléctrica, as the 
sole transmission agent and operator 
of the Spanish electricity system, 
plays an active role in publicising how 
the Spanish electricity system works 
as a whole, as we are aware that a 
more informed society is better able 
to develop and maintain a sustainable 
energy model that effectively meets 
the energy needs of citizens.
To disseminate this knowledge,  
the Company has the exhibition  
‘A highway behind the wall socket’ 
which aims to explain the electricity 
supply process, from generation to 
Red Eléctrica’s social programme 
promotes the conservation of 
natural heritage and the  
socio-economic development 
of the territory, as well as 
dissemination of knowledge 
regarding the electricity system.
More on the exhibition in the ‘ExpoREE’ 
section of the corporate website.
In 2015, Red Eléctrica collaborated with 
the Spanish Foundation for Science and 
Technology (FECYT), the Higher Council for 
Scientific Research (CSIC) and the Padrosa 
Foundation on the Movilab project, a mobile 
laboratory installed in the trailer of a truck 
which toured 13 Spanish cities to bring 
science and innovation closer to its citizens. 
The journey of this mobile laboratory began 
on 22 September in La Coruña and ended 
on 27 December at the National Museum of 
Natural Sciences in Madrid.
The objective of this laboratory was to 
present scientific concepts in an entertaining 
and rigorous manner, trying to arouse 
the curiosity of society for research. The 
workshops consisted of activities related to 
both light and its physical principles, as well 
as the transmission of electricity. 
During those three months, 9,756 people 
visited the Movilab truck. More than 7,200 
visitors were students of primary, middle, 
high school and vocational training, who 
came with their groups to review the basic 
concepts of light and electricity. In addition, 
other groups participated such as first year 
engineering university students, parent 
associations, teachers and professors, 
associations, foundations and other 
organisations.
 
Movilab, a scientific 
laboratory on wheels
Nearly 10,000 people visited the 
Movilab, of which over 7,200 were 
students. In total, the mobile 
laboratory hosted more than 500 
workshops aimed at audiences of  
all ages.
‘A HIGHWAY  
BEHIND THE  
WALL SOCKET’ 
EXHIBITION 
During 2015, the 
exhibition was on 
show at the Science 
and Technology 
Museum of Tarrasa, 
where it received 
42,000 visits. This 
exhibition, which 
started its journey in 
2010, has visited six 
other Spanish cities 
receiving more than 
320,000 visitors.

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02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
08. SOCIETY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
Between 2012 and 2015  
the Company has trained  
more than 2,200 members  
of the National Security Forces 
on safety and security issues 
regarding electricity facilities  
and fire prevention. 
prevention, by organising specific 
training sessions aimed at the 
members of the Civil Guard, 
National Police, the Military 
Emergency Unit, Civil protection 
and Local Police as well as for 
Fire Brigades. During 2015, 
training sessions were organised 
in 7 provinces of six Autonomous 
Communities with the participation 
of 657 attendees. In total more than 
2,200 people have been trained as 
part of this programme since it was 
launched in 2012. 
In relation to environmental actions, 
noteworthy is the 'Red Eléctrica 
Forest’ project, an initiative launched 
in 2009 which contributes to the 
fight against climate change through 
the planting of trees. In 2015, two 
new agreements were signed for the 
restoration of two degraded public 
highlands-forests in Zamora and La 
Coruña. In addition, the Company 
also collaborates with the Life+ 
Activa Natura project, supported by 
the European Commission, which 
seeks to improve knowledge and 
awareness in Spain regarding Red 
Natura (Nature Network), and it also 
cooperates in various birdlife recovery 
projects such as the reintroduction 
of the black vulture in Catalonia or 
recovery of the Lesser Grey Shrike in 
the region of Lleida.
Red Eléctrica also pays special 
attention to higher education 
and training in the area of energy 
and the environment. During 
2015, of note was the support 
for the training of 1,045 students 
in masters or specialisation 
courses of more than 35 schools 
and colleges through 53 visits to 
Company facilities. Also noteworthy 
are the 22 agreements signed 
with universities and educational 
institutions, and collaboration 
for the delivery of workshops 
and lectures at universities, in 
which Red Eléctrica participates 
in disseminating information on 
issues related to grid management 
and electricity systems. 
Additionally, during 2015, 97 
institutional visits were organised 
to the CECOEL and CECRE 
electricity control centres, and 55 
visits were arranged to different 
transmission grid facilities 
nationwide, bringing the total 
number of visitors to Company 
facilities and control centres to 
1,751.    
Red Eléctrica continues to 
contribute to the training of 
National Security Forces regarding 
matters of safety and security 
in electricity facilities and fire 
VISITS TO
INSTALLATIONS
2015
visits  
to facilities 
and control 
centres
1,751
THE ‘RED  
ELÉCTRICA FOREST’ 
A project launched in 2009 
that contributes to the fight 
against climate change 
through the planting of 
trees. In 2015, two new 
agreements were signed 
for the restoration of two 
degraded public highlands 
in Zamora and La Coruña.

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02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
08. SOCIETY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
then over 16 tonnes of foodstuffs 
have been delivered.   
• Solidarity concert in favour  
of Syrian refugees 
Charity concert to raise funds to 
help Syrians who are in refugee 
camps in Jordan. The funds 
collected amounted to 11,057 
euros and were delivered to Jordan 
Messengers of Peace, given that 
for two years Red Eléctrica has 
maintained a twinning programme 
with NEPCO, the Jordanian TSO. The 
concert was made possible thanks 
to the participation of employees, 
some of who performed with their 
music bands. 
• Participation in the 9th edition  
of the ‘Companies’ Solidarity  
Day’ (DSE)  
DSE is a day of corporate 
volunteering that connects 
businesses and their employees 
with different NGOs. Red Eléctrica 
volunteers helped by working in an 
ecological garden of the Juan XXIII 
Foundation, along with volunteers 
from other companies. 
• Solidarity auction in favour of  
the Apsuria Foundation 
Auction of gift items contributed 
by managers and employees of 
the Company and also of corporate 
gifts of the Company. In 2015,  
3,402 euros were raised and 
donated to support hydrotherapy 
treatments for people with 
intellectual disabilities in the 
Apsuria Foundation.
 
• 6th edition of the  
"Race for Hope" – FEDER 
Participation in this race organised 
by the Spanish Federation of Rare 
Diseases (FEDER) to mark World 
Rare Disease Day. 
• 10th Fair Trade Campaign 
Organisation of a fair trade market, 
with the collaboration of SETEM 
Madrid in order to contribute to the 
eradication of poverty in developing 
countries. A total of 3,240 euros in 
sales were raised, which translates 
into 450 hours of fair wages. 
• Reencounter with Maiti Nepal 
Extraordinary donation of 6,000 
euros to this NGO following the 
earthquakes that shook the country. 
Maiti Nepal has taken in and given 
shelter to over 200 children in its 
orphanage in 2015, owing to the 
worsening of the problem of human 
trafficking after the earthquakes.
CORPORATE  
VOLUNTEERING
'EnREDando', the corporate 
volunteering group of Red Eléctrica, 
was set up in 2005 with the aim of 
extending the social action of the 
Company through the promotion and 
strengthening of the collaboration of 
employees in solidarity activities that 
respond to social and environmental 
needs, problems and interests. 
Volunteers participating in the 
initiatives promoted by EnREDando 
have a common interest to improve 
the current situation and act 
by joining forces in increasingly 
ambitious projects.
During 2015, the main projects 
carried out by the corporate 
volunteering group were the  
following:
• Operation Kilo-Litre Campaign  
A total of 7,510 kilos and litres of 
foodstuffs were collected in the 
campaign and delivered to 28 
food banks and various Cáritas 
offices (Religious charity) located 
throughout Spain. This project for 
the ‘non-monetary collection’  
was launched in 2012 and since 
SOCIAL
ACTION 
2015
7,510
kg-L
DELIVERED
To food 
banks
EnREDando
Corporate volunteering 
group created in 
2005 with the aim of 
responding to social 
and environmental 
needs, problems and 
interests through 
the collaboration of 
employees in solidarity 
actions.

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02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
08. SOCIETY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
Participation in  
organisations and associations (G4-16)
challenges of the electricity 
system, corporate responsibility, 
social investment, innovation and 
technological development, and 
economic-financial management 
among other things. Included below 
are some of the most relevant.
Red Eléctrica is part of various 
organisations and entities both at 
an international and national level 
where it exchanges knowledge  
and experience regarding the 
INTERNATIONAL 
ORGANISATIONS 
ENTSO-E (European Network  
Of Transmission System Operators  
for Electricity)
The association of European TSOs continued 
during 2015 with the drafting of Network 
Codes/Guidelines, within this scope 
noteworthy is the coming into force of 
the 'Capacity Allocation and Congestion 
Management' guideline. The three 
network codes related to grid connections 
and what is known as 'Forward Capacity 
Allocation' have exceeded the comitology 
process and have passed the final stage 
of scrutiny by the European Parliament 
and Council. An important step as far as 
transparency is concerned as it represents 
the operationalisation of the ENTSO-E 
Transparency Platform; a platform with 
a wealth of information on European 
electricity markets.
Within the plan for trans-European energy 
infrastructure set out in the Ten Year 
Network Development Plan 2016 (TYNDP 
2016), ENTSO-E published six regional 
network development plans, the description 
of development of future scenarios and 
the list of projects that the European 
interconnected system will need in 2030.
One of the basic strategies of ENTSO-E 
in regard to the coordination between 
TSOs within the Regional Security 
Coordination Initiatives (RSCIs) was 
consolidated with the signing of a Multi-
Lateral Agreement (MLA) between the 
TSO members, whereby ensuring that 
RSICs will develop in a harmonised and 
interoperable way. Moreover, ENTSO-E, 
at its annual conference, presented the 
outlook documents aligned with the 
Energy Union regarding markets, system 
security, regions, and regulation as well as 
the publication of the foundations for the 
collaboration with electricity distributors.
CIGRE (International Council on  
Large Electric Systems)
Organisation which groups together 
electricity companies, manufacturers of 
capital equipment and goods, engineering 
companies and research centres from 
around the world with the aim of 
exchanging technical knowledge. Red 
Eléctrica holds the position of President and 
Secretary of the Spanish Committee, and 
is also a member in the following research 
committees: High Voltage Equipment, 
Overhead Power Lines, HVDC and Power 
Electronics, Development and Economics 
of Power Systems, System Operation and 
Control, and Information Systems and 
Telecommunications.
GO 15. Reliable And Sustainable  
Power Grids 
An international initiative which groups 
together the world’s 18 largest Power 
Grid Operators, representing together 
more than 70% of the world’s electricity 
demand. In 2015, California ISO became a 
member and a new committee dedicated to 
communication was created.
Med-TSO (Association of the TSOs  
of the Mediterranean basin)
This association of the TSOs of the 
Mediterranean basin (Med-TSO), of which 
Red Eléctrica is a founding partner, aims to 
coordinate development plans as well as the 
operation of electricity grids in the countries 
of the Mediterranean basin. The European 
Commission, on behalf of the Union, has 
granted a significant role to Med-TSO in 
its strategy aimed at the development of 
a Euro-Mediterranean Platform for the 
establishment of a regional electricity 
market, endorsed within the framework of 
the Union for the Mediterranean.
RGI (Renewable Grid Initiative)
Association between European TSOs and 
NGOs that promotes a network of efficient, 
sustainable, clean and socially acceptable 
European electricity infrastructure capable 
of integrating generation from decentralised 
renewable resources and on a large-scale.
EASE (European association  
for the storage of energy)
European association that promotes the 
deployment of energy storage as an essential 
tool to improve flexibility and provide 
services for the energy system with full 
respect to EU’s climate and energy policies.
In the ‘Associations’ section of the corporate website.

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02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
08. SOCIETY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
NATIONAL ENTITIES 
Real Instituto Elcano
Red Eléctrica is part of the Board of Trustees 
and Executive Committee of this entity 
whose main task is to conduct international 
and strategic studies looking at the world 
from a Spanish, European and global 
perspective.
Casa de América
Red Eléctrica collaborates with this entity on 
the execution of a variety of activities that 
contribute to closing the ties between Spain 
and the continent of America, especially with 
Latin America.
Fundación Seres
Red Eléctrica is part of the Board of Trustees 
of this foundation whose mission is to 
promote the commitment of companies to 
the development of society.
Fundación Lealtad
A pioneer non-profit organisation in Spain 
whose mission is to promote Spanish 
society’s confidence in NGOs. Red Eléctrica 
has been a member since 2012. 
Fundación de Energías Sin fronteras 
(Energy Without Borders Foundation)
Since 2012, Red Eléctrica has contributed 
resources to and participated in the 
sponsorship of this Spanish foundation, 
whose mission is to extend and facilitate 
access to energy and drinkable water 
services, in a continuous fashion, to those 
who still do not have them or who receive 
them in non-suitable conditions.
LBG
Since 2014, Red Eléctrica has been a member 
of the LBG España group, an organisation 
made up of companies committed to 
promoting social action in business, using an 
internationally accepted methodology for the 
comparative evaluation and measurement of 
commitment to society.  
Red Eléctrica collaborates  
with various organisations  
and entities nationwide,  
with the aim of 
promoting corporate  
social action. 
Fundación de Víctimas del Terrorismo 
(Victims of Terrorism Foundation)
Red Eléctrica has collaborated with this 
foundation since 2010 in programmes 
directed particularly to young people. 
sustainability,  
legislation, regulation 
and operational  
criteria of grids  
and electricity  
systems in the  
European arena 
OBJECTIVE
DEVELOP 
PROPOSALS ON
PARTICIPAtioN  
IN INTERNATIONAL
ORGANISATIONS

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Tax   
transparency
The tax strategy of Red Eléctrica 
Group, approved by the Board of 
Directors on June 30, 2015, is based 
on three core values: transparency, 
good governance and accountability.
TOTAL TAX  
CONTRIBUTION
€638m
OF VALUE 
GENERATED 
EARMARKED 
FOR TAX 
PAYMENTS 
43%
TAX CONTRIBUTION  
COMPARED TO REVENUE 
33%
OF THE 
TOTAL TAX 
CONTRIBUTION 
MADE IN SPAIN 
99%
TAX PAYMENTS IN THE 
2013-2015 PERIOD 
MORE THAN 
€1,865m
KEY DATA 
in 2015
Tax strategy  
of the  
Red Eléctrica 
Group  
approved by 
the Board of 
Directors.
Continuing with the good practice 
started in 2014, within the context 
of development of good practices 
in corporate social responsibility, 
and with the aim to voluntarily 
offer tax information to the 
different stakeholders, with greater 
transparency, the Red Eléctrica 
Group has calculated and published 
its Total Tax Contribution, in order 
to highlight the economic and social 
function derived from the Group’s 
tax payments.
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
08. SOCIETY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
The vision of  
the tax strategy: 
Manage the tax affairs in a manner that is 
proactive, responsible with all stakeholders 
and which is transparent, in order to 
comply with tax laws and minimise 
reputational risk, making it compatible 
with protecting the share price.

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TOTAL TAX  
CONTRIBUTION
To calculate its Total Tax 
Contribution, the Red Eléctrica 
Group has followed PwC’s Total Tax 
Contribution (TTC) methodology, 
whose characteristics are: 
• It measures the total impact 
derived from a company’s  
payment of tax. 
• It reflects the total amount of all 
the taxes input (which represents 
an effective cost for the company) 
and collected (which are paid by 
other taxpayers as a result of the 
economic activity generated), at any 
level of the Public Administration.
• It includes all the tax payments 
made to the Public Administrations. 
• It adapts to any tax regime in the 
world and it is simple to use, even 
for people with no knowledge of 
taxes.
INPUT TAXES  
 
Tax on profits, Corporate Income Tax (1)  
represents 82% of total input taxes 
that have been paid to the various tax 
authorities, mostly to the Spanish tax 
authority.
TAXES COLLECTED  
 
Of the total of taxes collected during  
2015, the taxes on products and services 
stand out, fundamentally the Value  
Added Tax (2) which accounts for 81% of 
the total.
TOTAL TAX CONTRIBUTION 2015
Red Eléctrica’s Total Tax Contribution  
during 2015 amounted to 638 million 
euros, 199 million euros corresponding  
to input tax and 439 million euros  
to taxes collected.
OF INPUT 
TAXES 
 
82
%
CORPORATE
INCOME TAX
%
(1) The Consolidated Annual 
Accounts provide detailed and 
specific information regarding 
the effective tax rate of 26.87%, 
accounting deductions, etc.
69     Tax collected: €439m
31     Input tax:  €199m
31
TOTAL   
TAX 
CONTRIBUTIONS
638
€
69
%
VALUE
ADDED TAX
%
OF TAXES   
COLLECTED
 
81
%
(2) Understood as those indirect 
taxes equivalent to Spanish 
IVA (VAT), which taxes 
consumption.
m
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
08. SOCIETY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER

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Geographic
distribution
1
99
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
08. SOCIETY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
The total tax contribution of 
the Red Eléctrica Group to the  
relevant tax authorities in all 
countries in which it operates 
amounted to 638 million euros,  
Spain being the jurisdiction  
with the greatest tax 
contribution (99%). 
99	
Spain
1	
Other
The revenue of the Red Eléctrica 
Group is principally in  
Spain (98%).
 TOTAL
Tax
CONTRIBUTION
%
	 	 	
Spain 	
Latin America 	
Other (EU)	
Total
Input tax	
196	
3	
-	
199
Tax collected	
433	
3	
3	
439
Tax contribution	
629	
6	
3	
638
TOTAL   
TAX CONTRIBUTIONS 2015  
€m

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Corporate Responsibility Report 2015
WEIGHT OF TAXES   
ON VALUE DISTRIBUTED
Applying the Total Tax Contribution 
(TTC) methodology, the value 
distributed by the Red Eléctrica 
Group in 2015 would total 1,473 
million euros, a figure which is 
composed of sum of the following 
elements: 
• After-tax profit or shareholder value 
(607 million euros).
• Wages and salaries after taxes 
collected (70 million euros).
• Net interest (158 million euros).
• Taxes (638 million euros): input  
(199 million euros) and collected 
(439 million euros).
TAX CONTRIBUTION  
AS A PERCENTAGE OF 
REVENUES 
The comparison of Total Tax 
Contribution to total revenues is  
an indicator that shows the amount 
of the contribution made by Red 
Eléctrica in relation to the size  
of its business. 
The ratio of Total Tax Contribution  
to total revenues is 33%, of which:
• 10% are input taxes.
• 23% are collected taxes.
Of every 100 euros in value 
generated by the Red 
Eléctrica Group in 2015, 43 euros 
went to tax payments.
The Total Tax Contribution 
compared to the revenue 
of the Red Eléctrica Group 
represented 33%.
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
08. SOCIETY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
41
41	
Shareholder
43	
Inland Revenue
	
Services
5	
Wages and salaries
11	
Net interests 
 VALUE
DISTRIBUTED
2015
43
5
11
%
10	
Input taxes
23	
Collected taxes
TAX  
CONTRIBUTION
COMPARED 
TO TOTAL  
REVENUE  
2015
%
33
10
23

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Policy, establishing the specific 
guidelines for action for the 
management of said risks. 
• The Company also has a specific 
Internal Control System for 
Financial Information (ICSFI), which 
includes tax data and processes, 
based on the COSO (Committee 
of Sponsoring Organizations 
of the Treadway Commission) 
methodology. These processes and 
systems are systematically subject 
to internal and external audits.
• The Board of Directors has 
approved (1) the commitment  
of the Red Eléctrica Group to 
undertake the Code of Good Tax 
Practices adopted by the State  
Tax Administration Authority  
under the Large Business Forum. 
Said undertaking took place in 
October 2015, and is aligned with 
the principles and guidelines for 
action on tax matters established  
in the tax strategy of the Group.
TAX  
RESPONSIBILITY
Regarding Red Eléctrica’s tax 
responsibility, noteworthy are the 
following aspects:
• Red Eléctrica is committed to 
complying with tax legislation and 
tax obligations in the countries  
in which it operates. 
• In the area of transfer pricing,  
Red Eléctrica operates on 
the principle of full competition. 
• Red Eléctrica's Code of Ethics 
and tax strategy sets out the 
commitment not to create 
companies to evade taxes in 
territories considered tax havens.
• Red Eléctrica has a Comprehensive 
Risk Management System that 
includes any relevant tax risks  
for the Company. In 2015, the  
Board of Directors approved (1)  
the aspects regarding the Control 
and Management Policy of Tax 
Risks of the Red Eléctrica Group 
and their integration into the 
Comprehensive Risk Management 
(1) Board of Directors session held on  
29 September 2015.
Control of Tax Risks.   
In 2015, the Board approved 
the aspects of the Control and 
Management Policy of Tax Risks  
of the Red Eléctrica Group and their 
integration into the Comprehensive 
Risk Management Policy.
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES
08. SOCIETY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
CODE OF GOOD 
TAX 
PRACTICES
ADOPTION
2015
Of the Code 
approved by 
the State Tax 
Administration 
Authority
BY RED 
ELÉCTRICA

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Corporate Responsibility Report 2015
DIALOGUE 
WITH 
STAKEHOLDERS
09
Connected to 
our stakeholders 
through 
transparent,  
fluid and 
close-knit 
dialogue 
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
10. THE 
ENVIRONMENT
ANNEXES
03. CORPORATE 
GOVERNANCE
01. THE COMPANY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS

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CORNERSTONES FOR ACHIEVING 
DIALOGUE WITH STAKEHOLDERS
SUPPLIERS
Sustainable supply chain management model: 
transparency in management, integration 
of corporate responsibility criteria in the 
procurement strategy, and its transference to 
suppliers.
98% of purchases from local suppliers
THE MEDIA 
Dissemination of activities, projects and 
initiatives undertaken by the Company, with 
particular emphasis on its commitment to 
sustainability.
79 press releases issued
SHAREHOLDERS 
AND INVESTORS
Transparent and fluid communication, 
facilitating relevant corporate information to 
meet the information needs demanded by 
these groups.
542 meetings with analysts and investors
CLIENTS AND  
MARKET AGENTS
Compliance with requirements regarding 
communication and publication of information, 
while guaranteeing transparency, integrity and 
disclosure timelines. 
Client satisfaction 8.3 out of 10
Transparent, fluid
and close-knit 
relationship 
2.4
CORPORATE
Website
MILLION
MORE THAN
VISITS
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETYD
09. DIALOGUE 
WITH 
STAKEHOLDERS

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Shareholders  
and investors
responding to our policy regarding 
communication and transparency.
In our effort to improve 
communication with shareholders 
and investors noteworthy is the 
role of the corporate website, which 
presents the information that most 
interests the investor world.  
The website includes socially 
responsible investor section, a 
specific section which aims to 
provide all the relevant information 
about the Company that allows the 
investor to gain an understanding 
of the ethical, social and 
environmental elements necessary 
when making investment decisions, 
said information is provided as a 
complement to traditional economic 
and financial criteria.
Within the scope of the Shareholders‘ 
Meeting, in line with previous years, 
and with the goal of increasing 
the chances of participation of 
shareholders at the Meeting, the 
Company broadcasted live, for yet 
another year, not only the Ordinary 
Shareholders’ Meeting but also the 
Extraordinary Shareholders’ Meeting 
held on the occasion of the process 
for the separation of the positions of 
the Chairman of the Board and the 
Chief Executive Officer (CEO) of the 
Company.
Furthermore, the Company has 
also continued to expand the 
functionalities of the system for 
voting on proposed resolutions by 
electronic means, as well as those 
of the electronic shareholder forum. 
Noteworthy in 2015 was the great 
effort made in communication 
in both events, and the high 
participation of shareholders in both 
Meetings.
Red Eléctrica maintains a solid 
commitment to dialogue with its 
stakeholders, facilitating them 
with the relevant corporate data 
to meet the information needs of 
shareholders and investors at each 
moment. This communication is 
transparent and fluid, which is key to 
achieving a trust relationship  
with them. 
In 2015, 542 meetings were held  
with investors: 510 for variable 
income, 11 for fixed income and 
21 for corporate governance. For 
yet another year, the Company has 
turned to major financial forums in 
the domestic markets of Europe, the 
United States and Australia, thus 
In the ‘Shareholders and Investors’ 
section of the corporate website.
510 - VARIABLE 
INCOME
21 – CORPORATE 
GOVERNANCE
MEETINGS WITH 
INVESTORS
2015
542
11 - Fixed 
income
Nº
MAIN 
INDICATORS
	
2011	
2012	
2013	
2014	
2015
Shareholders’ office (visits managed)    	
1,495	
1,259	
1,078	
1,105	
1,284
Shareholder electronic forum – via phone  
and email (consultations managed) 	
1,067	
1,031	
1,003	
1,008	
1,118
Meetings with analysts and  
institutional investors 	
346	
581	
712	
555	
542
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETYD
09. DIALOGUE 
WITH 
STAKEHOLDERS

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Clients, market agents  
and regulatory bodies
• Regulatory bodies (Ministry of 
Industry, Energy and Tourism; 
National Commission of Markets and 
Competition and the various public 
administration energy departments 
of the different Autonomous 
Communities). They are responsible 
for regulating the activity of Red 
Eléctrica, as well as assessing its 
management and establishing 
remuneration for their services.
• Participating agents in the 
wholesale electricity market. This 
group is composed of all market 
subjects (622 in December 
2015), which are the entities 
that participate in the organised 
markets, or execute bilateral 
contracts with the physical delivery 
of energy. (EU3)
• Operators of the interconnected 
electricity systems,  
electricity distribution companies, 
the market operator OMI-POLO 
ESPAÑOL, S.A. (OMIE), providers of 
system adjustment services and 
companies providing demand-
side interruptibility management 
services.
• Other groups, requesters of 
local operation and maintenance 
services and those requesting 
adaptations of or changes to the 
routes of high-voltage electricity 
lines.
PROFILE OF RED 
ELÉCTRICA’S CLIENTS
These are those organisations  or 
bodies with which Red Eléctrica 
establishes a relationship necessary 
for the supply of their services as 
transmission agent, manager of the 
transmission grid and operator of the 
Spanish electricity system and that 
can be grouped into the following 
broad categories:
On the e-sios website.
Red Eléctrica's success is  
based on the principles  
of neutrality, independence  
and economic efficiency that  
it applies to all its activities  
and functions.
REGISTERED IN 
THE ELECTRICITY 
SYSTEM 
MARKET
AGENTS
622
As at December 
2015
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETYD
09. DIALOGUE 
WITH 
STAKEHOLDERS

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recently adapted to conform to 
the Transparency Regulation (EU) 
543/2013 and Regulation (EU) 
1227/2011 on Wholesale Energy 
Market Integrity and Transparency 
(REMIT) as well as to Royal Decree 
413/2014 of 6 June regulating the 
activity of electricity production 
from renewable energy sources, 
cogeneration and waste approved by 
the Ministry of Energy’s Resolution 
of 18 December 2015.
Red Eléctrica, as System Operator 
has a website available to market 
agents http://sujetos.esios.ree.
es accessible through digital 
certificate, and another for society 
in general https://www.esios.ree.
es. Both channels, which undergo 
continual improvement, are key 
tools to ensure compliance with 
the legal requirements regarding 
communication and disclosure of 
information. Noteworthy is that in 
June 2015 a new version of the 
public e-sios website was launched 
to expand its content, improve the 
presentation of the information 
provided and facilitate access to 
society in general, by presenting the 
information in a clearer, simpler and 
more educational manner. In this 
way, the Company strengthens its 
leadership in and its commitment 
to transparency regarding the full 
implementation of the internal 
energy market, coinciding with 
the coming into operation of the 
ENTSO-E Transparency Platform.
TRANSPARENCY, 
NEUTRALITY AND 
INDEPENDENCE AS 
ELECTRICITY SYSTEM 
OPERATOR 
Red Eléctrica bases its success as 
manager of the Spanish electricity 
system on the principles of neutrality, 
independence and economic 
efficiency that it applies in all its 
processes and activities, especially 
in the service it provides to its clients 
and market agents. To this end, the 
Company has an Operation Code 
of Conduct to ensure transparency, 
confidentiality, ethics and objectivity 
in its role as operator of the 
electricity system. 
With respect to the information the 
Company must publish regarding 
the results of the system operation 
markets or processes; Red Eléctrica 
guarantees the confidentiality of 
the data provided by the market 
agents. The operating procedure 
No.9 (P.O.9) ‘Exchange of Information 
with the System Operator’, sets 
out the criteria for the aggregation 
and publishing of this information 
and the timeframes within which it 
should be made available to market 
agents and society in general. On 
request by the system operator, 
this operating procedure has been 
In 2015 a new version of the  
public e-sios website was  
launched to expand its content, 
improve the presentation of the 
information provided and provide 
access to society in general.
UPDATE  
OF THE
sios website
MARKET
SUBJECTS
PLATFORM FOR 
COMMUNICATION 
and publication 
of information 
for 
OPERATING  
PROCEDURE Nº 9 
Sets out the criteria 
for the publishing of 
information regarding 
the electricity markets 
or system operation 
processes and the 
timeframes within which it 
should be made available 
to market agents and 
society in general.
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETYD
09. DIALOGUE 
WITH 
STAKEHOLDERS

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In addition, the Company 
continues to participate, through 
ENTSO-E working groups, on the 
development and application 
of Commission Implementing 
Regulation (EU) 1348/2014 of the 
EC, of 17 December relating to the 
communication of data in virtue of 
article 8 (paragraphs 2 and 6) of 
Regulation (EU) 1227/2011 of the 
European Parliament on Wholesale 
Energy Market Integrity and 
Transparency (REMIT). Reporting 
obligations foreseen for System 
Operators (disaggregated data 
regarding explicit auctions and 
allocations of interconnections) 
shall apply as of 7 April 2016.
As of 2014, Red Eléctrica 
includes among its publications 
the information related to the 
Voluntary Price for the Small 
Consumer (PVPC), in compliance 
with the regulations of Royal Decree 
216/2014 of 28 March, which 
establishes the methodology for 
calculating the voluntary price for the 
small consumer of electricity and the 
legal framework for contracting it.
Every two months, Red Eléctrica 
organises the CTSOSEI, the 
committee which provides market 
subjects and regulatory bodies with 
information about the operation 
of the electricity systems of the 
Iberian Peninsula and information 
on the electricity system adjustment 
services markets in Spain and 
Portugal, and on the energy 
exchanges made through the 
interconnection between the two 
electricity systems. Additionally, 
the Company participates in, and 
leads in some cases, working 
groups that endeavour to increase 
communication and transparency, 
such as the Incident Analysis Group, 
GRAI, which analyses the most 
relevant incidents, their causes and 
necessary corrective actions of said 
incidents to ensure that they do not 
occur again.
Red Eléctrica also manages the 
regional information platform of 
the IESOE region, www.iesoe.eu, in 
which the operators of the French, 
Portuguese, Moroccan and Spanish 
electricity systems centrally publish 
data on the capacity and use of 
electricity interconnections that 
connect the Spanish peninsular 
electricity system with the 
electricity systems of these 
countries. 
Also, as of January 2015  
Red Eléctrica is sending to the 
ENTSO-E transparency platform,  
www.transparency.entsoe.eu 100% 
of the data required by Regulation 
(EU) 543/2013 of the EC for the 
presentation and publication 
of data on electricity markets 
(Transparency Regulation). In line 
with Article 5 of this Regulation, the 
procedure manual for the exchange 
of information via this platform is 
expected to be reviewed in 2016.
REGIONAL  
INFORMATION 
PLATFORM
IESOE.EU
PARTICIPATED IN
By the electricity 
operators of Spain, 
France, Portugal and 
Morocco
SINCE 2014 
the e-sios website 
publishes the 
information on the 
hourly prices of 
energy relative to  
the Voluntary Price  
for the Small 
Consumer (PVPC).
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETYD
09. DIALOGUE 
WITH 
STAKEHOLDERS

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MANAGEMENT OF  
INCIDENTS AND GRIEVANCES
Red Eléctrica manages grievances 
related to the services it offers 
and to the impact of its activities, 
according to clearly defined criteria, 
in order to assure that they are 
treated properly. The e-sios website 
for market agents contains a 
‘Grievances’ section, which allows 
online processing of grievances 
regarding the system adjustment 
services market and the international 
energy exchange schedule managed 
by the system operator. The website 
allows market agents to consult 
the status of their grievances and 
obtain historical information about 
them. Red Eléctrica also publishes, 
on this website, periodic reports on 
incidents identified, the handling 
of the grievances received and the 
resolutions taken.
Red Eléctrica also has, since 2008, 
a system for the analysis and 
revision of processes and results 
associated to the operation activity 
under the standard known as 
SSAE-16 (Standards for Attestation 
Engagements). This system is 
regularly submitted to rigorous 
external evaluation. In 2015, the 
evaluation corresponding to 2013 
was conducted.  
Red Eléctrica publishes on the 
e-sios website periodic reports 
on incidents, management 
of grievances received and 
resolutions taken.
MANAGEMENT OF 
GRIEVANCES
%
RESOLUTION OF 
GRIEVANCES
100
2010-2015
MAIN 
INDICATORS
	
2010	
2011	
2012	
2013	
2014	
2015
Number of estimated grievances related to the system adjustment services 
market and the international energy exchange schedule	
70	
6	
6	
3	
2	
3
Grievances per 1,000 GWh of energy managed  
in the system adjustment services markets	
2.52	
0.26	
0.31	
0.15	
0.09	
0.17
Percentage of grievances resolved (%)	
100	
100	
100	
100	
100	
100
(*) The number of estimated grievances fell significantly in 2011 due to the implementation of the e.sios system on 5 October 2010, of the automation of the mechanism for 
the reallocation, in real-time, of secondary control reserve (as contemplated in the existing operating procedure 7.2) 
(*)
Nº
THE SECTION 
‘Grievances’ of the 
e-sios website allows 
market agents to report 
complaints directly, 
monitor the status of 
their grievances and have 
access to the history of 
the same.
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETYD
09. DIALOGUE 
WITH 
STAKEHOLDERS

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Corporate Responsibility Report 2015
to confirm it has been received, 
as well as the understanding and 
appropriateness of the actions 
included in the Improvement Plan.
SATISFACTION SURVEY
Red Eléctrica carries out satisfaction 
surveys every two years, directed 
to its clients and market agents. 
The most recent one was done 
in 2014. The overall average 
evaluation obtained was 8.3 out of 
10. Based on these results and the 
analysis of the requirements and 
expectations collected, the 2015-
2016 Improvement Plan was drawn 
up containing different actions 
aimed at improving communication, 
transparency and the processes and 
services offered. The Improvement 
Plan and the final results are notified 
to clients and market agents that 
take part in the survey.
  
As a new development, in the 
last survey the monitoring of this 
notification was monitored in order 
SATISIFACTION INDICATORS 
CLIENTS AND MARKET AGENTS (0-10)
	
	
2006	
2008	
2010	
2012	
2014
Overall satisfaction level 	
7.8	
7.6	
8.0	
8.3	
8.3
Level of satisfaction of quality factors 	
7.4	
7.4	
7.6	
7.9	
8.0
Level of satisfaction of services provided 	
7.0	
7.2	
7.8	
7.9	
7.7
Customer attention	
7.8	
7.4	
7.5	
7.8	
7.7
Evaluation of improvement actions undertaken as 	
6.5	
6.8	
6.1	
7.2	
6.6
a result of the previous evaluation study	
Biennially, the Company 
conducts a client 
satisfaction survey.  
The 2014 survey reflected 
an overall average rating  
of 8.3 out of 10.
IMPROVEMENT
PLAN 
2015-2016
ACTIONS
GEARED TOWARDS 
PROMOTING
Communication, 
transparency and the 
processes and services 
offered
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETYD
09. DIALOGUE 
WITH 
STAKEHOLDERS

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Suppliers (G4-DMA, G4-EC9)
Red Eléctrica’s supplier management 
model seeks to minimise, throughout 
the supply chain, the business, 
technical, environmental, health 
and safety risks, in addition to those 
related to labour conditions and 
ethical behaviour. In 2015 a total of 
553.3 million euros in purchases of 
goods and services were managed 
through 1,012 suppliers. 98% of this 
amount was awarded to suppliers 
with head offices in Spain.
Description of 
THE SUPPLY CHAIN  
(G4-12) 
The supply chain is characterised by: 
• Centralised management.
• The existence of an independent 
unit for management of the 
stakeholder group of suppliers and 
associated processes.
• A supply chain with separated 
functions: 
- Whoever defines the need does 
not make the purchase,
- Whoever makes the purchases 
neither qualifies, nor certifies, 
nor pays, nor decides on the 
supplier, and
- Whoever certifies does not pay.
• Management of stock and 
outsourced distribution.
• Development of a specific 
communication channel for the 
supplier: ASA (Procurement Support 
and Helpdesk).
The Company has a sustainable 
management model for the supply 
chain which is governed, amongst 
other things, by the guidelines of 
the Procurement Policy and the 
relationship framework established 
in the Supplier Code of Conduct, 
which in 2015 did not register any 
infringement – as was the case in 
the previous year. 
Of the 553.3 million euros 
invested in the procurement 
of goods and services 
in 2015, 98% was awarded 
to suppliers with head 
offices in Spain.
ASA
channel
Procurement  
Support  
and Helpdesk 
SUPPLIER
SPECIFIC 
COMMUNICATION 
CHANNEL FOR 
THE
SUPPLIER  
MANAGEMENT
Red Eléctrica seeks  
to minimise risks related 
to business, technical, 
environmental and health 
and safety aspects in the 
supply chain.
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETYD
09. DIALOGUE 
WITH 
STAKEHOLDERS

153
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Separation of functions
• Existence of a specific department for Suppliers.
• Whoever defines the need does not make  
the purchase. 
• Whoever makes the purchases neither qualifies, 
nor certifies, nor pays, nor decides on the supplier.
• Whoever certifies does not pay.
Transparency
• Maximum communication with the supplier 
throughout the entire process. The supplier is 
"listened to".
• A supplier qualification process that is open and 
accessible on the corporate website.
• System-managed processes that are traceable,  
auditable and that are visible to top management.
Ethical management
• Processes defined under the principles of 
transparency, fairness and objectivity.
• Diverse communication channels that guarantee 
confidentiality: ASA (Procurement Support and 
Helpdesk), DÍGAME and the Ethics Manager .
Building relationships with suppliers and 
subcontractors
• Transference of technical and corporate 
responsibility requirements.
• Information campaigns for suppliers and 
participation with them in working groups.
• Acceptance of the Supplier Code of Conduct.
• Social audits.
• Specific development plans as a result of 
continuous monitoring.
• Medium-term and long-term purchasing strategy 
that gives visibility to the business of the 
suppliers.
Minimisation of risk
• Continuous verification of compliance with the business/technical/CSR requirements for 
qualification, selection, awarding, subcontracting, and continuous monitoring of performance.
• Continuous search for an optimum market of suppliers.
• Law 31/2007
• REE Code of Ethics
• Supplier Code  
of Conduct
• Procurement Policy
• CR Policy
• Regulation
• REE Strategic Plan
• Strategic Plan of 
the Procurement 
Department.
• Annual objectives and 
projects
• Our suppliers
• Evaluations/Audits
SUPPLY CHAIN MANAGEMENT MODEL
Separation of 
functions in the 
processes and 
transparency in 
management
Ethical 
management 
and building 
relations with 
suppliers and 
subcontractors
Minimisation 
of the risk 
associated 
with the 
procurement 
processes
FRAME-
WORK 
OF THE MODEL
PILLARS
LEVERS
FOR ONGOING  
IMPROVEMENT
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETYD
09. DIALOGUE 
WITH 
STAKEHOLDERS

154
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In 2015, of the 553.3 million euros 
in purchases managed, 79% were 
related to services and works, while 
the remaining 21% corresponded to 
material/equipment. The Company 
SUPPLY CHAIN
DEMAND
TEMPORAL AXIS
PLAYERS
MONITORING
PLANNING
PROCUREMENT DIVISION
DELIVERY
PURCHASE
Planning of 
requirements
L/T REE
Specific
requirements
Qualification 
request
UOS
PROV
Planning
M/T
(2/3 years)
Scheduling
(1 year)
Monitoring
Definition of
Strategy
Request for bids
Awarding of 
Purchase 
Order
Stock management
and distribution
(Warehouse
and transportation)
Qualification
Subcontracting
L/T
M/T
S/T
formalised orders with 1,012 
suppliers. To this figure should be 
added another 1,141 (subcontractors) 
that have performed work for the 
Company, bringing the total number 
of companies that have worked 
within the framework of contracts 
managed by the Company in 2015  
to 2,153.
SUPPLIERS 
HAVE WORKED
CONTRACTS
MANAGED
2,153
Within the 
framework of 
contracts 
managed by the 
Company in 2015
L/T = Long-term     M/T = Medium-term      S/T = Short-term
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETYD
09. DIALOGUE 
WITH 
STAKEHOLDERS

155
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Of note is the fact that the average 
time required for the managing of 
subcontracting requests was 2.1 
days, in line with previous years.
As for the geographical location 
of purchases, 96% of suppliers 
with purchases in 2015 have their 
head offices in Spain and 99% 
belong to countries of the European 
Union. In line with previous years, it 
continues to show a concentration 
of purchases to a reduced number of 
suppliers, whereby the 20 suppliers 
with a greater volume of purchases 
represented 51% of total purchases 
in 2015.
All the suppliers must accredit  
their business solvency and comply 
with the specific requirements 
associated to the provision of 
services, equipment or supplies – in 
addition to those associated to labour 
conditions, and ethical behaviour. 
Additionally, those suppliers of 
‘critical’ equipment/material, from the 
point of view of their impact on the 
business of the Company, must meet 
even more stringent requirements 
on environmental and occupational 
health and safety aspects. In 2015, 
the volume of purchases of these 
‘critical’ supplies represented 
74% of the total purchase and is 
concentrated on 349 suppliers.
Vendor/supplier requirements, 
regardless of the purchase order to 
be fulfilled, are initially verified (in 
the supplier qualification process) 
and then continuously monitored as 
part of the relationship between Red 
Eléctrica and the Supplier.
In 2015, noteworthy is the work 
carried out to drill-down into the 
impacts that supply/services 
contracted by the Company may 
have on matters regarding the 
environment, labour conditions, 
and ethical behaviour. As a result 
of this analysis a new corporate 
responsibility impact matrix has 
been obtained which has given 
way to an evolution in the list of 
requirements that can be demanded 
from our suppliers in aspects related 
to these impacts so as to try to 
minimise them.
In 2015 a new impact  
matrix has been obtained 
regarding Company supplies  
and their impact on  
corporate responsibility.
%
OF TOTAL 
PURCHASES 
CRITICAL
SUPPLIES
2015
74
Were  
concentrated  
on 349  
suppliers
Categories of impacts identified in the matrix (G4-EN33, G4-LA15, G4-HR11, G4-SO10) 
ETHICS AND LABOUR  
CONDITIONS IMPACTS 
• Corruption and bribery.
• Appropriation and misuse of information.
• Discrimination/inequality.
• Violation of the fundamental rights  
of workers.
• Lack of ethics in remuneration.
• Impact on the well-being of the 
community.
• Legislative/regulatory non-compliance 
related to social and labour matters.
OCCUPATIONAL HEALTH   
AND SAFETY IMPACTS
• Accidents in the workplace. 
• Occupational diseases.
• Inadequate training/experience/
information.
• Legislative/regulatory non-compliance 
related to occupational health and safety.
ENVIRONMENTAL IMPACTS
• Impact on biodiversity.
• Effect on the soil and water.
• Climate change and air quality.
• Generation of non-hazardous waste.
• Generation of hazardous waste.
• Legislative/regulatory non-compliance 
related to environmental matters.
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
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These requirements will begin to 
be implemented gradually, after  
a testing phase among our suppliers.
Noteworthy among the initiatives 
arising from the levers to improve 
our management model are the 
following:
• Optimising the supplier qualification 
process, providing it of greater 
transparency to the provider,  
and providing it from the start 
of the process, all requirements  
to be fulfilled throughout the same.
• Identification of improvements in 
the process of subcontracting, to 
be implemented in 2016; Business 
monitoring of subcontractors to 
minimise financial risks associated 
with the capacity to execute 
the contracted work; increased 
transparency in decision making.
QUALIFICATION 
of SUPPLIERS
(G4-DMA, G4-LA14, G4-EN32, 
G4-SO9, G4-HR10)
In the qualification process 
the pairing of provider-supply 
is evaluated, i.e., the supplier is 
qualified in relation to supplies 
offered to the Company, valuing 
all the economic and financial, 
technical and quality conditions and 
all aspects related to the field of 
corporate responsibility.
In 2015, the Company processed  
711 requests for qualification of 
supplies that have a significant 
impact upon the Company. These 
requests correspond to 385 suppliers 
(who opt to more than one supply 
per supplier). 
These requests affected supplies 
that require different verifications 
depending on the corporate 
responsibility risk identified 
The rating process assesses the 
supplier based on the supplies it offers 
the Company, valuing the economic, 
technical, quality and corporate 
responsibility aspects.
Requests 
managed 
QUALIFICATION of
SUPPLIES
711
Corresponding 
to 385 
suppliers
WEB
The qualification 
process is 
available in the 
‘Suppliers’ 
section of 
the corporate 
website. 
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETYD
09. DIALOGUE 
WITH 
STAKEHOLDERS

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(environmental, occupational 
health and safety prevention, labour 
conditions and ethical behaviour).
• 29% (corresponding to 134 
suppliers) of purchase orders 
required specific verifications 
regarding occupational health and 
safety prevention.
• 63% (corresponding to 255 
suppliers) of purchase orders 
required specific verifications 
regarding the environment.
• 100% of purchase orders were 
verified according to labour 
practices and Human Rights 
criteria.
EVALUATION AND  
SOCIAL AUDITS 
(G4-LA15, G4-EN33,
G4-SO10, G4-HR11)
During 2015, within the annual 
social audit programme of suppliers 
that provide goods with impact on 
corporate responsibility, 28 audits 
have been conducted focused 
primarily on the verification of labour 
conditions and ethical behaviour, and 
raising awareness and ownership 
among our suppliers of the corporate 
responsibility aspects valued and 
promoted by the Company.
These audits were complemented 
by another 26, conducted by 
Achilles on Red Eléctrica suppliers, 
in which, among other things, a 
documental verification was made 
of factors related to corporate social 
responsibility. 
In the audits in which aspects were 
uncovered that could be improved, 
actions were agreed with the supplier 
to correct or improve the aspects 
identified. In parallel, 100% of the 
orders are issued to the supplier 
together with the General Conditions 
of Contract and the supplier agrees 
to comply with the Supplier Code 
of Conduct; both documents are 
attached to the purchase order.
In 2015, there were 54 social 
audits of suppliers conducted 
in aspects of corporate 
responsibility.
%
ACCORDING  
TO LABOUR 
CONDITIONS 
CRITERIA
REQUESTS FOR 
QUALIFICATION
100
And regarding 
human rights 
matters
VERIFIED
IN 100%
of orders, the supplier 
accepts the general 
conditions of contract 
and compliance with 
the Code of Conduct 
for Suppliers.
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETYD
09. DIALOGUE 
WITH 
STAKEHOLDERS

158
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The Media 
development of interconnections 
will be a priority objective, along 
with the internationalisation, energy 
storage or the telecommunications 
business.
During 2015 Red Eléctrica remained 
committed to disseminating the 
activities carried out within the 
scope of sustainability. Of the 79 
press releases issued this year, 
38% focused on highlighting some 
of the sustainability projects carried 
out by the Company. The information 
disseminated on environmental, 
R&D+i as well as other initiatives 
related to human resources, 
corporate social responsibility and 
good governance has increased 
compared to previous years
2015 has been characterised 
by maintaining an information 
transparency model that seeks 
to disclose the activities of the 
Company both nationally and 
locally, with particular emphasis on 
the relationship with the media in 
the territory concerned. This year 
has also been characterised by the 
new challenges arising from the 
implementation of the Strategic 
Plan 2015-2020.
Activities linked to the expansion 
of the business base were 
the new protagonists of the 
information shared and published 
by Red Eléctrica. In addition, 
2015 was a key year for boosting 
international interconnections 
as the new interconnection with 
France via the eastern Pyrenees 
was inaugurated in February. 
The interest in this area is the 
prelude to a scenario in which the 
In the ‘Entrelíneas’ blog.
PRESS
RELEASES  
ISSUED  
IN 2015
PRESS
RELeASES
2015
79
Of these were  
focused on  
sustainability  
projects
(38%)
New ‘Entrelíneas’ blog
In July 2015, Red Eléctrica launched its 
Entrelíneas blog, a new information space 
created to be a useful tool to convey, in 
an educational and entertaining way, 
Red Eléctrica’s activity, paying particular 
attention to issues related to social 
commitment and innovation. 
Among its contents the following sections 
are noteworthy:
• ‘Latest news’, in which the latest 
developments and events of the Company 
are reviewed. 36 articles have been 
published in this section since the blog was 
launched.
• ‘Tribune’, where the management team 
share their views on relevant topics. 2 
articles were published in 2015.
• ‘Observatories’, which presents and 
analyses information on the reality 
of the current energy scenario as well 
as other areas: human resources, 
corporate responsibility, financial and 
environmental. 9 articles were published 
in this section in 2015.
• ‘Learn more’, which includes information, 
explained in a simple way, on various 
concepts related to the activity of the 
Company. 12 articles were published in 
2015.
• ‘Videos’, in which 5 audio-visuals were 
published about some of Red Eléctrica’s 
projects.
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETYD
09. DIALOGUE 
WITH 
STAKEHOLDERS

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• The celebration of the 30th 
anniversary of the Company 
and the commemoration of 
the International Year of Light. 
These events, which had a 
great informative presence, 
were accompanied by the 
organisation of various events and 
communication activities, as well 
as the publishing of press releases 
and other information.
• The approval of the Electricity 
Infrastructure Planning 2015-
2020, the disclosure of which 
acquired special relevance among 
regional media. 
In 2015, Red Eléctrica’s Press 
Office dealt with a total of 366 
consultations coming from the 
media.
Among the events which occurred 
in 2015, the following had a greater 
informative impact:
• The process for the separation 
of the positions of the Chairman 
and the Chief Executive Officer. 
The transparency with which the 
development of this important 
change in the organisational 
structure of the Company was 
disclosed, generated a great 
impact in the media..
The information transparency 
model applied by the company  
seeks to publicize its activities 
both nationally and locally,  
paying special attention to  
the relationship with the media  
in the territory. 
CONSULTATIONS
DEALT WITH 
BY THE PRESS 
OFFICE
THE
MEDIA
366
During 
2015
MAIN 
INDICATORS
	
2011	
2012	
2013	
2014	
2015
Press Releases	
56 	
    68 	
    86 	
    86	
    79
Press conferences and meetings	
     30 	
    21 	
    13 	
    14	
    23
Interviews and statements	
147 	
    67 	
    58 	
    63	
    69
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETYD
09. DIALOGUE 
WITH 
STAKEHOLDERS

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Corporate 
website
In addition to publishing a new  
daily balance report of net production 
with a different generation mix 
structure, a section has been set 
up where monthly, national and by 
Autonomous Community statistics 
data are published and which are 
available for download in different 
formats.
Another firm backing for informative 
content were the audio-visual 
products (videos, interactive apps, 
infographics, etc.) developed to 
communicate, among other things, 
the importance of international 
interconnections. In order to enhance 
this content a specific section 
'Videos' was created, as well as a  
new section 'ExpoREE' to 
disseminate the informative content.
In addition, the website has 
been revised to bring together 
all the requirements of the 
National Securities Commission 
(CNMV) regarding information for 
shareholders and investors and 
corporate governance. In 2015, the 
number of downloads of different 
documentation published on the 
website totalled nearly, 2,700,000. 
The corporate website had 2,428,000 
visits and 127 million page views.
The corporate website  
www.ree.es is an interactive and 
informative space, which helps to 
strengthen the Company's brand, 
enhance knowledge and awareness 
of its activities and facilitates direct 
contact with its stakeholders. The 
website was recognised in 2015, 
for the second year running, as the 
sixth best website of companies 
in the IBEX 35, according to the 
International Webranking of 
Comprend consulting. Noteworthy 
in 2015 is the commitment of the 
Company to publish statistical 
information regarding the Spanish 
electricity system.
For the second year running, Red Eléctrica’s 
corporate website has been recognised as the 
sixth best website of companies in the IBEX 35, 
according to Webranking.
CORPORATE
WEBSITE
DURING 2015 THE 
WEBSITE HAD
VISITS
MILLION
2.4
Million 
page views 
(127)
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
10. THE 
ENVIRONMENT
ANNEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
08. SOCIETYD
09. DIALOGUE 
WITH 
STAKEHOLDERS

01. THE  
COMPANY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
ANNEXES
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Corporate Responsibility Report 2015
10. THE  
ENVIRONMENT
Connected  
to the natural 
environment, 
biodiversity 
and the 
fight against 
climate 
change 
ENVIRONMENT
10

162
CORNERSTONES OF OUR 
ENVIRONMENTAL COMMITMENT
Maximum respect
and protection of 
the natural 
environment
BIODIVERSITY
Biodiversity conservation has always been an 
essential principle in our environmental policy 
and business strategy.
‘Mapping of bird flight paths’,  
EFQM’s best practices 
award-winning project 
CLIMATE 
CHANGE
Red Eléctrica contributes to the fight against 
climate change by providing solutions in the 
execution of its business activities, and through 
its commitment to the efficient use of energy.
40% of demand covered using  
renewable energy (average over  
the last three years)
ENVIRONMENTAL 
MANAGEMENT
Red Eléctrica undertakes all its activities 
following strict environmental criteria in 
accordance with the principles adopted in  
its environmental policy.
ISO 14001 Certification and EMAS Register
INTEGRATION
INTO THE ENVIRONMENT
We make our facilities compatible with the 
environment, through dialogue with stakeholders 
and the implementation of preventive and 
corrective measures to minimise potential 
impacts on the environment.
Environmental assessment  
of all projects
23
ENVIRONMENTAL
EXPENDITURE 
2015
MILLION 
EUROS
ree.es
Corporate Responsibility Report 2015
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
ANNEXES
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
10. THE  
ENVIRONMENT

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LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
ANNEXES
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
10. THE  
ENVIRONMENT
Our environmental 
commitment (G4-DMA)
model, thus acquiring a specific 
commitment to climate change and 
energy efficiency.
MANAGEMENT SYSTEM
In order to continuously improve 
its environmental performance 
and processes, Red Eléctrica has 
an environmental management 
system certified in accordance 
with ISO 14001 and which has 
been registered, since October 
2001, under the Community 
Eco-management and Audit 
Scheme (EMAS). An environmental 
programme is defined annually 
that sets out the various objectives 
derived from the strategies of the 
Company and that establishes the 
specific actions required for its 
fulfilment.  
organisational  
structure
Red Eléctrica's commitment to the 
environment, stems from senior 
management, who establish the 
environmental policy and implement 
the measures for compliance with 
environmental requirements, with 
the Chairman being the persons 
who assumes the maximum 
environmental responsibility. 
The involvement of all organisational 
units and the commitment of the 
entire workforce are fundamental 
in environmental management. To 
provide technical support, there is 
a specific environment department 
which has 35 experts located at the 
head offices and in the territories 
where the facilities are located.
Red Eléctrica undertakes all its 
activities taking into account 
environmental protection, in 
accordance with the principles 
set out in its environmental policy, 
among which are included the 
commitment to the prevention  
of pollution and the principle of 
caution. (G4-14)
The main environmental impacts 
of Red Eléctrica are those derived 
from the presence of facilities in 
the territory, therefore the Company 
works hard to make them compatible 
with the environment, considering 
their entire life cycle and paying 
particular attention to biodiversity 
conservation. 
In addition, Red Eléctrica is 
committed to a sustainable energy 
84
78
85
FULFILMENT OF 
THE ENVIRONMENTAL
PROGRAMME 
2015
2014
2013
%
ENVIRONMENTAL 
MANAGEMENT 
SYSTEM
REGISTERED
SINCE 2001
In the Community 
Eco-management 
and Audit 
Scheme (EMAS)
ALL 
ACTIVITIES 
of Red Eléctrica 
are carried out 
following strict 
environmental 
criteria in 
accordance with 
the principles 
undertaken in its 
environmental 
policy.

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LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
ANNEXES
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
10. THE  
ENVIRONMENT
SUPPLY CHAIN 
(G4-DMA, G4-EN33)
The environmental requirements  
regarding training and specifications 
for the execution of work, form part 
of the contractual documentation 
for those services where it has 
been identified as necessary. In 
the case of the activities with the 
greatest potential impact, such 
as construction, renovation of 
facilities and some maintenance 
activities, a part of the cost of the 
work is dependent on the result of 
the environmental certification of 
the work, which involves extensive 
monitoring of the established 
environmental requirements.
In addition, Red Eléctrica 
demands having an environmental 
management system documented 
or certified by a third party for those 
suppliers with greater environmental 
impact (service providers that can 
generate direct impacts on the 
environment and equipment suppliers 
whose production is intensive in the 
use of resources).
During 2015, work continued on 
improving the identification of 
environmental impacts associated 
with each of the contracted services 
and the definition of specific 
requirements that providers will be 
required to comply with depending 
on the type and relevance of said 
impacts (potential and real).  
During 2016, these requirements 
will be included in the supplier 
qualification process.
In addition, the Company has 
begun to assess the environmental 
performance of suppliers and 
whose result is taken into account 
in its overall assessment, but which 
may also be grounds for their 
disqualification.
Moreover, since 2011 Red Eléctrica 
has worked on calculating the  
water and carbon footprint of all  
its suppliers.
ENVIRONMENTAL 
EXPENDITURE
Red Eléctrica allocates important 
financial resources for environmental 
protection. In 2015, a total of 22.7 
million euros was earmarked for 
environmental management. Of this, 
3.9 million corresponded to activities 
associated with the implementation 
of new projects (investment): 
environmental impact studies, 
preventive and corrective measures, 
works supervision and environmental 
improvement measures. The 
remaining 18.8 million was allocated 
to environmental improvements 
associated with facilities in 
service, biodiversity protection and 
conservation projects, activities 
related to climate change and energy 
efficiency, communication, training, 
R&D+i projects and other expenses. 
During 2015, the identification 
of the environmental impacts 
of contracted services was 
improved, establishing  
the specific requirements that 
suppliers will be required to fulfil 
according to said impacts.
22.7
22.4
23.4
ENVIRONMENTAL
EXPENDITURE
€m
2015
2014
2013
ENVIRONMENTAL
PROTECTION
MILLION 
23
euros
In 2015
EXPENDITURE

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LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
ANNEXES
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
10. THE  
ENVIRONMENT
Integration of facilities 
into the environment (G4-DMA) 
In addition, Red Eléctrica establishes 
appropriate preventive and corrective 
measures before undertaking the 
various tasks (whether it be the 
construction of new facilities or the 
modification of existing facilities) 
to minimise, to the highest degree 
possible, the potential impacts  
that its activities may have on  
the territory.
The best tool to carry out this 
process is the Environmental Impact  
Assessment procedure, which by 
law the majority of Red Eléctrica’s 
projects are submitted to. 
However, when the law does not 
require a regulated procedure, 
the Company conducts an 
assessment of an environmental 
nature and establishes a 
voluntary communication with 
the competent authorities. 
In addition, environmental 
monitoring programmes ensure the 
implementation of measures agreed, 
the evaluation of their effectiveness 
and the definition of new measures  
if necessary.
Red eléctrica conducts a detailed 
study of the territory, and works 
in coordination with the public 
administration and key stakeholders 
in the definition of the siting 
(location) of substations and the 
routes the electricity lines will follow, 
as their adequate siting is crucial 
to reduce and even avoid undesired 
impacts on the environment and on 
the local communities.
The presence of  
electricity infrastructure 
in no case represent a 
significant alteration in  
the way of life of the 
communities affected. 
ENVIRONMENTAL
MONITORING 
PROGRAMME 
Preventive  
and corrective
Measures
Assessment  
of their  
effectiveness 
In 2015 
a project was launched 
for the environmental 
risk assessment 
and identification of 
environmental liabilities 
regarding substation 
facilities, with the aim 
of drafting a facilities 
risk map that enables 
the implementation of 
preventive resources  
to be prioritised.

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LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
ANNEXES
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
10. THE  
ENVIRONMENT
As a complement to this, Red 
Eléctrica conducts periodic reviews 
of its in-service facilities, to verify 
compliance with environmental 
standards and identify possible 
improvement actions. In this regard, 
in 2015, a specific project was 
launched called the Environmental 
Risk Assessment and identification 
of environmental liabilities regarding 
substation facilities project, which 
aims to develop a homogeneous map 
of risks of the facilities that allows 
the implementation of preventive 
resources to be prioritised. Among 
the aspects valued, in addition to the 
potential risk of having an impact on 
the soil and water associated with 
the various elements of substations, 
is the taking into account of 
DEVELOPMENT AND IMPLEMENTATION   
PHASES OF TRANSMISSION GRID INFRASTRUCTURE (G4-SO1)
Transmission  
Grid Planning 
(Drawn up by 
MINETUR)
Infrastructure 
Proposal 
(Drawn up by REE)
Project  
Design 
(New facilities and 
modifications)
Construction  
or Modification  
of Facilities
Maintenance
Environmental 
Feasibility Study:
• Analysis of all 
proposals from an 
environmental point 
of view.
• Only includes 
environmentally 
feasible projects.
Prior dialogue with 
stakeholders before  
defining the project 
(Autonomous Communities, 
local councils and NGOs). 
Environmental Impact 
Assessment.
1  Prior consultation with SGs.
2  Defining the alternative of 
least impact.
3  Public information and 
submission of comments/
arguments from SGs.
4  Proposal for preventive  
and corrective measures.
5  Publication of results. 
Environmental authorisation.
Strategic 
environmental 
assessment of plans 
and programmes.
Public participation  
of stakeholders groups 
(SGs) through the 
submission of comments 
or arguments.
Environmental 
monitoring (monitoring  
of preventive and corrective 
measures).
Monitoring the 
work of contractors  
regarding compliance 
with environmental 
requirements.
Environmental 
certification of works  
taking into account 
compliance with 
environmental 
requirements.
Environmental  
monitoring programmes  
in the early years of service 
of a facility.
Periodic reviews of 
facilities to verify  
compliance with standards 
and identify improvement 
actions.
Application of 
environmental 
improvement actions.
the risks linked to traditional 
activities in the area and which are 
adjacent to the facilities, as well 
as the environmental value of the 
environment and its vulnerability.

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LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
ANNEXES
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
10. THE  
ENVIRONMENT
lines is subject to a right of way 
easement during the useful life of 
the infrastructure. Farming and 
agricultural activities are compatible 
with the lines, allowing all kinds of 
agricultural crops to be grown under 
them and the free movement of the 
machinery necessary for  
its management.  
The social aspects are integrated 
into the environmental impact study 
carried out in the design phase of the 
facilities and the main conditioning 
factors to consider are: 
• Use of land not compatible with  
the facilities.
• Tourist, cultural and landscape 
resources. 
• Areas of high agricultural yields  
and agroforestry.
In addition to carefully defining the 
locations, preventive and corrective 
measures that ensure the impacts 
on the land and the activities 
carried out on the land are kept 
to a minimum. These measures 
are similar to those used for the 
protection of habitats and vegetation. 
Noteworthy amongst these are the 
location of towers and adequate work 
techniques to minimise impacts on 
crops and carrying out restoration 
work on the land and the elements 
affected by the works (paths, walls 
etc.). Sometimes improvement 
measures requested by the affected 
parties are added, which often 
involve the opening of forest tracks 
and paths and the making good of 
access routes.
FACILITIES AND 
BIODIVERSITY
One of the relevant aspects 
regarding the integration of facilities 
into the environment is related to 
biodiversity. Hence Red Eléctrica, in 
addition to minimising the impacts 
derived from its actions, has 
undertaken a special commitment to 
biodiversity conservation. Because 
of its importance, the strategy and 
the many actions undertaken by the 
Company in this area are dealt  
with in detail within this chapter  
of the report.
MINIMISATION OF IMPACTS 
ON THE SOCIO-ECONOMIC 
ENVIRONMENT 
(G4-SO2)
The presence of electricity 
infrastructure in no case represents 
a significant alteration in the way of 
life of the communities affected. In 
the case of electricity substations, 
these produce a total and irreversible 
occupation of land as it is not 
possible to make their presence 
compatible with other land uses, 
and the construction of a line, the 
land use is limited to the feet of 
the towers and the newly created 
accesses to the infrastructure. The 
land surface with overhead electricity 
Red Eléctrica has defined, in 
accordance with the criteria of the  
European Landscape Convention, 
13 designs of buildings depending 
on the environment in which the 
facility is located.
ELECTRICAL 
Lines
FARMING 
ACTIVITIES
CROPS
AGRICULTURE
MOVEMENT OF 
MACHINERY
Compatible 
with
RED ELÉCTRICA 
implements preventive 
and corrective measures 
to minimise the effects 
on the lands where 
facilities are located. 
These measures include 
the definition of the 
design of the towers and 
techniques that minimise 
the impact on crops or 
land restoration.

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LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
ANNEXES
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
10. THE  
ENVIRONMENT
LANDSCAPE  
INTEGRATION OF THE 
INFRAESTRUCTURES
One of the main challenges of 
integrating electricity transmission 
facilities into the environment is its 
landscape integration. Red Eléctrica 
works to improve assessment 
tools regarding the visual impact of 
facilities and thus define the best 
options for the route to be taken, the 
distribution and height of the towers. 
In this regard, the Company develops 
various projects that aim to advance 
regarding the knowledge and visual 
impact assessment that will enable 
improvements to be made in the 
decision making process:
• Landscape assessment system 
for Red Eléctrica facilities. Using 
georeferenced information of 
the various elements related to 
the landscape as a starting point 
(points of interest, observation 
points, viewsheds etc.), its goal 
is to identify sensitive sections in 
the transmission grid. In 2015, a 
pilot project was carried out for the 
province of Leon and its application 
to the entire transmission grid is 
foreseen (100% of the facilities)  
by the end of 2018.
• Analysis methodology of  
electricity line visibility. This is  
a cutting-edge analysis model,  
that takes into account aspects 
that had not been considered so  
far in the drafting of visibility maps:  
the shielding of vegetation, height 
of the observer, part of the tower 
seen and distances at which the 
tower is seen. The analysis can  
be performed automatically  
through the use of geographic 
information tools (GEORED 
corporate system). 
Among the preventive and 
improvement measures undertaken 
in 2015, noteworthy is the 
completion of the hoisting and 
hanging work by helicopter of the 
400 kV Boimente-Pesoz line, the 
stoppage of work on the Majorca-
Ibiza interconnection between April 
and October to avoid impacts on 
the fishing and tourism industries, 
the recovery of 24 km of forest trails 
between the towns of Gueñes and 
Galdames and the opening of a new 
forest trail to join two valleys in the 
municipality of Alcorisa.
In regard to substations worth 
noting was the work carried out by 
Red Eléctrica to reduce noise levels 
produced by different elements 
that may cause inconvenience 
to neighbouring properties. In 
this line of work and to improve 
understanding of the nature of the 
noise generated, the ACURED R&D+i 
project was launched. Increased 
knowledge will allow the assessment 
of different technical solutions to 
reduce noise and promote  
its application in existing and  
future facilities.
LANDSCAPE  
SYSTEM 
EVALUATION
Sensitive  
sections
Identification 
of the 
IN THE  
TRANSMISSION GRID
Will be applied 
to 100%  
of facilities 
2015-2018
Main landscape integration measures  
• Restoration of areas affected by 
construction or maintenance work: 
addition of topsoil, adaptation of 
slopes and work sites and  
the undertaking of sowing and 
planting activities.
• Creation of plant barriers and  
gardens in substations. In 2015,  
these actions were carried out in  
four substations.
• Landscape integration of substation 
buildings. According to the criteria of 
the European Landscape Convention, 
Red Eléctrica has defined, thirteen 
different designs of substation building 
depending on the environment in which 
the facility is located.

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LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
ANNEXES
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
10. THE  
ENVIRONMENT
to be completed in 2016. The project 
is progressing successfully through 
close cooperation with the competent 
authorities. Additionally, through this 
collaboration, other areas of joint work 
on the protection of cultural heritage 
are being identified.
Moreover, before carrying out any 
earthworks, an archaeological survey 
is conducted whose intensity and 
scope are based on the likelihood of 
material of interest being present in 
the area. According to the results, the 
need for the continued presence of 
an archaeologist during the works is 
determined. In 2015, archaeological 
supervision was carried out on the 
construction of 22 lines and  
4 substations with the permanent 
PROTECTION OF 
ARCHAEOLOGICAL AND 
ETHNOLOGICAL HERITAGE  
The protection of archaeological and 
ethnological heritage is an important 
factor in the design and construction 
of facilities. In 2014, work began on 
the ‘Arqueored project’, which aims to 
provide digital mapping of catalogued 
heritage for its consultation prior to 
the planning of works. In this way, 
potential impacts can be avoided 
and the necessary measures, where 
appropriate, can be provided in 
advance. Red Eléctrica has information 
from eight autonomous communities, 
having completed 50% of the work, 
and whose cataloguing is foreseen 
Projects for the  
conservation of  
cultural heritage  
2015 
Excavation of the archaeological site  
of Peña Helada 1. Excavation of an area  
of 100 m2. The element concerned is 
a mountain forge with a copper age 
metallurgy workshop for the production of 
iron using pre-hydraulic methods, located 
in the mountains of the municipality of 
Galdames (Vizcaya). This item is catalogued 
in the General Inventory of Heritage of 
the Basque Government and seemed to 
be in good condition. The works were 
performed under the direction of a team of 
archaeologists from the Mining museum in 
the Basque Country and with the knowledge 
of the Provincial Council of Biscay, owner  
of the property.
Archaeological assessment of the 
Eskatxabel I megalithic monument. 
Assessment of the monument excavated 
in 1963, which falls between the fifth and 
fourth millennium BC. After the assessment 
of its conservation status, the excavation 
trench was reintegrated, and protection and 
enhancement measures were applied.
Restoration of the fountains of El 
Escobal, Los Llanos and El Suto in the 
neighbourhood of Riaño, Solórzano. The 
fountains, historically used by the residents 
of the area, were covered with vegetation. 
Work began on their cleaning, improving 
elements of the works, adapting roads, 
fencing and the placement of informative 
signage. Prior to the works, toad and 
salamander tadpoles were collected for  
their later release.
ARQUEORED 
PROJECT
Digital mapping  
of archaeological 
heritage
Currently with  
data from 
AUTONOMOUS 
COMMUNITIES
8
In the 'Map of projects' subsection of the 
'Sustainability' section of the corporate website. 
HERITAGE 
CONSERVATION
Excavation of an 
area of 100 m2
Peña 
Helada 1
Archaeological 
site 
ARCHAEOLOGICAL  
SURVEY 
Conducted before 
starting any construction 
work for facilities. In 
2015, this was applied in 
the case of 22 lines and 
4 substations, with the 
permanent presence of 
an archaeologist in 64% 
of the lines and in all of 
the substations.

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LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
ANNEXES
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
10. THE  
ENVIRONMENT
• Increasing the height of towers, 
thus increasing the safety 
distances.
• Establishing the minimum distance 
of electricity lines from population 
centres and isolated houses.
In order to verify compliance with the 
recommendation, Red Eléctrica has 
a tool that, as of certain parameters 
of the lines, accurately calculates 
maximum EMF levels that said 
facilities can generate. This action 
is carried out when requested by 
interested parties. In 2015, this has 
been applied to 4 lines. In the event 
of not having these parameters, in 
situ measurements are necessary. 
This is the case of some facilities 
acquired by the Company in 2010  
in the island systems, for which  
an action plan was established  
that started in 2015 and will end  
in 2016.
The main parameters influencing 
the field values that an electricity 
line can generate are the intensity 
(magnetic field) and the voltage 
(electric field) in addition to the 
distance that the receiver is from  
presence of an archaeologist in 64% 
of lines and substations. In addition, 
to preventing impacts on the 
heritage associated with their works, 
Red Eléctrica actively collaborates 
with the public administration on the 
conservation of cultural heritage. 
ELECTRIC AND  
MAGNETIC FIELDS 
(G4-DMA, G4-PR1)
Thanks to the criteria applied in 
the design of facilities, the levels of 
electric and magnetic fields (EMFs) 
stay below those recommended by 
the Council of the European Union 
(The Official Journal of the European 
Communities 1999/519/EC: exposure 
limit values for the general public in 
sites where they may remain for a 
period of time at 5kV/m for electric 
fields and 100μT for magnetic fields). 
The most important measures are 
the following:  
• Construction of double circuits and 
transposition of phases in lines.
Red Eléctrica is developing  
a plan for the measurement  
of electric and magnetic  
fields, which will end in  
2016, specific to facilities  
in island systems. 
EMFs 
Red Eléctrica  
remains abreast 
of all the new 
developments in this 
area, participates 
in various working 
groups and actively 
supports scientific 
research projects  
on this topic.
EMF
LEVELS  
2015
Are kept below 
Compliance is 
verified through 
the use of a specific 
measurement tool
EUROPEAN
recommendations

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LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
ANNEXES
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
10. THE  
ENVIRONMENT
with the regulation for 97% of its 
facilities.  (G4-PR1)
Red Eléctrica, on an exceptional 
basis, performs some  
measurements at the request 
of interested parties. In 2015, 
measurements were taken in four 
lines, with results being below 
those values recommended by the 
European Union in all cases. During 
2015, there was no incident resulting 
from non-compliance with the 
regulation in this area (G4-PR2)
Moreover, Red Eléctrica considers 
it of utmost importance to remain 
abreast of all news generated  
on the topic, as well as to participate 
in various working groups and 
actively support research projects  
in this matter. Therefore, the 
Company has signed up to an 
international information service 
(ELF Gateway, which reports almost 
daily via email to its customers  
all the news appearing in the  
world) and maintains contact 
with different organisations and 
associations.
In order to reflect the advances in 
the scientific community and the 
recent declarations of international 
organisations, Red Eléctrica has 
worked with UNESA in updating the 
publication 'Electric and magnetic 
fields of 50 HZ. Analysis of the 
current state of knowledge'. 
the same and other factors that have 
an influence, although which are not 
as decisive.
In the definition of the plan, 
measurements were deemed 
appropriate for each type of line 
configuration (defined by their 
voltage characteristics, geometry 
and number of circuits) in places with 
nearby buildings. In this way, this has 
resulted in a total of 19 measuring 
points in the Balearic Islands and 
25 in the Canary Islands, with 30% 
having already been completed, 
all values are consistent with the 
recommendation.
Therefore, at this time it can be 
considered that Red Eléctrica has 
evaluated and validated compliance 
In the 'Environment' subsection of the 'Sustainability' section of the corporate website. 
During 2015, there were no 
incidents recorded resulting 
from non-compliance with the 
regulation regarding electric  
and magnetic fields in Red 
Eléctrica facilities.
COMPLIANCE WITH
LEGISLATION
%
Of the  
facilities  
validated
97
Regarding  
EMF levels

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LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
ANNEXES
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
10. THE  
ENVIRONMENT
In the 'Environment' subsection of the 
'Sustainability' section of the corporate website.
Biodiversity (G4-DMA) 
Red Eléctrica is part of the Spanish 
Business and Biodiversity  
Initiative (IEBB) promoted by the 
Ministry of Agriculture, Food and 
Environment.
The commitment of Red Eléctrica to 
biodiversity has always been a key 
principle of its environmental policy 
and specifically it becomes evident in  
its biodiversity strategy and in a 
specific action plan that covers all 
the Company’s activities.
CORNERSONES 
OF THE 
BIODIVERSITY  
STRATEGY
Integrate 
conservation  
and the  
sustainable use of 
biodiversity in the 
development of the 
transmission grid.  
Establish 
mechanisms 
to ensure the 
protection and 
conservation of 
environmental values 
in the activities 
carried out by the 
Company, especially 
in sensitive natural 
environments. 
Contribute  
and promote  
the development  
of applied research 
projects aimed 
at blending the 
transmission 
grid into the 
environment.
Promote a 
communication 
and collaboration 
framework  
with stakeholders, 
increasing the 
visibility of 
the Company's 
commitment 
to biodiversity 
conservation. 
RECOGNISED
PROJECTS
Good Practice Competition (EFQM).
The 'Mapping of bird flight paths’ 
project has been recognised as a 
highly distinguished project in the 
good practices competition of  
the EFQM (European Foundation for 
Quality Management).
Good Practice of the Year Award 
(Renewables Grid Initiative). The 
'Mapping of bird flight paths’ project 
recognised by the jury among the best 
cases in 2015 in the category  
of environmental protection.

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LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
ANNEXES
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
10. THE  
ENVIRONMENT
The ‘REE Forest’ is a  
reforestation project for 
degraded areas with 11 
agreements signed until 
2015 and the target of one 
forest a year until 2020.
Biodiversity challenges
Make facilities compatible with birdlife
• Project 'Mapping of bird flight paths': identify areas of sensitivity, 
obtain risk maps, design a plan for the marking of electricity lines 
with bird-saving devices.
• Progress: identification of areas of sensitivity in 15 autonomous 
communities (ACs); risk maps for 7 ACs and marking plans  
for 2 ACs.
• Objetive 2020: risk map and marking plan for all ACs.
• Monitoring the interaction between lines and birds: analysis of 
accident rates and assessing the effectiveness of different models 
of bird-saving devices.
Improve knowledge of protected natural areas and 
species of interests
• HÁBITAT Project (2015-2017).
• Progress: obtaining of mapping for 5 ACs.
• Objetive 2017: mapping of all ACs.
Collaborate with Autonomous Communities and other   
interested parties on matters regarding biodiversity
• Biodiversity protection framework agreements and specific 
agreements and projects associated with specific activities. 
• Progress: 10 agreements with ACs.
• Objetive 2020: agreements with all ACs.
• Signing of agreements for the prevention of forest fires. 
• Progress: 11 new agreements signed.
• Objetive 2020: signed agreements for the whole of the  
national territory.
• Agreements for the reforestation of degraded areas  
(REE Forest).
• Progress (2009-2015): 11 agreements signed.
• Objetive 2020: one forest a year.
Promote communication from Red Eléctrica  
regarding its stance on biodiversity
• Participation in forums, development of informative material 
and the involvement of suppliers. 
HÁBITAT 
PROJECT
COMMUNITY 
 INTEREST
2015-2017
Improve 
knowledge 
regarding the 
interaction  
of the
FACILITIES 
IN NATURAL 
HABITATS OF
RECOGNITION
Granting of the  
maximum score in the 
Dow Jones Sustainability 
Index (DJSI) under the 
biodiversity criteria.

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LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
ANNEXES
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
10. THE  
ENVIRONMENT
corrective measures required to 
minimise the possible impacts 
on habitats and species (impacts 
associated with construction  
work and the modification of 
facilities, impacts on birdlife as  
a result of collisions and fire  
hazards) complementing this  
with environmental improvement  
actions to enhance biodiversity  
in those areas where its facilities  
are located.
PROTECTION OF  
HABITATS AND SPECIES 
DURING WORKS 
In works for the construction of lines 
or the modification of facilities, the 
main effects to be avoided are the 
alteration of the habitat of certain 
species of fauna and flora, and also 
the impact on vegetation due to 
the opening up of safety corridors, 
necessary to prevent fires in the 
operation of the line. 
(G4-EN12)
Among the preventive and corrective 
measures applied, noteworthy are 
the following: 
• Detailed field studies on specific 
issues, such as impact reports for 
Red Natura and surveys to identify 
the presence of protected flora  
and fauna. 
• Introduction of some  
modifications in the design of 
facilities to minimise their effect 
on flora: compacting or increasing 
the height of towers, the relocation 
of towers, modification to access 
roads etc. 
• Construction of decanting pools 
and filters to prevent contamination 
of waterways.
ELECTRICITY 
INFRASTRUCTURE  
AND BIODIVERSITY
Red Eléctrica’s facilities are 
distributed nationwide, as the aim 
of the electricity transmission 
grid is to connect the points of 
energy generation with those of 
consumption. Avoiding areas rich in 
biodiversity is a priority criteria taken 
into account in the grid planning 
phase as well as in the definition of 
each project. However, considering 
that 25% of the area of Spain 
has some form of environmental 
protection, it is inevitable that in 
some cases infrastructures cross, 
or are located in protected areas or 
areas with species of interest.
On these occasions, Red Eléctrica 
implements all preventive and 
Hábitat Project (2015-2017)
This project seeks to discover in detail 
the natural values in the area of influence 
of the facilities of Red Eléctrica and its 
conservation status. The ultimate goal  
is to monitor the interaction of  
electricity transmission lines and 
natural habitats of Community interest, 
information that can be used for the 
decision-making process regarding 
operation and maintenance.
To achieve the objective a digital coverage 
map with all the information is being 
developed, that is obtained working 
in collaboration with the different 
autonomous communities and experts  
in the field.
In 2015, mapping was obtained of priority 
habitats located in the area of influence 
of the facilities for five autonomous 
communities.
 
RED ELÉCTRICA’S
CURRENT 
FACILITIES 
OCCUPY  
JUST
%0.08
of Red  
Natura Spain
OF ALL 
infrastructure 
existing in 2015,  
only 15% of the 
lines and 6% of 
substations are 
located in protected 
areas (Red Natura).

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LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
ANNEXES
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
10. THE  
ENVIRONMENT
• Biological stoppages in 100% of the 
works during breeding or nesting 
periods to reduce impacts on the 
fauna concerned.
• Recovery of affected areas: 
restoration of slopes, sowing of 
seed and the planting of trees. 
• Accompanying measures and  
the development of specific 
projects to improve biodiversity  
in affected areas. 
In addition, Red Eléctrica continues 
to work with CESIC-IMEDEA on 
the R&D+i project 'experimental 
technique for recovering Posidonia 
oceanica sea meadows',  which aims 
to develop a technique that allows 
the planting of seeds or fragments 
of Posidonia and therefore restore 
areas affected by submarine 
electricity cables. 
In 2015, great strides were made 
on the project, with the collection of 
seeds and the planting of fragments 
and seeds in Ibiza and Majorca.
 
• Signage and protection of habitats 
and species of ecological value to 
avoid them being damaged in the 
course of the work.
• Use of specific techniques that 
minimise the need to open access 
roads, towers and material  
storage: hoisting with a boom  
crane or hanging of line by hand,  
carrying out work with a helicopter 
or drone. 
• Transfer of species affected by the 
work to other areas.
• Use of helicopter for the concreting works 
of 6 towers, the hoisting of 5 towers  
and the hanging of the 400 kV Boimente-
Pesoz line.
• Use of a drone for the hanging of two 
spans of the 220 kV Solórzano-Cicero line.
• Biological stoppages on 12 lines of varying 
lengths (periods between 16 and 30 weeks) 
to avoid impacts on different species, 
among which are: Egyptian vulture, Golden 
eagle, Bonelli’s eagle, Dupont’s lark, 
black stork, Houbara bustard, Western 
capercaillie and European mink.
• Transplanting of several specimens of 
oaks, Holm oaks, wild olive and common 
dogwood and carob, which were in areas 
affected by the works.
• Construction of a special building for 
Kestrels to nest safely in the municipality 
of Ayora, and the planting of trees.
• Collection of seeds and the planting of 
fragments and seeds in Ibiza and Majorca 
under the project 'Experimental technique 
or the recovery of Posidonia oceanica 
meadows'.
Specific measures for the protection of habitats  
and species 2015
km
LINE MARKED 
WITH  
BIRD-SAVING 
SPIRALS
MARKING
OF LINES
189
During
2015
RECOVERY OF 
POSIDONIA OCEANICA:
Red Eléctrica works  
on this project jointly  
with CESIC-IMEDEA with 
the aim of developing  
a technique for the  
planting of posidonia 
seeds in areas  
affected by submarine 
electricity cables.

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LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
ANNEXES
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
10. THE  
ENVIRONMENT
MINIMISING THE RISK  
OF BIRD COLLISIONS 
The main effect on fauna by Red 
Eléctrica’s facilities is the risk of 
birds colliding with grounding cables 
that protect the lines from electrical 
discharges during storms. (G4-EN12)
The main measure to reduce that  
risk is marking the grounding 
cables with devices that increase 
their visibility. In 2015, 189 km of 
line was marked (174 km on the 
Spanish Peninsula and 15 km on 
the islands) and work has continued 
on the development of specific 
marking plans nationwide. To do 
this, the project 'Identification, 
characterisation and mapping of 
flight paths of birds that interact 
with high voltage transmission 
lines' was developed, for which 
the Company has received several 
awards since its launch in 2010.
Thanks to this project a tool has 
been launched based on the use 
of geographic information systems 
(GIS) that integrate data regarding 
bird flight paths. 
 
MAJORCA-IBIZA
INTERCONNECTION
15 MARCH- 
15 OCTOBER
STOPPAGE
OF 
WORKS
To minimise  
impacts on fauna, 
the fishing and  
tourism industries
Specific measures during the  
laying of the submarine cable  
to avoid the impacts on Posidonia 
seagrass meadows  
(Priority habitat 1120) 
• Directional drilling of more than 700 
metres to avoid the opening up of trenches 
in the area close to the shore.
• Suctioning and storage of excess material 
into biodegradable containers at the 
opening of the trench to prevent water 
turbidity. Use of the suctioned material for 
stabilising the trench which is carried out 
manually by a diver. 
Implementation of measures to 
avoid impacts on the beach 
• Definition and marking out of access and 
work areas.
• Removing of sand and its protection to 
prevent loss.
• Protection of work area by the laying 
geotextile material which will be removed 
along with the work material.
• Replacement of the sand.
Measures to prevent of impacts  
on fauna
• Definition of a protocol to follow in the 
case a whale is sighted. Boat crew training.
• Prior work inspection to ensure that there 
is no presence of Spur-thighed tortoise 
(Testudo graeca) and European green 
toad (Bufo viridis Balearic). The Species 
Protection Service of the Regional Ministry 
of the Environment will be advised in  
this case.
• Fenced off work area to prevent the entry 
of the Spur-thighed tortoise.
• Protection of natural ponds so as to not 
affect the European green toad.
Measures to protect flora
• Transplantation of carob affected by the 
work, using all measures necessary to 
ensure their survival, including irrigation 
measures for 12 months.  
• Conducting an inventory of Limonium 
magallufianum sea lavender located in 
silt-marga land. If this species is found 
at some point, the Species Protection 
Service of the Regional Ministry of the 
Environment is advised. 
Work stoppages from 15 March  
to 15 October 
To minimise impacts on fauna, the fishing 
and tourism industries.
Example of preventive and corrective  
measures associated with the Majorca-Ibiza 
interconnection project 
RISK 
MAPS 
of birdlife collisions 
with the grounding 
cables. Risk maps 
have been drafted 
in 7 regions and 
marking plans have 
been defined for the 
Balearic Islands and 
the Canary Islands.

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LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
ANNEXES
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
10. THE  
ENVIRONMENT
was given to contractors that 
monitor birdlife and this has been 
implemented in the monitoring of 
13 lines, both during construction 
and maintenance. The analysis 
of the results obtained will 
assess the effectiveness of the 
measures employed to reduce 
birdlife collisions. 
• Analysis of the effectiveness  
of blade-type rotating buoy  
bird-flight diverters in different 
bird communities (Steppe and 
aquatic). 
• Study of the quantification of 
the impact of electricity lines on 
the eastern Canary Islands in 
collaboration with the Museum of 
Natural Sciences (CSIC) and GREFA 
(2015-2016).
• Collaboration with SEO Birdlife   
on developing the 3rd  Atlas of 
birds in breeding season in Spain 
(2014-2017). The information 
obtained will allow the data 
relevant to the identification, 
characterisation and mapping  
of routes and flight paths to  
be updated.
In a first phase, considering the 
information on the species most 
sensitive to collision, sensitivity  
maps have been drafted for 
the entire national territory. By 
introducing other environmental 
and territorial factors in the model, 
collision risk maps are also obtained, 
from which it is possible to prioritise 
corrective actions on existing 
lines and establish marking plans. 
Currently, risk maps have been 
completed for seven autonomous 
communities and the marking plan 
for the Balearic Islands and the 
Canary Islands has been designed 
and approved.
Other relevant projects relating to  
the protection of birds against 
collisions are:
• Methodology and protocol for 
the collection and analysis of 
data from bird collision accident 
rates with electricity transmission 
lines. In 2015, specific training 
BIRDLIFE
ACCIDENTS 
WITH
lINEs
Evaluation and 
implementation 
of measures to 
reduce birdlife 
collisions
Protocol  
and analysis  
of data in  
13
2,950
2,776
2,585
2,330
1,931
  km     
  % over total lines  
(1) Sum of all peninsular information at the end of the year.
km
MARKING  
OF LINES WITH 
BIRD-SAVING DEVICES (1)
8.6%
9.5%
10.0%
10.6%
7.4%
2015
2014
2013
2012
2011
603
578
564
548
532
  km     
  % over total lines in SPAs  
(1) Sum of all peninsular information at the end of the year.
km
MARKING OF  
LINES IN SPAs WITH 
BIRD-SAVING DEVICES (1)
2015
2014
2013
2012
2011
18.4%
18.9%
19.0%
19.8%
18.2%
Note: currently it is calculated identifying SPAs as risk areas 
although they do not always coincide (there are SPAs that protect 
species not susceptible to collision, and there are areas that are 
not classified as SPAs where there are susceptible species).

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LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
ANNEXES
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
10. THE  
ENVIRONMENT
In the ‘Environment' subsection of the 
'Sustainability' section of the corporate website. 
In 2016, Red Eléctrica will work on the 
Vegeta Project, which aims to optimise 
the treatment cycles of vegetation so 
that maintenance work on the safety 
corridors is more efficient, always 
ensuring automatic compliance with  
all environmental conditions. 
FIRE PREVENTION
In order to minimise the risk of fire 
associated with the presence of 
transmission lines strict compliance 
with the safety distances between 
flora and facilities is critical.  
Red Eléctrica ensures this 
compliance through the proper 
design of the safety corridors  
and the actions of predictive and 
preventive maintenance, such  
as the annual inspection of all 
facilities and conducting periodic 
forestry work. 
The Company applies best  
practices in the design and 
maintenance of safety corridors, 
respecting shrubs and small 
size/slow growing tree species, 
minimising the actions on protected 
species, revegetating degraded  
areas and not using chemical 
treatment methods.
 
In 2015, Red Eléctrica 
collaborated on projects  
related to biodiversity  
and the conservation of flora 
and fauna in ten autonomous 
communities.
Also, noteworthy is the active and 
continuous cooperation of Red 
Eléctrica with public administrations 
involved in forestry management.
Fight against 
forest fires
Currently,  
11 agreements 
have been signed 
with various 
regional public 
administrations; 
with an associated 
budget, every 5 
years, of 1.1 million 
euros.
Red Eléctrica aims to sign 
agreements with different competent 
administrations in forestry 
management. In these, issues are 
reflected related to the management 
of safety corridors where electricity 
lines run through and additionally it 
sets out other commitments related  
to firefighting.
Currently there are 11 agreements in 
force, with a budget of 1,100,000 euros 
associated every five years.
Collaboration agreements for the prevention  
and fighting of forest fires
Within the framework of these agreements 
various actions were carried out in 2015:
• Creating firebreaks (Balearic Islands).
• Construction of a mobile management 
logistics station (Tenerife).
• Material for forestry pruning and felling 
works (Extremadura).
• Tests of new solutions for the prevention 
and fighting of forest fires, such as a 
biomass control system through controlled 
grazing (Valencia).
• Training and awareness programmes, such 
as working on forest fires in Andalusia, 
technical seminars on firefighting safety 
in Castilla La Mancha, firefighting training 
programmes in Navarra, awareness and 
dissemination campaigns (Tenerife and 
La Palma), travelling exhibition on fire 
prevention (Valencia) and the printing of 
the manual for safety standards in the 
execution of work on forest land (Valencia).

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LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
ANNEXES
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
10. THE  
ENVIRONMENT
In the ‘Map of projects’ subsection 
of the ‘Sustainability’ section of the 
corporate website.
Also relevant are the actions aimed 
at restoring degraded habitats 
among which noteworthy is: the  
'REE Forest'.
CONTRIBUTION 
TO BIODIVERSITY 
CONSERVATION  
(G4-EN13)
Red Eléctrica actively contributes to 
the conservation of biodiversity in 
Spain spearheading or participating 
in various projects and conducting 
dissemination activities and 
environmental training. 
The Company aims to carry 
out conservation projects in all 
autonomous communities. In 2015, 
it collaborated on projects related 
to biodiversity in ten autonomous 
communities. Most of these projects 
are linked to birdlife conservation, 
although work is also being carried 
out on other flora and fauna.
In 2015, the project for the 
reintroduction of the Black 
vulture in Catalonia was 
completed, a project that has 
been underway since 2008.
• Monitoring and analysis of the factors 
driving the expansion of Egyptian vulture 
(Neophron percnocterus) in Catalonia  (1) (3)
• Programme for the reintroduction of the 
Black vulture (Aegypius monachus) in 
Catalonia. (2) (3)
• Platforms for the Osprey (Pandion 
haliaetus) in Andalusia. (3)
• Reintroduction of the Bonelli's eagle 
(Hieraaetus fasciatus) in Majorca. (3)
• The actual impact of supplementary feeding 
on the spatial and reproductive ecology of 
the Bonelli's eagle in Valencia (Hieraaetus 
fasciatus). (3)
• Conservation of the Lesser Shrike (Lanius 
minor) in Spain. (4) 
• Monitoring, conservation and recovery of 
the population of the Spanish Imperial eagle 
(Aquila adalberti) in Doñana. (4) (5)
Conservation projects in connection 
with endangered species  (G4-en14)
(1) Endangered species according to the IUCN Red List.
(2) Near threatened species according to the IUCN  
Red List.
(3) Vulnerable species according to the national catalogue 
of endangered species.
(4) Species in danger of extinction according to the 
national catalogue of endangered species.
(5) Vulnerable species according to the IUCN Red List.
REE 
FOREST
euros  
invested
1,442,489
Of Surface  
area recovered
ha655

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Corporate Responsibility Report 2015
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
ANNEXES
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
10. THE  
ENVIRONMENT
THE RED ELÉCTRICA FOREST
in figures (2009-2015)
INVESTMENT
€1,442,489
134,126t of CO2  equivalent
5,779working days
665ha
TREES AND SHRUBS PLANTED 
IMPACT ON LOCAL EMPLOYMENT
EMISSIONS OFFSET
RECOVERED 
LAND 
473,622
RED ELÉCTRICA  
FOREST
Started in 2009 and of an ongoing 
nature, this project is twofold: to 
offset emissions from Red Eléctrica 
by planting trees and the recovery 
of degraded natural areas of public 
commonland, thus contributing to 
the conservation of biodiversity.  
This initiative also seeks to 
contribute to the development of 
local economies by contracting  
work to companies or groups in the 
area, and also raise awareness and 
involve the local population and 
Company employees.  
Scheduled for 2016
Current REE Forests
Relevant milestones in 2015
Majorca Forest
Development of a training and awareness 
programme the ‘REE Forest. Growing 
together' in which 683 students of first 
and second year of secondary school of 
the region of Llevant participated, and 
the celebrating of an awareness day for 
employees and their families to which  
35 people attended.
Zamora Forest   
(Puebla de Sanabria)
Completion of the restoration of 51 
hectares in the Sierra de la Culebra (Site of 
Community Importance), with the planting 
of 102,128 pine trees (Pinus sylvestris). 
The 'I plant my land' programme was 
conducted which involved 153 primary 
school students of the region of Sanabria. 
Training workshops in schools and a forest 
plantation tour were held. 
Hellín Forest
Extraordinary replanting of grapevines 
(28,328 plants), additional to that included  
in the agreement.
Teruel Forest 
Recovery 10 hectares of forest burned in 
Ejulve with the planting of 9,000 pine trees 
(Pinus sylvestris) and 1,000 Holm oaks 
(Quercus ilex).
La Carballeda Forest (Zamora) 
New agreement with the regional government 
of Castilla y León for the recovery of 55 
hectares of forest with pines and hardwoods. 
Tremuzo Forest (Galicia)
New agreement with the Galician Government 
for the restoration of 40.9 hectares of forest 
with broadleaved species.

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LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
ANNEXES
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
10. THE  
ENVIRONMENT
Climate 
change (G4-DMA)
integrating renewable energy 
represent major opportunities in 
sustainability and at the same time, 
are essential to the achievement of 
the European climate targets.
Therefore, although Red Eléctrica is 
not subject to regulations requiring 
reporting and the reduction (or 
possibly offsetting) of emissions 
associated with their activities, in 
2011 it decided to formalise its 
commitment to climate change by 
approving a specific strategy, which 
was reviewed and approved by the 
Chairman in May 2014.
Red Eléctrica, as transmission 
agent and operator of the electricity 
system is a key player in the 
progress towards a more sustainable 
energy model: the development of 
transmission infrastructure and 
the implementation of solutions 
for system operation aimed at 
CORNERSTONES 
OF THE CLIMATE 
CHANGE 
STRATEGY
Integration  
of renewable 
energies.   
Betting for   
energy efficiency 
at all levels.
Reduction   
of Greenhouse 
Gas emissions.
Protection 
of forested  
areas: Fire 
prevention 
and promoting 
reforestation 
projects. 
Development  
of climate change 
adaptation 
projects.
Extending  
the commitment 
to stakeholders, 
mainly suppliers.
In the ‘Energy and climate change’ subsection of the 
‘Sustainability’ section of the corporate website. 
BARCELONA
DECLARATION
Red Eléctrica, as a member of 
the Spanish Green Growth Group, 
in May 2015 signed the Barcelona 
Declaration, which includes  
10 recommendations to promote 
a strategy for the development of 
the green economy and establishes 
economic policies that make  
this possible.  
achivement
obtained the maximum 
score of the Dow Jones 
Sustainability Index 
(DJSI) under the climate 
strategy criteria.

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LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
ANNEXES
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
10. THE  
ENVIRONMENT
Also included are all the projects to 
promote the maximum integration 
of renewable energy, such as 
optimising CECRE, improved tools 
for predicting renewable generation, 
the development of mechanisms for 
participation in system adjustment 
services and the integration of 
energy storage systems (Almacena 
Project). 
Finally, referred to in this regard 
are all efforts to contribute to the 
efficiency of the electricity system, 
as are the different demand-side 
management measures and  
the development of research  
projects relating to smart grids  
and electric mobility.
Detailed information on these 
actions is described in the 
Sustainable Energy chapter of  
this report.
Reducing the 
carbon footprint
The Action Plan sets the reduction 
or compensation of 21% of the 
company emissions compared 
to 2010 as a general target for 
2020, in addition to other partial 
objectives. The activities are grouped 
into four broad areas: improved 
calculation and knowledge of the 
carbon footprint, reduction of SF6 
gas, greater efficiency in electricity 
consumption and reducing fuel 
consumption of fleet vehicles and the 
reduction of business trips. In this 
chapter we describe these aspects  
in more detail.
Stakeholder 
involvement 
Incorporates a set of initiatives  
aimed at involving stakeholders in the 
Company's commitment in the fight 
against climate change. A variety of 
communication actions have been 
developed and planned addressed 
towards the various stakeholders to 
promote energy efficiency. In addition, 
different ways of collaboration with 
the administration in this area and 
establishing a work programme  
aimed at extending the commitment 
to providers has been defined to 
combat climate change.
CLIMATE CHANGE  
ACTION PLAN
In May 2015, Red Eléctrica launched 
a new Action Plan on climate change 
which included the targets to achieve 
in this area and the measures to be 
undertaken to reach these targets 
are established. The plan is divided 
into four main lines of work: 
Contribution to a sustainable 
energy model
Includes actions related to the 
activity of Red Eléctrica as operator 
and transmission agent of the 
electricity grid, and is necessary for 
the achievement of the European 
20-20-20 targets for the year 2020. 
In this regard, the construction 
of facilities is contemplated 
that contributes to reducing 
emissions from the electricity 
system as a whole, such as 
electricity interconnections and the 
transmission facilities necessary for 
the evacuation of renewable energy 
and the rail transport network. 
In the ‘Energy and climate change’ 
subsection of the ‘Sustainability’ section 
of the corporate website.
%
OF THE  
ELECTRICTY 
DEMAND WAS 
COVERED BY 
RENEWABLES
INTEGRATION OF 
RENEWABLES
40
on average 
over the last 
three years

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LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
ANNEXES
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
10. THE  
ENVIRONMENT
As for opportunities, the fight to 
stop climate change implies a 
change in the energy model and the 
transmission model. Policies set at 
European level are clearly aimed at 
these purposes. The need to increase 
the share of renewable energy in the 
electricity system (connection of new 
facilities and the optimisation of their 
management), the improvements to 
be undertaken in order to increase 
the efficiency of the system, 
changes in mobility policies (boost 
to rail transport and development 
of electric vehicles) represent a 
clear need for new investment in 
the transmission grid (new lines, 
interconnections) and therefore,  
a clear business opportunity for  
the Company.
Adapting to  
climate change
Besides working on mitigation 
actions, Red Eléctrica is aware 
of the need to work in the field 
of adaptation to climate change. 
For this reason, it has identified 
and evaluated both the risks and 
opportunities arising from climate 
change and has begun to develop 
some actions derived from  
this analysis. 
Risks and opportunities  
of climate change  (G4-EC2)
The risks of climate change of Red 
Eléctrica are integrated into the 
corporate risk map. On page 43 of 
this report an outline is provided 
regarding these risks and the main 
actions carried out by Red Eléctrica 
to manage them. 
PRICE 
PROJECT
Deployment of 
demand-side 
management 
measures in 
1,000
In the Corredor 
del Henares
HOMES
In 2015, Red Eléctrica was included in 
the Climate Disclosure Leadership Index, 
after a score of 100 B, for its transparency 
in disclosing information related to 
climate change.
Acknowledgements
As a key player in the electricity sector,  
Red Eléctrica considers efforts geared 
towards energy efficiency and savings as 
essential due to the enormous benefits in 
economic, social and environmental terms.
The Company works in this field both from 
the perspective of operator of the electricity 
system, promoting various measures to 
improve the efficiency of the system, as 
well as from the perspective of improving its 
own processes, with the aim of reducing its 
carbon footprint.
To make this interest visible among its 
employees and shareholders, the Company 
has created a seal of internal efficiency (Red 
Eléctrica eficiente), which identifies those 
projects that promote the efficient use of 
natural resources. Each year some of them 
are distinguished due to their contribution 
to the achievement of the various objectives 
on efficiency.
Red Eléctrica eficiente
In the 3rd Edition of the Red Eléctrica 
eficiente Awards, three awards were given: 
Communication campaign 'Every gesture 
counts' for contractors working on the 
premises of Red Eléctrica,' VILI Project', 
aimed at reducing the use of paper for 
the dissemination of information, and 
the 'PRICE project', which through the 
deployment of demand-side management 
measures in 1,000 households in the 
Corredor del Henares area of Madrid, 
develops the active participation  
of citizens in the management of the 
electricity system.
RED ELÉCTRICA
EFICIENTE 
Internal efficiency 
seal, created by Red 
Eléctrica, which 
identifies projects 
that promote the 
efficient use of natural 
resources.

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LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
ANNEXES
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
10. THE  
ENVIRONMENT
emissions associated with an 
overhead line in which different 
aspects are taken into account, such 
as emissions associated with the 
use of raw materials and related to 
the construction, maintenance and 
decommissioning phases of  
the facility.
The application of this methodology 
will help identify those activities 
which are most carbon-intensive 
and prioritise areas in which we must 
work to reduce their impact  
on climate change.
  
CONTROL OF SF6 
EMISSIONS
The main direct emissions derived 
from Red Eléctrica’s activities are 
those of sulphur hexafluoride (SF6). 
This gas, in spite of its high potential 
for global warming, provides huge 
technical advantages. It is a nontoxic 
gas that allows a huge reduction 
in the distances to be maintained 
between the various elements of 
facilities which makes it possible to 
reduce the size of the installation 
and therefore better blend it into  
the landscape. 
The emissions of this gas are 
associated to small leaks from 
equipment, leakages due to handling 
the gas and those one-off accidents 
that may occur. To reduce these 
emissions, Red Eléctrica performs 
the following actions: 
• Improvement of the procedures 
for the control and identification 
of leaks, an inventory and 
management of SF6 gas. In this 
regard, Red Eléctrica has developed 
a procedure for controlling the 
decanting of gas which has improved 
the calculation of annual leakage of 
SF6, and provides results much lower 
than estimated based on  
rates of leakage values above 
theoretical results. 
 
EMISSIONS INVENTORY 
(G4-DMA)
Red Eléctrica drafts its emissions 
inventory based on the methodology 
of the GHG Protocol. Since 2011, 
the Company has been working 
on expanding the inventory and 
improving the calculation processes. 
Since 2013, the inventory has been 
submitted to independent review in 
accordance with ISAE 3410. 
One of the objectives of the Company 
is to know the carbon footprint of its 
facilities throughout their life cycle. 
In this regard, in 2015 a methodology 
was developed for calculating 
More information on the emissions inventory in 
the 'Energy and Climate Change' subsection of the 
'Sustainability' section of the corporate website.
In 2015, a methodology for 
calculating emissions associated 
with the life cycle of overhead 
lines was developed that  
will identify the most  
carbon-intensive activities.
%21
REDUCTION  
OF
EMISSIONS
2020
TARGET
Of the  
emissions of  
the Company

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LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
ANNEXES
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
10. THE  
ENVIRONMENT
• Replacement of old equipment  
with equipment with lower leakage 
rates.
• R&D+i projects related to the 
improvement in the management  
of gas. Collaboration with EPRI 
(2015-2020) and the development 
of a leak repair methodology for SF6 
in GIS facilities starting in 2016.
In 2015, this new methodology 
obtained a leakage value of  
1,388 kg of SF6, 0.37% of the total 
gas installed. 
• Provision of the most efficient 
equipment for the detection 
of leaks, the handling and 
measurement of SF6. 
• Training of those involved in the 
handling of the gas. Red Eléctrica 
has legally recognised two 
training centres with a classroom 
for lectures and a workshop 
for experiments in which 412 
employees have been trained  
since 2013.
Additionally, Red Eléctrica works in 
collaboration with the government 
and other entities in the search for 
solutions aimed at controlling and 
reducing these emissions.
In May 2015, a new voluntary 
agreement was signed between the 
Ministry of Agriculture, Food and 
Environment, manufacturers and 
suppliers of electrical equipment 
using SF6, transportation companies 
and electricity distribution 
companies and waste managers 
for this gas and the equipment 
containing it, for a comprehensive 
management of the use of SF6 in the 
electricity industry which is more 
respectful to the environment. 
VOLUNTARY  
AGREEMENT
2015
Signed with 
the Ministry of 
Agriculture, 
Food and  
Environment
SF6  
Management
Respectful  
with the  
environment 
373,806 
324,696
297,694
The growth in installed gas is due to the commissioning 
of new facilities and the replacement of old equipment 
with equipment insulated with SF6.   
EVOLUTION OF SF6  
GAS INSTALLED IN
RED ELÉCTRICA
2015
2014
2013
kg
• The theoretical average emission rate of 
equipment in 2015 was 1%, so it has met 
the target set for this year. In the last 
six years this rate has been reduced by 
20.6%. Red Eléctrica has set a new target 
for 2020: reach an average theoretical 
leakage rate of 0.8%. 
• The climate change Action Plan also 
includes the objective of avoiding 1,500 
tons of CO2 eq thanks to the replacement 
Replacing old equipment with equipment  
with lower leakage rates
of old equipment by equipment with a 
lower leakage rate. In 2015, an estimated 
total of 277.18 tonnes of CO2 eq has 
managed to be avoided. 
(*) The calculation of the average emission rate of the 
equipment is done by assigning different emission 
rates to equipment installed depending on their age. 
It is a theoretical rate of leakage. The estimate of 
avoided emissions is accomplished by applying the 
same method.

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LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
ANNEXES
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
10. THE  
ENVIRONMENT
SUSTAINABLE MOBILITY
Red Eléctrica maintains a clear 
commitment to efficiency in mobility. 
In this regard, in 2014 it approved the 
Sustainable Mobility Plan with the 
aim of incorporating a new culture 
of mobility into the Company. Its 
implementation has been carried out 
mainly at the head offices, affecting  
a total of 850 employees and  
the measures adopted include  
the following: 
• Progressive incorporation of 
efficient vehicles (mostly hybrids) 
in the catalogue of shared leasing 
vehicles available. 
• Reducing emissions associated 
with business travel: 
implementation of a corporate 
fleet of electric vehicles to travel 
during the workday, prioritise the 
use of efficient taxis and improved 
communication tools (video 
conferencing platforms and remote 
accessibility).
• Improved energy management of existing buildings and application of efficiency 
criteria in the construction of new buildings.
• Energy Management System certified under the ISO 50001 standard for the 
buildings of the head office with a consumption reduction target for these 
facilities of 15% in the period 2010-2020.
• Reduction of electricity consumption associated with the use of IT equipment.
• Renewal of equipment and systems and the application of efficient use policies, 
with a target of reducing electricity consumption associated with this equipment 
of 60% in the period 2012-2020.
• Reduction of energy consumption associated to the Electricity Control Centres. 
• Target of a 15% reduction in its consumption for the period 2014-2020.
• Reduction of electricity consumption in substations.
• Selection of more efficient equipment and components and establishing efficient 
guidelines for use, with a special focus on ancillary services.
• Awareness of employees and collaborators working in the facilities of  
the Company.
The sustainable mobility Plan, 
aims to incorporate a new culture 
of mobility into the Company 
based on energy efficiency.
EFFICIENCY
in electricity consumption
MAIN ENERGY EFFICIENCY ACTIONS
ELECTRICITY  
CONSUMPTION
SAVINGS
Estimated 
annual saving
106,487 
kWh
Due to efficient 
lighting systems 
and the  
insulation of 
buildings 
76,871 kWh kwh 
Estimated 
annual savings 
by renewing 
IT equipment 
including 
equipment in 
control centres.

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LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
ANNEXES
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
10. THE  
ENVIRONMENT
maintenance activities through two 
complementary actions. On the one 
hand, improving the energy rating  
of the vehicles used and on the  
other, optimising their management 
and use.
 
Proof of this is the 'Green Fleet 
Accreditation' in its 'Master' mode 
(the most demanding) received 
from AEGFA (Association of Fleet 
Managers) and IDAE (Institute for 
Energy Diversification and Saving) in 
2015. This certification shows that 
the fleet of Red Eléctrica meets strict 
standards of environmental respect 
and sustainability, while taking into 
account other aspects such as fleet 
management, training of drivers, 
offsetting of emissions, optimising 
routes, maintenance of vehicles or 
corporate commitment.  
In this regard, also noteworthy is the 
development of the CARS project 
(Safe Responsible and Agile Driving), 
which has facilitated a reduction in 
fuel consumption through the use 
of efficient routes and responsible 
driving. This project has received 
recognition from the Association 
of Fleet Managers (AEGFA) in 
the category of efficient fleet 
management.
OFFSETTING  
EMISSIONS
Within the climate change action 
plan, we have set a goal to offset at 
least 20% of our direct emissions. 
In this regard, Red Eléctrica offsets 
its emissions primarily through 
the project: Red Eléctrica Forest 
described in the biodiversity section 
of this report.   
• Rationalisation in the use of 
private vehicles in work commutes: 
improved Company bus service and 
shuttles to communicate offices 
with different points, inclusion of 
travel passes in the benefits-in-
kind payments for employees and 
promoting the use of car sharing. 
 
• Promoting the use of efficient 
vehicles among employees: 
implementation of a fleet of 
electric and hybrid vehicles for 
management, incentives to 
purchase efficient vehicles, addition 
of extra charging points for privately 
owned electric vehicles, preferred 
parking spaces etc.
The implementation of the Plan has 
been considered as a management 
objective of the Company for 2015. 
The measures planned for this 
period, with a budget of 1,258,874 
euros, have been completed in full, 
representing a 100% fulfilment of  
the objective.
In addition, Red Eléctrica has 
been working for a few years on 
optimising the journeys made in 
70.7% of fleet vehicles  
(including shared leasing vehicles) 
have an energy rating of A or B, 
noteworthy being the increase of 
vehicles with an A rating, which has 
gone from 48% in 2013 to 57%  
in 2015.
91.5% of management vehicles   
are rated A, B or are electric. 
ENERGY RATINGS OF 
VEHICLES
Mobility objectives 2020
• 30% reduction of emissions associated with 
the use of fleet vehicles (2010-2020). 
• 300 t of CO2 equivalent avoided each year on 
business trips as of 2020. 
• 200 t of CO2 equivalent avoided annually in 
the transfer of employees to work centres 
as of 2020.
989
1,094
1,275 
EVOLUTION 
OF EMISSIONS 
FLEET VEHICLES 
2015
2014
2013
tCO2
equivalent

188
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Corporate Responsibility Report 2015
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
ANNEXES
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
10. THE  
ENVIRONMENT
50 hectares of forest with pine and 
hardwoods in the municipality of 
Espadañedo (Zamora), which will be 
completed in the first half of 2016 
and will help meet the objective of 
offsetting emissions corresponding 
to 2015.
Moreover, for the third consecutive 
year the Company has offset a part 
of the emissions corresponding 
to employee commutes to their 
respective work centres, having 
purchased a total of 2,212 VCUs 
(Verified Carbon Unit) under the 
standard VCS (Verified Carbon 
Standard), which correspond to 
the emissions generated by all 
those workers who answered the 
mobility survey 2015 (65.7% of 
the workforce). This purchase has 
been offset by supporting a project 
against a deforestation project in the 
Amazon rainforest - Peru: ‘Madre de 
Dios Amazon REDD Project’, which 
contributes to the conservation 
of biodiversity in the area and 
the development of indigenous 
communities.
In 2015, works for the Puebla de 
Sanabria Forest (Zamora) was 
concluded, which completes 
the offsetting of emissions 
corresponding to 2014. It is 
estimated that the species planted 
under this project will offset 30,638 
tonnes of CO2 throughout their life, 
which added to the Majorca Forest, 
completed last year, represent 
an offsetting of 41% of the direct 
emissions of 2014.
Also, the planting of pine and oak 
trees took place in Ejulve (Teruel) 
that would be equivalent to 3,000 
tons of CO2 being offset. Work has 
also started on the restoration of 
More about the Red Eléctrica Forest in the 'Map 
of projects' subsection of the 'Sustainability' 
section of the corporate website. 
Calasparra  
Forest 2012, 
included within the framework 
of the 'Red Eléctrica Forest' 
project, in 2015 received a 
prize from the Region of Murcia 
for sustainable development: 
Award for initiatives on 
Climate Change in the 
'effort for the generation and 
maintenance of carbon sinks'.
The ‘Madre de Dios  
Amazon REDD Project‘, 
supported by Red Eléctrica 
in Peru, helps prevent 
deforestation of  
the Amazon rainforest.
OFFSETTING OF 
EMISSIONS
Annual objective: 
of its  
emissions 
20% 
Main offsetting 
measure: the 
‘REE Forest’

189
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Corporate Responsibility Report 2015
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
ANNEXES
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
10. THE  
ENVIRONMENT
Effluents  
and Waste (G4-DMA)
cleaning work may lead to a large 
amount of associated waste. 
• Improvement of facilities: 
renewal of obsolete switchgear, 
improvement in accident prevention 
systems, among others.
Red Eléctrica has established 
processes that help minimise the 
quantity and hazardous nature of 
waste generated, such as the in-situ 
regeneration of power transformer 
oil for its reuse. This process has 
identified an opportunity to reduce 
'water-oil mixture' waste and has 
launched an R&D+i project to 
develop a process which, by using 
a mobile treatment plant, allows 
the in-situ separation of water oils 
and greases, so that the amount of 
hazardous waste that is necessary 
to be transported and managed is 
minimised.  
The waste that Red Eléctrica 
generates is produced as a result  
of the following activities:
• Preventive or corrective 
maintenance tasks: inspections, 
changing of parts, oil renewal, etc. 
• Actions against accidents: 
containment measures used in 
the case of leaks or spillages and 
Reverse logistics project 'Sustainable Stock'
In 2015, this pilot project was developed 
that involves the application of a reverse 
logistics model to manage inactive 
equipment or materials, obsolete or  
over-stocked, so that a full or partial 
recovery of its components can take place.
This project closely follows the principle of 
the 3Rs: Reduce, Reuse and Recycle.
The application of this methodology has  
been a clear improvement in the 
management of stored material that 
required it be categorised as redundant 
stock, with 89% of the material to be 
removed having been auctioned off  
as useful.
The development of the project in 2015 has 
led to an economic benefit of 55,623 euros, 
which when dealing with the management 
of materials as waste, has represented a net 
improvement for Red Eléctrica of 80.32%.
SUSTAINABLE
STOCK
PROJECT
 of economic 
benefit
55,623
€
Of net REE's 
overall 
improvement
(80.32%)
HAZARDOUS  
WASTE REDUCTION
Red Eléctrica has 
launched an R&D+i 
project for the in-situ 
separation via a mobile 
treatment plant, for 
water, oils and greases, 
reducing the hazardous 
nature of the waste.

190
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Corporate Responsibility Report 2015
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
ANNEXES
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
10. THE  
ENVIRONMENT
PROTECTION AGAINST  
LEAKS AND SPILLAGES
Red Eléctrica includes among its 
environmental risks the risk of 
contamination of soil or groundwater 
from leaks or spillages of oils, fuels 
and hazardous substances. For this 
reason, it has established numerous 
preventive and corrective measures 
to minimise these risks. On the 
one hand, proper maintenance 
of equipment is carried out and 
strict working procedures that 
reduce the number of incidents are 
established. On the other hand, it 
has adequate containment systems 
(especially relevant in the case of 
power transformers containing 
large amounts of oil) and response 
protocols when faced with possible 
events that result in a reduction of 
the severity of the consequences 
should accidents occur. 
However, and given the nature of 
the waste generating activities, it is 
very difficult to predict the evolution 
of the quantities generated and 
set quantitative reduction targets. 
Therefore, most of the efforts are 
aimed at finding better solutions 
for final management, promoting 
good practice through training and 
awareness and seeking the best 
options among our suppliers.
The waste generated in construction 
activities is managed by contractors. 
For all works there is a waste 
management plan which sets out 
the management to be carried out 
in each case, with the criteria of 
minimisation and reuse established 
as a priority (which is especially 
important for surplus excavation 
material). In addition, Red Eléctrica 
includes specific waste  
management requirements in the 
contractual documentation of works 
and reviews compliance through 
monitoring visits to works and via 
documentation control.
Red Eléctrica promotes 
good practices in the 
management of its waste   
and works to find its best 
final destination.
PREVENTION OF THE
CONTAMINATION
OF SOIL AND 
GROUNDWATER
EQUIPMENT 
Maintenance
Containment 
systems  
and response 
protocols
WASTE  
MANAGEMENT PLAN 
Carried out in all 
works and establishes 
the management 
of waste depending 
on each case, with 
the principles of 
minimisation and 
reuse being a priority.

191
Indicators
SUMMARY OF ENERGY 
CONSUMPTION (1)
	
2013	
2014	
2015
Fuel consumption 	
 1.77·1013	
1.52·1013	
1.48·1013
Consumption of electricity 	
 5.46·1013	
5.82·1013	
5.72·1013
1 kWh = 36•105 joules; 1 litre diesel = 37•106 joules; 1 L of gasoline = 34•106,  
1 L of gas oil = 37•106 joules; 1 L of biodiesel = 32.79•106 joules;  
1 L of LPG = 25.7•106 joules.
(1) Total consumption data in joules, according to the criteria defined by GRI G4.  
(G4-EN3)
J
FUEL 
CONSUMPTION
	
2013	
2014	
2015
Diesel	
475,792	
408,277	
400,096
Petrol 	
27	
-	
44
Biodiesel 	
-	
-	
121
Autogas (LPG)	
 	
 	
33
Diesel generator sets (1)	
2,377	
4,100	
5,061
(1) Corresponds to diesel refilled in the fuel tanks in the year.
Note: The fuel consumption indicated refers to the consumption in fleet vehicles, cherry 
pickers and executive vehicles until 2013. The 2014 and 2015 data does not include executive 
vehicles as they are shared leasing vehicles.
(G4-EN3)
L
ELECTRICITY 
CONSUMPTION
	
2013	
2014	
2015
Head Offices (Moraleja+Albatros) (1)	
 8,566,662	
8,399,121	
8,558,868
Tres Cantos (1)	
 1,674,293	
1,652,529	
1,690,439
Non-peninsular systems (1)	
 689,674	
1,304,592	
1,319,628
Regional head offices 	
 2,353,001	
2,176,256	
2,049,798
Work centres: main regional offices (2)	
 1,887,422	
2,648,473	
2,281,308
Total 	
 15,171,052	
16,180,971	
15,900,041
(1) These are work centres with special characteristics due to the fact that electricity 
control centres are located there. These work 24 hours a day 7 days a week and have 
special energy consumption. 
(2) These are work centres staffed primarily with maintenance personnel.  
In 2013 only the regional head offices (7 offices) were included.  
In 2014, the consumption of 38 additional work centres was included. 
In 2015 data regarding 14 new buildings is included.
(G4-EN3)
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Corporate Responsibility Report 2015
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
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192
EXTERNAL ENERGY 
CONSUMPTION. LOGISTICS
	
2013	
2014	
2015
Fuel consumption (litres) 	
 251,654	
239,120	
238,240
Fuel consumption (Joules) 	
 9.31·1012	
8.85·1012	
8.82·1012
1 litre of gas oil  = 37•106 joules.
(G4-EN4)
REDUCTIONS IN 
ELECTRICITY CONSUMPTION 
	
kWh/annually 	
Joules/annually
Reduction in the Head Office via the implementation  	
70,604	
2.54·1011
of energy efficiency measures (insulation of piping  
and renovation of the external elements of the façade
of the buildings) (1)
Improvements to insulation and lighting systems  	
35,883	
1.29·1011
at 3 work centres (1)
Renewal of display screens and PCs (1) 	
22,822	
8.22·1010
Renovation of display screens and hardware 	
54,049	
1.94·1011
in the control centres  (1)
(1) Estimated annual reductions resulting from the measures carried out in 2015 (estimations obtained 
from equipment specifications and information coming from energy audits).
(G4-EN6)
INDIRECT ENERGY 
CONSUMPTION. ELECTRICITY 
	
2013	
2014	
2015
Transmission grid losses (GWh) (1)	
 3,115	
3,187	
3,023
Transmission grid losses (Joules) 	
 1.12·1016	
1.15·1016	
1.08·1016
(1) Losses in the electricity transmission grid are related to the location of generation points 
in relation to the consumption points (the greater the distance, the greater the losses), the 
amount of energy demanded during the year, the generation mix of the year (percentage 
of each generation technology in the total energy generated), international exchanges and 
the shape of the demand curve. Practically none of these factors are controllable by Red 
Eléctrica, making it very difficult to reduce them. However, Red Eléctrica works to identify 
and improve those factors it can have an influence on. During 2015, the value of losses in the 
transmission grid decreased over the previous year mainly due to the different distribution of 
generation in the Spanish peninsular system.
(G4-EN3)
ENERGY
INTENSITY  
	
2013	
2014	
2015
Electricity consumption per employee in head offices 	
7,642	
6,725	
7,126
(kWh/employee) (1)
Transmission grid losses 	
1.265	
1.320	
1.219
(MWh/MWh transported) (%) (2)
Average consumption of vehicles for logistical use  	
26.36	
25.75	
26.56
(external) (L/100 km)
(1) The calculation takes into account all staff working at Head Office and Moraleja work centres 
(employees of the Group, interns, employees from temporary staffing agencies et al).
(2) The indicated percentage corresponds to the energy dissipated in losses with respect to total 
demand. Losses in the Electricity Transmission Grid are related to the location of generation 
points in relation to the consumption points (the greater the distance, the greater the losses), the 
amount of energy demanded during the year, the generation mix of the year (percentage of each 
generation technology in the total energy generated), international exchanges and the shape of 
the demand curve. Practically none of these factors are controllable by Red Eléctrica, making it 
very difficult to reduce them. However, Red Eléctrica works to identify and improve those factors 
it can have an influence on.
Note. It is not considered relevant. The calculation of a global energy efficiency indicator is not 
deemed relevant as it is considered that the internal energy consumption is very low.
 
(G4-EN5)
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Corporate Responsibility Report 2015
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
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193
TOTAL WATER 
WITHDRAWAL BY SOURCE 
	
2013	
2014	
2015
Head Office (m3) (1)	
10,983	
9,177	
9,018
Other work centres (m3)	
20,614	
18,892	
18,232
Total of all work centres (m3) (2)	
31,597	
28,069	
27,250
(1) Only the Head Office building in ‘La Moraleja’ is taken into account.  
(2) The data provided has a coverage of 96%, in terms of personnel (taking into account all  
personnel that work in the different work centres: employees of the Group, interns, employees  
from temporary staffing agencies et al). Data for all work centres is not available due to the  
absence of meters and the breakdown of some devices.  
Note: The water consumed comes from: the municipal mains (59.52%), wells (35.44%), cisterns (5.04%). 
In the Northern regional office and in some work centres cisterns are available for the collection of 
rainwater for sanitary use, fire prevention and irrigation. In general the wells do not have mechanisms to 
measure the water stored, so the actual % of utilisation of rainwater cannot be calculated.  (G4-EN10)
(G4-EN8)
PRESENCE OF FACILITIES 
IN RED NATURA SPACES 
	
2013	
2014	
2015
Peninsular system  
Km of line in Red Natura / total km of line (%) 	
15.6	
15.5	
15.5
Number of substations in Red Natura / Number of substations (%)	
7.2	
6.8	
6.6
Surface area of facilities in Red Natura / Total surface in Red Natura on the Spanish Peninsula (%) (1) 	
0.12	
0.10	
0.09
Insular systems  
Km of line in Red Natura / total km of line (%)	
10.0	
9.3	
9.3
Number of substations in Red Natura / Number of substations (%)	
2.8	
2.80	
2.8
Surface area of line in Red Natura / Total surface in Red Natura on the islands (%) (1)	
0.08	
0.03	
0.02
Total Spain 
Km of line in Red Natura / total km of line (%) 	
15.2	
15.1	
15.0
Number of substations in Red Natura / Number of substations (%)	
6.4	
6.2	
6.0
Surface area of facilities in Red Natura / Total surface in Red Natura (%) (1) 	
0.12	
0.09	
0.08
Red Natura (Natura 2000 Network) includes: SCI (Site of Community Importance); SPA (Specially Protected Areas for birds).
(1) Surface area occupied by lines and substations: The surface area of lines has been calculated assuming an occupation of 20 m on each side of the line. It is 
necessary to keep in mind that the occupation is overhead; there is only actual occupation in the case of the towers.
Note 1. For the calculation of the 2013 ratios, the database of Red Natura 2000 published in 2012 was used. For the calculation of the 2014 ratios, the database 
published in July 2014 was used. For the calculation of the 2014 ratios, the database published by MAGRAMA in February 2016. The mapped area of Red Natura on 
the islands is significantly higher than in previous years, which explains the variation in the indicators identified).
Note 2. The mapping of in-service facilities is improved and updated annually, whereby some variations in calculations not related to the increase or decrease in 
the number of facilities may result.
 
(G4-EN11)
REDUCTIONS
IN FUEL CONSUMPTION
	
Litres	
Joules
Saving of diesel due to efficiency measures in fleet vehicles,	
8,181	
3.02·1011
CARS project (1)
(1)  Actual reductions achieved in 2015 compared to 2014, thanks to efficiency measures implemented.
1 litre of diesel = 37•106 joules.      
(G4-EN6)
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Corporate Responsibility Report 2015
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
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194
MOST SIGNIFICANT 
VEGETATION IMPACTS 
Felling of 10 Sweet Tabaiba (Euphorbia balsamifera) associated with the construction  
of a new power line. 
Felling of native vegetation (122 Birches, 120 Oaks, 308 Chestnuts and 12 Willows) due  
to the opening of the security corridor for the construction of a new power line.  
864.92 m2 of Posidonia Oceanica (Priority Habitat 1120) seagrass meadows  
affected due to the laying of the submarine cable for the Mallorca-Ibiza 132 kV  
interconnection line.
2.9 ha of vegetation (Gorse, Kermes Oak and Holm Oak) affected due to a fire in SCI (fertile 
plains, slopes and wastelands southeast of Madrid) and SPA (Jarama and Manzanares River).
(G4-EN12)
DETECTED COLLISIONS 
OF SPECIES OF INTEREST 2015 
	
Nº of birds 	
Species affected	
affected
Great Bustard (Otis tarda) (1) 	
25
Little Bustard (Tetrax tetrax) (2) (3)	
9
Black vulture (Aegypius monachus) (2) (3)	
1
Canarian Egyptian Vulture (Neophron percnopterus majorensis) (4) (5)	
1
Houbara Bustard (Chlamydotis undulata) (1) (4)	
10
Bonelli's Eagle (Hieraaetus fasciatus) (3)	
1
Stone Curlew (Burhinus oedicnemus) (3)	
9
(1) Vulnerable species according to IUCN Red List.  (G4-EN14)  
(2) Near threatened species according to IUCN Red List. (G4-EN14)
(3) Vulnerable species according to the National Catalogue of Endangered Species . (G4-EN14) 
(4) Near extinction species according to the National Catalogue of Endangered Species. (G4-EN14) 
(5) Endangered species according to IUCN Red List.  (G4-EN14)  
Collisions are mainly detected during monitoring plans or specific studies.
In 2015 the number of studies conducted increased significantly, mainly in existing facilities. 
(G4-EN12)
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Corporate Responsibility Report 2015
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EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
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195
TOTAL NUMBER OF  
IUCN RED LIST SPECIES AND NATIONAL CONSERVATION LIST SPECIES WITH  
HABITATS IN AREAS AFFECTED BY OPERATIONS, BY LEVEL OF EXTINCTION RISK 
(G4-EN14)
The main effects on protected species 
from the operations of Red Eléctrica are 
those derived from birds colliding with 
electricity lines. Within the framework 
of the “Birds and Power Lines: mapping 
of bird flight paths” project 2010-2014 
for the identification, characterisation 
and mapping of flight corridors of birds 
interacting with high voltage transmission 
lines, the species that prone to collision 
with the lines of Red Eléctrica have been 
identified (focal species, a total of 47) and 
whose habitats are in areas where these 
lines exist. Of the 47 species identified,  
31 are considered threatened. 
	
	
 
	
	
Classification according to MARM	
Classification according 
Scientific name	
Common name	
(2011) (National Catalogue)	
to the IUCN red list (UICN)
Aquila adalberti	
Imperial Eagle	
In danger of extinction	
Vulnerable (VU)
Hieraaetus fasciatus	
Bonelli's Eagle	
Vulnerable	
Least concern (LC)
Pandion haliaetus	
Osprey	
Vulnerable	
Least concern (LC)
Aquila chrysaetos	
Golden Eagle	
-	
Near threatened (NT)/ Least concern (LC)
Burhinus oedicnemus dbspp.	
Stone-curlew	
Vulnerable	
Least concern (LC)
Neophron percnopterus	
Griffon Vulture	
Vulnerable	
Endangered -E-
Neophron percnopterus majorensis 	
Canarian Egyptian Vulture	
In danger of extinction	
Endangered -E- Species native  
 	
	
	
to the Canary Islands
Chersophilus duponti	
Dupont's Lark 	
Vulnerable	
Near threatened (NT)
Botaurus stellaris	
Euroasian Bittern	
In danger of extinction	
Least concern (LC)
Otis tarda	
Great Bustard	
-	
Vulnerable (VU)
Chlamydotis undulata	
Houbara Bustard	
In danger of extinction	
Vulnerable (VU)
Aegypius monachus	
Black Vulture	
Vulnerable	
Near threatened (NT)
Marmaronetta angustirostris	
Marbled Duck	
In danger of extinction	
Vulnerable (VU)
Ciconia nigra	
Black Stork	
Vulnerable	
Least concern (LC)
Corvus corax canariensis	
Common Raven	
-	
Species native to the Canary Islands 
Fulica cristata	
Crested Coot.	
In danger of extinction	
Least concern (LC)
Pterocles alchata	
Pin-tailed Sandgrouse	
Vulnerable	
Least concern (LC)
Pterocles orientalis	
Black-bellied Sandgrouse	
Vulnerable	
Least concern (LC)
Ardeola ralloides	
Squacco Heron	
Vulnerable	
Least concern (LC)
Falco pelegrinoides	
Barbary Falcon	
In danger of extinction	
Least concern (LC)
Geronticus eremita	
Northern Bald Ibis	
-	
Critically endangered (CE)
Oxyura leucocephala	
White-headed Duck	
In danger of extinction	
Endangered -E-
Milvus migrans	
Black Kite	
In danger of extinction	
Least concern (LC)
Columba junoniae	
White-tailed Laurel Pigeon 	 Vulnerable	
Near threatened (NT)
Dendrocopos leucotos	
White-backed Woodpecker	 In danger of extinction	
Least concern (LC)
Fringilla teydea subspp	
Blue Chaffinch	
In danger of extinction (Tenerife)	
Near threatened (NT)	
	
	
/Vulnerable (Gran Canaria)	
Aythya nyroca	
Ferruginous Duck	
In danger of extinction	
Near threatened (NT)
Gypaetus barbatus	
The Bearded-Vulture	
In danger of extinction	
Near threatened (NT)
Tetrax tetrax	
Little Bustard	
Vulnerable	
Near threatened  
Tetrao urogallus cantabricus	
Cantabrian Capercaillie	
In danger of extinction	
Least concern (LC)
Tetrao urogallus aquitanicus	
Aquitanian Capercaillie	
Vulnerable	
Least concern (LC)
 
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Corporate Responsibility Report 2015
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
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196
INDIRECT GREENHOUSE GAS EMISSIONS 
FROM THE GENERATION OF ENERGY (1)
Indirect  (SCOPE 2) 	
2013	
2014	
2015
Electricity Consumption (2) (4)	
3,565	
3,867	
4,229
Transmission grid losses (3) 	
732,025	 767,907	
804,118
Total indirect emissions  	
735,590	 771,774	
808,347
(1) The emission calculation is performed from an operational control approach. The  
information on the scope and methodology of inventory is available on the website of REE. 
 http://www.ree.es/es/sostenibilidad/energia-sostenible/energia-y-cambio-climatico/ 
nuestra-huella-de-carbono. 
(2) Peninsular emission factor calculated by Red Eléctrica that takes into account the energy mix of each year  
and that associates an emission factor with each generation technology. 
(3) Losses in the Electricity Transmission Grid are related to the location of generation points in relation to the 
consumption points (the greater the distance, the greater the losses), the amount of energy demanded 
during the year, the generation mix of the year (percentage of each generation technology in the total energy 
generated), international exchanges and the shape of the demand curve. Practically none of these factors are 
controllable by Red Eléctrica, making it very difficult to reduce them. However, Red Eléctrica works to identify 
and improve those factors it can have an influence on (see sustainable energy chapter). In this case, the same 
way as emissions associated with electricity consumption, CO2 is not emitted during Red Eléctrica activities, 
as it takes place at the different points of power generation. To calculate the emission factor associated to 
losses in transmission, the emission factor calculated by Red Eléctrica, which is based on the total annual 
peninsular electricity data, is used. During 2015, emissions have increased, although the losses have been 
reduced by 6% over the previous year. This is due to the increase in the emission factor (0.266 in 2015) 
associated with the decline in renewable energy generation (coverage of demand with renewable goes from 
42.8% in 2014 to 36.9% in 2015) and the significant increase of coal generation (registered an increase of 
24% compared to 2014).
(4) The increase in emissions associated with electricity consumption is also related to the increase in the 
emission factor value. 
(G4-EN16)
DIRECT GREENHOUSE
GAS EMISSIONS (1)
(G4-EN15)
tCO2
equivalent
tCO2
equivalent
tCO2
equivalent
Direct  (SCOPE 1) 	
2013	
2014	
2015
SF6 (2)	
72,210	
81,018	
31,651
Air conditioning 	
545	
809	
840
Fleet vehicles  	
1,275	
1,094	
989
Diesel Generator sets	
950	
204	
182
Total direct emissions  	
74,980	
83,125	
33,662
(1) The emission calculation is performed from an operational control approach. The information  
on the scope and methodology of inventory is available on the website of REE. http://www.ree.es/ 
es/sostenibilidad/energia-sostenible/energia-y-cambio-climatico/nuestra-huella-de-carbono.  
The inventory was submitted to independent review in accordance with ISAE 3410.
(2) Taking GWP to 100 years: 22,800 (Source IPCC, Intergovernmental Panel on Climate Change: 4th  
assessment report). The decrease in SF6 emissions is linked to the change in the methodology used for 
its calculation. In 2013 and 2104 the data was calculated based on the application of theoretical emission 
factors of the installed gas. In 2015 the calculation is based on actual data regarding leakage. 
OTHER INDIRECT
GREENHOUSE GAS EMISSIONS 
Indirect  (SCOPE 3) 	
2013	
2014	
2015
Business travel (1) 	
1,046	
1,485	
2,517
Logistics 	
674	
641	
589
Employees commuting (2)	
1,579	
3,468	
3,345
Supply chain (3)	
176,528	 175,389	
234,807
(1) Corresponds to trips made by train, plane, privately owned or rental vehicles. In 2015, emissions  
from the use of vehicles on shared leasing (including management vehicles) and from the use  
of taxi were included. 
(2) Since 2014, the calculation is performed taking into account all of Red Eléctrica employees.
(3) 2013: data calculated on suppliers representing 87% of the volume of orders. Carbon intensity in the value 
chain: 331 t CO2 / million euros. 2014: information on suppliers representing 95% of the volume of orders. 
Carbon intensity in the value chain: 370 t CO2 / million euros.  2015: information on 100% of the volume of 
orders. Carbon intensity in the value chain: 424 t CO2 / million euros
Note: For the correct interpretation of the data it is necessary to take into account that: 
- Carbon intensity depends on the type of orders made in the year and there are products / services with 
different carbon intensity. Therefore, one cannot establish strict comparisons between different years. Of all 
the activities, the construction of facilities and the manufacturing of equipment are the most carbon intensive. 
- From the latest study of the value chain of Red Eléctrica, for the year 2015, it can be deduced that 37% of 
emissions in the value chain are associated to only one supplier, another 55% to the next top 10 suppliers, 
and 77% to the next 50 main suppliers.
(G4-EN17)
ree.es
Corporate Responsibility Report 2015
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
ANNEXES
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
10. THE  
ENVIRONMENT

197
GREENHOUSE GAS 
EMISSIONS INTENSITY 
	
2013	
2014	
2015
Emissions of SF6/SF6 installed (%) (1)	
- 	
- 	
0.37
Emissions from fleet vehicles (kg CO2/ km) (2)	
- 	
- 	
0.27
Emissions (1 y 2) /revenues (t CO2/million euros) (3)	
476	
479	
462
Emissions/revenues (t CO2/million euros) (4)	
46.16	
48.76	
20.78
Emissions/energy transported (t CO2/GWh) (5)	
3.29	
3.51	
3.39
(1)  The emission rate is calculated based on emissions data calculated according to actual data 
regarding leakage. No data from previous years are included as they are not comparable.
(2) All types of vehicles are included. The indicator litre/100 km is replaced by this new indicator 
as it is considered more appropriate to reflect all types of fleet vehicles (biodiesel and liquefied 
natural gas vehicles are included). 
(3) Emissions Scope 1 and 2 (includes transmission grid losses).
(4) Emissions Scope 1 + electricity consumption emissions. REE considers it relevant to monitor 
this indicator, without including transmission grid losses (since it is not possible to act 
on them, as explained above). The reduction in the rate is due to the decrease of Scope 1 
emissions associated with the change in methodology in calculating  SF6 emissions.
(5) Emissions Scope 1 and 2 (including transmission grid losses). The total energy transported 
corresponds to the annual demand measured at power station busbars.
(G4-EN18)
REDUCTIONS OF  
GREENHOUSE GAS EMISSIONS 
Net savings 	
tCO2 e
Saving of diesel due to efficiency measures in fleet vehicles, 	
20
CARS project (1)
Annual savings (2)	
tCO2 e/year
Reduction in the Head Office via the implementation of energy efficiency 	
19
measures (insulation of piping and renovation of the external elements  
of the façade of the buildings) 
Improvements to insulation and lighting systems at 3 work centres 	
10
Renewal of display screens and PCs  	
6
Renovation of display screens and hardware in the control centres   	
14
Reduction in SF6 emissions through the substitution of old equipment 	
277
for that with a lower leakage rate
(1) Net savings achieved compared to 2014. 
(2) Reductions associated to the measures implemented in 2015. 
(G4-EN19)
ree.es
Corporate Responsibility Report 2015
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
ANNEXES
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
10. THE  
ENVIRONMENT

198
NON-HAZARDOUS PRESENCIA DE INSTALACIONES
WASTE
	
2013	
2014	
2015	
Waste management (2)
Septic tank sludge  	
1,311,240	
1,380,716	
1,087,310	
Composting
Scrap metal not contaminated with 	
1,513,762	
2,022,441	
1,476,903	
Recycling 
hazardous substances 
Inert waste 	
544,082	
329,005	
537,505	
Recycling/Elimination landfill
Paper and cardboard  	
241,938	
262,328	
95,106	
Recycling
Toner & printer ink (1)	
22	
14	
8	
Recycling
Wood  	
69,581	
119,834	
119,939	
Recycling
Non-hazardous electrical and electronic waste	
3,443	
1,415	
291	
Recycling
Plastics 	
4,957	
12,014	
15,483	
Recycling/Elimination landfill
Glass	
176	
40	
10	
Recycling
Vegetable cooking oils	
4,800	
5,640	
1,160	
Regeneration
Alkaline batteries/without mercury	
33	
40	
51	
Recycling
Total 	
3,694,034	
4,133,487	
3,333,766
(1) The management of toner and ink corresponds to the company that supplies and services the printers. Only 
units purchased directly by Red Eléctrica are taken into account.
(2) Default Procedure for the contractors responsible for waste management.  
Note: The data shown does not reflect data regarding waste vegetation. The greater part of this waste is 
incorporated into the land or given to landowners, owing to the fact that it is the most adequate type of waste 
management.  Only waste which cannot be managed as indicated previously and that is actually delivered to 
the waste management company is included. This information is not included as it is not considered relevant 
and could lead to error.
(G4-EN23)
kg
ree.es
Corporate Responsibility Report 2015
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
ANNEXES
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
10. THE  
ENVIRONMENT

199
HAZARDOUS PRESENCIA DE INSTALACIONES
WASTE
	
2013	
2014	
2015	
Waste management (3)
Used oil	
287,967	
315,235	
172,389	
Regeneration
Oil with PCBs (1)	
137	
160	
0	
Elimination
Oil/water mix   	
929,592	
362,868	
418,535	
Regeneration /Elimination 
Diesel/water mix	
400	
21	
0	
Valuation/Elimination 
Transformers and equipment with PCBs (1)	
10,477	
23,175	
3,942	
Valuation/Elimination
Hazardous electrical and electronic waste: 	
307,077	
1,248,046	
275,542	
Valuation
equipment containing oil
Hazardous electrical and electronic waste: other	
59,897	
132,724	
119,476	
Valuation
Nickel/cadmium accumulators 	
112,035	
73,102	
33,352	
Recycling
Lead batteries	
15,062	
2,131	
661	
Recycling
Soils impregnated with hydrocarbons	
383,033	
195,348	
144,864	
Elimination landfill
Containers that have contained hazardous substances	
5,077	
7,057	
5,600	
Recycling
Absorbent matter and other 	
47,057	
3,964	
2,770	
Valuation/Elimination landfill
Silica gel and other inorganic chemical products 	
848	
0	
673	
Elimination 
Non-halogenated solvents	
47	
4	
0	
Regeneration /Elimination 
Halogenated solvents	
108	
0	
0	
Regeneration /Elimination 
Water-based cleaning liquids	
0	
59	
0	
Valuation
Paint waste	
372	
284	
1,749	
Valuation/Elimination
Insulation material (with or without asbestos)  	
1,244	
1,154	
291	
Elimination landfill
Laboratory chemical products 	
354	
344	
951	
Elimination 
Gases in pressurised containers (2)	
8,522	
7,690	
3,191 	
Regeneration
Antifreeze containing hazardous substances	
29	
80	
43	
Regeneration /Elimination 
Fluorescent lighting tubes	
974	
517	
548	
Recycling
Batteries 	
28	
15	
92	
Valuation 
Fuel oil and diesel 	
0	
1,041	
0	
Valuation
Total 	
2,170,337	
2,375,019	
1,184,669
(1) Once the elimination/decontamination plan of transformers, equipment and oil with PCBs was completed in 
2010, the amounts now generated are caused by the removal of old sealed equipment that is contaminated 
at the end of its useful life. 
(2) These wastes deal with used SF6 gas that is out of specification. The treatment of this waste, consisting 
of the regeneration of gas for reuse, takes place outside Spain. [G4-EN25] This means that 0.27% of total 
hazardous waste has been transported internationally.
(3) Default Procedure for the contractors responsible for waste management. 
(G4-EN23)
kg
ree.es
Corporate Responsibility Report 2015
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
ANNEXES
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
10. THE  
ENVIRONMENT

200
LEAKS 
AND SPILLAGES 
Historical data regarding leaks 	
2013	
2014	
2015
and spillages of chemical substances, 
oils and fuels (1)
Construction activities	
 1	
0	
0
Maintenance activities	
 5	
2	
6
(G4-EN24)
TYPE OF WASTE
MANAGEMENT
	
Non-hazardous    	
 Hazardous
Composting/Regeneration/Recycling 	
93.5	
 50.0
Valuation  	
0.0	
 33.8
Elimination (any other method) 	
6.5	
 16.2
(G4-EN23)
%
Leaks and spillages in 2015 	
1	
2	
3	
4	
5 
of chemical substances, 
oils and fuels (1) (2)
Construction 	
 0	
0	
0	
0	
0
Maintenance (3)	
 0	
4	
2	
0	
0
(1) Accidents of minor importance related to the breakage of hoses of the machinery used for construction, 
or minor spillages of oil or fuel occurring during decanting and temporary storage.
(2) Classification of accidents depending on the severity on a scale of 1 to 5 (1 slight - 5 severe).
No spillage has been included to date in the financial statements of the organisation. The following 
accidents were registered:
(3) Minor accidents: an accident caused due to a malfunction/breakdown of equipment, two as a result of 
bad practices in maintenance work carried out by contractors and a leakage of 6,000 litres of oil from a 
power transformer that flowed into the collection pit.
(4) Significant accidents: two cases caused by the breakage of the end section of a an overhead line at its 
feed point to an underground line.
- Spillage of 120 litres of silicone oil. The land around the base of the tower and a private plot (concrete 
paved area, garden, roof, vehicles and water tank) were affected. Actions were taken to clean-up the oil 
and affected area, including excavation and management of oil-contaminated soil (56 tonnes managed). 
Water tank was emptied, cleaned and refilled with water.
- Explosion that sprayed oil and which affected some 3,000 m2, affecting a corn plantation, a vegetable 
garden and the safety corridor of the power line. Absorbent material was used to clean-up the oil and 
affected area, all material and contaminated soil was removed, generating about 2,300 kg of waste.
(3)
(4)
NUMBER OF ENVIRONMENTAL 
GRIEVANCES FILED
	
2014 	
 2015
Birdlife	
0	
0
Electromagnetic fields	
1	
1
Consumption/Energy efficiency 	
0	
0
Environmental expenditure 	
0	
0
Emissions/Climate change 	
0	
0
Impact on the landscape 	
1	
0
Facilities 	
0	
0
General environmental information 	
0	
0
Waste 	
2	
0
Noise 	
0	
1
Environmental management system 	
0	
0
Vegetation 	
11	
19
Total	
15	
21
Note. Environmental claims are handled through the DIGAME service. Claims are classified 
according to type of attention (includes complaints, enquiries, suggestions, requests for 
information and acknowledgements) or grievance. In 2015, 85 claims of an environmental nature 
were handled, 21 of them were grievances (only grievances deemed applicable according to the 
criteria established in the internal procedure are recorded). All grievances submitted in 2015 have 
been addressed and resolved in 2015. Additionally, two pending grievances filed in 2014 were 
closed, whereby all grievances filed until December 2015 were dealt with and closed. 
(G4-EN34)
%
ree.es
Corporate Responsibility Report 2015
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
ANNEXES
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
10. THE  
ENVIRONMENT

201
SANCTIONSPRESENCIA DE INSTALACIONES
AND FINES 
	
	
2011	
	
2012	
	
2013	
	
2014	
	
2015
	
Nº of	
 	
Nº of	
 	
Nº of	
 	
Nº of	
 	
Nº of	
 
Type of infringement	
cases	
Amount	
cases	
Amount	
cases	
Amount	
cases	
Amount	
 cases	
Amount
Fire risk (1)	
7	
2,314	
4	
1,082	
6	
6,522	
1	
100	
2	
811
Unauthorised felling and pruning  	
3	
22,477	
1	
300	
4	
  1,597	
2	
 2,175 	
1	
100
Felling, pruning and shrub-clearing without 	
 	
 	
 	
 	
-	
-	
-	
-	
 	
preventive measures 
Fire due to line discharge  	
1	
3,848	
1	
3,948	
-	
-	
-	
-	
 	
 
Obstruction of waterway / Unauthorised works  	
2	
3,100	
-	
-	
1	
1,200	
2	
 3,600 	
	
 
in certain areas
Activities with high probability of 	
-	
-	
-	
-	
-	
-	
-	
-	
 	
 
soil contamination
Accumulation of biomass waste	
-	
-	
-	
-	
1	
100	
-	
-	
 	
 
Fauna/wildlife in captivity without authorisation  	
-	
-	
-	
-	
1	
100	
-	
-	
 	
 
Works in protected areas without authorisation  	
-	
-	
-	
-	
-	
-	
-	
-	
 	
 
Works without authorisation	
 	
 	
2	
62,153	
1	
2,000	
-	
-	
 	
Opening up of a forest trail without authorisation	
 	
 	
 	
 	
 	
 	
1	
 1,001 	
1	
2,000
Use of a helicopter in a critical birdlife area 	
 	
 	
 	
 	
 	
 	
 	
	
1	
1,000
without authorisation
Total 	
13	
31,138	
8	
67,483	
14	
11,519	
6	
6,876	
5	
3,911
(1) Fire risk due to the lack of maintenance of vegetation, or abandonment of material.
 * Data updated in 2015 following the resolution of pending cases (one case opened in 2013 and three cases opened in 2014). Additionally in 2015 a case was closed related  
to conducting works without authorisation what had been opened in 2010. The amount of the fine totalled 6,010 euros.
	
 
(G4-EN29)
€
*
*
*
*
*
*
*
*
*
*
*
*
ree.es
Corporate Responsibility Report 2015
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
ANNEXES
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
10. THE  
ENVIRONMENT

202
ENVIRONMENTAL 
EXPENDITURE
	
2013	
2014	
2015
Investments	
2,752,119	
2,651,609	
3,856,802
Engineering and construction of facilities (1)	
2,752,119	
2,651,609	
3,856,802
Expenditure  	
20,620,761	
19,795,259	
18,848,972
Development of methodologies and systems (2)	
49,980	
50,082	
47,145
Environmental studies and analyses  	
167,746	
125,502	
201,743
Environmental actions in facilities in service 	
18,564,425	
17,502,652	
16,722,722
Contamination prevention (3)	
1,547,453	
1,376,552	
1,268,565
Protection of biodiversity. Landscape (4)	
16,039,821	
14,914,991	
14,593,765
Climate change (5)	
277,067	
494,335	
408,725
Energy efficiency and savings in resources (6)	
206,834	
277,153	
226,418
Waste reduction and management 	
493,250	
439,622	
225,250
Research and development 	
305,868	
363,316	
339,554
Training and communication 	
163,180	
256,722	
176,595
Environmental training and awareness 	
26,394	
54,310	
41,067
Communication (7)	
136,785	
202,412	
135,528
Environmental taxes and fees (8)	
105,162	
280,223	
92,906
Cost of personnel involved in environmental activities	
1,264,401	
1,216,762	
1,268,307
Total 	
23,372,880	
22,446,868	
22,705,774
(1) Environmental impact studies carried out on all projects, application of preventive and corrective measures, environmental supervision at electricity 
facilities under construction and application of environmental improvement measures. 
(2) Certifications, audits, environmental consultancy. 
(3) Adaptation of facilities, repair of equipment, analysis, etc. 
(4) Fire prevention (inspection of facilities, felling, pruning and clearing of vegetation for the maintenance of the safety distances, projects related to the 
prevention and fight against fires) line marking with bird-flight diverters, bird-nesting deterrents, management of nests, landscaping adaptation, 
biodiversity conservation projects, etc.
(5) “Red Eléctrica Forest”, improvement of SF6 management.
(6) Installation of meters, energy audits, activities for the improvement of energy efficiency. 
(7) Affiliations, congresses, brochures and reports, stands at fairs, publicity in magazines, collaboration and sponsorships agreements. 
(8) Data reported differ from those included in the 2014 Report, since there has been a change of criteria in the consideration of certain environmental taxes, 
and have now been excluded from the three years.
(G4-EN31)
€
ree.es
Corporate Responsibility Report 2015
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
ANNEXES
KEY PERFORMANCE 
INDICATORS
01. THE COMPANY
10. THE  
ENVIRONMENT

ANNEXES
ree.es
Corporate Responsibility Report 2015
01. THE COMPANY
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
KEY PERFORMANCE 
INDICATORS
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
ANNEXES

and since 2003 it has been 
prepared according to the Global 
Reporting Initiative (GRI) model, 
an international standard for the 
drafting of sustainability reports.  
(G4-29, G4-30)  
For the drafting of this report, the 
principles and contents defined 
in the latest version of the GRI G4 
guide have been followed for the 
second consecutive year. The report 
also includes additional applicable 
information that is required in the 
Electric Utilities Sector Supplement. 
This version requires the company 
to conduct a materiality analysis 
that allows it to focus on those 
issues of a social, environmental and 
economic nature that are relevant to 
the company’s business and which 
influence the decisions of  
its stakeholders.
SCOPE 
(G4-22, G4-23)
Consequently, with the G4 guide, this 
report focuses primarily on those 
issues identified as relevant in the 
materiality analysis conducted in 
2014, whose drafting process and 
results are shown in the following 
pages. Noteworthy is that the list 
of relevant issues obtained from 
the above analysis includes some 
additional aspects specific to the 
activity of Red Eléctrica, which 
although not covered by the GRI, 
are relevant to the sustainable 
management of the Company. In 
order to assess the evolution of  
Red Eléctrica’s performance over 
time, data from previous years  
is provided.
The content of this report is 
supplemented with the following 
information published by  
Red Eléctrica:
• Corporate Governance Report and 
the Consolidated Annual Accounts 
Report of the Red Eléctrica Group, 
which include the management 
report of the businesses of  
the Group.
• Environmental Report.
• Wide range of content on the 
corporate website www.ree.es.
SUSTAINABILITY 
CONTEXT  
This corporate responsibility report 
aims to provide transparent, reliable 
and balanced information on the 
economic, social and environmental 
matters identified as the most 
relevant for Red Eléctrica. Similarly, 
this report also describes the annual 
progress made by the Company 
regarding corporate governance, 
human rights, ethics and the fight 
against corruption. (G4-28)
Red Eléctrica has published  
this report annually since 2002, 
About  
this Report
204
ree.es
Corporate Responsibility Report 2015
01. THE COMPANY
ANEEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
KEY PERFORMANCE 
INDICATORS

detailed information by business 
segment, or geographically of the 
remaining activities that together 
represent just 7% of consolidated 
revenue.
However, all companies that 
make up the Red Eléctrica Group 
are subject to and comply with 
the policies, comprehensive risk 
management, information on 
corporate governance, the integrity 
model, the consolidated economic 
and financial data, as well as the tax 
contribution set out in this report. 
The structure of the companies in 
the Red Eléctrica Group are detailed 
in the Consolidated Annual Accounts 
Report and on page 9 of this report.
In general, no other relevant 
information has been reformulated 
with regard to previous reports. It is 
possible that data regarding previous 
years may have been updated, in 
which case said updating is indicated 
in the corresponding section.
Thus, Red Eléctrica considers that 
the Corporate Responsibility Report 
2015 was drawn up in accordance 
with G4 Guidelines, encompassing it 
within its 'comprehensive' level. To 
check the reliability of information, 
Red Eléctrica has submitted the 
report to external verification by  
PWC with a limited level of 
assurance. As a result of the 
verification process, an Independent 
Review Report is drafted which 
includes the objectives and scope 
of the process as well as the 
verification procedures used and  
the conclusions reached.
CoVERAGE 
(G4-17, G4-22)
This report includes complete 
information regarding the 
management approach, activities 
and financial results of the main 
activity of the Group: the electricity 
business in Spain through Red 
Eléctrica de España, S.A.U. (REE) 
which represents 93% of the Group’s 
consolidated revenue. It was not 
considered relevant to provide 
Red Electrica drafts its Corporate Responsibility 
Report in accordance with the latest version  
of the Guide for the preparation of sustainability 
reports Global Reporting Initiative, GRI G4 in its  
comprehensive option.
205
ree.es
Corporate Responsibility Report 2015
01. THE COMPANY
ANEEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
KEY PERFORMANCE 
INDICATORS

206
ree.es
Corporate Responsibility Report 2015
01. THE COMPANY
ANEEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
KEY PERFORMANCE 
INDICATORS
MATERIALITY IDENTIFICATION PROCES (G4-18)
Internal and external information sources of reference were analysed to identify trends, demands and requirements  
in sustainability matters and those specific to the electricity sector. The preliminary list of relevant issues was obtained  
as a result.(1)
The preliminary list of relevant issues was validated by an internal dialogue panel composed of a representative sample  
of managers and experts of 14 management areas of the Company, chosen according to their relevance regarding sustainability. 
Said panel was moderated by an external expert in the field of sustainability and dialogue with stakeholders. The prioritised  
list of relevant issues, internally assessed and validated was obtained as a result.
In order to include the perspective of external stakeholders in the analysis, an external dialogue panel was assembled composed 
of a representative sample of the different stakeholder groups and moderated by the same person as in the case of the internal 
dialogue panel. The prioritised list of relevant issues, externally assessed and validated was obtained as a result. In addition, 
several proposals were collected to enhance the appreciation of the actions regarding sustainability.
The results derived from the internal and external evaluation phases were assessed, this lead to a final list of 22 relevant issues 
being obtained that were prioritised according to two variables: Influence on the success of the business and the importance  
to the stakeholders of the Company.
Attainment of a relevant issues matrix (future trends) vs. maturity (degree of implementation) and identification  
of opportunities. This phase was planned  to be carried out during 2015. However, it has been considered more convenient to  
carry out this phase coinciding with the revision and the update of the 2014-2016 multi-annual corporate responsibility plan.
Identification
Evaluation
2a
3
Analysis 
of opportunities
External 
validation 
1
2b
4
Internal 
prioritisation 
and validation
(1) Sources Consulted
EXTERNAL
• Global Reporting Initiative: topics set out 
in the G4 Guide, Electric Utility Supplement 
and the Sustainability Topics for Sectors 
document.
• Energy trends: Planning of the electricity 
and gas sectors 2008-2016, 2030 
Framework for climate and energy  
policies, Ten-Year Network Development 
Plan 2014.
• Concerns collected by external 
international organisations of repute 
in this field: sustainability agencies, 
ISO26000, European Directive on  
non-financial information.
• Concerns raised in public debates: National 
CSR Plan, Global Compact.
• Topics considered by peer companies.
• Analysis of the media.
• Concerns raised by stakeholders.
INTERNAL
• Policies and commitments.
• The Company’s Strategic Plan.
• The Company’s corporate reports.
• 2013 Materiality study performed within 
the framework of the International 
Integrated Reporting Council (IIRC).
• 2011 Materiality study.

207
ree.es
Corporate Responsibility Report 2015
01. THE COMPANY
ANEEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
KEY PERFORMANCE 
INDICATORS
207
ree.es
MATERIALITY MATRIX (G4-19)
  Governance and Ethics       Business       Employees      Society       The Environment
Importance to Stakeholders 
Influence on the success of the business
   Ethics and transparency 
   Commitment to society
   Governance practices
   Technological innovation
   Quality and stable employment
   Financial strength and soundness
   Dialogue with stakeholders
   Integration of facilities into the 
landscape
   Risk control
   Well-being, security and health  
& safety
   Talent management
   Climate change 
   Equal opportunities and diversity
   Biodiversity
   Quality and transparency in the 
management of system operation
   Grid planning, development and 
maintenance
   Energy efficiency and demand-side 
management
   Responsible management of the 
supply chain
   Regulatory framework 
   Efficient management of  
resources 
   Integration of renewable energies 
   Respect for human rights 
   Waste and discharges
Faltan 
traducciones

208
ree.es
Corporate Responsibility Report 2015
01. THE COMPANY
ANEEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
KEY PERFORMANCE 
INDICATORS
RELEVANT 
Material Aspects
(Continued on next page)
Corporate governance practices  
Ethics and transparency
Risk control
Respect for human rights
Financial strength and soundness 
Regulatory framework 
Technological innovation
Responsible management of the supply chain
Quality and transparency in the management  
of system operation
Grid planning, development   
and maintenance
Governance
Diversity and Equal Opportunity  
Ethics and Integrity
Anti-corruption
Compliance
Governance
Strategy and Analysis
Organizational Profile
Economic Performance
Assessment Human Rights 
Human Rights Grievance Mechanisms
Economic Performance
Procurement Practices
Description of the organization’s supply chain
Supplier Assessment for Labor Practices
Supplier Environmental Assessment
Supplier Assessment for Impacts on Society
Supplier Human Rights Assessment
Supplier Environmental Assessment
Ethics and Integrity
Availability and Reliability  
System Efficiency
Access to electricity
G4-34 to G4-44 / G4-49 to G4-55
G4-LA12
G4-56 to G4-58
G4-SO3 / G4-SO4 / G4-SO5 
G4-SO8
G4-45 to G4-47 
G4-2
G4-14
G4-EC2
G4-HR9
G4-HR12
G4-EC1 / G4-EC3 / G4-EC4
Aspect specific to Red Eléctrica. No GRI indicators.
Sectorial management approach.
G4-EC9 
G4-12
G4-LA14 / G4-LA15
G4-EN32 / G4-EN33
G4-SO9 / G4-SO10
G4-HR10 / G4-HR11
G4-EN32 / G4-EN33
G4-56
EU10
EU12
EU28 / EU29
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	 	
	
	
	 	
	 	
	 	
	
	 	
	 	
	
	 	
	 	
	 	
	 	
	
	 	
	 	
	
GRI 	
	
Impact
	
Aspects	
Standard Disclosures	
INT	 EXT
(G4-19, G4-20, G4-21)

209
ree.es
Corporate Responsibility Report 2015
01. THE COMPANY
ANEEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
KEY PERFORMANCE 
INDICATORS
Material 
aspects / Continuation
Integration of renewable energies
Energy efficiency and demand-side management 
Efficient management of resources
Quality and stable employment
Equal opportunities and diversity
Well-being, security and health & safety
Talent management
Commitment to society
Dialogue with stakeholders
Integration of facilities into the landscape
Climate change
Biodiversity
Waste and discharges
Employment
Labor/Management Relations 
Labor Practices Grievance Mechanisms 
Diversity and Equal Opportunity 
Equal Remuneration for Women and Men
Employment
Occupational Health and Safety 
Training and Education 
Local Communities 
Stakeholder Engagement
Grievance Mechanisms for Impacts on Society
Local Communities
Compliance
Supplier Environmental Assessment
Environmental Grievance Mechanisms
Customer Health and Safety
Energy
Emissions
Biodiversity 
Effluents and Waste 
Aspect specific to Red Eléctrica. No GRI indicators. 
Sectorial management approach.
Aspect specific to Red Eléctrica. No GRI indicators.
G4-LA1 / G4-LA2 / G4-LA3 / EU15
G4-LA4
G4-LA16
G4-LA12
G4-LA13
EU17 / EU18
G4-LA5 / G4-LA6 / G4-LA7 / G4-LA8
G4-LA9 / G4-LA10 / G4-LA11
G4-SO1
G4-24 to G4-27 
G4-SO11 
G4-SO1 / G4-SO2
G4-EN29 / G4-EN31
G4-EN33
G4-EN34
G4-PR1
G4-EN3 to G4-EN7
G4-EN15 to G4-EN21
G4-EN11 to G4-EN14
G4-EN22 to G4-EN-26
	 	
	 	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	 	
	
	
	 	
	 	
	 	
	
	 	
	 	
	
	 	
	 	
	 	
	
	 	
	 	
	
	 	
	 	
	
	 	
	
GRI 	
	
Impact
	
Aspects	
Standard Disclosures	
INT	 EXT

210
ree.es
Corporate Responsibility Report 2015
01. THE COMPANY
ANEEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
KEY PERFORMANCE 
INDICATORS
GRI CONTENT INDEX FOR 'IN ACCORDANCE'- COMPREHENSIVE (1)
PART 1. GENERAL STANDARD DISCLOSURES
STRATEGY AND ANALYSIS
ORGANIZATIONAL PROFILE
G4-1
G4-2
G4-3
G4-4
G4-5
G4-6
G4-7
G4-8
G4-9
G4-10*
G4-11*
G4-12
G4-13
G4-14
G4-15
G4-16
Statement from the Chairman.
Key impacts, risks and opportunities. 
Name of the organization.
Primary brands, products and services. 
Location of the organization’s headquarters.
Countries of operation.
Nature of ownership and legal form.
Markets served.
Scale of the organization.
Number of employees.
Employees covered by collective bargaining 
agreements.
Organization’s supply chain.
Significant changes to the organization’s size,
structure, ownership,  or its supply chain.
Precautionary approach.
Economic, environmental and social charters,  
principles, or other initiatives.
Memberships of associations and national or 
international advocacy organizations.
3
38, 40
9
10
Red Eléctrica- Paseo Conde de los Gaitanes, 177 
Alcobendas (Madrid)- Spain.
10
9
10
6, 90
120, 127
120
Percentage of contractors covered by collective 
bargaining agreements is not available.
152
12
36, 163
59
137
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
231
231
231
231
231
231
231
231
231
231
231
231
231
231
231
231
General
Standard 
Disclosures 
 
Description
Page Number
Link
Direct answer
Omissions
External
Assurance
(page)
(G4-32)
(1) This index includes aspects and indicators from the Electric Utility Supplement in accordance with the publication ‘G4 Sector disclosures’ (Electric Utilities). 
The symbol (*) indicates those indicators where sector-spaecific information is included.

211
ree.es
Corporate Responsibility Report 2015
01. THE COMPANY
ANEEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
KEY PERFORMANCE 
INDICATORS
GRI CONTENT INDEX FOR 'IN ACCORDANCE'- COMPREHENSIVE (1)
PART 1. GENERAL STANDARD DISCLOSURES / Continuation
ORGANIZATIONAL PROFILE / Continuation
EU1*
EU2*
EU3*
EU4*
EU5*
231
231
231
231
231
IDENTIFIED MATERIAL ASPECTS AND BOUNDARIES	
	
	
G4-17
G4-18
G4-19
G4-20
G4-21
G4-22
G4-23
Installed capacity, broken down by primary energy 
source  and by regulatory regime.
Net energy output broken down by primary energy 
source  and by regulatory regime.
Number of residential, industrial, institutional and 
commercial customer accounts.
Length of above and underground transmission  
and distribution lines by regulatory regime.
Allocation of CO2 emissions allowances or equivalent,  
broken down by carbon trading framework.
Entities included in the organization’s consolidated 
financial statements or equivalent documents.
Process for defining the report content and the  
Aspect Boundaries.
Material Aspects identified in the process for 
defining report content.
Aspect Boundary within the organization.
Aspect Boundary outside the organization.
Restatements of information.
Significant changes from previous reporting periods 
in the Scope  and Aspect Boundaries.
-
-
147
71, 73
-
9, 205
206
207, 208
208
208
204, 205
204
Not applicable. All the activities of the Group are related to the 
transmission of electricity and the operation of the electricity 
systems, but not to the generation of electricity.
Not applicable. All the activities of the Group are related to the 
transmission of electricity and the operation of the electricity 
systems, but not to the generation of electricity.
-
-
Not applicable. The rights regarding CO2 Equivalent Emission 
Allowances do not apply to power transmission activities.
-
-
-
-
-
-
-
231
231
231
231
231
231
231
 
Description
Page Number
Link
Direct answer
Omissions
External
Assurance
(page)
(1) This index includes aspects and indicators from the Electric Utility Supplement in accordance with the publication ‘G4 Sector disclosures’ (Electric Utilities). 
The symbol (*) indicates those indicators where sector-spaecific information is included.
General
Standard 
Disclosures

212
ree.es
Corporate Responsibility Report 2015
01. THE COMPANY
ANEEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
KEY PERFORMANCE 
INDICATORS
STAKEHOLDER ENGAGEMENT	
	
	
	 	
	
	
REPORT PROFILE
GOVERNANCE	
	
	
	 	
	
G4-28
G4-29
G4-30
G4-31
G4-32
G4-33
G4-24
G4-25
G4-26
G4-27
G4-34
G4-35
G4-36
Reporting period.
Date of most recent previous report.
Reporting cycle.
Contact point for questions regarding  
the report or its contents.
Index with respect to the ‘in accordance’  
option chosen.
External assurance for the report.
Stakeholder groups engaged by the organization.
Basis for identification and selection of 
stakeholders  with whom to engage.
Approach to stakeholder engagement.
Key topics and concerns raised through  
stakeholder engagement.
Governance structure of the organization.
Delegating authority from the highest governance 
body to senior executives and other employees.
Executive-level positions with responsibility for 
economic,  social and environmental topics.
204
204
204
Dígame Service
www-ree-es
digame@ree-es 
Telephone: +34 91 728 62 15
Fax: +34 91 650  45 42
210
231
64
61, 64
62, 63
62, 64, 65
14, 25, 32
32
32
-
-
-
-
-
-
-
-
-
-
-
-
-
231
231
231
231
231
231
231
231
231
231
231
231
231
GRI CONTENT INDEX FOR 'IN ACCORDANCE'- COMPREHENSIVE (1)
PART 1. GENERAL STANDARD DISCLOSURES / Continuation
 
Description
Page Number
Link
Direct answer
Omissions
External
Assurance
(page)
(1) This index includes aspects and indicators from the Electric Utility Supplement in accordance with the publication ‘G4 Sector disclosures’ (Electric Utilities). 
The symbol (*) indicates those indicators where sector-spaecific information is included.
General
Standard 
Disclosures

213
ree.es
Corporate Responsibility Report 2015
01. THE COMPANY
ANEEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
KEY PERFORMANCE 
INDICATORS
GOVERNANCE / Continuation
G4-37
G4-38
G4-39
G4-40
G4-41
G4-42
G4-43
G4-44
G4-45
G4-46
Processes for consultation between stakeholders  
and the Board of Directors.
Composition of the highest governance body  
and its committees.
State whether the chair of the highest governance 
body is also an executive officer and the reasons  
for this arrangement.
Selection and nomination of the members of  the 
highest governance body.
Processes for the highest governance body to 
ensure  conflicts are avoided.
Roles of highest governance body and senior 
executives in the development, approval and 
updating of the organization’s vision, mission, 
values, strategies, policies and goals.
Highest governance body’s knowledge of  
economic,  environmental and social topics.
Highest governance body’s performance.
Processes of the highest governance body to 
supervise the identification and management of 
economic, environmental and social performance, 
as well as its role in the implementation of 
due diligence processes and in stakeholder 
consultations.
Highest governance body’s role in reviewing the 
efectiveness of the management of economic, 
environmental  and social risks and opportunities.
32
25, 29
29
33
33
32
34
34
37, 42, 63
37
-
-
-
-
-
-
-
-
-
-
231
231
231
231
231
231
231
231
231
231
GRI CONTENT INDEX FOR 'IN ACCORDANCE'- COMPREHENSIVE (1)
PART 1. GENERAL STANDARD DISCLOSURES / Continuation
 
Description
Page Number
Link
Direct answer
Omissions
External
Assurance
(page)
(1) This index includes aspects and indicators from the Electric Utility Supplement in accordance with the publication ‘G4 Sector disclosures’ (Electric Utilities). 
The symbol (*) indicates those indicators where sector-spaecific information is included.
General
Standard 
Disclosures

214
ree.es
Corporate Responsibility Report 2015
01. THE COMPANY
ANEEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
KEY PERFORMANCE 
INDICATORS
GOVERNANCE / Continuation
G4-47
G4-48
G4-49
G4-50
G4-51
G4-52
G4-53
Frequency of the highest governance body’s  
review of economic, environmental and social 
impacts, risks and opportunities.
Highest body that reviews and approves 
the report. 
Process for communicating critical concerns to  
the highest governance body.
Critical concerns communicated to the highest 
governance body.
Remuneration policies for the highest governance 
body  and senior executives, as well as the 
relationship to economic, environmental and  
social performance.
Process for determining remuneration of the 
highest governance  body and senior executives, 
stating whether independent  consultants  
are involved.
Report how stakeholders’ views are sought and 
taken  into account regarding remuneration.
37
The Corporate Responsibility Report is 
submitted for approval to the Appointments 
and Remuneration Committee, which is the 
competent authority regarding corporate 
responsibility matters.
32
32, 33
34
34
34
-
-
-
-
-
-
-
231
231
 
 
 231
231
231
231
231
GRI CONTENT INDEX FOR 'IN ACCORDANCE'- COMPREHENSIVE (1)
PART 1. GENERAL STANDARD DISCLOSURES / Continuation
 
Description
Page Number
Link
Direct answer
Omissions
External
Assurance
(page)
(1) This index includes aspects and indicators from the Electric Utility Supplement in accordance with the publication ‘G4 Sector disclosures’ (Electric Utilities). 
The symbol (*) indicates those indicators where sector-spaecific information is included.
General
Standard 
Disclosures

215
ree.es
Corporate Responsibility Report 2015
01. THE COMPANY
ANEEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04.  MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06.  CREATION 
OF VALUE
07. EMPLOYEES
08.  SOCIETY
09.  DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
KEY PERFORMANCE 
INDICATORS
G4-54
G4-55
G4-56
G4-57
G4-58
Ratio of the annual total compensation for the 
organization’s  highest-paid individual in each 
country of signiﬁcant operations  to the median 
annual total compensation for all employees. 
Ratio of percentage increase in annual total 
compensation  for the organization’s highest-paid 
individual in each country  of signiﬁcant operations 
to the median percentage increase  in annual total 
compensation for all employees.
Organization’s values, principles, standards and 
norms  of behavior such as codes of conduct  
and codes of ethics.
Internal and external mechanisms for seeking 
advice  on ethical and lawful behavior.
Internal and external mechanisms for 
whistleblowing.
The ratio between the highest paid person in the 
organization (Chairman) (2) and the median total 
remuneration for all employees (3) (excluding the 
Chairman) was 10.7 times.
Percentage increase in the remuneration of the 
Chairman (2015/2014) (4) : (-5,2%) / Percentage 
increase in annual total remuneration for all 
employees (2015/2014) (5) (4,5%).
46
46, 47
47
-
-
-
-
-
231
231
231
231
231
ETHICS AND INTEGRITY 
 
 
(1)  This index includes aspects and indicators from the Electric Utility Supplement in accordance with the publication ‘G4 Sector disclosures’ (Electric Utilities). 
The symbol (*) indicates those indicators where sector-spaeciﬁc information is included.
(2)  Total remuneration accrued by the Chairman: 707,000 euros. It includes both ﬁxed and variable remuneration corresponding to the role as the Company's 
Chief Executive and the ﬁxed remuneration for being a member of the board of directors. Information available in note 22 of the ‘Red Electrica Corporacion SA 
and Subsidiaries’ Consolidated Annual Accounts Report and in the Annual Corporate Governance Report.
(3)  Average total remuneration of staff: 65.893 euros (personnel costs excluding social security expenses). Information available in note 20-c of the ‘Red Electrica 
Corporacion SA and Subsidiaries’ Consolidated Annual Accounts Report.
(4)  Total remuneration accrued by the Chairman: 707,000 euros (2015) and 746,000 (2014). Details in note 22 of the ‘Red Electrica Corporacion SA and 
Subsidiaries’ Consolidated Annual Accounts Report.
(5)  Average total remuneration of staff: 65,893 euros (2015) and 63,056 euros (2014). Details in note 20-c of the ‘Red Electrica Corporacion SA and Subsidiaries’ 
Consolidated Annual Accounts Report.
GRI CONTENT INDEX FOR 'IN ACCORDANCE'- COMPREHENSIVE
 (1)
PART 1. GENERAL STANDARD DISCLOSURES / Continuation
 
Description
Page Number
Link
Direct answer
Omissions
External
Assurance
(page)
GOVERNANCE / Continuation
General
Standard 
Disclosures

216
ree.es
Corporate Responsibility Report 2015
01. THE COMPANY
ANEEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
KEY PERFORMANCE 
INDICATORS
CATEGORY: ECONOMIC	
	
	
	
GRI CONTENT INDEX FOR 'IN ACCORDANCE'- COMPREHENSIVE (1)
PART 2. SPECIFIC STANDARD DISCLOSURES 
Omissions
Material aspect: Economic performance	
Material aspect: Procurement Practices	
	
Material aspect of the electric utility sector: Availability and Reliability	
	
	
	
Material aspect of the electric utility sector: Demand-Side Management	
	
	
	 	
G4-DMA
G4-EC1
G4-EC2
G4-EC3
G4-EC4
G4-DMA
G4-EC9
G4-DMA*
EU10*
G4-DMA*
Disclosures on management approach.
Direct economic value generated and distributed.
Financial implications and other risks and 
opportunities for the organization’s activities  
due to climate change.
Coverage of the organization’s  defined benefit  
plan obligations.
Financial assistance received  from government.
Disclosures on management approach.
Proportion of spending on local suppliers at 
significant locations of operation.
Disclosures on management approach.
Planned capacity against projected electricity 
demand over the long term, broken down by  
energy source and regulatory regime.
Disclosures on management approach.
90
91
43, 183
Consolidated Annual Accounts Report 2015
Page 34, Note 4-L
27, 91
152
152
68
68
83
-
-
-
-
-
-
-
-
-
-
231
231
231
231
231
231
231
231
231
231
 
Description
Page Number
Link
Direct answer
External
Assurance
(page)
(1) This index includes aspects and indicators from the Electric Utility Supplement in accordance with the publication ‘G4 Sector disclosures’ (Electric Utilities). 
The symbol (*) indicates those indicators where sector-spaecific information is included.
DMA and 
Indicators

217
ree.es
Corporate Responsibility Report 2015
01. THE COMPANY
ANEEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
KEY PERFORMANCE 
INDICATORS
Material aspect of the electric utility sector: Plant Decommissioning	
	
	
	 	
Material aspect of the electric utility sector: System Efficiency	
	
	
	 	
	
Material aspect: Energy 	
	
	
	 	
	
	
G4-DMA*
G4-DMA
EU11*
EU12*
G4-DMA
G4-EN3
G4-EN4
G4-EN5
G4-EN6
G4-EN7
-
77
-
77
181
191, 192
192
192
192, 193
-
Material aspect of the electric utility sector: Research and Development	
	
	
	 	
	
G4-DMA*
Disclosures on management approach.
Disclosures on management approach.
Everage generation efficiency of thermal plants by 
energy source and regulatory regime.
Transmission and distribution losses as a 
percentage of total energy.
Disclosures on management approach.
Energy consumption within the organization.
Energy consumption outside of the organization.
Energy intensity.
Reduction of energy consumption.
Reductions in energy requirements of products  
and services.
Disclosures on management approach.
86
Not applicable. The activities of the Group are related to the 
transmission of electricity and the operation of theelectricity 
systems, but not to the generation of electricity.
-
Not applicable. The activities of the Group are related to the 
transmission of electricity and the operation of theelectricity 
systems, but not to the generation of electricity.
-
-
-
-
-
-
Not applicable. Red Eléctrica, as system operator,   
performs various initiatives on demand management  
to improve energy efficiency of the electricity system as a  
whole, but it does not produce or market products nor  
services, whereby it is not possible to quantify the energy  
reductions that may result from them.
-
231
231
231
231
231
231
231
231
231
231
231
CATEGORY: ENVIRONMENTAL 	
	
	
	 	
	
	
GRI CONTENT INDEX FOR 'IN ACCORDANCE'- COMPREHENSIVE (1)
PART 2. SPECIFIC STANDARD DISCLOSURES / Continuation
Omissions
 
Description
Page Number
Link
Direct answer
External
Assurance
(page)
(1) This index includes aspects and indicators from the Electric Utility Supplement in accordance with the publication ‘G4 Sector disclosures’ (Electric Utilities). 
The symbol (*) indicates those indicators where sector-spaecific information is included.
DMA and 
Indicators

218
ree.es
Corporate Responsibility Report 2015
01. THE COMPANY
ANEEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
KEY PERFORMANCE 
INDICATORS
(1) This index includes aspects and indicators from the Electric Utility Supplement in accordance with the publication ‘G4 Sector disclosures’ (Electric Utilities). 
The symbol (*) indicates those indicators where sector-spaecific information is included.
(2) Although water has not been a material issue in the materiality study conducted by the Company, Red Eléctrica has decided to include it and verify it as it  
is a matter demanded by some sustainability indexes. 
231
231
231
231
231
Material aspect: Biodiversity	
	
	
	 	
	
	
G4-DMA*
G4-EN11
G4-EN12*
G4-EN13
G4-EN14
Material aspect: Water (2)	
	
	
	 	
	
	
G4-DMA
G4-EN8*
G4-EN9
G4-EN10
Disclosures on management approach.
Operational sites owned, leased, managed  
in, or adjacent to, protected areas and  
areas of high biodiversity value outside  
protected areas.
Description of significant impacts of activities, 
products, and services on biodiversity in  
protected areas and areas of high biodiversity  
value outside protected areas.
Habitats protected or restored.
Total number of IUCN Red List species and  
national conservation list species with habitats  
in areas affected by operations, by level of 
extinction risk.
Disclosures on management approach.
Total water withdrawal by source.
Water sources significantly affected by  
withdrawal of water.
Percentage and total volume of water recycled  
and reused.
172
193
174, 176, 194
179
179, 194, 195
Note 2
-
-
193
-
-
-
-
-
-
Not applicable to the sectorial aspect. Red Eléctrica does not have 
electricity generation. 
Not applicable. The water consumed is obtained from authorised 
water withdrawal points (municipal mains and wells) or from cisterns. 
Therefore, no direct effect exists on ecosystems.
-
231
231
231
231
GRI CONTENT INDEX FOR 'IN ACCORDANCE'- COMPREHENSIVE (1)
PART 2. SPECIFIC STANDARD DISCLOSURES / Continuation
Omissions
 
Description
Page Number
Link
Direct answer
External
Assurance
(page)
DMA and 
Indicators

219
ree.es
Corporate Responsibility Report 2015
01. THE COMPANY
ANEEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
KEY PERFORMANCE 
INDICATORS
EU13* 
-
231
Material aspect: Emissions 	
	
	
	 	
	
	
	
G4-DMA
G4-EN15*
G4-EN16*
G4-EN17
G4-EN18
G4-EN19
G4-EN20
G4-EN21*
Biodiversity of offset habitats compared to the 
biodiversity of the affected areas.
Disclosures on management approach.
Direct greenhouse gas (GHG) emissions   
(Scope 1).
Energy indirect greenhouse gas (GHG) emissions 
(Scope 2).
Other indirect greenhouse gas (GHG)  emissions 
(Scope 3).
Greenhouse gas (GHG) emissions intensity.
Reduction of greenhouse gas (GHG) emissions.
Emissions of ozone-depleting substances (ODS).
NOX, SOX, and other significant air emissions.
184
196
196
196
197
197
-
-
The comparison of the offset habitat with the affected area is not 
applicable, as the effects on the original habitat are minimal. "Thanks 
to the preventive and corrective measures implemented, Red Eléctrica 
facilities do not entail a loss of biodiversity that is significant enough  
so as to require the establishment of offset areas. The impacts 
generated are one-off situations, having established in some cases 
very specific offsetting measures such as planting woodland or the 
restoration of habitats."
-
-
-
-
-
-
Not applicable. These can be considered to be irrelevant, with the exception 
of those associated with the use of air conditioning systems containing R22. 
Losses are minimal owing to the fact that they undergo adequate maintenance. 
Equipment with R22 has been replaced. There's only 168.1 kg of gas R22 left in 
operating equipment, howerver this will be progressively replaced. Additionally,   
230.1 kg of gas remain in machines that are no longer in service.  
Not applicable. The activities of the Company do not give rise to these
emissions as they do not involve the burning of fossil fuels – REE does not
generate electricity - except for fuel used in  vehicles and diesel generator  
sets and whose emissions are not considered relevant under this aspect.
231
231
231
231
231
231
231
231
Material aspect: Biodiversity / Continuation	
	
	
	 	
	
	
GRI CONTENT INDEX FOR 'IN ACCORDANCE'- COMPREHENSIVE (1)
PART 2. SPECIFIC STANDARD DISCLOSURES / Continuation
Omissions
 
Description
Page Number
Link
Direct answer
External
Assurance
(page)
(1) This index includes aspects and indicators from the Electric Utility Supplement in accordance with the publication ‘G4 Sector disclosures’ (Electric Utilities). 
The symbol (*) indicates those indicators where sector-spaecific information is included.
DMA and 
Indicators

220
ree.es
Corporate Responsibility Report 2015
01. THE COMPANY
ANEEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
KEY PERFORMANCE 
INDICATORS
Material aspect: Effluents and Waste	
	
	
	 	
	
	
	
G4-DMA*
G4-EN22*
G4-EN23*
G4-EN24
G4-EN25
G4-EN26
Disclosures on management approach.
Total water discharge by quality and destination.
Total weight of waste by type and disposal method.
Total number and volume of significant spills.
Weight of transported, imported, exported, or 
treated waste deemed hazardous under the terms 
of the Basel Convention2 Annex I, II, III, and VIII, 
and percentage of transported waste shipped 
internationally.
Identity, size, protected status, and biodiversity 
value of water bodies and related habitats 
significantly affected by the organization’s 
discharges of water and runoff.
189
-
198, 199, 200
200
199
-
-
Not applicable. The activities of the Company do not give rise to 
these discharges. Rainwater discharges only occur in substations. 
-
-
-
Not applicable. Rainwater discharges from substations  
(which is the only water dumping associated with the activities 
of REE that takes place) do not affect water resources nor the 
associated habitats.
231
231
231
231
231
	231
Material aspect: Compliance 	
	
	
	 	
	
	
	
G4-DMA
G4-EN29
Disclosures on management approach.
Monetary value of significant fines and total 
number of non-monetary sanctions for  
non-compliance with environmental laws  
and regulations.
163
201
-
-
231
231
Material aspect: Overall 	
	
	
	 	
	
	
	
G4-DMA
G4-EN31
Disclosures on management approach.
Total environmental protection expenditures  
and investments by type.
163
202
-
-
231
231
GRI CONTENT INDEX FOR 'IN ACCORDANCE'- COMPREHENSIVE (1)
PART 2. SPECIFIC STANDARD DISCLOSURES / Continuation
Omissions
 
Description
Page Number
Link
Direct answer
External
Assurance
(page)
(1) This index includes aspects and indicators from the Electric Utility Supplement in accordance with the publication ‘G4 Sector disclosures’ (Electric Utilities). 
The symbol (*) indicates those indicators where sector-spaecific information is included.
DMA and 
Indicators

221
ree.es
Corporate Responsibility Report 2015
01. THE COMPANY
ANEEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
KEY PERFORMANCE 
INDICATORS
Material aspect: Supplier Environmental Assessment 	
	
	
	 	
	
	
	
G4-DMA
G4-EN32
G4-EN33
156, 164
156
155, 157, 164
-
-
-
231
231
231
231
231
231
231
Material aspect: Environmental Grievance Mechanisms 	
	
	
	 	
	
	
	
G4-DMA
G4-EN34
62
62, 200
-
-
231
231
Material aspect: Employment  	
	
	
	 	
	
	
G4-DMA*
G4-LA1*
G4-LA2
G4-LA3
Disclosures on management approach.
Percentage of new suppliers that were screened 
using environmental criteria.
Significant actual and potential negative 
environmental impacts in the supply chain and 
actions taken.
Disclosures on management approach.
Number of grievances about environmental 
impacts filed, addressed, and resolved through 
formal grievance mechanism.
Disclosures on management approach.
Total number and rates of new employee hires  
and employee turnover by age group, gender,  
and region.
Benefits provided to full-time employees that are  
not provided to temporary or part-time employees,  
by significant locations of operation.
Return to work and retention rates after parental 
leave, by gender..
98
99, 121, 122
119
122
-
-
-
-
CATEGORY: SOCIAL	
	
	
	 	
	
	
LABOR PRACTICES AND DECENT WORK	
	
	
	 	
	
	
	
GRI CONTENT INDEX FOR 'IN ACCORDANCE'- COMPREHENSIVE (1)
PART 2. SPECIFIC STANDARD DISCLOSURES / Continuation
Omissions
 
Description
Page Number
Link
Direct answer
External
Assurance
(page)
(1) This index includes aspects and indicators from the Electric Utility Supplement in accordance with the publication ‘G4 Sector disclosures’ (Electric Utilities). 
The symbol (*) indicates those indicators where sector-spaecific information is included.
DMA and 
Indicators

222
ree.es
Corporate Responsibility Report 2015
01. THE COMPANY
ANEEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
KEY PERFORMANCE 
INDICATORS
EU15*
EU17*
EU18*
112, 127
127
116, 117
-
-
-
231
231
231
Material aspect: Labor/Management Relations  	
	
	
	 	
	
	
	
G4-DMA
G4-LA4
112
112
-
-
231
231
Material aspect: Occupational Health and Safety  	
	
	
	 	
	
	
	
G4-DMA
G4-LA5
G4-LA6*
G4-LA7
G4-LA8
Percentage of employees eligible to retire in the  
next 5 and 10 years broken down by job category  
and by region.
Days worked by contractor and subcontractor 
employees that participate in construction,  
operation and maintenance activities.
Percentage of contractor and subcontractor 
employees that have undergone relevant health  
and safety training.
Disclosures on management approach.
Minimum notice periods regarding  operational 
changes, including whether  these are specified in 
collective agreements.
Disclosures on management approach.
Percentage of total workforce represented in  
formal joint management–worker health  and  
safety committees that help monitor and advice  
on occupational health  and safety programs.
Type of injury and rates of injury,  occupational 
diseases, lost days, and absenteeism, and total 
number of work  related fatalities, by region and  
by gender.
Workers with high incidence or high risk of  
diseases related to their occupation.
Health and safety topics covered in formal 
agreements with trade unions.
114
116
115, 116, 123, 127
116
113, 116
-
-
-
-
-
231
231
231
231
231
Material aspect: Employment / Continuation	
	
	
	 	
	
	
GRI CONTENT INDEX FOR 'IN ACCORDANCE'- COMPREHENSIVE (1)
PART 2. SPECIFIC STANDARD DISCLOSURES / Continuation
Omissions
 
Description
Page Number
Link
Direct answer
External
Assurance
(page)
(1) This index includes aspects and indicators from the Electric Utility Supplement in accordance with the publication ‘G4 Sector disclosures’ (Electric Utilities). 
The symbol (*) indicates those indicators where sector-spaecific information is included.
DMA and 
Indicators

223
ree.es
Corporate Responsibility Report 2015
01. THE COMPANY
ANEEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
KEY PERFORMANCE 
INDICATORS
G4-DMA
G4-LA9
G4-LA10
G4-LA11
105
97, 107, 109, 117, 124
97, 105, 109
108, 125
-
-
-
-
231
231
231
231
Material aspect: Diversity and Equal Opportunity	
	
	
	 	
	
	
G4-DMA
G4-LA12
101
99, 125, 126
-
-
231
231
Material aspect: Equal Remuneration for Women and Men	
	
	
	 	
	
	
	
G4-DMA
G4-LA13
102
127
-
-
231
231
Material aspect: Supplier Assessment for Labor Practices	
	
	
	 	
	
	
G4-DMA
Disclosures on management approach.
Average hours of training per year per employee  
by gender, and by employee category.
Programs for skills management and lifelong 
learning that support the continued employability 
of employees and assist them in managing  
career endings.
Percentage of employees receiving regular 
performance and career development reviews,  
by gender and by employee category.
Disclosures on management approac.
Composition of governance bodies and  
breakdown of employees per employee category 
according to gender, age group, minority group 
membership, and other indicators of diversity.
Disclosures on management approach.
Ratio of basic salary and remuneration of women 
to men by employee category,  by significant 
locations of operation.
Disclosures on management approach.
156
-
231
GRI CONTENT INDEX FOR 'IN ACCORDANCE'- COMPREHENSIVE (1)
PART 2. SPECIFIC STANDARD DISCLOSURES / Continuation
Omissions
 
Description
Page Number
Link
Direct answer
External
Assurance
(page)
(1) This index includes aspects and indicators from the Electric Utility Supplement in accordance with the publication ‘G4 Sector disclosures’ (Electric Utilities). 
The symbol (*) indicates those indicators where sector-spaecific information is included.
Material aspect: Training and Education	
	
	
DMA and 
Indicators

224
ree.es
Corporate Responsibility Report 2015
01. THE COMPANY
ANEEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
KEY PERFORMANCE 
INDICATORS
Material aspect: Supplier Assessment for Labor Practices / Continuation	
	
	
	 	
	
	
Material aspect: Supplier Human Rights Assessment	
	
	
	 	
	
	
G4-LA14
G4-LA15
G4-DMA
G4-HR10
G4-HR11
156
155, 157
47, 152
156
155, 157
-
-
-
-
-
231
231
231
231
231
Material aspect: Labor Practices Grievance Mechanisms	
	
	
	 	
G4-DMA
G4-LA16
G4-DMA
G4-HR9
Percentage of new suppliers that  
were screened using labor practices  
criteria.
Significant actual and potential  
negative impacts for labor practices in  
the supply chain and actions taken.   
Disclosures on management approach.
Percentage of new suppliers that were screened 
using human rights criteria.
Significant actual and potential negative   
human rights impacts in the supply chain and 
actions taken.
Disclosures on management approach.
Number of grievances about labor practices  
filed, addressed, and resolved through formal 
grievance mechanisms.
Disclosures on management approach.
Total number and percentage of operations that 
have been subject to human rights  reviews or 
impact assessments.
47, 112
47
In 2015, 2 grievances, currently pending resolution, 
were submitted and addressed. During 2015,  
16 grievances outstanding from previous years,  
were resolved.
50
51
-
-
-
-
231
231
231
231
Material aspect: Assessment 	
	
	
	 	
	
	
	
HUMAN RIGHTS	
	
	
	 	
	
	
	
GRI CONTENT INDEX FOR 'IN ACCORDANCE'- COMPREHENSIVE (1)
PART 2. SPECIFIC STANDARD DISCLOSURES / Continuation
Omissions
 
Description
Page Number
Link
Direct answer
External
Assurance
(page)
(1) This index includes aspects and indicators from the Electric Utility Supplement in accordance with the publication ‘G4 Sector disclosures’ (Electric Utilities). 
The symbol (*) indicates those indicators where sector-spaecific information is included.
DMA and 
Indicators

225
ree.es
Corporate Responsibility Report 2015
01. THE COMPANY
ANEEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
KEY PERFORMANCE 
INDICATORS
Material aspect: Human Rights Grievance Mechanisms	
	
	
	 	
	
	
Material aspect: Anti-corruption	
	
	
	 	
	
	
	
Material aspect of the electric utility sector: Disaster/ Emergency Planning and Response	
	
	 	
	
	
G4-DMA
G4-HR12
G4-DMA
G4-SO3
G4-DMA
47
No human rights grievances were submitted through 
formal mechanisms, nor addressed or revolved 
on this period. (quitar 'human rights grievances 
mechanisms') human rights grievance mechanisms.
49
50
76
-
-
-
-
-
231
231
231
231
231
G4-DMA*
G4-SO1
G4-SO2
EU22*
Disclosures on management approach.
Number of grievances about human rights  
impacts filed, addressed, and resolved through 
formal grievance mechanisms.
Disclosures on management approach.
Total number and percentage of operations 
assessed for risks related to corruption and the 
significant risks identified.
Disclosures on management approach.
Disclosures on management approach.
Percentage of operations with implemented local 
community engagement, impact assessments,   
and development programs.
Operations with significant actual or potential 
negative impacts on local communities.
Number of people physically  or economically 
displaced and compensation, broken down by  
type of project.
131, 165
131, 166
167
-
-
-
-
Not applicable. Red Eléctrica facilities do not produce any  
form of displacement.
231
231
231
231
Material aspect: Local Communities 	
	
	
	 	
	
	
	
SOCIETY	
	
	
	 	
	
	
	
GRI CONTENT INDEX FOR 'IN ACCORDANCE'- COMPREHENSIVE (1)
PART 2. SPECIFIC STANDARD DISCLOSURES / Continuation
Omissions
 
Description
Page Number
Link
Direct answer
External
Assurance
(page)
(1) This index includes aspects and indicators from the Electric Utility Supplement in accordance with the publication ‘G4 Sector disclosures’ (Electric Utilities). 
The symbol (*) indicates those indicators where sector-spaecific information is included.
DMA and 
Indicators

226
ree.es
Corporate Responsibility Report 2015
01. THE COMPANY
ANEEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
KEY PERFORMANCE 
INDICATORS
Material aspect: Anti-corruption / Continuation	
	
	
	 	
	
	
	
Material aspect: Supplier Assessment for Impacts on Society	
	
	
	 	
	
	
	
Material aspect: Compliance  	
	
	
	 	
	
	
	
G4-SO4
G4-SO5
G4-DMA
G4-SO9
G4-DMA
G4-SO8
Communication and training on  anti-corruption 
policies and procedures.
Confirmed incidents of corruption and  
actions taken.
Disclosures on management approach.
Percentage of new suppliers  that were screened 
using criteria  for impacts on society.
Disclosures on management approach.
Monetary value of significant fines  and total  
number of non-monetary  sanctions for  
non-compliance  with laws and regulations.
47, 49
48, 50
156
156
46
On 8 October, 2015 a sanctioning resolution was 
issued by the National Markets and Competition 
Commission which resolved to impose a fine of 
€300,000 on Red Eléctrica de España for an alleged 
infringement of Article 61.a.9 of Law 54/1997, of 
27 November, of the Spanish Electricity Sector, as 
a result of the construction of a power substation 
in the municipality of Torrejón de Velasco (Madrid) 
without administrative authorisation.
 
Red Eléctrica de España considers that no such 
infringement has been committed, and as such, 
has filed an administrative appeal with the 
Administrative Appeals Chamber of the National 
High Court against said administrative action;  
said appeal is currently being processed’.
-
-
-
-
-
-
231
231
231
231
231
231
GRI CONTENT INDEX FOR 'IN ACCORDANCE'- COMPREHENSIVE (1)
PART 2. SPECIFIC STANDARD DISCLOSURES / Continuation
Omissions
 
Description
Page Number
Link
Direct answer
External
Assurance
(page)
(1) This index includes aspects and indicators from the Electric Utility Supplement in accordance with the publication ‘G4 Sector disclosures’ (Electric Utilities). 
The symbol (*) indicates those indicators where sector-spaecific information is included.
DMA and 
Indicators

227
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Corporate Responsibility Report 2015
01. THE COMPANY
ANEEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
KEY PERFORMANCE 
INDICATORS
Material aspect: Supplier Assessment for Impacts on Society / Continuation	
	
	
	 	
	
	
Material aspect: Grievance Mechanisms for Impacts on Society 	
	
	
	 	
	
	
	
G4-SO10
G4-DMA
G4-SO11
Significant actual and potential  negative  
impacts on society in the  supply chain and  
actions taken.
Disclosures on management approach.
Number of grievances about impacts  on society 
filed, addressed, and resolved through formal 
grievance mechanisms.
155, 157 
62
47, 62
-
-
-
231
231
231
G4-DMA
G4-PR1
G4-PR2
EU25*
Disclosures on management approach.
Percentage of significant product  and service 
categories for which health  and safety impacts  
are assessed  for improvement.
Total number of incidents of non-compliance  
with regulations and voluntary  codes concerning  
the health and safety  impacts of products  
and services during  their life cycle, by type  
of outcomes.
Number of injuries and fatalities  to the public 
involving company assets, including legal 
judgments, settlements,  and pending legal  
cases of diseases.
170
170, 171
171
No fatal injuries nor casualties involving  
Company assets have occurred among citizens.
-
-
-
-
231
231
231
231
Material aspect: Customer Health and Safety 	
	
	
	 	
	
	
	
PRODUCT RESPONSIBILITY	
	
	
	 	
	
	
	
GRI CONTENT INDEX FOR 'IN ACCORDANCE'- COMPREHENSIVE (1)
PART 2. SPECIFIC STANDARD DISCLOSURES / Continuation
Omissions
 
Description
Page Number
Link
Direct answer
External
Assurance
(page)
(1) This index includes aspects and indicators from the Electric Utility Supplement in accordance with the publication ‘G4 Sector disclosures’ (Electric Utilities). 
The symbol (*) indicates those indicators where sector-spaecific information is included.
DMA and 
Indicators

228
ree.es
Corporate Responsibility Report 2015
01. THE COMPANY
ANEEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
KEY PERFORMANCE 
INDICATORS
Material aspect of the electric utility sector: Access	
	
	
	 	
	
	
G4-DMA*
EU26*
EU27*
EU28*
EU29*
EU30*
Disclosures on management approach.
Percentage of population unserved in licensed 
distribution or service areas.
Number of residential disconnections for 
non-payment, broken down by duration of 
disconnection and by regulatory regime.
Power outage frequency.
Average power outage duration.
Average plant availability factor by energy source 
and by regulatory regime.
68
-
-
76
76
-
-
Not applicable. Red Eléctrica, as high voltage transmission agent, 
does not reach the final consumer. 
Not applicable. "Red Eléctrica does not carry out distribution  
activity, only high voltage transmission. The quality indicators of 
the transmission activity are shown in the following link.
-
-
Not applicable. All the activities of the Group are related to the 
transmission of electricity and the operation of the electricity 
systems, but not to the generation of electricity.
231
231
231
231
231
231
Material aspect: Compliance	
	
	
	 	
	
	
	
G4-DMA
G4-PR9
Disclosures on management approach.
Monetary value of significant fines for  
non-compliance with laws and regulations 
concerning the provision and use of products  
and services.
46
No significant fines were imposed on the 
Company due to non-compliance of the rules  
that regulate the provision of the power supply 
and the use of products and services.
-
-
231
231
Material aspect of the electric utility sector: Provision of Information	
	
	
	 	
	
	
	
G4-DMA*
Disclosures on management approach.
-
Not applicable. Red Eléctrica, as high voltage transmission agent, 
does not reach the final consumer.
231
GRI CONTENT INDEX FOR 'IN ACCORDANCE'- COMPREHENSIVE (1)
PART 2. SPECIFIC STANDARD DISCLOSURES / Continuation
Omissions
 
Description
Page Number
Link
Direct answer
External
Assurance
(page)
(1) This index includes aspects and indicators from the Electric Utility Supplement in accordance with the publication ‘G4 Sector disclosures’ (Electric Utilities). 
The symbol (*) indicates those indicators where sector-spaecific information is included.
DMA and 
Indicators

Commitment to the  
United Nations initiatives on sustainability
promote inclusive economic growth, 
progress and equal opportunities and 
environmental protection.
Red Eléctrica, as the operator and 
sole transmission agent of the 
Spanish electricity system, is aware 
of its key position in the energy 
sector and, as a company committed 
to sustainability, actively collaborates 
in the development of a sustainable 
energy future. The Company 
structures its commitments in 
this area through its Corporate 
Responsibility Plan.
Many of the commitments made 
by Red Eléctrica in this plan 
contribute to the achievement 
of the Sustainable Development 
Goals. Thus, the Company actively 
works in the fields of energy and the 
modernisation of infrastructure and 
technology, impacting on objectives 
7, 9 and 13. In addition, it is openly 
committed to actions, such as 
transparency and good governance, 
biodiversity protection, or equal 
opportunities and the work-life 
balance, among others, which are 
aligned to a greater or lesser  
extent with other Sustainable 
Development Goals.
Global coMpact 
Red Eléctrica complies with the 
United Nations Global Compact, 
supporting through its activities the 
consolidation of this international 
project, considering it a great 
value proposition for the defence 
of fundamental human rights, 
environmental protection, support 
for social development, respect for 
labour regulations and the fight 
against corruption.
Red Eléctrica de España, founding 
member of the Spanish Network of 
the UN Global Compact, annually 
presents a Progress Report, where 
the main activities undertaken in 
relation to the Ten Principles are set 
out. This information is available on 
the website of the Spanish Network 
of the UN Global Compact   
www.pactomundial.org and on  
the website of the Global Compact    
www.unglobalcompact.org.
OBJECTIVES OF 
SUSTAINABLE DEVELOPMENT
The 2030 Agenda of the United 
Nations, approved in September 
2015, establishes at a global level 
the lines of sustainable development 
over the next fifteen years and, as a 
new initiative, involves businesses 
and the private sector in order to 
make this ambitious international 
agreement a success. 
The United Nations has defined 
17 objectives, broken down into 
169 goals, to transform the world 
from now until 2030. It also invites 
the business sector, through local 
Global Compact networks, to commit 
to and be a protagonist of this 
transformation, developing corporate 
sustainability strategies which 
229
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Corporate Responsibility Report 2015
01. THE COMPANY
ANEEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
KEY PERFORMANCE 
INDICATORS

230
ree.es
Corporate Responsibility Report 2015
01. THE COMPANY
ANEEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
KEY PERFORMANCE 
INDICATORS
Human Rights
1. Businesses should support and respect the protection of internationally proclaimed human rights within their scope of influence.
2. Businesses should ensure that their companies are not complicit in human rights abuses. 
Labour Rights
3. Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining.
4. Businesses should ensure the elimination of all forms of forced and compulsory labour.
5. Businesses should support the effective abolition of child labour.
6. Businesses should support the elimination of discrimination in respect of employment and occupation.  
Environment
7. Businesses should support a precautionary approach to environmental challenges.
8. Businesses should undertake initiatives to promote greater environmental responsibility.
9. Businesses should encourage the development and dissemination of environmentally friendly technologies. 
Anti-corruption
10. Businesses should work against corruption in all its forms, including extortion and bribery. 
In 2011, the Global Compact 
introduced the Differentiation 
Programme, aimed at categorising 
the Progress Reports of the 
participating companies according 
to the degree of implementation 
of the Ten Principles, on the one 
hand and, on the other, the level 
of transparency. The Report of 
Red Eléctrica de España has, from 
the outset of the programme, 
qualified for the ‘Global Compact 
GLOBAL COMPACT 
ASPECTS AND PRINCIPLES
Advanced Level’, which is granted to 
companies that have implemented 
and communicated best practices 
related to the integration of the Ten 
Principles into their management 
practices.
Red Eléctrica de España actively 
collaborated with the Spanish 
Network of the UN Global  
Compact in 2015 through its 
participation in the Working Group  
on Human Rights and Business,  
aimed at designing a practical tool  
to facilitate the implementation 
of the Guiding Principles into the 
Spanish business fabric. In addition, 
a good practice of the Company 
(social audits of suppliers) was 
selected as teaching materials for 
the course on Responsible supply 
chain management given by the 
Spanish Network.

REPORT ON
INDEPENDENT REVIEW (G4-33)
231
ree.es
Corporate Responsibility Report 2015
01. THE COMPANY
ANEEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
KEY PERFORMANCE 
INDICATORS

REPORT ON INDEPENDENT REVIEW
OF GREENHOUSE GAS EMISSIONS INVENTORY
232
ree.es
Corporate Responsibility Report 2015
01. THE COMPANY
ANEEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
KEY PERFORMANCE 
INDICATORS

233
ree.es
Corporate Responsibility Report 2015
01. THE COMPANY
ANEEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
KEY PERFORMANCE 
INDICATORS

Annual Executive Report  
on the Management of the Code of Ethics 2015
Many of these values and 
commitments have been ingrained 
in Red Eléctrica since 1987 when 
it published its first set of shared 
values, entitled ‘Core principles in 
the performance of duties’. In 2007, 
the ethical commitment of Red 
Eléctrica was strengthened with the 
approval of the document entitled 
"Code of Ethics and corporate 
values," the implementation of a 
whistle-blowing channel for queries 
and grievances, and the creation of 
the figure of the Ethics Manager.
The current edition of the Code 
of Ethics of the Red Eléctrica 
Group was approved by the 
Board of Directors of its parent 
company on 28 May 2013, 
undertaking the requirements 
demanded by stakeholders and the 
recommendations of organisations 
of repute with influence in this area.
The Code of Ethics is incumbent 
on all persons in the Group, 
understood as its Board of 
Directors, its directors and the 
remaining employees, in the 
performance of their duties and 
responsibilities. It is a regulatory 
instrument, in the general sense of 
establishing patterns of behaviour 
and guidelines with regard to the 
values enshrined within the Code of 
Ethics, in the different fields within 
the professional sphere in which the 
people of the Red Eléctrica Group 
carry out their activity. Its purpose is 
to serve as a general guideline when 
making decisions aligned with the 
aforementioned values in certain 
situations where professionals  
of the Red Eléctrica Group may  
find themselves.
It is applied in the companies of 
the Group, i.e. in those which are 
majority owned, regardless of 
their geographical location and 
in those countries where they are 
temporarily performing activities, 
providing professional services or 
any other activity related to  
the Group.
WHISTLE-BLOWING 
CHANNEL
Red Eléctrica has appointed an 
Ethics Manager to manage the 
ethical questions that may be posed 
and to collate, analyse and resolve 
the possible non-compliances 
received regarding the commitments 
set out in the Code of Ethics. The 
person appointed is Rafael García de 
Diego Barber, General Counsel and 
Secretary of the Board of Directors 
of Red Eléctrica Corporación. This 
figure, with a direct channel to the 
Chairman and the Board of Directors, 
is also responsible for maintaining 
the confidentiality of the processes, 
the development, consolidation 
and ongoing improvement of the 
ethics management in Red Eléctrica. 
The Ethics Manager can count 
on the support of the Company’s 
organisational units that he/she 
deems necessary to undertake the 
designated responsibilities.
IntroducTIOn
The Annual Report on the 
Management of the Code of Ethics 
sets out the circumstances arising 
in relation to the corporate system 
for the management of ethics of the 
Red Eléctrica Group within the fiscal 
year: the operation of the whistle-
blowing channel for enquiries and 
grievances, awareness campaigns, 
recognition received and measures 
to be promoted. 
The Code of Ethics of the Company 
seeks to provide an ethical guide for 
the people of the companies of the 
Red Eléctrica Group, establishing 
the values and commitments that 
should govern their activity within 
the Company.
234
ree.es
Corporate Responsibility Report 2015
01. THE COMPANY
ANEEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
KEY PERFORMANCE 
INDICATORS

could be sent to the Ethics Manager 
in a confidential manner.
With regard to the system for the 
detection and handling of possible 
non-compliances, grievances, 
enquiries and suggestions regarding 
ethical matters, in 2015, twenty-
seven enquiries were received 
by the Ethics Manager, with a 
maximum resolution period of 
10 days. Enquiries received have 
referred to the following areas of 
conduct: the responsible monitoring 
of the management of suppliers; 
dealing adequately with confidential 
information; the protection and 
use of facilities and equipment 
of the Organisation; limitation on 
the acceptance of gifts, loans or 
invitations, and the respect, integrity, 
accountability and transparency 
within the Organisation. 
During said period, three grievances 
were received regarding the 
compliance with the Code of Ethics. 
The first concerned the corporate 
value "environmental awareness" 
having dismissed the grievance, with 
the agreement of the complainant, 
as the Red Eléctrica Group had not 
had any intervention whatsoever 
with regard to the stated facts, 
either directly or through any of its 
contractors. The second grievance 
referred mainly to corporate value 
"respect", a case that was resolved 
prior to its definitive resolution due 
to the fact that the person from the 
Company lodging the grievance left 
the Company voluntarily before the 
conclusion of the case. The third 
grievance referred to the corporate 
value "respect", and was still being 
processed at the close of 2015.
Among the functions undertaken by 
the Ethics Manager is the obligation 
to communicate the grievances 
that could lead to a criminal risk for 
the companies of the Red Eléctrica 
Group, for which the Control and 
Monitoring body of the Criminal 
Risk Prevention Programme of 
the Group, of which the Ethics 
Manager is a member, can assess 
the aforementioned grievances 
and, where appropriate, initiate an 
investigation into the event until it is 
resolved. In 2015, the Ethics Manager 
received no complaint about  
non-compliances related to criminal 
risk, and none of the companies of 
the Red Eléctrica Group have been 
investigated, or convicted by any law 
court for infringements related to 
criminal risks of the organisation.
INTEGRITY AND 
TRANSPARENCY
As a result of the commitment 
underaken by Red Eléctrica to 
prohibit all practices related to 
corruption, bribery or facilitation 
payments, the Board of Directors 
of the parent company approved 
on 22 December 2015 the ‘Guide 
for the Prevention of Corruption: 
zero tolerance’ as a fundamental 
element of the integrity model of the 
Red Eléctrica Group. The initiative 
In 2015, in accordance with 
international best practices, the 
information on the corporate website 
was improved regarding the ethical 
management of the Company, which 
includes the publication of a list of 
indicators related to the application 
of the Code of Ethics. The aim is 
to provide relevant information 
to enable socially responsible 
investors to be aware of those ethical 
elements which are necessary 
when making investment decisions, 
in a complementary form to the 
traditional economic and financial 
criteria. On the Group's website a 
channel was set up which is both 
visible and easily accessible, through 
which enquiries and grievances  
In 2015, the information on the 
corporate website regarding 
the ethical management of the 
Company was improved through 
the publication of indicators 
related to the application of the 
Code of Ethics. 
235
ree.es
Corporate Responsibility Report 2015
01. THE COMPANY
ANEEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
KEY PERFORMANCE 
INDICATORS

system, aligned with the values of 
trustworthiness and responsibility 
set out therein.
AWARENESS 
ACTIONS
Regarding the Awareness Plan on 
ethical management, approved 
by the Corporate Responsibility 
Committee of the Company, in 2014 
and continuing in 2015, a number 
of forums were started in all work 
centres of the Group’s companies, 
with the aim of improving knowledge 
regarding the ethics management 
system, reflecting the values 
and commitments made by the 
organisation, and strengthening the 
figure and functions of the Ethics 
Manager. These sessions include the 
participation of the Ethics Manager 
and the Red Eléctrica Stakeholder 
Ombudsman.
EXTERNAL 
RECOGNITION
In the field of external recognition, 
noteworthy was the awarding of the 
maximum score (100 out of 100 
points) to Red Eléctrica in the Code 
of Ethics/Compliance/Corruption 
and Bribery section of the Dow 
Jones Sustainability Index 2015. 
The inclusion in the Euronext-Vigeo 
Sustainability Indexes (Eurozone 
120, Europe 120, Global 120) which 
selects the companies that stand 
out for their excellent performance 
in areas such as environmental 
protection, ethics or contribution to 
economic and social development 
of the communities in which they 
operate. Also worth highlighting is 
the fact that for years Red Eléctrica 
has formed part of prestigious 
indexes regarding business ethics 
such as the Ethibel Sustainability 
Index (ESI) Excellence Europe and 
also Ethibel Excellence.
was included in the Corporate 
Responsibility Programme 2015 of 
the Company. It aims to provide a 
guide regarding the prevention of 
corruption for all professionals in 
the companies of the Red Eléctrica 
Group, setting out the commitments 
and action criteria, thereto, that 
should govern their professional 
activities within the same. Its 
purpose is to provide members of 
the Red Eléctrica Group an analysis 
of the circumstances and the risks 
they face regarding corruption, and 
advance the dissemination of the 
criteria and the instruments available 
to the Company for the eradication 
said risks.
During 2015, after completion of  
the diagnosis and design phases  
of the proposal, the new Regulatory 
Compliance System started to be 
implemented along with the creation 
of the Regulatory Compliance 
Unit, developing the commitment, 
set out as a behavioural guideline 
for the Code of Ethics, to have a 
suitable legal compliance control 
Red Eléctrica was awarded 
the maximum score (100 out 
of 100 points) in the Code of 
Ethics/Compliance/Corruption 
and Bribery section of the Dow 
Jones Sustainability Index.
236
ree.es
Corporate Responsibility Report 2015
01. THE COMPANY
ANEEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
KEY PERFORMANCE 
INDICATORS

237
ree.es
Corporate Responsibility Report 2015
01. THE COMPANY
ANEEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
KEY PERFORMANCE 
INDICATORS
INDEPENDENT AUDITOR REPORT
ON THE SYSTEM OF INTERNAL CONTROL OVER FINANCIAL REPORTING 
KPMG Auditores S.L., a limited liability Spanish company and a 
member firm of the KPMG network of independent member firms 
affiliated 
with 
KPMG 
International 
Cooperative 
(“KPMG 
International”), a Swiss entity. 
Reg. Mer Madrid, T. 11.961, F. 90, 
Sec. 8, H. M -188.007, Inscrip. 9 
N.I.F. B-78510153 
Independent Auditor's Report on the 
System of Internal Control over Financial Reporting 
(Translation from the original in Spanish. In the event of discrepancy, the Spanish-language 
version prevails.) 
To the Directors of 
    Red Eléctrica Corporación, S.A. 
Further to your request, and in accordance with our engagement letter dated 26 October 2015, we 
have examined the information concerning the System of Internal Control over Financial 
Reporting (Sistema de Control Interno sobre la Información Financiera, hereinafter “SCIIF”) of 
Red Eléctrica Corporación, S.A. (the Parent) and subsidiaries (the REE consolidated Group or the 
Group) described in note F of the accompanying Annual Corporate Governance Report at 31 
December 2015. This system is based on the criteria established in the Internal Control - 
Integrated Framework issued by the Committee of Sponsoring Organizations (COSO) of the 
Treadway Commission. The Board of Directors of the Company and Senior Management of the 
Group are responsible for adopting appropriate measures to reasonably ensure the 
implementation, maintenance and oversight of an adequate system of internal control over 
financial reporting, evaluating its effectiveness and developing improvements to that system, and 
defining the content of and preparing the accompanying information concerning SCIIF. Our 
responsibility is to express an opinion on the effectiveness of the Group's System of Internal 
Control over Financial Reporting based on our examination. 
An entity's internal control over financial reporting is designed to provide reasonable assurance 
that its annual financial reporting complies with the applicable financial reporting framework. It 
includes policies and procedures that (i) pertain to the maintenance of records that, in reasonable 
detail, accurately and fairly reflect the transactions and assets of the Group; (ii) provide reasonable 
assurance that transactions are recorded as necessary to permit preparation of the Group's 
consolidated annual accounts in accordance with the applicable financial reporting framework; 
and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorised 
acquisition, use or disposal of the Group's assets that could have a material effect on the 
consolidated annual accounts. In this respect it should be borne in mind that, irrespective of the 
quality of the design and operation of the internal control system adopted in relation to annual 
financial reporting, the system may only provide reasonable, but not absolute assurance in relation 
to the objectives pursued, due to the limitations inherent in any internal control system.  
We conducted our examination in accordance with ISAE 3000 (International Standard on 
Assurance Engagements 3000: Assurance Engagements other than Audits or Reviews of 
Historical Financial Information), issued by the International Auditing and Assurance Standards 
Board (IAASB) of the International Federation of Accountants (IFAC) for the issue of reasonable 
assurance reports.  This standard requires that we plan and perform our work to obtain reasonable 
assurance about whether the Group maintains, in all material respects, effective internal control 
over financial reporting. Our work included obtaining an understanding of the Group's System of 
Internal Control over Financial Reporting, testing and evaluating the design and operating 
effectiveness of that system, and performing such other procedures as were considered necessary 
in the circumstances. We consider that our examination provides a reasonable basis for our 
opinion. 
2
The firm applies International Standard on Quality Control 1 and accordingly maintains a 
comprehensive system of quality control including documented policies and procedures regarding 
compliance with ethical requirements, professional standards and applicable legal and regulatory 
requirements. 
We have complied with the independence and other ethical requirements of the Code of Ethics 
for Professional Accountants issued by the International Ethics Standards Board for Accountants, 
which is founded on fundamental principles of integrity, objectivity, professional competence and 
due care, confidentiality and professional behaviour.  
Due to the limitations inherent in any internal control system, there is always a possibility that 
SCIIF may not prevent or detect misstatements or irregularities that may arise as a result of errors 
of judgement, human error, fraud or misconduct. Moreover, projections of any evaluation of 
effectiveness to future periods are subject to the risk that controls may become inadequate because 
of changes in conditions or that the degree of compliance with the policies or procedures may 
deteriorate. 
In our opinion, the Group maintained, in all material respects, effective internal control over 
financial reporting at 31 December 2015, in accordance with the criteria established in the Internal 
Control - Integrated Framework issued by the Committee of Sponsoring Organizations (COSO) 
of the Treadway Commission. Furthermore, the disclosures contained in the information 
concerning SCIIF included in note F of the Group's Annual Corporate Governance Report at 31 
December 2015 have been prepared, in all material respects, in accordance with the requirements 
set forth in article 540 of the Revised Spanish Companies Act and in Spanish National Securities 
Market Commission (CNMV) Circular 7/2015 of 22 December 2015, with respect to the 
description of the System of Internal Control over Financial Reporting in Annual Corporate 
Governance Reports. 
Our examination did not constitute an audit of accounts and is not subject to the legislation 
regulating the audit of accounts in Spain. As such, in this report we do not express an audit opinion 
on the accounts under the terms provided in the above-mentioned legislation. However, on 24 
February 2016 we issued our unqualified audit report on the consolidated annual accounts of the 
Group for 2015, in accordance with the legislation regulating the audit of accounts in Spain. 
KPMG Auditores, S.L. 
(Signed on original in Spanish)
Ana Fernández Poderós 
24 February 2016

238
ree.es
Corporate Responsibility Report 2015
01. THE COMPANY
ANEEXES
LETTER FROM THE 
CHAIRMAN AND THE CHIEF 
EXECUTIVE OFFICER
02. STRATEGY
03. CORPORATE 
GOVERNANCE
04. MANAGEMENT 
APPROACH
05. SUSTAINABLE 
ENERGY
06. CREATION 
OF VALUE
07. EMPLOYEES
08. SOCIETY
09. DIALOGUE 
WITH 
STAKEHOLDERS
10. THE 
ENVIRONMENT
KEY PERFORMANCE 
INDICATORS
EXECUTIVE SUMMARY
oF tHe internal aUDit

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English translation by
Wayman English International  
www.waymanenglish.com
This English version is a 
translation of the original and 
authentic Spanish text found in the 
'INFORME DE RESPONSABILIDAD 
CORPORATIVA 2015', originally 
issued in Spanish. In the event of 
discrepancy, the Spanish language 
version shall prevail.